T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Thursday, April 3, 2008, Vol. 9, No. 66 Headlines A R G E N T I N A ASOCIACION MUTUAL: Files for Reorganization in Court GEN SISTEMAS: Proofs of Claim Verification Deadline is May 15 HUNTER JUNIORS: Proofs of Claim Verification is Until May 29 INDIAN CREEK: Proofs of Claim Verification Deadline is April 25 LOS REYES: Proofs of Claim Verification Deadline is May 12 MARASCO Y SPEZIALE: Files for Reorganization in Court PERNOD RICARD: Fitch Lowers Ratings on Vin & Spirit Buy QUIKSILVER INC: S&P Puts BB- Credit Rating under Negative Watch RADIO REMISE: Proofs of Claim Verification is Until June 27 TALLERES UNION: Proofs of Claim Verification Deadline is June 16 B A H A M A S PINNACLE ENTERTAINMENT: Moody's Holds 'B2' Corp. Family Rating B E R M U D A ELAN CORP: Court Dismisses Tysabri Investor Lawsuit GLOBAL PARTNERS: Proofs of Claim Filing Deadline is April 18 GLOBAL PARTNERS: Final Shareholders Meeting Set for April 30 SECURITY CAPITAL: Unit Files Counterclaims Against Merrill Lynch TYCO INTERNATIONAL: To Report 2nd Qtr. 2008 Results on May 1 B O L I V I A ALCATEL-LUCENT SA: To Build Bolivia's 1st WiMAX System for Entel COEUR D'ALENE: Begins Commissioning San Bartolome Silver Mine B R A Z I L BANCO BMG: To Sell Up to BRL100MM/Month Payroll Loans to Nossa BANCO ITAU: To Spend US$10 Mln. for Chilean Life Insurance Unit BANCO NACIONAL: OKs BRL7.30 Bil. Credit Line for Companhia Vale BANCO NOSSA: To Buy Up to BRL100MM/Month Payroll Loans from BMG NOVELL INC: Augments Operations With PlateSpin Buyout Completion REALOGY CORP: CFO Hull Comments on S&P's March Outlook Action TAM: Sao Paulo/Milan Route Carries 131,000 Passengers in 1st Yr. UNIAO DE BANCOS: Will Establish Investment Bank VALMONT INDUSTRIES: Revenue Growth Cues Moody's Rtng Lift to Ba1 C A Y M A N I S L A N D S AAM EMERGING: Sets Final Shareholders Meeting for April 4 CARBON TRADING: Will Hold Final Shareholders Meeting on April 4 CARBON TRADING MASTER: Final Shareholders Meeting is on April 4 CC CAYCO: Sets Final Shareholders Meeting for April 4 CHEYNE GLOBAL: Sets Final Shareholders Meeting for April 4 FINANCIAL RISK: Sets Final Shareholders Meeting for April 4 GLOBAL YACHT: Will Hold Final Shareholders Meeting on April 4 HIGHLAND SPECIAL: Proofs of Claim Filing Deadline is Tomorrow NEW ORIENTAL: Will Hold Final Shareholders Meeting on April 4 PARMALAT SPA: Warrant Exercise Hikes Capital by EUR6.29 Million SNOWBALL MULTI: Final Shareholders Meeting is on April 4 TGM CURRENCY: Sets Final Shareholders Meeting for April 4 C H I L E QUEBECOR WORLD: Jefferies & Co. as Committee Bankers Approved QUEBECOR WORLD: Kurtzman Carson Hiring as Committee Agent Okayed QUEBECOR WORLD: Mesirow Hiring as Panel Financial Advisor Okayed C O S T A R I C A CINEMARK HOLDINGS: Elects Steven P. Rosenberg to Board US AIRWAYS: Court of Appeals Upholds Ruling on R. Bosiger's Suit US AIRWAYS: To Settle MD Aviation Claim by Paying US$11,500,000 US AIRWAYS: R. Thomas Demands Retirement Benefits Continued D O M I N I C A N R E P U B L I C CAP CANA: Land Court Judges Issue Arrest Warrant for R. Hazoury DELTA AIR: Launches Food-for-Purchase Program in Caribbean E L S A L V A D O R AES CORP: Unit Gets Regulator Nod to Acquire Bioenergia Assets G U A T E M A L A BRITISH AIRWAYS: Facing GBP20Mln Costs Over Flight Cancellations H A I T I DYNCORP INT'L: Realigns Business, Adds Third Reporting Segment H O N D U R A S CHIQUITA BRANDS: Recalling Cantaloupes from Honduras J A M A I C A AIR JAMAICA: Will Suspend Three Weekly Flights to St. Lucia CABLE & WIRELESS: Jamaican Unit Raises Line Rental Fee CASH PLUS: Debt Exceeds Income; Goes Into Receivership M E X I C O CONSTELLATION COPPER: Defaults in CN$69 Million Debentures COREL CORP: Gets Proposal from Shareholder Corel Holdings DURA AUTOMOTIVE: Further Amends First Revised Chapter 11 Plan DURA AUTOMOTIVE: Court Extends Exclusivity Deadline to April 30 * MEXICO: 2008 Outlook for Major Banks is Adequate, Fitch Says P U E R T O R I C O DORAL FINANCIAL: S&P Lifts LT Counterparty Credit Rating to B+ V E N E Z U E L A PETROLEOS DE VENEZUELA: Debt Up 449% in 2007, 28.5% of Assets X X X X X X * Moody's Sees Neg. Outlook for Global Paper & Forest Products - - - - - ================= A R G E N T I N A ================= ASOCIACION MUTUAL: Files for Reorganization in Court ---------------------------------------------------- Asociacion Mutual del Personal de la Administracion Publica Buenos Aires has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Asociacion Mutual to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance No. 9 in Buenos Aires. Clerk No. 18 assists the court in this case. The debtor can be reached at: Asociacion Mutual del Personal de la Administracion Publica Buenos Aires Tucuman 1424 Buenos Aires, Argentina GEN SISTEMAS: Proofs of Claim Verification Deadline is May 15 ------------------------------------------------------------- Diana Panitch, the court-appointed trustee for Gen Sistemas Medicos SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until May 15, 2008. Ms. Panitch will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 18 in Buenos Aires, with the assistance of Clerk No. 35, 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 Gen Sistemas 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 Gen Sistemas' accounting and banking records will be submitted in court. Ms. Panitch is also in charge of administering Gen Sistemas' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Gen Sistemas Medicos SRL Pasteur 174 Buenos Aires, Argentina The trustee can be reached at: Diana Panitch Avenida Corrientes 1250 Buenos Aires, Argentina HUNTER JUNIORS: Proofs of Claim Verification is Until May 29 ------------------------------------------------------------ Edgardo Alberto Borghi, the court-appointed trustee for Hunter Juniors SA's bankruptcy proceeding, will be verifying creditors' proofs of claim until May 29, 2008. Mr. Borghi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 5 in Buenos Aires, with the assistance of Clerk No. 9, 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 Hunter Juniors 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 Hunter Juniors' accounting and banking records will be submitted in court. Infobae didn't state the submission deadlines for the reports. Mr. Borghi is also in charge of administering Hunter Juniors' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Hunter Juniors SA Yerbal 1032 Buenos Aires, Argentina The trustee can be reached at: Edgardo Alberto Borghi Luis Viale 2176 Buenos Aires, Argentina INDIAN CREEK: Proofs of Claim Verification Deadline is April 25 --------------------------------------------------------------- Elsa Ester Andrade, the court-appointed trustee for Indian Creek S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until April 25, 2008. Ms. Andrade will present the validated claims in court as individual reports. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Indian Creek 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 Indian Creek's accounting and banking records will be submitted in court. Infobae didn't state the submission deadlines for the reports. Ms. Andrade is also in charge of administering Indian Creek's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Molise SA La Pampa 5981 Buenos Aires, Argentina The trustee can be reached at: Elsa Ester Andrade Avenida Callao 449 Buenos Aires, Argentina LOS REYES: Proofs of Claim Verification Deadline is May 12 ---------------------------------------------------------- Silvia Gloria Muavero, the court-appointed trustee for Los Reyes Magos S.R.L.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until May 12, 2008. Ms. Muavero will present the validated claims in court as individual reports on June 23, 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 Los Reyes 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 Los Reyes' accounting and banking records will be submitted in court on Aug. 25, 2008. Ms. Muavero is also in charge of administering Los Reyes' assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Silvia Gloria Muavero Alsina 1760 Buenos Aires, Argentina MARASCO Y SPEZIALE: Files for Reorganization in Court ----------------------------------------------------- Marasco y Speziale Sacifei has requested for reorganization approval after failing to pay its liabilities since Feb. 21, 2008. The reorganization petition, once approved by the court, will allow Marasco y Speziale to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending in the National Commercial Court of First Instance No. 12 in Buenos Aires. Clerk No. 24 assists the court in this case. The debtor can be reached at: Marasco y Speziale Sacifei Pasco 763/65 Buenos Aires, Argentina PERNOD RICARD: Fitch Lowers Ratings on Vin & Spirit Buy ------------------------------------------------------- Fitch Ratings downgraded French Wine and Spirit maker Pernod Ricard SA's Long-term Issuer Default and senior unsecured ratings to 'BB+' from 'BBB-' (BBB minus). The Short-term IDR has also been downgraded to 'B' from 'F3'. The Outlook for the Long-term IDR has been changed to Negative from Stable. These rating actions follow the March 31, 2008 announcement by Pernod that it will be paying EUR5.6bn cash, including assumed debt of EUR366m, for the acquisition of Swedish alcoholic beverages group Vin & Sprit. "While this transaction enables Pernod to address its two main relative weaknesses compared to industry leader Diageo, namely the lack of adequate critical mass in the important US market and the lack of a comparably strong presence in the high growth vodka category, the high and fully debt-funded acquisition price takes the group's leverage to the 'BB' rating category," says Giulio Lombardi, Senior Director in Fitch's Retail and Consumer Products Group. Following the V&S acquisition, leverage (as calculated on a lease and pension adjusted basis) will increase to above 6.0x. Excluding any exceptional cash charges, Pernod, together with V&S, should be able to generate an annual Free Cash Flow of approximately EUR300-400m, which Fitch assumes would be mostly applied to debt reduction. However, Fitch calculates that it could take at least three years for Pernod to reach credit metrics consistent with an investment grade rating, a timeframe that makes it difficult to justify affirming the ratings. During the next three years, Pernod will also be faced with a slowing outlook for consumer spending in western Europe and the US, as well as challenges to implement budgeted synergies, as it will initially not fully control the distribution channels for Absolut Vodka in the US and internationally. Additionally, the group's growth ambitions could potentially prevail over any commitment to return to investment grade ratings. Through this acquisition, Pernod strengthens its number two position in the global western-style spirits industry, reaching a market share of 18.6% in volume terms. However, Diageo's advantage (24.2% global market share) remains strong, thanks to net sales (in value terms) of