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 Monday, March 10, 2008, Vol. 9, No. 49 Headlines A R G E N T I N A AMTRAX SA: Trustee to Verify Proofs of Claim Until May 5 CLINICA DE TODOS: Proofs of Claim Verification is Until May 7 COOPERATIVA DE TRABAJO: Trustee to Verify Claims Until May 2 COSTANERA GESTION: Trustee to Verify Proofs of Claim Until May 2 EQUITAS MEDICA: Trustee to Verify Proofs of Claim Until May 13 HOTEL GRAN: Proofs of Claim Verification Deadline is May 5 KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007 PROVINCIA SEGUROS: Moody's Holds Global Currency Rating at B2 WESTERN OIL: Proofs of Claim Verification Deadline is May 2 B A H A M A S ISLE OF CAPRI: Appoints Jim Perry as Chief Executive Officer ISLE OF CAPRI: Posts US$14 Mil. Net Loss in Qtr. Ended Jan. 27 B E R M U D A ASPEN INSURANCE: Promotes Mason to Marine & Energy Deputy Head B R A Z I L BANCO BRADESCO: To Buy Agora Holdings for BRL830 Million CA INC: Appoints Michael Christenson as President CHEMTURA CORP: Acquires Baxenden Chemicals for GBP13 Million CHEMTURA CORP: Closes Sale of Oleochemicals Biz to PMC Group CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17 COMPANHIA ENERGETICA: Privatization Spurs Moody's Rating Review COMPANHIA ENERGETICA: Extends Electric Supply Pact with Usiminas EMI GROUP: Chairman Admits Takeover Has Not Gone to Plan ENERGIAS DO BRASIL: Will Invest BRL1.02 Billion This Year ENERGIAS DO BRASIL: To Acquire Resende from Omega Engenharia ENERGIAS DO BRASIL: Registers Plant as Clean Dev't Mechanism MARFIG FRIGORIFICOS: 2007 Net Income Up 32.1% to BRL84.9 Million USINAS SIDERURGICAS: Extends Electric Supply Pact with Cemig * BRAZIL: Fitch Eyes Growing Global Demand in Biofuel Sector C A Y M A N I S L A N D S BLUECREST INTERNATIONAL: Proofs of Claim Filing Ends on March 18 MAKEPEACE INVESTMENTS: Final Shareholders Meeting is on March 18 REDWOOD CAPITAL: Proofs of Claim Filing Deadline is March 18 REDWOOD CAPITAL VII: Proofs of Claim Filing is Until March 18 REDWOOD CAPITAL IX: Proofs of Claim Filing Deadline is March 18 C H I L E CROWN WORLDWIDE: Moody's Assigns Provisional Ba2 Debt Rating DIRECTV GROUP: Chilean Subscribers Increase 30% in 2007 C O L O M B I A CHIQUITA BRANDS: In Strategic Agreement With ESCOM & Matanuska CHIQUITA BRANDS: Terrorism Lawsuits Won't Hurt Firm, Experts Say C O S T A R I C A HILTON HOTELS: Names Steven Goldman as Real Estate President SIRVA INC: Ct. OKs Motion to Approve Equity Trading Restrictions C U B A PETROLEOS DE VENEZUELA: Cuban Plant's Processing is on Schedule D O M I N I C A N R E P U B L I C JETBLUE AIRWAYS: Adds US-Dominican Republic Daily Nonstop Flight G U A T E M A L A TECO ENERGY: Trimble Implements GIS Service for TECO Peoples Gas H A I T I DYNCORP INT'L: Bags US$30MM Construction Project in Afghanistan H O N D U R A S CINEMARK HOLDINGS: Earns US$88.9 Million in Year Ended Dec. 31 J A M A I C A NATIONAL COMERCIAL: Keeps Michael Hylton as Legal Representative M E X I C O BAUSCH & LOMB: Picks Paul Sartori as Corporate Vice President BLUE WATER: CIT Entities Wants Adequate Protection Payments BLUE WATER: Gets Interim OK to Borrow US$27.5 Mil. from Bank BLUE WATER: Creditors Panel Wants Interim DIP Order Vacated BLUE WATER: Sec. 341 Meeting of Creditors Set for March 24 BLUE WATER: Seeks Authority to Assume Molding Contracts INTERNATIONAL RECTIFIER: Hires Donald Dance as EVP & CAO KANSAS CITY: Brings-In Michael Upchurch as Fin'l Management SVP QUAKER FABRIC: Can File Chapter 11 Plan Until March 19, Says Ct. QUEBECOR WORLD: Cuts 30 Positions at Merced Plant in California QUEBECOR WORLD: NFR Wants Stay Lifted and Base Contract Ended QUEBECOR WORLD: Seeks OK to Pay Non-Worker Sales Commissions SHARPER IMAGE: To Liquidate Underperforming Stores N E T H E R L A N D S A N T I L L E S BURGER KING: To Open New Restaurant in Curacao P U E R T O R I C O FIRST BANCORP: Paying Preferred Share Dividends on March 31 INYX USA: Disclosure Statement Doesn't Say Much for Creditors MOTHERS WORK: February 2008 Net Sales Rises 4.1% to US$45.7-Mln PILGRIM'S PRIDE: Names J. Clinton Rivers as President & CEO UNIVISION COMMS: Low Asset Sale Proceeds Cue S&P's B- Rating Cut V E N E Z U E L A CMS ENERGY: Net Loss Rises to US$227 Mil. in Year Ended Dec. 31 PETROLEOS DE VENEZUELA: May Rule on Case With Exxon This Week PETROLEOS DE VENEZUELA: Inks Training Deal with Nova Scotia X X X X X X * BOND PRICING: For the Week March 3 - March 7, 2008 * Beard Group's Cross-Border Insolvencies Audio Primer - - - - - ================= A R G E N T I N A ================= AMTRAX SA: Trustee to Verify Proofs of Claim Until May 5 -------------------------------------------------------- Pedro Mazzola, the court-appointed trustee for Amtrax S.A.'s reorganization proceeding, will be verifying creditors' proofs of claim until May 5, 2008. Mr. Mazzola will present the validated claims in court as individual reports on June 16, 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 Amtrax 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 Amtrax's accounting and banking records will be submitted in court on Aug. 11, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Feb. 10, 2009. The trustee can be reached at: Pedro Mazzola Cramer 1859 Buenos Aires, Argentina CLINICA DE TODOS: Proofs of Claim Verification is Until May 7 ------------------------------------------------------------- Marcelo Rodriguez, the court-appointed trustee for Clinica de Todos los Santos SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until May 7, 2008. Mr. Rodriguez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 10, 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 Clinica de Todos 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 Clinica de Todos' accounting and banking records will be submitted in court. La Nacion didn't state the submission deadlines for the reports. Mr. Rodriguez is also in charge of administering Clinica de Todos' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Clinica de Todos los Santos SA Montevideo 373 Buenos Aires, Argentina The trustee can be reached at: Marcelo Rodriguez Cerrito 146 Buenos Aires, Argentina COOPERATIVA DE TRABAJO: Trustee to Verify Claims Until May 2 ------------------------------------------------------------ Adriana del Carmen Gallo, the court-appointed trustee for Cooperative de Trabajo's reorganization proceeding, will be verifying creditors' proofs of claim until May 2, 2008. Ms. Gallo will present the validated claims in court as individual reports on June 13, 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 Cooperative de Trabajo 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 Cooperative de Trabajo's accounting and banking records will be submitted in court on Aug. 8, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Feb. 9, 2009. The trustee can be reached at: Adriana del Carmen Gallo Avenida Roque Saenz Pena 651 Buenos Aires, Argentina COSTANERA GESTION: Trustee to Verify Proofs of Claim Until May 2 ---------------------------------------------------------------- Ricardo Adrogue, the court-appointed trustee for Costanera Gestion S.A.'s reorganization proceeding, will be verifying creditors' proofs of claim until May 2, 2008. Mr. Adrogue will present the validated claims in court as individual reports on June 13, 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 Costanera Gestion 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 Costanera Gestion's accounting and banking records will be submitted in court on July 25, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Feb. 2, 2009. The trustee can be reached at: Ricardo Adrogue Bouchard 468 Buenos Aires, Argentina EQUITAS MEDICA: Trustee to Verify Proofs of Claim Until May 13 -------------------------------------------------------------- Aldo Emilio Cambiasso, the court-appointed trustee for Equitas Medica SA's reorganization proceeding, will be verifying creditors' proofs of claim until May 13, 2008. Mr. Cambiasso will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 2 in Buenos Aires, with the assistance of Clerk No. 3, 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 Equitas Medica 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 Equitas Medica's accounting and banking records will be submitted in court. La Nacion didn't state the submission deadlines for the reports. Creditors will vote to ratify the completed settlement plan during the assembly on Feb. 25, 2009. The debtor can be reached at: Equitas Medica SA Tucuman 1424 Buenos Aires, Argentina The trustee can be reached at: Aldo Emilio Cambiasso Cerrito 1070 Buenos Aires, Argentina HOTEL GRAN: Proofs of Claim Verification Deadline is May 5 ---------------------------------------------------------- Raul Trejo, the court-appointed trustee for Hotel Gran Duc SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until May 5, 2008. Mr. Trejo will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 52, 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 Hotel Gran 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 Hotel Gran's accounting and banking records will be submitted in court. La Nacion didn't state the submission deadlines for the reports. Mr. Trejo is also in charge of administering Hotel Gran's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Hotel Gran Duc SA Jose Uriburu 1544 Buenos Aires, Argentina The trustee can be reached at: Raul Trejo Avenida Corrientes 818 Buenos Aires, Argentina KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007 ---------------------------------------------------------- Koninklijke Ahold N.V. has published its summary financial report for the full year and fourth quarter 2007. Full Year Net sales were EUR28.2 billion, up 1.2% compared to 2006. At constant exchange rates, net sales increased by 6.1%. Operating income was EUR1.1 billion, EUR71 million higher than in 2006. Retail operating income was EUR1.3 billion, EUR31 million higher compared to 2006. Corporate Center costs were EUR106 million, down EUR26 million from 2006. Net income was EUR2.9 billion, up EUR2 billion compared to 2006, mainly as a result of the divestment of U.S. Foodservice, Ahold�s Polish operations and Tops. Cash flow before financing activities was EUR6.6 billion positive, EUR5.6 billion better than in 2006, mainly as a result of the proceeds from the sale of U.S. Foodservice, Ahold�s Polish operations and Tops. Fourth Quarter Net sales were EUR6.6 billion, up 0.2% from the same period in 2006. At constant exchange rates, net sales increased by 6.5%. Operating income was EUR253 million, EUR51 million higher than the same period in 2006. Retail operating income was EUR289 million, a retail operating margin of 4.4% compared to 3.7% in the same period in 2006. Corporate Center costs were EUR29 million for the quarter, down EUR6 million from the same period in 2006. Net income was EUR262 million, up EUR22 million from the same period in 2006, reflecting a higher operating income and lower net financial expense, partially offset by higher income taxes. Cash flow before financing activities was EUR582 million positive, EUR239 million better than the same period in 2006, mainly as a result of the proceeds from the sale of Tops. Full Year 2007 "Ahold exceeded the targets we