/raid1/www/Hosts/bankrupt/TCRLA_Public/080103.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Thursday, January 3, 2008, Vol. 9, Issue 2
Headlines
A R G E N T I N A
ALITALIA SPA: Group Posts EUR1.19 Billion Net Debt for November
ALITALIA SPA: November 2007 Passenger Traffic Up by 0.7%
ALITALIA SPA: Sells Heathrow Slots for EUR92 Million
BEATRICE MARKETS: Files for Reorganization in Buenos Aires
CLASS SRL: Files Reorganization Petition in Argentina
EMPRESA ARGENTINA: Files for Reorganization in Argentina
GEOTEG SA: Files Reorganization Petition in Argentina
HOTELNET SRL: Files for Reorganization in Buenos Aires
LATIR SRL: Proofs of Claim Verification Deadline Is Feb. 19
MACRO MODA: Proofs of Claim Verification Is Until Feb. 11
MC PRINT: Proofs of Claim Verification Ends on Feb. 19
MUNDO CARTOGRAFICO: Files Reorganization Petition in Argentina
OPEN SPORTS: Proofs of Claim Verification Deadline Is Feb. 6
PRODUCTORA DEL OESTE: Files Reorganization Petition in Argentina
B A H A M A S
BANK OF BARODA: To Raise INR25 Bil. for Capital Requirements
CO-INVESTMENT LIMITED: Proofs of Claim Filing Ends Jan. 10
B E R M U D A
GEORGE FISCHER: Will Hold Final Shareholders Meeting on Jan. 23
NAUTILUS LEASING: Sets Final Shareholders Meeting for Jan. 29
PECTEN CONGO: Proofs of Claim Filing Deadline Is Jan. 11
PECTEN CONGO: Sets Final Shareholders Meeting for Jan. 29
B O L I V I A
INTERMEC TECH: Hires David Yung as Asia Pacific Vice President
B R A Z I L
BANCO NACIONAL: Says Oil & Gas Investments to Total BRL203 Bil.
BANCO NACIONAL: Okays BRL360-Million Loans for Two Hydro Plants
COMPANHIA SIDERURGICA: Most Profitable Stock in Bovespa in 2007
DUKE ENERGY: Moody's Puts Ba2 Currency Corporate Family Rating
EL PASO: Sells 25.5% Ruby Pipe Stake to PG&E Corp. for US$2 Bil.
ENERGISA SA: Concludes Sale of Usina Termelectrica to Petrobras
FIAT SPA: Withdraws from Nanjing Automobile Joint Venture
FORD MOTOR: Works with Chinese Suppliers to Improve Conditions
JAPAN AIRLINES: Must Continue Implementing Reforms, Moody's Says
JAPAN AIRLINES: To Raise Capital by Up to JPY150 Billion
NET SERVICOS: Moody's Keeps Ba2 Currency Corporate Family Rating
NORTEL NETWORKS: Settles Patent Dispute with Vonage Holdings
NORTEL NETWORKS: Unit Commences Senior Notes Exchange Offer
NOVELL INC: Posts US$17.9 Mln Net Loss in Quarter Ended Oct. 31
SCO GROUP: Gets Nasdaq Delisting Notice Due to Bankruptcy Filing
TAM SA: Secures US$117.1-Million Loan from BNP Paribas
TAM SA: Unibanco Opposes Committee Creation To Deal with Crash
* BRAZIL: Energisa Concludes Sale of Plant to Petrobras
* BRAZIL: Petrobras Eyes 323K Barrel Per Day Average Output
C A Y M A N I S L A N D S
BANK OF INDIA: To Raise Tier I Capital Via QIP
BANK RAKYAT: Launches BRI Prioritas To Target Affluent Customers
BIS (CAYMAN): Proofs of Claim Filing Deadline Is Jan. 10
BLUECREST EQUITY: Proofs of Claim Filing Ends on Jan. 10
BLUECREST EQUITY MASTER: Proofs of Claim Filing Is Until Jan. 10
COCO FUND: Proofs of Claim Filing Ends on Jan. 10
HIGHLAND SPECIAL: Proofs of Claim Filing Deadline Is Jan. 10
ING BARING: Proofs of Claim Filing Deadline Is Jan. 10
JLOC FUNDING: Proofs of Claim Filing Deadline Ends on Jan. 10
JPMORGAN ABSOLUTE: Proofs of Claim Filing Is Until Jan. 10
JPMORGAN ABSOLUTE RETURN: Proofs of Claim Filing Ends Jan. 10
MAGICAL YC: Proofs of Claim Filing Deadline Is Jan. 10
MODULUS SELECT: Proofs of Claim Filing Ends on Jan. 10
MODULUS SELECT MASTER: Proofs of Claim Filing Ends Jan. 10
MPC AMETHYST: Proofs of Claim Filing Is Until Jan. 10
MPC AMETHYST (GENERAL): Proofs of Claim Filing Ends on Jan. 10
MPC JAPAN: Proofs of Claim Filing Is Until Jan. 10
MPC JAPAN FUND: Proofs of Claim Filing Ends on Jan. 10
OPUS INVESTMENTS: Proofs of Claim Filing Is Until Jan. 10
ORIENTAL CAPITAL: Proofs of Claim Filing Deadline Is Jan. 10
WADHWANI GENERAL: Proofs of Claim Filing Deadline Is Jan. 10
C H I L E
RED HAT: Developing Open Source Software with Synapsis
SHAW GROUP: Gets SEC Letter Over Informal Inquiry Completion
C O L O M B I A
QUEBECOR WORLD: Banks & Sponsors Grant Waivers Until March 31
D O M I N I C A N R E P U B L I C
CENVEO INC: Elects Gerald S. Armstrong to Board of Directors
E C U A D O R
* ECUADOR: Two Venezuelan Derricks Arrive in Esmeraldas Province
M E X I C O
FGX INT'L: Moody's Witdraws Ratings for Business Reasons
GRUPO GIGANTE: Completes Tender Offer on US$260-Mln Senior Notes
MAXCOM TELECOM: Exchange Offer for 11% Senior Notes Expires
MAZDA MOTOR: Announces Organizational & Personnel Changes
MAZDA MOTOR: Domestic Sales for November 2007 Up 2.3%
MAZDA MOTOR: November 2007 Global Output Up 6.6% Year-on-Year
MOVIE GALLERY: Seeks Plan Solicitation & Tabulation Protocol OK
SHILOH INDUSTRIES: Earns US$4.3 Mil. in Quarter Ended Oct. 31
SR TELECOM: Sells Airstar & SR500 Product Lines to Duons Group
P A R A G U A Y
MILLICOM INT'L: Telecel Eyes 2.6-Million Subscribers by Year-End
P E R U
EMPRESA ELECTRICA: 3rd Power Supply Auction Void, Regulator Says
P U E R T O R I C O
AMS HEALTH: Files Bankruptcy Petition Over McCarty Judgment
AMS HEALTH: Case Summary & 20 Largest Unsecured Creditors
COOPER COS: Sets March 18 Annual Meeting of Stockholders
LIN TV: Fails to Reach Agreement with Suddenlink Communications
MACY'S INC: To Close Nine Stores in Six States
MIGUEL PEREZ: Case Summary & Eight Largest Unsecured Creditors
V E N E Z U E L A
CHRYSLER LLC: CEO Provides Confidence in Operations & Finances
PETROLEOS DE VENEZUELA: Closes Tender Offer & Solicitations
PETROLEOS DE VENEZUELA: Restarts Amuau Plant Flexicoker Unit
* VENEZUELA: Cantv Launching GSM Mobile Telephony Overlay in May
* VENEZUELA: Two Oil Derricks Arrive in Ecuador
- - - - -
=================
A R G E N T I N A
=================
ALITALIA SPA: Group Posts EUR1.19 Billion Net Debt for November
---------------------------------------------------------------
The Alitalia Group's net debt as of Nov. 30, 2007, amounted to
EUR1.191 billion, showing a slight increase in net indebtedness
of EUR9 million (+0.8%) compared to Oct. 31, 2007.
The net debt of the parent company Alitalia S.p.A. including
short-term financial credits for subsidiaries on Nov. 30, 2007
(including short-term financial credits of subsidiaries),
amounted to EUR1.183 billion showing a slight increase of
EUR4 million (+0.3%) compared to net debt as of Oct. 31, 2007.
The Group's cash-to-hand and short-term financial credits as of
Nov. 30, 2007, at the Group level and for Alitalia, amounted to
EUR395 million and EUR403 million respectively.
It should be noted that as of Nov. 30, 2007, there were several
leasing contracts at the Group level whose capital share,
including lease closure value, amounted to EUR96 million. By
comparison, the same figure as of Oct. 31, 2007, amounted to
EUR97 million; the corresponding figures for the parent company
on Oct. 31, 2007, amounted to EUR84 and EUR10 million
respectively.
It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit). The relative financing contracts contain
standard legal clauses relating to withdrawal. None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.
During November 2007, repayments were made of medium/long-term
financing amounting to about EUR23 million.
Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Nov. 30, 2007, both for the parent company and for the other
companies in the Group.
As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Nov. 30, 2007,
both for the parent company and for other Group companies,
except for those relating to disputed situations.
Regarding the latter, decisions are still pending for the
petitions filed by Alitalia regarding:
-- an injunction related to supposed different pricing
policies, issued by a carrier for EUR6 million (two
decrees);
-- another injunction issued by a supplier of on-board movies
for EUR1.2 million (two decrees);
-- an injunction has been issued by an IT services supplier
for EUR812,000;
-- an injunction has been issued by an Italian subsidiary of
an air carrier bankruptcy for EUR288,000;
-- another injunction has been issued by a maintenance
services supplier for EUR492,000;
-- an injunction has been issued by the special manager of a
firm for presumed debts relating to air ticket sales, for
EUR3.2 million;
-- one injunction issued by a fuel supplier for about
EUR1 million.
There are no other injunction orders or executive actions
undertaken by creditors notified as of Nov. 30, 2007, nor are
there any threats by suppliers to suspend operations.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.
ALITALIA SPA: November 2007 Passenger Traffic Up by 0.7%
--------------------------------------------------------
Alitalia S.p.A.'s November 2007 traffic data compared to the
same period in 2006 showed an increase in passenger business and
a decrease in cargo business.
Passenger business showed an increase in terms of traffic
(+0.7%) with a decrease of capacity offered by 0.7% compared
with the same period of 2006. November 2007 Cargo statistics,
compared to November 2006, showed a decrease in terms of goods
flown (-5.3%) with capacity offered down 7.2%.
Passengers Operations
Traffic, measured in Revenue Passenger Kilometers, increased by
0.7% and the capacity, measured in Available Seat Kilometers,
decreased by 0.7%.
Therefore load factor increased by 1.0 percentage points
reaching 70.3%. Alitalia carried 1.8 million passengers, up 1.1%
compared to the previous year.
Detailed comparisons with November 2006:
-- Domestic Passenger Network: traffic increased by 4.4% with
offered capacity up 3.9%. Load factor was 59.0%;
-- International Passenger Network: traffic decreased by 1.0%
and offered capacity decreased by 3.6%. Load factor was
63.8%;
-- Intercontinental Passenger Network: traffic increased by
0.7% and capacity was in line with November 2006. Load
factor was 80.0%.
Cargo Operations
November 2007 Cargo performance showed, compared to November
2006, a traffic decrease by 5.3% (traffic, measured in terms of
Revenue Ton Kilometers) while capacity was down 7.2%. Overall
Load factor was 72.2% with an increase by 1.4 percentage points.
Regarding the All-Cargo sector, Load factor was 80.3% with an
increase by 7.3 percentage points compared with the same period
of 2006.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.
ALITALIA SPA: Sells Heathrow Slots for EUR92 Million
----------------------------------------------------
Alitalia S.p.A. disclosed that agreement has been reached for
the exchange of three pairs of slots at London's Heathrow
airport.
These slots are considered non strategic in the Company's
2008-2010 business plan since the airline holds a further ten
pairs of slots at Heathrow.
The completion of the exchange will take place in two stages,
corresponding to the IATA 2008-09 operative seasons.
The first stage has provided a fee of EUR54 million at the
current exchange rate at the time of the operation, to be
included on the 2007 balance sheet.
The fee for completion of the second stage will be included on
the 2008 balance sheet, using the same exchange rate parameters,
the figure is estimated at EUR38 million.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia. The company has operations in Argentina.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.
BEATRICE MARKETS: Files for Reorganization in Buenos Aires
----------------------------------------------------------
Beatrice Markets S.R.L. has requested for reorganization
approval after failing to pay its liabilities.
The reorganization petition, once approved by the court, will
allow Beatrice Markets 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:
Beatrice Markets S.R.L.
Pje. Torrent 1273 Dto. 1
Buenos Aires, Argentina
CLASS SRL: Files Reorganization Petition in Argentina
-----------------------------------------------------
Class S.R.L. has requested for reorganization approval after
failing to pay its liabilities.
The reorganization petition, once approved by the court, will
allow Class 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:
Class S.R.L.
Sucre 1437
Buenos Aires, Argentina
EMPRESA ARGENTINA: Files for Reorganization in Argentina
--------------------------------------------------------
Empresa Argentina de Servicios Publicos S.A.T.A. has requested
for reorganization approval after failing to pay its
liabilities.
The reorganization petition, once approved by the court, will
allow Empresa Argentina 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 Rosario, Santa Fe.
The debtor can be reached at:
Empresa Argentina de Servicios Publicos S.A.T.A.
Castellanos 557 (2000), Rosario
Santa Fe, Argentina
Telephone: (0341) 439-5024
GEOTEG SA: Files Reorganization Petition in Argentina
-----------------------------------------------------
Geoteg S.A. has requested for reorganization approval after
failing to pay its liabilities.
The reorganization petition, once approved by the court, will
allow Geoteg 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:
Geoteg S.A.
Uruguay 634
Buenos Aires, Argentina
HOTELNET SRL: Files for Reorganization in Buenos Aires
------------------------------------------------------
Hotelnet S.R.L. has requested for reorganization approval after
failing to pay its liabilities.
The reorganization petition, once approved by the court, will
allow Hotelnet 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:
Hotelnet S.R.L.
Avenida L. N. Alem 668
Buenos Aires, Argentina
LATIR SRL: Proofs of Claim Verification Deadline Is Feb. 19
-----------------------------------------------------------
Guillermo Sergio Brelles Marino, the court-appointed trustee for
Latir S.R.L.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 19, 2008.
Mr. Marino will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance in Mar del Plata, 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 Latir 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 Latir's accounting
and banking records will be submitted in court.
Infobae didn't state the reports submission deadlines.
Mr. Marino is also in charge of administering Latir's assets
under court supervision and will take part in their disposal to
the extent established by law.
The debtor can be reached at:
Latir S.R.L.
Juan Jose Paso 3132, Mar del Plata
Buenos Aires, Argentina
The trustee can be reached at:
Guillermo Sergio Brelles Marino
Avenida Colon 2817, Mar del Plata
Buenos Aires, Argentina
MACRO MODA: Proofs of Claim Verification Is Until Feb. 11
---------------------------------------------------------
Silvia Trombetta, the court-appointed trustee for Macro Moda
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
until Feb. 11, 2008.
Ms. Trombetta will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 23, 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 Macro Moda 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 Macro Moda's
accounting and banking records will be submitted in court.
La Nacion didn't state the reports submission deadlines.
Ms. Trombetta is also in charge of administering Macro Moda's
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Macro Moda SRL
Conesa 2662
Buenos Aires, Argentina
The trustee can be reached at:
Silvia Trombetta
Viamonte 1337
Buenos Aires, Argentina
MC PRINT: Proofs of Claim Verification Ends on Feb. 19
------------------------------------------------------
Gustavo Pagola, the court-appointed trustee for MC Print S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 19, 2008.
Mr. Pagola will present the validated claims in court as
individual reports on April 1, 2008. The National Commercial
Court of First Instance in La Plata, 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 Mc Print 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 Mc Print's accounting
and banking records will be submitted in court on May 15, 2008.
Mr. Pagola is also in charge of administering Mc Print's assets
under court supervision and will take part in their disposal to
the extent established by law.
The debtor can be reached at:
MC Print S.A.
Calle 41, Numero 848
La Plata, Buenos Aires
Argentina
The trustee can be reached at:
Gustavo Pagola
Calle 57, Numero 1570
La Plata, Buenos Aires
Argentina
MUNDO CARTOGRAFICO: Files Reorganization Petition in Argentina
--------------------------------------------------------------
Mundo Cartografico S.R.L. has requested for reorganization
approval after failing to pay its liabilities.
The reorganization petition, once approved by the court, will
allow Mundo Cartografico 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:
Mundo Cartografico S.R.L.
Benjamin Matienzo 2426
Buenos Aires, Argentina
OPEN SPORTS: Proofs of Claim Verification Deadline Is Feb. 6
------------------------------------------------------------
Hector Kaiser, the court-appointed trustee for Open Sports
Trends' bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 6, 2008.
Mr. Kaiser will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 26, 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 Open Sports 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 Open Sports'
accounting and banking records will be submitted in court.
