/raid1/www/Hosts/bankrupt/TCRLA_Public/080626.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Thursday, June 26, 2008, Vol. 9, No. 126
Headlines
A R G E N T I N A
APOYO LABORAL: Proofs of Claim Verification Deadline Is Sept. 10
AVELIN SA: Proofs of Claim Verification Is Until Sept. 1
BENFET SA: Proofs of Claim Verification Deadline Is Sept. 2
CABLEVISION SA: Fitch Assigns B+ ID Ratings With Stable Outlook
CARTA LOCAL: Proofs of Claim Verification Deadline Is Sept. 3
CLAXSON INTERACTIVE: Enters Merger Agreement With Remainco
DELTA AIR: Reaches Tentative Joint Pilot Agreement
DROGUERIA LORMA: Proofs of Claim Verification Is Until Sept. 11
EASTMAN KODAK: Board OKs Repurchase of US$1 Billion Common Stock
EASTMAN KODAK: Stock Repurchase Won't Affect Moody's B1 Rating
FLASH PRINT: Trustee Verifies Proofs of Claim Until Sept. 4
GUARDIANES SRL: Trustee to File General Report on July 1
HOMAJ SRL: Proofs of Claim Verification Deadline Is July 7
INMECO SRL: Trustee to File Individual Reports on Sept. 29
MICOM GROUP: Proofs of Claim Verification Deadline Is Sept. 12
TALLERES VADEZ: Court Revokes Firm's Bankruptcy
W.R. GRACE: Court OKs US$24MM Contribution to Retirement Plans
W.R. GRACE: Wants Court to Exclude JPMorgan's US$100 Mil. Claim
W.R. GRACE: Wants IRS Research Credit Disputes Resolved
W.R. GRACE: Inks US$5.1 Million Settlement With Montana DEQ
B A H A M A S
GLOBAL ENVIRONMENTAL: Licensee to Deploy Biospheres in Phils.
B E R M U D A
INTELSAT LTD: Moody's Junks Units' US$7.1BB New Debt Instruments
INTELSAT (BERMUDA): Moody's Junks US$5 Billion Debt Instruments
XL CAPITAL: CreditSights Analyst Sees Bond Insurer Insolvencies
B R A Z I L
ALCATEL-LUCENT: Launches Brazilian Executive Briefing Center
ALCATEL-LUCENT: Launches New Communication System in Brazil
BANCO DO BRASIL: Workers to Support Position & Payment Plan
CIA. PARANAENSE: Zacks Keeps Buy Recommendation on Firm's Shares
CYRELA BRAZIL: Agra Acquisition Won't Affect Ratings, Fitch Says
GENERAL MOTORS: Cuts Truck Output; Offers Interest-Free Loans
GENERAL MOTORS: 17,398 U.S. Hourly Workers Avail Attrition Plan
GENERAL MOTORS: To Launch Henkel's TecTalis in Brazil Facility
HERCULES INC: Acquires Brazilian Logos Quimica for US$17 Million
JBS SA: U.S. Senator Opposes Purchase of Beef Processing Plants
XERIUM TECH: German Unit Terminates Exec. Vice Pres. Josef Mayer
C A Y M A N I S L A N D S
CYPRESSTREE INVESTMENT: Deadline for Claims Filing Is June 30
CYPRESSTREE INVESTMENT: Final Shareholders Meeting Is on June 30
GREYHOUND INCOME: Sets Final Shareholders Meeting for June 30
QUANTEK SPC: Deadline for Proofs of Claim Filing Is June 29
RITCHIE BEECH: Will Hold Final Shareholders Meeting on June 30
RITCHIE CHINA: To Hold Final Shareholders Meeting on June 30
RITCHIE CT: Sets Final Shareholders Meeting for June 30
RITCHIE ENERGY: To Hold Final Shareholders Meeting on June 30
RITCHIE ENERGY CENT: Sets Final Shareholders Meeting for June 30
RITCHIE ENERGY PARTNERS: Final Shareholders Meeting on June 30
TEMPLE CAPITAL: Will Hold Final Shareholders Meeting on June 30
C H I L E
MERRILL LYNCH: Will Acquire Ureta Bianchi for Chilean Expansion
C O L O M B I A
BANCOLOMBIA SA: Amends Corporate Governance & Ethics Codes
CHUBB DE COLOMBIA: Moody's Ups Ba1 Foreign Curr. Rating to Baa3
D O M I N I C A N R E P U B L I C
BANCO INTERCONTINENTAL: Luis Renta Loses Appeal in Fraud Case
J A M A I C A
AIR JAMAICA: Won't Allow Excess Bags on Some Flights
M E X I C O
ASARCO LLC: Claims It Has Right to Receive US$40.4MM Tax Refund
QUEBECOR WORLD: Signs Deal to Extend OPTrust Site Rent
QUEBECOR WORLD: Quebecor Inc. Says Value Is Nil After Insolvency
QUEBECOR WORLD: Unit Reaches Deal with Workers After 2 Years
P U E R T O R I C O
AIRTRAN AIRWAYS: Adds 19 Baltimore/Washington-San Juan Flights
ORIENTAL FINANCIAL: Amends Bylaws to Create Vice Chairman Post
V E N E Z U E L A
NORTHWEST AIRLINES: Reaches Tentative Joint Pilot Deal
* S&P Says Continuing Oil Price Hike Impacts LatAm Oil/Gas Firms
* Upcoming Meetings, Conferences and Seminars
- - - - -
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A R G E N T I N A
=================
APOYO LABORAL: Proofs of Claim Verification Deadline Is Sept. 10
----------------------------------------------------------------
The court-appointed trustee for Apoyo Laboral S.R.L.'s
bankruptcy proceeding verifies creditors' proofs of claim until
Sept. 10, 2008.
The trustee will present the validated claims in court as
individual reports on Oct. 22, 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 Apoyo Laboral 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 Apoyo Laboral's
accounting and banking records will be submitted in court on
Dec. 3, 2008.
The debtor can be reached at:
Apoyo Laboral S.R.L.
Uruguay 660/62
Buenos Aires, Argentina
Tel/Fax: 4371-3055 / 4371-3607 / 4371-2034
4371-8291
E-mail: apoyolaboralsrl@ciudad.com.ar
AVELIN SA: Proofs of Claim Verification Is Until Sept. 1
--------------------------------------------------------
Eduardo Caggiano, the court-appointed trustee for Avelin SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Sept. 1, 2008.
Mr. Caggiano will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, 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 Avelin 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 Avelin's accounting
and banking records will be submitted in court.
La Nacion didn't state the submission dates for the reports.
Mr. Caggiano is also in charge of administering Avelin's assets
under court supervision and will take part in their disposal to
the extent established by law.
The debtor can be reached at:
Avelin SA
Libertad 1067
Buenos Aires, Argentina
The trustee can be reached at:
Eduardo Caggiano
Avenida San Martin 66
Buenos Aires, Argentina
BENFET SA: Proofs of Claim Verification Deadline Is Sept. 2
-----------------------------------------------------------
The court-appointed trustee for Benfet S.A.'s bankruptcy
proceeding verifies creditors' proofs of claim until
Sept. 2, 2008.
The trustee will present the validated claims in court as
individual reports on Oct. 15, 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 Benfet 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 Benfet's accounting
and banking records will be submitted in court on Nov. 26, 2008.
CABLEVISION SA: Fitch Assigns B+ ID Ratings With Stable Outlook
---------------------------------------------------------------
Fitch Ratings has assigned Cablevision S.A. a long-term foreign
and local currency Issuer Default Ratings of 'B+'. Fitch has
also assigned a 'B+' rating to the senior unsecured notes and a
Recovery Rating of 'RR4', which indicates average recovery
prospects in the event of default. The rating outlook is
stable.
Cablevision's ratings are supported by its strong business
position, sound cash generation, moderate leverage, and
operating margins consistent with industry averages. The ratings
are tempered by currency mismatch between cash flow generation
and indebtedness, strong correlation with the performance of the
local economy, growing inflation and moderate regulatory risk.
The ratings incorporate Cablevision's solid operating
performance following the successful consolidation of Multicanal
S.A. and Teledigital, which were acquired in late 2006. The
company's solid business position is derived from the stability
of its basic subscriber base, the diversification of the
company's revenue-generating unit base, the ability to develop a
high-quality and capacity network and its capability to maintain
satisfactory margins despite a double-digit inflation.
Cablevision should continue to diversify its revenue subscriber
base as digital and broadband subscriber's growth results
following the networks expected upgrade. The company offers
bundled services, mostly video and internet and has plans to
conservatively move towards triple play service offering.
Cablevision's ability to grow its EBITDA and free cash flow will
be determined by its success of increasing the penetration of
digital services, such as on-demand services, digital video
recorder and high definition-television. In addition, Fitch
believes that the company's competitive position will be further
enhanced with the roll-out of voice-over-internet protocol
(VoIP) telephony service starting in 2009. Although no
meaningful effect on the company's revenues and cash flow is
anticipated from telephony services, in the medium term the
trend toward a bundled service offering would allow the company
to retain subscribers, capture a higher ARPU from its existing
subscriber base while having effective control over its network
and subscribers.
The company has been able to adequately manage programming costs
after increasing its economy of scale, and is now in a better
position to cope with costs increases going forward. Operating
margins have been in the range of 35%-33% over the last five
years, consistent with industry averages. Argentine double
digit inflation remains a challenge as the company tries to
increase revenues at a higher rate than its costs. Still, the
company should benefit from the synergies coming from the
integration of Cablevision, Multicanal and its subsidiaries.
Synergies may arise from expected lower churn, increased network
efficiency, cost reduction and a triple-play services platform.
Positive free cash flow generation is expected, despite an
aggressive capital expenditure program of approximately US$600
million for the next four years. Cablevision generated US$55
million of free cash flow during 2007 compared to US$92 million
during 2006, applying an increasing portion of its cash flow
from operations to capital expenditures. After leveraging its
growth through acquisitions, the company plans to increase it
network bi-directional capabilities and widen its transmission
capacity over the next four years in order to boost organic
growth.
Cablevision's financial profile should continue to improve over
the medium term, as the company continues to use free cash flow
to pay debt. As of March 2008, the company had approximately
US$795 million of debt and notes outstanding (30% in pesos with
its shareholders) a reduction of approximately US$60 million
when compared with year end 2006. The notes, which are the
result of the debt restructuring process of Cablevision and
Multicanal, are long term with an outstanding amount of US$535
million as of March 2008. Peak levels of debt at year-end 2006
resulted from the acquisition of Multicanal and Teledigital,
funded with a 3-year Seller Note of US$235 million (due in
September 2009). Debt maturities are manageable given current
expectations of business performance and increase over time
until 2016; US$18 million in 2009 excluding the seller note.
The seller note is expected to be refinanced by the current
shareholders should the capital markets not become available.
For the last 12 months ended March 31, 2008 credit-protection
measures of total debt to EBITDA and EBITDA to interest expense
remained consistent with the rating category at 2.7 times and
3.9, respectively. Fitch foresees a continued improvement in
those credit metrics in the medium term with leverage metrics
falling below 2.0.
Headquartered in Buenos Aires, Cablevision S.A. --
http://www.cablevision.com.ar/-- is the largest multiple
systems operator in Argentina serving 3,000,000 pay TV basic
subscribers including a market-leading presence in 4 of the top
5 designated market areas and 160 thousands basic subscribers in
Uruguay and Paraguay (jointly 5% of subscribers). The company
offers Internet services, serving more than 770 thousands
internet subscribers (90% cable modem). For year-end 2007, the
company had revenues of US$838.4 million and EBITDA of US$276.9
million. Cablevision is indirectly controlled by the Argentine
media group Clarin (60%) and 40% by Fintech Advisory Inc.
CARTA LOCAL: Proofs of Claim Verification Deadline Is Sept. 3
-------------------------------------------------------------
The court-appointed trustee for Carta Local Norte S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Sept. 3, 2008.
The trustee will present the validated claims in court as
individual reports on Oct. 16, 2008. The National Commercial
Court of First Instance in Cordoba 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 Carta Local 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 Carta Local's
accounting and banking records will be submitted in court on
Dec. 11, 2008.
CLAXSON INTERACTIVE: Enters Merger Agreement With Remainco
----------------------------------------------------------
Claxson Interactive Group Inc. has entered into an agreement and
plan of merger with its wholly-owned subsidiary Remainco.
Under the agreement, Remainco will be merged with Claxson
Interactive. Claxson Interactive will be the surviving company
in the merger. Under the terms of the merger agreement, each
existing Class A common share of Claxson Interactive, par value
US$0.01 per share, other than shares held by Vivo, Carlton,
Carlyle, HMTF LA Fund, HMTF Private, HMLA, Davivo, HM&Co., HMTFH
and the Moreno Group, will be converted into the right to
receive US$13.75 in cash, without interest and less applicable
tax withholding. The merger remains subject to the satisfaction
or waiver of the conditions set forth in the merger agreement,
including obtaining approval of the existing stockholders of
Claxson Interactive.
Headquartered in Buenos Aires, Argentina, and Miami, Florida,
Claxson Interactive Group Inc. (Pink Sheets: XSONF) has a
presence in the United States and all key Ibero-American
countries, including Mexico, Chile, Brazil, Spain and Portugal.
Claxson's principal shareholders are the Cisneros Group of
Companies and funds affiliated with Hicks, Muse, Tate & Furst
Inc.
* * *
To date, Claxson Interactive Group Inc.'s obligaciones
negociables for US$44,400,000 is rated BB by Fitch Argentina.
The rating action was based on the company's balance sheet at
Sept. 30, 2006.
DELTA AIR: Reaches Tentative Joint Pilot Agreement
--------------------------------------------------
The negotiating committees of the Delta Air Lines and Northwest
Airlines pilots, both represented by the Air Line Pilots
Association, Int'l., have reached a tentative agreement with
Delta management on a joint pilot contract, the first important
step in the process of combining two pilot groups with long,
proud histories, into the largest unified pilot group in the
world.
Negotiating sessions began on Monday, June 16, 2008, and
continued almost around the clock until an agreement was reached
on Monday, June 23, 2008.
The tentative agreement will be presented to each pilot group's
respective governing body, the Delta Master Executive Council
and the Northwest Master Executive Council, this week.
Details of the TA will not be released as it must first be
considered for ratification by each MEC before it can be
presented to each respective pilot group for a separate vote.
The process of review and ratification will occur as a separate
and independent internal process within each pilot group.
About ALPA
Founded in 1931, ALPA -- http://www.alpa.org/-- represents
55,000 pilots at 40 airlines in the U.S. and Canada. ALPA
represents approximately 7,000 active DAL pilots. Visit the
Delta pilots website at http://www.deltapilots.org/
About Northwest Airlines
Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures. Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks. Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents. Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.
The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930). Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts. The Official Committee
of Unsecured Creditors has retained Scott L. Hazan, Esq., at
Otterbourg, Steindler, Houston & Rosen, P.C. as its bankruptcy
counsel in the Debtors' chapter 11 cases.
When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts. On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan. On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement. The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007. On May 21,
2007, the Court confirmed the Debtors' Plan. The Plan took
effect May 31, 2007. (Northwest Airlines Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
About Delta Air
Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners. Delta flies to
Argentina, Australia and the United Kingdom, among others.