approximately 1.5x Pernod's in each of the European and US markets and a less fragmented product portfolio. Pernod's ambitions to further close its gap with Diageo might require more acquisition spending. The combination of risks from the integration, payments to sever ties with distribution partners, as well as possible acquisition spending and slower EBITDA growth might even prejudice the achievement of 'BB+' credit metrics, thus underpinning the current Negative Outlook. Headquartered in Paris, France, Pernod Ricard -- http://www.pernod-ricard.com/-- produces and distributes spirits and wines. The Company operates in Europe, North America, Central and South America, and the Asia-Pacific region. In Latin America and South America, the company operates in Argentina, Brazil, Chile, Colombia, Mexico, Uruguay and Venezuela. Pernod Ricard benefits from a portfolio comprising some of the most prestigious brands in the sector: Ricard aniseed, Ballantine�s, Chivas Regal and The Glenlivet Scotch whiskies, Jameson Irish Whiskey, Martell cognac, Havana Club rum, , Beefeater gin, Kahl�a and Malibu liqueurs, Mumm and Perrier- Jou�t champagnes, as well as Jacob�s Creek and Montana wines. The Group favours a decentralised organisation, with "Brand Owners" and "Distribution" companies established in each key market, and employs a workforce of around 18,000 in 70 countries. In addition, Pernod Ricard is strongly committed to a policy of Corporate Social Responsibility and encourages responsible consumption in order to prevent alcohol misuse and abuse. QUIKSILVER INC: S&P Puts BB- Credit Rating under Negative Watch --------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings on Quiksilver Inc., including its 'BB-' corporate credit rating, on CreditWatch with negative implications. The Huntington Beach, Calif.-based apparel company had about US$996 million in debt outstanding at Jan. 31, 2008. The CreditWatch placement reflects the much weaker-than-expected credit measures reported for the first quarter ended January 2008. "While we expected that results would be lower due to the company's current difficulties with its Rossignol hard-good equipment business," said Standard & Poor's credit analyst Susan Ding, "financial measures for the last 12 months came in well below our expectations, despite the US$100 million debt reduction from the sale of its Cleveland Golf business in December 2007." Standard & Poor's originally expected that leverage would be about 4.7x at year end (adjusted for the sale of Cleveland Golf). However, due to losses at the Rossignol business that depressed the EBITDA base significantly, leverage climbed to close to 6x for the 12 months ended January 2008 versus about 5.7x for the 12 months ended October 2007. Total debt also increased as a result of increased capitalized operating leases, due to the new retail stores opened during the year. Although the company announced it will explore selling the Rossignol business, it is uncertain when and if the company would be able to effect a transaction, in light of the current economic environment, and what the magnitude would be of any potential debt reduction from the application of sale proceeds and ensuing improvement in credit measures. "We will meet with management to further discuss Quiksilver's operating trends and forecasts in order to resolve the CreditWatch," said Ms. Ding. Quiksilver, Inc. -- http://www.quiksilver.com/-- is a globally diversified company that designs, produces and distributes branded apparel, wintersports equipment, footwear, accessories and related products. Its products are sold in over 90 countries in a range of distribution channels, including surf shops, ski shops, skateboard shops, snowboard shops, its Boardriders Club shops, other specialty stores and select department stores. The Company has three operating segments, the Americas, Europe and Asia/Pacific. The Americas segment includes revenues primarily from the United States and Canada. The European segment includes revenues primarily from Western Europe. The Asia/Pacific segment includes revenues primarily from Australia, Japan, New Zealand and Indonesia. In October 2007, the Company entered into an agreement to sell its golf equipment business. This transaction was completed in December 2007. The company has operations in Argentina. Standard & Poor's Ratings Services assigned a BB- rating on Quiksilver Inc. RADIO REMISE: Proofs of Claim Verification is Until June 27 ----------------------------------------------------------- Manuel Alberto Cibeira, the court-appointed trustee for Radio Remise S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until June 27, 2008. Mr. Cibeira will present the validated claims in court as individual reports on Aug. 27, 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 Radio Remise 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 Radio Remise's accounting and banking records will be submitted in court on Oct. 8, 2008. Mr. Cibeira is also in charge of administering Radio Remise's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Manuel Alberto Cibeira Avenida Cordoba 1247 Buenos Aires, Argentina TALLERES UNION: Proofs of Claim Verification Deadline is June 16 ---------------------------------------------------------------- Mauricio Leon Zafran, the court-appointed trustee for Talleres Union S.A. de Artes Graficas Industrial y Comercial's bankruptcy proceeding, will be verifying creditors' proofs of claim until June 16, 2008. Mr. Zafran will present the validated claims in court as individual reports on Aug. 19, 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 Talleres Union 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 Talleres Union's accounting and banking records will be submitted in court on Oct. 1, 2008. Mr. Zafran is also in charge of administering Talleres Union's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Talleres Union S.A. de Artes Graficas Industrial y Comercial Patagones 2748 Buenos Aires, Argentina The trustee can be reached at: Mauricio Leon Zafran Avenida Callao 420 Buenos Aires, Argentina ============= B A H A M A S ============= PINNACLE ENTERTAINMENT: Moody's Holds 'B2' Corp. Family Rating -------------------------------------------------------------- Moodys Investors Service affirmed all ratings for Pinnacle Entertainment Inc. and revised the rating outlook to stable from positive. This was in anticipation of a moderation in the company's consolidated operating performance through 2008 as a result of less favorable economic conditions along with the expectation that Pinnacle intends to pursue new development opportunities in Louisiana and Atlantic City, New Jersey. This makes it unlikely that the company will achieve the credit metrics required for higher rating. Pinnacle's B2 corporate family, B2 probability of default, Ba2 (LGD-2, 17%) senior secured bank loan, and B3 (LGD-5, 76%) senior subordinated note ratings were affirmed. Pinnacle recently announced that it may delay new development in Atlantic City, New Jersey and potentially other projects as well, because of volatile capital markets and debt restrictions included in two of its senior subordinated note indentures. However, when market conditions improve, it's expected that Pinnacle will pursue a refinancing of its existing capital structure and raise additional debt to give it the flexibility and funding necessary to proceed with these new development projects. As a result, debt EBITDA is expected to peak at a level greater that the company's fiscal 2007 debt EBITDA of 5.5 times. Pinnacle's ratings reflect the company's high leverage, the competition its Belterra casino faces from two new Indiana racinos that are scheduled to open relatively soon, and intense competition in Bossier City. Ratings are supported by the good initial ramp-up results at the recently opened Lumiere casino in St. Louis, Missourri and strong results from Pinnacle's L'Auberge casino in Lake Charles, Lousiana. L'Auberge has been operating for two full years and has exceeded original expectations in terms of revenue and EBITDA. Also considered are Pinnacle's good liquidity position and delayed development timeline which will allow the company to accumulate surplus cash flow that can be used for future development. Pinnacle owns and operates casinos in Nevada, Louisiana, Indiana, Missouri, Argentina and The Bahamas. Reported net revenues for the fiscal year ended Dec. 31, 2007 were US$924 million. ============= B E R M U D A ============= ELAN CORP: Court Dismisses Tysabri Investor Lawsuit ---------------------------------------------------- U.S. District Judge Richard Holwell has thrown out a class action lawsuit brought by investors against Elan Corp PLC and its executives over its multiple sclerosis drug Tysabri, Reuters reports. Reuters recounts that the plaintiffs accused Elan and its executives of misrepresentations and omissions regarding the safety, commercial viability and projected market share of Tysabri, causing the company's stock price to be artificially inflated. In an opinion posted on March 28, 2008, Judge Holwell, who sits in Federal court in Manhattan, said that the plaintiffs had failed to adequately show that Elan and its executives had motive and opportunity to commit fraud. Judge Holwell said that the plaintiffs could file a motion for permission to amend their complaint. Reuters explains that Tysabri, which is made by Biogen Idec Inc and Elan, was temporarily suspended from the market in 2005 after some patients developed a potentially deadly brain infection. The drug was allowed back on the market in 2006 with certain restrictions after U.S. regulators decided multiple sclerosis patients were willing to accept the risks in return for the potential benefits. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. The company has locations in Bermuda and Japan. * * * As of April 1, 2008, Elan Corp. plc carries Moody's long-term corporate family rating of B3, probability of default rating of B2 with positive outlook. Standard & Poors gave the company B rating on long-term foreign issuer credit and B rating on long-term local issuer credit with positive outlook. GLOBAL PARTNERS: Proofs of Claim Filing Deadline is April 18 ------------------------------------------------------------ Global Partners Ltd.'s creditors are given until April 18, 2008, to prove their claims to Christopher C. Morris, 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. Global Partners' shareholders agreed on March 25, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Christopher C. Morris Century House 16 Par-la-Ville Road, Hamilton Bermuda GLOBAL PARTNERS: Final Shareholders Meeting Set for April 30 ------------------------------------------------------------ Global Partners Ltd. will hold its final general meeting on April 30, 2008, at 3:00 p.m. at Arthur Morris, Christensen & Co., Century House, 16 Par-la-Ville Road, 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. Global Partners' shareholders agreed on March 25, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Christopher C. Morris Century House 16 Par-la-Ville Road, Hamilton Bermuda SECURITY CAPITAL: Unit Files Counterclaims Against Merrill Lynch ---------------------------------------------------------------- Security Capital Assurance Ltd.'s financial guarantee subsidiary XL Capital Assurance Inc. has filed its answer and counterclaims in the United States District Court for the Southern District of New York against Merrill Lynch International and Merrill Lynch & Co. Inc., in response to Merrill Lynch International's March 19, 2008 lawsuit against XL Capital. In its filing, XL Capital disputes the legal claims filed by Merrill Lynch International and defends the terminations of the seven credit default swaps entered into between XL Capital and Merrill Lynch International. As noted in the counterclaim, "In attempting to offload subprime mortgage and other liabilities related to troubled collateralized debt obligations (CDOs), Merrill Lynch & Co. agreed to provide third parties with control rights over seven of its CDOs, even though those same control rights had already been exclusively committed to XLCA." XL Capital required sole control rights under the seven CDOs at issue as a "fundamental condition" to entering into the credit default swaps with Merrill Lynch International. However, during its 2007 third quarter in which it would write down approximately US$7.9 billion in its CDO and subprime mortgage businesses, "Merrill Lynch undertook a rushed campaign to find parties willing to hedge or provide protection on its remaining CDO positions. Determined to get these CDO risks off its books at all costs before the third quarter of 2007 closed, Merrill Lynch made the decision to blatantly ignore its prior commitments to XLCA." XL Capital's counterclaims ask the court to declare that its terminations are effective and that it has no additional obligations under the credit default swaps. The notional amount of the terminated credit default swaps at Dec. 31, 2007, aggregated US$3.1 billion before reinsurance. For the year ended Dec. 31, 2007, Security Capital Assurance Ltd. recorded a charge of US$632.3 million relating to these credit default swaps, of which US$215 million represents a net unrealized, mark-to-market loss and US$417.3 million represents the provision of case basis reserves for losses and loss adjustment expenses. In addition, XL Capital seeks damages estimated to be at least US$28 million for amounts that Merrill Lynch International is obligated to pay XL Capital under the terms of the credit default swaps as a result of the terminations. Security Capital stated, "Despite whatever claims Merrill Lynch may make regarding our decision to enforce these contract terminations, we believe Merrill Lynch gave away our control rights on seven CDOs in direct violation of our agreements. On behalf of our policy holders and shareholders, we intend to defend the terminations vigorously and look forward to presenting our case to the court soon." 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, S&P 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. TYCO INTERNATIONAL: To Report 2nd Qtr. 2008 Results on May 1 ------------------------------------------------------------ Tyco International Ltd. will report its results for the second quarter of fiscal 2008 before trading begins on May 1, 2008. The company will hold a conference call for investors at 8:30 a.m. EDT. The call can be accessed in these ways: -- At the company's website: http://investors.tyco.com. -- By telephone: For both "listen-only" participants and those participants who wish to take part in the question- and-answer portion of the call, the telephone dial-in number in the United States is (800) 398-9402. The telephone dial-in number for participants outside the U.S. is (612) 332-1214. -- An audio replay of the conference call will be available beginning at 10:30 a.m. on May 1, 2008 and ending on May 8, 2008. The dial-in number for participants in the U.S. is (800) 475-6701. For participants outside the U.S., the replay dial-in number is (320) 365-3844. The replay access code for all callers is 918069. Based in Pembroke, Bermuda, Tyco International Ltd. (NYSE: TYC) -- http://www.tyco.com/-- provides security, fire protection and detection, valves and controls, and other industrial products and services to customers in four business segments: Electronics, Fire & Security, Healthcare, and Engineered Products & Services. With 2007 revenue of US$18 billion, Tyco employs approximately 118,000 people worldwide. In Latin America, Tyco has presence in Argentina, Brazil, Chile, Costa Rica, Ecuador, Honduras, and the Bahamas. Effective June 29, 2007, Tyco International Ltd. completed the spin-offs of Covidien and Tyco Electronics, formerly its Healthcare and Electronics businesses, respectively, into separate, publicly traded companies in the form of a distribution to Tyco shareholders. * * * As reported in the Troubled Company Reporter on Dec. 21, 2007, in its annual report for the year ended Sept. 28, 2007, Tyco said that on Nov. 8, 2007, The Bank of New York delivered to the company a notice of events of default. The notice claims that the actions taken by the company in connection with its separation into three public entities constitute events of default under certain indentures. ============= B O L I V I A ============= ALCATEL-LUCENT SA: To Build Bolivia's 1st WiMAX System for Entel ---------------------------------------------------------------- Alcatel-Lucent S.A. has been awarded a contract by Entel S.A. to deploy the first commercial WiMAX Rev-e (802.16e-2005 standard) network in Bolivia. This new network will support voice over IP (VoIP), high-speed Internet access, video and other data services for Entel customers. The new network will accommodate stationary and nomadic applications, and will complement the carrier's existing fixed- based broadband services. Entel plans to launch commercial service of the network by the end of this quarter. Alcatel-Lucent will provide its end-to-end WiMAX solution, including base stations, wireless access controllers, software and application platforms. It also will provide design and planning for end-to-end network integration services, including radio network planning, installation and commissioning, project management and support services for Entel's network. To ensure Entel's customers will benefit from early, state-of- the-art WiMAX devices that comply with the IEEE 802.16e-2005 standard, Alcatel-Lucent has teamed up with ZyXEL, a pioneer in this domain, to provide customer-premises equipment. In addition to being able to offer new revenue-generating services, Entel will benefit from additional operational efficiencies because this solution offers one of the most advanced technologies in terms of radio frequency management. "In fast-growing economies such as Bolivia, our universal WiMAX solution is the ideal means of rapidly and cost-effectively increasing penetration of high-speed Internet access and basic telephony services via VoIP, because the carrier can avoid the costly and disruptive civil engineering work involved in deploying copper or optical fiber cable," said Alcatel-Lucent's President of Caribbean & Latin America activities, Victor Agnellini. "This project underscores Alcatel-Lucent's commitment to WiMAX as a key element of its universal broadband access strategy, and expands the company's footprint in the region." With more than 70 pilots and deployments across the world and 22 commercial contracts signed since the beginning of 2007, Alcatel-Lucent is No. 1 in the worldwide WiMAX market. About Entel S.A. Entel is the leading telecommunication operator of Bolivia providing nationwide fixed and mobile communications as well as value added services. The company has invested over US$740 million in the country to serve the fast growing demand of telecommunication services in the urban and rural communities of Bolivia. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to Ba3 from Ba2 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B2 from B1. At the same time, Moody's affirmed its Not-Prime rating for short-term debt of Alcatel-Lucent. Moody's said the outlook for the ratings is stable. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. COEUR D'ALENE: Begins Commissioning San Bartolome Silver Mine ------------------------------------------------------------- Coeur d'Alene Mines Corp. has begun commissioning its San Bartolome silver mine in Bolivia and expects the first dore pour by the end of April. Business News Americas relates that Coeur d'Alene started crushing and stockpiling ore. It has become connected to the Bolivian national power grid, allowing the firm to complete the final commissioning of the grinding, leaching, and silver recovery circuits. Coeur d'Alene told BNamericas that San Bartolome will reach full capacity in August. It will "churn out 6Moz of silver in 2008 at US$4.10/oz in cash costs, excluding royalties and production taxes in the order of US$2.03/oz." San Bartolome will produce 10Moz of silver in its first year after the "ramp-up to full capacity." It has 153Moz of silver reserves and some 34.2Moz of indicated resources that will make it last for 14 years, BNamericas states. Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) -- http://www.coeur.com/-- is the world's largest primary silver producer, as well as a significant, low-cost producer of gold. The company has mining interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia and Australia. * * * Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15, 2024, carry Standard & Poor's Ratings Services B- rating. =========== B R A Z I L =========== BANCO BMG: To Sell Up to BRL100MM/Month Payroll Loans to Nossa -------------------------------------------------------------- Banco Nossa Caixa will buy up to BRL100 million per month in payroll loans from Banco BMG over the next 12 months. Business News Americas relates that according to the terms of the accord between Banco Nossa and Banco BMG, the deal could be worth as much as BRL1.20 billion in payroll loans. According to BNamericas, Banco Nossa's Chief Executive Officer Milton Luiz de Melo Santos said in March that the bank was considering purchasing loans generated by other financial institutions to expand its retail loan book up to 45% this year. The report says that Banco Nossa increased loans to individuals by 23.2% to BRL6.63 billion in 2007, compared to 2006, due to a 33.3% growth in payroll loans to Sao Paulo state workers. The payroll loans totaled BRL3.49 billion. BNamericas notes that Banco BMG's Chief Executive Officer Ricardo Guimaraes said the bank was generating over BRL600 million per month in new loans. Banco BMG will increase lending at least 25% this year compared to last year, which increased 44.5% to BRL12.5 billion, BNamericas states. 