La Nacion didn't state the reports submission deadlines.
Mr. Kaiser is also in charge of administering Open Sports'
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Open Sports Trends
Serrano 382
Buenos Aires, Argentina
The trustee can be reached at:
Hector Kaiser
Montevideo 666
Buenos Aires, Argentina
PRODUCTORA DEL OESTE: Files Reorganization Petition in Argentina
----------------------------------------------------------------
Productora del Oeste S.A. has requested for reorganization
approval after failing to pay its liabilities.
The reorganization petition, once approved by the court, will
allow Productora del Oeste 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:
Productora del Oeste S.A.
Paraguay 577
Buenos Aires, Argentina
=============
B A H A M A S
=============
BANK OF BARODA: To Raise INR25 Bil. for Capital Requirements
------------------------------------------------------------
Bank of Baroda is planning to raise as much as nearly INR25
billion in the next few months, the Economic Times reports,
citing an unnamed senior official as saying.
Specifically, the officer told the news agency, the bank will
raise:
-- INR5 billion in perpetual bonds;
-- INR15 billion in upper-tier 2 debt; and
-- INR5 billion in lower-tier 2 bonds.
The bank's wholly owned subsidiary, BoB Capital Markets, is
reportedly the sole banker to the issue.
According to the report, the bank will use the money for its
operational needs and to meet the new Basel II requirements.
In a filing with the Bombay Stock Exchange, the bank disclosed
that Ranjit Kumar Chatterjee was appointed as officer employee
director on its board for a period of three years. The
appointment is pursuant to the nomination of the Government of
India, Ministry of Finance, Department of Economic Affairs,
Banking Division, via notification dated Dec. 20, 2007.
Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India. Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.
* * *
On July 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.
Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme. Fitch said the outlook on all
ratings is stable.
CO-INVESTMENT LIMITED: Proofs of Claim Filing Ends Jan. 10
----------------------------------------------------------
Co-Investment Limited IV (CZZ)'s creditors are given until
Jan. 10, 2008, to prove their claims to Cititrust (Bahamas)
Limited, 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.
Co-Investment Limited's shareholders agreed on Nov. 26, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Cititrust (Bahamas) Limited
P.O. Box N-1576, Citibank Building
Thompson Blvd., Oakes Field
Nassau, Bahamas
=============
B E R M U D A
=============
GEORGE FISCHER: Will Hold Final Shareholders Meeting on Jan. 23
---------------------------------------------------------------
George Fischer Finance Ltd. will hold its final shareholders
meeting on Jan. 23, 2008, 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.
NAUTILUS LEASING: Sets Final Shareholders Meeting for Jan. 29
-------------------------------------------------------------
Nautilus Leasing Limited will hold its final shareholders
meeting on Jan. 29, 2008, at 9:30 a.m. at:
Royal Dutch Shell Companies in Bermuda
Cedar House, 41 Cedar Avenue
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.
PECTEN CONGO: Proofs of Claim Filing Deadline Is Jan. 11
--------------------------------------------------------
Pecten Congo Limited's creditors are given until Jan. 11, 2008,
to prove their claims to Liz Bingham and Patrick Brazzill, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Pecten Congo's shareholder decided on Dec. 18, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The liquidators can be reached at:
Liz Bingham
Patrick Brazzill
Ernst and Young LLP
c/o Conyers Dill & Pearman, Liquidations Department
12 Par la Ville Road, Hamilton
Bermuda
PECTEN CONGO: Sets Final Shareholders Meeting for Jan. 29
---------------------------------------------------------
Pecten Congo Limited will hold its final shareholders meeting on
Jan. 29, 2008, at 9:30 a.m. at:
Royal Dutch Shell Companies in Bermuda
Cedar House, 41 Cedar Avenue
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.
Pecten Congo's shareholder decided on Dec. 18, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.
The liquidators can be reached at:
Liz Bingham
Patrick Brazzill
Ernst and Young LLP
c/o Conyers Dill & Pearman, Liquidations Department
12 Par la Ville Road
Hamilton, Bermuda
=============
B O L I V I A
=============
INTERMEC TECH: Hires David Yung as Asia Pacific Vice President
--------------------------------------------------------------
Intermec Technologies Inc. has appointed David Yung as its Vice
President and General Manager, Asia Pacific Region.
Mr. Yung is a technology veteran with over twenty years of
general management experience in the Asia Pacific region. Mr.
Yung was most recently at RS Components LTD, where he served as
Asia Pacific, General Manager. He was responsible for building
out a partner and distribution network for a B-to-B
electronic and automation instrumentation business line.
Previous to his role at RS Components, Mr. Yung was the Managing
Director at Lenovo, Inc., leading an enterprise sales capture
team focusing on large project awards and deployments to top
tier clients throughout Northern and Southern Asia.
"David is a results oriented general manager who demonstrates
effective team building, communications and planning skills,"
said Michael A. Wills, SVP of Global Sales and Service. "These
leadership skills are a vital component to our growth prospects
in the Asia Pacific region."
About Intermec Inc.
Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets. Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.
The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.
* * *
Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'. The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage. S&P said the outlook is stable.
===========
B R A Z I L
===========
BANCO NACIONAL: Says Oil & Gas Investments to Total BRL203 Bil.
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's head
Luciano Coutinho told the press that Brazilian oil and gas
investments will total BRL203 billion in the 2008-11 period.
Mr. Coutinho commented to Business News Americas, "Investments
in the sector will increase 10% a year in the 2008-11 period,
which is a very meaningful volume."
Most of the investment will come from Brazilian state-run oil
firm Petroleo Brasileiro SA, BNamericas says, citing Mr.
Coutinho.
Mr. Coutinho told BNamericas that Banco Nacional estimated
investments in the oil and gas sector at BRL20 billion less than
the BRL203 billion in previous research on the 2007-10 period.
Mr. Coutinho commented to BNamericas, "This increase does not
necessarily mean oil and gas production capacity is growing in
Brazil. Part of this is related to cost increases seen in this
particular industry."
Sugar and ethanol investments will total BRL20.5 billion in
2008-11, increasing 9% per year over the period, BNamericas
notes, citing Mr. Coutinho. The growth will be mainly be fueled
by the domestic market. However, a boost in sugar and ethanol
investments for export can be expected in the long term.
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.
BANCO NACIONAL: Okays BRL360-Million Loans for Two Hydro Plants
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's power
department director Nelson Siffert told the press that the bank
has authorized loans of BRL360 million for the construction of
two hydro power plants.
The two plants are included in the Brazilian federal
government's growth acceleration project, Business News Americas
relates.
Some BRL185 million will be granted for the construction of the
82-megawatt Retiro Baixo hydro plant being constructed on the
Paraopeba river in Minas Gerais, BNamericas says, citing Banco
Nacional. Investment in the plant will total BRL293 million.
BNamericas notes that Brazilian engineering firms Orteng, Logos
and Alen and federal power company Furnas began constructing the
plant in March 2007.
According to BNamericas, Banco Nacional will lend some BRL183
million for the construction of the 77-megawatt Passo Sao Joao
hydro plant in Rio Grande do Sul, which began in November.
Federal power firm Eletrosul will invest about BRL282 million in
the project.
Mr. Siffert commented to BNamericas, "Investors are rushing to
conclude construction before the original deadline. These two
plants will be ready in 2009 and they have sold energy to the
regulated market starting 2010 and 2011."
Firms will be able to sell power to unregulated customers if the
the plants are completed ahead of schedule, BNamericas states,
citing Mr. Siffert.
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.
COMPANHIA SIDERURGICA: Most Profitable Stock in Bovespa in 2007
---------------------------------------------------------------
Companhia Siderurgica Nacional is the most profitable stock in
the Bovespa stock exchange last year, Business News Americas
relates.
BNamericas relates that Companhia Siderurgica's stock would
"close out the year [2007] some 150% higher."
According to BNamericas, Companhia Siderurgica disclosed in
December plans to invest BRL9.50 billion into projects in Minas
Gerais over the next six years, including:
-- a new steel mill,
-- an expansion at its Casa de Pedra iron ore mine, and
-- installing cement operations.
Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets, tin
mill products and tinplate. The company also runs its own iron
ore, manganese, limestone and dolomite mines and has strategic
investments in railroad companies and power supply projects.
The group also operates in Brazil, Portugal and the U.S.
As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Standard & Poor's Ratings Services revised its
outlook on Brazil-based steel maker Companhia Siderurgica
Nacional and related entity National Steel S.A. to positive from
stable. At the same time, Standard & Poor's affirmed its 'BB'
corporate credit rating on CSN and its 'B+' rating on NatSteel.
DUKE ENERGY: Moody's Puts Ba2 Currency Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 global local
currency corporate family rating with a stable outlook to Duke
Energy International, Geracao Paranapanema S.A. In addition,
Moody's assigned an A1.br Brazil National Scale corporate family
rating to Duke Energy. This is the first time Moody's has
assigned a rating to Duke Energy. The rating is not constrained
by Brazil's foreign currency country ceiling (Baa3/Stable).
Duke Energy's rating reflects the company's solid capital
structure characterized by its low level of indebtedness,
healthy debt profile, steady cash generation and profitability.
This largely stems from a 30-year concession contract granted in
1999, which allows the company to operate in a relatively secure
regulated market with predictable profitability and cash flow.
Duke Energy intends to raise up to BRL1 billion in debentures to
redeem existing long-term debt with Eletrobras, which is
expected to improve its debt profile and reduce the average cost
of capital.
Currently, the company relies on medium-term energy supply
contracts equally divided between the regulated and unregulated
markets. These contracts should generate predictable and stable
cash flows for the next four to five years, given their
relatively secure nature. Almost half of Duke Energy's revenues
are in the unregulated business segment, but the bulk of the
company's client portfolio is made up of large consumers with a
solid credit track record. As contracts expire in the future,
Duke Energy is expected to benefit from higher energy tariffs in
light of current market expectations of a continued low reserve
margin in Brazil. Expectations of higher energy tariffs are
supported by recent auctions for new energy in which prices have
dramatically exceeded prevailing market rates.
Generally, Moody's prefers regulated business segment revenues,
which generally are more predictable and allow for more stable
operating margins and cash flow.
Unregulated energy contracts expose Duke to potentially lower
energy prices and revenues in a scenario where future tariffs
decline, which we consider unlikely.
Moody's rating has also taken into consideration the company's
outstanding commitment of increasing by 15% the installed
generation capacity in the state of Sao Paulo by the end of
2007, as stated in its concession contract.
Duke Energy's fulfillment of this commitment has not yet been
recognized by the regulator or the state of Sao Paulo. Duke
Energy has had difficulty in meeting this commitment because
there are few sites for new hydroelectric facilities in Sao
Paulo and natural gas shortages make new thermoelectric capacity
a questionable investment. Duke Energy has been discussing this
situation with ANEEL and the government of the State of Sao
Paulo and is reportedly seeking to postpone the expansion
obligation for another three years. The outcome and eventual
penalties are difficult to predict at this stage of discussions,
but Moody's does not believe that Duke Energy's concession will
be revoked since neither the current hydrology nor natural gas
constraints are within its power.
However, the rating is constrained by the potential increased
capital expenditures related to the fulfillment of this
commitment. Additional capital expenditures could reach as much
as BRL1 billion over a three to four year period without
jeopardizing Duke's ability to service its debt. Moody's
believes that Duke Energy would most likely finance a part of
these investments with additional debt, thus causing some
deterioration in credit metrics, but we expect that they would
remain appropriate for the rating category, particularly if the
current relatively high dividend payout ratio were adjusted
downward somewhat.
The rating incorporates Duke Energy's current strong credit
metrics, which are in line with its local peer group and strong
for the rating category when compared with global peers, with
FFO (Funds from Operations) / Adjusted gross debt of 20.7% in
2006 and 25.9% in the last twelve months ended Sept. 30, 2007,
along with interest coverage of over 3.0x for the last three
years. These two metrics were impacted by a reduction in
operating margins in 2006, resulting from lower energy
generation and increased taxes not passed on to tariffs.
Moody's expects a sustainable improvement in these metrics in
light of higher energy tariffs in 2007 resulting from higher
auction prices and improved terms with unregulated customers.
The rating is constrained by the low level of retained cash flow
(Funds from Operations minus Dividends) to Adjusted gross debt
of approximately 10% in the past four years, which is below peer
group metrics. Low retained cash flow results from a high level
of dividends paid to its parent company, which is expected to
remain a limiting factor for the rating in the future.
Duke Energy's cash flow as measured by FFO is expected to
improve somewhat from 2007 levels but remain stable thereafter
up to 2010, when approximately 30% of existing energy contracts
matures. This expected turnover of available energy contracts
would, most likely, result in higher tariffs with a positive
impact on cash flow. Duke Energy's capital expenditures have
been very limited when compared to its peers at approximately
BRL30 million per annum, which could eventually change should
the company be obligated to expand capacity to meet concession
contract requirements.
The most important factor constraining the ratings is the
Brazilian regulatory framework, which has undergone substantial
change over the past several years and has a history of being
unpredictable. The federal utility regulatory body in Brazil
(Aneel) is part of the Brazilian government, which has a Ba1
foreign currency and local currency bond rating. Cost recovery
and regulated tariffs are currently undergoing a period of
significant uncertainty, due to ongoing reviews and revisions by
the regulator of existing asset and cost bases. Potential
future electricity shortages due to a tight reserve margin,
limited independence of the regulator and minimal jurisprudence
backing the new regulatory framework were also taken into
consideration in our evaluation of this factor.
Duke has adequate liquidity, with short-term debt of BRL 143.6
million and cash and marketable securities of BRL 137 million,
in addition to positive free cash flow.
The bulk of short-term debt is related to the current portion of
the long term Eletrobras' debt with a final maturity on
May 15, 2013. This debt is expected to be refinanced with a
proposed issuance of BRL1 billion in debentures maturing in 2014
and 2016.
The stable outlook reflects Moody's expectation that Duke Energy
will maintain strong credit metrics, but low free cash flow, due
to a high dividend payout ratio. An upgrade in the rating would
require a resolution of the ongoing negotiation with regulators
and the state government with regard to the mandatory capacity
expansion clause in Duke's concession contract. In addition, an
upgrade would require sustainable RCF/ Adjusted gross debt ratio
above 15% and interest coverage ratio above 3.5x. An increased
likelihood of a stable regulatory environment could also be
positive for the ratings.
Downward rating pressure could result from higher than expected
capital expenditures and/or dividends or increased uncertainty
with regard to margins, such that it became likely that
RCF/Adjusted gross debt ratio would remain below 10%, and
interest coverage would remain below 2.0x for an extended period
of time.
Duke Energy International Geracao Paranapanema SA is engaged in
the generation of electric power in Sao Paulo, Brazil. The
Company is a subsidiary of Duke Energy International,
representing its primary interest in the Brazilian market. The
Company operates eight hydroelectric generation facilities with
2,237 net megawatts of capacity on the Paranapanema River in
southwestern Sao Paulo. Its Paranapanema River facilities
include Canoas I, generating 83 megawatts; Canoas II, generating
72 megawatts; Capivara, generating 640 megawatts; Chavantes,
generating 414 megawatts; Jurumirim, generating 98 megawatts;
Rosana, generating 372 megawatts; Salto Grande, generating 74
megawatts, and Taquarucu, generating 554 megawatts. All of the
plants encompass reservoirs. Harnessing the river has enabled
stabilization of 90.5% of the average flow, which helps flood
prevention and irrigation of the surrounding region.
EL PASO: Sells 25.5% Ruby Pipe Stake to PG&E Corp. for US$2 Bil.
----------------------------------------------------------------
El Paso Corporation agreed to sell its 25.5% interest in El
Paso's Ruby Pipeline project to PG&E Corporation. Capital
expenditures for the project are expected to total approximately
US$2 billion.
Ruby Pipeline project is a proposed 680-mile, 42-inch natural
gas transmission pipeline that would begin at the Opal Hub in
Wyoming and terminate at the Malin, Oregon, interconnect, near
California's northern border.
The Ruby Pipeline will have an initial capacity of 1.2 billion
cubic feet per day (Bcf/d) and is expandable to 2 Bcf/d. It
will connect Rocky Mountain natural gas producers with one of
the most attractive natural gas demand regions in the country
and provide natural gas users in northern California, Nevada,
and the Pacific Northwest with competitively priced natural gas
from the nation's most important supply growth region.
Subject to Federal Energy Regulatory Commission and other
regulatory approvals, approvals of respective companies' boards
of directors, and after obtaining necessary customer
commitments, the Ruby Pipeline is anticipated to be in service
in the first quarter of 2011.
"PG&E's participation in the Ruby Pipeline project underscores
the importance of this critical infrastructure project in
transporting increasing supplies of natural gas from the Rockies
to key consuming markets," Jim Cleary, president of El Paso's
Western Pipeline Group, said. "We are excited to have PG&E as a
partner in this project as we work to meet the future
infrastructure needs of the western states."