The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts. Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice. Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice. John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.
The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007. On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007. On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement. In April 25, 2007, the Court confirmed
the Debtors' plan. That plan became effective on April 30,
2007. The Court entered a final decree closing 17 cases on
Sept. 26, 2007. (Delta Air Lines Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
DROGUERIA LORMA: Proofs of Claim Verification Is Until Sept. 11
---------------------------------------------------------------
Abraham Gutt, the court-appointed trustee for Drogueria Lorma
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Sept. 11, 2008.
Mr. Gutt will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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 Drogueria Lorma 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 Drogueria Lorma's
accounting and banking records will be submitted in court.
La Nacion didn't state the submission dates for the reports.
Mr. Gutt is also in charge of administering Drogueria Lorma's
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Drogueria Lorma SA
Tucuman 644
Buenos Aires, Argentina
The trustee can be reached at:
Abraham Gutt
Tucuman 1484
Buenos Aires, Argentina
EASTMAN KODAK: Board OKs Repurchase of US$1 Billion Common Stock
---------------------------------------------------------------
Eastman Kodak Company's board of directors authorized a stock
repurchase program totaling as much as US$1 billion of the
company's outstanding common stock. At recent prices, the
purchase of US$1 billion of Kodak stock would represent
approximately 25% of the shares outstanding.
The company also received a tax refund from the U.S. Internal
Revenue Service of US$581 million. The refund is related to the
audit of certain claims filed for tax years 1993-1998, and is
composed of a refund of past federal income taxes paid of
US$306 million and US$275 million of interest earned on the
refund.
The company plans to fund the majority of the stock repurchase
program, which is authorized through the end of 2009, from the
tax refund, with the remainder to come from available cash on
hand. The repurchase will commence soon as practicable, in
accordance with the rules and regulations of the U.S. Securities
and Exchange Commission that govern such purchases.
"Our board's decision to authorize this repurchase initiative
underscores the rising confidence we have in Kodak's product
portfolio, in our financial position, and in the execution of
our strategy," Antonio M. Perez, chairman and chief executive
officer, Eastman Kodak Company, said.
"With our significant liquidity and strong balance sheet, we
continue to pursue a variety of long-term, value-creating growth
initiatives that are well funded,' Mr. Perez added. "In
addition, we strongly believe that at the current price, the
purchase of our own stock is an appropriate use of our cash and
will further enhance long-term shareholder value."
Separately, as part of the discussion of its second-quarter
results on July 31, 2008, the company plans to update the
investment community on the magnitude of the expected full-year
net positive earnings impact from the following factors: the tax
refund, commodity prices and related company actions, and the
previously announced lengthening of the useful life assumptions
of its film and paper manufacturing assets.
The federal tax refund claim related primarily to a 1994 loss
recognized on the company's sale of stock of a subsidiary,
Sterling Winthrop Inc., which was originally disallowed under
IRS regulations in effect at that time. The IRS subsequently
issued revised regulations that served as the basis for this
refund claim.
The refund will have a positive impact on the company's net
earnings for the second quarter of 2008 of US$574 million. Of
the US$574 million increase in net earnings, US$300 million
relates to the 1994 sale of Sterling Winthrop Inc., which will
be reflected in earnings from discontinued operations, net of
income taxes. The balance of US$274 million, which represents
interest, will be reflected in earnings from continuing
operations.
Because of tax-loss carryforwards and other tax attributes, the
company expects to retain US$575 million of the US$581 million
proceeds received, with the difference representing expected
payments in 2008 for state income taxes.
Under the terms of the repurchase program, the company may
repurchase shares in open market purchases or through privately
negotiated transactions. The stock repurchase activities will
be conducted in compliance with the safe harbor provisions of
Rule 10b-18 of the Securities Exchange Act of 1934, as amended.
Kodak management will determine the timing and amount of any
repurchase based on its evaluation of market conditions and
other factors. Repurchases of common stock may also be made
under 10b5-1 plans, which would permit common stock to be
purchased when the company may otherwise be prohibited from
doing so under insider trading laws.
The share repurchase program does not obligate the company to
repurchase any dollar amount or number of shares of its common
stock, and the program may be extended, modified, suspended or
discontinued at any time.
About Eastman Kodak
Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.
The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.
EASTMAN KODAK: Stock Repurchase Won't Affect Moody's B1 Rating
--------------------------------------------------------------
Moody's Investors Service commented that Eastman Kodak's B1
corporate family rating with a stable outlook would not be
affected by the company's announcement that its Board of
Directors has authorized a stock repurchase program totaling as
much as US$1.0 billion of the company's outstanding common
stock.
The authorization follows Kodak's receipt of US$581 million from
the Internal Revenue Service associated with a completed audit
of certain claims filed for tax years for the tax years 1993-
1998, and is composed of a refund of past federal income taxes
paid of US$306 million and US$275 million of interest earned on
the refund.
At recent prices, the purchase of US$1.0 billion of Kodak stock
would represent approximately 25% of the shares outstanding.
The company plans to fund the majority of the stock repurchase
program, which is authorized through the end of 2009, from the
tax refund, with the remainder to come from available cash on
hand.
Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.
The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.
FLASH PRINT: Trustee Verifies Proofs of Claim Until Sept. 4
-----------------------------------------------------------
Manuel Arnaldo, the court-appointed trustee for Flash Print Full
Service S.R.L.'s reorganization proceeding, will be verifying
creditors' proofs of claim until Sept. 4, 2008.
Mr. Arnaldo will present the validated claims in court as
individual reports on Oct. 16, 2008. The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Flash Print 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 Flash Print's
accounting and banking records will be submitted in court on
Nov. 27, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly on June 5, 2009.
The debtor can be reached at:
Flash Print Full Service S.R.L.
Esmeralda 1320
Buenos Aires, Argentina
The trustee can be reached at:
Manuel Arnaldo
Parana 224
Buenos Aires, Argentina
GUARDIANES SRL: Trustee to File General Report on July 1
--------------------------------------------------------
Yolanda Tello de Candussi, the court-appointed trustee for
Guardianes S.R.L.'s reorganization proceeding, will submit to
court a general report containing an audit of the company's
accounting and banking records on July 1, 2007.
Ms. Tello de Candussi verified creditors' proofs of claim. She
then presented the validated claims in court as individual
reports. The National Commercial Court of First Instance in San
Miguel de Tucuman determined the verified claims' admissibility,
taking into account the trustee's opinion and the objections and
challenges raised by Guardianes and its creditors.
The debtor can be reached at:
Guardianes S.R.L.
Barrio La Pila, Delfin Gallo
Ingenio La Esperanza, Dpto. Cruz Alta
Tucuman, Argentina
The trustee can be reached at:
Yolanda Tello de Candussi
Uruguay 328
Buenos Aires, Argentina
HOMAJ SRL: Proofs of Claim Verification Deadline Is July 7
----------------------------------------------------------
The court-appointed trustee for Homaj S.R.L.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
July 7, 2008.
The trustee will present the validated claims in court as
individual reports on Sept. 2, 2008. The National Commercial
Court of First Instance in Cordoba 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 Homaj 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 Homaj's accounting
and banking records will be submitted in court on Oct. 14, 2008.
INMECO SRL: Trustee to File Individual Reports on Sept. 29
----------------------------------------------------------
Oscar Scally, the court-appointed trustee for Inmeco S.R.L.'s
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance in Buenos Aires on Sept. 29, 2008.
Mr. Scally will be verifying creditors' proofs of claim until
Aug. 15, 2008. He will submit to court a general report
containing an audit of Inmeco's accounting and banking records
on Nov. 10, 2008..
Mr. Scally is also in charge of administering Inmeco's assets
under court supervision and will take part in their disposal to
the extent established by law.
The debtor can be reached at:
Inmeco SRL
Caboto 631
Buenos Aires, Argentina
The trustee can be reached at:
Oscar Scally
Arenales 875
Buenos Aires, Argentina
MICOM GROUP: Proofs of Claim Verification Deadline Is Sept. 12
--------------------------------------------------------------
Hector Garcia, the court-appointed trustee for Micom Group SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
Sept. 12, 2008.
Mr. Garcia will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, 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 Micom Group 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 Micom Group's
accounting and banking records will be submitted in court.
La Nacion didn't state the submission dates for the reports.
Mr. Garcia is also in charge of administering Micom Group's
assets under court supervision and will take part in their
disposal to the extent established by law.
The debtor can be reached at:
Micom Group SRL
Amenabar 2445
Buenos Aires, Argentina
The trustee can be reached at:
Hector Garcia
Uruguay 572
Buenos Aires, Argentina
TALLERES VADEZ: Court Revokes Firm's Bankruptcy
-----------------------------------------------
The National Commercial Court of First Instance No. 2 in Buenos
Aires has revoked the bankruptcy order on Talleres Vadez SRL.
Juan Manuel Jose Bielsa sought for the Talleres Vadez after the
firm failed to pay its debt. Clerk No. 4 assisted the court in
this case.
The company can be reached at:
Talleres Vadez SRL
Chorroarin 548
Buenos Aires, Argentina
W.R. GRACE: Court OKs US$24MM Contribution to Retirement Plans
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
authorized W.R. Grace Co. and its debtor-affiliates to make a
minimum contribution of US$24,000,000 to their defined benefit
retirement plans for the 2008-2009 funding period, covering
employees in the United States.
As reported in the Troubled Company Reporter on May 28, 2008,
the contributions are due Jan. 15, 2009, and are necessary to
assure compliance with the minimum funding requirements under
applicable federal law, Laura Davis Jones, Esq., at Pachulski
Stang Ziehl & Jones, LLP, in Wilmington, Delaware, says.
The Court previously authorized the Debtors to contribute up to
US$302,700,000 to the Retirement Plans since 2003:
Date Contribution
---- ------------
2003 US$48,500,000
2004 20,000,000
2005 24,100,000
2006 101,400,000
2007 76,000,000
2008 32,700,000
------------
Total US$302,700,000
Ms. Jones related that the legally required minimum
contributions to the Grace Retirement Plans for the 2008-2009
Funding Period are:
Due Date Plan Year Contribution
-------- --------- ------------
July 15, 2008 2008 US$20,284
Sept. 15, 2008 2008 10,528,926
October 15, 2008 2008 5,820,937
Jan. 15, 2009 2008 7,604,629
------------
Total US$23,974,776
According to Ms. Jones, the contributions have been finalized,
and are not subject to change as a result of future market
performance of the assets of the Grace Retirement Plans or any
anticipated changes in applicable law. However, she explains,
it is necessary to secure the Court's approval for the payment
of legally required minimum contributions for the Jan. 15, 2009
Period at this time because the first due date with respect to
the contribution is July 15, 2008.
The Debtors contended that continuing to make at least the
legally required minimum contributions to each of the Grace
Retirement Plans is essential to maintaining the morale of their
workforce and the workforce' confidence in management.
About W.R. Grace
Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia and Ireland.
The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts. The
Debtors hired Blackstone Group, L.P., as financial advisor.
PricewaterhouseCoopers LLP is the Debtors' accountant.
Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors. The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice. David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants. The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it. Thomas Moers Mayer, Esq.,
at Kramer Levin Naftalis & Frankel, LLP, represents the Official
Committee of Equity Security Holders.
The Debtors filed their Chapter 11 Plan and Disclosure Statement
on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan
and Disclosure Statement. The Debtors' exclusive period to file
a chapter 11 plan expired on July 23, 2007.
The Bankruptcy Court adjourned plan-related proceedings pending
an estimation of W.R. Grace's asbestos-related personal injury
liabilities. PI estimation proceedings commenced on Jan. 14,
2008.
In early April 2008, W.R. Grace and the PI Committee entered
into a settlement-in-principle regarding the PI asbestos claims.
The settlement calls for the creation of a Section 524(g) trust
and payments of about US$3,000,000,000 in cash and stocks from
W.R. Grace. The PI estimation trial was discontinued.
At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of Nov. 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.
(W.R. Grace Bankruptcy News, Issue No. 160; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
W.R. GRACE: Wants Court to Exclude JPMorgan's US$100 Mil. Claim
--------------------------------------------------------------
W.R. Grace Co. and its debtor-affiliates object to, and ask the
United States Bankruptcy Court for the District of Delaware to
disallow, the credit agreement claims 9159 and 9168 filed by
JPMorgan Chase Bank, N.A., as the Lenders' agent. The motion to
disallow is to the extent that the Claims seek payment of
postpetition interest at the default rate of interests under the
Credit Agreements.
On April 21, 2008, the Debtors received notice from their
prepetition lenders under the Credit Agreement, dated May 14,
1998, and the 364-Day Credit Agreement, dated May 9, 1999,
demanding the payment of postpetition interest at 100% of the
contract default rate on more than US$500,000,000 of prepetition
claims against the Debtors under the Credit Agreements.
The Debtors complain that the exorbitant amount -- totaling
about US$100,000,000, according to the Wall Street Journal --
sought through extra postpetition interest payments threatens
the proposed asbestos settlement they entered into with their
creditor constituents. The Debtors have previously indicated
that the proposed asbestos settlement could be the framework for
a Chapter 11 plan of reorganization, could speed up their
reorganization proceedings, and could allow them to exit
Chapter 11 by 2009.
James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones, LLP,
in Wilmington, Delaware, tells the Court that one of the key
components of the Asbestos Settlement is the provision that the
Lenders will receive 100% of allowed amount plus postpetition
interest at the rate of 6.09% from the Petition Date through
Dec. 31, 2005, and thereafter at floating prime, in each case
compounded quarterly.
The Lenders, however, are demanding postpetition interest at the
contract default rate under the Credit Agreements, which was
7.77% as of the Petition Date, Mr. O'Neill points out. The
Lenders have also asserted that "the previous proposed plan and
related negotiations were completely irrelevant,"
notwithstanding the fact that the Debtors negotiated the
Asbestos Settlement in reliance on the Lenders' previous
agreements.
The Debtors believe that the Lenders want to "cherry pick" among
the terms of the Proposed Asbestos Settlement. "They embrace
the Proposed Asbestos Settlement to the extent they believe it
helps them establish the Debtors' solvency, but they reject a
material provision of the settlement, which is the payment of
postpetition interest to the Lenders at a rate that is lower
than their default contract rate."
"The Lenders cannot have it both ways," the Debtors assert. If
the Lenders were to prevail on their demand for postpetition
interest at the contract default rate, that would present a
material change to the Proposed Asbestos Settlement., Mr.
O'Neill tells the Court.
In that event, the various stakeholders who currently support
the Asbestos Settlement, like the Official Committee of Equity
Security Holders, would likely pull their support for the
settlement, and the litigation over the PI Claims would
necessarily resume, which would add further expense and delay,
Mr. O'Neill contends.
That trial could determine whether the Debtors are solvent
enough to pay postpetition interest. However, Mr. O'Neill says,
the Debtors' solvency is still in dispute. The Court has wide
discretion in determining the appropriate rate of postpetition
interest, and any analysis in that regard must take into account
all equitable considerations, Mr. O'Neill states.
