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 31, 2008, Vol. 9, No. 63 Headlines A R G E N T I N A 4DATALINK LATIN: Trustee to Verify Proofs of Claim Until May 2 COMPULBIKE SA: Trustee to Verify Proofs of Claim Until April 23 KATEFA SRL: Court Appoints Trustee for Firm's Bankruptcy MOLINOS HARINEROS: Buenos Aires Court Concludes Reorganization NEXUS CAPITAL: Trustee to Verify Proofs of Claim Until May 5 SALTA HYDROCARBON: S&P Puts US$234MM Notes' B Rating on WatchNeg SEARCH SA: Proofs of Claim Filing Deadline is May 29 * ARGENTINA: S&P Says Agricultural Protests Could Weaken Rating * ARGENTINA: S&P Issues Credit FAQ on Agricultural Strike Effect B E R M U D A AIRLORD TRANSPORT: Proofs of Claim Filing is Until April 9 AIRLORD TRANPSORT: Sets Final Shareholders Meeting for April 23 LASALLE RE: Proofs of Claim Filing Deadline is April 10 LASALLE RE CORPORATE: Proofs of Claim Filing is Until April 10 MAN MAC: Proofs of Claim Filing Deadline is April 2 SCOTTISH RE: To Postpone Form 10-K Filing for Year Ended Dec. 31 SECURITY CAPITAL: PwC Confirms XL Capital's New Biz Suspension STAINLESS INSURANCE: Proofs of Claim Filing Deadline is April 9 STAINLESS INSURANCE: Final Shareholders Meeting is on April 23 B R A Z I L ATARI: Non-Compliance with Nasdaq Rules Cues Stocks Delisting BANCO BMG: UBS Credit Line to Give Bank Time to Decide on IPO BANCO BRADSECO: Discloses Stockholders' Meeting Results BANCO NACIONAL: Grants BRL6 Million Loan to Eight Credit Coops BANCO NACIONAL: Okays 2 Loans for Rio de Janeiro & Ceara Subway COMPANHIA ENERGETICA: Up 5.5% in Sao Paolo Trading DELPHI CORP: Moody's Lifts Rating on New 2nd Lien Loan to 'B2' FORD MOTOR: February 2008 Saw Focus Sales Up By 36 Percent FORD MOTOR: Jaguar and Land Rover Sale Won't Affect S&P's Rtngs. HUGHES NETWORK: Net Income Rose Up 161% to US$50 Million in 2007 USINAS SIDERURGICAS: Earns BRL970 Million in Fourth Quarter 2007 C A Y M A N I S L A N D S BEGUISURI LIMITED: Proofs of Claim Filing Deadline is April 3 FDVG BALANCED: Sets Final Shareholders Meeting for April 3 HARARE SCDO: Proofs of Claim Filing Deadline is April 3 JOHCM TRIDENT: Will Hold Final Shareholders Meeting on April 3 LDA HOLDINGS: Sets Final Shareholders Meeting for April 3 ML PRINCIPAL: Will Hold Final Shareholders Meeting on April 3 MONITOR OIL: Must Talk with Creditors On Cash Collateral Use NBL FUNDING: Sets Final Shareholders Meeting for April 3 PALLAS SCDO: Proofs of Claim Filing Deadline is April 3 PATHFINDER INVESTMENTS: Proofs of Claim Filing is Until April 3 PENARTH INVESTMENTS: Proofs of Claim Filing Deadline is April 3 PETROCHEMICAL INVESTMENTS: Final Shareholders Meeting on April 3 SOUTH SHORE: Will Hold Final Shareholders Meeting on April 3 SPARCO INVESTMENTS: Proofs of Claim Filing is Until April 3 TELEXPRESS INVESTMENTS: Final Shareholders Meeting is on April 3 ZEBRA CAPITAL: Sets Final Shareholders Meeting for April 3 C H I L E QUEBECOR WORLD: Panel Taps Kurtzman Carson as Comm. Agent QUEBECOR WORLD: Seeks Authority to Assume Various Contracts QUEBECOR WORLD: Wants to Pay US$3,175,111 Sales Commissions C O L O M B I A ECOPETROL: Wants to List Shares on New York Stock Exchange PACIFICNET INC: Files Involuntary Bankruptcy in Delaware Court SOLUTIA INC: Harbinger Capital, et al., Hold 30.1% Stake SOLUTIA INC: Settlement with GE Betz Gets Court Approval SOLUTIA INC: Several Parties Disclose Ownership of Firm Shares C O S T A R I C A HERBALIFE LTD: Seven Summits Issues PriceWatch Alerts SIRVA INC: Committee Requests to Hire TRN as Investment Banker G U A T E M A L A ABITIBIBOWATER: Affiliate Prices US$413MM Offering of Sr. Notes TECO ENERGY: Fitch Raises Issuer Default Rating From 'BB+' M E X I C O CLEAR CHANNEL: Get Temporary Restraining Order Against Banks CLEAR CHANNEL: Fitch Says Ratings Hold if Going-Private Fails CLEAR CHANNEL: Might Face Ad Sector Woes Alone, Report Says CLEAR CHANNEL: Moody's Says Ratings Remain Under Review GLENSHAW GLASS: Changes Name to Kelman Bottles MOVIE GALLERY: Court Extends Lease Decision Period to May 13 MOVIE GALLERY: SyWest Opposes Lease Assignment to WaMu MOVIE GALLERY: Wants Consent Procedures for Lessors Approved * MEXICO: Default Rate Remains Low Due to Good Economy, S&P Says P E R U GLOBAL PAYMENT: Inks Securities Purchase Pacts with 3 Investors P U E R T O R I C O ADVANCED MEDICAL: Loses US$192MM in Year Ended Dec. 31, 2007 GOLD CENTER: Gets OK to Hire Landrau Rivera as Counsel GOLD CENTER: Sec. 341 Meeting Rescheduled to April 11 PEP BOYS: Awards Advertising Account to Zimmerman Agency PILGRIM'S PRIDE: Promotes Robert Wright as CEO U R U G U A Y NUEVO BANCO: Advent & Gilinkski to Agree on Sale by April 18 V E N E Z U E L A CHRYSLER LLC: Clarifies Misleading Coverage of Discount Programs PETROLEOS DE VENEZUELA: Inks Partnership Pact With Petrobras PETROLEOS DE VENEZUELA: May Launch Carabobo Tender in Two Months X X X X X X MODERN TECHNOLOGY: Plans Caribbean Expansion with Encore Energy * Chadbourne & Parke Grows LA Practice w/ Mexico Office Opening * S&P Publishes 2008 Credit Outlook on Global Auto Industry * BOND PRICING: For the Week March 24 - March 28, 2008 - - - - - ================= A R G E N T I N A ================= 4DATALINK LATIN: Trustee to Verify Proofs of Claim Until May 2 -------------------------------------------------------------- Ruben Daniel Sarafian, the court-appointed trustee for 4Datalink Latin America S.R.L.'s reorganization proceeding, will be verifying creditors' proofs of claim until May 2, 2008. Mr. Sarafian 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 4Datalink Latin 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 4Datalink Latin's accounting and banking records will be submitted in court on Aug. 12, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Feb. 24, 2009. The trustee can be reached at: Ruben Daniel Sarafian Viamonte 1337 Buenos Aires, Argentina COMPULBIKE SA: Trustee to Verify Proofs of Claim Until April 23 --------------------------------------------------------------- Jorge Podhorzer, the court-appointed trustee for Compulbike SA's reorganization proceeding, will be verifying creditors' proofs of claim until April 23, 2008. Mr. Podhorzer will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 12 in Buenos Aires, with the assistance of Clerk No. 23, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Compulbike 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 Compulbike's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Creditors will vote to ratify the completed settlement plan during the assembly on March 12, 2009. The debtor can be reached at: Compulbike SA Rodriguez Pena 434 Buenos Aires, Argentina The trustee can be reached at: Jorge Podhorzer Carmen 716 Buenos Aires, Argentina KATEFA SRL: Court Appoints Trustee for Firm's Bankruptcy -------------------------------------------------------- The National Commercial Court of First Instance in Buenos Aires has appointed Norberto Bonesi as the trustee for Katefa S.R.L.'s bankruptcy proceeding. Mr. Bonesi will be verifying creditors' proofs of claim and present the validated claims in court as individual reports in court. The court 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 Katefa and its creditors. Inadmissible claims may be subject for appeal in a separate proceeding known as an appeal for reversal. Mr. Bonesi will present a general report containing an audit of Katefa's accounting and banking records in court. Mr. Bonesi is also in charge of administering Katefa's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Norberto Bonesi Avenida Juan B. Justo 5096 Buenos Aires, Argentina MOLINOS HARINEROS: Buenos Aires Court Concludes Reorganization -------------------------------------------------------------- Molinos Harineros Clabecq S.A. concluded its reorganization process, according to data released by Infobae on its Web site. The closure came after the National Commercial Court of First Instance in Azul, Buenos Aires, homologated the debt plan signed between the company and its creditors. NEXUS CAPITAL: Trustee to Verify Proofs of Claim Until May 5 ------------------------------------------------------------ Alfredo Jorge Yanni, the court-appointed trustee for Nexus Capital de Argentina S.A.'s reorganization proceeding, will be verifying creditors' proofs of claim until May 5, 2008. Mr. Yanni 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 Nexus Capital 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 Nexus Capital's accounting and banking records will be submitted in court on Aug. 13, 2008. Creditors will vote to ratify the completed settlement plan during the assembly on Feb. 10, 2009. The trustee can be reached at: Alfredo Jorge Yanni Viamonte 1446 Buenos Aires, Argentina SALTA HYDROCARBON: S&P Puts US$234MM Notes' B Rating on WatchNeg ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' rating on Salta Hydrocarbon Royalty Trust's US$234 million 11.55% targeted amortization notes due 2015 on CreditWatch with negative implications. The rating action addresses the increased possibility that the provincial government of the Argentine Province of Salta will attempt to take, or provoke, actions that prevent full, timely debt service payments, including a forced restructuring of the original payment terms. Officials from Salta's provincial government have expressed to S&P their intention to propose a restructuring of the notes' terms. Although details of the proposed restructuring have not been specified, their statements indicate an increased likelihood that the province will attempt to force a restructuring, potentially by trying to interfere in the transaction mechanics that provide for payment of debt service into an offshore trust account. S&P's rating reflects its opinion of the issuer's ability and willingness to pay interest and principal according to the transaction's original terms. S&P considers any change to these terms, including changes provoked or forced by a third party, a default. Most of the transaction's legal documents are governed by New York State law. The transaction structure specifies that a group of 17 private oil and gas companies with concessions to operate in the Province of Salta must pay a percentage