"We are delighted at the prospect of partnering with El Paso to
help develop the Ruby Pipeline natural gas project," Richard
Rollo, vice president-Strategic Development and Business
Integration for PG&E Corporation, said. "The Ruby Pipeline will
provide reliable access to supplies of Rocky Mountain gas
necessary to meet the growing demand of markets in the western
United States."
In early December, El Paso disclosed that it is planning to
partner in the project with Bear Energy LP, a subsidiary of The
Bear Stearns Companies Inc. and partnering discussions include
Bear Energy becoming an initial shipper on the pipeline.
El Paso is also in discussions with other prospective shippers
and will disclose a formal open season shortly.
About PG&E Corporation
Headquartered in San Francisco, California, PG&E Corporation
(NYSE:PCG) -- http://www.pgecorp.com/-- is an energy-based
holding company. The company's operations include electric and
gas distribution, natural gas and electric transmission, and
electric generation. It is the parent company of Pacific Gas
and Electric Company.
About El Paso Corporation
Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP)
-- http://www.elpaso.com/-- is an energy company that provides
natural gas and related energy products. The company owns North
America's interstate pipeline system, which has approximately
55,500 miles of pipe. It also owns approximately 470 billion
cubic feet of storage capacity and a liquefied natural gas
import facility with 806 million cubic feet of daily base load
send out capacity. El Paso's exploration and production
business is focused on the exploration for and the acquisition,
development and production of natural gas, oil and natural gas
liquids in the United States, Brazil and Egypt. It operates in
three business segments: Pipelines, Exploration and Production
and Marketing. It also has a Power segment, which holds its
remaining interests in international power plants in Brazil,
Asia and Central America.
Southern Natural Gas Company's business consists of the
interstate transportation and storage of natural gas and LNG
terminalling operations.
Colorado Interstate Gas Company's business consists of the
interstate transportation, storage and processing of natural
gas.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2007, Standard & Poor's Ratings Services affirmed its
'BB' corporate credit ratings on El Paso Corp. and subsidiaries.
S&P said the outlook remains positive.
ENERGISA SA: Concludes Sale of Usina Termelectrica to Petrobras
---------------------------------------------------------------
Energisa SA said in a filing with the Sao Paulo stock exchange
Bovespa that it has concluded the sale of the 87-megawatt Usina
Termeletrica Juiz de Fora thermo plant to state-run oil firm
Petroleo Brasileiro aka Petrobras.
Business News Americas relates that Petrobras bought Usina
Termeletrica for BRL211 million. Petrobras borrowed BRL52
million of the amount from federal bank BNDES.
The Usina Termeletrica sale would have "a one-off positive
impact" of BRL61 million in the fourth quarter 2007 balance
sheet, BNamericas states, citing Energisa.
About Petroleo Brasileiro
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953. The company explores, produces,
refines, transports, markets, and distributes oil and natural
gas and power to various wholesale customers and retail
distributors in Brazil. Petrobras has operations in China,
India, Japan, and Singapore.
About Energisa SA
Energisa SA, based in Cataguases, Minas Gerais, is a holding
company that controls five electricity distribution utilities in
four Brazilian states, serving approximately 2 million
consumers. During the nine-month period ended Sept. 30, 2007,
Energisa sold 4,956 MW, equivalent to approximately 2% of all
electricity distributed in Brazil. Energisa is listed on the
Brazilian stock market and is controlled by the Botelho family.
As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service assigned a Ba3 Global
local currency corporate family rating to Energisa S.A. In
addition, Moody's assigned an A3.br Brazil National Scale
corporate family rating to the company. The rating outlook is
stable.
FIAT SPA: Withdraws from Nanjing Automobile Joint Venture
---------------------------------------------------------
Fiat Group Automobiles and Nanjing Automobile Corporation have
signed the equity transfer agreement for withdrawal of Fiat from
the Nanjing-Fiat joint venture on Dec. 26, 2007, so that they
can concentrate on their major but independent plans to
restructure the Chinese automotive business.
To assure that the needs of over 160,000 customers in China are
covered, the company will continue to provide technical support
to the network for as long as necessary.
As in the past, the network will provide spare parts and after-
sale support at the highest standards. Fiat will always
guarantee continuous, quality assistance in China for all of its
existing and future products.
Although their collaboration in the passenger cars sector has
come to an end, the long-standing cooperation between the two
groups will continue in the commercial vehicle and components
sectors, to the great satisfaction of both partners, and will be
sustained by the ongoing structural evolution of the Chinese
automotive industry.
"This decision gives us total freedom of action to concentrate
on the restructuring of our automotive business in China,"
Sergio Marchionne, CEO of the Fiat Group disclosed in a separate
statement.
Mr. Marchionne added, "NAC remains a very important partner of
ours in the commercial vehicle sector, through the joint-venture
with Iveco, which has generated mutual satisfaction over the
years. Furthermore, following the merger that has been
announced today between Nac and Saic, which is in turn an
important partner of the Fiat Group in heavy commercial
vehicles, agricultural machinery and components, our businesses
in China will further be strengthened."
"The Chinese market is a key element of the Fiat Group project
for worldwide expansion of its automotive activities. In 2008
we will initiate large-scale importation of new models to be
sold by our commercial network, which we continue to support and
with which we are working tirelessly to offer customers top-
quality products and services. This will further improve our
familiarity with the Chinese market in view of finalizing our
partnership with Chery Automobiles, one of the biggest carmakers
in China. This will permit the opening of a new and important
phase in development of our industrial and commercial activities
in China," Mr. Marchionne concluded.
About Fiat S.p.A.
Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment. It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems. Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.
Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.
* * *
As of Dec. 10, 2007, Fiat S.p.A. Carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.
The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.
FORD MOTOR: Works with Chinese Suppliers to Improve Conditions
--------------------------------------------------------------
Ford Motor Company has delivered another record year in China,
not only in terms of sales, but also with the ongoing
introduction of a pioneering program that helps improve the
standards and working conditions of companies in its supply
network.
Roughly 300 suppliers to Ford's joint ventures in China have
implemented its advanced supplier management program. This
includes a series of tough review and inspection systems, backed
by comprehensive training focused on raising awareness of
working conditions issues throughout the supply chain, provide
best practice examples and practical exercise that would support
labor law compliance. The aim is to help suppliers meet Ford's
comprehensive global supply chain requirements and adhere to
local laws and regulations that cover work environment, health
and legal employment.
Ford operates worldwide under the belief that as globalization
increases, companies need to effectively and actively manage the
relationships between their operations, employees and the
broader communities on which they depend. The Company's concern
and responsibility for employee welfare goes well beyond those
it directly employs.
Ford is also among a number of global automotive companies
working with the Automotive Industry Action Group (AIAG) and
China Association of Automobile Manufacturers (CAAM) to
collaborate in the joint delivery of training for their
respective suppliers. AIAG is a nonprofit organization of car
manufacturers and part suppliers that promotes cooperation and
effective communication between customers and suppliers to
improve the business process.
In 2003, China became the first market in Asia to implement
Ford's new global program for training, monitoring and managing
the working conditions and labor laws of its supply chain. The
program was later rolled out across other markets within the
company's Asia Pacific & Africa region, including India and
Thailand.
This year in China, the AIAG/CAAM training program has been
delivered to nearly 300 suppliers of Changan Ford Mazda
Automobile Co. across China.
"Our goal is to have all of our suppliers in China participate
in this management program," said Mei-Wei Cheng, chairman and
CEO of Ford China. "Ford sees it as our direct responsibility to
ensure that each of our partners are providing their staff with
a legal and decent work environment and working conditions. It's
a part of doing good business and we're willing to make an
investment to help achieve this."
Ford's labor law training in China has received strong support
from the China Association of Automobile Manufacturers. The
training mainly aims to convey relevant regulations of the Labor
Law of China and encourage all suppliers to meet safety
standards in their production processes and working environment.
In addition to suppliers, Ford has global programs that provide
relevant training to in-house staff guidance to purchasing and
engineering staff every year, providing timely updates on labor
laws and regulations.
Darrell Doren, Ford's Regional Manager for Supply Chain
Sustainability, Asia Pacific & Africa, explained: "We strive to
maintain long-term relationships with our suppliers, which
provides a real advantage for a mutual understanding of our
supplier management program. It also provides additional
benefits, as adherence to the policies helps deliver increased
quality and has a positive impact on their employee retention."
In addition to the supply chain program, Ford continues to
invest in various corporate responsibility programs in China
that include environmental protection, road transportation
safety, health and education.
About Ford Motor in China
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.
Ford Motor Company's history in China can be traced to 1913,
when its first Model T was imported and sold in Shanghai.
Currently, Ford's wholly owned subsidiaries and JVs in China
include Ford Motor (China) Limited, Ford Motor Research &
Engineering (Nanjing) Co., Ltd., Ford Automotive Finance (China)
Ltd., Changan Ford Mazda Automotive Co., Ltd., Changan Ford
Mazda Automotive Co., Ltd., Nanjing Company, Changan Ford Mazda
Engine Co., Ltd., and Jiangling Motors Co., Ltd. Ford Motor has
introduced a number of exciting models to the Chinese market,
including Ford Mondeo, Ford Focus, Ford S-MAX, Ford Transit,
Volvo S40, Mazda3, as well as several imported models from
Jaguar, Land Rover, Lincoln and Volvo, and service brand, Ford
Service.
Ford Motor China is actively involved in various programs to
support the environment, road safety, health and education.
Since 2000, it has organized the Ford Motor Conservation and
Environmental Grants (CEGC), which to date has sponsored more
than 130 groups/individuals with more than 25 million yuan to
assist environmental protection efforts in the country.
The company also has operations in Japan. 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.
JAPAN AIRLINES: Must Continue Implementing Reforms, Moody's Says
----------------------------------------------------------------
Moody's Investors Service said, in a new report, that the credit
gap between Japan's two major airlines continues to grow as All
Nippon Airways Co., Ltd. has this year significantly improved
its credit capital structure through the sale of its hotel
assets.
Accordingly, Moody's upgraded its rating of ANA to Baa3 from Ba1
in July, while that for Japan Airlines International Co., Ltd.
has stayed at Ba3, the report says. The rating outlook for both
companies is stable.
The just-released report on Japan's airline industry says the
difference in the ratings reflects Moody's recognition that
ANA's stable profitability and strong financial profile will
strengthen cash flow and allow for timely capital expenditures.
Meanwhile, Japan Airlines Corporation, the parent company of
JALI, has started to implement its restructuring plan with the
support of its creditors. The Moody's report says that for JALI
to maintain its rating it must be able to successfully implement
this plan.
At the same time, the report notes both airlines have been
increasing unit prices and reducing the number of unprofitable
routes to drive revenue growth as well as improve cash flow
against the backdrop of increasing market pressure. For
example, high fuel prices continue to pressure the airlines to
cut costs.
In Moody's view, it will be increasingly important for both
companies to implement continuous cost reductions as well as
maintain or improve their market positions as demand is expected
to remain stagnant and the outlook for fuel priced is uncertain.
The report, titled "Japan's Airline Industry: ANA Maintains
Rating Lead Over JAL", can be found at http://www.moodys.com/
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Japan Airlines flies to the United States, Brazil and
France.
JAPAN AIRLINES: To Raise Capital by Up to JPY150 Billion
--------------------------------------------------------
Japan Airlines International Co., Ltd., will seek a capital
infusion of JPY100-150 billion from major creditors and business
partners, likely through an issuance of preferred shares, Taiga
Uranaka, citing the Nikkei business daily, writes for Reuters.
JAL, which has been struggling to boost its capital, is also
considering spinning off its cargo business and asking other
firms to buy stakes in it, likely up to nearly 50%, relates
Reuters.
The Nikkei, according to Kiyori Ueno of Bloomberg News, stated
that a sale of preferred stock may dilute the value of existing
shares in the airline.
Mitsushige Akino, who oversees US$468 million in assets at
Ichiyoshi Investment Management Co. in Tokyo, expressed to
Bloomberg, "Investors are concerned about a possible stock
dilution. The report raised speculation that Japan Air still
has a lot of assets that have no value."
Mr. Ueno further notes that The Nikkei said the carrier is
seeking agreements with Mitsubishi Corp., Mitsui & Co. and its
four main lenders by the end of March 2008.
According to Reuters' sources, the Tokyo-based air carrier had
asked its major lenders to swap part of its JPY1.7-trillion
debt for equity, which was not materialized.
Reuters says that JAL's four main lenders are the Development
Bank of Japan, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi
UFJ, and Sumitomo Mitsui Banking Corp.
Atsushi Abe, JAL's spokesman, is quoted by Bloomberg as saying,
"We've repeatedly said that capital increase is our top
priority. I can't comment further on this."
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. Japan Airlines flies to the United States, Brazil and
France.
* * *
As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
The outlook on the long-term corporate credit rating is
negative.
As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd. The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006 with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic. JAL International will be the surviving company.
Moody's said the rating outlook is stable.
Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position. Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.
NET SERVICOS: Moody's Keeps Ba2 Currency Corporate Family Rating
----------------------------------------------------------------
Moody's has not changed Net Servicos de Comunicacao S.A.'s Ba2
global local currency corporate family rating and Aa3.br
Brazilian national scale rating following the company's
announced agreement to acquire 100% of the capital of BIGTV
Companies. The transaction is subject to regulator (ANATEL) and
anti-trust commission (CADE) approvals.
Moody's views this transaction as strategic for Net Servicos,
since the company will be able to further increase its
subscriber and revenue base, coverage area and market share and
as well as offer its triple-play services to BIGTV's current
subscribers, which we view as a competitive advantage. Net
Servicos estimates that it will pay cash consideration of five
to seven times BIGTV's EBITDA and expects that BIGTV will have
no debt at the time of the transaction. Using BIGTV's EBITDA
for the third quarter 2007, the transaction value could be up to
BRL285 million.
Net Servicos has strong liquidity, with BRL625 million in cash,
BRL76 million in short-term debt as of Sept. 30, 2007, and no
substantial debt maturities until 2010.
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.
NORTEL NETWORKS: Settles Patent Dispute with Vonage Holdings
------------------------------------------------------------
Nortel Networks Corp. and Vonage Holdings Corp. have agreed in
principle to end the litigation pending between them. The
contemplated settlement involves a limited cross license to
three Nortel and three Vonage patents and will not call for any
monetary payments by any party.
Claims relating to past damages and the remaining patents will
be dismissed without prejudice. The settlement is subject to
final documentation.
"We are pleased to resolve this issue and enter into a
productive relationship with Nortel," said Vonage Chief Legal
Officer Sharon O'Leary.
According to a Bloomberg report cited by the Troubled Company
Reporter on Dec. 21, 2007, Nortel sued Vonage alleging
infringement on 12 patents covering technology used in managing
telephone data.
Bloomberg's report said Nortel's lawsuit came after Vonage sued
Nortel's U.S. unit in August seeking to invalidate three of the
patents, arguing that the patents shouldn't have been issued by
the U.S. Patent and Trademark Office.
Nortel denied the allegations and claimed that Vonage is
violating the three patents and nine others, Bloomberg said.
The Delaware case is Vonage Holdings Corp. v. Nortel Networks
Inc., 07CV507, U.S. District Court, Delaware (Wilmington).
About Vonage
Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 1.4 million subscriber lines as of
Feb. 8, 2006. Utilizing its voice over Internet protocol
technology platform, the company offers feature-rich, low-cost
communications services with a call quality comparable to
traditional telephone services. While customers in the United
States represent over 95% of its subscriber lines, Vonage
continues to expand internationally, having launched its service
in Canada in November 2004, and in the United Kingdom in May
2005.
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance
by simplifying networks and connecting people to the information
they need, when they need it. Nortel does business in more than
150 countries around the world. Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.
Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.
* * *
Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating, which was placed on
March 22, 2007.
NORTEL NETWORKS: Unit Commences Senior Notes Exchange Offer
-----------------------------------------------------------
Nortel Networks Corporation's principal direct operating
subsidiary, Nortel Networks Limited, has commenced offers to
exchange:
(1) any and all of the US$450,000,000 outstanding principal
amount of 10.75% Senior Notes due 2016 for an equal
amount of new 10.75% Senior Notes due 2016;
(2) any and all of the US$550,000,000 outstanding principal
amount of 10.125% Senior Notes due 2013 for an equal
amount of new 10.125% Senior Notes due 2013; and
(3) any and all of the US$1,000,000,000 outstanding principal
amount of Floating Rate Senior Notes due 2011 for an
equal amount of new Floating Rate Senior Notes due 2011.
The outstanding notes are, and the new notes will be, fully and
unconditionally guaranteed by Nortel Networks Corporation and
initially guaranteed by Nortel Networks Inc.
The terms of the new notes are substantially the same as the
original notes, except that the new notes will be registered
under the U.S. Securities Act of 1933, as amended, and the new
notes have no transfer restrictions, rights to additional
interest or registration rights, except for certain restrictions
on transfers of new notes in Canada under applicable Canadian
securities laws. The new notes have not been, and will not be,
qualified for distribution under the securities laws of any
province or territory of Canada except pursuant to available
exemptions therefrom.
