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 Wednesday, April 16, 2008, Vol. 9, No. 75 Headlines A R G E N T I N A ALEON SRL: Proofs of Claim Verification Deadline is May 2 CONSORCIO DE PROPIETARIOS: Files for Reorganization in Court DELTA AIR: Deal with Pilots Clears Way for Northwest Merger FLOWSERVE CORP: Annual Shareholders' Meeting Set for May 30 FLOWSERVE CORP: Fitch Affirms Issuer Default Rating at BB FRIGORIFICO REGIONAL: Claims Verification Deadline is July 16 INDUSTRIA METALURGICA: Claims Verification is Until June 9 LORYMIC SRL: Proofs of Claim Verification Deadline is June 24 ORLANDO H: Proofs of Claim Verification Deadline is May 19 TELECOM ARGENTINA: Appeals Ruling Extending Telefonica Probe TELECOM ARGENTINA: Sees Laws Favoring Triple Play Services TEKNI-PLEX INC: Inks Restructuring Pact with Key Stakeholders THE LOOK: Proofs of Claim Verification Deadline is June 3 TURBINE POWER: Will Hold Informative Assembly on April 25 B E R M U D A MONTPELIER RE: Francis Lockwood to Lead US Firm Underwriting TYCO INT'L: Settles US$250 Million Lawsuit with Bondholders B O L I V I A COEUR D'ALENE: Inks New Transportation Agreement with Goldbelt B R A Z I L ABITIBIBOWATER INC: Completes Sale of Snowflake Mill ABITIBIBOWATER INC: S&P Puts Recovery Ratings on Sr. Debt Issues AMERICAN AIRLINES: Flight Woes Have Little Effect on Virgin Is. BANCO DO BRASIL: Susep Okays Unit's Incorporation of Brasilseg BANCO FIBRA: S&P Puts BB- Rating on US$150 Mil. Two-Year Notes BOMBARDIER INC: S&P Ups Ratings to BB+ on Improved Liquidity BROWN SHOE: Operating Challenges Prompts S&P's Negative Outlook EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans ENERGIAS DO BRASIL: Issues 1Q 2008 Conference Call Webcast Alert GERDAU SA: Will Launch Primary Offering of 44 Million Shares MRS LOGISTICA: Will Invest BRL97.5 Million to Build Terminal SPECTRUM BRANDS: To Release 2nd Quarter 2008 Results on May 6 SPECTRUM BRANDS: S&P Revises Outlook on Improved Liquidity TAM SA: PwC Renews Firm's Sarbanes-Oxley Certification TELE NORTE: To Handle Rio de Janeiro Public Offices Fixed Lines UNIAO DE BANCOS: Gets US$75 Million Credit Line From IFC C A Y M A N I S L A N D S ASIAVEST PARTNERS: Final Shareholders Meeting is on April 18 CARPROV CAYMAN: To Hold Final Shareholders Meeting on April 18 COUNTER MANAGEMENT: Proofs of Claim Filing Deadline is April 18 KGRF - XYL: Sets Final Shareholders Meeting for April 18 MOUNTAIN FINANCE: To Hold Final Shareholders Meeting on April 18 PEQUOT INDIA: Proofs of Claim Filing is Until April 18 PREMIER OFFICE: Sets Final Shareholders Meeting for April 18 SFCPX FUNDING: Sets Final Shareholders Meeting for April 17 WESTWAYS FUNDING: To Hold Final Shareholders Meeting on April 18 WESTWAYS FUNDING IX: Final Shareholders Meeting is on April 18 C O L O M B I A QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor QUEBECOR WORLD: Wants to Hire KPMG (Canada) as Tax Consultant QUEBECOR WORLD: Wants Ernst & Young as Tax Services Provider SOLUTIA INC: Settlement Pact with Solvay Gets Court Approval D O M I N I C A N R E P U B L I C FLOWSERVE CORP: Moody's Holds Rtgs., Changes Outlook to Positive E C U A D O R PETROECUADOR: Gov't Stops Negotiations With 5 Private Oil Firms J A M A I C A CASH PLUS: Carlos Hill May be Charged with Fraud HERBALIFE LTD: May be Engaged in Fraud, Says Research Group NAT'L COMMERCIAL: Court to Rule on Olint Injunction on Friday M E X I C O ALERIS INT'L: Posts US$128 Mil. Net Loss in Year Ended Dec. 31 BERRY PLASTICS: Moody's Holds B3 Corporate Family Rating BLOCKBUSTER: Extends US$1.3BB Unsolicited Bid for Circuit City CHRYSLER LLC: To Manufacture Pick-up for Nissan at Mexican Plant ELAMEX SA: Sets Annual Shareholders Meeting on April 23 FORD MOTOR: Sells ACH Glass Business and Mexican Subsidiary GRUPO POSADAS: Expects to Settle Tender Offer & Consents Today MULTIBANK INC: S&P Assigns Counterparty Credit Rating at BB-/B P U E R T O R I C O PILGRIM'S PRIDE: Cuts Weekly Production by 5% in Second Quarter TIENDAS DONATO: Case Summary & 30 Largest Unsecured Creditors V E N E Z U E L A BANESCO BANCO: Raises US$58.2 Million From Share Offering NORTHWEST AIRLINES: Delta and Pilots Pact Clears Way for Merger NORTHWEST AIRLINES: Board Votes "For" Merger with Delta Air NORTHWEST AIRLINES: Seeks Allowance for US$5,954,902 ALPA Claims NORTHWEST AIRLINES: Dissolves NWA Inc. and NWA Holdings NORTHWEST AIRLINES: Makes Four Additional Shares Distribution PETROLEOS DE VENEZUELA: Earns US$4.15BB in 2007; Doubles Equity - - - - - ================= A R G E N T I N A ================= ALEON SRL: Proofs of Claim Verification Deadline is May 2 --------------------------------------------------------- Jose Stanislavsky, the court-appointed trustee for Aleon SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until May 2, 2008. Mr. Stanislavsky will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 10 in Buenos Aires, with the assistance of Clerk No. 20, 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 Aleon 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 Aleon's accounting and banking records will be submitted in court. Infobae didn't state the submission deadlines for the reports. Mr. Stanislavsky is also in charge of administering Aleon's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Aleon SRL Moreno 1175 Buenos Aires, Argentina The trustee can be reached at: Jose Stanislavsky Talcahuano 768 Buenos Aires, Argentina CONSORCIO DE PROPIETARIOS: Files for Reorganization in Court ------------------------------------------------------------ Consorcio de Propietarios del Edificio de la Calle San Jose 1837 has requested for reorganization approval after failing to pay its liabilities. The reorganization petition, once approved by the court, will allow Consorcio de Propietarios 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. 1 in Buenos Aires. Clerk No. 1 assists the court in this case. The debtor can be reached at: Consorcio de Propietarios del Edificio de la Calle San Jose 1837 San Jose 1837 Buenos Aires, Argentina DELTA AIR: Deal with Pilots Clears Way for Northwest Merger ----------------------------------------------------------- Delta Air Lines Inc. and its pilots have reached an agreement in principle on a contract that would purportedly clear the way for the carrier's merger with Northwest Airlines Corp., Bloomberg News reports. The accord would allegedly raise Delta pilots' pay and give them an equity stake in the consolidated carrier, people familiar with the talks said. Any pact would need to be approved by the leaders of the Delta pilots union, a unit of the Air Line Pilots Association, before the carriers could finalize their deal, says The Atlanta Journal-Constitution. The Delta union's 6,000 members also may vote later on whether to ratify a new labor contract tied to the merger. "With oil at $110 per barrel and the weakening economy, Delta probably got to the point where they felt like they needed to move ahead," said Michael Derchin, an analyst with FTN Midwest Research Securities Corp. in New York. "It always made strategic, long-term sense for these companies." The merger talks hit a snag in February when the airlines' pilots weren't able to agree on a way to protect members' seniority rankings after a consolidation. Now, Delta wants to draw up a new contract with just its 7,000 pilots, and Northwest's 5,000 pilots would be asked to join under a single contract later, said the people who didn't want to be identified because the plan is still private. The plan includes a small premium for Northwest investors, the unidentified sources said, reports Bloomberg. "It's sort of a backhanded slap at the Northwest pilots," said Douglas Marshall, director of the Aviation Graduate Program at the University of North Dakota. "Delta's pilots are going to have more leverage. They will be in a stronger position." Negotiations to create a combined seniority list may take months to complete, Bloomberg says, citing people familiar with the situation. "It is hard to anticipate Northwest pilots' level of interest in agreeing to an unknown Delta seniority integration proposal," said Robert Mann of R.W. Mann & Co. in Port Washington, New York, a consultant for airlines and unions. Betsy Talton, spokeswoman for Delta, and Tammy Lee, a spokeswoman for Northwest, declined to comment. Boards Approve Merger On Monday, the board of directors of both Delta Air Lines and Northwest gave their consent to allow the two airlines to merge based on an all-stock deal, The Wall Street Journal and The Associated Press relate. The combination of Delta and Northwest, which is still subject to regulatory approval, stands to create the world's largest airline operator in the world valued at US$17.7 billion, AP says. Under the merger, each Northwest shareholder will get 1.25 shares in the combined company for every share owned, or equivalent to 17% premium as of Monday's trading, based on WSJ's and AP's reports. Both reports recount that Delta and Northwest have emerged from bankruptcy in 2007 and "are in much better shape" as compared with smaller airlines that have recently gone bankrupt. About Northwest Airlines Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/-- is the world's fourth largest airline with hubs at Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about 1,400 daily departures. Northwest is a member of SkyTeam, an airline alliance that offers customers one of the world's most extensive global networks. Northwest and its travel partners serve more than 1000 cities in excess of 160 countries on six continents. Northwest and its travel partners serve more than 1000 cities in excess of 160 countries on six continents, including Italy, Spain, Japan, China, Venezuela and Argentina. The company and 12 affiliates filed for chapter 