/raid1/www/Hosts/bankrupt/TCRLA_Public/070104.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Thursday, January 4, 2007, Vol. 8, Issue 3
Headlines
A R G E N T I N A
AGILENT TECHNOLOGIES: Earns US$3.3 Billion in Year Ended Oct. 31
BANCO ECONOMICO: Moody's Puts B3 Long-Term Cur. Deposit Ratings
CAMUZZI GAS: Sempra Energy Selling Stakes in Argentine Assets
CLAXSON INTERACTIVE: Fitch Puts BB Rating on US$44.4-Mil. Notes
COOPERATIVA DE VIVIENDA: Seeks Court Okay to Reorganize Business
EDUARDO RETIENNE: Seeks for Court Approval to Liquidate Business
LA SUPERIOR: Seeks Court Okay to Reorganize Business
QUERONEA SA: Asks for Court Approval to Reorganize Business
SECUPYME XXIII: Moody's Puts B1 Rating on Debt Securities
PETROBRAS ENERGIA: Fitch Argentina Affirms Low B Ratings
SAMEG SA: Asks for Court Approval to Reorganize Business
UTSTARCOM INC: Soliciting Consents to Waive Covenant Defaults
B A H A M A S
COMPLETE RETREATS: Court OKs Fairfax as Panel's Forensic Advisor
COMPLETE RETREATS: Wants to Sell 3 Real Properties for US$3.14MM
WINN-DIXIE STORES: Balks at Internal Revenues' Claims
WINN-DIXIE: Court Okays Coca-Cola & VR Global Settlement Pact
B E R M U D A
REFCO INC: Equity Committee Wins US$1.2 Million in Court Battle
REFCO INC: Wants PlusFunds' US$532 Million Claims Disallowed
REFCO INC: Wants to Assume Iron Mountain Contracts
SEA CONTAINERS: HSH Nordbank Doesn't Object to Aegean Stake Sale
SEA CONTAINERS: Wants to Pay Employees Dismissed During Chap. 11
B O L I V I A
BANCO SOLIDARIO: Moody's Places B1 Currency Deposit Ratings
* BOLIVIA: Telecoms Agency to Implement Per Second Billing Plan
B R A Z I L
AKER KVAERNER: Completes Sale of Pulping Unit to Metso Oyj
ALCATEL-LUCENT: Completes Acquisition of Nortel's UMTS Business
BRASIL TELECOM: Investing BRL10MM in Revenue Assurance Software
COMPANHIA SIDERURGICA: Tata Steel May Raise Corus Offer by 10%
DURA AUTO: Intercompany Claims Tagged as Admin. Priority Expense
DURA AUTOMOTIVE: Wants E&Y to Provide Tax Advisory Services
DURA AUTOMOTIVE: Wants to Employ Deloitte as Tax Consultants
PETROLEOS BRASILEIRO: Developing Offshore Field with Shell
PETROLEO BRASILEIRO: Restarting Tender for Vessel Construction
PETROLEO BRASILEIRO: Selects JPMorgan for US$25 Bil. ADR Program
TELEMIG: Moody's Reviews US$120MM Notes B2 Foreign Cur. Rating
AMAZONIA: Moody's Reviews US$120MM Notes B2 Foreign Cur. Rating
* BRAZIL: Petrobras, Shell & Chevron To Develop Offshore Field
C A Y M A N I S L A N D S
AGC HOLDINGS: Dealine for Proofs of Claim Filing Is Jan. 6
CAP EUROPEAN: Deadline for Proofs of Claim Filing Is on Jan. 12
CND VOLATILITY: Last Day to File Proofs of Claim Is on Jan. 12
CREDIPIA 2004: Proofs of Claim Filing Deadline Is Jan. 5
DORCHESTER FUND: Deadline for Proofs of Claim Filing Is Jan. 7
EULER CAT: Deadline for Proofs of Claim Filing Is Jan. 5
FALCON MANAGEMENT: Creditors Must File Proofs of Claim by Jan. 7
HILLWOOD INVESTMENTS: Proofs of Claim Filing Is Until Jan. 9
HILLWOOD INVESTMENTS: Final Sahreholders Meeting Is on Jan. 9
HYUNDAI CAPITAL: Deadline for Claims Filing Is Until Jan. 6
LIONS GLOBAL: Creditors Have Until Jan. 7 to File Claims
RIGF HOLDINGS: Last Day to File Proofs of Claim Is on Jan. 8
SAPIC II REFERENCE (17): Claims Must be Filed by Jan. 12
SAPIC II REFERENCE (19): Last Day to File Claims Is on Jan. 12
SAPIC II REFERENCE (2): Claims Filing Deadline Is on Jan. 12
SAPIC II REFERENCE (3): Last Day for Claims Filing Is on Jan. 12
SAPIC PROGRAMME (1): Creditors Must File Claims by Jan. 12
SAPIC PROGRAMME (2): Proofs of Claim Must be Filed by Jan. 12
SAPIC PROGRAMME (3): Claims Filing Deadline Is Set for Jan. 12
TPI REORG: Proofs of Claim Filing Deadline Is Set for Jan. 12
C H I L E
AES GENER: Inks Strategic Alliance to Share Resources in Biomass
AES GENER: Unit Raises Generation Capacity by 4 Megawatts
BELL MICROPRODUCTS: Obtains Noteholder Waivers on 3-3/4% Notes
METSO OYJ: Completes Takeover of Aker Kvaerner's Pulping Unit
C O L O M B I A
ASHMORE ENERGY: Gains Controlling Interest of Promigas
ECOPETROL: Spending US$700MM to Increase Castilla's Production
* COLOMBIA: Launches Primavera-Bacata Operations
* COLOMBIA: Moves Deadline for Industrial Dev't Liquidation
C O S T A R I C A
* COSTA RICA: Relaunching Garabito Project Bidding
E L S A L V A D O R
* EL SALVADOR: 11 Firms Interested on Chaparral Project
G U A T E M A L A
GOODYEAR TIRE: Inks New Labor Contract with Steelworkers Union
GOODYEAR TIRE: New Labor Contract Cues S&P to Remove Neg. Watch
H O N D U R A S
* HONDURAS: Conatel Starts Selecting Digital Television Standard
J A M A I C A
KAISER ALUMINUM: Names Martin Carter as VP in Common Alloy Unit
M E X I C O
GLOBAL POWER: Wants to Reject Executory & Lease Contracts
GLOBAL POWER: Wants Removal Period Extended Until March 27
GLOBAL POWER: Wants Until April 26 to Decide on Leases
HILTON HOTELS: Launching Construction Works for Buffalo Thunder
HILTON HOTELS: Launching Warsaw Hotel & Convention Center
NORTEL: Alcatel-Lucent Closes Purchase of UMTS Radio Business
* Thacher Proffitt Appoints Cullen, Barbiere & Oloko as Partners
P A N A M A
* PANAMA: Canal Authority Meets with Firms Interested in Project
P A R A G U A Y
* PARAGUAY: Five Firms Submit Bids for Fuel Supply Tender
P E R U
GOODYEAR TIRE: Protesters Start Returning to Work
P U E R T O R I C O
DORAL FIN'L: Names Dennis Buchert Non-Executive Board Chairman
MUSICLAND HOLDING: Plan Effective Date Extended to Feb. 28
MUSICLAND: Tracy Kirkman, et al. Want Two Classes Certified
T R I N I D A D & T O B A G O
BRITISH WEST: Trinidad Stock Exchange De-Listing Firm's Shares
V E N E Z U E L A
CITGO PETROLEUM: Chairman Says Net Income May Reach US$500 Mil.
PETROLEOS DE VENEZUELA: Moving London Office to Madrid
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
AGILENT TECHNOLOGIES: Earns US$3.3 Billion in Year Ended Oct. 31
----------------------------------------------------------------
Agilent Technologies Inc. reported US$3.3 billion of net income
on US$5 billion of net revenues for the year ended
Oct. 31, 2006, compared with US$327 million of net income on
US$4.7 billion of revenues for the fiscal year ended
Oct. 31, 2005.
In the bio-analytical business, net revenue in 2006 increased
nine percent in comparison to 2005. Demand increased across all
markets in bio-analytical measurement with strongest growth
occurring in biotechnology solutions. In the electronic
measurement business, net revenue in 2006 increased 5 percent in
comparison to 2005. The electronic measurement business saw
growth in the general purpose segments, led by aerospace/defense
and semiconductor design and manufacturing.
The US$3.3 billion 2006 net income included the income from and
gain on sale of the semiconductor products business for US$1.8
billion and the sale of the company's investment in Lumileds
Lighting International for a gain of US$901 million.
At Oct. 31, 2006, the company's balance sheet showed US$7.4
billion in total assets, US$3.7 billion in total liabilities,
and US$3.6 billion in total stockholders' equity.
Full-text copies of the company's consolidated financial
statements for the year ended Oct. 31, 2006, are available for
free at http://researcharchives.com/t/s?17cc
Operating Cash Flows
In 2006, the company generated operating cash flows of
US$431 million and had a cash and cash equivalent balance as of
Oct. 31, 2006, of US$2.3 billion. In 2005, the company
generated operating cash flows of US$656 million and had a cash
and cash equivalent balance as of Oct. 31, 2005, of US$2.2
billion.
Significant Events in Fiscal 2006
In November 2005, the company finalized the sale of its
investment in Lumileds Lighting International to Philips for
US$949 million plus the repayment of US$51 million of the
outstanding principal debt and interest due to the company.
In December 2005, the company sold its semiconductor products
business to Avago Technologies Ltd. The company received
approximately US$2.6 billion in cash proceeds.
In October 2006, the company completed the spin-off of its
semiconductor test solutions business. The aggregate market
value of ordinary shares distributed to Agilent stockholders was
approximately US$840 million.
In June 2006, the company completed a stock repurchase program
of US$4.466 billion of its common stock and in September 2006
the company commenced another stock repurchase program for up to
US$2 billion dollars, to be completed over the next 2 years.
About the Company
Agilent Technologies, Inc. -- http://www.agilent.com/-- is a
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life
sciences and chemical analysis industries. The company has
operations in India, Argentina and Luxembourg.
* * *
As reported in the Troubled Company Reporter on Dec. 13, 2006,
Moody's Investors Service upgraded both the corporate family
rating and probability of default rating of Agilent Technologies
Inc. to Ba1 from Ba2 and revised the outlook to positive. In
addition, Moody's also affirmed the company's speculative grade
liquidity rating at SGL-1.
As reported on Dec. 12, 2006, Standard & Poor's Ratings Services
placed its 'BB+' corporate credit rating on Palo Alto,
California-based Agilent Technologies Inc. on CreditWatch with
positive implications.
BANCO ECONOMICO: Moody's Puts B3 Long-Term Cur. Deposit Ratings
---------------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Banco
Economico SA a bank financial strength rating of E+, as well as
long- and short-term global local-currency deposit ratings of B3
and Not Prime.
Moody's also assigned long- and short- term global foreign-
currency deposit ratings of Caa1 and Not Prime to Economico.
Moreover, first-time national scale ratings for local-currency
deposits of Aa3.bo and A2.bo for foreign-currency were assigned
as well. The outlook on all of these ratings is stable.
Moody's said that the bank financial strength rating for
EconĒmico incorporates the entity's good capitalization and
liquidity levels, although the agency noted that the bank holds
only a relatively small market position in the banking business.
The low BFSR also reflects the improving -- but still uncertain
-- operating environment in Bolivia, Moody's added, as well as
the increasing competition in the bank's core market.
The local-currency deposit ratings signify the high level of
dollarization of the Bolivian economy. Moreover, the foreign-
currency deposit ratings are constrained by the Bolivian country
ceiling for foreign currency deposits. The foreign-currency
national scale rating is much lower than the rating for the
local-currency national scale because it reflects foreign
currency transferability and convertibility risk.
Founded in 1991 in Santa Cruz, Banco Economico SA, was initially
conceived as a bank for small and medium-sized enterprises.
Since 1999, the institution has also been developing retail and
corporate franchises, and its management is engaged in
increasing the bank's market presence.
These ratings were assigned to Banco Economico SA:
-- Bank Financial Strength Rating: E+, stable outlook;
-- Long-Term Global Local-Currency Deposit Rating: B3,
stable outlook;
-- Short-Term Local-Currency Deposit Rating: Not
Prime, stable outlook;
-- Long -Term Foreign-Currency Deposit Rating: Caa1,
stable outlook
-- Short -Term Foreign-Currency Deposit Rating: Not
Prime, stable outlook;
-- National Scale Rating for Local-Currency Deposits:
Aa3.bo stable outlook; and
-- National Scale Rating for Foreign-Currency
Deposits: A2.bo, stable outlook
CAMUZZI GAS: Sempra Energy Selling Stakes in Argentine Assets
-------------------------------------------------------------
Sempra Energy will divest its shares in two Argentine natural
gas distributors, the Associated Press reports.
Sempra Energy seeks buyers of its 37% stake in Camuzzi Gas
Pampeana SA and 39% stake in Camuzzi Gas del Sur SA.
According to AP, Sempra has lost US$200 million in investments
in Argentina when the country was plunged into an economic
crisis in 2001.
AP relates that Sempra's decision to exit Argentina "is a
continuation of our strategy to shed nonstrategic assets and
focus on growing our natural-gas infrastructure and marketing
businesses and our California utilities."
Camuzzi Gas Pampeana SA serves most of the province of Buenos
Aires -- excluding the city of Buenos Aires and the greater
metropolitan area of Buenos Aires -- and the Province of La
Pampa, encompassing primary industrial and residential areas.
The company operates a 3,500-kilometer pipeline network and a
17,600-kilometer distribution network.
* * *
As reported in the Troubled Company Reporter on April 17, 2006,
Moody's Investors Service assigned a B2 global local currency
rating and an A2.ar national scale rating to Camuzzi Gas
Pampeana's issue of up to ARS75 millions senior unsecured Class
3 notes with a stable outlook.
CLAXSON INTERACTIVE: Fitch Puts BB Rating on US$44.4-Mil. Notes
---------------------------------------------------------------
Claxson Interactive Group Inc.'s obligaciones negociables for
US$44,400,000 is rated BB by Fitch Argentina. The rating action
was based on the company's balance sheet at Sept. 30, 2006.
COOPERATIVA DE VIVIENDA: Seeks Court Okay to Reorganize Business
----------------------------------------------------------------
Court No. 10 in Buenos Aires is studying the merits of
Cooperativa de Vivienda, Credito y Consumo Almirante Brown
Ltda.'s petition to reorganize its business after it stopped
paying its obligations on Dec. 7, 2006.
The petition, once approved by the court, will allow Cooperativa
de Vivienda to negotiate a settlement plan with its creditors in
order to avoid a straight liquidation.
Clerk No. 19 assists the court on this case.
The debtor can be reached at:
Cooperativa de Vivienda
Credito y Consumo Almirante Brown Ltda.
San Martin 201
Buenos Aires, Argentina
EDUARDO RETIENNE: Seeks for Court Approval to Liquidate Business
----------------------------------------------------------------
Court No. 21 in Buenos Aires is studying the merits of Eduardo
Retienne SA's petition to enter bankruptcy protection after it
stopped paying its obligations on November 2006.
The petition, once approved by the court, will allow Eduardo
Retienne to liquidate its business.
Clerk No. 41 assists the court on this case.
The debtor can be reached at:
Eduardo Retienne SA
Peron 1155
Buenos Aires, Argentina
LA SUPERIOR: Seeks Court Okay to Reorganize Business
----------------------------------------------------
Court No. 16 in Buenos Aires is studying the merits of La
Superior SRL's petition to reorganize its business after it
stopped paying its obligations on April 27, 2006.
The petition, once approved by the court, will allow La Superior
to negotiate a settlement plan with its creditors in order to
avoid a straight liquidation.
Clerk No. 16 assists the court on this case.
The debtor can be reached at:
La Superior SRL
Heredia 207
Buenos Aires, Argentina
QUERONEA SA: Asks for Court Approval to Reorganize Business
-----------------------------------------------------------
Court No. 22 in Buenos Aires is studying the merits of Queronea
SA's petition to reorganize its business after it stopped paying
its obligations on July 23, 2006.
The petition, once approved by the court, will allow Queronea to
negotiate a settlement plan with its creditors in order to avoid
a straight liquidation.
Clerk No. 44 assists the court on this case.
The debtor can be reached at:
Queronea SA
Suipacha 370
Buenos Aires, Argentina
SECUPYME XXIII: Moody's Puts B1 Rating on Debt Securities
---------------------------------------------------------
Moody's Latin America has assigned a rating of Aa3.ar and of B1
to the debt securities of Fideicomiso Financiero SECUPYME XXIII
issued by Banco de Valores SA -- acting solely in its capacity
as Issuer and Trustee.
The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina. The bills of
exchange are guaranteed by Garantizar SGR, which is a financial
guarantor in Argentina. Garantizar has a rating of Aa3.ar and
of B1.
The rating assigned to this transaction is primarily based on
the rating of Garantizar. Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to this transaction. The rating addresses the payment
of interest and principal on or before the legal final maturity
date of the securities.
Structure
Banco de Valores SA issued one class of debt securities
denominated in US dollars. The rated securities will bear a
6.5% annual interest rate.
The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate
bills of exchange denominated in US dollars signed by
agricultural producers and guaranteed by Garantizar SGR. The
bills of exchange will bear the same interest rate as the rated
securities.
Although the rated securities are denominated in US dollars,
they are payable in Argentine pesos at the exchange rate
published by Banco de la Nacion Argentina as of the day prior to
the date that the funds are initially deposited into the Trust
account. As a result, the dollar is used as a currency of
reference and not as a mean of payment. For that reason, the
transaction is considered to be denominated in local currency.
If, eight days before the final maturity date, the funds on
deposit in the trust account are not sufficient to make payments
to investors, the Trustee is obligated to request Garantizar to
make payment under the bills of exchange. Garantizar, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors. Interest on the securities will accrue up to the
date on which the funds are initially deposited by either
Garantizar, the exporter, or the individual producers into the
Trust account.
Rating Action
US$4,367,000 in Fixed Rate Debt Securities of "Fideicomiso
Financiero SECUPYME XXIII", rated Aa3.ar
-- VRD, Assigned B1; and
-- VRD, Assigned B1.
PETROBRAS ENERGIA: Fitch Argentina Affirms Low B Ratings
--------------------------------------------------------
Fitch Argentina Calificadora de Riesgo affirmed the AA rating
assigned to the Obligaciones Negociables issued by Petrobras
Energia SA. The rate of A1 was given to the short-term debt, and
the ordinary shares were included in category 1.
In addition, Fitch affirmed these ratings:
-- international currency: B+
-- local currency: BB-
-- unsecured senior debt: B+
The ratings show Petrobras' felixibiliy and indicators of its
credits, the diverse capitals located in different regions which
gives a considerable amount of funds from international
currency, and the capacity of mantaining a signficant amount of
income from abroad. The rate also includes the support given by
its main shareholder: Petroleo Brasileiro SA.
Petrobras Energia shows solid economic indicators. In September
2006, the relation debt/ebitda was 1.8 times and with a good
relation debt/capitalization of the 47.5%.
Petrobras Energia S.A. produces and transports gas and other
crude products in Argentina. The company is the Argentine
subsidiary of Petroleo Brasileiro SA, Brazil's state-owned oil
firm.
SAMEG SA: Asks for Court Approval to Reorganize Business
--------------------------------------------------------
A court in Buenos Aires is studying the merits of Sameg SA's
petition to reorganize its business after it stopped paying its
obligations.
The petition, once approved by the court, will allow Sameg to
negotiate a settlement plan with its creditors in order to avoid
a straight liquidation.