A written prospectus providing the terms of each exchange offer
may be obtained through the information agent, which can be
contacted at:
D.F. King & Co., Inc.
48 Wall Street
New York, NY 10005
Banks and brokers call: (212) 269-5550
All others call: (800) 659-6590
The exchange offers commenced on Dec. 21 2007, and are scheduled
to expire at 5:00 p.m., New York City time, on Jan. 25, 2008,
unless extended.
About Nortel Networks
Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next-
generation technologies, for both service provider and
enterprise networks, support multimedia and business-critical
applications. Nortel's technologies are designed to help
eliminate today's barriers to efficiency, speed and performance
by simplifying networks and connecting people to the information
they need, when they need it. Nortel does business in more than
150 countries around the world. Nortel Networks Limited is the
principal direct operating subsidiary of Nortel Networks
Corporation.
Nortel does business in more than 150 countries including
Indonesia, the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.
* * *
Nortel Networks Corp. still carries Moody's Investors Service
'B3' Senior Unsecured Debt rating which was placed on
March 22, 2007.
NOVELL INC: Posts US$17.9 Mln Net Loss in Quarter Ended Oct. 31
---------------------------------------------------------------
Novell Inc. disclosed financial results for its fourth fiscal
quarter and full fiscal year ended Oct. 31, 2007.
The company reported net loss of US$17.9 million for the quarter
ended Oct. 31, 2007, compared to a net income of US$19.8 million
for the same quarter last year.
For the quarter, Novell reported net revenue of US$245 million,
which excludes US$6 million of revenue from its Swiss-based
business consulting unit, which Novell agreed to sell during the
quarter. This compares to net revenue of US$234 million for the
fourth fiscal quarter 2006. The loss from operations for the
fourth fiscal quarter 2007 was US$13 million, compared to income
from operations of US$4 million for the fourth fiscal quarter
2006. The loss available to common stockholders from continuing
operations in the fourth fiscal quarter 2007 was US$9 million.
This compares to income available to common stockholders from
continuing operations of US$21 million for the fourth fiscal
quarter 2006. Foreign currency exchange rates favorably
impacted total revenue by approximately US$6 million and did not
materially impact the loss from operations year-over-year.
In the fourth fiscal quarter 2007, Novell entered into an
agreement to sell its Swiss-based business consulting unit.
Accordingly, all financial results for this unit were excluded
from Novell's continuing operations for income statement
reporting purposes and are reported as discontinued operations.
For the full fiscal year 2007, Novell reported net revenue of
US$932 million and a loss available to common stockholders from
continuing operations of US$26 million. Comparatively, net
revenue for the full fiscal year 2006 was US$919 million and
income available to common stockholders from continuing
operations was US$4 million. Foreign currency exchange rates
favorably impacted total revenue by approximately US$15 million
and negatively impacted the loss from operations by US$5 million
year-over-year.
"We are pleased with our overall results for 2007," Ron
Hovsepian, president and CEO of Novell said. "While undergoing
transformational change, we grew revenue and exceeded our
operating targets. We are on the right path to long-term,
sustainable profitability."
Cash, cash equivalents and short-term investments were
approximately US$1.9 billion at Oct. 31, 2007, up from US$1.5
billion last year. Days sales outstanding in accounts
receivable was 77 days at the end of the fourth fiscal quarter
2007, down from 86 days at the end of the year-ago quarter.
Total deferred revenue was US$768 million at the end of the
fourth fiscal quarter 2007, up US$341 million, or 80%, from
Oct. 31, 2006. Cash flow from operations was US$77 million for
the fourth fiscal quarter 2007, compared to US$62 million in the
fourth fiscal quarter 2006.
At Oct. 31, 2007, the company's balance sheet total assets of
US$2.8 billion and total liabilities of US$1.6 billion,
resulting in total stockholders' equity of US$1.1 billion.
Financial Outlook
Novell management issued this financial guidance for the full
fiscal year 2008:
* Net revenue is expected to be between US$920 million and
US$945 million.
About Novell Inc.
Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise. Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.
The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.
* * *
Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.
SCO GROUP: Gets Nasdaq Delisting Notice Due to Bankruptcy Filing
----------------------------------------------------------------
The SCO Group, Inc., received a Nasdaq Staff Determination
letter on Dec. 21, 2007, indicating that as a result of having
filed for protection under Chapter 11 of the U.S. Bankruptcy
Code, the Nasdaq Listing Qualifications Panel has determined to
delist the company's securities from the Nasdaq Stock Market and
has suspended trading of the securities effective at the open of
business on Dec. 27, 2007.
Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.
The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.
The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent. The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors. The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008. The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.
TAM SA: Secures US$117.1-Million Loan from BNP Paribas
------------------------------------------------------
TAM S.A. has signed a loan agreement with the BNP Paribas bank
to finance up to US$117.1 million in pre-delivery payment
operations for 30 Airbus aircraft contracted with the French
company, with confirmed purchase orders and deliveries scheduled
for the period 2008 to 2010.
TAM's fleet plan forecasts that it will close 2008 with 123
aircraft in operation -- four Boeing B777-300ER aircraft and 119
Airbus aircraft. The company estimates that it will close 2010
with 136 aircraft, already taking in to account the units that
will be returned to lessors in this period because the
respective contracts will come to an end, the policy of
standardization and maintenance of a young fleet and a low
average age.
TAM SA (Bovespa: TAMM4 and NYSE: TAM) -- http://www.tam.com.br/
-- operates regular flights to 47 destinations throughout
Brazil. It serves 72 different cities in the domestic market
through regional alliances. Additionally, it maintains code-
share agreements with international airline companies that allow
passengers to travel to a large number of destinations
throughout the world. TAM was the first Brazilian airline
company to launch a loyalty program. The program has over 3.3
million subscribers and has awarded more than 3.6 million
tickets.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based airline
TAM S.A. S&P said the outlook is stable.
TAM SA: Unibanco Opposes Committee Creation To Deal with Crash
--------------------------------------------------------------
Brazilian insurer Unibanco AIG is against the formation of a
government committee to deal with claims from the July crash of
a TAM airlines plane that killed 200 people, Business News
Americas reports.
BNamericas relates that Unibanco claimed that the creation of a
committee would slow the process.
According to BNamericas, TAM has US$1.5 billion in aircraft hull
and civil liability coverage from Unibanco AIG, including
victims' claims and coverage for damage to homes and businesses.
TAM paid some BRL35 million in premiums last year and BRL40
million in 2005.
Unibanco told BNamericas that it reached accords with TAM and
the relatives of 33 victims from the accident by the end of
2007.
About Unibanco AIG
Unibanco AIG Seguros & Previdencia, based in Sao Paulo, is part
of Brasil's Unibanco and the worldwide U.S. based insurance and
finance organisation, AIG (American International Group). The
Group operates in more than 130 countries around the world, and
established a business in Brasil in 1948. In 1997 Unibanco, one
of the largest financial intsitutions in Brasil, and AIG, formed
an alliance and in 2001 they established the company Unibanco
AIG Seguros & Previdencia. The company offers insurance in the
areas of family, individual and commercial life, accident, auto
and education for businesses and individuals.
About TAM SA
TAM SA (Bovespa: TAMM4 and NYSE: TAM) -- http://www.tam.com.br/
-- operates regular flights to 47 destinations throughout
Brazil. It serves 72 different cities in the domestic market
through regional alliances. Additionally, it maintains code-
share agreements with international airline companies that allow
passengers to travel to a large number of destinations
throughout the world. TAM was the first Brazilian airline
company to launch a loyalty program. The program has over 3.3
million subscribers and has awarded more than 3.6 million
tickets.
* * *
As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based airline
TAM S.A. S&P said the outlook is stable.
* BRAZIL: Energisa Concludes Sale of Plant to Petrobras
-------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA aka
Petrobras has completed the purchase of the 87-megawatt Usina
Termeletrica Juiz de Fora thermo plant from Energisa SA,
according to a filing by Energisa with the Sao Paulo stock
exchange Bovespa.
Business News Americas relates that Petrobras bought Usina
Termeletrica for BRL211 million. Petrobras borrowed BRL52
million of the amount from federal bank BNDES.
The Usina Termeletrica sale would have "a one-off positive
impact" of BRL61 million in the fourth quarter 2007 balance
sheet, BNamericas states, citing Energisa.
About Energisa SA
Energisa SA, based in Cataguases, Minas Gerais, is a holding
company that controls five electricity distribution utilities in
four Brazilian states, serving approximately 2 million
consumers. During the nine-month period ended Sept. 30, 2007,
Energisa sold 4,956 MW, equivalent to approximately 2% of all
electricity distributed in Brazil. Energisa is listed on the
Brazilian stock market and is controlled by the Botelho family.
About Petroleo Brasileiro
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953. The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB+
long-term sovereign foreign currency rating and B short-term
sovereign foreign currency rating on Brazil.
As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch
said the rating outlook is stable.
* BRAZIL: Petrobras Eyes 323K Barrel Per Day Average Output
-----------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA aka
Petrobras' exploration and production director Guilherme
Estrella told the press that the company wants to have average
domestic onshore production of 323,000 barrels per day of oil by
2010.
According to Petrobras' statement, the firm has been producing
an average of 230,000 barrels per day from its onshore fields.
Petrobras told Business News Americas that production has been
kept stable due to its programs to revamp mature oil fields.
"More than 80% of our domestic production comes from offshore
fields and it is difficult to have a significant increase in our
onshore output, so every slight increase in onshore production
is very meaningful," Mr. Estrella commented to BNamericas.
About Petroleo Brasileiro
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953. The company explores, produces,
refines, transports, markets, and distributes oil and natural
gas and power to various wholesale customers and retail
distributors in Brazil. Petrobras has operations in China,
India, Japan, and Singapore.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services assigned BB+
long-term sovereign foreign currency rating and B short-term
sovereign foreign currency rating on Brazil.
As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch
said the rating outlook is stable.
===========================
C A Y M A N I S L A N D S
===========================
BANK OF INDIA: To Raise Tier I Capital Via QIP
----------------------------------------------
Bank of India's board of directors has decided to raise Tier I
Capital for the bank by way of issue of up to 3,77,72,600 shares
through qualified institutional placement, the bank disclosed in
a filing with the Bombay Stock Exchange.
Based on the floor price, we could raise INR1,350-1,400 crore
through the QIP, the Press Trust of India quotes BoI Chairman
and Managing Director T. S. Narayanasami as saying. The money
would be used for credit expansion, Basel II compliance and
explore new business opportunities, the news agency relates.
In addition to the board's approval of the move, the bank has
also received the nod of India's Ministry of Finance. The
company has scheduled an extraordinary general meeting on
Jan. 23, 2008, to seek shareholders' approval of the plan.
Mr. Narayanasami told PTI that the closing of the issue is
expected by the end of January.
The QIP reportedly will dilute the government's stake in the
bank by 5% to 64.47%.
Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches. The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds. It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans. The bank
offers Internet banking services for both the retail and
corporate clients.
The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.
* * *
Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch. These notes are being issued under
the bank's US$1 billion medium-term notes program.
BANK RAKYAT: Launches BRI Prioritas To Target Affluent Customers
----------------------------------------------------------------
PT Bank Rakyat Indonesia (Persero) Tbk launched a new full-
banking service called BRI Prioritas to net affluent customers,
The Jakarta Post reports.
Bank Rakyat Funds and Consumer Services' head, Susilo, told The
Post that the number of affluent people in Indonesia was
growing, but not all of them were able to access premium banking
services. Through Priority Banking Assistance, the bank's
wealthy customers would receive cards that functioned both as
automated teller machine cards and Premium Debit MasterCards,
and receive top-class banking services, including consultations
on finance management, investment in equities and bonds,
insurance and pension plans, he added.
According to the report, Consumer Banking Director A. Toni
Soetirto said BRI Prioritas was one of the bank's efforts to
increase lending and improve customer loyalty. He said that
through consultations and greater banking transactions, BRI
Prioritas would also help increase the bank's fee-based income,
the report notes.
Mr. Susilo, The Post relates, said that the bank would establish
four more such centers next year, three of which would be in
Jakarta -- Kebayoran Baru, Pondok Indah and Kelapa Gading -- and
the other one in Surabaya, East Java.
Bank Rakyat would also start providing wealth-management
consultations to BRI Prioritas customers next year, the report
adds.
About Bank Rakyat
Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- services comprise
Savings, Credits and Syariah. In addition, the bank divides its
financial and business services into three groups: Business
Services, consisting of bank guarantees, bank clearance,
automatic teller machines and safe deposit boxes; Financial
Services, consisting of bill payments, CEPEBRI, INKASO, deposit
acceptance, online transactions and transfers, and Other
Services, consisting of tax and fine payments, donations,
Western Union and zakat contributions. During the year ended
Dec. 31, 2005, the bank had one branch office in Cayman Islands
and two representative offices in New York and Hong Kong,
respectively.
The Troubled Company Reporter-Asia Pacific reported on Oct. 19,
2007, that Moody's Investors Service raised Bank Rakyat's
foreign currency long-term debt rating to Ba2 from Ba3 and its
foreign currency long-term deposit ratings to B1 from B2.
Fitch Ratings affirmed all the ratings of PT Bank Rakyat
Indonesia (Persero) Tbk:
* Long-term foreign Issuer Default rating 'BB-',
* Short-term rating 'B',
* National Long-term rating 'AA+(idn)',
* Individual 'C/D', and
* Support '4'.
