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 Friday, May 16, 2008, Vol. 9, No. 97 Headlines A R G E N T I N A ALITALIA SPA: EC Gives Italy Until May 30 to Explain Loan ALITALIA SPA: Rome Prosecutor Probing Baldassare's Offer ESTABLECIMIENTO AVICOLA: To Hold Informative Assembly Next Year FORESTAL PORTENA: Proofs of Claim Verification Is Until July 18 GRAN FARMACIA: Proofs of Claim Verification Deadline Is July 11 INVERSIONES Y REPRESENTACIONES: Earns ARS22.9 Mil. in Nine Mos. MENDOAJO SRL: Proofs of Claim Verification Deadline Is Aug. 11 PETROBRAS ENERGIA: Net Income Rose 5% to ARS192 Mil. in 1Q 2008 QUIMICA WARNES: Court Appoints Gisela Bertolino as Trustee RIENTE HNOS: Trustee Verifies Proofs of Claim Until May 28 RUBROS SA: Trustee to File General Report in Court on Oct. 10 * FORMOSA PROVINCE: Moody's Lifts Junk Global Scale Rating to B3 B A H A M A S CREATOR CAPITAL: March 31 Balance Sheet Upside Down by US$4.3MM TEEKAY CORP: Net Income Slides by 80% to US$15.2 Mil. in 1Q 2008 B E R M U D A ASPEN INSURANCE: Buys Back Shares From Candover for US$100 Mil. DSG TRADING: Sets Final Shareholders Meeting for June 16 DUAL-STRATEGY GUARANTEED: Final Shareholders Meeting on June 17 PRIMUS LIMITED: Proofs of Claim Filing Deadline Is May 30 SULA AVIATION: Proofs of Claim Filing Deadline Is May 28 SULA AVIATION: Sets Final Shareholders Meeting for June 19 TWENTY FIRST: Court to Hear Wind-Up Petition on June 20 TYCO INTERNATIONAL: Extends Consent & Exchange Offer Expiration TYCO INTERNATIONAL: CEO Will Present at Electrical Conference B R A Z I L BANCO DO BRASIL: Net Profit Increases to BRL2.35 Bil. in 1Q 2008 BANCO DO BRASIL: May Issue Bonds in Int'l Capital Markets BANCO DO BRASIL: Units' Net Profit Drops to BRL133MM in 1st Qtr. BANCO DO BRASIL: Wants to Boost Car Loans by Up to BRL7 Billion BR MALLS: 1Q 2008 Adjusted EBITDA Up 112% to RBRL47.4 Million BANCO NACIONAL: Will Lend BRL210 Billion to Industry & Services EMI GROUP: Plans to Slash Recorded Music Employees to 2,000 JBS SA: Incurs BRL6.6 Million Net Loss in Quarter Ended March 31 MARFRIG FRIGORIFICOS: Net Income Down to BRL25.1 Mil. in 1Q 2008 NIELSEN COMPANY: Posts US$82 Million Net Loss in 1st Qtr. 2008 NIELSEN COMPANY: Integrates Nielsen NRG with BASES Organization NIELSEN COMPANY: Product Placements Up 6% in First Quarter 2008 ULTRAPAR PARTICIPACOES: Earnings Grow to BRL90 Mil. in 1Q 2008 C A Y M A N I S L A N D S BANCO INDUSTRIAL: Moody's Rates Cayman Unit's US$50MM Notes Ba1 CARLYLE CAPITAL: Proofs of Claim Filing Deadline Is May 19 CARLYLE CAPITAL CAYMAN: Claims Filing Deadline Is Until May 19 EFFJOHN INTERNATIONAL: Claims Filing Deadline Is Until May 18 EFFJOHN INTERNATIONAL: Sets Final Shareholders Meeting on May 19 EMPIRE SQUARE: Deadline for Proofs of Claim Filing Is May 17 IDA INVESTMENT: Proofs of Claim Filing Deadline Is May 17 MADISON RIDGE: Will Hold Final Shareholders Meeting on May 19 PHYLON FUND: Deadline for Proofs of Claim Filing Is May 19 QUANT TRADING: Deadline for Proofs of Claim Filing Is May 19 QUANT TRADING: To Hold Final Shareholders Meeting on May 19 SEINE AIRCRAFT: Proofs of Claim Filing Deadline Is Until May 17 WALKERS COMPLIANCE: Proofs of Claim Filing Deadline Is May 18 C H I L E AES CORP: Commences Tender Offer for US$377 Million Senior Notes AES CORP: Moody's Rates Proposed US$600 Mln Sr. Notes at B1 EASTMAN KODAK: Posts US$115 Million Net loss in First Quarter C O L O M B I A GRAN TIERRA: Security Situation in Colombia Is Greatest Threat GRAN TIERRA: Says Rig Market in Colombia Must Get Tighter D O M I N I C A N R E P U B L I C CERVECERIA NACIONAL: S&P Holds B+ Credit & Senior Debt Ratings J A M A I C A AIR JAMAICA: Unions Urge Workers to Continue Protests CABLE & WIRELESS: Launches Bundled Services for Mobile Phone CASH PLUS: Court Extends Carlos Hill's Bail DIGICEL LTD: Hires Junaid Munshi as Commercial Director-Jamaica NAT'L COMMERCIAL: Court to Inform Attorneys for Ruling Schedule NATIONAL COMMERCIAL: Courtney Campbell Resigns as Division Chief M E X I C O CABLEMAS SA: Swings to MXN30.3 Mil. Net Income in 4Q 2007 CABLEMAS SA: Net Income Up 220% to MXN226.2 Million in 2008 THERMADYNE HOLDINGS: Earns US$4.5 Mln in Quarter Ended March 31 TIMKEN CO: Will Provide Bearing Services to America Latina XERIUM TECH: Posts US$4.7 Million Net Loss in First Quarter P A N A M A AES CORP: To Offer US$600 Mil. Unsecured Senior Notes Due 2020 P E R U GRAN TIERRA: To Shoot 2D Seismic on Two Blocks in Peru Next Year P U E R T O R I C O DIRECTV GROUP: Subsidiaries Close US$2.5 Billion Debt Financing PATHEON INC: Eric Evans Named Chief Financial Officer V E N E Z U E L A PRIDE INTERNATIONAL: Earns US$240.7 Million in 1st Quarter 2008 PETROLEOS DE VENEZUELA: Will Launch Gas Exports From New Trains - - - - - ================= A R G E N T I N A ================= ALITALIA SPA: EC Gives Italy Until May 30 to Explain Loan --------------------------------------------------------- The European Commission has extended to May 30, 2008, the deadline for the Italian government to provide details on its EUR300-million loan to Alitalia S.p.A., Reuters reports citing a commission spokesman. The Commission is reviewing the loan for possible violation of the European Union rule on state aid. Italy needs to prove that the loan was offered on commercial terms to gain approval from the Commission. European Union Transport Commissioner Jacques Barrot, however, said Alitalia's weak coffers have raised doubts on the legality of the loan. Alitalia may face months-long probe over the legality of the loan, which may further cramp Italy's efforts to sell its 49.9% stake in the national carrier. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. ALITALIA SPA: Rome Prosecutor Probing Baldassare's Offer -------------------------------------------------------- The Prosecutor of Rome has commenced investigation into the financial transactions of the consortium led by Antonio Baldassare relating to its offer for the Italian government's 49.9% stake in Alitalia S.p.A., Agenzia Giornalistica Italia reports. The prosecutors -- Stefano Pesci, Maria Francesca Loy, Gustavo De Marinis, and Nello Rossi -- are probing whether the dealings resulted to manipulation of Alitalia's stock price, AGI relates. According to AGI, the prosecutors will send a formal request to foreign courts for judicial assistance to find out the type of financial packages offered to the Baldassare consortium. In November 2007, Alitalia's board of directors concluded that Mr. Baldassarre's consortium lack necessary requisites to take part in the auction for the government's stake. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. ESTABLECIMIENTO AVICOLA: To Hold Informative Assembly Next Year --------------------------------------------------------------- Establecimiento Avicola La Campesina SA's creditors will vote on the completed settlement plan during an informative assembly on April 30, 2009. Estudio Castro, Danovara y Asociados -- the court-appointed trustee for Establecimiento Avicola's reorganization proceeding -- will be verifying creditors' proofs of claim until July 17, 2008. Estudio Castro will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 3 in Buenos Aires, with the assistance of Clerk No. 6, 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 Establecimiento Avicola 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 Establecimiento Avicola's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. The debtor can be reached at: Establecimiento Avicola La Campesina SA Emilio Castro 7440 Buenos Aires, Argentina The trustee can be reached at: Estudio Castro, Danovara y Asociados Jeronimo Salguero 2533 Buenos Aires, Argentina FORESTAL PORTENA: Proofs of Claim Verification Is Until July 18 --------------------------------------------------------------- The court-appointed trustee for Forestal Portena S.R.L.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until July 18, 2008. The trustee will present the validated claims in court as individual reports on Sept. 12, 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 Forestal Portena 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 Forestal Portena's accounting and banking records will be submitted in court on Oct. 24, 2008. The trustee is also in charge of administering Forestal Portena's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Forestal Portena S.R.L. Ruta Nac 14 Zona Industrial 3352 San Pedro, Argentina Telephone: (03751) 47-0287 Fax: (03751) 47-0287 GRAN FARMACIA: Proofs of Claim Verification Deadline Is July 11 --------------------------------------------------------------- Jose Fernandez, the court-appointed trustee for Gran Farmacia SCS's bankruptcy proceeding, will be verifying creditors' proofs of claim until July 11, 2008. Mr. Fernandez will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 26 in Buenos Aires, with the assistance of Clerk No. 51, 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 Gran Farmacia 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 Gran Farmacia's accounting and banking records will be submitted in court. La Nacion didn't state the submission dates for the reports. Mr. Fernandez is also in charge of administering Gran Farmacia's assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Gran Farmacia SCS Bermudez 2400 Buenos Aires, Argentina INVERSIONES Y REPRESENTACIONES: Earns ARS22.9 Mil. in Nine Mos. --------------------------------------------------------------- Inversiones y Representaciones Sociedad Anonima reported its results for the nine-month period ended March 31, 2008. Consolidated sales rose by 58.7%, up from ARS521.9 million as of March 31, 2007, to ARS828.5 million as of March 31, 2008. The share of the company's various segments in net revenues was as follows: sales and developments, ARS175.2 million; offices and other rental properties, ARS73 million; shopping centers, ARS252 million; hotels, ARS115.1 million; credit cards, ARS212.7 million; and financial operations and others, ARS0.5 million. Highlights: -- Operating income improved considerably, reaching ARS223.7 million for the nine months ended March 31, 2008, 40% higher than in the same quarter of the previous fiscal year. Operating income of the Sales and Developments, Office