/raid1/www/Hosts/bankrupt/TCRLA_Public/070426.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, April 26, 2007, Vol. 8, Issue 82
Headlines
A R G E N T I N A
AGROPECUARIA PARANA: Proofs of Claim Verification Ends on May 7
ALTO PALERMO: Fitch Assigns B+ Issuer Default Ratings
ALTO PALERMO: S&P Assigns B+ Rating on US$170-Million Notes
AMARI SA: Trustee To File Individual Reports in Court on Aug. 7
BRAGACER SA: Proofs of Claim Verification Deadline Is June 7
COMPANIA DE ALIMENTOS: Fitch Rates US$120-Million Debt at D(arg)
CONSULTORA KR: Claims Verification Deadline Moved to June 25
FUNDICION THERRA: Proofs of Claim Verification Is Until June 12
JYG SA: Proofs of Claim Verification Deadline Is June 7
S LOTHARS: Proofs of Claim Verification Ends on July 2
SERIDWEN SA: Trustee To File Individual Reports Tomorrow
SILVER AVENUE: Trustee To File Individual Reports Tomorrow
SUPERPLAGA SRL: Proofs of Claim Verification Is Until June 1
TELEFONICA DE ARGENTINA: To Develop I-Campo Agribusiness Suite
WARNER MUSIC: AnywhereCD Counters Breach of Contract Allegation
B A H A M A S
JETBLUE AIRWAYS: Incurs US$22 Mil. Net Loss in 2007 First Qtr.
B A R B A D O S
INTERPOOL INC: Fitch Keeps Rating Watch on Fortress Sale Deal
B E R M U D A
GLOBAL CROSSING: To Provide IP Network Services to Skadden, Arps
MID-OCEAN PAINTS: Proofs of Claim Filing Is Until May 9
MID-OCEAN PAINTS: Final General Meeting Is Set for May 29
SEA CONTAINERS: Selects AP Services as Crisis Managers
SEA CONTAINERS: Wants to Implement Non-Insider Retention Plan
B O L I V I A
ADVANCED MICRO: Fitch Junks Rating on 7.75% Senior Notes
ADVANCED MICRO: Will Offer US$1.8 Bil. Convertible Senior Notes
ADVANCED MICRO: Prices US$2 Billion of 6% Senior Notes Offering
ADVANCED MICRO: S&P Puts B- Rating on Proposed US$1.8-Bil. Notes
* BOLIVIA: President Evo Morales Approves 44 Hydrocarbon Bills
* BOLIVIA: Regains 47% Interest in Entel
B R A Z I L
DURA AUTOMOTIVE: Inks Technical Alliance with Indian Parts Maker
HEXCEL CORP: Reports US$23.5 Million First Quarter Net Income
HERCULES INC: High Ct. Sustains US$119MM Cleanup Costs Judgment
PETROLEO BRASILEIRO: Wants US Gulf Coast Oil & Gas Assets
RHODIA: Debt Refinancing Cues Fitch's Positive Outlook
SANYO ELECTRIC: Unit Starts Full-Scale Production in Hungary
* BRAZIL: Mulls Over Nuclear Energy Ties with India
C A Y M A N I S L A N D S
AKATSUKI CAPITAL: Proofs of Claim Filing Is Until Sunday
ARLINGTON HILL DEBT: Proofs of Claim Filing Ends on May 8
ARRAN PARTNERS INT'L: Proofs of Claim Filing Is Until May 8
ARLINGTON HILL: Proofs of Claim Filing Is Until May 8
CAYMAN ABSC: Proofs of Claim Filing Deadline Is May 4
CLASSIC TERMS: Proofs of Claim Must be Filed by May 9
GEOVIC FINANCE: Proofs of Claim Filing Ends on May 7
GREEN QSP: Proofs of Claim Filing Is Until May 5
KINGSFORD CAPITAL: Proofs of Claim Filing Is Until May 4
MULHOLLAND TWENTY: Proofs of Claim Filing Ends on May 8
MUNICH LEASING: Proofs of Claim Filing Is Until May 4
NAGATSUKI HOLDING: Proofs of Claim Filing Ends on May 4
PI LONG: Proofs of Claim Filing Deadline Is May 4
VOGAN INVESTMENTS: Proofs of Claim Filing Ends on May 8
C H I L E
SCL TERMINAL: Moody's Puts Ba3 Ratings on Bonds Under Review
C O L O M B I A
BANCOLOMBIA SA: Renting Colombia Board Okays Subsidiary Fusion
BANCOLOMBIA SA: Asserts Resolution of Superintendency of Finance
BBVA COLOMBIA: Microloans Increase to COP1.84 Trillion in March
* COLOMBIA: Lobbies for Free-Trade Accord with the United States
D O M I N I C A N R E P U B L I C
FLOWSERVE CORP: Enters New Joint Venture with Chinese Pump Maker
E C U A D O R
PETROECUADOR: President To Propose Tender for Ishpingo Oilfields
E L S A L V A D O R
MILLICOM INTERNATIONAL: Reports US$345MM First Qtr. Net Profit
G U A T E M A L A
BRITISH AIRWAYS: Appoints Julia Simpson as Communications Head
J A M A I C A
AIR JAMAICA: Provides Further Business Growth, Says Wendy Cole
M E X I C O
AMERICAN TOWER: Subsidiary Begins Tender Offer for 7.25% Notes
CINEMARK HOLDINGS: Prices Initial Public Offer, US$19 per Share
FOAMEX INT'L: Sets 1-for-4 Reverse Stock Split Effective Date
GOODYEAR TIRE: Amends & Restates Credit Facilities
GRUPO MEXICO: Mexican Court Rejects Ferromex-Ferrosur Merger
GUESS? INC: Morgan Keegan Assigns "Outperform" Rating on Firm
N I C A R A G U A
XEROX CORP: Declares 24 Cents per Share First Quarter Earnings
P A N A M A
* PANAMA: Lobbies for Free-Trade Accord with the United States
P E R U
* PERU: Lobbies for Free-Trade Accord with the United States
* PERU: Obtains US$20-Million Loan from World Bank
P U E R T O R I C O
HOLLINGER INC: Selling La Republica to SRB CR for US$2 Million
UNIVISION COMM: Commences Consent Solicitation for Senior Notes
T R I N I D A D & T O B A G O
MIRANT CORP: Bowline Can Assume US$200-Million Insurance Policy
RENTOKIL INITIAL: Acquiring 65% Stake in Beijing Taiming
V E N E Z U E L A
DAIMLERCHRYSLER AG: Unions Remain Opposed to Chrysler Sale
* VENEZUELA: Merrill Lynch Raises Rating Over Market Average
* VENEZUELA: To Nationalize Private Health Care Industry
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
AGROPECUARIA PARANA: Proofs of Claim Verification Ends on May 7
---------------------------------------------------------------
Ruben Atilio Zeni, the court-appointed trustee for Agropecuaria
Parana S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until May 7, 2007.
Mr. Zeni will present the validated claims in court as
individual reports on June 18, 2007. The National Commercial
Court of First Instance in Rosario, Santa Fe, will determine if
the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Agropecuaria Parana and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Agropecuaria Parana's
accounting and banking records will be submitted in court on
Sept. 24, 2007.
Mr. Zeni is also in charge of administering Agropecuaria
Parana's assets under court supervision and will take part in
their disposal to the extent established by law.
The debtor can be reached at:
Agropecuaria Parana S.A.
La Vincha 3521
Rosario, Santa Fe
Argentina
The trustee can be reached at:
Ruben Atilio Zeni
Corrientes 932
Rosario, Santa Fe
ALTO PALERMO: Fitch Assigns B+ Issuer Default Ratings
-----------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings of 'B+' to Alto Palermo S.A. or APSA. In
addition, Fitch has assigned a 'B+' rating to APSA's proposed
US$120 million senior unsecured note due in 2017 and to the
company's proposed US$50 million argentine peso-linked notes
with a final maturity in 2012. These proposed debt issuances
have been assigned a Recovery Rating or RR of 'RR4', which
indicates average recovery prospects in the event of default.
In conjunction with these rating actions, Fitch has affirmed the
national long-term issuer rating at 'AA-(arg)' and has assigned
an 'AA-(arg)' national rating to the new debt issuances. All
ratings have a Stable Outlook.
APSA credit ratings are supported by its strong business
position within the Argentine shopping center industry. The
company operates ten shopping centers with a gross leaseable
space of 223,900 square meters. APSA's presence is particularly
significant in Buenos Aires where its market share is estimated
to be about 67%. The high quality and strategic location of
APSA's shopping centers results in sales per square meter that
are estimated to be 55% higher on average than those of its
competitors. The ratings further take into consideration the
high operating margins of the business and the strong growth of
APSA's cash generation in the past three years, which was driven
by a strong increase in tenant sales, an improvement in leasing
conditions and an occupancy rate of about 99%.
Balanced against these supportive factors are concerns about the
high correlation of shopping center tenant sales with the
strength of the local economy. APSA's credit ratings also
reflect the lack of international geographic diversification of
its cash flow and the currency mismatch following the debt
issuance between its dollar denominated debt (approximately 77%
of total debt post issuance) and peso denominated cash flow.
They further take into consideration the dividends needs of the
company's largest shareholder, IRSA Inversiones y
Representaciones S.A.
APSA's total debt, excluding a US$47 million convertible note,
increased to US$80 million as of Dec. 31, 2006, from US$31
million at the end of 2005, while its net debt climbed to US$43
million from US$10 million. The growth in the company's debt
was primarily due to nearly US$30 million of investments in the
second half of 2006. The company intends to use the proceeds of
the U.S. dollar and Argentine peso denominated notes to finance
the development of two shopping malls (Saavedra and Neuquen) and
to repay short-term debt. The additional debt burden should
raise the company's total debt to about US$200 million,
excluding the convertible notes. With this level of debt, Fitch
projects the company will have a total debt-to-EBITDA ratio of
around 3.0x in 2007, which is expected to decrease to nearly two
times in the next two or three years due to its growing cash
generation. In relation to the amount of assets owned by APSA,
the company's leverage remains relatively low. This is
appropriate considering the volatility associated with its
business. As of Dec. 31, 2006, APSA's net property value was
estimated to be US$505 million. This figure consists of
shopping centers valued at US$460 million and land reserves of
US$45 million. Considering the proposed level of debt, Fitch
estimates a loan to value or LTV ratio, as measured by total
debt to undepreciated property assets, of around 40%.
APSA businesses are divided into two main sectors -- the leasing
of shopping center space and the extension of credit card
services to its tenants and other stores. In 2006, the shopping
center operations accounted for 86% of the company's EBITDA,
while the credit card activities accounted for the balance. The
EBITDA margins of the shopping center business have been in the
range of 75% to 80%, dropping to slightly above 50% during the
worst moment in the 2001-2002 crisis, before quickly recovering.
Lease agreements between APSA and its clients may vary in length
from three to ten years; with leases typically the higher of a
fixed amount adjusted by a given percentage every year or a
percentage (typically 4%-12%) of the tenants' gross sales.
Tenants are also required to pay admission rights upon signing
the lease as well as each time the lease is renewed. APSA's
comprehensive coverage of the Greater Buenos Aires area has
resulted in significant bargaining power with its tenants in
recent years. This power, plus the rebound of the Argentine
economy, has resulted in the company's funds from operations
growing at an average annual rate of around 50% during the past
three years, reaching more than US$60 million.
The main activities of APSA are the development or acquisition
of shopping centers and their subsequent management. The
company's main shareholders are IRSA (62.4%) and the Chilean
company, Parque Arauco (29.6%). IRSA is a leading real estate
company in Argentina. In addition to owning the majority of
APSA it also develops office rental property, residential real
estate and hotels. IRSA has its own debt and its repayment is
partially dependant upon dividends from APSA. As of
Dec. 31, 2006, IRSA also owned a 67% of APSA's convertible
notes, which are due in 2014. If the holders of the convertible
notes (IRSA and Parque Arauco) were to exercise their option,
IRSA's stake on APSA would grow to 65.5%. Given the company's
current stock price, Fitch anticipates these notes will be
converted into shares.
Fitch's Recovery Ratings are a relative indicator of creditor
recovery prospects on a given obligation within an issuers'
capital structure in the event of a default.
Alto Palermo S.A. aka APSA operates and develops commercial
centers in Argentina. It has six commercial centers located in
Capital Federal and Buenos Aires suburbs, where it has got the
43% of participation on the market and another three located in
the cities of Salta, Mendoza and Rosario. It represents, in
all, 1,118 shops. The shareholders of APSA are IRSA (61,5%) and
Parque Arauco (29,6%), with the rest of the shares trading in
the stock market of Buenos Aires and New York.
ALTO PALERMO: S&P Assigns B+ Rating on US$170-Million Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to Alto Palermo S.A. or APSA. The
outlook is stable.
At the same time, Standard & Poor's assigned a 'B+' rating on up
to US$120 million 10-year bullet notes and the equivalent of
nearly US$50 million amortizing notes that mature in 2012. The
new bonds would go toward funding new investments and repaying
short-term debt.
"The rating reflects the inherent volatility of the shopping
mall and real estate sectors, particularly in light of the
economic volatility in Argentina and the weakening financial
metrics expected after the upcoming bond issuance," said
Standard & Poor's credit analyst Ivana Recalde. These negative
factors are partially mitigated by the company's good cash
generation and solid competitive position in Argentina's
shopping mall sector, especially in Buenos Aires city. These
qualities allow for strong negotiating power with tenants and
suppliers and help the company keep operations efficient.
The stable outlook reflects Standard & Poor's expectation that
the company's good competitive position, cash generation, and
development of new projects will allow APSA to gradually improve
its financial metrics during the medium term. Raising the
rating would require an improvement in Argentina's business
environment and a substantial strengthening in the company's
financial metrics. Nevertheless, the rating and/or outlook
could come under pressure if macroeconomic conditions negatively
affect rental prices and account receivables collections, or if
the company's growth strategy becomes more aggressive.
Alto Palermo S.A. aka APSA operates and develops commercial
centers in Argentina. It has six commercial centers located in
Capital Federal and Buenos Aires suburbs, where it has got the
43% of participation on the market and another three located in
the cities of Salta, Mendoza and Rosario. It represents, in
all, 1,118 shops. The shareholders of APSA are IRSA (61,5%) and
Parque Arauco (29,6%), with the rest of the shares trading in
the stock market of Buenos Aires and New York.
AMARI SA: Trustee To File Individual Reports in Court on Aug. 7
---------------------------------------------------------------
Mirta Noemi Andrada, the court-appointed trustee for Amari
S.A.'s bankruptcy proceeding, will present creditors' validated
claims as individual reports in the National Commercial Court of
First Instance No. 3 in Buenos Aires on Aug. 7, 2007.
The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Amari and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Ms. Andrada verifies creditors' proofs of claim
until June 8, 2007.
Ms. Andrada will also submit to court a general report
containing an audit of Amari's accounting and banking records on
Sept. 19, 2007.
Clerk No. 6 assists the court in this case.
The debtor can be reached at:
Amari SA
Yatay 749
Buenos Aires, Argentina
The trustee can be reached at:
Mirta Noemi Andrada
Avenida Corrientes 676
Buenos Aires, Argentina
BRAGACER SA: Proofs of Claim Verification Deadline Is June 7
------------------------------------------------------------
Amalia Mild, the court-appointed trustee for Bragacer SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
June 7, 2007.
Ms. Mild will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Bragacer and its
creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Bragacer's accounting
and banking records will be submitted in court.
La Nacion did not state the reports submission date.
Ms. Mild is also in charge of administering Bragacer's assets
under court supervision and will take part in their disposal to
the extent established by law.
The debtor can be reached at:
Bragacer SA
Riobamba 374
Buenos Aires, Argentina
The trustee can be reached at:
Amalia Mild
Lavalle 2024
Buenos Aires, Argentina
COMPANIA DE ALIMENTOS: Fitch Rates US$120-Million Debt at D(arg)
----------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. rated Compania de
Alimentos Fargo, S.A.'s Obligaciones Negociables Simples for
US$120 million, due July 24, 2008, at D(arg). The rating action
was made based on the company's financial position at
Dec. 31, 2006.
Headquartered in Buenos Aires, Argentina, Compania de Alimentos
Fargo, S.A., is controlled by the Mexican investor Chico Pardo
(70%) and the Bimbo group (30%). The company is currently
restructuring US$185 million in debts, from which US$120 million
belong to Obligaciones Negociables.
Fargo's bondholders comprised of Rainbow Global High Yield Fund,
Argo Capital Investors Fund SPC, The Star Fund and The Rainmac
Fund filed an involuntary chapter 11 case against the company on
Sept. 11, 2006 (Bankr. S.D.N.Y. Case No. 06-12128). David
Eaton, Esq., at Kirkland & Ellis LLP represents the petitioners.
The petitioners hold approximately US$82,390,000 in bonds.
CONSULTORA KR: Claims Verification Deadline Moved to June 25
------------------------------------------------------------
The deadline for the verification of creditors' claims against
Consultora KR y Asociados S.A. has been moved to June 25, 2007.
The National Commercial Court of First Instance No. 15 in Buenos
Aires converted the company's reorganization case into
bankruptcy.
As reported in the Troubled Company Reporter-Latin America on
May 18, 2006, the deadline for the validation of creditors'
proofs of claim against Consultora KR was set for June 22, 2006.
Cecilia Beatriz Montelvetti, the court-appointed trustee, will
present the validated claims in court as individual reports.
The court will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Consultora KR and its
creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Consultora KR's
accounting and banking records will be submitted in court.
Infobae did not state the reports submission date.
Ms. Montelvetti is also in charge of administering Consultora
KR's assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Consultora KR y Asociados S.A.
Juana Azurduy 2449
Buenos Aires, Argentina
The trustee can be reached at:
Cecilia Beatriz Montelvetti
General Urquiza 2134
Buenos Aires, Argentina
FUNDICION THERRA: Proofs of Claim Verification Is Until June 12
---------------------------------------------------------------
Mauricio Zafran, the court-appointed trustee for Fundicion
Therra SRL's bankruptcy proceeding, verifies creditors' proofs
of claim until June 12, 2007.
Mr. Zafran will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 38, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Fundicion Therra and its
creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Fundicion Therra's
accounting and banking records will be submitted in court.
La Nacion did not state the reports submission date.
Mr. Zafran is also in charge of administering Fundicion Therra's
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Fundicion Therra SRL
Niceto Vega 4881
Buenos Aires, Argentina
The trustee can be reached at:
Mauricio Zafran
Callao 420
Buenos Aires, Argentina
JYG SA: Proofs of Claim Verification Deadline Is June 7
-------------------------------------------------------
Marcelo Carlos Rodriguez, the court-appointed trustee for JYG
SA's reorganization proceeding, verifies creditors' proofs of
claim until June 7, 2007.
The National Commercial Court of First Instance No. 5 in Buenos
Aires, with the assistance of Clerk No. 9, approved a petition
for reorganization filed by JYG, according to a report from
Argentine daily La Nacion.
Mr. Rodriguez will present the validated claims in court as
individual reports. The court will determine if the verified
claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised
by JYG and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of JYG's accounting and
banking records will be submitted in court.
La Nacion did not state the reports submission date.
The informative assembly will be held on March 20, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.
The debtor can be reached at:
JYG SA
Montevideo 345
Buenos Aires, Argentina
The trustee can be reached at:
Marcelo Carlos Rodriguez
Av. Pte. Roque Saenz Pena 651
Buenos Aires, Argentina
S LOTHARS: Proofs of Claim Verification Ends on July 2
------------------------------------------------------
Eduardo Salomon Zalutzky, the court-appointed trustee for S.
Lothars SRL's bankruptcy proceeding, verifies creditors' proofs
of claim until July 2, 2007.
Mr. Zlutzky will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by S. Lothars and its
creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of S. Lothars'
accounting and banking records will be submitted in court.
La Nacion did not state the reports submission date.
Mr. Zalutzky is also in charge of administering S. Lothars'
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
S. Lothars SRL
Demaria 4721,
Buenos Aires, Argentina
The trustee can be reached at:
Eduardo Salomon Zalutzky
Lavalle 1523
Buenos Aires, Argentina
SERIDWEN SA: Trustee To File Individual Reports Tomorrow
--------------------------------------------------------
Fernando Miguel Altare, the court-appointed trustee for Seridwen
SA's bankruptcy proceeding, will present creditors' validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires, on April 27, 2007.
The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Seridwen and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Mr. Altare verified creditors' proofs of claim
until March 15, 2007.
Mr. Altare will also submit to the court a general report
containing an audit of Seridwen's accounting and banking records
on June 12, 2007.
Mr. Altare is also in charge of administering Seridwen's assets
under court supervision and will take part in their disposal to
the extent established by law.