BIS (CAYMAN): Proofs of Claim Filing Deadline Is Jan. 10
--------------------------------------------------------
BIS (Cayman) Limited's creditors are given until Jan. 10, 2008,
to prove their claims to Linburgh Martin and Jeff Arkley, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
BIS (Cayman)'s shareholders agreed on Nov. 29, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Linburgh Martin
Jeff Arkley
Contact: Deanna Derrick
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Telephone: (345) 949 8455
Fax: (345) 949 8499
BLUECREST EQUITY: Proofs of Claim Filing Ends on Jan. 10
--------------------------------------------------------
Bluecrest Equity Fund Limited's creditors are given until
Jan. 10, 2008, to prove their claims to John Sutlic and Warren
Keens, the company's liquidators, or be excluded from receiving
any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Bluecrest Equity's shareholders agreed on Nov. 23, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
John Sutlic
Warren Keens
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 8455
Fax: (345) 949 8499
BLUECREST EQUITY MASTER: Proofs of Claim Filing Is Until Jan. 10
----------------------------------------------------------------
Bluecrest Equity Master Fund Limited's creditors are given until
Jan. 10, 2008, to prove their claims to John Sutlic and Warren
Keens, the company's liquidators, or be excluded from receiving
any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Bluecrest Equity's shareholders agreed on Nov. 23, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
John Sutlic
Warren Keens
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 8455
Fax: (345) 949 8499
COCO FUND: Proofs of Claim Filing Ends on Jan. 10
-------------------------------------------------
Coco Fund Limited's creditors are given until Jan. 10, 2008, to
prove their claims to Stuart K. Sybersma and Ian A.N. Wight, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Coco Fund's shareholder decided on Nov. 21, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Stuart K. Sybersma
Ian A.N. Wight
Attention: Jessica Turnbull
Deloitte
P.O. Box 1787, George Town
Grand Cayman, Cayman Islands
Telephone: (345) 949 7500
Fax: (345) 949 8258
HIGHLAND SPECIAL: Proofs of Claim Filing Deadline Is Jan. 10
------------------------------------------------------------
Highland Special Opportunity Fund, Ltd.'s creditors are given
until Jan. 10, 2008, to prove their claims to G. James Cleaver
and Richard E. L. Fogerty, the company's liquidators, or be
excluded from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Highland Special's shareholder decided on Sept. 25, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
G. James Cleaver
Richard E. L. Fogerty
Attention: Hadley Chilton
Kroll (Cayman) Limited
Cayman Financial Center, 4th Floor
Bermuda House, Dr. Roy's Drive
Grand Cayman, Cayman Islands
Telephone: +1 (345) 946-0081
Fax: +1 (345) 946-0082
E-mail: hadley.chilton@krollcayman.ky
ING BARING: Proofs of Claim Filing Deadline Is Jan. 10
------------------------------------------------------
ING Baring Employee Services Limited's creditors are given until
Jan. 10, 2008, to prove their claims to Linburgh Martin and Jeff
Arkley, the company's liquidators, or be excluded from receiving
any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
ING Baring's shareholder decided on Nov. 29, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Linburgh Martin
Jeff Arkley
Contact: Deanna Derrick
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Telephone: (345) 949 8455
Fax: (345) 949 8499
JLOC FUNDING: Proofs of Claim Filing Deadline Ends on Jan. 10
-------------------------------------------------------------
JLoc Funding Limited's creditors are given until Jan. 10, 2008,
to prove their claims to Connan Hill and Sylvia Lewis, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
JLoc Funding's shareholder decided on Nov. 30, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Connan Hill
Sylvia Lewis
P.O. Box 1109, Grand Cayman KY-1102
Cayman Islands
Telephone: 949-7755
Fax: 949-7634
JPMORGAN ABSOLUTE: Proofs of Claim Filing Is Until Jan. 10
----------------------------------------------------------
JPMorgan Absolute Return Mortgage Fund, Ltd.'s creditors are
given until Jan. 10, 2008, to prove their claims to Warren Keens
and Roger Priaulx, the company's liquidators, or be excluded
from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
JPMorgan Absolute's shareholders agreed on Oct. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Warren Keens
Roger Priaulx
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 8455
Fax: (345) 949 8499
JPMORGAN ABSOLUTE RETURN: Proofs of Claim Filing Ends Jan. 10
-------------------------------------------------------------
JPMorgan Absolute Return Mortgage Master Fund, Ltd.'s creditors
are given until Jan. 10, 2008, to prove their claims to Warren
Keens and Roger Priaulx, the company's liquidators, or be
excluded from receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
JPMorgan Absolute's shareholders agreed on Oct. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Warren Keens
Roger Priaulx
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 8455
Fax: (345) 949 8499
MAGICAL YC: Proofs of Claim Filing Deadline Is Jan. 10
------------------------------------------------------
Magical YC Funding Co.'s creditors are given until
Jan. 10, 2008, to prove their claims to Cereita Lawrence and
Sylvia Lewis, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Magical YC's shareholder decided on Nov. 27, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Cereita Lawrence
Sylvia Lewis
P.O. Box 1109, Grand Cayman KY-1102
Cayman Islands
Telephone: 949-7755
Fax: 949-7634
MODULUS SELECT: Proofs of Claim Filing Ends on Jan. 10
------------------------------------------------------
Modulus Select Fund Limited's creditors are given until
Jan. 10, 2008, to prove their claims to Richard E.L. Fogerty and
G. James Cleaver, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Modulus Select's shareholder decided on Nov. 21, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Richard E.L. Fogerty
G. James Cleaver
Attention: Gemma Sherwood
Kroll (Cayman) Limited
P.O. Box 1102, Bermuda House
4th Floor, Cayman Financial Center
Grand Cayman KYI-1102, Cayman Islands
Telephone: +1 (345) 946-0081
Fax: +1 (345) 946-0082
MODULUS SELECT MASTER: Proofs of Claim Filing Ends Jan. 10
----------------------------------------------------------
Modulus Select Master Fund Limited's creditors are given until
Jan. 10, 2008, to prove their claims to Richard E.L. Fogerty and
G. James Cleaver, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Modulus Select's shareholder decided on Nov. 21, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Richard E.L. Fogerty
G. James Cleaver
Attention: Gemma Sherwood
Kroll (Cayman) Limited
P.O. Box 1102, Bermuda House
4th Floor, Cayman Financial Center
Grand Cayman KYI-1102, Cayman Islands
Telephone: +1 (345) 946-0081
Fax: +1 (345) 946-0082
MPC AMETHYST: Proofs of Claim Filing Is Until Jan. 10
-----------------------------------------------------
MPC Amethyst Fund Inc.'s creditors are given until
Jan. 10, 2008, to prove their claims to Linburgh Martin and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
MPC Amethyst's shareholder decided on Nov. 27, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Linburgh Martin
John Sutlic
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Telephone: (345) 949 8455
Fax: (345) 949 8499
MPC AMETHYST (GENERAL): Proofs of Claim Filing Ends on Jan. 10
--------------------------------------------------------------
MPC Amethyst (General Partner) Inc.'s creditors are given until
Jan. 10, 2008, to prove their claims to Linburgh Martin and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
MPC Amethyst's shareholder decided on Nov. 27, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Linburgh Martin
John Sutlic
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Telephone: (345) 949 8455
Fax: (345) 949 8499
MPC JAPAN: Proofs of Claim Filing Is Until Jan. 10
--------------------------------------------------
MPC Japan (General Partner) Inc.'s creditors are given until
Jan. 10, 2008, to prove their claims to Linburgh Martin and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
MPC Japan's shareholder decided on Nov. 27, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Linburgh Martin
John Sutlic
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Telephone: (345) 949 8455
Fax: (345) 949 8499
MPC JAPAN FUND: Proofs of Claim Filing Ends on Jan. 10
------------------------------------------------------
MPC Japan Fund Inc.'s creditors are given until Jan. 10, 2008,
to prove their claims to Linburgh Martin and John Sutlic, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
MPC Japan's shareholder decided on Nov. 27, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidators can be reached at:
Linburgh Martin
John Sutlic
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Telephone: (345) 949 8455
Fax: (345) 949 8499
OPUS INVESTMENTS: Proofs of Claim Filing Is Until Jan. 10
---------------------------------------------------------
Opus Investments' creditors are given until Jan. 10, 2008, to
prove their claims to Susan Lo Yee Har and Linburgh Martin, the
company's liquidators, or be excluded from receiving any
distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Opus Investments' shareholder decided on Nov. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Susan Lo Yee Har
28, Three Pacific Place
1 Queen's Road East, Hong Kong
-- and --
Linburgh Martin
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 8455
Fax: (345) 949 8499
ORIENTAL CAPITAL: Proofs of Claim Filing Deadline Is Jan. 10
------------------------------------------------------------
Oriental Capital Holdings' creditors are given until
Jan. 10, 2008, to prove their claims to Susan Lo Yee Har and
Linburgh Martin, the company's liquidators, or be excluded from
receiving any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Oriental Capital's shareholder decided on Nov. 14, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Susan Lo Yee Har
28, Three Pacific Place
1 Queen's Road East, Hong Kong
Linburgh Martin
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 8455
Fax: (345) 949 8499
WADHWANI GENERAL: Proofs of Claim Filing Deadline Is Jan. 10
------------------------------------------------------------
Wadhwani General Partners Limited's creditors are given until
Jan. 10, 2008, to prove their claims to Warren Keens and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.
In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.
Wadhwani General's shareholders agreed on Nov. 21, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
Warren Keens
John Sutlic
Attention: Kim Charaman
Close Brothers (Cayman) Limited
Fourth Floor, Harbor Place
P.O. Box 1034, Grand Cayman KY1-1102
Cayman Islands
Telephone: (345) 949 8455
Fax: (345) 949 8499
=========
C H I L E
=========
RED HAT: Developing Open Source Software with Synapsis
------------------------------------------------------
Red Hat Inc. has signed an agreement with Chilean systems
integrator Synapsis for the development of open source software,
Synapsis said in a statement.
Business News Americas relates that Red Hat will work with
Synapsis to implement a support and consultancy services center
and develop software.
According to BNamericas, the accord will be implemented in
Synapsis' Latin American operations:
-- Argentina,
-- Brazil,
-- Chile,
-- Colombia, and
-- Peru.
About Synapsis
Synapsis belongs to Grupo Endesa. It focuses on satisfying
other company's needs for information technology services like
consultancy, control and telecommunications. It offers data
storage services for all the firms from Grupo Endesa as well as
for other South American corporations.
About Red Hat
Headquartered in Raleigh, North Carolina Red Hat, Inc.
-- http://www.redhat.com/-- is an open source and Linux
provider.
Red Hat provides operating system software along with
middleware, applications and management solutions. Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.
The company has offices in Singapore, Germany, and Argentina,
among others.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has revised
its outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.
SHAW GROUP: Gets SEC Letter Over Informal Inquiry Completion
------------------------------------------------------------
The Shaw Group Inc. has received notification from the U.S.
Securities and Exchange Commission that the SEC's Division of
Enforcement has completed its informal inquiry, which the
company announced in June 2004, and that the Division of
Enforcement does not intend to recommend any enforcement action.
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
===============
QUEBECOR WORLD: Banks & Sponsors Grant Waivers Until March 31
-------------------------------------------------------------
Quebecor World Inc. has obtained from its banking syndicate and
the sponsors of its North American securitization program
waivers until March 31, 2008, from compliance with certain
financial tests under the relevant agreements in respect of the
quarter ended Dec. 31, 2007, in particular, the maximum Debt-to-
EBITDA ratio of 4.50:1.00.
The waivers are subject to a number of conditions including:
(1) the company having obtained, on or before Jan. 15, 2008,
US$125 million of new financing; and
(2) the company delivering, on or before Jan. 31, 2008, a
"Refinancing Transaction", being comprised of
commitments or other arrangements satisfactory to the
company's lenders which would reduce the company's
current credit facility to US$500 million by Feb. 29,
2008, and further allow the repayment in full of the
company's current credit facility and the concurrent
termination of the company's North American
securitization program on or before June 30, 2008.
In addition, Quebecor World, with the assistance of its
independent financial advisor, continues to actively pursue
financing options and solutions to its liquidity and balance
sheet challenges and to explore various strategic alternatives.
The company is in active discussions with major financial
institutions in respect of financing alternatives that could
satisfy the conditions under the aforementioned waivers,
although no firm commitments have been obtained, and there can
be no assurance that such financing commitments will be
obtained.
About Quebecor World Inc.
Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers. The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services. Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Moody's Investors Service has downgraded Quebecor
World Inc.'s corporate family rating by two notches to Caa2.
As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on Montreal-based printing
company Quebecor World Inc. two notches to 'CCC' from 'B-'.
In addition, Standard & Poor's lowered the senior unsecured debt
rating on the company by three notches to 'CCC-' from 'B-',
reflecting the junior position of the notes in relation to
Quebecor World's US$750 million revolving credit facility
(unrated), which is fully guaranteed and partially secured, and
the high likelihood that the company's debt level will increase
in the near term.
===================================
D O M I N I C A N R E P U B L I C
===================================
CENVEO INC: Elects Gerald S. Armstrong to Board of Directors
------------------------------------------------------------
Cenveo Inc. appointed Gerald S. Armstrong to the company's board
of directors effective Dec. 31, 2007. Mr. Armstrong is
presently an executive vice president of EarthWater Global LLC,
an exploration company. Mr. Armstrong is also a managing
director of Arena Capital Partners LLC, a private investment
firm.
Mr. Armstrong served as president and chief operating officer of
PACE Industries Inc., a holding company formed at the end of
1983 to effect the purchase, through a US$1.7 billion leveraged
buyout arranged by KKR with Merrill Lynch Capital Partners, of
the manufacturing and printing assets of City Investing Company,
including Rheem Manufacturing Co., World Color Press, Inc.,
UARCO, Inc. and Hayes International, Inc.
The company also disclosed that effective Dec. 31, 2007, Robert
Kittel is no longer a director of the company due to increasing
demands on his time and the expanded role he has assumed at
Goodwood Inc.
"I am extremely pleased to disclose the appointment of Jerry
Armstrong as a director of the company," Robert G. Burton, Sr.,
chairman and chief executive officer of Cenveo Inc. stated. "I
have known him since 1991 and couldn't think of a better fit. He
brings with him great experience in the printing sector with
close to 25 years of knowledge and hands-on experience,
including working with me at World Color during the turnaround
efforts at that company. Jerry will bring an important industry
perspective to the board, and I want to personally welcome him
to the team.
Commenting on Mr. Kittel's resignation, Mr. Burton said, "Rob
played a pivotal role in helping our team assume leadership and
control of Cenveo as well as in bringing strong financial acumen
to the board. Rob informed me that he wanted to spend 100% of
his time focusing on his full time job at Goodwood Inc., which
has grown substantially since our arrival at Cenveo, and I
support his decision. On behalf of the entire Board, I want to
thank Rob for his hard work, and look forward to continuing to
work with him and the Goodwood team as they remain a large
shareholder."
About Cenveo Inc.
Cenveo Inc. -- http://www.cenveo.com/-- (NYSE:CVO),
headquartered in Stamford, Connecticut, is a leader in the
management and distribution of print and related products and
services. The company provides its customers with low-cost
solutions within its core business of commercial printing and
packaging, envelope, form, and label manufacturing, and
publisher services; offering one-stop services from design
through fulfillment. With over 10,000 employees worldwide,
Cenveo delivers everyday for its customers through a network of
production, fulfillment, content management, and distribution
facilities across the globe.
Cenveo acquired Cadmus Communications in a merger completed on
March 2007. The company has operations in the US, India and the
Caribbean Rim, particularly in the Bahamas, Cuba, Jamaica,
Haiti, Dominican Republic, Puerto Rico, and Belize.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Standard & Poor's Ratings Services has raised its
ratings on Cenveo Inc. The corporate credit rating was raised
to 'BB-' from 'B+'. S&P said the rating outlook is stable.
=============
E C U A D O R
=============
* ECUADOR: Two Venezuelan Derricks Arrive in Esmeraldas Province
----------------------------------------------------------------
Under the agreements on energy cooperation entered into by
President of the Bolivarian Republic of Venezuela Hugo Chavez
and his Ecuadorian counterpart Rafael Correa, the first
Venezuelan rig arrived in the province of Esmeraldas, on the
north-western coast of Ecuador.
Two Venezuelan derricks will be sent to the Andean nation in
order to increase the output in the oilfields operated by
Petroproduccion, a subsidiary of state-run oil company
Petroecuador. The second drill, similar to the first one, will
arrive in the first quarter of 2008.
The prospecting and drilling rigs are set to drill four
directional wells property of Ecuador in the Ecuadorian Amazon,
sector Guanta 01, 25 kilometers from Lago Agrio. Based on the
estimates, about 10,000 bpd will be drilled with this equipment.
Ecuador's Minister of Energy and Mines Galo Chiriboga noted the
benefits of this action for his country. Thanks to the
solidarity of both countries; non-consideration and tax
exemption by Venezuela will result in significant savings for
Ecuador.
The shipment onboard Panamanian-flagged ship Indian Clipper V-01
is composed of 1,874 parts of more than 1,700 tons. Arrival and
transportation of the machinery are monitored by an expert team
of eight members appointed by Petroleos de Venezuela, S.A.
The arrival of this equipment in Ecuador shows Presidents Hugo
Chavez's and Rafael Correa's readiness to meet the principal
goals of the agreements executed, namely to:
* attain economic and social development;
* fight and eradicate poverty, and
* strengthen a democratic, participatory and leading
political system based on the principles of solidarity,
complementation and mutual support.
These agreements reaffirm the peoples' right to have access to
energy resources through a new scheme based on a favorable,
equitable and fair exchange.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch
said the rating outlook is stable.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 26, 2007, Standard & Poor's Ratings Services has assigned
B- long-term sovereign local and foreign currency ratings and C
short-term sovereign local and foreign currency ratings on
Ecuador.
As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Fitch Ratings affirmed and removed from Rating
Watch Negative the long-term foreign currency Issuer Default
Rating of Ecuador at 'CCC', the country ceiling at 'B-' and the
short-term IDR at 'C'. Fitch said the rating outlook is stable.
In addition, these bond ratings were affirmed:
-- Uncollateralized foreign currency bonds at 'CCC/RR4';
-- Collateralized foreign currency Par and Discount Brady
bonds at 'CCC+/RR3'.
===========
M E X I C O
===========
FGX INT'L: Moody's Witdraws Ratings for Business Reasons
--------------------------------------------------------
Moody's Investors Service has withdrawn all ratings on FGX
International Limited for business reasons. Moody's added that
the ratings were withdrawn because the company had no rated debt
outstanding following the completion of its initial public
offering and debt refinancing.
These ratings were withdrawn:
-- Corporate Family Rating, Withdrawn, previously
rated B2;
-- Probability of Default Rating, Withdrawn,
previously rated B2;
-- Senior Secured Bank Credit Facility Due 2010,
Withdrawn, previously rated B1 (LGD 3, 35%);
-- Senior Secured Bank Credit Facility Due 2012,
Withdrawn, previously rated B1 (LGD 3, 35%);
-- Senior Secured Bank Credit Facility Due 2013,
Withdrawn, previously rated Caa1 (LGD 5, 84%); and
-- Outlook, Changed To Rating Withdrawn From Stable
Based in Smithfield, Rhode Island, FGX International Limited
-- http://www.fgx.com/-- is a designer and marketer of non-
prescription reading glasses, sunglasses and costume jewelry
with a portfolio of brands including Foster Grant and
Magnivision. The company has international locations in the
United Kingdom, Canada, China and Mexico.
GRUPO GIGANTE: Completes Tender Offer on US$260-Mln Senior Notes
----------------------------------------------------------------
Grupo Gigante, S.A.B. de C.V. reported that its previously
announced cash tender offer and consent solicitation for its
outstanding US$260 million 8.75% Senior Notes due 2016 expired
at 8:00 a.m., New York City time, on Dec. 27, 2007.
Gigante received tenders from the holders of US$237,580,000
aggregate principal amount (or approximately 91.4%) of the
outstanding Notes. Gigante accepted for payment all of the
Notes tendered prior to the Expiration Date. Settlement for all
tendered Notes is expected to occur on Dec. 28, 2007.
As previously announced, Gigante received the required consents
from holders to eliminate or modify substantially all the
covenants and certain events of default and to modify the
provisions relating to defeasance of the Notes contained in the
indenture governing the Notes. As a result of obtaining the
required consents, on Dec. 12, 2007, Gigante and the guarantors
executed a supplemental indenture with The Bank of New York, as
trustee, effectuating the Proposed Amendments.
