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, February 28, 2008, Vol. 9, No. 42 Headlines A R G E N T I N A ALITALIA SPA: Denies Seeking EUR300-Million Bridge Loan ALITALIA SPA: January Traffic Shows Year-on-Year Decrease CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones DEYCO SA: Proofs of Claim Verification Deadline Is March 26 EN-PLASTIC SA: Proofs of Claim Verification Is Until April 29 FORD MOTOR: Nudges Woodhaven Workers to Accept Buyout Options GETTY IMAGES: Signs Merger Pact With Hellman & Friedman GETTY IMAGES: S&P Cuts Rating on US$2.4B Hellman & Friedman Deal GETTY IMAGES: US$2.4-BB Hellman Deal Cues Moody's Rating Review MOLINOS ARRECIFES: Trustee Will Verify Claims Until March 14 ONE STEP: Proofs of Claim Verification Deadline Is April 21 OS SA: Trustee Will Verify Proofs of Claim Until March 14 OSCAR SERRANI: Trustee Will Verify Claims Until March 14 PAPELERA LA HELICE: Court Concludes Reorganization SUN MICROSYSTEMS: Closes MySQL Acquisition for US$1 Billion B E R M U D A FOSTER WHEELER: Reports US$78.1-Mln Net Income in Fourth Quarter INTELSAT LTD: Gets Hughes HX System for Ku-band Maritime Service INTELSAT LTD: Reaches Multi-Transponder Deal With Russian TV INTELSAT LTD: Signs Backhaul Solution Deal With Hughes Brazil B R A Z I L AMC ENTERTAINMENT: Fitch Publishes Review of Recovery Ratings BANCO DAYCOVAL: Net Income Up 128.7% to BRL231 Million in 2007 BANCO DO BRASIL: Earns BRL1.22 Billion in Fourth Quarter 2007 BANCO NACIONAL: Okays Creation of Fundo Brasil Sustentabilidade BERTIN LTDA: S&P Holds Corp. Credit Rating at B+ Pending Review CA INC: Will Pay US$0.04 Per Share Dividend Due on March 28 ENERGIAS DO BRASIL: Launches Enernova GENERAL MOTORS: Monitoring American Axle Workers' Strike GOL LINHAS: Unit Signs Interline Agreement With Iberia HUGHES NETWORK: Signs All Systems as Service Distributor HUGHES NETWORK: Unit Inks Backhaul Solution Pact With Intelsat LAZARD LTD: Gets US$100-Mil. Share Repurchase Authorization VISTEON CORPORATION: Steven Hamp to Rejoin Board of Directors C A Y M A N I S L A N D S AMAPROP MASTER: Proofs of Claim Filing Deadline Is March 7 AMARANTH HELIX: Proofs of Claim Filing Ends on March 7 AMULET LIMITED: Proofs of Claim Filing Is Until March 7 ATLAS CAPITAL: Proofs of Claim Filing Deadline Is March 7 BEAR STEARNS: Investors Try to Reverse Liquidation Decision ISOTOPE LIMITED: Proofs of Claim Filing Deadline Is March 7 C H I L E EASTMAN KODAK: Fitch Revises Outlook to Stable from Negative FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007 C O L O M B I A DOLE FOOD: Moody's Cuts Rating to 'B3' on Weak Performance * Euler Hermes Launches Operations in Colombia E C U A D O R PETROECUADOR: Setting Up Company With Petroleos de Venezuela PETROECUADOR: Willing to Compensate City Oriente E L S A L V A D O R HERBALIFE LTD: Earns US$191.5 Million in Year Ended Dec. 31 G U A T E M A L A LAND O'LAKES: Earns US$5.5 Million in Quarter Ended December 31 J A M A I C A AIR JAMAICA: To Offer Four US-Jamaica Daily Non-stop Flights M E X I C O AMERICAN AXLE: UAW Labor Contract Ends Sparking Workers' Strike AMERICAN AXLE: S&P Says Strike Has No Immediate Rating Effect AXTEL SAB: Earns MXN491 Million in 2007 AXTEL SAB: Reports Correction in Earnings Per CPO CARDTRONICS INC: Signs ATM Branding Deal With Old Point CLEAR CHANNEL: Wachovia's Lawsuit May Derail New TV Sale Deal DESARROLLADORA HOMEX: Net Income Up to MXN734MM in 4th Qtr. 2007 FIRST DATA: Inks Multi-Year Contract With Wells Fargo GRUPO CASA: Net Profit Drops 2.7% to MXN383.9MM in 4th Qtr. 2007 GRUPO MEXICO: Says Ongoing Business Is More Profitable HORNBECK OFFSHORE: Ups Credit Facility Borrowing Base to US$250M HOST HOTELS: Earns US$294 Million in 2007 Fourth Quarter INVENSYS PLC: Leverage Expectations Cue S&P's Positive Outlook KANSAS CITY: Fitch Lifts Issuer Default Ratings to BB- From B+ SHARPER IMAGE: Can Continue Workers' Compensation Program SHARPER IMAGE: Seeks to Obtain US$60 Mil. of DIP Financing SHARPER IMAGE: NASDAQ to Suspend Common Stock Trading Tomorrow SHARPER IMAGE: Court Authorizes Firm to Use Cash Collateral SHARPER IMAGE: Section 341 Meeting of Creditors Set for March 19 P A N A M A CABLE & WIRELESS: Panamanian Unit Earns US$61.6MM in 9 Months CHIQUITA BRANDS: S&P Assigns 'CCC' Rating on US$200M Sr. Notes * PANAMA: Fiscal Improvement Cues S&P to Affirm B Credit Rating * PANAMA: Rating Upgrade Won't Affect Major Banks, S&P Says P U E R T O R I C O FIRST BANCORP: Sterne Agee Lowers FirstBank's 2008 Estimates UNIVISION COMM: Fitch Publishes Review on Recovery Ratings V E N E Z U E L A PEABODY ENERGY: UBS Downgrades Firm's Shares to Neutral PETROLEOS DE VENEZUELA: Gets US$4 Billion Financing From China PETROLEOS DE VENEZUELA: Setting Up Company with Petroecuador - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: Denies Seeking EUR300-Million Bridge Loan ------------------------------------------------------- Alitalia S.p.A. has denied published reports that it will seek a EUR300-million emergency loan by June 2008 to remain afloat, Marco Bertacche writes for Bloomberg News. Il Sole 24 Ore, citing people privy with the carrier, reported that Alitalia may take a loan backed by the Italian government should its planned EUR700 million capital increase fails. The Italian daily added that Alitalia may also sell some assets as alternative to the loan. "It's an important denial because it shows Alitalia doesn't want to resolve its liquidity problems with a loan but is instead still seeking to merge with a partner," Marco Aleni at IG Markets told Bloombeg News. 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: January Traffic Shows Year-on-Year Decrease --------------------------------------------------------- Alitalia S.p.A. has released its traffic statistics for January 2008. January 2008 traffic data compared to the same period in 2007 showed a decrease in both passenger and cargo businesses. Passenger business showed a decrease in terms of traffic (-8.0%) with a decrease of capacity offered by 4.5% compared with the same period of 2007. To be noted that these figures reflect a change in the marketing strategy, which aims to increase profitability rather than preserve volumes, as clearly showed by the increase of Yield levels. January 2008 Cargo statistics, compared to January 2007, showed a decrease in terms of goods flown (-3.8%) with capacity offered down 7.6%. Passengers Operations Traffic, measured in Revenue Passenger Kilometers, decreased by 8.0% and the capacity, measured in Available Seat Kilometers, decreased by 4.5%. Load factor decreased by 2.5 percentage points reaching 64.5%. Alitalia carried 1.7 million passengers, down 5.2% compared to January 2007. Detailed comparisons with January 2007: * Domestic Passenger Network: traffic increased by 0.2% with offered capacity up 2.0%. Load factor was 54.3%; * International Passenger Network: traffic decreased by 8.4% and offered capacity decreased by 4.3%. Load factor was 57.8%; * Intercontinental Passenger Network: traffic decreased by 10.0% and offered capacity decreased by 7.0%. Load factor was 73.9%. Cargo Operations January 2008 Cargo performance showed, compared to January 2007, a traffic decrease by 3.8% (traffic, measured in terms of Revenue Ton Kilometers) while capacity was down 7.6%. Overall Load factor was 63.0% with an increase by 2.5 percentage points. Regarding the All-Cargo sector, Load factor was 77.7% with an increase by 13.6 percentage points compared with the same period of 2007. 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. CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones ----------------------------------------------------------- Chrysler LLC intends to ditch the "car cloning" concept so often used in the automotive industry and concentrate on selling its remaining models, The Wall Street Journal reports. Cloning cars, or creating different brands of the same basic car design or a "common platform", is a common ploy used by most automakers to increase sales and profitability, says WSJ. Chrysler said, however, that it won't employ this sales technique anymore, and instead will focus on selling unique car models. The company's decision came after it lost its tooling battle with Plastech Engineered Products Inc. As reported in the Troubled Company Reporter on Feb. 20, 2008, the U.S. Bankruptcy Court for the Eastern District of Michigan denied the company's request to pull out tooling equipment from Plastech's plants. However, the parties already agreed to extend their interim production pact, under which Plastech will continue to manufacture and deliver component parts to Chrysler until Feb. 27, 2008. About Plastech Engineered Products Based in Dearborn, Michigan, Plastech Engineered Products, Inc. -- http://www.plastecheng.com/-- is full-service automotive supplier of interior, exterior and underhood components. It designs and manufactures blow-molded and injection-molded plastic products primarily for the automotive industry. Plastech's products include automotive interior trim, underhood components, bumper and other exterior components, and cockpit modules. Plastech's major customers are General Motors, Ford Motor Company, and Toyota, as well as Johnson Controls, Inc. Plastech is a privately held company and is the largest family- owned company in the state of Michigan. The company is certified as a Minority Business Enterprise by the state of Michigan. Plastech maintains more than 35 manufacturing facilities in the midwestern and southern United States. The company's products are sold through an in-house sales force. The company and eight of its affiliates filed for Chapter 11 protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08- 42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher & Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C., represent the Debtors in their restructuring efforts. The Debtors chose Jones Day as their special corporate and litigation counsel. Lazard Freres & Co. LLC serves as the Debtors' investment bankers, while Conway, MacKenzie & Dunleavy provide financial advisory services. The Debtors also employed Donlin, Recano & Company as their claims and noticing agent. An Official Committee of Unsecured Creditors has been appointed in the Debtors' cases. As of Dec. 31, 2006, the company's books and records reflected assets totaling US$729,000,000 and total liabilities of US$695,000,000. About Chrysler LLC Based 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 Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. DEYCO SA: Proofs of Claim Verification Deadline Is March 26 ----------------------------------------------------------- Ruben Mario Serenelli, the court-appointed trustee for Deyco S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until March 26, 2008. Mr. Serenelli will present the validated claims in court as individual reports on May 27, 2008. The National Commercial Court of First Instance in Bahia Blanca, 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 Deyco 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 Deyco's accounting and banking records will be submitted in court on July 2, 2008. Mr. Serenelli is also in charge of administering Deyco's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Deyco