The Debtors add that they were not in default under the Credit
Agreement as of the Petition Date, thus the postpetition or
future interest was not due and payable.
About W.R. Grace
Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia and Ireland.
The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts. The Debtor
hired Blackstone Group, L.P., as financial advisor.
PricewaterhouseCoopers LLP is the Debtors' accountant.
Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors. The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice. David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants. The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it. Thomas Moers Mayer, Esq.,
at Kramer Levin Naftalis & Frankel, LLP, represents the Official
Committee of Equity Security Holders.
The Debtors filed their Chapter 11 Plan and Disclosure Statement
on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan
and Disclosure Statement. The Debtors' exclusive period to file
a chapter 11 plan expired on July 23, 2007.
The Bankruptcy Court adjourned plan-related proceedings pending
an estimation of W.R. Grace's asbestos-related personal injury
liabilities. PI estimation proceedings commenced on Jan. 14,
2008.
In early April 2008, W.R. Grace and the PI Committee entered
into a settlement-in-principle regarding the PI asbestos claims.
The settlement calls for the creation of a Section 524(g) trust
and payments of about US$3,000,000,000 in cash and stocks from
W.R. Grace. The PI estimation trial was discontinued.
At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of Nov. 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.
(W.R. Grace Bankruptcy News, Issue No. 160; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
W.R. GRACE: Wants IRS Research Credit Disputes Resolved
-------------------------------------------------------
W.R. Grace Co. and its debtor-affiliates seek authority from
the United States Bankruptcy Court for the District of Delaware
to settle a federal income tax controversy with the Internal
Revenue Service relating to research credits and research and
experimentation expenditures claims for the 1993-1996 taxable
years.
According to James E. O'Neill, Esq., at Pachulski Stang Ziehl &
Jones, LLP, the tax controversy involved the 1993-1995 tax years
and concerned the determination of the Debtors' base amount used
in the calculation of the credit. For the 1993-1995 tax years,
the Debtors originally claimed a total research credit of
US$10,796,275, on their tax returns. The IRS Examiner, however,
asserted that the Debtors are entitled to research credits
totaling US$3,781,332.
As a result of negotiations, the Debtors and the IRS reached a
settlement, under which the Debtors conceded that:
(a) as it relates to the base year research expenses, the
Debtors agreed with the IRS adjustment disallowing certain
research expenses in the 1984-86 audit cycle and the 1987
89 audit cycle;
(b) as it relates to base year gross receipts, the Debtors
agreed with the IRS adjustments for the 1988 acquisition
of National Medical Care & Subsidiaries; and
(c) the Debtors agreed with the IRS that with respect to the
Davison businesses, there would be a 10% increase in base
period expenses.
On the other hand, the IRS conceded 75% of the Acquisition and
Divestment Issue.
The net effect of the R&E Settlement, according to Mr. O'Neill,
is that the Debtors have an unfavorable adjustment of about
US$730,000 for all affected tax years, thereby reducing their
refund from US$7,000,000, to US$6,285,000.
Mr. O'Neill says after the Court authorizes the Debtors to enter
into the R&E Settlement, the IRS will then forward the R&E
Settlement to the Joint Committee on Taxation of the U.S.
Congress for final review and approval. The Settlement will
take
effect on the date the Joint Committee completes its review
without objection.
According to Mr. O'Neill, the R&E Settlement was reached because
the parties recognized that the Acquisition and Divestment Issue
would be difficult to litigate. Twelve or more years have
passed since these divestments occurred and locating former
employees of Debtors and the acquiring companies with knowledge
of the transaction would be very difficult. The Settlement
results in Grace retaining a majority of the disputed credits.
If the Settlement is not approved and the Debtors are forced to
litigate the dispute, the proceedings likely will be protracted,
the cost of defending the Debtors' position will be expensive,
and a favorable outcome cannot be assured, Mr. O'Neill contends.
About W.R. Grace
Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia and Ireland.
The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts. The
Debtors hired Blackstone Group, L.P., as financial advisor.
PricewaterhouseCoopers LLP is the Debtors' accountant.
Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors. The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice. David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants. The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it. Thomas Moers Mayer, Esq.,
at Kramer Levin Naftalis & Frankel, LLP, represents the Official
Committee of Equity Security Holders.
The Debtors filed their Chapter 11 Plan and Disclosure Statement
on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan
and Disclosure Statement. The Debtors' exclusive period to file
a chapter 11 plan expired on July 23, 2007.
The Bankruptcy Court adjourned plan-related proceedings pending
an estimation of W.R. Grace's asbestos-related personal injury
liabilities. PI estimation proceedings commenced on Jan. 14,
2008.
In early April 2008, W.R. Grace and the PI Committee entered
into a settlement-in-principle regarding the PI asbestos claims.
The settlement calls for the creation of a Section 524(g) trust
and payments of about US$3,000,000,000 in cash and stocks from
W.R. Grace. The PI estimation trial was discontinued.
At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of Nov. 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.
(W.R. Grace Bankruptcy News, Issue No. 160; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
W.R. GRACE: Inks US$5.1 Million Settlement With Montana DEQ
-----------------------------------------------------------
W.R. Grace Co. and its debtor-affiliates entered into a
settlement the Montana Department of Environmental Quality to
avoid protracted litigation and resolve the Debtors' liabilities
with respect to the environmental remediation and operation and
maintenance costs at the Debtors' Libby, Montana, mine.
The settlement provides that:
(a) Claim No. 18496 will be allowed as a general unsecured,
prepetition, non-priority claim against the Debtors for
US$5,167,000;
(b) except as to claims relate to Operable Unit 3 in the Libby
Site, which is specifically reserved under the settlement,
the remaining portions of Claim No. 18496 are resolved;
(c) Claim No. 15296 will be disallowed and expunged;
(d) MDEQ will not be entitled to any interest payment on Claim
No. 18496 with respect to any period prior to the
effective date of a confirmed Chapter 11 plan or plans
with respect to the Debtors;
(e) MDEQ will place and maintain any distributions received by
on account of the Allowed Claim in a State special revenue
fund to be known as the "Libby Asbestos Site State Cost
Account;"
(f) MDEQ will use the funds in the Account, together with all
its interest and earnings, only for its cost share
requirements, including operation and maintenance expenses
or other costs related to asbestos at the Site, under the
Comprehensive Environmental Response, Compensation, and
Liability Act;
(g) MDEQ is forever barred, estopped, and enjoined from
asserting any additional claims against the Debtors for
past, present and future costs of investigation,
remediation, monitoring, and maintenance at the Libby
Site, other than OU 3, under the Montana Comprehensive
Environmental Cleanup and Responsibility Act, and the
CERCLA;
(h) the Debtors release and agree not to assert any claims or
causes of action against the state of Montana with respect
to the Libby Site, including but not limited to any claims
for reimbursement, contribution, cost recovery or damages
under CECRA, CERCLA, or any other provision of law.
The settlement resolves the MDEQ's Claims, which asserted more
than US$50,000,000, of environmental costs.
Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
District of Delaware to approve the MDEQ settlement. The
settlement is subject to a public comment period, which ends on
July 7, 2008.
A full-text copy of the proposed MDEQ Settlement is available
for free at http://ResearchArchives.com/t/s?2e78
About W.R. Grace
Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally including Argentina,
Australia and Ireland.
The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, P.C., Esq., at Kirkland & Ellis, LLP, and
Laura Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts. The
Debtors hired Blackstone Group, L.P., as financial advisor.
PricewaterhouseCoopers LLP is the Debtors' accountant.
Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors. The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice. David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence, PA.
Elihu Inselbuch, Esq., at Caplin & Drysdale, Chartered, and
Marla R. Eskin, Esq., at Campbell & Levine, LLC, represent the
Official Committee of Asbestos Personal Injury Claimants. The
Asbestos Committee of Property Damage Claimants tapped Scott
Baena, Esq., and Jay M. Sakalo, Esq., at Bilzin Sumberg Baena
Price & Axelrod, LLP, to represent it. Thomas Moers Mayer, Esq.,
at Kramer Levin Naftalis & Frankel, LLP, represents the Official
Committee of Equity Security Holders.
The Debtors filed their Chapter 11 Plan and Disclosure Statement
on Nov. 13, 2004. On Jan. 13, 2005, they filed an Amended Plan
and Disclosure Statement. The Debtors' exclusive period to file
a chapter 11 plan expired on July 23, 2007.
The Bankruptcy Court adjourned plan-related proceedings pending
an estimation of W.R. Grace's asbestos-related personal injury
liabilities. PI estimation proceedings commenced on Jan. 14,
2008.
In early April 2008, W.R. Grace and the PI Committee entered
into a settlement-in-principle regarding the PI asbestos claims.
The settlement calls for the creation of a Section 524(g) trust
and payments of about US$3,000,000,000 in cash and stocks from
W.R. Grace. The PI estimation trial was discontinued.
At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
As of Nov. 30, 2007, W.R. Grace's balance sheet showed total
assets of US$3,335,000,000, and total debts of US$3,712,000,000.
(W.R. Grace Bankruptcy News, Issue No. 160; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
=============
B A H A M A S
=============
GLOBAL ENVIRONMENTAL: Licensee to Deploy Biospheres in Phils.
-------------------------------------------------------------
Global Environmental Energy Corp. has confirmed that its
Philippine Licensee, Spectrum Blue Steel, is planning to deploy
1,500 Biosphere Systems under their license.
In a press announcement in Manila on June 19, Spectrum's Chief
Executive Officer, Ruth Briones explained that with a population
of 88 million people in some 1,700 cities and municipalities
nationwide, Spectrum expects to install about 1,500 Biosphere
facilities in the Philippines. The Spectrum Team is
coordinating with the Union of Local Associations of the
Philippines thru its President, Mayor Benjur Abalos in
connection with the Project. The Philippine union group is the
umbrella organization of all governors, mayors and all officials
over 1,700 towns and cities nationwide.
Spectrum is a domestic corporation duly registered under the
laws of the Philippines and holds an exclusive license to the
Biosphere Technology from Global Environmental, a fully
integrated energy company whose interests include electrical
power generation, oil and gas exploration and production, clean
coal and waste management technologies.
Headquartered in Nassau, Bahamas, Global Environmental Energy
Corp. (Deutsche Borse: GLI; OTC Bulletin Board: GEECF) --
http://www.geecf.ru-- is engaged in traditional oil and gas
exploration and production, alternative energy sources,
environmental infrastructure and electrical micro-power
generation through its subsidiaries, Sahara Petroleum
Exploration Corp. and Biosphere Development Corp.
* * *
As of May 31, 2007, Global Environmental Energy Corp. reported a
total stockholders' deficit of US$71,549,591 compared to
US$55,609,865 total stockholders' deficit on May 31, 2006.
=============
B E R M U D A
=============
INTELSAT LTD: Moody's Junks Units' US$7.1BB New Debt Instruments
----------------------------------------------------------------
Moody's Investors Service has assigned ratings to approximately
US$7.1 billion of new debt instruments issued by Intelsat, Ltd.,
through its subsidiaries, Intelsat (Bermuda), Ltd., Intelsat
Intermediate Holding Company, Ltd. and Intelsat Subsidiary
Holding Company, Ltd. Individual debt instrument rating
assignments and associated loss given default (LGD) assessments
are listed below. At the same time, Moody's also affirmed
Intelsat's Caa1 corporate family rating and SGL-3 speculative
grade liquidity rating, indicating adequate liquidity) while
maintaining the stable ratings outlook.
The rating action is prompted by a refinancing transaction in
which the newly issued debts will be used by the respective
issuers to repay equivalently sized outstanding credit
facilities that were entered into to finance Intelsat's
acquisition by private equity investors and to finance the
required change of control offers for outstanding notes at both
Intelsat Subsidiary Holding Company, Ltd. and Intelsat
Intermediate Holding Company, Ltd.
Since the transaction merely substitutes one source of funding
with a similarly sized and structured instrument -- albeit with
minor modifications to coupons that increase by 25 basis points
in each instance -- the transaction is assessed as being neutral
to Intelsat's existing CFR and near-term default risk remains
broadly consistent with that assessed in January when the
company's ratings were revised. Given this background,
Intelsat's Caa1 CFR was affirmed, and, in those cases in which
the newly issued notes replace a rated debt issue, the new notes
are rated at the same levels as the instruments being
refinanced. With no change to the credit profile of the company
expected to occur over the near term, the outlook continues to
be stable.
Instruments rated:
Issuer: Intelsat (Bermuda), Ltd.
-- US$2,805 million Senior Notes due June 15, 2017, Rated Caa2
(LGD5, 80%)
-- US$2,231 million Senior PIK Election Notes due June 15,
2017, Rated Caa2 (LGD5, 80%)
Issuer: Intelsat Intermediate Holding Company, Ltd.
-- US$481 million 9.5% Senior Discount Notes due Feb. 1, 2015,
Rated Caa1 (LGD4, 53%)
Issuer: Intelsat Subsidiary Holding Co. Ltd.
-- US$883 million 8.5% Senior Notes due Jan. 15, 2013, Rated
B3 (LGD3, 32%)
-- US$681 million 8.875% Senior Notes due Jan. 15, 2015, Rated
B3 (LGD3, 32%)
Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira. The company has a
sales office in Brazil.
Intelsat Ltd.'s balance sheet showed total assets of US$12.05
billion, total debts of US$12.77 billion and stockholders'
deficit of US$722.3 million as of March 31, 2008.
INTELSAT (BERMUDA): Moody's Junks US$5 Billion Debt Instruments
---------------------------------------------------------------
Moody's Investors Service has assigned ratings to approximately
US$7.1 billion of new debt instruments issued by Intelsat, Ltd.
through its subsidiaries, Intelsat (Bermuda), Ltd., Intelsat
Intermediate Holding Company, Ltd. and Intelsat Subsidiary
Holding Company, Ltd. Individual debt instrument rating
assignments and associated loss given default (LGD) assessments
are listed below. At the same time, Moody's also affirmed
Intelsat's Caa1 corporate family rating and SGL-3 speculative
grade liquidity rating, indicating adequate liquidity) while
maintaining the stable ratings outlook.
The rating action is prompted by a refinancing transaction in
which the newly issued debts will be used by the respective
issuers to repay equivalently sized outstanding credit
facilities that were entered into to finance Intelsat's
acquisition by private equity investors and to finance the
required change of control offers for outstanding notes at both
Intelsat Subsidiary Holding Company, Ltd. and Intelsat
Intermediate Holding Company, Ltd.
Since the transaction merely substitutes one source of funding
with a similarly sized and structured instrument -- albeit with
minor modifications to coupons that increase by 25 basis points
in each instance -- the transaction is assessed as being neutral
to Intelsat's existing CFR and near-term default risk remains
broadly consistent with that assessed in January when the
company's ratings were revised. Given this background,
Intelsat's Caa1 CFR was affirmed, and, in those cases in which
the newly issued notes replace a rated debt issue, the new notes
are rated at the same levels as the instruments being
refinanced. With no change to the credit profile of the company
expected to occur over the near term, the outlook continues to
be stable.
Instruments rated:
Issuer: Intelsat (Bermuda), Ltd.