The tender offer and consent solicitation was made pursuant to
Gigante's Offer to Purchase and Consent Solicitation Statement
dated Nov. 28, 2007, as supplemented on Dec. 10, 2007, and was
subject to the satisfaction or waiver of certain conditions,
including the consummation of the proposed transaction between
Gigante and Tiendas Soriana S.A. de C.V. Although the
Transaction has not yet been consummated, Gigante has waived
this condition.
Citi acted as Dealer Manager for the tender offer and the
consent solicitation. The Depositary and the Information Agent
was Global Bondholder Services Corporation.
Requests for documentation must be directed to Global Bondholder
Services Corporation at (866) 794-2200. Questions regarding the
tender offer and the consent solicitation must be directed to
the Dealer Manager at (800) 558-3745 (toll-free) or (212) 723-
6108 (collect).
About Grupo Gigante
With over 600 units in Mexico, Grupo Gigante, S.A. de C.V., is a
public Mexican trade company, which operates in the Mexican
Stock Market -- Bolsa Mexicana de Valores. Through its
subsidiaries, Gigante has developed leading chains of
supermarkets, family restaurants, and specialized commerce, for
43 years. Its saubsidiaries include 'Gigante', which contains
formats including: 'Gigante' (Hypermarkets), 'Super Gigante'
(Supermarkets), 'Super Maz' and 'Bodega' (Warehouses), all of
them supermarket chains, as well as 'Cafeterias Toks, S.A. de
C.V.,' a specialized family restaurant chain. With its
partners, Grupo Gigante has also established joint ventures,
developing Office Depot de Mexico, S.A. de C.V., a Mexican
leader chain store of office and school supplies, and Radio
Shack de Mexico, S.A. de C.V., an exclusive format with presence
throughout the Mexican Republic, that offers a wide assortment
of electronic equipment and accessories.
* * *
As reported on July 13, 2007, Fitch Ratings affirmed the 'BB'
foreign and local currency Issuer Default Ratings of Grupo
Gigante S.A.B. de C.V., as well as the 'BB' rating of the
company's US$260 million Senior Notes due 2016. Fitch said the
rating outlook is stable.
MAXCOM TELECOM: Exchange Offer for 11% Senior Notes Expires
-----------------------------------------------------------
Maxcom Telecomunicaciones S.A.B. de C.V. has disclosed the
expiration of its offer, upon the terms and subject to the
conditions set forth in the prospectus dated Nov. 16, 2007 (as
supplemented from time to time), to exchange an aggregate
principal amount of US$200 million of its 11% Senior Notes Due
2014 originally issued on Dec. 20, 2006, Jan. 10, 2007, and
Sept. 5, 2007, for a like amount of 11% Senior Due 2014 which
have been registered with the U.S. Securities and Exchange
Commission under the Securities Act of 1933.
The exchange offer expired on December 28, 2007 at 5:00 p.m.,
New York City Time. Approximately US$11.3 million in aggregate
principal amount (or 100%) of the outstanding 11% Senior Notes
issued pursuant to Regulation 144A under CUSIP numbers 57773AAG7
and 57773AAH5 were tendered upon expiration of the exchange
offer. Approximately US$188.2 million in aggregate principal
amount of the outstanding 11% Senior Notes issued pursuant to
Regulation S under CUSIP numbers P6464EAE8 and P6464EAG3 (or
99.7%) were tendered upon expiration of the exchange offer. The
Existing Notes, which were not tendered in the exchange offer
will remain subject to existing transfer restrictions.
About Maxcom
Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones,
SA de CV, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory. Maxcom Telecomunicaciones
launched commercial operations in May 1999 and is currently
offering Local, Long Distance and Internet & Data services in
greater metropolitan Mexico City, Puebla and Queretaro.
* * *
As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Moody's Investors Service has placed Maxcom
Telecomunicaciones, S.A. de C.V.'s B3 corporate family rating
under review for possible upgrade due to better operating
results and credit metrics than originally expected by Moody's
as well as the successful completion of the company's recent
Initial Public Offering; net proceeds of US$242 million will be
used to boost capital expenditures for the company's growth
strategy, which involves expanding its network to offer wire
line telephony, data and video services to the medium and low
income residential segment as well as to small and medium sized
enterprises.
MAZDA MOTOR: Announces Organizational & Personnel Changes
---------------------------------------------------------
Mazda Motor Corporation has made some organizational and
personnel changes, which will take effect on Jan. 1, 2008.
The changes in the automaker's financial services area, aims to:
* strengthen the control system for the financial reporting
process in line with the introduction of the new Financial
Instruments and Exchange Law in fiscal year 2008;
* enhance the financial control system throughout the
accounting and tax areas. In addition, improve functions
to respond to issues raised by the increasingly complex
tax practices in Japan and overseas; and
* rename the CAB Development Office because its development
of business models for affiliates' accounting services
and their operation have been established and are in place.
Some functions of the accounting department have been separated
and reorganized in order to newly establish the Financial
Internal Control Department and the CAB Development Office has
been renamed the Dealer Financial Services Department.
* Kiyoshi Fujiwara, who is currently occupying the General
Manager of Powertrain Development Division will also become
the General Manager for the Powertrain Planning Department.
* Yoshinobu Kido, who is now the General Manager of
Powertrain System Development Dept. will be the Staff
Manager of Powertrain Development Division by the start of
2008.
* Masamitsu Koike, currently the General Manager of
Powertrain Planning Dept, will become the General Manager
of Drivetrain Development Dept.
* Toshiyuki Kikuchi, currently the General Manager of
Drivetratin Development Dept., is appointed to be the
General Manager of Powertrain System Development Dept.
* Tetsuya Fujimoto, the General Manager of the Accounting
Dept. will also be the Deputy General Manager.
* Akihiko Nakajima, the Staff Manager of the Accounting
Dept., will become the General Manager of Financial
Internal Control Dept.
* Naomitsu Morishima, Staff Manager of CAB Development
Office, will be the General Manager of the Dealer Financial
Services Dept.
About Mazda Motor
Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles. The company
manufactures passenger cars and commercial vehicles. Mazda
Motor distributes its products in both domestic and overseas
markets. The company has 58 subsidiaries. It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China. The Company has a global network.
* * *
In April 2007, Standard & Poor's Ratings Services raised Mazda
Motor Corp.'s long-term corporate credit rating and the
company's long-term senior unsecured debt to:
* Corporate Credit Rating: BB /Stable/; and
* Company's Long-term Senior Unsecured Debt: BB+
S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile. Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy. The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates. Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving. Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer. The company also
has excellent product engineering capabilities.
MAZDA MOTOR: Domestic Sales for November 2007 Up 2.3%
-----------------------------------------------------
Mazda Motor Corporation reports that its domestic sales for
November 2007 climbed 2.3% with 18,799 units as compared to the
same month last year.
Domestic sales went up due to the sales boost coming from new
models such as the Mazda2, known as Demio overseas, and Mazda5
(Premacy), and steady sales of micro-mini models.
Demio's sales, from the previous year, surged 29.3% to 5,160
units, while Premacy sales for November 2007 increased to 2,017
units or an equivalent of 15.7%. Micro-mini models totaled
4,415 units, a 33.1% increase.
Passenger cars domestic sales went up 3.4% to 15,607 units and
commercial vehicles went down 2.9% to 3,192 units.
Mazda's registered vehicle market share was 4.8%, down 0.5
points over the same period last year, with a 2.9% share of the
micro-mini segment (down 0.9 points) and a 4.2% total market
share (down 0.1 points).
Total export for November 2007 gained 9.8% to 73,519 units due
to an increase in exports of the steady-selling Mazda2 and
increased shipement of Mazda CX-7 models bound for regions other
than North America.
Mazda's export to Europe totaled 27,129 units, followed by North
America totaling 23,364 units while exports to Oceania and other
regions (the Middle Ease, Central and South America_ were
steady.
About Mazda Motor
Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles. The company
manufactures passenger cars and commercial vehicles. Mazda
Motor distributes its products in both domestic and overseas
markets. The company has 58 subsidiaries. It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.
* * *
In April 2007, Standard & Poor's Ratings Services raised Mazda
Motor Corp.'s long-term corporate credit rating and the
company's long-term senior unsecured debt to:
* Corporate Credit Rating: BB /Stable/; and
* Company's Long-term Senior Unsecured Debt: BB+
S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile. Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy. The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates. Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving. Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer. The company also
has excellent product engineering capabilities.
MAZDA MOTOR: November 2007 Global Output Up 6.6% Year-on-Year
--------------------------------------------------------------
Mazda Motor Corporation posts a 6.6% year-on-year increase in
global production with 122,591 units for the month of November
2007.
Global production of passenger cars climbed 9.3% to 112,666
units as commercial vehicles slumped 16.7% to 9,925 units
compared to the same period last year.
Domestic production jumped 12.5% for November 2007 with 96,500
units due to increased production of the Mazda CX-7 and Mazda
CX-9 and added production of the Mazda2 (known as the Demio in
Japan) for the European market. Mazda's CX-7 production surged
54.4% year-on-year with 8,414 units and Demio's 16,877 units, up
290.9% from last year.
Overseas production dipped 10.8% to 26,091 units as compared to
November 2006 output of 26,828 units. Passenger cars production
is also down by 10.5% to 19,337 units, while commercial vehicles
decreased 11.4% to 6,754 units. Although overseas production of
the Mazda6 and Mazda3 was steady, the overseas output decreased
due to a decrease caused by the Familia and Premacy production
in China being attributed to FAW Haima, which has established
its own brand.
About Mazda Motor
Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles. The company
manufactures passenger cars and commercial vehicles. Mazda
Motor distributes its products in both domestic and overseas
markets. The company has 58 subsidiaries. It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.
* * *
In April 2007, Standard & Poor's Ratings Services raised Mazda
Motor Corp.'s long-term corporate credit rating and the
company's long-term senior unsecured debt to:
* Corporate Credit Rating: BB /Stable/; and
* Company's Long-term Senior Unsecured Debt: BB+
S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile. Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy. The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates. Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving. Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer. The company also
has excellent product engineering capabilities.
MOVIE GALLERY: Seeks Plan Solicitation & Tabulation Protocol OK
---------------------------------------------------------------
Movie Gallery Inc. and its debtor subsidiaries ask the U.S.
Bankruptcy Court for the Eastern District of Virginia to approve
their proposed plan solicitation and tabulation procedures.
The Debtors propose to serve the Disclosure Statement and the
Plan in CD-ROM format instead of paper format through the Voting
and Claims Agent, 28 days before the Voting Deadline.
The Debtors ask the Court to establish 4:00 p.m., Pacific Time
on the date that is approximately 10 calendar days before the
Confirmation Hearing, as the Voting Deadline.
The Debtors request that the Court establish Jan. 29, 2008, as
the Voting Record Date for determining:
(a) the holders of claims, including holders of bonds,
debentures, notes and other securities, that are
entitled to receive the Solicitation Package;
(b) the claimholders that are entitled to vote to accept the
Plan;
(c) whether claims have been properly assigned or
transferred to an assignee pursuant so that the Assignee
can vote; and
(d) the holders of 11% Senior Notes allowed to participate
in the Rights Offering.
Form of Ballots
The ballots, substantially based on Official Form No. 14 and
modified to include certain additional appropriate and relevant
information for the Voting Class, will be distributed to Holders
of Claims in Classes 3, 4, 5, 6, 7A, 7B, 7C, 7D, 7E and 7F.
Certain Nominees, including brokerage firms and banks that hold
relevant Securities rather than the Beneficial Holders, will
receive solicitation packages. The Master Ballots will also be
distributed to the Nominees and tabulated by the Securities
Voting Agent.
The Confirmation Hearing Notice will state the Voting Deadline.
Tabulation Procedures
Regarding general ballots, the Debtors propose that:
(a) untimely filed ballot or master ballot will be deemed as
invalid;
(b) the Debtors' Voting and Claims or the Securities Voting
Agent, as applicable, will (i) date and time-stamp all
Ballots and Master Ballots when received, and (ii)
retain the original ballots and master ballots and an
electronic copy of the same for a period of one year
after the Plan confirmation, unless otherwise ordered by
the Court;
(c) delivery of a ballot or master ballot to the Debtors'
Voting Agents, by facsimile, e-mail or any other
electronic means will not be valid;
(d) the Debtors will file the Voting Report with the Court
no later than five days prior to the Confirmation
Hearing;
(e) in case of multiple ballots or master ballots received
from the same claimholder with respect to the same
claim, the last ballot or master ballot will supersede
and revoke those that were earlier received;
(f) a ballot or a master ballot that partially rejects and
partially accepts the Plan will not be counted;
(g) in the event a designation for lack of good faith is
requested by a party-in-interest, the Court will
determine whether any vote to accept and reject the Plan
will be counted;
(h) a claim that has been estimated or otherwise Allowed for
voting purposes by a Court Order, will be temporarily
Allowed for voting purposes only and not for purposes of
allowance or distribution;
(i) ballots and master ballots will not be counted if they:
-- are illegible or contain insufficient information to
permit the identification of the Holder of the Claim;
-- are cast by an entity that does not hold a Claim
Voting Class;
-- are cast for a contingent, unliquidated or disputed
Claim, or for which the applicable Bar Date has
passed and no Claim was timely filed;
-- are unsigned;
-- are not marked to accept or reject, or marked both to
accept and reject the Plan; and
-- are submitted by any entity not entitled to vote
pursuant to the Procedures.
The rules with respect to the tabulation of master ballots and
ballots cast by Nominees and Beneficial Holders include:
(a) Votes cast by Beneficial Holders through Nominees will
be applied to the their positions held in Classes 6 and
7E as of the Record Date. Votes submitted by a
Nominee, whether pursuant to a master ballot or
prevalidated Ballot, will not be counted in excess of
the amount of the Securities;
(b) discrepancies with respect to conflicting votes or
"over-votes" will be reconciled by the Debtors with the
Nominees; and
(c) To the extent of the Nominee's position in Classes 6 and
7E, over-votes on a master ballot or prevalidated ballot
that are not reconciled prior to the preparation of the
vote certification, will be applied in the same
proportion as the votes to accept and to reject the
Plan.
About Movie Gallery
Headquartered in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer. The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.
It operates over 4,600 stores in the United States, Canada, and
Mexico under the Movie Gallery, Hollywood Entertainment, Game
Crazy, and VHQ banners.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853. Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors. Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel. The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.
The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.
The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008. The Debtors' exclusive plan filing period
expires on Feb. 13, 2008. (Movie Gallery Bankruptcy News, Issue
No. 12; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)
SHILOH INDUSTRIES: Earns US$4.3 Mil. in Quarter Ended Oct. 31
-------------------------------------------------------------
Shiloh Industries Inc. reported earnings of US$4.3 million in
the fourth quarter ended Oct. 31, 2007, compared to a net loss
of US$6.0 million in the year ago fourth quarter.
For the year ended Oct. 31, 2007, the company reported earnings
of US$9.5 million compared to fiscal 2006 earnings of US$7.1
million.
"Our fiscal year 2007 has been challenging with automotive
industry related decreases in production in response to general
uneasiness of consumer spending patterns," Theodore K. Zampetis,
president and CEO, said. 'The implementation of our capacity
rationalization program along with our alignment of costs to
anticipated customer requirements has helped us to minimize the
effect of reduced production volumes and improve profitability
during the fourth quarter. We also launched several new
programs during 2007 for Nissan, Chrysler and General Motors and
these programs are on models that are gaining acceptance in the
market place."
"We continue to evaluate our capacity rationalization program to
improve our capital and operational efficiencies. Combined with
our continuous analysis of the markets we serve and seek to
expand, we continue to explore new opportunities," added
Mr. Zampetis.
"During the fiscal year, Shiloh reinvested approximately
US$9.3 million in capital to support existing and new customer
programs and improve operational efficiency," Mr. Zampetis
continued. "At the same time, we were able to repay funds
borrowed for the special dividend of US$40.9 million in January
2007 and to further reduce total debt by US$8.9 million during
the year, giving us an ending debt balance of US$76 million."
"Our focus into 2008 remains on product quality, cost and
delivery," Mr. Zampetis said. "We are continuing to monitor our
customers' production schedules closely so that we can contain
expenses. We are also maintaining our focus on working capital
management in order to generate positive cash flow for future
investments and continued debt reduction."
Liquidity and Capital Resources
At Oct. 31, 2007, total debt was US$75,974 and total equity was
US$135,263, resulting in a capitalization rate of 36.0% debt,
64.0% equity. Current assets were US$140,255 and current
liabilities were US$119,240 resulting in working capital of
US$21,015.
Cash was generated by net income and by expenses charged to
earnings to arrive at net income that do not require a current
outlay of cash amounting to US$39,912 in fiscal 2007 compared to
US$43,525 in fiscal 2006. The decrease of US$3,613 reflected
increased net income, lower depreciation and amortization, lower
asset impairment charges and a reduction in the net deferred tax
liability position.
Working capital changes since Oct. 31, 2006, have provided funds
of US$22,039. Since Oct. 31, 2006, accounts receivable have
decreased by US$2,980. The decrease in accounts receivable
reflect the lower level of sales during fiscal 2007.