11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930). Bruce R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in Washington represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the Debtors' chapter 11 cases. When the Debtors filed for bankruptcy, they listed US$14.4 billion in total assets and US$17.9 billion in total debts. On Jan. 12, 2007 the Debtors filed with the Court their Chapter 11 Plan. On Feb. 15, 2007, they Debtors filed an Amended Plan & Disclosure Statement. The Court approved the adequacy of the Debtors' Disclosure Statement on March 26, 2007. On May 21, 2007, the Court confirmed the Debtors' Plan. The Plan took effect May 31, 2007. (Northwest Airlines Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) About Delta Air 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. (Delta Air Lines Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * 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. FLOWSERVE CORP: Annual Shareholders' Meeting Set for May 30 ----------------------------------------------------------- Flowserve Corp. will hold its 2008 Annual Meeting of Shareholders on on May 30, 2008 at 11:30 a.m., local time, the company disclosed in a regulatory filing with the U.S. Securities and Exchange Commission. The meeting will be held at the Four Seasons Resort and Club, 4150 North MacArthur Boulevard in Irving, Texas. According to Tara D. Mackey, the company's Vice President, Assistant Secretary and Compliance Counsel, shareholders of record of the company�s common stock at the close of business on April 4, 2008 are entitled to notice of and to vote at the annual meeting. At the annual meeting, the company will ask shareholders to: -- elect four directors, each to serve a term expiring at the 2011 annual meeting of shareholders; -- elect two directors, each to serve a term expiring at the 2010 annual meeting of shareholders; -- to ratify the appointment of PricewaterhouseCoopers LLP to serve as our independent registered public accounting firm for 2008; and -- attend to other business properly presented at the meeting. Proxy materials may be obtained online through: http://www.proxydocs.com/fls Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) -- http://www.flowserve.com/-- provides fluid motion and control products and services. Operating in 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. The company has subsidiaries in Argentina, Netherlands, China, Mexico, France, Brazil and Japan, among others. FLOWSERVE CORP: Fitch Affirms Issuer Default Rating at BB --------------------------------------------------------- Fitch Ratings has affirmed Flowserve Corp.'s Issuer Default Rating and senior secured bank facilities at 'BB' and revised the Rating Outlook to Positive from Stable. Flowserve's ratings are: -- IDR at 'BB'; -- Senior secured bank facilities at 'BB'; The ratings affect approximately US$558 million of debt outstanding at Dec. 31, 2007. The Positive Rating Outlook reflects Flowserve's improving operating performance, substantial progress toward resolving concerns about contingent litigation liabilities and financial reporting, and Fitch's expectation that the company intends to maintain disciplined financial policies that should help it to sustain improved credit measures. Flowserve's solid results in 2007 contributed to a significant decline in debt/EBITDA to 1.2 times (x) as of Dec. 31, 2007 despite a stable debt level. The company has benefited from strong demand across most of Flowserve's businesses, particularly in its important energy and water markets. Flowserve has also benefited from better operating efficiency related to the increase in sales volumes and from its focus on improving its operating capabilities and its reporting and controls. The long term outlook for activity in the company's global infrastructure markets remains favorable although Fitch recognizes the inherent cyclicality in Flowserve's business and its sensitivity to economic conditions. This concern is partly offset by the company's substantial aftermarket business. Previous concerns about controls over financial reporting and potential litigation liabilities have been eliminated or significantly reduced. The company has not reported any material weaknesses since the end of 2006. In February 2008, Flowserve agreed to settlements totaling US$10.6 million with the U.S. Dept. of Justice and the SEC concerning investigations into its compliance with the U.N. Oil-for-Food Program. In addition, recent developments surrounding shareholder lawsuits have been in Flowserve's favor although the risk of further litigation cannot be dismissed. Remaining legal matters include numerous asbestos-related lawsuits and Flowserve's compliance with U.S. export controls. Asbestos liabilities are reduced by insurance coverage or indemnities by other companies. While the effectiveness of such coverage is difficult to ascertain, the ratings incorporate Fitch's view that, in the absence of unexpectedly large awards against it, Flowserve's net litigation liabilities are not likely to result in a substantial use of cash. The ratings also consider Flowserve's global presence in the flow control industry, its product and geographic diversification, and its conservative debt structure. Discretionary spending for acquisitions and share repurchases have been limited in recent years, but favorable financial results have contributed to the company's decision to initiate dividends in 2007, and in February 2008 it announced a $300 million share repurchase program. Flowserve has not said how quickly it might repurchase shares. However, it has sufficient financial capacity to fund modest levels of share repurchases and acquisitions as well as working capital requirements and capital expenditures that may be needed to fund internal growth. Fitch believes large acquisitions or other leveraging transactions are unlikely based on opportunities for meaningful internal growth, Flowserve's commitment to making further improvements in its operating and reporting processes, and its demonstrated willingness to control debt and leverage. An upgrade in Flowserve's ratings will be contingent on continued strong financial results, effective execution of its operating strategies, reasonable clarity about contingent litigation liabilities, and disciplined cash deployment. At Dec. 31, 2007, Flowserve's liquidity included US$373 million of cash and a US$400 million revolver that matures in 2012, offset by US$7 million of current maturities and US$115 million of Letter of Credit usage under the revolver. Nearly all of Flowserve's debt consisted of a US$555 million bank term loan that has no significant scheduled payments until 2011. The bank facilities are secured by substantially all of Flowserve's domestic assets and 65% of the capital stock of certain foreign subsidiaries. The facilities would become unsecured if the company maintains investment grade ratings, as defined in the agreement, for at least 90 days. During 2008, Flowserve expects to terminate its factoring facilities which represented US$64 million of non-recourse financing at the end of 2007. Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a supplier of batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting. The company's European unit, Rayovac Europe GmbH, is headquartered in Sulzbach, Germany. Outside the United States, the company also has manufacturing facilities in Brazil, Columbia and China. FRIGORIFICO REGIONAL: Claims Verification Deadline is July 16 ------------------------------------------------------------- Estudio Alegre, Isak, Villamagna, the court-appointed trustee for Frigorifico Regional General Las Heras SA's reorganization proceeding, will be verifying creditors' proofs of claim until July 16, 2008. Ms. Addario will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 6 in Buenos Aires, with the assistance of Clerk No. 52, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Frigorifico Regional 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 Frigorifico Regional's accounting and banking records will be submitted in court. La Nacion didn't state the reports submission deadlines. Creditors will vote to ratify the completed settlement plan during the assembly on March 31, 2009. The debtor can be reached at: Frigor�fico Regional General Las Heras SA 25 de Mayo 555 Buenos Aires, Argentina The trustee can be reached at: Estudio Alegre, Isak, Villamagna Viamonte 1592 Buenos Aires, Argentina INDUSTRIA METALURGICA: Claims Verification is Until June 9 ---------------------------------------------------------- Estudio Clase A Debenedetti-Odorisio, the court-appointed trustee for Industria Metalurgica Plastica Argentina Cooperativa de Trabajo Ltda.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until June 9, 2008. Estudio Clase 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 Industria Metalurgica 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 Industria Metalurgica's accounting and banking records will be submitted in court. Infobae didn't state the submission deadlines for the reports. Estudio Clase is also in charge of administering Industria Metalurgica's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Estudio Clase A Debenedetti-Odorisio Rodriguez Pena 617 Buenos Aires, Argentina LORYMIC SRL: Proofs of Claim Verification Deadline is June 24 ------------------------------------------------------------- Jacobo Becker, the court-appointed trustee for Lorymic SRL's bankruptcy proceeding, will be verifying creditors' proofs of claim until June 24, 2008. Mr. Becker will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 23 in Buenos Aires, with the assistance of Clerk No. 45, 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 Lorymic 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 Lorymic's accounting and banking records will be submitted in court. La Nacion didn't state the submission deadlines for the reports. Mr. Becker is also in charge of administering Lorymic's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Lorymic SRL Pacheco de Melo 2956 Buenos Aires, Argentina The trustee can be reached at: Jacobo Becker Salguero 2244 Buenos Aires, Argentina ORLANDO H: Proofs of Claim Verification Deadline is May 19 ---------------------------------------------------------- Juan Angel Giannazzo, the court-appointed trustee for Orlando H. Minguillon S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until May 19, 2008. Mr. Giannazzo will present the validated claims in court as individual reports on July 1, 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 Orlando H. 