of royalty payments, owed to the province, to an offshore trust account. These offshore funds are used to pay debt service. These provisions, in addition to a diversified obligor base, negative covenants regarding government interference, and other structural features, limit but do not eliminate the provincial government's ability to carry out its intention to restructure the transaction. Given the provincial government's expressed commitment to try to amend the notes despite the transaction's structural disincentives, S&P believes the risk of interference in the transaction by the provincial government has increased significantly. It is not clear, however, whether such attempts to interfere with the structure would be successful. It is likely that S&P will significantly lower the ratings on the notes if Salta's provincial government succeeds in negotiating an adverse change in the terms and conditions of the bonds. On the other hand, if the terms and conditions do not change materially or the potential changes do not impair the issuer's creditworthiness, S&P will affirm the rating on the notes. To date, there are sufficient funds in the collection account to meet the debt service payment due March 28, 2008. The reserve account, which is equivalent to the next two interest payments, is also fully funded. The Salta Hydrocarbon Royalty Trust program, issued in 2001, is a securitization of 80% of future royalty payments due to the Argentine province of Salta from a group of 17 private companies operating oil and gas concessions in the province. The transaction benefits from overcollateralization, an insurance policy that protects the issuer from the risk that it cannot transfer or convert currency needed for interest payments, and a liquidity reserve fund. SEARCH SA: Proofs of Claim Filing Deadline is May 29 ---------------------------------------------------- Hector Vegetti, the court-appointed trustee for Search SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until May 29, 2008. Mr. Vegetti 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 Search 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 Search's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Vegetti is also in charge of administering Search's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Search SA Araoz 823 Buenos Aires , Argentina The trustee can be reached at: Hector Vegetti Montevideo 711 Buenos Aires , Argentina * ARGENTINA: S&P Says Agricultural Protests Could Weaken Rating --------------------------------------------------------------- Standard & Poor's Ratings Services issued an article, entitled "Credit FAQ: The Agricultural Strike In Argentina: Cooking Pans And Beyond," that examines how recent demonstrations in response to the government's decision to hike taxes on agricultural exports reflect increasing discontent with a style of government that could potentially lead to a weaker sovereign rating over time for the Republic of Argentina (B+/Stable/B sovereign credit ratings). According to S&P's credit analyst Sebastian Briozzo, the government's popularity, albeit declining, is still relatively high. However, challenges are increasing and questions remain about whether the government has the management skills to deal with the increasing tension and the risk of a more polarized society. "The government has a political and economic cushion, but has to use it appropriately," said Mr. Briozzo. "Politically, its popularity remains high. Economically, despite the increase in inflation, Argentina's macroeconomic situation continues to be characterized by a fiscal surplus, a current account surplus, a relatively large level of international reserves, and manageable financing needs that justify its current rating category." The article addresses the question of why the citizens of a country whose GDP has been growing at above 8% for more than five years are demonstrating at major urban and rural centers. The government's tax hike triggered protests and demonstrations by agricultural producers across the country, leading to roadblocks and a sector strike that is now in its 15th day and threatens shortages in important food products. Demonstrators in major cities beat cooking pans in the streets. Mr. Briozzo explained that, while these events are contained in the rating, maintaining low financing requirements remains critical at the current level. "A strong fiscal performance, in particular a correction to the fiscal expansionary stance implemented in the 2007 electoral year, therefore remains fundamental to containing the downside risk to the rating. However, as policies designed to correct the fiscal performance place economic growth sustainability and political governability at greater risk, they will also contain any upside potential for Argentina's rating," Mr. Briozzo concluded. * ARGENTINA: S&P Issues Credit FAQ on Agricultural Strike Effect ---------------------------------------------------------------- Why are the citizens of a country whose GDP has been growing at above 8% for more than five years demonstrating at major urban and rural centers? While the effectiveness of current policies is always debatable, what seems to be triggering this discontent�and could lead to a weaker sovereign rating over time�is a style of management based upon the concentration of power and lacking sufficient dialogue with the different sectors of the economy. Frequently Asked Questions How did we get here? On March 11, 2008, the government decided to increase taxes on agricultural exports to 44.1% for soybeans from 35%, and 39.1% for sunflowers from 32%, while reducing export taxes on wheat and corn to 27.1% from 28% and 24.2% from 25%, respectively. Furthermore, it implemented a system of moving export taxes that will vary according to the prices of agricultural commodities. Therefore, any potential increase in international prices will lead to higher export duties, capturing most of the potential upside benefits for the sector. The measure triggered important protests and demonstrations by agricultural producers across the country, leading to roadblocks and a sector strike that is now in its 14th day and threatens shortages in important food products. What happened on March 25? Problems escalated in rural areas, and after 13 days President Cristina Fernandez de Kirchner delivered a speech that strongly ratified the increase in export taxes. The speech failed to open the door to any dialogue and triggered greater polarization. Spontaneous and peaceful demonstrations next began in the country's major urban centers, resembling the demonstrations held in 2001 over government policies at the time, with people beating pans in the streets. Fortunately, the demonstrations ended peacefully. What's really going on? Export taxes on agricultural products were implemented in 2002, and, despite expected complaints from the sectors affected, were actually accepted by most Argentines in the context of a depreciated exchange rate and high and growing agricultural commodity prices. It is highly unusual for one government economic policy tool to target so many objectives at the same time. First -- and a fundamental objective within the social agenda of an administration that was voted into office by most of the population in October 2007 -- export duties are actually a redistribution tool. They allow the government to redistribute extraordinary profits realized from unusually high agricultural commodity prices to the more vulnerable sectors of the population. Second -- also on the social and economic fronts -- these taxes allow the government to contain the effect of increasing international prices on domestic inflation. Third, export taxes introduce an incentive to promote the cultivation of crops other than soybeans, avoiding the medium- and long-term risk of concentrating agricultural production in just one crop. And last, but certainly not least, export duties are an important source of fresh revenue for the central government. In that this revenue, which represented 10.2% of total tax revenue and 2.5% of GDP in 2007 and is expected to reach about 3% of GDP in 2008, is not redistributed to the provinces as part of the intergovernmental system in Argentina. The central government has complete discretion over this revenue and how to apply it. High and growing commodity prices matched by a weak peso, linked to a weak U.S. dollar, generated high profitability in the agricultural sector since 2002. As mentioned, while the existence of export taxes was accepted even by the agricultural sector, the problem was their level. However, export taxes on soybeans increased progressively to 44% in 2008 from 9% in 2002. In this regard, the last increase affected the production equation, particularly for small and medium producers, and for the first time united them with large producers against the government. Nonetheless, and despite the fact that the increase in export taxes triggered the agricultural strike, what gave significance to the events was more than just the policies involved. It took more than the unified claims of the very different participants in Argentina's complex and heterogeneous agricultural sector to get people out in the streets demonstrating with their cooking pans. While there are certainly ideological differences between government supporters and those who demonstrated against it with regard to the urgency given to social problems in Argentina and how to solve them, what transformed the event into a significant political phenomenon seems to relate more to a certain style of government. At least part of the public perceives that the government decides on measures and implements them without sufficient and appropriate dialog among the sectors involved. Decisions seem to be concentrated in the president's inner circle. Political management is becoming a more serious area of analysis in Argentina, both in public opinion and in terms of its credit rating evaluation. The ability of the government to manage a more difficult set of economic and political problems in the coming years will have an impact on the sovereign rating. What's next? President Cristina Fernandez's popularity