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 ITAU: To Spend US$10 Mln. for Chilean Life Insurance Unit --------------------------------------------------------------- Banco Itau Holding Financeira SA's Latin American Chief Executive Officer Ricardo Marino told journalists that the bank will spend US$10 million to launch a Chilean life insurance unit later this year. According to Business News Americas, Mr. Marino said that the planned unit will concentrate on individual life insurance, which is in line with Banco Itau's country strategy of focusing on higher-income customers. Mr. Marino denied that Banco Itau will enter Chile's mandatory pension system because an enacted reform prevents banks from offering these plans to the public, the news agency states. Banco Itau entered the Chilean market in February 2007 when it concluded the acquisition of BankBoston Chile and rebranded it Itau Chile, BNamericas adds. Banco Itau Holding Financeira SA -- http://www.itau.com.br/-- is a private bank in Brazil. The company has four principal operations: banking -- including retail banking through its wholly owned subsidiary, Banco Itau SA(Itau), corporate banking through its wholly owned subsidiary, Banco Itau BBA SA (Itau BBA) and consumer credit to non-account hold customers through Itaucred -- credit cards, asset management and insurance, private retirement plans and capitalization plans, a type of savings plan. Itau Holding provides a variety of credit and non-credit products and services directed towards individuals, small and middle market companies and large corporations. The bank has offices in Miami, New York, Hongkong, Lisbon, Luxembourg, Bahamas, the Cayman Islands, Chile and Uruguay. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 12, 2007, Fitch changed the outlook of Banco Itau Holding Financiera S.A.'s 'BB+' foreign currency IDR rating to positive from stable. BANCO NACIONAL: OKs BRL7.30 Bil. Credit Line for Companhia Vale --------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social has authorized a BRL7.30 billion credit line for Companhia Vale do Rio Doce. According to Banco Nacional, the funds will be used to advance Companhia Vale's 2008-12 investment program and for projects in Brazil. Part of the resources will go to Companhia Vale's corporate social responsibility initiatives. Banco Nacional told Business News Americas that Companhia Vale will be able to access the funds for five years. About Companhia Vale Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio Doce -- http://www.cvrd.com.br/-- engages primarily in mining and logistics businesses. It engages in iron ore mining, pellet production, manganese ore mining, and ferroalloy production, as well as in the production of nonferrous minerals, such as kaolin, potash, copper, and gold. About Banco Nacional Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's 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 NOSSA: To Buy Up to BRL100MM/Month Payroll Loans from BMG --------------------------------------------------------------- Banco Nossa Caixa will buy up to BRL100 million per month in payroll loans Banco BMG over the next 12 months from. Business News Americas relates that according to the terms of the accord between Banco Nossa and Banco BMG, the deal could be worth as much as BRL1.20 billion in payroll loans. According to BNamericas, Banco Nossa's Chief Executive Officer Milton Luiz de Melo Santos said in March that the bank was considering purchasing loans generated by other financial institutions to expand its retail loan book up to 45% this year. The report says that Banco Nossa increased loans to individuals by 23.2% to BRL6.63 billion in 2007, compared to 2006, due to a 33.3% growth in payroll loans to Sao Paulo state workers. The payroll loans totaled BRL3.49 billion. BNamericas notes that Banco BMG's Chief Executive Officer Ricardo Guimaraes said the bank was generating over BRL600 million per month in new loans. Banco BMG will increase lending at least 25% this year compared to last year, which increased 44.5% to BRL12.5 billion, BNamericas states. Headquartered in Sao Paulo, Brazil, Banco Nossa Caixa SA -- http://www.nossacaixa.com.br/-- operates as a multiple bank offering banking and financial services through commercial and loan portfolios, including real estate and foreign exchange, as well as administering credit cards. Through its subsidiary, it operates with private pensions. Nossa Caixa uses demand, saving and time deposits, which include judicial deposits, to fund its operations. The main focus of Nossa Caixa is to attend individuals, especially public employees and small and medium- sized companies in Sao Paulo, as well as state and municipal government agencies. As the official bank for the government of the State of Sao Paulo, it administers the state's resources and state lotteries and takes care of the payroll of the indirect state administration and part of the direct administration. As of Dec. 31, 2005, the Bank's network consisted of 2,579 attendance points in its distribution network. * * * In October 2007, Moody's Investors Service assigned a Ba2 foreign currency deposit rating to Banco Nossa Caixa, which is constrained by Brazil's foreign currency deposit ceiling. NOVELL INC: Augments Operations With PlateSpin Buyout Completion ---------------------------------------------------------------- Novell Inc. completed its acquisition of PlateSpin Ltd. The company related that PlateSpin allows the movement of workloads between physical and virtual environments regardless of platform or operating system. These capabilities, combined with Novell's systems management solutions, enable customers to fully leverage their virtualization investments and reduce both costs and server sprawl in their data centers. As reported in the Troubled Company Reporter on Feb. 28, 2008, Novell Inc. entered into a definitive agreement to acquire PlateSpin Ltd. for $205 million. "The addition of PlateSpin to Novell's existing enterprise IT management and Linux solutions will give customers the capabilities they need to build their next generation data center," Joe Wagner, senior vice president and general manager of Novell(R) Systems and Resource Management, said. "With solutions for data center consolidation, virtualization, relocation, disaster recovery and ongoing optimization, customers now have powerhouse technology to reduce cost, minimize risk and create value across heterogeneous environments with flexibility, interoperability and agility." "We are excited to be joining the Novell organization and a global team of people committed to the vision of optimizing the data center," Stephen Pollack, founder and CEO of PlateSpin, said. "We will continue to focus on the development of the PlateSpin product line and look forward to the new synergies our combined offerings will bring to customers." With the closing of the acquisition, PlateSpin will become part of the Novell Systems and Resource Management business unit and continue to develop and market its solutions to the customer base. This is another key step in Novell's strategy to help customers integrate their mixed IT environments, allowing people and technology to work as one. About PlateSpin Ltd. PlateSpin offers extensive solutions for the management of heterogeneous workloads that encapsulate data, applications and operating systems residing on a physical or virtual host. These solutions improve the speed and quality of server consolidation, data center relocation and disaster recovery. About Novell Inc. Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq: NOVL) -- http://www.novell.com/-- delivers infrastructure software for the Open Enterprise. Novell provides desktop to data center operating systems based on Linux and the software required to secure and manage mixed IT environments. The company has offices in Australia, Argentina, Austria, Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Philippines, Poland, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand and United Kingdom. * * * Novell Inc. continues to carry Moody's Investors Service's 'B1' subordinated debt rating, which was placed in September 1988. REALOGY CORP: CFO Hull Comments on S&P's March Outlook Action ------------------------------------------------------------- Standard & Poor's Ratings Services, on March 27, 2008, affirmed Realogy Corp.'s �B� corporate rating, but revised its outlook from �Stable� to �Negative.� According to S&P credit analyst Emile Courtney, "[t]he outlook revision reflects a significantly lower expectation for EBITDA generation in 2008 than we had previously anticipated, as well as the resultant narrowing of the EBITDA cushion in the company's senior secured credit facilities leverage covenant[.]" CFO Anthony E. Hull, as disclosed in the company's website, however said that the S&P report does not explicitly mention three key factors that are important to reiterate: -- Realogy's interest cost in 2008 will be significantly less than previously expected and 2007 pro forma levels. -- Realogy's proactive cost savings and cash maximization initiatives that have been successfully implemented (including exit from the government at-risk business that will free up US$50 million of cash this year) will continue to enhance our ability to tap into our bank debt revolver. -- Due to the seasonality of the real estate market, first quarter of any year is historically our slowest quarter (not just 2008). As we are only one-quarter into the year, the company has 85% to 90% of its EBITDA opportunity ahead of it. While the revised outlook was based primarily upon the continuing downturn in the residential real estate market, the S&P report concluded with the following astute statement: �Even though a return to growth in sides and price metrics in the industry could be at least one year away (in early 2009), our expectation remains that Realogy will benefit meaningfully in terms of growth in EBITDA and cash flow generation when the cycle turns upward, and that credit measures would improve.