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 Orlando H.'s accounting and banking records will be submitted in court on Aug. 27, 2008. Mr. Giannazzo is also in charge of administering Orlando H.'s assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Orlando H. Minguillon S.A. Avenida Cordoba 657 Buenos Aires, Argentina The trustee can be reached at: Juan Angel Giannazzo Avenida de Mayo 1370 Buenos Aires, Argentina TELECOM ARGENTINA: Appeals Ruling Extending Telefonica Probe ------------------------------------------------------------ Telecom Argentina has filed an appeal on a court ruling that extended the term of a probe conducted in the firm to assess whether Telefonica's stake in Telecom Italia creates a conflict of interest in Argentina, Dow Jones Newswires reports. As reported in the Troubled Company Reporter-Latin America on Oct. 18, 2007, the Argentine government created a two-person board at Telecom Argentina to check whether Spanish firm Telefonica's purchase of a stake in Telecom Italia affects competition and whether the acquisition would lead to Telefonica having undue influence on the decisions of Telecom Argentina, which Telecom Italia controls. A consortium of Italian companies and Telefonica reached an accord on April 28, 2007, to indirectly acquire a 23.6% controlling stake in European operator Telecom Italia. Telecom Italia owns 50% of Sofora, Telecom Argentina's controller. Local investment group Grupo Werthein, Telecom Argentina's second biggest shareholder, claimed that Telefonica would eventually have an impact on Telecom Argentina. Comision Nacional asked Spanish telecommunications firm Telefonica, Telefonica de Argentina's parent firm, for additional documentation on its acquisition of a controlling stake in Telecom Italia. Telefonica has closed its acquisition of the indirect controlling stake in Telecom Italia. Dow Jones Newswires relates that the court order was originally issued in February at the request of Werthein. Telecom Argentina said in February that the probe would also include Sofora, Nortel Inversora, and Telecom Personal, Telecom Argentina's unit, Dow Jones notes. According to Telecom Argentina, the probe was initially given two months but a court recently extended that term to conclude 10 days after Telecom Argentina's and Nortel Inversora's annual assemblies. Telecom Argentina will hold its assembly on April 29, Dow Jones adds. Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- provides telephone-related services, such as international long-distance service and data transmission and Internet services, and through its subsidiaries, wireless telecommunications services, international wholesale services and telephone directory publishing. As of Dec. 31, 2006, its telephone system included approximately 4.09 million lines in service. As of 2007, current approximate ownership of Telecom Argentina is: * 54.74% by Nortel Inversora S.A., itself a consortium made up of: -- Werthein Group (48%) -- Telecom Italia -- France Telecom group (2%); * 41.5% publicly traded; and * 4.21% employee stock ownership program France Telecom sold its part of Telecom Argentina to the WertheinGroup, an Argentine agricultural concern owned in part by vice chairman Gerardo Werthein. As of 2007, current approximate ownership of Telecom Argentina is: * 54.74% by Nortel Inversora S.A., itself a consortium made up of: -- Werthein Group (48%) -- Telecom Italia group (50%) -- France Telecom group (2%); * 41.5% publicly traded; and * 4.21% employee stock ownership program. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 21, 2008, Fitch Ratings upgraded Telecom Argentina's foreign and local currency issuer default ratings to 'B+' from 'B'. Fitch said the outlook is positive. TELECOM ARGENTINA: Sees Laws Favoring Triple Play Services ---------------------------------------------------------- Telecom Argentina SA's Regulatory Affairs Director Edmundo Poggio told news daily La Nacion that the firm expects Argentine regulations to allow telecommunication operators to provide triple play services. Business News Americas relates that the current regulations don't allow the firms to offer triple play services. Telecom Argentina plans to enter the triple play market by launching the IPTV services, BNamericas states, citing Signals Consulting's Vice President Juan Gnius. Headquartered in Buenos Aires, Telecom Argentina S.A. -- http://www.telecom.com.ar/index-flash.html-- provides telephone-related services, such as international long-distance service and data transmission and Internet services, and through its subsidiaries, wireless telecommunications services, international wholesale services and telephone directory publishing. As of Dec. 31, 2006, its telephone system included approximately 4.09 million lines in service. As of 2007, current approximate ownership of Telecom Argentina is: * 54.74% by Nortel Inversora S.A., itself a consortium made up of: -- Werthein Group (48%) -- Telecom Italia -- France Telecom group (2%); * 41.5% publicly traded; and * 4.21% employee stock ownership program France Telecom sold its part of Telecom Argentina to the WertheinGroup, an Argentine agricultural concern owned in part by vice chairman Gerardo Werthein. As of 2007, current approximate ownership of Telecom Argentina is: * 54.74% by Nortel Inversora S.A., itself a consortium made up of: -- Werthein Group (48%) -- Telecom Italia group (50%) -- France Telecom group (2%); * 41.5% publicly traded; and * 4.21% employee stock ownership program. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 21, 2008, Fitch Ratings upgraded Telecom Argentina's foreign and local currency issuer default ratings to 'B+' from 'B'. Fitch said the outlook is positive. TEKNI-PLEX INC: Inks Restructuring Pact with Key Stakeholders ------------------------------------------------------------- Tekni-Plex Inc. entered into a restructuring agreement with: (i) entities that have represented that they hold more than 91% of the company's 12.75% Senior Subordinated Notes Due 2010 and more than 67% of the company's 8.75% Senior Secured Notes due 2013, (ii) holders of a majority of the company's preferred stock, (iii) holders of 100% of its common stock, and (iv) Dr. F. Patrick Smith, Chairman, Chief Executive Officer and President of Tekni-Plex. The agreement memorializes the restructuring terms that were agreed to in principle by certain stakeholders on March 27, 2008. The restructuring agreement obligates each party to take actions reasonably necessary to negotiate, document and consummate the restructuring on the agreed-upon terms and conditions, which include: -- general unsecured creditors of Tekni-Plex, including trade creditors, will be unaffected by the restructuring, and the company intends to honor its obligations to those creditors in the ordinary course of business, -- the company will continue to honor its obligations under its US$110 million credit facility, its 10.875% Senior Secured Notes due 2012 and its Second Lien Notes, -- the company's existing common stock will be cancelled, redeemed or purchased, and each holder will receive its pro rata share of a cash distribution of US$250,000, -- the company's preferred stock will be exchanged or redeemed for three tranches of warrants to purchase 12.5% of the company at various exercise prices, -- holders of at least 95% of the Subordinated Notes will exchange their notes for 100% of the common stock of Tekni-Plex, subject to dilution by a management incentive plan and the exercise of the warrants, -- the obligations of the parties to consummate the restructuring is subject to certain conditions, such as: (a) obtaining consent to the restructuring from holders of not less than (i) 99.5% of the preferred stock, (ii) 100% of the common stock, (iii) 85% of the indirect interests in the common stock (based on unit holdings of the limited liability companies that hold the common stock) and (iv) 95% of the Subordinated Notes, (b) definitive documentation must be reasonably satisfactory to the parties, and (c) consummation of the restructuring must occur on or before May 13, 2008. Tekni-Plex intends to implement the restructuring by May 13, 2008, at which point, if the transactions are satisfactory to each of the lenders under the company's revolving credit facility, the maximum availability under the credit facility will be increased from US$95 million to US$110 million. There can be no assurance that the parties will be able to consummate the restructuring as contemplated by their agreement. Dr. F. Patrick Smith said: "The execution of this agreement represents a significant step towards the consummation of the company's restructuring, which will significantly deleverage our balance sheet and put the company in a strong financial position to operate and grow its businesses, many of which are leaders in the markets they serve. I once again applaud the efforts of those stakeholders who have demonstrated confidence in Tekni- Plex and have continued to work tirelessly towards the consummation