set last year," CEO John Rishton said. "We delivered an underlying retail operating margin of 4.6% against our 4% to 4.5% guidance. We largely completed our planned divestments, returned EUR4 billion to shareholders, and our investment grade rating was reinstated. We restructured the company into two continental platforms and achieved reductions in Corporate Center costs ahead of schedule. "We are progressing with our strategy for profitable growth, largely thanks to the continuing hard work and commitment of all our employees. In the United States, we rolled out 70% of our VIP program at Stop & Shop and Giant-Landover by year-end while Giant-Carlisle continued its strong performance. In Europe, Albert Heijn continued to exceed expectations, and we saw promising first results from the repositioning program at Albert and Hypernova in the Czech Republic. "I am delighted that our improved performance has enabled us to reinstate an annual dividend. For 2007, the proposed dividend is EUR0.16 per common share. We plan increase future annual dividends while meeting the capital needs of the business and maintaining an efficient investment grade capital structure. "In 2008, our focus will be on the completion of the VIP program at Stop & Shop and Giant-Landover, the start of the remodeling of our Giant-Landover stores, further repositioning of Albert/Hypernova, and driving the growth of Albert Heijn. "The VIP program will continue to impact margins with improvements expected later in the year. Underlying retail operating margin for the year is projected to be between 4.5% and 5.0%. Capital expenditure will be around EUR1.1 billion. Gross debt will fall further in 2008 as we progress towards our announced EUR2 billion debt reduction target. Net interest expense for the year is expected to be in the range of EUR270 million to EUR290 million." About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. The company has operations in Argentina. * * * As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer Default and senior unsecured ratings from Fitch Ratings. Fitch said the Outlook is Positive. Its Short-term rating is B. PROVINCIA SEGUROS: Moody's Holds Global Currency Rating at B2 ------------------------------------------------------------- Moody's Investors Service has upgraded Provincia Seguros S.A.'s insurance financial strength rating on Argentina�s national scale to Aa3.ar from A1.ar. This rating action concludes the review process initiated on Jan. 18, 2008. The rating agency also affirmed Provincia Seguros' B2 global local currency IFS rating. The national scale rating of Aa3.ar positions the company in the upper limit of the national scale rating range (Aa3.ar to A2.ar) for its B2 global local currency rating. The outlook for both ratings is stable. According to Moody's, the rating upgrade reflects the favorable trends in Provincia�s Seguros' financial profile relative to other B2 IFS companies. Although Provincia Seguros experienced an underwriting loss during the 2007/08 fiscal year's first half ending Dec. 31, 2007, as did many of its peers in Argentina, the rating agency pointed out that the company showed its lowest combined ratio ever reported in this period. Moreover, this underwriting loss included additional reserve charges posted by management to boost reserves beyond local requirements. Provincia Seguros also reported a stronger than peers financial incomes, although much of the realized gains came as a result of transactions with certain affiliates. In addition, Moody's noted the improving capital adequacy position of Provincia Seguros. At Dec. 31, 2007, the company reported the highest level of capital surplus within its B2- rated peer group. Even after paying ARS28.6 million in dividends to its shareholders in the fiscal year ended June 30, 2007, Provincia Seguros' gross underwriting leverage was in line with its B2 peers. Turning to another key rating factor, business diversification, Moody's noted that the company's book of business is very well diversified and less exposed than its competitors' to motor insurance which Moody's considers to be the riskiest and most volatile business line in the Argentine market. Based in Buenos Aires, Argentina, Provincia Seguros reported a net loss of ARS1.6 million during the first half of the 2007/2008 fiscal year ended Dec. 31, 2007, made up of a ARS38.7 million underwriting loss and ARS31.8 million of net financial investment returns and other results. The company�s shareholders' equity was ARS155 million at Dec. 31, 2007. WESTERN OIL: Proofs of Claim Verification Deadline is May 2 ----------------------------------------------------------- Ignacio Kaczer, the court-appointed trustee for Western Oil SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until May 2, 2008. Mr. Kaczer will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 11 in Buenos Aires, with the assistance of Clerk No. 22, 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 Western Oil 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 Western Oil's accounting and banking records will be submitted in court. La Nacion didn't state the submission deadlines for the reports. Mr. Kaczer is also in charge of administering Western Oil's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Western Oil SRL Ortega y Gasset 1521 Buenos Aires, Argentina The trustee can be reached at: Ignacio Kaczer Avenida Callao 441 Buenos Aires, Argentina ============= B A H A M A S ============= ISLE OF CAPRI: Appoints Jim Perry as Chief Executive Officer ------------------------------------------------------------ Jim Perry, a gaming industry executive, will become Isle of Capri Casinos Inc.'s chief executive officer effective March 10, replacing Bernard Goldstein in that position. "Since joining our board last July, Jim Perry has served as the chair of a joint strategic committee comprised of members of our board and our management team," Bernard Goldstein, chairman of the board and chief executive officer, commented. "Our goal was to develop a plan to make our assets more competitive, more closely align our operating strategy with the needs of our customers and strengthen our balance sheet." "I firmly believe that the strategic plan developed under his leadership will serve as a platform for the future growth of the company." Mr. Goldstein said. "As such, I am disclosing my retirement from the position of chief executive officer and it is my pleasure to disclose the appointment of Jim Perry to the position of executive vice chairman and CEO, effective March 10, subject to regulatory approval. "Along with president and chief operating officer Virginia McDowell and the rest of the senior management team, our employees and investors are in the capable hands of a team that is known for financial discipline and operational excellence," Mr. Goldstein continued. "It has been my pleasure to watch the company grow since our first casino opened in 1992." "We have assembled a talented and respected team to ensure that the company continues to grow into the future," Mr. Goldstein said. "I look forward to working with them, and will continue to serve as chairman of the board as we implement our strategic plan." Over the past decade, Mr. Perry has served as the president, chief executive officer and as a member of the board of directors at both Trump Entertainment Resorts and Argosy Gaming Company. With nearly 30 years of experience leading gaming operations and companies in regional and destination markets, he is recognized as one of the gaming industry's distinguished executives. During Mr. Perry's tenure at Argosy, the company built one of the strongest balance sheets in gaming, was an industry leader in EBITDA margins, and was recognized by several leading publications for record earnings growth and financial stability. "Bernie Goldstein and the Isle board of directors have offered me a wonderful opportunity to work with a very talented team, to continue to enhance the value of the company for our shareholders, improve the gaming experience for our customers, and build a strong company with opportunity for our employees," Mr. Perry said. "I appreciate both their support and their confidence in me." "The main components of the strategic plan are to focus on organic growth opportunities, and to consolidate our portfolio into two brands based on a variety of factors, including the size of the facility, amenities, and the size of the primary markets served," Mr. Perry explained. "Our Isle brand will feature regional facilities with hotel rooms and convention facilities designed for both business and leisure travelers, with upgraded amenities, all of which will complement our casino product. Based on a significant market research project conducted with our database customers, we will reintroduce Lady Luck as the brand for our smaller facilities that serve more local markets." "The strategic committee is continuing to work with the board of directors on the approval of the major projects associated with the re-branding, the timing of which will occur over the next few years." Mr. Perry continued. "The first Isle properties will include Biloxi, where planning is nearly complete on Phase One of the master plan, and Bettendorf, where the company is beginning the planning process for a land-based casino which will be located between the existing two hotel towers." "We expect that the expanded Bettendorf facility will be connected by a sky bridge to the new 50,000 square foot convention center being jointly developed by the City of Bettendorf and Isle of Capri, which the City expects to open later this year," Mr. Perry said. "Caruthersville will become the first Lady Luck property by June 2008." "We have a tremendous opportunity to unlock shareholder value by further improving operating results," Virginia McDowell, president and chief operating officer, added. "We have made progress over the course of fiscal 2008, most notably in Black Hawk, the Quad Cities and Boonville. Despite pressure on the economy, EBITDA and margins have continued to improve at several properties year over year. In addition, we continue to re- engineer our business processes at both the corporate and property levels." "A reorganization at the corporate office, during the third quarter, included a reduction in the workforce and the introduction of cost saving programs which we expect, when fully implemented, will result in expense reductions of over US$3 million annually," Ms. McDowell added. "In addition, we are continuing to evaluate, consulting agreements and agreements with outside contractors for additional expense reduction opportunities. "At the property level, we continue to identify margin improvement opportunities, Ms. McDowell said. "In many cases, programs eliminated at the corporate level represent a direct savings to the operating units. We recognize, however, that companies cannot save their way to success and we continue to reallocate our resources in order to improve the overall guest experience, target more profitable customers and increase revenue. In line with our strategic objectives, we will build our brands around our customers, and create experiences for our guests based upon what is important to them." About