-- US$2,805 million Senior Notes due June 15, 2017, Rated Caa2
(LGD5, 80%)
-- US$2,231 million Senior PIK Election Notes due June 15,
2017, Rated Caa2 (LGD5, 80%)
Issuer: Intelsat Intermediate Holding Company, Ltd.
-- US$481 million 9.5% Senior Discount Notes due Feb. 1, 2015,
Rated Caa1 (LGD4, 53%)
Issuer: Intelsat Subsidiary Holding Co. Ltd.
-- US$883 million 8.5% Senior Notes due Jan. 15, 2013, Rated
B3 (LGD3, 32%)
-- US$681 million 8.875% Senior Notes due Jan. 15, 2015, Rated
B3 (LGD3, 32%)
Headquartered in Pembroke, Bermuda, Intelsat, Ltd. --
http://www.intelsat.com/-- is the largest fixed satellite
service operator in the world and is owned by Apollo Management,
Apax Partners, Madison Dearborn, and Permira. The company has a
sales office in Brazil.
Intelsat Ltd.'s balance sheet showed total assets of US$12.05
billion, total debts of US$12.77 billion and stockholders'
deficit of US$722.3 million as of March 31, 2008.
XL CAPITAL: CreditSights Analyst Sees Bond Insurer Insolvencies
---------------------------------------------------------------
CreditSights analyst Rob Haines said in a report issued early
this month that bond insurers like CIFG Guaranty Ltd., Financial
Guaranty Insurance Company, and XL Capital Assurance are likely
to violate capital requirements in the second quarter of 2008,
Reuters notes. The breach of capital requirement would lead to
"a chain of events" driving the insurers to insolvency, Reuters
quotes the analyst's report as stating.
Mr. Haines said that regulatory agencies would have to intervene
should bond insurers become unable to raise fund and their
capital drop below the established level, Reuters says. This
could result in excessive payouts on derivatives depleting the
insurers' funds, Mr. Haines' report continued, Reuters relates.
Reuters notes that the Insurance Department of New York has set
the capital requirement for bond insurers at US$65 million, and
allows a 90-day cure period for those that can't meet with the
requirement.
According to Mr. Haines, CIFG, FGIC, and XL Capital are expected
to breach statutory requirements during the present quarter over
further write-downs on mortgage-backed loans, Reuters reports.
Mr. Haines pointed to CIFG's US$15 million in equity above the
requirement cap, which is reportedly the lowest "cushion among
the bond insurers," Reuters relates. FGIC still has in excess
of US$300 million of capital cushion and XL Capital has about
US$102 million, Reuters quotes Mr. Haines as stating.
MBIA Insurance Corp. has about US$3.9 billion in capital cushion
and Ambac Assurance Corp. has about US$3.5 billion owed to
recent capital infusion, Mr. Haines said, Reuters relates.
About CreditSights
CreditSights -- https://www.creditsights.com/ -- is one of the
first research providers to integrate debt and equity research
into a single view across a company's entire capital structure.
Its team of more than 50 analysts look to identify the best
investment opportunity in each of the companies and sectors that
they cover, bringing over 15 years average experience to their
analysis of debt and equity. Its research team, led by Glenn
Reynolds and Peter Petas, has both buy-side and sell-side
experience in the U.S. and overseas. Among its staff are five
former heads of research as well as multiple past recipients of
awards from Institutional Investor in their annual polls of the
best debt and equity analysts.
About XL Capital
Headquartered in Bermuda, XL Capital Ltd. --
http://www.xlcapital.com/-- writes liability insurance and
reinsurance worldwide, specializing in low-frequency, high-
severity risks from riots to natural disasters. The company
writes policies through numerous subsidiaries, many of them
offshore, and also manages a Lloyd's of London syndicate. XL's
coverage includes general and executive liability, property, and
political risk insurance. Its reinsurance covers property,
aviation, energy, nuclear accident, and professional indemnity.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 3, 2008, Fitch Ratings downgraded XL Capital Ltd.'s Class
A1 to 'BB' from 'A' and Class A2 to 'BB' from 'A' and removed it
from Rating Watch Negative. Fitch also downgraded XLCA's
Insurer Financial strength rating to 'BB' and removed the IFS
from Rating Watch Negative.
===========
B R A Z I L
===========
ALCATEL-LUCENT: Launches Brazilian Executive Briefing Center
------------------------------------------------------------
Raju Shanbhag at TMCnet reports that Alcatel-Lucent S.A. has
launched its Brazilian Executive Briefing Center, or EBC, on
Anchieta Road, Sao Paulo.
According to TMCnet, the EBC is a large workspace that will host
customers, business partners, and other stakeholders interested
in Alcatel-Lucent's softwares. The EBC will receive visitors
from Brazil and other Latin American nations. It offers
executive meeting rooms with complete video conference
capability. EBC will highlight advanced communications
technologies used by wireless and wireline service providers and
enterprises.
TMCnet relates that Alcatel-Lucent has 11 Executive Briefing
Centers around the world, including:
-- Texas, U.S.A.;
-- New Jersey, U.S.A.;
-- Canada;
-- Australia;
-- China;
-- Belgium;
-- Paris;
-- Moscow; and
-- Egypt.
TMCnet notes that Alcatel-Lucent's Caribbean and Latin American
President Victor Agnellini said, "In line with the
transformation taking place in the global communications market,
this new EBC in Brazil showcases a number of new technologies
and the services they will make possible in the future. It will
give our customers and other important stakeholders in Latin
America a more comprehensive understanding of the breadth and
depth of Alcatel-Lucent solutions. We look forward to hosting
customers and potential customers from all of Latin America to
this state-of-the-art center."
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.
* * *
Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service. The ratings were were affirmed in
April 2008.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating. Its Short-Term Corporate Credit rating stands at B.
ALCATEL-LUCENT: Launches New Communication System in Brazil
-----------------------------------------------------------
NoticiasFinancieras reports that Alcatel-Lucent S.A. said that
it launched Business Integrated Communication Solution or BICS,
a multi-service communication system, in Brazil.
BICS is directed to mid-sized firms, NoticiasFinancieras
relates, citing Alcatel-Lucent. The new system is based on a
single server. First launched in Europe last year, it started
being traded in Brazil in May 2008. It will serve about 1,000
users until year-end.
Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.
Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.
* * *
Alcatel-Lucent continues to carry Ba3 Corporate Family and
Senior Debt ratings, Not-Prime for short term debt, as well as
B2 ratings for subordinated debt with negative outlook from
Moody's Investors Service. The ratings were were affirmed in
April 2008.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt still carry Standard & Poor's Ratings Services'
BB rating. Its Short-Term Corporate Credit rating stands at B.
BANCO DO BRASIL: Workers to Support Position & Payment Plan
-----------------------------------------------------------
Brasilia em Tempo Real reports that Banco do Brasil SA's workers
in Brasilia will launch a one-day strike.
According to Brasilia em Tempo, the employees want to show their
support to the creation of a plan for positions, careers,
salaries, and the payment of overtime.
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.
CIA. PARANAENSE: Zacks Keeps Buy Recommendation on Firm's Shares
----------------------------------------------------------------
Zacks Investment Research has maintained its "buy"
recommendation on Companhia Paranaense de Energia SA, a.k.a.
Copel.
Zacks said Copel's first quarter results were positive. Its
short-term outlook is also positive and the Brazilian business
environment is still encouraging.
Energy consumption in Brazil is still heated, and the short-to-
medium-term outlook is very encouraging, Zacks noted. Becoming
a part of the Sao Paulo Stock Exchange's Level 1 of Corporate
Governance will enhance Copel's positive aspects. Copel's
shares are trading at an attractive valuation.
According to Zacks, Copel has a strong balance sheet with a net
debt of BRL408.6 million. Brazilian government agency for
electric utilities ANEEL has proposed a tariff reduction for
Copel of 3.66% on average, beginning June 24. Tariff correction
for 2009 is expected to be very high since correction will be
made on the basis of the Brazilian PPI which is expected to
reach at least 10% in 2008. The continued investments in new-
generation plants will help to increase revenues and improve
margins.
Copel is trading at a P/E of 9.2x Zack's 2008 estimated
earnings. Zacks believes Copel's valuation looks highly
attractive when compared to other international electric
utilities and the industry mean of 17.4x. Brazilian economic
plans for increasing investments in the electric energy sector
are positive signs for Copel.
Zacks said there is a reasonable upside potential for the stock
in the short term, and Copel should trade closer to the
Brazilian stock exchange BOVESPA's average. Zacks' target price
assumes a P/E of 11.5x 2008 EPADR (early revenue and earnings
per American depository receipt) estimate, close to the company
s historical standards and the BOVESPA's average. Zack's target
price is US$24.00.
Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/ir-- (NYSE: ELP/LATIBEX:
XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes
electricity to more than 3 million customers in the state of
Parana and has a generating capacity of nearly 4,600 megawatts,
primarily from hydroelectric plants. The company also offers
telecommunications, natural gas, engineering, and water and
sanitation services. The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed. In response, Copel is
re-evaluating its corporate structure. The government of Parana
controls about 59% of Copel.
* * *
As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia, a.k.a. Copel,
to Ba2 from Ba3 on its global scale. Moody's also upgraded its
rating on the company's BRL500 million senior unsecured
guaranteed debentures due 2007 to Ba2 from Ba3 (Global Local
Currency) as well as its rating on the BRL400 million senior
secured Guaranteed debentures due 2009 to Ba1 from Ba2 (Global
Local Currency). Moody's said the rating outlook is stable.
This rating action concludes the review process initiated on
July 26, 2006, and still hold to date.
CYRELA BRAZIL: Agra Acquisition Won't Affect Ratings, Fitch Says
----------------------------------------------------------------
Fitch Ratings believes the announced memorandum of understanding
regarding Cyrela Brazil Realty S.A. Empreendimentos e
Participacoes' acquisition of Agra Empreendimentos Imobiliarios
S.A. will not affect Cyrela's foreign and local currency issuer
default ratings of 'BB'. The rating outlook is stable.
The acquisition is expected to be completed through an exchange
of shares and is not expected to add a relevant amount of net
debt to the consolidated balance sheet resulting from the
merger. Agra's shareholders will receive 0.425 common shares of
newly issued Cyrela stock for each Agra share. Strategically,
Fitch views the merger as positive, and should strengthen
Cyrela's leading position in the domestic homebuilding sector.
The transaction will increase Cyrela's land bank, increase the
geographic diversification in Brazil, increase its potential
sales value (VGV) for project launchings, and absorb additional
specialized
staff.
As a result of the announced merger, Cyrela will expand its
geographic presence by incorporating Agra's land bank, with a
significant portion located in the Northeast region, and further
consolidate Cyrela's leading position in land bank in the
Southeast Region. Also, the potential VGV of Cyrela's land bank
increases 27% to BRL30 billion from BRL23.6 billion as reported
March 2008; potential VGV in project launchings expected for
2008 increases 43% to BRL10 billion from BRL7 billion.
Financially, no relevant net debt is expected to be added. At
end March 2008, Agra had total debt of BRL389.7 million
(BRL357.2 million owed to third parties and BRL32.6 million to
related parties) and a balance of cash and marketable securities
amounting to BRL346.5 million, equivalent to 89% of the above
total debt. At the end of 2007, Agra reported a BRL33.6 million
EBITDA.
Cyrela has 46 years of experience in the domestic homebuilding
sector. Following rapid growth over recent years, the company
achieved a leading market share in the metropolitan areas of Sao
Paulo and Rio de Janeiro and has quickly expanded its operation
in Brazil. At end March 2008, the real estate projects outside
the Sao Paulo and Rio de Janeiro regions accounted for 39% of
the potential VGV of its total land bank.
Cyrela is present in 17 Brazilian states, 55 Brazilian cities
and also in Buenos Aires, Argentina. Net revenue has grown 15
times since 2003 compared to the last 12 months at end March
2008, from BRL131 million to BRL1.9 billion, while EBITDA grew
9.7, from BRL44 million to BRL426 v over the same time period.
At end March 2008, Cyrela showed total debt of BRL1,530 million
(BRL1,420 million due to third parties and BRL110 million to
related parties) and cash and marketable securities amounting to
BRL1.065 million.
Agra has been operating in real estate developments in Brazil
for more than 10 years, with a track record of development of 40
real estate projects. Agra reports a land bank with an
approximate proprietary potential VGV of BRL11 billion in March
2008, of which 44% is located in the state of Sao Paulo and 40%
in the Northeast region. Agra has focused on projects for the
middle and upper-middle income classes, operating in the cities
of Sao Paulo, Salvador, Rio de Janeiro and Recife, as well as
other cities of the state of Sao Paulo.
Headquartered in Sao Paulo, Brazil, Cyrela Brazil Realty S.A.
Empreendimentos e Participacoes --
http://www.brazilrealty.com.br/-- is the most complete company
of the Brazilian real estate market, acting as a residential
real estate developer in 14 Brazilian states and in Argentina;
it also operates in the construction and real estate brokerage
segments. The company is listed on the Bovespa's Novo Mercado
under the ticker CYRE3.
GENERAL MOTORS: Cuts Truck Output; Offers Interest-Free Loans
-------------------------------------------------------------
General Motors Corp. is planning to cut production of its trucks
and offered new incentives on many 2008 model-year vehicles, The
Wall Street Journal reports.
According to the report, the decision came as a result of the
slump in pickup trucks and SUVs sales.
The company will decrease production of pickup trucks and SUVs
by 170,000 units but increase output of cars, crossovers and
vans by 47,000 units during the second half of the year, the
report said.
WSJ adds that the company is offering zero-percent loans for up
to 72 months or cash rebates of up to US$7,000.
The offers should help dealers move some of the pickups and SUVs
they have in inventory, which have become hard to sell and are
rapidly falling in value, Mark LaNeve, GM's U.S. sales chief was
quoted by Wall Street as saying.
In May, GM's U.S. sales of trucks and SUVs were 37% below those
of May 2007, the biggest decline in the segment among the major
auto makers, report relates.
About GM
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India. In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.
At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.
* * *
As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years. These closures are in response to the re-energized shift
in consumer demand away from light trucks. GM previously said
only one shift was being eliminated at each of the four truck
plants. Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.
GENERAL MOTORS: 17,398 U.S. Hourly Workers Avail Attrition Plan
---------------------------------------------------------------
The special attrition plan for General Motors Corp. U.S. hourly
employees recently closed. According to the Special Attrition
Plan Summary, a total of 17,398 U.S. hourly workers have taken
advantage of GM's attrition plan. GM's Pontiac Assembly Plant
has the most number of workers availing the program at 1,055,
followed by workers at GM's Flint Assembly Plant at 880.
As disclosed in the Troubled Company Reporter on May 30, 2008,
most of the employees participating in the program will leave
the company no later than July 1, 2008. GM would fill job
openings with current employees whenever possible, as spelled
out in the provisions of the GM-UAW national labor agreement.
In facilities where GM needs new employees, those individuals
would be hired in at the entry-level wage and benefit structure.
The extent of the new hiring at each facility will be determined
on a plant-by-plant basis.
A full-text copy of the Special Attrition Plan Summary is
available for free at http://bankrupt.com/misc/attrition.pdf
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India. In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.
