/raid1/www/Hosts/bankrupt/TCRLA_Public/070905.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
Wednesday, September 5, 2007, Vol. 8, Issue 176
Headlines
A R G E N T I N A
ATTIVO SRL: Proofs of Claim Verification Deadline Is Nov. 7
ELASTIKA SRL: Seeks for Bankruptcy Approval in Buenos Aires
FORD MOTOR: Workers Return to Plant After Venture Strike
FORD MOTOR: European Arm Sees Higher 2007 Profits, Report Says
FUNDACION OVIDIO: Proofs of Claim Verification Ends on Sept. 28
GANADERA DEL SALADO: Proofs of Claim Verification Ends on Oct. 1
GASTRONOMICA MONSERRAT: Claims Verification Ends Tomorrow
MONTON FOOD: Trustee Verifies Proofs of Claim Por Via Incidental
OLLEROS MILLENIUM: Proofs of Claim Verification Ends on Oct. 1
PARQUE DEL VISO: Proofs of Claim Verification Ends on Nov. 21
ROHN SRL: Proofs of Claim Verification Is Until Oct. 31
SOCIECAR SA: Proofs of Claim Verification Deadline Is Oct. 30
TELEFONICA DE ARGENTINA: Inks Pact with Argentine Municipalities
* ARGENTINA: Leaders Meet with Cubans to Boost Cooperation
* ARGENTINA: Protesters Renew Demonstrations Over Botnia Mill
* ARGENTINA: State Firm Extends Pipeline Bidding to Sept. 6
B O L I V I A
VISTA GOLD: Gets Exploration Licenses for Drilling in Australia
B R A Z I L
BRASKEM SA: Copesul Shareholders Call for Special Meeting
DRESSER-RAND: Amends US$500 Mln Sec. Revolving Credit Facility
FORD MOTOR: Projects Lower Sales Growth in LatAm in 2008
SANYO ELECTRIC: Francisco Partners Withdraws from Chip Unit Bid
VERIFONE HOLDINGS: Promotes William Nichols as VP-Asia Pacific
* BRAZIL: Regulator Must OK Telecom Italia Buy, Says Telefonica
* BRAZIL: State Firm Mulls Operating Liquefied NatGas Terminals
* BRAZIL: State Firm Launching Tayrona Block Drilling
C A Y M A N I S L A N D S
GENIE INVESTMENT: Sets Final Shareholders Meeting for Sept. 21
GULF INSURANCE: Will Hold Final Shareholders Meeting on Sept. 24
LEHMAN BBT: Sets Final Shareholders Meeting for Sept. 21
OHMIYATORO: Will Hold Final Shareholders Meeting on Sept. 21
PRIMUS JAPAN: Sets Final Shareholders Meeting for Sept. 21
RABO DUYFKEN: Will Hold Final Shareholders Meeting on Sept. 21
RENAISSANCE J: Sets Final Shareholders Meeting for Sept. 21
SINGULAR FUND: Proofs of Claim Filing Ends on Sept. 13
VF CAYMANS I: Will Hold Final Shareholders Meeting on Sept. 21
VF CAYMANS II: Sets Last Shareholders Meeting for Sept. 21
C H I L E
BOSTON SCIENTIFIC: Settles Guidant Devices Dispute for US$16.75M
C O L O M B I A
ECOPETROL: Delays Works on Pipeline with Petroleos de Venezuela
C U B A
* CUBA: Leaders Meets with Argentineans to Boost Cooperation
E C U A D O R
PETROECUADOR: Production Up by 8,000 to 173,119 Barrels Per Day
PETROECUADOR: Subsidiary Shutting Down Esmeraldas Unit
* ECUADOR: Increasing Energy Cooperation with Indonesia
E L S A L V A D O R
AES CORP: International Coalition Balk at Panama Dam Projects
H O N D U R A S
MILLICOM INTERNATIONAL: Tope Lawani Leaves Board of Directors
M E X I C O
EMPRESAS ICA: Shareholders Okay US$550 Million Public Offering
GRUPO TMM: Moody's Removes Caa1 Rating After Debt Redemption
LEAR CORPORATION: Moody's Affirms B2 Corporate Family Rating
MAXCOM TELCOMMUNICACIONES: Gets Okay To Enter Mobile Market
MAZDA MOTORS: Production & Sales Fall for July 2007
PRIDE INT'L: Closes Sale of Drilling & Workover Rig Business
WOLVERINE TUBE: Equity Rights Offer Cues Moody's Ratings Review
N I C A R A G U A
* NICARAGUA: Seizes Exxon's Oil Terminal Over Unpaid Taxes
P E R U
QUEBECOR WORLD: Closes Tender Offer to Buy Capital's Sr. Notes
P U E R T O R I C O
ADVANCED MEDICAL: Hires Richard DeRisio as VP-Regulatory Affairs
ADVANCED MEDICAL: S&P Lowers Corporate Credit Rating to B+
GENESCO INC: Posts US$4.2 Mil. Net Loss in Quarter Ended Aug. 4
GENESCO INC: 2nd Quarter 2008 Results Disappoint Finish Line
U R U G U A Y
* URUGUAY: Argentine Protesters Renew Demonstrations Over Mill
V E N E Z U E L A
NORTHWEST AIRLINES: Fitch Removes Junk Rating on Class D Notes
PETROLEOS DE VENEZUELA: Delays Works on Pipeline with Colombia
PETROLEOS DE VENEZUELA: Seniat Collects Back Taxes from Orinoco
PETROLEOS DE VENEZUELA: Interest in Orinoco Oil Belt Is 80%
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
ATTIVO SRL: Proofs of Claim Verification Deadline Is Nov. 7
-----------------------------------------------------------
Alfredo Alberto A. Figliomeni, the court-appointed trustee for
Attivo S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 7, 2007.
Mr. Figliomeni will present the validated claims in court as
individual reports on Dec. 19, 2007. The National Commercial
Court of First Instance in Buenos Aires 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 Attivo 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 Attivo's accounting
and banking records will be submitted in court on March 5, 2008.
Mr. Figliomeni is also in charge of administering Attivo's
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Attivo S.R.L.
Soler 3811
Buenos Aires, Argentina
The trustee can be reached at:
Alfredo Alberto A. Figliomeni
Agrelo 4240
Buenos Aires, Argentina
ELASTIKA SRL: Seeks for Bankruptcy Approval in Buenos Aires
-----------------------------------------------------------
The National Commercial Court of First Instance No. 9 in Buenos
Aires is studying the merits of Elastika S.R.L.'s request to
enter bankruptcy protection.
Elastika filed a "Quiebra Decretada" petition following
cessation of debt payments.
The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.
Clerk No. 18 assists the court in this case.
The debtor can be reached at:
Elastika S.R.L.
Virrey del Pino 2288
Buenos Aires, Argentina
FORD MOTOR: Workers Return to Plant After Venture Strike
--------------------------------------------------------
More than 1,800 workers at Ford Motor Co. of Australia Victorian
plants will return to work within this week after employees at
car parts supplier Venture Industries walked off last week over
redundancy entitlements, reports ABC News.
In a separate report by Ewin Hannan of The Australian, the car
manufacturer will suffer losses of AU$77 million, losing
AU$11 million a day as a result of the strike at Venture
Industries.
Both reports stated that Australian Manufacturing Workers Union
has given Venture Industries 7 days to address their concerns.
Venture employees, according to The Australian, resumed work on
August 30. However, Ford refused to restart shifts at its
Broadmeadows and Geelong plants as of Aug. 31 saying it could
not be assured of supply continuity.
AMWU accused Venture, which reportedly supplies Ford with
dashboards and other parts, of a "huge backflip" by reneging on
AU$25 million in redundancy entitlements.
ABC quotes AMWU spokesman Dale Oliver saying, "As a result of
their return to work, we're hopeful now that production lines
could start firing up at Ford and we could a lot of the workers
that have been stood down back to work."
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan and Australia in the Asia
Pacific region. In Europe, the Company maintains a presence in
Sweden, and the United Kingdom. The Company also distributes
its brands in various Latin American regions, including
Argentina and Brazil.
* * *
To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.
At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.
FORD MOTOR: European Arm Sees Higher 2007 Profits, Report Says
--------------------------------------------------------------
Ford Motor Company's European Division is maintaining its
initial forecast of higher 2007 profits although it is concerned
that the way Japanese car makers were exploiting the yen's
weakness against the euro to boost revenues could make Ford's
expectations particularly challenging, German magazine
Automobilwoche quotes Ford of Europe Chief Executive Lewis Booth
as saying, Reuters relates.
"We want to be more profitable than last year," Mr. Booth said.
Ford of Europe posted a 2006 pre-tax profit of US$469 million
excluding special items, an improvement of US$396 million from a
year earlier and its third consecutive year of profit. The unit
contributed around 30% of Ford's worldwide group sales and had a
share of 8.2% in the European car market in July, Reuters
reports.
Ford has high hopes for the success of new products such as the
Kuga SUV and Verve, Mr. Booth said in the Automobilwoche report.
The automaker's European plants are already working at their
highest capacity, one more reason why Ford is hoping to win a
tender to acquire a majority stake in Romanian carmaker
Automobile Craiova in September, Mr. Booth explained in the
report, Reuters notes.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom. The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.
At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.
FUNDACION OVIDIO: Proofs of Claim Verification Ends on Sept. 28
---------------------------------------------------------------
Marcos Javier Driussi, the court-appointed trustee for Fundacion
Ovidio Salinas' bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 28, 2007.
Mr. Driussi will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance in Dolores, Buenos Aires, 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 Fundacion Ovidio 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 Fundacion Ovidio's
accounting and banking records will be submitted in court.
Infobae didn't state the reports submission deadlines.
Mr. Driussi is also in charge of administering Fundacion
Ovidio's assets under court supervision and will take part in
their disposal to the extent established by law.
The debtor can be reached at:
Fundacion Ovidio Salinas
Chiczza 2440, San Bernardo
Buenos Aires, Argentina
The trustee can be reached at:
Marcos Javier Driussi
Lara 48, Dolores
Buenos Aires, Argentina
GANADERA DEL SALADO: Proofs of Claim Verification Ends on Oct. 1
----------------------------------------------------------------
Silvia Beatriz Giambone, the court-appointed trustee for
Ganadera del Salado S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Oct. 1, 2007.
Ms. Giambone will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance in Buenos Aires 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 Ganadera
del Salado 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 Ganadera del Salado's
accounting and banking records will be submitted in court.
Infobae didn't state the reports submission deadlines.
Ms. Giambone is also in charge of administering Ganadera del
Salado's assets under court supervision and will take part in
their disposal to the extent established by law.
The trustee can be reached at:
Silvia Beatriz Giambone
Roque Saenz Pena 651
Buenos Aires, Argentina
GASTRONOMICA MONSERRAT: Claims Verification Ends Tomorrow
---------------------------------------------------------
The court-appointed trustee for Gastronomica Monserrat S.R.L.'s
bankruptcy proceeding will verify creditors' proofs of claim
until Sept. 6, 2007.
The trustee will present the validated claims in court as
individual reports on Oct. 24, 2007. The National Commercial
Court of First Instance in Cordoba 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 Gastronomica Monserrat 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 Gastronomica
Monserrat's accounting and banking records will be submitted in
court on Dec. 10, 2007.
The trustee is also in charge of administering Gastronomica
Monserrat's assets under court supervision and will take part in
their disposal to the extent established by law.
The debtor can be reached at:
Gastronomica Monserrat S.R.L.
Rivadavia 789, Ciudad de Cordoba
Cordoba, Argentina
MONTON FOOD: Trustee Verifies Proofs of Claim Por Via Incidental
----------------------------------------------------------------
Maria A. Adornetto, the court-appointed trustee for Monton
Food's bankruptcy proceeding, verifies creditors' proofs of
claim por via incidental.
Ms. Adornetto will present the validated claims in court as
individual reports.
Infobae didn't state the deadline for the individual reports.
The National Commercial Court of First Instance in Buenos Aires
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 Rohn 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 Rohn's accounting and
banking records will be submitted in court on Nov. 26, 2007.
Ms. Adornetto is also in charge of administering Rohn's assets
under court supervision and will take part in their disposal to
the extent established by law.
The trustee can be reached at:
Maria A. Adornetto
Suipacha 670
Buenos Aires, Argentina
OLLEROS MILLENIUM: Proofs of Claim Verification Ends on Oct. 1
--------------------------------------------------------------
Nestor del Potro, the court-appointed trustee for Olleros
Millennium SA's bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 1, 2007.
Mr. del Potro will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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 Olleros Millennium 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 Olleros Millennium's
accounting and banking records will be submitted in court.
Mr. del Potro is also in charge of administering Olleros
Millennium's assets under court supervision and will take part
in their disposal to the extent established by law.