S.A. Soler 170, Bahia Blanca Buenos Aires, Argentina The trustee can be reached at: Ruben Mario Serenelli Villarino 242, Bahia Blanca Buenos Aires, Argentina EN-PLASTIC SA: Proofs of Claim Verification Is Until April 29 ------------------------------------------------------------- Nancy Gonzalez, the court-appointed trustee for En-Plastic S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until April 29, 2008. Ms. Gonzalez will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by En-Plastic 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 En-Plastic's accounting and banking records will be submitted in court. Infobae didn't state the submission deadlines of the reports. Ms. Gonzalez is also in charge of administering En-Plastic's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Nancy Gonzalez Lavalle 1290 Buenos Aires, Argentina FORD MOTOR: Nudges Woodhaven Workers to Accept Buyout Options ------------------------------------------------------------- Ford Motor Company has been asserting a successful outlook to former employees who have the company after accepting its compensation packages, which provides educational opportunities, buyout offers and career prospects activities, Bill Blasic of the New York Times reports. NY Times relates that a job fair for workers of Ford's sheet- metal stamping plant in Woodhaven, Detroit, was held on Friday, offering work options from truck driving to electrician work at the local utility to franchise opportunities at the Little Caesars pizza chain. Younger workers may be more open to the idea of a new career, however, older workers seemed sentimental in leaving the company they have worked for many years, according to NY Times. So, Ford, NY Times says, is offering rich buyout packages to factory workers, including one-time cash payments of US$140,000 or college tuition plans for an entire family. As reported in the Troubled Company Reporter on Feb. 13, 2008, Ford intended to offer another round of buyout packages to 14% of its entire plant workforce in North America to restore profitability. Roughly 9,000 workers will be displaced in addition to 33,000 employees who availed the compensation packages in 2006 and 2007. Last month, United Auto Workers union representatives and the automaker agreed to compensation offers higher than those offered in 2006, including an education package, health benefits and a lump sum payment. Pursuant to the agreement, an additional US$35,000 will be given to qualified retirees as they leave, the payout totaling US$70,000. NY Times suggests that Ford has not given out the estimates of those who would accept the buyouts by a March 18 deadline. However, Wall Street analysts say company aim is 8,000 workers. General Motors Corp. is offering buyout proposals to all of its 74,000 hourly workers, while Chrysler LLC is proposing the same option to workers by plants per region, NY Times discloses. The Big Three automakers decided to cut corners after years of depressing market share and rising competition from foreign car companies like by Toyota. "It's not going to get any easier -- at least for awhile," Jim Farley, Ford's group vice president, Marketing and Communications,said. "Recent monetary actions and the proposed stimulus package may help the economy later this year, but we're not pinning our hopes on that. Our plan is based on restructuring our business to be profitable at lower demand and changed mix while also accelerating the development of new products people want to buy." As previously reported, Ford reported a 2007 full-year net loss of US$2.7 billion. This compares with a 2006 full-year net loss of US$12.6 billion. Based in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor Company and Ford Motor Credit Company at 'B', and maintained the Rating Outlook at Negative. As reported in the Troubled Company Reporter 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. GETTY IMAGES: Signs Merger Pact With Hellman & Friedman ------------------------------------------------------- Getty Images Inc. entered into a definitive merger agreement to be acquired by affiliates of the private equity firm Hellman & Friedman LLC in a transaction valued at approximately US$2.4 billion, including the assumption of existing debt. Under the terms of the agreement, Getty Images stockholders will receive US$34.00 in cash for each outstanding share of common stock they own. This price represents a premium of approximately 55% over the closing price on Jan. 18, 2008, the last trading day before the company reported that it was exploring strategic alternatives. The Board of Directors of Getty Images has approved the merger agreement and resolved to recommend that Getty Images' stockholders approve the transaction. Completion of the transaction is subject to shareholder approval and other customary closing conditions. The transaction is not subject to a financing condition and is expected to close in the second quarter of 2008. "Our Board of Directors has thoroughly evaluated strategic alternatives for Getty Images and has determined that this outcome is in the best interests of our stockholders as it provides them with superior and certain value," Jonathan Klein, co-founder and chief executive officer of Getty Images, said. "Furthermore, Hellman & Friedman brings specific industry expertise and support for the vision of the Company's management team that will benefit our employees, customers and partners. Just over a decade ago we started Getty Images with little more than a vision and have achieved industry leadership due to the extraordinary talent, effort and commitment of our employees and partners. We are enthusiastic about entering the next phase of Getty Images' evolution by partnering with Hellman & Friedman as we continue to provide innovative offerings to businesses and consumers in a very dynamic digital media environment." "Getty Images is the leader and pioneer in the visual content and digital media business," Andy Ballard, managing director of Hellman & Friedman, said. "We believe in the vision and execution capabilities of Jonathan Klein and his team, and share their commitment to the Company's stakeholders and customers. We look forward to working with all of Getty Images' employees to realize the full potential of its traditional businesses while furthering the evolution of Getty Images into a global digital media company." Financing commitments have been provided by Barclays Capital, GE Commercial Finance and RBS Greenwich Capital. In addition, Getty Investments and certain related parties, including the co- founder and chairman, Mark Getty, who collectively hold approximately 15% of the company's shares, have agreed to vote in favor of the transaction and rollover their shares into the acquiring entity. Goldman, Sachs & Co. is acting as financial advisor to Getty Images. Barclays Capital and RBS Greenwich Capital are acting as financial advisors to Hellman & Friedman. Weil Gotshal & Manges LLP and Simpson Thacher & Bartlett LLP are serving as legal advisors to Getty Images and Hellman & Friedman, respectively. Headquartered in Seattle, Washington, Getty Images, Inc. -- http://corporate.gettyimages.com/-- creates and distributes visual content. The company provides relevant imagery to professionals at advertising agencies, graphic design firms, corporations, and film and broadcasting companies; editorial customers involved in newspaper, magazine, book, compact disc and online publishing, and corporate marketing departments and other business customers. Getty Images offers its imagery and related services through the company's website and a global network of company-owned offices and delegates. It serves customers in more than 100 countries. The company has corporate offices in Australia, the United Kingdom and Argentina. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 28, 2008, Standard & Poor's Ratings Services affirmed its ratings and outlook on Getty Images Inc., including its 'BB' corporate credit rating, following the company's announcement that it is exploring strategic alternatives. GETTY IMAGES: S&P Cuts Rating on US$2.4B Hellman & Friedman Deal ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Seattle, Washington-based visual imagery company Getty Images Inc. to 'BB-' from 'BB' and placed it on CreditWatch with negative implications. At the same time, S&P affirmed the 'B+' rating on the company's subordinated debt. The rating action is based on the announcement that Getty has entered into a definitive agreement to be acquired by Hellman & Friedman LLC, in a transaction valued at US$2.4 billion. "We believe this deal will raise financial risk as the company is addressing business challenges," said Standard & Poor's credit analyst Tulip Lim. The transaction value includes existing debt. Getty Images currently expects the transaction to close in the second quarter of 2008. Headquartered in Seattle, Washington, Getty Images, Inc. -- http://corporate.gettyimages.com/-- creates and distributes visual content. The company provides relevant imagery to professionals at advertising agencies, graphic design firms, corporations, and film and broadcasting companies; editorial customers involved in newspaper, magazine, book, compact disc and online publishing, and corporate marketing departments and other business customers. Getty Images offers its imagery and related services through the company's website and a global network of company-owned offices and delegates. It serves customers in more than 100 countries. The company has corporate offices in Australia, the United Kingdom and Argentina. GETTY IMAGES: US$2.4-BB Hellman Deal Cues Moody's Rating Review --------------------------------------------------------------- Moody's Investors Service placed all the credit ratings of Getty Images, Inc. on review for possible downgrade following its announcement that it entered into a definitive agreement to be acquired by affiliates of the private equity firm Hellman & Friedman LLC for a total enterprise value of US$2.4 billion, including the assumption of existing debt. The transaction has been approved by the Board of Directors of Getty. Completion of the transaction is subject to shareholder approval and other customary closing conditions. The transaction is not subject to a financing condition and is expected to close in the second quarter of 2008. The company disclosed that financing commitments have been provided by Barclays Capital, GE Commercial Finance and RBS Greenwich Capital. Getty's announcement did not disclose the mix of debt and equity to be utilized to finance the acquisition. The review for possible downgrade anticipates that leverage and free cash flow metrics will weaken significantly post-acquisition. Moody's review will focus on the expected capital structure, liquidity position and operating strategy of Getty upon completion of the buyout transaction. In particular, Moody's will review the company's plans for growing or stabilizing the business despite pressure from declining demand for traditional creative still imagery. Getty's US$265 million of convertible subordinated debentures will be convertible at the option of the holders on June 9, 2008. Moody's