The trustee can be reached at:
Fernando Miguel Altare
Piedras 153
Buenos Aires, Argentina
SILVER AVENUE: Trustee To File Individual Reports Tomorrow
----------------------------------------------------------
Gustavo Fiszman, the court-appointed trustee for Silver Avenue
SRL's bankruptcy proceeding, will present creditors' validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires, on April 27, 2007.
The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Silver Avenue and its creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Mr. Fiszman verified creditors' proofs of claim
until March 16, 2007.
Mr. Fiszman will also submit to the court a general report
containing an audit of Silver Avenue's accounting and banking
records on June 12, 2007.
Mr. Fiszman is also in charge of administering Silver Avenue's
assets under court supervision and will take part in their
disposal to the extent established by law.
The trustee can be reached at:
Gustavo Fiszman
Avda Santa Fe 5086
Buenos Aires, Argentina
SUPERPLAGA SRL: Proofs of Claim Verification Is Until June 1
------------------------------------------------------------
Gabriel Vulej, the court-appointed trustee for Superplaga SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
June 1, 2007.
Mr. Vulej will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 47, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Superplaga and its
creditors.
Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of Superplaga's
accounting and banking records will be submitted in court.
La Nacion did not state the reports submission date.
Mr. Vulej is also in charge of administering Superplaga's assets
under court supervision and will take part in their disposal to
the extent established by law.
The debtor can be reached at:
Superplaga SRL
Lavalle 2628
Buenos Aires, Argentina
The trustee can be reached at:
Gabriel Vulej
Tucuman 1484
Buenos Aires, Argentina
TELEFONICA DE ARGENTINA: To Develop I-Campo Agribusiness Suite
--------------------------------------------------------------
Telefonica de Argentina SA said in a statement that it will
provide telecommunications services to software and information
technology provider Cybercampo to help it develop its new i-
campo agribusiness suite.
According to Business News Americas, i-campo is designed for the
electronic identification of cattle and the management of all
information related to the herd through the Web.
BNamericas relates that Telefonica de Argentina has agreed to
provide Cybercampo with Vsat aerials for satellite broadband
connections in remote areas, Asymmetric Digital Subscriber Line
broadband connections, basic and mobile telephony and helpdesk
services.
Telefonica de Argentina's data center will host Cybercampo's
servers, BNamericas states.
Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.
* * *
As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating). The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.
WARNER MUSIC: AnywhereCD Counters Breach of Contract Allegation
---------------------------------------------------------------
Warner Music Group and Warner Music was named defendant in a
complaint for a declaratory judgment by AnywhereCD that it has
not breached its agreement with Warner Music and has the rights
to sell MP3 Albums of Warner Music artists. The company also
seeks damages for business defamation, trade libel and breach of
contract against Warner Music and WMG.
AnywhereCD Chief Executive Officer Michael Robertson has issued
the following statement regarding this decision:
"AnywhereCD has the utmost respect for the Warner Music Group
family of artists and we want to distribute their albums through
our service. Unfortunately, we ran into a contractual
disagreement that necessitates the help of the courts and
ultimately the oversight of a judge. We hope to settle this
matter quickly, and move forward with our stated business of
selling the world's best music as MP3 Albums."
About AnywhereCD
AnywhereCD sells thousands of CDs & MP3s from popular artists.
Customers can buy and listen to music immediately, download MP3
files, and get the physical CD.
About Warner Music Group
Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries, including
the Philippines. In Latin America, Warner Music has affiliates
in Argentina, Brazil, Chile, Columbia and Mexico. Warner Music
is home to a collection of record labels in the music industry
including Asylum, Atlantic, Bad Boy, Cordless, East West,
Elektra, Lava, Maverick, Nonesuch, Reprise, Rhino, Rykodisc,
Sire, Warner Bros., and Word.
* * *
On Feb. 27, Standard & Poor's Ratings Services placed its
ratings on Warner Music Group Corp., including the 'BB-'
corporate credit rating, on CreditWatch with negative
implications, following the company's statement that it is
exploring a possible merger agreement with EMI Group PLC
(BB-/Watch Neg/B), which EMI management has confirmed.
Warner Music Group Corp. carries Fitch Ratings' BB- issuer
default rating assigned in May 2006.
=============
B A H A M A S
=============
JETBLUE AIRWAYS: Incurs US$22 Mil. Net Loss in 2007 First Qtr.
--------------------------------------------------------------
JetBlue Airways Corporation reported its results for the first
quarter 2007:
* Operating revenues for the quarter totaled US$608 million,
representing growth of 24.0% over operating revenues of
US$490 million in the first quarter of 2006.
* Operating loss for the quarter was US$13 million, resulting
in a negative 2.2% operating margin, compared to an
operating loss of US$25 million and a negative 5.2%
operating margin in the first quarter of 2006.
* Pre-tax loss for the quarter was US$45 million, resulting
in a negative 7.3% pre-tax margin, compared with a pre-tax
loss of US$47 million and a negative 9.7% pre-tax margin in
the year-ago period.
* Net loss for the quarter was US$22 million, representing a
loss compared with first quarter 2006 net loss of
US$32 million.
"We are disappointed with our first quarter results, which were
significantly impacted by two ice storms in the Northeast area,"
said David Neeleman, JetBlue's Chairman and Chief Executive
Officer. "We learned a great deal following the events and
consequently, we're better able to recover from irregular
operations and provide the superior service our customers
deserve and have grown to appreciate."
JetBlue achieved a completion factor of 96.1% of scheduled
flights in the first quarter, compared to 99.0% in 2006. On-
time performance, defined by the U.S. Department of
Transportation as arrivals within 14 minutes of schedule, was
63.6% in the first quarter compared to 70.6% in the same period
in 2006. The Company attained a load factor in the first
quarter of 2007 of 80.6%, a decrease of 3.6 points on a capacity
increase of 12.1% over the first quarter of 2006.
Dave Barger, JetBlue's President, commented, "Our operational
results were notably impacted by the ice storms. In response to
these events, we made several fundamental changes to our
operational strategy, implemented new communication tactics and
introduced the JetBlue Customer Bill of Rights. While we
realize there is more work to do, we were pleased with the
outcome of the second ice storm in March and our improved
response."
For the first quarter, revenue passenger miles increased 7.3%
from the first quarter of 2006 to 5.9 billion. Yield per
passenger mile was 9.49 cents, up 13.4% compared to 2006.
Passenger revenue per available seat mile increased 8.6% year-
over-year to 7.65 cents. Available seat miles grew 12.1% to 7.4
billion. Operating expenses for the first quarter were US$621
million, up 20.5% from the first quarter of 2006. Operating
expense per ASM -- CASM -- for the first quarter 2007 increased
7.5% year-over-year to 8.43 cents. During the quarter, realized
fuel price was US$1.88 per gallon, a 1.1% increase over first
quarter 2006 realized fuel price of US$1.86 per gallon.
Excluding fuel, CASM increased 8.2% year-over-year. JetBlue
ended the quarter with US$774 million in cash and investment
securities.
Looking ahead, for the second quarter of 2007, JetBlue expects
to report an operating margin between eight and ten percent
based on an assumed aircraft fuel cost per gallon of US$2.06,
net of hedges. Pre-tax margin for the quarter is expected to be
between three and five percent. CASM is expected to increase
between six and eight percent over the year-ago period.
Excluding fuel, CASM in the second quarter is expected to
increase between five and seven percent year over year.
Capacity is expected to increase between 12 and 14 percent in
the second quarter and stage length is expected to decrease
roughly ten percent over the same period last year.
For the full year 2007, JetBlue expects to report an operating
margin between five and seven percent based on an assumed
aircraft fuel cost per gallon of US$2.06, net of hedges. Pre-
tax margin for the full year is expected to be between one and
three percent. CASM for the full year is expected to increase
between seven and nine percent over full year 2006. Excluding
fuel, CASM in 2007 is expected to increase between seven and
nine percent year over year. Capacity for the full year 2007 is
expected to increase between 11 and 13 percent over 2006 and
stage length is expected to decrease roughly six percent over
full year 2006. The CASM and ex-fuel CASM guidance in both the
second quarter and full year includes the impact of the
reduction in seats on JetBlue's A320 aircraft from 156 to 150
seats per aircraft, which was completed in early February.
Based in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq:JBLU) -- http://www.jetblue.com/-- provides passenger
air transportation services primarily in the United States. As
of Feb. 14, 2006, the Company operated approximately 369 daily
flights serving 34 destinations in 15 states, Puerto Rico, the
Dominican Republic, and the Bahamas. The Company also provides
in-flight entertainment systems for commercial aircraft,
including live in-seat satellite television, digital satellite
radio, wireless aircraft data link service, and cabin
surveillance systems and Internet services, through its wholly
owned subsidiary, LiveTV, LLC.
* * *
As reported in the Troubled Company Reporter on Nov. 23, 2006,
Moody's Investors Service assigned ratings of Caa1 (LGD5, 88%)
to the approximately US$40 million of Special Facility Revenue
Bonds, Series 2006 (JetBlue Airways Corporation Project or the
JFK Facility Bonds) to be issued by the New York City Industrial
Development Agency. Moody's affirmed the B2 corporate family
rating for JetBlue Airways Corp. Moody's said the outlook
remains negative.
Standard & Poor's Ratings Services assigned its 'B' rating to
US$40 million of New York City Industrial Development Agency
special facility revenue bonds, series 2006 maturing on
May 15, 2021, and May 15, 2030; the amount for each maturity
have yet to be determined. The bonds, which will be used to
finance a hangar and other facilities, will be serviced by
payments made by JetBlue Airways Corp. (B/Stable/B-3) under a
lease between the airline and the agency.
===============
B A R B A D O S
===============
INTERPOOL INC: Fitch Keeps Rating Watch on Fortress Sale Deal
-------------------------------------------------------------
Fitch Ratings maintained Interpool Inc.'s ratings under Rating
Watch Negative following news on April 20, 2007, that Interpool
had entered into a definitive agreement to be acquired by
certain private equity funds managed by affiliates of Fortress
Investment Group LLC pursuant to a merger in which all Interpool
stockholders would receive US$27.10 in cash for each share of
Interpool common stock that they hold. The total transaction
value, including assumed debt, is approximately US$2.4 billion.
Fitch currently rates Interpool and its subsidiaries, all on
Rating Watch Negative:
Interpool Inc.
-- Long-term Issuer Default Rating 'BB+';
-- Senior unsecured debt 'BB+'; and
-- Senior secured credit facility 'BBB-'.
Interpool Containers Limited
-- Long-term Issuer Default Rating 'BB+'
Interpool Capital Trust
-- Preferred stock 'BB-'.
Fitch placed the ratings of Interpool and its related
subsidiaries on Rating Watch Negative on Jan. 17, 2007. The
action reflected Fitch concerns regarding the underlying
financing structure of a proposed acquisition offer led by its
current chief executive officer, Marty Tuchman for US$24 per
share of common stock.
Interpool's board of directors had formed a special committee of
independent directors to review and evaluate Tuchman's
acquisition offer. The special committee, acting through its
advisors, solicited competing offers for the company and
negotiated the terms of the Fortress offer.
In Fitch's view, a sale of Interpool to Fortress may result in a
weakening of Interpool's financial profile. Therefore, Fitch
has maintained the debt ratings of Interpool and its related
subsidiaries on Rating Watch Negative. Ratings could be lowered
if Interpool's post-merger financial profile reflects higher
leverage, weaker liquidity, or reduced unencumbered revenue
generating assets. Moreover, a rating downgrade could also
entail increased notching between existing classes of debt.
Fitch notes that currently there are limited details available
regarding Fortress' plans for Interpool's balance sheet
structure, including leverage position, equity and the mix of
secured and unsecured debt. However, some comments from
Fortress regarding tender offers for outstanding debt and
obtaining new sources of financing may prove to benefit
Interpool's current debt holders. Fitch will continue to
monitor developments and make adjustments in ratings and the
Rating Watch as necessary. However, until additional details
regarding Interpool's financial position are more definitive,
Fitch will likely maintain its current rating position.
Headquartered in Princeton, New Jersey, Interpool, Inc. (NYSE:
IPX) is one of the world's leading lessors of intermodal dry
containers, and the largest lessor of intermodal container
chassis in the U.S. Interpool Inc. is the holding company for
Interpool Limited, Interpool Containers Limited, and Trac Lease,
Inc. The company also has operations in Barbados.
=============
B E R M U D A
=============
GLOBAL CROSSING: To Provide IP Network Services to Skadden, Arps
----------------------------------------------------------------
Global Crossing Ltd. has provided Skadden, Arps, with a new
worldwide IP Virtual Private Network -- VPN -- to support its
growing practice. The contract, signed last year, is a multi-
year deal, extending a long-term service relationship between
the two companies.
Global Crossing's IP VPN service is available in more than 600
cities in 60 countries on six continents. It provides customers
with extensive network coverage to keep remote employees
connected to the information they need to successfully conduct
business.
"This network solution addresses our strategy to improve the
end-user experience, while providing top-level support to
clients. With additional bandwidth, increased network
performance, security and enhanced features, our legal staff can
utilize advanced technologies locally and globally," explained
Philip Talamas, head of technology operations at Skadden, Arps.
"This fully managed IP VPN also offers us cost savings, security
and enhanced features, while providing for future growth."
Global Crossing and Skadden, Arps designed a fully meshed Wide
Area Network that would seamlessly connect Skadden, Arps' four
data centers around the world. The network contains a variety
of safeguards that seamlessly route traffic to another center or
to a backup provider to ensure a continuous, smooth flow of
traffic, even in the event of natural disasters or other
unforeseen catastrophic events.
"Skadden, Arps' networking solution was designed with the needs
of their 1,800 attorneys in mind -- not just for today, but for
tomorrow -- with converged voice services features and
functionality ready to use when they need them," said Dan
Wagner, Global Crossing's executive vice president for
enterprise services. "Whether Skadden, Arps' attorneys are in
Moscow, San Francisco or Brussels, they can rely on the same
high-quality services and network to support their clients
virtually anywhere in the world."
Global Crossing provides enterprises with one of the highest
performing and versatile IP VPN solutions, which is transported
over the company's secure, privately owned and operated MPLS-
based IP backbone. It offers truly global reach, scalable
connectivity, greater security, multiple access options and
flexible billing options that simplify the customer experience
by allowing customers to focus on core business objectives
rather than network management.
An IP VPN is the network of choice for a fully managed converged
IP solution supporting data, voice, video and multimedia
applications over a single IP-based platform. IP VPNs give
customers more network control, while lowering total cost of
ownership.
Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides
telecommunication services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil, and the United Kingdom. Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services. The
company filed for chapter 11 protection on Jan. 28, 2002 (Bankr.
S.D.N.Y. Case No. 02-40188). When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts. Global
Crossing emerged from chapter 11 on Dec. 9, 2003.
At Dec. 31, 2006, Global Crossing Ltd.'s balance sheet showed a
US$195 million stockholders' deficit, compared to a US$173
million stockholders' deficit at Dec. 31, 2005.
MID-OCEAN PAINTS: Proofs of Claim Filing Is Until May 9
-------------------------------------------------------
Mid-Ocean Paints Ltd.'s creditors are given until May 9, 2007,
to prove their claims to Jennifer Y. Fraser, the company's
liquidator, or be excluded from receiving any distribution or
payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Mid-Ocean Paints shareholders agreed on April 19, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The liquidator can be reached at:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
MID-OCEAN PAINTS: Final General Meeting Is Set for May 29
---------------------------------------------------------
Mid-Ocean Paints Ltd.'s final general meeting will be at
9:00 a.m. on May 29, 2007, or as soon as possible, at the
liquidator's place of business.
Mid-Ocean Paints shareholders will determine during the meeting,
through a resolution, the manner in which the books, accounts
and documents of the company and of the liquidator will be
disposed.
The liquidator can be reached at:
Jennifer Y. Fraser
Canon's Court, 22 Victoria Street
Hamilton, Bermuda
SEA CONTAINERS: Selects AP Services as Crisis Managers
------------------------------------------------------
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 employ AP Services LLC to
provide them certain temporary employees and interim management
to oversee and manage their restructuring efforts.
The Debtors and AP Services executed an engagement letter on
April 12, 2007, for the firm's provision of temporary staff to
the Debtors. Under the APS Engagement Letter, Laura Barlow will
serve as the Debtors' chief financial officer and chief
restructuring officer, and Craig Cavin will act as the Debtors'
restructuring manager.
Working collaboratively with the Debtors, Ms. Barlow and Mr.
Cavin will oversee the Debtors' evaluation and implementation of
strategic and tactical options through the restructuring
process.
As interim management for the Debtors, Ms. Barlow, Mr. Caving
and any designated Temporary Staff will, among others:
-- manage the Debtors' financial, treasury and tax functions;
-- oversee negotiations with potential acquirers of the
Debtors' assets;
-- oversee management of the "working group" professionals
who are assisting the Debtors in the reorganization
process or who are working for the Debtors' various
stakeholders to improve coordination of their effort and
individual work product to be consistent with the Debtors'
restructuring goal;
-- work with the Debtors to further identify and implement
both short-term and long-term liquidity generating
initiatives;
-- oversee the Debtors' execution of its planned disposal
program in respect of various non-core assets;
-- oversee the Debtors' management of the relationship with
its stakeholders and their advisers and in meeting its
requirements to provide information to those stakeholders;
-- oversee the Debtors' negotiation and restructuring of its
current indebtedness with its key stakeholders, including
liaising and negotiating with the different stakeholders;
and
-- manage other matters as may be requested by the Debtors
that fall within APS Services' expertise and that are
mutually agreeable.
AP Services will also occasionally provide part-time temporary
employees for certain activities related to the administration
of the Debtors' Chapter 11 cases.
AP Services will be paid a monthly fee of GBP75,000 for Ms.
Barlow's services and GBP50,000 for Mr. Cavin's services, Robert
S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, relates.
With respect to any assisting Temporary Staff member, APS
Services will be paid on an hourly rate basis:
Assisting Member Hourly Rate
---------------- -----------
Managing Directors GBP485-GBP545
Directors GBP415-GBP440
Vice Presidents GBP315-GBP360
Associates GBP220-GBP285
In addition, the Debtors will pay AP Services a success fee, not
to exceed GBP500,000, for the first six-month period of the
engagement at an amount to be agreed between the parties by
May 2, 2007.
The Debtors have paid a GBP100,000 retainer to APS Services, Mr.
Brady says. It will be applied against fees and expenses
incurred by the firm in connection with the contemplated
services.
Ms. Barlow assures the Court that AP Services does not hold or
represent any interest adverse to the Debtors' estate, and is
deemed a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.
About Sea Containers
Based 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).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083. (Sea Containers Bankruptcy News, Issue
No. 14; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
The Debtors' exclusive period to file a Chapter 11 plan of
reorganization expires on June 12, 2007.
SEA CONTAINERS: Wants to Implement Non-Insider Retention Plan
-------------------------------------------------------------
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 implement a non-insider
retention plan, pursuant to Sections 363(b) and 503(c)(3) of the
Bankruptcy Code.
Since the Debtors' filing for bankruptcy, the stresses on the
Debtors' employees have continued to build as the Debtors
downsize their organization, and the workload of the remaining
employees has grown, Robert S. Brady, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, relates.
Moreover, the Debtors' difficult work environment has been
amplified by the additional requirements of running a business
in bankruptcy.
As a result of their financial difficulties, the Debtors no
longer offer their annual bonus programs. The perceived value
of the Debtors' pension programs has also decreased and those
programs are currently closed to future accrual, Mr. Brady adds.
The circumstances translate to a loss of morale among the
Debtors' employees and instability in the workforce, Mr. Brady
says.
Under the circumstances, the Debtors believe that a more
traditional retention plan for their critical non-insider
employees is appropriate.
After careful consideration and detailed planning, the Debtors
and their compensation consultants, Towers Perrin, structured a
narrowly focused retention plan that identifies certain non-
insider, critical employees.
The Non-Insider Retention Plan provides for retention payments
to the Debtors' eligible non-insider, critical employees based
on the U.K. market but do so within the framework of a
traditional Chapter 11 retention plan, Mr. Brady states.
Under the Retention Plan, the Debtors will make cash payments in
multiple installments to 12 Eligible Employees, ranging from
GBP5,000 to GBP95,000, or approximately US$9,800 to US$186,000.
The Debtors estimate the maximum cost of the Retention Plan to
be about GBP455,000, or US$891,000, plus approximately GBP60,000
in social security costs associated with the payments.
The retention payments, Mr. Brady avers, are aimed at:
-- narrowing the gap between the Eligible Employees' current
compensation and market compensation;
-- rewarding the Eligible Employees for past performance; and
-- incentivizing the Eligible Employees to remain with the
Debtors and continue to perform up to the requirements of
the job.