The debtor can be reached at:
Olleros Millennium SA
Calle Olleros 1802
Buenos Aires, Argentina
The trustee can be reached at:
Nestor del Potro
Avenida Corrientes 1291
Buenos Aires, Argentina
PARQUE DEL VISO: Proofs of Claim Verification Ends on Nov. 21
-------------------------------------------------------------
Beatriz Muruaga, the court-appointed trustee for Parque Del Viso
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Nov. 21, 2007.
Ms. Muruaga will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 35, 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 Parque Del Viso 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 Parque Del Viso's
accounting and banking records will be submitted in court.
La Nacion didn't state the reports submission deadlines.
Ms. Muruaga is also in charge of administering Parque Del Viso's
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Parque Del Viso SA
Calle Lavalle 1718
Buenos Aires, Argentina
The trustee can be reached at:
Beatriz Muruaga
Calle Aguero 1290
Buenos Aires, Argentina
ROHN SRL: Proofs of Claim Verification Is Until Oct. 31
-------------------------------------------------------
Analia Beatriz Chelala, the court-appointed trustee for Rohn
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 31, 2007.
Ms. Chelala will present the validated claims in court as
individual reports on Dec. 12, 2007. The National Commercial
Court of First Instance in Buenos Aires 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 Rohn 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 Rohn's accounting and
banking records will be submitted in court on Feb. 26, 2008.
Ms. Chelala is also in charge of administering Rohn's assets
under court supervision and will take part in their disposal to
the extent established by law.
The trustee can be reached at:
Analia Beatriz Chelala
Avenida Corrientes 2335
Buenos Aires, Argentina
SOCIECAR SA: Proofs of Claim Verification Deadline Is Oct. 30
-------------------------------------------------------------
Abraham Elias Gutt, the court-appointed trustee for Sociecar
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Oct. 30, 2007.
Mr. Gutt will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 8, 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 Sociecar 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 Sociecar's accounting
and banking records will be submitted in court.
Mr. Gutt is also in charge of administering Sociecar's assets
under court supervision and will take part in their disposal to
the extent established by law.
The debtor can be reached at:
Sociecar SA
Avenida General Paz 12570
Buenos Aires, Argentina
The trustee can be reached at:
Abraham Elias Gutt
Calle Tucuman 1489
Buenos Aires, Argentina
TELEFONICA DE ARGENTINA: Inks Pact with Argentine Municipalities
----------------------------------------------------------------
Telefonica de Argentina said in a statement that it has entered
into a collaboration accord with the federation of
municipalities for the improvement of communications.
Business News Americas relates that the agreement would also
cover these areas:
-- healthcare,
-- education, and
-- general administration.
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.
About Telecom Argentina
Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina. It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo. France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein. Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake. Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).
* * *
As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.
* ARGENTINA: Leaders Meet with Cubans to Boost Cooperation
----------------------------------------------------------
Argentinean and Cuban leaders met Monday in the first session of
the third Intergovernmental Joint Commission Meeting to expand
cooperation projects between the two nations, Prensa Latina
reports.
Argentine Foreign Ministry International Coordination and
Cooperation Undersecretary Roberto Ojeda confirmed to Prensa
Latina of his country's interests in strengthening ties with
Cuba.
Separately, Assistant Foreign Investment and Economic
Collaboration Minister Orlando Requeijo told Prensa Latina that
the meeting will be "the stage to formulate strategies and
development of South-South cooperation."
* * *
Fitch Ratings assigned these ratings on Argentina:
Rating Rating Date
------ -----------
Country Ceiling B+ Aug. 1, 2006
Local Currency
Long Term Issuer B Aug. 1, 2006
Short Term IDR B Dec. 14, 2005
Long Term IDR RD Dec. 14, 2005
* ARGENTINA: Protesters Renew Demonstrations Over Botnia Mill
-------------------------------------------------------------
Argentine protesters staged Sunday their latest demonstration
against a pulp mill whose construction in the river border with
Uruguay has caused a serious rift between the neighboring
countries.
The Financial Times relates that the mill, owned by Finnish
company Oy Metsa-Botnia Ab, will be opened in a few days.
The original plan was for the construction of two mills. But
after a series of protests and blockades, the owner of the other
pulp mill decided to relocate. However, Botnia insisted that
the US$1.2 billion mill won't compromise the River Uruguay's
safety and went on to build the plant after the International
Court of Justice ruled that there's not enough evidence to stop
the mill's construction, to the disappointment of protesting
environmental groups.
"We're going to fight to the end until Botnia leaves, protester
Paula Robles was quoted by the FT as saying. "We're just
gathering here, peacefully, waiting for the entire caravan of
people from Gualeguaychu to get here and then we'll try to move
forward as far as they let us."
According to the FT, the mill -- with the word Botnia emblazoned
on a tower -- has reinvigorated Fray Bentos, a town once
synonymous with corned beef that fell into decay after the plant
closed three decades ago after more than a century packing cows
into cans.
About Botnia
Botnia offers its customers comprehensive services that
includes: fibre and fibre characteristics tailored to the
customers' needs, profound fibre know-how, support services
(logistics, warehousing, etc).
* * *
Fitch Ratings assigned these ratings on Argentina:
Rating Rating Date
------ -----------
Country Ceiling B+ Aug. 1, 2006
Local Currency
Long Term Issuer B Aug. 1, 2006
Short Term IDR B Dec. 14, 2005
Long Term IDR RD Dec. 14, 2005
* ARGENTINA: State Firm Extends Pipeline Bidding to Sept. 6
-----------------------------------------------------------
Argentine state-run oil firm Enarsa said in a statement that it
has postponed the bidding deadline for the tender to supply 30
and 36-inch piping for the GNEA natural gas pipeline to Sept. 6.
Business News Americas relates that the offers were initially
scheduled to be open on Aug. 30, 2007.
According to BNamericas, bidding rules for the ARS2.31-billion
tender can be obtained at Enarsa HQ in Buenos Aires for
ARS15,000.
The US$2 billion pipeline would be able to transport 27.7
million cubic meters per day of natural gas from Bolivia to
Argentina, BNamericas states.
* * *
Fitch Ratings assigned these ratings on Argentina:
Rating Rating Date
------ -----------
Country Ceiling B+ Aug. 1, 2006
Local Currency
Long Term Issuer B Aug. 1, 2006
Short Term IDR B Dec. 14, 2005
Long Term IDR RD Dec. 14, 2005
=============
B O L I V I A
=============
VISTA GOLD: Gets Exploration Licenses for Drilling in Australia
---------------------------------------------------------------
Vista Gold Corp. has received four exploration licenses covering
about 110,633 hectares primarily to its Mt. Todd gold mine in
the Northern Territory, Australia. The license had been held in
reserve status by the Northern Territory government prior to
Vista acquiring the project. Vista Gold's management believes
exploration potential for gold and other minerals on these
licenses to be good, and a program to systematically evaluate
the mineral potential of this land is underway. Earlier work by
past operators has identified Mt. Todd-type low-grade
mineralization in a zone trending north-northeast of Mt. Todd
and scattered prospects throughout the area covered by the
exploration license. Additionally, historical drill results
indicate the presence of vein-type high-grade intercepts at
various locations in the area covered by the license.
Vista Gold has received initial gold assays for all of the 19
core drill holes completed at Mt. Todd earlier this year.
Results for the first six core drill holes (one of which was
abandoned due to difficult drilling conditions) were issued in
Vista Gold's press release dated May 30, 2007. Check assaying
and assaying for other metals, including copper, is ongoing.
The objectives of the program are to obtain information that
supports the conversion of inferred gold resources to measured
and indicated resources, to explore for additional resources on
strike and down dip, to aid in the determination of the copper
content of the deposit and to obtain samples for metallurgical
testing.
The drilling program began Feb. 1, 2007, and concluded
June 6, 2007, with 25 holes completed (including the one hole
abandoned) for 9,883 meters of drilling, under the overall
supervision of Robert Perry, CPG, Vista Gold's Vice President of
Exploration. Mr. Perry is a qualified person for the purposes
of Canadian National Instrument 43-101. The drill holes covered
an area of 1,600 meters by 300 meters. Drill hole spacing of
the holes drilled in this program varied from 30 to 300 meters,
but spacing between these holes and holes drilled by previous
operators was less than 50 meters. The core drilling was done
by Titeline Drilling PL of Australia, and the assaying for gold
is being done by Northern Australian Labs in Pine Creek,
Northern Territory, Australia, with check assaying by ALS Chemex
of Australia. ALS Chemex of Australia and NT Environmental
Laboratories Pty.
Metallurgical samples have been selected from the new core
samples and sent to Resource Development, Inc. of Wheat Ridge,
Colorado, for additional metallurgical test work, which Vista
Gold expects to be completed later this year. Vista Gold plans
to use the results from the metallurgical testing and a new
resource estimate resulting from the current drilling program to
generate a preliminary feasibility study towards the end of this
year.
Fred Earnest, President and Chief Operating Officer of Vista
Gold stated, "The results of the 2007 drilling program are very
encouraging, and all the intercepts are within the depth reached
in the preliminary open pit design in the Preliminary Economic
Assessment. The recent drill results contain long intervals of
mineralization including hole VB07-015 that contains an
intercept of over 200 meters containing 1.91 g/t gold. We plan
to use the results of this drill program together with other
historic information we have obtained to prepare a new resource
estimate later this year."
On a separate topic, Vista notes that some Canadian-based mining
companies have recently reported exposure to cash positions
invested in Asset-Backed Commercial Paper programs. Vista Gold
has approximately US$18 million in cash and cash equivalents,
all of which are held in high-grade money market funds in
Vista's bank accounts at a major U.S. bank. Vista Gold has been
informed by its bank that these money market funds do not
directly invest in sub-prime or investment-grade domestic
mortgages or single-seller ABCP programs from either prime or
sub-prime mortgage originators and that all holdings of its
money market funds present minimal credit risk. All of Vista
Gold's cash and cash equivalents are invested in products
carrying the highest possible investment grade as determined by
leading rating agencies.
About Vista Gold
Vista Gold Corp., based in Littleton, Colorado, evaluates and
acquires gold projects with defined gold resources. Additional
exploration and technical studies are undertaken to maximize the
value of the projects for eventual development. The
Corporation's holdings include the Maverick Springs, Mountain
View, Hasbrouck, Three Hills, Wildcat projects and Hycroft mine,
all in Nevada, the Long Valley project in California, the Yellow
Pine project in Idaho, the Paredones Amarillos and Guadalupe de
los Reyes projects in Mexico, the Amayapampa project in Bolivia,
and the Awak Mas deposit in Indonesia.
* * *
As reported in the Troubled Company Reporter on Apr. 1, 2004,
Vista Gold's independent auditors expressed doubt about the
company's ability to continue as a going concern after reviewing
its financial statements for the year ending Dec. 31, 2003.
Losses continued until the year ended Dec. 31, 2004. For
2004, Vista reported a consolidated net loss of US$4.9 million.
===========
B R A Z I L
===========
BRASKEM SA: Copesul Shareholders Call for Special Meeting
---------------------------------------------------------
Braskem S.A. and its controlled company EDSP58 Participacoes
S.A., in compliance with the provisions in CVM Ruling 361/02,
was informed by the management of Copesul -- Companhia
Petroquimica do Sul, that the shareholders owning Copesul
outstanding shares requested, on Aug. 29, 2007, pursuant to
article 4-A of Law 6404/76 (Corporation Law), to call a special
meeting of shareholders of the outstanding shares in order to
resolve the necessity of carrying out a new appraisal of
Copesul.
Under the law, after verifying compliance with the legal
requirements to request the holding of a Special Meeting,
Copesul's management will call the Special Meeting upon
publication of the respective call notice. Submitted the
request for installment of the Special Meeting, the period of
thirty days to carry out the auction for Public Tender Offer for
the acquisition of the shares seeking to its delisting from Sao
Paulo Stock Exchange (Tender Offer) is suspended, after the
lapse of fifteen days to carry out the auction.
The quorum for approval of a new appraisal will consist of the
majority of the shareholders owning outstanding shares that
attend the Special Meeting, with due regard for the definition
contained in item 1.2.1 of the Offer Notice published on
Aug. 14, 2007.
Should the Special Meeting resolve (i) not to carry out a new
appraisal of Copesul, or (ii) to carry out a new appraisal, and
the appraisal report ascertains an amount equal to or lower than
the initial value of the Tender Offer, the acquisition price of
BRL37.60 per common share issued by Copesul, pursuant item 1.2.3
of the Offer Notice, will be maintained and the course of the
Tender Offer for the remaining period of fifteen days will be
immediately resumed. In this case, Braskem will publish the
notice of relevant fact with the new date of holding of the
Tender Offer auction.
If the Special Meeting resolves to carry out a new appraisal and
the report ascertains an amount in excess of the Acquisition
Price proposed by Braskem, through the Offeror, Braskem will
have the option to desist of the Tender Offer, under the terms
of articles 23 and 24, IV of CVM Ruling 361/02.
Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies. The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Fitch Ratings has affirmed its BB+ ratings on
Braskem S.A. and Braskem International following the
announcement by Braskem, Petrobras and the Ultra Group that they
have reached an agreement to acquire the Ipiranga Group's
petrochemical, refining and fuel distribution assets.
Fitch also affirmed these ratings:
Braskem S.A.
-- Foreign currency issuer default rating at 'BB+';
-- Local currency issuer default rating at 'BB+';;
-- Senior unsecured notes 2008, 2014 at 'BB+';
-- Senior unsecured Perpetual Bonds at 'BB+';
-- Senior unsecured notes 2017 at 'BB+';
-- National rating at 'AA (bra)';
-- Debentures 12th Issuance at 'AA (bra)'; and
-- Debentures 13th Issuance at 'AA (bra)'.
Braskem International
-- Senior unsecured notes 2015 at 'BB+'.
DRESSER-RAND: Amends US$500 Mln Sec. Revolving Credit Facility
--------------------------------------------------------------
Dresser-Rand Group Inc. amended its Senior Secured Credit
Facility. The amended credit facility is a five-year,
US$500 million senior secured revolving credit facility. The
amendment increases the size of the facility by US$150 million,
lowers borrowing costs 50 basis points to LIBOR plus 150 basis
points at present leverage and extends the maturity date from
Oct. 29, 2011, to Aug. 30, 2012.
"We are pleased with the increased size, added flexibility and
lower costs provided by this amended facility", Robert J.
Saltarelli, Dresser-Rand's vice president and treasurer, said.
"Although we have no present expectation of increasing debt, a
larger facility gives us more flexibility to execute our
business plan."
The amendment also reduces the commitment fee from 37.5 basis
points to 30 basis points. At June 30, 2007, there were
US$202.5 million of Letters of Credit outstanding under the
facility.
Citigroup Global Markets Inc., J.P. Morgan Securities Inc., and
UBS Securities LLC served as Joint Lead Arrangers.
Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries. It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.
* * *
Standard & Poor's Ratings Services raised on Sept. 13, 2006, its
corporate credit rating on rotating equipment maker Dresser-Rand
Group Inc. to 'BB-' from 'B+' and revised the outlook on the
rating to stable from positive.
FORD MOTOR: Projects Lower Sales Growth in LatAm in 2008
--------------------------------------------------------
Ford Motor Co. sees a 10% growth in its Brazilian market in
fiscal year 2008, down from FY 2007's 25% sales growth, Romina
Nicaretta and Heloiza Canassa at Bloomberg News reports.
Marcos S. de Oliveira, Ford Brazil's president, told reporters
that the projection is in line with the auto industry sales
growth forecast for 2008.
Ford revenue in South America rose to US$1.8 billion in the
second quarter, or 4.1% of total revenue, from US$1.3 billion a
year earlier, Bloomberg relates. Ford's revenue was US$44
billion in the second quarter.
Brazil accounts for 60% of Ford's sales in South America,
Bloomberg says. The carmaker sold 85,712 units in the first six
months of 2007, up 39% compared to the same period in 2006.
Low interest rates and longer maturity period spurred growth in
2007, Bloomberg says. The growth would not sustain in 2008,
according to Mr. Oliveira.
According to Bloomberg, the company plans to invest US$154
million (BRL300 million) at its Sao Bernardo do Campo, Brazil
plant and US$160 million in Argentina to accommodate increasing
demands in the region. Additionally, the plants will be
ulitized to produce the two new models that will be out in the
market in 2008 and 2009.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom. The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.
At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.
SANYO ELECTRIC: Francisco Partners Withdraws from Chip Unit Bid
---------------------------------------------------------------
Sources close to Reuters disclosed that private equity firm
Francisco Partners has pulled out of the bidding for Sanyo
Electric Co., Ltd.'s chip unit.
According to the report, Sanyo was to pick the winner of the
auction by the end of August 2007, however, there could be
delays.
The Osaka-based consumer electronics manufacturer hopes to raise
JPY150-200 billion from the sale but resistance from bidders may
force it to accept less, Reuters relates.
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.
* * *
In 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.
VERIFONE HOLDINGS: Promotes William Nichols as VP-Asia Pacific
--------------------------------------------------------------
VeriFone Holdings Inc. has promoted William C. Nichols to senior
vice president, Asia Pacific, where he will be instrumental in
the company's goal of promoting its newest products and
solutions into key markets.
Lazy Yanay, formerly managing director, Asia, has been named
managing director, Business Development. Both will report
directly to VeriFone Chairman and CEO Douglas G. Bergeron.
Mr. Nichols, formerly vice president, Global Marketing and
Business Development, will be responsible for emerging payments
markets in China, India, North East and Southeast Asia,
Australia and New Zealand. He will also retain his role as head
of global marketing, with responsibility for product strategy
and global demand generation programs.
"We continue to broaden our product set in all geographies and
make great headway as the industry leader in so many areas,"
said Mr. Bergeron. "Bill Nichols and Lazy Yanay will be
instrumental in our efforts to accelerate growth in key
markets."
Prior to the acquisition of Lipman in October 2006, Mr. Nichols
served as vice president and general manager of the emerging
market region, comprised of Latin America, the Caribbean and the
Asia Pacific business units. Prior to that assignment he served
as vice president of international marketing. He joined
VeriFone in 1995 by opening the VeriFone do Brazil office and
serving as its first general manager.
VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems. The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.
* * *
As reported in the Troubled Company Reporter on Sept. 29, 2006,
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative. At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.
* BRAZIL: Regulator Must OK Telecom Italia Buy, Says Telefonica
---------------------------------------------------------------
A Telefonica spokesperson told Business News Americas that
Brazilian telecoms regulator Anatel has to authorize in October
the firm's purchase of a stake in Telecom Italia.
Telefonica and a consortium of Italian companies acquired a
23.6% controlling stake in Telecom Italia in April 2007,
BNamericas relates.
BNamericas notes that Anatel must ratify the Telefonica-Telecom
Italia deal. Telefonica has joint control of Brazil's largest
mobile phone firm Vivo. Telecom Italia controls TIM Brasil, the
second largest.
According to BNamericas, Anatel dropped the review of
Telefonica's purchase of a Telecom Italia stake from its agenda
at an Aug. 30 meeting.
The regulator would grant authorization on the deal as
Telefonica individually lacks enough control over Telecom
Italia, BNamericas says, citing Brazilian investment bank Banif
Primus analyst Alex Pardellas.
Mr. Pardellas commented to BNamericas, "Telefonica has control
of a very small share in Telecom Italia... and Telefonica's area
of control is even further from control of TIM. It appears that
Anatel will not reject the deal and will probably not demand a
return of any licenses such as in Sao Paulo."
BNamericas notes Anatel will study the potential conflict of
interests in Sao Paulo, Brazil's largest industrial hub where
TIM and Vivo compete.
The report says that US consultancy Yankee Group senior analyst
Julio Puschel is positive that a conflict of interest in Sao
Paulo could be resolved simply by asking Vivo or TIM to return
one of their licenses.
Once Telefonica tries to gain more control in TIM in the future,
"this could become a regulatory issue," BNamericas states,
citing Mr. Puschel.
About Telefonica
Telefonica, S.A., together with its subsidiaries and investees
(Telefonica Group), operates mainly in the telecommunications,
media and entertainment industries. The Telefonica Group is
also involved in the media and contact center activities through
investments in Telefonica de Contenidos and Atento. The company
operates through three segments: Telefonica Spain, Telefonica
Europe and Telefonica Latin America. Telefonica Spain oversees
the wireline and wireless telephony, broadband and data
businesses in Spain. Telefonica Latin America oversees the same
businesses in Latin America. Telefonica Europe oversees the
wireline, wireless, broadband and data businesses in the United
Kingdom, Germany, the Isle of Man, Ireland, the Czech Republic
and the Slovak Republic.
About Telecom Italia
Telecom Italia S.p.A. is an Italy-based telecommunications group
that operates in the communications sector, in the television
sector using both analog and digital terrestrial technology, and
in the office products sector. In the communications sector,
the Company engages primarily in telephone and data services on
fixed lines for final retail customers and wholesale providers,
in the development of fiber optic networks for wholesale
customers, in broadband services, in Internet services and in
domestic and international mobile telecommunications (especially
in Brazil). The company operates mainly in Europe, the
Mediterranean Basin and in South America.
* * *
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.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch
said the rating outlook is stable.
* BRAZIL: State Firm Mulls Operating Liquefied NatGas Terminals
---------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA's
liquefied natural gas manager Renato Nazareth told reporters
that the company is considering operating six liquefied natural
gas regasification terminals in the long term.
Mr. Nazareth commented to BNamericas, "We are starting to think
about the possibility of having six LNG [liquefied natural gas]
regas plants, but it is too soon to tell you anything else.
Petrobras is taking its first steps in the LNG market."
According to BNamericas, Petroleo Brasileiro is constructing two
liquefied natural gas terminals in Rio de Janeiro and Pecem in
Ceara. The terminals would have total installed capacity of 21
million cubic meters daily.
Meanwhile, Mr. Nazareth said during the Navalshore industry
conference that Petroleo Brasileiro will make a final decision
on the location of its third liquefied natural gas plant next
month, BNamericas notes.
The third plant will be able to process 14 million cubic meters
per day of natural gas, BNamericas says, citing Mr. Nazareth.
"This third plant is currently being studied and I think that in
a month or so we will have the decision," Mr. Nazareth explained
to BNamericas.
The report says that Petroleo Brasileiro has invited 25
companies to bid for the terminal's floating, storage and
regasification unit. The winning bidder will be announced
within the year.
Mr. Nazareth told BNamericas that these areas are being
considered for the project's location:
-- Suape in Pernambuco, and
-- Sao Francisco do Sul in Santa Catarina.
About Petroleo Brasileiro
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.
* * *
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.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch
said the rating outlook is stable.
* BRAZIL: State Firm Launching Tayrona Block Drilling
-----------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA will begin
drilling the 2.2-million hectare Tayrona block, about 45
kilometers into Colombia's Santa Marta bay, news daily El Tiempo
reports, citing Santa Marta mayor Jose Francisco Zuniga Riascos.
According to Business News Americas, Colombian state-run oil
company Ecopetrol entered into a joint operating agreement with
Petroleo Brasileiro and US oil company Exxon Mobil in July 2007
for the exploration of Tayrona block.
As agreed, Ecopetrol will hold a 20% stake in the project, while
Petroleo Brasileiro and Exxon Mobil will each have 40%,
BNamericas states.
About Exxon Mobil
Exxon Mobil Corporation (ExxonMobil) is an international oil and
gas company. ExxonMobil operates facilities or market products
in many countries, and explores for oil and natural gas on six
continents. ExxonMobil is involved in the exploration and
production of crude oil and natural gas; the manufacture of
petroleum products, and the transportation and sale of crude
oil, natural gas and petroleum products. ExxonMobil is a
manufacturer and marketer of commodity and specialty
petrochemicals, and also has interests in electric power
generation facilities. In addition, the company conducts
research programs in support of these businesses.
About Ecopetrol
Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government. The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products. Ecopetrol is Latin America's
fourth-largest integrated-oil concern. Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.
About Petroleo Brasileiro
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.
* * *
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.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch
said the rating outlook is stable.
===========================
C A Y M A N I S L A N D S
===========================
GENIE INVESTMENT: Sets Final Shareholders Meeting for Sept. 21
--------------------------------------------------------------
Genie Investment Co. Ltd. will hold its final shareholders
meeting on Sept. 21, 2007, at 11:00 a.m., at the office of the
company.
These matters will be discussed during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) authorizing the liquidator to retain the records
of the company for a period of six years from
the dissolution of the company, after which they
may be destroyed.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Q&H Nominees Ltd.
Attention: Indy Singh
P.O. Box 1348
George Town, Grand Cayman KY1-1108
Cayman Islands
Tel: 949 4123
Fax: 949 4647
GULF INSURANCE: Will Hold Final Shareholders Meeting on Sept. 24
----------------------------------------------------------------
Gulf Insurance Co Ltd. will hold its final shareholders meeting
on Sept. 24, 2007, at 10:00 a.m., at:
5th Floor, Zephyr House
Mary Street, Grand Cayman
Cayman Islands
These matters will be discussed during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) authorizing the liquidator to retain the records
of the company for a period of five years from
the dissolution of the company, after which they
may be destroyed.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Glen Trenouth
P.O. Box 31118
Grand Cayman, KY1-1205
Cayman Islands
Tel: (345) 943 8800
Fax: (345) 943 8801
LEHMAN BBT: Sets Final Shareholders Meeting for Sept. 21
--------------------------------------------------------
Lehman BBT Fund Ltd. will hold its final shareholders meeting on
Sept. 21, 2007, at 9:30 a.m., at the office of the company.