� About Realogy Corporation Headquartered in Parsippany, New Jersey, Realogy Corporation (NYSE: H)-- http://www.realogy.com/-- is a real estate franchisor and a member of the S&P 500. The company has a diversified business model that also includes real estate brokerage, relocation, and title services. Realogy's world- renowned brands and business units include CENTURY 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R), Sotheby's International Realty(R), NRT Incorporated, Cartus, and Title Resource Group. Realogy has more than 15,000 employees worldwide. The company operates in Australia, Brazil and France. TAM: Sao Paulo/Milan Route Carries 131,000 Passengers in 1st Yr. ---------------------------------------------------------------- This week, TAM Linhas Aereas completes a year of operations to Milan, Italy. The company's third direct destination in Europe, this daily flight has carried more than 73.2 thousand passengers on the Sao Paulo/Milan route and 58.6 thousand on the return leg, with a 70% average load factor, in one year of operation. "Our Milan flight has been integrated. It is a destination that attracts tourism and business, as well as being an important entry point into Europe," stated Vice-President of Planning and Alliances, Paulo Castello Branco. The flight uses MD-11 aircraft, with a carrying capacity of up to 289 passengers in three classes (First, Business and Economy). One of the differences of this TAM flight is the in-flight entertainment service for First and Business Classes. All video and audio programming, as well as games, are available on a small portable device known as a Personal Entertainment Appliance (PEA). Programming includes 10 movies, three variety channels, nine games, 100 music albums and various video clips. Fares between Sao Paulo and Milan start at US$919 (round trip). The flight leaves Guarulhos Airport -- SP for Milan at 7:10 p.m. local time. The return flight leaves Malpensa Airport at 1:30 p.m. local time. TAM S.A. -- http://www.tam.com.br/-- currently has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. * * * On July 23, 2007, Fitch Ratings affirmed the 'BB' foreign currency and local currency Issuer Default Ratings of TAM S.A. Fitch has also affirmed the 'BB' rating of its US$300 million of senior unsecured notes due 2017 as well as the company's 'A+(bra)' national scale rating and for its first debentures issuance (BRL500 million). Fitch said the rating outlook is stable. UNIAO DE BANCOS: Will Establish Investment Bank ----------------------------------------------- Uniao de Bancos Brasileiros SA will form investment bank Unibanco Banco de Investimentos to make more money from initial public offerings, Brazilian financial daily Valor Economico reports. According to Valor Economico notes that Unibanco Banco de Investimentos will begin with BRL400 million in capital. Business News Americas relates that Uniao de Bancos has hired former BNDES Chief Eleazar de Carvalho Filho to be in charge of distribution and former Credit Suisse employee Eduardo Gentil to be responsible for business origination. Headquartered in Sao Paulo, Brazil, Uniao de Bancos Brasileiros SA -- http://www.unibanco.com/-- is a full-service financial institution providing a range of financial products and services to a diversified individual and corporate customer base throughout Brazil. The company's businesses comprise segments: Retail, Wholesale, Insurance and Pension Plans and Wealth Management. Uniao de Bancos and its associated companies FinInvest, LuizaCred, PontoCred and Tecban (Banco 24 Horas) offer a network composed of 17,000 points of service. It also counts on 7,580 automated teller machines and all 30 Hours' products and services, including the telephone service and the Internet banking. The company's international network consists of branches in Nassau and the Cayman Islands; representatives offices in New York; banking subsidiaries in Luxembourg, the Cayman Islands and Paraguay; and a brokerage firm in New York -- Unibanco Securities Inc. * * * To date, Standard & Poor's Ratings Services rated Unibanco-Uniao de Bancos Brasileiros SA's long-term foreign issuer credit rating and local issuer credit rating at 'BB+'. VALMONT INDUSTRIES: Revenue Growth Cues Moody's Rtng Lift to Ba1 ---------------------------------------------------------------- Moody's upgraded the Corporate Family and Probability of Default Ratings of Valmont Industries, Inc. to Ba1 from Ba2. Concurrently, Moody's raised the senior unsecured credit facility rating to Baa3 from Ba1 and raised the senior subordinated notes rating to Ba2 from Ba3. These rating actions acknowledge the solid organic revenue growth and steady margin improvement achieved over several years and since the ratings were placed on positive outlook, resulting in operating performance that exceeded previous expectations. The upgrade further reflects Moody's expectation that fiscal policies will remain conservative and key credit metrics, including leverage, will be maintained at levels appropriate for the Ba1 rating category. Further supporting the Ba1 Corporate Family Rating are Valmont's leading market positions, low customer concentration and good liquidity profile. Valmont's rating is constrained by a relatively small revenue base for the rating category. Additionally, approximately 75% of revenues is concentrated in North America which, in Moody's opinion, together with size make the business potentially vulnerable to macroeconomic and end- market demand cyclicality in this region. Liquidity is expected to be good over the next twelve months, as indicated by the affirmation of the SGL-2 Speculative Grade Liquidity Rating. Moody's took these rating actions: -- US$150 million senior unsecured revolver due 2009, upgraded to Baa3 (LGD3, 35%) from Ba1 (LGD3, 44%); -- US$37 million senior unsecured term loan due 2009, upgraded to Baa3 (LGD3, 35%) from Ba1 (LGD3, 44%); -- US$150 million senior subordinated notes due 2014, upgraded to Ba2 (LGD5, 81%) from Ba3 (LGD5, 82%); -- Corporate Family Rating, upgraded to Ba1 from Ba2; -- Probability of Default Rating, upgraded to Ba1 from Ba2; -- Speculative Grade Liquidity Rating, affirmed SGL-2. Valmont Industries, Inc. is a global producer of metal and concrete pole and tower structures, mechanized irrigation systems and coatings. Customers and end-users include state and federal governments, contractors, utility and telecommunications companies, manufacturers of commercial lighting fixtures and large farms. Headquartered in Omaha, Nebraska, the company is publicly held and reported revenues of US$1.5 billion for the year ended Dec. 29, 2007. The company has operations in Brazil. ========================== C A Y M A N I S L A N D S ========================== AAM EMERGING: Sets Final Shareholders Meeting for April 4 --------------------------------------------------------- AAM Emerging Managers Offshore, Ltd., will hold its final shareholders' meeting on April 4, 2008, at 11:30 a.m. at the office of the company. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. AAM Emerging's shareholders agreed on Feb. 22, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane and Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands CARBON TRADING: Will Hold Final Shareholders Meeting on April 4 --------------------------------------------------------------- Carbon Trading Fund Ltd. will hold its final shareholders' meeting on April 4, 2008, at 10:30 a.m. at the registered office of the company. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Carbon Trading's shareholders agreed on Feb. 19, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane and Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands CARBON TRADING MASTER: Final Shareholders Meeting is on April 4 --------------------------------------------------------------- Carbon Trading Master Fund Ltd. will hold its final shareholders' meeting on April 4, 2008, at 10:00 a.m. at the office of the company. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Carbon Trading's shareholders agreed on Feb. 22, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane and Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands CC CAYCO: Sets Final Shareholders Meeting for April 4 ----------------------------------------------------- CC Cayco Limited will hold its final shareholders' meeting on April 4, 2008, at 9:00 a.m. at the office of the company. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of six years from the dissolution of the company, after which they may be destroyed. CC Cayco's 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: Richard L. Finlay Attn: Krysten Lumsden P.O. Box 2681, George Town Grand Cayman, Cayman Islands Telephone: (345) 945 3901 Fax: (345) 945 3902 CHEYNE GLOBAL: Sets Final Shareholders Meeting for April 4 ---------------------------------------------------------- Cheyne Global Opportunities Fund Inc. will hold its final shareholders' meeting on April 4, 2008, at 12:00 p.m. at the office of the company. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Cheyne Global's shareholders agreed on Feb. 22, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane and Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands FINANCIAL RISK: Sets Final Shareholders Meeting for April 4 ----------------------------------------------------------- Financial Risk Management Water Fund Limited will hold its final shareholders' meeting on April 4, 2008, at 11:00 a.m. at the office of the company. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Financial Risk's shareholders agreed on Feb. 22, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane and Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands GLOBAL YACHT: Will Hold Final Shareholders Meeting on April 4 ------------------------------------------------------------- Global Yacht Ltd. will hold its final shareholders' meeting on April 4, 2008, at 10:00 a.m. at 2306 SW 13th Street, 2nd Floor, Gainesville, Florida 32608, U.S.A. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) determining the manner in which the books, accounts, and documentation of the company, and of the liquidator should be disposed of. Global Yacht's 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: S. Clark Butler 2306 SW 13th Street 2nd Floor Gainesville, FL 32608 Florida, U.S.A Telephone: (+352) 372 6060 Fax: (+352) 372 7028 HIGHLAND SPECIAL: Proofs of Claim Filing Deadline is Tomorrow ------------------------------------------------------------- Highland Special Opportunity Master Fund, Limited's creditors have until April 4, 2008, to prove their claims to Richard Fogerty and G. James Cleaver, the company's liquidators, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Highland Special's shareholders agreed on Feb. 15, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The shareholders also passed a resolution to replace Simon Whicker and Kristen Beighton of KPMG as the company's joint voluntary liquidators. The liquidators can be reached at: Richard Fogerty and G. James Cleaver Attn: Chris Sharpe Kroll (Cayman) Limited 4th Floor Bermuda House, Dr. Roy�s Drive Grand Cayman, Cayman Islands Telephone: +1 (345) 946-4015 Fax: +1 (345) 946-0082 NEW ORIENTAL: Will Hold Final Shareholders Meeting on April 4 ------------------------------------------------------------- New Oriental Gas Limited will hold its final shareholders' meeting on April 4, 2008, at 10:00 a.m. at Jin Bao Plaza, No. 89 Jin Bao Road, Dong Cheng Dong District, Beijing 100005, China. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) giving explanation thereof. New Oriental's shareholders agreed on Dec. 27, 2007, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Shen Jianwei Corporate Filing Services Ltd. P.O. Box 613, Grand Cayman KY1-1107 Cayman Islands Telephone: (86-10) 8522 1133 Fax: (86-10) 8522 1313 PARMALAT SPA: Warrant Exercise Hikes Capital by EUR6.29 Million -------------------------------------------------------------- Parmalat S.p.A. communicates that, following the allocation of shares to creditors of the Parmalat Group, the subscribed and fully paid up share capital has now been increased by EUR6,289,038 to EUR1,667,496,728 from EUR1,661,207,690. The share capital increase is due to the exercise of 6,289,038 warrants. Share Allotment Status Shares totaling 32,464,186 representing around 1.9% of the share capital are still in a deposit account c/o Parmalat S.p.A., of which: * 13,369,205 or 0.8% of the share capital, registered in the name of individually identified commercial creditors, are still deposited in the intermediary account of Parmalat S.p.A. centrally managed by Monte Titoli (compared with 13,388,617 shares as at Feb. 29, 2008); and * 19,094,981 or 1.1% of the share capital registered in the name of the Foundation, called Fondazione Creditori Parmalat, of which: -- 120,000 shares representing the initial share capital of Parmalat S.p.A. (unchanged); and -- 18,974,981 or 1.1% of the share capital that pertain to currently undisclosed creditors (compared with 19,653,870 shares as at Feb. 29, 2008). About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. SNOWBALL MULTI: Final Shareholders Meeting is on April 4 -------------------------------------------------------- Snowball Multi Manager FX Fund SPC will hold its final shareholders' meeting on April 4, 2008, at 11:00 a.m. at Kroll (Cayman) Limited, 4th Floor, Bermuda House, Dr. Roy�s Drive, Grand Cayman, Cayman Islands, to lay accounts before the meeting, showing how the winding up has been conducted and how the property has been disposed of. Snowball Multi's 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: Gordon I. Macrae Attn: Hadley Chilton Kroll (Cayman) Limited, 4th Floor Bermuda House, P.O. Box 1102 Dr. Roy�s Drive, Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 946-0081 Fax: (345) 946-0082 TGM CURRENCY: Sets Final Shareholders Meeting for April 4 --------------------------------------------------------- TGM Currency Fund will hold its final shareholders' meeting on April 4, 2008, at 9:00 a.m. at the registered office of the company. These matters will be taken up during the meeting: 1) accounting of the winding-up process; and 2) authorizing the liquidators to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. TGM Currency's shareholders agreed on Feb. 19, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane and Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands ========= C H I L E ========= QUEBECOR WORLD: Jefferies & Co. as Committee Bankers Approved ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorized the Official Committee of Unsecured Creditors in Qubebecor World Inc.'s cases to retain Jefferies & Company, Inc., as its investment bankers, on an interim basis, nunc pro tunc to Feb. 5, 2008. Further objections must be filed by April 10, 2008. Absent timely filed objections, the application will be approved on a final basis, without further hearing. The Court will consider all objections, if any, at a hearing scheduled for April 17, 2008. The Office of the United States Trustee retains the right to object to any interim or final fee application filed by Jefferies on any grounds provided for under the Bankruptcy Code, the Bankruptcy Rules, or any Local Rules or orders of the Court. The Debtors and their estates will be bound by the indemnification, contribution and exculpations provisions of the engagement letter dated February 5, 2008, between Jefferies and the Creditors Committee. The Debtors will indemnify, defend and hold harmless Jefferies and its affiliates, and its members, provided that in no event will the firm be indemnified or receive contribution in the case of bad-faith, self-dealing, breach of fiduciary duty, if any, gross negligence or willful misconduct. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company has operations in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the British Virgin Islands. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. QUEBECOR WORLD: Kurtzman Carson Hiring as Committee Agent Okayed ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of Quebecor World Inc. and its affiliates obtained the U.S. Bankruptcy Court for the Southern District of New York's authority to retain Kurtzman Carson Consultants, LLC, as its communications agent, nunc pro tunc to Feb. 21, 2008. As reported in the Troubled Company Reporter on March 28, 2008, according to Madeleine Fequeire, director of Abitibi- Consolidated Sales Corp. and co-chairperson of the Committee, the Committee seeks to employ Kurtman Carson in compliance to its obligation under Section 1102(b)(3) of the Bankruptcy Code. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company has operations in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the British Virgin Islands. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. QUEBECOR WORLD: Mesirow Hiring as Panel Financial Advisor Okayed ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorized the Official Committee of Unsecured Creditors in Qubebecor World Inc.'s cases to retain Mesirow Financial Consulting, LLC, as its financial advisors, on an interim basis, effective Feb. 1, 2008. Objections to Mesirow's retention are due April 10, 2008. Absent timely filed objections, or if all objections are resolved, the application will be approved on a final basis, without further hearing. The Court will consider all unresolved objections at a hearing scheduled for April 17, 2008. On a final basis, the Court authorized Mesirow to receive compensation and reimbursement of expenses, which in will not be subject to challenge except under the standard of review set forth in Section 328(a) of the Bankruptcy Code. The Office of the United States Trustee retains the right to object to any interim or final fee application filed by Mesirow on any grounds provided for under the Bankruptcy Code, the Bankruptcy Rules, or any Local Rules or orders of the Court. The Debtors and their estates will not indemnify Mesirow or its members for any acts of bad-faith, self-dealing, breach of fiduciary duty, if any, gross negligence or willful misconduct. About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company has operations in Mexico, Brazil, Colombia, Chile, Peru, Argentina and the British Virgin Islands. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service assigned a Ba2 rating to the US$400 million super priority senior secured revolving term loan facility of Quebecor World Inc. as a Debtor-in-Possession. The related US$600 million super priority senior secured term loan was rated Ba3 (together, the DIP facilities). The RTL's better asset value coverage relative to the TL accounts for the ratings' differential. ================== C O S T A R I C A ================== CINEMARK HOLDINGS: Elects Steven P. Rosenberg to Board ------------------------------------------------------ Cinemark Holdings, Inc. has elected Steven P. Rosenberg to the company's Board effective as of April 1, 2008, thereby increasing the size of the Board to ten members. Mr. Rosenberg has also been appointed to the Audit Committee, which appointment is effective April 15, 2008. Mr. Rosenberg is the President of SPR Ventures Inc., a private investment firm he founded in 1997, and President of SPR Packaging LLC, a manufacturer of flexible packaging. From 1992 until 1997, Mr. Rosenberg was the President of the Arrow division of ConAgra, Inc., a leading manufacturer of grocery products. Mr. Rosenberg was also a founding investor of Packaged Ice, a leading manufacturer of industrial and consumer ice in 1992. Mr. Rosenberg currently serves on the board of directors of Texas Capital Bancshares, Inc. and PRG Schultz International, Inc. "We are very pleased that Steven has joined our Board," said Cinemark�s Chief Executive Officer, Alan Stock. "We are certain that he will be a strong addition to the Board and the Audit Committee, and that his background and broad experience will be an asset to Cinemark." Cinemark Holdings, Inc. -- http://www.cinemark.com/-- a leader in the theatre exhibition industry, operates 395 theaters and 4,479 screens in 37 states in the United States and internationally in 13 countries, including Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Honduras, Mexico, Nicaragua, Panama, Peru and Taiwan. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 14, 2007, Standard & Poor's Rating Services affirmed its 'B' corporate credit rating on Cinemark Holdings Inc. and subsidiary Cinemark Inc., which S&P analyzed on a consolidated basis. At the same time, S&P removed the ratings from CreditWatch with positive implications, where they were placed on May 17, 2007. S&P said the outlook is positive. US AIRWAYS: Court of Appeals Upholds Ruling on R. Bosiger's Suit ---------------------------------------------------------------- The United States Court of Appeals for the Fourth Circuit affirmed the ruling of the United States District Court for the Eastern District of Virginia, at Alexandria, dismissing Edwin Perrow Bosiger, Jr.'s complaint that he was not notified of the claims bar date in US Airways Group Inc.'s case. Mr. Bosiger previously asserted he was not able to file a timely claim asserting his pension benefits due to the non-notification. Judges James Harvie Wilkinson III, Diana Gribbon Motz and Kathy M. Flanagan comprised the panel reviewing the Appeal. Mr. Bosiger brought a suit in the District Court six months after USAir II's emergence from bankruptcy, contending that US Airways Inc. had improperly terminated his pension during USAir I's Bankruptcy. US Airways sought and obtained the Bankruptcy Court's authority to restructure its pilot pension obligations so that it can meet conditions in securing the financing it needed to emerge from Chapter 11. The retired pilots asked the District Court to restore their old pension benefits. But since the retired pilots had neglected to have the termination and reorganization orders stayed, and since the orders had been implemented and relied on by third parties, the District Court held that the suit was equitably moot. Mr. Bosiger was provided with the general bar date and certain administrative and rejection damage claims bar date notices, but did not file a claim during USAir II's Bankruptcy. Mr. Bosiger instead chose to bring a suit against US Airways in the United States District Court for the Eastern District of Virginia. The District Court dismissed the suit on the grounds that US Airways had properly terminated a Non-Qualified Plan Top Hat Retirement Plan, and that Mr. Bosiger failed to file a proof of claim in USAir II's Bankruptcy Cases. Judge Wilkinson, among others, says: -- the principal purpose of bankruptcy is straightforward: to grant a fresh start to the honest but unfortunate debtor; -- unwinding the finality of bankruptcy upsets not only the expectations of the creditors who actually do participate in the bankruptcy proceedings, but also the reliance interests of the creditors who have advanced funds based on the new capital structure laid out in the reorganization plan; and -- Mr. Bosiger's general denial of receiving bar dates notices does not constitute the strong evidence needed to overcome the presumption of receipt. "If we were to hold that [Mr.] Bosiger's general denial was sufficient, it would make it discernibly more difficult for any court