anticipates that cash, cash equivalents and short term investments (about US$364 million at Dec. 31, 2007) and available bank credit lines will provide the company with sufficient liquidity to fund the cash conversion price. If substantially all of the subordinated debentures are converted, then Moody's may withdraw all of Getty's credit ratings. These ratings were placed on review for possible downgrade: -- US$265 million series B convertible subordinated notes due 2023, Ba2 -- Corporate family rating, Ba1 -- Probability of default rating, Ba1 Headquartered in Seattle, Washington, Getty Images, Inc. -- http://corporate.gettyimages.com/-- creates and distributes visual content. The company provides relevant imagery to professionals at advertising agencies, graphic design firms, corporations, and film and broadcasting companies; editorial customers involved in newspaper, magazine, book, compact disc and online publishing, and corporate marketing departments and other business customers. Getty Images offers its imagery and related services through the company's website and a global network of company-owned offices and delegates. It serves customers in more than 100 countries. The company has corporate offices in Australia, the United Kingdom and Argentina. MOLINOS ARRECIFES: Trustee Will Verify Claims Until March 14 ------------------------------------------------------------ Enrique Esteban, Oscar Orlando Di Salvo y Alberto G. J. Contribunale -- the court-appointed trustee for Molinos Arrecifes S.A.'s reorganization proceeding -- will be verifying creditors' proofs of claim until March 14, 2008. Enrique Esteban will present the validated claims in court as individual reports on May 19, 2008. The National Commercial Court of First Instance in Rosario, Santa Fe, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Molinos Arrecifes 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 Molinos Arrecifes' accounting and banking records will be submitted in court on July 11, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Dec. 19, 2008. The debtor can be reached at: Molinos Arrecifes S.A. Hipolito Irigoyen 1569, Rosario Santa Fe, Argentina The trustee can be reached at: Enrique Esteban, Oscar Orlando Di Salvo y Alberto G. J. Contribunale Rioja 1268, Rosario Santa Fe, Argentina ONE STEP: Proofs of Claim Verification Deadline Is April 21 ----------------------------------------------------------- Jorge Edmundo Sahade, the court-appointed trustee for One Step Beyond S.R.L.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until April 21, 2008. Mr. Sahade will present the validated claims in court as individual reports on June 3, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by One Step 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 One Step's accounting and banking records will be submitted in court on July 17, 2008. Mr. Sahade is also in charge of administering One Step's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Jorge Edmundo Sahade Avenida de Mayo 1324 Buenos Aires, Argentina OS SA: Trustee Will Verify Proofs of Claim Until March 14 --------------------------------------------------------- Enrique Esteban, Oscar Orlando Di Salvo y Alberto G. J. Contribunale -- the court-appointed trustee for O.S. S.A.'s reorganization proceeding -- will be verifying creditors' proofs of claim until March 14, 2008. Enrique Esteban will present the validated claims in court as individual reports on May 16, 2008. The National Commercial Court of First Instance in Rosario, Santa Fe, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by O.S. 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 O.S.'s accounting and banking records will be submitted in court on July 11, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Dec. 23, 2008. The debtor can be reached at: O.S. S.A. San Martin 985, Granadero Baigorria Santa Fe, Argentina The trustee can be reached at: Enrique Esteban, Oscar Orlando Di Salvo y Alberto G. J. Contribunale Rioja 1268, Rosario Santa Fe, Argentina OSCAR SERRANI: Trustee Will Verify Claims Until March 14 -------------------------------------------------------- Enrique Esteban, Oscar Orlando Di Salvo y Alberto G. J. Contribunale -- the court-appointed trustee for Oscar Serrani S.A.'s reorganization proceeding -- will be verifying creditors' proofs of claim until March 14, 2008. Enrique Esteban will present the validated claims in court as individual reports on May 16, 2008. The National Commercial Court of First Instance in Rosario, Santa Fe, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Oscar Serrani 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 Oscar Serrani's accounting and banking records will be submitted in court on July 11, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Dec. 22, 2008. The debtor can be reached at: Oscar Serrani S.A. Union 3334, Rosario Santa Fe, Argentina The trustee can be reached at: Enrique Esteban, Oscar Orlando Di Salvo y Alberto G. J. Contribunale Rioja 1268, Rosario Santa Fe, Argentina PAPELERA LA HELICE: Court Concludes Reorganization -------------------------------------------------- Papelera La Helice S.A. concluded its reorganization process, according to data released by Infobae on its Web site. The closure came after the National Commercial Court of First Instance in Buenos Aires homologated the debt plan signed between the company and its creditors. SUN MICROSYSTEMS: Closes MySQL Acquisition for US$1 Billion ----------------------------------------------------------- Sun Microsystems Inc. has completed the acquisition of MySQL AB, developer of the world's most popular open source database, for approximately US$1 billion in total consideration. Sun also unveiled the immediate availability of MySQL's complete portfolio of products and enterprise services backed by its 17,000-strong global sales and services organization and its extensive international network of authorized distribution channels. Sun now provides a single, secure choice for customers and developers seeking to put MySQL into deployment on a global basis. "Since announcing our Sun-MySQL relationship, we've received an overwhelming response and embrace from customers and community members excited to see MySQL's tremendous innovation and community backed by Sun's financial muscle and global partners," said Jonathan Schwartz, president and chief executive officer, Sun Microsystems, Inc. "For the first time ever, businesses across the world can standardize on a commercially supported, open source platform that meets their needs for scale, quality and global service." Sun introduced immediate availability of 7X24 year round global, enterprise-class database subscriptions and services for the entire MySQL product line, enabling IT organizations worldwide to take advantage of the leading open database for the Network Economy. With broad multi-platform support � including Solaris, Linux and Windows � enterprise customers will face less risk and have greater flexibility and choice to achieve unlimited scale and enable MySQL deployments in mission critical applications. Sun is also offering MySQL Enterprise Unlimited, which helps customers deploy and manage an unlimited number of MySQL Enterprise Servers at a flat annual fee. Sun's new MySQL database is a key component in popular software stacks for building Web 2.0 applications. Its deployment with the Solaris OS, OpenSolaris(TM) project and highly complementary systems from Sun delivers powerful end-to-end platforms for customers of all scale, from individual developers to the largest global enterprises. And MySQL continues its commitments to its strategic partnerships with popular platform vendors such as Dell, HP, IBM, Microsoft, Red Hat and Zend. The acquisition cements Sun's entrance into the US$15 billion database market, affirms Sun's leadership in open source software and positions the company as the leading provider of enterprise platforms for the Network Economy. "As a developer of open source web applications and services that relies heavily on both Sun and MySQL, we believe that the combined companies will better address our IT needs today, tomorrow and beyond," said Joshua Rand, CEO, Sapotek, Inc. "We're confident that the MySQL acquisition will reinforce Sun's commitment to providing hardware, software and services that will save us money in having one integrated, end-to-end platform. The combination of MySQL and Sun provides the community with unlimited possibilities, ensuring the highest level of quality assurance and advanced feature contributions to the world's leading open source initiatives." More than 100 million copies of MySQL's high-performance, open source database software have been downloaded and distributed in its history and since the announcement of Sun's intent to acquire MySQL, daily downloads have increased from 50,000 to more than 60,000 per day. This broad penetration coupled with MySQL's strength in Web 2.0, Software as a Service (SaaS), enterprise IT, telecom and the embedded OEM market, make it a significant addition for Sun. About Sun's MySQL Portfolio MySQL is a business unit within Sun's Software organization and is the world's most popular open source database software. Many of the world's largest and fastest-growing organizations use MySQL to save time and money powering their high-volume Web sites, critical business systems and packaged software -- including industry leaders such as Yahoo!, Alcatel-Lucent, Google, Nokia, YouTube and Zappos.com. At http://www.sun.com/mysql,Sun provides corporate users with commercial subscriptions and services, and actively supports the large MySQL open source developer community. About Sun Microsystems Headquartered in Santa Clara, California, Sun Microsystems Inc. (NASDAQ: SUNW) -- http://www.sun.com/-- provides network computing infrastructure solutions that include computer systems, data management, support services and client solutions and educational services. It sells networking solutions, including products and services, in most major markets worldwide through a combination of direct and indirect channels. Sun Microsystems conducts business in 100 countries around the globe, including Brazil, Argentina, India, Hungary, United Kingdom, Singapore, among others. * * * Sun Microsystems Inc. carries Moody's "Ba1" probability of default and long-term corporate family ratings with a stable outlook. The ratings were placed on Sept. 22, 2006, and Sept. 22, 2005, respectively. Sun Microsystems also carries Standard & Poor's "BB+" long-term foreign and local issuer credit ratings, which were placed on March 5, 2004, with a stable outlook. ============= B E R M U D A ============= FOSTER WHEELER: Reports US$78.1-Mln Net Income in Fourth Quarter ---------------------------------------------------------------- Foster Wheeler Ltd. earned US$78.1 million for the fourth quarter of 2007 compared with US$63.1 million for the same period in 2006. Net income in both quarterly periods was impacted by certain non-operating items as detailed in the attached table. Excluding such items from both quarterly periods, net income in the fourth quarter of 2007 was US$80.6 million compared with US$85.9 million in the fourth quarter of 2006. Fourth-quarter 2007 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) was US$132.0 million, compared with US$106.1 million in the fourth quarter of 2006. Consolidated EBITDA in both quarterly periods was also impacted by certain non-operating items. Excluding such items from both quarterly periods, consolidated EBITDA in the fourth quarter of 2007 was US$134.5 million, compared with US$128.9 million in the fourth quarter of 2006. For the full year 2007, net income was a record US$393.9 million compared with US$262.0 million in 2006. For the full year 2007, consolidated EBITDA was a record US$591.8 million, compared with US$399.5 million for 2006. Net income and consolidated EBITDA in 2007 and 2006 were impacted by certain non-operating items. Excluding such items from both periods, net income in 2007 was US$387.7 million compared with US$196.4 million in 2006; and consolidated EBITDA for 2007 was US$585.7 million, compared with US$333.9 million in 2006. Commenting on the company�s 2007 results, Foster Wheeler�s Chairman and Chief Executive Officer, Raymond J. Milchovich, said, �The combination of strong demand and overall excellence in contract execution enabled the company to generate record- level financial results in 2007. In particular, both of our operating segments reported double-digit percentage increases in EBITDA, and the company's adjusted net income nearly doubled. Moreover, the company ended the year with record-levels of scope backlog.