The Debtors' senior management will also consider these factors
in determining each Eligible Employee's retention payment:
1. The effectiveness of an Employee's position,
2. The Employee's knowledge of the Debtors' business,
3. The Employee's demonstration of teamwork and work ethic,
4. The need to incentivize an Employee to continue to perform
at a high level through the Debtors' restructuring
process, and
5. The harm suffered by the Debtors if the Employee leaves.
With the exception of three employees who will receive their
entire retention payment on the first installment date, the
Retention Payments will be paid in three installments on:
(i) October 15, 2007,
(ii) January 15, 2008, and
(iii) April 15, 2008.
The Employees who will receive their full retention payment on a
one-time basis are those employees whose current tasks involve
overseeing the outsourcing or elimination of their departments
or whose tasks will be completed prior to subsequent
installments.
Notwithstanding the schedule of payments, the Debtors retain the
discretion to decrease or eliminate payments if any of the
Eligible Employees do not meet their objectives or other
circumstances warrant it.
The proposed cash payments are not guaranteed to any Eligible
Employee, Mr. Brady clarifies, but merely set the upper bound of
any bonus payments.
Furthermore, Eligible Employees who are terminated for cause
will forfeit their right to receive any accrued but unpaid
amounts under the Retention Plan. For Eligible Employees who
voluntarily terminate their employment with the Debtors or who
are terminated without cause, the Board of Directors of Sea
Containers Ltd. will determine the level of vesting, if any.
Any retention payments forfeited will not become available for
reallocation to other Eligible Employees.
Mr. Brady notes that the 12 Eligible Employees identified by the
Debtors were selected on the basis of the critical nature of the
Employee's job functions to the Debtors' overall restructuring
efforts and the Employee's individual performance within those
critical functions. Each Eligible Employee has special skills
that relate to, among other things, the Debtors' non-core asset
sales, SCL's financial interest in GE SeaCo, accounting,
payroll, tax planning and reporting, cash flow, human resources
and other operational needs.
Retained Employee Data Confidential
The critical knowledge and skills the Eligible Employees
possess, which cannot be replaced readily on the open market,
are necessary to maintain ongoing operations and assure
successful completion of the Debtors' restructuring process, Mr.
Brady maintains. Thus, the Eligible Employees should be
compensated at par with job market standards due to their
significant contribution to the Debtors.
The proposed Retention Plan contains highly confidential
information, Mr. Brady informs the Court, that if exposed, may
be used by the Debtors' competitors to lure the Eligible
Employees away from the Debtors' business by offering enhanced
compensation and bonuses.
Thus, the Debtors seek the Court's authority to file the
Retention Plan under seal so that it may only be made available
to the Court, the U.S. Trustee and the counsel to the Official
Committee of Unsecured Creditors for Sea Containers Ltd., Sea
Containers Services Ltd. and Sea Containers Caribbean Inc.
About Sea Containers
Based 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).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083. (Sea Containers Bankruptcy News, Issue
No. 14; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
The Debtors' exclusive period to file a Chapter 11 plan of
reorganization expires on June 12, 2007.
=============
B O L I V I A
=============
ADVANCED MICRO: Fitch Junks Rating on 7.75% Senior Notes
--------------------------------------------------------
Fitch has changed the Rating Outlook on Advanced Micro Devices
Inc. or AMD to Negative and affirmed these ratings:
--Issuer Default Rating at 'B'; and
--Senior Secured Term Loan B Facility at 'BB-/RR2'.
Fitch has downgraded the 7.75% senior notes due 2014 to
'CCC+/RR6' from 'BB-/RR2', due to potential loss of security and
lower recovery prospects, as the indenture and collateral trust
agreement permit AMD to remove the collateral securing this
tranche of debt.
In addition, Fitch expects to rate AMD's US$2.0 billion 6%
senior unsecured convertible notes due 2015, issued on
April 24, 2007, under Rule 144A, at 'CCC+/RR6'. Initial
purchasers also have a 30-day option to purchase up to US$200
million of additional notes. The company plans to use the net
proceeds to repay at least US$500 million of outstanding Term
Loan B balances, fund the purchase of a capped call option
intended to limit potential dilution, and for general corporate
purposes.
Fitch's actions affect approximately US$5.3 billion of pro forma
total debt, assuming AMD reduces US$500 million of the Term Loan
B.
The revision of the Outlook reflects Fitch's expectations that
AMD's operating performance will remain challenged over the
intermediate-term. AMD's profitability continues to be
pressured by meaningfully lower than anticipated microprocessor
or MPU unit shipments and intensified competitive pressure from
Intel Corp., driven by a combination of Intel's manufacturing
advantage and strong operating momentum following its product
portfolio refresh in the third quarter of 2006. As a result,
AMD's revenues declined more than 30% sequentially and gross
profits dropped 46% to a Fitch-estimated 31% for the seasonally
weak first quarter ended March 31, 2007, from 40% for the fourth
quarter of 2006. While AMD's planned cost reduction efforts
(headcount reductions, facility sales, and lower discretionary
spending) should yield modestly positive results throughout the
year, Fitch believes solid market acceptance of AMD's refreshed
product portfolio in the second half of 2007 and realization of
strong unit shipment from recent design wins with previously
under-penetrated original equipment manufacturers will be
critical to the company ability to internally fund a significant
portion of its substantial ongoing capital spending and
investments in research and development. Therefore, a lack of
meaningful improvement in profitability and additional market
share losses could result in negative rating actions.
AMD's liquidity is adequate and has improved from the US$2.0
senior unsecured convertible debt placement, which should
increase cash balances to approximately US$2.7 billion from
US$1.2 billion as of March 31, 2007, (pro forma for the
anticipated US$500 million reduction in Term Loan B balances).
Fitch believes AMD's plans to reduce capital expenditures by
US$500 million in 2007, monetize its remaining investment in
Spansion Inc., sell 200mm manufacturing equipment, and collect
on grants and subsidies associated with its investments in
Dresden, Germany throughout the year will enable AMD to maintain
adequate liquidity through the near-term. Longer-term, while
recognizing the company's need to continue upgrading its
manufacturing capabilities to compete with Intel's lower unit
cost structure and reliably serve a growing OEM customer base,
Fitch believes the company is likely to curtail capital spending
further, potentially by pursuing a more asset-light
manufacturing model.
Despite the aforementioned revenue decline during the first
quarter and a likely non-recurring significant reduction in
accounts receivable balances, AMD has experienced more rapid
than anticipated erosion of financial flexibility as the company
burned approximately US$375 million cash for the quarter. While
Fitch continues to anticipate negative free cash flow for 2007,
AMD's failure to curb significant cash burn over the next
several quarters could result in further negative rating
actions.
The Recovery Ratings continue to reflect Fitch's belief that AMD
would be reorganized rather than liquidated in a bankruptcy
scenario, given Fitch's estimates that AMD's current
reorganization value of US$2.3 billion is meaningfully higher
than its projected liquidation value of US$1.2 billion. In
estimating reorganization, Fitch assumes a 5x multiple and 50%
stress to AMD's EBITDA for the latest 12 months or LTM ended
March 31, 2007, of approximately US$933 million (pro forma for
the ATI acquisition). Fitch arrives at an adjusted
reorganization value of US$2.0 billion after subtracting
administrative and cooperative claims. Based upon these
assumptions, the senior secured debt, including the US$1.7
billion Term Loan B (pro forma for the assumed repayment of
US$500 million) recovers approximately 68%. While this results
in an 'RR3' (51-70% recovery) rating in Fitch's recovery model,
Fitch considers the potential for incremental Term Loan
reductions and improved profitability, thereby increasing
adjusted reorganization value going forward and, therefore,
maintains an 'RR2' rating on the Term Loan B. Minimal recovery
would be available for the senior unsecured debt, including the
US$390 million 7.75% senior notes due 2014. As a result, the
estimated 5% recovery results in an 'RR6' rating for all of the
senior unsecured debt.
The ratings continue to be supported by AMD's:
-- meaningfully higher share of the MPU market, which Fitch
believes remains at approximately 20% versus less
than 10% historically;
-- expectations for the ability to provide platform products
to the marketplace and additional revenue growth
opportunities from the acquisition of ATI
Technologies; and
-- strengthened and expanding relationships with original
equipment manufacturers or OEM, including Dell Inc.
(rated 'A/F1' on Rating Watch Negative by Fitch).
Ratings concerns center on:
-- significant product technology risk associated with
the MPU market, potentially resulting in meaningful share
shifts between AMD and Intel going forward, as well as
continued cyclical operating results;
-- Intel's meaningful manufacturing technology advantage
over AMD, driven by capital expenditures consistently
in excess of US$5 billion, forcing AMD to aggressively
upgrade manufacturing facilities; and
-- AMD's limited financial flexibility due to high debt
levels coupled with significant spending requirements
on capital equipment, R&D investments, and marketing
initiatives.
Pro forma for the aforementioned debt issuance and anticipated
reduction of the Term Loan B, total debt was US$5.3 billion at
March 31, 2007 and consisted of:
i) US$893 million Fab 36 Secured Term Loan due 2011
ii) US$1.7 billion senior secured Term Loan B facility
due 2013;
iii) US$2.0 billion senior unsecured convertible notes
due 2015;
iv) US$390 million senior unsecured notes due 2014; and
v) other debt, including capital leases, of approximately
US$320 million.
Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- designs and produces
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries. The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations include those in Bolivia, Chile, Colombia and
Ecuador, among others.
ADVANCED MICRO: Will Offer US$1.8 Bil. Convertible Senior Notes
---------------------------------------------------------------
Advanced Micro Devices, Inc. or AMD will offer US$1.8 billion
aggregate principal amount of Convertible Senior Notes in a
private offering to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended. Under
certain circumstances, the notes are convertible into cash up to
the principal amount and into shares of AMD's common stock with
respect to any conversion value above the principal amount. The
interest rate, conversion price and other terms of the notes
will be determined by negotiations between AMD and the initial
purchasers of the notes. AMD expects to grant to the initial
purchasers a 30-day option to purchase up to US$400 million
aggregate principal amount of additional notes to cover over
allotments.
In connection with the offering, AMD expects to enter into
capped call transactions, which are intended to reduce the
potential dilution to AMD's common stockholders upon any
conversion of the notes. The capped call transactions are
expected to have a strike price that matches the conversion
price of the convertible notes and AMD anticipate that the cap
price in each capped call transaction will be approximately
three times the closing price of its common stock on the date
the capped call transactions are executed. AMD has been advised
that, in connection with establishing a hedge of the capped call
transactions, the counterparties to those transactions or their
affiliates expect to enter into various derivative transactions
with respect to AMD's common stock and/or purchase AMD's common
stock in secondary market transactions concurrently with or
shortly after the pricing of the notes. The counterparties or
their affiliates may also enter into or unwind various
derivative transactions with respect to AMD's common stock and
purchase or sell AMD's common stock in secondary market
transactions following the pricing of the notes (and are likely
to do so during any observation period relating to the
conversion of a note).
AMD expects to use a portion of the net proceeds of the offering
to pay the cost of the capped call transactions. If the initial
purchasers exercise their option to purchase additional notes,
AMD expects to use a portion of the net proceeds from the sale
of additional notes to enter into additional capped call
transactions. AMD expects to use at least US$500 million of the
remaining net proceeds of the offering to repay a portion of the
term loan AMD entered into with Morgan Stanley Senior Funding,
Inc. to finance a portion of the purchase price of, and expenses
related to, the acquisition of ATI Technologies Inc. AMD
expects to use any amounts not applied to the repayment of the
term loan for general corporate purposes, including working
capital and capital expenditures.
Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- designs and produces
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries. The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations include those in Bolivia, Chile, Colombia and
Ecuador, among others.
* * *
The company's 7-3/4% Senior Notes due Nov. 1, 2012, carries
Standard & Poor's B+ rating, Moody's Ba3 rating and Fitch's BB-
rating.
ADVANCED MICRO: Prices US$2 Billion of 6% Senior Notes Offering
---------------------------------------------------------------
Advanced Micro Devices Inc. has priced US$2 billion aggregate
principal amount of 6% Convertible Senior Notes due 2015 in a
private placement to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended. AMD
granted to the initial purchasers a 30-day option to purchase up
to US$200 million aggregate principal amount of additional notes
to cover over-allotments.
Interest on the notes will be paid semiannually on May 1 and
November 1 at a rate of 6% per year. Upon the occurrence of
certain events, the notes will be convertible into cash up to
the principal amount, and if applicable, shares of common stock
in respect of any conversion value above the principal amount,
based on an initial conversion rate of 35.6125 shares of common
stock per US$1,000 principal amount of notes, which is
equivalent to an initial conversion price of US$28.08 per share.
This initial conversion price represents a premium of 100%
relative to the last reported sale price on April 23, 2007 of
AMD's common stock of US$14.04 per share. Holders of the notes
may require AMD to repurchase the notes for cash equal to 100%
of the principal amount to be repurchased plus accrued and
unpaid interest upon the occurrence of certain designated
events.
In connection with the offering, AMD entered into a capped call
transaction which is intended to reduce the potential dilution
to AMD's common stockholders upon any conversion of the notes.
The capped call transaction will have a strike price that
matches the conversion price of the convertible notes and the
cap price in the capped call transaction will be US$42.12 per
share.
AMD has been advised that, in connection with establishing the
capped call transaction, the counterparty or its affiliates
expect to enter into various derivative transactions with
respect to AMD's common stock and purchase AMD's common stock in
secondary market transactions concurrently with or shortly after
the pricing of the notes. The counterparty or its affiliates
may also enter into or unwind various derivative transactions
with respect to AMD's common stock and purchase or sell AMD's
common stock in secondary market transactions following the
pricing of the notes.
AMD estimates that the net proceeds from the offering will be
approximately US$1,972 million after deducting discounts,
commissions and estimated offering expenses. AMD intends to use
a portion of the net proceeds of the offering to pay the cost of
the capped call transaction. If the initial purchasers exercise
their option to purchase additional notes, AMD expects to use a
portion of the net proceeds from the sale of additional notes to
enter into an additional capped call transaction.
AMD expects to use at least US$500 million of the remaining net
proceeds of the offering to repay a portion of the term loan AMD
entered into with Morgan Stanley Senior Funding, Inc. to finance
a portion of the purchase price of, and expenses related to, the
acquisition of ATI Technologies Inc. AMD expects to use any
amounts not applied to the repayment of the term loan for
general corporate purposes, including working capital and
capital expenditures.
About Advanced Micro
Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- designs and produces
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries. The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations include those in Bolivia, Chile, Colombia and
Ecuador, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 25, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on Advanced Micro Devices Inc. to 'B'
from 'B+'. The outlook is negative.
ADVANCED MICRO: S&P Puts B- Rating on Proposed US$1.8-Bil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Advanced Micro Devices Inc. or AMD.
"At the same time, Standard & Poor's assigned its 'B-' rating to
the company's planned sale of US$1.8 billion in senior unsecured
convertible notes due in 2015," said Standard & Poor's credit
analyst Bruce Hyman. The outlook is negative.
Proceeds of the new issue will be used in part to repay US$500
million of the company's term loan, and for other corporate
purposes. The 'B-' issue rating, one notch below the corporate
credit rating, reflects the substantial amount of secured debt
in the capital structure relative to the company's assets.
The ratings on AMD reflect subpar execution of the company's
business plans in a very challenging market, the company's
highly volatile operating performance and profitability, and
ongoing substantially negative free cash flows, in part offset
by a generally improved product line, expected adequate near-
term liquidity, and expectations that a planned change in
business model will reduce the company's asset intensity and
capital expenditures.
Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- designs and produces
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries. The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations include those in Bolivia, Chile, Colombia and
Ecuador, among others.
* BOLIVIA: President Evo Morales Approves 44 Hydrocarbon Bills
--------------------------------------------------------------
Bolivia's state news agency Agencia Boliviana de Informacion
reports that President Evo Morales has approved the 44 bills
that correct flaws in contracts signed with 12 hydrocarbon
companies in October 2006 as part of the nationalization plan.
Prensa Latina notes that President Morales had signed the
documents in front of almost 100 guests, mainly farmers and
indigenous people, at the Palace of Government. He said that
the social movements struggle and demands have not been useless,
though the contracts were highly questioned by "those who always
benefited from the country's resources." According to him, the
deals were hard to get through due to transcription errors that
resulted in daily losses of US$600,000 since April 15.
Business News Americas relates that the Bolivian government
forced foreign firms to sign the contracts to give the state a
larger share of hydrocarbons assets, requiring the companies to
invest at least US$3.00 billion in exploration and production
activities. About 37 of the contracts are for production, while
seven are for exploration. Firms that signed the contracts with
the government include:
-- Brazil's Petroleo Brasileiro,
-- France's Total, and
-- Spain's Repsol YPF (NYSE: REP).
As reported in the Troubled Company Reporter-Latin America on
April 19, 2007, Bolivia's lower house rejected the 44 bills that
the senate ratified. Lawmaker Jose Pimentel explained that the
bills were rejected because they weren't legal and have no
relation to the "short law" or amendments, which the lower house
passed in March to correct errors in 15 of the 44 contracts
negotiated with hydrocarbons firms. Because the rejection of
the bills would cause another delay in implementing the new
contracts negotiated with foreign oil firms, President Morales
asked lawmakers to end months of political dispute and start
voting to authorize the new contracts.
The Voice of America relates that the Bolivian Congress then
decided last week to approve the contracts, setting aside past
differences.
The bills must now be formally notarized before taking effect,
BNamericas states.
* * *
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
* BOLIVIA: Regains 47% Interest in Entel
----------------------------------------
The Bolivian government said in a statement that it has regained
control of a 47% interest in telecom company Entel from pension
fund managers Futuro de Bolivia and BBVA Prevision.
Business News Americas relates that the Bolivian government
issued a supreme decree on April 23 that obligated the pension
funds to surrender the 47% interest in Entel to the state.
The Associated Press says that the government has not disclosed
any plans on compensating the pension fund managers.
According to the AP, President Evo Morales plans to nationalize
Entel by May 1. Entel was privatized in 1995 after the Bolivian
government sold 50% of the company to Stet International, which
later merged with Telecom Italia. Individual private investors
hold the remaining 3% of Entel.
Bolivia's Presidential Minister Juan Ramon Quintana said at a
news conference in La Paz the government is negotiating for the
purchase of some or all of Telecom Italia's Entel stock, the AP
notes. Minister Quintana stated, "We hope that in the next few
days or weeks, the Bolivian government will be able to assume
control of the majority share of the stock."
Telecom Web notes that the Bolivian government had been in
discussions with Telecom Italia, but no deal has resulted from
the talks. The government is allegedly trying to force a figure
as low as US$170 million on Telecom Italia for its entire share
in Entel. Bolivia seemed to realize it couldn't simply seize
the Telecom Italia shares, as a team of Italian government
officials has been in Bolivia since early this month to help
Telecom Italia protect its interests.
Telecom Italia has asked the government that negotiations on
Entel's nationalization be moved to a neutral country to avoid
pressure on the talks from the Bolivian media, the AP says,
citing officials.
However, Public Works Minister Jerges Mercado, who is taking
part in the negotiations, told the AP, "There is always pressure
in the press, but not enough to go to another country to
negotiate. We cannot negotiate behind the people's backs,
behind the country's back."
Telecom Web relates that the Bolivian government also issued
another decree canceling a ruling that authorized the Bolivian
Ministry of Economic Development to act as a guarantor of
investments made by Telecom Italia.
The AP states that the Bolivian government claimed that Telecom
Italia only invested US$466 million in the last decade. Telecom
Italia had promised before its merger with Stet International to
invest US$608 million to improve Entel's service. Earlier this
year Telecom Italia said it had invested more than US4608
million to build up the Bolivia's largest cell phone and
Internet networks while maintaining a commanding share of
Bolivia's telecommunications sector.
Prensa Latina reports that by 2005 Entel decreased its
operations capital, and failed to extend the promised coverage
to 1,110 populations over 350 inhabitants.
The Bolivian government also accused Telecom Italia of failing
to pay some US$25 million in taxes, according to the AP.
Congressman Gabriel Herbas, the head of the Deputy Treasury
Commission, told Prensa Latina that Entel owes the National Tax
service US$26,250,000 and registered overpricing greater than
US$500,000.
Telecom Italia will be presenting a report on the irregularities
and audit details that will be evaluated by members of the
Bolivian executive branch, which is ready to nationalize the
telecom sector on May 1, Prensa Latina relates.