is expected to take a hit after recent events, but remains at a relatively solid level. As of March 14, 2008, only a few days after the increase in export taxes was announced, the president's popularity reached a still-high 47.2% (people who see the president's performance as good or very good), and was oscillating between 55% and 45% since the beginning of the year. On the one hand, the demonstrations in major urban areas surprised everyone because spontaneous demonstrations are uncommon even for Argentina's highly opinionated society, particularly in an economy that continues to grow rapidly. On the other hand, President Fernandez actually lost in many of the major urban areas in the October 2007 presidential election and was not popular there to begin with. However, what is more surprising is the strength of the demonstrations against the president in major rural areas, where Cristina Fernandez won heavily in the election. Increasing discontent with the government could also be supported by more significant food shortages than seen thus far. Fourteen days of agricultural strikes should soon start affecting the availability of agricultural products. The political landscape is also expected to change due to increasing participation of provincial governors in national politics, in particular the governors of Cordoba, Juan Schiaretti, a Peronist who supported Cristina Fernandez in the presidential election, and of Sante Fe, Hermes Binner, a moderate socialist who supported the candidacy of opposition candidate Elisa Carrio but maintained sound relationships with the president. The economic structures of these two provinces (second and third in terms of economic importance) are based upon agricultural and agro industrialized products. The two governors have called for moderation and for a fluent dialog to be maintained with agricultural producers. They, along with other governors, could become important political players as this standoff continues. It is important to remember that governors are also negatively affected by export taxes since this fiscal revenue is not shared with producer provinces. Will these issues affect the current 'B+' long-term sovereign credit rating? Although deteriorating, governability is not seen at risk at this point. The government's popularity, albeit declining, is still relatively high. However, challenges are increasing and questions remain about whether the government has the management skills to deal with the increasing tension and the risk of a more polarized society. The government has a political and economic cushion, but has to use it appropriately. Politically, as mentioned, its popularity remains high. Economically, despite the increase in inflation, Argentina's macroeconomic situation continues to be characterized by a fiscal surplus, a current account surplus, a relatively large level of international reserves, and manageable financing needs that justify its current rating category. Standard & Poor's Ratings Services 'B+' rating on Argentina could therefore be considered relatively low�if the analysis was determined only by these indicators. However, the ratings analysis incorporates issues that have to do with institutional weaknesses and questions on the medium- and long-term predictability and sustainability of government policies. Events such as those happening with the intervention of the Instituto Nacional de Estadisticas y Censo (INDEC), the national statistical agency, were an example of when and how issues such as institutional weakness could materialize in economic policies. Therefore, these events are somehow contained in the current rating category. However, maintaining low financing requirements remains critical at the current rating level. A strong fiscal performance, in particular a correction to the fiscal expansionary stance implemented in the 2007 electoral year, therefore remains fundamental to containing the downside risk to the rating. However, as policies designed to correct the fiscal performance place economic growth sustainability and political governability at greater risk, they will also contain any upside potential for Argentina's rating. ============= B E R M U D A ============= AIRLORD TRANSPORT: Proofs of Claim Filing is Until April 9 ---------------------------------------------------------- Airlord Transport Ltd.'s creditors are given until April 9, 2008, to prove their claims to Marco Montarsolo, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Airlord Transport's shareholder decided on March 17, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Marco Montarsolo Sofia House, 1st Floor 48 Church Street, Hamilton Bermuda AIRLORD TRANPSORT: Sets Final Shareholders Meeting for April 23 --------------------------------------------------------------- Airlord Transport Ltd. will hold its final general meeting on April 23, 2008, at 10:00 a.m. at Sofia House, 1st Floor, 48 Church Street, Hamilton, Bermuda. These matters will be taken during the meeting: 1) accounting of the liquidation process showing how the winding up has been conducted during the preceding year, and 2) authorizing the liquidator to retain the records of the company for a period of three years from the dissolution of the company, after which they may be destroyed. A member entitled to attend and vote at the meeting will be allowed to appoint a proxy, who need not be a member, in his stead. Airlord Transport's shareholder decided on March 17, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Marco Montarsolo Sofia House, 1st Floor 48 Church Street, Hamilton Bermuda LASALLE RE: Proofs of Claim Filing Deadline is April 10 ------------------------------------------------------- LaSalle Re Limited's creditors are given until April 10, 2008, to prove their claims to Mike Morrison, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. LaSalle Re's shareholder decided on March 13, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Mike Morrison KPMG Advisory Limited Crown House, 4 Par-la-Ville Road Hamilton HM 08, Bermuda LASALLE RE CORPORATE: Proofs of Claim Filing is Until April 10 -------------------------------------------------------------- LaSalle Re Corporate Capital Ltd.'s creditors are given until April 10, 2008, to prove their claims to Mike Morrison, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. LaSalle Re's shareholder decided on March 13, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Mike Morrison KPMG Advisory Limited Crown House, 4 Par-la-Ville Road Hamilton HM 08, Bermuda MAN MAC: Proofs of Claim Filing Deadline is April 2 --------------------------------------------------- Man Mac Monch 9A Limited's creditors are given until April 2, 2008, to prove their claims to Beverly Mathias, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Man Mac's shareholders agreed on March 18, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda SCOTTISH RE: To Postpone Form 10-K Filing for Year Ended Dec. 31 ---------------------------------------------------------------- Scottish Re Group Limited will be postponing the release of results for the fourth quarter and the filing of its Form 10-K for the year ended Dec. 31, 2007. The company had previously reported that it expected to report results for the fourth quarter of 2007 after the market closes on March 27, 2008 and expected to host an earnings conference call to discuss the fourth quarter and full year results on March 28, 2008. As a result of the matters described below, the company will be postponing the earnings release and related earnings conference call to a later date to be announced. On March 12, 2008, the company filed a Form 12b-25 with the Securities and Exchange Commission stating that it was postponing the filing of its Annual Report on Form 10-K for the year ended Dec. 31, 2007 beyond the due date and that it intended to file its Form 10-K on or about April 1, 2008 so that the company could: (i) complete its process of evaluating mark-to-market valuations and other-than-temporary impairments in the carrying value of its available-for-sale securities; (ii) address the accounting and disclosure requirements arising from the company�s recently announced change in strategy; and (iii) allow sufficient time for the company�s independent registered public accounting firm, Ernst & Young LLP, to complete its audit of the company�s consolidated financial statements for the year ended Dec. 31, 2007. The company has filed with the U.S. Securities and Exchange Commission an amendment to its Form 12b-25 in respect of the said matters. In light of continuing deterioration in the credit markets and the resulting further declines in the market value of the company�s investment portfolio subsequent to the fiscal year end, the company has determined, in consultation with Ernst & Young LLP, that additional work is required to evaluate and conclude on the amount of other-than-temporary impairment charges to be recognized in the consolidated financial statements in accordance with US GAAP. The company�s determination of other-than-temporary impairments for securities classified as available-for-sale involves a variety of assumptions and estimates and includes assessments of risks and uncertainties associated with general economic conditions as well as specific conditions affecting specific issuers. The company�s other-than-temporary impairment methodology includes an analysis of gross unrealized losses for securities where the estimated fair value has declined significantly below cost or amortized cost. Factors being considered by the company include the length of time fair value has been below cost, credit worthiness of the issuer, position of the security in the issuer�s capital structure, the presence and estimated value of collateral or other credit enhancement, length of time to maturity, interest rates and the company�s intent and ability to hold the security until the market value recovers. Given the concentration of the Company�s investment portfolio in residential mortgage-backed securities backed by sub-prime and Alt-A mortgages, the company has supplemented its assessment of other-than-temporary impairments with specific procedures