The debtor can be reached at:
Sameg SA
Buenos Aires, Argentina
UTSTARCOM INC: Soliciting Consents to Waive Covenant Defaults
-------------------------------------------------------------
UTStarcom Inc. is soliciting consents from the holders of its
7/8% convertible subordinated notes due 2008 (CUSIP Nos.
918076AA8 and 918076AB6).
UTStarcom is seeking consents to proposed amendments of certain
provisions of the indenture pursuant to which the notes were
issued and a waiver of rights to pursue remedies available under
the indenture with respect to certain defaults thereunder. The
consent solicitation is expected to expire at 5:00 p.m., New
York City time, on Friday, Jan. 5, 2007, unless extended to a
later time or date or terminated early.
Filing Delay Cues Notice of Default
As previously disclosed, UTStarcom has not yet filed with the
U.S. Securities and Exchange Commission its Quarterly Report on
Form 10-Q for the quarter ended Sept. 30, 2006. The trustee
contends that the delay in filing constitutes a default under
the indenture and has given UTStarcom a notice of default.
UTStarcom believes that the notice of default is invalid and
without merit, in part because the indenture does not specify a
time period within which UTStarcom must file its report with the
SEC.
However, for the time being, UTStarcom has determined to solicit
consents to proposed amendments to the indenture that would give
UTStarcom until May 31, 2007, to become current in its reporting
obligations and a waiver of rights to pursue remedies available
under the indenture with respect to any purported default caused
by its delay in filing SEC reports or by its failure to deliver
certain compliance certificates to the trustee concerning its
compliance with the provisions of the Indenture.
Holders of record as of 5:00 p.m., New York City time, on
Dec. 21, 2006, who validly deliver and do not revoke their
consents prior to the Expiration Date, will receive a consent
fee of US$5,492,000 divided pro rata among all consenting
noteholders.
The effectiveness of the proposed amendments and waiver and the
payment of the consent fee is subject to the receipt of valid
consents that are not revoked in respect of at least a majority
of the aggregate principal amount outstanding of the notes.
Holders of the notes may revoke their consents at any time
before the proposed amendments and waiver become effective, but
upon receipt by UTStarcom of the consents of a majority of
holders of the notes and evidence of such receipt provided to
the trustee the waiver will become effective, a supplemental
indenture setting forth the amendments will be executed and
consents may no longer be revoked unless UTStarcom fails to pay
holders the consent fee.
Citigroup Global Markets Inc. is serving as the solicitation
agent for the consent solicitation. Questions regarding the
consent solicitation may be directed to Citigroup Global Markets
Inc. at (800) 558-3745 (toll-free) or (212) 723-6106. The
information agent for the consent solicitation is Global
Bondholder Services Corporation. Requests for copies of the
Consent Solicitation Statement and related documents may be
directed to Global Bondholder Services Corporation at (866)
794-2200 (toll- free) or (212) 430- 3774.
Headquartered in Alameda, California, UTStarcom Inc. (NASDAQ:
UTSI) -- http://www.utstar.com/-- sells its broadband,
wireless, and handset solutions to operators in both emerging
and established telecommunications markets around the world.
UTStarcom enables its customers to rapidly deploy revenue-
generating access services using their existing infrastructure,
while providing a migration path to cost-efficient, end-to-end
IP networks. The company maintains operations in France, Italy,
Spain, China, India, Japan, Argentina and Brazil.
=============
B A H A M A S
=============
COMPLETE RETREATS: Court OKs Fairfax as Panel's Forensic Advisor
----------------------------------------------------------------
The United States Bankruptcy Court for the District of
Connecticut authorized the Official Committee of Unsecured
Creditors of Complete Retreats LLC and its debtor-affiliates to
retain The Fairfax Group, as its forensic advisor, nunc pro tunc
to Sept. 11, 2006.
As reported in the Troubled Company Reporter on Dec. 8, 2006,
Diana Adams, the acting U.S. Trustee for the District of
Connecticut, notified the Court that she has no objection to the
retention of The Fairfax Group as forensic advisor to the
Committee.
Committee Chair Joel S. Lawson III related that the Committee
formed a subcommittee of its members to interview and evaluate
candidates qualified to perform the type of forensic accounting
and investigatory due diligence services required in the
Debtors' cases. After soliciting qualification materials from,
and rigorously interviewing various candidates, the subcommittee
recommended the retention of Fairfax as the Committee's forensic
advisor.
Mr. Lawson noted that Fairfax employed and has working
professional relationships with some of the world's leading
experts in compliance, investigations and security. Fairfax's
past engagements have included rendering service in the areas of
corporate internal investigations; due diligence; asset tracing
and anti-money laundering; electronic evidence-gathering and
preservation; witness identification and interview; documentary
evidence gathering and research of corporate and individual
histories.
Fairfax is expected to, among others, perform forensic
accounting and investigatory due diligence concerning the
Debtors; the Debtors' businesses and operations; and any
individuals or entities with whom the Debtors, their officers,
directors, shareholders, agents and employees, have done
business or may decide to do business. Fairfax is also expected
to analyze all relevant information from the time of the
Debtors' formation through and including the present.
The Committee reserves its rights to augment or authenticate the
work of XRoads Solutions Group, or any other professionals
conducting forensic analysis, where it deems that the additional
work is necessary to maximize the recovery of unsecured
creditors.
The Debtors will pay Fairfax for its services according to its
customary hourly rates. The hourly rates charged by Fairfax
professionals differ based on, among other things, the
individual professional's experience. The customary rates for
Fairfax personnel in year 2006 range from US$275 to US$400 per
hour.
Fairfax will provide a phased budget, which will contain
explicit fee limitations for each phase of its investigation.
The Debtors will reimburse Fairfax's out-of-pocket expenses
reasonably incurred in connection with services it renders to
the Committee.
Michael J. Hershman, president of the Fairfax Group, assures the
Court that the firm has no connection with the Debtors, their
creditors, the U.S. Trustee or any other party in interest in
the Chapter 11 cases.
Mr. Hershman asserts that Fairfax is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code,
and does not hold or represent any interest adverse to the
Debtors' estates with respect to the matters for which it is to
be retained.
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in
the Debtors' schedules, however, the Debtors disclosed
US$308,000,000 in total debts.
The Debtors' exclusive period to file a plan expires on
February 18, 2007. They have until April 19, 2007, to solicit
acceptance to that plan. (Complete Retreats Bankruptcy News,
Issue No. 18; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Wants to Sell 3 Real Properties for US$3.14MM
----------------------------------------------------------------
Complete Retreats LLC and its debtor-affiliates seek permission
from the U.S. Bankruptcy Court for the District of Connecticut
to sell three real properties for US$3,140,000, free and clear
of all liens, claims, and encumbrances:
Property Address Proposed Buyer Purchase Price
---------------- -------------- --------------
7447 Royal Street East Ladd Tanner US$1,300,000
Unit 351
Park City, Utah
4165 Kamalani Lane Gary P. Siracuse 1,290,000
Princeville, Hawaii
14 West Cottage Circle Thomas Gibbons 550,000
Bluffton, South Carolina
The Park City Property includes two 1,475-square foot houses.
Each of the houses has two bedrooms and two bathrooms.
The Princeville Property includes a nearly 2,500-square foot
house with three bedrooms, three and a half bathrooms, and a
nearly 500-square foot garage. The Princeville Property is
located on the Princeville Mallon Golf Course.
The Bluffton Property, which includes a 2,131-square foot house
with four bedrooms and four bathrooms, is located in a community
resort development known as the Belfair Plantation. Amenities
at the Bluffton Property and the Belfair Plantation include
views of a golf course and the Colleton River, a health and
fitness center, an indoor lap pool, an outdoor pool, tennis
courts, a basketball court, a volleyball court, and an athletic
field.
Jeffrey K. Daman, Esq., at Dechert LLP, in Hartford,
Connecticut, relates that CIT Capital USA, Inc., the Debtors'
exclusive real estate advisor and disposition agent, and CIT's
retained local estate brokers engaged in substantial and
thorough campaigns to market the Properties. Through CIT's and
the brokers' efforts, the Debtors received several offers for
each of the Properties. The Debtors have determined that the
offers of Messrs. Tanner, Siracuse, and Gibbons are the best and
the highest.
Consequently, the Debtors entered into separate Sale Agreements
with Messrs. Tanner, Siracuse, and Gibbons. Pursuant to their
Sale Agreements with the Debtors, Mr. Tanner paid the Debtors a
US$50,000 deposit, Mr. Siracuse will provide the Debtors with a
US$75,000 deposit, and Mr. Gibbons will pay the Debtors a
US$55,000 deposit. The Proposed Buyers will pay the remaining
balance at the closing of each Sale.
The sale of the Park City Property must close by Jan. 5, 2007,
that of the Princeville Property must close by Dec. 22, 2006,
and that of the Bluffton Property must close by Dec. 19, 2006,
Mr. Daman informs the Court.
The Sale Agreements were negotiated at arm's length and in good
faith, Mr. Daman maintains. The Debtors and the Proposed Buyers
are not related in any way.
The Debtors propose to pay CIT Transaction Fees for its efforts
in marketing the Properties. From the Transaction Fees, CIT
will pay these amounts for the local brokers' services:
Transaction
Property Fee Broker Broker's Fee
-------- ----------- ------ ------------
Park City US$91,000 Jess Reid Real Estate US$65,000
Princeville 90,300 Century 21 All Islands 64,500
Bluffton 38,500 Corabett Thomas Realty 33,000
The Debtors believe that the proposed sale to the Buyers will
facilitate a quick and efficient disposition of the Properties
for the benefit of their estates. The Properties are not
popular among the Debtors' members and are not necessary for the
Debtors' operations, Mr. Daman asserts.
Moreover, the Debtors believe that there would be no benefit to
conducting any formal auction or a further bidding process for
the Properties. Mr. Daman contends that any auction or further
bidding process would only generate increased administrative
costs and cause an unwarranted delay of the Sales.
The only party currently holding a lien on the Properties is
Ableco Finance LLC, the Debtors' postpetition lender, Mr. Daman
discloses. The Debtors believe that Ableco has consented, or
will consent, to the Proposed Sales.
The proceeds from the Sales will be used to fund the Debtors'
operations and, eventually, to facilitate and enhance the
Debtors' ability to confirm a potential plan of reorganization,
Mr. Daman relates. Accordingly, the Debtors had asked the Court
to exempt the Sales from transfer taxes under Section 1146(a) of
the Bankruptcy Code.
In addition, because the proposed Sales inure to the benefit of
their estates, creditors, and other parties-in-interest, and are
not to the detriment of any party, the Debtors had asked the
Court to waive the provision in Rule 6004(g) of the Federal
Rules of Bankruptcy Procedure. Any order approving the Debtors'
request should be effective immediately, Mr. Daman asserts.
About Complete Retreats
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.
Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245).
Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert
LLP represent the Debtors in their restructuring efforts.
Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford,
Connecticut, serves as counsel to the Official Committee of
Unsecured Creditors. No estimated assets have been listed in
the Debtors' schedules, however, the Debtors disclosed
US$308,000,000 in total debts.
The Debtors' exclusive period to file a plan expires on
Feb. 18, 2007. They have until April 19, 2007, to solicit
acceptance to that plan. (Complete Retreats Bankruptcy News,
Issue No. 18; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
WINN-DIXIE STORES: Balks at Internal Revenues' Claims
-----------------------------------------------------
Winn-Dixie Stores, Inc., and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to:
(1) disallow 49 IRS Claims;
(2) determine their tax liabilities for the tax years 2000
through 2005;
(3) reduce and allow Claim No. 13607 as a secured tax claim
for US$8,786,660; and
(4) require the IRS to issue US$43,211,940 in refunds.
The Internal Revenue Service filed 78 proofs of claim in the
Reorganized Debtors' Chapter 11 cases, 29 of which have been
disallowed by prior Court orders.
Cynthia C. Jackson, Esq., at Smith Hulsey & Busey, in
Jacksonville, Florida, told the Court that:
(a) 23 claims have been amended and superseded by claims
subsequently filed by the IRS;
(b) 22 claims are duplicative of all or part of the liability
set forth in other claims filed by the IRS; and
(c) 3 claims improperly assert administrative status.
The remaining claim of the IRS, Claim No. 13607, asserts
US$88,832,315, of which US$52,062,370 is alleged to be secured.
According to Ms. Jackson, the Reorganized Debtors have been in
negotiations with the IRS regarding their tax liabilities for
the 2000 through 2004 tax years. Based upon their discussions,
the parties have agreed that:
(x) the IRS is owed an additional US$8,786,660 for the 2000
tax year;
(y) the IRS owes the Debtors a refund of US$1,273,443 for the
2001 tax year; and
(z) the IRS owes the Debtors a refund of US$91,504 for the
2002 tax year.
The parties, however, have not yet reached an agreement
regarding the Debtors' tax liabilities for the 2003, 2004 and
2005 tax years.
The Reorganized Debtors maintain that they overpaid the IRS in
2003 by US$1,905,516, and that they owe the IRS no additional
monies for the 2004 tax year. Furthermore, based upon net
losses incurred in the 2004 and 2005 tax years, the Reorganized
Debtors assert that they are entitled to refunds for four tax
years:
Tax Year Asserted Refunds
-------- ----------------
1994 US$6,293,764
1995 US$5,454,892
2002 US$161,155
2003 US$27,633,986
The Reorganized Debtors also asserted that they are owed
US$397,230 for a 2005 fuel tax credit.
The Reorganized Debtors have requested the refunds from the IRS
on June 26, 2006. Ms. Jackson informed the Court that the IRS
has had more than 120 days to consider the requests and, in
violation of the automatic stay, refuses to issue the
Reorganized Debtors any refund.
The Reorganized Debtors reserve their right to object to the
claims on other grounds and to seek further reduction of Claim
No. 13607 to the extent that it has been paid.
The IRS had until Dec. 30, 2006, to file its response to the
Reorganized Debtors' objection to the IRS Claims.
Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi. The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840). D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors. Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors. Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee. When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts. The Honorable Jerry A. Funk
confirmed Winn-Dixie's Joint Plan of Reorganization on
Nov. 9, 2006. Winn-Dixie emerged from bankruptcy on
Nov. 21, 2006. (Winn-Dixie Bankruptcy News, Issue No. 62;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
WINN-DIXIE: Court Okays Coca-Cola & VR Global Settlement Pact
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Florida approved
Winn-Dixie Stores Inc. and its debtor-affiliates' settlement
with Coca-Cola Enterprises Inc. and VR Global Partners LP.
In September 2005, Coca-Cola Enterprises asserted a reclamation
demand against the Debtors, which was later adjusted to
US$2,149,270.
CCE opted into the Court-approved stipulation between the
Debtors and certain trade vendors regarding reconciliation and
treatment of the trade vendors' reclamation claims.
Accordingly, CCE is deemed to be a participating reclamation
vendor.
The Debtors and CCE agreed to reduce the Reclamation Claim to
US$2,136,192, which the Debtors paid pursuant to their
agreement. The Agreement not only resolved the Reclamation
Claim but also:
(i) resulted in a waiver by the Debtors of any preference
claims against CCE under Section 547 of the Bankruptcy
Code, except for US$340,034 in transfers; and
(ii) preserved the Debtors' rights with respect to preference
claims based upon the US$340,034 in payments made to CCE
between Feb. 10, 2005, and Feb. 21, 2005.
In July 2005, CCE filed four proofs of claim in the Debtors'
Chapter 11 cases:
Claim No. Amount Debtor
--------- ------ ------
8347 US$8,530,810 Winn-Dixie Stores, Inc.
8348 8,530,810 Winn-Dixie Montgomery, Inc.
8349 8,530,810 Winn-Dixie Procurement, Inc.
8350 8,530,810 Winn-Dixie Raleigh, Inc.
Each of the CCE Claims consisted of an unsecured non-priority
claim for US$6,381,540, an unsecured priority claim for
US$2,149,270, and a contingent indemnification claim.
In May 2006, CCE transferred the CCE Claims to Credit Suisse
Cayman Islands Branch, who in turn transferred the CCE Claims to
VR Global Partners LP in June. VR Global currently holds the
CCE Claims.
The Debtors have sought to reduce and reclassify the CCE Claims.
The parties have determined that CCE overpaid the Debtors
US$221,910 in postpetition payments pursuant to the marketing
agreements between them, D.J. Baker, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, in New York, informed the Court.
Mr. Baker said the parties seek to settle and compromise the
Claim Objections, the overpayments by CCE, the possible
preference claims or other claims under Sections 547 and 550, to
the extent that Section 550 provides authority for the recovery
of a preferential transfer without further litigation.
The Debtors, VR Global, and CCE agree that upon Court approval
of their Stipulation:
(a) Claim No. 8347 will be allowed as an unsecured non-
priority claim for US$5,836,730, and will be treated as a
Class 14 Claim. Claim Nos. 8348, 8349, and 8350 will be
disallowed in their entirety;
(b) All claims that originated as between the Debtors and CCE
for products delivered to the Debtors or any credits or
debits that arise pursuant to marketing agreements, which
accrued prepetition or arise from marketing agreements in
effect postpetition, are resolved by allowance of Claim
No. 8347;
(c) In consideration of the allowance of Claim No. 8347 and
the waiver by CCE of the right to recover postpetition
payments made to the Debtors for US$221,910, CCE will be
released from the Possible Preference Claims or other
claims; and
(d) Claim No. 8347, as allowed, will not be subject to any
rights of set-off.
Headquartered in Jacksonville, Florida, Winn-Dixie Stores Inc.
-- http://www.winn-dixie.com/-- is one of the nation's largest
food retailers. The Company operates 527 stores in Florida,
Alabama, Louisiana, Georgia, and Mississippi. The Company,
along with 23 of its U.S. subsidiaries, filed for chapter 11
protection on Feb. 21, 2005 (Bankr. S.D.N.Y. Case No. 05-11063,
transferred Apr. 14, 2005, to Bankr. M.D. Fla. Case Nos.
05-03817 through 05-03840). D.J. Baker, Esq., at Skadden
Arps Slate Meagher & Flom LLP, and Sarah Robinson Borders,
Esq., and Brian C. Walsh, Esq., at King & Spalding LLP,
represent the Debtors in their restructuring efforts.
Paul P. Huffard at The Blackstone Group, LP, gives
financial advisory services to the Debtors. Dennis F. Dunne,
Esq., at Milbank, Tweed, Hadley & McCloy, LLP, and John B.
Macdonald, Esq., at Akerman Senterfitt give legal advice to the
Official Committee of Unsecured Creditors. Houlihan Lokey &
Zukin Capital gives financial advisory services to the
Committee. When the Debtors filed for protection from their
creditors, they listed US$2,235,557,000 in total assets and
US$1,870,785,000 in total debts. The Honorable Jerry A. Funk
confirmed Winn-Dixie's Joint Plan of Reorganization on
Nov. 9, 2006. Winn-Dixie emerged from bankruptcy on
Nov. 21, 2006. (Winn-Dixie Bankruptcy News, Issue No. 62;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
=============
B E R M U D A
=============
REFCO INC: Equity Committee Wins US$1.2 Million in Court Battle
---------------------------------------------------------------
The Hon. Robert Drain of the U.S. Bankruptcy Court for the
Southern District of New York in Manhattan approved the request
of Refco Inc. and its debtor-affiliates' Ad Hoc Equity Committee
to collect US$1.2 million in legal fees and expenses from the
company, The Associated Press reports.
Owing about 30% of the company's stock, the committee includes:
-- King Street Capital Management LLC;
-- QVT Financial LP;
-- JMB Capital Partners LP;
-- Mason Capital Management;
-- Smith Management LLC; and
-- Triage Management LLC
According to AP, the reimbursement contains US$1.15 million in
professional fees, US$132,032 in expert-witness expenses and
assorted other fees accrued during a legal action in which the
hedge funds won the right to 3% to 15% of two trusts in the
Debtors' cases. The two trusts were the Litigation Trust and
the Private Action Trust.