Telecom Web sources predicted that after Entel's
nationalization, all resources will be turned toward extending
the company's network into areas where there is little or no
telecommunications service, rather than spending more on
developing new technology. This meant that Entel's plans on
launching a 3G service will be abandoned, leaving the field open
to other telecoms that already hold 30% of Bolivia's deregulated
cellular market.
About Entel
Entel is a subsidiary of the Telecom Italia Group. It provides
telecommunication services in Bolivia. It held a monopoly on
long distance services until the market was deregulated in
November 2001. The company's offerings include Internet access,
fixed local and long distance and mobile services. It also
operates a VSAT network, which provides services to rural areas
of the country.
About Telecom Italia
Headquartered in Milan, Italy, Telecom Italia S.p.A. is an
Italy-based telecommunications group operating domestically and
internationally, mainly in Europe, Latin America and the
Mediterranean basin, in fixed and mobile telephony, media and
Internet services, providing high connectivity via a pan-
regional network and supplying information technology and office
product solutions. Telecom Italia S.p.A. is headquartered in
Milan, Italy.
* * *
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
===========
DURA AUTOMOTIVE: Inks Technical Alliance with Indian Parts Maker
----------------------------------------------------------------
DURA Automotive Systems, Inc. entered into a technical alliance
with Aditya Auto Products and Engineering Pvt. Ltd., based in
Bangalore, India, to bring new automotive technologies to the
growing domestic Indian and Asian markets.
DURA will supply technology to Aditya for the manufacture of
products such as pedals, parking brakes, shifters and spare tire
carriers. Aditya will produce the parts and provide local
support to automotive OEMs in the region. DURA and Aditya
anticipate that the alliance will commence manufacturing of DURA
components in India by the first quarter of 2008.
"Establishing a manufacturing presence in India is a key
component of our global growth strategy, which is designed to
leverage DURA technology investments and provide local support
to customers anywhere in the world," Larry Denton, DURA
Automotive's chief executive officer said. "The DURA and Aditya
partnership opens significant opportunities for us in fast-
growing automotive markets."
By 2012, India is projected to be the seventh largest automobile
producer in the world. The establishment of the alliance in
Bangalore, a major Indian market, also provides access to
neighboring Asian markets.
"Our alliance brings together Aditya's expertise in designing
and manufacturing systems with DURA's world-class technology to
meet the requirements of leading automakers in this region," C.
Jayaraman, Aditya's managing director and chief executive
officer, said. "Combining our strengths will better position us
to participate in India's growing domestic automotive market and
beyond."
DURA will contribute designs, intellectual property and
technical resources. Under the terms of the agreement, the
alliance is planned to become a joint venture in three years and
when certain milestones are achieved. Once initiated, the joint
venture will operate under the name Aditya DURA Pvt. Ltd.
DURA currently has a presence in 16 countries with 69 locations,
including its manufacturing facilities, technology and customer
service centers, and joint venture companies.
About Aditya Auto
Headquartered in Bangalore, India, Aditya Auto Products &
Engineering India Private Limited -- http://www.adityaauto.com/
-- is a privately owned and professionally managed organization,
engaged in the business of design & manufacture of systems & sub
systems to meet the requirements of the growing automobile
industry. Beginning as Autarky Auto in April 1989 and
established as Aditya Auto Products in February 1999, the
company works closely with leading Automotive OEMs & Global tier
1 industries, both in India and the rest of the world.
About DURA Automotive Systems Inc.
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 Oct. 30, 2006
(Bankr. D. 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.
The Debtors' exclusive plan-filing period expires on May 23,
2007.
HEXCEL CORP: Reports US$23.5 Million First Quarter Net Income
-------------------------------------------------------------
Hexcel Corporation reported results for the first quarter of
2007. Net sales for the quarter were US$328.7 million, 9.1%
higher than the US$301.2 million reported for the first quarter
of 2006. Operating income for the first quarter was US$33.7
million compared to US$29.1 million for the same quarter last
year. Net income from continuing operations for the first
quarter of 2007 was US$16.5 million compared to US$14.0 million
in 2006. Net income was US$23.5 million compared to US$14.5
million in 2006. Net income includes net income from
discontinued operations of US$7.0 million after reflecting a
US$6.8 million gain on the sale of Hexcel's architectural
business.
First Quarter 2007 Highlights
-- Sales from continuing operations of US$328.7 million
up US$27.5 million or 9.1% year-on-year (up US$19.2
million or 6.2% in constant currency)
-- Net income from continuing operations of US$16.5 million,
a 17.9% increase year on year
-- Net income from discontinued operations of US$7.0 million,
includes an after-tax gain of US$6.8 million on the sale
of the company's Architectural business
Chief Executive Officer Comments
David E. Berges commented, "The quarter was a good start to the
year for Hexcel despite the significant impact of the A380
delay. Space & Defense revenues rebounded even more strongly
than anticipated with revenues up 16.6% (14.6% in constant
currency). Commercial Aerospace sales growth was in line with
our expectations and reflected solid growth from Boeing and
their subcontractors, as well as from sales to regional
aircraft, engines and nacelle applications."
"We again demonstrated healthy gross margin leverage of 30% from
the year over year incremental sales, and expanded operating
income despite a US$2 million increase in R&T for critical new
program qualifications. We still expect our portfolio actions,
restructuring program and increased carbon fiber capacity to
contribute to good margin expansion this year.
"We completed the sale of our Architectural business in France
during the quarter and received US$25 million in gross cash
proceeds. We still target a conclusion on the remaining
elements of the portfolio review this quarter."
In closing, Mr. Berges noted, "Following our reorganization into
a single business we have made changes in the reporting of our
operating and market segments. In addition, in response to
requests from our investors and analysts, we are providing
additional details of the drivers of our segment performance as
well as new aircraft program information in this release. We
hope this will be useful in understanding both our performance
and our prospects."
Operating Segments and Markets
With effect from Jan. 1, 2007, Hexcel has revised its operating
segments to reflect its strategic and operational realignment
and focus on advanced structural materials. Hexcel has
eliminated its three former global business units and
consolidated all its composites related activities into a single
organization. The reinforcement product lines, for which the
company is exploring its strategic alternatives, including
potential divestiture, are being managed as a separate business.
Hexcel will now report three operating segments:
-- Composite Materials
The development, manufacture and sale of advanced
composite materials including carbon fiber,
reinforcements for composites, honeycomb and matrix
(prepregs and other polymer systems) products. The
segment is more capital intensive and typically has
long product development and qualification cycles.
Operating income margin for the first quarter was 15.4%
compared to 15.0% for the same quarter last year.
-- Engineered Products
The development and fabrication of finished and semi-
finished structures manufactured from composite
materials. This segment includes machined and shaped
honeycomb core, structural products for helicopter blades
and aircraft, finishing operations for products from
Asian joint ventures as well as our new AcoustiCapTM
noise dampening system and the company's new HexMC(R)
parts product lines. This segment is more labor and
inventory intensive. In the near term, Hexcel expect an
increased level of spending on R&T and tooling in
response to the strong market acceptance of its new
products in this segment. Operating income margin for
the quarter was 9.2%, down from 11.8% last year primarily
due to increased R&T spending on qualifications for the
Boeing 787.
-- EBGI Reinforcements
This segment captures Hexcel's U.S. operations related
to its electronics, ballistics and general industrial
reinforcement product lines. This business is being
reported as a separate segment called EBGI Reinforcements.
The segment is characterized by high material content,
short-term pricing and volume swings. Operating income
of 8.1% was up from 3.1% last year due to the effects of
restructuring activities and increased sales of ballistic
reinforcement fabrics.
In integrating its business operations, the company has
reclassified certain of its reinforcement for composites product
sales between its market segments to reflect improvements in the
tracking of sales to market applications.
Commercial Aerospace
Commercial aerospace sales grew for the quarter by 5.5% (3.3% in
constant currency). The growth during the quarter was led by
revenues to Boeing and their subcontractors, reflecting
increased aircraft production, growth in demand by aircraft
engine and nacelle manufacturers, as well as the new 787. Sales
to Boeing commercial aircraft have exceeded sales to Airbus
commercial aircraft for both of the last two quarters.
Sales to the A380 program were at the lowest quarterly level in
over two years. As a result, total sales to Airbus and its
subcontractors were lower in the first quarter of 2007 than in
the first quarter of 2006. The A380 delay is expected to effect
year-on-year revenue comparisons for much of 2007. However,
Hexcel expects other Airbus build rate increases and the start
of development materials for the A350 XWB to mitigate the
impact.
The reclassification of certain reinforcement for composite
revenues resulted in the movement of about US$17 million of
commercial aerospace sales to industrial and space & defense
markets for first quarter of 2006. This reclassification did
not impact Hexcel's previously reported Airbus and Boeing
commercial aircraft sales. The remaining portion of Hexcel's
commercial aerospace sales, which includes sales to regional and
business aircraft, represented 25% of the segment and saw mid-
teen growth in the quarter.
Industrial
Industrial sales were up 9.9% for the quarter (5.6% constant
currency) led by growth in revenues from wind energy
applications and increased demand for ballistic reinforcement
fabrics used in the production of soft body armor.
Revenues from the EBGI Reinforcements segment are related to the
Industrial market. EBGI sales were 12.7% higher compared to the
first quarter of 2006, reflecting the benefit of increased
ballistics sales.
Sales from auto, recreation and other industrial markets were
slightly lower in the first quarter of 2007 compared to last
year.
Space & Defense
Space & Defense sales for the quarter were up 16.6% over last
year (14.6% in constant currency) demand from military fixed
wing and rotor craft applications was strong, and the inventory
corrections noted last year appear to have been completed.
Operations
Gross margins increased to 23.8% in the quarter compared to
23.2% in the first quarter of 2006. The gross margin on the
incremental sales of US$27.5 million compared to the first
quarter of 2006 was 30%, consistent with prior trends.
As previously announced, the company completed its expansion of
a precursor line and the first of two new carbon fiber lines
ahead of schedule. Full design capability has now been
demonstrated and sales of production essentially offset the
initial startup costs. Hexcel expects to reach full rate
production by the end of the second quarter and have also begun
the aerospace qualification process.
SG&A expenditures in the quarter of US$33.4 million were US$3.1
million higher than the first quarter of 2006. Non-cash stock
compensation expense was up US$1.5 million for the quarter but
is expected to be in line with Hexcel's guidance for the full
year of 2007. SG&A expenses for the quarter also included
US$0.3 million of transaction costs that are being expensed as
incurred related to our divestiture activities.
R&T spending increased US$2.0 million in the quarter reflecting
expenditures related to new product development and
qualification efforts for new aircraft programs. Most of the
increase was within Hexcel's Engineered Products operating
segment as a result of certification testing of Boeing 787
components made from our new HexMC system.
Operating income for the quarter, excluding business
consolidation and restructuring expense and transaction costs
related to the divestitures, was US$35.6 million or 10.8% of
sales.
Program Activities
Boeing 787 revenue potential for Hexcel is expected to average
between US$1.0 to US$1.3 million per aircraft on early versions
of the aircraft. The engine selected by the ordering airline
will influence the revenue Hexcel generate from each aircraft
sale -- the GE engine offering has a significantly higher
composite content. An extensive range of Hexcel products such
as prepregs, specialty reinforcements, honeycomb core, resin
systems, structural components, including HexMC(R) products,
have been selected by a diverse group of suppliers to the
aircraft. Active weight reduction programs and new products
provide the opportunity for increased participation on future
variants of the aircraft. At anticipated full production rates,
Hexcel annual revenues for the Boeing 787 are likely to
approximate the annual revenues Hexcel will realize from the
A380.
Airbus A350 XWB carbon fiber composite system selection process
is well underway given the long cycle for primary structure
development. The final selection, manufacturing trials,
engineering testing, freezing of the specification definition
and qualification activities may take many months and may
involve competing products. Hexcel expects development trial
materials will result in sales this year.
Income Taxes
As of Jan. 1, 2007, the company adopted FIN 48, Accounting for
Uncertainty in Income Taxes -- an interpretation of FASB
Statement No. 109, Accounting for Income Taxes.
The company's effective income tax rate for the first quarter
2007 was 41.5%, as compared to 39.4% for the first quarter of
2006. The increase in the effective income tax rate was
primarily as a result of the adoption of FIN 48. It is expected
that FIN 48 will increase the volatility of the effective tax
rate.
Total Debt, Net of Cash
Total debt, net of cash increased by US$1.5 million in the
quarter to US$388.1 million as of March 31, 2007. During the
quarter, the company received US$25.0 in gross cash proceeds
from the sale of its Architectural business.
Inventories as of March 31, 2007, grew by US$17 million in
constant currency compared to Dec. 31, 2006, and US$31 million
in constant currency compared to March 31, 2006.
The growth in inventories has been driven by a number of
factors, including building tooling to mold finished parts using
the new HexMC(R) materials and processes for the 787, bridge
inventory for the closure of the Livermore, CA plant, increases
in aircraft production and normal seasonality. Despite these
requirements for additional inventory, Hexcel continues to seek
opportunities to improve its inventory turnover.
Portfolio Review Update
On Feb. 28, 2007, Hexcel completed the sale of its Architectural
business and recorded an after-tax gain of US$6.8 million.
The remaining non-core assets under review and subject to
potential divestiture are the company's electronics, ballistics
and general industrial reinforcement product sales now reported
under the EBGI Reinforcements operating segment. The external
revenues for this segment in the first quarter of 2007 were
US$46.1 million compared to US$40.9 million for the first
quarter of 2006.
Headquartered in Stamford, Connecticut, Hexcel Corporation --
http://www.hexcel.com/-- (NYSE/PCX: HXL) develops, manufactures
and markets lightweight, high-performance reinforcement
products, composite materials and composite structures for use
in commercial aerospace, space and defense, electronics, and
industrial applications.
The company has operations in Australia, Brazil, China, France
and Japan, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Moody's Investors Service has raised Hexcel
Corp.'s Corporate Family Rating to Ba3 from B1. The ratings on
Hexcel's senior secured credit facility have been upgraded to
Ba1 from Ba2, while the subordinated notes ratings were upgraded
to B1 from B3. The ratings outlook is Stable.
As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Standard & Poor's Ratings Services raised its
ratings, including the corporate credit to 'BB' from 'BB-', on
aerospace supplier Hexcel Corp. S&P said the outlook is stable.
HERCULES INC: High Ct. Sustains US$119MM Cleanup Costs Judgment
---------------------------------------------------------------
The United States Supreme Court affirmed a lower federal court's
US$119 million judgment against Hercules Incorporated, Mark H.
Anderson of The Wall Street Journal reports.
The ruling relates to Hercules' Petition for Writ of Certiorari
in a lawsuit captioned United States of America v. Vertac
Chemical Corp., et al (Civil No. 4:80CV00109 GH, U.S. District
Court, Eastern District of Arkansas, Western Division).
In its Petition for Writ of Certiorari, Hercules requested the
Supreme Court to review a decision by the Court of Appeals for
the Eighth Circuit affirming a final judgment entered against
the Company by the U.S. District Court.
Hercules says in a regulatory filing that it has previously
accrued total net liability of US$124.9 million, including
interest, which is recorded as a current liability as of
March 31, 2007. The company expects to pay the amount promptly,
together with interest accruing up to the date of payment.
Vertac Litigation
The Vertac Litigation is a cost-recovery action based upon the
Comprehensive Environmental Response, Compensation and Liability
Act, as well as other statutes. The case has been in litigation
since 1980, and involves liability for costs in connection with
the investigation and remediation of the Vertac Chemical
Corporation site in Jacksonville, Arkansas.
According to the company, it owned and operated the site from
December 1961 until 1971. The site was used for the manufacture
of certain herbicides and, at the order of the United States,
Agent Orange.
In 1971, the company says the site was leased to Vertac's
predecessor. In 1976, the company sold the site to Vertac. The
site was abandoned by Vertac in 1987, and Vertac was
subsequently placed into receivership.
Both prior to and following the abandonment of the site, the EPA
and the Arkansas Department of Pollution Control and Ecology
were involved in the investigation and remediation of
contamination at and around the site. Pursuant to several
orders issued under CERCLA, the Company actively participated in
many of those activities. The cleanup is essentially complete,
except for certain on-going maintenance and monitoring
activities.
The litigation primarily concerns the responsibility and
allocation of liability for the costs incurred in connection
with the activities undertaken by the EPA.
EPA Judgment Claim
In 1999, the District Court finalized a ruling holding the
company and Uniroyal jointly and severally liable for
approximately US$100 million in costs incurred by the EPA, as
well as costs to be incurred in the future.
In 2000, the District Court allocated 2.6% of the amounts to
Uniroyal and 97.4% of the amounts to the company. Both the
company and Uniroyal appealed those rulings to the U.S. Court of
Appeals for the Eighth Circuit.
In 2001, the Court of Appeals reversed the District Court's
rulings as to joint and several liability and allocation, and
remanded the case back to the District Court for several
determinations, including a determination of whether the harms
at the site giving rise to the EPA's claims were divisible. The
trial on remand occurred in late 2001.
By Memorandum Opinion and Order dated March 30, 2005, the
District Court largely affirmed its prior findings and prior
judgment against the company and Uniroyal, and the prior
allocation with respect to the company and Uniroyal, although
the District Court did agree that the company should not be
liable for costs associated with a particular off-site landfill,
and held that the judgment should be reduced accordingly.
By Order dated June 6, 2005, the District Court entered a Final
Judgment in favor of the United States and against the company
for US$119.3 million, of which amount Uniroyal has been held
jointly and severally liable for US$110.4 million, with the
company alone liable for the difference.
The Final Judgment also provided that both the company and
Uniroyal are responsible for any additional response costs
incurred or to be incurred by the United States after
June 1, 1998, as well as post-judgment interest running from the
date of the Final Judgment.
In addition, the District Court re-affirmed its prior holding
which allocated 2.6% of the US$110.4 million in response costs
for which Uniroyal is jointly and severally liable, or US$2.9
million, to Uniroyal.
Finally, the Final Judgment found Uniroyal liable to the company
for 2.6% of the response costs incurred by the company of
approximately US$27.4 million, or US$0.7 million.
Both the company and Uniroyal appealed the Final Judgment to the
Court of Appeals, asserting that the District Court had
committed reversible error.
Court of Appeals Affirms Final Judgment
On July 13, 2006, a panel of the Court of Appeals affirmed the
Final Judgment of the District Court. The company requested
that the panel's determination be reviewed en banc, but that
request was denied by Order dated Sept. 19, 2006.
On Dec. 14, 2006, the company filed a Petition for a Writ of
Certiorari with the United States Supreme Court, requesting that
the Supreme Court review the matter.
About Hercules Inc.
Headquartered in Wilmington, Delaware, Hercules, Inc., (NYSE:
HPC) -- http://www.herc.com/-- is a global manufacturer and
marketer of specialty chemicals and related services. Its
principal products are chemicals for the paper industry, water-
soluble polymers, and specialty resins. The company has its
regional headquarters in China and Switzerland, and a production
facility in Brazil.
* * *
Hercules, Inc. carries Moody's Baa3 Senior Secured Debt and Bank
Loan Debt Ratings, Ba2 Long-term Corporate Family, Senior
Unsecured Debt, and Probability of Default Ratings, and B1
Junior Subordinated Debt Rating.
The company also carries Standard & Poor's BB Long-term Foreign
and Local Issuer Credit Ratings.
PETROLEO BRASILEIRO: Wants US Gulf Coast Oil & Gas Assets
---------------------------------------------------------
Joao Carlos Araujo Figueira -- the Senior Vice President for
Upstream at Petrobras America Inc. -- told Dow Jones Newswires
that Petroleo Brasileiro SA, its parent company, seeks to
acquire onshore oil and gas assets in the U.S. Gulf Coast, as
part of a plan to increase its U.S. presence.
According to Dow Jones, Mr. Figueira said that an acquisition
"is on the way."
Dow Jones says that Mr. Figueira told reporters on the sidelines
of the Brazil-Texas Chamber of Commerce annual energy conference
in Houston that Petrobras America's land department is
considering suitable assets in Texas and possibly Louisiana.
Meanwhile, Petroleo Brasileiro is planning to operate the first
Floating, Production, Storage and Offloading vessel in the U.S.
Gulf of Mexico by 2009. The company plans to spend US$4.5
billion in the U.S. between 2007 and 2011, Dow Jones notes,
citing Mr. Figueira.
Petroleo Brasileiro has no plans to acquire offshore Gulf
reserves or assets. It will instead increase production from
the prospects it already has in the area, Mr. Figueira told Dow
Jones.
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. Petrobras has operations in China, India, Japan, and
Singapore.
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.
RHODIA: Debt Refinancing Cues Fitch's Positive Outlook
------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Rating of Rhodia
S.A. at 'BB-' and revised the Outlook to Positive from Stable.