related to these securities including best estimate cash flow simulations of projected principal losses. For certain investments in beneficial interests in securitized financial assets of less than high quality with contractual cash flows, including asset backed securities, the company is required to apply Emerging Issues Task Force No. 99-20 Recognition of Interest Income and Impairment on Purchased Beneficial Interests that Continue to Be Held by a Transferor in Securitized Financial Assets (EITF 99-20) which requires a periodic update of the company�s best estimate cash flows over the life of the security, utilizing assumptions and estimates that a market participant would use. The company is conducting a detailed review in conjunction with Ernst & Young LLP of its current and past accounting practices for other-than-temporary impairments of lower credit quality structured securities pursuant to the requirements of EITF 99-20. Although the company is currently unable to specify the amount of other-than- temporary impairments to be included in realized investment losses for the fourth quarter of 2007, the company believes that the amounts will significantly exceed those previously reported for prior periods. The time and effort required to complete the foregoing evaluation is proving to be greater than the company had previously anticipated. The company is also examining whether this analysis would require a restatement of previously reported financial results. As a result, additional time is required for the company to complete its work in the foregoing areas and for Ernst & Young LLP to complete its audit procedures of the Company's consolidated financial statements. Consequently, the company will be unable to file its Form 10-K for the year ended Dec. 31, 2007, with the SEC by April 1, 2008. The company is diligently working on completing the Form 10-K but is unable to specify at this time when it will be in a position to make the filing. The company anticipated that its full year 2007 results as compared with the corresponding period for 2006 will show that revenues have decreased primarily as a result of realized investment losses representing other-than-temporary impairments on investments. Total benefits and expenses for 2007 are expected to be comparable with that of the prior year. However, in light of changes in our assessment of other-than-temporary impairment charges since March 12, 2008, the company currently anticipates that its net loss after tax for the year ended Dec. 31, 2007 will be higher than its net loss reported for the year ended Dec. 31, 2006, although the exact amount of such change cannot be determined at this time. Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United Kingdom, United States, and Singapore. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re Capital Markets, Inc., a member of Scottish Re Group Ltd., is a registered broker dealer that specializes in securitization of life insurance assets and liabilities. On Sept. 30, 2007, Scottish Re reported total assets of US$13.4 billion and shareholder's equity of US$869 million. * * * As reported in the Troubled Company Reporter-Latin America on March 14, 2008, Moody's Investors Service downgraded the preferred stock debt rating of Scottish Re Group Limited to Caa3 from B2, and the insurance financial strength ratings of the company's core insurance subsidiaries, Scottish Annuity & Life Insurance Company Ltd. and Scottish Re, Inc., were lowered to Ba3 from Baa3. The ratings were left on review for possible further downgrade, continuing a review that had been initiated on Feb. 15. At the same time, Moody's Investors Service downgraded the preferred stock debt rating of Scottish Re Group Limited (Scottish Re; NYSE: SCT) to Caa3 from B2, and the insurance financial strength (IFS) ratings of the company's core insurance subsidiaries, Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc., were lowered to Ba3 from Baa3. SECURITY CAPITAL: PwC Confirms XL Capital's New Biz Suspension -------------------------------------------------------------- PricewaterhouseCoopers LLP in New York reported on March 24, 2008, that following significant losses in 2007, the ratings of Security Capital Assurance Ltd.'s financial guarantee insurance provider, XL Capital Assurance Ltd., issued by the three major rating agencies have been downgraded. As a consequence, PwC said that XL Capital has suspended writing substantially all new business. XL Capital will administer its existing policies, including collecting premiums, paying claims, and negotiating termination of selected policies. The resumption of normal business operations is not expected in the near term. PwC reviewed and audited the financial position of XL Capital Assurance Inc, and subsidiary at Dec. 31, 2007, and Dec. 31, 2006, and the results of its operations and its cash flows for each of the three years in the period ended Dec. 31, 2007. XL Capital's Annual 2007 Results XL Capital and its subsidiary have US$3,086,490,000 in total assets, US$3,056,924,000 in total liabilities, and US$29,566,000 in total shareholders' equity as of Dec. 31, 2007. The companies for the year 2007 have total revenues of a negative US$101,729,000, which included US$321,929,000 written gross premiums and US$313,572,000 written ceded premiums and US$150,036,000 net losses on credit derivatives. They reported US$356,266,000 net loss for the quarter as compared with US$576,000 net loss and total revenues of US$33,631,000 for the year 2006. Developments, Risks and Uncertainties The maintenance of triple-A ratings has been fundamental to the XL Capital's historical business plan and business activities. However, adverse developments in the credit markets generally and the mortgage market specifically in the second half of 2007, which accelerated in the fourth quarter, have resulted in material adverse effects on its business, results of operations, and financial condition. These effects include rating agency downgrades of, and significant provisions for losses and loss adjustment expenses associated with, certain of the residential mortgage backed securities and collateralized debt obligations of asset backed securities guaranteed by XL Capital. This caused the capital requirements for maintaining its historic triple-A ratings of each of the three rating agencies to increase materially and, subsequently, all three rating agencies (Moody's Investors Service Inc., Fitch Ratings and Standard & Poor's Ratings Services) took the negative rating actions, which have caused the company to suspend writing substantially all new business resulting in the loss of new incremental earnings and cash flow. Although there can be no assurance that XL Capital will be able to recommence writing new business in the near term or at all, it believes its liquidity resources are sufficient to fund its obligations and its statutory capital is sufficient to comply with its regulatory solvency and regulatory risks limit requirements for at least the next 12 months. On Jan. 23, 2008, Fitch downgraded the insurance financial strength ratings of XLCA, XLCA-UK and XLFA to "A" (Rating Watch Negative) from "AAA." On Feb. 25, 2008, S&P downgraded the IFS, financial enhancement and issuer credit ratings of XLCA, XLCA-UK and XLFA to "A-" from "AAA" and each remains on CreditWatch with negative implications. On March 4, 2008, Moody's placed the "A3" IFS ratings of XLCA, XLCA-UK and XLFA on review for possible downgrade. Previously, on Feb. 7, 2008, among other actions, Moody's downgraded the IFS ratings of XLCA, XLCA-UK and XLFA to "A3" (Negative Outlook) from "Aaa." A full-text copy of the XL Capital's annual 2007 financial report is available for free at http://ResearchArchives.com/t/s?29a6 About Security Capital Security Capital Assurance Ltd. (NYSE: SCA) -- http://www.scafg.com-- is a Bermuda-domiciled holding company whose primary operating subsidiaries, XL Capital Assurance Inc. and XL Financial Assurance Ltd, provide credit enhancement and protection products to the public finance and structured finance markets throughout the United States and internationally. * * * As reported in the Troubled Company Reporter-Latin America March 25, 2008, Standard & Poor's Ratings Services lowered its rating on Security Capital Assurance Ltd.'s series A perpetual noncumulative preference shares to 'C' from 'BB-'. The shares remain on CreditWatch with negative implications. At the same time, Standard & Poor's withdrew its 'BB+' preliminary senior secured debt rating and 'BB-' preliminary preferred stock rating on SCA's Rule 415 shelf registration. These actions follow the company's recent announcement that its board of directors elected not to declare a semiannual dividend payable on March 31, 2008. STAINLESS INSURANCE: Proofs of Claim Filing Deadline is April 9 --------------------------------------------------------------- Stainless Insurance Ltd.'s creditors are given until April 9, 2008, to prove their claims to Heidi Daniels-Roque, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Stainless Insurance's shareholder decided on March 14, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Heidi Daniels-Roque Sofia House, 1st Floor 48 Church Street, Hamilton Bermuda STAINLESS INSURANCE: Final Shareholders Meeting is on April 23 -------------------------------------------------------------- Stainless Insurance Ltd. will hold its final general meeting on April 23, 2008, at 10:00 a.m. at Sofia House, 1st Floor, 48 Church Street, Hamilton, Bermuda. These matters will be taken during the meeting: 1) accounting of the liquidation process showing how the winding up has been conducted during the preceding year, and 2) authorizing the liquidator to retain the records of the company for a period of three years from the dissolution of the company, after which they may be destroyed. Stainless Insurance's shareholder decided on March 14, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Heidi Daniels-Roque Sofia House, 1st Floor 48 Church Street, Hamilton Bermuda =========== B R A Z I L =========== ATARI: Non-Compliance with Nasdaq Rules Cues Stocks Delisting ------------------------------------------------------------- Atari