These matters will be discussed during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) authorizing the liquidator to retain the records
of the company for a period of five years from
the dissolution of the company, after which they
may be destroyed.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
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
OHMIYATORO: Will Hold Final Shareholders Meeting on Sept. 21
------------------------------------------------------------
Ohmiyatoro will hold its final shareholders meeting on
Sept. 21, 2007, at 10:30 a.m., at the office of the company.
These matters will be discussed during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) authorizing the liquidator to retain the records
of the company for a period of five years from
the dissolution of the company, after which they
may be destroyed.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
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
PRIMUS JAPAN: Sets Final Shareholders Meeting for Sept. 21
----------------------------------------------------------
Primus Japan Funding 04-A Holding Company will hold its final
shareholders meeting on Sept. 21, 2007, at 11:00 a.m., at the
office of the company.
These matters will be discussed during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) authorizing the liquidator to retain the records
of the company for a period of five years from
the dissolution of the company, after which they
may be destroyed.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
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
RABO DUYFKEN: Will Hold Final Shareholders Meeting on Sept. 21
--------------------------------------------------------------
Rabo Duyfken Funding Ltd. will hold its final shareholders
meeting on Sept. 21, 2007, at 10:00 a.m., at the office of the
company.
These matters will be discussed during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) authorizing the liquidator to retain the records
of the company for a period of five years from
the dissolution of the company, after which they
may be destroyed.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
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
RENAISSANCE J: Sets Final Shareholders Meeting for Sept. 21
-----------------------------------------------------------
Renaissance J Corp. will hold its final shareholders meeting on
Sept. 21, 2007, at 9:00 a.m., at the office of the company.
These agendas will be taken during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) authorizing the liquidator to retain the records
of the company for a period of five years from
the dissolution of the company, after which they
may be destroyed.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
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
SINGULAR FUND: Proofs of Claim Filing Ends on Sept. 13
------------------------------------------------------
Singular Fund's creditors are given until Sept. 13, 2007, to
prove their claims to Zoom Administracao De Recursos Ltda, 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.
Singular Fund's shareholders agreed on Aug. 2, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Zoom Administracao De Recursos Ltda
Attention: Wilton McDonald
c/o Truman Bodden & Company
5th Floor, Anderson Square Building
P.O. Box 866
Grand Cayman KY1-1103
Cayman Islands
Tel: (345) 914-4620
Fax: (345) 815-0570
VF CAYMANS I: Will Hold Final Shareholders Meeting on Sept. 21
--------------------------------------------------------------
VF Caymans I will hold its final shareholders meeting on
Sept. 21, 2007, at 10:00 a.m., at:
Fourth Floor, One Capital Place
P.O. Box 847
George Town, Grand Cayman
Cayman Islands
These agendas will be taken during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) hearing any explanation that may be given by the
liquidator.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Trident Directors (Cayman) Ltd.
Attention: Kimbert Solomon
Tel: (345) 949 0880
Fax: (345) 949 0881
P.O. Box 847
George Town
Grand Cayman KY1-1103
Cayman Islands
VF CAYMANS II: Sets Last Shareholders Meeting for Sept. 21
----------------------------------------------------------
VF Caymans II will hold its final shareholders meeting on
Sept. 21, 2007, at 10:00 a.m., at:
Fourth Floor, One Capital Place
P.O. Box 847
George Town, Grand Cayman
Cayman Islands
These matters will be discussed during the meeting:
1) accounting of the liquidation process showing how the
winding up has been conducted during the preceding year,
2) hearing any explanation that may be given by the
liquidator.
A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.
The liquidator can be reached at:
Trident Directors (Cayman) Ltd.
Attention: Kimbert Solomon
Tel: (345) 949 0880
Fax: (345) 949 0881
P.O. Box 847
George Town
Grand Cayman KY1-1103
=========
C H I L E
=========
BOSTON SCIENTIFIC: Settles Guidant Devices Dispute for US$16.75M
----------------------------------------------------------------
Boston Scientific Corporation said in a press statement last
week that three of its subsidiaries, Guidant Corporation,
Cardiac Pacemakers Inc., and Guidant Sales Corporation (nka
Boston Scientific Cardiac Rhythm Management), have reached an
agreement with the Attorneys General of 35 states and the
District of Columbia to settle investigations associated with
Guidant Corporation's Ventak Prizm 2DR Model 1861, Contak
Renewal Model H135 and Contak Renewal 2 Model H155 devices.
Boston Scientific acquired the Guidant entities last year.
Under the terms of the agreement, the three Boston Scientific
subsidiaries will pay a total of US$16.75 million and admit no
liability. They also agreed to extend the Supplemental Warranty
Program for these devices an additional six months and
reaffirmed their commitment to implement changes recommended by
the Independent Panel commissioned by Guidant in 2005, such as
having a Patient Safety Officer and a Patient Safety Advisory
Board, and making enhancements to product performance
communications.
"Boston Scientific has been working cooperatively with the state
Attorneys General and is pleased to have reached an amicable
agreement," said Jim Tobin, President and Chief Executive
Officer of Boston Scientific. "This agreement underscores our
commitment to being the industry leader in patient safety and in
communicating with patients and doctors."
Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties. The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.
* * *
As reported in the Troubled Company Reporter on Aug. 7, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Boston Scientific Corp. to 'BB+' from 'BBB-' and
placed the ratings on the company on CreditWatch with negative
implications. S&P has withdrawn the commercial paper rating at
the company's request.
At the same time, Fitch Ratings downgraded the ratings on Boston
Scientific Corp. including the company's 'BBB-' Senior Unsecured
Notes rating which was lowered to 'BB+'. Fitch said the rating
outlook is negative.
===============
C O L O M B I A
===============
ECOPETROL: Delays Works on Pipeline with Petroleos de Venezuela
---------------------------------------------------------------
Colombian state-run oil company Ecopetrol has delayed the
launching of its 224-kilometer natural gas pipeline with
Venezuelan counterpart Petroleos de Venezuela SA due to protests
in the Maicao municipality of Colombia's La Guajira department,
according to a report in news daily La Republica.
Business News Americas relates that Petroleos de Venezuela
completed the Venezuelan side of the pipeline. Still about 5%
of the pipeline on the Colombian side has not been finished.
David Bantz, the head of the US oil company Chevron's Colombian
subsidiary, told BNamericas that he expected Petroleos de
Venezuela's talks with Maicao residents to take only for a short
time.
The pipeline had been set for launching at the end of August, La
Republica says, citing Mr. Bantz. However, natural gas would
begin flowing from Colombia to Venezuela in October or November.
According to BNamericas, "the flow will be reversed in several
years" to let Colombia to bring in natural gas from Venezuela.
Petroleos de Venezuela is investing almost US$335 million in the
pipeline. Meanwhile, the Guajira Association -- composed of
Ecopetrol and Chevron -- invested about US$7.5 million in
installations, BNamericas states.
About Chevron
Chevron Corp. manages its investments in subsidiaries and
affiliates, and provides administrative, financial, management
and technology support to the United States and foreign
subsidiaries that engage in fully integrated petroleum
operations, chemicals operations, mining operations of coal and
other minerals, power generation and energy services.
Exploration and production (upstream) operations consist of
exploring for, developing and producing crude oil and natural
gas, and also marketing natural gas. Refining, marketing and
transportation (downstream) operations relate to refining crude
oil into finished petroleum products; marketing crude oil and
the many products derived from petroleum, and transporting crude
oil, natural gas and petroleum products by pipeline, marine
vessel, motor equipment and rail car. Chemical operations
include the manufacture and marketing of commodity
petrochemicals, plastics for industrial uses, and fuel and
lubricant oil additives.
About Petroleos de Venezuela
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.
Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government. The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products. Ecopetrol is Latin America's
fourth-largest integrated-oil concern. Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Fitch Ratings upgraded the foreign currency
Issuer Default Ratings of Ecopetrol to 'BB+' from 'BB'. The
rating action followed the upgrade of The Republic of Colombia's
foreign currency Issuer Default Ratings to 'BB+' from 'BB'.
=======
C U B A
=======
* CUBA: Leaders Meets with Argentineans to Boost Cooperation
------------------------------------------------------------
Argentinean and Cuban leaders met Monday in the first session of
the third Intergovernmental Joint Commission Meeting to expand
cooperation projects between the two nations, Prensa Latina
reports.
Argentine Foreign Ministry International Coordination and
Cooperation Undersecretary Roberto Ojeda confirmed to Prensa
Latina of his country's interests in strengthening ties with
Cuba.
Separately, Assistant Foreign Investment and Economic
Collaboration Minister Orlando Requeijo told Prensa Latina that
the meeting will be "the stage to formulate strategies and
development of South-South cooperation."
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.
Moody's assigned these ratings on Cuba:
-- CC LT Foreign Bank Deposit, Caa2
-- CC LT Foreign Currency Debt, Caa1
-- CC ST Foreign Bank Deposit, NP
-- CC ST Foreign Currency Debt, NP
-- Issuer Rating, Caa1
=============
E C U A D O R
=============
PETROECUADOR: Production Up by 8,000 to 173,119 Barrels Per Day
---------------------------------------------------------------
Ecuadorian state-owned oil firm Petroecuador said in a statement
that production at its fields increased 8,000 barrels per day to
173,119 barrels per day as of Aug. 31, 2007.
Petroecuador head Carlos Pareja Yannuzzelli told Business News
Americas that the growth in output was due to overhauls and
maintenance work at Amazon wells as well as reduced theft and
attacks in the firm's installations.
The Ecuadorian government wants to increase oil output to
180,000 barrels per day by the end of 2007, 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.
PETROECUADOR: Subsidiary Shutting Down Esmeraldas Unit
------------------------------------------------------
Petroindustrial, Ecuadorian state-owned oil firm Petroecuador's
subsidiary, will close down the refinery Esmeraldas' crude
unit 1 on Sept. 15 due to programmed maintenance, Business News
Americas reports.
According to Petroecuador's statement, the unit will be shut
down for 17 days for maintenance works on the C-H1 oven.
Descoque Decostre Tecnologia will conduct the works, BNamericas
notes.
BNamericas relates that as a result of the maintenance works,
the plant's diesel output will increase by 5,400 barrels per day
from 110,000 barrels per day. High-octane naphtha imports would
drop 900 barrels per day.
Esmeraldas' profits will rise US$163,000 per day, Petroecuador
said in a statement.
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.
* ECUADOR: Increasing Energy Cooperation with Indonesia
-------------------------------------------------------
The Ecuadorian Embassy's Charge d'Affaires Carlos Lenin Housse
told the Jakarta Post that the nation has agreed to increase
energy cooperation with Indonesia.
Ecuador will also boost mining and telecommunications activities
with Indonesa, the Jakarta Post notes, citing Mr. Housse.
Mr. Housse commented to the Jakarta Post, "This will be done
within the framework of the MoUs (memorandum of understanding)
on cooperation in the energy, mining and telecommunications
sectors signed in Jakarta on July 14, 2006."
Ecuador agreed with Indonesia in implementing the oil and gas
memorandum of understanding by setting up a joint technical
commission to study issues of mutual interest and formalize the
instruments needed for cooperation between nations, Jakarta Post
states.
* * *
As reported in the Troubled Company Reporter on Jan. 25, 2007,
Fitch Ratings downgraded the long-term foreign currency Issuer
Default Rating of Ecuador to 'CCC' from 'B-', indicating that
default is a real possibility in the near term.
In addition, these ratings were downgraded:
-- Uncollateralized foreign currency bonds to
'CCC/RR4' from 'B-/RR4';
-- Collateralized foreign currency Par and Discount
Brady bonds to 'CCC+/RR3' from 'B/RR3'; and
-- Short-term foreign currency IDR to 'C' from 'B'.
Fitch also affirmed the Country ceiling rating at 'B-'.
=====================
E L S A L V A D O R
=====================
AES CORP: International Coalition Balk at Panama Dam Projects
-------------------------------------------------------------
AES Corp.'s three hydroelectric projects in Panama have been met
with protests from indigenous and environmental groups.
The Post Chronicle says that the Center for Biological Diversity
and 50 indigenous and environmental groups have demanded AES
Corp.'s withdrawal from the projects over concerns of flooding
in La Amistad International Park that threatens wildlife and
communities in the area. Based on environmental studies
conducted by the protesters, the dams would flood nearby Ngobe
villages, forcing inhabitants to relocate. As for aquatic
biodiversity, the dams would kill about 11 fish and shrimp
species in the river because the infrastructure would block
their migration between the ocean and the freshwater to complete
their life cycles.
La Amistad International Park, designated a World Heritage site
by the United Nations, forms part of the La Amistad Biosphere
Reserve, one of the most biologically diverse areas on the
planet. It is home to at least 40 species of fish, 250 species
of reptiles and amphibians, 215 species of mammals, and 600
species of birds, including the resplendent quetzal and the
harpy eagle, the Post Chronicle relates.