Isle of Capri Casinos Inc. Based in Biloxi, Mississippi and founded in 1992, Isle of Capri Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns and operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri and a casino and harness track in Pompano Beach, Florida. The company also operates and has a 57% ownership interest in two casinos in Black Hawk, Colorado. Isle of Capri Casinos' international gaming interests include a casino that it operates in Freeport, Grand Bahama, a casino in Coventry, England, and a two-thirds ownership interest in casinos in Dudley and Wolverhampton, England. * * * Moody's Investor Services placed Isle of Capri Casinos Inc.'s probability of default and long-term corporate family ratings at 'B1' in June 2007. The ratings still hold to date with a stable outlook. ISLE OF CAPRI: Posts US$14 Mil. Net Loss in Qtr. Ended Jan. 27 -------------------------------------------------------------- Isle of Capri Casinos Inc. reported financial results for the third fiscal quarter ended Jan. 27, 2008. The company reported net loss for the third quarter of fiscal 2008 of US$13.8 million compared to net loss of US$8.9 million for the third quarter of fiscal 2007. For nine months ended Jan. 27, 2007, the company reported net loss of US$45.5 million compared to net income of US$9.9 million for the same period in the previous year. The company's results of operations for the three and nine month periods ended Jan. 27, 2008, and Jan. 28, 2007, reflect the consolidated operations of all of its subsidiaries. The Vicksburg and Bossier City properties are reflected as discontinued operations for the periods prior to their sale in July 2006. Other significant factors impacting net income are: 1. Stock based compensation expense was US$1.7 million in the third quarter of 2008 versus US$1.5 million in 2007. 2. Depreciation and amortization expense increased from US$24.6 million to US$34.9 million due to the Pompano, Waterloo, Caruthersville and Coventry assets being placed in service. 3. Interest expense increased US$5.3 million to US$27.5 million due to higher average borrowings. 4. The income tax benefit recorded in the third quarter increased to US$7.4 million from US$1.9 million during the third quarter of last year. Capital Structure As of Jan. 27, 2008, the company has US$117.6 million of cash and cash equivalents and total debt of US$1.57 billion. Effective Jan. 27, 2008, the company completed the purchase of the 43% minority interest in a Colorado operations owned by its partner, for US$64.6 million. On Jan. 28, 2008, the company refinanced approximately US$187 million of debt that existed at the Blackhawk entity through borrowings under our credit facility. The company has designated the subsidiaries that operate the Blackhawk operations as "restricted subsidiaries" under the provisions of our credit facility and its 7% subordinated notes. At Jan. 27, 2008, the company's balance sheet showed total assets of US$2.11 billion, total liabilities of US$1.88 billion and total stockholders' equity US$0.23 billion. About Isle of Capri Casinos Inc. Based in Biloxi, Mississippi and founded in 1992, Isle of Capri Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns and operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri and a casino and harness track in Pompano Beach, Florida. The company also operates and has a 57% ownership interest in two casinos in Black Hawk, Colorado. Isle of Capri Casinos' international gaming interests include a casino that it operates in Freeport, Grand Bahama, a casino in Coventry, England, and a two-thirds ownership interest in casinos in Dudley and Wolverhampton, England. * * * Moody's Investor Services placed Isle of Capri Casinos Inc.'s probability of default and long-term corporate family ratings at 'B1' in June 2007. The ratings still hold to date with a stable outlook. ============= B E R M U D A ============= ASPEN INSURANCE: Promotes Mason to Marine & Energy Deputy Head -------------------------------------------------------------- Aspen Insurance Holdings Limited has promoted Simon Mason to the role of Deputy Head of Marine & Energy, International Insurance, effective immediately. Mr. Mason will take on greater management responsibilities. He will continue to report to Head of Marine & Energy, International Insurance, John Henderson. Mr. Mason joined Aspen in December 2004 and has twenty years of experience in the energy insurance sector. He currently serves on the London market Joint Rig Committee, which is a representative forum for the London marineenergy market, and previously has worked in the Lloyd's market. "We are delighted to recognize Simon's contributions. His deep expertise in the marine, energy and liability areas has helped us to grow this business," said Aspen International Insurance head, Matthew Yeldham. "Simon's promotion is indicative of our focus on further expanding our specialized International Insurance operations by strengthening our team to take advantage of opportunities in the current market. Aspen has developed a strong track record in Marine & Energy since entering the business in 2004 and we remain focused on complex opportunities that leverage our technical underwriting skills. Indeed in 2007, Aspen reported US$663 million of gross written premiums from International Insurance." The Marine & Energy Insurance team underwrites hull, energy physical damage and associated liability classes. Aspen's energy and marine clients are drawn from around the world. For the year ended Dec. 31, 2007, Aspen Insurance reported gross written premiums of US$1.8 billion, net income of US$489 million and total assets of US$7.2 billion. About Aspen Insurance Holdings Ltd. Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings Limited (NYSE: AHL) -- http://www.aspen.bm/-- provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Ireland, the United States, the United Kingdom, and Switzerland. * * * Aspen Insurance Holdings Limited still carried Moody's Investors Services 'Ba1' Preferred Stock rating with a stable outlook assigned on Dec. 21, 2005. =========== B R A Z I L =========== BANCO BRADESCO: To Buy Agora Holdings for BRL830 Million -------------------------------------------------------- Banco Bradesco S.A. has informed its stockholders, clients, employees and to the market in general that it has entered into a �Private Instrument of Merger of Stocks Commitment and Other Covenants� with the stockholders of Agora Holdings S.A., focused on the acquisition of the totality of its capital, through its controlled company Banco Bradesco BBI S.A. The amount of the operation, around BRL830 million, will be paid through the delivery to the stockholders of Agora Holdings, of an amount of stocks representing, approximately, 8% of BBI�s capital stock in the closing of the operation, transforming Agora Holdings into a wholly-owned subsidiary of BBI, pursuant to Article 252 of Law #6,404/76. From the transaction value, BRL500 million correspond to the value of the business and BRL330 million correspond to the market value of the stocks issued by Bovespa and BM&F held by Agora Holdings. The transaction includes the indirect transfer to BBI of 100% of the Agora Corretora de Titulos e Valores Mobiliarios� stocks (Agora Corretora), a wholly-owned subsidiary of Agora Holdings. This acquisition will enable that Bradesco assumes the leadership in a segment that is characterized by high growth rates and significant competition, and will be subjected to approval by the competent authorities and to the due diligence results. By operating in the market for more than 15 years, Agora Corretora is the largest brokerage company of the Country in the home broker segment, with about 29 thousand active clients. It is also recognized by its state-of-the-art technological platform and by a team of professionals that guarantees the rendering of brokerage services with world class excellence levels. The company is headquartered in Rio de Janeiro, and has client service facilities in Sao Paulo, Belo Horizonte and Brasilia. Agora Corretora will be a business unit of BBI, with independent management and operation. The continuity of the assistance to Agora�s clients is assured, with the maintenance of the existing operational and service structures � now with the strength of the brand of the largest private Bank in Latin America. Bradesco has counted on the financial assistance of Banco Bradesco BBI S.A. and the legal advisory of Xavier, Bernardes, Braganca � Sociedade de Advogados. Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE: BBD) -- http://www.bradesco.com.br/-- prides itself on serving low-and medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's largest private bank, with more than 3,000 banking branches, and also a leader in insurance and private pension management. Bradesco has branches throughout Brazil as well as one in New York, and Japan. Bradesco offers Internet banking, insurance, pension plans, annuities, credit card services (including football-club affinity cards for the soccer- mad population), and Internet access for customers. The bank also provides personal and commercial loans, along with leasing services. * * * On Nov. 12, 2007, Moody's assigned a Ba2 foreign currency deposit rating to Banco Bradesco. CA INC: Appoints Michael Christenson as President ------------------------------------------------- CA Inc. has named Michael J. Christenson, 49, as its president. He continued as the company's chief operating officer and continues to report to CA Chief Executive Officer John Swainson. "Since being named as chief operating officer nearly two years ago, Mike has overhauled CA's sales operations and established a more dynamic and efficient organization, focusing on establishing strong partnerships with our current and new customers to drive revenue growth," said Mr. Swainson. "In addition, Mike has led CA's efforts to significantly improve its technical support, services, strategic alliances and training capabilities." As president and chief operating officer, Mr. Christenson oversees CA's direct and indirect sales, CA Services, technical support, business development and strategic alliances. Mr. Christenson joined CA in February 2005 as executive vice president for Strategy and Business Development. In that role, he led CA's acquisition program and its integration team in the successful acquisition and integration of 15 companies with a total investment of US$1.8 billion. These acquisitions, which included such companies as Concord Communications, Niku, and Wily Technology, significantly strengthened CA's solution portfolio and made CA a stronger technology partner for its customers. He was named CA's COO in April 2006. Following a 23-year career as an investment banker, Mr. Christenson retired from Citigroup Global Markets, Inc. in 2004. Mr. Christenson earned a Bachelor of Arts degree in chemistry from Rutgers University and a Master of Business Administration degree in finance from The New York University Graduate School of Business. 