At the same time the agency has assigned Rhodia's proposed issue
of up to EUR595.125 million bonds convertible and/or
exchangeable for new and/or existing shares an expected 'BB-'
(BB minus) rating. The final rating of the convertible bond
will be assigned following settlement and review of the final
bond documentation, conforming to information already received.
Fitch has also affirmed the 'BB-' rating of Rhodia's Senior
Notes due 2013 and affirmed and withdrawn three others:
-- EUR300 million Revolving Credit Facility affirmed at
'BB+' and withdrawn
-- Senior Notes due 2010 affirmed at 'BB-' and withdrawn
-- Senior Subordinated Notes due 2011 affirmed at 'B' and
withdrawn
The revision of the Outlook to Positive from Stable reflects the
fact that the envisaged re-financing makes one of the previously
stated positive Rating or Outlook factors likely to materialize.
In its analysis dated March 13, 2007, Fitch outlined that a
material improvement in coverage ratios could positively
influence ratings or the Outlook.
The change in Outlook follows Rhodia's planned issue of
convertible debt to refinance its outstanding 2010 Senior Notes
and 2011 Senior Subordinated Notes. "The newly proposed
financing structure for Rhodia leads to substantially lowered
interest expenses", says Oliver Kroemker, Associate Director in
Fitch's Corporate Industrials team. "Provided that Rhodia
performs broadly in line with its guidance in FY07, including
further de-leveraging, key credit ratios should be substantially
improved towards the year end," Mr. Kroemker added. Fitch
expects Rhodia to be free-cash-flow or FCF positive in FY07 and
expects a significant improvement in FCF in 2008, once re-
structuring charges and other one-off items have been paid.
At FYE06 Rhodia had total debt of EUR2.4 billion, of which
approximately EUR1.4 billion represented senior notes and EUR467
million were senior subordinated notes. Approximately EUR320
million/US$415 million of senior notes have been prepaid. Cash
and liquid assets on balance sheet was EUR486m. Based on this
and the newly agreed EUR600 million revolving credit facility,
liquidity is assumed to be comfortably sufficient.
Based in Paris, France, Rhodia S.A. is a diversified specialty
chemicals group that generated consolidated Revenues of EUR4.8
billion and reported EBITDA of EUR683 million in 2006. The
company has operations in Brazil.
SANYO ELECTRIC: Unit Starts Full-Scale Production in Hungary
------------------------------------------------------------
The Budapest Sun reports that full-scale production has started
at the Sanyo Hungary Kft air conditioning plant at Dorog, 40
kilometers northwest of Budapest.
According to the report, Sanyo Hungary Kft, a subsidiary of the
Japan-based Sanyo Electric Co Ltd, began production of
commercial multi-air conditioning indoor units on Dec. 1, 2006.
The company has 110 employees working at the new plant.
Akira Kan, Executive Officer Sanyo Electric Co Ltd, Head of
Commercial Business Group, told the Sun: "Sanyo has expanded the
business of a wide range of environmentally-friendly products in
the European market, based on our 'Think GAIA' vision."
About Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
March 2, 2007, Fitch Ratings placed Sanyo Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.
The TCR-AP reported on May 25, 2006, that Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on Sanyo Electric
Co. Limited. At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.
* BRAZIL: Mulls Over Nuclear Energy Ties with India
---------------------------------------------------
The Financial Express reports that Brazil and India may explore
possible nuclear energy ties at a CEO's forum to be launched in
June.
Huma Siddqui of the Indian Journal says that the meeting, which
is represented by top corporate leaders from both countries,
will be flagged off when Brazilian President Lula da Silva
visits India in June.
According to the Journal, external affairs ministry officials
said that the Brazilian officials will discuss proposals about
introducing eco-friendly ethanol fuel in India
R. Viswanathan, joint secretary in charge of Latin America and
the Caribbean division in the external affairs ministry, told
the Financial Express, "Nuclear energy is a future area of
cooperation between India and Brazil, an influential member of
the four-nation Nuclear Suppliers Group."
Mr. Viswanathan added that Brazil is very close to becoming an
agricultural superpower. Companies from both the countries are
forging tie-ups with each other, the Financial Express notes.
* * *
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
===========================
AKATSUKI CAPITAL: Proofs of Claim Filing Is Until Sunday
--------------------------------------------------------
Akatsuki Capital Holdings, Ltd.'s creditors are given until
April 29, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Akatsuki Capital's shareholder decided on March 30, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
Telephone: (345) 914-6305
ARLINGTON HILL DEBT: Proofs of Claim Filing Ends on May 8
---------------------------------------------------------
Arlington Hill Debt Strategies (Master), Ltd.'s creditors are
given until May 8, 2007, to prove their claims to Conrad P.
Voldstad, the company's liquidator, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Arlington Hill's shareholder decided on Dec. 27, 2006, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Ogier
Attention: Colin MacKay
c/o Ogier
P.O. Box 1234
Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 949 9876
Fax: (345) 949 1986
ARRAN PARTNERS INT'L: Proofs of Claim Filing Is Until May 8
-----------------------------------------------------------
Arran Partners International Master Fund, Ltd.'s creditors are
given until May 8, 2007, to prove their claims to Wyper Capital
Management, L.P., the company's liquidator, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Arran Partners shareholder decided on April 3, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Ogier
Attention: Ramanan Navakadadcham
c/o Ogier
P.O. Box 1234
Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 949 9876
Fax: (345) 949 1986
ARLINGTON HILL: Proofs of Claim Filing Is Until May 8
-----------------------------------------------------
Arlington Hill Debt Strategies (Offshore), Ltd.'s creditors are
given until May 8, 2007, to prove their claims to Conrad P.
Voldstad, the company's liquidator, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Arlington Hill's shareholder decided on Dec. 27, 2006, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Conrad P. Voldstad
Attention: Colin MacKay
c/o Ogier
P.O. Box 1234
Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 949 9876
Fax: (345) 949 1986
CAYMAN ABSC: Proofs of Claim Filing Deadline Is May 4
-----------------------------------------------------
Cayman ABSC NIMS 2003-HE6 creditors are given until
May 4, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Cayman ABSC's shareholder decided on April 4, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
Telephone: (345) 914-6305
CLASSIC TERMS: Proofs of Claim Must be Filed by May 9
-----------------------------------------------------
Classic Terms Ltd.'s creditors are given until May 9, 2007, to
prove their claims to Gilbert Miller, the company's liquidator,
or be excluded from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Classic Terms shareholders agreed on March 23, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Gilbert Miller
Attention: Alan G. de Saram
Charles Adams, Ritchie & Duckworth
P.O. Box 709
Zephyr House
Mary Street, George Town
Grand Cayman KY1-1107
Tel: 949-4544
Fax: 949-8460
GEOVIC FINANCE: Proofs of Claim Filing Ends on May 7
----------------------------------------------------
Geovic Finance Corp.'s creditors are given until May 7, 2007, to
prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Geovic Finance's shareholders agreed on March 30, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Lawrence Edwards
Attention: Richard Mottershead
P.O. Box 258
Grand Cayman KY1-1104
Cayman Islands
Telephone: (345) 914 8656
Fax: (345) 945 4237
GREEN QSP: Proofs of Claim Filing Is Until May 5
------------------------------------------------
GREEN QSP Holdings creditors are given until May 5, 2007, to
prove their claims to Soros Fund Management LLC, the company's
liquidator, or be excluded from receiving any distribution or
payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Green QSP's shareholder decided on March 20, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Soros Fund Management LLC
888 Seventh Ave.
New York, NY 10106
USA
KINGSFORD CAPITAL: Proofs of Claim Filing Is Until May 4
--------------------------------------------------------
Kingsford Capital Masterpiece, Ltd.'s creditors are given until
May 4, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Kingsford Capital's shareholder decided on March 29, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
Telephone: (345) 914-6305
MULHOLLAND TWENTY: Proofs of Claim Filing Ends on May 8
-------------------------------------------------------
Mulholland Twenty Five Fund, Ltd.'s creditors are given until
May 8, 2007, to prove their claims to Mulholland Capital
Advisors, LLC, the company's liquidator, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Mulholland Twenty's shareholder decided on April 3, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Mulholland Capital Advisors
Attention: Martina de Lima
c/o Ogier
P.O. Box 1234
Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 949 9876
Fax: (345) 949 1986
MUNICH LEASING: Proofs of Claim Filing Is Until May 4
-----------------------------------------------------
Munich Leasing, Ltd.'s creditors are given until May 4, 2007, to
prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Munich Leasing's shareholder decided on April 4, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
Telephone: (345) 914-6305
NAGATSUKI HOLDING: Proofs of Claim Filing Ends on May 4
-------------------------------------------------------
Nagatsuki Holding, Ltd.'s creditors are given until May 4, 2007,
to prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Nagatsuki Holding's shareholder decided on April 4, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
Telephone: (345) 914-6305
PI LONG: Proofs of Claim Filing Deadline Is May 4
-------------------------------------------------
PI Long Short Equity Hedged Fund, Ltd.'s creditors are given
until May 4, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
PI Long's shareholders agreed on April 4, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
John Cullinane
Derrie Boggess
c/o Walkers SPV Limited
Walker House
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
Telephone: (345) 914-6305
VOGAN INVESTMENTS: Proofs of Claim Filing Ends on May 8
-------------------------------------------------------
Vogan Investments creditors are given until May 8, 2007, to
prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Vogan Investments shareholder decided on March 26, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Lawrence Edwards
Attention: Miguel Brown
P.O. Box 258
Grand Cayman KY1-1104
Cayman Islands
Telephone: (345) 914 8665
Fax: (345) 945 4237
=========
C H I L E
=========
SCL TERMINAL: Moody's Puts Ba3 Ratings on Bonds Under Review
------------------------------------------------------------
Moody's has placed the underlying Ba3 ratings of SCL Terminal
Aereo Santiago S.A.'s 1998 US dollar Rule 144A Bonds due 2013
and 2004 Unidades de Fomento or UF local currency Bonds due 2019
under review for possible upgrade. The Bonds are also rated Aaa
based on the unconditional and irrevocable guarantee provided by
MBIA Insurance Corporation.
The decision to place the Ba3 ratings under review reflects
improvements in the macroeconomics of the air travel industry
and favorable improvements in the national and regional
economies served by Santiago's Arturo Merino Benitez
International Airport. Santiago Airport enjoys a very strong
market position in Chile serving over 85% of the country's
arriving and departing passengers and roughly 95% of all
international passengers. The airport is located 15 kilometers
from downtown Santiago, the nation's capital and locus of the
nation's heaviest concentration of population, businesses,
government, culture and tourism. Since 2004 the airport has
benefited from average annual passenger growth of about 6
percent. This is in marked contrast to the significant
downturns in passenger flows in the years following the Asian
Crisis, 9/11, SARs and the periods of Chile's economic softening
between 1998 and 2003. Improvements in the global and regional
air travel market and Chile's economy as a whole are reflected
in improved financial performance. Funds from operations to
debt in 2006 reached about 16% which is more than twice that of
the previous year.
SCL Terminal operates under a concession grant from the Ministry
of Public Works which contains generally supportive terms.
Granted in 1997, the concession agreement was amended in 2004 to
provide some more favorable terms in recognition of the
difficulties post 9/11. The 2004 amendment provides for a
minimum revenue guarantee based on assumed levels of passenger
growth, a possible 6.5 year extension of the concession term in
the event of lower than projected traffic, enhanced revenue
generation provisions and other refinements to the original
concession contract that provide the concessionaire with greater
operating control. Since 2004 the company has implemented
several commercial strategies that have resulted in enhanced
operating revenues. Under the terms of the 2004 debt issue, no
payments can be made to the concession company until all of the
1998 and 2004 debt is repaid.
Moody's review for upgrade will focus on the sustainability and
level of continued improvements in projected passenger traffic
and financial metrics.
SCL Terminal Aereo Santiago S.A. was established in 1998 under
the laws of the Republic of Chile to undertake the concession
for the construction, renovation and operation of the main
terminal of the Arturo Merino Benitez International Airport.
The company is owned by Agunsa (47.02%), Actividades de
Construccion y Servicios (ACS) S.A. (14.77%), Fomento de
Construcciones y Contratas S.A. (14.78%), Fondo de Inversion
Inmobiliaria Cimenta (13.43%) and YVR Airport Services Ltd.
(10%).
===============
C O L O M B I A
===============
BANCOLOMBIA SA: Renting Colombia Board Okays Subsidiary Fusion
--------------------------------------------------------------
Renting Colombia S.A.'s Board of Directors, a subsidiary of
Bancolombia S.A., approved the incorporation of a subsidiary.
With this new subsidiary, Renting Colombia will be able to use a
franchise obtained from Localiza, a Brazilian company that
leases vehicles. The new subsidiary will be a sociedad anonima
in which Renting Colombia will be the major shareholder.
About Bancolombia
Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions. Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2007, Moody's Investors Service placed the D+ bank
financial strength rating of Bancolombia SA on review for
possible downgrade. Bancolombia's foreign currency deposit
ratings were affirmed at Ba3/Not-Prime.
As reported in the Troubled Company Reporter on Feb. 6, 2007,
Fitch Ratings affirmed Bancolombia's long-term and short-term
foreign currency Issuer Default Ratings:
* Foreign currency long-term IDR at 'BB+';
* Foreign currency short-term rating at 'B';
* Support rating at '3'.
Moody's said the rating outlook is stable.
The ratings remain on rating watch negative:
* Individual rating of 'C';
* Local currency long-term IDR of 'BBB-';
* Local currency short-term rating of 'F3'.
BANCOLOMBIA SA: Asserts Resolution of Superintendency of Finance
----------------------------------------------------------------
Bancolombia S.A., pursuant to Decree 3139 of 2006, notified that
the Superintendency of Finance issued Resolution No. 0542 of
2007, whereby it imposed a fine on Bancolombia for the amount of
COP30 million. The fine was imposed due to an operative error
in which caused, in 2006, the collection of interest at a rate
above the maximum permitted, for a total amount of COP32.1
million.
The decision imposing the fine is not final yet. Bancolombia is
currently analyzing the possibility of filing an appeal against
such decision.
About Bancolombia
Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions. Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 2, 2007, Moody's Investors Service placed the D+ bank
financial strength rating of Bancolombia SA on review for
possible downgrade. Bancolombia's foreign currency deposit
ratings were affirmed at Ba3/Not-Prime.
As reported in the Troubled Company Reporter on Feb. 6, 2007,
Fitch Ratings affirmed Bancolombia's long-term and short-term
foreign currency Issuer Default Ratings:
* Foreign currency long-term IDR at 'BB+';
* Foreign currency short-term rating at 'B';
* Support rating at '3'.
Moody's said the rating outlook is stable.
The ratings remain on rating watch negative:
* Individual rating of 'C';
* Local currency long-term IDR of 'BBB-';
* Local currency short-term rating of 'F3'.
BBVA COLOMBIA: Microloans Increase to COP1.84 Trillion in March
---------------------------------------------------------------
BBVA Colombia said in a press release that its microloans
increased 196% to COP1.84 trillion in March 2007, compared to
March 2006, through 279 transactions.
Business News Americas relates that BBVA Colombia said the
increase in microloans was due to the bank's strategy of
increasing banking penetration among lower-income individuals
and more competition between microentrepreneurs.
BBVA Colombia told BNamericas that it operates specialized
software that allows microentrepreneurs to formalize their
balance sheets and effectively evaluate their ability to qualify
for a loan.
Headquartered in Bogota, Colombia, BBVA Colombia --
http://www.bbva.com.co/-- is engaged in the holding and
accomplishment of all operations, acts and contracts of banking
establishments. It is 95.16% owned by Banco Bilbao Vizcaya
Argentaria.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 22, 2006, Fitch upgraded the foreign currency Issuer
Default Rating of BBVA Colombia. These rating actions followed
the Country Ceiling upgrades for various countries, including
Colombia to 'BB+' from 'BB'. Fitch took these rating actions:
-- foreign currency long-term issuer default rating upgraded
to 'BB+' from 'BB' and revised Outlook to Stable from
Positive;
-- foreign currency short-term rating affirmed at 'B';
-- Local currency long-term IDR affirmed at 'BBB-' with
Stable Outlook;
-- Local currency short-term rating affirmed at 'F3';
-- Individual 'C/D' remains on Rating Watch Negative;
-- Support affirmed at '3'.
* COLOMBIA: Lobbies for Free-Trade Accord with the United States
----------------------------------------------------------------
Colombian President Alvaro Uribe will embark on a visit to
Washington to salvage his country's free-trade accord with the
United States.
Cyril Mychalejko at Upside Down World said the two countries
free trade pact, unpopular on both sides, may not get U.S.
Congressional approval on account of media coverage of para-
politics in Colombia that involves the president's family
members.
"The Uribe government's support of the paramilitary preserves a
situation of misery, exploitation and exclusion, which, on a
daily basis, tramples upon labor rights and robs the Colombian
people of freedom," Jorge Enrique Gamboa, Colombian Oil Workers
Union president, wrote in a letter to the U.S. Congress in
February.
According to the Los Angeles Times, the U.S. Congress is set to
consider free trade agreements with various nations, and to
decide whether to extend the president's power to negotiate such
agreements before it expires at the end of June.
Pablo Bachelet, at the Miami Herald, says top-notch lobbyists
hired by countries seeking approval of their respective trade
accords, have focused their pitch on the fact that rejecting the
accords would weaken U.S. standing in Latin American and hand
anti-U.S. populists like Venezuelan President Hugo Chavez a
propaganda victory.
Mr. Bachelete relates House Ways and Means Committee Chairman
Rep. Charles Rangel, and the head of the panel's trade
subcommittee, Rep. Sander Levin, has unveiled a list of demands
that includes everything from combating global warming to
appointing a U.S. "trade enforcer" targeting nations believed to
be trading unfairly with the United States. These include
allowing workers to form trade unions and barring child labor.
In Colombia, 77 trade unionists were murdered last year, and
many of those who escaped death were often threatened, attacked
or kidnapped, Cyril Mychalejko notes. This is one of the
biggest hurdles that Colombia must overcome, according to
observers quoted by the Miami Herald.
"You cannot put together a free-trade agreement when there isn't
freedom for workers in terms of their basic international
rights," Rep. Sanders was quoted by Upside Down as saying.
Meanwhile, Colombian Vice President Francisco Santos said during
a Washington lobbying run last week, "We're at a critical
juncture. We haven't told the story as well as we should."
* * *
As reported in the Troubled Company Reporter-Latin America on
March 8, 2007, Standard & Poor's lifted the country's foreign
credit to BB+ from BB. Colombia's local currency debt rating
was raised to BBB+ from BBB.
===================================
D O M I N I C A N R E P U B L I C
===================================
FLOWSERVE CORP: Enters New Joint Venture with Chinese Pump Maker
----------------------------------------------------------------
Flowserve Corp. entered a new joint venture agreement with
Changsha Pump Works in China.
The new joint venture between Flowserve and Changsha Pump Works,
which is owned by Xiangtan Electric Manufacturing Co. or XEMC,
will focus on the growing power and water industries in China.
Changsha Pump Works began business operations in 1951 and is
considered one of China's largest pump manufacturers. With an
over 50-year history in China, they currently operate
manufacturing facilities in Changsha.
"This new joint venture helps support our global growth strategy
and positions us well to serve customers in the expanding power
and water markets in China," said Lewis Kling, President and CEO
of Flowserve. "Our relationship will combine the regional
expertise of Changsha Pump Works with our long history of
technology and engineering expertise to provide world-class
products to this market."
Groundbreaking on a new facility in Changsha recently took place
and construction is expected to be completed by the third
quarter of 2008. The new facility being built by Changsha Pump
Works is planned to be approximately 2.7 million square feet
(260,000 sq. meters) and will be used for manufacturing
capability to support the new joint venture.
"With the rapid growth of the power and water industries in
China, we are excited that we could find a joint venture partner
whose strengths complemented our own so ideally," said Tom
Ferguson, President of the Flowserve Pump Division. "We're
pleased to know that this relationship will allow us to offer an
expanded manufacturing footprint within China for these
industries."
The joint venture will expand Flowserve's current footprint in
China where the company has a new pump, valve and seal
manufacturing facility in Suzhou and offices in Beijing,
Shanghai, Dalian and Shenzhen.
"We look forward to our new partnership with Flowserve in
China," said Chen Neng, General Manager of XEMC and Chairman of
Changsha Pump Works. "Flowserve has an unrivalled history in
this industry and we are proud to be able to serve the China
market together."
Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services. Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services. In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 13, 2007, Fitch Ratings initiated coverage of Flowserve
Corp. and assigned these ratings:
-- Issuer Default Rating (IDR) 'BB'; and
-- Senior secured bank facilities 'BB'.
Fitch said the rating outlook is stable.