Inventory at Oct. 31, 2007, decreased by US$12,299 since the end
of fiscal 2006 and reflected the billing of funds incurred for
customer tooling programs and the adjustment of inventory levels
to current sales demand.
Capital expenditures in fiscal 2007 were US$9,262.
At Oct. 31, 2007, the company's balance sheet showed total
assets od US$341.11 million, total liabilities of US$205.85
million and total shareholders' equity of US$135.26 million.
About Shiloh Industries
Headquartered in Valley City, Ohio, Shiloh Industries
(NASDAQ:SHLO) - http://www.shiloh.com/-- is a manufacturer of
first operation blanks, engineered welded blanks, complex
stampings and modular assemblies for the automotive and heavy
truck industries. The company has 15 wholly owned subsidiaries
at locations in Ohio, Georgia, Michigan, Tennessee and Mexico,
and employs approximately 1,780.
* * *
Moody's Investor Service placed Shiloh Industries's probability
of default rating at 'B1' in September 2006. The rating still
holds to date with a stable outlook.
SR TELECOM: Sells Airstar & SR500 Product Lines to Duons Group
--------------------------------------------------------------
SR Telecom Inc. sold its legacy product lines to Duons Group, a
member company of the Vallee Group, based in Paris, France. The
deal substantially reduces SR Telecom's expenses and protects
the positions of some 28 employees in Montreal (Quebec), Canada
and Mexico City, Mexico, effective immediately.
The two-fold agreement, which ensures the safeguarding of
current customer needs, allows for Duons to:
1. purchase the Airstar and SR 500 product lines, as well as
all collateral assets, including the repair centers located
in Montreal and Mexico City. Airstar-related patents
remain the property of SR Telecom; Duons has been granted a
royalty-free license for Airstar.
2. assume the repair function of angel and symmetryONE
products.
"I am pleased to be able to make this announcement," states SR
Telecom President and CEO Serge Fortin, "as Duon's international
presence mirrors our own and enables them to provide timely
maintenance and repair of Airstar and SR500 products for
customers all over the world. The added bonus is they are also
capable of developing the products, should customers require it.
"Where symmetryONE is concerned, SR Telecom will be able to
benefit from economies of scale associated with the outsourcing
and, most importantly, reduce waiting times for customers
needing repair services."
Earlier this year, SR Telecom announced it would be disposing of
its legacy product lines, SR 500 and Airstar, to focus on its
WiMAX Forum-certified symmetryMX product line. During Q2 2007,
the Company issued a call for tenders for the products and
associated business of its legacy line. That process, which
concluded in September, resulted in the selection of Duons
Group.
About SR500
SR500 is a point-to-multipoint fixed wireless access system that
enabled users to deliver high-quality voice and data to remote
locations. Developed by SR Telecom and first introduced to the
market in 1987, it was the Company's flagship product for many
years. Traditionally, SR500 was used by two types of customers:
telephone companies who wanted to provide the highest quality
telephone lines to subscribers in primarily rural regions, and;
industrial companies who used the product to provide reliable
voice communications between offices as well as providing a
means to transfer data and provide Supervision Control and Data
Acquisition (SCADA) connections. In either case, SR500 was
capable of carrying voice and data services hundreds of
kilometres from the central exchange to the furthest subscriber.
SR500 contributed a major portion of SR Telecom's revenues until
recent years.
About Airstar
Airstar is a very high-capacity point-to-multipoint, line-of-
sight system for carrying data traffic. A Local Multipoint
Distribution Services (LMDS) product, Airstar is primarily used
by carriers to offer data connections (up to several megabits
per second) to a number of customers, generally businesses in an
urban area. In typical applications, Airstar would transport
these services to subscribers located three to ten kilometres
from the data node. Launched in 1998, Airstar became part of SR
Telecom's product offering in 2003, when the company acquired
Netro Corporation.
About Duons Group
Duons Group specializes in Engineering, Support and Maintenance,
providing industrial businesses with the services they need for
the design, deployment, maintenance and future proofing of their
systems. Duons has been providing everyday systems management
support to small and medium-sized businesses and large
manufacturing groups alike for over a decade. It is a member of
the Vallee Group since 2003. Duons serves customers in more
than 70 countries from locations in France, Australia and the
Americas. The Duons group currently has more than two hundred
employees, 90% of whom are highly qualified engineers and
technicians.
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 CDN83.9 million in total assets and CDN97.9 million
in total liabilities, resulting in a CDN14.0 million total
stockholders' deficit.
SR Telecom obtained an order from the Quebec Superior Court to
extend to Feb. 29, 2008, the period of the Court-ordered stay of
proceedings against the company under the Companies' Creditors
Arrangement Act (Canada). SR Telecom filed for creditor
protection under CCAA on Nov. 19, 2007.
===============
P A R A G U A Y
===============
MILLICOM INT'L: Telecel Eyes 2.6-Million Subscribers by Year-End
----------------------------------------------------------------
Millicom International Cellular's Paraguayan mobile operator
Telecel's general manager Miguel Blasco told news daily La
Nacion that the firm would have about 2.6 million clients by
year-end, compared to the two million clients estimated for the
end of 2007.
Business News Americas relates that Telecel reported 1.83
million subscribers at the end of the third quarter 2007.
According to La Nacion, the Paraguayan mobile market would have
some four million clients by the end of 2007, which was
estimated to increase by 20% by the end of this year.
Telecel would invest some US$100 million this year mainly for
the expansion of its network, Mr. Blasco told BNamericas.
Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa. It currently has cellular operations and licenses in 16
countries. The Group's cellular operations have a combined
population under license of around 391 million people.
The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras. The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay. The population under license in South
America at December 2005 is 15.2 million.
* * *
As reported in the Troubled Company Reporter-Latin America
Nov. 16, 2007, Moody's Investors Service has upgraded ratings of
Millicom International Cellular S.A. The corporate family
rating was upgraded to Ba2 from Ba3 and the rating on the
existing senior notes was upgraded to B1 from B2. Moody's said
the outlook on the ratings is stable.
=======
P E R U
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EMPRESA ELECTRICA: 3rd Power Supply Auction Void, Regulator Says
----------------------------------------------------------------
Empresa Electrica del Norte Grande S.A. said in a statement that
the Peruvian power regulator Osinerg has declared void the third
power supply auction the company launched with power distributor
Luz del Sur.
According to Empresa Electrica's statement, Osinerg nullified
the acution process after the only bidders -- Enersur and
Electroperu -- exceeded the maximum power selling price.
Luz del Sur's "maximums were 196 megawatts for 2008 and 314
megawatts for 2009." Empresa Electrica wanted a maximum of 442
megawatts for 2008 and 2009, Business News Americas relates.
About Luz del Sur
Headquartered in Lima, Peru, Luz del Sur S.A.A. is an electric
power distribution company. It provides service to over 785,000
clients across the commercial, residential and public services
sectors. Its zone of concession measures 3,000 square
kilometers and cover 30 municipalities of southern Lima. The
company has nine customer serving branches strategically located
in the area of its concession. In addition, a 24-hour telephone
service, Fonoluz, is available to all customers. The company
also operates three primary subsidiaries: Edecanete S.A., Luz
del Sur International AVV, located in Aruba, and Inmobiliaria
Luz del Sur S.A. The company's primary shareholder is Ontario
Quinta S.R.L., which holds 61.16% of its shares.
About Empresa Electrica
Heaquartered in Chile, Empresa Electrica Del Norte Grande S.A.
(aka Edelnor) -- http://www.edelnor.cl/-- is principally
engaged in the generation, transportation, distribution and
supply of electricity. Edelnor is also engaged in the purchase,
transportation and sale of all types of fuel: liquid, solid and
gaseous. The company offers advising services in engineering
and management, as well as maintenance and repair of electronic
systems.
As reported in the Troubled Company Reporter-Latin America on
Dec. 21, 2007, Standard & Poor's Ratings Services raised the
ratings on Empresa Electrica del Norte Grande S.A. to 'BB-' from
'B+' mainly due to the company's improved financial risk
profile, which is partly evidenced by its significantly higher
debt-service coverage ratios and its US$66 million cash reserves
as of Sept. 30, 2007. S&P said the outlook was positive,
reflecting expected good and more stable cash flow generation in
the next two years partly as a result of its increased medium-
and long-term power sale contracts at relatively high prices.
=====================
P U E R T O R I C O
=====================
AMS HEALTH: Files Bankruptcy Petition Over McCarty Judgment
-----------------------------------------------------------
AMS Health Sciences Inc. has sought the protection of the U.S.
Bankruptcy Court for the Western District of Oklahoma by filing
a Chapter 11 petition for reorganization. The filing, according
to AMS, was due to the verdict and subsequent judgment rendered
against the company in its November 2007 jury trial relating to
a 2005 acquisition of Heartland Cup Inc.
Acquisition of Heartland Cup
In September 2005, AMS Manufacturing Inc., a wholly owned
subsidiary of the company, acquired approximately 83% of the
capital stock of Heartland Cup Inc., a manufacturer of Styrofoam
cups located in Allen, Oklahoma. The acquisition was effected
through the purchase of shares from Truett McCarty, Heartland's
controlling stockholder, who received shares of the company's
common stock in consideration for the stock purchase.
Over the following 15 months, the company loaned approximately
US$2,400,000, substantially all of its cash reserves, to
Heartland to support the newly acquired subsidiary's ongoing
manufacturing operations.
Suit Against McCarty
On Feb. 6, 2006, the company and AMS Manufacturing filed a
lawsuit against Mr. McCarty in the District Court of Oklahoma
County, Oklahoma.
The AMS entities alleged that Mr. McCarty defrauded them in the
sale of his stock in Heartland by failing to disclose the true
amount of Heartland's accounts payable as well as a long-term
liability of Heartland. In addition, the AMS entities alleged
that this failure was a breach of the stock purchase agreement
signed by Mr. McCarty.
Mr. McCarty filed an answer denying the AMS entities'
allegations and alleging that he had been defrauded with regard
to the value of the AMS stock he received in exchange for his
interest in Heartland. Additionally, Mr. McCarty alleged that
the AMS entities had breached the terms of the stock purchase
agreement by failing to take steps to remove Mr. McCarty as
guarantor of certain promissory notes, that the AMS entities had
tortiously interfered with a promissory note between Mr. McCarty
and Heartland and that the AMS entities had tortiously
interfered with an employment agreement between Mr. McCarty and
Heartland.
Mr. McCarty also sought to reform the stock purchase agreement
in numerous respects, and to pierce the corporate veils of the
Company and AMS Manufacturing in order to hold them liable for
any breach by Heartland of the promissory note and employment
agreement between Heartland and Mr. McCarty.
Dismissal of AMS' Fraud Claim
On Nov. 1, 2007, after the court had dismissed the AMS entities'
fraud claim, the jury returned its verdict, which was later
reduced to a judgment signed by the court and filed on
Dec. 17, 2007. The jury denied the AMS entities' breach of
contract claim against Mr. McCarty, found in Mr. McCarty's favor
on his claim against the AMS entities for breach of the stock
purchase agreement and found that Mr. McCarty was entitled to
US$800,000 against the company on his breach of contract claim.
In addition, the jury found that Heartland had breached the
employment agreement with Mr. McCarty and found that Mr. McCarty
was entitled to US$368. The jury also found that Heartland
breached its promissory note with Mr. McCarty and that Mr.
McCarty was entitled to US$185,000. The jury found that the
corporate veils of the Company and its subsidiaries should be
pierced.
The court allowed the jury to consider a fraud claim by Mr.
McCarty against the AMS entities, even though the court had
previously granted summary judgment in the AMS entities' favor
on Mr. McCarty's fraud claim against them. The jury found for
Mr. McCarty on the fraud claim, but did not award any additional
actual damages for the claim. The jury returned a verdict in
the AMS entities' favor on Mr. McCarty's claim for tortious
interference and to reform the stock purchase agreement and, as
noted above, awarded Mr. McCarty no damages on his claim against
AMS for fraud.
AMS Contests Against Verdict
The company believes that certain legal errors rendered the
verdict and judgment improper. The company has identified
approximately 19 substantive points of error that it believes
occurred in the trial and intends to pursue them in an appeal of
the judgment.
Since the company did not have the cash resources to satisfy the
judgment rendered against it or to post an appellate bond
pending the appeal of the judgment, every effort was made to
settle and compromise Mr. McCarty's claim.
Bankruptcy Filing
AMS states that Mr. McCarty was repeatedly advised of the
company's financial condition and that it would not be able to
satisfy or respond to any efforts to enforce the judgment.
Notwithstanding these repeated warnings and settlement efforts,
Mr. McCarty declined to withhold or defer his right, in the
absence of an appellate bond, to seek collection of the
judgment.
As a result, the company said it has been forced to seek
bankruptcy protection.
The company believes the action is in the best interests of the
company and the direct selling network that markets AMS
products.
Without the filing of the Chapter 11 petition, which operates to
stay all proceedings or attempts to enforce existing judgments,
AMS argues that Mr. McCarty could attempt to disrupt the day-to-
day operation of AMS by enforcing his judgment on the company's
assets. The company's filing for the protection of the U.S.
Bankruptcy Court was supported by its secured lender, Laurus
Captial Management LLC.
About AMS Health Sciences
Oklahoma City-based AMS Health Sciences Inc. (OTC BB: AMSI)
-- http://www.amsonline.com/-- sells more than 60 natural
nutritional supplements, weight management products, and natural
skincare products through independent distributors across the
U.S. and Canada. The company has operation in Puerto Rico.
AMS HEALTH: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor: A.M.S. Health Sciences, Inc.
711 Northeast 39th Street
Oklahoma City, OK 73105
Bankruptcy Case No.: 07-14678
Type of Business: The Debtor's 60 products consist of dietary
supplements, weight management products, and
hair and skin care products-- all of which are
manufactured by third parties. A network of
11,000 independent distributors sell the
products in Canada, Puerto Rico and the U.S.
Its products are sold under the Advantage,
A.M.S., Prime One, and ToppFast brands. It
also markets and sells promotional material to
its distributors. See
http://www.amsonline.com/
Chapter 11 Petition Date: Dec. 27, 2007
Court: Western District of Oklahoma (Oklahoma City)
Judge: Richard L. Bohanon
Debtor's Counsel: Shaun T. Riley, Esq.
Resides & Resides, P.L.L.C.
615 North Broadway, Suite 203
Oklahoma City, OK 73102-6201
Tel: (405) 605-6547
Fax: (405) 605-6577
Total Assets: US$6,800,000
Total Debts: US$3,400,000
Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
------ --------------- ------------
Truett McCarty Judgment US$984,000
R.R. 1 Box 348
Allen, OK 74825
John Hail Supplemental US$303,296
3809 Coachman Retirement
Edmond, OK 73013
U.P.S. 7X3444 Trade debt US$77,991
Lockbox 577
Carol Stream, IL 60132-0577
McAfee & Taft Trade debt US$74,761
Pouchtec Industries, L.L.C. Trade debt US$53,479
Oklahoma County Treasurer Tax US$31,827
Vaughn Feather Trademark Dispute US$49,000
Settlement
Day Edwards Prosper & Trade debt US$29,951
Christensen, P.C.
Nexgen Pharma, Inc. Trade debt US$20,196
Royce & Janet Britt Lawsuit Settlement US$16,000
Cole and Reed P.C. Trade debt US$13,355
H.S.P.G. & Associates, P.C. Trade debt US$10,355
Community Care H.M.O. Trade debt US$9,080
eTech Solutions Trade debt US$8,416
Naturtech Trade debt US$8,388
Maier & Co., Inc. Trade debt US$6,595
The Oil Center Trade debt US$6,554
James Fields & Associates Trade debt US$6,549
Connectship, Inc. Trade debt US$6,290
Standley Systems Trade debt US$4,115
COOPER COS: Sets March 18 Annual Meeting of Stockholders
--------------------------------------------------------
The Cooper Companies Inc. will hold its next annual meeting of
stockholders on March 18, 2008, at 10:00 a.m., at the offices of
Latham & Watkins in New York City. Stockholders of record as of
the close of business on Feb. 4, 2008 will be eligible to vote
on matters presented in the company's proxy statement, including
electing its slate of directors. The company plans to mail its
proxy statement on or about Feb. 11, 2008.
With corporate offices in Lake Forest and Pleasanton,
California, The Cooper Companies, Inc. --
http://www.coopercos.com/-- (NYSE:COO) manufactures and markets
specialty healthcare products through its CooperVision and
CooperSurgical units.
CooperVision -- http://www.coopervision.com/-- manufactures and
markets contact lenses and ophthalmic surgery products.
Headquartered in Lake Forest, Calif., it has manufacturing
operations in Albuquerque, New Mexico, Juana Diaz, Puerto Rico,
Norfolk, Virginia, Rochester, New York, Adelaide, Australia,
Hamble and Hampshire England, Ligny-en-Barrios, France, Madrid,
Spain and Toronto.