AES Corp.'s three dam projects will be on the Changuinola River
that borders the park. AES and its Panamanian unit, AES
Changuinola, S.A., will operate the three dams. A fourth dam
would be operated by Hidroecologica del Teribe, S.A., a
subsidiary of the Colombian-owned Empresas Publicas de Medellin,
on the Bonyic River, a tributary of the Rio Teribe, the Post
Chronicle states.
AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries. Specifically, it also has operations
in India. Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies. The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.
* * *
On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology. Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.
* * *
As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.
Fitch also took these rating actions:
* AES
-- Senior unsecured to 'BB/RR1' from 'BB/RR2'
* AES Trust III
-- Trust preferred securities to 'B+/RR4' from 'B/RR5'.
* AES Trust VII
-- Trust preferred securities to 'B+/RR4' from 'B/RR5'.
In addition, Fitch affirmed these ratings:
* AES
-- Senior secured credit facility at 'BB+/RR1';
-- Junior secured notes at 'BB+/RR1'.
===============
H O N D U R A S
===============
MILLICOM INTERNATIONAL: Tope Lawani Leaves Board of Directors
-------------------------------------------------------------
Millicom International Cellular S.A. disclosed that Tope Lawani
has tendered his resignation from the Board of Directors of
Millicom International Cellular.
Mr. Lawani is a Managing Partner of Helios Investment Partners,
which makes private equity investments in various sectors,
including telecommunications, across sub-Saharan Africa.
Mr. Lawani commented: "I have come to the conclusion that, going
forward, the constraints imposed by my directorship at Millicom
will make it difficult to continue to fulfill adequately my
duties as a Director of Millicom, while also satisfying my
obligations to Helios."
Daniel Johannesson, Chairman of the Board of Directors
commented: "The Board of Millicom regrets that Mr. Lawani found
it necessary to take this step. He has been a highly competent
member of our Board, always providing wise and valuable input to
our work."
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.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Millicom International Cellular S.A.
Moody's also assigned a Ba3 probability of default rating to the
company.
===========
M E X I C O
===========
EMPRESAS ICA: Shareholders Okay US$550 Million Public Offering
--------------------------------------------------------------
Empresas ICA S.A.B. de C.V. disclosed the results of an
Extraordinary Shareholders' Meeting held last week.
The shareholders' meeting approved an increase in the variable
capital of the Company and the carrying out of a public offering
of new shares in Mexico and the United States and other foreign
markets. It also approved a capital increase of up to a maximum
of 90 million new shares with a total value in pesos equivalent
to up to US$550 million. All non-subscribed shares will be
cancelled.
In addition, the shareholders' meeting authorized the Board of
Directors to determine the timing and amount of the issuance, at
any time over the next 12 months starting in September, in
accordance with the operating requirements and cash flow needs
of the Company, and without limiting the ability of the Board of
Directors, in accordance with its authority, to undertake other
financings to meet the investment needs of the Company related
to infrastructure projects.
The resources obtained from any capital increase will be used to
finance the investment in infrastructure projects that ICA has
been awarded or that may be put out for bid by the Mexican
federal, state and municipal governments; acquisition of land
reserves for the housing development business; repayment of
debt; and other corporate purposes.
In accordance with article 53 of the Mexican Securities Law,
existing shareholders will not have a right of preference to
subscribe to the new shares.
The Extraordinary Shareholders' Meeting had a quorum of 89.17%
of the shares issued and outstanding, and all the resolutions
were approved unanimously.
Empresas ICA -- http://www.ica.com.mx/-- the largest
engineering, construction, and procurement company in Mexico,
was founded in 1947. ICA has completed construction and
engineering projects in 21 countries. ICA's principal business
units include civil construction and industrial construction.
Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, Standard & Poor's Ratings Services revised its
long-term corporate credit rating on Empresas ICA S.A. de C.V.
to 'BB-' from 'B'. The ratings were removed from CreditWatch
Positive, where they were placed on April 7, 2006. S&P said the
outlook is stable.
GRUPO TMM: Moody's Removes Caa1 Rating After Debt Redemption
------------------------------------------------------------
Moody's Investors Service withdrew the corporate family and
issuer ratings of Grupo TMM, S.A. The corporate family and
issuer ratings were withdrawn because TMM's rated debt has been
redeemed.
Outlook Actions:
Issuer: Grupo TMM, S.A.
-- Outlook, Changed To Rating Withdrawn From Negative
Withdrawals:
Issuer: Grupo TMM, S.A.
-- Issuer Rating, Withdrawn, previously rated Caa1
Corporate Family Rating, Withdrawn, previously rated Caa1
Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.
LEAR CORPORATION: Moody's Affirms B2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed Lear Corporation's Corporate
Family Rating of B2 with a stable outlook. Ratings on the
company's term loan of B2 and on its unsecured notes of B3 were
similarly affirmed but with slight revisions to their respective
LGD point estimates. The company's liquidity rating of SGL-2,
designating good liquidity, was also affirmed.
Lear's quantitative metrics reflect noticeable improvement over
earlier periods, and, if sustained, could lead to an upward
revision of the rating or outlook. However, at this time,
weakness in the outlook for automotive demand, coupled with
uncertainties relating to the potential for disruptions during
UAW labor negotiations temper rating prospects. Moreover, while
Lear has reaffirmed its strategic plans following the failed
acquisition of the company by AREP Car Acquisition, controlled
by Mr. Carl Icahn, the current ratings continue to reflect an
element of event risk.
Lear's results demonstrate achievements in restoring its margins
and reducing its leverage from a combination of divesting its
unprofitable interior business, lowering costs through
restructuring actions and contributions from the roll-out of new
business awards. Those accomplishments produced positive free
cash flow over the last quarter and twelve-month period ending
June 30, and, in turn solidified its liquidity profile. At the
end of June, Lear's debt/EBITDA declined to roughly 3.8 times,
and its EBIT/interest increased to 2.1 times on an LTM basis
(These ratios exclude the impact of its restructuring costs but
are considered reflective of recurring profitability and
coverage capacity of the business).
Nonetheless, Moody's concerns included awaiting a resolution of
labor negotiations between the Michigan based OEMs and the UAW,
which could impact Lear's operating results if disruptions to
production volumes were to occur from labor disputes. In
addition, the outcome of those negotiations could affect the
longer-term viability of major customers of Lear's North
American seating business. Similarly, macro issues of consumer
sentiment, GNP growth and pressure on disposable income from
several factors could impact aggregate automotive demand over
the intermediate term. Should less favorable conditions evolve,
the strength of Lear's more recent financial performance could
begin to ebb.
Ratings affirmed with revised LGD point estimates:
-- Corporate Family Rating, B2
-- Probability of Default, B2
-- Senior Secured Term Loan, B2 (LGD-3, 47%) from B2 (LGD-4,
50%)
-- Senior Unsecured Notes to B3 (LGD-4, 58%) from B3 (LGD-4,
61%)
-- Shelf ratings for senior unsecured, subordinated and
preferred, (P)B3 (LGD-4, 58%), (P)Caa1(LGD-6, 97%), and
(P)Caa1 (LGD-6, 97%) respectively from (P)B3 (LGD-4, 61%),
(P)Caa1 (LGD-6, 97%), and (P)Caa1 (LGD-6, 97%) respectively.
-- Speculative Grade Liquidity Rating, SGL-2
The last rating action was in May 2007 when Moody's confirmed
Lear's ratings and changed its outlook to stable from ratings
under review for possible downgrade.
The stable outlook considers the beneficial impact of improved
operating margins and free cash flow in Lear's continuing
seating and electronics businesses as well as its liquidity
profile. Positive free cash flow is expected over the
intermediate term absent unexpected events. Lear may have to
contribute up to an additional US$40 million to its interest in
the entity that was formed from the disposition of the North
American interior business. Other future cash expenditures
include pension contributions under the defined benefit plans of
US$35 million to US$40 million during the remainder of 2007.
The company continues with exposure to build rates at General
Motors, Ford and Chrysler, and the current mix of vehicles it
supports may be adversely affected by recent trends in consumer
vehicle preferences.
The SGL-2 rating represents good liquidity over the next twelve
months. The company had cash and equivalents of US$565 million
at the end of June, expectations of future positive free cash
flow generation as well as access to its un-drawn US$1.7 billion
revolver. In addition, the company has a US$150 million off-
balance sheet accounts receivable securitization facility whose
liquidity line is typically renewed annually in October. The
facility was not utilized at the end of June. In late 2006,
Lear refinanced the majority of its debt maturities resulting in
no significant debt maturities through 2010.
At June 30, headroom under financial covenants in Lear's
revolving credit facility, which expires in March 2010, was
ample with the company expected to maintain a comfortable
cushion over the next twelve months. The bank debt has a
partial collateral package over certain assets and shareholdings
in subsidiaries. While Lear continues with a portfolio of
investments in subsidiaries and joint ventures, an effect of the
terms of the bank debt could be to constrain the company's
remaining ability to arrange alternate liquidity.
Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and
components. Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products. The company has more than 90,000 employees at 236
facilities in 33 countries.
Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela. Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey. Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.
MAXCOM TELCOMMUNICACIONES: Gets Okay To Enter Mobile Market
-----------------------------------------------------------
Maxcom Telecommunicaciones has secured telecoms regulator
Cofetel's approval for its planned entry into the mobile market
through a reseller agreement, news daily El Universal reports.
Business News Americas relates that under the reseller accord,
Maxcom Telecommunicaciones will be able to rent the mobile
capacity from mobile operators with a concession license, then
resell it under its own brand. Maxcom Telecommunicaciones would
become a "mobile virtual network operator."
Cofetel announced last month that it would ratify all requests
made to the transport and communications ministry for reselling
telecoms services of any type provided that the services meet
requirements stipulated in the federal telecommunications law,
BNamericas states.
Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones,
SA de CV, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory. Maxcom Telecomunicaciones
launched commercial operations in May 1999 and is currently
offering Local, Long Distance and Internet & Data services in
greater metropolitan Mexico City, Puebla and Queretaro.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Standard & Poor's Ratings Services assigned its
'B' long-term corporate credit rating to Mexico City-based
Maxcom Telecomunicaciones SA de CV. S&P said the outlook is
stable.
At the same time, Standard & Poor's assigned its 'B' rating to
Maxcom's proposed transaction of up to US$200 million 144-A
senior unsecured notes maturing in 2016. The notes will be
guaranteed by substantially all of Maxcom's subsidiaries.
Proceeds from the proposed offering of notes will be used to
refinance all the existing indebtedness, including vendor
financing, and to prefund approximately US$84 million of capital
expenditures for additional growth.
MAZDA MOTORS: Production & Sales Fall for July 2007
---------------------------------------------------
Mazda Motor Corporation reported its production output for the
month of July with a decline in both domestic and overseas
production.
Domestic and Overseas Production
Total domestic production for the month of July 2007 decreased
4.0%. Passenger cars dipped 2.5% to 78,014 units from the July
2006 output of 80,018, while, commercial vehicles slumped 24.3%
to 4,347 units to 5,740.
Despite Mazda's increased production of its redesigned
Mazda2/Demio and the added production of the CX-9, total
domestic production still went down due to the suspension of
production caused by the Chuetsu Oki earthquake in Niigata
prefecture.
Overseas production downslided 23.3% to 18,066 from the same
period last year's 27,767 units, due to the end of second
generation of Mazda2 production at the Valencia plant. However,
the car manufacturer saw an 626.0% increase year-on-year on its
Mazda3 producing 4,966 units.
Domestic Sales
Overall domestic sales for July 2007 decreased by 3.7% year-on-
year mainly due to a 20.2% decrease in commercial vehicle sales
of 3,443, as compared to the same period last year's 4,543.
Total sales for the micro-mini cars also went down to 4,048, or
2.0% of last year. However, sales for the passenger vehicles
increased for July 2007 to 18,177, which is up 0.2%.
Global Production of both passenger and commercial vehicles
slipped to 6.5% and 19.8% respectively, making a total monthly
global production output of 100,427 units, or an 8.1% decline as
compared to July 2006 results.
About Mazda Motors
Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles. The company
manufactures passenger cars and commercial vehicles. Mazda
Motor distributes its products in both domestic and overseas
markets. The company has 58 subsidiaries. It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China. The Company has a global network.
* * *
As reported on April 27, 2007, that Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:
* Corporate Credit Rating: BB /Stable/
* Company's Long-term Senior Unsecured Debt: BB+
S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile. Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy. The company continued to improve operating
and financial performance in the nine months ended
Dec. 31, 2006, owing to an improved sales mix and favorable
foreign exchange rates. Although the EBITDA margin of about 6%
remains lower than most of its Japanese peers, profitability is
steadily improving. Mazda is now focusing on certain segments
instead of attempting to compete as a full-line producer. The
company also has excellent product engineering capabilities.
PRIDE INT'L: Closes Sale of Drilling & Workover Rig Business
------------------------------------------------------------
Pride International Inc. has completed the sale of its Latin
America land-based drilling and workover rig business and its
E&P Services business to GP Investments Ltd. on the terms
previously disclosed.