� Mr. Milchovich noted, �We reported solid results for the fourth quarter of 2007. However, EBITDA was below the average of the first three quarters of the year because of reduced EBITDA in our Global Engineering and Construction (E&C) Group due to three factors. First, E&C experienced an US$8.3 million negative impact due to the repeal of an Italian power price tariff, which had been enacted in the third quarter of 2007, as a result of a court ruling in the country. Second, we experienced fewer profit-enhancing opportunities such as bonuses and incentives during the quarter as compared to the early part of the year due to portfolio mix and contract timing. Finally, E&C took a US$5 million reserve on one reimbursable contract due to issues with the client over project scope growth. We�re hopeful that this matter will be favorably resolved in future periods but felt that it was appropriate to reserve for it at this time.� Mr. Milchovich added, �As we look at 2008, we continue to be very positive about the markets that both our businesses serve and about our position as we enter the year. In our E&C Group, consistent with what we�ve been saying for months, we expect meaningful organic growth and sustainable margins. We�re hopeful that this can be complemented by growth through strategic acquisitions during the year as well. In our Global Power Group, as we�ve previously stated, we remain confident that we will enjoy a material level of margin improvement and revenue growth during the year given our position and momentum entering 2008.� About Foster Wheeler Ltd. Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/-- offers a broad range of engineering, procurement, construction, manufacturing, project development and management, research and plant operation services. Foster Wheeler serves the refining, upstream oil and gas, LNG and gas-to-liquids, petrochemical, chemicals, power, pharmaceuticals, biotechnology and healthcare industries. The corporation is based in Hamilton, Bermuda, and its operational headquarters are in Clinton, New Jersey. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 5, 2008, Standard & Poor's Ratings Services revised its outlook on Foster Wheeler Ltd. to positive from stable. At the same time, S&P affirmed its 'BB' corporate credit rating on the company. The company reported total debt of approximately US$150 million at Sept. 30, 2007. INTELSAT LTD: Gets Hughes HX System for Ku-band Maritime Service ---------------------------------------------------------------- Intelsat has selected Hughes Network Systems, LLC's HX broadband satellite platform for a new regional Ku-band broadband maritime service. Intelsat will deliver its new service via a limited number of distributor partners in the Caribbean and Gulf of Mexico regions starting in mid-2008. The Hughes HX System is fully compliant with the world's leading satellite industry standard, DVB-S2/IPoS with Adaptive Coding and Modulation. The Hughes implementation of Adaptive Coding and Modulation on the downlink, together with Adaptive Inbound Selection and signal spreading capability on the uplink, enables the use of small shipboard antennas to deliver high-speed Ku- band maritime services. "Utilizing smaller antennas opens up a large market for broadband connectivity to yachts," said Intelsat Vice President of New Product Development, Mohammad Marashi. "The HX System provides an always-on, high availability connection, easy deployment and commissioning that are essential components of a maritime service." Optimized for smaller networks, the HX design builds upon a solid and field-proven foundation, leveraging many of the features and functionalities of the widely deployed Hughes HN broadband satellite platform. The advanced bandwidth management features of the HX System give operators the ability to efficiently allocate satellite bandwidth as a "virtual pool" assuring that bandwidth will always be available when needed. "We are excited to be working with Intelsat to bring this innovative application of our HX System for maritime services," said Hughes assistant vice president, Ramesh Ramaswamy. "This offering leverages best-of-breed Hughes technology coupled with Intelsat's extensive satellite coverage and market presence to ideally position both companies for success in delivering yachting broadband services." About Hughes Network Systems Headquartered in Germantown, Maryland, Hughes Network Systems LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned subsidiary of Hughes Communications Inc., provides broadband satellite networks and services for large enterprises, governments, small businesses, and consumers. Hughes offers complete turnkey solutions, including program management, installation, training, maintenance and support-for professional and rapid deployment anywhere, worldwide. The company owns and operates a global base of HughesNet shared hub services throughout the United States, Brazil, China, Europe, and India. In Europe, Hughes maintains operations facilities and/or sales offices in Germany, U.K., Italy, Czech Republic, and Russia. About Intelsat Headquartered in Pembroke, Bermuda, Intelsat, Ltd. -- http://www.intelsat.com/-- is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira, delivering advanced transmission access for information and entertainment to some of the world's leading media and network companies, multinational corporations, Internet service providers and governmental agencies. The company also offers seamless service for voice, data and video transmission. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 19, 2008, Standard & Poor's Ratings Services lowered its corporate credit rating on Bermuda-based Intelsat Ltd. to 'B' from 'B+' and removed the ratings from CreditWatch with a stable outlook. INTELSAT LTD: Reaches Multi-Transponder Deal With Russian TV ------------------------------------------------------------ Intelsat Ltd. disclosed that Russian TV Times (RTVT) has signed a multi-year, multi-transponder agreement on the Intelsat system, expanding its program offering into Europe. Through its contract on the Intelsat 12 satellite located at 45 degrees East, RTVT will provide up to 30 channels of Russian news, film and sports programming to the estimated six million strong Russian-speaking population of Europe. The channel lineup of RTVT includes Feniks-Art, Bridge TV, Sarafan, Russkij Extreme, Travel Channel (UK), TV Centr International, ESPN Classic Europe and WorldMadeChannel. �Intelsat offers broadcasters the best video neighborhoods and works closely with its customers to find the ideal distribution solution for their market and product,� said Jean Philippe Gillet, Intelsat�s Regional Vice President, Europe & Middle East Sales. �Intelsat continues to set the industry standard for ethnic programming distribution, with leading platforms in North America, Asia and Europe. New broadcasters, such as RTVT, choose Intelsat because we work with our customers to create unique market solutions that enable them to grow their business quicker and expand faster.� �The Intelsat 12 satellite offers us the comprehensive regional coverage that we are looking for, enabling us to deliver our programming into the European countries for which we seek access,� said Alexey Zigalov, Director General of Russian TV Times. �Intelsat�s industry-leading infrastructure and reliability enables us to distribute our programming easily, from one place, and with the highest quality possible.� The Intelsat 12 satellite provides capacity used for program distribution, broadcast contribution and enterprise networking. It is also Intelsat�s leading HD satellite in the region, currently distributing international programming to millions of viewers across Europe. About Intelsat Headquartered in Pembroke, Bermuda, Intelsat, Ltd. -- http://www.intelsat.com/-- is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira. The company has a sales office in Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 19, 2008, Standard & Poor's Ratings Services lowered its corporate credit rating on Bermuda-based Intelsat Ltd. to 'B' from 'B+' and removed the ratings from CreditWatch. S&P said the outlook is stable. INTELSAT LTD: Signs Backhaul Solution Deal With Hughes Brazil ------------------------------------------------------------- Hughes Network Systems, LLC's Brazilian subsidiary, Hughes Telecommunicacoes do Brasil, Ltda has signed an agreement with Intelsat to deliver a new managed cellular backhaul solution in Brazil, enabling cellular service providers to cost-effectively extend cell networks to rural areas and sparsely populated regions. This novel backhaul solution combines the strengths of two industry-leading corporations. Managed by Hughes, this solution employs its advanced HX System at remote cell sites operating over the HughesNet broadband satellite service, and utilizing Intelsat's C-band capacity primarily on Intelsat 901 at 342 degrees E, as well as other Intelsat satellites in the Atlantic Ocean Region. It is designed for fast and cost-efficient service rollouts in rural and remote areas throughout Brazil, offering cellular operators a viable means to address their Universal Service Obligations. "Wireless operators in Brazil can now reach farther, deliver faster, and be more cost-efficient in extending their cell networks," said Intelsat's vice president of Network Services, Jay Yass. "Intelsat's partnership with Hughes represents a fully-managed solution from installation to service introduction, from two world-leading solution providers." Designed and optimized for small- to medium-size networks where high Quality of Service, reliable performance and bandwidth efficiency are critical, the Hughes HX System is ideally suited for trunking applications such as GSM backhaul. "The challenge for cellular operators is to provide cost- effective coverage in remote areas," said Hughes Telecommunicacoes do Brazil president, Delio Morais. "We are excited to be partnering with Intelsat to deliver this one-stop solution that makes it affordable for operators to cover virtually any low-density area in Brazil." About Hughes Network Systems Headquartered in Germantown, Maryland, Hughes Network Systems LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned subsidiary of Hughes Communications Inc., provides broadband satellite networks and services for large enterprises, governments, small businesses, and consumers. Hughes offers complete turnkey solutions, including program management, installation, training, maintenance and support-for professional and rapid deployment anywhere, worldwide. The company owns and operates a global base of HughesNet shared hub services throughout the United States, Brazil, China, Europe, and India. In Europe, Hughes maintains operations facilities and/or sales offices in Germany, U.K., Italy, Czech Republic, and Russia. About Intelsat Headquartered in Pembroke, Bermuda, Intelsat, Ltd. -- http://www.intelsat.com/-- is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira, delivering advanced transmission access for information and entertainment to some of the world's leading media and network companies, multinational corporations, Internet service providers and governmental agencies. The company also offers seamless service for voice, data and video transmission. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 19, 2008, Standard & Poor's Ratings Services lowered its corporate credit rating on Bermuda-based Intelsat Ltd. to 'B' from 'B+' and removed the ratings from CreditWatch with a stable outlook. =========== B R A Z I L =========== AMC ENTERTAINMENT: Fitch Publishes Review of Recovery Ratings ------------------------------------------------------------- Fitch Ratings has published a review of its Recovery Ratings methodology and updated analysis for rated issuers in the United States media and entertainment space. Recovery Ratings are a relative indicator of recovery that bondholders would receive in the event of default. Recovery Ratings are applied to issuers with an Issuer Default Rating of 'B+' and below. Fitch's U.S. media and entertainment Recovery Ratings view covered approximately US$41.3 billion of debt across six companies and 13 issuing entities. The companies analyzed in the report are: -- AMC Entertainment ('B,' Stable Outlook), -- Marquee Holdings ('B,' Stable Outlook), -- Regal Entertainment Group and Regal Cinemas Corporation ('B+,' Stable Outlook), -- Dex Media, Inc. ('B+,' Stable Outlook), -- Six Flags, Inc. and Six Flags Theme Parks, Inc. ('B-,' Negative Outlook), -- Tribune Co. ('B-,' Negative Outlook), and -- Univision Communication, Inc. ('B,' Stable Outlook). The full reports "U.S. Media and Entertainment Sector - Recovery Rating Review - 2008" and "U.S. Media and Entertainment Sector - Recovery Rating Methodology" are available at http://www.fitchratings.com/ Based in Kansas City, Missouri, AMC Entertainment Inc. -- http://www.amctheatres.com/-- is a worldwide leader in the theatrical exhibition industry. The company serves more than 250 million guests annually through interests in 415 theatres and 5,672 screens in 12 countries including the United States, Hong Kong, Brazil and the United Kingdom. BANCO DAYCOVAL: Net Income Up 128.7% to BRL231 Million in 2007 -------------------------------------------------------------- Banco Daycoval S.A. released its results for the fourth quarter of 2007 and the full year. Highlights: -- Daycoval's loan portfolio ended the year totaling BRL3.5 billion, for growth of 23% compared with the third quarter of 2007. The loan portfolio increased 112.1% in the year, far outpacing growth in the volume of credit in the National Financial System, which was 27.3%, according to the Brazilian Central Bank; -- Retail products (payroll and auto loans) accounted for 28% of the total loan portfolio in the fourth quarter of 2007, reflecting a superior origination of these products, which totaled BRL422.9 million in the quarter, an increase of 51% compared with the third quarter 2007; -- Net income was BRL62.2 million in fourth quarter 2007. Full year net income excluding IPO expenses totaled BRL231 million, 128.7% above 2006. Return on average equity was 23.2% in the year; -- Loan portfolio quality improved, as evidenced by a year- over-year decrease of 0.5 p.p. in loan loss provisions to 2.3% of total loans in the fourth quarter 2007, from 2.8% in fourth quarter 2006. The balance of loans past due for more than 180 days remained less than 1% of the total portfolio; -- In January 2008 the Brazilian Central Bank authorized Daycoval to open a branch in Grand Cayman, which will boost growth in trade finance and allow diversify foreign sources of funding. Headquartered in Sao Paulo, Brazil, Banco Daycoval S.A. -- http://ri.daycoval.com.br.-- is one of Brazil's leading middle- market banks, with almost 40 years of experience in the financial market and a nationwide presence through 25 branches. It offers a complete line of financial services and credit products for corporate clients, as well as products for individuals -- through the Daycred -- such as auto loans and payroll loans. The bank's loan portfolio totaled BRL3.5 billion at 2007, with total assets of BRL6.6 billion. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 27, 2007, Fitch Ratings placed Banco Daycoval S.A.'s Long-term foreign currency Issuer Default Rating at 'BB-' and Long-term local currency IDR at 'BB-' with a Stable Outlook. BANCO DO BRASIL: Earns BRL1.22 Billion in Fourth Quarter 2007 ------------------------------------------------------------- Banco do Brasil's net profit dropped 2.48% to BRL1.22 billion in the fourth quarter 2007, compared to BRL1.25 billion in the same period in 2006 and BRL1.35 billion in the third quarter of 2007, Business News Americas reports. BNamericas relates that Banco do Brasil's return on equity declined to 22.2% in the fourth quarter 2007, from 26.7% in the fourth quarter 2006, and 26.3% in the third quarter 2007. According to BNamericas, Banco do Brasil had BRL26.0 million in one-time losses in the fourth quarter 2007. It spent some BRL98 million for the early retirement plan and BRL90 million for employee health care plan Cassi. The expenses were partially offset by a BRL149 million gain from the sale of shares in Sao Paulo stock exchange Bovespa and futures exchange BM&F, which both conducted initial public offerings in the fourth quarter 2007, the report adds. BNamericas notes that Banco do Brasil's recurring net income remained at BRL1.24 billion in the fourth quarter 2007 and the bank's return on equity on recurring results was 22.7%. The report says that Banco do Brasil's operating income increased 15.7% to BRL1.85 billion in the fourth quarter 2007, compared to the fourth quarter 2006. Its net interest income rose 12.8% to BRL5.48 billion, its loan-loss provisions increased 19.1% to BRL1.50 billion, and its service fee revenues increased 13.3% to BRL2.59 billion, BNamericas reports. BNamericas says that Banco do Brasil's net profits dropped 16.3% to BRL5.06 billion in 2007, from 2006. It had one-time costs of BRL690 million in 2007. Its recurring net profits increased 56.8% to BRL5.75 billion in 2007, compared to 2006. The bank's return on equity decreased to 22.5% in 2007, from 32.1% in 2006. Its operating income increased 66.3% to BRL8.68 billion, while its net interest income grew 14.9% to BRL20.8 billion. Its loan-loss provisions dropped 6.30% to BRL5.38 billion. Service fee revenues increased 11.4% to BRL9.90 billion. According to the report, Banco do Brasil expanded its loan book 20.7% to BRL161 billion in 2007, compared to 2006. Its loans to individuals rose 33.4% to BRL32.0 billion, while its loans to businesses grew 26.1% to BRL65.5 billion. Loans to small and medium-sized enterprises increased 34.4% to BRL24.6 billion. Loans to agribusinesses rose 15.1% to BRL51.9 billion. The Brazilian central bank told BNamericas that lending sector- wide in the agribusiness increased 27.3% to BRL932 billion in 2007, compared to 2006. BNamericas reports that Banco do Brasil's direct consumer financing increased 41.2% to BRL23.9 billion in 2007, from 2006, as car loans grew 227% to BRL2.93 billion and payroll loans rose 43.3% to BRL11.9 billion. Banco do Brasil told BNamericas that its working capital loans grew 45.2% to BRL16.1 billion in 2007, compared to 2006. Its investment financing increased 48.5% to BRL7.10 billion, while receivables grew 4.70% to BRL3.39 billion, hindered by the rise in debenture issues, Fundo de Investimento em Direitos Creditorios and other capital market transactions. Banco do Brasil's non-performing loan ratio rose to 4.50% in the fourth quarter 2007, from 4.10% in the same quarter in 2006. Delinquency improved from 5.00% in the third quarter 2007 due to renegotiations of some agribusiness loans. Banco do Brasil's assets increased 20.7% to BRL358 billion in 2007, compared to 2006, while its shareholder equity rose 16.9% to BRL24.3 billion, BNamericas states. Banco do Brasil is Brazil's federal bank and is the largest in Latin America with some 20 million clients and more than 7,000 points of sale (3,200 branches) in Brazil, and 34 offices and partnerships in 26 other countries. In addition to its traditional retail banking services, Banco do Brasil underwrites and sells bonds, conducts asset trading, offers investors portfolio management services, conducts financial securities advising, and provides market analysis and research. * * * On Nov. 6, 2007, Moody's assigned a Ba2 foreign currency deposit rating to Banco do Brasil. On Aug. 23, 2007, Moody's assigned a Ba2 long-term bank deposit rating on the bank with a stable outlook. In May 2007, Standard & Poor's Ratings Services raised its long- term foreign currency counterparty credit rating on Brazilian government-related entity Banco do Brasil to 'BB+' from 'BB', after Brazil's foreign currency sovereign credit rating was upgraded to BB+. BANCO NACIONAL: Okays Creation of Fundo Brasil Sustentabilidade --------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social said that it has authorized the creation of Fundo Brasil Sustentabilidade, the first investment fund in the country for environmental projects. According to Banco Nacional, the fund is for clean development mechanism projects that comply with the Kyoto protocol. Banco Nacional told Business News Americas that Fundo Brasil will get BRL100 million from Banco Nacional's private equity branch BNDESpar "with a maximum limit of 40% of the fund total." BNamericas notes that Banco Nacional will contribute up to BRL400 million to the fund, which has an eight-year lifespan that could be extended for two years more. According to the report, Banco Nacional's President Luciano Coutinho said, "This is a pioneer initiative in the country and is one more example of BNDES' [Banco Nacional] commitment to environmental projects." Banco Nacional chose independent investment company Latour Capital do Brasil to manage the fund through its BEM DTVM and Sustaincapital units, BNamericas states. 