=============
E C U A D O R
=============
PETROECUADOR: President To Propose Tender for Ishpingo Oilfields
----------------------------------------------------------------
Ecuadorian state-run oil company Petroecuador said in a
statement that its president, Carlos Pareja, will propose to its
policy board plans to launch a tender for the Ishpingo-
Tambochocha-Tiputini oilfields in Amazon within 10 days.
Business News Americas relates that Petroecuador received
expressions of interest in the fields from state and private
sector oil firms worldwide.
The 190-hectare Ishpingo-Tambochocha-Tiputini fields the cover
areas of Amazon including the Cuyabeno and Yasuni zones. They
are expected to contain almost one billion barrels of oil
reserves. Development on the fields would require at least US$5
billion in investment, BNamericas states.
Petroecuador, according to published reports, is faced with
cash-problems. The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.
=====================
E L S A L V A D O R
=====================
MILLICOM INTERNATIONAL: Reports US$345MM First Qtr. Net Profit
--------------------------------------------------------------
Millicom International Cellular S.A. disclosed its financial
results for the quarter ended March 31, 2007.
The company's Subscriber increase for first quarter was 94%,
bringing total subscribers to 16.5 million. Revenues increased
86% in the first quarter to US$563 million. EBITDA increased
74% for the first quarter to US$248 million. Profit before
taxes from continuing operations for the first quarter was
US$129 million. Profit before discontinued operations and
minority interest for the first quarter was US$82 million. Net
Profit for the first quarter was US$345 million. Basic earnings
per common share for the first quarter was US$3.43.
Chief Executive Officer's Review
Millicom International's Chief Executive Marc Beuls commented,
"In the first quarter Millicom continued to deliver the high
levels of growth seen in 2006. First quarter revenues increased
by 86%, from US$303 million in first quarter 2006 to US$563
million in first quarter of 2007. EBITDA rose by 74% to US$248
million and the group margin was 44%.
"The strong subscriber intake continued with approximately 1.6
million subscribers added in the first quarter taking total
subscribers to 16.5 million. Capex for the first quarter was
US$183 million and is in line with our stated target of spending
US$800 million for the year, given that capex has traditionally
increased throughout the year. We have continued to invest in
the networks in all our regions, with capacity added in Central
America to handle the additional traffic from the move to per-
second billing; with a step-up in the network build-out in
Colombia; with significant investments in additional coverage
throughout most African countries; and with the continued
investment in Sri Lanka. The progress made in expanding the
networks in the Democratic Republic of Congo and Sri Lanka
enabled us to launch the 'tigo' brand in these countries in
January. Today DRC is our first market that is fully e-pin, and
offers per second billing as well. We are starting to see the
benefits of this offering and DRC had 194 thousand subscribers
by the end of the first quarter, which is encouraging.
"Central and South America continue to be the fastest growing
regions being the first to launch 'tigo' and being leaders in
offering e-pin. Per second billing was launched in all three
countries in Central America in late January, following the
success of per second billing in Paraguay in 2006, and the first
indications are encouraging. Revenues compared to the fourth
quarter, which is typically a very strong quarter, were
maintained in Central America. This is an encouraging sign for
the rest of the year because traffic has increased roughly 25%
in two months to compensate for the 25% effective tariff
reduction as a result of the introduction of per second billing.
This is similar to the price elasticity that we witnessed in
Paraguay throughout 2006. From first quarter 2006 to first
quarter 2007, Central America saw revenues increase 59% and
EBITDA rise by 73%, with a 55% EBITDA margin.
"In South America, excluding Colombia which was acquired in
fourth quarter 2006, underlying quarterly revenue growth was 70%
and EBITDA growth was 98%. Revenue growth in Paraguay was
particularly strong at 83%, continuing the trend that started in
early 2006 following the introduction of per second billing.
Progress in Colombia has been encouraging with subscribers
starting to rise and the EBITDA margin was higher than expected
at 21%, up from 16% last quarter. It is expected that revenues
will start to rise in Colombia in third quarter when the
distribution and the visibility of 'tigo' will have improved.
"In Africa, with revenues and EBITDA up by 55% and 30%,
respectively, we are already seeing the beneficial effect of the
launch of 'tigo' and we believe that in the future our African
businesses can achieve similar if not higher levels of growth
than those in Latin America. In the fourth quarter of 2006, we
removed a number of low revenue subscribers from the network in
Tanzania which affected net subscriber intake for the fourth
quarter but in 2007 subscriber growth has accelerated again.
Encouragingly the EBITDA margin in Africa as a whole improved
slightly from 36% in fourth quarter 2006 to 37% in first quarter
2007, reversing the recent quarterly downwards trend.
"In Asia, we introduced per-second billing in Cambodia in mid-
January 2007. Revenues were surprisingly strong given the
effective tariff reduction from the change to per-second
billing, and were up 15% versus the fourth quarter of 2006. In
Sri Lanka we are starting to see positive results following the
launch of 'tigo' in January. Revenues were up 42% versus the
first quarter of 2006 reflecting the investments that have been
made on the network in 2006 and early 2007. Overall, Asia
reported a 22% growth in revenues, an 11% growth in EBIDTA and a
margin of 41%. During the first quarter we completed the sale
of Paktel for an enterprise value of US$460 million and we
recorded a net gain on the sale of the business of US$258
million.
"The year started well for us and with per second billing, e-pin
and increasing capex fuelling growth in most of our markets, we
expect 2007 to be another record year."
Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A. --
http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa. It currently has cellular operations and licenses in 16
countries. The Group's cellular operations have a combined
population under license of around 391 million people.
The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras. The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay. The population under license in South
America at December 2005 is 15.2 million.
* * *
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'B-' senior unsecured debt ratings
on Luxembourg-headquartered emerging-markets wireless
telecommunications operator Millicom International Cellular S.A.
on CreditWatch with positive implications, following the signing
of an agreement for sale by Millicom of its 88.9% stake in
Paktel Ltd. to China Mobile Communications Corp.
Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.
=================
G U A T E M A L A
=================
BRITISH AIRWAYS: Appoints Julia Simpson as Communications Head
--------------------------------------------------------------
British Airways plc has appointed Julia Simpson as Head of
Corporate Communications with effect from August 2007.
Ms. Simpson will report to Chief Executive, Willie Walsh. She
will be responsible for corporate media relations, the newsdesk
and internal communications.
"British Airways is one of the U.K.'s highest profile business
brands, Mr. Walsh said. "This is one of the most important jobs
in communications and we are delighted that Julia is joining us.
Her background and experience are exactly what we need given the
wide-ranging communications agenda that we have over the medium
term."
Thomas Coops has agreed to continue as Head of Corporate and
Media Relations until the end of July to ensure a smooth
transition.
About British Airways
Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services. The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited. BA has offices in India and Guatemala.
* * *
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.
* Issuer: British Airways, Plc
Projected
Old POD New POD LGD Loss-iven
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
GBP100-million 10.875%
Sr. Unsec. Regular
Bond/Debenture
Due 2008 Ba2 Ba2 LGD5 84%
GBP250-million 7.25%
Sr. Unsec. Regular
Bond/Debenture
Due 2016 Ba2 Ba2 LGD5 84%
As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.
=============
J A M A I C A
=============
AIR JAMAICA: Provides Further Business Growth, Says Wendy Cole
--------------------------------------------------------------
Barbados-based operator Almond Resorts has credited Air Jamaica
for adding significantly to its growth from the North American
market, the Caribbean Net News reports.
Wendy Cole, Almond Resorts' Vice President of Sales & Marketing
for North America told the Carribean Net News that Air Jamaica's
service from New York and other U.S. cities over the Montego Bay
hub provides assistance in both sustaining and growing business
for its two properties in Barbados and its two in St. Lucia.
Air Jamaica is a very significant player for Almond Resorts'
business from the US market, Carribean Net News relates, citing
Ms. Cole. "Air Jamaica continues to be a key component for the
success of the Almond brand and I hope to see continued growth,
not only as we expand, but as Air Jamaica expands its Eastern
Caribbean operations," she added.
According to the news, Ms. Cole is encouraged by new business at
Almond's newest property in St Lucia, Almond Smugglers Cove,
which opened this year whose success she hopes to replicate in
the new property, Almond Casuarina Beach Resort in Barbados,
which will be unveiled later in the year.
Reports show that Air Jamaica's Vice President of Sales, George
deMercado, disclosed that his team is committed to redoubling
its efforts to serve the needs of both Caribbean nationals and
Caribbean hoteliers. "We are thankful for Almond's strong
support of our service, and we look forward to collaborating
further to offer convenient and affordable vacation packages to
the travelling public this year," Mr. deMercado stated.
Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com-- was founded in 1969. It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America. Air Jamaica offers vacation packages
through Air Jamaica Vacations. The company closed its intra-
island services unit, Air Jamaica Express, in October 2005. The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004. The
government had owned 25% of the company after it went private in
1994. The Jamaican government does not plan to own Air Jamaica
permanently.
* * *
On July 21, 2006, Standard & Poor's Rating Services assigned B
long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, is based on the government's
unconditional guarantee of both principal and interest payments.
===========
M E X I C O
===========
AMERICAN TOWER: Subsidiary Begins Tender Offer for 7.25% Notes
--------------------------------------------------------------
American Tower Corporation's wholly owned subsidiary, American
Towers, Inc. has commenced a cash tender offer for any and all
of its outstanding US$325,075,000 aggregate principal amount of
7.25% Senior Subordinated Notes due 2011 on the terms and
subject to the conditions set forth in its Offer to Purchase and
Consent Solicitation Statement dated April 23, 2007, and the
related Consent and Letter of Transmittal. The company is also
soliciting consents to certain proposed amendments to the
indenture governing the Notes to eliminate most of the
restrictive covenants and certain events of default. The tender
offer documents more fully set forth the terms of the tender
offer and consent solicitation.
The tender offer will expire at midnight, New York City time, on
May 18, 2007, unless extended or earlier terminated by the
company. The company reserves the right to terminate, withdraw
or amend the tender offer and consent solicitation at any time
subject to applicable law.
The total consideration for each US$1,000 principal amount of
Notes tendered and accepted for purchase pursuant to the tender
offer will be determined as specified in the Statement, on the
basis of a yield to the first redemption date equal to the sum
of:
(i) the yield (based on the bid side price) of the U.S.
Treasury Security specified in the Statement, as
calculated by Credit Suisse Securities (USA) LLC
in accordance with standard market practice on the
price determination date, plus
(ii) a fixed spread of 50 basis points.
The company will pay accrued and unpaid interest up to, but not
including, the applicable payment date.
Each holder who validly tenders its Notes and delivers consents
on or prior to 5:00 p.m., New York City time, on May 4, 2007
shall be entitled to a consent payment, which is included in the
total consideration above, of US$30 for each US$1,000 principal
amount of Notes tendered by such holder if such Notes are
accepted for purchase pursuant to the tender offer. Holders who
tender Notes are required to consent to the proposed amendments
to the indenture. Any tender of Notes may be validly withdrawn
and consents may be validly revoked at any time prior to the
time at which the company has received sufficient consents with
respect to the proposed amendments to the indenture, accepted
for payment then-tendered Notes and executed the Supplemental
Indenture, but not thereafter unless the tender offer and
consent solicitation are terminated without any Notes being
purchased. Holders who tender Notes after the consent date will
not receive the consent payment.
The company has reserved the right to accept for purchase at any
time following the Consent Date but prior to the Expiration Date
all Notes then validly tendered. If the company elects to
exercise this option, it will pay for such Notes on a date
promptly following the Early Acceptance Time. On the Early
Payment Date, the company will also pay accrued and unpaid
interest up to, but not including, the Early Payment Date on the
Notes accepted for purchase.
Subject to its right to exercise this early acceptance option,
the company currently expects to accept for purchase, and pay
the total consideration (as to all Notes tendered prior to the
Consent Date) and the tender offer consideration (which is the
total consideration less the cash consent payment, as to all
Notes tendered after the Consent Date) with respect to, all
validly tendered Notes on a date promptly following the
Expiration Date. On the Final Payment Date, the company will
also pay accrued and unpaid interest up to, but not including,
the Final Payment Date on the Notes accepted for purchase.
The company's obligation to accept for purchase, and to pay for,
Notes validly tendered and not validly withdrawn pursuant to the
tender offer and consent solicitation is subject to the
satisfaction or waiver of certain conditions, including the
receipt of sufficient consents with respect to the proposed
amendments to the indenture and the consummation of a new debt
financing by a trust formed by an affiliate of the company. The
complete terms and conditions of the tender offer and the
consent solicitation are set forth in the tender offer documents
that are being sent to holders of Notes. Holders are urged to
read the tender offer documents carefully.
The company has retained Credit Suisse to act as Dealer Manager
in connection with the tender offer and consent solicitation.
Questions about the tender offer and consent solicitation may be
directed to Credit Suisse at 212-325-7596 (collect). Copies of
the tender offer documents and other related documents may be
obtained from D.F. King & Co., Inc., the information agent for
the tender offer and consent solicitation, at 800-967-7921 (toll
free) or 212-269-5550 (collect).
Headquartered in Boston, Massachusetts, American Tower Corp.
(NYSE: AMT) -- http://www.americantower.com/-- is an
independent owner, operator and developer of broadcast and
wireless communications sites in the United States, Mexico and
Brazil. American Tower owns and operates over 22,000 sites in
the United States, Mexico, and Brazil. Additionally, American
Tower manages approximately 2,000 revenue producing rooftop and
tower sites.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Moody's Investors Service upgraded the corporate
family rating of American Tower Corp. to Ba1 from Ba2, affirmed
the company's SGL-1 liquidity rating and changed the ratings of
its various debt instruments pursuant to the loss given default
methodology. This concludes the ratings review commenced
Dec. 11, 2006. Moody's said the outlook is stable.
As reported in the Troubled Company Reporter-Latin America on
Feb. 14, 2007, Fitch Ratings has upgraded the ratings on
American Tower Corp. and its subsidiaries as:
American Tower Corp.
-- Issuer Default rating to 'BB+' from 'BB-';
-- Senior Unsecured notes to 'BB+' from 'BB-'.
American Towers Inc.
-- IDR to 'BB' from 'BB-'.
SpectraSite Communications Inc.
-- IDR to 'BB' from 'BB-'.
CINEMARK HOLDINGS: Prices Initial Public Offer, US$19 per Share
---------------------------------------------------------------
Cinemark Holdings, Inc. declared the pricing of its initial
public offering of 28,000,000 shares of common stock at a price
of US$19.00 per share. Cinemark Holdings is offering 13,888,889
shares of its common stock in this initial public offering, and
selling stockholders are offering an additional 14,111,111
shares. The selling stockholders have also granted the
underwriters a 30-day option to purchase up to an aggregate of
2,800,000 additional shares of common stock if the underwriters
sell more than 28,000,000 shares in the offering. Cinemark
Holdings will not receive any proceeds from the sale of shares
by the selling stockholders.
The shares are scheduled to begin trading on the New York Stock
Exchange on April 24, 2007, under the ticker "CNK."
Cinemark Holdings intends to use the net proceeds that it
receives from the initial public offering to repurchase a
portion of its outstanding 9-3/4% senior discount notes or repay
debt outstanding under its new senior secured credit facility.
The company's 9-3/4% senior discount notes are not currently
subject to repurchase at its option. Accordingly, if Cinemark
Holdings, Inc. is unable to repurchase the 9-3/4% senior
discount notes at prices that it deems acceptable, the net
proceeds that it receives from this offering will be used to
repay term loan debt outstanding under its new senior secured
credit facility.
Cinemark Holdings, Inc. -- http://www.cinemark.com/ -- a leader
in the theatre exhibition industry, operates 395 theatres and
4,479 screens in 37 states in the United States and
internationally in 13 countries, primarily in Mexico and South
and Central America.
* * *
As reported in the Troubled Company Reporter on Dec. 7, 2006,
Standard & Poor's Ratings Services revised its outlook on
Cinemark Inc. and subsidiary Cinemark USA Inc., which are
analyzed on a consolidated basis, to positive from stable. At
the same time, Standard & Poor's affirmed its existing ratings
on Cinemark, including the 'B' corporate credit ratings. The
Plano, Texas-based movie exhibitor had about US$3.1 billion in
total debt, including capitalized operating leases and pro forma
for its new senior secured credit facility, which closed on
Oct. 5, 2006.
FOAMEX INT'L: Sets 1-for-4 Reverse Stock Split Effective Date
-------------------------------------------------------------
Foamex International Inc. reported that the effective date for a
one-for-four reverse stock split of its issued and outstanding
common stock will be the close of business on April 30, 2007.
As previously announced, the one-for-four reverse stock split
was approved by the Board of Directors of the company and a
majority of holders of the company's common stock. The reverse
stock split will reduce the number of shares of the company's
issued and outstanding common stock from approximately 93.3
million to approximately 23.3 million.
As a result of the reverse stock split, every four shares of the
company's common stock will be combined into one share of common
stock. Fractional shares will be aggregated and sold by the
company's exchange agent and the resulting cash will be paid in
lieu of the fractional shares equal to their pro rata share of
total net proceeds of these sales. Stockholders will not be
entitled to receive interest for the period of time between the
effective date of the reverse stock split and the date the
stockholder receives any cash payment. All of the company's
common stock, stock options and other convertible securities
that are outstanding immediately prior to the reverse stock
split will be proportionately adjusted.
The company has received a new CUSIP identification number
(344123 203) for its post-reverse stock split common stock.
Foamex International has retained its transfer agent, Mellon
Investor Services LLC, to serve as its exchange agent and to
manage the exchange of older, pre-reverse stock split
certificates. Stockholders of record at the close of business
on April 30, 2007, will be furnished with instructions for
exchanging their stock certificates for new stock certificates.
Stockholders with shares held in street name with a brokerage
firm will have their accounts adjusted by their respective
brokers. Stockholders should not destroy any stock certificates
and should not submit any certificates to the company's transfer
agent until requested to do so. For further information,
shareholders and securities brokers should contact Mellon
Investor Services LLC at (800) 777-3674.
Headquartered in Linwood, Pennsylvania, Foamex International
Inc. manufactures and distributes flexible polyurethane and
advanced polymer foam products. As of Jan. 1, 2006, the
company's operations were conducted through its wholly owned
subsidiary, Foamex L.P., and through Foamex Canada Inc., Foamex
Latin America, Inc. and Foamex Asia, Inc., which are wholly
owned subsidiaries of Foamex L.P. The company has five business
segments: Foam Products, Carpet Cushion Products, Automotive
Products, Technical Products and Other Products. The company's
Latin American subsidiary is in Mexico. On Sept. 19, 2005, the
company and certain of its domestic subsidiaries, including
Foamex L.P., the company's primary operating subsidiary, filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for
the District of Delaware. On Feb. 12, 2007, the company emerged
from bankruptcy.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 16, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on Linwood, Penn.-based Foamex L.P. to
'B' from 'D', following the company's emergence from bankruptcy
on Feb. 12, 2007. S&P affirmed all other ratings. S&P said the
outlook is stable.
As reported in the Troubled Company Reporter on Dec. 8, 2006,
Moody's Investors Service has assigned a B2 corporate family and
probability of default ratings on Foamex L.P. Concurrently,
Moody's has assigned a B1 rating to the company's US$425 million
first lien senior secured Term Loan B and a Caa1 rating to its
US$190 million second lien senior secured term loan (expected to
be downsized to US$175 million). Moody's said the ratings
outlook is stable.
GOODYEAR TIRE: Amends & Restates Credit Facilities
--------------------------------------------------
The Goodyear Tire & Rubber Company has closed on an amendment
and restatement of three of its credit facilities. Significant
changes to the amended and restated agreements include:
- an extension of maturity until 2013, a reduction of the
applicable interest rate by between 50 and 75 basis points
and a more flexible covenant package on the company's
US$1.5 billion asset-based revolving credit facility;
- an extension of maturity until 2014, a reduction of the
applicable interest rate by 100 basis points, which will be
further reduced by 25 basis points if Goodyear's credit
ratings are 'BB-' and 'Ba3' or higher, and a more flexible
covenant package on the company's US$1.2 billion second
lien term loan; and
- the conversion of the EUR155 million term loan portion of
the existing facility to a revolving facility, an extension
of maturity until 2012, a reduction of the applicable
interest rate by 75 basis points and 37.5 basis points and
a more flexible covenant package on the company's
EUR505 million European credit facility.
"This refinancing action reduces the company's interest
expense," Richard J. Kramer, president, North American Tire and
chief financial officer, said. "Creates additional operational
flexibility, extends maturities and helps address the company's
efforts to improve Goodyear's balance sheet. The company
anticipates annualized interest expense savings of US$15 million
to US$20 million."