of the restructuring. We fully intend to continue to meet our obligations to our customers and suppliers, and we appreciate their ongoing support." The restructuring will constitute a "Change in Control" under the Indenture governing the company's 10.875% Senor Secured Notes due 2012, which will require that the company make, after consummation of the restructuring, an offer to repurchase the First Lien Notes at a price of 101% plus accrued interest. The restructuring agreement provides that if the restructuring is consummated, certain holders of Subordinated Notes will provide a take-out facility or tender process to replace, redeem or repurchase, as necessary, First Lien Notes that are tendered in connection with the occurrence of the Change in Control. The restructuring will not constitute a Change of Control under the Indenture governing the Second Lien Notes or the Indenture governing the Subordinated Notes as a result of amendments and waivers (as described in the company's Form 8-K filed on Feb. 21, 2008). Agreement in Principle with Noteholders As reported in the Troubled Company Reporter on April 3, 2008, Tekni-Plex Inc. reached an agreement in principle among the holders of a majority of its 12.75% Senior Subordinated Notes Due 2010 and the holders of a majority of its preferred stock regarding the terms of a consensual out-of-court restructuring transaction, according to the company's regulatory filing with the Securities and Exchange Commission. The company also has entered into an extension, through May 13, 2008, of its Forbearance Agreement, dated as of Jan. 16, 2008, with entities that purportedly hold more than 91% of the Subordinated Notes and more than 64% of its 8.75% Senior Secured Notes due 2013. About Tekni-Plex Headquartered in Coppell, Texas, Tekni-Plex Inc. -- http://www.tekni-plex.com/-- manufactures packaging, packaging products and materials as well as tubing products. The company primarily serves the food, healthcare and consumer markets. It has built leadership positions in its core markets, and focuses on vertically integrated production of highly specialized products. Tekni-Plex has operations in the United States, Europe, China, Argentina and Canada. Tekni-Plex Inc.'s consolidated balance sheet at Dec. 28, 2007, showed US$605.7 million in total assets and US$1.01 billion in total liabilities, resulting in a US$403.4 million total stockholders' deficit. * * * In December 2007, Moody's Investors Service downgraded the Corporate Family Ratings of Tekni-Plex Inc. to Caa3 from Caa1. THE LOOK: Proofs of Claim Verification Deadline is June 3 --------------------------------------------------------- Alberto Jose Buceta, the court-appointed trustee for The Look S.A.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until June 3, 2008. Mr. Buceta will present the validated claims in court as individual reports on July 16, 2008. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by The Look 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 The Look's accounting and banking records will be submitted in court on Sept. 11, 2008. Mr. Buceta is also in charge of administering The Look's assets under court supervision and will take part in their disposal to the extent established by law. The trustee can be reached at: Alberto Jose Buceta Avenida Rivadavia 1342 Buenos Aires, Argentina TURBINE POWER: Will Hold Informative Assembly on April 25 --------------------------------------------------------- Turbine Power Co S.A.' creditors will vote on the company's completed settlement plan during an informative assembly on April 25, 2008. The court-appointed trustee for Turbine Power's reorganization proceeding, verified creditors' proofs of claim. He presented the validated claims in court as individual reports and submitted a general report containing an audit of the company's accounting and banking records. ============= B E R M U D A ============= MONTPELIER RE: Francis Lockwood to Lead US Firm Underwriting ------------------------------------------------------------ Montpelier Re Holdings Ltd.'s subsidiary, Montpelier US, has disclosed that Francis �Bud� Lockwood has joined as the President of Montpelier Underwriting Inc. and member of the Montpelier US Executive Committee. Bud comes to MUI with over 25 years of experience in the (re)insurance industry, having served most recently as Sr. Vice President of Catlin Underwriting Inc. (formerly Wellington) and as a member of the Catlin Executive Committee with responsibility for Property Treaty business. Bud also spent over 18 years at Trenwick America Re, leaving there as Chairman of the Underwriting Committee. Mr. Lockwood will be based in MUI�s Shelton, CT office and will have responsibility for all of (re)insurance business underwritten by MUI as a cover holder for Montpelier Re Syndicate 5151 at Lloyd�s. MUI also announced two other important senior staff additions, both of whom will also be based in Shelton, CT. Michael Finnegan has joined MUI as Sr. Vice President of Montpelier Program Management with overall responsibility for the development and management of MPM business. Previously Michael worked at Odyssey Re, where he was Vice President with Casualty Treaty responsibilities. Prior to joining Odyssey, Michael spent seven years as an underwriter at Trenwick/Chartwell. Mr. Finnegan began his career with Aetna P&C in the national accounts division. MUI�s MPM division will focus on outsourced underwriting with both new and developed professional underwriting experts. John Dalton, Sr. Vice President of MUI, has assumed responsibility as Director of MUI�s Direct Property Facultative division. He will oversee the development and operation of MUI�s large limit, excess of loss property facultative business, which currently has offices in Hartford, CT and Kansas City, KS with an additional office expected to open in Chicago, IL by June, 2008. Mr. Dalton joins MUI following 16 years with Swiss Re, where he was responsible for brokered property facultative business for North and South America. In a career spanning almost three decades, Mr. Dalton has also worked at Transatlantic and Munich Re. Stan Kott, CEO of Montpelier US, said, �Bud joining as President of MUI completes the Executive team for our US operations. Bud is well known to our staff and the (re)insurance community. We expect his underwriting expertise and business acumen will lead MUI on a straight, steady and conservative course to profitable growth. John Dalton is an experienced and accomplished reinsurance professional with a well established following. He is ideally suited to lead our effort to build a first-class direct property facultative operation. Michael Finnegan�s strong casualty background, combined with his unique business and people skills, make him the right person to create a successful underwriting management division for MUI.� About Montpelier Re Holdings Ltd. Headquartered in Bermuda, Montpelier Re Holdings Ltd. -- www.montpelierre.bm -- through its operating subsidiary Montpelier Reinsurance Ltd., provides customized, innovative, and timely reinsurance and insurance solutions to the global market. The company has operations in the United States and Europe. * * * To date, Montpelier Re Holdings holds A.M. Best's "bb+" subordinated debt rating and "bb" preferred stock rating. TYCO INT'L: Settles US$250 Million Lawsuit with Bondholders ----------------------------------------------------------- Tyco International Ltd. is paying US$250 million to settle a lawsuit with firms representing its bondholders, the Bloomberg News reports. The company said in a statement that the pact was reached with firms that advise holders of about 80% of US$3.7 billion of debt. According to Bloomberg, none of the debt will be redeemed as part of the settlement. The company will offer to exchange its notes due in 2028 and 2029 for notes that mature in 2019 and 2021 respectively. The report says that the bondholders claimed the company has divided into three separate companies without the creditors' consent. They believed that the settlement is a success although Tyco denied any misconduct. In March, U.S. District Judge Shira Scheindlin explained in a 28-page decision that Tyco may have breached its agreement with owners of its debt. 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 ============= COEUR D'ALENE: Inks New Transportation Agreement with Goldbelt -------------------------------------------------------------- Coeur d'Alene Mines Corporation and Goldbelt, Incorporated, have entered into a new Memorandum of Understanding designed to address the Kensington Gold Mine's transportation needs. The new MOU will focus on an alternate marine transportation center at Yankee Cove that will move mine workers to and from the Kensington, located approximately 45 miles north of Juneau. Gary Droubay, Chief Executive Officer for Goldbelt, stated: "The new agreement we are working on addresses the transportation, security and other support services the mine will need under its new Modified Plan of Operations. We are also delighted in the progress of the permitting of the Modified Plan of Operations and the apparent position of the three Conservation groups that the new tailings option is preferable to the previous Lower Slate Lake project. "Coeur and Goldbelt can now move ahead on a new transportation operating agreement. This plan will put Goldbelt shareholders back to work. The delay caused by the lawsuit adversely impacted both jobs and services in which Goldbelt shareholders would have benefited. I know the recent developments to progress the project are good news for Juneau and all of Southeast Alaska," Mr. Droubay added. Dennis E. Wheeler, CEO and Chairman of Coeur, stated, "The MOU with Goldbelt continues to progress our new Plan of Operations which