CooperSurgical -- http://www.coopersurgical.com/-- manufactures
and markets diagnostic products, surgical instruments and
accessories to the women's healthcare market. With headquarters
and manufacturing facilities in Trumbull, Conn., it also
manufactures in Pasadena, Calif., North Normandy, Illinois, Fort
Atkinson, Wisconsin, Montreal and Berlin.
Proclear(R) and Biomedics(R) are registered trademarks and
Biomedics XC(TM) and Biofinity(TM) are trademarks of The Cooper
Companies, Inc., and its subsidiaries or affiliates.
* * *
As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2007, Moody's Investors Service revised Cooper
Companies Inc.'s ratings outlook to negative from stable.
Additionally, Moody's downgraded the company's speculative grade
liquidity rating to SGL-2 from SGL-1. Concurrently, Moody's
affirmed the company's Ba3 corporate family rating, Ba3
probability of default rating and Ba3 rating on the $350 million
senior unsecured notes due 2015.
LIN TV: Fails to Reach Agreement with Suddenlink Communications
---------------------------------------------------------------
LIN TV Corp. has not reached an agreement with cable provider
Suddenlink Communications. As a result, Suddenlink discontinued
carriage of LIN TV's KXAN-TV in the Austin market and KBIM-TV in
the Albuquerque market when the current contract expired on
Dec. 31, 2007.
LIN TV has successfully reached agreements with other
subscription-based television services, including cable
operators, telephone companies and satellite providers, all of
whom have acknowledged the fair market value of LIN TV's
stations.
"Local broadcast stations are among the most important channels
cable operators provide," said LIN TV's Executive Vice President
Digital Media Gregory M. Schmidt. "Suddenlink charges its
customers a fee for local broadcast stations and our stations
deserve a fair share of that, so we can continue providing the
premium news, sports, entertainment, and other local programming
that is most important to our viewers."
Headquartered in Providence, Rhode Island, LIN Television Corp.
(NYSE: TVL) -- http://www.lintv.com/-- owns and operates 31
television stations in 18 mid-sized markets in the United States
and Puerto Rico. The company had US$866.4 million of debt as of
Sept. 30, 2007.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2007, Standard & Poor's Ratings Services affirmed its
ratings on LIN TV Corp., including the 'B+' corporate credit
rating, and revised the outlook to stable from negative.
MACY'S INC: To Close Nine Stores in Six States
----------------------------------------------
Macy's Inc. will be closing nine underperforming Macy's stores
in:
* Washington Square, Indianapolis, IN (152,000 square feet;
90 employees; opened in 1974);
* Prien Lake Mall, Lake Charles, LA (116,000 square feet;
75 employees; opened in 2003);
* Rolling Acres Mall, Akron, OH (103,000 square feet; 84
employees; opened in 1978);
* Canton Centre, Canton, OH (120,000 square feet; 76
employees; opened in 1968);
* Randall Park Mall, North Randall, OH (184,000 square feet;
91 employees; opened in 1976);
* Crossroads Mall, Oklahoma City, OK (153,000 square feet;
84 employees; opened in 1986);
* Valley View Center, Dallas, TX (300,000 square feet; 132
employees; opened in 1973);
* Sharpstown Center, Houston, TX (308,000 square feet; 172
employees; opened in 1961);
* Family Center at Riverdale, Riverdale, UT (140,000 square
feet; 95 employees; opened in 2003).
Final clearance sales at those stores will begin on varying
schedules within the next several weeks.
"While the decision to close stores is difficult, it is
necessary that we do so selectively in locations with declining
sales and where we have been unable to identify sufficient
growth opportunities," said Terry J. Lundgren, chairman,
president and chief executive officer of Macy's Inc. "At the
same time, we continue to open new Macy's store locations in
communities where we believe we can operate successfully."
The company opened 10 new stores and one furniture gallery in
2007. In 2008, Macy's Inc. expects to open five stores, with an
additional six to eight new locations currently planned for
2009.
Associates displaced by store closings will be offered positions
in nearby stores where possible. Associates who are laid off in
the process will be provided severance benefits and outplacement
assistance.
About Macy's Inc.
Headquartered in Cincinnati and New York, Macy's Inc. (NYSE: M)
-- http://www.fds.com/-- is one of the nation's premier
retailers, with fiscal 2006 sales of US$27 billion. The company
operates more than 850 department stores in 45 states, the
District of Columbia, Guam and Puerto Rico under the names of
Macy's and Bloomingdale's. The company also operates macys.com,
bloomingdales.com and Bloomingdale's By Mail. Prior to
June 1, 2007, Macy's Inc. was known as Federated Department
Stores Inc.
* * *
As reported on Oct. 23, 2007, Moody's Investors Service affirmed
all ratings of Macy's Inc., including its long term rating of
Baa2, Prime 2 short term rating, and (P)Ba1 Preferred shelf
rating but changed the outlook to negative from stable. The
change in outlook was prompted by the continuing negative
comparable store sales in the former May doors, credit metrics
that are at the trigger points cited in Moody's Credit Opinion
of Feb. 28, 2007, for a downgrade, and the uncertain outlook on
consumer spending that could further delay improvement in the
former May stores' performance.
MIGUEL PEREZ: Case Summary & Eight Largest Unsecured Creditors
--------------------------------------------------------------
Debtors: Miguel A Colon Perez
Anabelle Quiles Jimenez
dba MC Refrigeration
dba Panaderia San Jose
Urb Lago Horizonte
3506 Calle Diamante
Coto Laurel, PR 00780
Bankruptcy Case No.: 07-07532
Chapter 11 Petition Date: Dec. 21, 2007
Court: District of Puerto Rico (Old San Juan)
Judge: Brian K. Tester
Debtors' Counsel: Modesto Bigas Mendez, Esq.
Bigas & Bigas
P.O. Box 7462
Ponce, PR 00732
Tel: (787) 844-1444
Estimated Assets: US$0 to US$10,000
Estimated Debts: US$1 Million to US$100 Million
Debtors' list of its Eight Largest Unsecured Creditors:
Entity Claim Amount
------ ------------
Banco Popular US$1,118,249
P.O. Box 362708
San Juan, PR 00936-2708
Westernbank US$759,484
Departamento de Cobros
P.O. Box 1180
Mayaguez, PR 00681-1180
Miguel Anadon Mirabal US$617,000
Urb La Rambla
1734 Calle Siervas De Maria
Ponce, PR 00730
Jose Mercado Perez US$400,000
c/o Alfonso J. Gomez Roubert
2128 Avenue Las Americas
Ponce, PR 00717
El Bodegon de San Jose Inc US$115,000
Ford Credit US$46,275
Bank of America US$24,000
American Express Corp US$19,754
=================
V E N E Z U E L A
=================
CHRYSLER LLC: CEO Provides Confidence in Operations & Finances
--------------------------------------------------------------
"There have been several recent media reports that have painted
an inaccurate picture of Chrysler LLC's current financial
position," Robert Nardelli, Chrysler LLC's Chairman and CEO,
said. "Therefore, the management of Chrysler and our parent
company, Cerberus Capital Management, L.P., felt it imperative
to correct the record since such misinterpretations and
misperceptions are misleading and could leave the wrong
impression in the minds of investors and other interested
parties.
"First and foremost, it is important to note that Chrysler is
not only meeting, but, in many cases, exceeding its financial
targets heading into 2008.
"Importantly, Chrysler has ample liquidity. We are fully funded
with working capital to meet our present and future needs and
objectives. We are doing what any other prudent company is
doing during this challenging economic environment. We are
trying to instill a sense of urgency throughout the workforce,
putting our capital to work effectively and efficiently,
streamlining inventory, improving current products and
developing new and innovative vehicles. Our dealer body is
quite pleased that our inventory of vehicles was down another 4%
in November.
"In a 13-hour meeting this week with the Cerberus board of
directors, Cerberus praised and was highly complimentary of
Chrysler's progress to date and unanimously approved our 2008
plan. We have a solid strategic direction to return the company
to long-term profitability. We are on target and have the
unwavering support of Cerberus, as well as our other key
partner, Daimler AG.
"Cerberus met with its investors on Dec. 20, 2007, to share the
progress that has been made and to convey to these investors
that the company was meeting -- and in many cases -- exceeding
its targets. The report was well received.
"Like many companies in today's uncertain economic environment,
Chrysler is moving aggressively to improve its business. We
recognized in advance the increasingly competitive vehicle
market heading into 2008. With that, we have been moving
aggressively to make our company leaner. The steps we are
taking include previously announced volume-related reductions at
several North American assembly and powertrain plants and the
elimination of four products from our lineup, which is very
customary in the auto industry.
"However, we are very excited about the new products coming in
2008. These include the legendary Dodge Ram pickup truck, the
Dodge Journey crossover, the relaunch of the historic Dodge
Challenger -- which has already generated 8,851 customer orders
-- and two, all-new, large hybrid SUVs, the Chrysler Aspen and
the Dodge Durango, demonstrating our support for the environment
and more fuel-efficient vehicles.
"For our current vehicle line-up we have already approved more
than 260 line item improvements to enhance our products -- most
for the 2008 calendar year.
"The recently completed national labor agreement with the United
Auto Workers -- which includes the establishment of an
independent retiree health care trust -- provides a framework to
improve the long-term competitiveness of the company.
"Since August and the first day of the new company, the
management team has been working to improve Chrysler's working
capital, disposing of non-core (or non-earning) assets and
reinvesting this cash into product development, new technology
and new innovations for our customers."
Mr. Nardelli's statement can be attributed to Mark Neporent,
Chief Operating Officer and General Counsel of Cerberus Capital
Management L.P.:
"We remain extremely enthusiastic about our investment in
Chrysler. Our underwriting assumed, and fully planned, that
Chrysler would incur losses in the near term. Under the
leadership of Bob Nardelli, Tom LaSorda and Jim Press, Chrysler
is already on track to exceed its multi-year restructuring and
recovery plan on virtually all-key metrics. We met with the
management team this week and fully endorse their strategic
direction and their plan to meet the challenges of the current
environment. We are confident that Bob, Jim and Tom are taking
the right steps to bring Chrysler to profitability. Our mutual
resolve to restore Chrysler to its leadership position as an
iconic brand is unwavering."
About Chrysler LLC
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2007, Standard & Poor's Ratings Services revised its
recovery rating on Chrysler's US$2 billion senior secured
second-lien term loan due 2014. The issue-level rating on this
debt remains unchanged at 'B', and the recovery rating was
revised to '3', indicating an expectation for meaningful (50% to
70%) recovery in the event of a payment default, from '4'.
PETROLEOS DE VENEZUELA: Closes Tender Offer & Solicitations
-----------------------------------------------------------
Petroleos de Venezuela S.A. has completed its previously
announced tender offer for any and all of the outstanding
-- 7.33% bonds due 2009 (CUSIP Nos. 156877AA0/G2025MAA9; ISIN
No. USG2025MAA92),
-- 7.90% Bonds due 2020 (CUSIP Nos. 156877AB8/G2025MAB7; ISIN
No. USG2025MAB75), and
-- 8.03% bonds due 2028 (CUSIP Nos. 156877AC6/G2025MAC5; ISIN
No. USG2025MAC58),
issued by Cerro Negro Finance, Ltd., in connection with the
Cerro Negro extra heavy crude oil project in the Orinoco Belt
region, and the related consent solicitation.
Based on information provided by the depositary for the tender
offer and consent solicitation, as of the expiration date at 12
midnight, New York City time, on Dec. 27, 2007, a total of US$
465,809,800 aggregate principal amount of Bonds, representing
99.11% of the aggregate principal amount of outstanding Bonds,
were validly tendered, and the consents related thereto were
validly delivered. In accordance with the terms of the tender
offer and consent solicitation, PDVSA has purchased all of the
Bonds validly tendered, for a total purchase price of US$
501,140,755.74, which includes US$ 32,595,564.55 consisting of a
premium over par, and accrued and unpaid interest to, but not
including, the payment date. Payment of the purchase price was
made.
PDVSA also announced that it has repaid all of the outstanding
indebtedness owed to the bank lenders under the senior project
loan agreement that was part of the Cerro Negro project
financing and obtained the bank lenders' consent to the
termination agreement.
As a result of obtaining the required consents from the holders
of the Bonds and the bank lenders, PDVSA and the other
participants in the Cerro Negro project have executed a
supplemental indenture and a termination agreement which:
(i) eliminate substantially all of the restrictive covenants
and events of default in the indenture pursuant to which
the Bonds were issued and the common security agreement
and other financing documents related to the Bonds
(other than arising from payment defaults and failure to
comply with provisions of the indenture as amended or
the Bonds),
(ii) release all of the collateral and security interests
securing the Bonds,
(iii) eliminate certain other covenants in the common security
agreement and the other financing documents,
(iv) terminate the common security agreement and other
financing documents,
(v) waive any and all prior and existing defaults under the
indenture, the common security agreement and the other
financing documents, and
(vi) rescind any prior or existing notices of default
delivered pursuant to the indenture and the common
security agreement.
The tender offer and consent solicitation were made pursuant to
an Offer to Purchase and Consent Solicitation Statement, dated
Nov. 29, 2007 and related Consent and Letter of Transmittal.
Lazard Freres & Co. LLC was the Dealer Manager and Solicitation
Agent for the tender offer and consent solicitation. Global
Bondholder Services Corporation was the Depositary and
Information Agent.
About Petroleos de Venezuela
Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad. The company has a commercial office in China.
* * *
In March 2007, Standard & Poor's Ratings Services assigned its
'BB-' senior unsecured long-term credit rating to Petroleos de
Venezuela S.A.'s US$2 billion notes due 2017, US$2 billion notes
due 2027, and US$1 billion notes due 2037.
PETROLEOS DE VENEZUELA: Restarts Amuau Plant Flexicoker Unit
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that its Amuau plant at the Paraguana complex in
Falcon has restarted its flexicoker unit after scheduled
maintenance.
Business News Americas relates that Amuau was shut down on Sept.
29 for the maintenance. Repairs were concluded 55 days later.
Petroleos de Venezuela told BNamericas that the maintenance was
the largest undertaking of its kind at the complex.
While the flexicoker unit was shut down, the complex received an
additional 30 million cubic of natural gas on top of the 115
million cubic feet per day it usually receives from the firm,
Petroles de Venezuela said in a statement.
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.
* * *
In March 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: Cantv Launching GSM Mobile Telephony Overlay in May
----------------------------------------------------------------
Venezuelan state-run telecom firm Cantv's head Socorro Hernandez
told government news agency Agencia Bolivariana de Noticias that
the company would launch its GSM mobile telephony overlay in
May.
Cantv mobile subsidiary Movilnet's code division multiple access
platform would continue, Business News Americas relates, citing
Mr. Hernandez.
Mr. Hernandez told BNamericas that Cantv would interconnect all
of its fiber optic networks in Venezuela by year-end to boost
capacity.
BNamericas notes that Cantv's network will expand to 14,000
kilometers, taking into account networks owned by:
-- state-owned generation firm Edelca,
-- power utility Cadafe,
-- power utility EDC,
-- state oil company Petroleos de Venezuela, and
-- state-owned telco Telecom Venezuela.
Cantv would participate in an auction to install a 5,000-
kilometer fiber optic network in Llanera, BNamericas states,
citing Mr. Hernandez.
As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch
said the rating outlook is stable.
* VENEZUELA: Two Oil Derricks Arrive in Ecuador
-----------------------------------------------
Under the agreements on energy cooperation entered into by
President of the Bolivarian Republic of Venezuela Hugo Chavez
and his Ecuadorian counterpart Rafael Correa, the first
Venezuelan rig arrived in the province of Esmeraldas, on the
north-western coast of Ecuador.
Two Venezuelan derricks will be sent to the Andean nation in
order to increase the output in the oilfields operated by
Petroproduccion, a subsidiary of state-run oil company
Petroecuador. The second drill, similar to the first one, will
arrive in the first quarter of 2008.
The prospecting and drilling rigs are set to drill four
directional wells property of Ecuador in the Ecuadorian Amazon,
sector Guanta 01, 25 kilometers from Lago Agrio. Based on the
estimates, about 10,000 bpd will be drilled with this equipment.
Ecuador's Minister of Energy and Mines Galo Chiriboga noted the
benefits of this action for his country. Thanks to the
solidarity of both countries; non-consideration and tax
exemption by Venezuela will result in significant savings for
Ecuador.
The shipment onboard Panamanian-flagged ship Indian Clipper V-01
is composed of 1,874 parts of more than 1,700 tons. Arrival and
transportation of the machinery are monitored by an expert team
of eight members appointed by Petroleos de Venezuela, S.A.
The arrival of this equipment in Ecuador shows Presidents Hugo
Chavez's and Rafael Correa's readiness to meet the principal
goals of the agreements executed, namely to:
* attain economic and social development;
* fight and eradicate poverty, and
* strengthen a democratic, participatory and leading
political system based on the principles of solidarity,
complementation and mutual support.
These agreements reaffirm the peoples' right to have access to
energy resources through a new scheme based on a favorable,
equitable and fair exchange.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch
said the rating outlook is stable.
***********
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 Rita K. Jala, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2746.
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