General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India. GM India has 95 sales points and over 110 service
centers.
At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.
* * *
As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years. These closures are in response to the re-energized shift
in consumer demand away from light trucks. GM previously said
only one shift was being eliminated at each of the four truck
plants. Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.
GENERAL MOTORS: To Launch Henkel's TecTalis in Brazil Facility
--------------------------------------------------------------
General Motors Corporation and Henkel have joined forces to
launch the first global, full production trial of Henkel's new
conversion coating process, TecTalis, at General Motors corp.'s
manufacturing facility in Sao Jose Dos Campos, Brazil. Henkel's
TecTalis conversion coating process is the automotive industry's
first non-phosphate conversion coating for multi-metal bodies.
This technology is projected to cut GM's process costs, and
improve efficiency of the vehicle assembly pretreatment
operation while reducing the environmental impact.
"Our decision to implement this leading-edge technology globally
reinforces our commitment to innovation and customer value,"
said General Motors' Global Process Pretreatment lead, Kevin
Cunningham. "It allows us to streamline our production while
providing an environmentally sustainable manufacturing process.
Lowering overall costs by conserving energy, reducing water use
and minimizing process by-products is clearly an important part
of our global vision."
In contrast to similar products in the marketplace, the TecTalis
conversion coating completely eliminates phosphates along with
heavy metals such as nickel and manganese from the process. It
also eliminates the need for expensive filtration equipment and
processes at the manufacturing facility. In addition, this
coating is free of any VOC and CO2 equivalent emissions
resulting in minimal environmental impact. TecTalis is applied
at room temperature further reducing utility and natural
resource requirements. With this coating, the pretreatment
footprint can be reduced in a Brownfield site and anywhere from
20 to 40 percent in a new Greenfield operation.
GM LAAM Director of Paint & Polymers, Joao Sidney Fernandes,
states, "Conversion to this new material technology is a step
forward in thedevelopment of a more efficient Pretreatment
Process. We expect that our experience will help prepare other
GM facilities for conversion worldwide in the future."
"We have worked together with General Motors from the
technology's infancy, to ensure it exceeds customer
expectations," Henkel vice president of NA automotive, Dan
Wohletz said. "This partnership builds upon our commitment to
produce products that are better for the environment, reducing
the environmental footprint of our customers, and help reduce
manufacturing costs, while continuing to improve productivity."
About Henkel
Henkel (http://www.henkelna.com)markets adhesives, sealants and
surface treatments to the transportation industry. Backed by
extensive design capabilities, a broad product range, specific
application knowledge and technical expertise, the company
delivers solutions to all segments of automotive development -
automotive body, interior, chassis, electronics and powertrain
production. In fiscal 2006, Henkel generated sales of EUR12.740
billion and operating profit of EUR1,298 million.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India. In 2007, nearly 9.37 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's
OnStar subsidiary is the industry leader in vehicle safety,
security and information services.
At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 24, 2008, Standard & Poor's Ratings Services said it is
placing its corporate credit ratings on the three U.S.
automakers, General Motors Corp., Ford Motor Co., and Chrysler
LLC, on CreditWatch with negative implications, citing the need
to evaluate the financial damage being inflicted by
deteriorating U.S. industry conditions -- largely as a result of
high gasoline prices.
TCR-Latin America reported on May 26, 2008, that S&P affirmed
its'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed March 17, 2008, as a result
of the strike at American Axle & Manufacturing Holdings Inc.
The outlook on GM is negative.
HERCULES INC: Acquires Brazilian Logos Quimica for US$17 Million
----------------------------------------------------------------
Hercules Incorporated has acquired Logos Quimica Ltda., a
Brazilian-based specialty chemicals company with 100 employees
and 2007 annual sales of approximately US$17 million.
Commenting on the transaction, Hercules Inc. President and Chief
Executive Officer, Craig Rogerson said, "This business is an
excellent fit for Hercules and in particular our Pulp Ventures
business. It strengthens our existing position in the high
growth pulping market and increases our overall presence in
Latin America. This acquisition will also serve to broaden our
existing portfolio of products, increase our manufacturing
capabilities in the region, and provide a broader customer base
in key Latin American markets."
Headquartered in Sao Paulo, Brazil, Logos Quimica specializes in
the supply of specialty chemicals, technology and services to
the pulp, paper, and coatings industries. The company has
excellent brand recognition throughout South America and is
recognized for its proven pulp processing technology in
eucalyptus, the dominant wood species in Latin America.
Wilmington, Delaware-based Hercules Inc. -- http://www.herc.com
-- (NYSE:HPC) manufactures and markets chemical specialties
globally for making a variety of products for home, office and
industrial markets. Outside the United States, the company has
subsidiaries in Argentina, Bahamas, Belgium, Brazil, Hong Kong,
India, Indonesia and France.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 14, 2008, Standard & Poor's Ratings Services raised its
ratings on Hercules Inc., including the corporate credit rating
to 'BB+' from 'BB'. S&P said the outlook is stable.
JBS SA: U.S. Senator Opposes Purchase of Beef Processing Plants
--------------------------------------------------------------
United States Senator Herb Kohl proposes to block the sale of
National Beef Packing Company LLC and Smithfield Foods Inc. to
JBS S.A., his letter to the U.S. Department of Justice
discloses.
Senator Kohl, head of the U.S. Senate's Antitrust Subcommittee,
asserts that JBS' acquisition of the two U.S. meat-processing
facilities is "anticompetitive and would likely cause
substantial harm to competition and consumers."
As reported by the Troubled Company Reporter-Latin America on
Mar. 6, 2008, JBS entered into a Membership Interest Purchase
Agreement with U.S. Premium Beef LLC and National Beef Packing
Company under which JBS will acquire all of the outstanding
membership interests of National Beef. Under the terms of the
agreement, JBS will pay the members of National Beef total
proceeds of approximately US$465 million cash and US$95 million
in JBS common stock, and, at closing, will assume all of
National Beef's debt and other liabilities.
JBS will also be acquiring Smithfield Foods and Tasman Group for
a total cash consideration of US$713 million.
According to Moody's Investors Service analyst Soummo Mukherjee,
"If the transactions receive regulatory approval, JBS will
become the largest beef processor in the United States and
further consolidate its position as the largest beef processor
globally with improved size, scale and geographic and product
diversification."
Senator Kohl held an Antitrust Subcommittee hearing on the
proposed deal in May. In the letter to the Dept. of Justice,
dated June 24, the senator said the senate subcommittee already
completed its examination of the transaction. "I have concluded
that these acquisitions, if permitted to proceed, would likely
cause substantial harm to competition and consumers, would be
contrary to section 7 of the Clayton Act, and that therefore the
Justice Department should take enforcement action to block these
acquisitions," the letter said.
With the transaction, JBS, currently U.S.'s third largest beef
processor, will acquire the fourth and fifth largest beef
processors resulting in JBS becoming the nation's largest beef
processor, and leaving only two other major companies in the
industry, the senator pointed out.
Senator Kohl further argued that the purchase will
substantially injure competition for cattle sold by independent
ranchers for slaughter. These acquisitions are likely to
substantially increase the market power of three remaining
national meatpacking firms, and significantly reduce the prices
ranchers are able to obtain for their cattle, the senator
continued.
According to a report of Star-Tribune, Wyoming cattlemen are
also opposing the sale, fearing an anticompetitive market
squeeze. That's too much market control for one company . . . .
we would really like to see less concentration in the markets so
that it's more actual competition and real marketing, Star-
Tribune quoted Judy McCullough, president of the Independent
Cattlemen of Wyoming, as saying.
It is my view that the JBS Swift acquisitions of National and
Smithfield will violate section 7 of the Clayton Act which
forbids any merger or acquisition when "the effect of such
acquisition may be substantially to lessen competition, or tend
to create a monopoly," Senator Kohl added.
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.
XERIUM TECH: German Unit Terminates Exec. Vice Pres. Josef Mayer
----------------------------------------------------------------
Xerium Germany Holding GmbH, a subsidiary of Xerium
Technologies, Inc., delivered a notice of termination of
employment to Josef Mayer, Xerium Technologies' Executive Vice
President for Business Development, effective June 30, 2009.
Mr. Mayer also was removed from his position as a Managing
Director of Xerium Germany Holding GmbH, effective June 16,
2008.
Headquartered in Youngsville, North Carolina, Xerium
Technologies Inc. (NYSE: XRM) -- http://xerium.com/--
manufactures and supplies two types of consumable products used
primarily in the production of paper: clothing and roll covers.
The company, which operates around the world under a variety of
brand names, utilizes a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products integral to production, all designed to
optimize performance and reduce operational costs. With 35
manufacturing facilities in 15 countries around the world,
Xerium has approximately 3,700 employees.
In Europe the company has subsidiaries in Austria, Italy,
Germany, Sweden, Spain, the United Kingdom, Finland, France,
Switzerland and Ireland. Xerium also has subsidiaries in Asia,
particularly in China, Hong Kong, Australia, Japan and Vietnam.
Three subsidiaries are meanwhile located in Central and South
America, specifically Brazil, Mexico and Argentina.
* * *
As disclosed in the Troubled Company Reporter-Latin America on
June 10, 2008 , Moody's Investors Service has revised Xerium
Technologies, Inc.'s outlook to positive from negative, upgraded
its speculative grade liquidity rating to SGL-3 from SGL-4, and
upgraded its probability of default rating to Caa1 from Caa2.
The rating action reflects the company's recent amendment to its
credit agreement on May 30, 2008, the completion of its goodwill
impairment test, and the recent filing of its delinquent
financial statements. Under the new amendment, credit agreement
covenant compliance becomes more certain as financial covenants
have been loosened. As a result, Moody's believes that over the
next twelve months Xerium will possess adequate liquidity and
likely comply with its financial covenants. At the same time,
Xerium will likely rely on its revolving credit facility as it
remains unclear if the company can cover all cash requirements
from internal sources with the burden posed by the increased
debt service. All other ratings have been affirmed.
==========================
C A Y M A N I S L A N D S
==========================
CYPRESSTREE INVESTMENT: Deadline for Claims Filing Is June 30
-------------------------------------------------------------
Cypresstree Investment Partners II Ltd.'s creditors have until
June 30, 2008, to prove their claims to David Dyer, 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.
Cypresstree Investment's shareholders decided on May 9, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
David Dyer
c/o Deutsche Bank (Cayman) Limited
P.O. Box 1984, George Town,
Grand Cayman, Cayman Islands
CYPRESSTREE INVESTMENT: Final Shareholders Meeting Is on June 30
----------------------------------------------------------------
Cypresstree Investment Partners II Ltd. will hold its final
shareholders meeting on June 30, 2008, at the offices of
Deutsche Bank (Cayman) Limited, Boundary Hall, Cricket Square,
George Town, Grand Cayman.
The accounting of the wind-up process and giving any explanation
thereof will be taken up during the meeting.
Cypresstree Investment's shareholders agreed on May 9, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidators can be reached at:
David Dyer
c/o Deutsche Bank (Cayman) Limited
P.O. Box 1984, George Town,
Grand Cayman, Cayman Islands
Telephone: (345) 949 8244
Fax: (345) 949 5223
GREYHOUND INCOME: Sets Final Shareholders Meeting for June 30
-------------------------------------------------------------
Greyhound Income Strategies Fund Ltd. will hold its final
shareholders meeting on June 30, 2008, at 10:00 a.m., at the
offices of BDO Tortuga, 2nd Floor, Building 3, Governors Square,
23 Lime Tree Bay Avenue, 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 five years from the
dissolution of the company, after which they may be
destroyed.
Greyhound Income's shareholders agreed on May 12, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Glen Trenouth
P.O. Box 31118, Grand Cayman,
Cayman Islands
Telephone: (345) 943 8800
Fax: (345) 943 8801
QUANTEK SPC: Deadline for Proofs of Claim Filing Is June 29
-----------------------------------------------------------
Quantek SPC's creditors have until June 29, 2008, to prove their
claims to Angelyn Hernandez, 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.
Quantek's shareholder decided on April 30, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Angelyn Hernandez
c/o Bodden & Bodden
802 Pavillion Commercial Centre
P.O. Box 10335, Grand Cayman,
Cayman Islands
Telephone: (1) 345 943-0303 Ext. 247
Fax: (1) 345 946-2335
RITCHIE BEECH: Will Hold Final Shareholders Meeting on June 30
--------------------------------------------------------------
Ritchie Beech Trading Ltd. will hold its final shareholders
meeting on June 30, 2008, at 2:45 p.m., at the offices of Avalon
Management Limited, Third Floor, Zephyr House, Mary Street, P.O.
Box 715, Grand Cayman KY1-1107, Cayman Islands.
These matters will be taken up during the meeting:
1) accounting of the wind-up process;
2) hearing any explanation that may be given by the
Liquidator; and
2) manner in which the books, accounts and documentation of
the company and of the Liquidator should be maintained and
subsequently disposed.
Ritchie Beech's shareholder agreed on May 12, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Avalon Management Limited
Third Floor, Zephyr House
Mary Street, P.O. Box 715,
Grand Cayman, Cayman Islands
RITCHIE CHINA: To Hold Final Shareholders Meeting on June 30
------------------------------------------------------------
Ritchie Chine Macro Trading Ltd. will hold its final
shareholders meeting on June 30, 2008, at 2:45 p.m., at the
offices of Avalon Management Limited, Third Floor, Zephyr House,
Mary Street, P.O. Box 715, Grand Cayman KY1-1107, Cayman
Islands.
These matters will be taken up during the meeting:
1) accounting of the wind-up process,
2) hearing any explanation that may be given by the
Liquidator, and
2) manner in which the books, accounts and documentation of
the company and of the Liquidator should be maintained and
subsequently disposed.
Ritchie China's shareholder agreed on May 12, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Avalon Management Limited
Third Floor, Zephyr House
Mary Street, P.O. Box 715,
Grand Cayman, Cayman Islands
RITCHIE CT: Sets Final Shareholders Meeting for June 30
-------------------------------------------------------
Ritchie CT Ltd. will hold its final shareholders meeting on
June 30, 2008, at 2:45 p.m., at the offices of Avalon Management
Limited, Third Floor, Zephyr House, Mary Street, P.O. Box 715,
Grand Cayman KY1-1107, Cayman Islands.
These matters will be taken up during the meeting:
1) accounting of the wind-up process;
2) hearing any explanation that may be given by the
Liquidator; and
2) manner in which the books, accounts and documentation of
the company and of the Liquidator should be maintained and
subsequently disposed.
Ritchie China's shareholder agreed on May 12, 2008, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.
The liquidator can be reached at:
Avalon Management Limited
Third Floor, Zephyr House
Mary Street, P.O. Box 715,
Grand Cayman, Cayman Islands
RITCHIE ENERGY: To Hold Final Shareholders Meeting on June 30
-------------------------------------------------------------
Ritchie Energy Holdings Ltd. will hold its final shareholders
meeting on June 30, 2008, at 2:45 p.m., at the offices of Avalon
Management Limited, Third Floor, Zephyr House, Mary Street, P.O.
Box 715, Grand Cayman KY1-1107, Cayman Islands.