will move our employees to the mine by busing them from Juneau to Yankee Cove, and then by boat from Yankee Cove to the mine site. While the permitting process has been extended by the litigation, there is now a clear path to permitting Coeur's new 'paste' tailings proposal." Mr. Wheeler added, "Our aim is to complete all necessary permitting in the Fall of 2008, with production targeted for 2009." During the long term relationship between Coeur and Goldbelt, over US$35 million in environmental and design studies and three Environment Impact Statements have been conducted on the project. Kensington is a major gold project located about 45 miles northwest of Juneau with an estimated annual production profile of approximately 140,000 ounces of gold. Construction of all surface facilities, except for the tailings facility, is essentially completed. In addition, the 2.5 mile horizontal access tunnel is completed, connecting the Jualin mine site, where the plant and mill are located, and Kensington. Proven and probable reserves measure approximately 1.4 million ounces of gold. About Goldbelt Goldbelt is an Alaska Native Corporation with 3,300 shareholders. It currently operates a number of companies involved in hospitality, transportation and security services, and it continues to pursue development plans for its ANCSA land holdings, including its land at Echo Cove. About Coeur d'Alene 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 =========== ABITIBIBOWATER INC: Completes Sale of Snowflake Mill ------------------------------------------------------ AbitibiBowater Inc. has completed the sale of its Snowflake, Arizona, assets for a purchase price of US$161 million to a subsidiary of Catalyst Paper Corporation (TSX: CTL). The facility has an annual production capacity of approximately 375,000 tonnes of newsprint. This sale was approved by the U.S. Department of Justice in order to comply with the requirements set for approval of the Abitibi-Consolidated/Bowater combination. AbitibiBowater plans to use the proceeds from this sale for general corporate purposes. Headquartered in Montreal, Canada, AbitibiBowater Inc. (NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a result of the combination of Abitibi-Consolidated Inc. and Bowater Incorporated. Pursuant to the transaction, Abitibi- Consolidated Inc. and Bowater Incorporated became subsidiaries of AbitibiBowater. The company produces a wide range of newsprint, commercial printing papers, market pulp and wood products and markets these products to more than 90 countries. Following the required divestiture agreed to with the U.S. Department of Justice, AbitibiBowater will own or operate 27 pulp and paper facilities and 35 wood products facilities located in the United States, Canada, the United Kingdom and South Korea. The company also has newsprint sales offices in Brazil and Singapore. The company's shares also trade at the Toronto Stock Exchange under the stock symbol ABH. ABITIBIBOWATER INC: S&P Puts Recovery Ratings on Sr. Debt Issues ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned recovery ratings to the senior unsecured debt issues of AbitibiBowater Inc., Abitibi-Consolidated Inc., and Bowater Inc. At the same time, S&P lowered the issue-level rating on these debts to 'CCC+' (one notch below the corporate credit ratings on the companies) from 'B-'. Based on a separate recovery analysis of each entity, S&P assigned a recovery rating of '5 ' to the issues, indicating the expectation for a modest (10%-30%) recovery in the event of a payment default. S&P also assigned an issue-level rating of 'CCC+', with a recovery rating of '5', to the US$350 million convertible notes issued by AbitibiBowater. These notes are guaranteed by Bowater, and therefore rank pari passu with Bowater's unsecured debts. Ratings List AbitibiBowater Inc. -- Corporate credit rating B-/Negative/-- Abitibi-Consolidated Inc. -- Corporate credit rating B-/Negative/-- Bowater Inc. -- Corporate credit rating B-/Negative/-- Ratings Lowered/Recovery Rating Assigned To From AbitibiBowater Inc. To From -- ---- Senior unsecured debt CCC+ (Recovery rating: 5) B- Abitibi-Consolidated Inc. To From -- ---- Senior unsecured debt CCC+ (Recovery rating: 5) B- Bowater Inc. To From -- ---- Senior unsecured debt CCC+ (Recovery rating: 5) B- Rating Assigned AbitibiBowater Inc. -- US$350 mil. convertible notes CCC+ (Recovery rating: 5) Headquartered in Montreal, Canada, AbitibiBowater Inc. (NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a result of the combination of Abitibi-Consolidated Inc. and Bowater Incorporated. Pursuant to the transaction, Abitibi- Consolidated Inc. and Bowater Incorporated became subsidiaries of AbitibiBowater. The company produces a wide range of newsprint, commercial printing papers, market pulp and wood products and markets these products to more than 90 countries. Following the required divestiture agreed to with the U.S. Department of Justice, AbitibiBowater will own or operate 27 pulp and paper facilities and 35 wood products facilities located in the United States, Canada, the United Kingdom and South Korea. The company also has newsprint sales offices in Brazil and Singapore. The company's shares also trade at the Toronto Stock Exchange under the stock symbol ABH. AMERICAN AIRLINES: Flight Woes Have Little Effect on Virgin Is. --------------------------------------------------------------- The Virgin Islands Daily News reports that American Airlines Inc.'s flight cancellations have hardly affected the Virgin Islands' tourism sector. As reported in the Troubled Company Reporter-Latin America on April 10, 2008, American Airlines canceled several hundred flights to conduct additional inspections of its MD-80 fleet to ensure precise and complete compliance with the Federal Aviation Administration's airworthiness directive related to the bundling of wires in the aircraft's wheel wells. These inspections -- based on Federal Aviation Administration audits -- are related to detailed, technical compliance issues and not safety-of- flight issues. According to The Virgin Islands Daily, the MD-80 aircrafts don't fly to the Virgin Islands and Puerto Rico. St. Thomas and St. Croix managers of American Airlines' partner American Eagle told The Virgin Islands Daily that passengers haven't been prevented from reaching the territory. "There is no effect on us here. Everybody is coming in as scheduled as far as I know," American Eagle's acting St. Thomas manager Ingrid Camsel commented to The Virgin Islands Daily. Bolongo Bay Beach Resort managing director Richard Doumeng told The Virgin Islands Daily, "So far, other than people talking about what a pain in the neck it was to get here, we still have people making their connections somehow and arriving." Based in Fort Worth, Texas, American Airlines Inc., a wholly owned subsidiary of AMR Corp., operates the largest scheduled passenger airline in the world with service throughout North America, the Caribbean, Latin America, Europe and Asia. The airline flies to Belgium, Brazil, Japan, among others. * * * As reported in the Troubled Company Reporter-Latin America on March 26, 2008, Standard & Poor's Ratings Services revised its outlook on the long-term ratings on AMR Corp. (B/Negative/B-3) and subsidiary American Airlines Inc. (B/Negative/--) to negative from positive. S&P also lowered its short-term rating on AMR to 'B- 3' from 'B-2' and affirmed all other ratings on AMR and American. BANCO DO BRASIL: Susep Okays Unit's Incorporation of Brasilseg -------------------------------------------------------------- Brazil's insurance regulator Susep has authorized Banco do Brasil's car insurer unit Brasilveaculos to incorporate general insurer Brasilseg, Business News Americas reports, citing insurance federation Fenaseg. Fenaseg told BNamericas that shareholders approved Brasilseg's incorporation as well as the increase of capital to BRL132 million from BRL130 million. Susep figures indicate that Brasilveaculos increased written premiums by 5.41% to BRL151 million in January-February 2008, from the same period in 2007, BNamericas notes. About Brasilveaculos Brasilveaculos is a car insurer in Brazil. It is 70% owned by Banco do Brasil and 30% owned by SulAmerica. About Banco do Brasil Banco do Brasil is Brazil's federal bank and is the largest in Latin America with some 20 million clients and more than 7,000 points of sale (3,200 branches) in Brazil, and 34 offices and partnerships in 26 other countries. In addition to its traditional retail banking services, Banco do Brasil underwrites and sells bonds, conducts asset trading, offers investors portfolio management services, conducts financial securities advising, and provides market analysis and research. * * * On Feb. 29, 2008, Moody's Investors Rating Service assigned a Ba2 foreign currency deposit rating to Banco do Brasil. BANCO FIBRA: S&P Puts BB- Rating on US$150 Mil. Two-Year Notes -------------------------------------------------------------- Standard & Poor's Ratings Services has assigned its 'BB-' foreign currency rating to Banco Fibra S.A.'s upcoming US$150 million unsecured, unsubordinated, two-year medium-term notes, issued through its principal office in Brazil or its Cayman Island branch. S&P's foreign currency rating on the bank is BB-/Stable/B. The ratings on Banco Fibra incorporate the increasing competition affecting most Brazilian banks operating in the small and midsize company segment. In addition, the ratings reflect potentially higher delinquency ratios, given increases in consumer-finance loans, and the bank's challenge to maintain an increasing and diversified funding base. The bank's still- strong asset quality indicators, good track record, expertise in the corporate and middle-market segments, improved profitability, and