and Shopping Center segments increased at a higher pace than their related revenues. -- Net income was ARS22.9 million compared to ARS113.9 million as of March 2007, due to lower financial results and losses from the company's interest in Banco Hipotecario, attributable mainly to the valuation of long- term government securities at market values. Business indicators and operating results of Banco Hipotecario have shown year-on-year improvements. -- Shopping Center Segment: Occupancy levels in its Shopping Centers remains high, at 98.5%. Revenues grew by 27% compared to the same period of the previous fiscal year. The company is making progress in the development of its project through Panamerican Mall S.A. and it has filed the blueprints for approval of its project in Neuquen. -- Office Segment: Occupancy rates remain at high levels (98.3%), and the monthly rental price per square meter of the company's portfolio increased from US$19 to US$22 from December 2007 to the close of March 2008 as a result of the adjustment of lease agreements. On April 2008, the company exercised the purchase option for Edificio Republica for US$70.3 million, which added approximately 20,000 square meters of gross leaseable area to its premium office portfolio. As concerns new construction projects, the company expects to complete works at the Dique IV project towards December 2008. -- Sales and Developments: The Horizons project was launched in the district of Vicente Lopez. This is the company's first project in partnership with Cyrela in the local market. The launching was a total success, as all units were reserved and there is a waiting list should any reserves be cancelled. -- Sales and Developments: Revenues have increased as a result of the sales made in the nine-month period, including 29.9% of Edificio La Nacion, the rights over the Torre Renoir II project and the execution of preliminary agreements for units sold in Renoir I and Abril. -- Solares de Santa Maria: the company intends to make progress in the steps towards launching the project, which was approved by the Chief of Government of the City of Buenos Aires last November and later challenged at the court. -- Hotels: Average occupancy for the nine months stood at levels higher than 75% despite the increase recorded in average room rates, which rose from ARS481 to ARS619. To view the longer version of this press release, visit the company's Web site at http://www.irsa.com.ar Created in 1943, Inversiones y Representaciones S.A. aka IRSA (NYSE: IRS) (BCBA: IRSA) is a leading company with activities in the business of offices, commercial centers and hotels. It is the only company in the industry whose shares are listed on the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high- rises and loft-style conversions) and owns three luxury hotels. Additionally, IRSA owns a 11.8% stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country which shareholder's equity amounted to ARS2,247.6 million. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 5, 2008, Fitch Ratings upgraded Inversiones y Representaciones S.A.'s ratings including its Foreign currency Issuer Default Rating to 'B+' from 'B', Local currency IDR to 'B+' from 'B', US$150 million notes due in 2017 to 'B+/RR4' from 'B'. Fitch said all ratings have stable outlooks. MENDOAJO SRL: Proofs of Claim Verification Deadline Is Aug. 11 -------------------------------------------------------------- The court-appointed trustee for Mendoajo S.R.L.'s bankruptcy proceeding, will be verifying creditors' proofs of claim until Aug. 11, 2008. The trustee will present the validated claims in court as individual reports on Sept. 24, 2008. The National Commercial Court of First Instance in Mendoza 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 Mendoajo 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 Mendoajo's accounting and banking records will be submitted in court on Nov. 5, 2008. The trustee is also in charge of administering Mendoajo's assets under court supervision and will take part in their disposal to the extent established by law. PETROBRAS ENERGIA: Net Income Rose 5% to ARS192 Mil. in 1Q 2008 --------------------------------------------------------------- For the first quarter ended March 31, 2008, Petrobras Energia Participaciones S.A. reported consolidated net income of ARS192 million, up 5% from the ARS182 million booked in the same period in 2007. The company attributed the improvement to its 75.82% interest in Petrobras Energia S.A., whose net income for 2008 quarter was ARS261 million. Petrobras Participaciones' first quarter net sales rose 12% in 2008 to ARS3.21 billion, from the ARS2.86 billion earned in 2007. With cost of sales of ARS2.34 billion, administrative and selling expenses of ARS365 million, exploration expenses of ARS49 million, and ARS29 million in other operating expenses, the company booked an operating income of ARS426 million in 2008 first quarter. As of March 31, 2008, the company has total assets of ARS21.43 billion, total liabilities of ARS11.97 billion, and shareholders equity of ARS6.86 billion. Argentina-based Petrobras Energia Participaciones S.A. (Buenos Aires: PBE, NYSE:PZE) a holding company that operates through its subsidiaries. The company's principal assets is 75.8% of the equity interest of Petrobras Energia S.A., an integrated energy company, focused in oil and gas exploration and production, refining, petrochemical activities, generation, transmission and distribution of electricity and sale and transmission of hydrocarbons. * * * Petrobras Energia Participaciones S.A. presently carries a 'B' Long-Term Issuer Default Rating placed by Fitch Ratings on Oct. 14, 2004. QUIMICA WARNES: Court Appoints Gisela Bertolino as Trustee ---------------------------------------------------------- The National Commercial Court of First Instance in Rosario, Santa Fe, has appointed Gisela Bertolino as trustee for Quimica Warnes S.R.L.'s bankruptcy proceeding. Ms. Bertolino will be verifying creditors' proofs of claim and present the validated claims in court as individual reports. The court will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by Quimica Warnes 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 Quimica Warnes' accounting and banking records will be submitted in court. Ms. Bertolino will be in charge of administering Quimica Warnes' assets under court supervision and will take part in their disposal to the extent established by law. The debtor can be reached at: Quimica Warnes S.R.L. PL Gallo 1771, Rosario Santa Fe, Argentina Telephone: (0341) 455-0615 RIENTE HNOS: Trustee Verifies Proofs of Claim Until May 28 ---------------------------------------------------------- The court-appointed trustee for Riente Hnos. S.A.C.I.'s reorganization proceeding will be verifying creditors' proofs of claim until May 28, 2008. The trustee will present the validated claims in court as individual reports on July 10, 2008. The National Commercial Court of First Instance in San Isidro, 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 Riente Hnos. 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 Riente Hnos.'s accounting and banking records will be submitted in court on Sept. 12, 2008. The debtor can be reached at: Riente Hnos. S.A.C.I. Vieytes 1039 Florida - (1602) Gran Buenos Aires, Argentina Telephone: (011) 4709-0088 Fax: (011) 4709-0740 RUBROS SA: Trustee to File General Report in Court on Oct. 10 ------------------------------------------------------------- The court-appointed trustee for Rubros S.A.'s bankruptcy proceeding, will submit a general report containing an audit of the firm's accounting and banking records in the National Commercial Court of First Instance in Buenos Aires on Oct. 10, 2008. The trustee verified creditors' proofs of claim and presented the validated claims in court as individual reports. The trustee is also in charge of administering Rubros' assets under court supervision and will take part in their disposal to the extent established by law. * FORMOSA PROVINCE: Moody's Lifts Junk Global Scale Rating to B3 ---------------------------------------------------------------- Moody's Investors Service has raised the issuer ratings of the Province of Formosa to B3 (global scale) and A3.ar (Argentina national scale), from Ca and D.ar, respectively. The rating outlook is stable. At the same time, Moody's assigned ratings of B3 and A3.ar to the Province's 5% coupon U.S. dollars Co- participation Tax Revenue Secured Notes due 2022. The newly rated bonds are being issued as a restructuring of the bonds due in 2005, which have been in default since 2003. The issuer rating upgrade reflects the province's emergence from default with acceptance by bondholders of its restructuring proposal. In addition, the upgrade is based on the positive and increasing operating balances reported by the province since 2003, with a similar trend in financing surpluses (before principal payments). These surpluses have been achieved with the aid of strong revenue growth, particularly in federal transfers. Recent years' financial performance stands in marked contrast to the substantial deficits and shrinking revenues recorded in the years leading up to the 2001 crisis. The upgrade also recognizes Formosa's high reliance on federal revenue transfers and limited financial flexibility resulting from the large share of personnel costs in its current expenditures. The ratings also reflect the application of Moody's Joint Default Analysis rating methodology for regional and local governments, and rely on two principal inputs: a baseline credit assessment of 16 on a scale of 1 to 21, in which 1 represents the lowest credit risk, and a low likelihood that the national government would provide extraordinary support to prevent an imminent default by the province. "The assigned ratings reflect the province's agreement with bondholders on a restructuring of the bonds that have been in default," said Moody's Associate Analyst Patricio Esnaola. "The terms and conditions of the new bonds, with a lower interest rate, reduced principal amount and an extended maturity, reflect a more affordable repayment program for the province. However, there is exchange