/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/071207.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 Friday, December 7, 2007, Vol. 8, Issue 243 Headlines A R G E N T I N A BANCO PATAGONIA: Banco Itau Denies Takeover Plan on Bank BITTAR HNOS: Proofs of Claim Verification Deadline Is March 3 ARROW ELECTRONICS: SiliconExpert to Manage Components Database BR MALLS: Acquires Ownership Interest in Three Shopping Malls BUNGE LTD: North American Unit Names R. Perry VP & Gen. Manager BUREAU EDITOR: Proofs of Claim Verification Is Until March 6 COBESAL SA: Proofs of Claim Verification Ends on Feb. 26, 2008 CURTIVENCA SA: Proofs of Claim Verification Deadline Is March 6 DANILOR SA: Proofs of Claim Verification Is Until Feb. 29, 2008 FARMACIA MEDRANO: File for Reorganization Petition in Court DYNAMOTIVE ENERGY: Incurs US$3.2 Million Net Loss in Third Qtr. DYNAMOTIVE ENERGY: To Invest US$24 Mln for Biofuel Plant Project GROUP JOI: Proofs of Claim Verification Ends on Feb. 29, 2008 HOTELES LAR: Proofs of Claim Verification Ends on Feb. 7, 2008 INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan from Andean Dev't SIDECSA SA: Proofs of Claim Verification Deadline Is Feb. 14 URS CORP: Acquisition Cues Moody's To Lower Corp. Rating to Ba2 WR GRACE: Names Fred Festa as Board of Directors Chairman B E R M U D A AOF FUND: Proofs of Claim Filing Deadline Is Dec. 24 AOF FUND: Final Shareholders Meeting Is on Dec. 24 ARROWHEAD LTD: Will Hold Final Shareholders Meeting on Dec. 27 BORG TANKERS: Proofs of Claim Filing Is Until Dec. 27 BORG TANKERS: Will Hold Final Shareholders Meeting on Dec. 27 COMMSCOPE INC: Sees Positive 2007 Fourth Quarter Results CONCORDIA AMERICAS: Proofs of Claim Filing Deadline Is Dec. 15 CONCORDIA AMERICAS: Sets Final Shareholders Meeting for Jan. 7 DELPHI CORP: Gets Committees' Support on Plan Amendments LSF AGGREGATION: Proofs of Claim Filing Deadline Is Dec. 14 LSF AGGREGATION: Will Hold Final Shareholders Meeting on Dec. 31 LSF LUX: Proofs of Claim Filing Ends on Dec. 14 LSF LUX: Will Hold Final Shareholders Meeting on Dec. 31 LSF5 FIXED: Proofs of Claim Filing Is Until Dec. 14 LSF5 FIXED: Holding Final Shareholders Meeting on Dec. 31 MOLINOS HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 14 MOLINOS HOLDINGS: Sets Final Shareholders Meeting for Dec. 31 MUTUAL ARGENTINA: Proofs of Claim Filing Ends on Dec. 14 MUTUAL ARGENTINA: Sets Final Shareholders Meeting for Dec. 31 RENAISSANCE CAPITAL: Fitch Affirms BB- Issuer Default Ratings VGMMF, LTD: Proofs of Claim Filing Deadline Is Dec. 19 VGMMF, LTD: Sets Final Shareholders Meeting for Jan. 10, 2008 B O L I V I A * BOLIVIA: To Sign Dec. 9 Bank of South's Foundation Act B R A Z I L ADVANCED MEDICAL: Messrs. Heinrich & Morfit Joins Board ARROW ELECTRONICS: SiliconExpert to Manage Components Database BANCO NACIONAL: Okays BRL159-Million Funding for Coelba BR MALLS: Acquires Ownership Interest in Three Shopping Malls BRASIL TELECOM: Alcatel-Lucent Installing Network Overlay CA INC: Una O'Neill Promoted to Executive Vice President COSAN SA: Shareholders Approve BRL1.74-Bil. Capital Raise FORD MOTOR: November 2007 Truck Sales in Canada Up 3 Percent GERDAU SA: Invests Over US$400 Mil. on Heavy Plate Rolling Plant GREIF INC: Reports Net Income of US$190.2 Mln in 2007 Fiscal Yr. NET SERVICOS: Eyes Subscriber Growth in Broadband-Voice Segment VERIFONE INC: Moody's Reviews Sr. Debt Ratings for Downgrade C A Y M A N I S L A N D S DR GIGATREND: Holding Final Shareholders Meeting on Dec. 14 FRM GARTMORE: Final Shareholders Meeting Is on Dec. 14 IBROX PARK: Sets Final Shareholders Meeting for Dec. 14 KANAZAWA HOLDING: Sets Final Shareholders Meeting for Dec. 14 MUSIC PARTNERS: Will Hold Final Shareholders Meeting on Dec. 14 OGRE FINANCE: Sets Final Shareholders Meeting for Dec. 14 PINNAKELL ASIA: Sets Final Shareholders Meeting for Dec. 14 PINNAKELL ASIA ABSOLUTE: Holds Shareholders Meeting on Dec. 14 PROCYON FUND: Will Hold Final Shareholders Meeting on Dec. 14 RYE SELECT: Sets Final Shareholders Meeting for Dec. 14 C H I L E SHAW GROUP: Unable to Complete Form 10-K Filing with SEC C O L O M B I A GMAC LLC: Fin'l Unit Names Samuel Ramsey as Chief Risk Officer * COLOMBIA: Gets US$300-Mln Loan to Promote Biz Competitiveness C O S T A R I C A * COSTA RICA: Obtains US$381 Million Guaranteed Loan Operation D O M I N I C A N R E P U B L I C ALCATEL-LUCENT: Installing Network Overlay for Brasil Telecom G U A T E M A L A GOODYEAR TIRE: Board Okays Plan to Keep World Base in Akron H A I T I DYNCORP INT'L: Bags Logistics Services Contract from IMG J A M A I C A AIR JAMAICA: Government To Complete Sale in 16 Months M E X I C O ATHLETES WORLD: Forzani Group To Close 37 Stores AXTEL SA: To Use Comision Federal's Fiber Optic Infrastructure BANCO DEL BAJIO: Fitch Affirms Low B Currency Default Ratings CKE RESTAURANTS: Sells Hardee's Restaurants on Refranchise Plan DURA AUTOMOTIVE: Closes North American Unit Sale to Autoline EL POLLO: Moody's Reviews Debt Ratings for Possible Downgrade EMPRESAS ICA: Inks Contract for New Stadium Construction FEDERAL-MOGUL: Court Dismisses 75 Chapter 11 Cases GLOBAL POWER: Wants Removal Period Extended to Effective Date ICONIX BRAND: Moody's Affirms Corporate Family Rating at B1 INTERSTATE HOTELS: Inks US$207.8-Mln Venture with Harte Holdings SR TELECOM: SymmetryMX Receives WiMax Forum Certification US STEEL: Prices US$500 Million of 7% Senior Unsecured Notes N I C A R A G U A * NICARAGUA: Buying Back US$1.3 Billion of Foreign Debts * NICARAGUA: World Bank Supports US$1.3-Million Buy-Back P A N A M A BANCO LATINOAMERICA: Carlos Yap to Resign as Chief Fin'l Officer P U E R T O R I C O DYNCORP INT'L: Bags Logistics Services Contract from IMG DIRECTV GROUP: Extends Agreement with NDS Group NUTRITIONAL SOURCING: Exclusive Plan Filing Date Moved to Mar. 3 UNIVISION COMM: Names Bert Gomez as VP for Government Relations U R U G U A Y * URUGUAY: U.S. Agency Seeking Offers for Feasibility Study V E N E Z U E L A HERCULES OFFSHORE: Bags Contracts for Two Jackup Rigs in India PETROLEOS DE VENEZUELA: Forms Joint Venture with Belarusneft PETROLEOS DE VENEZUELA: Shuts Down Cardon Due to Power Failure * VENEZUELA: To Sign Dec. 9 Bank of South's Foundation Act - - - - - ================= A R G E N T I N A ================= BANCO PATAGONIA: Banco Itau Denies Takeover Plan on Bank -------------------------------------------------------- Argentina's Banco Patagonia won't be taken over by Banco Itau, news daily El Cronista reports, citing Banco Itau Chief Executive Officer Roberto Setubal. Mr. Setubal told El Cronista that Banco Itau will concentrate on organic growth in Brazil. He also denied any plans of buying any other bank in Latin America. Business News Americas relates that Banco Patagonia's share price increased over the last few months due to rumors that it would be receive a tender offer from Banco Itau. As reported in the Troubled Company Reporter-Latin America on Oct. 18, 2007, Banco Patagonia itself denied that it was being considered for a takeover bid by Banco Itau. Banco Itau doesn't have any ongoing talks to buy Banco Patagonia or any other entity in the region, BNamericas states, citing Mr. Setubal. About Banco Itau Banco Itau Holding Financeira SA -- http://www.itau.com.br/-- is a private bank in Brazil. The company has four principal operations: banking -- including retail banking through its wholly owned subsidiary, Banco Itau SA(Itau), corporate banking through its wholly owned subsidiary, Banco Itau BBA SA (Itau BBA) and consumer credit to non-account hold customers through Itaucred -- credit cards, asset management and insurance, private retirement plans and capitalization plans, a type of savings plan. Itau Holding provides a variety of credit and non-credit products and services directed towards individuals, small and middle market companies and large corporations. Banco Patagonia specializes in public offerings of securitizations. It became Argentina's fifth largest locally owned private bank through its purchase of Lloyds TSB Argentina in late 2004. The bank operates through 139 branches and has 202 ATM machines. * * * As reported in the Troubled Company Reporter-Latin America on May 4, 2007, Moody's Investors Service upgraded Banco Patagonia SA's local currency deposit rating is upgraded to Ba1 from Ba3. Moody's confirmed that it raised its bank financial strength rating on Banco Patagonia to D from E+, in connection with the rating agency's implementation of its refined joint default analysis and updated BFSR methodologies for banks in Argentina. Its foreign currency deposit rating was affirmed at Caa1, with positive outlook. The company's long-term Argentine national scale rating for local currency deposits is raised to Aa1.ar from Aa2.ar. and its long term foreign currency deposit rating in national scale was affirmed at Ba1.ar. The foreign currency subordinated debt rating was upgraded to B2 from Caa1. The outlook on the debt rating was positive. The national scale rating for foreign currency subordinated debt was raised to Aa3.ar from Ba1.ar. BITTAR HNOS: Proofs of Claim Verification Deadline Is March 3 ------------------------------------------------------------- Marcela Zamora, the court-appointed trustee for Bittar Hnos. S.H.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 3, 2008. Ms. Zamora will present the validated claims in court as individual reports on April 14, 2008. The National Commercial Court of First Instance in Mendoza 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 Bittar Hnos. 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 Bittar Hnos.'s accounting and banking records will be submitted in court on May 27, 2008. Ms. Zamora is also in charge of administering Bittar Hnos.'s assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Marcela Zamora Rioja 80, Ciudad de Mendoza Mendoza, Argentina ARROW ELECTRONICS: SiliconExpert to Manage Components Database -------------------------------------------------------------- SiliconExpert Technologies will support Arrow Electronics, Inc. in managing its global components database. Under this agreement, Arrow Electronics and SiliconExpert have joined forces to create the next generation of Arrow's component information database, Ubiquidata. As one of the industry's most complete, accurate and up-to-date sources of global component information, Ubiquidata will further extend the company's lead in connecting customers with the right technology and managing the global supply chain. "This will enable Arrow to maximize its customer service leadership position as SiliconExpert is a leading provider of component data management services," said Arrow's Global Components unit president of global alliance and supply chain, Brian McNally. "We are excited to empower the components database of an industry leader such as Arrow. SiliconExpert's comprehensive Parts Database combined with Arrow's global reach will prove to be a beneficial relationship for all stakeholders," said Omar Ahmad, SiliconExpert's chief executive officer and president. About SiliconExpert Technologies SiliconExpert Technologies, Inc., -- http://www.siliconexpert.com-- a Santa Clara, Calif.-based company, is a leading supplier and innovator of best-in-class products and services for enterprise-wide electronic parts management. The company's Parts Database(TM) is one of the most accurate, comprehensive and current in the industry with over 100 million parts. They offer a fully integrated suite of sophisticated component management solutions and services, which addresses the needs of OEMs, suppliers, distributors and EMS providers for efficiency and total quality control. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. BR MALLS: Acquires Ownership Interest in Three Shopping Malls ------------------------------------------------------------- BR Malls Participacoes S.A., has acquired through one of its controlled subsidiaries, 100% of the capital stock owned by SPE Classic, which holds: i) 1.1% of ownership interest in Shopping Center Iguatemi Belem ii) 3.0% of ownership interest in Shopping Metro Tatuape iii) 5.0% of ownership interest in Shopping Center Sao Luis Shopping Center Iguatemi Belem is located in the city of Belem, state of Para, possesses 18,365 square meters of Gross Leasable Area, 209 stores and 1,000 parking spaces. Following the aforementioned acquisition, BR Malls holds 13.3% of the area of the mall. Shopping Metro Tatuape is located in the city and state of Sao Paulo and connected to the subway station Tatuape. The mall has 33,409 square meters of Gross Leasable Area and is visited by an average of approximately 1.5 million customers per month. Shopping Center Sao Luis is located in the city of Sao Luis, state of Maranhao. The mall has 34,000 square meters of Gross Leasable Area and 115 stores. Following this acquisition, BR Malls now holds interests in 30 shopping malls, effectively expanding its total Gross Leasable Area from 826.9 thousand square meters to 894.3 thousand square meters and its owned area from 369.7 thousand square meters to 372.6 thousand square meters. About BR Malls BR Malls Participacoes SA (Bovespa: BRML3) is an integrated Shopping Mall company in Brazil. The company has stakes in 11 Shopping Centers, 10 of them in operation and one under construction, totalizing 505,000 square meters of Gross Commercial Area and 396,900 square meters of Gross Leaseable Area and approximate 2.2 thousand stores. The company provides management, consulting and leasing services for 37 Shopping Centers, Commercial and Business Centers, totalizing 981,000 square meters of Gross Commercial Area, with approximate 4,100 stores. The company's portfolio of shopping centers has been strategically diversified in its geographic positioning and in its penetration of income segments. The company's principal subsidiaries consist of ECISA Engenharia and ECISA Participacoes, Egec, Dacom, Sisa, Egec Par and GS, Nattca, SPE Indianapolis, Deico and other companies. * * * As reported in the Troubled Company Reporter-Latin America on July 24, 2007, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to BR Malls Participacoes S.A. S&P said the outlook is stable. The company's total debt amounted to US$91 million in March 2007. BUNGE LTD: North American Unit Names R. Perry VP & Gen. Manager --------------------------------------------------------------- Bunge North America, the North American operating arm of Bunge Limited, has promoted Rodney Perry to vice president and general manager of Bunge Oils and Todd Bastean to vice president and general manager of Bunge Milling. As general manager of Bunge Oils, Mr. Perry will be responsible for leading the Oils team working to manage Bunge's assets and organization to provide customers with innovative, functional and competitive products. Mr. Perry has been with the company since 2000 when he joined Bunge Milling as sales manager. Most recently, he served as vice president and general manager of Bunge Milling. Mr. Bastean has been with the company since 1992 and as general manager of Bunge Milling he will oversee all sales, operations and commercial activities. Currently the vice president and general manager of Bunge Biofuels, Mr. Bastean has served in a number of roles including chief administration officer for Bunge Milling. "I have worked with Todd and Rodney for a number of years and am confident in their abilities to help these business units continue to grow," said Bunge North America executive vice president, Fred Luckey. "Both understand the food ingredient industry and the need to balance efficient production while providing quality customer service." About Bunge North America Bunge North America (http://www.bungenorthamerica.com),the North American operating arm of Bunge Limited (NYSE: BG), is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to a wide range of customers in the livestock, poultry, food processor, foodservice and bakery industries. With headquarters in St. Louis, Missouri, Bunge North America and its subsidiaries operate grain elevators, oilseed processing plants, edible oil refineries and packaging facilities, and corn dry mills in the U.S., Canada and Mexico. About Bunge Limited Headquartered in White Plains, New York, Bunge Ltd. (NYSE: BG) is a global agribusiness company with operations primarily in commodity grain processing and fertilizer production. It has operations in Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2007, Standard & Poor's Ratings Services has assigned its 'BB' rating to Bunge Ltd.'s US$750 million of 5.125% cumulative mandatory convertible preference shares. At the same time, S&P affirmed its 'BBB-' long-term corporate credit and other ratings on Bunge. The outlook is stable. Pro forma for the new issue, about US$4.2 billion of debt and preference shares of the company are rated. Proceeds from this issue will be used to repay debt and for general corporate purposes. BUREAU EDITOR: Proofs of Claim Verification Is Until March 6 ------------------------------------------------------------ Alberto Ladaga, the court-appointed trustee for Bureau Editor S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 6, 2008. Mr. Ladaga will present the validated claims in court as individual reports on April 22, 2008. 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 Bureau Editor 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 Bureau Editor's accounting and banking records will be submitted in court on June 23, 2008. Mr. Ladaga is also in charge of administering Bureau Editor's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Bureau Editor S.A. Ruiz Huidobro 3737 Buenos Aires, Argentina The trustee can be reached at: Alberto Ladaga Vidt 2039 Buenos Aires, Argentina COBESAL SA: Proofs of Claim Verification Ends on Feb. 26, 2008 -------------------------------------------------------------- Rosa Santos, the court-appointed trustee for Cobesal SA's bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 26, 2008. Ms. Santos will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 21, 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 Cobesal 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 Cobesal's accounting and banking records will be submitted in court on May 5, 2008. Ms. Santos is also in charge of administering Cobesal's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Cobesal SA Viamonte 1620 Buenos Aires, Argentina CURTIVENCA SA: Proofs of Claim Verification Deadline Is March 6 --------------------------------------------------------------- Sandra Claudia D Ambrosio, the court-appointed trustee for Curtivenca S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until March 6, 2008. Ms. Ambrosio 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 Curtivenca 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 Curtivenca's accounting and banking records will be submitted in court. Infobae didn't state the reports submission deadlines. Ms. Ambrosio is also in charge of administering Curtivenca's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Sandra Claudia D Ambrosio Sarmiento 1574 Buenos Aires, Argentina DANILOR SA: Proofs of Claim Verification Is Until Feb. 29, 2008 --------------------------------------------------------------- Maria Cenatiempo, the court-appointed trustee for Danilor S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 29, 2008. Ms. Cenatiempo will present the validated claims in court as individual reports on April 17, 2008. 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 Danilor 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 Danilor's accounting and banking records will be submitted in court on May 30, 2008. Ms. Cenatiempo is also in charge of administering Danilor'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 Cenatiempo Avenida de Mayo 1365 Buenos Aires, Argentina FARMACIA MEDRANO: File for Reorganization Petition in Court ----------------------------------------------------------- Farmacia Medrano 533 S.C.S. has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Farmacia Medrano to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance in Buenos Aires. The debtor can be reached at: Farmacia Medrano 533 S.C.S. Medrano 533 Buenos Aires, Argentina DYNAMOTIVE ENERGY: Incurs US$3.2 Million Net Loss in Third Qtr. --------------------------------------------------------------- Dynamotive Energy Systems Corporation has posted a net loss of US$3.2 million for the third quarter ended Sept. 30, 2007, compared with a net loss of US$3.1 million for the same period in 2006. Excluding stock-based compensation, the net loss for the third quarter ended Sept. 30, 2007, was US$2.1 million, compared with a net loss of US$2.4 million for the same quarter in 2006. Total non-cash expenses for the third quarter were US$1.1 million in 2007 (US$0.7 million in 2006). Dynamotive President and Chief Executive Officer, Andrew Kingston said: "During the third quarter, the company continued start-up operations of its new 200 tpd plant in Guelph Ontario and the upgrading of its first commercial BioOil plant in West Lorne, Ontario. The Company also continued project development activities through its Canadian, US and Latin American subsidiaries and supporting activities by agents and partners in Europe, Far East and Australia. Further activities included continued research in the upgrading of BioOil and market testing for our fuel." "The Company's commercial activities were adversely affected during the quarter due to delays in the start-up of the Guelph plant resulting from the need for completion of non-core systems and civil works, as well as delays in the supply of equipment which were beyond management control. Notwithstanding this, the Guelph plant operated at capacity (within the operating restrictions established by permitting authorities) and an important number of demonstrations to potential customer were conducted in the period. The plant is now in operation and related business activities are accelerating as the plant demonstrates its viability." Other recent Dynamotive highlights: -- Signed letter of agreement with Mitsubishi Corporation identifying how the two companies can proceed on mutual development strategies. -- Completed construction of 200 tonne-per-day biofuels plant in Guelph, Ontario, start-up commenced. -- Upgrade work on West Lorne biofuels plant nearing completion. -- Development of six plants in Argentina announced and began moving forward. -- Reached agreement with Ontario Power Authority to supply renewable power from West Lorne biofuel plant. -- Announced development and launch of high energy content biofuel, BioOil Plus(TM). -- Initiated tests in Iowa to use char (biochar) for soil enrichment and crop productivity enhancement, as well as carbon sequestration. -- Appointed Wayne Keast of the Consensus Business Group to Dynamotive's Board of Directors. In early October, shortly after the quarter end, Dynamotive's balance sheet was strengthened with the completion of a US$10.5 million private placement financing. The company continues to hold minimal long-term debt. About Dynamotive