These matters will be taken up during the meeting:
1) accounting of the wind-up process;
2) hearing any explanation that may be given by the
Liquidator; and
2) manner in which the books, accounts and documentation of
the company and of the Liquidator should be maintained and
subsequently disposed.
Ritchie Energy's shareholder agreed on May 12, 2008, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Avalon Management Limited
Third Floor, Zephyr House
Mary Street, P.O. Box 715,
Grand Cayman, Cayman Islands
RITCHIE ENERGY CENT: Sets Final Shareholders Meeting for June 30
----------------------------------------------------------------
Ritchie Energy Cent Holdings Ltd. will hold its final
shareholders meeting on June 30, 2008, at 2:45 p.m., at the
offices of Avalon Management Limited, Third Floor, Zephyr House,
Mary Street, P.O. Box 715, Grand Cayman KY1-1107, Cayman
Islands.
These matters will be taken up during the meeting:
1) accounting of the wind-up process;
2) hearing any explanation that may be given by the
Liquidator; and
2) manner in which the books, accounts and documentation of
the company and of the Liquidator should be maintained and
subsequently disposed.
Ritchie Energy Cent's shareholder agreed on May 12, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Avalon Management Limited
Third Floor, Zephyr House
Mary Street, P.O. Box 715,
Grand Cayman, Cayman Islands
RITCHIE ENERGY PARTNERS: Final Shareholders Meeting on June 30
--------------------------------------------------------------
Ritchie Energy Partners (UK) Holdings Ltd. will hold its final
shareholders meeting on June 30, 2008, at 2:45 p.m., at the
offices of Avalon Management Limited, Third Floor, Zephyr House,
Mary Street, P.O. Box 715, Grand Cayman KY1-1107, Cayman
Islands.
These matters will be taken up during the meeting:
1) accounting of the wind-up process;
2) hearing any explanation that may be given by the
Liquidator; and
2) manner in which the books, accounts and documentation of
the company and of the Liquidator should be maintained and
subsequently disposed.
Ritchie Energy Partners' shareholder agreed on May 12, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Avalon Management Limited
Third Floor, Zephyr House
Mary Street, P.O. Box 715,
Grand Cayman, Cayman Islands
TEMPLE CAPITAL: Will Hold Final Shareholders Meeting on June 30
---------------------------------------------------------------
Temple Capital Partners Ltd. will hold its final shareholders
meeting on June 30, 2008, at 10:00 a.m., at the offices of Kroll
(Cayman) Limited, 4th Floor,Bermuda House, Dr. Roy’s Drive,
Grand Cayman, Cayman Islands.
The accounting of the wind-up process will be taken up during
the meeting.
Temple Capital's shareholder(s) agreed on June 12, 2008, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.
The liquidator can be reached at:
Gordon I. Macrae
Attn: Korie Drummond
c/o Kroll (Cayman) Limited
4th Floor Bermuda House,
P.O. Box 1102, Dr. Roy’s Drive,
Grand Cayman, Cayman Islands
Telephone: (345) 946-0081
Fax: (345) 946-0082
=========
C H I L E
=========
MERRILL LYNCH: Will Acquire Ureta Bianchi for Chilean Expansion
---------------------------------------------------------------
Merrill Lynch & Co., Inc., has reached an agreement to acquire
the Chilean equity brokerage firm, Ureta y Bianchi Corredores de
Bolsa S.A, as part of a larger plan to build a broad, wholly-
owned Global Markets and Investment Banking (GMI) platform in
Chile.
The acquisition provides Merrill Lynch with an immediate
presence in the equities business in Chile and a top tier
equities management team.
It also provides a platform to grow the GMI business as
opportunities develop across the full suite of Merrill Lynch's
capabilities in Fixed Income, Currencies and Commodities and
Investment Banking.
Merrill Lynch's previous experience in Chile has confirmed its
positive outlook and expectations for the local market.
"The acquisition of Ureta y Bianchi is consistent with our
long-term strategy of pursuing a broad Latin American business
platform that spans multiple countries, asset classes, industry
sectors and clients," said Merrill Lynch president of Latin
America and Canada, James Quigley.
"We view the Santiago presence as a necessary addition to the
portfolio of capabilities we have developed in major Latin
American countries in the past few years. Having a GMI
operation in Chile will help us service local, regional and
international institutional investors and corporate clients
seeking opportunities across the major economies and capital
markets in the region," Mr. Quigley added.
Ureta y Bianchi was identified by Merrill Lynch because of its
meaningful market share in Chilean equities, its long trading
history since its inception in 1936, its strong private client
relationships and its high quality management.
The brokerage will be renamed to incorporate the Merrill Lynch
brand name. Francisco Ossa, one of Ureta y Bianchi's partners,
will head Merrill Lynch Chile's local equity business and will
be joined by the other Ureta y Bianchi partners, Manuel Jose
Ureta, Alfredo Ureta and Ignacio Perez. Hans Trautmann, Merrill
Lynch's senior fixed income banker based in Santiago, will
oversee the development of Fixed Income, Currencies and
Commodities business in the country.
Daniel Gonzalez will continue as the head of the Southern Cone
countries, overseeing Chile, Argentina and Uruguay.
Merrill Lynch's first step will be to solidify relationships
with key institutional Ureta y Bianchi clients, which will be
the firm's primary focus in Chile.
As part of its Global Wealth Management initiatives in the
region, Merrill Lynch will also move to strengthen its
relationships with important Ureta y Bianchi high net worth
retail clients.
"Chile is one of the most attractive private banking markets in
Latin America due to its stable government, prospering local
economy and established capital markets," said managing director
and head of Merrill Lynch's Global Wealth Management business in
Latin America, Darcie Burk. "The acquisition gives us the
opportunity to explore different alternatives to expand our
wealth management offering."
Merrill Lynch -- http://www.ml.com/-- is a wealth management,
capital markets and advisory companies, with offices in 40
countries and territories and total client assets of
approximately US$1.6 trillion. As an investment bank, it is a
leading global trader and underwriter of securities and
derivatives across a broad range of asset classes and serves as
a strategic advisor to corporations, governments, institutions
and individuals worldwide. Merrill Lynch owns approximately
half of BlackRock, one of the world's largest publicly traded
investment management companies, with more than US$1 trillion in
assets under management.
* * *
As reported in the Troubled Company Reporter on April 21, 2008,
Merrill Lynch & Co. Inc. reported a net loss from continuing
operations for the first quarter of 2008 of US$1.97 billion.
Merrill Lynch's net loss for the first quarter of 2008 was
US$1.96 billion.
===============
C O L O M B I A
===============
BANCOLOMBIA SA: Amends Corporate Governance & Ethics Codes
----------------------------------------------------------
Bancolombia S.A.'s Board of Directors approved amendments to its
Corporate Governance Code and Code of Ethics.
The directors want to:
(i) adopt the new regulatory requirements in Colombia for
prevention and control of money laundering and terrorism
financing;
(ii) include additional provisions related to conflicts of
interests that may arise in brokerage operations with
affiliates; and
(iii) adopt the "Grupo Bancolombia's Antifraud Program" as a
policy and internal rule for Bancolombia in compliance
with Colombian and international regulations.
The amended versions of the Corporate Governance Code and Code
of Ethics can be found at http://www.grupobancolombia.com.co
Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions. Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York S0tock Exchange.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 23, 2008, Moody's Investors Service upgraded Bancolombia's
foreign currency subordinated bond rating to Baa3 from Ba1.
Moody's said the outlook is stable.
CHUBB DE COLOMBIA: Moody's Ups Ba1 Foreign Curr. Rating to Baa3
---------------------------------------------------------------
Moody's Investors Service has upgraded the global foreign
currency insurance financial strength rating of Chubb de
Colombia Compania de Seguros Generales S.A. to Baa3 from Ba1
following Moody's upgrade of Colombia's long-term foreign
currency ceiling to Baa3 from Ba1. Chubb de Colombia's A3
global local currency IFS and Aaa.co national scale IFS ratings
are not affected by this rating action. The outlook for all
Chubb de Colombia's IFS ratings is stable. Chubb de Colombia is
a wholly-owned indirect subsidiary of The Chubb Corporation.
Headquartered in Bogota, Chubb de Colombia Compania de Seguros
Generales SA, an indirect wholly-owned subsidiary of The Chubb
Corp., provides commercial and property insurance, as well as
specialty insurance and group life policies primarily to medium-
size and large companies in Colombia. Chubb de Colombia
reported total assets of COP186.4 billion and shareholders'
equity of COP83.4 billion on Dec. 31, 2007. For the 2007 fiscal
year, the company posted net income of COP6.1 billion and gross
premiums written of COP122 billion.
The Chubb Corp. (NYSE: CB), based in Warren, New Jersey, USA, is
one of the largest property casualty insurers in the United
States and is engaged through its subsidiaries in both
commercial and personal lines property casualty insurance. For
the full year 2007, The Chubb Corp. reported consolidated net
premiums written of US$11.9 billion and net income of US$2.8
billion. Its shareholders' equity, as of Dec. 31, 2007, was
US$14.4 billion.
===================================
D O M I N I C A N R E P U B L I C
===================================
BANCO INTERCONTINENTAL: Luis Renta Loses Appeal in Fraud Case
-------------------------------------------------------------
The U.S. Court of Appeals for the Eleventh Circuit has affirmed
a US$176 million judgment in a federal civil racketeering case
against Luis Alvarez Renta, a financier from the Dominican
Republic who is involved and indicted in the Banco
Intercontinental S.A. fraud case, said Matias Dorta and Bryan
West, partners at Tew Cardenas LLP.
Tew Cardenas represented the Liquidation Commission of Banco
Intercontinental, the plaintiff in the fraud case. Mr. Dorta
was lead trial counsel in the case, while Mr. West acted as lead
appellate counsel.
In October 2005, Mr. Renta was found liable by a Miami federal
jury based on civil claims under federal racketeering laws and
Florida fraudulent transfer laws. The case involved a
conspiracy to loot Banco Intercontinental, which at the time was
the third largest bank in the Dominican Republic. Mr. Renta
subsequently appealed the judgment and raised 10 arguments on
appeal.
Rejecting all of Mr. Renta's legal arguments, the appellate
court determined that there was ample evidence for the jury to
conclude that Mr. Renta had engaged in the racketeering
activities which diverted Banco Intercontinental's funds to bank
accounts in South Florida.
"This case is particularly significant because of the legal
issues it raised regarding the reach of the United States
racketeering laws and the ability to bring cases to U.S. courts
based on international transactions where significant activities
occurred in the U.S. through U.S. financial institutions," Mr.
West said.
At trial, the Tew Cardenas team presented to the jury dozens of
complex international banking transactions where Banco
Intercontinetal funds were transferred to bank accounts in the
U.S. under Mr. Renta's control and used for his own personal and
business expenses. The appellate court noted that the jury was
presented with evidence to demonstrate that the transactions,
which were done in part using a "surreptitious" banking system,
were "highly irregular" as compared to normal international
banking transactions.
"This case involved complex financial transactions, not to
mention transactions that were implemented and designed as part
of an attempt to cover up fraudulent activities, and it required
a clear presentation to the jury showing, among other things,
the flow of the funds," Mr. Dorta said.
This civil racketeering (brought under federal Racketeer
Influenced and Corrupt Organizations Act or RICO) and fraudulent
transfer case is related to the 2003 collapse of Banco
Intercontinental. After its collapse, the affairs of Banco
Intercontinental were taken over by the Liquidation Commission,
a receivership established by the Dominican government. The
Liquidation Commission brought this suit against Mr. Renta,
claiming that Mr. Renta, with the help of Banco Intercontinental
insiders, wrongfully diverted millions of dollars in Banco
Intercontinental funds to finance other business ventures and
personal expenses.
Three RICO claims and one fraudulent transfer claim were tried,
and the jury returned a verdict for the Liquidation Commission
in all respects. After trebling of the racketeering damages,
the judgment totals in excess of US$176 million.
Tew Cardenas LLP can be reached at:
Four Seasons Tower, 15th Floor
1441 Brickell Avenue
Miami, Florida 33131-3407
U.S.A.
Phone: (305) 536-1112
Fax: (305) 536-1116
Located in the Dominican Republic, Banco Intercontinental a.k.a.
Baninter collapsed in 2003 as a result of a massive fraud and a
resulting deficit of US$2.2 billion. As a consequence, all of
its branches were closed. The bank's current and savings
accounts holders were transferred to the bank's new owner --
Scotiabank. The bankruptcy of Baninter was considered the
largest in world history, in relation to the Dominican
Republic's Gross Domestic Product. The resulting deficit was
equal to 12% to 15% of the country's national GDP. It costs
Dominican taxpayers DOP55 billion and resulted to the country's
worst economic crisis.
=============
J A M A I C A
=============
AIR JAMAICA: Won't Allow Excess Bags on Some Flights
----------------------------------------------------
Radio Jamaica reports that Air Jamaica said it wouldn't allow
excess bags on some flights between July 1 and Aug. 31.
According to Radio Jamaica, Air Jamaica would implement the new
regulation on these flights:
-- Toronto, Canada, to Jamaica;
-- between New York, Barbados, and Canada; and
-- between New York and Jamaica.
Baggage allowance for the Lovebird Executive Class will be three
pieces at a maximum weight of 50 pounds each, Radio Jamaica
says, citing Air Jamaica. Bags weighing from 51 to 70 pounds
will be charged with US$75 per piece. According to Air Jamaica,
sporting equipment will no longer be considered standard checked
baggage and will be charged with a fee.
Air Jamaica said it still lets passengers check up to two bags
in Economy and up to three bags in Lovebird Executive class for
free, Radio Jamaica relates. Each traveler is allowed one
carry-on piece of baggage that must fit underneath the passenger
seat or in the overhead compartment.
Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969. It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America. Air Jamaica offers vacation packages
through Air Jamaica Vacations. The company closed its intra-
island services unit, Air Jamaica Express, in October 2005. The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004. The
government had owned 25% of the company after it went private in
1994. The Jamaican government does not plan to own Air Jamaica
permanently.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.
On July 21, 2006, Standard & Poor's Rating Services assigned a
"B" long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, based on the government's
unconditional guarantee of both principal and interest payments.
===========
M E X I C O
===========
ASARCO LLC: Claims It Has Right to Receive US$40.4MM Tax Refund
---------------------------------------------------------------
ASARCO LLC and Americas Mining Corporation filed separate briefs
with the U.S. Bankruptcy Court for the Southern District of
Michigan regarding their dispute over the ownership of a
US$40,479,421 tax refund from the Department of Treasury,
Internal Revenue Service. The Tax Refund stems from
overpayments made from tax years 1987 to 1989 by ASARCO
Incorporated New Jersey, ASARCO LLC's predecessor.
ASARCO NJ's Assets Were Transferred to ASARCO LLC
ASARCO LLC maintained that it is entitled to receive the Tax
Refund, plus interest, because, the 2005 merger of ASARCO NJ and
ASARCO LLC provides that "ASARCO LLC will possess all the
rights, privileges, and immunities, powers and franchises, of a
public as well as of a private nature of [both ASARCO NJ and
ASARCO LLC], and all property, real, personal and mixed, all
debts due on whatever account, including subscriptions to
ownership interests and all other choses in action, and all and
every other interest of, or belonging to, [ASARCO NJ and ASARCO
LLC] will be taken and deemed to be transfered to and vested in
[ASARCO LLC] without further act or deed."