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. CHEMTURA CORP: Acquires Baxenden Chemicals for GBP13 Million ------------------------------------------------------------ Chemtura Corporation has acquired the stock of Baxenden Chemicals Limited owned by Croda International Plc. in an all- cash transaction for GBP13 million, increasing its ownership to 100 percent. Chemtura previously held 53.5% of Baxenden's stock. Baxenden, a world leader in polyurethane technology, has 212 employees and had 2007 revenues of approximately US$70 million. Baxenden has manufacturing facilities in Accrington and Droitwich, UK. "Full ownership of Baxenden will permit better utilization of the complementary technology and manufacturing experience of our businesses and will result in offering our customers a broader portfolio of products, technology and service. While we evaluated selling this joint venture, we determined that full ownership would create much more value through the integration of Baxenden's and Chemtura's broad capabilities," said Robert Wedinger, chief business officer for Chemtura and group president of Chemtura Performance Specialties, which includes the urethanes business. "Baxenden has strong technology platforms that dovetail with Chemtura's existing high-performing urethanes business. We see exciting growth potential for their polyurethane dispersion (PUD) products, specialist polyurethane prepolymers, and blocked isocyanate products and expect Baxenden to benefit from the global growth opportunities which now will be available as part of Chemtura," Mr. Wedinger said. Lazard Ltd. acted as financial adviser on the transaction. Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:CEM) -- http://www.chemtura.com/-- is a manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. The company has approximately 6,400 employees around the world and sells its products in more than 100 countries. The company has facilities in Singapore, Australia, China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany, Mexico, and The United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2007, Moody's Investors Service placed Chemtura Corporation's corporate family rating of Ba2 under review for possible downgrade after reports that its "board of directors has authorized management to consider a wide range of strategic alternatives available to the company to enhance shareholder value." Standard & Poor's Ratings Services placed its 'BB+' corporate credit and senior unsecured debt ratings of Chemtura Corp. on CreditWatch with developing implications, after reports that management is considering strategic alternatives, including sale or merger of the company. CHEMTURA CORP: Closes Sale of Oleochemicals Biz to PMC Group ------------------------------------------------------------ Chemtura Corporation has completed the sale of its oleochemicals business and Memphis, Tenn. manufacturing facility to PMC Group NA Inc. for an undisclosed amount. Proceeds from the transaction will be used to reduce debt. "This divestiture represents more progress in strengthening our Polymer Additives business and focusing on our core businesses," said Chemtura Chairman and CEO Robert L. Wood. All 260 employees at the Memphis facility are expected to transfer to PMC Group NA Inc. The oleochemicals business had revenues for 2007 of approximately US$175 million. Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:CEM) -- http://www.chemtura.com/-- is a manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. The company has approximately 6,400 employees around the world and sells its products in more than 100 countries. The company has facilities in Singapore, Australia, China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany, Mexico, and The United Kingdom. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 21, 2007, Moody's Investors Service placed Chemtura Corporation's corporate family rating of Ba2 under review for possible downgrade after reports that its "board of directors has authorized management to consider a wide range of strategic alternatives available to the company to enhance shareholder value." Standard & Poor's Ratings Services placed its 'BB+' corporate credit and senior unsecured debt ratings of Chemtura Corp. on CreditWatch with developing implications, after reports that management is considering strategic alternatives, including sale or merger of the company. CHRYSLER LLC: Plastech Agrees to Continue Supply Until March 17 --------------------------------------------------------------- Plastech Engineered Products Inc. and its debtor-affiliates, and Chrysler LLC agreed to extend their supply agreement to March 17 even as Chrysler argues its tooling case before the U.S. District Court for the Eastern District of Michigan, the Associated Press reports. As reported in the Troubled Company Reporter on March 4, 2008, Chrysler LLC, Chrysler Motors Company LLC, and Chrysler Canada Inc., took an appeal under 28 U.S.C. Section 158(a) before the Court from the orders of the Honorable Phillip Shefferly that denies: i) the lifting of the automatic stay to allow Chrysler to regain possession of tooling located in Plastech Engineered Products Inc. and its debtor-affiliates' plants; and ii) issuance of a preliminary injunction in connection with the proposed recovery of tooling equipment. Judge Shefferly said in a court opinion that the Debtors needed to keep the tooling equipment to faciliate them in their reorganization. The balancing of interests favored Plastech, the Court said. The Court affirmed the Debtors' contentions that the automatic stay applies to both the tooling paid by Chrysler and the tooling that Chrysler has not paid for. "Even assuming that the Debtor has only a possessory interest in the tooling paid for by Chrysler, that is a sufficient interest by itself to cause the application of the automatic stay," Judge Shefferly said. In addition, the Court was convinced that if Chrysler takes immediate possession of the tooling, the Debtor will not be able to continue to provide parts uninterrupted to its other major customers and therefore any prospect of an effective reorganization will be lost. About Plastech Engineered 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. 12, 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. COMPANHIA ENERGETICA: Privatization Spurs Moody's Rating Review --------------------------------------------------------------- Moody's Investors Service placed Companhia Energetica de Sao Paulo's Ba3 corporate family rating under review with direction uncertain after the recent announcement by the state of Sao Paulo that the company will be fully privatized. At the same time, Moody's specified that the company's baseline credit assessment is 14 from a previous range of 14 to 16. These issues were affected by Moody's action: -- US$1.4 billion Unsubordinated Unsecured Medium-Term Notes Program -- US$300 million 10% Senior Unsecured Notes due 2011 issued under the MTN program -- US$220 million 9.25% Senior Unsecured Notes due 2013 issued under the MTN program -- BRL750 million 9.75% IPCA Linked Notes due 2015 issued under the MTN program Moody's rating action reflects the many uncertainties surrounding the recently announced privatization process including the creditworthiness of the new shareholders and the financial strategy to be adopted by the new management. While there is an expectation that the State of Sao Paulo, as part of the privatization process, will guarantee a portion of the existing debt along with a guarantee from the new shareholders in a similar amount, the quality of that external support is unknown at this time. In addition, Moody's will need to determine whether the company should continue to be treated as a government-related issuer and, if so, the level of implied government support that may exist. Companhia Energetica is currently a GRI as defined in Moody's rating methodology "The Application of Joint Default Analysis to Government Related Issuers". Moody's methodology for GRIs is to systematically incorporate into the rating both the stand-alone credit risk profile or Baseline Credit Assessment (BCA) of the company as well as an assessment of the likelihood that a government would provide extraordinary support to the company's obligations. The BCA of a GRI is expressed on a 1-21 scale or as a range within the 1-21 scale, according to the issuer's preference, where 1 represents the equivalent risk of an Aaa, 2 a Aa1, 3 a Aa2 and so forth. The company's ratings incorporate a BCA which is currently 14. Applying the joint-default analysis, Moody's says its corporate family rating results from a BCA of 14, the Ba2 rating of the State of Sao Paulo, and Moody's view of medium dependence, and a medium probability of extraordinary support from the controlling shareholder. Incorporating these new factors, the application of the default analysis indicates a Ba3 corporate family rating. The company's BCA of 14 reflects the steady improvement in credit metrics since the capitalization in mid-2006, marked by continuous debt reduction and an enhancement of the debt profile that is having a positive impact on liquidity. The improvement has been based on stable cash flows, which in turn are underpinned by long-term energy supply contracts in both regulated and unregulated markets. Also supporting cash flows and improved leverage have been lower local interest rates and gains from the appreciation of the local currency. The rating continues to be constrained by an exposure to currency devaluation and floating local interest rates. Also restraining the ratings are the company's relatively sizeable contingent liabilities and, to a lesser extent, risks associated with the renewal of concessions. Headquartered in Sao Paulo, Brazil, Companhia Energetica de Sao Paulo (BOVESPA: CESP3, CESP5 and CESP6) is the country's third largest power generator, majority owned by the State of Sao Paulo. It operates 6 hydroelectric plants with total installed capacity of 7,456 MW and 3,916 MW of assured energy. The company reported net revenues of BRL1,983 million in the last twelve months through Sept. 30, 2006. COMPANHIA ENERGETICA: Extends Electric Supply Pact with Usiminas ---------------------------------------------------------------- Usinas Siderurgicas de Minas Gerais SA aka Usiminas has extended its BRL1.90 billion electric energy supply contract with Companhia Energetica de Minas Gerais aka Cemig through 2014. Business News Americas relates that the extension of the contract ensures power supply so that Usiminas can carry out its US$9.0 billion investment plan aimed at adding six million tons of steel output capacity at its Ipatinga and Cubatao mills. About Usiminas Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de Minas Gerais SA is among the world's 20 largest steel manufacturing complexes, with a production capacity of approximately 10 million tons of steel. Usiminas System companies produces galvanized and non-coated flat steel products for the automotive, small and large diameter pipe, civil construction, hydro-electronic, rerolling, agriculture, and road machinery industries. Brazil consumes 80% of its products and the company's largest export markets are the US and Latin America. The company also sells in China and Japan. About Cemig Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/ -- is one of the largest and most important electric energy