to grant summary judgment in any case where proper notice is required. The result would be to prolong and undercut the bankruptcy process by civil actions on the part of creditors who failed to pursue their claims when it was timely and appropriate for them to do so. The District Court was right to recognize this danger, and its decision is affirmed. . . . Given the tentative nature of the claims put forward by Bosiger's counsel, we accord little weight to the argument that Bosiger's notice was mailed to the wrong address. At the very least, the speculative nature of the claims demonstrate that they do not offer sufficient evidence that Bosiger did not receive his notice letters," Judge Wilkinson says. A full-text copy of Judge Wilkinson III, et al.'s Opinion is available for free at: http://bankrupt.com/misc/USAirCourtofAppealsOpinion.pdf About US Airways Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) - http://www.usairways.com/-- primary business activity is the ownership of the common stock of US Airways, Inc., Allegheny Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc., MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc., Material Services Company, Inc., and Airways Assurance Limited, LLC. US Airways has operations in Japan, Australia, China, Costa Rica, Philippines, and Spain, among others. Under a Chapter 11 plan declared effective on March 31, 2003, USAir emerged from bankruptcy with the Retirement Systems of Alabama taking a 40% equity stake in the deleveraged carrier in exchange for US$240 million infusion of new capital. US Airways and its subsidiaries filed another chapter 11 petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors in their restructuring efforts. In the Company's second bankruptcy filing, it lists US$8,805,972,000 in total assets and US$8,702,437,000 in total debts. The Debtors' Chapter 11 plan for its second bankruptcy filing became effective on Sept. 27, 2005. The Debtors completed their merger with America West on the same date. (US Airways Bankruptcy News, Issue No. 157; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter on March 26, 2008, Standard & Poor's Ratings Services revised its outlook on US Airways Group Inc. to stable from positive. S&P has affirmed all ratings, including the 'B-' long-term corporate credit rating. US AIRWAYS: To Settle MD Aviation Claim by Paying US$11,500,000 --------------------------------------------------------------- US Airways Group Inc. and The Maryland Aviation Administration filed with the U.S. Bankruptcy Court for the Eastern District of Virginia: Status Amount Claim No. Debtor Asserted Asserted --------- ------ -------- -------- 5063 US Airways, Inc. unsecured US$413,046 priority 23,343,868 ---------- total 23,756,914 5064 Piedmont Airlines, Inc. unsecured 98,462 priority 23,343,868 ---------- total 24,442,330 The Maryland Department of the Environment filed: Status Amount Claim No. Debtor Asserted Asserted --------- ------ -------- -------- 5066 US Airways, Inc. unsecured US$23,343,868 5083 Piedmont Airlines, Inc. unsecured 23,343,868 The Debtors have established a reserve under Claim No. 5083, to be used for distributions for any of the MAA environmental claims that are allowed. MDE transferred Claim Nos. 5066 and 5083 to MAA. To resolve their dispute, the parties agreed that: 1. Claim Nos. 5064, 5066 and 5083 are disallowed in their entirety; 2. Claim No. 5063 is reclassified, reduced and allowed as a Class USAI-9 or General Unsecured Claim under the Debtors' Joint Plan of Reorganization in the compromised amount of $11,500,000, in full satisfaction of MAA's environmental claims against the Debtors; 3. The Stipulation is without prejudice to any claims or causes of action that MAA or its assignor, MDE, may have against any third parties; and 4. The Stipulation resolves all remaining claims of MDE and MAA against the Debtors. The Stipulation is deemed effective without further Court order. About US Airways Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) - http://www.usairways.com/-- primary business activity is the ownership of the common stock of US Airways, Inc., Allegheny Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc., MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc., Material Services Company, Inc., and Airways Assurance Limited, LLC. US Airways has operations in Japan, Australia, China, Costa Rica, Philippines, and Spain, among others. Under a Chapter 11 plan declared effective on March 31, 2003, USAir emerged from bankruptcy with the Retirement Systems of Alabama taking a 40% equity stake in the deleveraged carrier in exchange for US$240 million infusion of new capital. US Airways and its subsidiaries filed another chapter 11 petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors in their restructuring efforts. In the Company's second bankruptcy filing, it lists US$8,805,972,000 in total assets and US$8,702,437,000 in total debts. The Debtors' Chapter 11 plan for its second bankruptcy filing became effective on Sept. 27, 2005. The Debtors completed their merger with America West on the same date. (US Airways Bankruptcy News, Issue No. 157; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter on March 26, 2008, Standard & Poor's Ratings Services revised its outlook on US Airways Group Inc. to stable from positive. S&P has affirmed all ratings, including the 'B-' long-term corporate credit rating. US AIRWAYS: R. Thomas Demands Retirement Benefits Continued ----------------------------------------------------------- Roger N. Thomas asks the U.S. Bankruptcy Court for the Eastern District of Virginia to: -- deny US Airways Group Inc.' request to disallow his claim; -- grant his previously vested retirement benefits; and -- direct all the Debtors and their affiliates to continuously pay him the benefits. Mr. Thomas asserts that he was a known creditor of Piedmont Airlines, Inc. He wrote Piedmont's in-house retirement administrator on Aug. 12, 2002, to ask for documents so he may begin estimating his options in the pension plan, and convey his expectations for travel and social security supplement benefits. He says US Airways, Inc.'s Benefits Coordinator Dianne Green answered his letter on August 20, and acknowledged his pension fund claim but disagreed he had rights to any other benefit. He further says that he, to his knowledge and belief, is the first and only person to have been awarded cash settlement and retirement benefits in any grievance procedure with Henson Aviation, Inc., or Piedmont. Piedmont assured that the retirement benefits would not be affected in any way by the Debtors' first bankruptcy cases, Mr. Thomas relates. Ms. Green reassured him this; that is why, according to Mr. Thomas, he felt he did not need to initiate a filing as a creditor. Mr. Thomas asserts that the USAir I Bankruptcy Cases and its bar date should not reduce his vested retirement interest. He contends that the retired Piedmont pilots have received their full retirement package including travel, retirement plan and insurance -- without break and without reduction -- since he left the company, until now. According to him, the retirement plan contractually includes both the pension benefit and the social security supplement benefit. In his case, Mr. Thomas says the Debtors define "Retirement Plan" as a monthly pension only, further eroding his retirement interest. The Debtors are using their own tardiness as a means to reduce his pension, Mr. Thomas says. He also adds that the grievance settlement states that his release of Piedmont from claims arising from his employment or cessation of employment from the company is "made without out prejudice to and does not serve to bar any claims arising from his previously vested retirement interest." Mr. Thomas asserts he is 100% vested and, thus, is entitled to all retirement benefits listed in the pilot contract. R. Thomas' Request Mr. Thomas asks the Court to direct the Debtors to grant all his vested retirement benefits including all the contractual obligations for retirement contained in the General, Retirement, and Insurance headings of the agreement between Henson Aviation, Inc., and its pilots as represented by the Airline Pilots Association, signed Nov. 30, 1989, and side letters. Mr. Thomas also asks the Court to direct the Debtors to use, in defining and calculating retirement benefits for his pension, certain contract and side letters in effect when his employment was involuntarily terminated on April 5, 1995, and Grievance Settlement signed on March 21, 1996, between him and Piedmont. According to him, these includes a normal retirement age of 60 and a calculation of his final average earnings as stated in the agreement between Piedmont Airlines, Inc., and its pilots as represented by the ALPA, signed May 16, 1994, with its Retirement Plan for Pilots and side letters, then current. Mr. Thomas asserts that according to the Settlement, he is entitled to his "previously vested retirement interest." This is the retirement interest he says is the one he claims. He further asserts that his claim does not "significantly exceed," as the Debtors argue, that to which he is entitled. His claim is entirely supported in writing in contracts that apply to him, he says. According to Mr. Thomas, the Debtors have added the words "accrued" and "in the Retirement Plan" which narrows the meaning of the Settlement to only the pension portion of the retirement benefits. He contends the Debtors have mixed disputed with undisputed items in their response and cross-motion for summary judgment against his claim. The Debtors base their statements on the wrong contract, specifically the 2001 Piedmont contract including an amendment signed only in December 2007, he says. Neither the contract nor tis amendment applies to him, he adds. The contracts that have bearing on the matter, according to Mr. Thomas, are: 1. the Agreement between Henson Aviation, Inc., and its pilots as represented by the Air Line Pilots Association, signed November 30, 1989, and side letters; and 2. the Agreement between Piedmont Airlines, Inc., and its pilots as represented by the Air Line Pilots Association, signed May 16, 1994, with its Retirement Plan for Pilots and side letters. Mr. Thomas asserts that the Grievance Settlement acknowledges his involuntary termination before the age of 60 and by affirming his right to his "vested retirement interest," the Settlement implicitly treats him as a person who worked until the age of 60. He further asserts this is the point of the Settlement and it entirely does not indicate otherwise. The Contracts do not require him to "formally request" his pension to begin, Mr. Thomas contends. Instead, the Contracts make it clear that the responsibility lies with the Debtors to begin payments on the normal retirement date, he says. Mr. Thomas further notes that the United States Postal Service has acknowledged that he did not know of the existence of a package of payment option materials. According to him, the Debtors say they are not delinquent because the package was returned to them