Energy Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) -- http://www.dynamotive.com/-- is an energy solutions provider headquartered in Vancouver, Canada, with offices in the USA, UK and Argentina. Its carbon/greenhouse gas neutral fast pyrolysis technology uses medium temperatures and oxygen-less conditions to turn dry waste biomass and energy crops into BioOil(TM) for power and heat generation. BioOil(TM) can be further converted into vehicle fuels and chemicals. Going Concern Doubt BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of Dynamotive Energy Systems Corp.'s consolidated financial statements for the years ended Dec. 31, 2006, and 2005, in accordance with Canadian reporting standards, which do not permit a reference to conditions and events casting substantial doubt about the company's ability to continue as a going concern when these are adequately disclosed in the financial statements. Dynamotive Energy incurred a loss of US$14.3 million for the year ended Dec. 31, 2006. The company's ability to continue as a going concern is dependent on achieving profitable operations, commercializing its BioOil production technology and obtaining the necessary financing in order to develop this technology. DYNAMOTIVE ENERGY: To Invest US$24 Mln for Biofuel Plant Project ---------------------------------------------------------------- Dynamotive Energy Systems Corporation and its subsidiary, Dynamotive USA, Inc., is planning to invest US$24 million to build the first fully commercial industrial biofuel plant in the U.S. The facility will be located on a site in Willow Springs, approximately 180 miles southwest of St. Louis. The site secured was chosen for its ready access to rail transport, proximity to biomass and the potential to host up to four additional facilities. The modular, second-generation biomass-to-biofuel plant is designed to use Dynamotive's proprietary "fast pyrolysis" process to convert 200 tons per day of wood by-products and residues from nearby sawmills into 34,000 gallons per day of BioOil(R). Commercial terms have been agreed and signed with local feedstock providers to supply the plant. Development and construction of the plant will be implemented by Dynamotive's U.S. management, supported by Dynamotive's engineering team and its partners. Opportunities exist for a significant expansion of Dynamotive's operations, with more than 1.1 million dry long tons of biomass per year in Missouri alone. As a result, other, similar projects in the state are currently under review. The BioOil produced at the Willow Springs complex is expected to be sold to commercial and industrial users in the region through a major local distributor of renewable fuels. An initial burn of BioOil from Dynamotive's commercial plant at Guelph, Ontario, is being scheduled at a major industrial facility with this distributor. The initial burn would be preparatory to its adoption of BioOil as a primary fuel, and the opening of the Midwest market for the product. It is expected that up to 5,000 tons of BioOil will be made available to Midwest consumers over the next year from Dynamotive's and Evolution Biofuels' plant while the Willow Springs facility is under construction. The fuel provided is expected to be priced competitively to #2 heating oil, a light industrial fuel. Lt. Col. (Ret.) William C. Holmberg, Chairman of the Washington- based Biomass Coordinating Council and a pioneer of the renewable fuels industry, hailed the plant announcement as "an important step towards releasing America from the bonds of foreign oil, and achieving a sustainable energy future." Mr. Holmberg pointed out that "the commercialization of BioOil adds another element to our arsenal of renewable fuels that can help address a previously neglected segment of our oil use: industrial boiler fuels. As such it complements, rather than competes with, fuel ethanol and biodiesel." Dynamotive's President and Chief Executive Officer Andrew Kingston noted: "This first U.S. project will demonstrate the viability of our technology in the U.S. market and the enormous potential of BioOil to help America make the transition to clean, renewable fuels that do not depend on food crops for their production. We are pleased to announce this project and would like to take this opportunity to thank all stakeholders involved for their magnificent support this year. Missouri has provided a unique platform to showcase our technology and its capabilities. We are committed to this project and look forward to developing further plants in the near future." All of the above transactions currently remain subject to negotiation and execution of definitive agreements and to securing sufficient project capital. Accordingly, there can be no certainty in respect of the Company's ultimate participation rights in the project, nor of actual completion of them at this time. About BioOil(R) BioOil(R) is an industrial fuel produced from cellulose waste material. When combusted it produces substantially less smog- precursor nitrogen oxides emissions than conventional oil as well as little or no sulfur oxide gases, which are a prime cause of acid rain. BioOil(R) and BioOil Plus(TM) are price- competitive replacements for heating oils #2 and #6 that are widely used in industrial boilers and furnaces. They have been awarded the coveted EcoLogo in Canada, meaning that they are certified, as meeting the stringent environmental criteria for industrial fuels as measured by Environment Canada's Environmental Choice Program. BioOil(R) can be produced from a variety of residue cellulosic biomass resources and is not dependent on food-crop production. About Dynamotive Energy Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) -- http://www.dynamotive.com/-- is an energy solutions provider headquartered in Vancouver, Canada, with offices in the USA, UK and Argentina. Its carbon/greenhouse gas neutral fast pyrolysis technology uses medium temperatures and oxygen-less conditions to turn dry waste biomass and energy crops into BioOil(TM) for power and heat generation. BioOil(TM) can be further converted into vehicle fuels and chemicals. Going Concern Doubt BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of Dynamotive Energy Systems Corp.'s consolidated financial statements for the years ended Dec. 31, 2006, and 2005, in accordance with Canadian reporting standards, which do not permit a reference to conditions and events casting substantial doubt about the company's ability to continue as a going concern when these are adequately disclosed in the financial statements. Dynamotive Energy incurred a loss of US$14.3 million for the year ended Dec. 31, 2006. The company's ability to continue as a going concern is dependent on achieving profitable operations, commercializing its BioOil production technology and obtaining the necessary financing in order to develop this technology. GROUP JOI: Proofs of Claim Verification Ends on Feb. 29, 2008 ------------------------------------------------------------- Ruben Angel Scaletta, the court-appointed trustee for Group Joi S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 29, 2008. Mr. Scaletta will present the validated claims in court as individual reports on April 15, 2008. 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 Group Joi 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 Group Joi's accounting and banking records will be submitted in court on May 29, 2008. Mr. Scaletta is also in charge of administering Group Joi's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Group Joi S.A. Tomas Manuel de Anchorena 345/7 Buenos Aires, Argentina The trustee can be reached at: Ruben Angel Scaletta Piedras 1077 Buenos Aires, Argentina HOTELES LAR: Proofs of Claim Verification Ends on Feb. 7, 2008 -------------------------------------------------------------- Walter Calleja, the court-appointed trustee for Hoteles Lar S.A.I.C.F. e I.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 7, 2008. Mr. Calleja will present the validated claims in court as individual reports on March 20, 2008. 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 Hoteles Lar 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 Hoteles Lar's accounting and banking records will be submitted in court on May 5, 2008. Mr. Calleja is also in charge of administering Hoteles Lar's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Walter Calleja Lambare 1140 Buenos Aires, Argentina INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan from Andean Dev't --------------------------------------------------------------- A spokesperson from Industrias Metalurgicas Pescarmona S.A.I.C. y F told Business News Americas that it has secured a US$50-million loan from the Andean Development Corporation to help it develop renewable projects. BNamericas relates that Industrias Metalurgicas will use the loan for the development of a wind turbine factory being built in Pernambuco, Brazil. The spokesperson explained to BNamericas that the factory will be able to produce 200 wind turbines yearly. The turbines will be able to generate 1.8 megawatts. According to BNamericas, Industrias Metalurgicas' Latin Americas "project backlog" in Latin America totals US$1.7 billion. Industrias Metalurgicas said in a statement that the new emphasis on controlling carbon emissions and high oil and gas prices indicates an opportunity for the firm. Industrias Metalurgicas is developing wind power generation parks of 320 megawatts in Brazil, BNamericas states. Industrias Metalurgicas Pescarmona SA aka IMPSA -- http://www.impsa.com.ar/-- is one of the largest worldwide providers of integrated energy solutions for hydropower and wind energy projects through the production of capital goods and by investing in power generation projects. The company has offices in Malaysia, China, and Argentina. As reported in the Troubled Company Reporter-Latin America on Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on Industrias Metalurgicas Pescarmona S.A.I.C. y F, aka IMPSA. Standard & Poor's said that the outlook remains stable. Oct. 16, 2007, Fitch Ratings assigned a 'B' rating to Industrias Metalurgicas Pescarmona S.A.I.C. Y F proposed US$250 million amortizing notes due in 2014. These notes were assigned a Recovery Rating of 'RR4', which is consistent with an anticipated recovery of 30%-50% in the event of a default. Fitch maintains a foreign and local currency Issuer Default Rating of 'B'. Fitch said the rating outlook is stable. SIDECSA SA: Proofs of Claim Verification Deadline Is Feb. 14 ------------------------------------------------------------ Sergio Leonardo Novick, the court-appointed trustee for Sidecsa S.A.'s bankruptcy proceeding, verifies creditors' proofs of claim until Feb. 14, 2008. Mr. Novick 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 Sidecsa 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 Sidecsa's accounting and banking records will be submitted in court on May 5, 2008. Mr. Novick is also in charge of administering Sidecsa's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Sergio Leonardo Novick Libertad 359 Buenos Aires, Argentina URS CORP: Acquisition Cues Moody's To Lower Corp. Rating to Ba2 --------------------------------------------------------------- Moody's Investors Service has downgraded the Corporate Family Rating of URS Corporation to Ba2 from Ba1 following the company's acquisition of Washington Group International, Inc. The ratings outlook is stable. This rating action concludes the review for possible downgrade initiated on May 30, 2007 following the announcement of URS Corp.'s definitive agreement for the acquisition of Washington Group in a cash and stock transaction valued at approximately US$2.6 billion. Moody's took these rating actions: -- Corporate Family Rating to Ba2 from Ba1 -- Probability of Default Rating to Ba2 from Ba1 These ratings, which were prospectively assigned to debt issued at URS Corp. are now made definitive: -- US$700 million senior secured first lien revolver due 2012, to Ba1 (LGD 3, 34%) from (P) Ba1 (LGD 3, 34%) -- US$1,100 million senior secured first lien term loan A due 2012, to Ba1 (LGD 3, 34%) from (P) Ba1 (LGD 3, 34%) -- US$300 million senior secured first lien term loan B due 2013, to Ba1 (LGD 3, 34%) from (P) Ba1 (LGD 3, 34%) -- The Speculative Grade Liquidity Rating to SGL-2 from SGL-1 These ratings are withdrawn: -- US$300 million senior secured revolver due 2010, Baa3 (LGD 2, 20%) (facility cancelled); -- US$350 million senior secured term loan B due 2011, Baa3 (LGD 2, 20%) (facility repaid); The rating outlook is stable. The downgrade of the Corporate Family Rating to Ba2 following the completion of the transaction reflects the weakened credit metrics, change in operating profile, and integration risk associated with the acquisition of Washington Group International. The credit metrics will be weak for the rating category and the rating contemplates significant debt reduction, synergy savings and substantial realization of the contract backlog over the intermediate term as well as an absence of unexpected costs relating to integration. Strengths in URS Corp.'s pro-forma competitive profile include annual revenues of approximately US$8.4 billion, increasing breadth of services offered and exposure to Washington Group's fast-growing global markets. The acquisition will also add additional diversity to the company's end markets and increase the company's industry- leading global scale and nuclear power capability. Based in Boise, Idaho, Washington Group International, Inc. provides design, engineering, construction, facilities and operations management, environmental remediation, and mining services to public and private sector clients in the United States and internationally. It operates through six segments: Power, Infrastructure, Mining, Industrial/Process, Defense, and Energy & Environment. Revenues for the twelve months ended Sept. 30, 2007 were approximately US$3.7 billion. Following the acquisition, Washington Group became a division of URS Corp. (Washington Division). Headquartered in San Francisco, California, URS Corporation (NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive range of professional planning and design, systems engineering and technical assistance, program and construction management, and operations and maintenance services for transportation, facilities, environmental, water/wastewater, industrial infrastructure and process, homeland security, installations and logistics, and defense systems. The company operates in more than 20 countries with approximately 29,500 employees providing engineering and technical services to federal, state and local governmental agencies as well as private clients in the chemical, pharmaceutical, oil and gas, power, manufacturing, mining and forest products industries. The company also has offices in Argentina, Australia, Belgium, China, France, Germany, and Mexico, among others. WR GRACE: Names Fred Festa as Board of Directors Chairman --------------------------------------------------------- W.R. Grace & Co. has appointed Chief Executive Officer Fred Festa as its Board of Directors chairman effective Jan. 1, 2008. He succeeds Paul Norris, who has served as non- executive Chairman since May 31, 2005. Mr. Festa joined Grace as President and COO in November 2003 and was appointed Chief Executive Officer in May 2005, succeeding Mr. Norris in that role. He will continue in his roles as President and CEO. "Our business has excelled under Fred's leadership," Mr. Norris said. "We are more global, more innovative and more productive today than we have been at any time in the last 10 years. Our revenues are strong and we enjoy the continued support of our customers around the world." "Over the last several years, we have followed a plan to build our company through new products and new markets that offer us maximum growth opportunities while also paying close attention to our productivity initiatives to keep our costs low," Mr. Festa said. "We have done well by this strategy and we will continue to pursue it." Mr. Norris joined Grace as President and CEO in November 1998 and was appointed Chairman in January 1999. He continues to remain on Grace's Board as a non-executive member. About W.R. Grace Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA) -- http://www.grace.com/-- supplies catalysts and silica products, especially construction chemicals and building materials, and container products globally, including Argentina, Australia and Ireland. The Company and its debtor-affiliates filed for chapter 11 protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139). David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP, represent the Debtors in their restructuring efforts. The Debtors hired Blackstone Group, L.P., for financial advice. PricewaterhouseCoopers LLP is the Debtors' accountant. Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent the Official Committee of Unsecured Creditors. The Creditors Committee tapped Capstone Corporate Recovery LLC for financial advice. David T. Austern, the legal representative of future asbestos personal injury claimants, is represented by Orrick Herrington & Sutcliffe LLP and Phillips Goldman & Spence, Pennsylvania. Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the Official Committee of Asbestos Personal Injury Claimants. The Asbestos Committee of Property Damage Claimants tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C. Alan Runyan, Esq., at Speights & Runyan,to represent it. Lexecon, LLC, provided asbestos claims consulting services to the Official Committee of Equity Security Holders. The Debtors' filed their Chapter 11 Plan and Disclosure Statement on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan and Disclosure Statement. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on Jan. 21, 2005. The Debtors' exclusive period to file a chapter 11 plan expired on July 23, 2007. Estimation of W.R. Grace's asbestos personal injury liabilities will commence on Jan. 14, 2008. ============= B E R M U D A ============= AOF FUND: Proofs of Claim Filing Deadline Is Dec. 24 ---------------------------------------------------- AOF Fund Management, Ltd.'s creditors are given until Dec. 24, 2007, to prove their claims to Robin J. Mayor, 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. AOF Fund's shareholder decided on Nov. 16, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda AOF FUND: Final Shareholders Meeting Is on Dec. 24 -------------------------------------------------- AOF Fund Management, Ltd., will hold its final shareholders meeting on Dec. 24, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ARROWHEAD LTD: Will Hold Final Shareholders Meeting on Dec. 27 -------------------------------------------------------------- Arrowhead Ltd. will hold its final shareholders meeting on Dec. 27, 2007, at 10:00 a.m. at: Cox Hallett Wilkinson Milner House, 18 Parliament Street Hamilton HM12, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. BORG TANKERS: Proofs of Claim Filing Is Until Dec. 27 ----------------------------------------------------- Borg Tankers I Limited's creditors are given until Dec. 27, 2007, to prove their claims to Robin J. Mayor, 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. Borg Tankers' shareholders agreed on Nov. 20, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda BORG TANKERS: Will Hold Final Shareholders Meeting on Dec. 27 ------------------------------------------------------------- Borg Tankers I Limited will hold its final shareholders meeting on Dec. 27, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. COMMSCOPE INC: Sees Positive 2007 Fourth Quarter Results -------------------------------------------------------- CommScope Inc. raised its fourth quarter 2007 financial guidance. CommScope chairman and chief executive officer, Frank Drendel, will review the company's growth opportunities, the increased fourth quarter 2007 financial guidance and the pending Andrew Corporation acquisition when he meets with investors at Lehman Brothers' 2007 Global Technology Conference at the Fairmont Hotel in San Francisco, California on Dec. 5, 2007. Due to positive trends in sales, orders and operations, CommScope management expects fourth quarter revenue to be in the US$435 - US$445 million range, and operating income to increase by 30% to 45% year over year, based on the expected operating margin of 11.5% to 12.5%, excluding special items. The company's previous fourth quarter 2007 guidance was sales of US$420 - US$440 million and operating margin of 11% to 12%, excluding special items. Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV) -- http://www.commscope.com/-- is into infrastructure solutions for communication networks. CommScope's structured cabling systems for business enterprise applications includes SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands. It is also the manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. CommScope has facilities in Brazil, Australia, China and Ireland. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 19, 2007, Standard & Poor's Ratings Services affirmed its ratings on CommScope Inc. and Andrew Corp. and removed them from CreditWatch, where they were placed on June 27, 2007, with negative implications. S&P also affirmed the 'BB-' corporate credit and 'B' subordinated debt ratings for both companies. The ratings on Andrew will be withdrawn after its acquisition and debt refinancing. S&P said the outlook is stable. CONCORDIA AMERICAS: Proofs of Claim Filing Deadline Is Dec. 15 -------------------------------------------------------------- Concordia Americas Offshore Management, Ltd.'s creditors are given until Dec. 15, 2007, to prove their claims to Glen Griffin, 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. Concordia Americas' shareholders agreed on Nov. 19, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Glen Griffin 12 Bermudiana Road 3rd Fl., Hamilton HM 11 Bermuda CONCORDIA AMERICAS: Sets Final Shareholders Meeting for Jan. 7 -------------------------------------------------------------- Concordia Americas Offshore Management, Ltd., will hold its final shareholders meeting on Jan. 7, 2008, at 10:00 a.m. at: Mello Jones & Martin Thistle House, 4 Burnaby Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. Concordia Americas' shareholders agreed on Nov. 19, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Glen Griffin 12 Bermudiana Road 3rd Fl., Hamilton HM 11 Bermuda DELPHI CORP: Gets Committees' Support on Plan Amendments -------------------------------------------------------- Delphi Corp. said it has reached agreements in principle with its Official Committee of Unsecured Creditors, its Official Committee of Equity Security Holders, General Motors Corp. and its Plan Investors on amendments to its Joint Plan of Reorganization, Global Settlement Agreement and Master Restructuring Agreement between Delphi and GM, and the Investment Agreement with Delphi's Plan Investors led by an affiliate of Appaloosa Management L.P. Delphi filed potential amendments to all four documents on Monday evening in the United States Bankruptcy Court for the Southern District of New York as revisions to the company's Disclosure Statement and appendices to the company's Disclosure Statement. Delphi expects to make further amended filings prior to the resumption on Dec. 6, 2007 of the Disclosure Statement hearing commenced in Oct. 2007. These filings will include further changes required to reflect the agreements in principle with Delphi's key stakeholders and executed signature pages with respect to the Company's agreements with GM and the Plan Investors. These agreements currently remain subject to proposed amendments announced on Nov. 14, which are also subject to Bankruptcy Court approval. The potential amendments primarily reflect changes required by Delphi's Statutory Committees to obtain their support of Delphi's Plan and related Disclosure Statement. In the event these amendments do not become effective, the original underlying agreements as approved by the Bankruptcy Court on Aug. 2 remain in effect. The company continues to pursue emergence from Chapter 11 during the first quarter of 2008. The potential amendments to the Disclosure Statement and certain Appendices (which include amendments to the POR, the GM Global Settlement Agreement, the GM Master Restructuring Agreement and the Investment Agreement) will be available on http://www.delphidocket.com/ About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period will expire on Dec. 31, 2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of Reorganization and a Disclosure Statement explaining that Plan. (Delphi Bankruptcy News, Issue No. 100; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LSF AGGREGATION: Proofs of Claim Filing Deadline Is Dec. 14 ----------------------------------------------------------- LSF Aggregation Holdings, Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, 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. LSF Aggregation's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda LSF AGGREGATION: Will Hold Final Shareholders Meeting on Dec. 31 ---------------------------------------------------------------- LSF Aggregation Holdings, Ltd., will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. LSF LUX: Proofs of Claim Filing Ends on Dec. 14 ----------------------------------------------- LSF Lux Holdings VIII, Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, 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. LSF Lux's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda LSF LUX: Will Hold Final Shareholders Meeting on Dec. 31 -------------------------------------------------------- LSF Lux Holdings VIII Ltd., will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. LSF Lux's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. LSF5 FIXED: Proofs of Claim Filing Is Until Dec. 14 --------------------------------------------------- LSF5 Fixed Income, Ltd.'s creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, 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. LSF5 Fixed's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda LSF5 FIXED: Holding Final Shareholders Meeting on Dec. 31 --------------------------------------------------------- LSF5 Fixed Income, Ltd., will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. MOLINOS HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 14 ------------------------------------------------------------ Molinos Holdings Limited's creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, 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. Molinos Holdings' shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda MOLINOS HOLDINGS: Sets Final Shareholders Meeting for Dec. 31 ------------------------------------------------------------- Molinos Holdings Limited will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. MUTUAL ARGENTINA: Proofs of Claim Filing Ends on Dec. 14 -------------------------------------------------------- Mutual Argentina Holdings Limited's creditors are given until Dec. 14, 2007, to prove their claims to Robin J. Mayor, 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. Mutual Argentina's shareholder decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda MUTUAL ARGENTINA: Sets Final Shareholders Meeting for Dec. 31 ------------------------------------------------------------- Mutual Argentina Holdings Limited will hold its final shareholders meeting on Dec. 31, 2007, at 9:30 a.m. at: Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. RENAISSANCE CAPITAL: Fitch Affirms BB- Issuer Default Ratings ------------------------------------------------------------- Fitch Ratings has affirmed Renaissance Capital Holdings Limited's ratings at Long-term Issuer Default and senior unsecured debt 'BB-', Short-term IDR 'B', Individual 'C/D' and Support '5'. The Support Rating Floor is affirmed at 'No Floor'. The Outlook for the Long-term IDR is Stable. The ratings of its subsidiary, Renaissance UK Holdings Limited, are affirmed at Long-term IDR 'BB-' with Stable Outlook, Short-term IDR 'B' and Support '3'. Fitch has withdrawn Renaissance UK's Individual rating of 'C/D'. The ratings of Renaissance Capital reflect its strong investment banking franchise in Russia, strong, although concentrated, performance, moderate leverage and good risk management. They also take into account the company's reliance on the high-risk profile markets, mainly Russia, which could make for volatile revenues and earnings over the long term, as well as a complex group structure. The ratings are presently modestly constrained by Renaissance Capital's affiliation with lower rated consumer finance bank CB Renaissance Capital (IDR 'B-') and the Renaissance Partners merchant banking/private equity business. The ratings of Renaissance UK reflect Fitch's view that Renaissance Capital would have a strong propensity to support Renaissance UK if needed, and the high level of integration between the two. Modest upward pressure on Renaissance's IDR, and on Renaissance UK's IDR via support, could come from the ongoing restructuring intended to improve transparency and simplify the structure of the wider group, lower risks at CB Renaissance Capital and/or from Renaissance Capital's further successful business diversification into regions other than Russia. Evidence of undue pressure on Renaissance Capital's cashflow or financial profile from having to support growth in other parts of the Renaissance group outside Renaissance Capital (ie CB Renaissance Capital or Renaissance Partners) could negatively affect its rating. The same is true of a material shift in risk appetite or a material and sustained downturn in investor sentiment towards Russia, which may impact Renaissance Capital's earnings generation capacity, staff loyalty etc. Renaissance Capital Holdings Ltd. is the investment banking and asset management segment of Renaissance group, which also includes consumer finance and merchant banking. Renaissance Capital Holdings is the ultimate holding company of Renaissance Capital, a leading Russian equity and fixed-income brokerage and advisory house, which provides services to international and domestic investors. Renaissance Capital Holdings reported total consolidated assets of US$3.4 billion and total equity of US$510 million under International Financial Reporting Standards as of June 30, 2006. The Renaissance Capital group was founded in 1995 and is now a leading Russian and Ukrainian investment bank with the holding company (Renaissance Capital) located in Bermuda. Renaissance UK was created in 2000 in the UK for the group's trading operations with non-CIS clients. VGMMF, LTD: Proofs of Claim Filing Deadline Is Dec. 19 ------------------------------------------------------ VGMMF, Ltd.'s creditors are given until Dec. 19, 2007, to prove their claims to Jennifer Y. Fraser, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. VGMMF's shareholders decided on Nov. 29, 2007, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Jennifer Y. Fraser Canon's Court, 22 Victoria Street Hamilton, Bermuda VGMMF, LTD: Sets Final Shareholders Meeting for Jan. 10, 2008 ------------------------------------------------------------- VGMMF, LTD., will hold its final shareholders meeting on Jan. 10, 2008, at 10:00 a.m. at: Canon's Court, 22 Victoria Street Hamilton, Bermuda These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. ============= B O L I V I A ============= * BOLIVIA: To Sign Dec. 9 Bank of South's Foundation Act -------------------------------------------------------- The Venezuelan government, along with the presidents of Argentina, Brazil, Bolivia, Uruguay, Paraguay, an Ecuador, will ink Sunday the agreement formally creating the Bank of the South, Prensa Latina reports. The bank, advocated by Venezuelan President Hugo Chavez, will be established to rival the services offered by the International Monetary Fund and the World Bank, on much lower rates and better financing conditions. The bank will be capitalized using the participating countries' foreign reserves, a system that would give the member nations more leeway with their investments. * * * As reported in the Troubled Company Reporter-Latin America on Nov 6, 2007, Standard & Poor's Ratings Services revised its outlook on the Republic of Bolivia to stable from negative. S&P also said that it affirmed its 'B-' long-term and 'C' short-term credit ratings on the sovereign. =========== B R A Z I L =========== ADVANCED MEDICAL: Messrs. Heinrich & Morfit Joins Board ------------------------------------------------------- Advanced Medical Optics Inc. has elected Daniel J. Heinrich and G. Mason Morfit to its board of directors, increasing the company's board to 10 members. Since 2003, Mr. Heinrich has been senior vice president and chief financial officer of The Clorox Company, the global consumer packaged goods company with approximately US$4.8 billion in annual sales and more than 7,800 employees worldwide. Mr. Morfit is a partner at San Francisco-based ValueAct Capital Partners, a private investment partnership with more than US$6 billion in assets under management on behalf of some of the world's most respected institutional and high-net worth investors. ValueAct Capital is AMO's largest stockholder. "Dan and Mason each bring distinct experiences that will broaden and enrich our board," said Jim Mazzo, chairman and chief executive officer. "Dan's extensive financial expertise and understanding of the global consumer market will be immensely valuable as we execute our complete refractive solution strategy. Mason brings the perspective of a major stockholder with demonstrated governance and capital markets expertise. We are pleased to welcome both gentlemen as new directors and look forward to their contributions." In his current position, Mr. Heinrich serves as a key member of Clorox's executive committee, working closely with that company's board and its committees in establishing financial strategies and targets, reviewing financial and operating performance, ensuring appropriate corporate governance, working closely with the investment community and ensuring strong financial discipline and internal controls. From 2001 to 2003, he served as controller and chief accounting officer for Clorox. His prior experience includes senior-level financial positions with Transamerica Corp., Ford Motor Company's Financial Services Group and Ernst & Young. A certified public accountant, Mr. Heinrich holds an MBA from St. Mary's College and a bachelor's degree from the University of California, Berkeley. Mr. Heinrich's term on AMO's board will expire at the 2010 Annual Stockholders Meeting. He will serve on the AMO board's audit and finance committee. Mr. Morfit currently serves on the boards of directors of MSD Performance, Inc. and Valeant Pharmaceuticals International, Inc., and he is a former director of Solexa, Inc. A chartered financial analyst, he holds a bachelor's degree from Princeton University. Mr. Morfit's term on AMO's board will expire at the 2009 Annual Stockholders Meeting and he will serve on the board's science and technology committee. 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. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 12, 2007, Moody's Investors Service downgraded Advanced Medical Optics, Inc.'s Corporate Family Rating and Probability of Default Rating to B2 from B1. The rating outlook was revised to stable. These rating actions conclude the review process for possible downgrade, which began on May 29, 2007. ARROW ELECTRONICS: SiliconExpert to Manage Components Database -------------------------------------------------------------- SiliconExpert Technologies will support Arrow Electronics, Inc in managing its global components database. Under this agreement, Arrow Electronics and SiliconExpert have joined forces to create the next generation of Arrow's component information database, Ubiquidata. As one of the industry's most complete, accurate and up-to-date sources of global component information, Ubiquidata will further extend the company's lead in connecting customers with the right technology and managing the global supply chain. "This will enable Arrow to maximize its customer service leadership position as SiliconExpert is a leading provider of component data management services," said Arrow's Global Components unit president of global alliance and supply chain, Brian McNally. "We are excited to empower the components database of an industry leader such as Arrow. SiliconExpert's comprehensive Parts Database combined with Arrow's global reach will prove to be a beneficial relationship for all stakeholders," said Omar Ahmad, SiliconExpert's chief executive officer and president. About SiliconExpert Technologies SiliconExpert Technologies, Inc., -- http://www.siliconexpert.com-- a Santa Clara, Calif.-based company, is a leading supplier and innovator of best-in-class products and services for enterprise-wide electronic parts management. The company's Parts Database(TM) is one of the most accurate, comprehensive and current in the industry with over 100 million parts. They offer a fully integrated suite of sophisticated component management solutions and services which addresses the needs of OEMs, suppliers, distributors and EMS providers for efficiency and total quality control. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. BANCO NACIONAL: Okays BRL159-Million Funding for Coelba ------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA said in a statement that it has ratified BRL159 million in funding for power distributor Companhia Electricidade Estado da Bahia aka Coelba in Bahia. Banco Nacional told Business News Americas that Coelba will use the money to finance its investment program aimed at adding some 165,680 new customers to Coelba. The program includes expansions and distribution system upgrades. The loan will also be used for the reduction of power theft, BNamericas says, citing Banco Nacional. The loan for Coelba is 60% of the money for its investment plan. The firm will invest 40% from its own funds, BNamericas states. About Coelba Companhia Electricidade Estado da Bahia (Coelba) is engaged in the operation, generation, transmission, sale and distribution of electric energy and other related activities in the state of Bahia, in the north of Brazil. The company's main consumers are residential, followed by commercial, industrial, rural and other. Coelba operates 267 substations and has constructed 22 substations in 2006. The company is controlled by Neoenergia. About Banco Nacional Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's, and a BB+ long-term foreign issuer credit rating from Standards and Poor's. The ratings were assigned in August and May 2007, respectively. BR MALLS: Acquires Ownership Interest in Three Shopping Malls ------------------------------------------------------------- BR Malls Participacoes S.A., has acquired through one of its controlled subsidiaries, 100% of the capital stock owned by SPE Classic, which holds: i) 1.1% of ownership interest in Shopping Center Iguatemi Belem ii) 3.0% of ownership interest in Shopping Metro Tatuape iii) 5.0% of ownership interest in Shopping Center Sao Luis Shopping Center Iguatemi Belem is located in the city of Belem, state of Para, possesses 18,365 square meters of Gross Leasable Area, 209 stores and 1,000 parking spaces. Following the aforementioned acquisition, BR Malls holds 13.3% of the area of the mall. Shopping Metro Tatuape is located in the city and state of Sao Paulo and connected to the subway station Tatuape. The mall has 33,409 square meters of Gross Leasable Area and is visited by an average of approximately 1.5 million customers per month. Shopping Center Sao Luis is located in the city of Sao Luis, state of Maranhao. The mall has 34,000 square meters of Gross Leasable Area and 115 stores. Following this acquisition, BR Malls now holds interests in 30 shopping malls, effectively expanding its total Gross Leasable Area from 826.9 thousand square meters to 894.3 thousand square meters and its owned area from 369.7 thousand square meters to 372.6 thousand square meters. About BR Malls BR Malls Participacoes SA (Bovespa: BRML3) is an integrated Shopping Mall company in Brazil. The company has stakes in 11 Shopping Centers, 10 of them in operation and one under construction, totalizing 505,000 square meters of Gross Commercial Area and 396,900 square meters of Gross Leaseable Area and approximate 2.2 thousand stores. The company provides management, consulting and leasing services for 37 Shopping Centers, Commercial and Business Centers, totalizing 981,000 square meters of Gross Commercial Area, with approximate 4,100 stores. The company's portfolio of shopping centers has been strategically diversified in its geographic positioning and in its penetration of income segments. The company's principal subsidiaries consist of ECISA Engenharia and ECISA Participacoes, Egec, Dacom, Sisa, Egec Par and GS, Nattca, SPE Indianapolis, Deico and other companies. * * * As reported in the Troubled Company Reporter-Latin America on July 24, 2007, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to BR Malls Participacoes S.A. S&P said the outlook is stable. The company's total debt amounted to US$91 million in March 2007. BRASIL TELECOM: Alcatel-Lucent Installing Network Overlay --------------------------------------------------------- Brasil Telecom has awarded Alcatel-Lucent a contract to deploy an Internet Protocol/Multi Protocol Label Switching network overlay to support fixed and mobile broadband services, Alcatel- Lucent said in a statement. Business News Americas relates that Brasil Telecom and Alcatel- Lucent think this will be "Brazil's first nationwide, converged network." Alcatel-Lucent posted on its Web site that Brasil Telecom expects the Internet Protocol/Multi Protocol Label Switching software to boost operational simplicity and flexibility. It will also bring down costs and increase revenues by allowing Brasil Telecom to offer value added services like business virtual private networks. It will be a foundation for triple play services. The platform will cover the main cities across 14 states in Brazil. BNamericas notes that the software includes: -- 7750 Service Router, -- 7450 Ethernet Service Switch, and -- 5620 Service Aware Manager. The software will help Brasil Telecom meet Service Level Agreements for business critical services, BNamericas states. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, China, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. About Brasil Telecom Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA -- http://www.brasiltelecom.com.br-- is a holding company that conducts substantially all of its operations through its wholly owned subsidiary, Brasil Telecom SA. The fixed-line telecommunications services offered to the company's customers include local services, including all calls that originate and terminate within a single local area in the region, as well as installation, monthly subscription, measured services, public telephones and supplemental local services; intra-regional long- distance services, which include intrastate and interstate calls; interregional and international long-distance services; network services, including interconnection and leasing; data transmission services; wireless services, and other services. * * * To date, Brasil Telecom carries Moody's Investors Service's Ba1 senior unsecured and credit default swap ratings. CA INC: Una O'Neill Promoted to Executive Vice President -------------------------------------------------------- CA Inc. has promoted Una O'Neill to executive vice president and general manager of CA Services and to CA's Executive Leadership Team. She will continue to report to Michael Christenson, CA's chief operating officer. Ms. O'Neill, who joined CA more than 13 years ago, has headed CA Services for the past five years. The organization provides professional services for CA products and solutions including solution approach and design, initial installation and upgrade and optimization of existing implementations. CA Services also provide education and training programs associated with CA products and solutions. "This promotion recognizes two important facts," Mr. Christenson said. "The first is Una's outstanding performance during her tenure as head of CA Services. She has been instrumental in developing and growing our in-house services and education capabilities and, at the same time, developing the programs and training required by our partners who also install and maintain CA software implementations. "The second recognizes the increasingly important role CA Services plays in growing our business," Mr. Christenson said. "CA Services is a key enabler in every stage of the software solution implementation lifecycle and in helping customers achieve the full value and benefit of CA's management software products and solutions." Ms. O'Neill joined CA in 1994 and, prior to leading CA Services, managed pre-sales consulting within Europe, the Middle East and Africa. She previously worked with PricewaterhouseCoopers and received a bachelor's degree in engineering and mathematics from Trinity College in Dublin, Ireland. About CA Inc. Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * As reported in the Troubled Company Reporter-Latin America on June 7, 2007, Standard & Poor's Rating Services affirmed its 'BB' corporate credit and senior unsecured debt ratings on Islandia, New York-based CA Inc. S&P revised the outlook to stable from negative. As reported in the Troubled Company Reporter-Latin America on May 31, 2007, Fitch has affirmed these ratings for CA, Inc.: -- Issuer Default Rating at 'BB+'; -- Senior unsecured revolving credit facility expiring 2008 at 'BB+'; -- Senior unsecured debt at 'BB+'. COSAN SA: Shareholders Approve BRL1.74-Bil. Capital Raise --------------------------------------------------------- In a meeting Dec. 5, Cosan S.A.'s shareholders agreed to increase capital to BRL2.94 billion from BRL1.2 billion, the company disclosed in a regulatory filing. The new shares will be sold to Cosan Ltd., its Bermuda-based parent, and to current shareholders within 30 days. Rubens Ometto's hold the company will be increased, eroding minority shareholders' stakes, Bloomberg News relates, citing analyst Marc McCarthy at Bear Stearns & Co. The same report suggests that this lead to Cosan's delisting from the market. Mr. Ometto has an indirect majority control on Cosan SA through Cosan Ltd. His current holding is at 51%, which Bloomberg believes would rise to 66% after the issuance of new shares. Separately Dow Jones Newswires thinks that the move is aimed at making Brazil's largest sugar and ethanol company become a global player and to avoid hostile takeovers. As previously reported, the capital raise will entail the issuance of 82.7 million common shares at BRL21 each. Cosan's total capital will become BRL2.92 billion. Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e Comercio, is the third largest sugar producer in the world. In 2004/2005 it crushed more than 26 million tons of sugar cane in fourteen mills located in the Central South region of Brazil, with sugar sales of 2.3 million tons and ethanol sales of 825 million liters. * * * As of February 2007, Cosan carries Moody's Ba2 global local currency and foreign currency ratings and Standard and Poor's BB corporate credit rating. FORD MOTOR: November 2007 Truck Sales in Canada Up 3 Percent ------------------------------------------------------------ November proved to be another winning month for Ford Motor Company of Canada, Limited, where truck sales increased 3%. Not to be outdone, Ford cars also saw a rise in sales in November -- namely the newly redesigned Ford Focus and Ford Taurus. "Our showrooms are bustling with pre-holiday traffic," Bill Osborne, president and CEO, Ford Motor Company of Canada, Limited said. "The 'Get in and Drive' year-end clearance has given Canadians even more reason to take a second look at the great products Ford has to offer. From the bold new look of the 2008 Ford Focus, to the enduring Ford Ranger and the reliable Ford F-Series work-horse, Ford of Canada provides vehicles to suit any need." Last month, Ford of Canada's overall sales decreased 8.3% to 15,971 units. Total truck sales were up 2.7% at 12,039 units and total car sales of 3,932 units mark a 30.9% decline compared to last November. This shift in car sales volume is partially due to a planned reduction in fleet sales. 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 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. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the UAW. GERDAU SA: Invests Over US$400 Mil. on Heavy Plate Rolling Plant ---------------------------------------------------------------- Gerdau told Business News Americas that it will invest over US$400 million for the installation of an 870,000-ton-per-year heavy plate rolling plant at one of its Brazilian operations. The plant would start operating in 2010, BNamericas says, citing Gerdau. Gerdau said in a statement that feasibility studies on the site of the plant are near conclusion. The plates will be sold in and outside Brazil. Headquartered in Porto Alegre, Brazil, Gerdau SA -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay and the United States. As reported in the Troubled Company Reporter-Latin America on Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s Ba1 corporate family rating and stable outlook, following the announcement of an agreement to acquire the specialty steel operations of Quanex Corporation, mainly represented by its MacSteel division for some US$1.46 billion in cash. All other ratings related to the company were affirmed. Ratings affirmed are: Issuer: Gerdau S.A. -- Ba1 Global Local Currency Corporate Family Rating -- US$600 million Senior Unsecured Guaranteed Perpetual Notes: Ba1 Foreign Currency Rating Issuer: Gerdau Brazil (fictitious entity representing the Brazilian operations of Gerdau S.A. comprising Gerdau Acominas S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos S.A.). -- Ba1 Global Local Currency Corporate Family Rating Issuer: Gerdau Ameristeel Corporation -- Ba1 Probability of Default Rating -- Ba1 Corporate Family Rating -- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59% Issuer: Jacksonville Economic Development Comm. -- US$23 million Senior Unsecured Revenue Bonds guaranteed by Gerdau Ameristeel: Ba1, LGD4 59% Outlook for all ratings: stable GREIF INC: Reports Net Income of US$190.2 Mln in 2007 Fiscal Yr. ---------------------------------------------------------------- Greif, Inc., has announced results for its fiscal year, which ended on Oct. 31, 2007. Chairperson and chief executive officer, Michael J. Gasser, said, "We are pleased with our record results for fiscal 2007, which included solid organic sales growth and earnings improvement that benefited from geographic and product diversity, in the midst of a challenging business environment. We exited the year with positive momentum in our businesses. Our strong performance reflects disciplined execution of our growth strategy and realization of anticipated synergies. We remain committed to sustaining our performance improvement and achieving our fiscal 2009 financial goals." Special Items and GAAP to Non-GAAP Reconciliation Special items are: (i) for fiscal 2007, restructuring charges of US$21.2 million (US$15.9 million net of tax), debt extinguishment charge of US$23.5 million (US$17.5 million net of tax) and timberland disposals, net of a negative US$0.6 million (negative US$0.5 million net of tax); (ii) for fiscal 2006, restructuring charges of US$33.2 million (US$23.4 million net of tax) and timberland disposals, net of US$41.3 million (US$26.0 million net of tax); (iii) for the fourth quarter of 2007, restructuring charges of US$9.1 million (US$6.9 million net of tax) and timberland disposals, net of a negative US$0.4 million (negative US$0.3 million net of tax); and (iv) for the fourth quarter of 2006, restructuring charges of US$10.4 million (US$7.3 million net of tax) and timberland disposals, net of US$0.1 million (US$0.1 million net of tax). A reconciliation of the differences between all non-GAAP financial measures used in this release with the most directly comparable GAAP financial measures is included in the financial schedules that are a part of this release. Consolidated Results Net Sales Net sales increased 26% to US$3.3 billion in fiscal 2007 compared to US$2.6 billion in fiscal 2006. Of this increase, 14% is due to the acquisitions of Blagden Packaging Group's steel drum manufacturing and closures businesses in the first quarter of 2007 and Delta Petroleum Company, Inc.'s blending and filling businesses in the fourth quarter of 2006, and 4% is from foreign currency translation. The US$693.8 million increase is primarily due to higher sales of Industrial Packaging & Services (US$665.5 million) products, which benefited principally from stronger sales volumes compared to fiscal 2006, and improving fundamentals in Paper, Packaging & Services (US$28.6 million). For the fourth quarter of 2007, net sales increased 20%, which included 10% from the acquisitions of Blagden and Delta and 4% from foreign currency translation, to US$882.3 million from US$735.6 million in the fourth quarter of 2006. Gross Profit Gross profit increased 26% to US$605.4 million in fiscal 2007 compared to US$479.2 million for fiscal 2006. The higher gross profit was attributable to positive contributions from organic growth and acquisitions coupled with the Greif Business System. The gross profit margin was 18.2% of net sales in fiscal 2007 and 2006. Lower labor, transportation and other manufacturing costs as a percentage of net sales resulting from the Greif Business System offset the change in sales mix and increases in raw material costs. For the fourth quarter of 2007, gross profit was US$170.5 million, or 19.3% of net sales, versus US$143.3 million, or 19.5% of net sales, in the fourth quarter of 2006. The 20 basis point decline was due to sales mix and increases in raw material costs, partially offset by benefits from the Greif Business System. Selling, General & Administrative Expenses SG&A expenses, expressed as a percentage of net sales, declined to 9.4% in fiscal 2007 from 9.9% in fiscal 2006. SG&A expenses were US$313.4 million and US$259.1 million for fiscal 2007 and 2006, respectively. The year-over-year dollar increase in SG&A expenses is primarily due to the Blagden and Delta acquisitions and performance-based incentive accruals, which were partially offset by tight controls over SG&A expenses and the positive impact from acquisition integration activities. Fourth quarter of 2007 SG&A expenses were US$83.8 million, or 9.5% of net sales, versus US$66.9 million, or 9.1% of net sales, in the fourth quarter of 2006. The same items from the full- year comparison impacted the quarterly SG&A expenses. Operating Profit Operating profit before special items, expressed as a percentage of net sales, increased to 9.4% for fiscal 2007 from 9.1% the prior year. Operating profit before special items was US$311.5 million for fiscal 2007 compared to US$238.1 million for fiscal 2006. The US$73.4 million increase compared to the prior year was principally due to higher operating profit in all three of the company's business segments, which include Industrial Packaging & Services (US$62.0 million), Paper Packaging & Services (US$7.7 million) and Timber (US$3.7 million). GAAP operating profit was US$289.6 million in fiscal 2007 compared to US$246.2 million in fiscal 2006. For the fourth quarter of 2007 operating profit before special items was US$96.6 million, or 11.0% of net sales, compared to US$78.4 million, or 10.7% of net sales before special items for the same quarter of 2006. This increase was attributable to Industrial Packaging & Services (US$20.4 million). GAAP operating profit was US$87.2 million and US$68.2 million in the fourth quarter of 2007 and 2006, respectively. Net Income and Diluted Earnings Per Share Net income before special items rose 36% to US$190.2 million for fiscal 2007 compared to US$139.6 million in fiscal 2006. Diluted earnings per share before special items were US$3.22 compared to US$2.37 per Class A share and US$4.91 compared to US$3.63 per Class B share for fiscal 2007 and 2006, respectively. The company had GAAP net income of US$156.4 million, or US$2.65 per diluted Class A share and US$4.04 per diluted Class B share, in fiscal 2007 compared to GAAP net income of US$142.1 million, or US$2.42 per diluted Class A share and US$3.69 per diluted Class B share, in fiscal 2006. For the fourth quarter of 2007, net income before special items increased to US$62.2 million compared to US$49.0 million for the same period of 2006. Diluted earnings per share before special items were US$1.05 versus US$0.83 per Class A share and US$1.60 versus US$1.27 per Class B share in the fourth quarter of 2007 and 2006, respectively. For the fourth quarter of 2007, the company reported GAAP net income of US$55.0 million, or US$0.93 per diluted Class A share and US$1.42 per diluted Class B share, versus US$41.7 million, or US$0.71 per diluted Class A share and US$1.08 per diluted Class B share, for the same quarter of 2006. Business Group Results Industrial Packaging & Services The Industrial Packaging & Services segment offers a comprehensive line of industrial packaging products and services, such as steel, fibre and plastic drums, intermediate bulk containers, closure systems for industrial packaging products, polycarbonate water bottles and blending, filling and packaging services. The key factors influencing profitability in the Industrial Packaging & Services segment are: -- Selling prices and sales volumes; -- Raw material costs, primarily steel, resin and containerboard; -- Energy and transportation costs; -- Benefits from executing the Greif Business System; -- Contributions from recent acquisitions; and -- Impact of foreign currency translation. In this segment, net sales were up 34% to US$2.6 billion in fiscal 2007 from US$1.9 billion in fiscal 2006 -- an increase of 10% excluding the impact of the Blagden and Delta acquisitions (19%) and foreign currency translation (5%). The segment's organic growth was driven by higher sales volumes in most regions with particular strength in Europe and the emerging markets. Gross profit margin for the Industrial Packaging & Services segment was 18.3% in fiscal 2007 versus 18.5% in fiscal 2006. This decline was primarily due to portfolio mix and increases in raw material costs that were partially offset by improvements in labor, transportation and other manufacturing costs, which benefited from the continued execution of the Greif Business System. Operating profit before restructuring charges rose 38% to US$225.0 million in fiscal 2007 from US$163.1 million in fiscal 2006 primarily due to the improvement in net sales and the execution of the Greif Business System. Restructuring charges were US$15.9 million in fiscal 2007 compared with US$24.0 million last year. GAAP operating profit was US$209.1 million in fiscal 2007 compared to US$139.0 million in fiscal 2006. For the fourth quarter of 2007, net sales increased 27% to US$687.0 million from US$540.7 million in the fourth quarter of 2006 -- an increase of 8 % excluding the impact of the Blagden and Delta acquisitions (13%) and foreign currency translation (6%). The increase in net sales was due to the same factors as the full year comparison. Operating profit increased 43% to US$68.0 million in the fourth quarter of 2007, before restructuring charges of US$8.4 million, from US$47.6 million, before restructuring charges of US$4.5 million, in the same quarter of 2006. GAAP operating profit was US$59.6 million and US$43.0 million in the fourth quarter of 2007 and 2006, respectively. Paper, Packaging & Services The Paper, Packaging & Services segment sells containerboard, corrugated sheets and other corrugated products and multiwall bags in North America. The key factors influencing profitability in the Paper, Packaging & Services segment are: -- Selling prices and sales volumes; -- Raw material costs, primarily old corrugated containers; -- Energy and transportation costs; and -- Benefits from executing the Greif Business System. In this segment, net sales were US$696.6 million in fiscal 2007 compared to US$668.0 million in fiscal 2006. This was principally due to higher containerboard selling prices implemented in fiscal 2006 and slightly improved volumes. The Paper, Packaging & Services segment's gross profit margin increased to 17.8% in fiscal 2007 from 17.5% in fiscal 2006. Higher raw material costs, especially OCC, were partially offset by contributions from further execution of the Greif Business System. The previously announced US$40 per ton containerboard price increase has been fully implemented and is expected to benefit the segment's results beginning in the first quarter of 2008. Operating profit before restructuring charges increased 12% to US$72.1 million in fiscal 2007 compared to US$64.4 million in fiscal 2006 primarily due to higher net sales. Restructuring charges were US$5.3 million in fiscal 2007 compared to US$9.2 million in fiscal 2006. GAAP operating profit was US$66.8 million in fiscal 2007 compared to US$55.2 million in fiscal 2006. Net sales were US$192.1 million in the fourth quarter of 2007 versus US$192.6 million in the fourth quarter of 2006. Operating profit was US$26.9 million in the fourth quarter of 2007, before restructuring charges of US$0.7 million, compared with operating profit of US$29.9 million, before restructuring charges of US$5.8 million, in the same quarter of 2006. The decrease in operating profit was primarily due to higher raw material costs as a percentage of net sales. GAAP operating profit was US$26.2 million and US$24.0 million in the fourth quarter of 2007 and 2006, respectively. Timber The Timber segment consists of approximately 269,950 acres of timber properties in the southeastern United States, which are actively harvested and regenerated, and approximately 36,650 acres in Canada. The key factors influencing profitability in the Timber segment are: -- Planned level of timber sales; -- Timberland disposals, net; and -- Sale of special use properties (surplus, higher and better use, and development properties). Net sales were US$14.9 million in fiscal 2007, consistent with plan, compared to US$15.1 million in fiscal 2006. Operating profit before special items was US$14.4 million in fiscal 2007 compared to US$10.6 million in fiscal 2006. Profit from the sale of special use property more than doubled to US$9.5 million in fiscal 2007 from US$4.6 million the prior year. GAAP operating profit was US$13.7 million in fiscal 2007 compared to US$51.9 million, including US$41.3 million from timberland disposals, net, in fiscal 2006. Net sales were US$3.1 million in the fourth quarter of 2007 versus US$2.3 million in the fourth quarter of 2006. Operating profit before special items was US$1.7 million in the fourth quarter of 2007 compared to US$1.0 million in the fourth quarter of 2006. GAAP operating profit was US$1.3 million and US$1.1 million in the fourth quarter of 2007 and 2006, respectively. Greif Business System The Greif Business System generates productivity improvements and achieves permanent cost reductions. Opportunities continue to include, but are not limited to, improved labor productivity, material yield and other manufacturing efficiencies and footprint rationalization in both the existing and recently acquired businesses. In addition, a world-class sourcing and supply chain capability is contributing to cost savings. The next phase, which will begin in fiscal 2008, will also focus on shifting from regional to global leverage of the company's materials spend and freight optimization. Incremental contributions from the Greif Business System exceeded US$30 million for fiscal 2007 and were in line with expectations for achievement of the company's fiscal 2009 financial targets. Financing Arrangements Interest expense, net was US$45.5 million and US$36.0 million in fiscal 2007 and 2006, respectively. The increase was attributable to higher average debt outstanding due to the company's Blagden and Delta acquisitions, which was partially offset by lower interest expense for the company's 6 3/4% Senior Notes issued in the second quarter of 2007. Those Senior Notes replaced the company's 8 7/8% Senior Subordinated Notes that were acquired during a tender offer in fiscal 2007. Capital Expenditures Capital expenditures were US$112.6 million, excluding timberland purchases of US$2.3 million, for fiscal 2007 compared with capital expenditures of US$75.6 million, excluding timberland purchases of US$62.1 million, for fiscal 2006. The increase in capital expenditures is primarily due to higher investments in productivity improvements and execution of growth strategy. Cash Dividends On Dec. 4, 2007, the Board of Directors declared quarterly cash dividends of US$0.28 per share of Class A Common Stock and US$0.41 per share of Class B Common Stock. These dividends, payable on Jan. 1, 2008 to stockholders of record at close of business on Dec. 17, 2007, are approximately 50% above the amount paid for the same period a year ago. Company Outlook The company achieved record results for the fourth quarter and fiscal 2007. This was attributable to solid operating performance, orderly integration of and positive contributions from acquisitions, and realization of further benefits from the Greif Business System. There was positive momentum in each of Greif's businesses as the company exited the year. In addition, organic growth and additional contributions from the Greif Business System are expected to contribute to another year of record performance in fiscal 2008, despite continuation of sluggish market conditions in North America. The company remains on track to achieve its previously disclosed fiscal 2009 financial goals. Annual earnings guidance for fiscal 2008, which excludes special items, is a range of US$3.80 to US$4.00 per share for the Class A Common Stock. This increase is approximately 18% to 24% above the company's record fiscal 2007 earnings. About Greif Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE: GEF, GEF.B) -- http://www.greif.com/-- is a world leader in industrial packaging products and services. The company provides extensive expertise in steel, plastic, fibre, corrugated and multi-wall containers for a wide range of industries. Greif also produces containerboard and manages timber properties in the United States. For fiscal year 2006, the company generated approximately US$2.6 billion in net sales and US$326 million in EBITDA. The company has operations in Australia, Argentina, Brazil, Belgium, China, Malaysia, among others. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 26, 2007, Standard & Poor's Ratings Services assigned its 'BB-' ratings to Greif Inc.'s proposed US$300 million senior unsecured notes due 2017. The proceeds from the notes will be used to retire approximately US$248 million in existing senior subordinated notes due 2012 and for general corporate purposes. The new senior notes issue is contingent upon consummation of the tender offer for the senior subordinated notes. NET SERVICOS: Eyes Subscriber Growth in Broadband-Voice Segment --------------------------------------------------------------- Net Servicos de Comunicacao S.A.'s head Francisco Valim told Brazilian news daily Agencia Estado that the firm's subscriber growth in the broadband and voice segments in 2008 would at least match the rate in 2007. Business News Americas relates that Net Servicos' broadband clients grew by 71% to 1.3 million at the end of the third quarter 2007, from the same period last year. Brazilian could have about 6.8 million broadband subscribers in all, BNamericas says, citing recent statistics. Net Servicos has a 19% market share. According to BNamericas, Net Servicos' clients in the voice segment rose 308% to 469,000 in the third quarter this year, compared to the third quarter last year. The firm offers its Net Fone Voice over Internet protocol service. Potential for growth in the broadband segment is due to the increasing penetration of personal computers in Brazil, BNamericas notes, citing Mr. Valim. Net Servicos is considering "potential acquisitions" in areas where it is not currently operating, BNamericas states, citing Mr. Valim. Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao -- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1-- is a subscriber TV multi-operator in Brazil, as it operates the NET brand in major cities, including operations in the 4 largest cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto Alegre. NET also offers Broadband Internet services through its NET VIRTUA brand name. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 23, 2007, Moody's Investors Service upgraded Net Servicos de Comunicacao S.A.'s corporate family rating to Ba2 from B1 on its global local currency scale and to Aa3.br from Baa2.br on its Brazilian national scale rating. Moody's said the rating outlook is stable. This rating action concludes the review process initiated on Oct. 17, 2006. VERIFONE INC: Moody's Reviews Sr. Debt Ratings for Downgrade ------------------------------------------------------------ Moody's Investors Service has placed the corporate family and senior secured debt ratings of Verifone, Inc. under review for possible downgrade following the company's recent announcement that it will restate prior financial statements for the first three quarters of the fiscal year 2007 due to accounting errors associated with its valuation of inventories, prompting the company to issue a statement of non-reliance on prior financial reports. In addition, the company also announced that it will delay announcement of its Fourth Quarter 2007 financial results. The review reflects the uncertainty surrounding the possible financial restatements related to the accounting errors, indicating material weaknesses in the company's disclosure and internal control over financial reporting, as well as the potential impact on its liquidity position. The company said the restatement is principally due to errors in accounting related to an overstatement of reported inventories and understated cost of net revenues, which is anticipated to result in reductions of previously reported GAAP pre-tax income by approximately US$29.7 million for the first nine months of 2007, which is approximately 80% of its previously reported GAAP pre-tax income of US$37 million. GAAP pre-tax income also includes expenses related to amortization of purchased intangible assets and in-process research and development. Verifone is still evaluating the impact of the restatement on net income for those periods. As per the management, there can be no assurances that the company or its independent registered public accounting firm will not find any additional accounting errors, requiring further adjustments. In its review, Moody's will assess the progress of the company's ability to timely file financial statements ahead of reporting requirements; its internal review of the accounting errors and subsequent impact on gross margins, profitability and inventory valuation; the materiality of financial charges/restatements; and any potential liquidity issues. In addition, the review will also assess Verifone's capital structure stemming from the company's issuance of unrated US$316 million of 1.375% senior convertible notes and its impact to the existing senior secured debt ratings. The ratings could be downgraded if any of these occurs: 1. The outcome of the internal investigation is materially detrimental to the company's cash flows and/or financial position 2. Identification of pervasive control weaknesses that cannot be remediated. 3. Liquidity position deteriorates due to business operations and/or acceleration of bank debt and/or convertible notes. The ratings could be stabilized at the existing level, if the outcome of the accounting review and financial restatements is not materially different from what the company has stated publicly to date and the company is current on its financial statement filing requirements with respect to its credit agreement and convertible note indenture. Moody's notes that Verifone maintains a cash and equivalents balance of US$213 million as of July 31, 2007, and has good market position in the point of sale electronic payment solution market. As of July 31, 2007, the company had US$238 million of senior secured term loan and US$316 million of senior convertible notes outstanding. These ratings were placed on review for possible downgrade: -- B1 for Corporate Family Rating -- B2 for Probability of Default Rating -- B1 (LGD 3, 31%) for US$40 million senior secured (first lien) revolving credit facility -- B1 (LGD 3, 31%) US$500 million senior secured (first lien) term loan facility 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. =========================== C A Y M A N I S L A N D S =========================== DR GIGATREND: Holding Final Shareholders Meeting on Dec. 14 ----------------------------------------------------------- DR Gigatrend Fund Limited will hold its final shareholders meeting on Dec. 14, 2007, at: 1 Tanglin Road #04-01/14 Orchard Parade Hotel Singapore 247905 These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators 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. DR Gigatrend's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Akiyoshi Shiotani 1 Tanglin Road #04-01/14 Orchard Parade Hotel Singapore 247905 FRM GARTMORE: Final Shareholders Meeting Is on Dec. 14 ------------------------------------------------------ FRM Gartmore Hedge Fund Limited will hold its final shareholders meeting on Dec. 14, 2007, at 9:00 a.m. the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators 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. FRM Gartmore's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator 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 IBROX PARK: Sets Final Shareholders Meeting for Dec. 14 ------------------------------------------------------- Ibrox Park Ltd. will hold its final shareholders meeting on Dec. 14, 2007, at 10:00 a.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators 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. Ibrox Park's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: George Craig Attention: Susan Bjuro P.O. Box 1348, George Town Grand Cayman, Cayman Islands Telephone: 949 4123 Fax: 949 4647 KANAZAWA HOLDING: Sets Final Shareholders Meeting for Dec. 14 ------------------------------------------------------------- Kanazawa Holding, Inc., will hold its final shareholders meeting on Dec. 14, 2007, at 10:30 a.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators 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. Kanazawa Holding's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). 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 MUSIC PARTNERS: Will Hold Final Shareholders Meeting on Dec. 14 --------------------------------------------------------------- Music Partners Capital Limited will hold its final shareholders meeting on Dec. 14, 2007, at 10:00 a.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators 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. Music Partners' shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). 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 OGRE FINANCE: Sets Final Shareholders Meeting for Dec. 14 --------------------------------------------------------- Ogre Finace Limited will hold its final shareholders meeting on Dec. 14, 2007, at: HSBC International Trustee Limited P.O. Box 484, George Town Grand Cayman, Cayman Islands These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators 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. Ogre Finace's shareholder decided on Oct. 23, 2007, to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Lion International Corporate Services Limited Attention: Latasha Nixon P.O. Box 484, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7755 Fax: (345) 949-7634 PINNAKELL ASIA: Sets Final Shareholders Meeting for Dec. 14 ----------------------------------------------------------- Pinnakell Asia Absolute Fund will hold its final shareholders meeting on Dec. 14, 2007, at 9:00 a.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators 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. Pinnakell Asia's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). 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 PINNAKELL ASIA ABSOLUTE: Holds Shareholders Meeting on Dec. 14 -------------------------------------------------------------- Pinnakell Asia Absolute Master Fund will hold its final shareholders meeting on Dec. 14, 2007, at 9:30 a.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators 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. Pinnakell Asia's shareholders agreed to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). 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 PROCYON FUND: Will Hold Final Shareholders Meeting on Dec. 14 ------------------------------------------------------------- Procyon Fund Limited will hold its final shareholders meeting on Dec. 14, 2007, at 11:00 a.m. at the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 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. Procyon Fund's shareholders agreed on Oct. 22, 2007, to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator can be reached at: Mourant Cayman Nominees, Ltd. Attention: Susan Bjuro P.O. Box 1348, George Town Grand Cayman, Cayman Islands Telephone: 949 4123 Fax: 949 4647 RYE SELECT: Sets Final Shareholders Meeting for Dec. 14 ------------------------------------------------------- Rye Select Convertibles Protfolio, Ltd., will hold its final shareholders meeting on Dec. 14, 2007, at 11:00 a.m. the registered office of the company. These agenda will be taken during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators 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. Rye Select's shareholders agreed on Nov. 1, 2007, to place the company into voluntary liquidation under The Cayman Islands' Companies Law 2007 Revision). The liquidator 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 ========= C H I L E ========= SHAW GROUP: Unable to Complete Form 10-K Filing with SEC -------------------------------------------------------- The Shaw Group Inc., despite its best efforts to file its fiscal 2007 financial results on Form 10-K with the U.S. Securities and Exchange Commission by Dec. 4, 2007, has not completed the filing. While the financial statements are substantially complete, the company has not concluded its evaluation of deferred taxes. Shaw is working diligently to complete this process as soon as possible. The company previously announced that the net loss for fiscal 2007 would be in the range of US$15 to US$19 million. Based on its work to date, the company believes that the net loss will approximate US$19 million. Shaw continues to estimate its operating cash flow for 2007 will exceed US$460 million and its Aug. 31, 2007, backlog of unfilled orders will be a record US$14.3 billion. The company believes that the financial reporting process will be completed within the next several days. However, the timing of the filing and the anticipated results for fiscal 2007 remain subject to completion of the deferred tax evaluation, any changes in estimates or other matters that may arise up to the filing of the 2007 Form 10-K. A conference call to discuss the financial results and an update of Shaw's operations will be held following the release of the financial results. About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. =============== C O L O M B I A =============== GMAC LLC: Fin'l Unit Names Samuel Ramsey as Chief Risk Officer -------------------------------------------------------------- GMAC Financial Services, a subsidiary of GMAC LLC, disclosed that Samuel Ramsey has been appointed to the newly created position of chief risk officer, effective immediately. In this role, he will have responsibility for global risk management and treasury activities including funding and balance sheet management. He will report to GMAC Chief Operating Officer Al de Molina. "Sam brings extensive finance and risk management experience to GMAC and we are pleased to appoint him to this new role," Mr. de Molina said. "As GMAC crosses the one-year mark as a standalone organization, we continue to strengthen and broaden the management team to suit the size and scope of our business. Risk and treasury are critically important to the future success of our company and Sam has a proven track record in both." David Walker, GMAC group vice president of global borrowings, has been named GMAC treasurer. In this role, he has responsibility for global funding activities and reports to Mr. Ramsey. Mr. Ramsey joined GMAC in September of this year as treasurer and will now have expanded responsibilities as chief risk officer. Prior to joining GMAC, Ramsey spent over 25-years at Bank of America Corporation, most recently serving as chief financial officer of global corporate and investment banking. Prior to his role in finance, Ramsey was a member of the risk management organization holding several positions including chief risk officer for consumer and small business banking, chief risk officer for commercial banking, and enterprise credit and market risk executive. He holds a bachelor of arts in economics from the College of William and Mary. Mr. Walker has led the global borrowings group at GMAC since 2006. Prior to that, he served as chief financial officer of GMAC's mortgage group. He joined GMAC in 1985 and during his tenure held several leadership roles in the areas of mortgage, funding and securitization, and liability management. About GMAC GMAC LLC -- http://www.gmacfs.com/-- formerly General Motors Acceptance Corporation, is a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and other commercial businesses. GMAC was established in 1919 and currently employs about 31,000 people worldwide. Its Latin American operations are located in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela. At Dec. 31, 2006, GMAC held more than US$287 billion in assets and earned net income for 2006 of US$2.1 billion on net revenue of US$18.2 billion. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 28, 2007, Moody's Investors Service placed GMAC LLC's Ba2 senior unsecured rating on review for possible downgrade. The action was in response to GMAC's affirmation of support for Residential Capital, LLC, as disclosed in ResCap's Nov. 21, 2007 debt tender announcement. ResCap's ratings and outlook (Ba3 senior unsecured, negative outlook) were not affected by the tender announcement or this GMAC rating action. As reported in the Troubled Company Reporter on Nov. 16, 2007, Fitch Ratings has placed GMAC LLC and its related subsidiaries 'BB+' long-term Issuer Default Ratings on Rating Watch Negative. This action reflects the ongoing pressures in the company's residential mortgage subsidiary, Residential Capital LLC (ResCap, IDR 'BB+' by Fitch with rating watch negative). * COLOMBIA: Gets US$300-Mln Loan to Promote Biz Competitiveness --------------------------------------------------------------- The Inter-American Development Bank has approved a US$300 million loan to Colombia for a program to promote business competitiveness that will help create conditions conducive to sustainable and inclusive economic growth. The program will articulate and consolidate a nationally and subnationally integrated system to promote competitiveness, reduce transaction costs and improve market access for businesses. It will also improve access to financial services, especially for microenterprises, small and medium-sized businesses and low-income groups. "Businesses in Colombia have limited access to financial services, in terms of both volume and coverage," said IDB Team Leader Luis Alberto Giorgio. "The Association of Banks of Colombia estimates that just 29.2% of the population over 18 years of age has access to some type of financial service." "The government is basing its strategy for improving access to financial services on its Banca de las Oportunidades (Bank of Opportunities) initiative, which is designed to create the conditions conducive to access to the formal financial system," added Mr. Giorgio. This operation is the second one designed to enhance competitiveness in Colombia. A previous operation for US$200 million was completed in September 2006. It supported the Government of Colombia in the design and implementation of new public policies to improve the business climate. In the context of macroeconomic stability, the new project will focus on promoting an institutional framework for competitiveness and improving institutional capacity for implementing trade agreements. It will also help reduce transaction costs and facilitate market access for businesses by simplifying procedures and by improving transparency and market information for businesses. The Ministry of Finance will carry out the project. The loan is for a 20-year term, with a five-year grace period, at LIBOR interest rates. This operation was approved under the Bank's Local Currency Facility, which allows for the conversion of disbursements and outstanding balances into local currency. * * * As reported in the Troubled Company Reporter-Latin America on June 15, 2007, Standard & Poor's Ratings Services assigned its 'BB+' long-term senior unsecured rating to the Republic of Colombia's proposed 2027 Global Titulos de Tesoreria bond, a bond denominated in Colombian pesos but payable in US dollars. =================== C O S T A R I C A =================== * COSTA RICA: Obtains US$381 Million Guaranteed Loan Operation -------------------------------------------------------------- The Inter-American Development Bank has approved a US$381 million non-sovereign guaranteed loan operation to refinance part of the debt of Instituto Costarricense de Electricidad, Costa Rica's national power and telecommunications institution. The operation consists of a loan for up to US$200 million from the IDB and a syndicated loan of approximately US$181 million from commercial financial institutions. "The new financing will help ICE free up cash currently used for debt service and devote more resources to investments in infrastructure to continue improving service quality and coverage," said IDB project team leader Javier Molina. "It will also assist ICE in meeting working capital requirements to grow its operations." By extending the average life of ICE's total outstanding obligations by more than three years, the operation will also help ICE obtain a more efficient debt structure, with longer maturities and thus more consistent with the long-term nature of its investments. "The IDB's participation in the operation will have a strong catalytic effect by mobilizing longer-term financing from commercial financial institutions," added Mr. Molina. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 10, 2007, Standard & Poor's Ratings Services has affirmed its 'BB' foreign and 'BB+' local currency long-term credit ratings on the Republic of Costa Rica. At the same time, S&P has affirmed its 'B' short-term local and foreign currency ratings on the Republic. As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa Rica's country ceiling to BB+ from BB. =================================== D O M I N I C A N R E P U B L I C =================================== ALCATEL-LUCENT: Installing Network Overlay for Brasil Telecom ------------------------------------------------------------- Alcatel-Lucent said in a statement that it was awarded a contract from Brasil Telecom to deploy an Internet Protocol/Multi Protocol Label Switching network overlay to support fixed and mobile broadband services. Business News Americas relates that Brasil Telecom and Alcatel- Lucent think this will be "Brazil's first nationwide, converged network." Alcatel-Lucent posted on its Web site that Brasil Telecom expects the Internet Protocol/Multi Protocol Label Switching software to boost operational simplicity and flexibility. It will also bring down costs and increase revenues by allowing Brasil Telecom to offer value added services like business virtual private networks. It will be a foundation for triple play services. The platform will cover the main cities across 14 states in Brazil. BNamericas notes that the software includes: -- 7750 Service Router, -- 7450 Ethernet Service Switch, and -- 5620 Service Aware Manager. The software will help Brasil Telecom meet Service Level Agreements for business critical services, BNamericas states. About Brasil Telecom Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes SA -- http://www.brasiltelecom.com.br-- is a holding company that conducts substantially all of its operations through its wholly owned subsidiary, Brasil Telecom SA. The fixed-line telecommunications services offered to the company's customers include local services, including all calls that originate and terminate within a single local area in the region, as well as installation, monthly subscription, measured services, public telephones and supplemental local services; intra-regional long- distance services, which include intrastate and interstate calls; interregional and international long-distance services; network services, including interconnection and leasing; data transmission services; wireless services, and other services. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, China, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service has downgraded to Ba3 from Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to Ba3 from Ba2 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B2 from B1. At the same time, Moody's affirmed its Not-Prime rating for short term debt of Alcatel-Lucent. Moody's outlook for the ratings is stable. ================= G U A T E M A L A ================= GOODYEAR TIRE: Board Okays Plan to Keep World Base in Akron ----------------------------------------------------------- The Goodyear Tire & Rubber Company Board of Directors has approved a plan that, when finalized, will keep the company's world headquarters in Akron, Ohio. The company disclosed the tentative agreement this morning at a joint press conference with representatives from the Industrial Realty Group, the State of Ohio, the City of Akron and Summit County. The press conference was held at Goodyear's World Technical Center, adjacent to the proposed future site of its new headquarters building. "I'm pleased to announce we have reached a tentative agreement that will allow Goodyear to continue its 108-year history with the City of Akron and the State of Ohio," Bob Keegan, Goodyear's chairman and chief executive officer, said. "These state-of- the-art facilities will reflect the new Goodyear -- a place of bold leadership and innovation -- and they will inspire future generations of Goodyear associates." The tentative agreement between Goodyear and IRG calls for Goodyear to sell most of its Akron area property and facilities to IRG. And, IRG will construct a new world headquarters building, a new headquarters for the company's North American Tire business, and make improvements to the company's technical center and research facilities. Goodyear will lease the new buildings and the existing technical center from IRG. Now that Goodyear's Board of Directors has approved the proposal, Goodyear and the other key groups can begin work on finalizing the necessary details of the purchase and lease agreement which includes securing public funding and other due diligence issues. "This project has been called the most ambitious development effort in the history of the City of Akron, and this announcement represents a tremendous and truly historic success," Joe Gingo, Goodyear's executive vice president and chief technical officer, said. "I cannot say enough about the positive spirit of cooperation between all the groups who helped make this vision a reality." The proposal timeline includes breaking ground for Goodyear's new buildings in 2008 and moving into the new facilities in 2010. Separately, IRG has been working with the City of Akron, Summit County and the State of Ohio to create a multi-phase development of other parts of Goodyear's property into a mixed-use retail and commercial development to be called Akron Riverwalk. Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear's operations are located in Argentina, Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica, Peru, Russia, among others. Goodyear employs more than 80,000 people worldwide. * * * In June 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. These ratings still apply as of Dec. 4, 2007. ========= H A I T I ========= DYNCORP INT'L: Bags Logistics Services Contract from IMG -------------------------------------------------------- DynCorp International has been awarded a logistics services contract by International Military and Government LLC, a division of Navistar International, to provide field service representatives and operator/trainers for and the initial deployment of Mine Resistant and Ambush Protectedvehicles to Iraq and the continuing testing of MRAP vehicles in the continental United States. The contract has been initially funded at US$18 million for one year. DynCorp International will provide an initial increment of 69 FSRs under this funding. IMG will produce 1,955 Category I and 16 Category II MRAP vehicles under Limited Rate Initial Production task orders. The MRAP program will support the U.S. Marines, Army, Navy, Air Force, and Special Operations Command. The MRAP vehicles are required to increase survivability and mobility of troops operating in hazardous fire areas against known threats like small-arms fire, rocket-propelled grenades, and improvised explosive devices. "It's an honor to play a major role in a program designed to keep our service members safe," said Herbert J. Lanese, President and CEO of DynCorp International, in August 2007, when DynCorp International announced that it had been selected by IMG to provide filed-service support. "IMG is an excellent company that makes a superb vehicle, and we will do our best to make sure these vehicles are always mission-ready and performing to their potential." DynCorp International Inc. (NYSE: DCP) -- http://www.dyn-intl.com/-- through its operating company DynCorp International LLC, is a provider of specialized mission- critical technical services, mostly to civilian and military government agencies. It operates major programs in law enforcement training and support, security services, base operations, aviation services and operations, and logistics support worldwide. Headquartered in Falls Church, Virginia, DynCorp International LLC has approximately 14,600 employees worldwide including Haiti. * * * DynCorp still carries Standard and Poor's BB- rating assigned on June 15, 2006. S&P said the outlook is stable. ============= J A M A I C A ============= AIR JAMAICA: Government To Complete Sale in 16 Months ----------------------------------------------------- The Jamaican government expects that Air Jamaica will be restructured and divested in 16 months, The Jamaica Observer reports. As reported in the Troubled Company Reporter-Latin America on Dec. 5, 2007, the government decided it would sell Air Jamaica. The government was considering the privatization of Air Jamaica, as part of a reassessment of the struggling airline after the resignation of chief executive officer Michael Conway. The Observer notes that the finance ministry expects to rid itself of the financial burden as soon as March 2009. Senator Don Wehby commented to The Observer, "The level of government's support necessary to keep the airline in operation is unsustainable. It must be recognised that continuation of this level of support to the airline is at the expense of the country's social services." The Observer notes that the government is recruiting an investment banker to head the divestment process and to guarantee that the advantages are maximized. "We hope to have restructured and divested Air Jamaica, such that it is no longer a strain on the budget by the latest March 2009. These decisions, though difficult politically, are in keeping with the government's commitment to sustainable macro- economic stability," Senator Wehby told The Observer. Headquartered in Kingston, Jamaica, Air Jamaica -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government assumed full ownership of the airline after an investor group turned over its 75% stake in late 2004. The government had owned 25% of the company after it went private in 1994. The Jamaican government does not plan to on Air Jamaica permanently. * * * On July 21, 2006, Standard & Poor's Rating Services assigned B long-term foreign issuer credit rating on Air Jamaica Ltd., which is equal to the long-term foreign currency sovereign credit rating on Jamaica, is based on the government's unconditional guarantee of both principal and interest payments. * * * As reported in the Troubled Company Reporter-Latin America on June 12, 2007, Moody's Investors Service assigned a rating of B1 to Air Jamaica Limited's guaranteed senior unsecured notes. =========== M E X I C O =========== ATHLETES WORLD: Forzani Group To Close 37 Stores ------------------------------------------------ The Forzani Group Ltd. disclosed that it plans to close 37 of Athletes World's 138 stores, Lauren Krugel of The Canadian Press reports. Citing Forzani CEO Bill Gregson, Canadian Press relates that the stores to be closed are those that have been continuing to incur losses. The 37 stores to be shut down are mainly located at areas where Forzani operates its own banners. As previously reported in the Troubled Company Reporter, Athletes World filed for protection from its creditors under the Companies' Creditors Arrangement Act with the Ontario Superior Court of Justice on Oct. 30, 2007. Forzani, on Nov. 30, 2007, completed its acquisition of Athletes World. Canadian Press reports, citing Forzani CEO Bob Sartor, that Forzani will pay US$1.5 million for Athletes' shares and assume US$20 million in secured debt. Mr. Sartor however declared that the acquisition of Athletes World was more of "defensive" rather than "offensive," Canadian Press adds. About The Forzani Group The Forzani Group Ltd. (TSX: FGL) -- http://www.forzanigroup.com/-- is Canada's largest national retailer of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under corporate banners: Sport Chek, Coast Mountain Sports, Sport Mart, National Sports and Hockey Experts. The company also retails on-line at -- http://www.sportmart.ca- - and provides a content rich sporting goods information site at -- http://www.sportchek.ca-- The Forzani Group is also a franchisor under the banners: Sports Experts, Intersport, Econosports, Atmosphere, Tech Shop, Pegasus, The Fitness Source and Nevada Bob's Golf. About Athletes World Headquartered in Ontario, Athletes World Ltd. is a shoe retailer with over 100 stores in Canada. It is the only remaining Canadian retailer unit of Bata Ltd., -- http://www.bata.com/-- a privately owned global shoe manufacturer and retailer. Bata is led by a third generation of the Bata family. With operations in 68 countries, Bata is organized into four business units. Bata Canada, based in Toronto, serves the Canadian market with 250 stores. Based in Paris, Bata Europe serves the European market with 500 stores. With supervision located in Singapore, Bata International has 3,000 stores to serve markets in Africa, the Pacific, and Asia, Finally, Bata Latin America, operating out of Mexico City, sells footwear throughout Latin America. Bata owns more than 4,700 retail stores and 46 production facilities. Total employment for the company exceeds 50,000. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2007, Athletes World Ltd., Canadian unit of Bata Ltd., filed for protection from its creditors under the Companies' Creditors Arrangement Act with the Ontario Superior Court of Justice on Oct. 30, 2007, Marina Strauss writes for Globe and Mail. AXTEL SA: To Use Comision Federal's Fiber Optic Infrastructure -------------------------------------------------------------- Axtel said in a statement that it has signed a deal to use Comision Federal de Electricidad's fiber optic infrastructure. Business News Americas relates that Comision Federal runs a fiber optic network of over 20,000 kilometers, suitable for these services: -- voice, -- data, and -- triple play. According to BNamericas, the fiber cables were deployed "alongside overhead electricity cables using Comision Federal's network of towers." Axtel is the first carrier to use Comision Federal's transport services, BNamericas states. Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. was formerly known as Axtel SA DE CV. The company's principal activity is providing local and long-distance domestic and international telephony, data and Internet services, virtual private networks and value added services. Services include different access technologies such as fixed wireless telephony, point-to-point and point-to-multi point radio links, and copper and fiber optic connections. Basic services are divided into 5 categories such as voice, conference call, data, Internet and bundles. It offers basic telecommunications infrastructure in Mexico through an intelligent network that provides extensive coverage to all markets. It currently operates in Mexico City, Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana, La Laguna, Veracruz and Chihuahua. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 16, 2007, Standard & Poor's ratings services said that it revised its outlook on Axtel S.A.B. de C.V. to stable from negative. At the same time, affirmed 'BB-' corporate credit and senior unsecured debt ratings on Axtel and its notes due 2013 and 2017. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 8, 2007, Moody's Investors Service upgraded Axtel, S.A.B. de C.V.'s corporate family rating to Ba2 from Ba3 based on the rapid improvement of the company's credit metrics to levels prior to the acquisition of Avantel as well as expected improvements in free cash flow generation. Moody's says the outlook is now stable. Approximately US$437.5 million of debt securities affected. These issues were affected by Moody's action: -- US$162.5 million of 11% Senior Unsecured Global Notes due 2013 -- US$275 million of 7.625% Senior Unsecured Global Notes due 2017 BANCO DEL BAJIO: Fitch Affirms Low B Currency Default Ratings ------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Mexico's Banco del Bajio. While the international-scale ratings have a Stable Outlook, the Outlook on the National-scale long-term rating was revised to Positive from Stable. The rating actions are: -- Long-term foreign currency Issuer Default Rating affirmed at 'BB+' (Outlook Stable ); -- Short-term foreign currency IDR affirmed at 'B'; -- Long-term local currency IDR affirmed at 'BB+' (Outlook Stable ); -- Short-term local currency rating affirmed at 'B'; -- Individual affirmed at 'C/D'; -- Support affirmed at '5'; -- Support Rating Floor affirmed at 'NF'; -- National-scale long-term rating affirmed at 'A+(mex)'; Outlook to Positive from Stable; -- National-scale short-term rating affirmed at 'F1(mex)'. Banco del Bajio's ratings reflect its good franchise in its core region, adequate capitalization and sound risk management. They also consider increasing competitive pressures, the challenge to further improve revenue diversification, the bank's relatively limited liquidity and modest, though improving, profitability. While Banco del Bajio's cost-to-income ratio (55% as of the first nine months of 2007) compares well even with those of larger banks, narrower margins (net interest margin at 4.2%) and low net fee income (covering 16% of non-interest expenses) constrain overall earnings, which highlights the challenges that smaller banks face, namely the lack of a strong franchise and relatively costlier funding costs. However, the bank may benefit as its large number of recently established branches season and some actions taken to expand fee income provide broader commissions in 2008 and thereafter. The bank has maintained sound asset quality in its originated loans. However, some increases in delinquency within the acquired mortgage portfolios have somewhat pressured the level of consolidated past due loans and reserve coverage (2.1% and 169%, respectively). Corrective measures in the monitoring and collection process have partially alleviated this trend. However, loan growth will likely remain strong, which highlights the need to further strengthen credit risk management and loan loss reserves. Unlike other regional banks, related-party loans and borrower concentration are low. Retail customer deposits provided 27% of total deposits and money market funding. Improving liquidity and funding stability is a major challenge, common to most niche banks. At 13.65% as of September 2007 (end-2005: 8.62%), the equity-to-assets ratio is sound. Capital is largely unencumbered and the bank targets to maintain its risk-weighted capital ratio above 14% going forward (September 2007: 15.26%). Banco del Bajio's Individual rating and IDRs would be positively influenced over time by sustained improvements in profitability, revenue diversification, funding stability and liquidity, and by maintaining sound capital and asset quality. In turn, the Positive Outlook on the national scale rating reflects that these could be upgraded if the bank sustains recent improvements in profitability and capitalization while reversing the slight worsening in liquidity and asset quality seen in 2007. Banco del Bajio has gradually built a branch network to expand retail funding, which is relatively scarce for most niche banks, and this has also provided the bank with some positioning in the rapidly growing retail lending sector. The bank is exploring further acquisitions in the insurance and/or securities brokerage sectors, as well as the establishment of a controlling holding company. The bank enjoys a strong brand name in Guanajuato and other neighboring states. It has also successfully expanded to other regions with ample growth opportunities (i.e. Monterrey, Guadalajara and the north-western states). It has rapidly increased its distribution network to 130 branches as of September 2007 (2001: 29) and 214 ATMs. Banco del Bajio is the eighth largest bank in Mexico with an overall market share of roughly 2% of loans and deposits. However, it is one of the largest and fastest growing regional banks in Mexico. Three groups of national investors own a 49% stake in the bank, Sabadell and the IFC control 20% and 10%, respectively, and the balance is widely held. Banco del Bajio has entered into the mortgage and construction sectors through the acquisition of two specialized mortgage lenders in 2004 and 2005. These companies and a factoring entity are Banco del Bajio's sole subsidiaries, while it also has a 50% stake in the pension fund management company Afore Afirme Bajio, created in 2005. As of September, Bajio had roughly US$3.9 billion in assets, loans for US$3 billion and equity of US$418 million. CKE RESTAURANTS: Sells Hardee's Restaurants on Refranchise Plan --------------------------------------------------------------- CKE Restaurants, Inc. has announced the sale of 30 restaurants as part of its ongoing strategic refranchising program that was originally announced in April 2007. The initiative is expected to involve approximately 200 Hardee's restaurant locations in a number of markets across the Midwest and Southeast. To date, the company has sold 136 restaurants to franchisees and secured commitments for 59 new franchise restaurants under development agreements for those markets. The company most recently completed the sale of 30 restaurants in the Kansas City market, including Topeka, Kansas and St. Joseph, Missouri, to Rising Stars, LLC. The franchisees purchasing the restaurants, Steve Rosenfield and Buddy Brown, currently operate Hardee's restaurants in Georgia, Montana and Wyoming, as well as Carl's Jr. restaurant locations in Colorado. With the purchase of these additional restaurants, Rosenfield and Brown now own more than 100 restaurants under the Hardee's and Carl's Jr. flag. Rising Stars has also committed to build 15 new Hardee's restaurant locations in the Kansas City market. "Buddy and I are excited to increase our ownership in Hardee's with the purchase of 30 units in the Kansas City market," said franchisee Steve Rosenfield. "We believe the brand is well- positioned for future success and look forward to developing additional units over the coming years." The company's president and chief executive officer Andrew F. Puzder commented, "We are very pleased to continue our strategic refranchising program with the sale of 30 restaurants in Kansas City to Rising Stars LLC. Steve and Buddy were the first franchisees to acquire Hardee's restaurants under the refranchising program we started in April, and the purchase of these additional units reaffirms their commitment to the brand. This transaction allows us to further concentrate our focus on growing our core markets, while at the same time accelerating unit development in our franchise markets. In addition, our refranchising efforts lower our capital requirements and increase our free cash flow. We look forward to continuing to secure additional refranchising and development commitments in our Hardee's footprint, and to the brand's continued growth." As of the end of its fiscal 2008 second quarter, CKE Restaurants, Inc., through its subsidiaries, had a total of 3,036 franchised, licensed or company-operated restaurants in 42 states and in 13 countries, including 1,111 Carl's Jr. restaurants and 1,909 Hardee's restaurants. About CKE Restaurants Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR) -- http://www.ckr.com-- through its subsidiaries, franchisees and licensees, operates some of the most popular U.S. regional brands in quick-service and fast-casual dining, including the Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and Green Burrito(R) restaurant brands. The company operates 3,036 franchised, licensed or company-operated restaurants in 42 states and in 13 countries -- including Mexico and Singapore. * * * As reported in the Troubled Company Reporter on Sept. 10, 2007, Standard & Poor's Ratings Services has revised its outlook on Carpenteria, California-based CKE Restaurants Inc. to negative from stable. At the same time, S&P's has affirmed all the ratings, including the 'BB-' corporate credit rating, on the company. DURA AUTOMOTIVE: Closes North American Unit Sale to Autoline ------------------------------------------------------------ DURA Automotive Systems Inc. has completed the sale of its North American jack and tool kit business to automotive supplier Autoline Industries Limited. The announcement came following approval by the Court to move forward with the transaction. DURA had earlier announced the intent to market the business as part of a corporate restructuring program. DURA's jack and tool kit business has one U.S. plant located in Butler, Ind., where it employs approximately 140 people. With annual revenues of approximately US$25 million, DURA's jack and tool kit business produces automotive bottle jacks, scissor jacks and related products for automotive jack tool kits. The jack and tool kit business' capabilities also include metal stamping, and powder coat paint and assembly. "The business has contributed nicely to DURA and offers attractive growth prospects," said Larry Denton, chairman and chief executive officer of DURA. "Selling this business will bring DURA closer to achieving the company's restructuring goals." Customers of DURA's jack and tool kit business include General Motors, Nissan, Ford and Honda, among others. "This is our second strategic acquisition in the United States this year and now provides us with a manufacturing location that complements our global engineering center in Troy, Michigan, and our existing manufacturing locations in India," said Gopal Patwardhan, chairman of Autoline. "We are excited with the enhanced ability to service our global automotive and non- automotive customers." On Oct. 30, 2006, DURA Automotive Systems, Inc., and its domestic and Canadian affiliates filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. On Aug. 22, 2007, the company filed its Chapter 11 plan of reorganization and the related disclosure statement. The company expects to exit Chapter 11 during the fourth quarter of 2007. DURA and its domestic and Canadian affiliates continue to operate their businesses as Chapter 11 debtors-in-possession. About Autoline Industries Autoline's principal activities are manufacturing and designing of auto components, sheet metal components, sub assemblies and assemblies. Autoline manufactures various auto parts, sheet metal components, silencers, and exhaust systems for passenger cars, sports utility vehicles, commercial vehicles, two wheelers, three wheelers and tractors. It is one of the prime vendors to various automobile companies such as TATA MOTORS (TELCO), Bajaj Auto, Kinetic, Mahindra & Mahindra and others. Autoline Industries is a public limited company traded on the Bombay stock exchange. About Dura Automotive Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. The Debtors' exclusive plan-filing period expired on Sept. 30, 2007. On Aug. 22, 2007, the Debtors' filed their Plan of Reorganization and the Disclosure Statement. The Disclosure Statement was approved Oct. 3, 2007. EL POLLO: Moody's Reviews Debt Ratings for Possible Downgrade ------------------------------------------------------------- Moody's Investors Service has placed El Pollo Loco, Inc.'s B3 corporate family rating and all its other long term debt ratings under review for possible downgrade and lowered the speculative grade liquidity rating to SGL-4 from SGL-3, following an unfavorable final judgment entered in a trademark dispute against the company. The rating action reflects Moody's concern about strains on the company's liquidity and its ability to pay a relatively large penalty, or to post a bond. The judgment was entered in a United States District Court in Texas on Nov. 30, 2007, with regard to a trademark dispute filed by El Pollo Loco -- Mexico, an unrelated entity controlled by founder of the first El Pollo Loco restaurant in Mexico and the U.S., for the company's alleged breach of contract in failing to develop new restaurants in Mexico. The Court awarded damages in the amount of US$20.3 million plus attorneys' fees, in addition to directing the company to return certain intellectual property to Mexico, among other things. El Pollo stated that it would initiate the appeal process through a higher court in which case, collateral in the form of a letter of credit needs to be posted. "If El Pollo were to appeal, they would need to find alternative financing resources to post the bond besides using its existing credit facilities, and quickly," commented Moody's analyst, John Zhao, "the remaining availability under its L/C facility and cash flow from operations won't be sufficient to cover the collateral requirement at this time." As of Sept. 30, 2007, the company had an approximately US$7.4 million availability of Letter of Credit under the total US$15 million L/C sub-limit. Moody's review will focus on the company's ability to secure a financing for the penalty payment or bond posting while staying in compliance with its financial covenants. Moody's will also assess the conditions on the alternative funding and its potential effect on the company's operational and financial condition if the company were able to obtain the funding. The SGL-4 Speculative Grade Liquidity rating reflects the company's weakened liquidity, primarily stemming from the need to fund the penalty or bond, potential increased demands on cash flow and/or reliance on its credit facility. These ratings were placed on review for possible downgrade: -- B3 Corporate family rating -- B3 Probability of default rating -- Ba3 (LGD2, 18%) for the US$104.5 million senior secured term loan B maturing in 2011, -- Ba3 (LGD2, 18%) for the US$25 million senior secured revolver maturing in 2010, -- Caa1 (LGD5, 71%) for the US$123.4 million senior unsecured notes maturing in 2013, Rating downgraded: -- Speculative grade liquidity rating to SGL-4 from SGL-3. El Pollo Loco -- http://www.elpolloloco.com/-- pronounced "L Po-yo Lo-co" and Spanish for "The Crazy Chicken," is the United States' leading quick-service restaurant chain specializing in flame-grilled chicken and Mexican-inspired entrees. Founded in Guasave, Mexico, in 1975, El Pollo Loco's long-term success stems from the unique preparation of its award-winning "pollo" - - fresh chicken marinated in a special recipe of herbs, spices and citrus juices passed down from the founding family. EMPRESAS ICA: Inks Contract for New Stadium Construction -------------------------------------------------------- Empresas ICA, S.A.B. de C.V. has signed a contract for the construction of the new stadium for the Chivas de Guadalajara soccer club. The total value of the fixed price, fixed term contract is MXN833 million. The project will be constructed in the area known as "Bajio del Arenal" within the JVC Cultural, Convention, and Business Center in Guadalajara, Jalisco. ICA has already completed the foundation work under an earlier contract. The 45,500-person stadium will be built using reinforced concrete, prefabricated elements, and a tubular metallic structural roof. The new project also includes the execution, supply, installation, and putting into service of the stadium's permanent equipment. The stadium will include main and upper level concourses with restrooms, elevators, stairways, children's area, beauty salon, movie theater, climbing wall, customer service kiosks, a Chivas store, other retailers, press facilities, and cheerleading and administrative offices. It will also have 311 stadium suites on two levels with a capacity for 4,332 persons. The 16,860 square meter underground parking area will have 743 regular and 32 handicapped spaces. The stadium's underground service levels will include dressing rooms, medical services, water storage tanks, machinery and electrical equipment rooms, kitchens, and air conditioning equipment. 