Inc. received a Staff Determination Letter from the Nasdaq Listing Qualifications Department stating that Atari Inc. has not gained compliance with the requirements of Nasdaq Marketplace Rule 4450(b)(3), and that its securities are therefore subject to delisting from The Nasdaq Global Market. On Dec. 21, 2007, the Nasdaq Listing Qualifications Department notified Atari Inc. that, pursuant to Nasdaq Marketplace Rule 4450(e)(1), unless the market value of Atari Inc.'s publicly held shares, which is calculated by reference to Atari Inc.'s total shares outstanding, less any shares held by officers, directors or beneficial owners of 10% or more, maintains an aggregate market value of US$15 million or more for a minimum of 10 consecutive business days prior to March 20, 2008, Atari Inc.'s securities would be subject to delisting. The value of Atari Inc.'s publicly held shares did not reach that level within the required period. Atari Inc. intends to request a hearing before a Nasdaq Listing Qualifications Panel in order to appeal the Nasdaq Staff's determination in light of, among other things, the pending proposal by Infogrames Entertainment SA to acquire all of the outstanding shares of common stock not held by IESA. The hearing request will stay the delisting and, as a result, Atari Inc.'s securities will remain listed on The Nasdaq Global Market until the Panel issues its decision after the hearing. There can be no assurance that the Panel will grant Atari Inc.'s request for continued listing on The Nasdaq Global Market. About Atari Inc. Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) -- http://www.atari.com/-- publishes and distributes interactive entertainment software in the U.S. The company's 1,000+ published titles distributed by the company include hard-core, genre-defining franchises such as Test Drive(R); and mass-market and children's franchises such Dragon Ball Z(R). Atari Inc. is a majority-owned subsidiary of France- based Infogrames Entertainment SA, an interactive games publisher in Europe. Atari has offices in Brazil, the United Kingdom and Japan. As reported in the Troubled Company Reporter on Feb. 20, 2008, Atari Inc.'s consolidated balance sheet at Dec. 31, 2007, showed US$43.5 million in total assets and US$60.3 million in total liabilities, resulting in a US$16.8 million total stockholders' deficit. The company's consolidated balance sheet at Dec. 31, 2007, also showed strained liquidity with US$34.9 million in total current assets available to pay US$45.2 million in total current liabilities. Going Concern Doubt New York-based Deloitte & Touche LLP expressed substantial doubt about Atari's ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended March 31, 2007. The auditing firm pointed to the company's significant operating losses. As of Dec. 31, 2007, and through Feb. 12, 2008, Atari Inc. was in violation of its financial covenants. BlueBay High Yield Investments (Luxembourg) S.A.R.L., Atari Inc.'s lender and a majority shareholder of Infogrames Entertainment S.A., has not waived this violation and has entered into a forbearance agreement with Atari Inc. which states that BlueBay will not exercise its rights on its facility until the earlier of (i) March 3, 2008, (ii) additional covenant defaults except for the ones existing as of Feb. 12, 2008, or (iii) if any action transpires which is viewed to be adverse to the position of the lender. BANCO BMG: UBS Credit Line to Give Bank Time to Decide on IPO ------------------------------------------------------------- BANCO BMG's Chief Executive Officer Ricardo Guimaraes told Business News Americas that the bank's BRL1 billion credit line from UBS Pactual will give it time to decide whether to carry out an initial public offering or form a partnership with another bank. BNamericas notes that Banco BMG expected to get the first installment of BRL600 million from UBS Pactual last week, with the remaining BRL400 million at a later date. Mr. Guimaraes commented to BNamericas, "An IPO or a partnership are still on the horizon. We could do one or the other but not before next year, if at all." According to BNamericas, Mr. Guimaraes said that Banco BMG has spoken with five investment banks before going with UBS Pactual and that this proves the trust foreign investors have in the Brazilian market. Mr. Guimaraes told BNamericas, "We're originating a lot of new loans, more than BRL600 million a month. We're confident payroll loans still have a lot of potential, along with vehicle financing." BNamericas relates that Banco Nacional wants to boost its lending by at least 25% this year, after expanding lending by 44.5% to BRL12.5 billion last year. Mr. Guimaraes told BNamericas that Banco BMG will stay away from international capital markets to finance lending growth, although chances to sell bonds outside Brazil could arise before year-end. "We got a good loan [from the UBS Pactual] at a difficult time. We look favorably on the development of payroll loans in other countries, especially emerging markets. The joint venture in Russia has stalled but not because of our choice," Mr. Guimaraes commented to BNamericas. Banco BMG is the banking arm of Grupo BMG, which also has real estate, food manufacturing and agro industry holdings. The bank is a niche player focused on loans to civil servants, with repayments taken monthly from payrolls. BMG operates mainly through in-house representatives in state companies. It also offers leasing and asset management services. * * * As reported in the Troubled Company Reporter-Latin America on June 26, 2007, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Banco BMG S.A. to 'BB-' from 'B+'. The rating was removed from CreditWatch Positive where it was placed June 11, 2007. S&P said the outlook is stable. On March 10, 2008, Moody's Investors Rating gave Banco BMG's US$250 million issue a Ba1 long-term foreign currency debt rating with a stable outlook and the bank's US$1 billion note program a Ba1 long-term foreign currency rating with a stable outlook and a Not Prime short-term foreign currency rating. BANCO BRADSECO: Discloses Stockholders' Meeting Results ------------------------------------------------------- Banco Bradesco S.A. has informed its stockholders, clients and the market in general the results of its Annual Stockholders� Meeting and Special Stockholders� Meeting. The company has approved the following: In the Annual Stockholders� Meeting: 1. the Management�s accounts, the Management Report, the Financial Statements - including the allocation of Net Income -, the Independent Auditors� and Fiscal Council�s Reports and the Summary of the Audit Committee Report, related to the fiscal year ended on Dec. 31, 2007, as well as the ratification of Interest on own Capital and Dividends related to 2007, in the amount of BRL$2,822,796,086.42, already distributed; 2. the reelection of Lazaro de Mello Brandao, Antonio Bornia, Mario da Silveira Teixeira Junior, Marcio Artur Laurelli Cypriano, Joao Aguiar Alvarez, Denise Aguiar Alvarez Valente, and Ricardo Espirito Santo Silva Salgado, to compose the Board of Directors; 3. the election of the Fiscal Council�s members: Domingos Aparecido Maia, Jose Roberto Aparecido Nunciaroni and Ricardo Abecassis Espirito Santo Silva - Sitting Members; Joao Batistela Biazon, Nelson Lopes de Oliveira and Renauld Roberto Teixeira - Deputy Members; 4. the annual global compensation and the amount allocated to fund the Complementary Pension Plans, both for the Management, as well as the individual compensation for the members of the Fiscal Council. In the Special Stockholders� Meeting: 1. the increase from 3 to 4 of the minimum number and from 6 to 8 of the maximum number of members that compose the Compliance and Internal Control Committee; and the establishment of the Risks and Capital Allocation Integrated Management Committee; 2. the consolidation of the Bylaws. By resolution taken in a proper meeting held on this date, the Board of Directors of this Bank, immediately after the Annual Stockholders� Meeting, which elected the members thereof, has chosen to take office as its Chairman and Vice-Chairman, Mr. Brandao and Mr. Bornia, respectively. These deliberations will be effective after the necessary approval of the process by the Brazilian Central Bank. About Banco Bradesco 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 Investors Service assigned a Ba2 foreign currency deposit rating to Banco Bradesco. BANCO NACIONAL: Grants BRL6 Million Loan to Eight Credit Coops -------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social has approved a financial support for BRL6 million to a microcredit program of eight credit cooperatives affiliated to Associacao das Cooperativas de Apoio a Economia Familiar [Ascoob]. These cooperatives operate in the semiarid of the State of Bahia, one of the poorest regions of Brazil, which economic activity is essentially rural, with predominance in the exploration of sisal, extensive farming and familiar agriculture for subsistence. The total volume of funds applied to microcredit during the project duration (five years) will be BRL21.5 million, due to financing rotation. With that, the cooperatives have the target of supporting at least 25% (around 8.5 thousand) of their total members within the next five years, and it is estimated a generation and maintenance of 13.5 thousand jobs until 2012. The project has a strong impact on income generation and regional development, mainly taking into consideration that the municipalities involved present a Human Development Index (HDI) and GDP per capita lower than the average of the State of Bahia and Brazil. The average HDI of municipalities included in the project is 0.627, below the index of 0.693 in the State of Bahia or 0.757 in Brazil. The GDP per capita of those municipalities is BRL4,477.00, lower than BRL6,587.00 in the State of Bahia and BRL11,658.00 in Brazil. Among the merits of the project supported by BNDES are the importance of a contribution to the strengthening of the familiar agriculture for subsistence in one of the poorest regions of Brazil and an expansion in the offer of productive