the benefits of the implicit support of its shareholder, the Vicunha Group, temper these risks. Banco Fibra's credit operations remain concentrated in the low corporate and middle-market segments. S&P believes the bank has the necessary knowledge, flexibility, and customer service policies to compete in the market and sustain its position as a relevant player. Although increasing competition from larger banks could pressure interest margins further, the rating agency believes the bank will be able to gradually replace low corporate operations with middle-market credits and retail loans, strengthening its strategy and sustaining its margins. The increasing proportion of retail loans in the total loan portfolio (13.7% of the bank's total credit operations as of December 2007, compared with 10.5% in June 2007) indicates that Banco Fibra's retail strategy was executed successfully. S&P expects the retail portfolio to represent approximately 20%-30% of the loan portfolio in the future, contributing to a diverse portfolio mix and enhanced profitability. The bank's adjusted ROA is stable, averaging 1.7% for the past three years. The stable outlook on the bank reflects S&P's expectation that the bank will be able to sustain its good asset quality indicators at a rate of less than 4%, while growing its funding base and maintaining adequate capitalization and profitability. S&P could revise the outlook to negative or lower the ratings if there is a significant deterioration in Banco Fibra's asset- quality ratios (vis-a-vis the market average levels); if the bank's liquidity and funding are pressured; or if the bank fails to show more robust profitability levels. On the other hand, S&P could revise the outlook to positive or raise the ratings depending on the bank's ability to deliver a consistent and successful growth strategy for the longer term. Such a positive rating action would also depend on the bank sustaining an adequate liquidity position, and improving profitability and capitalization. Banco Fibra S.A. -- http://www.bancofibra.com.br/-- is a commercial midsize Brazilian bank. Despite its relatively small market share, Banco Fibra is among the top banks operating in the small corporates and middle-market companies segment. Banco Fibra is the financial arm of a large traditional conglomerate in Brazil, owned by the Steinbruch family, with important operations in the textile (Vicunha Txtil; not rated), steel (Companhia Siderurgica Nacional; BB/Stable/--), and gas (CEGAS; not rated) sectors. As of March 30, 2007, Banco Fibra reached US$215 million in equity and US$4.05 billion in total assets. BOMBARDIER INC: S&P Ups Ratings to BB+ on Improved Liquidity ------------------------------------------------------------ Standard & Poor's Ratings Services raised the long-term corporate credit and senior unsecured debt ratings on Montreal- based Bombardier Inc. to 'BB+' from 'BB'. At the same time, S&P removed the ratings from CreditWatch, where they were placed Dec. 3, 2007. S&P also assigned a '4' recovery rating to the senior unsecured notes, indicating the expectation for average (30%-50%) recovery in the event of a payment default. The outlook is stable. "Our rating action on Bombardier reflects the material improvement in its financial measures and liquidity, and management's focus on financial health and cost efficiency," said Standard & Poor's credit analyst Greg Pau. It also reflects the company's leading market positions in the business aircraft and transportation business, its increasing geographic diversity, and recent demand recovery, particularly in the commercial aircraft business. These positive factors are partially offset by the cyclicality of each individual business segment, substantial execution risk in new aircraft programs, and thin operating margins in the transportation business. The US$1 billion debt reduction and US$826 million contribution to pension plan assets, together with improved operating cash flow in fiscal 2008, resulted in a material improvement in cash flow and leverage measures. Bombardier's financial measures, supported by strong liquidity, are now more appropriate for the rating level. Bombardier's wide product range of business aircraft and established transportation track record and expertise in Europe (and increasingly in Asia) support its strong market positions in aerospace and transportation. The increasing geographic and customer diversity, with only 35% of its revenue generated in North America, should reduce the exposure to the financially weak U.S. airline industry and to the slowing U.S. economy. This, together with its improved financial flexibility, should place Bombardier in a better position to weather the next downturn in the cyclical aerospace and transportation industries and to support the capital spending required for its businesses. In fiscal 2008, continued firm demand and favorable business conditions in both its aerospace and transportation divisions led to strong order acquisition and a significant increase in total backlog. While current business conditions are benign, Bombardier's aerospace business remains exposed to significant cyclicality and event risks. Although demand in transportation is more stable, project implementation issues or credit risk could erode traditionally thin operating margins. The likelihood that Bombardier will proceed with the planned 110- to 130-seat C-Series aircraft program is now higher, given the commitment of a prominent engine supplier and expressed interest by some potential buyers. Market demand should be supported by the C-Series' projected fuel efficiency and replacement need of aged aircraft in operation. Standard & Poor's has considered the potential financial impact of the C- series program and expects the company to be able to support the program with a moderate degree of cost escalation or delays. The stable outlook reflects that Bombardier's improved financial flexibility and geographic diversification should place the company in a better position to weather a cyclical downturn. S&P could raise the ratings or revise the outlook to positive if the company improves its financial measures by further reducing debt and maintaining strong cash flow. Conversely, the ratings could be lowered or the outlook revised downward if management adopts a more aggressive set of financial targets, or if Bombardier's liquidity position and free cash flow substantially weaken due to market disruption or aggressive capital expenditure. Headquartered in Canada, Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B) manufactures innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, systems and services. The company manufactures rail equipment through its Bombardier Transportation unit. Bombardier Transport's Europe management office is located in Germany. The company also has production facilities in France, Spain, Switzerland, Belgium, Italy, Austria, Hungary, Czech Republic, Poland, Denmark, Sweden, Norway an the United Kingdom. Other production facilities are located at Brazil, China, India and Australia. BROWN SHOE: Operating Challenges Prompts S&P's Negative Outlook --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on St. Louis, Missouri-based Brown Shoe Co. Inc. to negative from stable. At the same time, S&P affirmed all other ratings on the company, including the 'BB' corporate credit rating. "The outlook revision reflects the operating challenges facing the company given the generally weak economic conditions," said Standard & Poor's credit analyst David Kuntz. S&P also expects sales and margins to be hurt by cost increases from suppliers over the medium term, and a further deterioration in credit metrics for 2008. Headquartered in St. Louis, Missouri, Brown Shoe Company Inc. (NYSE:BWS) -- http://www.brownshoe.com/-- is a US$2.4 billion footwear company with global operations including Brazil, Italy, China, Hong Kong, and Taiwan. Brown Shoe's Retail division operates Famous Footwear, the 1,000-store chain that sells brand name shoes for the family, approximately 300 specialty retail stores in the U.S. and Canada under the Naturalizer, FX LaSalle, and Franco Sarto names, and Shoes.com, the company's e-commerce subsidiary. Brown Shoe, through its wholesale divisions, owns and markets footwear brands including Naturalizer, LifeStride, Via Spiga, Nickels Soft, Connie and Buster Brown; it also markets licensed brands including Franco Sarto, Dr. Scholl's, Etienne Aigner, and Carlos by Carlos Santana and Barbie, Disney and Nickelodeon character footwear for children. EMI GROUP: Citigroup Cancels Sale of US$4.9BB Company Loans ----------------------------------------------------------- Citigroup Inc., the bank that sponsored Terra Firma Capital Partners Ltd.'s buyout of EMI Group PLC, withdrew plans to sell off to outside investors about US$4.9 billion of loans provided for the transaction, according to various reports. The reports say Citigroup deemed the EMI loans not fit for sale because capitalists fear over EMI's reorganization fate. EMI's current restructuring includes elimination of 1,500 jobs and consolidation of certain business operations. Various reports relate that Citigroup's difficulty in marketing the loans has weighed down the bank's balance sheets with bulky write-downs. Citigroup intends to lessen its letdown by selling a huge portion of US$43 billion debts to a group of private- equity companies. Writedowns of leverage loans caused Citigroup stocks to dropped 21% in New York trading this year, Bloomberg relates. Citigroup expects an increase to its US$24 billion losses on mortgages, bonds and corporate loans. The Wall Street Journal's Ethan Smith and David Enrich relate that EMI's restructuring remains a work in progress, and the company's future shape remains an open