by the USPS. Debtors Answer Back The Debtors argue that the only benefits and claims that Mr. Thomas would be entitled to receive were those under the Retirement Plan, not from the Reorganized Debtors. The Debtors add that they were "under no obligation to treat every discharged or furloughed employee as a potential creditor on the off chance that the employee might assert the claim." Douglas M. Foley, Esq., at McGuirewoods LLP, in Norfolk, Virginia, contends that notice by publication was constitutionally sufficient as to Mr. Thomas because he was not a "known" creditor. Mr. Foley asserts that whether Mr. Thomas was entitled to receive actual notice of the November 4, 2002 bar date for filing non-governmental claims in the Debtors' first Chapter 11 Cases or the notice of the commencement of the Debtors' first Chapter 11 Cases is only relevant if he held any "claims" against the Debtors. However, Mr. Thomas "forever and finally released, settled, waived, discharged, acquitted and reached full accord and satisfaction of all claims, demands, causes of action, and actions arising or existing up to the date of execution of the Settlement Agreement, except any claims arising from his previously vested retirement interest." Accordingly, Mr. Foley adds, Mr. Thomas is not entitled to any other and further relief except those that were previously vested in the Retirement Plan -- nothing more and nothing less. The Debtors, thus, ask the Court to enter an order disallowing Mr. Thomas' claim. About US Airways Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) - http://www.usairways.com/-- primary business activity is the ownership of the common stock of US Airways, Inc., Allegheny Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc., MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc., Material Services Company, Inc., and Airways Assurance Limited, LLC. US Airways has operations in Japan, Australia, China, Costa Rica, Philippines, and Spain, among others. Under a Chapter 11 plan declared effective on March 31, 2003, USAir emerged from bankruptcy with the Retirement Systems of Alabama taking a 40% equity stake in the deleveraged carrier in exchange for US$240 million infusion of new capital. US Airways and its subsidiaries filed another chapter 11 petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820). Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J. Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken, Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent the Debtors in their restructuring efforts. In the Company's second bankruptcy filing, it lists US$8,805,972,000 in total assets and US$8,702,437,000 in total debts. The Debtors' Chapter 11 plan for its second bankruptcy filing became effective on Sept. 27, 2005. The Debtors completed their merger with America West on the same date. (US Airways Bankruptcy News, Issue No. 157; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter on March 26, 2008, Standard & Poor's Ratings Services revised its outlook on US Airways Group Inc. to stable from positive. S&P has affirmed all ratings, including the 'B-' long-term corporate credit rating. =================================== D O M I N I C A N R E P U B L I C =================================== CAP CANA: Land Court Judges Issue Arrest Warrant for R. Hazoury --------------------------------------------------------------- Judges Rafael Ciprian, Marino Alvarez and Luz Ubinas at the Superior Land Court of the Dominican Republic have issued an arrest warrant against Cap Cana President Ricardo Hazoury for contempt of court, Diario Digital reports. According to Diario Digital, Mr. Hazoury didn't attend a court hearing last Monday on alleged real estate fraud charges filed by the proprietor of several improvements. The case involves the "unauthorized mortgage of a property" of US$40 million. The judges placed an "impediment exit" against Mr. Hazoury, Diario Digital states. Cap Cana is located on the easternmost tip of the Dominican Republic, and is a few minutes drive from Punta Cana International Airport, which receives nonstop flights from large metropolitan centers in Europe, Canada and the USA. When fully developed, Cap Cana is expected to have six championship golf courses (three of which will be Nicklaus Signature courses, one of which was recently completed); one of the largest inland marinas in the Caribbean; several luxury hotels; over 10,000 housing units, including estate homes, villas and condominiums; numerous sports facilities, including golf, beach and yacht clubs; and a variety of high-end shops, restaurants, spas and entertainment complexes. Plans also include the development of a large ecological preserve. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 6, 2007, Fitch Ratings affirmed the 'B' rating on Cap Cana, S.A.'s US$250 million senior secured notes. In addition, Fitch assigned a preliminary rating of 'B-' to the expected issuance of US$500 million in additional senior secured notes. DELTA AIR: Launches Food-for-Purchase Program in Caribbean ---------------------------------------------------------- Delta Air Lines Inc. has launched its food-for-purchase program in select flights between the U.S. and beach destinations in the Caribbean and Latin America, Dominican Today reports. Dominican Today relates that Delta Air started the food-for- purchase menu in September 2007 "on coast-to-coast mainline flights between New York John F. Kennedy International Airport and Los Angeles, San Diego, San Francisco and Seattle." Delta Air Lines told Dominican Today it will have its food-for- purchase program on all flights within the U.S. of 750 miles or more. As part of its plan to try reaping more revenue from added services, Delta Air will offer more "designer US$7 and US$8 meals," Dominican Today notes. Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) -- http://www.delta.com/-- is the world's second-largest airline in terms of passengers carried and the leading U.S. carrier across the Atlantic, offering daily flights to 328 destinations in 56 countries on Delta, Song, Delta Shuttle, the Delta Connection carriers and its worldwide partners. Delta flies to Argentina, Australia and the United Kingdom, among others. The company and 18 affiliates filed for chapter 11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents the Debtors in their restructuring efforts. Timothy R. Coleman at The Blackstone Group L.P. provides the Debtors with financial advice. Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss Hauer & Feld LLP, provide the Official Committee of Unsecured Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James S. Feltman at Mesirow Financial Consulting, LLC, serve as the Committee's financial advisors. The Debtors filed a chapter 11 plan of reorganization and disclosure statement explaining that plan on Dec. 19, 2007. On Jan. 19, 2007, they filed revisions to the plan and disclosure statement, and submitted further revisions to the plan on Feb. 2, 2007. On Feb. 7, 2007, the Court approved the Debtors' disclosure statement. In April 25, 2007, the Court confirmed the Debtors' plan. That plan became effective on April 30, 2007. The Court entered a final decree closing 17 cases on Sept. 26, 2007. * * * As reported in the Troubled Company Reporter-Latin America on Jan. 18, 2008, Standard and Poor's said that media reports that Delta Air Lines Inc. (B/Positive/--) entered into merger talks with UAL Corp. (B/Stable/--) and Northwest Airlines Corp. (B+/Stable/--) will have no effect on the ratings or outlook on Delta, but that confirmed merger negotiations would result in S&P's placing ratings of Delta and other airlines involved on CreditWatch, most likely with developing or negative implications. ==================== E L S A L V A D O R ==================== AES CORP: Unit Gets Regulator Nod to Acquire Bioenergia Assets -------------------------------------------------------------- AES Corp.'s El Salvador unit AES Nejapa Gas has secured antitrust regulator Superintendencia de Competencia approval to acquire assets and rights from Bioenergia for a waste-to-energy project, Business News Americas reports. According to the regulator, AES Nejapa's project to deploy a biogas capture and burn system at the Nejapa landfill to generate power won't significantly limit competition. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. The company has Latin America operations in Argentina, Brazil, Chile, Dominican Republic, El Salvador and Panama. * * * The AES Corporation still carries Moody's Investors Service's Corporate Family Rating and the senior unsecured rating assigned at B1. The company also carries Fitch Ratings' 'BB/RR1' rating on US$500 million issue of senior unsecured notes due 2017. As reported in the Troubled Company Reporter-Latin America on March 7, 2008, AES Corporation is in default under its senior secured credit facility and its senior unsecured credit facility due to a breach of representation related to its financial statements as set forth in the credit agreements. As a result, US$200 million of the debt under the company's senior secured credit facility will be classified as current on the balance sheet as of Dec. 31, 2007. There are no outstanding borrowings under the senior unsecured facility. ================= G U A T E M A L A ================= BRITISH AIRWAYS: Facing GBP20Mln Costs Over Flight Cancellations ---------------------------------------------------------------- British Airways plc could face costs of more than GBP20 million over flight cancellations during the opening weekend of Heathrow's GBP4.3 billion Terminal 5, the Daily Telegraph reports, citing analysts. Howard Wheeldon of BGC Partners told the Daily Telegraph "BA's got the cost of the cancellations, compensation, as well as hotels for stranded passengers," who according to a lawyer, may take legal action against BA, particularly Americans. BA, the Daily Telegraph relates, canceled more than 200 flights since Thursday's opening after the new terminal's baggage system failed, affecting more than 20,000 passengers. FT says the situation compelled BA to transfer large numbers of bags to a contractor in Milan, Italy, for re-sorting and onward shipment by road or air. British Airways Statement "Since Thursday, when Terminal 5 opened, we have made clear that the service we have provided has not been good enough. We apologize sincerely to our customers. "The baggage system is now generally working better. From time to time problems have developed that were not encountered during the extensive trials. These issues are being addressed as they arise by a team of engineers and IT specialists from BAA and BA. "A backlog of undelivered bags has built up. This backlog is not affecting the day-to-day operation of the baggage system, and we are making every effort to reunite delayed bags with their owners. "We have more than 400 volunteers from across the airline supporting this effort. "This work takes time as delayed bags must undergo enhanced levels of security screening. Much of this process has to be done manually b