microcredit at the semiarid in the State of Bahia. In addition, the project will allow the attraction of new members and diversification of the products offered. The operation will also have an important impact on the financial results and businesses of cooperative in the region, because BNDES funds in the ambit of the Microcredit Program [PMC] have more favorable conditions in terms of costs and terms than the funds currently raised by them in the market. PMC credit conditions are financial charges of 2.5% per month and term up to 15 months with a 3-month grace period. Microcredit performance of cooperatives in the region is recent, arising from the integration with activities linked to an interdependent economy. In the last three years, such cooperatives performed about 4 thousand productive microcredit operations, lending approximately BRL5 million to about 3.2 thousand members, small rural producers. List of Cooperatives supported: * Cooperativa de Credito Rural de inhambupe Ltda - Sicoob Credite * Cooperativa de Credito Rural do Vale do Itapicuru Ltda - Ascoob Itapicuru * Cooperativa de Credito Rural Baixa Grande - Sicoob Grande * Cooperativa Valentense de Credito Rural Ltda � Sicoob Coopere * Cooperativa de Credito Rural do Piemonte � Ascoob Credimonte * Cooperativa de Credito Rural de Araci Ltda - Sicoob Araci * Cooperativa de Credito Rural de Serrinha Ltda � Ascoob Serrinha * Cooperativa de Credito Rural Pintadas - Sicoob Sertao Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's Investors Service, and a BB+ long- term foreign issuer credit rating from Standards and Poor's Ratings Services. The ratings were assigned in August and May 2007. BANCO NACIONAL: Okays 2 Loans for Rio de Janeiro & Ceara Subway --------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social has authorized two loans totaling BRL177 million for the construction and modernization of the subway in Rio de Janeiro and Ceara state capital Fortaleza. Business News Americas relates that Fortaleza subway firm Metrofor will get BRL142 million for the construction of the first stage of the subway system in the city. BNamericas notes that the project is part of the Brazilian federal government's growth acceleration plan. It has a total budget of BRL804 million, of which Banco Nacional is funding about 17.7%. The project includes 18 stations and 10 trains. The report says that the Fortaleza subway project has three stages and will connect the city to: -- Maracanau, -- Pacatuba, -- Caucaia, and -- Maranguape. BNamericas states that through the project, public transport system will be able to mobilize 158,000 passengers by 2011, a substantial increase compared to the current 10,000. According to BNamericas, Rio de Janeiro subway firm Metra-Rio will receive BRL34.3 million from Banco Nacional to implement new traffic control and ticket sales technology, to remodel railcars, and to carry out general maintenance. The loan is 62% of the project budget of BRL55.6 million. Metra-Rio will also implement a unique system for tickets through the use of a smart card with a computer chip. The project will make 3.57% more space for passengers on Line 1 and 2.11% more space on Line 2, BNamericas states. Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's Investors Service, and a BB+ long- term foreign issuer credit rating from Standards and Poor's Ratings Services. The ratings were assigned in August and May 2007. COMPANHIA ENERGETICA: Up 5.5% in Sao Paolo Trading -------------------------------------------------- Companhia Energetica de Minas Gerais has rose 5.5 percent to BRL30.59 in Sao Paulo trading, the biggest rally since Nov. 30, Paulo Winterstein of Bloomberg News reports. According to the report, Cemig, in four months, has gained after UBS AG recommended the company, saying that the concern in its energy concessions won't be renewed has been "exaggerated." The report adds that after the government refused to promise renewal of expiring energy concessions, Cemig has dropped 5.2 percent in the previous two days. Banco Santander analyst Marcio Prado said in a statement that the government's rejection to guarantee the renewal of concessions is "very bad news" for utilities. On March 25, Rival Cia. Energetica de Sao Paulo has canceled an auction to sell a stake in Cesp due to federal government's refusal to promise to renew the licenses to operate three Cesp hydroelectric dams. The stock has dived the most since 2006, Bloomberg relates. Citing UBS analyst Pedro Batista, Bloomberg says that "Market reaction was overly exaggerated." The risk of non-renewed concessions is only 9 percent of the company's generation capacity. Companhia Energetica de Minas Gerais aka Cemig -- 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. DELPHI CORP: Moody's Lifts Rating on New 2nd Lien Loan to 'B2' -------------------------------------------------------------- Moody's Investors Service raised the rating on Delphi Corporation's revised second lien term loan to (P)B2 from (P)B3 and affirmed the company's Corporate Family Rating and Probability of Default Ratings of (P)B2, Speculative Grade Liquidity rating of SGL-2, first lien term loan rating of (P)Ba2, and stable outlook. The revision to the rating on the second lien facility follows a change in the composition of the term loans from the structure Moody's rated on March 14, 2008. The total amount of secured term loans Delphi requires to emerge from bankruptcy is unchanged at US$4.525 billion. However, the first lien term loan will be reduced to US$1.7 billion from US$3.7 billion and the second lien term loan will be increased to US$2.825 billion from US$0.825 billion as the full US$2.0 billion of what was to be the B-2 tranche of the first lien term loan has been moved to the second lien facility. The first lien term loan will continue to be split between US$1.5 billion lodged at the parent and US$0.2 billion at a European subsidiary. The previous B-2 tranche was designed as a "second out" portion of the first lien term loan, and remains junior to the US$1.7 billion of the first lien term loan. However, it will now be documented as part of an enlarged second lien term loan. An affiliate of General Motors Corporation has agreed to accept up to US$2.825 billion of the second lien term loan as part of the settlement for GM's claims. Major terms of the first lien term loan have not been altered from those of the B-1 tranche in the earlier structure. As those terms involved initial amortization of 1% per year, by moving US$2.0 billion to the second lien term loan, which does not require any scheduled amortization prior to final maturity, Delphi's annual repayment obligations post emergence will be lowered by US$20 million a year. Nonetheless, Delphi's financial leverage will not be affected by these changes nor will its expected operating performance, and key coverage metrics will not experience any material change from previous expectations. Consequently, Moody's affirmed Delphi's Corporate Family and Probability of Default ratings as well its liquidity rating and outlook. Although the amount of the first lien term loan will be reduced, its rating of (P)Ba2 is unchanged; the amounts of debt that are superior, equally ranked, or junior in the overall waterfall are unchanged. The (P)B2 rating on the increased size of the second lien term loan is one notch higher than the earlier rating and level with that of the Corporate Family Rating. This develops from a lower amount of senior debt ahead of its claims and its higher proportion of the debt capital, both of which tend to boost its expected recovery rate. Rating revised: -- US$2.825 billion second lien term loan, (P)B2, LGD-4, 52% from (P)B3, LGD-4, 65% Rating withdrawn: -- US$2.0 billion B-2 tranche of first lien term loan, (P)B2, LGD-3, 47% Delphi Corporation, headquartered in Troy, Michigan, is a global tier-1 automotive supplier with products and services addressing electrical or electronic architecture, electronics & safety, powertrain systems, thermal systems, and aftermarket product and service solutions. The company expects to have revenues from continuing operations of roughly US$20 billion and employs approximately 171,000 people at 163 manufacturing sites around the world. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. FORD MOTOR: February 2008 Saw Focus Sales Up By 36 Percent ---------------------------------------------------------- Ford Motor Co.'s new Focus and SYNC are connecting with small car buyers. Focus retail sales were up 36% in February -- the fourth month in a row of higher retail sales. "The new Focus and SYNC arrived at an opportune time," said Jim Farley, Ford's group vice president, Marketing and Communications. "We needed to raise awareness and consideration among younger buyers � and Focus and SYNC are getting us back in the game." Buyers age 16-35 account for 32% of retail sales for the 2008 Focus, compared with 28 percent for the previous model. Focus is one of 12 Ford, Lincoln and Mercury models equipped with SYNC, an affordable, in-car connectivity technology that fully integrates most Bluetooth-enabled cell phones and MP3 players by voice activation. Retail car sales were 4% higher than a year ago paced by the Focus and the three mid-size sedans -- Ford Fusion, Mercury Milan, and Lincoln MKZ -- which combined posted a retail sales increase of 7%. The company at February continued to see higher sales in its: * Crossover utility vehicles -- 10%; * Ford Edge -- 46%; and * Lincoln MKX -- 22%. The MKZ and MKX helped Lincoln post higher retail sales in February -- up 2% -- although total sales were down 11%, reflecting lower fleet sales. Among trucks, sales for Ford's F-Series pickup totaled 52,548, off 5% from a year ago. Sales for Ford's compact pickup, the Ranger, totaled 7,431, up 27%. Sales for traditional sport utility vehicles continued to decline in February as combined sales for the Ford Explorer and Expedition, Mercury Mountaineer, and Lincoln Navigator were 22% lower than a year ago. Ford, Lincoln and Mercury sales totaled 185,294, down 7% compared with a year ago. Lower daily rental sales -- down 20% -- accounted for 60% of the decline. Total Ford Motor Company sales, including Jaguar, Land Rover, and Volvo, totaled 196,681, also down 7%. North American Production In the second quarter 2008, the company plans to produce 730,000 vehicles, a level 10% lower than a year ago when the company produced 811,000 vehicles. The reduction reflects the current economic conditions. In the first quarter 2008, the company plans to produce 685,000 vehicles, unchanged from the previously announced plan. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 15, 2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford Motor Company and Ford Motor Credit Company at 'B', and maintained the Rating Outlook at Negative. As reported in the Troubled Company Reporter on Nov. 19, 2007, Moody's Investors Service affirmed the long-term ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured, and B3 probability of default), but changed the rating outlook to Stable from Negative and raised the company's Speculative Grade Liquidity rating to SGL-1 from SGL-3. Moody's also affirmed Ford Motor Credit Company's B1 senior unsecured rating, and changed the outlook to Stable from Negative. These rating actions follow Ford's announcement of the details of the newly ratified four-year labor agreement with the United Auto Workers. FORD MOTOR: Jaguar and Land Rover Sale Won't Affect S&P's Rtngs. ---------------------------------------------------------------- Standard & Poor's Ratings Services said that the ratings and outlook on Ford Motor Co. and Ford Motor Credit Co. (both rated B/Stable/B-3) were not affected by Ford's announcement of an agreement to sell its Jaguar and Land Rover units to Tata Motors Ltd. (BB+/Watch Neg/--) for US$2.3 billion (before US$600 million of pension contributions by Ford for Jaguar-Land Rover). The sale will bolster Ford's adequate liquidity. As of Dec. 31, 2007, cash and marketable securities totaled US$32.7 billion, and the company had an US$11.5 billion secured revolving credit facility with US$10.9 billion available for use. There are no financial maintenance covenants on this facility other than a borrowing-base calculation, which was not restrictive at year- end 2007. S&P sees insignificant risk in Ford's plans to temporarily provide components and technologies to Jaguar and Land Rover as well as provide financing for Jaguar and Land Rover dealers and customers for up to a year. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. HUGHES NETWORK: Net Income Rose Up 161% to US$50 Million in 2007 ---------------------------------------------------------------- Hughes Communications, Inc. reported financial results for the fourth quarter and year ended Dec. 31, 2007. The company's consolidated operations are currently classified into four reportable segments: North America VSAT; International VSAT; Telecom Systems; and Corporate and Other. The North America VSAT, International VSAT and Telecom Systems segments represent all the operations of Hughes Network Systems, LLC, Hughes' principal operating subsidiary. The company and its affiliates reported a net income of US$43.5 million on US$970.6 million of total revenues for the year ended Dec. 31, 2007, compared to 2006 where the group incurred a net loss of US$39.1 million on total revenues of US$858.6 million. The group had US$1.1 billion in total assets, US$859.1 million in total liabilities, and a stockholders' equity of US$247.4 million at Dec. 31, 2007, compared to total assets of US$912.3 million, total liabilities of US$709.4 million, and a stockholders' equity of US$198.3 million at Dec. 31, 2006. "HNS delivered strong financial results in 2007," said president and chief executive officer, Pradman Kaul. "Revenues increased by 13% over 2006 to USUS$970 million and our profitability in 2007 was also very strong. Operating Income for the year was USUS$90 million, a growth of 56% over 2006; EBITDA increased by 28% to USUS$139 million in 2007 over 2006, and Net Income increased by 161% to USUS$50 million. All of the segments showed robust growth. The major revenue growth contributors were the consumer, international and the mobile satellite markets with growth rates of 13%, 11% and 77% respectively in 2007 over 2006. The consumer base grew to 379,900 subscribers at Dec. 31, 2007, a growth of 16% over the subscriber base at Dec. 31, 2006. Our North America and International enterprise groups provided a solid revenue base contributing in aggregate over half of HNS' total revenue in 2007. I am also very pleased to report that we were awarded a record USUS$1.1 billion of new orders in 2007 representing a growth of 30% over 2006." "These impressive full-year results were a result of sustained quarterly performances, including a strong fourth quarter," continued Mr. Kaul. "We grew fourth quarter 2007 Revenues by 15%, Operating Income by 39% and Net Income by 95% over the fourth quarter of 2006. The revenue growth engines in the fourth quarter of 2007 were the consumer, international, and mobile satellite markets with growth rates of 14%, 25% and 52% respectively over the fourth quarter of 2006. We were awarded USUS$333 million of new orders in the fourth quarter of 2007, including significant orders from Camelot, State Bank of India, Best Western, Sherwin Williams, Walmart, Blockbuster, Hess, BP, Harris and Hughes Telematics." Some of the company's selected highlights: -- Hughes Network Systems, LLC accepted the in-orbit handover of the SPACEWAY(TM) 3 commercial communications satellite from Boeing. HNS will utilize the Boeing-built satellite to provide HughesNet(R) broadband satellite services throughout North America. The satellite is currently going through the system testing phase and the company expects to commence service later in the first quarter of 2008. -- Hughes Network Systems' wholly owned European subsidiary Hughes Network Systems Ltd. signed an amendment to the contract previously executed in August 2007 with U.K. lottery operator Camelot PLC for providing managed network services for over 27,000 lottery sites in the U.K. The amendment extends the contract's term to 10 years and also provides additional functionality. This brings the total value of the 10 year contract to over USUS$150 million making it the largest single order awarded to Hughes Network Systems in 2007. -- Hughes entered into a definitive agreement to acquire Helius, Inc., a portfolio company of Canopy Ventures. The acquisition will combine the skills of Helius, a recognized leader in providing business IPTV solutions for applications such as training, corporate communications and digital signage, with the extensive broadband networking experience and customer base of Hughes. Hughes plans to deploy Helius' innovative IP video technologies to enhance its existing HughesNet service offerings. -- Hughes Network Systems signed an agreement with Dow Electronics to be a distributor of HughesNet satellite broadband Internet service in the Southeastern United States, home to many consumers who are not served by high- speed landline Internet providers. Under the terms of the agreement, Dow Electronics will market primarily to retailers in Florida, Alabama, Georgia, Mississippi, Louisiana, South Carolina, North Carolina, Arkansas, Tennessee, Puerto Rico and the U.S. Virgin Islands who will sell and install the HughesNet satellite broadband access service. -- Hughes Network Systems signed an agreement with CVS Systems, Inc. to be a distributor of HughesNet satellite broadband Internet service in the Midwest and Great Lakes region of the country, home to many consumers who are not served by high-speed landline Internet providers. Under the terms of the agreement, CVS will market primarily to retailers in Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri and Ohio who will sell and install the HughesNet satellite broadband access service. Mr. Kaul said, "We are very pleased with the strong and balanced financial results that we have delivered in 2007. We are currently at an advanced stage in the in-orbit system testing of SPACEWAY 3 and we are looking forward to commencing service on SPACEWAY 3 by the end of this quarter. We expect that SPACEWAY 3 will provide us significant cost benefits and also open up new revenue opportunities going forward in the North American enterprise and consumer markets. We have a robust orders backlog coming into 2008 as a result of an outstanding new orders performance in 2007. All of these have positioned HNS very well for 2008 and beyond." Commenting on Hughes' financial performance, executive vice president and chief financial officer, Grant Barber said, "Our revenue and profitability showed strong growth in the fourth quarter of 2007. For the twelve months ended December 2007, Hughes delivered earnings per share of USUS$2.26 compared to a loss of USUS$2.43 in the same period in 2006, both on a fully diluted basis. We also generated cash from operations of USUS$93 million in 2007 and closed the year with a healthy consolidated cash and marketable securities position of USUS$151 million." About Hughes Network Systems Based in Germantown, Maryland, Hughes Network Systems LLC (NASDAQ:HUGH) -- http://www.hughes.com/-- a wholly owned subsidiary of Hughes Communications Inc., provides broadband satellite networks and services for large enterprises, governments, small businesses, and consumers. Hughes offers complete turnkey solutions, including program management, installation, training, maintenance and support-for professional and rapid deployment anywhere, worldwide. The company owns and operates a global base of HughesNet shared hub services throughout the United States, Brazil, China, Europe, and India. In Europe, Hughes maintains operations facilities and sales offices in Germany, U.K., Italy, Czech Republic, and Russia. * * * Moody's Investors Service assigned a B1 rating to Hughes Network Systems LLC's proposed US$115 million senior unsecured term loan, due 2014. In addition, the ratings agency affirmed the B1 corporate family rating, the B1 rating on the existing US$450 million senior notes due 2014 and the Ba1 rating on the US$50 million senior secured revolving credit facility. The proceeds of the new term loan will be used primarily to fund capital expenditures and for general corporate purposes. USINAS SIDERURGICAS: Earns BRL970 Million in Fourth Quarter 2007 ---------------------------------------------------------------- Usinas Siderurgicas de Minas Gerais SA a.k.a. Usiminas told Dow Jones Newswires that its net profit increased 28.9% to BRL970 million in the fourth quarter 2007, compared to BRL752 million in the fourth quarter 2006. The increase in the net profit is due to higher prices and an improved sales mix, Dow Jones notes, citing Usiminas. According to Dow Jones, Usiminas net revenue rose 6.2% to BRL3.48 billion in the fourth quarter 2007, compared to BRL3.27 billion in the fourth quarter 2006. Dow Jones relates that Usiminas' earnings before interest, taxes, depreciation and amortization increased 2.6% to BRL1.2 billion in the fourth quarter 2007, from BRL1.18 billion in the same period in 2006. Usiminas's net profit increased to BRL3.17 billion in 2007, compared to BRL2.51 billion in 2006, Dow JOnes states. 