As published in the Troubled Company Reporter, the Chapter 11
plan of the Debtor and certain of its Direct and Indirect
Subsidiaries, including Refco Capital Markets, Ltd. and Refco
F/X Associates, LLC, became effective on Dec. 26, 2007. The
effective date of the plan now permits the companies to complete
an expeditious orderly wind-up of their businesses.
The Equity Committee reportedly said that it deserved for
reimbursement because it helped secure for most Refco
stockholders the right to receive proceeds of the two trusts.
AP says that specifically, any equity holder would get a:
* 3% pro rata share of the first US$500 million;
* 7.5% of recoveries between US$500 million and US$1 billion;
and
* 15% of recoveries over US$1 billion.
Citing Paul Silverstein, Esq., a Andrews Kurth LLP partner, AP
relates that he it would take time to estimate how much those
trusts would be worth and couldn't give a timeline for any
resolution.
The Equity group, AP states, considered the effort successful.
"With more than US$2 billion in claims filed against the parent
estates that, if allowed, would be payable before equity
receives a distribution, and given the almost US$2 billion
aggregate creditor shortfall, this was a truly remarkable
achievement," said the Committee.
About Refco Inc.
Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base. Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore. In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products. Refco is one of the largest global
clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported USUS$16.5 billion in assets and US$16.8 billion in
debts to the Bankruptcy Court on the first day of its chapter 11
cases.
Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada. Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc. Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.
On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner
is represented by Bingham McCutchen LLP. RCM is Refco's
operating subsidiary based in Bermuda.
Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).
Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436). (Refco Bankruptcy News, Issue No. 50; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
Plan Update
On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.
On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement. On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.
On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court. That Plan became effective on
Dec. 26, 2006.
REFCO INC: Wants PlusFunds' US$532 Million Claims Disallowed
----------------------------------------------------------
Refco Inc. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to disallow and
expunge Claim Nos. 11288 and 11290 through 11311 filed by
PlusFunds Group, Inc.
J. Gregory St. Clair, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, tells Judge Drain that the PlusFunds
Claims assert identical claims against each of the Debtors'
estates arising from the decline in value of PlusFunds' assets
under management.
PlusFunds was the investment manager for SPhinX Managed Futures
Fund SPC. PlusFunds organized SPhinX in the Cayman Islands as a
segregated portfolio company on June 6, 2002. SPhinX was
subsequently expanded to include 15 additional segregated
portfolio companies.
Refco, Inc., served as a clearing broker and futures commission
merchant for investment vehicles and funds advised by PlusFunds,
including SPhinX.
Mr. St. Clair relates that in October 2005, SPhinX caused Refco
Capital Markets, Ltd., to preferentially transfer US$312,046,266
in cash to SPhinX's segregated accounts at Refco LLC, thereby
moving away substantially all of SPhinX's invested cash.
The Preference Cash was transferred from Refco, LLC, to Lehman
Brothers' accounts. Following the transfer, Refco announced
that the liquidity within RCM was no longer sufficient to
accommodate client withdrawals, and imposed a 15-day moratorium
on withdrawals from RCM accounts.
The Official Committee of Unsecured Creditors, in December 2005,
initiated an adversary proceeding on behalf of RCM seeking
avoidance and recovery of the preferential transfer made by RCM
to SPhinX. The Bankruptcy Court entered a temporary restraining
order freezing and attaching SPhinX's assets in an amount equal
to the Preference Cash.
The Committee and SPhinX settled the SPhinX Avoidance Action on
April 26, 2006. The SPhinX Settlement provided for the payment
of US$263,000,000 to RCM. The Settlement is now pending on
appeal before the U.S. District Court for the Southern District
of New York.
Mr. St. Clair notes that each of the PlusFunds Claims asserts
entitlement to "not less than" US$532,046,266, or an amount
precisely equal to the Preference Cash plus (i) an "enterprise
value" of PlusFunds equal to US$220,000,000; and (ii)
unliquidated damages in an amount "to be determined at trial".
PlusFunds alleges that Refco's "wrongdoing" was the actual and
proximate cause of:
(i) PlusFunds' loss of its US$220,000,000 enterprise value;
(ii) the amount for which PlusFunds may be liable to SphinX
and its investors arising from the SPhinX Avoidance
Action; and
(iii) the loss of any management fee which PlusFunds would
have earned if its business had not collapsed.
PlusFunds also asserts additional unliquidated claims, including
for punitive damages, alleged breach of contract, breach of
fiduciary duty, and similar causes of action, including aiding
and abetting and conspiracy to commit those torts, Mr. St. Clair
adds.
The Debtors want the Claims disallowed because:
-- PlusFunds failed to articulate any facts that could serve
as the basis for an alleged breach of a contractual
obligation or common law duty by the Debtors;
-- PlusFunds failed as a matter of law to state claims on
which relief can be granted;
-- the Claims are lacking in specificity as to be virtually
meaningless and, accordingly, are so facially defective as
to warrant a zero recovery.
Mr. St. Clair contends that PlusFunds does not satisfy the
requirements under New York law to plead a prima facie case of
fraud. Moreover, PlusFunds' general allegations of breach of
contract, breach of fiduciary duty, aiding, abetting, and
conspiracy are similarly unsubstantiated, Mr. St. Clair argues.
To receive the benefit of prima facie validity, a "proof of
claim must set forth facts necessary to support the claim," he
explains.
In the event that the Court does not enter an order disallowing
and expunging the Claims, the Debtors ask Judge Drain to
estimate the Claims at US$0 to facilitate timely distributions
under the Debtors' Chapter 11 Plan.
About Refco Inc.
Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base. Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore. In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products. Refco is one of the largest global
clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported USUS$16.5 billion in assets and US$16.8 billion in
debts to the Bankruptcy Court on the first day of its chapter 11
cases.
Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada. Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc. Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.
On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner
is represented by Bingham McCutchen LLP. RCM is Refco's
operating subsidiary based in Bermuda.
Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).
Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436). (Refco Bankruptcy News, Issue No. 50; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
Plan Update
On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.
On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement. On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.
On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court. That Plan became effective on
Dec. 26, 2006.
REFCO INC: Wants to Assume Iron Mountain Contracts
--------------------------------------------------
Refco Inc., and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's permission to
assume two off-site data storage contracts Refco Group Ltd.,
LLC, entered into with Iron Mountain.
The Debtors will assume the contracts effective as of the
effective date of their proposed Modified Joint Chapter 11 Plan.
The Debtors need the contracts to complete the liquidation of
their businesses.
The contracts relate to storage facilities, where the Debtors
are maintaining hard copies of documents, as well as electronic
files. The Debtors are obligated to take appropriate measures
to maintain and preserve books and records and any other
documentation required to wind-down their businesses to among
other things, complete tax returns, maintain customer
information in compliance with federal and state regulations,
and retain records to assist in litigation. To minimize storage
related expenses, the Debtors intend to continue to consolidate
with Refco, LLC, their various storage facilities that maintain
the books and records.
The contracts were executed in November 2001 and March 2003.
The November 2001 contract provides for one-year automatic
renewals starting December 1, 2003, unless written notice of
non-renewal is given. The Debtors propose to pay US$1,217 to
cure outstanding obligations under the November 2001 contract.
The March 2003 contract provides one-year renewal term with
automatic renewals for additional one-year terms, unless written
notice of non-renewal is given. The Debtors propose to pay
US$1,025 to cure outstanding obligations under the contract.
About Refco Inc.
Headquartered in New York City, Refco Inc. (OTC: RFXCQ) --
http://www.refco.com/-- is a diversified financial services
organization with operations in 14 countries and an extensive
global institutional and retail client base. Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore. In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products. Refco is one of the largest global
clearing firms for derivatives.
The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts. Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors. Refco
reported USUS$16.5 billion in assets and US$16.8 billion in
debts to the Bankruptcy Court on the first day of its chapter 11
cases.
Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada. Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc. Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.
On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner
is represented by Bingham McCutchen LLP. RCM is Refco's
operating subsidiary based in Bermuda.
Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).
Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436). (Refco Bankruptcy News, Issue No. 50; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
Plan Update
On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.
On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement. On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.
On Dec. 15, the Court confirmed the Modified Joint Chapter 11
Plan of Refco Inc. and certain of its direct and indirect
subsidiaries, including Refco Capital Markets, Ltd., and Refco
F/X Associates LLC. That Plan became effective on
Dec. 26, 2006.
SEA CONTAINERS: HSH Nordbank Doesn't Object to Aegean Stake Sale
----------------------------------------------------------------
HSH Nordbank AG, an unsecured creditor in Sea Containers, Ltd.
and its debtor-affiliates chapter 11 case, does not object to
the sale of the Debtors' 50% interest in their Aegean Speed
Lines NE joint venture to Speed Shipping Company Ltd., pursuant
to a sale agreement dated November 2006 between the Debtors,
Speed Shipping, ASL, Niver Lines Shipping Co. SA, Hoverspeed GB
Ltd., and Sea Containers Cyprus Holdings Ltd.
HSH Nordbank wants to clarify that the mortgage on ASL's vessel,
Speedrunner 1, secures the obligations of Hoverspeed GB
Limited. Hoverspeed's obligations in turn guarantee the
principal obligations that Hoverspeed Italia Srl owes to HSH
Nordbank, which principal obligations are guaranteed by Sea
Containers Ltd.
As reported in the Troubled Company Reporter on Dec. 4, 2006,
the Debtors and Speed Shipping, who each owns 50% interest in
ASL, had entered into a shareholders' agreement in February
2005, under which the parties each subscribed for 2,500 shares
in ASL.
ASL has no other operations aside from operating Speedrunner 1,
a passenger ferry. HGB, an indirect, wholly owned subsidiary of
the Debtors, owns Speedrunner 1 and charters it to SC Cyprus.
SC Cyprus, in turn, sub-charters the ferry to ASL.
Under the Shareholders' Agreement, the Debtors are obliged to
make subordinated loans to ASL in amounts necessary to meet its
portion of ASL's liability to third party creditors.
HGB had agreed to sell the Vessel to Speed Shipping for
US$2,000,000. In conjunction with the sale, the Debtors also
agreed to sell their 50% stake in the ASL joint venture to Speed
Shipping, and the release of its obligations under the
Shareholders' Agreement.
About Sea Containers
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts. (Sea Containers Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
SEA CONTAINERS: Wants to Pay Employees Dismissed During Chap. 11
----------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to comply with their statutory
obligations and pay the notice and redundancy payments required
under the Employment Rights Act 1996 (England) to employees they
dismissed after the Debtors filed for bankruptcy, in connection
with their business rationalization efforts.
As part of their restructuring efforts, the Debtors are
evaluating their business operations and staffing needs on an
ongoing basis. The Debtors believe it will be necessary to
reduce the overall size of their workforce through layoffs of
employees whose services are no longer required due to the
rationalization of their business operations, Robert S. Brady,
Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington,
Delaware relates.
Mr. Brady tells the Court that the Debtors, as required by the
ERA and in the ordinary course of business, have entered into an
employment contract with each of their Employees stating the
length of notice, which the Debtors are obliged to give the
employee, to terminate his/her contract of employment.
The Debtors estimate that the potential aggregate cost of
Statutory Redundancy Payments that would be owed to their
Employees who may be dismissed over the next nine months is
US$647,000. Claims by Dismissed Employees arising from the
Debtors' failure to abide by the ERA's statutory requirements
would be entitled to administrative expense priority pursuant to
Section 503(b)(1)(A) of the Bankruptcy Code, Mr. Brady says.
Mr. Brady tells Judge Carey that any failure by the Debtors to
comply with their statutory obligations under the ERA and to
make the required Statutory Payments to Dismissed Employees
will:
-- result in numerous administrative expense claims being
asserted against the Debtors and their estates;
-- subject the Debtors to legal action in England, which
could, among other things, cause estate resources to be
depleted by defending the actions, and could jeopardize
the Debtors' ability to restructure their operations; and
-- cause an adverse effect on the morale and loyalty of the
Debtors' remaining Employees, at a time when the support
is critical.
About Sea Containers
Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts. (Sea Containers Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
=============
B O L I V I A
=============
BANCO SOLIDARIO: Moody's Places B1 Currency Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Banco
Solidario SA aka Sol a bank financial strength rating of E+ with
positive outlook, and a long- and short-term global local
currency deposit ratings of B1 and Not Prime.
Moody's also assigned long- and short-term global foreign-
currency deposit ratings of Caa1 and Not Prime to Sol.
Moreover, first-time national scale ratings for local-currency
deposits of Aa1.bo and A1.bo for foreign-currency were assigned,
as well. The outlook on the deposit ratings is stable.
Moody's said that the E+ bank financial strength rating for Sol
reflects good solvency and efficiency, in addition to its
adequate financial metrics and strong market position as a
leader of the microfinance segment. Sol's outlook is related to
its growth potential in this vibrant business niche -- one that
has grown strongly in recent years -- boosted by credit demands
that have not been yet satisfied.
However, at E+, the BFSR is still low. Moody's said that this
reflects the improving, but still uncertain operating
environment in Bolivia and the growing competition within the
microfinance segment.
The local-currency deposit ratings incorporate the difficulties
inherent in Bolivian economy's high level of dollarization. The
foreign-currency deposit ratings are constrained by Bolivia's
country ceiling for foreign currency deposits. The foreign-
currency national scale rating is much lower than the rating for
the local- currency national scale because it reflects foreign
currency transferability and convertibility risk.
Founded in 1995, Banco Solidario SA is one of the leading
microfinance lenders in Latin America and it is first such
grant-based NGO to be turned into a commercial bank. Sol
remains a main reference within its niche, as the bank provides
financing to numerous small clients that would not be served
otherwise.
The following ratings were assigned to Banco Solidario SA:
-- Bank Financial Strength Rating: E+, positive outlook;
-- Long- Term Global Local-Currency Deposit Rating: B1,
stable outlook;
-- Short- Term Local- Currency Deposit Rating: Not Prime,
stable outlook;
-- Long -Term Foreign-Currency Deposit Rating: Caa1,
stable outlook;
-- Short -Term Foreign-Currency Deposit Rating: Not
Prime, stable outlook;
-- National Scale Rating for Local-Currency Deposits:
Aa1.bo stable outlook; and
-- National Scale Rating for Foreign-Currency Deposits:
A1.bo, stable outlook.
* BOLIVIA: Telecoms Agency to Implement Per Second Billing Plan
---------------------------------------------------------------
Published reports say that the telecoms regulator in Bolivia
will implement per second billing scheme for all mobile and
fixed line operators in lieu of the per minute system.
Business News Americas relates that the billing change was due
to a presidential decree saying that the new system would grant
better access to telecoms for Bolivians.
Wally Swain, US consultancy Yankee Group analyst, told
BNamericas that per second billing has long attracted the
interest of consumer rights advocates and government
legislators. However, most operators just raise their rates if
obligated to use per second billing to cover the losses
incurred. When the same issue came up in Colombia the solution
was to offer both per second and per minute schemes and let the
client decide.
According to BNamericas, no official announcement has been made
yet.
However, local press says that the billing scheme will be
effective in 60 days after the notification.
* * *
Fitch Ratings assigned these ratings on Bolivia:
Rating Rating Date
------ -----------
Country Ceiling B- Jun. 17, 2004
Long Term IDR B- Dec. 14, 2005
Local Currency
Long Term Issuer
Default Rating B- Dec. 14, 2005
===========
B R A Z I L
===========
AKER KVAERNER: Completes Sale of Pulping Unit to Metso Oyj
----------------------------------------------------------
Metso Oyj has completed the acquisition of Aker Kvaerner's
Pulping and Power businesses. The businesses were transferred
to Metso on Dec. 29, 2006. The European Commission clearance
for the acquisition was received on Dec. 12, 2006.
The cash and interest-bearing debt-free acquisition price,
agreed in April 2006 when the sales and purchase agreement was
signed, was approximately EUR335 million. The final transaction
price will be based on the balance sheet at the time of the
closing. Metso will disclose the final transaction value,
including the adjustments related to the remedy package, after
the parties have agreed upon the closing balance sheet.
Metso has also completed the sales and purchase agreement of the
remedy package concerning the divestment of Metso Paper's and
Aker Kvaerner's overlapping pulping businesses to the Canadian
Groupe Laperriere & Verreault Inc. (GL&V). The remedy package
was transferred to GL&V on Dec. 29, 2006. The divestment of the
remedy package was conditional on the approval received from the
European Commission on Dec. 12, 2006. The parties have agreed
that the transaction value will not be disclosed.
About Metso
Headquartered in Helsinki, Finland, Metso Corp. --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.
The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.
About Aker Kvaerner
Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.
The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C. The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.
* * *
As reported in the TCR-Europe on April 26, Moody's Investors
Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker
Kvaerner AS, primarily to reflect the sustainable strong
recovery in profitability and cash flow generation of the ring-
fenced oil and gas group over the past two years, coupled with
the clear reduction in senior debt, repaid from internally
generated funds.
Ratings affected:
Aker Kvaerner Oil & Gas Group AS
-- Corporate family rating: upgraded to Ba1 from Ba3
Aker Kvaerner AS
-- Rating of the second priority lien notes due 2011:
upgraded to Ba1 from Ba3.
Moody's said the outlook on all ratings is stable.
ALCATEL-LUCENT: Completes Acquisition of Nortel's UMTS Business
---------------------------------------------------------------
Alcatel-Lucent reported that, after all regulatory approval have
been met, the acquisition of Nortel's UMTS radio access business
-- UTRAN -- and related assets has been completed on
Dec. 31, 2006.
In recent weeks, the two companies have achieved a number of
significant milestones, the most important being the signature
of the definitive agreement on Dec. 4, 2006. Nortel received a
closing cash payment of US$320 million less significant
deductions.
With this acquisition, one in four UMTS operators -- about 40
customers around the world -- use Alcatel-Lucent UMTS solutions.
Together with strengthened R&D and a broad products and
solutions portfolio, Alcatel-Lucent is now uniquely positioned
to lead the network technological evolutions from 3G to 4G --
relying on its OFDMA, SDR and MIMO* expertise -- to address the
customers' needs of today and tomorrow while realizing economies
of scale.
Vivek Badrinath, France Telecom Group EVP Information Technology
Networks & product Support, said, "This acquisition will enable
the development teams to leverage additional capabilities from
the integration into the broader Alcatel-Lucent and we count on
the focus of the teams to deliver superior performance in the
UMTS domain going forward."
Boris Nemsic, chief executive officer of Mobilkom Austria said,
"We count on Alcatel-Lucent to serve the needs of Mobilkom group
moving forward."
"Our customers will clearly benefit from the high value this
acquisition brings, and the pre-integration work has progressed
very well. Our combined expertise and portfolios will enable us
to deliver the most compelling UMTS offer for our customers,
allowing them to provide their subscribers with innovative and
high-speed 3G services. Our aim is to achieve the optimum
combination of Alcatel-Lucent and Nortel's technologies, with
minimum customer disruption. We are well positioned to capture
the UMTS market growth opportunity," said Mary Chan, president
of Alcatel-Lucent's wireless activities.
With its undisputable wireless technology portfolio,
encompassing CDMA/EV-DO, UMTS/HSPA, GSM/EDGE and WiMAX, Alcatel-
Lucent is the only player positioned to craft 4G, taking the
best from all technologies, to shape the future and deliver
mobile broadband for all.