About Pride International
Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs. The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2007, Fitch Ratings has affirmed Pride International
Inc.'s Issuer Default Rating at 'BB' in addition to affirming
the ratings on Pride International's senior secured revolving
credit facility, senior unsecured notes and their convertible
senior notes. The Rating Outlook is Stable. Fitch maintains
the following ratings for Pride International:
-- Issuer Default Rating (IDR) at 'BB';
-- Senior unsecured at 'BB';
-- Senior secured bank facility at 'BBB-';
-- Senior convertible notes at 'BB'.
As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.
The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2.
Moody's said the outlook is stable.
Pride Ratings Affirmed:
-- Ba1 CFR and Probability of Default Rating;
-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);
-- US$500 million Senior Secured Credit Facility rated Baa2
(LGD2, 13%);
-- Speculative Grade Liquidity Rating -- SGL-2;
-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);
-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);
-- Preferred Shelf rated Ba2 (LGD6, 97%)
WOLVERINE TUBE: Equity Rights Offer Cues Moody's Ratings Review
---------------------------------------------------------------
Moody's Investors Service placed the ratings of Wolverine Tube,
Inc. (Caa2 corporate family rating) under review for possible
upgrade.
The review was prompted by Wolverine's announcement of an equity
rights offering of up to about $51 million, from which the
company will receive at least $25 million due to a standby
commitment from preferred stockholders. Additionally, the
offering entitles these preferred stockholders to call options
sufficient to increase their total ownership, equivalent to
about $32 million. As a result, if the rights offering and the
call options are fully exercised, the company would receive
total cash proceeds, after expenses, of about $83 million.
Moody's review of Wolverine will focus on the progress of
Wolverine's rights offering and preferred stockholder call
option exercise, the pro forma liquidity and credit metrics that
result from any of the above actions, ability to refinance
existing debt in a timely fashion, and Wolverine's business
fundamentals and economic expectations. The outcome of this
review is expected to reflect the potential overall financial
liquidity improvement experienced by Wolverine if the equity
transactions are a success, in combination with positive year-
to-date EBITDA, Moody's evolving view regarding the expected
decrease in copper prices and other raw materials, productivity
improvements in the company's facilities, and trends in the U.S.
economy. Depending on their level of success, and timing of
their initiatives, this could ultimately lead to a multi-notch
upgrade of the corporate family rating.
These ratings were placed under review for possible upgrade:
Issuer: Wolverine Tube Inc.
On Review for Possible Upgrade:
-- Corporate Family Rating, Placed on Review for Possible
Upgrade, currently Caa2
-- Probability of Default Rating, Placed on Review for Possible
Upgrade, currently Caa2
-- Senior Unsecured Notes, Placed on Review for Possible
Upgrade, currently Caa3 (LGD4, 62%)
Outlook Actions:
-- Outlook, Changed To Rating Under Review From Negative
Wolverine has been facing intense margin pressures due to the
volatility of raw materials and the impact of a competitive,
shrinking industry. The company faced difficulties as the price
of copper increased dramatically in recent years and Chinese
producers competed on price for commodity level products. The
corporate family rating and senior unsecured was previously
downgraded in November, 2006 to Caa2 and Caa3, respectively,
with a negative outlook following the announcement of a previous
restructuring and reorganization plan. In February 2007, The
Alpine Group, Inc. and Plainfield Special Situations Master Fund
Limited paid $50 million to Wolverine for 50,000 shares of
convertible preferred stock.
Headquartered in Huntsville, Alabama, Wolverine Tube, Inc. is
one of the leading U.S. manufacturers and distributors of copper
alloy tube, fabricated products, and metal joining products for
use in refrigeration and air conditioning. For the LTM ended
July 1, 2007, the company had revenues of US$1.36 billion, but
generated an US$86 million net loss. The company has locations
in China, Mexico and Portugal.
=================
N I C A R A G U A
=================
* NICARAGUA: Seizes Exxon's Oil Terminal Over Unpaid Taxes
----------------------------------------------------------
The Nicaraguan government has seized Exxon Mobil Corp.'s fuel-
storage terminal in the country after the oil major failed to
pay taxes on undeclared imports, Bloomberg News reports.
Lorena Romero, the country's spokesperson for the General
Customs Services, said in an e-mailed statement to Bloomberg
that other legal measures maybe taken agains Exxon for "other
debts." Bloomberg didn't say what these other debts are.
Exxon Mobil spokesman Alfredo Fernandez said that crude-oil
imports are tax-free, Bloomberg says.
"The actions taken by Nicaraguan authorities have the potential
to seriously damage economic relations between the U.S. and
Nicaragua," the U.S. Embassy in Managua was quoted by Bloomberg
as saying. "This also has the potential to affect the foreign
investment climate in Nicaragua."
* * *
Moody's Investor Service assigned these ratings to Nicaragua:
Rating Rating Date
------ -----------
Long Term Caa1 June 30, 2003
Senior Unsecured
Debt B3 June 30, 2003
=======
P E R U
=======
QUEBECOR WORLD: Closes Tender Offer to Buy Capital's Sr. Notes
--------------------------------------------------------------
Quebecor World (USA) Inc., a wholly owned subsidiary of Quebecor
World Inc. reported the expiration of its cash tender offers to
purchase:
(a) Quebecor World Capital Corporation's outstanding
8.42% Senior Notes, Series A, due July 15, 2010 and 8.52%
Senior Notes, Series B, due July 15, 2012; and
(b) Quebecor World Capital's outstanding 8.54%, Senior Notes,
Series C, due Sept. 15, 2015, and 8.69% Senior Notes,
Series D, due Sept. 15, 2020, and the related consent
solicitation seeking to effect the proposed amendments to
the note purchase agreements governing the Notes.
The tender offers and the related consent solicitation were made
upon and subject to the terms and conditions set forth in the
Offer to Purchase and Consent Solicitation dated Aug. 3, 2007,
and the related Consent and Letter of Transmittal.
The tender offers for the Notes expired at midnight, New York
City time, on Aug. 30, 2007. One condition to the tender offers
was the receipt of the consents from holders of more than 50% in
aggregate principal amount of the Series A Notes and the Series
B Notes, taken as a class, and holders of more than 50% in
aggregate principal amount of the Series C Notes and the Series
D Notes, taken as a class.
As of the Expiration Date, the Requisite Consents were not
received. Consequently, QWUSA will not purchase any Notes
pursuant to the tender offers, none of the proposed amendments
to the Note Purchase Agreements will be effected and the
previously announced tender offer consideration and consent fee
will not be paid or become payable to any holder of the Notes.
The Dealer Manager for the tender offers and the consent
solicitation is Banc of America Securities LLC.
Global Bondholder Services Corporation is the Information Agent
and the Depositary for the tender offers and the consent
solicitation.
Questions regarding the tender offers may be directed to Banc of
America Securities LLC at (312) 828-5846 (collect) or Global
Bondholder Services Corporation at (866) 470-4300 (toll free) or
at (212) 430-3774 (collect).
About Quebecor World Inc.
Quebecor World Inc. (TSX: IQW) (NYSE: IQW) --
http://www.quebecorworld.com/-- provides print solutions to
publishers, retailers, catalogers and other businesses with
marketing and advertising activities. Quebecor World has
approximately 29,000 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.
* * *
Moody's Investor Services placed Quebecor World Inc.'s
probability of default and long-term corporate family ratings at
"B3" on Aug. 28, 2007.
As reported in the Troubled Company Reporter-Latin America on
Aug. 13, 2007, Standard & Poor's Ratings Services placed its
ratings on printing company Quebecor World Inc., including the
'B+' long-term corporate credit rating, on CreditWatch with
negative implications.
=====================
P U E R T O R I C O
=====================
ADVANCED MEDICAL: Hires Richard DeRisio as VP-Regulatory Affairs
----------------------------------------------------------------
Advanced Medical Optics Inc. has appointed Richard J. DeRisio as
vice president for global regulatory affairs.
Mr. DeRisio will oversee development and execution of worldwide
regulatory strategies for AMO's new and existing products, which
are sold in more than 70 countries.
"We are pleased to welcome aboard Richard, as he brings to AMO
more than 25 years of regulatory and professional management
experience in the medical device industry," said AMO Executive
Vice President, Research and Development Leonard Borrmann.
"Richard's knowledge and expertise will help us continue to
strengthen our global R&D leadership team and support AMO's
growth across its three businesses."
Most recently, Mr. DeRisio served as vice president, global
regulatory affairs at Kinetic Concepts Incorporated, a high
growth medical technology company. He has held similar
positions at cutting edge device companies including STERIS
Corporation, Computer Motion Incorporated, Johnson & Johnson's
Biosense Webster Incorporated, Sorin Biomedical, and Ventritex
Incorporated.
DeRisio received a bachelor's degree in chemical engineering and
a master's degree in food science & technology from Cornell
University.
Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products. Sales for
the twelve months ended June 24, 2005 were approximately US$921
million. The company has operations in Germany, Japan, Ireland,
Puerto Rico and Brazil.
ADVANCED MEDICAL: S&P Lowers Corporate Credit Rating to B+
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Advanced Medical Optics Inc. to 'B+' from 'BB-'; the
ratings have been removed from CreditWatch with negative
implications, where they were placed on Aug. 6, 2007. The
stable outlook assumes AMO will be able to resolve any issues
related to its inability to comply with covenants on its
revolving credit facility at Sept. 30, 2007, given the greater
value to creditors of this company as a going concern.
At the same time, S&P revised the ratings on AMO's US$750
million senior secured financing, consisting of a US$450 million
term loan B due 2014 and a 11US$300 million revolving credit
facility due 2013. The rating on this debt has been lowered to
'BB-' (one notch higher than the corporate credit rating on AMO)
from 'BB'. The recovery rating has been revised to '2',
indicating the expectation of substantial recovery (70%-90%) in
the event of a default, from '1'.
"The downgrade reflects the company's limited financial capacity
resulting from prior debt-financed acquisitions and stock
repurchases," explained Standard & Poor's credit analyst Cheryl
Richer.
AMO's high debt leverage and inability to reduce debt in line
with prior expectations are exacerbated by its May 2007 COMPLETE
multi-purpose lens care solution recall. While AMO has an
alternative multi-purpose product that it is in the process of
rolling out globally, it will be challenged to regain lost
market share and restore eye care revenues to prior levels.
Our rating on AMO reflects technology risk, competitive risks,
and the ophthalmic company's aggressive efforts to build upon
its well-established position as a midsize player in the
industry. Despite the recent sharp decline in eye care revenues,
these efforts have broadened its product and geographic
diversity and provided a leadership position in its markets; 57%
of revenues are derived outside the U.S. Debt increased by
US$800 million as a result of the April 2007 acquisition of
IntraLase Corp., and the company's US$4.3 billion bid to acquire
Bausch & Lomb (subsequently retracted on Aug. 2, 2007) revealed
AMO's willingness to increase debt leverage to a greater level
(more than 6.5x on an adjusted basis) than that incurred in
previous transactions.
Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products. Sales for
the twelve months ended June 24, 2005 were approximately US$921
million. The company has operations in Germany, Japan, Ireland,
Puerto Rico and Brazil.
GENESCO INC: Posts US$4.2 Mil. Net Loss in Quarter Ended Aug. 4
---------------------------------------------------------------
Genesco Inc. reported on Aug. 30, 2007, its second quarter
earnings and other results of operations.
Genesco Inc. incurred a net loss of US$4.2 million in the three
months ended Aug. 4, 2007, a reversal of the US$5.9 million net
earnings in the same period ended July 29, 2006.
Genesco Inc. reported a loss before discontinued operations of
US$2.9 million for the second quarter ended Aug. 4, 2007.
Results for the quarter included US$5.5 million pretax in
expenses related to the company's proposed merger with a
subsidiary of The Finish Line Inc., retail store asset
impairment charges and costs related to the previously announced
decision to close certain underperforming stores, primarily in
the Underground Station Group. For the second quarter ended
July 29, 2006, earnings before discontinued operations were
US$5.9 million.
Net sales for the second quarter of fiscal 2008 increased 8% to
US$328 million, compared to US$304 million for the second
quarter of fiscal 2007.
Genesco chairman and chief executive officer Hal N. Pennington
said, "Our second quarter results were affected by the
combination of a later start to back-to-school, later sales tax
holidays in Texas and Florida and a generally challenging retail
environment, especially in footwear. While back-to-school
season is still in progress, we are encouraged by the improving
trend in sales for the third quarter to date.