rate risk as interest and principal payments will be paid in U.S. dollars." Bondholders in possession of over 98% of the Series I and Series II notes accepted the exchange program and the province announced this result by means of a publication in the bulletin of the Buenos Aires Stock Exchange. Even though the province's debt burden has been decreasing since 2002 when related to total revenues, reported Mr. Esnaola, it is still very high. In 2007, the province's debt rose to ARS3.43 billion, according to preliminary data, representing 151.5% of operating revenues and 147.2% of total revenues. In 2007, the national government assisted with ARS170 million in the form of loans to Formosa under the Programa de Asistencia Financiera (PAF), with a 6% fixed interest rate and a maturity of 8 years, including a one-year grace period. This financial aid represented nearly 60% of the principal payments the province amortized that year. "Under the PAF program the national government stands ready to aid Argentina's provincial and local governments by refinancing their debt as it matures, and the province of Formosa is a member of this program," said Mr. Esnaola. The loans help the provinces to cover their financial deficits and principal payments. The ratings are constrained by the operating environment for regional and local governments in Argentina, which is characterized by a GDP per capita that is high for a developing country, very high GDP volatility, and a very low ranking on the World Bank's Government Effectiveness Index, indicating a high level of systemic risk. This environment is joined to an institutional framework under which regional and local governments carry significant responsibility for public services while nearly all rely heavily on federal transfers, suggesting a low level of fiscal flexibility in relation to revenue. Moody's Argentina National Scale ratings are opinions of the relative creditworthiness of issuers and issues within Argentina and are not globally comparable. The Moody's Global Scale rating allows investors to compare the province's creditworthiness to all other issuers in the world. It incorporates all Argentina-related risks, including the potential volatility of the Argentine economy. ============= B A H A M A S ============= CREATOR CAPITAL: March 31 Balance Sheet Upside Down by US$4.3MM --------------------------------------------------------------- In a regulatory filing with the U.S. Securities and Exchange Commission, Creator Capital Limited's balance sheet as of March 31, 2008, showed total assets of US$21,678 and total liabilities of US$4,454,740, resulting in a shareholders deficit of US$4,433,062. For the three months ended March 31, 2008, Creator Capital booked a net loss of US$27,432, widening by 16% the US$23,741 loss incurred in the same quarter in 2008. Revenue for the first quarter of 2008 aggregated US$13,895, just about the same compared to the US$13,365 earned in the same three-month period last year. Creator Capital says its revenue consists of fees generated from the licensing of the Sky Play(R) PC-based amusement games to the airline industry. Airline clients install the games on their in-flight systems as part of the entertainment offered to passengers. The company admits that as at March 31, 2008, it had not yet achieved profitable operations, with accumulated losses of US$68,990,894 since its inception; it expects to incur further losses in the development of its business, casting substantial doubt about its ability to continue as a going concern. According to Creator Capital, the company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and obtain necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the company will be able to obtain additional funds by equity financing or related party advances, however there is no assurance of additional funding being available, the SEC filing states. Creator Capital Limited is a Bermuda exempted company, which in June 1997, changed its name from Sky Games International Ltd. to Interactive Entertainment Limited and on Sept. 27, 2000, changed its name to Creator Capital Limited. The company is publicly listed in the United States of America on the Pink Sheets. Creator Capital is engaged in providing in-flight gaming and entertainment software and services by developing, implementing and operating or licensing computerized video gaming and other entertainment software on, but not limited to the aircraft of international commercial air carriers. Gaming software is marketed using the name Sky Games(R) and the entertainment software is marketed using the name Sky Play(R). TEEKAY CORP: Net Income Slides by 80% to US$15.2 Mil. in 1Q 2008 ---------------------------------------------------------------- Teekay Corporation reported net income of US$15.2 million for the quarter ended March 31, 2008, compared to net income of US$76.4 million the same period of 2007. The results for the quarters ended March 31, 2008, and 2007 included a number of specific items (predominantly unrealized losses relating to foreign exchange translation and interest rate swaps) that had the net effect of decreasing net income by US$45.6 million and by US$7.4 million, respectively. Net revenues for the first quarter of 2008 increased to US$567.7 million from US$459.5 million for the same period in 2007, and income from vessel operations decreased to US$110.9 million from US$125.5 million. Teekay LNG Equity Offering On April 23, 2008, Teekay LNG Partners L.P. (Teekay LNG) completed a follow-on public offering of 5.0 million common units at a price of US$28.75 per unit, for gross proceeds of US$143.75 million. Subsequently, on May 8, 2008, the underwriters exercised 50 percent, or 375,000 common units, of their 30-day over-allotment option resulting in an additional US$10.8 million in gross proceeds to Teekay LNG. The underwriters can exercise the remaining amount of their over- allotment option until May 23, 2008. Concurrent with the public offering, Teekay acquired 1.74 million common units of Teekay LNG at the same public offering price for a total cost of US$50.0 million. As a result of the above transactions, Teekay LNG has raised gross equity proceeds of US$208.7 million (including the general partner's proportionate capital contribution), and Teekay's ownership of Teekay LNG has been reduced from 63.7 percent to 57.7 percent (including its 2 percent general partner interest). The total net proceeds from the offering of approximately US$202.5 million will be used to reduce amounts outstanding under Teekay LNG's revolving credit facilities which were, and will be used to fund the acquisitions of the Kenai and RasGas 3 LNG vessels. Share Repurchase Program Since Feb. 27, 2008, the previous date the Company reported the status of its share repurchase program, the company has repurchased 499,200 shares of its common stock at an average price of US$41.09 per share, resulting in the completion of its existing share repurchase authorization. At March 31, 2008, the company had 72.3 million common shares outstanding. About Teekay Corp. Headquartered in Nassau, Bahamas, Teekay Corporation (NYSE: TK) -- http://www.teekay.com/-- transports more than 10 percent of the world's seaborne oil, has built a significant presence in the liquefied natural gas shipping sector through its publicly- listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP), and is further growing its operations in the offshore production, storage and transportation sector through its publicly-listed subsidiaries, Teekay Offshore Partners L.P. (NYSE: TOO) and Teekay Petrojarl ASA (OSE: TPO). With a fleet of over 185 vessels, offices in 17 countries and 6,300 seagoing and shore- based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 26, 2007, Moody's Investors Service affirmed its debt ratings of Teekay Corporation -- Corporate Family of Ba2, senior unsecured of Ba3 and speculative grade liquidity rating of SGL-2. Moody's changed the rating outlook to stable from negative. ============= B E R M U D A ============= ASPEN INSURANCE: Buys Back Shares From Candover for US$100 Mil. --------------------------------------------------------------- Aspen Insurance Holdings Ltd. has agreed to repurchase approximately 4.1 million of its ordinary shares from Candover Partners Limited, one of its founding shareholders, and a trustee to a Candover employee trust. The ordinary shares are to be repurchased by Aspen Insurance for approximately US$100 million. The repurchase was executed as part of the insurance company's US$300 million share repurchase program. The ordinary shares will be retired once purchased. In a separate transaction, the company also announced that Candover Partners Limited has agreed to sell approximately 2,000,000 ordinary shares of Aspen Insurance in an underwritten public offering. Following the completion of the offering and the share repurchase, Candover Partners Limited will no longer own any shares of the company. Credit Suisse is acting as the sole book-running manager for the public offering. Credit Suisse proposes to offer Aspen's ordinary shares from time to time for sale in one or more transactions on the NYSE, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Aspen Insurance will not receive any proceeds from the sale of ordinary shares by Candover Partners Limited in the public offering. The public offering and the share repurchase are not conditional on one another. "We are pleased to repurchase US$100 million in Aspen stock from Candover, demonstrating our commitment to active capital management which includes buying back shares" said Aspen Insurance Chief Executive Officer, Chris O'Kane. "Candover has been a great owner and I appreciate the support they have given us since our inception." The ordinary shares in the public offering are being sold pursuant to Aspen's effective shelf registration statement previously filed with the Securities and Exchange Commission. A prospectus supplement relating to the ordinary shares offering will be filed with the Securities Exchange Commission. When available, a written prospectus for the offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended, may be obtained: Credit Suisse Securities (USA) LLC Prospectus Department, 1 Madison Avenue, New York, New York 10010 Tel. Number: (800) 221-1037 Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings Limited (NYSE: AHL) -- http://www.aspen.bm-- conducts insurance and reinsurance business through its wholly owned subsidiaries in various domestic and global markets including Bermuda, France, Ireland, the United States, the United Kingdom, and Switzerland. As of year ended Dec. 31, 2007, the company wrote US$1,818.5 million in gross premiums. * * * Aspen Insurance Holdings Limited still carries Moody's Investors Services 'Ba1' Preferred Stock rating with a stable outlook assigned on Dec. 21, 2005. DSG TRADING: Sets Final Shareholders Meeting for June 16 -------------------------------------------------------- DSG Trading Limited will hold its final shareholders meeting on June 16, 2008, at 9:30 a.m. at Argonaut Limited, Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda. These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. DSG Trading's shareholders agreed to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda DUAL-STRATEGY GUARANTEED: Final Shareholders Meeting on June 17 --------------------------------------------------------------- Dual-Strategy Guaranteed Fund Limited will hold its final general meeting on June 17, 2008, at 9:30 a.m. at Argonaut Limited, Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda. These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. Dual-Strategy Guaranteed's shareholders agreed to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Beverly Mathias c/o Argonaut Limited Argonaut House, 5 Park Road Hamilton HM O9, Bermuda PRIMUS LIMITED: Proofs of Claim Filing Deadline Is May 30 --------------------------------------------------------- Primus Limited's creditors are given until May 30, 2008, to prove their claims to Nigel J.S. Chatterjee, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Primus's shareholders agreed on May 9, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Nigel J.S. Chatterjee PricewaterhouseCoopers Advisory Limited P.O. Box HM 1171, Hamilton HM EX Bermuda SULA AVIATION: Proofs of Claim Filing Deadline Is May 28 -------------------------------------------------------- Sula Aviation Limited's creditors are given until May 28, 2008, to prove their claims to Robin J. Mayor, the company's liquidator, or be excluded from receiving any distribution or payment. In their proofs of claim, creditors must indicate their full names, addresses, the full particulars of their debts or claims, and the names and addresses of their lawyers, if any. Sula Aviation's shareholders agreed on May 13, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda SULA AVIATION: Sets Final Shareholders Meeting for June 19 ---------------------------------------------------------- Sula Aviation Limited will hold its final general meeting on June 19, 2008, at 9:30 a.m. at Messrs. Conyers Dill & Pearman, Clarendon House, Church Street, Hamilton, Bermuda. These matters will be taken up during the meeting: -- receiving an account showing the manner in which the winding-up of the company has been conducted and its property disposed of and hearing any explanation that may be given by the liquidator; -- determination by resolution the manner in which the books, accounts and documents of the company and of the liquidator shall be disposed; and -- passing of a resolution dissolving the company. Sula Aviation's shareholders agreed on May 13, 2008, to place the company into voluntary liquidation under Bermuda's Companies Act 1981. The liquidator can be reached at: Robin J. Mayor Messrs. Conyers Dill & Pearman Clarendon House, Church Street Hamilton, HM DX, Bermuda TWENTY FIRST: Court to Hear Wind-Up Petition on June 20 ------------------------------------------------------- The Supreme Court of Bermuda will hear a wind-up petition for Twenty First Century Holdings Ltd. on June 20, 2008, at 2:30 p.m. Twenty First and Aaliya Mubarak filed the petition for the winding up on April 30, 2008. Any creditor or contributory of Twenty First who want to support or oppose the making of an order on the petition may appear during the hearing. He or she may let a counsel represent him at the hearing. Those interested must send by post a notice in writing of their intention to attend the meeting to the attorneys to the petitioners: Attride-Stirling & Woloniecki Crawford House 50 Cedar Avenue Hamilton HM11 Bermuda Fax No: 441 295 6566: The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their attorney (if any), and must be served, or if posted, must be sent by post in sufficient time to reach the above-named attorneys not later than 4:00 p.m. on June 19, 2008. A copy of the petition will be furnished to any creditor or contributory on the payment of the regulated charge for the copy, which is available at Attride-Stirling & Woloniecki. TYCO INTERNATIONAL: Extends Consent & Exchange Offer Expiration --------------------------------------------------------------- Tyco International Ltd. will extend the previously announced consent solicitations and exchange offers for each series of outstanding notes issued under the company's 1998 and 2003 indentures. The company previously announced that it had received consents from the holders of a majority in principal amount of each such series of notes. As a result of the receipt of the requisite consents, and based on the waiver of any alleged defaults or events of default that may have arisen prior to April 11, 2008 contained therein, the company has taken the necessary steps to dismiss the proceeding entitled The Bank of New York vs. Tyco International Group S.A. pending in the United States District Court for the Southern District of New York. On April 30, 2008, the Court entered an order dismissing that action with prejudice. As a result, the company expects to complete the consent solicitations and exchange offers in early June 2008. In accordance with the terms of the Offer Documents, delivered consents may no longer be revoked and tendered notes may no longer be withdrawn, unless the exchange offers and the consent solicitations are terminated in accordance with the Offer Documents. As the company expects all conditions to the consummation of the transactions to be met at the end of May 2008, the company and TIFSA are extending the Consent Date and Expiration Date for noteholders to submit consents and tender applicable notes for exchange. The new Consent Date and the new Expiration Date are 5:00 p.m. New York City time, on June 2, 2008, subject to further extensions. Consent Solicitation Results as of 2:00 p.m. New York time, May 12, 2008: Consents Received Notes for Exchange --------------------- ----------------- -------------- 7.0% notes due 2028 99% 96% 6.875% notes due 2029 98% 97% 6.0% notes due 2013 98% Not Applicable 6.375% notes due 2011 98% Not Applicable 6.75% notes due 2011 97% Not Applicable 6.125% notes due 2009 95% Not Applicable 6.125% notes due 2008 89% Not Applicable Headquartered in Sao Paulo, Brazil, Marfrig Frigorificos e Comercio de Alimentos SA (Bovespa's Novo Mercado: MRFG3) -- http://www.marfrig.com.br/ir-- is one of the largest beef processing companies in Brazil. With processing plants in Brazil, Argentina and Uruguay, Marfrig processes, prepares packages and delivers fresh, chilled and processed beef products to customers in Brazil and abroad, with approximately 50% of its sales derived from exports. Along with its beef products, the company also delivers additional food products that it imports or acquires in the local market. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 19, 2007, Standard & Poor's Ratings Services has revised the outlook on Brazil-based meat processing company Marfrig Frigorificos e Comercio de Alimentos S.A. to negative from stable. At the same time, S&P affirmed its 'B+' corporate credit rating on the company and its US$375 million notes due 2016. Pro forma fiscal 2007, S&P expects the company to report about US$800 million of total debt. TYCO INTERNATIONAL: CEO Will Present at Electrical Conference ------------------------------------------------------------- Tyco International Ltd. Chairperson and Chief Executive Officer, Ed Breen will speak at the Electrical Products Group Annual Conference in Longboat Key, Florida on May 21, 2008, at 10:00 a.m. EDT. A live webcast of the presentation and supporting materials will be available on the company's Web site at http://investors.tyco.com 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 R A Z I L =========== BANCO DO BRASIL: Net Profit Increases to BRL2.35 Bil. in 1Q 2008 ---------------------------------------------------------------- Banco do Brasil SA's net profit increased 66.6% to BRL2.35 billion in the first quarter 2008, compared to the first quarter 2007, Business News Americas reports. According to BNamericas, BRL789 million in one-time gains helped Banco do Brasil to increase its net profit in the first quarter 2008. Banco do Brasil's Chief Financial Officer Aldo Luiz Mendes told BNamericas that the bank earned: -- BRL305 million from the sale of shares in Visa, -- BRL302 million from tax deductions, -- BRL241 million from revaluation of consolidated shares, and -- BRL67.0 million from assignment of loans. Banco do Brasil had one-time costs of BRL82.0 million in legal provisions for court cases against past government economic plans, BNamericas says, citing Mr. Mendes. The bank had BRL45.0 million in non-recurring taxes, Mr. Mendes added. BNamericas relates that Banco do Brasil's return on equity increased to 43.5% in first quarter 2008, from 29.4% in the same quarter last year. Its recurring return on equity decreased to 27.6% from 30.7%. Banco do Brasil previously projected return on equity of around 25% for 2008. Banco do Brasil's net interest income increased 10.2% to BRL5.49 billion in the first quarter 2008, from the first quarter 2007, BNamericas notes. The bank's service fee income rose 8.04% to BRL2.57 billion. Banco do Brasil expects service fee income to increase 8% in 2008, compared to 2007, with more fees collected from credit cards, asset management, and insurance offsetting restrictions placed by the central bank. Banco do Brasil's