About Nortel
Nortel is a recognized leader in delivering communications
capabilities that enhance the human experience, ignite and power
global commerce, and secure and protect the world's most
critical information. The company's next-generation
technologies, for both service providers and enterprises, span
access and core networks, support multimedia and business-
critical applications, and help eliminate today's barriers to
efficiency, speed and performance by simplifying networks and
connecting people with information. Nortel does business in
more than 150 countries, including Mexico in Latin America.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users. With 79,000 employees and operations in more than 130
countries, including Brazil, Alcatel-Lucent is a local partner
with global reach. Through its operations in fixed, mobile and
converged broadband networking, Internet protocol (IP)
technologies, applications, and services, Alcatel-Lucent offers
the end-to-end solutions that enable communications services for
people at home, at work and on the move.
On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.
* * *
As reported on Dec. 14, following the completion of Alcatel
S.A.'s merger with Lucent Technologies Inc., at which time
Alcatel was renamed Alcatel-Lucent, Fitch Ratings downgraded and
removed Alcatel from Rating Watch Negative:
-- Issuer Default Rating to BB from BBB-; and
-- Senior unsecured debt to BB from BBB-.
Alcatel's F3 short-term rating has also been withdrawn.
The Rating Outlook for Alcatel-Lucent is Stable.
Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:
-- Issuer Default Rating BB-;
-- Senior unsecured debt BB-;
-- Convertible subordinated debt B; and
-- Convertible trust preferred securities B.
Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent. The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.
At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time. The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.
Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
US activities merged with their Alcatel counterparts. This
should result in a rapid convergence of the credit risks of the
affected companies. The outlook for all these ratings is
stable. This rating action concludes the rating reviews
initiated on April 3, 2006.
Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.
The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed. S&P said the outlook is positive.
BRASIL TELECOM: Investing BRL10MM in Revenue Assurance Software
---------------------------------------------------------------
Brasil Telecom Participacoes will invest BRL10 million in
revenue assurance software, Gazeta Mercantil reports.
Business News Americas relates that Brasil Telecom is launching
a 14-month implementation program to deploy the software to help
detect and avoid the non-payment of bills byfixed, mobile and
data services clients.
According to Gazeta Mercantil, the software will also automate
manual processes of bill payment collection.
Gina Marques, Brasil Telecom's director for the project, told
BNamericas that despite the large investment, payback should be
relatively fast.
WeDo Consulting's Brazilian unit will develop the software,
Gazeta Mercantil states.
Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA. The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intraregional long-
distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.
* * *
Brasil Telecom Participacoes' local currency long-term debt
carries Fitch's BB+ rating.
COMPANHIA SIDERURGICA: Tata Steel May Raise Corus Offer by 10%
--------------------------------------------------------------
Tata Steel is expected to increase its takeover bid for Corus by
up to 10% from its initial 500 pence per share offer, surpassing
Companhia Siderurgica Nacional's 515 pence per share bid,
Business Standard reports.
Sources told Business Standard, "The Tata group is in no mood to
give up its fight and recently held several rounds of meetings
with its bankers for the final offer, which is expected to be
submitted in a fortnight."
According to Business Standard, Tata Steel is in the "closing
stages" of putting together a final takeover bid for Corus.
Tata Steel would present its final bid at least 10-15 days
before the Jan. 30 deadline set by The Takeover Panel, the
independent UK-based merger and acquisition regulator, Business
News Americas relates.
Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages. This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.
* * *
As reported on Nov. 21, 2006, Standard & Poor's Ratings Services
placed its 'BB' corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional on Credit Watch with
negative implications after the company announced its intention
to acquire Corus Group Plc.
DURA AUTO: Intercompany Claims Tagged as Admin. Priority Expense
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted,
on a final basis, DURA Automotive Systems, Inc. and its debtor
affiliates, request to accord administrative priority expense
status all Intercompany Claims against a Debtor by another
Debtor or a non-debtor affiliate arising after the Debtors'
bankruptcy filing.
The request was to ensure each individual Debtor will not fund
the operations of another entity.
Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that the Debtors maintain
business relationships with each other and non-debtor
affiliates. Thus, according to him, there are numerous
intercompany claims that reflect intercompany receivables and
payments made in the ordinary course of the Debtors' businesses,
including, but not limited to:
(a) Accrued interest -- The Debtors and non-debtor affiliates
owe interest between and among each other on outstanding
Intercompany Claims. Accrued interest is charged monthly
based on the net Intercompany Claims outstanding at the
end of that month;
(b) Administrative fees -- Certain Debtors are charged a
percentage of their sales in exchange for marketing
support from the Debtors;
(c) Centrally-billed expenses -- In the ordinary course of
business, the Debtors incur centrally billed expenses,
like insurance, premiums, payroll, 401k payments,
benefits, payroll taxes, workman's compensation
obligations, and technology equipment;
(d) Intercompany loans -- In the ordinary course of business,
the Debtors and non-debtor affiliates make loans between
and among each other to fund operations and make
acquisitions;
(e) Royalties -- Royalties are charged either with reference
to costs incurred or as a percentage of sales to certain
Debtors and non-debtors for the use of technology and
other intellectual property of the Debtors; and
(f) Trade receivables and trade payables -- In the ordinary
course of business, and as a result of the Debtors' Cash
Management System, certain Debtors receive checks and
wire transfers from customers and fund payables on behalf
of various other Debtors. The Debtors' intercompany
accounts reflect the net position of both receipts and
disbursements received or made on behalf of other
Debtors.
Mr. DeFranceschi asserts that if Intercompany Claims are
accorded administrative priority expense status, each entity
utilizing funds flowing through the Cash Management System will
continue to bear ultimate repayment responsibility for those
ordinary course transactions.
Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.
The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202). Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings. Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel. Baker & McKenzie acts as the Debtors'
special counsel. Togut, Segal & Segal LLP is the Debtors'
conflicts counsel. Miller Buckfire & Co., LLC is the Debtors'
investment banker. Glass & Associates Inc., gives financial
advice to the Debtor. Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors. As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities. (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DURA AUTOMOTIVE: Wants E&Y to Provide Tax Advisory Services
-----------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates ask
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Ernst & Young as tax advisory and risk
advisory services providers, nunc pro tunc to Oct. 30, 2006.
Keith Marchiando, vice president and chief financial officer,
relates that Ernst & Young LLP is well experienced in providing
tax and risk advisory services in restructurings and
reorganization, and serves clients in manufacturing, automotive,
and other industries. The firm is also well respected for
services rendered both outside of the bankruptcy context and in
large, complex Chapter 11 cases, Mr. Marchiando adds.
The Debtors engaged, on May 6, 2005, Ernst & Young to provide
internal audit services, services with respect to compliance
with Section 404 of the Sarbanes-Oxley Act of 2002, and loaned
staff services.
The services of Ernst & Young are necessary to enable the
Debtors to maximize the value of their estates and to reorganize
successfully, Mr. Marchiando relates.
The firm is expected to provide tax advisory services to the
Debtors:
(1) FIN 48 implementation services, which include assisting
the Debtors in assessing their current controls and
processes employed in the financial reporting of
uncertain tax positions, and in making appropriate
revisions to meet the requirements under Sarbanes-Oxley
Section 404 and other financial reports;
(2) international compliance review services, including a
review of information to be filed with the U.S. Internal
Revenue Service and all related calculations the Debtors
have identified as material, or that may need managerial
review; and
(3) routine on-call tax advisory services.
The risk advisory services the firm will provide are:
(a) internal audit reaming services, including risk
assessment, audit plan and execution;
(b) business risk services ongoing assistance related to
Section 404 of the Sarbanes-Oxley Act of 2002, including
the preparation of the Debtors' documentation, testing
and evaluation of internal controls over financial
reporting for their significant accounts and processes;
(c) tax risk advisory services ongoing assistance related to
Section 404 of the Sarbanes-Oxley Act of 2002, including
assistance to management in the preparation of its
documentation, testing, and evaluation of internal
controls over financial reporting for the Company's state
and federal tax income tax provision;
(d) loan staff discrete projects in conjunction with share
service center projects including designing a centralized
check disbursement process and the creation of a cash
disbursements journal on a "loaned staff" basis; and
(e) technology and security risk services and information
technology services, including assisting Dura Internal
Audit with testing IT general and application controls in
both the North American and European regions.
Ernst & Young will coordinate any services performed at the
Debtors' request with the Debtors' other professionals to avoid
duplication of effort.
The Debtors will pay Ernst & Young based on its standard hourly
rates:
Loaned Staff
Level BRS TSRS/IT Tax Services
----- --- ------- --- --------
Partner US$340 US$359 US$595 N/A
Senior Manager 242 328 464 N/A
Manager 196 291 323 196
Senior 132 223 226 132
Staff 113 162 226 113
Mr. Marchiando relates that the Debtors requested a single
"global" retention, whereby the vast international resources of
Ernst & Young could be brought to meet the Debtors' needs,
including non-Debtor foreign affiliates, while maintaining
clarity that all duties are owed to the Debtors.
The Engagement Letter provides that in rendering services to the
Debtors, the firm may subcontract a portion of the services to
certain other Ernst & Young affiliates, including other member
firms of Ernst & Young Global Limited or its affiliates.
Ernst & Young intends to pay EYGL member firms directly for
their services and apply for reimbursement by the Debtors of any
payments made any Ernst & Young to the EYGL Member Firms.
Randall J. Miller, the coordinating principal for Ernst & Young,
assures the Court that the firm is a disinterested person, as
defined in Section 101(14) of the Bankruptcy Code.
Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.
The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202). Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings. Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel. Baker & McKenzie acts as the Debtors'
special counsel. Togut, Segal & Segal LLP is the Debtors'
conflicts counsel. Miller Buckfire & Co., LLC is the Debtors'
investment banker. Glass & Associates Inc., gives financial
advice to the Debtor. Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors. As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities. (Dura Automotive Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DURA AUTOMOTIVE: Wants to Employ Deloitte as Tax Consultants
------------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware for authority
to employ Deloitte Tax LLP as their tax service providers and
tax consultants, nunc pro tunc to Oct. 30, 2006.
Keith Marchiando, vice president and chief financial officer,
relates that the Debtors engaged Deloitte Tax as their tax
consultant and tax compliance service providers before the
Debtors' filing for bankruptcy; thus, the firm has considerable
knowledge concerning the Debtors and their business affairs.
Deloitte Tax also has extensive experience in delivering tax-
consulting services in Chapter 11 cases, he adds.
Deloitte Tax will:
(a) assist with Federal Tax Effects of Bankruptcy Filing/ Tax
Advisory Services related to debt discharge issues,
including to:
-- compute the Debtors' tax basis to provide management
with information regarding income from the discharge
of indebtedness and the tax effect of post-bankruptcy
distributions to new equity holders;
-- advise the Debtors in evaluating and modeling
alternative tax methodologies to assist management in
understanding post-bankruptcy tax attributes;
-- advise the Debtors as to the proper tax treatment of
postpetition interest; and
-- advise the Debtors on the state tax aspects of the
post-bankruptcy environment with a focus on the
Debtors' efforts to optimize the post-bankruptcy tax
structure for tax purposes.
(b) provide general corporate tax advisory assistance,
including:
* tax return review and preparation;
* Internal Revenue Service or state audit responses;
* United States, state, and foreign income tax planning;
and
* transfer pricing documentation and review.
Deloitte Tax will bill:
Professionals Hourly Rates
------------- ------------
Partner US$595
Senior Manager US$485
Manager US$435
Senior Associate US$375
Deloitte Tax will also seek reimbursement for reasonable and
necessary expenses incurred in the Debtors' Chapter 11 cases.
Scott J. Vickman, a member of the Deloitte Tax, assures the
Court that his firm does not hold any adverse interest to the
Debtors' estates, and is a disinterested person as the term is
defined in Section 101(14) of the Bankruptcy Code.
Rochester Hills, Mich.-based DURA Automotive Systems, Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry. The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries. DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.
The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202). Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings. Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel. Baker & McKenzie acts as the Debtors'
special counsel. Togut, Segal & Segal LLP is the Debtors'
conflicts counsel. Miller Buckfire & Co., LLC is the Debtors'
investment banker. Glass & Associates Inc., gives financial
advice to the Debtor. Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors. As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities. (Dura Automotive Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
PETROLEOS BRASILEIRO: Developing Offshore Field with Shell
----------------------------------------------------------
Royal Dutch Shell Plc will develop an offshore field in Brazil's
Santos Basin, Jed Blount at Bloomberg News reports. The field
was found to be commercially viable.
Shell's Brazilian unit told Bloomberg in a statement that wells
were drilled in 1,550 meters of water in two areas about 185
kilometers southeast of Rio de Janeiro.
Petroleo Brasileiro SA and Chevron Corp. are Shell's partners in
the project. Each of Shell and Petroleo Brasileiro holds a 40%
stake in the field, while Cheveron holds the remaining 20%,
Bloomberg says.
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953. The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil.
Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.
Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:
Maturity Date Amount Rate Ratings
------------- ------ ---- -------
April 1, 2008 US$400,000,000 9% BB+
July 2, 2013 US$750,000,000 9.125% BB+
Sept. 15, 2014 US$650,000,000 7.75% BB+
Dec. 10, 2018 US$750,000,000 8.375% BB+
Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.
PETROLEO BRASILEIRO: Restarting Tender for Vessel Construction
--------------------------------------------------------------
Published reports say that Petroleo Brasileiro SA, the state-
owned oil company of Brazil, will restart a tender to construct
the 180,000-barrel per day capacity P-57 floating production,
storage and offloading vessel or FPSO.
Business New Americas relates that Petroleo Brasileiro has
rejected price proposals for the initial tender for vessel
construction.
A spokesperson of Petroleo Brasileiro told BNamericas, "The
prices offered were considered too high so Petrobras (Petroleo
Brasileiro) will start anew."
According to BNamericas, the P-57 will be used in the second
stage development of the deepwater Jubarte field in Campos
basin. The vessel was due to begin oil and gas production in
2010.
Petroleo Brasileiro did not tell BNamericas the date of the
start of the new tender and whether the Jubarte development
project would be affected.
The report says that the Atlantico Sul consortium -- composed of
Andrade Gutierrez, Queiroz Galvano, Camargo Correa, Aker Pomar
and Samsung -- offered to construct the P-57 for BRL2.4 billion.
Maua-Jurong offered BRL1.8 billion, Globo online news service
states.
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953. The company explores, produces,
refines, transports, markets, and distributes oil and natural
gas and power to various wholesale customers and retail
distributors in Brazil.
Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.
Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:
Maturity Date Amount Rate Ratings
------------- ------ ---- -------
April 1, 2008 US$400,000,000 9% BB+
July 2, 2013 US$750,000,000 9.125% BB+
Sept. 15, 2014 US$650,000,000 7.75% BB+
Dec. 10, 2018 US$750,000,000 8.375% BB+
Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.
PETROLEO BRASILEIRO: Selects JPMorgan for US$25 Bil. ADR Program
----------------------------------------------------------------
JPMorgan Worldwide Securities Services has been appointed
successor depositary bank for the common and preferred share
American Depositary Receipt (ADR) programs for Petroleo
Brasileiro SA aka Petrobras.
Each common share Petrobras American depositary share (CUSIP 716
54V 40 8) represents four common shares, and each preferred
share Petrobras American depositary share (CUSIP 716 54V 10 1)
represents four preferred shares. The common and preferred
shares trade on BOVESPA, the Sao Paulo Stock Exchange, and both
American depositary shares trade on the New York Stock Exchange.
Petrobras shares are also traded on LATIBEX (Madrid) and the
BCBA (Buenos Aires) Exchanges.
Yxa Bazan, head of JPMorgan Latin America ADR group, said, "We
at JPMorgan are delighted to work with Petrobras, a leading
company in Latin America that also has a renowned global
presence. This appointment helps position JPMorgan as the number
one ADR depositary bank for Latin American issuers."
JPMorgan provides a full complement of ADR services to non-US
issuers seeking to have their equity traded in the US stock
markets. JPMorgan's primary services include:
-- ADR Issuances and Cancellations,
-- Stock Transfer,
-- Tender and Exchange Offer and Subscription Rights Agency
services, and
-- Tax Reclamation services for investors.
About JPMorgan Worldwide Securities Services
JPMorgan Worldwide Securities Services, a division of JPMorgan
Chase Bank, N.A., is a global industry leader with US$12.9
trillion in assets under custody. JPMorgan provides innovative
custody, fund accounting and administration and securities
services to the world's largest institutional investors,
alternative asset managers and debt and equity issuers. JPMorgan
Worldwide Securities Services leverages its scale and
capabilities in more than 90 markets to help clients optimize
efficiency, mitigate risk and enhance revenue through a broad
range of investor services as well as securities clearance,
collateral management and alternative investment services.
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953. The company explores, produces,
refines, transports, markets, and distributes oil and natural
gas and power to various wholesale customers and retail
distributors in Brazil.
Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.
Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:
Maturity Date Amount Rate Ratings
------------- ------ ---- -------
April 1, 2008 US$400,000,000 9% BB+
July 2, 2013 US$750,000,000 9.125% BB+
Sept. 15, 2014 US$650,000,000 7.75% BB+
Dec. 10, 2018 US$750,000,000 8.375% BB+
Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.
TELEMIG: Moody's Reviews US$120MM Notes B2 Foreign Cur. Rating
--------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the B2 foreign currency rating of the US$120 million
senior unsecured notes units issued by Telemig Celular SA and
Amazonia Celular SA.
The rating action reflects primarily Amaz"nia's overall
deteriorated credit metrics as a result of weakened operating
margins and increased competitive pressures, as well as Moody's
concerns regarding the company's tightened liquidity position
due to a substantial concentration of debt maturity in the short
term.
The rating assigned to the notes units is principally based on
the credit quality of Amazonia because 33.3% of the debt service
of the notes units will depend on payments from Amaz"nia and are
not guaranteed by Telemig, which has a stronger credit profile.
Although Moody's recognizes the existence of a "keep-well"
structure allowing Telemig to make investments in Amaz"nia, the
assigned rating does not incorporate explicit support from
Telemig to Amazonia due to the absence of a stronger,
contractually binding agreement that does not possess
optionality.
The review will focus primarily on the credit quality of
Amazonia. More specifically, the review will focus on the
company's near and intermediate term strategy to respond to
competitive pressures and stabilize operating margins, and its
near term abability to generate cash flow and timely address its
imminent refinancing needs.
Headquartered in Belo Horizonte, Brazil, Telemig Celular is the
leading provider of mobile communications services in the state
of Minas Gerais, Brazil. As of Sept. 30, 2006, Telemig had 3.42
million subscribers, with a market share of 33% in its
concession area.
Headquartered in Belem, Brazil, Amazonia Celular is the leading
provider of mobile communications services in a region covering
the states of Maranhao, Para, Amazonas, Amapa and Roraima in the
northern region of Brazil. As of Sept. 30, 2006, Amazonia had
1.27 million subscribers, with a market share of 24% in its
concession area.
AMAZONIA: Moody's Reviews US$120MM Notes B2 Foreign Cur. Rating
---------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the B2 foreign currency rating of the US$120 million
senior unsecured notes units issued by Telemig Celular SA and
Amazonia Celular SA.
The rating action reflects primarily Amaz"nia's overall
deteriorated credit metrics as a result of weakened operating
margins and increased competitive pressures, as well as Moody's
concerns regarding the company's tightened liquidity position
due to a substantial concentration of debt maturity in the short
term.
The rating assigned to the notes units is principally based on
the credit quality of Amazonia because 33.3% of the debt service
of the notes units will depend on payments from Amaz"nia and are
not guaranteed by Telemig, which has a stronger credit profile.
Although Moody's recognizes the existence of a "keep-well"
structure allowing Telemig to make investments in Amaz"nia, the
assigned rating does not incorporate explicit support from
Telemig to Amazonia due to the absence of a stronger,
contractually binding agreement that does not possess
optionality.
The review will focus primarily on the credit quality of
Amazonia. More specifically, the review will focus on the
company's near and intermediate term strategy to respond to
competitive pressures and stabilize operating margins, and its
near term abability to generate cash flow and timely address its
imminent refinancing needs.