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 Sept. 20, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Empresas ICA S.A.B. de C.V. S&P said the outlook is stable. FEDERAL-MOGUL: Court Dismisses 75 Chapter 11 Cases -------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware ruled that the 75 Non-Plan Debtors' Chapter 11 cases will be dismissed without prejudice as of the effective date of Federal-Mogul Corp. and its debtor-affiliates' Plan of Reorganization. Nothing in the Court's order relieves the Non-Plan Debtors from their obligations to file monthly operating reports with the Court or to pay the U.S. Trustee's fees pursuant through the effective date of their cases' dismissals, Judge Fitzgerald clarifies. The Non-Plan Debtors are: * AE Dayton Services Limited * AE Group Machines Limited * AE Holdings Limited * AE International Limited * AE Limited * AE Sales (Africa) Limited * Amber Supervision Limited * Associated Engineering Group Limited * Awncast Limited, Bearings (North-Western) Limited * Colvan Rubber Co. Limited * Contact 100 Limited * Cosmid Limited * Cranhold Limited * Dealings Limited * Dumplington Services Limited * E W Engineering Limited * Engineering Components Limited * Federal-Mogul Acquisition Company Limited * Federal-Mogul Brake Systems Limited * Federal-Mogul Export Services Limited * Federal-Mogul U.K. Limited * FHE Technology Limited * FP Diesel Limited * G.B. Tools & Components Exports Limited * Genthope Limited, High Precision Equipment Limited * Inblot Limited * Instantwonder Limited * Kings Park Housing Limited * Lalton Limited * Lanoth Precision Equipment Limited * Leeds Piston Ring & Engineering Co. Limited * M.T.A. (Kettering) Limited * Mantro Engineering Co. Limited * Mobile Distributing (Spares) Limited * Moores Plastic Units Limited * Ontall Limited * Payen (Europe) Limited * Pecal Limited * Presswork-Components Limited * Sintration Eight Limited * Sourcelook Limited * Specialloid Limited * STS (1996) Limited * T&N Shelf Eight Limited * T&N Fifteen Limited * T&N Shelf Five Limited * T&N Shelf Four Limited * T&N Shelf Fourteen Limited * T&N Shelf Nine Limited * T&N Shelf Six Limited * T&N Shelf Sixteen Limited * T&N Shelf Ten Limited * T&N Shelf Thirteen Limited * T&N Shelf Thirty Limited * T&N Shelf Thirty One Limited * T&N Shelf Thirty Three Limited * T&N Shelf Twenty-Eight Limited * T&N Shelf Twenty Five Limited * T&N Shelf Twenty Four Limited * T&N Shelf Twenty Nine Limited * T&N Shelf Twenty-Two Limited * T&N Shelf Two Limited * T&N Trade Marks Limited * T&N Welfare Trust Limited * TBA Belting (Residual) Limited * Telford Rubber Processors Limited * The British Piston Ring Company Limited * Tinblo Limited * Touchdown Adhesive Products Limited * Tynoda Limited * Vanwall Cars Limited * Wellworthy Property Developments Limited * William C. Jones (Polymers) Limited About Federal-Mogul Based in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is an automotive parts company with worldwide revenue of some US$6 billion. Federal-Mogul also has operations in Mexico and the Asia Pacific Region, which includes, Malaysia, Australia, China, India, Japan, Korea, and Thailand. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Bankruptcy Court confirmed the Fourth Amended Plan on Nov. 8, 2007. On Nov. 13, 2007, the Bankruptcy Court's confirmation of the Fourth Amended Plan was affirmed by the District Court. (Federal-Mogul Bankruptcy News, Issue No. 155; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter-Latin America on Nov. 30, 2007, Moody's Investors Service assigned prospective ratings to the reorganized Federal-Mogul Corporation -- Corporate Family, (P)Ba3. In a related action Moody's assigned a (P)Ba2 rating to new senior secured credit facilities. The outlook is stable. The (P)Ba3 Corporate Family Rating is based on the company's expected emergence from Chapter 11 with its asbestos liabilities eliminated and moderately reduced debt levels that should be readily serviced with the company's strong business in the auto parts sector. GLOBAL POWER: Wants Removal Period Extended to Effective Date ------------------------------------------------------------- Global Power Equipment Group Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware to extend, until the effective date of their Plan of Reorganization, the period wherein they may file notices of removal of civil actions. Pursuant to Bankruptcy Rule 9006(b), the Court extended the removal period four times, the last extension being Dec. 31, 2007. As of the date of bankruptcy, the Debtors were parties to numerous civil actions pending in multiple courts and tribunals. Specifically, the Debtors, since the entry of the fourth order extending the removal period, have been focusing on various other matters that are critical to the operation of their businesses in Chapter 11. The Debtors explained that they have spent an extensive amount of time addressing numerous complex issues relating to the structure of the their Plan and proposed rights offering. Moreover, with the confirmation of the Plan scheduled on Dec. 20, 2007, the Debtors believe that it is appropriate at this time to extend the removal deadline through the effective date of the Plan. About Global Power Based in Oklahoma, Global Power Equipment Group Inc. (Pink Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design, engineering and manufacturing firm providing an array of equipment and services to the energy, power infrastructure and process industries. The company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, and has over 40 years of power generation industry experience. The company's equipment is installed in power plants and in industrial operations in more than 40 countries on six continents. In addition, the company provides routine and specialty maintenance services to nuclear, coal-fired, fossil, and hydroelectric power plants and other industrial operations. The company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China; Nanjing, China; and Heerleen, The Netherlands. The company filed for chapter 11 protection on Sept. 28, 2006 (Bankr. D. Del. Case No. 06-11045). Thomas E. Lauria, Esq., Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham, Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M. Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq., at The Bayard Firm, represent the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' noticing and claims agent. At Oct. 31, 2006, Global Power's balance sheet showed total assets of US$177,758,000 and total debts of US$99,017,000 Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official Committee of Unsecured Creditors. The Official Committee of Equity Security Holders is represented by Howard L. Siegel, Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels LLP. The Court set a hearing on Dec. 20, 2007, to consider confirmation of the Debtor's Amended Chapter 11 Plan of Reorganization. ICONIX BRAND: Moody's Affirms Corporate Family Rating at B1 ----------------------------------------------------------- Moody's Investors Service has affirmed Iconix Brand Group Inc.'s Corporate Family and Probability of Default Ratings at B1 and the company's secured term loan financing at Ba2 following the company's announcement it is intending to increase the existing term loan to approximately US$270 million from US$210 million utilizing the term loan facility's 'accordion' option. The proceeds from the incremental term loan facility will be primarily used to fund the purchase of the Starter brand from Nike, Inc. Moody's also affirmed the B3 rating of the company's US$287.5 million senior subordinated notes. The rating outlook remains stable. Iconix Brand's B1 corporate family rating reflects its relatively stable and predictable revenue streams from royalty payments received by the company which include significant guaranteed minimum amounts, diversification of the company's product and brand portfolio, and financial metrics which remain higher than for similarly rated peers. These factors are offset by its narrow business focus solely as a licensor of brands, its acquisitive growth strategy, with the majority of current revenues derived from brands acquired since the beginning of 2006. The stable outlook reflects Moody's expectations the company will continue to maintain financial metrics at levels appropriate for the rating category and to maintain stable licensing revenues for the company as a whole. The secured term loan rating reflects its probability of default rating of B1 and its loss given default assessment of LGD 2 -- 21% and the B3 rating for the convertible senior subordinated notes reflects the probability of default rating of B1 and the loss given default assessment of LGD 5 -- 78%. These ratings were affirmed, and LGD assessments amended: -- Corporate Family Rating and Probability of Default Rating at B1 -- US$270 million senior secured term loan at Ba2 (LGD amended to LGD 2 -- 21% from LGD 2 -- 20%) -- US$287.5 million senior subordinated notes due 2012 at B3 (LGD amended to LGD 5 -- 78% from LGD 5 -- 77%) -- Speculative Liquidity Rating at SGL-2 Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON) - - http://www.iconixbrand.com/-- owns fashion brands to retail distribution from the luxury market. The company licenses its brands to retailers and manufacturers worldwide. The group has international licensees in Mexico, Japan and the United Kingdom. INTERSTATE HOTELS: Inks US$207.8-Mln Venture with Harte Holdings ---------------------------------------------------------------- Interstate Hotels & Resorts has formed a joint venture with Harte Holdings. The joint venture signed a definitive agreement to acquire four hotels from affiliates of The Blackstone Group for an aggregate price of US$207.8 million. Interstate will invest approximately US$11 million for a 20% equity interest in the four hotels. Interstate will fund the acquisition with available cash and capacity under its senior revolving credit facility. The transaction is expected to close in the first quarter of 2008. The four properties included in the joint venture acquisition are: a) Property: Sheraton Frazer Great Valley Rooms: 198 Location: Frazer, Pennsylvania (Phila MSA) b) Property: Sheraton Mahwah Rooms: 225 Location: Mahwah, New Jersey c) Property: Latham Hotel Georgetown Rooms: 142 Location: Washington, DC d) Property: Hilton Lafayette Rooms: 327 Location: Lafayette, Los Angeles Interstate currently manages three of the properties and previously managed the Latham hotel for the Blackstone Group and MeriStar Hospitality. Upon closing, Interstate will manage all four hotels under new management agreements. The partnership plans to invest more than US$30 million of additional funds for renovations on the hotels over the 24 months following the acquisition, with Interstate's contribution expected to be approximately US$2 million. "This joint venture represents a continuation of our hotel real estate ownership strategy and expands our JV partner universe," Thomas F. Hewitt, Interstate's chief executive officer, said. "The four-hotel portfolio was attractively priced, at or below replacement costs, and aligns well with our portfolio of wholly owned and JV real estate holdings. "The hotel package includes two key upscale, full-service brands, Hilton and Sheraton, and a well-recognized independent boutique hotel in Georgetown that offers significant repositioning opportunity," Mr. Hewitt added. "Three of the properties are located in key urban and major suburban markets with strong barriers to entry-Washington, D.C., northern New Jersey, and the Philadelphia area. The fourth property, the Hilton in Lafayette, La., is having an exceptional year with RevPAR growth in excess of 20%, and we expect the hotel to provide strong, stable cash flow going forward. With the anticipated capital investment, this entire portfolio has considerable upside operating potential." "As one of the few management/ownership companies with a strong and growing international presence, we will continue to seek global opportunities and relationships," Leslie Ng, Interstate's chief investment officer, said. "Harte Holdings is a highly regarded Irish investment and development company which owns a wide variety of real estate projects in the United Kingdom, Ireland and mainland Europe, and we look forward to exploring other opportunities together, both domestically and abroad," she added. "This is our first hotel joint venture in the U.S., and Interstate, with its successful track record, its management expertise, and the advantages afforded by its size, represents a very strong partner," Donal Kelleher, investment director of Harte Holdings, said. "We look forward to expanding our relationship with other similar opportunities." About Harte Holdings Based in Cork, Ireland, Harte Holdings is an investment and development company, which owns a wide variety of real estate projects in the United Kingdom, Ireland and mainland Europe, with a portfolio consisting of hotels, residential, commercial and retail assets in these areas. About Interstate Hotels & Resorts Inc. Headquartered in Arlington, Virginia, Interstate Hotels & Resorts Inc. (NYSE: IHR)-- http://www.ihrco.com/-- as of Nov. 30, 2007, Interstate Hotels & Resorts owned seven hotels and had a minority ownership interest through separate joint ventures in 22 hotels and resorts. Together with these properties, the company and its affiliates manages a total of 192 hospitality properties with more than 43,000 rooms in 36 states, the District of Columbia, Belgium, Canada, Ireland, Mexico and Russia. Interstate Hotels & Resorts also has contracts to manage 15 hospitality properties with approximately 4,400 rooms currently under construction. * * * Interstate Hotels & Resorts Inc. continues to carry Moody's Investor Services' 'B1' long-term corporate family rating, which was placed in January 2007. Moody's outlook is negative. SR TELECOM: SymmetryMX Receives WiMax Forum Certification --------------------------------------------------------- SR Telecom Inc.'s symmetryMX TDD solution has received WiMAX Forum certification. SR Telecom, one of fourteen companies with WiMAX Forum-certified solutions, is also the only one that holds both TDD and FDD certification for its WiMAX suite of solutions. SR Telecom's symmetryMX FDD received WiMAX Forum certification on May 2006. WiMAX-Forum Certified(TM) products are the most competitive at delivering broadband services on a wide scale. "This certification further confirms our assertion that our WiMAX solutions are among the most advanced in the industry. Indeed, this strengthens our resolve to remain focused on the design, delivery and deployment of WiMAX solutions and to ensuring the satisfaction of our customers around the world," said Serge Fortin, president and CEO of SR Telecom. "This also places us in a strong position as we pursue the development of our symmetryMXe solution. Duplexing refers to the way in which data travels in a two-way wireless transmission. The downlink carries information from a Base Station to Subscriber Stations. The uplink carries information in the reverse direction. FDD (Frequency Division Duplex) requires two distinct channels for transmitting data, in the same time slot, and is commonly used in cellular networks. TDD (Time Division Duplex) requires only one channel for transmitting data, in two distinct time slots, and therefore has higher spectral efficiency. WiMAX deployments usually use TDD, as it uses siginifcantly less spectrum than FDD and is economical with bandwidth. In addition, it is less complex and less expensive. Fixed WiMAX profiles support both TDD and FDD, while mobile WIMAX profiles support only TDD. Going Concern Doubt There is substantial doubt about the appropriateness of the use of the going concern assumption because of the company's losses for the current and prior years, negative cash flows, reduced availability of supplier credit and lack of operating credit facilities. As such, the realization of assets and the discharge of liabilities and commitments in the ordinary course of business are subject to significant uncertainty. For the three and six months ended June 30, 2007, the company incurred a net loss of CDN$14.9 million and CDN$27.1 million, respectively (CDN$115.6 million for the year ended Dec. 31, 2006), and used cash of CDN$9.2 million and CDN$21.6 million, respectively (CDN$45.2 million for the year ended Dec. 31, 2006) in its continuing operating activities. Going forward, the company will continue to require substantial funds as it continues the development of its WiMAX product offering. About SR Telecom Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) -- http://www.srtelecom.com/-- delivers broadband wireless access (BWA) solutions that enable service providers to deploy voice, Internet and next-generation services in urban, suburban and remote areas. The company has offices in Mexico, France and Thailand. SR Telecom Inc.'s consolidated balance sheet at June 30, 2007, showed CDN$83.9 million in total assets and CDN$97.9 million in total liabilities, resulting in a CDN$14.0 million total stockholders' deficit. US STEEL: Prices US$500 Million of 7% Senior Unsecured Notes ------------------------------------------------------------ United States Steel Corporation has priced US$500 million of 7% Senior Notes due 2018. The Senior Notes were priced at 99.087% of the principal amount. The proceeds of the offering will be used to repay the US$400 million one-year term loan incurred to finance a portion of the acquisition of Stelco Inc. (now known as U.S. Steel Canada Inc.) and the balance will be used for general corporate purposes. Headquartered in Pittsburgh, Pennsylvania, United States Steel Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures a wide variety of steel sheet, tubular and tin products; coke, and taconite pellets; and has a worldwide annual raw steel capability of 26.8 million net tons. U.S. Steel's domestic primary steel operations are: Gary Works in Gary, Indiana; Great Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley Works, which includes the Edgar Thomson and Irvin plants, near Pittsburgh and Fairless Works near Philadelphia, Pennsylvania; Granite City Works in Granite City, Illinois; Fairfield Works near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and East Chicago Tin in East Chicago, Indiana. The company also operates two seamless tubular mills, Lorain Tubular Operations in Lorain, Ohio; and Fairfield Tubular Operations near Birmingham, Alabama. U. S. Steel produces coke at Clairton Works near Pittsburgh, at Gary Works and Granite City Works. On Northern Minnesota's Mesabi Iron Range, U.S. Steel's iron ore mining and taconite pellet operations, Minnesota Taconite and Keewatin Taconite, support the steelmaking effort, and its subsidiary ProCoil Company provides steel distribution and processing services. U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o., in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and Smederevo, Serbia. Acero Prime, the company's joint venture with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico, S.A. de C.V., provides Mexico's automotive and appliance manufacturers with total supply chain management services through its slitting and warehousing facility in San Luis Potosi and its warehouse in Ramos Arizpe. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 31, 2007, Standard & Poor's Ratings Services has revised its outlook on Pittsburgh, Pennsylvania-based United States Steel Corp. to negative from stable and affirmed all ratings for the steel producer, including its 'BB+' corporate credit rating. The outlook revision follows the company's recent announcement that it was acquiring Stelco Inc. (unrated), a Canadian integrated steel producer, for approximately US$1.9 billion in cash and assumed debt. ================= N I C A R A G U A ================= * NICARAGUA: Buying Back US$1.3 Billion of Foreign Debts -------------------------------------------------------- Bloomberg News reports that the Nicaraguan government has reached an accord with its creditors for the repurchase of more than US$1.3 billion of foreign commercial debts at 4.5 cents on the dollar. The transaction is expected to close this month. The Associated Press says that the agreement was reached with the help of a donation from the World Bank's Debt Reduction Facility, and contributions from Russia, Britain and other countries in Europe. The Ministry of Finance and Public Credit disclosed that once the agreement is completed, the country's external debts will be reduced by 57% of the country's GDP of US$4.9 billion. Finance Minister Alberto Guevara disclosed that the agreement will end legal actions initiated against the country. * * * 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 * NICARAGUA: World Bank Supports US$1.3-Million Buy-Back -------------------------------------------------------- The World Bank Group has supported the agreement of Nicaraguan government and its creditors for a cash buy-back of more than US$1.3 billion of the country's commercial external debt. This announcement is a major step forward under a US$1.4 billion cash buy-back offer being implemented with the support of a grant of up to US$61 million from the World Bank's Debt Reduction Facility. "This operation will ensure further debt relief to Nicaragua and is an important step forward in stabilizing the country's financial relationships with the investment community," said Pamela Cox, World Bank Vice President for Latin America and the Caribbean. "The Facility's support to the buy back is part of the World Bank's commitment to help heavily indebted poor countries eliminate their commercial debt." The Government of Nicaragua announced that from the overall amount of eligible claims of US$ 1.4 billion, more than US$ 1.3 billion were tendered and accepted for redemption by Nicaragua at a price of 4-1/2 % of the current value of the claims, with the participation of more than 99% of financial institutions; and all four of the commercial financial institutions holding court judgments against Nicaragua. The first closing is expected to take place in mid December 2007. A second closing is scheduled to take place during the first quarter of 2008 and is expected to secure further debt relief from creditors who are still finalizing their tenders. "We welcome the decision by commercial creditors to drop their court judgments and accept the government's offer, " said Danny Leipziger, World Bank Vice President for Poverty Reduction and Economic Management and Chairman of the Debt Reduction Facility Overclasight Committee. "This is fully consistent with the debt relief provided by official creditors to Nicaragua and shows that there are responsible commercial creditors who are willing to play by the rules." The grant of up to US$61 million from the DRF is financed by contributions from Finland, the Netherlands, Norway, the Russian Federation, Sweden, and the United Kingdom as well as from the net income of the International Bank for Reconstruction and Development. The Debt Reduction Facility provides grants to Heavily Indebted Poor Countries, known as HIPCs, to buy back -- at a deep discount -- the debts owed to external, commercial creditors. It also finances the legal and financial advice needed to implement such buybacks. Since its inception, the DRF has supported 23 earlier completed buyback operations, extinguishing about US$8 billion of external commercial debt. By reducing sovereign debt burdens, the DRF facilitates the improvement of debt relief burden sharing by creditors under the HIPC Initiative and helps countries normalize their external financial relations. * * * 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 A N A M A =========== BANCO LATINOAMERICA: Carlos Yap to Resign as Chief Fin'l Officer ---------------------------------------------------------------- Banco Latinoamericano de Exportaciones, S.A., has announced the departure of Carlos Yap, Chief Financial Officer, effective Feb. 22, 2008, following the closing of the Bank's 2007 books. Mr. Yap leaves Banco Latinoamerica after 27 years to pursue other opportunities. Jaime Celorio, who joined the bank from Merrill Lynch and Goldman Sachs in New York and Mexico City, will replace him. Mr. Celorio will be responsible for the Bank's financial management, as well as the interaction with rating agencies, the sell-side community, and investors. Bladex's Chief Executive Officer, Jaime Rivera stated, "Carlos Yap leaves behind a long and distinguished record of transparency and professionalism that speaks to the highest standards of Bladex. Personally, Carlos was at my side during the profound transformation process implemented at the Bank. Like everyone at Bladex, I will miss him and wish to thank him for his help and dedication. I also wish to welcome Jaime Celorio to our team. I am delighted to have someone with his superb qualifications join Bladex in the critically important Chief Financial Officer position, as we continue to execute on our ambitious plans for the Bank." Headquartered in Panama City, Panama, Banco Latinoamericano de Exportaciones, SA aka Bladex (NYSE: BLX) -- http://www.bladex.com-- is a supranational bank originally established by the Central Banks of Latin American and Caribbean countries to promote trade finance in the Region. The bank's shareholders include central banks and state-owned entities in 23 countries in the Region, as well as Latin American and international commercial banks, along with institutional and retail investors. Through Dec. 31, 2005, Bladex had disbursed accumulated credits of over US$135 billion. * * * As reported in the Troubled Company Reporter-Latin America on May 1, 2007, Moody's Investors Service has confirmed that it raised its bank financial strength rating on Banco Latinoamericano de Exportaciones, SA aka Bladex to D+ from D-, in connection with the rating agency's implementation of its refined joint default analysis and updated BFSR methodologies for banks in Panama. ===================== P U E R T O R I C O ===================== DYNCORP INT'L: Bags Logistics Services Contract from IMG -------------------------------------------------------- DynCorp International has been awarded a logistics services contract by International Military and Government LLC, a division of Navistar International, to provide field service representatives and operator/trainers for and the initial deployment of Mine Resistant and Ambush Protectedvehicles to Iraq and the continuing testing of MRAP vehicles in the continental United States. The contract has been initially funded at US$18 million for one year. DynCorp International will provide an initial increment of 69 FSRs under this funding. IMG will produce 1,955 Category I and 16 Category II MRAP vehicles under Limited Rate Initial Production (LRIP) task orders. The MRAP program will support the U.S. Marines, Army, Navy, Air Force, and Special Operations Command. The MRAP vehicles are required to increase survivability and mobility of troops operating in hazardous fire areas against known threats like small-arms fire, rocket-propelled grenades, and improvised explosive devices. "It's an honor to play a major role in a program designed to keep our service members safe," said Herbert J. Lanese, President and CEO of DynCorp International, in August 2007, when DynCorp International announced that it had been selected by IMG to provide filed-service support. "IMG is an excellent company that makes a superb vehicle, and we will do our best to make sure these vehicles are always mission-ready and performing to their potential." DynCorp International Inc. -- http://www.dyn-intl.com/-- (NYSE: DCP) through its operating company DynCorp International LLC, is a provider of specialized mission-critical technical services, mostly to civilian and military government agencies. It operates major programs in law enforcement training and support, security services, base operations, aviation services and operations, and logistics support worldwide. Headquartered in Falls Church, Virginia, DynCorp International LLC has approximately 14,600 employees worldwide including Haiti. * * * DynCorp still carries Standard and Poor's BB- rating assigned on June 15, 2006. S&P said the outlook is stable. DIRECTV GROUP: Extends Agreement with NDS Group ----------------------------------------------- The DIRECTV Group has entered into an agreement with NDS Group plc, the leading provider of technology solutions for digital pay-TV, to extend the term of their relationship. NDS has been contracted to continue to provide conditional access technology and services to DIRECTV U.S. and DIRECTV Latin America until June 2013. Commenting on the news, Raffi Kesten, NDS Chief Operating Officer, said: "DIRECTV has set the benchmark for the pay television industry. DIRECTV has been highly innovative in developing its consumer offerings to provide the best range of television services available in the United States and across much of Latin America. NDS is very proud to announce the extension of our already long-standing successful relationship." R�mulo Pontual, Chief Technology Officer of DIRECTV, commented, "NDS has consistently provided secure and flexible conditional access technology. We have extended the term of our relationship with NDS based on the dependability of NDS conditional access technologies and related services." About NDS NDS Group plc (NASDAQ: NNDS) -- http://www.nds.com/-- a majority owned subsidiary of News Corporation, supplies open end-to-end digital technology and services to digital pay- television platform operators and content providers around the world. About The DIRECTV Group Headquartered in El Segundo, California, The DIRECTV Group (NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital television entertainment in the United States and Latin America. It has two segments, DIRECTV U.S. and DIRECTV Latin America. The DIRECTV U.S. segment provides direct-to-home digital television services in the multichannel video programming distribution industry in the United States. The DIRECTV Latin America segment provides digital direct-to-home digital television services to approximately 1.6 million subscribers in 27 countries, including Brazil, Argentina, Venezuela, and Puerto Rico. * * * In April 2007, Standard & Poor's Ratings Services affirmed the 'BB' corporate credit and 'BB-' senior unsecured debt rating on The DIRECTV Group Inc. S&P said the outlook is stable. In addition, Standard & Poor's raised the bank loan rating on US$2 billion of credit facilities at DIRECTV Holdings LLC, a wholly owned subsidiary of The DIRECTV Group Inc, to 'BB+' from 'BB' and revised the recovery rating to '1' from '3'. NUTRITIONAL SOURCING: Exclusive Plan Filing Date Moved to Mar. 3 ---------------------------------------------------------------- The United States Bankruptcy Court for the District of Delaware further extended Nutritional Sourcing Corp.'s exclusive period to file a chapter 11 plan until March 3, 2008, Bill Rochelle of Bloomberg News reports. Within that period, other parties are barred from filing any plan. In September 2007, the Debtor obtained Court authority to sell 22 stores and a distribution center to PS Acquisition Inc. for US$139 million. PS Acquisition's bid surpassed Supermercados Econo Inc.'s US$137 million offer. Under the approved asset purchase agreement, PS Acquisition will purchase 21 stores for US$92 million. PS Acquisition's designee will purchase the remaining store and distribution center for US$47 million. Auction sale on the properties was held on Sept. 19, 2007, at the offices of Pepper Hamilton LLP, Suite 5100, Hercules Plaza, 1313 Market Street, in Wilmington, Delaware. Based in Pompano, Florida, Nutritional Sourcing Corp., fdba Pueblo Xtra International, Inc. -- http://www.puebloxtra.com/ -- owns and operates supermarkets and video rental shops in Puerto Rico and the US Virgin Islands. The company and two affiliates, Pueblo International, L.L.C., and F.L.B.N., L.L.C., filed for chapter 11 protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos. 07-11038 through 07-11040). Kay Scholer LLC represents the Debtors in their restructuring efforts. Pepper Hamilton LLP serves as their Delaware counsel. Skadden, Arps, Slate, Meagher & Flom LLP represent the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts between US$1 million and US$100 million. UNIVISION COMM: Names Bert Gomez as VP for Government Relations --------------------------------------------------------------- Univision Communications Inc. has hired Bert Gomez as its Vice President, Government Relations, effective immediately. Mr. Gomez will be based in Washington DC and will report to Cesar Conde, the company's Executive Vice President, Chief Strategy Officer. In this new position, Gomez will serve as Univision's in-house lobbyist. His responsibilities will include managing political relations in Congress and at the State level, monitoring legislation, managing political contributions, and coordinating efforts to address issues important to the company. Mr. Gomez first became involved with Univision earlier this year in efforts to educate political campaigns on the importance of the Hispanic vote, and he will continue in this capacity as well. "Bert's extensive government relations experience, corporate affairs background, and exceptional work on behalf of the Hispanic community make him the ideal person to lead Univision's government relations efforts," said Mr. Conde. Mr. Gomez commented, "I am grateful for this opportunity to represent Univision at this important and exciting time. The Hispanic constituency is increasingly being recognized as a necessary voice in the political process, and I look forward to working not only with the management team, but with everyone within Univision to help grow and define Univision's role on important issues that affect us all." Mr. Gomez comes to Univision Communications Inc. after a 16-year career at the R.J. Reynolds Tobacco Company, where he most recently served as Director of Federal Government Relations in Washington DC. In that capacity, he successfully lobbied issues on Capitol Hill and was responsible for Hispanic outreach efforts at the national level, in conjunction with state and federal legislative goals. Prior to that, he was focused on building relations with political and community leaders in South Florida. Mr. Gomez began his career in sales and marketing for the consumer products division at Dow Chemical. He holds a Bachelors degree from the University of Miami and a Masters in Business Administration from City University of Washington. Headquartered in Los Angeles, Calif., Univision Communications Inc., (NYSE: UVN) -- http://www.univision.net/-- owns and operates more than 60 television stations in the U.S. and Puerto Rico offering a variety of news, sports, and entertainment programming. The company had about USUS$2.6 billion in debt at Dec. 31, 2006. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2007, Fitch Ratings downgrades these ratings: -- USUS$7.7 billion senior secured bank loans due 2014 'B+/RR3'; -- 3.50% senior secured notes due 2007 to 'B+/RR3' from 'BB'; -- 3.875% senior secured notes due 2008 to 'B+/RR3' from 'BB'; -- 7.85% senior secured notes due 2011 to 'B+/RR3' from 'BB'; -- USUS$500 million second lien term loan due 2009 'B-/RR5'; -- USUS$1.5 billion 9.75%/10.50% senior unsecured notes due 2015 'CCC+/RR6'. ============= U R U G U A Y ============= * URUGUAY: U.S. Agency Seeking Offers for Feasibility Study ----------------------------------------------------------- The U.S. Trade and Development Agency said in a statement that it is seeking proposals from American companies keen on carrying out a feasibility study for a 300-400-megawatt, coal-fired plant that Uruguayan state-run oil firm UTE will build. Business News Americas relates that UTE could spend US$560 million on the project. However, the firm lacks the technical experience required to study the project's feasibility. According to USTDA's statement, there are no potential places to construct additional hydroelectric plants or add reservoirs to existing hydroelectric plants that would let UTE boost domestic output. BNamericas notes that UTE is keen on US expertise in clean coal technologies. The project would be used in dry hydrological periods. Selected companies will be paid from a US$419,729 grant to UTE from USTDA. US companies and individuals may bid on this "USTDA-financed activity." Those interested are given until Jan. 16, 2008, to present proposals, BNamericas states. * * * As reported in the Troubled Company Reporter-Latin America on May 8, 2007, Standard & Poor's Ratings Services revised its outlook on Uruguay's 'B+' long-term sovereign credit rating to positive from stable. The short-term sovereign credit rating is 'B'. On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of 5% inflation-indexed bonds payable in U.S. dollars and maturing Sept. 14, 2018, at 'B+'. ================= V E N E Z U E L A ================= HERCULES OFFSHORE: Bags Contracts for Two Jackup Rigs in India -------------------------------------------------------------- Hercules Offshore, Inc., has announced that Oil and Natural Gas Corporation Limited has awarded three-year contracts for the Hercules 258 and Hercules 260 jackup rigs for drilling operations offshore India. The contract for the Hercules 258 is expected to commence in mid-second quarter 2008 following the completion of an existing contract commitment offshore India. The contract for the Hercules 260 is expected to commence in late first quarter 2008 following the completion of shipyard work on the rig. The company has entered into a contract to transport the Hercules 260 to India after completion of this shipyard work and expects to commence transportation this month. Revenue that could be generated over each of the three-year contracts totals approximately US$121.0 million for Hercules 258 and approximately US$156.6 million for Hercules 260, which excludes payment to the company of reimbursable expenses and a total of approximately US$6.5 million for mobilization of both rigs. Hercules Offshore President and Chief Executive Officer, Randy Stilley stated, "We are extremely pleased to further accomplish our ongoing goals of expanding our international presence and significantly increasing our contract backlog. These contracts confirm our belief that India represents an excellent location for our drilling rigs, and that demand for our drilling services in our targeted international locations remains strong." Headquartered in Houston, Texas, USA, Hercules Offshore, Inc. (Nasdaq: HERO) provides shallow-water drilling and lift boat services to the oil and natural gas exploration and production industry in the United States Gulf of Mexico and internationally. It operates a fleet of nine jack-up rigs that are capable of drilling in maximum water depths ranging from 85 to 250 feet and a fleet of 64 lift boats with leg lengths ranging from 105 to 260 feet. Its services are organized in four segments, Domestic Contract Drilling Services, International Contract Drilling Services, Domestic Marine Services and International Marine Services. The company's Domestic Contract Drilling Services and Domestic Marine Services are conducted in the United States Gulf of Mexico, its International Contract Drilling Services are conducted offshore Qatar and India, and its International Marine Services are conducted in West Africa. The company also has operations in Venezuela, Trinidad and Mexico. * * * On June 2007, Standard and Poor's Ratings Services raised the corporate credit rating on Hercules Offshore Inc. to 'BB-' from 'B'. The outlook on the long-term issuer credit rating was stable. At the same time, the ratings on Hercules Offshore were removed from CreditWatch with positive implications, where they were placed on March 19, 2007. Standard & Poor's also assigned its 'BB' rating and '2' recovery rating to Hercules Offshore's proposed US$1.05 billion bank facilities. PETROLEOS DE VENEZUELA: Forms Joint Venture with Belarusneft ------------------------------------------------------------ Venezuelan state-run oil firm Petroleos de Venezuela SA said in a statement that it has formed a joint venture with Belarusneft to carry out seismic work throughout Venezuela. According to Petroleos de Venezuela's statement, Sesmica Bielovenezolana JV will be Petroleos de Venezuela's first proprietary seismic company. It will continue the works that were formerly contracted out to transnational firms. Sesmica Bielovenezolana will begin work this month in Valle de la Pascua in Guarico. It will concentrate on reserve certification on the Boyaca block on the Orinoco heavy crude belt, Business News Americas 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, USUS$2 billion notes due 2027, and US$1 billion notes due 2037. PETROLEOS DE VENEZUELA: Shuts Down Cardon Due to Power Failure -------------------------------------------------------------- Venezuelan state-owned oil firm Petroleos de Venezuela SA told Business News Americas that its Cardon plant in the Paraguana refining complex in Falcon has suffered an electrical failure. BNamericas relates that the plant's operations immediately stopped last Monday. No damage occurred from the electrical failure. According to Petroleos de Venezuela's statement, the failure was due to a "surge" at Cardon's T-31 substation. Cardon's operations resumed last Wednesday, BNamericas says, citing Petroleos de Venezuela. Petroleos de Venezuela assured BNamericas that it has enough inventory to ensure national and international commercial obligations. 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. * VENEZUELA: To Sign Dec. 9 Bank of South's Foundation Act ---------------------------------------------------------- The Venezuelan government, along with the presidents of Argentina, Brazil, Bolivia, Uruguay, Paraguay, an Ecuador, will ink Sunday the agreement formally creating the Bank of the South, Prensa Latina reports. The bank, advocated by Venezuelan President Hugo Chavez, will be established to rival the services offered by the International Monetary Fund and the World Bank, on much lower rates and better financing conditions. The bank will be capitalized using the participating countries' foreign reserves, a system that would give the member nations more leeway with their investments. * * * As reported in the Troubled Company Reporter on Nov. 20, 2006, Fitch Ratings affirmed Venezuela's long-term foreign and local currency Issuer Default Ratings at 'BB-'. At the same time, the agency also affirmed the short-term foreign currency IDR at 'B'and the Country Ceiling at 'BB-'. Fitch said the outlook on the ratings remains stable. *********** 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 Pamella Ritah K. Jala, 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 * * *