assets increased 22.0% to BRL393 billion in the first quarter 2008, compared to the first quarter 2007, BNamericas states. Banco do Brasil SA 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 DO BRASIL: May Issue Bonds in Int'l Capital Markets --------------------------------------------------------- Banco do Brasil SA's Chief Financial Officer Aldo Luiz Mendes told the press that the bank could issue bonds in international capital markets in the coming months. Banco do Brasil was "buoyed by the recent investment grade rating from Standard & Poor's," reporters say, citing Mr. Mendes. He told Business News Americas, "Right now is a good time with the investment grade rating." BNamericas relates that S&P upgraded Brazil's debt rating to investment grade BBB- with a stable outlook this month. The ratings agency assigned Banco do Brasil the same rating. With the investment grade rating, Banco do Brasil could reissue older debts at a lower cost, Mr. Mendes told BNamericas. Banco do Brasil SA 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 DO BRASIL: Units' Net Profit Drops to BRL133MM in 1st Qtr. ---------------------------------------------------------------- Net profit Banco do Brasil SA's insurance, private pension, and savings bond businesses declined 5.62% to BRL133 million in the first quarter 2008, compared to the first quarter 2007. Business News Americas relates that Banco do Brasil's insurance, private pension, and savings bond businesses -- including service revenues from commissions, fees and asset management -- added over BRL281 million to the bank's "bottom line," which increased 66.6% to BRL2.35 billion, including BRL789 million in one-time gains, in the first quarter 2008, from the first quarter 2007. According to BNamericas, Banco do Brasil's consolidated operating income from insurance, private pensions and savings bonds decreased 9.00% to BRL190 million in the first quarter 2008, from the first quarter 2007. Financial income rose 3.04% to BRL140 million. BNamericas notes that consolidated combined ratio improved to 89.0% in this year's first quarter, compared to 89.9% in last year's first quarter. Combined ratio for life and production and consumption insurance went to 82.6% from 88.8%. Combined ratio for auto declined to 98.3% from 84.8% on higher claims and the combined ratio for health rose to 92.6% from 85.4%. The report says that Banco do Brasil's first quarter 2008 profits from insurance -- including auto, health and life -- increased 6.45% to BRL70.1 million in the first quarter 2008, compared to the same period last year. Profits from private pension plans declined 13.7% to BRL41.2 million. Profits from savings bonds decreased by 20.3% to BRL22.3 million. BNamericas states that claims paid increased 4.25% to BRL266 million in the first quarter 2008, from the first quarter 2007. Technical provisions rose 29.4% to BRL1.07 billion in March 2008, compared to March 2007. According to the report, insurance premiums rose 0.90% to BRL566 million in the first quarter 2008, from the first quarter 2007. Banco do Brasil's car insurer Brasilveaculos increased premiums by 4.27% to BRL219 million and increased the number of vehicles insured by 6.99% to 750,000 by March 2008, compared to March 2007. The bank's health insurer Brasilsaude increased premiums by 11.0% to BRL34.5 million. Life and production and consumption insurer Alianca do Brasil;s premiums declined 2.28% to BRL313 million. Contributions to private pension provider Brasilprev increased 24.5% to BRL862 mllion as clients grew 17.0% to 2.14 million. Assets under management at Brasilprev rose 29.1% to BRL17.0 billion. Contributions to savings bond firm Brasilcap rose 7.07% to BRL478 million. The firm held its position as market leader with a 22.6% share. Banco do Brasil SA 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 DO BRASIL: Wants to Boost Car Loans by Up to BRL7 Billion --------------------------------------------------------------- According to Banco do Brasil SA's Chief Financial Officer Aldo Luiz Mendes, the bank is aiming to have up to BRL7 billion in its car loan portfolio by year-end, compared to 2007. Mr. Mendes commented to Business News Americas, "It's an aggressive goal, doubling the portfolio over the course of the year. Car loans are one of our focuses because our market share is still small." BNamericas relates that Banco do Brasil increased car loans by 175% to BRL3.54 billion in the first quarter 2008, from the first quarter 2007. Its total loans to individuals grew 47.5% to BRL38.5 billion. In the retail loan portfolio, credit card loans rose 101% to BRL6.43 billion and payroll loans increased 36.8% to BRL12.8 billion. Mr. Mendes told BNamericas that Banco do Brasil's entire loan book increased 23.1% to BRL173 billion in March 2008, from March 2007. Banco do Brasil's guidance is for 25% lending growth this year, Mr. Mendes added. Banco do Brasil's consumer loans could increase up to 35%, BNamericas says, citing the bank's Investor Relations Officer Marco Geovanne. Loans to businesses will rise up to 30% and loans to agribusinesses will grow 20%, Mr. Geovanne added. Mr. Mendes told BNamericas that Banco do Brasil will launch housing loans in June 2008. The bank will build a portfolio of at least BRL1 billion by year-end, Mr. Mendes added. BNamericas relates that Banco do Brasil's commercial loans rose 21.8% to BRL67.2 billion in the 12 months ended March 2008, compared to the previous period. Its loans to small and medium- sized enterprises increased 32.0% to BRL25.7 billion. Its wholesale loans grew 16.2% to BRL41.5 billion. Its loans to agribusinesses increased 20.8% to BRL56.5 billion in the first quarter 2008, compared to the same period last year. Banco do Brasil's allowances for loan losses roe 7.20% to BRL1.53 billion in March 2008, compared to March 2007. It decreased as a percentage of total lending to 3.60% from 4.80%. The bank's non-performing loan ratio improved to 4.40% from 4.30%, BNamericas states. Banco do Brasil SA 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. BR MALLS: 1Q 2008 Adjusted EBITDA Up 112% to RBRL47.4 Million ------------------------------------------------------------- BR Malls Participacoes S.A. has released its first quarter 2008 results. Highlights: -- In the first quarter of 2008, gross revenue increased 117.6% year-on-year to RBRL71.8 million, while the six malls originally in the portfolio on Jan. 1, 2007, recorded organic gross revenue growth of 18.1%; -- Consolidated NOI of the 31 malls in BR Malls Participacoes portfolio totaled RBRL56 million in the first three months of 2008, 147.5% higher than recorded in first quarter 2007, while the NOI margin improved from 83.7% to 85.8% in the same period; -- Also in the first quarter, Same Property NOI increased 28.2% year-on-year, primarily fueled by growth in the acquired malls, which totaled 37%. Growth of the original malls reached 18.2%; -- Adjusted first quarter 2008 EBITDA stood at RBRL47.4 million, an increase of 111.8% over the same three months in 2007. The adjusted EBITDA margin also improved substantially, climbing from 68.2% to 71.2% in the same period; -- Funds from Operations (FFO) totaled RBRL19.4 million in first quarter 2008, year-on-year growth of 160.7%. The FFO margin increased from 24% to 29.2%; -- In the first quarter 2008, BR Malls acquired an additional 0.4% of Shopping Mueller, increasing BR Malls' stake in this mall to 10.4%. The company also acquired an initial 35% interest in Shopping Osasco; -- In February, the company signed a management agreement with Villa Daslu, in Sao Paulo, which includes more than 70 stores and several renowned international brands such as Gucci, Prada, Dior and others; -- BR Malls also rolled out the Oracle system in Villa Daslu. Currently, two malls and its headquarters are totally integrated and the company continues to roll-out the system in its other malls; -- Also in first quarter 2008, the company began providing management and leasing services for Shopping Recreio, in Rio de Janeiro; -- In March, BR Malls raised RBRL470 million from a CRI issue (receivable certificates) with Banco Itau; -- The company continues with a substantial cash position reaching RBRL993.6 million and a comfortable debt profile in which 98.5% of its total debt matures in more than five years; -- During the quarter, the company's commercial team negotiated around 80 leasing contracts in shopping malls currently in its portfolio and 40 in the company's expansions/greenfield projects, which encompasses approximately 14,000 square meters of Gross Leasable Area. To read the full earnings release, access the company's Web site at http://www.brmalls.com.br/ir Headquartered in Rio de Janeiro, Brazil, BR Malls is the largest integrated shopping mall company in Brazil with a portfolio of 30 malls, representing 894.3 thousand m2 in total Gross Leasable Area (GLA) and 372.6 thousand square meters in owned GLA. BR Malls is also Brazil's largest shopping mall service provider, managing and leasing 29 malls. * * * As reported in the Troubled Company Reporter-Latin America on Oct. 29, 2007, Standard & Poor's Ratings Services assigned its 'BB-' rating to BR Malls International Finance Ltd.'s forthcoming perpetual notes. It is a wholly owned subsidiary of Brazil-based shopping mall company BR Malls Participacoes S.A. (BR Malls; BB-/Stable/--). BR Malls and its direct subsidiaries unconditionally guarantee the perpetual notes. BANCO NACIONAL: Will Lend BRL210 Billion to Industry & Services --------------------------------------------------------------- Banco Nacional de Desenvolvimento Economico e Social SA will lend BRL210 billion to industry and services from 2008-10 to support the Brazilian government's new production development policy. Business News Americas relates that the total amount could go beyond BRL300 billion when added up with financing for infrastructure projects under the federal government's growth acceleration plan and resources for the science and technology ministry's innovation program. Banco Nacional's President Luciano Coutinho commented, "The current PAC [growth acceleration plan] portfolio in BNDES [Banco Nacional] comprises 190 projects." According to