Headquartered in Belo Horizonte, Brazil, Telemig Celular is the
leading provider of mobile communications services in the state
of Minas Gerais, Brazil. As of Sept. 30, 2006, Telemig had 3.42
million subscribers, with a market share of 33% in its
concession area.
Headquartered in Belem, Brazil, Amazonia Celular is the leading
provider of mobile communications services in a region covering
the states of Maranhao, Para, Amazonas, Amapa and Roraima in the
northern region of Brazil. As of Sept. 30, 2006, Amazonia had
1.27 million subscribers, with a market share of 24% in its
concession area.
* BRAZIL: Petrobras, Shell & Chevron To Develop Offshore Field
--------------------------------------------------------------
Royal Dutch Shell Plc will develop an offshore field in Brazil's
Santos Basin, Jed Blount at Bloomberg News reports. The field
was found to be commercially viable.
Shell's Brazilian unit told Bloomberg in a statement that wells
were drilled in 1,550 meters of water in two areas about 185
kilometers southeast of Rio de Janeiro.
Petroleo Brasileiro SA and Chevron Corp. are Shell's partners in
the project. Each of Shell and Petroleo Brasileiro holds a 40%
stake in the field, while Cheveron holds the remaining 20%,
Bloomberg says.
* * *
As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable. Standard & Poor's
also affirmed these ratings on the Republic of Brazil:
-- 'BB'for long-term foreign currency credit rating,
-- 'BB+' for long-term local currency credit rating, and
-- 'B' for short-term currency sovereign credit rating.
===========================
C A Y M A N I S L A N D S
===========================
AGC HOLDINGS: Dealine for Proofs of Claim Filing Is Jan. 6
----------------------------------------------------------
AGC Holdings's creditors are required to submit proofs of claim
by Jan. 6, 2006, to the company's liquidators:
John Cullinane
Derrie Boggess
c/o Walkers SPV Ltd.
P.O. Box 908, George Town
Grand Cayman, Cayman Islands
Creditors who are not able to comply with the Jan 6 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
AGC Holdings' shareholders agreed on Dec. 5, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
CAP EUROPEAN: Deadline for Proofs of Claim Filing Is on Jan. 12
---------------------------------------------------------------
CAP European Long Short Fund's creditors are required to submit
proofs of claim by Jan. 12, 2007, to the company's liquidators:
Richard L. Finlay
Conyers Dill & Pearman
P.O. Box 2681 George Town
Grand Cayman, Cayman Islands
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
CAP European's shareholders agreed on Sept. 15, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
Parties-in-interest may contact:
Krysten Lumsden
P.O. Box 2681, George Town
Grand Cayman, Cayman Islands
Tel: (345) 945 3901
Fax: (345) 945 3902
CND VOLATILITY: Last Day to File Proofs of Claim Is on Jan. 12
--------------------------------------------------------------
CND Volatility Opportunity Fund, Ltd.'s creditors are required
to submit proofs of claim by Jan. 12, 2007, to the company's
liquidators:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
87 Mary Street, George Town
Grand Cayman, Cayman Islands, 9002
Tel.: (345) 914-6305
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
CND Volatility's shareholders agreed on Dec. 12, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
CREDIPIA 2004: Proofs of Claim Filing Deadline Is Jan. 5
--------------------------------------------------------
Credipia 2004 International Ltd.'s creditors are required to
submit proofs of claim by Jan. 5, 2007, to the company's
liquidators:
John Cullinane
Derrie Boggess
c/o Walkers SPV Ltd.
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Creditors who are not able to comply with the Jan 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Credipia 2004's shareholders agreed on Dec. 4, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
DORCHESTER FUND: Deadline for Proofs of Claim Filing Is Jan. 7
--------------------------------------------------------------
Dorchester Fund Ltd.'s creditors are required to submit proofs
of claim by Jan. 7, 2007 to the company's liquidators:
Mr. J. C. Hendriks
Thistle House, 4 Burnaby Street
Hamilton HM11, Bermuda
Creditors who are not able to comply with the Jan. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Dorchester Fund Ltd.'s shareholders agreed on Dec. 8, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
Parties-in-interest may contact:
John Maher
C/O GAM Administration Ltd.
11 Athol Street, Douglas, Isle of Man
British Isles, IM99 1 HH
Tel: 00 44 1624 632609
EULER CAT: Deadline for Proofs of Claim Filing Is Jan. 5
--------------------------------------------------------
Euler Cat Bond Fund Ltd.'s creditors are required to submit
proofs of claim by Jan. 5, 2007 to the company's liquidators:
John Cullinane
Derrie Boggess
c/o Walkers SPV Ltd.
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Creditors who are not able to comply with the Jan. 5 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Euler Cat's shareholders agreed on Dec. 6, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
FALCON MANAGEMENT: Creditors Must File Proofs of Claim by Jan. 7
----------------------------------------------------------------
Falcon Management Co.'s creditors are required to submit proofs
of claim by Jan. 7, 2007 to the company's liquidator:
Ghanem Al-Ghenaiman
Kuwait Fund for Arab Economic Development
Investment Department
P.O. Box 2921, Safat, 13030, Kuwait
Creditors who are not able to comply with the Jan. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Falcon Management's shareholders agreed on Dec. 8, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
HILLWOOD INVESTMENTS: Proofs of Claim Filing Is Until Jan. 9
------------------------------------------------------------
Hillwood Investments Corp.'s creditors are required to submit
proofs of claim by Jan. 9, 2007 to the company's liquidators:
Mr. Jose A. Toniolo
c/o P.O. Box 1334, 238 North Church St.
3rd Floor, Whitehall House, George Town
Grand Cayman, Cayman Islands
Creditors who are not able to comply with the Jan. 9 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Hillwood Investments' shareholders agreed on Nov. 28, 2006, for
the company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
HILLWOOD INVESTMENTS: Final Sahreholders Meeting Is on Jan. 9
-------------------------------------------------------------
Hillwood Investments Corp.'s final shareholders meeting will be
on Jan. 9, 2007, at:
Unicorp Bank & Trust Ltd.
P.O. Box 1334, 238 North Church St.
3rd Floor, Whitehall House, George Town
Grand Cayman, Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) requesting the members' approval of the liquidation fees
incurred to date, approval of the liquidator's estimated
costs to completion, and
3) hearing any explanation that may be given by the
liquidator.
A member entitled to attend and vote at the meeting may appoint
a proxy, who need not be a member, in his stead.
The liquidator can be reached at:
Alvaro Quintas
P.O. Box 1334, George Town,
Grand Cayman, Cayman Islands
Tel: (345) 949 6800
Fax: (345) 949 6801
HYUNDAI CAPITAL: Deadline for Claims Filing Is Until Jan. 6
-----------------------------------------------------------
Hyundaiu Capital Auto Funding II Ltd.'s creditors are required
to submit proofs of claim by Jan. 6, 2007, to the company's
liquidators:
John Cullinane
Derrie Boggess
c/o Walkers SPV Ltd.
Walker House, 87 Mary Street, George Town
Grand Cayman, KY1-9002, Cayman Islands
Creditors who are not able to comply with the Jan. 6 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Hyundai Capital's shareholders agreed on Dec. 5, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
LIONS GLOBAL: Creditors Have Until Jan. 7 to File Claims
--------------------------------------------------------
Lions Global's creditors are required to submit proofs of claim
by Jan. 7, 2007, to the company's liquidators:
John Cullinane
Derrie Boggess
c/o Walkers SPV Ltd.
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002, Cayman Islands
Creditors who are not able to comply with the Jan. 7 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Lions Global's shareholders agreed on Dec. 8, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
RIGF HOLDINGS: Last Day to File Proofs of Claim Is on Jan. 8
------------------------------------------------------------
RIGF Holdings Ltd.'s creditors are required to submit proofs of
claim by Jan. 8, 2007, to the company's liquidator:
Ghanem Al-Ghenaiman
Kuwait Fund for Arab Economic Development
Investment Department
P.O. Box 2921, Safat, 13030, Kuwait
Creditors who are not able to comply with the Jan. 8 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
RIGF Holdings' shareholders agreed on Dec. 8, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
SAPIC II REFERENCE (17): Claims Must be Filed by Jan. 12
--------------------------------------------------------
Sapic II Reference Fund (17) Ltd.'s creditors are required to
submit proofs of claim by Jan. 12, 2007, to the company's
liquidators:
Mark Wanless
Liam Jones
Maples Finance Jersey Limited
2nd Floor Le Masurier House
La Rue Le Masurier
St. Helier, Jersey JE2 4YE
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Sapic II's shareholders agreed on Nov. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
SAPIC II REFERENCE (19): Last Day to File Claims Is on Jan. 12
--------------------------------------------------------------
Sapic II Reference Fund (19) Ltd.'s creditors are required to
submit proofs of claim by Jan. 12, 2007, to the company's
liquidators:
Mark Wanless
Liam Jones
Maples Finance Jersey Limited
2nd Floor Le Masurier House
La Rue Le Masurier
St. Helier, Jersey JE2 4YE
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Sapic II's shareholders agreed on Nov. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
SAPIC II REFERENCE (2): Claims Filing Deadline Is on Jan. 12
------------------------------------------------------------
Sapic II Reference Fund (2) Ltd.'s creditors are required to
submit proofs of claim by Jan. 12, 2007, to the company's
liquidators:
Mark Wanless
Liam Jones
Maples Finance Jersey Limited
2nd Floor Le Masurier House
La Rue Le Masurier
St. Helier, Jersey JE2 4YE
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Sapic II's shareholders agreed on Nov. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
SAPIC II REFERENCE (3): Last Day for Claims Filing Is on Jan. 12
----------------------------------------------------------------
Sapic II Reference Fund (3) Ltd.'s creditors are required to
submit proofs of claim by Jan. 12, 2007, to the company's
liquidators:
Mark Wanless
Liam Jones
Maples Finance Jersey Limited
2nd Floor Le Masurier House
La Rue Le Masurier
St. Helier, Jersey JE2 4YE
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Sapic II's shareholders agreed on Nov. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
SAPIC PROGRAMME (1): Creditors Must File Claims by Jan. 12
----------------------------------------------------------
Sapic Programme Reference Fund (1) Ltd.'s creditors are required
to submit proofs of claim by Jan. 12, 2007, to the company's
liquidators:
Mark Wanless
Liam Jones
Maples Finance Jersey Limited
2nd Floor Le Masurier House
La Rue Le Masurier
St. Helier, Jersey JE2 4YE
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Sapic Programme's shareholders agreed on Nov. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
SAPIC PROGRAMME (2): Proofs of Claim Must be Filed by Jan. 12
-------------------------------------------------------------
Sapic Programme Reference Fund (2) Ltd.'s creditors are required
to submit proofs of claim by Jan. 12, 2007, to the company's
liquidators:
Mark Wanless
Liam Jones
Maples Finance Jersey Limited
2nd Floor Le Masurier House
La Rue Le Masurier
St. Helier, Jersey JE2 4YE
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Sapic Programme's shareholders agreed on Nov. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
SAPIC PROGRAMME (3): Claims Filing Deadline Is Set for Jan. 12
--------------------------------------------------------------
Sapic Programme Reference Fund (3) Ltd.'s creditors are required
to submit proofs of claim by Jan. 12, 2007, to the company's
liquidators:
Mark Wanless
Liam Jones
Maples Finance Jersey Limited
2nd Floor Le Masurier House
La Rue Le Masurier
St. Helier, Jersey JE2 4YE
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
Sapic Programme's shareholders agreed on Nov. 23, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
TPI REORG: Proofs of Claim Filing Deadline Is Set for Jan. 12
-------------------------------------------------------------
TPI Reorg 1 Ltd.'s creditors are required to submit proofs of
claim by Jan. 12, 2007, to the company's liquidators:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
87 Mary Street, George Town
Grand Cayman, Cayman Islands, 9002
Tel.: (345) 914-6305
Creditors who are not able to comply with the Jan. 12 deadline
won't receive any distribution that the liquidator will make.
Creditors are required to present proofs of claim personally or
through their solicitors.
TPI Reorg's shareholders agreed on Oct. 5, 2006, for the
company's voluntary liquidation under Section 135 of the
Companies Law (2004 Revision) of the Cayman Islands.
=========
C H I L E
=========
AES GENER: Inks Strategic Alliance to Share Resources in Biomass
----------------------------------------------------------------
Energia Verde, a subsidiary of AES Gener, has signed a strategic
alliance with Masisa, Innova, Conaf and Universidad de
Concepcion's forestry sciences department and biotechnology
center to share experience and resources in biomass, Business
News Americas reports.
"These entities will unite capacities, experience and resources
so they have the information to allow for the maximization of
the production of biomass in short-rotation plantations and will
know its yield, as much for the electricity industry as for
obtaining bioethanol," the Chilean mining and energy ministry
said in a statement.
AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts. Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary. TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line. Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts). Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).
* * *
On June 16, 2006, Fitch Ratings upgraded the local and foreign
currency Issuer Default Ratings of AES Gener SA to 'BB+' from
'BB'. Fitch also upgraded Gener's senior unsecured debt rating,
which consists of US$400 million senior notes due 2014, to
'BB+'. Moreover, Fitch revised Gener's Rating Outlook to
Positive from Stable.
On May 24, 2006, Moody's Investors Service upgraded the senior
unsecured debt of AES Gener to Ba1 from Ba3, concluding a review
for possible upgrade. Moody's said the rating outlook is
stable.
AES GENER: Unit Raises Generation Capacity by 4 Megawatts
---------------------------------------------------------
The Chilean mining and energy ministry said in a statement that
Energia Verde, a subsidiary of AES Gener, has increased the
generation capacity of its 8.7-megawatt Laja plant by 4
megawatts.
Business News Americas relates that Energia Verde deployed a new
backpressure turbine to boost the plant's capacity without
changing the amount of biomass used as fuel or the steam used by
the plant for industrial purposes.
According to BNamericas, the plant uses biomass to generate
electricity and steam for a neighboring sawmill with surplus
energy injected into the country's central grid.
AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts. Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary. TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line. Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts). Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).
* * *
On June 16, 2006, Fitch Ratings upgraded the local and foreign
currency Issuer Default Ratings of AES Gener SA to 'BB+' from
'BB'. Fitch also upgraded Gener's senior unsecured debt rating,
which consists of US$400 million senior notes due 2014, to
'BB+'. Moreover, Fitch revised Gener's Rating Outlook to
Positive from Stable.
On May 24, 2006, Moody's Investors Service upgraded the senior
unsecured debt of AES Gener to Ba1 from Ba3, concluding a review
for possible upgrade. Moody's said the rating outlook is
stable.
BELL MICROPRODUCTS: Obtains Noteholder Waivers on 3-3/4% Notes
--------------------------------------------------------------
Bell Microproducts Inc. disclosed the results of its consent
solicitation relating to its US$109,850,000 outstanding 3-3/4%
Convertible Subordinated Notes, Series B due 2024. Holders of
US$109,475,000 aggregate principal amount of the outstanding
Notes have consented to a waiver of defaults arising from the
failure to file all reports and other information and documents
which it is required to file with the SEC and the trustee.
Further, these holders have agreed to amend the indenture to
eliminate any provision that would trigger a default for the
failure to file or deliver any reports required to be filed with
the SEC or the trustee, and to add a provision for a special
interest payment to holders of Notes if an eligible tender offer
for the outstanding Notes is not completed prior to
Feb. 1, 2007.
As reported in the Troubled Company Reporter on Dec. 18, 2006,
the company commenced a tender offer for the Notes that is
intended to qualify as an eligible tender offer under the
amended indenture. Credit Suisse is acting as the Dealer
Manager for the tender offer for the Notes.
As previously reported in the Troubled Company Reporter, the
company said that on Nov. 14, 2006, it received Notices of
Default from Wells Fargo Bank, N.A., with respect to its 3-3/4%
Convertible Subordinated Notes due 2024 and its 3-3/4%
Convertible Subordinated Notes, Series B due 2024. Wells Fargo
serves as the trustee for the holders of the Notes.
Questions regarding the tender offer may be directed to Credit
Suisse at 800-820-1653 (toll-free) or at 212-538-0013. Global
Bondholder Services Corporation will act as the Information
Agent for the tender offer for Notes. Requests for documents
related to the tender offers may be directed to Global
Bondholder Services Corporation at 866-924-2200 (toll-free) or
at 212-430-3774.
About Bell Microproducts
Headquartered in San Jose, California, Bell Microproducts Inc.
(Nasdaq: BELM) -- http://www.bellmicro.com/-- is an
international, value-added distributor of high-tech products,
solutions and services, including storage systems, servers,
software, computer components and peripherals, as well as
maintenance and professional services. Bell is a Fortune 1000
company that has operations in Argentina, Brazil, Chile and
Mexico.
METSO OYJ: Completes Takeover of Aker Kvaerner's Pulping Unit
-------------------------------------------------------------
Metso Oyj has completed the acquisition of Aker Kvaerner's
Pulping and Power businesses. The businesses were transferred
to Metso on Dec. 29, 2006. The European Commission clearance
for the acquisition was received on Dec. 12, 2006.
The cash and interest-bearing debt-free acquisition price,
agreed in April 2006 when the sales and purchase agreement was
signed, was approximately EUR335 million. The final transaction
price will be based on the balance sheet at the time of the
closing. Metso will disclose the final transaction value,
including the adjustments related to the remedy package, after
the parties have agreed upon the closing balance sheet.
Metso has also completed the sales and purchase agreement of the
remedy package concerning the divestment of Metso Paper's and
Aker Kvaerner's overlapping pulping businesses to the Canadian
Groupe Laperriere & Verreault Inc. The remedy package was
transferred to GL&V on Dec. 29, 2006. The divestment of the
remedy package was conditional on the approval received from the
European Commission on Dec. 12, 2006. The parties have agreed
that the transaction value will not be disclosed.
About Aker Kvaerner
Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, provides engineering and construction services,
technology products and integrated solutions.
The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C. The group operates in
Austria, Azerbaijan, Belgium, Denmark, Finland, France, Germany,
Netherlands, Poland, Russia, Spain, Sweden, United Kingdom,
Australia, China, India, Indonesia, Japan, Malaysia, Singapore,
South Korea, Thailand, Brazil, Chile, Canada and the United
States.
About Metso
Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of approximately EUR4.2 billion.
Its 22,000 employees in more than 50 countries serve customers
in the pulp and paper industry, rock and minerals processing,
the energy industry and selected other industries.
The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom and the United States.
* * *
As reported in TCR-Europe on April 11, Standard & Poor's Ratings
Services revised its outlook on Finland-based machinery and
engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating. The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.
===============
C O L O M B I A
===============
ASHMORE ENERGY: Gains Controlling Interest of Promigas
------------------------------------------------------
Ashmore Energy International Ltd. aka AEI has acquired an
additional 42.98% ownership in Promigas bringing its total
ownership to 52.88% and gaining a controlling interest in the
company.
AEI purchased the additional percentage of Promigas for
approximately US$510 million in cash, pursuant to two auctions
overseen by and under the rules of Colombia's Security Exchange
Commission.
About Promigas
Promigas is one of Colombia's leading energy companies with
investments in essential natural gas transportation and
distribution, fuel, lubricant and compressed natural gas
distribution businesses. Promigas' businesses have recently
entered the energy markets of Peru, Ecuador and Mexico.