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. BERTIN LTDA: S&P Holds Corp. Credit Rating at B+ Pending Review --------------------------------------------------------------- Standard & Poor's Ratings Services said that its 'B+' long-term corporate credit rating on Brazilian meat-processing company, Bertin Ltda. remains on CreditWatch with negative implications, where it was initially placed Nov. 26, 2007, pending a detailed review of the financial effects of a recent acquisition. The initial placement followed Bertin's announcement that its subsidiary, Bertin S.A. (not rated), reached an agreement to acquire 56% of Brazil-based Goult Participacoes Ltda. (not rated), which in turn owns about 75% of dairy products processor S/A Fabrica de Produtos Alimenticios Vigor (not rated). S&P expects to resolve the CreditWatch following the publication of the company's 2007 year-end results and a full review of Bertin's ultimate capital structure after the conclusion of the acquisition. Headquartered in Sao Paulo, Brazil, Bertin Ltda. -- http://www.bertin.com.br/-- is one of the largest beef processing and leather exporting companies in Latin America. The company owns and operates other facilities to produce cleaning products, personal protective equipment, dog toys, cans and packaging materials using by-products of its slaughterhouses. CA INC: Will Pay US$0.04 Per Share Dividend Due on March 28 ----------------------------------------------------------- CA Inc.'s Board of Directors has declared a regular, quarterly cash dividend of US$0.04 per share. The dividend will be paid on March 28, 2008, to stockholders of record at the close of business on March 14, 2008. Headquartered in Islandia, New York, CA Inc. (NYSE:CA) -- http://www.ca.com/-- is an information technology management software company that unifies and simplifies the management ofenterprise-wide IT. Founded in 1976, CA serves customers in more than 140 countries. The company has operations in Brazil, Indonesia, Luxembourg, Philippines and Thailand. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 19, 2007, Fitch Ratings affirmed these ratings of CA, Inc.: -- Issuer Default Rating at 'BB+'; -- Senior unsecured revolving credit facility at 'BB+'; -- Senior unsecured debt at 'BB+'. Additionally, Fitch revised the Rating Outlook on CA Inc. to Stable from Negative. Fitch's actions affect approximately US$2.8 billion of total debt, including the company's US$1.0 billion revolving credit facility. ENERGIAS DO BRASIL: Launches Enernova ------------------------------------- Energias do Brasil S.A. has spun off its renewables assets and created Enernova, Business News Americas reports. "EDB [Energias do Brasil] is the first Brazilian power holding to create a renewables-only company," EDB president Antonio Manual Pita de Abreu told reporters. Enernova's President Miguel Setas told reporters that the company will handle Energias do Brasil's current and future small-scale hydroelectric and wind power projects in South America. BNamericas notes that selling carbon credits will be one of Enernova's major sources of revenue. Mr. Setas told BNamericas that Enernova operates with 130 megawatts in hydro capacity. A 29-megawatt hydro plant in Santa Fe is under construction and will be operating in 2009, BNamericas says, citing Mr. Setas. Mr. Pita de Abreu told BNamericas that Enernova wants to have one gigawatt in installed capacity in 2012, including 24 hydro plants with combined capacity of 538 megawatts. The company official said that Energias do Brasil is submitting preliminary studies to power regulator Aneel for the plants. Once Aneel approves the studies, Enernova can begin requesting preliminary licenses from environmental institutes. The company will conclude basic studies for 16 small hydros by the first half of this year, five by late 2008 and three by the first half of 2009, BNamericas says, citing Mr. Seta. Mr. Setas commented to BNamericas, "We target both greenfield and brownfield projects. We cannot overlook acquisitions in small hydros. EDB wants to be as clean as possible in power generation." Enernova is collaborating with Energias do Brasil's controlling shareholder, Portugal's EDP, Mr. Pita de Abreu told BNamericas. "There is a strong demand for wind power generation equipment so the ones with most scale get their orders ready quicker and cheaper. EDP will help us in that sense," Mr. Setas commented to BNamericas. BNamericas explains that Enernova will purchase wind power equipment through EDP. Mr. Pita de Abreu told BNamericas that Enernova's top market will be Brazil. Other South American markets are also being targeted. According to BNamericas, Mr. Pita de Abreu is expecting renewable project offers from companies once word of Enernova spreads in the continent. Energias do Brasil S.A. is an integrated utility group controlled by Energias de Portugal, with activities in generation, distribution and commercialization of electricity. Its power distribution subsdiaries Bandeirante, Escelsa and Enersul represent altogether some 64% of consolidated total assets, while the power generation assets represent some 31%. * * * In May 2007, Moody's Investors Service placed a Ba2 long-term corporate family rating on Energias do Brasil. GENERAL MOTORS: Monitoring American Axle Workers' Strike --------------------------------------------------------- Although the strike of union workers at its supplier American Axle and Manufacturing Inc. does not affect General Motors Corp.'s plant production yet, the auto maker says it is following the protest closely, Terry Kosdrosky of Dow Jones Newswires reports. The Associated Press points out that GM has a large inventory of pickups and sport utility vehicles, which are equipped with American Axle's products. However, if the strike lasts longer than the backlog, GM's assembly lines would suffer, AP relates citing industry analysts. United Auto Workers union president Ron Gettelfinger and Vice President James Settles disclosed that members at American Axle and Manufacturing Inc. began an unfair labor practices strike at 12:01 a.m. on Feb. 26, 2008, following expiration of a four-year master labor agreement. Talks broke off Monday with major issues unresolved. Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 9, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. As reported in the Troubled Company Reporter on Oct. 23, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with positive implications, where they were placed Sept. 26, 2007, following agreement on the new labor contract. The outlook is stable. GOL LINHAS: Unit Signs Interline Agreement With Iberia ------------------------------------------------------ GOL Linhas Aereas Inteligentes S.A., the parent company of Brazilian airlines GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A., has disclosed an interline agreement between VRG and Spain's Iberia. Passengers of both airlines can purchase tickets to all destinations served by VRG Linhas and Iberia. Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) -- http://www.voegol.com.br-- through its subsidiary, GOL Transportes Aereos S.A., provides airline services in Brazil, Argentina, Bolivia, Uruguay, and Paraguay. The company's services include passenger, cargo, and charter services. As of March 20, 2006, Gol Linhas provided 440 daily flights to 49 destinations and operated a fleet of 45 Boeing 737 aircraft. The company was founded in 2001. * * * As reported in the Troubled Company Reporter-Latin America on July 25, 2007, Fitch Ratings affirmed the 'BB+' foreign and local currency issuer default ratings of Gol Linhas Aereas Inteligentes S.A. Fitch also affirmed the outstanding US$200 million perpetual bonds and US$200 million of senior notes due 2017 at 'BB+' as well as the company's 'AA-' (bra) national scale rating. Fitch said the rating outlook is stable. HUGHES NETWORK: Signs All Systems as Service Distributor -------------------------------------------------------- Hughes Network Systems, LLC recently signed All Systems Satellite Distributors to be a distributor of HughesNet(R) satellite broadband Internet service in the Northeast and Mid- Atlantic region, where large numbers of consumers are beyond the reach of cable and DSL. Under the terms of the agreement, All Systems will market primarily to retailers in Delaware, Maryland, New England, New Jersey, New York, Pennsylvania, Virginia, and West Virginia. This will create a new income opportunity for the retailers, who will sell and install the HughesNet satellite broadband service. "We are proud to add HughesNet high-speed Internet services to our portfolio, as it will strengthen our current offerings and offer our retailers an additional revenue stream," said All Systems president, Richard LoGiudice. Recently celebrating its 20th anniversary in the satellite industry, All Systems is a DISH Network and XM Satellite Radio distributor. Its retailers have been very successful selling a range of satellite services to customers in the region. The HughesNet satellite broadband service will provide an important complement to their existing product lines. "With the addition of All Systems as a strategic sales channel, we will be able to provide more consumers with a high-speed satellite Internet option," said Hughes assistant vice president of Channel Sales, Allen McCabe. "All Systems has been a premier distributor in the satellite and consumer electronics industries in the Northeast and Mid-Atlantic regions for years, and we look forward to growing our HughesNet service business with them." With more than 365,000 subscribers, HughesNet is the leading, two-way broadband satellite Internet service in the United States and is available to anyone who has a clear view of the southern sky, regardless of geography. About All Systems Satellite Distributors Headquarterered in Brooklyn, New York, All Systems Satellite Distributors -- http://www.allsystemssat.com-- is a family- owned and operated business which provides equipment, support, training and marketing services to DISH Network and XM Satellite Radio retailers. All Systems has 8 locations throughout the Northeast and Mid-Atlantic region, servicing the Virginias through Maine. About Hughes Network Systems Headquartered in Germantown, Maryland, Hughes Network Systems LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned subsidiary of Hughes Communications Inc., provides broadband satellite networks and services for large enterprises, governments, small businesses, and consumers. Hughes offers complete turnkey solutions, including program management, installation, training, maintenance and support-for professional and rapid deployment anywhere, worldwide. The company owns and operates a global base of HughesNet shared hub services throughout the United States, Brazil, China, Europe, and India. In Europe, Hughes maintains operations facilities and/or sales offices in Germany, U.K., Italy, Czech Republic, and Russia. * * * Moody's Investors Service assigned a B1 rating to Hughes Network Systems LLC's proposed US$115 million senior unsecured term loan, due 2014. In addition, the ratings agency