About Goodyear Tire and Rubber Company
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, Jamaica and Peru in Latin America. Goodyear employs
more than 80,000 people worldwide.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Fitch Ratings affirmed ratings for The Goodyear
Tire & Rubber Co. and revised the rating outlook to positive
from stable:
-- Issuer Default Rating 'B';
-- US$1.5 billion first-lien credit facility 'BB/RR1';
-- US$1.2 billion second-lien term loan 'BB/RR1';
-- US$300 million third-lien term loan 'B/RR4';
-- US$650 million third-lien senior secured notes 'B/RR4';
-- Senior unsecured debt 'CCC+/RR6'.
GRUPO MEXICO: Mexican Court Rejects Ferromex-Ferrosur Merger
------------------------------------------------------------
The Mexican supreme court has sustained the Comision Federal de
Competencia's decision to reject the proposed merger between
rail companies Ferromex and Ferrosur, both controlled by mining
and transport conglomerate Grupo Mexico SA de C.V., La Jornada
reports.
As reported in the Troubled Company Reporter-Latin America on
June 28, 2006, CFC rejected Grupo Mexico's merger request after
Kansa City Southern pointed out that the move would hurt
competition. CFC ruled that the merger would give Grupo Mexico
dominance in Mexican regions like Mexico City as well as in the
Veracruz port. Grupo Mexico insisted that the merger is
necessary for Ferromex, which it had acquired from Carlos Slim,
to compete in the rail sector as Kansas City Southern enjoys
advantages of a seamless network between the US and Mexico.
Juan Rebolledo, Grupo Mexico's vice president for international
affairs, said that the company was considering an appeal and
could also bring the matter to court.
Business News Americas relates that Ferromex asked the court to
suspend the CFC decision. The court rejected that request.
According to La Jornada, the court also ruled that CFC can
continue its investigations into whether Ferromex and Ferrosur
fix prices, agree on which markets each company will compete in,
or cut back supply, each of which could be sanctioned as a
monopolistic practice.
Grupo Mexico said that it would consider selling Ferromex and
Ferrosur if the legal process fails, BNamericas states.
Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'. Fitch said the rating outlook is stable.
GUESS? INC: Morgan Keegan Assigns "Outperform" Rating on Firm
-------------------------------------------------------------
Newratings.com reports that Morgan Keegan & Co. analysts have
assigned an "outperform" rating on Guess? Inc's shares.
According to a Newratings.com report on Feb. 28, the analysts
assigned a "market perform" rating on Guess?'s shares, saying
that the firm had substantial long-term growth potential in the
international markets. However, the analysts expressed in the
report their concern regarding the adverse affect of any decline
in "comps" or the absence of market acceptance for any of
Guess?'s new concepts on the valuation multiple of the company's
stock going forward.
Newratings.com notes that the analysts mentioned in a research
note published on April 23 that "channel checks show that Guess?
is generating comp ahead of the L-MSD expectations, due to
trend-right merchandise. Concerns over Guess?'s denim business
appear unjustified."
Guess? is likely to beat the earnings per share estimates for
the first quarter 2007 due to 7% same-store sales growth,
Newratings.com states, citing Morgan Keegan.
The Associated Press relates that same-store sales, or sales in
stores open at least one year, are a key measure of retail
industry performance. They measure growth at existing stores
rather than growth from expansion.
Morgan Keegan analyst Brad A. Stephens said the "trend-right
merchandise" is driving same-store sales gains, the AP states.
According to Mr. Stephens, inventories look clean, with markdown
levels below prior-year levels and that Guess? has global
opportunities to grow longer term. "Over the next three to five
years, the company believes it can increase European sales to
US$600 million to US$800 million, from about US$250 million last
year. We believe Asia could approach these levels over the next
five to seven years as Guess has recently begun opening stores
in South Korea and China," Mr. Stephens said.
Mr. Stephens said he was "extremely impressed" by Guess?'s new
retail concepts Guess Footwear and G by Guess, which is a new
retail store concept offering apparel and accessories at prices
between Guess? retail stores and Guess? factory stores, AP
states.
Guess?, Inc. -- http://www.guess.com-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products. The company
owns and operates retail stores in the United States, Canada and
Mexico. The company also distributes its products through
better department and specialty stores around the world.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 8, 2006, Standard & Poor's Ratings Services raised its
ratings on Los Angeles-based specialty apparel retailer Guess?
Inc. to 'BB' from 'BB-'. S&P said the outlook is positive.
=================
N I C A R A G U A
=================
XEROX CORP: Declares 24 Cents per Share First Quarter Earnings
--------------------------------------------------------------
Xerox Corporation declared first-quarter 2007 earnings per share
of 24 cents.
The company's earnings include a 2-cent charge to reflect its
share of a restructuring charge recorded by Fuji Xerox Co., Ltd.
This previously announced restructuring was initially expected
to be a 3-cent charge to Xerox's first-quarter earnings.
Total revenue of US$3.8 billion grew 4 percent in the first
quarter. Post-sale and financing revenue -- Xerox's annuity
streams that represent more than 70 percent of total revenue --
increased 6 percent. This growth was largely driven by a 7
percent increase in post-sale revenue from digital systems.
Both total revenue and post-sale revenue included a currency
benefit of 3 percentage points.
"Xerox's growth strategy focuses on increasing our install base
of digital technology through new products and broader
distribution, strengthening our leadership in color, and
expanding our services business. Success in these areas builds
a healthy annuity stream that serves our company well for the
long term," said Anne M. Mulcahy, Xerox chairman and chief
executive officer. "Our results in the first quarter show that
the strategy is working. We delivered solid activity gains,
grew color revenue, and signed big deals for Xerox's document
management services -- all of which contribute to steady annuity
growth.
"Along with progress on the top line, excellent operational
performance and improved margins led to a 17 percent increase in
net income and earnings that exceeded our expectations," added
Ms. Mulcahy.
A fundamental measure of Xerox's business is increasing the
number of Xerox systems installed in customers' workplaces.
This install activity generates sales of supplies and services
that are expected to drive gains in post-sale revenue. As Xerox
accelerated activity in key markets during the first quarter,
the continued impact of pricing declines put pressure on
equipment sales, which were down 2 percent including a 2-point
benefit from currency.
Since the beginning of the year, Xerox has introduced 19 new
products, half of which are color products, surpassing the 14
total product launches in 2006. The company plans to more than
double its number of product launches this year. More than two-
thirds of Xerox's equipment sales come from products launched in
the past two years.
Xerox is growing color revenue through the industry's broadest
portfolio of color presses, printers and multifunction devices,
and new marketing campaigns that promote the quality and
affordability of color printing as seen on www.frugalcolor.com.
Revenue from color grew 17 percent in the first quarter and now
represents 37 percent of Xerox's total revenue, up 4 points from
the first quarter of 2006. Xerox color presses produce the
highest volume of pages in the industry and last year more than
30 billion color pages were printed on Xerox technology. In the
first quarter, color pages contributed to a 21 percent increase
in post-sale revenue from color.
Xerox services help businesses simplify work processes, manage
office technology and in-house print shops, digitize paper
files, create digital archives and much more. Through
multiyear, multimillion dollar contracts, the company's document
management services generated nearly US$800 million in annuity
revenue in the first quarter, a 10 percent increase in post-sale
revenue from services.
Xerox's production business provides commercial printers and
document-intensive industries with high-speed digital printing
and services that enable on-demand, personalized printing.
Total production revenue increased 5 percent in the first
quarter including a 4-point currency benefit. Installs of
production black-and-white systems declined 7 percent with
growth in light production and continuous feed only partially
offsetting declines in higher-end production printing.
Production color installs grew 4 percent reflecting strong
activity for the Xerox iGen3(R) Digital Production Press and
continued demand for the DocuColor(R) 5000.
Xerox's office business provides document technology and
services for businesses of any size. Total office revenue was
up 2 percent in the first quarter including a 2-point currency
benefit. Installs of office black-and-white systems were down 5
percent due to activity declines for desktop devices, which were
only partially offset by 11 percent growth in the company's mid-
range line of multifunction devices. Strong demand for Xerox's
color WorkCentre(R) families led to a 71 percent increase in
install activity for color multifunction systems.
In addition to new product and service offerings, Xerox is
making aggressive moves to expand its presence in the fast
growing small and mid-size business or SMB market. Earlier this
month, Xerox agreed to acquire Global Imaging Systems for US$1.5
billion, which, upon closing, will give Xerox access to about
200,000 new customers and increase its U.S. distribution to SMB
customers by more than 50 percent. Expected to close in mid-
May, the acquisition of Global Imaging builds on Xerox's
announcement in February to increase its investments in sales
channels by providing more offerings to value-added resellers
and independent agents.
"We're playing offense in the marketplace and we're playing to
win," said Ms. Mulcahy.
Gross margins were 40.6 percent, about a half point improvement
from first quarter of 2006. Selling, administrative and general
expenses were 24.9 percent of revenue, a year-over-year
improvement of 1.7 points.
Xerox generated operating cash flow of US$187 million in the
first quarter and closed the quarter with US$1.3 billion in cash
and short-term investments.
Since launching its stock buyback program in October 2005, the
company to date has repurchased about 114 million shares,
totaling US$1.7 billion of its US$2.5 billion program.
Xerox expects second-quarter 2007 earnings in the range of 26-28
cents per share.
Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services. Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors. The company has operations in Japan, Italy and
Nicaragua.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Fitch Ratings has affirmed Xerox Corp.'s and its
subsidiary's ratings:
Xerox Corp.
-- Trust preferred securities at 'BB';
-- Issuer Default Rating at 'BBB-';
-- Unsecured credit facility at 'BBB-'; and
-- Senior unsecured debt at 'BBB-'.
Xerox Credit Corp.
-- Issuer Default Rating at 'BBB-'; and
-- Senior unsecured debt at 'BBB-'.
As reported in the Troubled Company Reporter-Latin America on
April 4, 2007, Standard & Poor's Ratings Services placed its
ratings on Xerox Corp., including the 'BB+' corporate credit
rating, on CreditWatch with positive implications. The
CreditWatch placement reflects the company's announcement that
it has reached an agreement in principle to acquire Global
Imaging Systems Inc. for approximately US$1.5 billion in cash.
===========
P A N A M A
===========
* PANAMA: Lobbies for Free-Trade Accord with the United States
--------------------------------------------------------------
Panama, along with Peru and Colombia, have intensified lobbying
efforts to ensure that its country's free-trade accord with the
United States would get the latter's congressional approval,
published reports say.
According to the Los Angeles Times, U.S. Congress is set to
consider free trade agreements with various nations, and to
decide whether to extend the president's power to negotiate such
agreements before it expires at the end of June.
Pablo Bachelet, at the Miami Herald, says top-notch lobbyists
hired by Panama, and other countries seeking approval of their
respective trade accords, have focused their pitch on the fact
that rejecting the accords would weaken U.S. standing in Latin
American and hand anti-U.S. populists like Venezuelan President
Hugo Chavez a propaganda victory.
Mr. Bachelete relates House Ways and Means Committee Chairman
Rep. Charles Rangel, and the head of the panel's trade
subcommittee, Rep. Sander Levin, has unveiled a list of demands
that includes everything from combating global warming to
appointing a U.S. "trade enforcer" targeting nations believed to
be trading unfairly with the United States. These include
allowing workers to form trade unions and barring child labor.
Mr. Bachelet says the two sides left the labor chapters blank
until an agreement is reached with Democrats. There's talk of
crafting a binding side agreement to placate Democrats -- what
Panamanian Ambassador Federico Humbert called an "enforceable
protocol."
* * *
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 E R U
=======
* PERU: Lobbies for Free-Trade Accord with the United States
------------------------------------------------------------
Peruvian President Alan Garcia embarked on a two-day visit to
Washington to ensure that his country's free-trade accord with
the United States would get the latter's congressional approval.
"It is vital to our country," Pres. Garcia was quoted by Nicole
Gaouette at Los Angeles Times as saying. Citing Peru's 8
percent growth in 2006, he said that "this growth needs a
greater space and a greater degree of investment, and for that
the FTA [free-trade agreement] is essential."
According to the Times, U.S. Congress is set to consider free
trade agreements with various nations, and to decide whether to
extend the president's power to negotiate such agreements before
it expires at the end of June.
Pablo Bachelet, at the Miami Herald, says top-notch lobbyists
hired by Peru, and other countries seeking approval of their
respective trade accords, have focused their pitch on the fact
that rejecting the accords would weaken U.S. standing in Latin
American and hand anti-U.S. populists like Venezuelan President
Hugo Chavez a propaganda victory.
Peru's trade deal with the U.S. faces Democrats' concerns that
it favors corporate interests and do little to advance labor or
environmental rights, Mr. Bachelet says.
Mr. Bachelete relates House Ways and Means Committee Chairman
Rep. Charles Rangel, and the head of the panel's trade
subcommittee, Rep. Sander Levin, has unveiled a list of demands
that includes everything from combating global warming to
appointing a U.S. "trade enforcer" targeting nations believed to
be trading unfairly with the United States. These include
allowing workers to form trade unions and barring child labor.
However, Peru asserts that its pact has already been negotiated
and ratified by its legislature, so it flatly refused to make
any changes, Mr. Bachelet says.
* * *
As reported in the Troubled Company Reporter on Nov. 22, 2006,
Standard & Poor's Ratings Services raised its long-term foreign
currency sovereign credit rating on the Republic of Peru to
'BB+' from 'BB' and its long-term local currency sovereign
credit rating to 'BBB-' from 'BB+'. Standard & Poor's also
raised its short-term local currency sovereign credit rating to
'A-3' from 'B', and affirmed its 'B' short-term foreign currency
sovereign credit rating on the republic. The outlook on the
ratings was revised to stable from positive. Standard & Poor's
also raised its assessment of the risk of transfer and
convertibility to 'BBB' from 'BBB-'.
* PERU: Obtains US$20-Million Loan from World Bank
--------------------------------------------------
The World Bank's Board of Executive Directors approved a
US$20-million loan for Peru to support economic growth among the
rural population in the Andean highlands, or Sierra region.
The Sierra Rural Development Project will ensure that rural
inhabitants in the Sierra have better economic opportunities by
promoting "strategic partnerships" and local economic
development through producer-market ties, building food security
through subsistence farming, creating off-farm employment
opportunities, and strengthening regional governments and local
development organizations.
"This project is a direct contribution to the development of
Peru's rural potential. It seeks to remove long-standing
obstacles and inequities that have left 58 percent of the rural
population in the Andean highlands in extreme poverty," said
Marcelo Giugale, World Bank Director for Bolivia, Ecuador, Peru,
and Venezuela.
The Sierra region of Peru includes all areas of the Andes above
2,000 meters, and has a population of 10.6 million, of which
about 60 percent (6.3 million) live in rural areas. Most rural
inhabitants (roughly three-quarters) are indigenous people, most
are poor, and most are dependant on subsistence agriculture.
The 2002 National Household Survey conducted by INEI (the
National Institute of Statistics and Information) put poverty in
the rural Sierra at 82 percent and extreme poverty at about 58
percent. While the rural Sierra has less than 25 percent of
Peru's population it accounts for 54 percent of the extreme
poor.
Specifically, the project will support the following activities:
a) Promote rural growth and business opportunities by
supporting the design and implementation of subprojects
(proposed by groups of small rural produces) to improve
their production, market access, and income. This
component seeks to implement about 620 rural business
subprojects benefiting an estimated 18,600 families,
including an increase of at least 25 percent in the
profits of participating rural producers.
b) Improve food security, nutrition and overall well-being
among poor families. This component will support the
design and implementation of subprojects to diversify,
expand, and improve the production of rural families in
areas that have limited access to markets. Examples of
possible subprojects include using improved cultivation
techniques, soil conservation and water retention methods,
optimized input use, and plant protection. As a result
of this component, an estimated 35,000 rural families will
attain increased and diversified production, greater food
security, improved standards of living, and higher income
when possible.
c) Finance a national Sierra Development Unit to prioritize
and harmonize government and donor projects and programs,
and private-sector investments across all sectors in the
Sierra region.
"This project seeks to alleviate poverty in Peru's Sierra region
through a concerted effort to create sustainable and equitable
growth, increase human capacity and security, and strengthen
local institutions," said Mark Austin, World Bank task manager
for the project. "It will improve the economic conditions of
approximately 53,600 rural families in the areas of Apurimac,
Ayacucho, Huancavelica, Junin, Hu nuco, and Pasco."
The US$20 million, fixed-spread loan is repayable in one year,
including 11 years of grace.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.
=====================
P U E R T O R I C O
=====================
HOLLINGER INC: Selling La Republica to SRB CR for US$2 Million
--------------------------------------------------------------
Canadian company Hollinger Inc. is selling its shares in La
Republica newspaper in Costa Rica for US$2 million in cash to
SRB CR Limitada, according to a report from the Canadian Press.
The report says the sale is expected to close in May.
In a press statement, Hollinger clarified certain disclosures
made in the second full paragraph on page 29 of its
March 7, 2007 Annual Information Form concerning changes to the
constitution of its Board of Directors in 2005:
On July 8, 2005, Mr. Justice Campbell of the Ontario Superior Court
of Justice approved a Consent Order reconstituting Hollinger's
Board of Directors. The Consent Order confirmed an agreement
between Hollinger and its then remaining four directors (Messrs.
Carroll, Metcalfe, Wakefield and Walker), among others, pursuant to
which five new independent directors would be appointed, provided
that each such proposed director accepted his appointment, and two
of the then four directors would resign as directors, as determined
by the then four directors. Messrs. Carroll and Walker opted to
resign from the board at that time.
About Hollinger Inc.
Based in Toronto, Ontario, Hollinger Inc. (TSX: HLG.C)(TSX:
HLG.PR.B) -- http://www.hollingerinc.com/-- owns approximately
70.1% voting and 19.7% equity interest in Sun-Times Media Group
Inc. (formerly Hollinger International Inc.), a newspaper
publisher with assets, which include the Chicago Sun-Times and a
large number of community newspapers in the Chicago area.
Hollinger also owns a portfolio of commercial real estate in
Canada.
Litigation Risks
Hollinger Inc. faces various court cases and investigations:
(1) a consolidated class action complaint filed in Chicago,
Illinois;
(2) a class action lawsuit that was filed in the Saskatchewan
Court of Queen's Bench on Sept. 7, 2004;
(3) a US$425,000,000 fraud and damage suit filed in the State
of Illinois by International;
(4) a lawsuit seeking enforcement of a Nov. 15, 2003,
restructuring proposal to uphold a Shareholders' Rights
Plan, a declaration that corporate by-laws were invalid
and to prevent the closing of a certain transaction;
(5) a lawsuit filed by International seeking injunctive
relief for the return of documents of which it claims
ownership;
(6) a US$5,000,000 damage action commenced by a lessor of an
aircraft lease, in which Hollinger was the guarantor;
(7) an action commenced by the United States Securities and
Exchange Commission on Nov. 15, 2004, seeking injunctive,
monetary and other equitable relief; and
(8) investigation by the enforcement division of the OSC.
UNIVISION COMM: Commences Consent Solicitation for Senior Notes
---------------------------------------------------------------
Univision Communications Inc. commenced soliciting consents for
amendments to the indenture and other applicable documents
governing the series of notes specified below to conform to the
reporting obligations contained in the company's Senior Notes
Indenture, dated March 29, 2007, governing its 9.75%/10.50%
Senior Notes due 2015.
The consents are being solicited from holders of the following
series of notes:
-- 3.500% Senior Notes due 2007;
-- 3.875% Senior Notes due 2008; and
-- 7.85% Senior Notes due 2011.
The company is offering a consent fee of US$2.50 for each
US$1,000 in principal amount of notes, as to which the holder
provides a consent. Approval of the proposed amendments
requires the consent of the holders of not less than a majority
in principal amount of the outstanding notes of each series.
Consents will be solicited from holders of record of each series
of notes as of April 23, 2007, the record date.
The consent solicitations will expire at 5:00 p.m., New York
City time, on May 2, 2007, unless extended. Holders may deliver
their consents to the Tabulation Agent as described in the
consent solicitation statement at any time before the expiration
date.
The company has retained Credit Suisse Securities (USA) LLC to
serve as Solicitation Agent for the solicitation, and D.F. King
& Co., Inc. to serve as the Information and Tabulation Agent.
Copies of the consent solicitation statement, consent form and
related documents may be obtained at no charge by contacting the
Information Agent by telephone at (800) 829-6551 (toll free) or,
for banks and brokers, (212) 269-5550 (call collect). Questions
regarding the solicitation may be directed to: Credit Suisse
Securities (USA) LLC, Eleven Madison Avenue, New York, New York,
10010, Call Collect: (212) 325-7596, Attn: Liability Management
Group.