About Ashmore Energy
Ashmore Energy International Ltd. aka AEI --
http://www.ashmoreenergy.com-- owns and operates essential
energy infrastructure in emerging markets. AEI manages
interests in a group of 20 energy assets located in 12 countries
with more than US$2 billion in revenue and 7,000 employees. The
company serves approximately 6.5 million customers worldwide by
operating through three business segments: Natural Gas Services,
Power Distribution and Power Generation with approximately
34,188 kilometers of oil and gas pipelines, 121,372 kilometers
of electric transmission and distribution lines, and a gross
installed capacity of approximately 1,914 megawatts.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Ashmore Energy International Ltd.'s shareholders
convened for a scheme meeting on Nov. 21, 2006, at Clifford
Chance US LLP. The Grand Court of the Cayman Islands directed
the scheme meeting for the purpose of considering and, if
thought fit, approving the Scheme of Arrangement made between
Ashmore Energy and the holders of the Scheme Shares. The court
had specified that the entitlement to attend and vote at the
Scheme Meeting be determined by reference to the register of
members of the company on Nov. 20, 2006. The court appointed K.
George Wasaff, or failing him Brent de Jong, or failing him,
Martin Lang, to act as Chairman of the Scheme Meeting.
ECOPETROL: Spending US$700MM to Increase Castilla's Production
--------------------------------------------------------------
Ecopetrol, the Colombian state-run oil firm, said in a statement
that it will invest almost US$700 million to increase the heavy
crude output of the Castilla field to 90,000 barrels per day in
2009 from 60,000 barrels per day,
Castillo is Colombia's principal heavy crude producer. It is
situated in the Llanos Orientales basin.
According to Ecopetrol's statement, the investment is also aimed
at increasing processing and transport infrastructure at
Castilla.
The project is part of Ecopetrol's plans to develop the heavy
crude business as part of its strategic plan for the next five
years. The plan seeks to reach output of 500,000 barrels of oil
equivalent per day in 2011.
Ecopetrol produces 300,000 barrels of oil equivalent per day,
Business News Americas reports.
Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government. The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products. Ecopetrol is Latin America's
fourth-largest integrated-oil concern. Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.
On June 27, 2006, Fitch Ratings revised the rating outlook of
the long-term foreign currency issuer default rating of
Ecopetrol SA to Positive from Stable. This rating action
follows the recent revision in the Rating Outlook to Positive
from Stable of the 'BB' foreign currency IDR of the Republic of
Colombia. Ecopetrol's IDR remain strongly linked with the
credit profile of the Republic of Colombia.
* COLOMBIA: Launches Primavera-Bacata Operations
------------------------------------------------
ISA, the state transmission company of Colombia, has launched
commercial operations of the 307-kilometer Primavera-Bacata
line, Business News Americas reports.
BNamericas underscores that UPME, the Colombian mines and energy
ministry's mining energy planning unit, awarded the project to
ISAin 2003.
ISA said in a statement that the works for the project cost
US$102 milllion and complete the first of two phases of a 1,000-
kilometer high-voltage electricity corridor to connect
Colombia's center with the Atlantic coast.
BNamericas relates that Primavera-Bacata has two substations and
runs through 15 municipalities in the departments of:
-- Cundinamarca,
-- Boyaca,
-- Santander, and
-- Antioquia.
ISA will complete the project's second phase this quarter,
BNamericas states.
* COLOMBIA: Moves Deadline for Industrial Dev't Liquidation
-----------------------------------------------------------
The office of Colombia's president said in a statement that the
government has postponed to July 31 the deadline for the
conclusion of the liquidation of IFI, the nation's industrial
development institute.
Business News Americas relates that one factor determining the
IFI liquidation extension is that the firm has yet to draft a
future administration contract for the Salinas salt-mining
concession.
IFI is taking steps to transfer the state's equity shares in
several firms like steelmaker Acerias Paz del Rio, which is
expected to conclude in February, BNamericas states.
* * *
On July 25, 2006, Fitch rated the Republic of Colombia's US$1
billion issue of fixed-rate Global Bonds maturing
Jan. 27, 2017, 'BB'. The rating is in line with Fitch's long-
term foreign currency rating on Colombia. Fitch said the Rating
Outlook is Positive.
===================
C O S T A R I C A
===================
* COSTA RICA: Relaunching Garabito Project Bidding
--------------------------------------------------
A project official from ICE, the state power firm of Costa Rica,
told Business News Americas that the company will relaunch
bidding for the construction of the Garabito thermo project.
ICE decided to relaunch the bidding after failing to reach a
definitive price agreement with Hitachi, BNamericas says, citing
the official.
According to BNamericas, ICE initially awarded the contract to
Abener Energa in 2004. However, ICE canceled it over alleged
irregularities and gave the contract to Hitachi.
The bidding will take place in a closed process beginning in
July, the official told BNamericas. ICE plans to award the
contract for the project in September.
The official said that under the new process, Garabito's
capacity will be increased to 160 megawatts, from the planned
120 megawatts. Garabito will boast medium-velocity bunker
fueled motors instead of the originally envisioned diesel
turbines, the report says.
Garabito will be built in Puntarenas. Construction works will
take up to 20 months. The project will cost US$160 million,
BNamericas states.
* * *
As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.
=====================
E L S A L V A D O R
=====================
* EL SALVADOR: 11 Firms Interested on Chaparral Project
-------------------------------------------------------
An official from state power firm CEL's tender office told
Business News Americas that 11 entities have bought bidding
rules for the construction of the 65.3-megawatt Chaparral hydro
project in El Salvador.
The official did not tel BNamericas the name of the entities
that purchased the bidding rules.
BNamericas relates that works include the power plant and dam to
be constructed in the lower zone of Torola river basin between
San Luis de La Reina and Carolina in San Miguel.
The official told BNamericas that a site visit for those who
bought the rules is set for Jan. 9-10.
The number of potential bidders could increase due to bank
transfer payments that have yet to be verified, the report says.
BNamericas underscores that offers are due and will be opened on
March 13.
The Central American Bank for Economic Integration will help
fund Chaparral, which will cost over US$100 million. Chaparral
could start running in 2010, BNamericas states.
* * *
As reported on Aug. 11, 2006, Standard & Poor's ratings services
affirmed its 'BB+' long-term and 'B' short-term sovereign credit
rating on the Republic of El Salvador. S&P said the outlook
remains stable.
El Salvador's country ceiling has been upgraded to BBB- from BB+
by Fitch Ratings.
=================
G U A T E M A L A
=================
GOODYEAR TIRE: Inks New Labor Contract with Steelworkers Union
--------------------------------------------------------------
The Goodyear Tire & Rubber Company and the United Steelworkers
union have reached tentative agreement on a new master contract
covering about 12,600 employees at 12 tire and engineered
products plants in the United States. The USW is expected to
schedule ratification votes at all plants in the coming days.
The previous three-year labor agreement expired July 22, 2006.
The Goodyear USW members have been on strike since Oct. 5, 2006.
The 12 master contract plants covered by the tentative agreement
are:
* Akron, Ohio;
* Buffalo, New York;
* Danville, Virginia;
* Fayetteville, North Carolina;
* Gadsden, Alabama;
* Lincoln, Nebraska;
* Marysville, Ohio;
* St. Marys, Ohio;
* Sun Prairie, Wisconsin;
* Topeka, Kansas;
* Tyler, Texas; and
* Union City, Tennessee.
The company says that the tentative agreement with USW supports
its strategy to significantly reduce costs and improve
competitiveness in its North American operations.
"Our goal was always to reach a fair agreement that improves our
ability to compete and win with customers. This agreement would
accomplish that goal," said Robert J. Keegan, chairman and chief
executive officer.
The tentative agreement, gives Goodyear the ability to reduce
excess high-cost manufacturing capacity, reduce legacy costs,
improve productivity and reduce labor costs consistent with the
four point cost reduction plan that was announced to investors
in 2005. The tentative agreement:
* Secures retiree medical benefits through an independently
administered Voluntary Employees' Beneficiary Association
to be launched with an up front US$1 billion contribution
from Goodyear to consist of US$700 million in cash and up
to US$300 million in additional cash or common stock at
the company's option. Subject to court and regulatory
approvals, the VEBA would assume full responsibility for
providing retiree medical benefits to all present and
future Goodyear USW retirees;
* Consistent with Goodyear's previously announced plans to
exit certain segments of the private label tire business,
provides for the closing of the Tyler, Texas, facility
after Dec. 31, 2007;
* Delivers substantial improvements in labor costs and
productivity through redesign of incentive systems and
immediate implementation of market-based wage and benefit
levels for all new hires; and
* Improves job security and provides capital investments in
USW plants of at least US$550 million over the life of the
agreement.
Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company. The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries. Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala and Peru in Latin America. Goodyear employs more than
80,000 people worldwide.
GOODYEAR TIRE: New Labor Contract Cues S&P to Remove Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and other ratings on Goodyear Tire & Rubber Co. and
removed them from CreditWatch where they were placed with
negative implications on Oct. 16, 2006, as a result of the labor
dispute at several of the company's North American plants.
The affirmation follows the announcement that Goodyear and the
United Steel Workers Union, representing about 12,600 employees
at 12 plants in the U.S. and Canada, have reached an agreement
on a new contract and union members have ratified the agreement.
The outlook is stable.
Pro forma for US$1 billion of new debt sold in the fourth
quarter --partly to refinance US$515 million of debt coming due
in the next six months, some of which was repaid in December --
Goodyear has total debt (including the present value of
operating leases and underfunded employee benefit liabilities)
of about US$12 billion.
The new contract should enable Goodyear to achieve substantial
cost savings over the three-year contract term. The company
estimates that compared with 2006 prestrike levels, savings are
expected to total US$70 million in 2007, US$240 million in 2008,
and US$300 million in 2009. These savings are comprised of
capacity-related savings, reduced legacy costs, and savings from
increased productivity.
Significant terms of the new three-year contract include:
-- The elimination (subject to court and regulatory
approval) of Goodyear's responsibility for all current
and future retiree health care liabilities for the
company's USW workforce in return for the creation of a
VEBA trust with US$1 billion in initial funding, a
portion of which could be funded with Goodyear's common
equity. Resulting OPEB expense savings are estimated at
US$110 million and cash savings at US$145 million
annually compared with 2006. Goodyear's total unfunded
OPEB liability was US$2.6 billion at the end of 2005, of
which about half was the USW OPEB liability.
-- The closure of the Tyler, Texas-based plant after the end
of 2007. This closure will eliminate 9 million units of
higher-cost capacity and save an estimated US$50 million
annually.
-- Lower-cost wages and benefits for new hires during the
first three years of employment. The level of savings
will depend partly on the attrition rate of the existing
workforce.
Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company. The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries. Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala and Peru in Latin America. Goodyear employs more than
80,000 people worldwide.
===============
H O N D U R A S
===============
* HONDURAS: Conatel Starts Selecting Digital Television Standard
----------------------------------------------------------------
Conatel, the telecoms regulator in Honduras, said in a statement
that it has started choosing a digital television standard for
the country.
Business News Americas relates that Honduras and other Latin
American nations are evaluating one of the four competing
standards to migrate from analog to digital television. The
standards considered are those of:
-- those of the US,
-- Japan,
-- China, and
-- Europe.
The report says that Brazil is the only Latin American nation to
have chosen a digital television standard, selecting Japan's
ISDB. Argentina, Colombia, Chile and Venezuela are in the
process of choosing a standard.
According to Business News Americas, the first stage of the
process will be to establish regulatory norms, allowing Conatel
to begin planning the decision process.
BNamericas underscores that a time frame has not yet been
determined. However, Conatel said in a statement that it would
be a gradual process.
Conatel has launched a public consultation period, which runs
through Jan. 5, BNamericas states.
=============
J A M A I C A
=============
KAISER ALUMINUM: Names Martin Carter as VP in Common Alloy Unit
---------------------------------------------------------------
Kaiser Aluminum disclosed that Martin Carter is joining the
company as vice president-general manager, common alloy products
effective the first quarter of 2007. In this newly created
leadership post, Carter will oversee common alloy extrusion and
forging operations serving the general engineering, automotive
and custom industrial markets.
Prior to joining Kaiser Aluminum, Carter built a 16-year career
with Norsk Hydro, most recently as president of Hydro Aluminum
North America. In addition, during his tenure with Norsk Hydro,
Carter managed strategic development for all Hydro businesses as
head of corporate strategy, Norsk Hydro ASA.
"We're delighted that Martin is joining our leadership team,"
said Jack Hockema, chairman, president and CEO of Kaiser
Aluminum. "He comes to us with broad industry experience and a
passion for the aluminum fabricated products business. We look
forward to Martin's contributions as we continue to grow our
business."
Headquartered in Foothill Ranch, California, Kaiser Aluminum
Corp. -- http://www.kaiseraluminum.com/-- is a leading producer
of fabricated aluminum products for aerospace and high-strength,
general engineering, automotive, and custom industrial
applications. The Company, along with its Jamaican
subsidiaries, filed for chapter 11 protection on Feb. 12, 2002
(Bankr. Del. Case No. 02-10429), and has sold off a number of
its commodity businesses during course of its cases. Corinne
Ball, Esq., at Jones Day, represents the Debtors in their
restructuring efforts. Lazard Freres & Co. serves as the
Debtors' financial advisor. Lisa G. Beckerman, Esq., H. Rey
Stroube, III, Esq., and Henry J. Kaim, Esq., at Akin, Gump,
Strauss, Hauer & Feld, LLP, and William P. Bowden, Esq., at
Ashby & Geddes represent the Debtors' Official Committee of
Unsecured Creditors. The Debtors' Chapter 11 Plan became
effective on July 6, 2006, and the company emerged from Chapter
11. On June 30, 2004, the Debtors listed US$1.619 billion in
assets and US$3.396 billion in debts. (Kaiser Bankruptcy News,
Issue No. 109; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 609/392-0900)
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M E X I C O
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GLOBAL POWER: Wants to Reject Executory & Lease Contracts
---------------------------------------------------------
Global Power Equipment Group and its debtor-affiliates ask the
U.S Bankruptcy Court for the District of Delaware for permission
to reject executory contracts and unexpired leases of real
property.
The Debtors tell the Court that they experienced considerable
losses from its Heat Recovery Steam Generation business and
predict a future negative cash usage of approximately US$22
million for the completion of the business.
Additionally, the Debtors concluded that the cost to complete
the business will exceed any potential revenue and will generate
a negative cash flow of approximately US$400,000.
The Debtors also tell the Court that they will have no further
use of the property covered by the lease after Dec. 31, 2006.
Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries. The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications. The
Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.
The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors. The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel. As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000. The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.
GLOBAL POWER: Wants Removal Period Extended Until March 27
----------------------------------------------------------
Global Power Equipment Group and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to extend,
until March 27, 2007, the period within which they can remove
civil actions.
The Debtors tell the Court that they are currently focusing on
responding to information requests submitted by the Official
Committee of Unsecured Creditors, preparing schedules of assets
and liabilities and statements of financial affairs and other
critical issues relating to its chapter 11 case.
Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries. The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications. The
Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.
The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors. The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel. As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000. The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.
GLOBAL POWER: Wants Until April 26 to Decide on Leases
------------------------------------------------------
Global Power Equipment Group and its debtor-affiliates ask
the U.S Bankruptcy Court for the District of Delaware to further
extend, until April 26, 2007, the period within which it can
assume, assume or assign, or reject unexpired leases of
nonresidential real property.
The Debtors tells the Court that they have five unexpired
leases of nonresidential real property, including, the Debtors'
headquarters in Tulsa, Oklahoma; two of Williams Group
facilities in Stone Mountain, Georgia and Lakeland, Florida; and
Branden Group facilities in Tulsa, Oklahoma.
The Debtors assure the Court that any lessor will not be harmed
as a result of the requested extension, since they will continue
to comply with their postpetition obligations.
Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries. The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications. The
Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.
The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors. The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel. As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000. The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.
HILTON HOTELS: Launching Construction Works for Buffalo Thunder
---------------------------------------------------------------
Hilton Hotels Corp. reported that construction works for Buffalo
Thunder Resort will start this month.
Buffalo Thunder Resort is located on Highway 84/285, 12 miles
north of Santa Fe. The new construction will be on the 587-acre
site that is home to the Towa GolfSM Course, designed by Hale
Irwin and Bill Phillips, and adjacent to the 81-unit Homewood
Suites by Hilton Hotels.
Buffalo Thunder is designed to be a Four-Star destination resort
and will include the 390-room Hilton Santa Fe North, a luxury
spa and fitness facility, several restaurants, entertainment
venues, meeting space and a new upscale casino. Construction is
expected to be completed in 2008.
Governor George Rivera said, "The beginning of construction is
the result of years of planning and investment by the Pueblo of
Pojoaque. Buffalo Thunder, the name of the new resort, was
chosen because it is a symbol of spiritual strength for Native
Americans."
Governor Rivera noted that the resort also will create new jobs
for the area.
"This international destination resort will mean the addition of
approximately 600 new and good paying jobs to New Mexico. The
people of the Pojoaque Valley and northern New Mexico will have
the opportunity to hold quality jobs in the entertainment,
hospitality and service areas. Not only will this new
enterprise create jobs, it will establish careers," Governor
Rivera stated.
According to Governor Rivera, the hiring process is still months
away. But once it begins Hilton Hotels will be conducting
employee training. The Pueblo of Pojoaque also will utilize the
training services of the Northern New Mexico College in
Espanola.
The Pueblo of Pojoaque, through the Buffalo Thunder Development
Authority and certain other of its tribal corporations, is the
owner of the entire destination resort. Hilton Hotels Corp.
will manage the hotel and resort.
"Hilton is one of the most recognizable brands in the
hospitality industry and the largest hotel company in the world,
and having that name attached to our project reflects our
commitment to quality," Governor Rivera said.
Ben Fusco, Hilton Hotels' area vice president, commented,
"Hilton Hotels Corp. is extremely pleased to be working with the
Pueblo of Pojoaque on this unique project that, when completed,
promises to result in a prominent and novel addition to our
company's growing portfolio of worldwide resorts."
The new facility will feature 66,000 square feet of meeting
space and includes a 1,200 seat ballroom. There also will be:
-- a 16,000-square foot Native American themed
spa/salon and exercise facility,
-- a 12,700-square foot retail promenade,
-- an 8,000-square foot children's recreation area,
and
-- a 100 seat outdoor performance space.
The new state-of-the-art, upscale Las Vegas style casino, to be
operated by the Pueblo of Pojoaque's new corporation, Buffalo
Thunder Inc., will be 151,000 square feet with 1,200 slot
machines 25 table games, a horse and dog simulcast wagering area
and a 10-table poker room.
Architects for the project are Thalden-Boyd of Tulsa, OK, a firm
specializing in Native American casino design. The destination
resort will be built in the traditional Pueblo style.
The Centex Corp. with headquarters in Dallas, TX is the
contractor for the project and under a directive from the Pueblo
of Pojoaque, will be utilizing local contractors and local labor
as much as possible.
The substantial planned infrastructure of the project includes
construction of an environmentally responsible, state-of-the-art
wastewater treatment facility that will have 100 percent water
recycling capability. The project will harvest and purify
rainwater through the use of settlement basins. When completed,
all irrigation for the Towa Golf Course will come from recycled
water.
The substantial planned infrastructure of the project includes
construction of an environmentally responsible, state-of-the-art
wastewater treatment facility that will have 100 percent water
recycling capability. In addition, plans call for the
"harvesting" and purification of rainwater through the use of
settlement basins.
Access to the new resort is via the Buffalo Thunder interchange
on Highway 84/285 that was completed in 2004. The interchange
is at the southern border of the Pueblo. On the overpass
leading to the Resort is the word Posuwageh. This is the
original name of the Pueblo in the indigenous Tewa language.
Buffalo Thunder Resort Fact Sheet
Project Description Overview
The project consists of construction of:
-- a 390 room hotel (The Hilton Santa Fe North);
-- a luxury spa and fitness facility;
-- dining areas;
-- entertainment venues;
-- 66,000 square feet in meeting space; and
-- a new casino with 1,200 slot machines, 25 table
games and a 10-table poker room.