question. WSJ says Citigroup worried that the uncertainty would add to the squeamishness of the already-jittery debt investors it is trying to lure. About Citigroup Inc. New York-based Citigroup Inc. (NYSE: C) -- http://www.citigroup.com/-- is a diversified global financial services holding company whose businesses provide a range of financial services to consumer and corporate customers. The company is a bank holding company. Its segments include Global Consumer Group, Corporate and Investment Banking (CIB), Global Wealth Management and Alternative Investments (AI). Citigroup has more than 200 million customer accounts and does business in more than 100 countries. About EMI Group plc Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1.817 billion in total assets, GBP2.544 billion in total liabilities and GBP726.6 million in shareholders' deficit. The company issued two profit warnings since January 2007. ENERGIAS DO BRASIL: Issues 1Q 2008 Conference Call Webcast Alert ---------------------------------------------------------------- Energias do Brasil posted this Webcast alert: What: Energias do Brasil 1st Quarter 2008 Results When: Thursday, May 8, 2008 at 11 AM ET Where: http://prnewswire.isat.com.br/?palestra_id=285 How: Visit the company Web site above Contact: Investor Relations, Energias do Brasil, Tel. Numbber: +55 11 2185-5907 e-mail address: ri@enbr.com.br Energias do Brasil S.A. is an integrated utility group controlled by Energias de Portugal, with activities in generation, distribution and commercialization of electricity. Its power distribution subsdiaries Bandeirante, Escelsa and Enersul represent altogether some 64% of consolidated total assets, while the power generation assets represent some 31%. * * * In May 2007, Moody's Investors Service placed a Ba2 long-term corporate family rating on Energias do Brasil. GERDAU SA: Will Launch Primary Offering of 44 Million Shares ------------------------------------------------------------ Gerdau SA will launch a primary offering of 16.7 million common shares and 27.3 million preferred shares at the Bovespa stock exchange. Gerdau told Business News Americas that the share issue totals BRL2.41 billion based on the closing share prices of BRL58.86 preferred and BRL48.56 for common shares last Monday. For non- shareholders, the reserve period for the offer began on April 14 and will expire on April 23, and for current shareholders, the offer will start on April 22 and end on April 23. Gerdau's unit Gerdau Metalurgica will issue 6.43 million common shares and 11.1 million preferred ones in a transaction that will total just below BRL1.40 billion based on Monday's share prices, BNamericas states. Headquartered in Porto Alegre, Brazil, Gerdau SA -- http://www.gerdau.com.br/-- produces and distributes crude steel and related long rolled products, drawn products, and long specialty products. In addition to Brazil, Gerdau operates in Argentina, Canada, Chile, Colombia, Uruguay, India and the United States. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s Ba1 corporate family rating and stable outlook. MRS LOGISTICA: Will Invest BRL97.5 Million to Build Terminal ------------------------------------------------------------ Brazilian state news agency Agencia Estado reports that MRS Logistica S.A. will invest BRL97.5 million with port operator Libra Terminais for the construction of a new multimodal terminal at the Santos port in Sao Paulo. Business News Americas relates that the terminal will occupy 140,000 square meters at the entrance to Santos. Works on the project will start this month and operations will begin in the second half of this year, BNamericas adds. The MRS consortium is a railway freight transport company established in 1996 to operate approximately 1,700 kilometers of track in the states of Minas Gerais, Rio de Janeiro e Sao Paulo. MRS's rail network is also linked to the Central Atlantic, Vitoria-Minas and Sao Paulo Railroads, offering intramodal transportation options to the other parts of the country. The company mainly transports cargo for its principle shareholders. * * * As reported in the Troubled Company Reporter-Latin America on May 24, 2007, Standard & Poor's Ratings Services affirmed its 'BB' long-term corporate credit rating on Brazil-based railroad company MRS Logistica S.A. S&P revised the outlook to positive from stable. SPECTRUM BRANDS: To Release 2nd Quarter 2008 Results on May 6 ------------------------------------------------------------- Spectrum Brands, Inc. disclosed that it will report its 2008 fiscal second quarter earnings results on Tuesday, May 6, 2008, before the opening of the New York Stock Exchange. The press release will be followed by a conference call and webcast at 8:30 am EDT. To listen to the webcast, please visit the Investor Relations homepage on the company's website. A webcast replay will be available through May 20, 2008. Spectrum Brands is a global consumer products company and a leading supplier of batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in more than 120 countries around the world. Headquartered in Atlanta, Georgia, Spectrum Brands generated FY2007 revenue from continuing operations of $1.9 billion. The company's stock trades on the New York Stock Exchange under the symbol SPC. Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a supplier of batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting. The company's European unit, Rayovac Europe GmbH, is headquartered in Sulzbach, Germany. Outside the United States, the company also has manufacturing facilities in Brazil, Columbia and China. SPECTRUM BRANDS: S&P Revises Outlook on Improved Liquidity ---------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Atlanta, Ga.-based Spectrum Brands Inc. to developing from negative. At the same time, Standard & Poor's affirmed all of its ratings on the company, including the 'CCC+' corporate credit rating. Approximately US$2.6 billion of funded debt is affected by this action. "The revised outlook reflects the company's improvement in liquidity expected over the near term as a result of more stabilized operating performance in recent quarters," said Standard & Poor's credit analyst Patrick Jeffrey. "This has contributed to enhanced cash balances and revolver availability, as well as improved cushion under its senior secured leverage covenant." Spectrum Brands remains in the process of selling assets which, if successful, could help further enhance liquidity. "However," said Mr. Jeffrey, "we remain concerned about the company's liquidity and its ability to meet its financial covenants on a longer-term basis as it remains highly levered, generates negative free cash flow, and could face further operating challenges given the weak economic environment." Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a supplier of batteries, lawn and garden care products, specialty pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting. The company's European unit, Rayovac Europe GmbH, is headquartered in Sulzbach, Germany. Outside the United States, the company also has manufacturing facilities in Brazil, Columbia and China. TAM SA: PwC Renews Firm's Sarbanes-Oxley Certification ------------------------------------------------------ TAM SA has received the Sarbanes-Oxley Certification (SOX) conferred by the independent auditing firm of PriceWaterhouseCoopers, attesting to fulfillment of the requirements established by Section 404 of the Sarbanes-Oxley Law concerning internal controls over consolidated financial statements. "Renewal of the Sarbanes-Oxley Certification reaffirms TAM's commitment to high ethical standards and good corporate governance practices. It also shows the company's permanent attention to ensuring a high level of control over its procedures, transparency and value creation for shareholders," emphasizes Vice President for Finance and Management, and Director of Investor Relations, Libano Barroso. Receiving this attestation is in keeping with the search for excellence in management, one of the company's three pillars -- along with excellence in technical and operational services -- which have guided the company's performance. TAM received SOX certification in April 2007, and now, with the renewal, has become the sixth company in a select group of 40 publicly traded Brazilian companies to receive such recognition. Created to protect shareholders of publicly traded companies from the risk of fraudulent accounting practices, the law requires companies with shares traded on the New York Stock Exchange to upgrade the structure of their internal financial controls, improve procedures and provide greater transparency in their activities, carried out through the tracking and assessment of relevant procedures having to do with financial statements. Another requirement of Section 404 of SOX is that these efforts be evaluated in a specific audit performed by independent auditors. This audit concluded that the controls that support financial statements for Dec. 31, 2007, and their publication were effective in all relevant respects. Compliance with this law is intended to guarantee investors that all financial information disclosed is consistent with the results obtained and is reliable, demonstrating TAM's commitment to quality and integrity with regard to both the market and society. About TAM TAM currently -- http://www.tam.com.br/-- 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. TELE NORTE: To Handle Rio de Janeiro Public Offices Fixed Lines --------------------------------------------------------------- Tele Norte Leste Participacoes S.A. has won the tender for operating Rio de Janeiro public offices' fixed lines with a BRL8.99 million per year bid. According to Business News Americas, Tele Norte will manage the fixed lines of "state organs in the 92 municipalities throughout Rio de Janeiro" under a two-year contract that can be extended to five years. Rio de Janeiro spent BRL73 million on local and intercity calls last year but with the new contract, the state eyes savings of 88%, BNamericas states. Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste Participacoes SA -- http://www.telemar.com.br-- is a provider of fixed-line telecommunications services in South America. The company markets its services under its Telemar brand name. Tele Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA; Telemar Internet Ltda.; and Companhia AIX Participacoes SA. * * * As reported on April 27, 2007, Standard & Poor's Ratings Services placed on CreditWatch with negative implications the 'BB+' corporate credit rating on Tele Norte Leste Participacoes S.A. The creditwatch resulted from TmarPart's decision to buy out its holding company's preferred shares. UNIAO DE BANCOS: Gets US$75 Million Credit Line From IFC -------------------------------------------------------- The International Finance Corp. has authorized a US$75 million credit line to Uniao de Bancos Brasileiros SA to finance sustainable business practices. The IFC told Business News Americas that the credit line to Uniao de Bancos is its fourth project with the bank and the first to provide funding for cleaner production, renewable energy, and sustainable construction. Uniao de Bancos is IFC's confirming bank in its global trade finance program, BNamericas states. 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+'. ========================== C A Y M A N I S L A N D S ========================== ASIAVEST PARTNERS: Final Shareholders Meeting is on April 18 ------------------------------------------------------------ Asiavest Partners Global Strategy Fund Limited will hold its final shareholders' meeting on April 18, 2008, at 9:00 a.m. at the registered office of the company. These matters will be taken during the meeting: 1) accounting of the liquidation process showing how the winding up has been conducted; and 2) authorizing the liquidator 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. Asiavest Partners' shareholders agreed on Feb. 28, 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 CARPROV CAYMAN: To Hold Final Shareholders Meeting on April 18 -------------------------------------------------------------- Carprov Cayman I, Inc., will hold its final shareholders' meeting on April 18, 2008, at 9:30 a.m. at the registered office of the company. These matters will be taken during the meeting: 1) accounting of the liquidation process showing how the winding up has been conducted; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Carprov Cayman's shareholders agreed on March 3, 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 COUNTER MANAGEMENT: Proofs of Claim Filing Deadline is April 18 --------------------------------------------------------------- Counter Management Limited's creditors have until April 18, 2008, to prove their claims to John Cullinane and Derrie Boggess, 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. Counter Management's shareholder decided on March 7, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane and Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman, KY1-9002 Cayman Islands Telephone: (345) 914-6305 KGRF - XYL: Sets Final Shareholders Meeting for April 18 -------------------------------------------------------- KGRF - XYL Limited will hold its final shareholders' meeting on April 18, 2008, at 9:30 a.m. at the registered office of the company. These matters will be taken during the meeting: 1) accounting of the liquidation process showing how the winding up has been conducted; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. KGRF - XYL's shareholders agreed on Feb. 25, 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 MOUNTAIN FINANCE: To Hold Final Shareholders Meeting on April 18 ---------------------------------------------------------------- Mountain Finance Limited will hold its final shareholders' meeting on April 18, 2008, at 10:00 a.m. at the registered office of the company. These matters will be taken during the meeting: 1) accounting of the liquidation process showing how the winding up has been conducted; and 2) authorizing the liquidator 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. Mountain Finance's shareholders agreed on Feb. 26, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Westport Services Ltd. Attn: Bonnie Willkom P.O. Box 1111, Grand Cayman KY1-1102 Cayman Islands Telephone: (345)-949-5122 Fax: (345)-949-7920 PEQUOT INDIA: Proofs of Claim Filing is Until April 18 ------------------------------------------------------ Pequot India Cayman III, Ltd.'s creditors have until April 18, 2008, to prove their claims to John Cullinane and Derrie Boggess, 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. Pequot India's shareholder decided on March 10, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: John Cullinane and Derrie Boggess c/o Walkers SPV Limited Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone: (345) 914-6305 PREMIER OFFICE: Sets Final Shareholders Meeting for April 18 ------------------------------------------------------------ Premier Office Property I Funding Corporation will hold its final shareholders' meeting on April 18, 2008, at 9:00 a.m. at the registered office of the company. These matters will be taken during the meeting: 1) accounting of the liquidation process showing how the winding up has been conducted; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Premier Office's shareholders agreed on March 31, 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 SFCPX FUNDING: Sets Final Shareholders Meeting for April 17 ----------------------------------------------------------- SFCPX Funding Corporation will hold its final shareholders' meeting on April 17, 2008, at Maples Finance Limited, Boundary Hall, Cricket Square, George Town, Grand Cayman, Cayman Islands. 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. SFCPX Funding's shareholders agreed on Jan. 21, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Jan Neveril Maples Finance Limited P.O. Box 1093, George Town Grand Cayman, Cayman Islands WESTWAYS FUNDING: To Hold Final Shareholders Meeting on April 18 ---------------------------------------------------------------- Westways Funding VI, Ltd., will hold its final shareholders' meeting on April 18, 2008, at 10:30 a.m. at the registered office of the company. These matters will be taken during the meeting: 1) accounting of the liquidation process showing how the winding up has been conducted; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Westways Funding's shareholders agreed on March 3, 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 WESTWAYS FUNDING IX: Final Shareholders Meeting is on April 18 -------------------------------------------------------------- Westways Funding IX, Ltd., will hold its final shareholders' meeting on April 18, 2008, at 11:00 a.m. at the registered office of the company. These matters will be taken during the meeting: 1) accounting of the liquidation process showing how the winding up has been conducted; and 2) authorizing the liquidator to retain the records of the company for a period of five years from the dissolution of the company, after which they may be destroyed. Westways Funding's shareholders agreed on March 3, 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 O L O M B I A =============== QUEBECOR WORLD: Seeks Approval to Hire KPMG (US) as Tax Advisor --------------------------------------------------------------- Quebecor World Inc. and its debtor-affiliates seek the U.S. Bankruptcy Court for the Southern District of New York's authority to employ KPMG LLP (US) as their tax compliance and tax consulting advisors, nunc pro tunc to April 7, 2008. The Debtors selected KPMG US because of the firm's extensive experience in providing tax consultation and restructuring assistance to businesses pursuing reorganization under chapter 11 of the Bankruptcy Code. The firm is also familiar with the Debtors' operations and books and records. KPMG US has been engaged to provide tax consulting services to the Debtors since 1989. Under an engagement letter dated March 20, 2008, the Debtors expect KPMG US to: (a) prepare federal, state and local corporate tax returns and supporting schedules for 2007; (b) calculate tax depreciation for the 2007 tax year; (c) provide tax consulting advice related to matters not otherwise covered by separate engagement letters; (d) perform tax compliance and consulting services as agreed; and (e) provide other services. A 25-page list of services that KMPG US will provide is available for free at http://researcharchives.com/t/s?2a67 KPMG US's hourly rates for the tax compliance services are: Professional (U.S. and Member Firm) Hourly Rate ---------------------- ----------- Partner US$400 Associate Partner/Senior Pricipal US$363 Tax Managing Director US$325 Senior Manager US$305 Manager US$213 Senior Tax Associate US$168 Tax Associate US$138 These rates represent a discount of 25% to 50% from KPMG US's customary hourly rates. KPMG US's hourly rates for the tax consulting services are: Professional (U.S. and Member Firm) Hourly Rate ---------------------- ----------- Partner US$505 Associate Partner/Senior Pricipal US$475 Tax Managing Director US$455 Senior Manager US$420 Manager US$332 Senior Tax Associate US$245 Tax Associate US$192 Michael Lawler, a partner at KPMG (US), assures Judge Peck that his firm is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code. A full-text copy of KPMG US's Engagement Letter is available for free at: http://bankrupt.com/misc/Quebecor_KPMGUSEngagementLetter.pdf 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