BNamericas, Banco Nacional will be the main agent of the production development policy. The bank has adopted a series of measures to support it. Spreads have been lessened, as well as the cost of funds for buying capital equipment. The deadlines of Finame credit lines for industries have been extended to 10 years from five years. Under Finame, Banco Nacional channels funding through government-run and private sector banks for the production and sale of machinery and equipment that are made in Brazil. BNamericas notes that Banco Nacional decreased the average basic spread to 1.1% from 1.4%. Lending charges will be cut to 0.5% from 0.8%. The report says that the cost of funding capital goods, with a current basic spread of 1.5% a year, will be decreased to 0.9% a year, with 100% financing. To support investment in innovation, Banco Nacional will allot BRL6 billion in funding to the the sector from 2008-10. Loans for technological innovation will have a fixed rate of 4.5% a year. Banco Nacional also "adopted specific measures for the northeast, with the structuring of an equity investment fund for companies in the region." The fund will have assets of BRL300 million from Banco Nacional, Banco do Brasil, and Banco do Nordeste, BNamericas states. Banco Nacional de Desenvolvimento Economico e Social is Brazil's national development bank. It provides financing for projects within Brazil and plays a major role in the privatization programs undertaken by the federal government. * * * Banco Nacional currently carries a Ba2 foreign long-term bank deposit rating from Moody's Investors Service, and a BB+ long- term foreign issuer credit rating from Standards and Poor's Ratings Services. The ratings were assigned in August and May 2007. EMI GROUP: Plans to Slash Recorded Music Employees to 2,000 ----------------------------------------------------------- EMI Group Ltd. Chairman Guy Hands told EMI senior directors that they need to decrease the number of recorded music division employees to around 2,000 from 4,500, Ben Harrington writes for the Telegraph. As reported in the TCR-Europe on January 16, 2008, EMI disclosed that its restructuring is expected to lead a worldwide headcount reduction within the group of between 1,500 and 2,000. According to people familiar with the situation, Mr. Hands is planning to cut more jobs at EMI because the company still has more workers but generate less revenues than Warner Music and Universal Records, the Telegraph relates. 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, with licensees in a further 20 and employs around 5,500 people. The group has operations in Brazil and China among others. In August 2007 EMI was acquired by private equity firm Terra Firma. At March 31, 2007, EMI Group's consolidated balance sheet revealed GBP1.5 billion in total assets, GBP2.65 billion in total liabilities resulting to GBP1.15 billion in shareholders' deficit. JBS SA: Incurs BRL6.6 Million Net Loss in Quarter Ended March 31 ---------------------------------------------------------------- JBS S.A. has posted a net loss of BRL6.6 million on net revenues of BRL1.10 billion for the three months ended March 31, 2008, compared to net income of BRL10.6 million on net revenues of BRL1.02 billion for the same period in 2007. Tasman Group Acquisition On May 2, 2008, JBS confirmed acquisition and purchase of the Tasman Group in Australia. With the addition of this acquisition, JBS's Australian operations now have more than 5,000 employees and 15 facilities, including slaughtering facilities for cattle and small animals (sheep and calves) with a capacity of 8,500 head/day and 16,500 small animals/day. American Beef Reopening Tto South Korea On April 18, 2008, South Korea announced that it would again begin to accept beef imports from the United States. With its strong production base it the U.S., JBS is in a good position to supply this market. Up until 2003, South Korea was one of the principal strategic markets for American beef exports. JBS Share Capital Increase As approved at the General Shareholders' Meeting held April 11, 2008, JBS will increase its share capital from BRL$1.95 billion to BRL$4.49 billion. The period from April 11 through May 13, 2008, was set aside to exercise preferential buying rights. The details concerning this operation can be found in the Subscription of New Shares document, published April, 11, 2008, on the Company's IR website. Ibovespa & The IBrX-50 Listing After just one year as a listed company, JBS has been included in the Ibovespa index, considered the Brazilian stock market's most important average performance indicator. The company has also been included in the IBrX-50 index, which measures the total return on a theoretical portfolio comprising 50 stocks selected from among the Bovespa's most actively traded securities in terms of liquidity. Both portfolios are in force between May and August of 2008. About JBS Headquartered in Sao Paulo, Brazil, JBS SA -- http://www.jbs.com.br/ir/-- is a public company with its shares listed on Bovespa's Novo Mercado under the symbol JBSS3. The company operates 23 plants in Brazil and six plants in Argentina in addition to its operations in Australia and the United States resulting from last year's purchase of Swift & Company. In the 12 months ending September 2007, JBS generated pro forma net revenue of US$11.9 billion and processed nine million head of cattle. * * * As reported in the Troubled Company Reporter-Latin America on March 7, 2008, Moody's Investors Service's ratings for JBS S.A., including its B1 local currency corporate family rating and B1 senior unsecured bond rating, remained under review for possible downgrade following the company's announced agreement to acquire National Beef Packing Company, LLC; Smithfield Beef Group Inc., including full ownership of its subsidiary, Five Rivers Ranch Cattle Feeding; and Tasman Group for a total consideration of approximately US$1.8 billion. MARFRIG FRIGORIFICOS: Net Income Down to BRL25.1 Mil. in 1Q 2008 ---------------------------------------------------------------- Marfrig Frigorificos e Comercio de Alimentos S.A. released its results for the first quarter of 2008. Highlights of the Period: -- Gross revenue totaled BRL1,181 million, 60.7% up on first quarter 2007 (BRL734.7 million) and 2.2% down on fourth quarter 2007 (BRL1,207.8 million). -- Net revenue reached BRL1,067.1 million, 60.9% up on the same period the year before (BRL663.2 million) and 2.1% down on the previous quarter. Marfrig exports to Europe kept its normal level through units in Uruguay and Argentina. -- Gross profit totaled BRL215.2 million (gross margin of 20.2%), 52.4% up on the BRL141.3 million recorded in first quarter 2007 (gross margin of 21.3%) and 0.7% up on the BRL213.7 million recorded in fourth quarter 2007 (gross margin of 19.6%). -- Operating expenses (selling, general and administrative expenses) came to BRL103.4 million, 37.9% and 2.5% up on first quarter 2007 (BRL74.9 million) and fourth quarter 2007 (BRL100.9 million), respectively. Operating expenses as a percentage of net revenue stood at 9.7% in first quarter 2008, versus 9.3% in fourth quarter 2007 and 11.3% in first quarter 2007. -- EBITDA totaled BRL127.3 million, 71.8% up on the BRL74.1 million recorded in first quarter 2007 and 3.2% up on the BRL123.3 million in fourth quarter 2007. -- EBITDA margin reached 11.9%, versus 11.2% in first quarter 2007 and 11.3% in fourth quarter 2007. -- Pro-forma net income came to BRL52.9 million, 172.6% higher than in first quarter 2007 (BRL19.4 million) and 21.4% lower than in fourth quarter 2007 (BRL67.3 million). -- Net income totaled BRL25.1 million, 29.1% up on first quarter 2007 (BRL19.4 million) and 4.8% down on fourth quarter 2007 (BRL26.3 million). The complete version of the release is available at the company's Web site at http://www.marfrig.com.br/ir Headquartered in Sao Paulo, Brazil, Marfrig Frigorificos e Comercio de Alimentos SA (Bovespa's Novo Mercado: MRFG3) -- http://www.marfrig.com.br/ir-- is one of the largest beef processing companies in Brazil. With processing plants in Brazil, Argentina and Uruguay, Marfrig processes, prepares packages and delivers fresh, chilled and processed beef products to customers in Brazil and abroad, with approximately 50% of its sales derived from exports. Along with its beef products, the company also delivers additional food products that it imports or acquires in the local market. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 19, 2007, Standard & Poor's Ratings Services has revised the outlook on Brazil-based meat processing company Marfrig Frigorificos e Comercio de Alimentos S.A. to negative from stable. At the same time, S&P affirmed its 'B+' corporate credit rating on the company and its US$375 million notes due 2016. Pro forma fiscal 2007, S&P expects the company to report about US$800 million of total debt. NIELSEN COMPANY: Posts US$82 Million Net Loss in 1st Qtr. 2008 -------------------------------------------------------------- The Nielsen Company B.V. reported financial results for the quarter ended March 31, 2008. Reported revenues for the three months ended March 31, 2008, were US$1,214 million, an increase of 13% over the revenues of US$1,072 million for the three months ended March 31, 2007. Excluding the impact of currency fluctuations, revenues for the quarter increased 8%. For the quarter ended March 31, 2008, the company reported a net loss US$82 million compared to net loss of US$74 million for the quarter ended March 31, 2007. Reported operating income for the three months ended March 31, 2008 was US$115 million compared to US$56 million for the three months ended March 31, 2007. The quarterly results were negatively impacted by US$7 million, and US$27 million, respectively, for certain items such as restructuring costs and compensation agreements. Adjusting for these items, operating income, on a constant currency basis, increased 41%. As of March 31, 2008, total debt was US$8,527 million, and cash balances were US$354 million. Capital expenditures were US$69 million for the three months ended March 31, 2008, compared with US$49 million for the three months period ended March 31, 2007. About The