Architects:
-- Thalden-Boyd Architects (St. Louis, Tulsa, Las
Vegas)
-- Native American casino design specialists.
Contractor:
Centex Corp.
Dallas, Texas
Construction Calendar
Construction starts January 2007 and will be completed September
2008.
Project Location
The new construction will take place at the Buffalo Thunder
located on Highway 84/285 (exit 177) on 587 acres of Pueblo of
Pojoaque tribal land. It is approximately 12 miles north of the
Santa Fe Plaza and approximately two miles south of the Cities
of Gold Casino, also owned by the Pueblo of Pojoaque. The
project is located in an area between the existing Towa Golf
Course clubhouse and the Homewood Suites.
The Pueblo of Pojoaque will own the Hilton Santa Fe North at
Buffalo Thunder Resort through the Buffalo Thunder Development
Authority and it will be operated under a management contract
with the Hilton Hotels Corp. The 5-story hotel will consist of
390 upscale rooms with Pueblo-themed decor and a two-level
Presidential Suite with a private outdoor "observatory".
Resort Amenities
Located in the new facility will be several restaurants
including:
-- a 350-seat buffet;
-- a sports bar,
-- a dance club and a flair bar located near the
casino floor with 100 seats and entertainment
stage;
-- a 16,000-square foot spa, salon and exercise
facility, indoor and outdoor pools, tennis courts
and sand volleyball courts;
-- an 8,000-square foot children's recreation area
featuring computer labs, kiddy pools, library, and
theater;
-- a 12,700-square foot retail promenade and a 100-
seat outdoor performance space.
Conference Center
There will be 66,000 square feet of meeting space and ballrooms
including a 1,200 seat main ballroom, a 650 seat junior ballroom
and eight breakout rooms.
The Casino at Buffalo Thunder Resort
The new 151,000-square foot casino will be operated by the
Pueblo of Pojoaque similar to the existing Cities of Gold Casino
and the Sports Bar Race Book and Casino. The Casino at Buffalo
Thunder Resort will feature 1,200 slot machines, 25 table games;
simulcast wagering, and a 10-table poker room.
There will be 1,400 parking spaces including RV and bus parking.
About Pueblo of Pojoaque
The Pueblo of Pojoaque is a federally recognized tribe with 373
members located on 13,500 acres approximately 12 miles north of
Santa Fe. The leaders, elected every two years, are:
-- George Rivera, Governor;
-- Linda Diaz, Lt. Governor;
-- Stephanie Crosby, Secretary; and,
-- Mary Ann Katherine Fierro, Treasurer.
The Pueblo of Pojoaque is one of eight pueblos in northern New
Mexico. The Pueblo of Pojoaque also owns and operates several
other businesses including the Cities of GoldSM Casino, the
Sports Bar Race Book Casino, the 124 room Cities of Gold Hotel &
Conference Center, the 127-unit Butterfly Springs Apartments,
the Butterfly Mobile Home Park, the Pojoaque Supermarket, the
Pojoaque True Value Hardware Store, the Pojoaque Visitor Center
and Gallery, the Pojoaque Convenience Store, the Pojoaque Travel
Center, the O Eating House restaurant and a laundry mat. A
bowling alley is under construction at the Cities of Gold Casino
and a 63-unit RV park will be completed in the summer 2007. The
Homewood Suites by Hilton Hotels and the new Wedding Chapel are
part of the Buffalo Thunder Resort. The Pueblo of Pojoaque
employs 900 persons. The new project, when completed, will
employ an additional 600 persons.
About Buffalo Thunder Resort
Buffalo Thunder Resort is the umbrella name of the entire resort
area. Currently Buffalo Thunder Resort is home to the 27-hole
Towa Golf Course (opened September 2002), the 81-room Homewood
Suites by Hilton (opened February 2005) and the Wedding Chapel
at Pojoaque (October 2006).
HILTON HOTELS: Launching Warsaw Hotel & Convention Center
---------------------------------------------------------
Hilton Hotels Corp. will open the Warsaw Hotel and Convention
Center in March.
The 29-story Warsaw Hotel and Convention Center opens in Poland,
which will be meant for meetings and conventions.
The Hilton Warsaw Hotel and Convention Centre will house the
largest and most modern conference facilities in the city of
Warsaw. The 3000 square meters of flexible event space is
double the size of any hotel meeting space now available.
Wolfgang M. Neumann, president of Hilton Europe & Africa, said,
"Warsaw is known for its dramatic history, but more than ever it
is emerging as the EU's (European Union) newest and best value
meeting and convention destination. Located within easy reach of
the major European source markets of London, Paris and
Frankfurt, the city offers an unusual backdrop: modern
skyscrapers coexist with communist constructions while the
historic old town is home to a vibrant restaurant and bar scene.
All this is supported by excellent service standards."
Bert Fol, general manager of the hotel, said, "From the moment
you walk into the hotel with its light-flooded 19-meter high
lobby, to the spacious meetings and guest rooms, this is a hotel
that is opening up the destination. It is an inspiring product
in the hub of an inspiring city. When it opens in March, it
will be a premier meetings facility by any world standard."
Central to the hotel's meetings offerings is the Warsaw Hall, a
1406 square meter pillar-less ballroom featuring five-meter high
ceilings, a panel of floor-to-ceiling windows along one wall
(with blinds allowing total blackout), and the most
sophisticated technology in the capital including Guest-Tec-
provided wired and wireless Internet allowing 1000 users to log
on simultaneously. The ballroom is positioned for large-scale
product launches and sales conventions and has a capacity for
1850 attendees theater style with an adjacent 520 square meter
exhibition hall for display booths and breakout meetings.
Furthermore, the ballroom can be configured into five separate
soundproof spaces for smaller meetings, allowing for the
transformation of a room for 750 into a themed banquet in a
guaranteed turnaround time of 60 minutes.
Hilton Warsaw also features 14 meeting rooms, all with natural
daylight, electronic signage, broadband access for email and
streamed data and projector. A business center located over two
floors will be serviced by experienced staff and outfitted with
color laser printers, faxes, copiers and desktop PCs with
Internet access. All 314 guest rooms come equipped with 27-inch
LCD screens and special software known as the Conference
Manager, which provides real-time event information directly to
the guest room television.
The hotel is set to become an entertainment destination for
local residents. It will house a 188-seat modern restaurant
known as Meza, the stylish Pistachio bar and the city's largest
and most luxurious fitness center, the 3800 square meter Holmes
Place, which is complimentary to all guests. Hilton Warsaw will
also have a casino offering Vegas-style entertainment and
underground parking facilities for 350 cars.
NORTEL: Alcatel-Lucent Closes Purchase of UMTS Radio Business
-------------------------------------------------------------
Alcatel-Lucent reported that, after all regulatory approval have
been met, the acquisition of Nortel's UMTS radio access business
-- UTRAN -- and related assets has been completed on
Dec. 31, 2006.
In recent weeks, the two companies have achieved a number of
significant milestones, the most important being the signature
of the definitive agreement on Dec. 4, 2006.
Nortel received a closing cash payment of US$320 million less
significant deductions.
With this acquisition, one in four UMTS operators -- about 40
customers around the world -- use Alcatel-Lucent UMTS solutions.
Together with strengthened R&D and a broad products and
solutions portfolio, Alcatel-Lucent is now uniquely positioned
to lead the network technological evolutions from 3G to 4G --
relying on its OFDMA, SDR and MIMO* expertise -- to address the
customers' needs of today and tomorrow while realizing economies
of scale.
Vivek Badrinath, France Telecom Group EVP Information Technology
Networks & product Support, said, "This acquisition will enable
the development teams to leverage additional capabilities from
the integration into the broader Alcatel-Lucent and we count on
the focus of the teams to deliver superior performance in the
UMTS domain going forward."
Boris Nemsic, chief executive officer of Mobilkom Austria said,
"We count on Alcatel-Lucent to serve the needs of Mobilkom group
moving forward."
"Our customers will clearly benefit from the high value this
acquisition brings, and the pre-integration work has progressed
very well. Our combined expertise and portfolios will enable us
to deliver the most compelling UMTS offer for our customers,
allowing them to provide their subscribers with innovative and
high-speed 3G services. Our aim is to achieve the optimum
combination of Alcatel-Lucent and Nortel's technologies, with
minimum customer disruption. We are well positioned to capture
the UMTS market growth opportunity," said Mary Chan, president
of Alcatel-Lucent's wireless activities.
With its undisputable wireless technology portfolio,
encompassing CDMA/EV-DO, UMTS/HSPA, GSM/EDGE and WiMAX, Alcatel-
Lucent is the only player positioned to craft 4G, taking the
best from all technologies, to shape the future and deliver
mobile broadband for all.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide,
to deliver voice, data and video communication services to end
users. With 79,000 employees and operations in more than 130
countries, including Brazil, Alcatel-Lucent is a local partner
with global reach. Through its operations in fixed, mobile and
converged broadband networking, Internet protocol (IP)
technologies, applications, and services, Alcatel-Lucent offers
the end-to-end solutions that enable communications services for
people at home, at work and on the move.
On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.
About Nortel
Nortel is a recognized leader in delivering communications
capabilities that enhance the human experience, ignite and power
global commerce, and secure and protect the world's most
critical information. The company's next-generation
technologies, for both service providers and enterprises, span
access and core networks, support multimedia and business-
critical applications, and help eliminate today's barriers to
efficiency, speed and performance by simplifying networks and
connecting people with information. Nortel does business in
more than 150 countries, including Mexico.
* * *
As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.
* Thacher Proffitt Appoints Cullen, Barbiere & Oloko as Partners
----------------------------------------------------------------
Thacher Proffitt & Wood LLP, a 158-year-old law firm, disclosed
that William "Butch" Cullen, Janet Barbiere, and Bola Oloko have
joined the Firm as partners. The group will practice in the
Structured Finance Practice Group, residing in the New York
office. All three partners join Thacher Proffitt from the New
York office of Sidley Austin LLP, where they were partners.
Prior to Sidley Austin, they each practiced at Thacher Proffitt.
"We proudly welcome Butch, Janet and Bola back to the Firm,"
said Paul Tvetenstrand, Chairman and Managing Partner of Thacher
Proffitt. "They each are experienced advisors in commercial
mortgage-backed securities and we look forward to their ongoing
successes here."
"Commercial mortgage-backed securities are a very important
segment of the securitization market, and Butch, Janet, and Bola
add tremendously to the breadth of our existing structured
finance practice," said Steve Kudenholdt, Partner and Chair of
Thacher Proffitt's Structured Finance Practice Group. The
practice has more than 125 attorneys that specialize in a range
of transaction structures, as well as regulatory and compliance
issues.
* William "Butch" Cullen
Mr. Cullen's practice focuses on securities and corporate
finance, with an emphasis on the securitization of financial
assets. Mr. Cullen received his JD from the University of
Pennsylvania Law School and his BA from Colgate University, Phi
Beta Kappa. He is admitted to the New York bar.
* Janet Barbiere
Ms. Barbiere's practice focuses on commercial mortgage-backed
securitization, transactions in the secondary commercial
mortgage market and corporate finance.
Ms. Barbiere received her JD from Fordham University School of
Law, where she was a member of Fordham Law Review. She received
a MA, magna cum laude, from Columbia University, and a BA from
Brooklyn College. She is admitted to both the New York and New
Jersey bars.
* Bola Oloko
Mr. Oloko's practice focuses on advising financial institutions
in the financing, purchase and sale, and securitization of
financial assets, particularly commercial mortgage assets. He
has been involved in many pioneering structured finance
transactions, including one of the earliest transactions
involving the securitization of loans in a "split loan"
structure.
Mr. Oloko received his LLM from Georgetown University Law Center
and LLB from the University of Lagos. He is admitted to the New
York and Nigeria bars.
About Thacher Proffitt & Wood LLP
A law firm that focuses on the capital markets and financial
services industries, Thacher Proffitt -- http://www.tpw.com/--
advises domestic and global clients in a wide range of areas,
including corporate and financial institutions law, securities,
structured finance, international trade matters, investment
funds, swaps and derivatives, cross-border transactions, real
estate, commercial lending, insurance, admiralty and ship
finance, litigation and dispute resolution, technology and
intellectual property, executive compensation and employee
benefits, taxation, trusts and estates, bankruptcy,
reorganizations and restructurings. The Firm has more than 300
lawyers with five offices located in New York City; Washington,
DC; White Plains, New York; Summit, New Jersey and Mexico City.
===========
P A N A M A
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* PANAMA: Canal Authority Meets with Firms Interested in Project
----------------------------------------------------------------
The Panama Canal Authority or ACP said in a statement that it
met with 25 companies interested in conducting an environmental
impact assessment or EIA on the Panama Canal's US$5.25 billion
expansion.
During the meeting, the ACP informed the firms of the
requirements for the EIA, which will determine the effect of
plans to add a third set of locks to the canal, Business News
Americas relates, citing an ACP spokesperson.
The spokesperson told BNamericas, "This does not mean that all
25 companies will present proposals. We will know [the total
number of companies] when proposals are formally presented."
The spokesperson confirmed to BNamericas that the deadline for
offers for the canal expansion project will be Jan. 29.
ACP said in a statement that the group will directly fund the
EIA. The selected firm will have 90 days to present its EIA to
the ACP and to Anam, the national environment authority, for
approval.
According to Panama America, the agencies will then have up to
eight months to decide on whether to ratify the assessment.
BNamericas underscores that the EIA has been ranked as category
III, which meant that within the approval process the ACP will
take into account public input on the project.
"It's important to emphasize that we consider the EIA on
expansion works category III for the relevance that this project
has, not because we think that its [environmental] impact will
be significant," Daniel Muschett, the ACP canal administration
director, said in a statement.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'. Fitch said the rating outlook is
stable.
===============
P A R A G U A Y
===============
* PARAGUAY: Five Firms Submit Bids for Fuel Supply Tender
---------------------------------------------------------
A spokesperson of Petropar, the state-run oil firm of Paraguay,
told Business News Americas that the company has received bids
from five companies for its fuel supply tender.
The spokesperson said that the firms that submitted bids
include:
-- Petroleo Brasileiro SA,
-- Lukoil,
-- Glencore International,
-- Vitol, and
-- Trafigura Beheer.
According to ABC Color, the tender relates to the supply of:
-- 300,000 cubic meters of diesel,
-- 27,000 cubic meters of regular unleaded naphtha, and
-- up to 12,000 cubic meters of virgin naphtha.
The spokesperson told BNamericas that the tender is aimed at
complementing the supply of Venezuelan diesel, which covers 70%
of Paraguay's diesel consumption, over the course of six months.
An evaluation committee is studying the tender, BNamericas says,
citing the spokesperson. The committee will release a report
regarding the bids on Friday.
The fuel supply contract or contracts will be awarded either on
Friday or Monday next week, BNamericas states.
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P E R U
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GOODYEAR TIRE: Protesters Start Returning to Work
-------------------------------------------------
The Goodyear Tire & Rubber Co. reported that striking workers
have begun returning to work at the 16 plants represented by the
United Steelworkers.
Jon Rich, president of Goodyear's North American Tire business,
said, "Goodyear welcomes the return to work of our USW
associates. I have no doubt our associates will quickly return
to their normal high levels of performance and productivity."
Production at the affected tire and engineered products plants
will ramp up over the next few weeks. Full supply of Goodyear
products is expected to be available soon thereafter.
Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company. The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries. Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala and Peru in Latin America. Goodyear employs more than
80,000 people worldwide.
=====================
P U E R T O R I C O
=====================
DORAL FIN'L: Names Dennis Buchert Non-Executive Board Chairman
--------------------------------------------------------------
Doral Financial Corp. named Dennis G. Buchert non-executive
Chairman of the Board of Directors, following the decision by
John A. Ward, III to resign from the Board. Mr. Buchert is an
independent director of the company first elected to the Board
in October 2006.
During Mr. Buchert's 35-year banking career, he was Chief
Executive Officer of Credit Agricole Indosuez between 2003 and
2004, President and Chief Executive Officer of IBJ Whitehall
Bank & Trust company, NY from 1997 to 2002 and Executive Vice
President of IBJ Schroder Bank & Trust company, NY from 1994 to
1997.
Mr. Ward's decision to resign reflects the fact that he holds
different views as to the best process to be followed by the
company to meet its capital and liquidity needs and maximize
shareholder value. In connection with deliberations about the
company's process, his concerns were discussed by the Board and
with the company's financial and legal advisors, and the Board
believes that the process that it unanimously approved is
properly designed to address the continued viability of the
company and serve the best interests of the company's existing
shareholders.
Following Mr. Ward's resignation, the Board of Directors at a
meeting held on Jan. 2, 2007, reiterated its confidence in the
process and in the ability of management, with Bear Stearns'
advice and assistance, to properly conduct the process. At that
meeting, in addition to unanimously electing Mr. Buchert as the
new Chairman of the Board, the Board elected Mr. Buchert to head
the transaction committee of independent directors that had been
previously established by the Board to work with management to
oversee the process. J.P. Morgan Securities Inc. continues to
advise the company on the debt-raising aspects of the process to
address its capital and liquidity needs.
Mr. Buchert stated, "We are fortunate to have Glen Wakeman as
our President and Chief Executive Officer, and he and his team
have the complete confidence of the entire Board in the
management of the company and in the supervision of the process
to address the company's needs for additional capital."
In addition, Mr. Ward expressed concerns about the inclusion in
the company's third quarter earnings release of Dec. 29, 2006,
of a statement contained in the company's Form 10-Q for the
third quarter of 2006 regarding the possible dilutive effects of
the capital-raising process on existing shareholders and with
the internal process used to finalize the release. Mr. Ward
expressed concerns about the reference to such potential
significant dilution in the text of the press release to be
issued concurrently with the Form 10-Q because in his view
including that language in the press release unnecessarily
highlighted a risk that may not occur given that the Board
intended to explore the possibility of other strategic
alternatives that may be available to the company and might not
result in significant dilution.
The language was reviewed by members of the Audit Committee,
management and outside counsel to the company. Following such
review and taking into account Mr. Ward's views, the Chairman of
the Audit Committee of the Board of Directors satisfied himself
that the text of the press release contained appropriate
disclosure and approved the press release pursuant to the
procedures previously established by the Committee. The company
continues to believe that the press release constituted proper
disclosure.
Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- a financial holding company,
is a residential mortgage lender in Puerto Rico, and the parent
company of Doral Bank, a Puerto Rico based commercial bank,
Doral Securities, a Puerto Rico based investment banking and
institutional brokerage firm, Doral Insurance Agency, Inc. and
Doral Bank FSB, a federal savings bank based in New York City.
* * *
As reported in the Troubled Company Reporter on Oct. 31, 2006,
Standard & Poor's Ratings Services removed from CreditWatch and
affirmed its ratings on Doral Financial Corp., including its
'B+' counterparty rating. The ratings were placed on
CreditWatch with negative implications on April 19, 2005. S&P
said the outlook is negative.
MUSICLAND HOLDING: Plan Effective Date Extended to Feb. 28
----------------------------------------------------------
At a hearing held last Dec. 28, 2006, the Honorable Stuart
Bernstein of the U.S. Bankruptcy Court for the Southern District
of New York rules that the deadline set forth in Musicland
Holding Corp. and its debtor-affiliates' Plan of Liquidation for
the occurrence of the Plan Effective Date is extended until
Feb. 28, 2007.
The Court also rules that the deadline set forth in the Plan for
the Confirmation Order to become a Final Order is extended until
Jan. 31, 2007.
The Court has yet to issue a ruling on the confirmation of the
Plan. The Confirmation Hearing began on November 28, 2006. As
noted in the transcript of the November 28 hearing, the Court
"adjourns the hearing on the feasibility" of the Plan to
Jan. 18, 2006.