utilities in Brazil due to its strategic location, its technical expertise and its market. Cemig's concession area extends throughout nearly 96.7% of the State of Minas Gerais, Brazil. Cemig owns and operates 52 power plants, of which six are in partnership with private enterprises, relying on a predominantly hydroelectric energy matrix. Electric energy is produced to supply more than 17 million people living in the state's 774 municipalities. In addition to those 52 plants, another three are currently under construction. Cemig is also active in several other states, through ventures for the generation or the commercialization of energy in these Brazilian states: in Santa Catarina (generation), Rio de Janeiro (commercialization and generation), Espirito Santo (generation) and Rio Grande do Sul (commercialization). * * * As reported on March 8, 2007, Moody's Investors Service assigned corporate family ratings of Ba2 on its global scale and Aa3.br on its Brazilian national scale to Companhia Energetica de Minas Gerais aka CEMIG. The rating action triggered the upgrade of CEMIG's outstanding debentures due in 2009 and 2011, and of the BRL250 million 2014 senior unsecured guaranteed debentures of its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from B1 on the global scale and to Aa3.br from Baa2.br on the Brazilian national scale, concluding the review process initiated on Aug. 8, 2006. EMI GROUP: Chairman Admits Takeover Has Not Gone to Plan -------------------------------------------------------- EMI Group Ltd. Chairman Guy Hands conceded that his takeover of the company has not gone to plan and has taken a far greater emotional strain than he expected, David Litterick reports for the Telegraph. According to the report, Mr. Hands was asked by delegates attending a private equity conference in Munich, if his first 100 days at the group had gone to plan, Mr. Hands answered, "The honest answer to that is no." "Strategically and financially we are 100 percent there, but emotionally and physically it has been harder than we thought," Mr. Hands was quoted by the Telegraph as saying. Mr. Hands said it had been a struggle to change 25 years of tradition of how the music business operates, Telegraph relates. However, Mr. Hands said the transformation of EMI was on track and insisted that it would be seen as a success. "We're getting there - a little slower than I would like, but I'm always impatient," Mr. Hands said. As previously reported, Mr. Hand's Terra Firma assumed control of EMI Group in August 2007. About Terra Firma Terra Firma is a leading European private equity firm, created in 2002 as the independent successor to the Principal Finance Group, a division of Nomura that was created in 1994. Terra Firma focuses on buyouts of large, asset-rich and complex businesses in need of operational and/or strategic change. About EMI Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. EMI Group's consolidated balance sheet for the fiscal year ended March 31, 2007, showed GBP1.498 billion in total assets, GBP2.649 billion in total liabilities and GBP1.151 billion in shareholders' deficit. The company issued two profit warnings since January 2007. ENERGIAS DO BRASIL: Will Invest BRL1.02 Billion This Year --------------------------------------------------------- Energias do Brasil S.A.'s Finance and Investor Relations Vice President Antonio Sellare said in a Web cast that the company will invest BRL1.02 billion this year, Business News Americas reports. According to BNamericas, Energias do Brasil's 2008 investment plan includes BRL585 million for generation and BRL438 million for distribution. Mr. Sellare told BNamericas, "Most of the investments in generation will be related to construction of the Pecem thermo plant in Ceara state. In distribution, most of the investments will go to upgrading and updating our distribution networks." BNamericas notes that Energias do Brasil invested some BRL581 million in 2007 -- BRL475 million in distribution and BRL106 million in generation. The reports says that Energias do Brasil's investments in the coal-fired Porto do Pecem plant will total US$1.2 billion. Porto do Pecem will start operating with 720 megawatts of installed capacity in 2011. The plant's owners, Energias do Brasil and partner MPX will sell power to regulated and free market clients, BNamericas states. 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. ENERGIAS DO BRASIL: To Acquire Resende from Omega Engenharia ------------------------------------------------------------ Energias do Brasil S.A. has signed a memorandum of understanding with engineering company Omega Engenharia to acquire the 500- megawatt Resende combined cycle construction project in Rio de Janeiro. The memorandum of understanding is "subject to due diligence," Business News Americas relates, citing Energias do Brasil. BNamericas relates that Resende has a preliminary environmental license and "holds a call on the project land." Funding for the project is still being negotiated, BNamericas states. 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. ENERGIAS DO BRASIL: Registers Plant as Clean Dev't Mechanism ------------------------------------------------------------ Energias do Brasil S.A. has sought for the registration of its Sao Joao hydro plant in Espirito Santo as a clean development mechanism, Business News Americas reports, citing the UN Framework Convention on Climate Change. The UNFCCC is an international environmental treaty produced at the United Nations Conference on Environment and Development. The treaty is aimed at reducing emissions of greenhouse gases in order to combat global warming. The UNFCCC told BNamericas that Energias do Brasil said its 25- megawatt plant will lessen carbon dioxide 32,344 tons per year in 2007 to 2014. Energias do Brasil said in 2007 that it invested some BRL90 million in the plant, BNamericas notes. The plant has a BRL128 per megawatt-hour supply accord with Energias do Brasil's unit Escelsa. The agreement runs through July 2025, BNamericas states. 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. MARFIG FRIGORIFICOS: 2007 Net Income Up 32.1% to BRL84.9 Million ---------------------------------------------------------------- Marfrig Frigorificos e Comercio de Alimentos S.A. reported its results for the fourth quarter and full year of 2007. Highlights of the Period Gross revenue reached in 2007 BRL3,726.2 million 55.8% up compared to BRL2,391 million in 2006. In the fourth quarter 2007, gross revenue stood at BRL1,207.8 million, 48.1% up on the fourth quarter 2006 and 33.9% up on the third quarter 2007. Net revenue totaled BRL3,339.9 million in 2007, 56.8% higher than in 2006 (BRL2,130.5 million). In the fourth quarter 2007, revenue stood at BRL1,089.9 million, 54% up on the BRL707.9 million recorded in the fourth quarter 2006 and 34.4% up on the BRL810.9 million recorded in the third quarter 2007. Operating expenses in 2007 grew by 68.3%, to BRL323.3 million, versus BRL192.1 million in 2006. In the fourth quarter 2007, operating expenses as a percentage of net revenue was 9.3% (BRL100.9 million), versus 9.7% in the fourth quarter 2006 (BRL68.3 million) and 8.8% in the third quarter 2007 (BRL71.8 million). EBITDA totaled BRL380.2 million in 2007, 53.5% higher than 2006 figure (BRL247.7 million). In the fourth quarter 2007, EBITDA reached BRL123.4 million, 14.1% up on the BRL108.1 million recorded on the fourth quarter 2006 and 37.7% up on the BRL89.6 million recorded in the third quarter 2007. The EBITDA margin stood at 11.4%, 20 basis points down on the 11.6% recorded in 2006. In the fourth quarter 2007, the EBITDA margin came to 11.3%, versus 11% in the third quarter 2007 and 15.3% in the fourth quarter 2006. Net income rose by 32.1%, from BRL64.3 million in 2006 to BRL84.9 million in 2007. In the fourth quarter 2007, net income stood at BRL26.3 million, 20.2% down on the fourth quarter 2006 (BRL32.9 million) and 17.1% down on the third quarter 2007 (BRL31.7 million). About Marfrig Frigorificos Headquartered in Sao Paulo, Brazil, Marfrig Frigorificos e Comercio de Alimentos SA (Bovespa's Novo Mercado: MRFG3) -- http://www.marfrig.com.br/ir-- is one of the largest beef processing companies in Brazil. With processing plants in Brazil, Argentina and Uruguay, Marfrig processes, prepares packages and delivers fresh, chilled and processed beef products to customers in Brazil and abroad, with approximately 50% of its sales derived from exports. Along with its beef products, the company also delivers additional food products that it imports or acquires in the local market. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 19, 2007, Standard & Poor's Ratings Services has revised the outlook on Brazil-based meat processing company Marfrig Frigorificos e Comercio de Alimentos S.A. to negative from stable. At the same time, S&P affirmed its 'B+' corporate credit rating on the company and its US$375 million notes due 2016. Pro forma fiscal 2007, S&P expects the company to report about US$800 million of total debt. USINAS SIDERURGICAS: Extends Electric Supply Pact with Cemig ------------------------------------------------------------ Usinas Siderurgicas de Minas Gerais SA aka Usiminas has extended its BRL1.90 billion electric energy supply contract with Companhia Energetica de Minas Gerais aka Cemig through 2014. Business News Americas relates that the extension of the contract ensures power supply so that Usiminas can carry out its US$9.0 billion investment plan aimed at adding six million tons of steel output capacity at its Ipatinga and Cubatao mills. About Cemig Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/ -- is one of the largest and most important electric energy utilities in Brazil due to its strategic location, its technical expertise and its market. Cemig's concession area extends throughout nearly 96.7% of the State of Minas Gerais, Brazil. Cemig owns and operates 52 power plants, of which six are in partnership with private enterprises, relying on a predominantly hydroelectric energy matrix. Electric energy is produced to supply more than 17 million people living in the state's 774 municipalities. In addition to those 52 plants, another three are currently under construction. Cemig is also active in several other states, through ventures for the generation or the commercialization of energy in these Brazilian states: in Santa Catarina (generation), Rio de Janeiro (commercialization and generation), Espirito Santo (generation) and Rio Grande do Sul (commercialization). About Usiminas Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de Minas Gerais SA is among the world's 20 largest steel manufacturing complexes, with a production capacity of approximately 10 million tons of steel. Usiminas System companies produces galvanized and non-coated flat steel products for the automotive, small and large diameter pipe, civil construction, hydro-electronic, rerolling, agriculture, and road machinery industries. Brazil consumes 80% of its products and the company's largest export markets are the US and Latin America. The company also sells in China and Japan. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 5, 2008, Moody's Investors Service assigned a Ba1 local currency rating and an Aa1.br rating on its Brazilian national scale to the BRL500 million non-guaranteed subordinated debentures due 2013 to be issued by Usinas Siderurgicas de Minas Gerais S.A. (aka Usiminas). Net proceeds from the debentures issuance will be used to partially fund the company's capex program. The rating outlook is stable. As reported in the Troubled Company Reporter-Latin America on Jan. 3, 2007, Standard & Poor's Ratings Services revised its outlook on Brazil-based steelmaker Usinas Siderurgicas de Minas Gerais S.A., aka Usiminas, to positive from stable. Standard & Poor's also it affirmed its 'BB+' local and foreign currency corporate credit ratings on Usiminas. * BRAZIL: Fitch Eyes Growing Global Demand in Biofuel Sector ------------------------------------------------------------ Fitch Ratings issued a special report, titled "Brazilian Alternative Fuels: High Oil Prices Plus Cost Advantages Equals Growth". The report provides snapshots of the biofuel sector in Brazil, highlighting major industry drivers, challenges, current and future players, as well as domestic and global prospects. Fitch believes that Brazil's significant competitive advantages and the growing global demand for alternative fuels should allow its biofuel industry to increase global production and exports. Key production factors such as a diverse climate, geography and geological conditions, an abundance of disposable land coupled with lower land prices, low labor costs, and government incentives demonstrate Brazil's many cost competitive advantages that should allow it to grow its low-cost production. Furthermore, the increased use of flex-fuel vehicles, as well as growing requirements on a global level for fuel with an ethanol/gasoline blend, show potential for continued evolution in the industry. Throughout 2008, Fitch expects Brazilian sugar and ethanol producers will continue to improve, while biodiesel producers will be more challenged. "Ethanol and sugar producers' performance should improve gradually during the 2008/2009 harvest due to a slight recovery in sugar prices, a continued increase in ethanol sales, and increased participation in the energy sector." said Fitch's Latin America Corporates Group Director, Revisson Bonfim. "Additionally, ethanol producers in Brazil may eventually benefit from the insufficient natural gas supply in the short and intermediate term." Growth potential for biodiesel is expected to remain strong, driven by favorable macroeconomic policies such as long-term mandatory and authorized blends of diesel in the domestic market, along with increasing demand prospects overseas. However, producers are likely to experience a difficult year unless they adjust future auction prices to reflect higher soybean prices and resolve logistical problems. "The market potential for the biodiesel industry in Brazil is strong, but infrastructure limitations and raw material supply are short- term problems that producers must address in order to take advantage of that potential," added Mr. Bonfim. ========================== C A Y M A N I S L A N D S ========================== BLUECREST INTERNATIONAL: Proofs of Claim Filing Ends on March 18 ---------------------------------------------------------------- Bluecrest International Limited's creditors have until March 18, 2008, to prove their claims to Linburgh Martin and John Sutlic, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Bluecrest International's shareholder decided on Feb. 8, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Linburgh Martin and John Sutlic Attn: Kim Charaman Close Brothers (Cayman) Limited Fourth Floor, Harbor Place P.O. Box 1034, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 8455 Fax: (345) 949 8499 MAKEPEACE INVESTMENTS: Final Shareholders Meeting is on March 18 --------------------------------------------------------------- Makepeace Investments Ltd. will hold its final shareholders' meeting on March 18, 2008, in the registered office of the company. The shareholders will vote on the final accounts of the company as well as the procedures to be take to finalize the liquidation process. Makepeace Investments' 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: MRS J. Priaulx c/o Maples Corporate Services Ltd. P.O. Box 309, Ugland House Grand Cayman KY1-1104, Cayman Islands REDWOOD CAPITAL: Proofs of Claim Filing Deadline is March 18 ------------------------------------------------------------ Redwood Capital VIII, Ltd.'s creditors have until March 18, 2008, to prove their claims to Scott Aitken and Sylvia Lewis, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Redwood Capital's shareholder decided on Jan. 29, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Scott Aitken and Sylvia Lewis P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Fax: 949-7634 REDWOOD CAPITAL VII: Proofs of Claim Filing is Until March 18 ------------------------------------------------------------- Redwood Capital VII, Ltd.'s creditors have until March 18, 2008, to prove their claims to Scott Aitken and Sylvia Lewis, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Redwood Capital's shareholder decided on Jan. 29, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Scott Aitken and Sylvia Lewis P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Fax: 949-7634 REDWOOD CAPITAL IX: Proofs of Claim Filing Deadline is March 18 --------------------------------------------------------------- Redwood Capital IX, Ltd.'s creditors have until March 18, 2008, to prove their claims to Scott Aitken and Sylvia Lewis, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Redwood Capital's shareholder decided on Jan. 29, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Scott Aitken and Sylvia Lewis P.O. Box 1109, Grand Cayman KY1-1102 Cayman Islands Telephone: 949-7755 Fax: 949-7634 ========= C H I L E ========= CROWN WORLDWIDE: Moody's Assigns Provisional Ba2 Debt Rating ------------------------------------------------------------ Moody's Investors Service has assigned a provisional (P)Ba2 corporate family rating to Crown Worldwide Holdings Ltd. and a provisional (P)Ba2 rating to the company's proposed US$125- US$150 million 5-year senior notes. The outlook on both ratings is stable. The bond proceeds will be used to refinance a US$85 million bridge loan due March 24, with the remainder to be used for capital expenditure. This is the first time that Moody's has assigned ratings to Crown Worldwide, and the rating agency expects to affirm the ratings and remove them from their provisional status upon successful completion of the bond issuance. Failure to do so or arrange appropriate long term funding will result in a lower rating in view of the high refinancing risk faced by the company. "The (P)Ba2 ratings recognise Crown's strong brand recognition in Asia and, to a lesser extent, the UK, its diversified and strong customer base, and its long operating track record. The stability and profitability of its document storage business provide further support to the ratings," says Moody's lead analyst, Elizabeth Allen. "While the company's core businesses are very cash generative, Crown's strategy to strengthen its portfolio of self-owned facilities is likely to result in fairly high capital spending in the coming two years, " adds Ms. Allen. "As a result, free cash flow could turn negative and any improvement in credit ratios would then have to come from improvement in profit generation." Furthermore, as part of the company's expansion strategy, small to medium-sized acquisitions in selected businesses and locations are also likely. Crown Worldwide reported adjusted debt/EBITDA of 4.5 and adjusted EBITDA interest coverage of 3.9 for Fiscal Year 2007. Moody's expects these ratios to stay at similar levels in the next two years. While such a financial profile is slightly on the weak side, the ratings are supported by the company's relatively stable business profile, low execution risk associated with its growth strategy, and competitive position in its core markets. The rating further incorporates the privately-owned nature of Crown Worldwide and its parent group (Crown & Grace Group), the existence of closely-related businesses owned by the parent, and intra-group transactions. Such a group structure also limits transparency and corporate governance, and disclosure standards are generally inferior to listed companies. However, Moody's draws comfort from the company's long operating track record, the absence of dividend payment in the last few years and good reputation in the market. A rating upgrade will be considered if the company 1) adheres to strong financial discipline as it continues to expand; 2) improves transparency and corporate governance; and/or 3) strengthens its financial profile such that adjusted debt/EBITDA falls below 3.0-3.5 and/or adjusted EBITDA interest coverage exceeds 4.5-5.0 on a sustainable basis. On the other hand, downward rating pressure could emerge if 1) there is evidence of material diversion of funds to related group companies; 2) the company adopts an aggressive acquisition strategy; and/or 3) there is a material deterioration in its financial profile including adjusted debt/EBITDA exceeding 4.5- 5.0 and adjusted EBITDA interest coverage falling below 2.5-3.0. Headquartered in Wanchai, Hong Kong, Crown Worldwide Holdings Ltd. -- http://www.crownworldwide.com/-- offers relocation and mobility services as well as record storage and management services to multinational organizations and private individuals. It is the flag-ship company of the privately-held Crown & Grace Group. It also offers value-added logistics services in a number of areas. The company has a global footprint of more than 200 offices in over 50 countries, including Argentina, Brazil, Chile, Costa Rica and Mexico. DIRECTV GROUP: Chilean Subscribers Increase 30% in 2007 ------------------------------------------------------- The DirecTV Group Inc.'s Chilean Operations Manager Francisco Mandiola told Business News Americas that the firm's subscribers increased 30% to 110,000 in Chile last year, compared to 2006. The DirecTV Group's clients increased 23% in 2006, BNamericas says, citing Mr. Mandiola. BNamericas says that The DirecTV Group has a 10% market share in Chile, with its Top of Mind unit increasing to 25% in 2007, from 15% in 2006, and will. The DirecTV Group expects it to increase over 30% in 2008. Mr. Mandiola told BNamericas that the increase in subscribers is due to the breaking of the monopoly of cable operator VTR. According to BNamericas, Mr. Mandiola said that the local market for pay television subscribers is around 1.1 million with another 200,000 or so connected illegally. The DirecTV Group has some five million subscribers in Latin America. Mr. Mandiola told BNamericas that The DirecTV Group won't offer Internet or enter the triple play market. BNamericas notes that Mr. Mandiola said The DirecTV Group has a solid client base that are willing to pay a bit more than the firm's competitors for: -- better quality content, -- benefits of pay per view, and -- ability to record programs. "We made a decision a long time ago not to get involved in the broadband business as a provider necessarily and we maintain that at the