Nielsen Company The Nielsen Company B.V. -- http://www.nielsen.com/-- is a global information and media company with recognized brands in marketing information (ACNielsen), media information (Nielsen Media Research), online intelligence (NetRatings and BuzzMetrics), trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. The company has operations in Brazil. * * * The TCR reported on May 5, 2008, that Standard & Poor's Ratings Services revised its outlook on the 'B' corporate credit rating of The Nielsen Co. B.V. to stable from negative. According to Standard & Poor's credit analyst Tulip Lim, "[t]he outlook change reflects the company's good operating performance and progress in its cost-cutting initiatives." As reported on April 25, 2008, Fitch Ratings assigned The Nielsen Company a Long-term Issuer Default rating of 'B' with a Stable Outlook, and a Short-term IDR of 'B.' Fitch has also assigned the group's senior secured bank debt a 'BB-' rating. NIELSEN COMPANY: Integrates Nielsen NRG with BASES Organization --------------------------------------------------------------- As part of its ongoing "one Nielsen" initiative to provide clients with integrated solutions, The Nielsen Company disclosed Tuesday announced that Nielsen NRG, the leading market research and strategic consulting firm serving the film and home entertainment industries, has become part of Nielsen's BASES organization. "This initiative once again underscores Nielsen's distinct ability to reach across the entire organization to effectively serve clients' changing needs," said Bruce Dennler, President of Nielsen Entertainment. "By combining NRG's unique vertical industry knowledge with BASES' innovative techniques and approaches, we will help Film and Home Entertainment clients better identify, understand and capitalize on future opportunities." BASES is the world's leading provider of services designed to help clients grow through innovation. These services include new product optimization, marketing plan simulation capabilities and sales forecasting. These services are designed to help clients make intelligent decisions about launching new products in a number of industries, including consumer packaged goods, pharmaceuticals, durable goods and consumer services. "As a part of BASES, Nielsen NRG will now be able to tap into BASES' expertise in global product development, operations and analytics to help drive future innovation," said Tim Willke, President of BASES. "Many of BASES analytical tools have direct application to NRG's business, and BASES' general expertise in analytically based consulting will help NRG create new services to address unmet and emerging client needs within the entertainment industry." NRG also will take advantage of Nielsen's anticipated acquisition of IAG Research, which offers insight into how engaged viewers are with commercials and promos. As part of the transition, Marc Lagrois will assume the new leadership role at NRG. Howard Ballon, President of Nielsen Film and Home Entertainment, will work with Lagrois on the transition before leaving the company to pursue other opportunities. Lagrois is currently Senior Vice President, Product and Business Development for NRG. Prior to joining NRG in 2007, Marc led the BASES Asia-Pacific region, where he successfully expanded the business over a five year period beginning in 2002. Lagrois will report to Tim Willke, Global President of BASES, effective immediately. Although part of the BASES organization, NRG will also continue to collaborate closely with the rest of the Nielsen Entertainment group, including EDI, TV/CPG, VideoScan and other measurement services. About The Nielsen Company The Nielsen Company B.V. -- http://www.nielsen.com/-- is a global information and media company with recognized brands in marketing information (ACNielsen), media information (Nielsen Media Research), online intelligence (NetRatings and BuzzMetrics), trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. The company has operations in Brazil. * * * The TCR reported on May 5, 2008, that Standard & Poor's Ratings Services revised its outlook on the 'B' corporate credit rating of The Nielsen Co. B.V. to stable from negative. According to Standard & Poor's credit analyst Tulip Lim, "[t]he outlook change reflects the company's good operating performance and progress in its cost-cutting initiatives." As reported on April 25, 2008, Fitch Ratings assigned The Nielsen Company a Long-term Issuer Default rating of 'B' with a Stable Outlook, and a Short-term IDR of 'B.' Fitch has also assigned the group's senior secured bank debt a 'BB-' rating. NIELSEN COMPANY: Product Placements Up 6% in First Quarter 2008 --------------------------------------------------------------- The Nielsen Company reported that product placements for the first quarter of 2008 rose 6% on primetime programming for the 11 measured networks on broadcast (ABC, CBS, CW, FOX, MNT, NBC) and cable television (A&E, Bravo, HGTV, MTV, TLC). Broadcast television placements rose 39%, while cable television was essentially flat at -1%. There were 117,976 brand occurrences on cable and broadcast networks in the first three months of the year, according to Nielsen Product Placement Service. The most prevalent placement type on broadcast television was "foreground," which represented 35% of all product placements. On cable television, "wardrobe" placements were most common, accounting for 32% of all placements. Broadcast Television Product Placements Top Broadcast Television Programs Prime-time product placement occurrences on broadcast networks increased overall by 39% during the first quarter of 2008. The top 10 programs featured 15,404 occurrences in the first three months of this year�compared to 8,893 occurrences in the same time period in 2007. "The Biggest Loser," with 3,977 occurrences, was the top program, in terms of the number of placements. Four of the top 10 programs aired on CW, and six programs had over 1,000 placements. Because of the recent writers' strike, many programs were shifted from their standard airing times. "Big Brother," which usually airs during the summer months, was moved up to the first quarter to fill in empty slots. "The Apprentice" also altered its normal schedule of episodes, airing the same number of episodes between January and March of 2008 as were run from January through April of 2007. In addition, "Deal Or No Deal" featured a special NFL-themed episode, originally aired in September 2007 and re-run in the first quarter 2008, which featured an NFL logo on the stage, NFL helmets throughout the set, and models and contestants clad in NFL apparel. That episode alone had 1,372 product placements. All other "Deal or No Deal" episodes during the first quarter of 2008 had less than 100 occurrences. Top Broadcast Television Brands The top 10 featured brands on prime-time broadcast network television increased by 52% in the first quarter this year, from 4,253 occurrences in 2007 to 6,453 during the first three months of 2008. Coca-Cola, primarily through its association with "American Idol," was again the top brand, with 2,380 occurrences for this time period. The February 21st episode of "American Idol" with Coca-Cola was especially well received by the viewing audience�nearly 60% recognized the brand and responded positively to it. 24 Hour Fitness Centers (1,545 occurrences) and Pussycat Dolls Lounge Nightclubs (479 occurrences) rounded out the top three brands on Broadcast television. Notably, six of the top 10 brands are associated with sports/exercise. Top Broadcast Television Product Categories The top five product categories on broadcast network television had more than 1,000 placements each. Among these, Soft Drinks ranked first, with 2,502 placements. Of these, Coca-Cola accounted for 2,380. The Apparel, Fitness Centers/Clubs, Football Team, and Exercise Equipment also made the top five. Cable Television Product Placements Top Cable Television Programs The top 10 cable programs that featured product placements accounted for 59,308 occurrences in the first quarter of 2008�an increase of 16% from 50,940 during the first quarter of 2007. "American Chopper" on TLC was again the top program, with 16,164 placements. Half of the programs in the Top 10 air on MTV, and another three air on BRAVO. Top Cable Television Brands The top 10 featured brands on prime-time cable network television in this year's first quarter accounted for 17,356 occurrences�a 28% increase from 13,501 occurrences in 2007. Under Armour Apparel was the top brand, with 2,960 occurrences for this time period�mainly through its association with the program "Real World Road Rules Challenge." Each brand in the top 10 placed more than 1,000 placements. Notably, the top performing placements were not heavy weights in terms of activity; these included Home Depot on the February 10th episode of HGTV's "Color Splash," Flow Power Tools on TLC's "American Chopper," and Hershey's integration on BRAVO's "Project Runway." Each impacted more than half the viewing audience in terms of brand recognition and positive feeling. Top Cable Television Product Categories With 18,307 placements Apparel was easily the number one product placement category on cable television during the first quarter of 2008. The top three apparel brands each had more than 1,000 placements during the first quarter: Under Armour Apparel (2,960 occurrences), Orange County Choppers Apparel (2,264 occurrences), and Big Black Apparel (1,149 occurrences). Nike Apparel and Sean John Apparel also ranked among the top five apparel brands. About The Nielsen Company The Nielsen Company B.V. -- http://www.nielsen.com/-- is a global information and media company with recognized brands in marketing information (ACNielsen), media information (Nielsen Media Research), online intelligence (NetRatings and BuzzMetrics), trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. The company has operation in Brazil. * * * The TCR reported on May 5, 2008, that Standard & Poor's Ratings Services revised its outlook on the 'B' corporate credit rating of The Nielsen Co. B.V. to stable from negative. According to Standard & Poor's credit analyst Tulip Lim, "[t]he outlook change reflects