ASARCO LLC further maintained that the Tax Sharing Agreement
among Asarco Incorporated and its affiliates provides that if
Asarco Inc. receives the Tax Refund, it is required to pay over
the Refund to ASARCO LLC without set-off.
TSA Amendments Contradicts ASARCO LLC's Theory
AMC and Asarco Inc. argued that amendment to the TSA entered on
February 17, 2005, contradicts ASARCO LLC's theory that it is
entitled to the Refund whether or not the terms of the TSA are
enforced. The Amendment confirms that ASARCO LLC is to receive
the Refund only after the Refund is distributed to Asarco Inc.
and certain professional fees are deducted, Trey A. Monsour,
Esq., at Haynes and Boone, LLP, in Houston, Texas, said.
Pursuant to the TSA, the parties expressly agreed that AMC would
file a consolidated tax return that would include ASARCO NJ. As
the agent of the consolidated tax group, AMC would pay taxes for
the whole group, recover refunds from the IRS, as appropriate,
and set off amounts it owed to any member of the ASARCO Subgroup
against any amounts owed by any other member of the ASARCO
Subgroup, Mr. Monsour noted.
AMC and Asarco Inc. maintained that, based on principles of law
and equity, the Court should reject ASARCO LLC's effort to
realize an unjust enrichment, which will come at the expense of
Asarco Inc.
About ASARCO
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/
-- is an integrated copper mining, smelting and refining
company. Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.
The Company filed for chapter 11 protection on Aug. 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207). James R. Prince, Esq.,
Jack L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker
Botts L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A.
Jordan, Esq., and Harlin C. Womble, Esq., at Jordan, Hyden,
Womble & Culbreth, P.C., represent the Debtor in its
restructuring efforts. Lehman Brothers Inc. provides the ASARCO
with financial advisory services And investment banking
services. Paul M. Singer, Esq., James C. McCarroll, Esq., and
Derek J. Baker, Esq., at Reed Smith LLP give legal advice to the
Official Committee of Unsecured Creditors and David J. Beckman
at FTI Consulting, Inc., gives financial advisory services to
the Committee. When the Debtor filed for protection from its
creditors, it listed US$600 million in total assets and US$1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-
20521 through 05-20525). They are Lac d'Amiante Du Quebec Ltee,
CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304),
Encycle, Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex.
Case No. 05-21346) also filed for chapter 11 protection, and
ASARCO has asked that the three subsidiary cases be jointly
administered with its chapter 11 case. On Oct. 24, 2005,
Encycle/Texas' case was converted to a Chapter 7 liquidation
proceeding. The Court appointed Michael Boudloche as
Encycle/Texas, Inc.'s Chapter 7 Trustee. Michael B. Schmidt,
Esq., and John Vardeman, Esq., at Law Offices of Michael B.
Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).
ASARCO and its debtor affiliates are scheduled to file a plan of
reorganization on June 10, 2008.
QUEBECOR WORLD: Signs Deal to Extend OPTrust Site Rent
------------------------------------------------------
Quebecor World, Inc., and its subsidiaries reorganizing under
the Canadian' Companies' Creditors Arrangement Act, sought
Quebec Superior Court of Justice's approval of a lease entered
into with OPTrust Office Inc., for office space at 999 de
Maisonneuve Boulevard West, in Montreal, Quebec.
Francois-David Pare, Esq., at Ogilvy Renault, LLP, in Montreal,
Quebec, related that the long-term lease for the Applicants'
current location at 612 St-Jacques Street, in Montreal, Quebec,
has expired. The Applicants have negotiated for a short-term
occupancy agreement to entitle them to use the current premises
up to Sept. 30, 2008.
The OpTrust Lease Agreement provides that:
(a) The initial term of the lease is 10 years commencing on
Oct. 1, 2008, with two- and five-year renewal options;
(b) The approximate rentable area is 38,000 square feet;
(c) Gross rent, including common area and operating charges,
for the first year is estimated to be CAD1,300,000;
(d) The Applicants are required to post a letter of credit in
the initial amount of CAD2,000,000; and
(e) OPTrust will remain an unaffected creditor in any eventual
plans of arrangement.
Mr. Pare said the total rent for the New Premises will provide a
CAD3,100,000 rent savings over the course of the initial 10-year
term before relocation costs. The Applicants are also entitled
to cancel up to 7,000 square feet in the first three years of
the Lease Agreement, and assign the Lease.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
* * *
As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession. The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities). The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.
QUEBECOR WORLD: Quebecor Inc. Says Value Is Nil After Insolvency
----------------------------------------------------------------
Quebecor Inc., disclosed in its financial report for the quarter
ended March 31, 2008, that in light of the insolvency
proceedings of Quebecor World, Inc., and its affiliates, the
financial and strategic value of Quebecor World to Quebecor Inc.
has been significantly diminished. Quebecor Inc. said it does
not expect to realize any future earnings on its investment in
Quebecor World. Accordingly, Quebecor Inc. said it
deconsolidated its investment in Quebecor World starting Jan.
21, 2008.
Quebecor Inc. valued its investment in Quebecor World at US$0,
and classified the printing company as a "discontinued
operation." Quebecor Inc. posted (US$117,000,000) of cash flows
used in discontinued investing activities and cash and cash
equivalents of Quebecor World for the three months ended March
31, 2008, compared with (US$53,200,000) for the same period in
2007.
Results of the discontinued operations include a US$17,700,000
net loss recognized by Quebecor World for the period from Jan. 1
to 21, compared with a net loss of US$18,100,000 in the first
quarter of 2007, The London Free Press said. Quebecor Inc. also
said Quebecor World's revenues for the three week period from
Jan. 1 to 21 was US$317,600,000, compared with US$1,600,000,000
in the year-ago period.
As of Jan. 21, 2008, Quebecor Inc.'s consolidated balance sheet
included a net assets deficiency of US$761,300,000 represented
by the excess of the liabilities and non-controlling interest
related to Quebecor World over its assets. Quebecor Inc. also
had an accumulated other comprehensive loss of US$326,500,000,
net of income taxes, that was attributable to Quebecor World, as
of Jan. 21. The net assets deficiency and the accumulated
comprehensive loss were reversed upon the deconsolidation,
generated Quebecor Inc. a net gain of US$399,700,000, net of the
US$35,100,000 decrease in the income tax asset related to the
investment in Quebecor World.
As of June 2, 2008, Quebecor Inc. owned 24.60% of the equity and
76.44% of the voting interests in Quebecor World. On Dec. 31,
2007, Quebecor Inc. owned 35.39% of the equity and 84.46% of the
voting interests in Quebecor World.
In other news, Quebecor Inc. said it will hold the annual
general meeting of its shareholders on June 26, 2008. The
meeting will discuss Quebecor Inc.'s views on current the
operations of Quebecor World as discontinuing operations during
the first quarter of 2008 were not finalized.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
* * *
As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession. The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities). The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.
QUEBECOR WORLD: Unit Reaches Deal with Workers After 2 Years
------------------------------------------------------------
Quebecor World Inc.'s unit, Quebecor World Mt. Morris II LLC,
has reached a deal with five unions representing 650 employees
at the Mt. Morris, Illinois, facility, after more than two years
of bargaining, which started March 2006, the Ogle County News
reported.
Myndi Fletcher, Local 65B secretary-treasurer, told Ogle County
News that "overall workers are pleased to have the contract
settled, especially after the lengthy period of negotiations."
"No one wanted a strike," she said.
The unions are part of the Graphic Communications Conference/
International Brotherhood of Teamsters.
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
* * *
As reported in the Troubled Company Reporter-Europe on Feb. 13,
2008 Moody's Investors Service assigned a Ba2 rating to the
US$400 million super priority senior secured revolving term loan
facility of Quebecor World Inc. as a Debtor-in-Possession. The
related US$600 million super priority senior secured term loan
was rated Ba3 (together, the DIP facilities). The RTL's better
asset value coverage relative to the TL accounts for the
ratings' differential.
====================
P U E R T O R I C O
====================
AIRTRAN AIRWAYS: Adds 19 Baltimore/Washington-San Juan Flights
--------------------------------------------------------------
AirTran Airways will add nonstop flights between
Baltimore/Washington International Thurgood Marshall Airport and
San Juan Luis Munoz Marin International Airport beginning
Dec. 20, 2008. Additionally, the low-fare airline will offer a
second daily flight between Orlando and San Juan beginning
Nov. 2, 2008, and a second daily flight between Atlanta and San
Juan beginning Dec. 18, 2008. All flights to San Juan will be
served with the airline's popular and fuel-efficient Boeing 737-
700 aircraft, part of America's youngest all-Boeing fleet.
"Despite the difficult fuel environment, AirTran Airways has
added additional nonstop flights for Baltimore/Washington area
residents to San Juan, a popular vacation destination," AirTran
Airways senior vice president of marketing and planning, Kevin
Healy said. "Whether travelers are looking for a Caribbean
vacation or going home to visit family, we are happy to provide
them with convenient flights and easy booking on airtran.com."
With the new service, AirTran Airways will offer 19 nonstop
destinations from Baltimore/Washington, eight of them popular
vacation destinations in Florida and Puerto Rico.
These nonstop flight options will be available between
Baltimore/Washington International Thurgood Marshall Airport and
San Juan Luis Munoz Marin International Airport, for travel
effective Dec. 20, 2008:
Nonstop flights between Baltimore/Washington and San Juan:
From To Flight Departs Arrives Frequency
--------------------------------------------------------------
Baltimore/ San Juan 52* 10:50 a.m. 3:35 p.m.** Sat, Sun
Washington
San Juan Baltimore/ 53* 4:20 p.m.** 7:05 p.m. Sat, Sun
Washington
* Effective Dec. 20, 2008 through Jan. 4, 2009, and Feb. 28,
2009 and beyond.
** Due to Daylight Savings Time, arrival and departure times
at San Juan are one hour earlier, effective March 8, 2009.
These nonstop flight options will be available between Orlando
International Airport and San Juan Luis Munoz Marin
International Airport, for travel effective Nov. 2, 2008:
Nonstop flights between Orlando and San Juan:
From To Flight Departs Arrives Frequency
---------------------------------------------------------------
Orlando San Juan 630 10:50 a.m. 2:35 p.m.** Daily
Orlando San Juan 3 1:40 p.m. 5:25 p.m.** Daily
San Juan Orlando 628 3:20 p.m.** 5:25 p.m. Daily
San Juan Orlando 4 5:10 p.m.** 8:15 p.m. Daily
** Due to Daylight Savings Time, arrival and departure times at
San Juan are one hour earlier, effective March 8, 2009.
These nonstop flight options will be available between Atlanta
Hartsfield-Jackson International Airport and San Juan Luis Munoz
Marin International Airport, for travel effective Dec. 18, 2008:
Nonstop flights between Atlanta and San Juan:
From To Flight Departs Arrives Frequency
-------------------------------------------------------------
Atlanta San Juan 5 9:40 a.m. 2:10 p.m.** Daily
Atlanta San Juan 21 11:10 a.m. 3:40 p.m.** Daily
San Juan Atlanta 6 2:45 p.m.** 5:50 p.m. Daily
San Juan Atlanta 32 4:30 p.m.** 7:35 p.m. Daily
** Due to Daylight Savings Time, arrival and departure times
at San Juan are one hour earlier, effective March 8, 2009.
About Airtran Airways
AirTran Airways, Inc. (NYSE: AAI) -- http://www.airtran.com/--
operates over 600 daily flights to 50 destinations. The
airline's hub is at Hartsfield-Jackson Atlanta International
Airport, where it is the second largest carrier. AirTran
Airways recently added the fuel-efficient Boeing 737-700
aircraft to create America's youngest all-Boeing fleet. The
airline is also the first carrier to install XM Satellite Radio
on a commercial aircraft and the only airline with Business
Class and XM Satellite Radio on every flight. AirTran Airways
flies to Puerto Rico.
* * *
Moody's Investors Service assigned a B2 senior secured debt
rating to Airtran Airways Inc. on April 2003. The rating still
holds to date.
Airtran Holdings Inc.'s 7% Convertible Notes due 2023 carry
Moody's Investors Service and Standard & Poor's junk ratings.
ORIENTAL FINANCIAL: Amends Bylaws to Create Vice Chairman Post
--------------------------------------------------------------
Oriental Financial Group Inc.'s board of directors has amended
the company's bylaws to, among others, create a position of vice
chairman to the board, a filing with the U.S. Securities and
Exchange Commission discloses.
The vice chairman will assist the chairman of the board in the
performance of his duties and will have other duties as set
forth in the bylaws or as may from time to time be assigned by
the board or its chairman.
The revision to the bylaws also reduces the mandatory retirement
age of directors from 75 to 71.
Oriental Financial Group Inc. (NYSE: OFG) --
http://www.OrientalOnline.com/-- is a diversified financial
holding company operating under U.S. and Puerto Rico banking
laws and regulations. Oriental provides comprehensive financial
services to its clients throughout Puerto Rico and offers third
party pension plan administration through its wholly owned
subsidiary, Caribbean Pension Consultants, Inc. The Group's
core businesses include a full range of mortgage, commercial and
consumer banking services offered through 24 financial centers
in Puerto Rico, as well as financial planning, trust, insurance,
investment brokerage and investment banking services.
* * *
On January 2006, Standard & Poor's Ratings Services assigned its
'BB+' long-term counterparty credit rating to Oriental Financial
Group. S&P also assigned its 'BBB-' counterparty rating to
Oriental's principal operating subsidiary, Oriental Bank &
Trust. S&P said the outlook for both entities is negative.
=================
V E N E Z U E L A
=================
NORTHWEST AIRLINES: Reaches Tentative Joint Pilot Deal
------------------------------------------------------
The negotiating committees of the Delta Air Lines and Northwest
Airlines pilots, both represented by the Air Line Pilots
Association, Int'l, have reached a tentative agreement with
Delta management on a joint pilot contract, the first important
step in the process of combining two pilot groups with long,
proud histories, into the largest unified pilot group in the
world.
Negotiating sessions began on Monday, June 16, 2008, and
continued almost around the clock until an agreement was reached
on Monday, June 23, 2008.
The tentative agreement will be presented to each pilot group's
respective governing body, the Delta Master Executive Council
and the Northwest Master Executive Council, this week.
Details of the TA will not be released as it must first be
considered for ratification by each MEC before it can be
presented to each respective pilot group for a separate vote.
The process of review and ratification will occur as a separate
and independent internal process within each pilot group.
About ALPA
Founded in 1931, ALPA -- http://www.alpa.org/-- represents
55,000 pilots at 40 airlines in the U.S. and Canada. ALPA
represents approximately 7,000 active DAL pilots. Visit the
Delta pilots website at http://www.deltapilots.org/
About Delta Air
Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners. Delta flies to
Argentina, Australia and the United Kingdom, among others.
The company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts. Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice. Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice. John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.