"Net sales in the Journeys Group increased 8% to approximately
US$148 million in the second quarter, while same store sales
declined 7%. The shift in sales tax holidays in Texas and
Florida from the second quarter last year to the third quarter
this year had an especially pronounced effect on the Journeys
Group, since approximately 16% of Journeys stores are located in
those two states. Journeys same store sales in Texas and
Florida decreased 13% and 20%, respectively, in the quarter. We
expect the Journeys business for the balance of the year to
benefit from the later back-to-school and tax holiday sales and
from more pronounced competitive merchandising advantages in the
fall and holiday seasons, and are pleased with the week-to-week
improvement in comparable sales thus far in the quarter:
Journeys Group's same store sales have improved from 10% decline
in the first week in August, to a 3% increase in the second
week, to a 9% increase for the week most recently ended, for a
1% increase for the month to date.
"Net sales in the Hat World Group increased 15% to approximately
US$90 million, while same store sales declined 2% in the second
quarter, primarily due to fewer store-wide promotions compared
to last year, ongoing challenges in the urban market and the
back-to-school and tax holiday shift. Hat World's core
business, particularly Major League Baseball products, performed
well during the quarter and the Canadian business remains strong
across the board. Through the third week of fiscal August, same
store sales for the Hat World Group increased 4%.
"Net sales for the Underground Station Group, which includes the
remaining Jarman stores, were US$25 million, and same store
sales declined 23%, in line with our expectations for the
quarter. Same store sales again reflected the weak urban
market, a difficult Nike comparison, and continued softness in
the athletic category. Additionally, the tax holiday shift
exacerbated the comparison, as 21% of Underground Station stores
are located in Texas and Florida. For the first three weeks of
August, same store sales in the Underground Station Group
declined 20%. We expect Underground Station to benefit in the
second half from new merchandising strategies for the fall and
from easier comparisons with last year, as Nike's significance
to last year's sales progressively diminishes and overall
comparisons moderate.
"Johnston & Murphy Group's net sales increased 9% to
approximately US$46 million in the second quarter. Wholesale
sales rose 18%, same store sales for the shops were up 5% and
operating margin increased 200 basis points to 7.9%, reflecting
continuing strength across Johnston & Murphy's product lines.
For the first three weeks of August, same store sales increased
7%.
"Second quarter sales of Licensed Brands increased 18% to
approximately US$19 million, and operating margin increased 370
basis points to 12%. The Dockers Footwear product continued to
perform well in the volume moderate channel and its business
with the specialty shoe chains was strong."
The company said that because of its merger agreement with a
subsidiary of The Finish Line Inc., it does not expect to issue
specific guidance with respect to sales and earnings
expectations for the balance of the year.
At Aug. 4, 2007, the company's consolidated balance sheet showed
US$854.6 million in total assets, US$450.6 million in total
liabilities, and US$404.0 million in total stockholders' equity.
About Genesco Inc.
Based in Nashville, Tennessee, Genesco Inc. (NYSE: GCO) --
http://www.genesco.com/-- is a specialty retailer of footwear,
headwear and accessories in more than 1,900 retail stores in the
U.S. and Canada, including Puerto Rico, principally under the
names Journeys, Journeys Kidz, Shi by Journeys, Johnston &
Murphy, Underground Station, Hatworld, Lids, Hat Zone, Cap
Factory, Head Quarters and Cap Connection. The company also
sells footwear at wholesale under its Johnston & Murphy brand
and under the licensed Dockers.
* * *
As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services said that its ratings on
specialty Genesco Inc. remain on CreditWatch with developing
implications, following the announcement that it has rejected
Foot Locker Inc.'s conditional bid to acquire Genesco for
approximately US$1.3 billion (US$51.00 per share)in cash.
In April 2007, S&P placed its ratings, including the 'BB-'
corporate credit rating, on Genesco Inc. on CreditWatch with
developing implications after Foot Locker launched its bid
for Genesco.
The Foot Locker deal also prompted Moody's Investors Service
to place the ratings of Genesco on review for possible
downgrade. Affected ratings include the company's "Ba3"
corporate family rating.
GENESCO INC: 2nd Quarter 2008 Results Disappoint Finish Line
------------------------------------------------------------
The Finish Line Inc. expressed disappointment Thursday
over Genesco Inc.'s second quarter fiscal 2008 financial
results.
"Consistent with its responsibilities to The Finish Line's
shareholders, the company is evaluating its options in
accordance with the terms of the merger agreement. The
company does not intend to make further comments at this
time," Finish Line said in a press statement.
In June 2007, both companies signed a definitive merger
agreement under which Finish Line will acquire all of the
outstanding common shares of Genesco for US$54.50 per share
in cash. The total transaction value is approximately
US$1.5 billion. The offer price represents a premium of 37.7%
over Genesco's three-month average undisturbed stock price
ended March 9, 2007.
Hal Pennington, Genesco's Chairman and Chief Executive Officer,
told shareholders in a conference call that Genesco's second-
quarter results will not affect the company's ability to satisfy
the closing conditions in its merger transaction with Finish
Line.
Mr. Pennington pointed out that the results reflect timing
factors and general market conditions and not a material change
in Genesco's business.
He also noted that Genesco has scheduled a shareholders' meeting
for Sept. 17, 2007, to approve the Finish Line merger.
Finish Line has retained business consulting firm Bain &
Company to assist in the merger integration planning.
The transaction is expected to close in Fall 2007.
About Finish Line
The Finish Line Inc. (Nasdaq: FINL) --
http://www.finishline.com/-- is a mall-based specialty retailer
operating under the Finish Line, Man Alive and Paiva brand
names. The company currently operates 697 Finish Line stores in
47 states and online, 95 Man Alive stores in 19 states and
online and 15 Paiva stores in 10 states and online.
About Genesco Inc.
Based in Nashville, Tennessee, Genesco Inc. (NYSE: GCO) --
http://www.genesco.com/-- is a specialty retailer of footwear,
headwear and accessories in more than 1,900 retail stores in the
U.S. and Canada, including Puerto Rico, principally under the
names Journeys, Journeys Kidz, Shi by Journeys, Johnston &
Murphy, Underground Station, Hatworld, Lids, Hat Zone, Cap
Factory, Head Quarters and Cap Connection. The company also
sells footwear at wholesale under its Johnston & Murphy brand
and under the licensed Dockers.
* * *
As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services said that its ratings on
specialty Genesco Inc. remain on CreditWatch with developing
implications, following the announcement that it has rejected
Foot Locker Inc.'s conditional bid to acquire Genesco for
approximately US$1.3 billion (US$51.00 per share)in cash.
In April 2007, S&P placed its ratings, including the 'BB-'
corporate credit rating, on Genesco Inc. on CreditWatch with
developing implications after Foot Locker launched its bid
for Genesco.
The Foot Locker deal also prompted Moody's Investors Service
to place the ratings of Genesco on review for possible
downgrade. Affected ratings include the company's "Ba3"
corporate family rating.
=============
U R U G U A Y
=============
* URUGUAY: Argentine Protesters Renew Demonstrations Over Mill
--------------------------------------------------------------
Argentine protesters staged Sunday their latest demonstration
against a pulp mill whose construction in the river border with
Uruguay has caused a serious rift between the neighboring
countries.
The Financial Times relates that the mill, owned by Finnish
company Botnia, will be opened in a few days.
The original plan was for the construction of two mills. But
after a series of protests and blockades, the owner of the other
pulp mill decided to relocate. However, Botnia insisted that
the US$1.2 billion mill won't compromise the River Uruguay's
safety and went on to build the plant after securing approval
from the International Court of Justice.
"We're going to fight to the end until Botnia leaves, protester
Paula Robles was quoted by the FT as saying. "We're just
gathering here, peacefully, waiting for the entire caravan of
people from Gualeguaychu to get here and then we'll try to move
forward as far as they let us."
According to the FT, the mill -- with the word Botnia emblazoned
on a tower -- has reinvigorated Fray Bentos, a town once
synonymous with corned beef that fell into decay after the plant
closed three decades ago after more than a century packing cows
into cans.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Fitch Ratings upgraded Uruguay's foreign currency
sovereign Issuer Default Rating to 'BB-' from 'B+', the local
currency IDR to 'BB' from 'BB-', and its country ceiling to
'BB+' from 'BB'. The Rating Outlook was Stable. The short-term
IDR was affirmed at 'B'.
=================
V E N E Z U E L A
=================
NORTHWEST AIRLINES: Fitch Removes Junk Rating on Class D Notes
--------------------------------------------------------------
Fitch Ratings withdrew the ratings on these classes of Northwest
Airlines Enhanced Equipment Trust Certificate due to a lack of
sufficient information to maintain the ratings. These rating
actions affect 12 tranches of notes in five transactions.
NWA Trust No. 2
-- Class A notes rated 'BBB+', Rating Watch Positive are
withdrawn;
-- Class B notes rated 'BB', Rating Watch Positive are
withdrawn;
-- Class C notes rated 'B', Rating Watch Positive are
withdrawn;
-- Class D notes rated 'CCC/DR1', Rating Watch Positive are
withdrawn.
Northwest Airlines Pass Through Certificates, series 1996-1
-- Class A notes rated 'B-/DR2', Rating Watch Positive are
withdrawn;
-- Class B notes rated 'CC/DR6', Rating Watch Positive are
withdrawn;
-- Class C notes rated 'C/DR6', Rating Watch Positive are
withdrawn.
Northwest Airlines European Enhanced Equipment Trust
Certificates, series 2001-2
-- Class A notes rated 'BBB+', Rating Watch Positive are
withdrawn;
-- Class B notes rated 'B', Rating Watch Positive are
withdrawn.
Northwest Airlines Pass Through Certificates, series 2002-1
-- Class C-1 notes rated 'B', Rating Watch Positive are
withdrawn;
-- Class C-2 notes rated 'B', Rating Watch Positive are
withdrawn.
Northwest Airlines Pass Through Certificates, series 2003-1
-- Class D notes rated 'C', Rating Watch Positive are
withdrawn.
Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures. Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks. Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents. Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.
PETROLEOS DE VENEZUELA: Delays Works on Pipeline with Colombia
--------------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA has
delayed the launching of its 224-kilometer natural gas pipeline
with Colombia due to protests in the Maicao municipality of
Colombia's La Guajira department, according to a report in news
daily La Republica.
Business News Americas relates that Petroleos de Venezuela
completed the Venezuelan side of the pipeline. Still about 5%
of the pipeline on the Colombian side has not been finished.
David Bantz, the head of the US oil company Chevron's Colombian
subsidiary, told BNamericas that he expected Petroleos de
Venezuela's talks with Maicao residents to take only for a short
time.
The pipeline had been set for launching at the end of August, La
Republica says, citing Mr. Bantz. However, natural gas would
begin flowing from Colombia to Venezuela in October or November.
According to BNamericas, "the flow will be reversed in several
years" to let Colombia to bring in natural gas from Venezuela.
Petroleos de Venezuela is investing almost US$335 million in the
pipeline. Meanwhile, the Guajira Association -- composed of
Colombian state-run oil company Ecopetrol and Chevron --
invested about US$7.5 million in installations, BNamericas
states.
About Chevron
Chevron Corp. manages its investments in subsidiaries and
affiliates, and provides administrative, financial, management
and technology support to the United States and foreign
subsidiaries that engage in fully integrated petroleum
operations, chemicals operations, mining operations of coal and
other minerals, power generation and energy services.
Exploration and production (upstream) operations consist of
exploring for, developing and producing crude oil and natural
gas, and also marketing natural gas. Refining, marketing and
transportation (downstream) operations relate to refining crude
oil into finished petroleum products; marketing crude oil and
the many products derived from petroleum, and transporting crude
oil, natural gas and petroleum products by pipeline, marine
vessel, motor equipment and rail car. Chemical operations
include the manufacture and marketing of commodity
petrochemicals, plastics for industrial uses, and fuel and
lubricant oil additives.
About Ecopetrol
Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government. The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products. Ecopetrol is Latin America's
fourth-largest integrated-oil concern. Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.
About Petroleos de Venezuela
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.
PETROLEOS DE VENEZUELA: Seniat Collects Back Taxes from Orinoco
---------------------------------------------------------------
Venezuelan tax authority Seniat said in a statement that it has
billed and collected back taxes from state-run oil firm
Petroleos de Venezuela SA's three Orinoco joint ventures.
According to Seniat's statement, Ameriven paid VEB861 million in
back taxes from September 2001 to December 2004.
Business News Americas relates that Petroleos de Venezuela
controls 70% of Ameriven, which was renamed Petro Piar in July
2007.
Published reports say that Petrozuata also agreed to pay some
US$172 million in back taxes from 1996 to 2006. Seniat
previously claimed that Petrozuata owed US$465 million in back
taxes.
BNamericas notes that Petrozuata is now known as Petro
Anzoategui. It is completely controlled by Petroleos de
Venezuela.
The press says that Cerro Negro was billed US$46 million in back
taxes from 2001 to 2004.
BNamericas states that Petroleos de Venezuela controls 83.4% of
Cerro Negro, which was renamed Petro Monagas.
A Seniat official commented to reporters, "ExxonMobil
technically controlled Cerro Negro during the period back taxes
are being billed for."