the company's good operating performance and progress in its cost-cutting initiatives." As reported on April 25, 2008, Fitch Ratings assigned The Nielsen Company a Long-term Issuer Default rating of 'B' with a Stable Outlook, and a Short-term IDR of 'B.' Fitch has also assigned the group's senior secured bank debt a 'BB-' rating. ULTRAPAR PARTICIPACOES: Earnings Grow to BRL90 Mil. in 1Q 2008 -------------------------------------------------------------- Ultrapar Participacoes S.A. reported its results for the first quarter of 2008. In the beginning of this year, the company have carried out the segregation and handover of the Petrochemical and Northern Distribution assets to Braskem and Petrobras. Concurrently, the company has continued its investments in the expansion of the company and in the implementation of its business plan at Ipiranga, aiming at obtaining benefits through increased volume and economies of scale. -- Ipiranga sales volume increased 5.5%, Oxiteno's specialty chemicals sales volume increased 11.8%, average storage volumes at Ultracargo increased 14.1% comparing to first quarter 2007. -- Ultrapar's EBITDA amounted to BRL223 million in first quarter 2008, up 93% on first quarter 2007. -- Net earnings at Ultrapar amounted to BRL90 million in first quarter 2008, up 142% on first quarter 2007. -- Average daily trading volume in Ultrapar's shares amounted to BRL32 million in first quarter 2008, a 218% increase on first quarter 2007. "A year on from the acquisition of the control of Ipiranga, we have successfully concluded the segregation and handover of the Petrochemical and Northern Distribution Assets with the receipt of respective payments from Braskem and Petrobras. In parallel, we have continued our work on the expansion of the company through the investment in additional production capacity, particularly at Oxiteno. Having re-established the financial position we had before the acquisition, we will continue to focus on the sustainable growth of all our businesses, also seeking to exploit opportunities arising from the favourable moment of the Brazilian economy." said Chief Executive Officer, Pedro Wongtschowski. Ultrapar Participacoes S.A. (NYSE: UGP) (BOVESPA: UGPA4) is a company with two main operations: LPG distribution (through its fully-owned subsidiary Ultragaz Participacoes Ltda.) and chemical production (through its also fully-owned subsidiary Oxiteno S.A.). A third smaller but growing business is the transportation and storage of chemicals and fuels, Ultracargo Operacoes Logisticas e Participacoes Ltda., which completes Ultrapar's business portfolio and reinforces the trend for further business diversity in the long run. * * * As reported in the Troubled Company Reporter-Latin America on March 22, 2007, Standard & Poor's Ratings Services affirmed the rating on Ultrapar Participacoes S.A. (Ultrapar; BB+/Stable/--) following the announcement that the company, together with two other companies, has jointly acquired the control of Grupo Ipiranga (unrated) in Brazil. In November 2005, Standard & Poor's Ratings Services assigned its 'BB+' senior unsecured debt rating to the 10-year notes issuance by LPG International Inc., a wholly owned subsidiary of Ultrapar Participacoes S.A., in the amount of US$250 million. At the same time, the 'BB+' long-term corporate credit ratings on Ultrapar, a Brazilian company with operations in liquefied petroleum gas (LPG) distribution, chemical production, and integrated logistics, were affirmed. S&P said the outlook is stable. ========================== C A Y M A N I S L A N D S ========================== BANCO INDUSTRIAL: Moody's Rates Cayman Unit's US$50MM Notes Ba1 --------------------------------------------------------------- Moody's Investors Service has assigned a Ba1 foreign currency rating to Banco Industrial e Comercial S.A. Cayman Islands' US$50 million senior unsecured notes due in April 2010, issued under the bank's existing US$1 billion Global Euro Medium-term Note Program. The rating outlook is stable. Moody's noted that Banco Industrial's foreign currency debt ratings remain unconstrained by Brazil's foreign currency country ceiling for bonds and notes. This rating was assigned to BicBanco Cayman Islands' US$50 million senior notes due 2010: -- Ba1 long-term foreign currency debt, with a stable outlook. Banco Industrial e Comercial S.A. is headquartered in Sao Paulo, Brazil with BRL10,937 million in total assets and BRL1,630 million in equity as of March 31, 2008. CARLYLE CAPITAL: Proofs of Claim Filing Deadline Is May 19 ---------------------------------------------------------- Carlyle Capital Investment Ltd.'s creditors have until May 19, 2008, to prove their claims to Christopher D. Johnson and Russell Smith, 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. Carlyle Capital's shareholder decided on April 14, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Christopher D. Johnson and Russell Smith Attn: Sumitra Devi c/o Chris Johnson Associates Ltd. P.O. Box 2499, Elizabethan Square, George Town, Grand Cayman, Cayman Islands Telephone: (345) 946 0820 Fax: (345) 946 0864 CARLYLE CAPITAL CAYMAN: Claims Filing Deadline Is Until May 19 -------------------------------------------------------------- Carlyle Capital Cayman Ltd.'s creditors have until May 19, 2008, to prove their claims to Christopher D. Johnson and Russell Smith, 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. Carlyle Capital Cayman's shareholder decided on April 14, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidators can be reached at: Christopher D. Johnson and Russell Smith Attn: Sumitra Devi c/o Chris Johnson Associates Ltd. P.O. Box 2499, Elizabethan Square, George Town, Grand Cayman, Cayman Islands Telephone: (345) 946 0820 Fax: (345) 946 0864 EFFJOHN INTERNATIONAL: Claims Filing Deadline Is Until May 18 ------------------------------------------------------------- Effjohn International Cruise Holdings Inc.'s creditors have until May 18, 2008, to prove their claims to Per Arvid Skult, 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. Effjohn International's shareholder decided on March 18, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Per Arvid Skult c/o Neptun Juridica Co. Ltd Keilaranta 9, FI-02150 Espoo, Finland EFFJOHN INTERNATIONAL: Sets Final Shareholders Meeting on May 19 ---------------------------------------------------------------- Effjohn International Cruise Holdings Inc. will hold its final shareholders meeting on May 19, 2008, at 9:00 a.m. at the offices of Neptun Juridica Co. Ltd., Keilaranta 9, Fl-02150 Espoo, Finland. These matters will be taken up during the meeting: 1) accounting of the wind-up process. Effjohn International's shareholder agreed on March 18, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Per Arvid Skult c/o Neptun Juridica Co. Ltd Keilaranta 9, FI-02150 Espoo, Finland EMPIRE SQUARE: Deadline for Proofs of Claim Filing Is May 17 ----------------------------------------------------------- Empire Square CDO Ltd.'s creditors have until May 17, 2008, to prove their claims to Walkers SPV Limited, 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. Empire Square's shareholder decided on April 17, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Walkers SPV Limited Attn: Anthony Johnson c/o Walker House, 87 Mary Street, George Town, Grand Cayman, Cayman Islands Telephone: (345) 914-6314 IDA INVESTMENT: Proofs of Claim Filing Deadline Is May 17 --------------------------------------------------------- Ida Investment Fund's creditors have until May 17, 2008, to prove their claims to Walkers SPV Limited, 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. Ida Investment's shareholder decided on April 17, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: Walkers SPV Limited Attn: Anthony Johnson c/o Walker House, 87 Mary Street, George Town, Grand Cayman, Cayman Islands Telephone: (345) 914-6314 MADISON RIDGE: Will Hold Final Shareholders Meeting on May 19 ------------------------------------------------------------- Madison Ridge Master Fund Ltd. will hold its final shareholders meeting on May 19, 2008, at 11:00 a.m. at the offices of Ogier, Attorneys, Queensgate House, South Church Street, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: 1) accounting of the wind-up process, and 2) authorizing the liquidator of the company 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. Madison Ridge's shareholder agreed on March 27, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. Contact for inquiries: Shameer Jasani c/o Ogier Queensgate House, South Church Street P.O. Box 1234, Grand Cayman KY1-1108 Cayman Islands Telephone: (345) 815-1702 Fax: (345) 949 1986 PHYLON FUND: Deadline for Proofs of Claim Filing Is May 19 ---------------------------------------------------------- Phylon Fund Ltd.'s creditors have until May 19, 2008, to prove their claims to Christopher D. Johnson and Russell Smith, 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. Phylon Fund's shareholders decided on April 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: Christopher D. Johnson and Russell Smith Attn: Sumitra Devi c/o Chris Johnson Associates Ltd. P.O. Box 2499, Elizabethan Square, George Town, Grand Cayman, Cayman Islands Telephone: (345) 946 0820 Fax: (345) 946 0864 QUANT TRADING: Deadline for Proofs of Claim Filing Is May 19 ------------------------------------------------------------ The Quant Trading Co. Ltd.'s creditors have until May 19, 2008, to prove their claims to CDL Company Ltd., 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. Quant Trading's shareholder decided on Feb. 25, 2008, to place the company into voluntary liquidation under The Companies Law (2004 Revision) of the Cayman Islands. The liquidator can be reached at: CDL Company Ltd. P.O. Box 31106SMB, Grand Cayman, Cayman Islands QUANT TRADING: To Hold Final Shareholders Meeting on May 19 ----------------------------------------------------------- The Quant Trading Co. Ltd. will hold its final shareholders meeting on May 19, 2008, at Citco Trustees (Cayman) Limited, Regatta Office Park, West Bay Road, Windward One, Grand Cayman, Cayman Islands. These matters will be taken up during the meeting: &nb