The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007. On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007. On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement. In April 25, 2007, the Court confirmed
the Debtors' plan. That plan became effective on April 30,
2007. The Court entered a final decree closing 17 cases on
Sept. 26, 2007. (Delta Air Lines Bankruptcy News; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
About Northwest Airlines
Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures. Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks. Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents. Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.
The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930). Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts. The Official Committee
of Unsecured Creditors has retained Scott L. Hazan, Esq., at
Otterbourg, Steindler, Houston & Rosen, P.C. as its bankruptcy
counsel in the Debtors' chapter 11 cases.
When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts. On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan. On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement. The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007. On May 21,
2007, the Court confirmed the Debtors' Plan. The Plan took
effect May 31, 2007. (Northwest Airlines Bankruptcy News;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
* S&P Says Continuing Oil Price Hike Impacts LatAm Oil/Gas Firms
----------------------------------------------------------------
The escalation in international oil market prices of late --
topping more than US$130 a barrel -- has affected Latin American
rated oil and gas companies in only limited ways, according to a
report published by Standard & Poor's Ratings Services. The
report, titled "Latin American Oil & Gas Companies See Limited
Impact From Record-High Oil Prices," details the conditions for
the oil and gas business in each country in the region.
Several oil and gas producers in Latin America do not benefit
fully from the recent increase in market oil prices.
"In several cases, average realization prices are lower than
international ones because of price controls, tax effects, or
government subsidies," said S&P's credit analyst Luciano
Gremone.
The respective governments control seven out of 11 rated Latin
American oil and gas companies, which ties their corporate
credit ratings to the sovereign ratings somewhat. S&P's country
risk assessments and other business risk factors also constrain
some ratings.
Although they benefit in part from high international prices,
Latin American oil and gas firms will also face some cost
pressures and require significant working capital and capital
expenditures. And S&P sees no change in the tight relationships
with governments; these will continue to affect the ratings.
S&P expects the credit quality of oil and gas companies in Latin
America to remain generally stable in the coming quarters.
Changes in international oil prices should not prompt any rating
actions soon.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Featured Conference
Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!
* * *
Beard Audio Conferences presents
Bankruptcy and Restructuring Audio Conference CDs
More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR
* * *
June 26-29, 2008
NORTON INSTITUTES ON BANKRUPTCY LAW
Western Mountains Bankruptcy Law Seminar
Jackson Hole, Wyoming
Contact: http://www.nortoninstitutes.org/
June 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Loan Workouts in Today's Environment
Fennemore Craig, Phoenix, Arizona
Contact: www.turnaround.org
June 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Views from the Federal Bankruptcy and New York State
Supreme Court Benches
Locust Hill Country Club, Pittsford, New York
Contact: www.turnaround.org
June 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Fishing Trip
Clearwater Municipal Marina, Florida
Contact: 561-882-1331 or www.turnaround.org
June 26-28, 2008
ALI-ABA
Commercial Real Estate Defaults, Workouts,
and Reorganizations
La Fonda, Santa Fe, New Mexico
Contact: http://www.ali-aba.org
July 9, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Night at the Races with Business Executive Club and NJCFA
Meadowlands Racetrack, East Rutherford, New Jersey
Contact: 908-575-7333 or www.turnaround.org
July 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Networking
Key Bank, Bellevue, Washington
Contact: 503-768-4299 or www.turnaround.org
July 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Monthly Meeting
CityPlace Center, Dallas, Texas
Contact: or www.turnaround.org
July 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Cynthia Jackson of Smith Hulsey & Busey
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
July 10-13, 2008
AMERICAN BANKRUPTCY INSTITUTE
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
Contact: http://www.abiworld.org/events
July 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Molly Pitcher, Red Bank, New Jersey
Contact: 908-575-7333 or www.turnaround.org
July 16, 2008
AMERICAN CONFERENCE INSTITUTE
Distressed M&A - Innovative Approaches for Expeditiously
Maximizing Value in Chapter 11, § 363 Sales and
Out-of-Court Divestitures
The Carlton, New York, New York
Contact: http://www.americanconference.com/
July 21, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Golf Tournament
The Club at Bear Dance, Larkspur, Colorado
Contact: 303-847-5026 or www.turnaround.org
July 23, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Secured Lenders Baseball Game
Marlin Stadium, Miami, Florida
Contact: 561-882-1331 or www.turnaround.org
July 23, 2008
TURNAROUND MANAGEMENT ASSOCIATION
The Turnaround Game Challenge
McCormick & Schmick's, Las Vegas, Nevada
Contact: www.turnaround.org
July 28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
7th Annual Golf & Tennis Outing
Raritan Valley Country Club, Bridgewater, New Jersey
Contact: 908-575-7333 or www.turnaround.org
July 29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
BBQ & Workplace Challenge
Jones Beach, Long Island, New York
Contact: 631-251-6296 or www.turnaround.org
July 29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Employment Issues Following Hurricanes & Disasters
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
July 31 - Aug. 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Contact: http://www.abiworld.org/
Aug. 7, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Networking
Portland, Oregon
Contact: 503-738-4299 or www.turnaround.org
Aug. 8, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Women's Spa Event
Hilton, Short Hills, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Aug. 14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Nassau vs. Suffolk Softball Game
Eisenhower Park, East Meadow, New York
Contact: 631-251-6296 or www.turnaround.org
Aug. 14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Social & Networking Meeting
CityPlace Center, Dallas, Texas
Contact: 972-906-9436 or www.turnaround.org
Aug. 15, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Family Night Baseball
TBD, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Contact: http://www.abiworld.org/
Aug. 20-24, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Convention
Captain Cook, Anchorage, Alaska
Contact: http://www.nabt.com/
Aug. 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Do's and Don'ts of Investing in a Turnaround
Citrus Club, Orlando, Florida
Contact: www.turnaround.org/
Sept. 4-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Contact: http://www.abiworld.org/
Sept. 4-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Four Seasons, Las Vegas, Nevada
Contact: http://www.abiworld.org/
Aug. 27-28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA 4th Annual Northeast Regional Conference
Gideon Putnam Resort & Spa, Saratoga Springs, New York
Contact: www.turnaround.org
Aug. 28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Arizona Chapter Mixer
TBD, Phoenix, Arizona
Contact: 623-581-3597 or www.turnaround.org
Sept. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Marriott, Bridgewater, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Sept. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Dallas / Fort Worth Restructuring Workshop
Belo Mansion Dallas, Texas
Contact: www.turnaround.org
Sept. 11, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Lenders Forum
TBD, Long Island, New York
Contact: www.turnaround.org
Sept. 11-12, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Mid-America Regional Conference
Oak Brook Hills Marriott Resort, Oak Brook, Illinois
Contact: www.turnaround.org
Sept. 11-14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Cross Border Conference
Grand Okanagan Resort, Kelowna, British Columbia
Contact: www.turnaround.org
Sept. 12, 2008
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC Views from the Bench
Georgetown University Law Center, Washington, DC
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 16-18, 2008
ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
2nd Annual Restructuring & Investing Conference
Shanghai, China
Contact: http://www.airacira.org/
Sept. 17, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Real Estate / Condo Restructuring Panel
Marriott North, Fort Lauderdale, Florida
Contact: www.turnaround.org/
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
Maplewood Country Club, Maplewood, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Chapter Lunch Program
Nashville City Center, Nashville, Tennessee
Contact: 615-850-8678 or www.turnaround.org
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Healthcare Industry Update - Panel Discussion
Summit Club, Birmingham, Alabama
Contact: www.turnaround.org
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Effective Turnarounds: A View From US Trustees
TBA, Syracuse, New York
Contact: www.turnaround.org
Sept. 18-19, 2008
AMERICAN CONFERENCE INSTITUTE
Advanced Insolvency Law and Practice Conference
Paris, France
Contact: www.americanconference.com
Sept. 24, 2008
TURNAROUND MANAGEMENT ASSOCIATION
13 Week Cash Flow Workshop: An Overview
McCormick & Schmick's, Las Vegas, Nevada
Contact: www.turnaround.org
Sept. 24-25, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Florida Annual Golf Tournament
Champions Gate Golf Club, Orlando, Florida
Contact: 561-882-1331 or www.turnaround.org
Sept. 24-26, 2008
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
IWIRC 15th Annual Fall Conference
Scottsdale, Arizona
Contact: http://www.ncbj.org/
Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Desert Ridge Marriott, Scottsdale, Arizona
Contact: http://www.iwirc.org/
Sept. 25, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Case Study with Tom Kim, TMA Small Business of the Year
Turnaround Award - TMA Arizona Chapter Meeting
TBD, Phoenix, Arizona
Contact: www.turnaround.org
Sept. 26, 2008
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Marriott Desert Ridge, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 30, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Private Equity Panel
Centre Club, Tampa, Florida
Contact: www.turnaround.org/
Oct. 3, 2008
AMERICAN BANKRUPTCY INSTITUTE
ABI/UMKC Midwestern Bankruptcy Institute
H. Roe Bartle Hall Convention Center, Kansas City
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 9, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Luncheon - Chapter 11
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
Oct. 13, 2008
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
Standard Club, Chicago, Illinois
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Annual Charity Golf Event
Forest Park Golf Course, St. Louis, Missouri
Contact: www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Billiards Networking Night
Herbert's Billiards, Secaucus, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
LI-TMA Member Social
Davenport Press, Mineola, New York
Contact: 631-251-6296 or www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Meeting
TBD, Calgary, Alberta
Contact: 503-768-4299 or www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
View from the Bench - Bankruptcy Update
Summit Club, Birmingham, Alabama
Contact: www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
How to Contract with a Turnaround Manager
University Club, Portland, Oregon
Contact: www.turnaround.org
Oct. 22, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Turnaround Nevada Award Night
McCormick & Schmick's, Las Vegas, Nevada
Contact: www.turnaround.org
Oct. 23, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting - Election Oriented
TBD, Phoenix, Arizona
Contact: www.turnaround.org
Oct. 23, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Effective Turnarounds: A Panel of Professionals
TBA, Rochester, New York
Contact: www.turnaround.org
Oct. 23-24, 2008
AMERICAN CONFERENCE INSTITUTE
Distressed Assets Boot Camp
TBD, London, United Kingdom
Contact: www.americanconference.com
Oct. 28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
State of the Capital Markets
Citrus Club, Orlando, Florida
Contact: www.turnaround.org/
Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott New Orleans, Louisiana
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 29-30, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Corporate Governance Meetings
Marriott, New Orleans, Louisiana
Contact: www.turnaround.org
Oct. 30 & 31, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Physicians Agreements and Ventures
Contact: 800-726-2524; 903-595-3800;
www.renaissanceamerican.com
Oct. 31, 2008
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
Hilton, Frankfurt, Germany
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 6, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Coach House Diner & Restaurant, Hackensack, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Nov. 11, 2008
AMERICAN BANKRUPTCY INSTITUTE
Detroit Consumer Bankruptcy Conference
Marriott, Troy, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Turnaround Case Study
Summit Club, Birmingham, Alabama
Contact: www.turnaround.org
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Effective Turnarounds:A View From Workout Consultants
TBA, Buffalo, New York
Contact: www.turnaround.org
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
LI-TMA Social
TBD, Melville, New York
Contact: 631-251-6296 or www.turnaround.org
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Dinner Meeting
TBD, Calgary, Alberta
Contact: 503-768-4299 or www.turnaround.org
Nov. 19, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Special Program
Tournament Players Club at Jasna Polana, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Nov. 19, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Interaction Between Professionals in a
Restructuring/Bankruptcy
Bankers Club, Miami, Florida
Contact: 312-578-6900; http://www.turnaround.org/
Nov. 20, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Senior Housing & Long Term Care
Washington Athletic Club,Seattle, Washington
Contact: www.turnaround.org
Nov. 27, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting - Chris Kaup
TBD, Phoenix, Arizona
Contact: www.turnaround.org
Dec. 3, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Party
McCormick & Schmick's, Las Vegas, Nevada
Contact: 702-952-2480 or www.turnaround.org
Dec. 3, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Christmas Function
Terminal City Club, Vancouver, British Columbia
Contact: 503-768-4299 or www.turnaround.org
Dec. 3-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Contact: http://www.abiworld.org/
Dec. 8, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Gathering
TBD, Long Island, New York
Contact: 631-251-6296 or www.turnaround.org
Dec. 9, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday MIxer
Washington Athletic Club, Seattle, Washington
Contact: 503-768-4299 or www.turnaround.org
Dec. 11, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday MIxer
University Club, Portland, Oregon
Contact: 503-768-4299 or www.turnaround.org
Dec. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday MIxer
TBD, Phoenix, Arizona
Contact: 623-581-3597 or www.turnaround.org
Dec. 31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Sponsorships - Annual Golf Outing, Various Events
TBA, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Jan. 21-22, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Bellagio, Las Vegas, Nevada
Contact: www.turnaround.org
Jan. 22-23, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Distressed Investing Conference
Bellagio, Las Vegas, Nevada
Contact: www.turnaround.org
Jan. 22-23, 2009
AMERICAN BANKRUPTCY INSTITUTE
Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colorado
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 5-7, 2009
AMERICAN BANKRUPTCY INSTITUTE
Caribbean Insolvency Symposium
Westin Casurina, Grand Cayman Island, AL
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons, Las Vegas, Nevada
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Beverly Wilshire, Beverly Hills, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 17-18, 2009
NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
NABT Spring Seminar
The Peabody, Orlando, Florida
Contact: http://www.nabt.com/
Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
John Adams Courthouse, Boston, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
May 14-16, 2009
ALI-ABA
Chapter 11 Business Reorganizations
Langham Hotel, Boston, Massachusetts
Contact: http://www.ali-aba.org
June 11-13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 15-18, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
BEARD AUDIO CONFERENCES
2006 BACPA Library
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Carve-Out Agreements for Unsecured Creditors
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
China’s New Enterprise Bankruptcy Law
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
for Navigating the Restructuring Process
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
Deepening Insolvency – Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Claims Trading
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Market Opportunities
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
Audio Conference Recording
Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
Examining the Examiners: Pros and Cons of Using
Examiners in Chapter 11 Proceedings
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Handling Complex Chapter 11
Restructuring Issues
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
Hospitals Across the U.S.
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
IP Rights In Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
New 'Red Flag' Identity Theft Rules
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
Non-Traditional Lenders and the Impact of Loan-to-Own
Strategies on the Restructuring Process
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy: Unwinding The Deal
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Reverse Mergers—the New IPO?
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
and Records Management for Bankruptcy Practitioners
and Litigators
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Technology as a Competitive Advantage For Today’s Legal
Processes
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
The Battle of Green & Red: Effect of Bankruptcy
on Obligations to Clean Up Contaminated Property
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
The Subprime Sector Meltdown:
Legal Developments and Latest Opportunities
Contact: 240-629-3300;
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BEARD AUDIO CONFERENCES
Twenty-Day Claims
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite Corporate Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com
BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Tara Eliza E. Tecarro, Sheryl Joy P. Olano,
Rizande de los Santos, and Pamella Ritah K. Jala, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For
subscription information, contact Christopher Beard at
240/629-3300.
* * * End of Transmission * * *