The solicitation presents certain risks for holders who consent,
as set forth more fully in the consent solicitation statement.
That document contains important information, and holders should
read it carefully before making any decision.
Headquartered in Los Angeles, Calif., Univision Communications
Inc., (NYSE: UVN) -- http://www.univision.net/-- owns and
operates more than 60 television stations in the U.S. and Puerto
Rico offering a variety of news, sports, and entertainment
programming. The company had about US$2.6 billion in debt at
Dec. 31, 2006.
* * *
As reported in the Troubled Company Reporter - Latin America on
Feb. 20, 2007, Fitch expects to downgrade the Issuer Default
Rating for Univision Communications Inc to 'B' from 'BB' and
expects to rate the proposed financings as:
-- US$750 million revolving senior secured credit facility
due 2014 'B+/RR3';
-- US$7 billion senior secured term loans due 2014 'B+/RR3';
-- US$500 million second lien term loan due 2009
'B-/RR5'; and
-- US$1.5 billion senior unsecured notes due 2015 'CCC+/RR6'.
=================================
T R I N I D A D & T O B A G O
=================================
MIRANT CORP: Bowline Can Assume US$200-Million Insurance Policy
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
approved Mirant Bowline LLC, an affiliate of Mirant Corp., to
assume an insurance policy -- Owner's Title of Insurance Policy
No. 26-031- 92-56864 -- issued by Fidelity National Title
Insurance Company of New York for US$200,716,836.
As reported in the Troubled Company Reporter on March 21, 2007,
Jeff P. Prostok, Esq., at Forshey & Prostok LLP, in Fort Worth,
Texas, informs the Court that the Insurance Policy covered
certain real property purchased by Mirant Bowline located in
the Town of Haverstraw and the Village of West Haverstraw,
County of Rockland, New York. The Insurance Policy became
effective on July 1, 1999.
Mr. Prostok asserts that the Fidelity Insurance Policy is
economically beneficial to Mirant Bowline. In addition,
Mirant Bowline is current on all prepetition and postpetition
obligations under the Insurance Policy, and the requirements of
Section 365(b)(1) of the Bankruptcy Code governing the treatment
of defaults in contracts and unexpired leases do not apply.
Accordingly, Mr. Prostok said, there are no cure amounts as of
the assumption of the Insurance Policy.
About Mirant Corp.
Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines. Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao. Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally. Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
Thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring. When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts. The
Debtors emerged from bankruptcy on Jan. 3, 2006. Mirant NY-Gen,
LLC, Mirant Bowline, LLC, Mirant Lovett, LLC, Mirant New York,
Inc., and Hudson Valley Gas Corporation, were not included and
have yet to submit their plans of reorganization. (Mirant
Bankruptcy News, Issue No. 121; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
RENTOKIL INITIAL: Acquiring 65% Stake in Beijing Taiming
--------------------------------------------------------
Rentokil Initial plc has reached agreement with Beijing Taiming
Technology Ltd. to purchase 65% of its pest control business in
China for a maximum consideration of RMB130 million (GBP8.38
million) based on strict performance criteria. The company will
be renamed Rentokil Taiming.
Beijing Taiming is the leading pest control operation in China
and owns various patents in fumigation technology.
The company was established in September 1998. It has developed
and patented a range of fumigators for indoor insect control.
It also has a range of proprietary formulated insecticidal
products. The service deals comprehensively with all common
urban pest problems both in residential and commercial
environments, reducing the risk of spreading vector diseases.
In particular, the fumigator kills 100% of mosquitoes in indoor
environments within minutes.
"We are delighted to announce that after two years of building
our foundation in China, we can now serve both residential and
commercial sectors delivering pest control service and products
to the market," David Liu, Regional Managing Director - Asia
Pacific of Rentokil Initial, said. "Our new partner has already
registered patents in China, Canada, South Africa and the United
States for the most innovative pest control application
technology that provides Chinese consumers a cleaner and
healthier environment. This new joint venture will transform
our business in China."
Headquartered in West Sussex, England, Rentokil Initial PLC
(LSE: RTO) -- http://www.rentokil-initial.com/-- is one of the
largest business services companies in the world, operating in
all the major economies of Europe, North America, Asia Pacific
and Africa. The company has some 90,000 employees providing a
range of support services in over 40 countries, including,
Bahamas, Barbados, Guyana, Jamaica, and Trinidad and Tobago.
At Dec. 31, 2006, the company's consolidated balance sheet
showed EUR1.8 billion in total assets and EUR2.3 billion in
total liabilities, resulting in a EUR533.6-million stockholders'
deficit.
The company's Dec. 31 balance sheet also showed strained
liquidity with EUR672.6 million in total current assets
available to pay EUR1.1 billion in total liabilities coming due
within the next 12 months.
=================
V E N E Z U E L A
=================
DAIMLERCHRYSLER AG: Unions Remain Opposed to Chrysler Sale
----------------------------------------------------------
Representatives from the United Auto Workers, the Canadian Auto
Workers and IG Metall unions reiterated their opposition to
DaimlerChrysler AG's plan to sell Chrysler Group, especially if
private equity groups take over, Gina Chon reports for The Wall
Street Journal.
The union leaders said "it made absolute sense to hold on to
Chrysler" in the wake of a restructuring plan and new product
launches as they made their case during a meeting in Germany
with DaimlerChrysler Chief Executive Dieter Zetsche, the WSJ
states.
However, Ms. Chon notes that the labor representatives learned
nothing new about the looming sale as Dr. Zetsche repeated what
he has said publicly: The company is talking to potential
partners and all options were on the table.
The TCR-Europe reported on April 24 that UAW members, who have
proposed a 70% employee-stock-ownership plan for Chrysler, met
with representatives of billionaire investor Kirk Kerkorian's
Tracinda Corp., which has submitted a US$4.5 billion bid for the
U.S. unit.
The company is presently negotiating with all Chrysler bidders,
including Cerberus Capital Management LP; joint bidders
Blackstone Group and Centerbridge Capital Partners LP; and the
tandem of Magna International Inc. and Onex Corp., but has
ignored Tracinda Corp.
About DaimlerChrysler
Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:
DCX) -- http://www.daimlerchrysler.com/-- develops,
manufactures, distributes, and sells various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide. It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.
The company's worldwide operations are located in: Canada,
Mexico, United States, Argentina, Brazil, Venezuela, China,
India, Indonesia, Japan, Thailand, Vietnam, and Australia.
The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and
accessories under the MOPAR brand.
The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles. At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions. In addition, increased interest
rates caused higher sales & marketing expenses.
In order to improve the earnings situation of the Chrysler Group
as quickly and comprehensively, measures to increase sales and
cut costs in the short term are being examined at all stages of
the value chain, in addition to structural changes being
reviewed as well.
* VENEZUELA: Merrill Lynch Raises Rating Over Market Average
------------------------------------------------------------
Merrill Lynch has increased the rating of Venezuela to above
market average "in the portfolio of sovereign external debt," El
Universal reports.
Reuters relates that Merrill Lynch ranked Venezuela over the
market average a month after reducing its exposition to this
facility on behalf of Ecuador. According to a Reuters report on
March 26, Merrill Lynch increased Ecuador allocations in its
model portfolio from market weight to overweight due to reduced
risks of default in the short term. Merrill Lynch said the
increase in exposure to Ecuador allowed accommodation of a cut
in Venezuela allocations from overweight to market weight.
El Universal relates that the issuance of bonds accounting for
US$7.5 billion by state-owned oil company Petroleos de Venezuela
SA was expected "to exert pressure on the curve of Venezuela's
sovereign yield."
Merrill Lynch officials told El Universal, "Despite the size of
the issuance, Pdvsa [Petroleos de Venezuela] bonds offer has
been modest."
The bonds will be part of higher indexes that could boost the
demand, El Universal states, citing the officials.
Lester Pimentel at Bloomberg News says that Venezuelan bonds
rose after Merrill Lynch recommended investors boost holdings of
the nation's debt.
Pablo Goldberg, Merrill Lynch's Latin America analyst, said in a
report that concern was overblown that bondholders would sell
debt issued by the Venezuelan government to raise funds and buy
US$7.5 billion of new bonds sold by Petroleos de Venezuela, Mr.
Pimentel at Bloomberg notes.
Mr. Pimentel at Bloomberg reports that Mr. Goldberg stated after
the Petroleos de Venezuela bond sale, "We have seen less selling
of Venezuelan bonds than we thought." According to Mr.
Goldberg, high oil prices were also supporting the country's
debt.
* * *
Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.
* VENEZUELA: To Nationalize Private Health Care Industry
--------------------------------------------------------
Venezuelan President Hugo Chavez has turned his nationalization
plans on the country's private health care industry, in a bid to
grant the poor better access to heathcare.
The Venezuelan leader has recently nationalized key segments in
the nation's telecommunications sector and has declared
nationalization of the Orinoco oil projects beginning May 1.
These moves are seen by observers as his way of promoting
socialism in the country.
Venezuelan Finance Minister Rodrigo Cabezas previously said in
reports that health care costs in the country rose 20% in the
past 12 months. In relation to the President's current
decision, Health Minister Erick Rodriguez has been asked to
draft a plan that would overhaul the health care system,
Bloomberg News reports.
"They're blackmailing us," President Chavez was quoted by
Bloomberg as saying to the nation's newly-formed Socialist
Doctors' Brigade Tuesday in televised remarks in Caracas,
without specifying what charges he considers excessive. "These
are horrible practices: a tremendous, terrible, grotesque
degeneration of the medical profession."
"Private clinics, like hotels, have categories A, B or C. This
is not possible. I urge Venezuelan doctors to say 'no' to
commercialization of medicine," President Chavez was quoted by
El Universal as saying during a meeting with medical specialists
in the presidential palace.
According to Bloomberg, Venezuela's legislative body is weighing
its own plans to regulate medical costs and services, forming a
congressional subcommittee last week to oversee the industry and
its suppliers. Tax officials audited 495 private hospitals,
doctors' offices and labs, fining 327 a combined 685 million
bolivars (US$319,000) for tax evasion last weekend, and shutting
down 179 temporarily.
Ricardo Alonso, the Venezuelan Association of Private Hospitals'
president, said in defense that health care costs rose because
of currency exchange restrictions that inflate the price of
imported medical equipment and drugs, 98 percent of which come
from abroad, Bloomberg relates.
* * *
Venezuela's foreign currency long-term debt is rated B1 by
Moody's, B+ by Standard & Poor's, and BB- by Fitch.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Jacksonville Zoo Turnaround
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing
Fox Hopyard Golf Club, East Haddam, Connecticut
Contact: 203-265-2048 or http://www.turnaround.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Spa Outing
Mohegan Sun, Uncasville, Connecticut
Contact: 203-265-2048 or http://www.turnaround.org/
April 26-27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
1st Annual Credit & Bankruptcy Symposium
Mohegan Sun, Uncasville, Connecticut
Contact: http://www.turnaround.org/
April 26-28, 2007
ALI-ABA
Fundamentals of Bankruptcy Law
Philadelphia, Pennsylvania
Contact: http://www.ali-aba.org/
April 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting - Working Effectively with
the Media to Create Publicity for Your Business
Contact: http://www.turnaround.org/
April 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
13 Week CF Program
Washington University, St. Louis, Missouri
Contact: http://www.turnaround.org/
April 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Equity Sponsor Panel Breakfast
Westin Buckhead, Atlanta, Georgia
Contact: http://www.turnaround.org/
April 29 - May 1, 2007
INTERNATIONAL BAR ASSOCIATION
International Insolvency Conference
Zurich, Switzerland
Contact: http://www.ibanet.org/
May 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Organization of Women Visit King Tut Exhibit
Franklin Institute, Philadelphia, Pennsylvania
Contact: 215-657-5551 or www.turnaround.org/
May 2-4, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Association for Corporate Growth Arizona Chapter Meeting
Washington University, Arizona
Contact: http://www.turnaround.org/
May 4, 2007
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton US Custom House, SDNY
New York, New York
Contact: http://www.abiworld.org/
May 7, 2007
AMERICAN BANKRUPTCY INSTITUTE
9th Annual New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center
New York, New York
Contact: http://www.abiworld.org/
May 14-16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
1st Annual TMA Regional Conference - Texas
Hyatt Regency Resort & Spa
Lost Pines, Texas
Contact: http://www.turnaround.org/
May 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Restructuring Workshop
Cable Center, Denver, Colorado
Contact: http://www.turnaround.org/
May 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Restructuring Workshop
Cable Center, Denver, Colorado
Contact: http://www.turnaround.org/
May 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
May 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Bankruptcy Judges Panel
Marriott North, Fort Lauderdale, Florida
Contact: http://www.turnaround.org/
May 17-18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
6th Annual Great Lakes Regional Conference
Renaissance Quail Hollow Resort, Painesville, Ohio
Contact: http://www.turnaround.org/
May 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Enterprise Valuation / Sale of the Distressed Business
Athletic Club, Seattle, Washington
Contact: http://www.turnaround.org/
May 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Women's Networking Lunch
TBD, Arizona
Contact: 623-581-3597 or www.turnaround.org/
May 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
13 Week CF Program
Kansas City, Missouri
Contact: http://www.turnaround.org/
May 21, 2007
TURNAROUND MANAGEMENT ASSOCIATION
LI-TMA Annual Golf Outing
TBD, Long Island, New York
Contact: 631-251-6296 or http://www.turnaround.org/
May 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Hedge Funds
Standard Club, Chicago, Illinois
Contact: http://www.turnaround.org/
May 23, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Calaloo Caf,, Morristown, New Jersey
Contact: 908-575-7333 or www.turnaround.org/
May 24-25, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
Fourth Annual Conference on Distressed Investing Europe
Maximizing Profits in the European Distressed Debt
Market
Le Meridien Piccadilly Hotel - London, UK
Contact: 800-726-2524;
http://renaissanceamerican.com/
May 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona and RMA Joint Meeting
Hotel Valley Ho, Scottsdale, Arizona
Contact: http://www.turnaround.org/
May 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
May 30-31, 2007
FINANCIAL RESEARCH ASSOCIATES
Distressed Debt
Harvard Club, New York, New York
Contact: http://www.frallc.com/
May 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Wine Tasting and Casino Night
Mayfair Farms, West Orange, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
May 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Speaker Series
E&Y Tower, Calgary, Alberta
Contact: http://www.turnaround.org/
May 31 - June 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
2nd Annual TMA Southeast Regional Conference
Marriott Resort at Grande Dunes
Myrtle Beach, South Carolina
Contact: http://www.turnaround.org/
June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
24th Annual Bankruptcy & Restructuring Conference
JW Marriott Spa and Resort, Las Vegas, Nevada
Contact: http://http://www.airacira.org/
June 6-8, 2007
TURNAROUND MANAGEMENT ASSOCIATION
5th Annual Mid-Atlantic Regional Symposium
Borgata Hotel Casino & Spa
Atlantic City, New Jersey
Contact: http://www.turnaround.org/
June 6-9, 2007
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
23rd Annual Bankruptcy & Restructuring Conference
Westin River North, Chicago, Illinois
Contact: http://www.airacira.org/
June 7-8, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Mealey's Asbestos Bankruptcy Conference
Intercontinental Hotel, Chicago, Illinois
Contact: http://www.turnaround.org/
June 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Association for Corporate Growth Arizona Chapter Meeting
Biltmore Hotel, Phoenix, Arizona
Contact: http://www.turnaround.org/
June 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Economic Update at the 1/2 Year Mark
University Club, Portland, Oregon
Contact: http://www.turnaround.org/
June 14-17, 2007
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
June 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Clarion Hotel, Princeton, New Jersey
Contact: 908-575-7333 or www.turnaround.org/
June 21-22, 2007
BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
Tenth Annual Conference on Corporate Reorganizations
Successful Strategies for Restructuring Troubled
Companies
The Millennium Knickerbocker Hotel - Chicago
Contact: 800-726-2524;
http://renaissanceamerican.com/
June 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
June 28 - July 1, 2007
NORTON INSTITUTES
Norton Bankruptcy Litigation Institute
Jackson Lake Lodge, Jackson Hole, Wyoming
Contact: http://www2.nortoninstitutes.org/
July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
July 12-15, 2007
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Marriott, Newport, Rhode Island
Contact: 1-703-739-0800; http://www.abiworld.org/
July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Young Professionals Billiards Night
TBD, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
July 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, Illinois
Contact: http://www.turnaround.org/
July 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
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, South Carolina
Contact: http://www.abiworld.org/
July 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
Contact: http://www.turnaround.org/
July 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual Golf Outing
Raritan Valley Country Club, Bridgewater, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
July 31, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Enterprise Florida: Improving Florida's
Business Climate and Helping Florida Companies
Market Overseas
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Aug. 3, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Women's Spa Event
Short Hills Hilton, Livingston, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Aug. 10, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, Illinois
Contact: http://www.turnaround.org/
Aug. 9-11, 2007
AMERICAN BANKRUPTCY INSTITUTE
3rd Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Contact: http://www.abiworld.org/
Aug. 23-26, 2007
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Convention
Drake Hotel, Chicago, Illinois
Contact: http://www.nabt.com/
Aug. 24, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual Fishing Trip
Point Pleasant, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Aug. 28, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Healthcare Panel
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
Aug. 29-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
3rd Annual Northeast Regional Conference
Gideon Putnam Resort and Spa, Saratoga Springs,
New York
Contact: http://www.turnaround.org/
Sept. 6-7, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Contact: http://www.turnaround.org/
Sept. 6-8, 2007
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Southwest Bankruptcy Conference
Four Seasons
Las Vegas, Nevada
Contact: http://www.abiworld.org/
Sept. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, Illinois
Contact: http://www.turnaround.org/
Sept. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Buying and Selling Troubled Companies
Marriott North, Fort Lauderdale, Florida
Contact: http://www.turnaround.org/
Sept. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Sept. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Retail Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Sept. 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Joint Educational & Networking Reception
TBD, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Sept. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
Contact: http://www.turnaround.org/
Sept. 27-30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
8th Annual Cross Border Business
Restructuring & Turnaround Conference
Contact: http://www.turnaround.org/
Oct. 2, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
TBD, Bridgewater, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Oct. 9-10, 2007
IWIRC
Orlando, Florida
IWIRC Annual Fall Conference
Contact: http://www.iwirc.org/
Oct. 10-13, 2007
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
81st Annual National Conference of Bankruptcy Judges
Contact: http://www.ncbj.org/
Oct. 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Oct. 16-19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Copley Place
Boston, Massachussets
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Capital Markets Case Study
Contact: http://www.turnaround.org/
Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
Contact: http://www.turnaround.org/
Oct. 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
Centre Club, Tampa, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Oct. 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Crisis Communications With Employees,Vendors and Media
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
Nov. 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
TBD, Hackensack, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Dinner
South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Nov. 15, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Portland Holiday Party
University Club, Portland, Oregon
Contact: 206-223-5495 or http://www.turnaround.org/
Nov. 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Mixer
TBA, Vancouver
Contact: 206-223-5495 or www.turnaround.org/
Nov. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Real Estate Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Special Speaker
TBD, New Jersey
Contact: 908-575-7333 or http://www.turnaround.org/
Nov. 29, 2007
TMA Arizona Chapter Meeting
TURNAROUND MANAGEMENT ASSOCIATION
Contact: http://www.turnaround.org/
Dec. 6, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Seattle Holiday Party
Athletic Club, Seattle, Washington
Contact: 206-223-5495 or http://www.turnaround.org/
Dec. 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/
Dec. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Jan. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, Florida
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, District of Columbia
Contact: http://www.abiworld.org/
June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: http://www.abiworld.org/
July 10-13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
Contact: http://www.turnaround.org/
July 31 - Aug. 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Contact: http://www.abiworld.org/
Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Contact: http://www.abiworld.org/
Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Scottsdale, Arizona
Contact: http://www.ncbj.org/
Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott New Orleans, Louisiana
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 4-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Contact: http://www.abiworld.org/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 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/
June 21-24, 2009
INSOL
8th International World Congress
TBA
Contact: http://www.insol.org/
Oct. 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
BAPCPA One Year On: Lessons Learned and Outlook
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
Changes to Cross-Border Insolvencies
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
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
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
Deepening Insolvency - Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Claims Trading
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Market Opportunities
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
Employee Benefits and Executive Compensation under the New
Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
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
Healthcare Bankruptcy Reforms
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
Homestead Exemptions under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
Hospitals Across the U.S.
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
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
Real Estate Bankruptcy
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
Second Lien Financings and Intercreditor Agreements
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
and Records Management for Bankruptcy Practitioners
and Litigators
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
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
***********
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, Rizande
delos Santos, Christian Toledo, and Junald Ango, Editors.
Copyright 2007. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
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 * * *