Pursuant to Section 1121(d) of the Bankruptcy Code, with the
Court's consent, the Debtors had until Dec. 28, 2006, to
solicit votes to accept or reject the Plan. As of
Jan. 2, 2007, the Debtors have not filed a motion seeking
extension of the Exclusive Solicitation Period.
The Debtors filed their Second Amended Joint Plan of Liquidation
on Oct. 13, 2006. The Court approved the adequacy of the
Amended Disclosure Statement on the same date.
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, including Puerto Rico. The
Debtor and 14 of its affiliates filed for chapter 11 protection
on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts. Mark T. Power, Esq.,
at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they estimated more than US$100 million in
assets and debts. (Musicland Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
MUSICLAND: Tracy Kirkman, et al. Want Two Classes Certified
-----------------------------------------------------------
On Sept. 9, 2005, Tracy Kirkman and Taggert Strickland, both
Musicland store managers, filed an action on behalf of
themselves and all others similarly situated against Musicland
Group, Inc., in Alameda County Superior Court. The Plaintiffs
alleged that they, and all others similarly situated, are not
exempt from California overtime law and that the Debtors owe
them, along with the class claimants, nearly US$15,000,000 in
overtime pay.
Matthew R. Bainer, Esq., at Scott Cole & Associates, APC, in
Oakland, California, relates that the Plaintiffs filed claims on
their own behalf for US$106,346 and US$95,508, and on behalf of
all others similarly situated, for US$14,534 and US$594.
The Plaintiffs allege that US$1,262,418 of the Class Claim is
entitled to priority.
Mr. Bainer asserts that by filing the Class proof of claim, the
Plaintiffs initiated a contested matter under Rule 9014 of the
Federal Rules on Bankruptcy Procedure.
The Plaintiffs, on behalf of all affected store managers, ask
the U.S. Bankruptcy Court for the Southern District of New York
to certify two classes:
1. Sam Good Class -- All persons who are or were employed in
a store manager position by The Musicland Group, Inc., in
one or more of The Musicland Group, Inc.'s California "Sam
Goody" stores and who were classified as overtime-exempt
employees at any time between Sept. 9, 2001, and the
present.
2. Suncoast Motion Pictures Class -- All persons who are or
were employed in a store manager position by The Musicland
Group in one ore more of The Musicland Group's California
"Suncoast Motion Picture" stores and who were classified
as overtime-exempt employees at any time between
Sept. 9, 2001, and the present.
Mr. Bainer notes that the unscheduled class member creditors are
estimated to number in the hundreds, but they have not received
official notice of the filing of Musicland Holding Corp. and its
debtor-affiliates' cases or notice of the Claims Bar Date.
Thus, class claimants would be denied due process of law if they
were not given the opportunity to participate in the
distribution of the Debtors' assets.
In addition, Mr. Bainer points out, the value of the claims is
extremely high and the failure to raise the matter in Court
would result in manifest injustice.
Accordingly, Mr. Bainer asserts, class certification should be
granted to:
-- facilitate creditor compensation,
-- achieve equitable distribution of the estate,
-- allow the efficient management of numerous pending claims,
-- simplify the asset distribution for the Court.
Mr. Bainer argues that the Court needs only determine if the
Representative Plaintiffs has proffered evidence to meet the
requirements of Rule 23 of the Federal Rules on Civil Procedure.
Class Certification Is Appropriate Under Rule 23
Mr. Bainer asserts that the requirements under Rule 23(a) of the
Federal Rules of Civil Procedure for class certification have
been met:
(a) The Proposed Classes are sufficiently numerous, estimated
into the hundreds of individuals, that joinder of all
members is impracticable.
(b) There exists a common question of law and fact among
class members. Resolving the common questions of the
Debtors' liability, vis-.-vis a determination of the
exempt/non-exempt character of the class members' job
duties, is the dominant issue in the case.
(c) The Proposed Class Representatives' claim is typical of
that of the Classes. Both Plaintiffs are members of the
putative class and possesses the same interests, suffered
the same injury and alleges identical violations to other
class members.
(d) The Proposed Class Representatives will fairly and
adequately protect class interests. The Plaintiff
Representatives and their counsel are willing to pursue
the action vigorously on behalf of the classes, and have
thoroughly investigated the claims of the classes.
"[A] failure to bring the unnamed class members before this
Court, prior to a distribution of Musicland's assets, would
likely rob these individuals of their opportunity to see any
recovery for their claims," Mr. Bainer contends. "There could
be no greater 'unfair adjudication' than to unjustly enrich some
of Musicland's creditors at the expense of others."
Mr. Bainer notes that additional common issues among the classes
are:
-- whether the Debtors acted in "good faith in classifying
class members as exempt workers;
-- whether California Labor Code Section 558 "underpayment"
penalties apply;
-- whether punitive damages are recoverable;
-- the applicable statute of limitations of California Labor
Code Section 226.7 and 512; and
-- whether the exemption of class members from overtime pay
constitutes an "unfair business practice" under California
Bus. & Prof. Code Section 17200, et seq.
The Plaintiffs seek class certification based on the Debtors'
policy of categorically treating all class members as exempt
based on job title or other criteria which do not demand an
individual analysis of class members' circumstances, Mr. Bainer
clarifies. "Consideration of the amount of time particular
employees spend on work tasks is not a relevant concern at the
class certification stage yet."
Individual issues of the amount of time spent on work task will
exist whether or not the classes are certified, Mr. Bainer says.
A multitude of "innovative tools" are available to manage any
individual issues, and those tools need be devised and utilized
just once of the action proceeds on a class basis, Mr. Bainer
emphasizes.
A class action is the superior method of adjudicating the
Plaintiffs' claims, Mr. Bainer maintains. "The only
alternatives to certifying this class are to force hundreds of
[the Debtors'] Store Managers to abandon their legal rights
altogether."
About Musicland Holding
Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States, including Puerto Rico. The
Debtor and 14 of its affiliates filed for chapter 11 protection
on Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts. Mark T. Power, Esq.,
at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they estimated more than US$100 million in
assets and debts. (Musicland Bankruptcy News, Issue No. 25;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
=================================
T R I N I D A D & T O B A G O
=================================
BRITISH WEST: Trinidad Stock Exchange De-Listing Firm's Shares
--------------------------------------------------------------
The Trinidad and Tobago Securities and Exchange Commission has
authorized the Trinidad and Tobago Stock Exchange to delist the
shares of British West Indies Airlines aka BWIA.
The Commission approved the delisting application at a hearing
on Dec. 15, 2006.
The Stock Exchange listed four reasons for its application:
1. Unsatisfactory financial condition or operating
results as specified in Rule 401(2)(d) of the Stock
Exchange Rules;
2. Inability to meet current debt obligations or
adequately finance operations as specified in Rule
401(2)(e) of the Rules;
3. Failure to make timely adequate and accurate
disclosures of information to its shareholders and the
investing public as specified in Rule 401(2)(a) of the
Rules; and
4. The inability to make an effective and fair market in
this security as required by Chapter 1 Clause 4 of the
Listing Requirements for the Securities Markets of
Trinidad and Tobago issued by the Stock Exchange.
The Stock Exchange presented evidence and arguments to support
the four grounds. BWIA indicated that it had no objection to
the arguments presented by the Stock Exchange. Submissions were
also made by several minority shareholders.
The Commission said that BWIA consistently posted a loss each
year for the duration of its listing from 2001 to 2005. BWIA's
losses for these years were US$4,349,000, US$216,722,000,
US$138,228,000, US$96,208,000 and US$165,516,000 respectively.
The Commission told Newsday that the auditor's report for 2003
to 2005 showed that BWIA's current liabilities exceeded its
current assets.
The Commission considered all the evidence, deliberated on the
arguments and submissions presented and came to a decision in
the matter. By an order dated Dec. 22, 2006, the Commission
authorized the de-listing.
The Commission commented on the three key issues raised by
persons present at the hearing:
1. Disposal of BWIA Shares
The matter in issue was not the disposal of the
BWIA shares but whether or not they should continue
to be available for trading through the facilities
of the Stock Exchange. The Commission noted that
although BWIA will cease operations on
Dec. 31, 2006, it may still continue to exist as a
company.
2. Treatment of Minority Shareholders
The comments of the minority shareholders present
reflected that the interests of minority
shareholders were being ignored. Guidance on the
manner in which minority shareholders ought to be
treated can be found in the Securities Industry
(Take-Over) By-Laws 2005. Although the increase in
the government's shareholding to 97.18% occurred in
2004, prior to the coming into force of the By-Laws
in March 2005, the draft By-Laws existed in 2004 in
the form of the Take-Over Code.
The Commission believed that there should have been
compliance with the By-Law 26, which would have
required the majority shareholder of in excess of
90% of the issued share capital of BWIA, to have
notified the minority shareholders of their right
to require the majority shareholder to acquire
their shares. By-Law 26(3) requires the notice to
set out, inter alia, a price that the majority
shareholder is willing to pay for the shares, the
basis for arriving at the price and a statement
that if the minority shareholder is not satisfied
with the price offered by the majority shareholder
in the notice, he is entitled to have the fair
value of his securities fixed by the Court.
The Commission further noted that under By-Law 26
there also exist obligations for minority
shareholders in circumstances such as these.
3. Valuation
Persons expressed concern about the value of BWIA's
assets that they alleged are being disposed of and
transferred, and their need to know whether such
assets were sufficient to yield value to
shareholders. In the circumstances, the Commission
suggested that it would be in the best interests of
all shareholders that an independent valuation be
undertaken and that the results thereof be made
available to all shareholders.
Several stockbrokers and financial experts told Newsday that
once BWIA pays off its creditors, there may not be much of its
assets left to divide amongst the airline's shareholders.
BWIA held its final annual general meeting on Dec. 28, 2006, at
the Crowne Plaza Hotel, Port-of-Spain, to conclude all
outstanding matters before the airline's closure, Newsday
reports.
=================
V E N E Z U E L A
=================
CITGO PETROLEUM: Chairman Says Net Income May Reach US$500 Mil.
---------------------------------------------------------------
Citgo Petroleum Corp.'s chairman Felix Rodriguez told local
daily Panorama that net income for 2006 could reach US$500
million.
El Universal relates that about US$800 million in dividends have
been transferred to its parent firm, Petroleos de Venezuela SA.
In addition to incoming funds from the sale of assets, including
41% from Lyondell refinery, revenues will exceed USD 2.1
billion.
As for the supply of discounted heating fuel to some states in
the United States, Mr. Rodriguez estimated sales at 378 million
liters, benifitting 2.2 million of Americans, El Universal says.
"The program was extended to 16 states in that nation and the
fuel is delivered at a 40-percent discount," Mr. Rodriguez was
quoted by Panorama as saying.
Citgo's chairman said that for this year, sale of assets are not
among the company's plans.
CITGO is one of the largest independent crude oil refiners in
the U.S. with three modern, highly complex crude oil refineries
and two asphalt refineries. Following the sale of its stake in
the CITGO-Lyondell joint-venture refinery in Houston, CITGO now
owns 859,000 barrels per day of crude refining capacity. CITGO
branded fuels are marketed through more than 11,000
independently owned and operated retail sites. CITGO is owned by
PDV America, an indirect, wholly owned subsidiary of Petroleos
de Venezuela S.A. (PDVSA), the state-owned oil company of
Venezuela.
* * *
As reported on Dec. 28, 2006, Fitch Ratings raised the rating of
CITGO Petroleum Corp.'s Issuer Default Rating to 'BB' from
'BB-'.
Fitch also raised the ratings on the company's senior secured
revolving credit facilities, term loan, and fixed rate
Industrial Revenue Bonds from 'BB+' to 'BBB-'. Fitch said the
rating outlook is stable.
PETROLEOS DE VENEZUELA: Moving London Office to Madrid
------------------------------------------------------
Sources told Expansion that Petroleos de Venezuela SA, the
state-run oil firm of Venezuela, will move its European office
to Madrid from London, due to its good relationship with Spanish
company Repsol YPF SA.
Expansion notes that Petroleos de Venezuela will supervise the
market development in Europe, Middle East and Asia from its
Spanish office.
According to Expansion, Petroleos de Venezuela won't be
marketing hydrocarbons from its Madrid headquarters.
However, some analysts told Expansion that Petroleos de
Venezuela's move will imply an increase in crude oil sales to
Spain.
Petroleos de Venezuela exports 7% of its output to Europe, and
supplies 5% of Spain's oil consumption, Dow Jones Newswires
states.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
* * *
Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Lender's Panel
University Club, Jacksonville, FL
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January 12, 2007
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Annual Lender's Panel Breakfast
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January 17, 2007
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South Florida Dinner
TBA, South FL
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January 17-19, 2007
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Distressed Investing Conference
Wynn, Las Vegas, NV
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January 19-21, 2007
AMERICAN BANKRUPTCY INSTITUTE
3rd Annual Corporate Restructuring Competition
Kellogg School of Management, Chicago, IL
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January 23, 2007
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2007 Outlook on Healthcare Restructuring
Center Club, Baltmore, MD
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January 24, 2007
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Year 2007 Kick-Off Party
Oak Hill Country Club, Rochester, NY
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January 25-27, 2007
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Rocky Mountain Bankruptcy Conference
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January 29, 2007
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Men's College Basketball & Networking
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January 30-31, 2007
EUROMONEY INSTITUTIONAL INVESTOR
Korea Securitisation and Structured Credit Summit
JW Marriott Hotel, Seoul, South Korea
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January 31 to February 1, 2007
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Asia M&A Forum
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February 2007
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
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February 5, 2007
STRATEGIC RESEARCH INSTITUTE
3rd Annual Tranche B & 2nd Lien Financing Summit
Scottsdale, AZ
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February 8-9, 2007
EUROMONEY CONFERENCES
2nd Philippine Investment Conference
Cebu Convention Center, Cebu, Philippines
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February 8-9, 2007
EUROMONEY
Leverage Finance Asia
JW Marriott Hong Kong
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February 8-11, 2007
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Certified Turnaround Professional (CTP) Training
NY/NJ
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February 15, 2007
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Men's College Basketball & Networking
Wachovia Center, Philadelphia, PA
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February 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Wharton Restructuring Conference
The Wharton School
Philadelphia, PA
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February 21-22, 2007
EUROMONEY
Euromoney Pakistan Conference
Perceptions & Realities
Marriott Hotel, Islamabad, Pakistan
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February 22, 2007
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TMA PowerPlay - Atlanta Thrashers
Philips Arena, Atlanta, GA
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February 22, 2007
EUROMONEY
2nd Annual Euromoney Japan Forex Forum
Mandarin Oriental, Tokyo, Japan
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February 25-26, 2007
NORTON INSTITUTES
Norton Bankruptcy Litigation Institute
Marriott Park City, UT
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February 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Devil Rays Turnaround
Centre Club, Tampa, FL
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February 27-28, 2007
EUROMONEY INSTITUTIONAL INVESTOR
5th Annual Corporate Restructuring Summit
Sheraton Park Lane Hotel, London, UK
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March 1, 2007
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners - West
Regency Beverly Wilshire, Los Angeles, CA
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March 2, 2007
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Bankruptcy Battleground West
Regency Beverly Wilshire, Los Angeles, CA
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March 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Martini Madness Cocktail Reception with Geraldine Ferraro
Westin Buckhead, Atlanta, GA
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March 15-18, 2007
NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES
NABT Spring Seminar
Ritz-Carlton Buckhead, Atlanta, GA
Contact: http://www.NABT.com/
March 18-21, 2007
INSOL
Annual Europe, Africa & Middle East Conference
Cape Town, South Africa
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March 21, 2007
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South Florida Dinner
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March 21-22, 2007
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2nd Annual Vietnam Investment Forum
Melia, Hanoi, Vietnam
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March 21-22, 2007
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Euromoney Indian Financial Market Congress
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March 22-23, 2007
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Euromoney Indonesian Financial Markets Congress
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March 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
"The Six Keys of Sustained Profitable Growth"
Rodney Page, Senior Partner of Blue Springs Partners
Citrus Club, Orlando, FL
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March 27-31, 2007
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Spring Conference
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March 29-31, 2007
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Chapter 11 Business Reorganizations
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April 11-15, 2007
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ABI Annual Spring Meeting
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April 12, 2007
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Luncheon
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April 12, 2007
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Nuts and Bolts for Young Practitioners - East
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April 20, 2007
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Breakfast meeting with Chapter President, Bruce Sim
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April 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
"Why Prospects Become Clients"
Mark Fitzgerald, President of Sales Training Institute Inc
Centre Club, Tampa, FL
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April 26-27, 2007
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1st Annual Credit & Bankruptcy Symposium
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April 26-28, 2007
ALI-ABA
Fundamentals of Bankruptcy Law
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April 29 - May 1, 2007
INTERNATIONAL BAR ASSOCIATION
International Insolvency Conference
Zurich, Switzerland
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May 4, 2007
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton US Custom House, SDNY
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May 7, 2007
AMERICAN BANKRUPTCY INSTITUTE
9th Annual New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center
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May 14, 2007
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May 16, 2007
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Luncheon
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July 18, 2007
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South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
July 25-28, 2007
AMERICAN BANKRUPTCY INSTITUTE
12th Annual Southeast Bankruptcy Workshop
The Sanctuary, Kiawah Island, SC
Contact: http://www.abiworld.org/
August 9-11, 2007
AMERICAN BANKRUPTCY INSTITUTE
3rd Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, MD
Contact: http://www.abiworld.org/
September 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Southwest Bankruptcy Conference
Four Seasons
Las Vegas, NV
Contact: http://www.abiworld.org/
September 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
October 10-13, 2007
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Orlando, Florida
Contact: http://www.ncbj.org/
October 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, FL
Contact: 561-882-1331 or http://www.turnaround.org/
October 16-19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Copley Place, Boston, Massachusetts
Contact: 312-578-6900; http://www.turnaround.org/
October 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
Centre Club, Tampa, FL
Contact: 561-882-1331 or http://www.turnaround.org/
December 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Westin Mission Hills Resort, Rancho Mirage, California
Contact: 1-703-739-0800; http://www.abiworld.org/
December 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South FL
Contact: 561-882-1331 or http://www.turnaround.org/
TBA 2008
INSOL
Annual Pan Pacific Rim Conference
Shanghai, China
Contact: http://www.insol.org/
January 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, FL
March 25-29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
April 3-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
26th Annual Spring Meeting
The Renaissance, Washington, DC
Contact: http://www.abiworld.org/
June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
24th Annual Bankruptcy & Restructuring Conference
JW Marriott Spa and Resort, Las Vegas, NV
Contact: http://www.airacira.org/
June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, MI
Contact: http://www.abiworld.org/
August 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, FL
Contact: http://www.abiworld.org/
September 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Scottsdale, Arizona
Contact: http://www.ncbj.org/
October 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Copley Place, Boston, Massachusetts
Contact: 312-578-6900; http://www.turnaround.org/
December 4-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, AZ
Contact: http://www.abiworld.org/
June 21-24, 2009
INSOL
8th International World Congress
TBA
Contact: http://www.insol.org/
October 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
2009 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Las Vegas, Nevada
Contact: http://www.ncbj.org/
October 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
2010 (TBA)
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
New Orleans, Louisiana
Contact: http://www.ncbj.org/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation
under the New Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Reverse Mergers - the New IPO?
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
Contact: http://www.beardaudioconferences.com
240-629-3300
BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
Contact: http://www.beardaudioconferences.com
240-629-3300
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Marjorie C. Sabijon, Sheryl Joy P. Olano, Stella
Mae Hechanova, Francois Albarracin, and Christian Toledo,
Editors.
Copyright 2076. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For
subscription information, contact Christopher Beard at
240/629-3300.
* * * End of Transmission * * *