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. Moody's said 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. ========================== C A Y M A N I S L A N D S ========================== BEGUISURI LIMITED: Proofs of Claim Filing Deadline is April 3 ------------------------------------------------------------- Beguisuri Limited's creditors have until April 3, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Beguisuri's shareholders agreed on Feb. 21, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attn: Francine Jennings P.O. Box 1170 Grand Cayman KY1-1102, Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 FDVG BALANCED: Sets Final Shareholders Meeting for April 3 ---------------------------------------------------------- FDVG Balanced Company Limited will hold its final shareholders' meeting on April 3, 2008, at 10:00 a.m., at HSBC Bank (Cayman) Limited, P.O. Box 1109, George Town, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. FDVG Balanced's shareholder decided on Feb. 11, 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 Connan Hill Attn: Alex Johnston P.O. Box 1109, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7755 Fax: (345) 949-7634 HARARE SCDO: Proofs of Claim Filing Deadline is April 3 ------------------------------------------------------- Harare SCDO 2002-1 Ltd.'s creditors have until April 3, 2008, to prove their claims to Griffin Management Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Harare SCDO's shareholders agreed on Feb. 20, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Griffin Management Limited Attn: Janeen Aljadir Caledonian Trust (Cayman) Limited Caledonian House, 69 Dr. Roy�s Drive P.O. Box 1043, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 914-4943 Fax: (345) 814-4859 JOHCM TRIDENT: Will Hold Final Shareholders Meeting on April 3 -------------------------------------------------------------- JOHCM Trident Financials Fund will hold its final shareholders' meeting on April 3, 2008. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. JOHCM Trident's shareholders agreed on Jan. 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: Joshua Grant and Richard Gordon Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands LDA HOLDINGS: Sets Final Shareholders Meeting for April 3 --------------------------------------------------------- LDA Holdings Ltd. will hold its final shareholders' meeting on April 3, 2008, at Maples Finance Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. LDA Holdings' shareholders agreed on Jan. 10, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Bobby Toor and Richard Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands ML PRINCIPAL: Will Hold Final Shareholders Meeting on April 3 ------------------------------------------------------------- ML Principal Protection Plus Ltd. will hold its final shareholders' meeting on April 3, 2008, at Maples Finance Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. ML Principal's shareholders agreed on Dec. 18, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Bobby Toor and Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands MONITOR OIL: Must Talk with Creditors On Cash Collateral Use ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York advised Monitor Oil PLC and its creditors to arrive at an agreement immediately regarding Monitor's access to cash collateral -- before Monitor turns insolvent -- Tiffany Kary of Bloomberg News reports. Creditors have denied Monitor access to cash collateral of up to US$3,500,000, Ms. Kary says. On the other hand, Monitor is currently seeking approval to pay up to US$43,500,000 to its lenders owed US$80,000,000 in principal plus US$1,450,000 in interest, as reported in the Troubled Company Reporter on March 17, 2008. A hearing is set on April 4, 2008, to consider the request. Monitor's US$75,000 cash could fall down to US$53,000, Bloomberg says. Monitor's shareholder have removed all of the sitting directors and elected each of the proposed members to the board of directors, according to the company's Web site. The new directors are: -- Bjorn Q. Aaserod; -- Ole Johan Olsen; -- Odd Harald Hauge; and -- David Lynch. Mr. Aaserod was named executive chairman of Monitor. The new directors, Bloomberg relates, is seeking financing to pay bondholders and lenders. About Monitor Oil Headquartered in the Cayman Islands, Monitor Oil, Plc -- htpp://www.monitoroil.com/ -- an oil and gas service company that provides oil and gas production solutions, offshore services and engineering services. The Monitor Group has operations in London, England; Aberdeen, Scotland; Stavanger, Norway; Caldicot, Wales; Shanghai, China and New York, United States. The company and two of its affiliates, Monitor Single Lift 1, Ltd., and Monitor US FinCo, Inc., filed for Chapter 11 Protection on Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709). Eric Lopez Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the Debtor. The U.S. Trustee for Region 2 appointed five creditors to serve on an Official Committee of Unsecured Creditors in the Debtors' cases. Ira L. Herman, Esq., at Thompson & Knight, LLP, represents the Committee. As of Dec. 31, 2007, the company disclosed total assets of US$98,340,000 and total debts of US$56,125,000. NBL FUNDING: Sets Final Shareholders Meeting for April 3 -------------------------------------------------------- NBL Funding Corp. will hold its final shareholders' meeting on April 3, 2008, at Maples Finance Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. NBL Funding's shareholders agreed on Feb. 14, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Martin Couch and Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands PALLAS SCDO: Proofs of Claim Filing Deadline is April 3 ------------------------------------------------------- Pallas SCDO 2002-1 Ltd.'s creditors have until April 3, 2008, to prove their claims to Griffin Management Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Pallas SCDO's shareholders agreed on Feb. 20, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Griffin Management Limited Attn: Janeen Aljadir Caledonian Trust (Cayman) Limited Caledonian House, 69 Dr. Roy�s Drive P.O. Box 1043, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 914-4943 Fax: (345) 814-4859 PATHFINDER INVESTMENTS: Proofs of Claim Filing is Until April 3 --------------------------------------------------------------- Pathfinder Investments Limited's creditors have until April 3, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Pathfinder Investments' shareholders agreed on Feb. 21, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attn: Francine Jennings P.O. Box 1170 Grand Cayman KY1-1102, Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 PENARTH INVESTMENTS: Proofs of Claim Filing Deadline is April 3 --------------------------------------------------------------- Penarth Investments Limited's creditors have until April 3, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Penarth Investments' shareholders agreed on Feb. 21, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attn: Francine Jennings P.O. Box 1170 Grand Cayman KY1-1102, Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 PETROCHEMICAL INVESTMENTS: Final Shareholders Meeting on April 3 ---------------------------------------------------------------- Petrochemical Investments Limited will hold its final shareholders' meeting on April 3, 2008, at 10:00 a.m., at Deloitte, Fourth Floor, Citrus Grove, P.O. Box 1787, George Town, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Petrochemical Investments' shareholders agreed on Feb. 22, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Stuart Sybersma Attn: Mervin Solas Deloitte P.O. Box 1787, George Town Grand Cayman, Cayman Islands Telephone: (345) 949-7500 Fax: (345) 949-8258 SOUTH SHORE: Will Hold Final Shareholders Meeting on April 3 ------------------------------------------------------------ South Shore CLO II, Ltd., will hold its final shareholders' meeting on April 3, 2008, at Maples Finance Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. South Shore's shareholders agreed on Jan. 10, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Giles Kerley Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands SPARCO INVESTMENTS: Proofs of Claim Filing is Until April 3 ----------------------------------------------------------- Sparco Investments Limited's creditors have until April 3, 2008, to prove their claims to Buchanan Limited, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Sparco Investments' shareholders agreed on Feb. 21, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Buchanan Limited Attn: Francine Jennings P.O. Box 1170 Grand Cayman KY1-1102, Cayman Islands Telephone: (345) 949-0355 Fax: (345) 949-0360 TELEXPRESS INVESTMENTS: Final Shareholders Meeting is on April 3 ---------------------------------------------------------------- Telexpress Investments Limited will hold its final shareholders' meeting on April 3, 2008, at Maples Finance Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. Telexpress Investments' shareholders agreed on Jan. 7, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: &