moment because I think our forte is television. We notice that our clients don't seem to mind. We always say hire the best provider for broadband and the best provider for telephony with whomever you want. The best provider for pay TV is us, make your choice. I don't think all of the market is going there [towards convergence], I think parts of the market are going there. It depends on the market, if it's a restrictive market with inflation that might be an issue. But Chile's higher income brackets have grown in the past few years and people are spending more money and looking to spend more... we have very good retention rates; they like the product," Mr. Mandiola told BNamericas. Headquartered in El Segundo, California, The DirecTV Group Inc. (NASDAQ:DTV) -- http://www.DirecTV.com/-- provides digital television entertainment in the United States and Latin America. The company's two business segments, DirecTV U.S. and DirecTV Latin America, are engaged in acquiring, promoting, selling and/or distributing digi]tal entertainment programming via satellite to residential and commercial subscribers. DirecTV Holdings LLC and its subsidiaries are a provider of direct-to- home digital television services and a provider in the multi- channel video programming distribution industry in the United States. DTVLA is a provider of DTH digital television services throughout Latin America. In January 2007, the company acquired Darlene Investments LLC's 14.1% equity interest in DirecTV Latin America, LLC. DirecTV Latin America LLC is a multinational company, which, as a result of this transaction, became a wholly owned subsidiary of the company. The DIRECTV Latin America segment provides digital direct-to-home digital television services to approximately 1.6 million subscribers in 27 countries, including Brazil, Argentina, Venezuela, and Puerto Rico. * * * The DIRECTV Group Inc. still carries Standard & Poor's Ratings Services' 'BB' corporate credit and 'BB-' senior unsecured debt rating given on April 3, 2007. The outlook remains stable. =============== C O L O M B I A =============== CHIQUITA BRANDS: In Strategic Agreement With ESCOM & Matanuska -------------------------------------------------------------- Chiquita Brands International, Inc. disclosed long-term strategic associations in Africa for the export of bananas to the company's core European markets from Angola with ESCOM, a member of Grupo Espirito Santo, and from Mozambique with Matanuska Africa Limited. With commercial exports expected to start in 2010, each project is expected to create approximately 3,000 direct jobs. These projects in Angola and Mozambique allow the company to further strengthen the diversity of its geographic sourcing portfolio, and to provide, upon project completion, an expected 20 to 30 percent of the company's premium quality fruit volume for European markets, on a tariff free basis. The decision to expand Chiquita's African presence was based on the company's assessment that sourcing from Africa would continue to be cost- competitive, even if there are future significant reductions in the import tariff rate applied on Latin American bananas imported into the European Union. "We believe that starting banana production in Angola and Mozambique is an important strategic step that will be very cost-competitive regardless of the eventual outcome of the challenges to the EU tariff import regime," said chairperson and chief executive officer, Fernando Aguirre. "We are confident that by leveraging our technical knowledge with the expertise of our new partners, whose core business is based on a strong history of operating success in Africa, we will ensure the reliable production of high-quality, Chiquita-branded fruit. These projects will significantly increase our sourcing from tariff-free ACP countries, reaching an estimated 20 to 30 percent of our European volume of premium bananas. We are also pleased to contribute to economic opportunities in Africa through the creation of new jobs and investment with partners that are committed to sustainable development and corporate responsibility." The agreement signed in Benguela, Angola, marks the debut of Chiquita in Angola and of ESCOM in the agricultural sector. Contingent upon necessary governmental approvals, the Agricultural Development Company of Angola, a subsidiary of ESCOM group and the Angolan company Hipergesta, will establish banana production in the province of Benguela, with an investment of more than US$60 million (EUR40 million) provided by the Agricultural Development Company of Angola. In addition, Chiquita recently entered into an agreement with Matanuska Africa Limited for a similar project that is already underway to develop banana production in Mozambique. While Chiquita will not provide capital for either project, the company will support the projects with its expertise in farm development, good agricultural practices, training of local workers, logistics, marketing and distribution to European markets of premium Chiquita branded product. Both operations have committed themselves to meeting Chiquita's high standards of environmental, labor, social and food safety performance. The first commercial exports to Europe are expected in 2010, after planting anticipated to begin later this year. ESCOM Group ESCOM -- http://www.escom.pt-- a member of the Espirito Santo group, is currently one of the largest private foreign investors in Angola, operating in the areas of mining, real estate, energy, aviation, fishery and procurement. It also operates in the public works sector in Congo-Brazzaville and in the provision of services in South Africa and Mozambique. ESCOM promotes sustainable development at an economic, social and environmental level by bringing sustainable development to the people and countries it serves. Matanuska Africa Ltd. Matanuska Africa Limited is a partnership comprised of Matanuska Mauritius and Rift Valley Holdings, who have over 40 years experience growing bananas in the region for sale into local African markets as well as extensive agricultural experience in organic fair trade tea, coffee, coconut, and sustainable forestry. About Chiquita Brands Headquartered in Cincinnati, Ohio, Chiquita Brands International Inc. (NYSE:CQB) -- http://www.chiquita.com/-- operates as an international marketer and distributor of bananas and other fresh produce sold under the Chiquita and other brand names in over 80 countries. It sells packaged salads under the Fresh Express brand name primarily in the United States. The company also distributes and markets fresh-cut fruit and other branded, value-added fruit products. Chiquita operates its business through three segments: the banana segment includes the sourcing, transportation, marketing and distribution of bananas; the fresh select segment includes the sourcing, marketing and distribution of whole fresh fruits and vegetables other than bananas, and the fresh cut segment includes value-added salads, foodservice and fresh-cut fruit operations. Remaining operations, reported in other, primarily consist of processed fruit ingredient products, which are produced in Latin America and sold in other parts of the world, and other consumer packaged goods. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 28, 2008, Standard & Poor's Ratings Services assigned its 'CCC' senior unsecured rating to Chiquita Brands International Inc.'s US$200 million convertible senior notes due 2016. Net proceeds from the issuance were used to repay a portion of the US$375 million term loan C (US$132 million outstanding at Dec. 31, 2007, pro forma for this notes offering) of its senior secured credit facility. CHIQUITA BRANDS: Terrorism Lawsuits Won't Hurt Firm, Experts Say ---------------------------------------------------------------- Lawsuits on Chiquita Brands International Inc.'s alleged involvement in terrorism won't stop consumers from purchasing its bananas, WTOL News reports, citing legal and business experts. As reported in the Troubled Company Reporter-Latin America on Nov. 16, 2007, Colombian terrorism victims filed in the U.S. District Court in Manhattan an almost US$8-billion lawsuit against the U.S. banana firm Chiquita Brands International for paying the terrorist group The United Self-Defense Forces of Colombia. The Colombian government said that it would seek the Chiquita Brands International officials' extradition if they had broken local law after the company made a US$25-million settlement for paying off terrorists. The U.S. federal court ordered Chiquita Brands to pay US$25 million in fines for paying millions of dollars to Colombian terrorist groups from 1997 to 2004. Chiquita Brands pleaded guilty to paying some US$1.7 million to Colombian paramilitary group United Self-Defense Committees of Colombia, explaining that the payments were made by a former unit due to threats to the safety of workers. The Honorable Royce Lamberth authorized an accord between Chiquita Brands and the US government in March 2007 that spared company officials. Theprosecution also agreed not to name or prosecute Chiquita Brands executives who were involved in paying the terrorist groups. Colombian officials were angry the settlement. The fine was small compared to other cases. Headquartered in Cincinnati, Ohio, Chiquita Brands International Inc. (NYSE:CQB) -- http://www.chiquita.com/-- operates as an international marketer and distributor of bananas and other fresh produce sold under the Chiquita and other brand names in over 80 countries. It sells packaged salads under the Fresh Express brand name primarily in the United States. The company also distributes and markets fresh-cut fruit and other branded, value-added fruit products. Chiquita operates its business through three segments: the banana segment includes the sourcing, transportation, marketing and distribution of bananas; the fresh select segment includes the sourcing, marketing and distribution of whole fresh fruits and vegetables other than bananas, and the fresh cut segment includes value-added salads, foodservice and fresh-cut fruit operations. Remaining operations, reported in other, primarily consist of processed fruit ingredient products, which are produced in Latin America and sold in other parts of the world, and other consumer packaged goods. Chiquita, with revenues of approximately $4.7 billion for the fiscal year ended Dec. 31, 2007, employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter-Latin America on March 5, 2008, Moody's Investors Service affirmed Chiquita Brands International, Inc.'s B3 corporate family and B3 probability of default ratings. Moody's said the rating outlook is negative. ================== C O S T A R I C A ================== HILTON HOTELS: Names Steven Goldman as Real Estate President ------------------------------------------------------------ Hilton Hotels Corporation has appointed Steven R. Goldman as President, Global Development and Real Estate. Mr. Goldman is currently President and Chief Executive Officer of Sunstone Hotel Investors, a Real Estate Investment Trust that owns upscale hotels operated under various nationally recognized brands. Mr. Goldman will join Hilton as part of its new senior leadership team, which was announced today by Hilton�s President and Chief Executive Officer, Christopher J. Nassetta. Mr. Nassetta commented: �I am thrilled to welcome Steve to Hilton at what is a very exciting time in the company�s history. Since I joined the company three months ago, I have become even more convinced of the tremendous opportunity we have to drive the company's growth, particularly internationally, to create the global leader in our industry. I am confident that, given Steve�s strong experience and impressive track record in the industry, he will be a great asset to our company.