ExxonMobil is negotiating with the Venezuelan government for
compensation for its nationalized assets, BNamericas states.
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.
PETROLEOS DE VENEZUELA: Interest in Orinoco Oil Belt Is 80%
-----------------------------------------------------------
People Power Minister of Energy and Petroleum and CEO of state-
run oil holding Petroleos de Venezuela (PDVSA) Rafael Ramirez
submitted to the Energy and Mines Standing Committee, National
Assembly, all the documents related to migration to joint
ventures from partnership agreements at the Orinoco oil belt,
under the Executive Order on Nationalization No. 5,200, issued
last Feb. 26, 2007, by President of the Bolivarian Republic of
Venezuela Hugo Chavez.
The subjects submitted to the Committee include the terms and
conditions of the agreements approved during the oil opening, as
well as a survey of all the damages caused by privatization and
lost profit due to the terms, conditions and tax looseness
awarded to multinationals.
Terms and conditions for the involvement of foreign companies in
the largest reserve of hydrocarbons in the world are:
-- PDVSA majority shareholding -80 percent on average;
-- full performance of the oil tax system;
-- royalties and drilling tax of up to 33.3 percent and
income tax at 50 percent;
-- 40-percent reduction in the areas occupied formerly by
partnership agreements and risk exploration and shared
profit agreements.
Minister Ramirez advised the Committee members about the details
and results of the negotiation with the companies involved for
migration to the new partnership modality, where PDVSA has the
majority stake. Further, the National Assembly reviewed all the
agreements reached with multinationals, in accordance with
article 33, Hydrocarbons Organic Law.
All of the agreements were explored on an individual basis.
They spell out the companies that accepted the terms for
migration and the companies that resolved to terminate their
participation in the businesses at the Orinoco oil belt. "Also,
all of the articles of a framework agreement were revised,
including the covenants on staff, technology, trade and the
issues related to the activity, which, if approved by the
National Assembly, would be joint ventures, effective for 25
years," said Mr. Ramirez.
Mr. Ramirez noted that no international arbitration will be
accepted for the matters linked with the oil industry. "Any
dispute will be settled in our courts."
In addition, on the initiative of the National Executive, a bill
was discussed. The instrument, composed of five articles, is
intended to terminate the partnership agreements resulting from
the oil opening. "The enactment of this law completes a cycle.
From now on, any company refusing to accept our laws must leave
the country," said the minister.
"The former National Congress approved the partnership
agreements at the Orinoco oil belt. Therefore, the National
Assembly, as the replacing authority, should terminate the
agreements that were approved in the past," Mr. Ramirez
explained.
Venezuelan State Takes Control
Out of 11 companies, parties to the former partnership
agreements at Orinoco oil belt and risk exploration and shared
profit agreements, only seven keep a significant international
sharing. "We have made it very clear since last year. We
simply are not interested in working with any company reluctant
to accept our current law and Constitution. We have a very
clear and fair legal and tax framework in the area of
hydrocarbons, which is fundamental for our economy," stressed
the president of the Venezuelan oil industry.
For Mr. Ramirez, the Venezuelan State, by means of the People's
Power Ministry of Energy and Petroleum, has retaken control over
regulation and management of hydrocarbons. The former
administration had no influence at all on exploitation, resource
preservation, allocation of areas or decisions on the future of
such an important business.
"That situation where the State and the Ministry were an empty
shell has been left behind. The Venezuelan State, by exercising
all its powers, has said 'that is enough,' and will regain
control over such an important sector in our country. This will
open the doors to continue development at the Orinoco oil belt,
following the guidelines set by the Venezuelan State and the
strategic guidelines of Plan Siembra Petrolera."
About PDVSA
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
July 5, 2007
TURNAROUND MANAGEMENT ASSOCIATION
SummerFest
Milwaukee's Lake Front, Milwaukee, Wisconsin
Contact: 815-469-2935 or www.turnaround.org
July 5, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA-SA Exco Meeting
Deloitte Place, Sandton, South Africa
Contact: www.turnaround.org
July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon - Bankruptcy Judges Panel
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
July 12, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Young Professionals Billiards Night
TBD, New Jersey
Contact: 908-575-7333 or 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 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, Illinois
Contact: http://www.turnaround.org/
July 17, 2007
BEARD AUDIO CONFERENCES
China's New Enterprise Bankruptcy Law
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
July 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast & TMA Executive Board Meeting
Cornell Club, New York, New York
Contact: 646-932-5532 or www.turnaround.org
July 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Florida / Secured Lenders Marlins Baseball Game
Dolphin Stadium, Florida
Contact: 561-882-1331 or 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 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Mystic Blue Boat Cruise
Navy Pier, Chicago, Illinois
Contact: 815-469-2935 or www.turnaround.org
July 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
5th Annual Night of Excellence
Petersen Automotive Museum, Los Angeles, California
Contact: 310-458-2081 or www.turnaround.org
July 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Mystic Blue Boat Cruise
Navy Pier, Chicago, Illinois
Contact: 815-469-2935 or www.turnaround.org
July 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Young Professionals Networking Event
Location TBA, Philadelphia, Pennsylvania
Contact: 215-657-5551 or www.turnaround.org
July 23, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Charity Networking Event
Loews Hotel, Philadelphia, Pennsylvania
Contact: 215-657-5551 or www.turnaround.org
July 23, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Event Fundraiser
Loews Hotel, Philadelphia, Pennsylvania
Contact: 215-657-5551 or www.turnaround.org
July 23-24, 2007
FINANCIAL RESEARCH ASSOCIATES
Financial Restructuring 101 & 102
The Flatotel, New York, New York
Contact: http://www.frallc.com/
July 25, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
Brown Bag Lunch
Reid & Riege, New Haven, Connecticut
Contact: www.iwirc.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
TBA, Arizona
Contact: http://www.turnaround.org/
July 26, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Golf Social Event
Crystal Lake Golf Club, Lakeville, Minnesota
Contact: 612-708-0258 or www.turnaround.org
July 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Colorado Chapter Annual Golf Tournament
Kings Deer Golf Club, Monument, Colorado
Contact: 303-847-5026 or www.turnaround.org
July 28, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Lake Tahoe Cruise: Getting to Know Your Nevada Associations
Zephyr Cove, Lake Tahoe, Nevada
Contact: 702-952-2480 or www.turnaround.org
July 31, 2007
BEARD AUDIO CONFERENCES
Non-Traditional Lenders and the Impact of
Loan-to-Own Strategies on the
Restructuring Process
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
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. 2, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA-SA Board Meeting
Deloitte Place, Sandton, South Africa
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. 9, 2007
BEARD AUDIO CONFERENCES
Technology as a Competitive Advantage For Today's Legal
Processes
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
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. 9, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
Brown Bag Lunch
Blum Shapiro & Co., West Hartford, Connecticut
Contact: www.iwirc.org
Aug. 10, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Special Olympics Sportsman's Lunch
Sofitel, Brisbane, Queensland, Australia
Contact: 1300 303 863 or www.turnaround.org
Aug. 10, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, Illinois
Contact: http://www.turnaround.org/
Aug. 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Colorado Chapter Annual Brew Pub & Pool Social
Wynkoop Brewing Company, Denver, Colorado
Contact: 303-847-5026 or www.turnaround.org
Aug. 16, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Young Professionals Networking Event
TBA, Philadelphia, Pennsylvania
Contact: 215-657-5551 or www.turnaround.org
Aug. 17, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual Fishing Trip
Point Pleasant, New Jersey
Contact: 908-575-7333 or www.turnaround.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, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Event
Carnelian Room, San Francisco, California
Contact: 510-346-6000 ext 226 or 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. 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Annual Networking at the Yards
Oriole Park at Camden Yards, Baltimore, Maryland
Contact: 215-657-5551 or www.turnaround.org
Sept. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Body of Knowledge - CTP Review Class
Chicago, Illinois
Contact: http://www.turnaround.org/
Sept. 18, 2007
TURNAROUND MANAGEMENT ASSOCIATION
14th Annual Connecticut Children's Medical Center
Fundraiser Golf Outing
Woodbridge Country Club, Woodbridge, Connecticut
Contact: 203-265-2048 or 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. 20, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Lean Transformation at Current and Other Case Studies
Denver Athletic Club, Denver, Colorado
Contact: 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. 26-27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Florida Annual Golf Tournament
Tampa, Florida
Contact: 561-882-1331 or www.turnaround.org
Sept. 27, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
TBA, Arizona
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. 4, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Event
Carnelian Room, San Francisco, California
Contact: 510-346-6000 ext 226 or www.turnaround.org
Oct. 5, 2007
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC "Views from the Bench"
Georgetown University Law Center
Washington, District of Columbia
Oct. 9-10, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
IWIRC Annual Fall Conference
Orlando, Florida
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. 11, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Winn Dixie Bankruptcy
University Club, Jacksonville, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Oct. 12, 2007
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
Presentation by George F. Will: The Political Argument
Today
Orlando, Florida
Contact: www.ardent-services.com
Oct. 12, 2007
AMERICAN BANKRUPTCY INSTITUTE
ABI Educational Program at NCBJ
Orlando World Marriott, Orlando, Florida
Contact: 1-703-739-0800; http://www.abiworld.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. 23, 2007
BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Capital Markets Case Study
Seattle, Washington
Contact: http://www.turnaround.org/
Oct. 25, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
Contact: http://www.turnaround.org/
Oct. 26, 2007
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
Hotel Adlon Kempinski, Berlin, Germany
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 30, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
Centre Club, Tampa, Florida
Contact: 561-882-1331; 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
Breakfast Event
Carnelian Room, San Francisco, California
Contact: 510-346-6000 ext 226 or www.turnaround.org
Nov. 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
TBD, Hackensack, New Jersey
Contact: 908-575-7333; http://www.turnaround.org/
Nov. 12, 2007
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
Marriott, Troy, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Mixer
McCormick & Schmick's, Las Vegas, Nevada
Contact: 702-952-2480 or www.turnaround.org
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Aloha Airlines Story
Bankers Club, Miami, Florida
Contact: www.turnaround.org
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Australia 4th Annual Conference and Gala Dinner
Hilton, Sydney, Australia
Contact: http://www.turnaround.org/
Nov. 14, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Dinner
TBA, 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; http://www.turnaround.org/
Nov. 22, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Networking Mixer
TBA, Vancouver, British Columbia
Contact: 206-223-5495; http://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
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
Holiday Gala
Yale Club, New York, New York
Contact: www.iwirc.org
Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Special Speaker
TBD, New Jersey
Contact: 908-575-7333; http://www.turnaround.org/
Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Special Speaker
Hilton, Sydney, Australia
Contact: http://www.turnaround.org/
Nov. 29, 2007
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting
Contact: http://www.turnaround.org/
Dec. 6, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Seattle Holiday Party
Athletic Club, Seattle, Washington
Contact: 206-223-5495; 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. 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Extravaganza - TMA & CFA
Georgia Aquarium, Atlanta, Georgia
Contact: 678-795-8103 or www.turnaround.org
Dec. 13, 2007
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Extravaganza - TMA & CFA
Georgia Aquarium, Atlanta, Georgia
Contact: 678-795-8103 or www.turnaround.org
Dec. 19, 2007
TURNAROUND MANAGEMENT ASSOCIATION
South Florida Dinner
TBA, South Florida
Contact: 561-882-1331; http://www.turnaround.org/
Jan. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Luncheon
University Club, Jacksonville, Florida
Feb. 7, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Event
Carnelian Room, San Francisco, California
Contact: 510-346-6000 ext 226 or www.turnaround.org
Mar. 25-29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Apr. 3-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
26th Annual Spring Meeting
The Renaissance, Washington, District of Columbia
Contact: http://www.abiworld.org/
Apr. 25-27, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Spring Seminar
Eldorado Hotel & Spa, Santa Fe, New Mexico
Contact: http://www.nabt.com/
May 1-2, 2008
AMERICAN BANKRUPTCY INSTITUTE
Debt Symposium
Hilton Garden Inn, Champagne/Urbana, Illinois
Contact: 1-703-739-0800; http://www.abiworld.org/
June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
24th Annual Bankruptcy & Restructuring Conference
J.W. Marriott Spa and Resort, Las Vegas, Nevada
Contact: http://www.airacira.org/
June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, 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/
Aug. 20-24, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Convention
Captain Cook, Anchorage, Alaska
Contact: http://www.nabt.com/
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. 3-5, 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/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.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/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
BEARD AUDIO CONFERENCES
2006 BACPA Library
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com;
http://researcharchives.com/t/s?20fa
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
Handling Complex Chapter 11
Restructuring Issues
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
IP Rights In Bankruptcy
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
Partnerships in Bankruptcy: Unwinding The Deal
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
Technology as a Competitive Advantage For Today's Legal
Processes
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Twenty-Day Claims
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/
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
de los Santos, and Christian Toledo, 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 * * *