affirmed the B1 corporate family rating, the B1 rating on the existing US$450 million senior notes due 2014 and the Ba1 rating on the US$50 million senior secured revolving credit facility. The proceeds of the new term loan will be used primarily to fund capital expenditures and for general corporate purposes. HUGHES NETWORK: Unit Inks Backhaul Solution Pact With Intelsat -------------------------------------------------------------- Hughes Network Systems, LLC's Brazilian subsidiary, Hughes Telecommunicacoes do Brasil, Ltda has signed an agreement with Intelsat to deliver a new managed cellular backhaul solution in Brazil, enabling cellular service providers to cost-effectively extend cell networks to rural areas and sparsely populated regions. This novel backhaul solution combines the strengths of two industry-leading corporations. Managed by Hughes, this solution employs its advanced HX System at remote cell sites operating over the HughesNet broadband satellite service, and utilizing Intelsat's C-band capacity primarily on Intelsat 901 at 342 degrees E, as well as other Intelsat satellites in the Atlantic Ocean Region. It is designed for fast and cost-efficient service rollouts in rural and remote areas throughout Brazil, offering cellular operators a viable means to address their Universal Service Obligations. "Wireless operators in Brazil can now reach farther, deliver faster, and be more cost-efficient in extending their cell networks," said Intelsat's vice president of Network Services, Jay Yass. "Intelsat's partnership with Hughes represents a fully-managed solution from installation to service introduction, from two world-leading solution providers." Designed and optimized for small- to medium-size networks where high Quality of Service, reliable performance and bandwidth efficiency are critical, the Hughes HX System is ideally suited for trunking applications such as GSM backhaul. "The challenge for cellular operators is to provide cost- effective coverage in remote areas," said Hughes Telecommunicacoes do Brazil president, Delio Morais. "We are excited to be partnering with Intelsat to deliver this one-stop solution that makes it affordable for operators to cover virtually any low-density area in Brazil." About Intelsat Headquartered in Pembroke, Bermuda, Intelsat, Ltd. -- http://www.intelsat.com/-- is the largest fixed satellite service operator in the world and is owned by Apollo Management, Apax Partners, Madison Dearborn, and Permira, delivering advanced transmission access for information and entertainment to some of the world's leading media and network companies, multinational corporations, Internet service providers and governmental agencies. The company also offers seamless service for voice, data and video transmission. About Hughes Network Systems Headquartered in Germantown, Maryland, Hughes Network Systems LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned subsidiary of Hughes Communications Inc., provides broadband satellite networks and services for large enterprises, governments, small businesses, and consumers. Hughes offers complete turnkey solutions, including program management, installation, training, maintenance and support-for professional and rapid deployment anywhere, worldwide. The company owns and operates a global base of HughesNet shared hub services throughout the United States, Brazil, China, Europe, and India. In Europe, Hughes maintains operations facilities and/or sales offices in Germany, U.K., Italy, Czech Republic, and Russia. * * * Moody's Investors Service assigned a B1 rating to Hughes Network Systems LLC's proposed US$115 million senior unsecured term loan, due 2014. In addition, the ratings agency affirmed the B1 corporate family rating, the B1 rating on the existing US$450 million senior notes due 2014 and the Ba1 rating on the US$50 million senior secured revolving credit facility. The proceeds of the new term loan will be used primarily to fund capital expenditures and for general corporate purposes. LAZARD LTD: Gets US$100-Mil. Share Repurchase Authorization ----------------------------------------------------------- Lazard Ltd's Board of Directors has approved an additional share repurchase authorization of US$100 million, for purchases prior to June 30, 2009. Lazard also has US$32 million under a previously disclosed authorization. Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a preeminent financial advisory and asset management firms, that operates from 32 cities across 16 countries in North America, Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, restructuring and capital raising, well as asset management services to corporations, partnerships, institutions, governments, and individuals. The company has locations in Australia, Brazil, China, France, Germany, India, Japan, Korea and Singapore. The company's consolidated balance sheet at Sept. 30, 2007, showed US$3.51 billion in total assets, US$3.54 billion in total liabilities, and US$49.0 million minority interest, resulting in a US$74.5 million total shareholders' deficiency. VISTEON CORPORATION: Steven Hamp to Rejoin Board of Directors ------------------------------------------------------------- The board of directors of Visteon Corporation elected Steven K. Hamp to rejoin the board, effective March 1, 2008. Mr. Hamp previously served on Visteon's board from January 2001 to November 2005. Mr. Hamp, 59, has been the principal of Hamp Advisors LLC, a strategy consulting firm, since March 2007. Before that, he was vice president and chief of staff at Ford Motor Co., a position he held from November 2005 to October 2006. Prior to joining Ford, Hamp served as president of The Henry Ford, a non-profit organization sponsoring historic exhibits. He is also a director of McKinley Corporation, a private real estate investment company located in Ann Arbor, Michigan. "Steve has keen knowledge of Visteon and our business environment, and we are pleased that the company again will benefit from his insight and leadership," Michael F. Johnston, Visteon chairman and chief executive officer, said. Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic, and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the company has facilities in 26 countries, including Argentina, Brazil, Mexico and India, and employs approximately 41,500 people. * * * Moody's Investor Service placed Visteon Corp.'s long-term corporate family and probability of default ratings at 'B3' in November 2006. The ratings still hold to date with a negative outlook. ========================== C A Y M A N I S L A N D S ========================== AMAPROP MASTER: Proofs of Claim Filing Deadline Is March 7 ---------------------------------------------------------- Amaprop Master Limited's creditors have until March 7, 2008, to prove their claims to K. Beighton and K.D. Blake, 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. Amaprop Master's shareholders agreed on Jan. 24, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: K. Beighton and K.D. Blake Attn: Bekilizwe Dube KPMG P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4464 / 345-949-4800 Fax: 345-949-7164 AMARANTH HELIX: Proofs of Claim Filing Ends on March 7 ------------------------------------------------------ Amaranth Helix Limited's creditors have until March 7, 2008, to prove their claims to K. Beighton and K.D. Blake, 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. Amaranth Helix's shareholders agreed on Jan. 24, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: K. Beighton and K.D. Blake Attn: Bekilizwe Dube KPMG P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4464 / 345-949-4800 Fax: 345-949-7164 AMULET LIMITED: Proofs of Claim Filing Is Until March 7 ------------------------------------------------------- Amulet Limited's creditors have until March 7, 2008, to prove their claims to K. Beighton and K.D. Blake, 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. Amulet's shareholder decided on Jan. 24, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: K. Beighton and K.D. Blake Attn: Bekilizwe Dube KPMG P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4464 / 345-949-4800 Fax: 345-949-7164 ATLAS CAPITAL: Proofs of Claim Filing Deadline Is March 7 --------------------------------------------------------- Atlas Capital Offshore Exempt Fund, Ltd.'s creditors have until March 7, 2008, to prove their claims to Richard L. Finlay, 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. Atlas Capital's shareholder decided on Dec. 28, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Richard L. Finlay Attn: Krysten Lumsden Conyers Dill & Pearman P.O. Box 2681, George Town Grand Cayman KY1-1111, Cayman Islands Telephone: (345) 945 3901 Fax: (345) 945 3902 BEAR STEARNS: Investors Try to Reverse Liquidation Decision ----------------------------------------------------------- Investors in the Bear Stearns Enhanced Leverage Overseas and High Grade Overseas funds are attempting to reverse a decision to put the companies in liquidation, the Financial Times reports. The investors are led by international law firm Reed Smith. They started a legal action to try to gain control of the funds, which they hope to use as a platform to demand compensation from US investment bank Bear Stearns, the FT says. Cayman Net News states that the investors had "waged a successful campaign to appoint their own directors to one fund," to gain control that was blocked when the fund was put into liquidation. Cayman Net News adds that the investors claim to represent more than a quarter of investors in both the US and offshore versions of the Enhanced Leverage fund and they hope to get better access to documents, which they need to secure compensation from Bear Stearns. About Bear Stearns Funds Grand Cayman, Cayman Islands-based Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund Ltd. and Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd. are open-ended investment companies, which sought high income and capital appreciation relative to the London Interbank Offered Rate, and designed for long-term investors. On July 30, 2007, the Funds filed winding up petitions under the Companies Law (2007 Revision) of the Cayman Islands. Simon Lovell Clayton Whicker and Kristen Beighton at KPMG were appointed joint provisional liquidators. The joint liquidators filed for Chapter 15 petitions before the U.S. Bankruptcy Court for the Southern District of New York the next day. On Aug. 30, 2007, the Honorable Burton R. Lifland denied the Funds protection under Chapter 15 of the Bankruptcy Code. Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F. Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent the liquidators in the United States. The Funds' assets and debts are estimated to be more than US$100,000,000 each. (Bear Stearns Funds Bankruptcy News; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) ISOTOPE LIMITED: Proofs of Claim Filing Deadline Is March 7 ----------------------------------------------------------- Isotope Limited's creditors have until March 7, 2008, to prove their claims to K. Beighton and K.D. Blake, 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. Isotope's shareholder decided on Jan. 24, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: K. Beighton and K.D. Blake Attn: Bekilizwe Dube KPMG P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands Telephone: 345-914-4464 / 345-949-4800 Fax: 345-949-7164 ========= C H I L E ========= EASTMAN KODAK: Fitch Revises Outlook to Stable from Negative ------------------------------------------------------------ Fitch Ratings revised Eastman Kodak Company's Rating Outlook to Stable from Negative and affirmed the ratings as: -- Issuer default rating at 'B'; -- Senior secured revolving credit facility at 'BB/RR1'; -- Senior unsecured debt at 'B/RR4'. Fitch's actions affect approximately US$2.6 billion of total debt, including the company's undrawn US$1 billion RCF. The revision of the Rating Outlook to Stable reflects Kodak's: -- Improving near-term free cash flow prospects, which are due primarily to declining cash restructuring payments following the completion of its significant 2004-2007 restructuring program; -- Revenue stabilization, as accelerating digital revenue growth has started to more than offset declines in traditional revenue; -- Improved credit protection measures and financial flexibility. Ratings concerns continue to center on: -- The ongoing decline of the traditional film business, which, in Fitch's estimate, generates the majority of the company's EBITDA; -- The significantly lower profit margins on digital technology, especially within the company's Consumer Digital Group, which continues to pressure the company's overall profitability. The ratings are supported by Kodak's: -- Strong credit protection metrics; -- Broad geographic revenue diversity; -- Strong brand name; -- Broad Consumer Digital Group product portfolio; -- Leading market position in traditional film market. Positive rating actions could occur if: -- Kodak exhibits consistent year-over-year improvement in digital profitability driven by a revenue mix shift toward higher-margin products, such as consumables for consumer inkjet printers and/or sustainable expense reductions; -- Significant improvement in free cash flow beyond Fitch's current expectations due to higher profitability as opposed to cash restructuring declines. Negative rating actions could occur if: -- The company undertakes significant debt-financed M&A or share repurchase activity; -- Ongoing deterioration in revenues and/or profitability resumes. Fitch believes liquidity at Dec. 31, 2007 was solid and supported by: approximately US$2.9 billion of cash and cash equivalents, and an undrawn US$1 billion senior secured RCF due October 2010 (approximately US$850 million net of letters of credit); and free cash flow from continuing operations, which is expected to improve in 2008 from a loss of US$52 million in 2007 due largely to the completion of the company's restructuring program, which required cash outlays of US$400 million-US$600 million annually since 2004. Approximately US$150 million of residual cash restructuring payments are expected in 2008. Total debt as of Dec. 31, 2007 was approximately US$1.6 billion, consisting primarily of: US$250 million senior notes due May 2008, US$500 million senior notes due 2013, and US$575 million convertible senior notes due 2033, which have a conversion price of US$31.02 per share and which can be put to the company in October 2010. Fitch believes the US$250 million maturity in 2008 will be repaid with cash on hand. Fitch estimates total leverage and interest coverage of 1.5 times and 7.8x, respectively, at Dec. 31, 2007, compared to 2.4x and 4.3x at Dec. 31, 2006. The Recovery Ratings reflect Fitch's belief that Kodak's enterprise value would be maximized in a liquidation, rather than a going-concern, scenario. In estimating liquidation, Fitch Kodak's accounts receivables, inventories, and property, plant, applies advance rates of 80%, 20%, and 10%, respectively, to and equipment balances as of the year ended Dec. 31, 2007. Fitch arrives at an adjusted reorganization value of $1.6 billion after subtracting administrative claims. Based upon these assumptions, The 'RR1' recovery rating for Kodak's secured bank facility reflects Fitch's belief that 100% recovery is realistic. The 'RR4' recovery rating for the senior unsecured debt reflects Fitch's estimate that a recovery of only 31%-50% would be achievable. Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China among others. FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007 ----------------------------------------------------------- Fresh Del Monte Produce Inc. released a strong financial and operating results for the fourth quarter and year ended Dec. 28, 2007. Net income for the fourth quarter of 2007 increased to US$34.4 million, compared with a net loss of US$58.8 million in the fourth quarter of 2006. The increase in net income for the quarter was driven by improvements in gross profit; reduction in selling general and administrative expense; gains from favorable foreign exchange rates; lower asset impairment and other charges; and the sale of nonperforming assets. For the full year, the Company reported net income of US$179.8 million, compared with a net loss of US$142.2 million in 2006. Results for the fourth quarter of 2007 exclude charges totaling US$7.3 million from asset impairment, restructuring and other charges, net, primarily associated with exit activities in the United Kingdom and Italy. Full year results include charges totaling US$9.5 million from asset impairment, restructuring and other charges, net. Net sales for the fourth quarter of 2007 increased 15 percent to US$848.2 million, compared with US$737.6 million in the prior year fourth quarter. The significant increase in net sales was due to strong sales performance in all of the company�s product segments driven by product price increases in the company�s gold pineapple, canned pineapple and melon product lines; higher worldwide banana selling prices; increased demand for bananas, especially in emerging markets; and favorable foreign exchange rates. Net sales for the year increased 5 percent to US$3.4 billion, compared with US$3.2 billion in 2006. Gross profit for the fourth quarter of 2007 increased to US$78.4 million, compared with gross profit of US$57.4 million in the fourth quarter of 2006. The US$21.0 million rise in gross profit for the quarter was driven by higher selling prices in the Company�s major product lines; operational improvements in key business segments; favorable foreign exchange rates; and increased sales in the company�s Prepared Food business segment, a direct result of lower canned pineapple supply in the marketplace. These gains were partially offset by significantly higher costs associated with the growing and procurement of fruit, packaging, labor, fuel and transportation during the quarter. Gross profit for the year was US$364.9 million, compared with gross profit of US$189.4 million in 2006. "We delivered the best fourth quarter in our history, driven by the improvements made in our business segments," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "In spite of the fact that we experienced dramatic increases in fruit production, procurement and logistics costs that exceeded previous record highs, we were still able to remain flexible and use strategically creative methods to address these factors. We focused our sales of fruit to markets with the greatest demand, focused our fresh-cut line on the highest value products, capitalized on health and wellness and convenience trends, and achieved higher selling prices in key product lines. These accomplishments were achieved without sacrificing product quality, freshness and reliability � characteristics associated with Fresh Del Monte Produce and the Del Monte(R) brand." Based in the Cayman Islands, Fresh Del Monte Produce Inc. -- http://www.freshdelmonte.com/-- is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages, snacks and desserts in Europe, the Middle East and Africa. Fresh Del Monte markets its products worldwide under the Del Monte(R) brand, a symbol of product quality, freshness and reliability since 1892. Del Monte Fresh Produce Company has operations in Chile, Brazil, France, Philippines, and Korea. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 22, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Fresh Del Monte Produce Inc., and removed the rating from CreditWatch, where it was placed with positive implications on Nov. 1, 2007. S&P said the outlook is stable. =============== C O L O M B I A =============== DOLE FOOD: Moody's Cuts Rating to 'B3' on Weak Performance ---------------------------------------------------------- Moody's Investors Service lowered Dole Food Company, Inc.'s corporate family rating and probability of default ratings to B3 from B2, and downgraded the ratings of the company's unsecured shelf filings. Dole's other debt ratings were confirmed. The rating outlook is stable. Ratings Lowered Dole Food Company, Inc. -- Corporate family rating to B3 from B2 -- Probability of default rating to B3 from B2 -- Senior unsecured shelf, senior subordinated shelf and junior subordinated shelf to (P)Caa2 (LGD6,97%) from (P)Caa1 (LGD6,97%) Ratings Confirmed Dole Food Company, Inc. -- Senior secured term loan B at Ba3 (LGD2,23%) -- Senior secured prefunded letter of credit facility at Ba3 (LGD2,23%) Solvest. Ltd. -- Senior secured term loan C at Ba3 (LGD2,23%) -- Senior secured prefunded letter of credit facility at Ba3 (LGD2,23%) Ratings confirmed, LGD percentage adjusted Dole Food Company, Inc. -- Senior unsecured notes at Caa1 (LGD5). LGD percentage to 77% from 78% "The downgrade in the corporate family rating and probability of default rating reflects Dole's weaker than anticipated operating performance in its fresh vegetable segment, margin pressure in packaged foods, and the lack of success in turning around its small flowers business", noted Elaine Francolino, Vice President, Senior Credit Officer. As a result, Dole's credit metrics are weaker than those appropriate for its prior rating level -- debt to EBITDA at October 6, 2007 was still high at 8.2 times, and unlikely to improve in the near term to the 7.5 times threshold articulated in Moody's January 2007 credit opinion as appropriate for the company's prior (B2) rating level. Free cash flow has been negative since the end of fiscal 2004, stemming from low profitability. The shelf instruments that were also downgraded are assumed to be unguaranteed in the loss-given-default model, and consequently have a low priority ranking in the liabilities waterfall. The ratings of these instruments were negatively impacted by the higher level of accounts payable, perhaps resulting from rising input prices and from company growth. Headquartered in Westlake Village, California, Dole Food Company, Inc. is the world's largest producer of fresh fruit, fresh vegetables and fresh-cut flowers. The company also sells value-added fruits and vegetables. Sales for the twelve months ended Oct. 2, 2007 exceeded US$6.7 billion. Headquartered in Westlake Village, California, Dole Food Company, Inc. -- http://www.dole.com/-- is a producer and marketer of fresh fruit, fresh vegetables and fresh-cut flowers, and markets a line of packaged foods. The company has four prim