� Hilton also announced three promotions within the company. Ian Carter, the current CEO of Hilton International, will assume the newly-created role of President, Global Operations, with responsibility for global operations, sales and revenue management. Mark Wang, the current Head of Hilton Grand Vacations, Asia, has been promoted to President, Hilton Grand Vacations, and will oversee all global timeshare operations. Additionally, Tim Harvey will take on an expanded role and in addition to being CIO will now oversee Shared Brand Services. Mr. Nassetta added: �These appointments reflect the great pool of talent we have within the company, as well as our ability to attract best-in-class talent to the business. I am pleased to have the majority of my senior leadership team now in place and I look forward to working together as we position Hilton as the premier global hospitality company.� An industry veteran, Steven R. Goldman has been involved in all aspects of real estate acquisition, finance, development, and operations for more than 25 years. He will join Hilton Hotels from Sunstone Hotel Investors, where he has been President, CEO, and a member of the Board of Directors, since March 2007. Prior to Sunstone, Mr. Goldman was Executive Vice President Acquisitions and Development and Chief Investment Officer of Global Hyatt Corporation, where he led the global development efforts and was responsible for capital investment for all Hyatt-owned real estate worldwide. Mr. Goldman has also held senior management positions with Starwood Hotels and Resorts Worldwide, the Walt Disney Company, and Starwood Capital Group, a Connecticut-based private real estate investment firm. Mr. Goldman received his Bachelor of Science from Cornell University and his MBA from the University of Chicago. About Hilton Hotels Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Costa Rica, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 29, 2007, Moody's Investors Service downgraded Hilton Corporation's Corporate Family Rating and senior unsecured ratings to B3 and Caa1, respectively. SIRVA INC: Ct. OKs Motion to Approve Equity Trading Restrictions ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York approved notification and hearing procedures that must be satisfied before certain transfers of, or claims of worthlessness with respect to, common stock or preferred stock of SIRVA, Inc., or of any beneficial interest therein are deemed effective. The restrictions and procedures set forth in the Interim Order Order Establishing Notification and Hearing Procedures for Transfers of, or Claims of Worthlessness with Respect to, Certain Equity Securities will remain in full force and effect. Judge James M. Peck ruled that any purchase, sale, or other transfer of, or declaration of worthlessness, with respect to the Debtors' equity securities, or of any beneficial interest in violation of the procedures in the Interim Order, will be null and void ab initio. The Debtors have incurred, and are currently incurring, significant net operating losses. The Debtors can carry forward their NOLs to (i) set off future taxable income for up to 20 taxable years, reducing future aggregate tax obligations, and (ii) set off taxable income generated by transactions completed during the pendency of their Chapter 11 cases, Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York, the Debtors' proposed counsel, says. However, Mr. Cieri notes that unrestricted trading of Equity Securities could adversely affect the Debtors' NOLs if: -- too many 5% or greater blocks of Equity Securities are created; or -- too many shares are added to or sold from those blocks so that, together with previous trading by 5% shareholders during the preceding three-year period, an ownership change within the meaning of Section 382 of the Internal Revenue Code of 1986 is triggered before the Debtors' emergence from Chapter 11 and outside the context of a confirmed plan of reorganization. Likewise, if a 50% or greater shareholder were, for federal or state tax purposes, to treat its Equity Securities as becoming worthless before the Debtors emerge from Chapter 11 protection, a claim could trigger an ownership change, thus triggering an adverse affect on the Tax Attributes, Mr. Cieri says. A "50% Shareholder" refers to any person or entity that at any time since September 28, 2003, has beneficially owned either 50% or more of SIRVA Common Stock or 50% or more of SIRVA Preferred Stock. To protect and preserve their valuable tax attributes, the Debtors sought and obtained the Court's authority, on an interim basis, to require any entity who currently is or becomes a "Substantial Shareholder" to file with the Court a declaration of its status. A "Substantial Shareholder" refers to any entity that has Beneficial Ownership of either (a) at least 3,400,000 shares of SIRVA, Inc., common stock, or (b) at least $3,400,000 face value of Preferred Stock. Prior to effectuating any transfer of Equity Securities that would result in an increase or decrease in the amount of Equity Securities of which a Substantial Shareholder has Beneficial Ownership or would result in an entity becoming a Substantial Shareholder, that Substantial Shareholder must file with the Court an advance written declaration of the intended transfer. If the Debtors object to a transfer, that transfer cannot proceed unless the Debtors withdraw their objection or unless that transfer is approved by a final Court order. If the Debtors do not object to a transfer within a 30-day period, that transfer can proceed. The Debtors also require any person or entity that currently is or becomes a 50% Shareholder to file with the Court a notice of his status. Prior to filing any federal or state tax return asserting any deduction for worthlessness of the Equity Securities for the tax year ending before the Debtors' emergence from Chapter 11, that 50% Shareholder must file with the Court an advance written notice of the intended claim of worthlessness. If the Debtors object to the claim of worthlessness, the claim filing would not be permitted unless approved by a final and non-appealable Court order. If the Debtors do not object, the filing may proceed. About SIRVA Inc. Headquartered in Westmont, Illinois, SIRVA Inc. (Pink Sheets : SIRV.PK) -- http://www.sirva.com/-- is a provider of relocation solutions to a well-established and diverse customer base. The company handles all aspects of relocation, including home purchase and home sale services, household goods moving, mortgage services and home closing and settlement services. SIRVA conducts more than 300,000 relocations per year, transferring corporate and government employees along with individual consumers. SIRVA's brands include Allied, Allied International, Allied Pickfords, Allied Special Products, DJK Residential, Global, northAmerican, northAmerican International, Pickfords, SIRVA Mortgage, SIRVA Relocation and SIRVA Settlement. The company has operation in Costa Rica. The company and 61 of its affiliates filed separate petitions for Chapter 11 protection on Feb. 5, 2008 (Bankr. S.D.N.Y. Case No. 08-10433). Marc Kieselstein, Esq. at Kirkland & Ellis, L.L.P. is representing the Debtor. At its bankruptcy filing, the company reported total assets of US$924,457,299 and total debts of US$1,232,566,813 for the quarter ended Sept. 30, 2007. (Sirva Inc. Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000) ======= C U B A ======= PETROLEOS DE VENEZUELA: Cuban Plant's Processing is on Schedule --------------------------------------------------------------- Processing at the Cienfuegos oil refinery is on schedule, Communist party weekly newspaper Fifth of September reports, citing the plant's Expansion Work Director Julio Sanchez. Reuters notes that Petroleos de Venezuela's joint venture with CubaPetroleo, PDV-CUPET, owns the refinery. Fifth of September relates that the Cienfuegos plant is continuing its satisfactory start-up. The plant started processing crude on Jan. 8 and had reached its initial capacity of 65,000 barrels per day, Mr. Sanchez told the paper. As of March 2, the plant had processed 2,239,263 barrels, the report says. The plant would start producing gasoline on March 21, Mr. Sanchez told the press. According to Reuters, Mr. Sanchez said the plant was currently producing: -- liquid gas, -- naphtha, -- jet fuel, -- diesel, and -- fuel oil. Reuters relates that the plant was expected to produce: -- 48% fuel oil, -- 18% diesel, -- 12% gasoline, -- 10% jet fuel, and -- 10% liquid gas. The US$1.3 billion expansion would get under way in 2009 and go into operation in 2013, Reuters says, citing Mr. Sanchez. "It will have the most modern conversion plants, that generate more profit, designed to extract byproducts for the petrochemical industry," Mr. Sanchez commented to Reuters. Petroleos de Venezuela SA -- http://www.pdv.com/-- is Venezuela's state oil company in charge of the development of the petroleum, petrochemical and coal industry, as well as planning, coordinating, supervising and controlling the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. PDVSA is one of the top exporters of oil to the US with proven reserves of 77.2 billion barrels of oil -- the most outside the Middle East -- and about 150 trillion cu. ft. of natural gas. PDVSA's exploration and production take place in Venezuela, but the company also has refining and marketing operations in the Caribbean, Europe, and the US. * * * As of Feb. 14, 2008, Fitch Ratings held Petroleos de Venezuela SA's long-term issuer default rating and local currency long term issuer default rating at BB-. Fitch said the ratings outlook was negative. =================================== D O M I N I C A N R E P U B L I C =================================== JETBLUE AIRWAYS: Adds US-Dominican Republic Daily Nonstop Flight ---------------------------------------------------------------- JetBlue Airways has launched its 20th route between the U.S. and the Caribbean/Atlantic region with the only daily nonstop service between Orlando, Florida, USA, and Santo Domingo, Dominican Republic. JetBlue Airways will also launched Orlando's only daily nonstop service to Cancun, Mexico, on March 13. JetBlue Airways offers more Caribbean flights and destinations from Orlando than any other airline. JetBlue Airways is offering fares beginning at US$99 each way between Orlando and Santo Domingo. JetBlue Airways' low fares include: -- comfy leather seats, -- legroom in coach, -- personal seat back televisions, -- unlimited name-brand snacks, and -- good customer service from booking to baggage claim. JetBlue Airways has 36 daily flights from its U.S. gateway cities to: &nbs