TCRLA_Public/070904.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

           Tuesday, September 4, 2007, Vol. 8, Issue 175

                          Headlines

A R G E N T I N A

ABRASUL SRL: Proofs of Claim Verification Deadline Is Oct. 25
AGROPECUARIA SANTA INES: Claims Verification Ends Tomorrow
ALITALIA SPA: Business Plan Aims Capital Hike, Flight & Job Cuts
CASTELLO BARONESE: Proofs of Claim Verification Ends on Oct. 17
CEREALES ZUBILLAGA: Seeks for Bankruptcy Approval from Court

D AMARIO: Proofs of Claim Verification Deadline Is Tomorrow
FEDERICO ADAMI: Proofs of Claim Verification Is Until Oct. 24
FLAMARION SA: Proofs of Claim Verification Ends on Oct. 24
PRATS SA: Proofs of Claim Verification Deadline Is Oct. 22
RODALIA SCA: Creditors To Vote on Settlement Plan on Sept. 20

SUDELER SA: Proofs of Claim Verification Is Until Oct. 9
TECNOCUER SA: Proofs of Claim Verification Deadline Is Oct. 12
UDA SA: Proofs of Claim Verification Is Until Oct. 18


B E L I Z E

* BELIZE: Gets US$100,000 Financing from IDB


B E R M U D A

ANA SUB: Proofs of Claim Filing Deadline Is Sept. 7
CHEVRON OVERSEAS: Proofs of Claim Filing Ends on Sept. 7
LSF LUX IX: Proofs of Claim Filing Is Until Sept. 5
LSF LUX VI: Proofs of Claim Filing Deadline Is Sept. 5
LSF LUX VII: Proofs of Claim Filing Is Until Sept. 5

MORGAN STANLEY: Proofs of Claim Filing Ends on Sept. 5
UNIVERSAL AVIATION: Proofs of Claim Filing Is Until Sept. 7
UNOCAL BANGLADESH: Proofs of Claim Filing Deadline Is Sept. 7
UNOCAL BANGLADESH BLOCK: Proofs of Claim Filing Is Until Sept. 7
UNOCAL SOUTH: Proofs of Claim Filing Ends on Sept. 7


B O L I V I A

* BOLIVIA: Congress Ratifies Hydrocarbons Reform Bill
* BOLIVIA: Launching Minerals & Metals Trade Nat'l Registry


B R A Z I L

DELPHI CORP: Settles Class Action Lawsuits with Lead Plaintiffs
GERDAU AMERISTEEL: Foreign Committee Approves Agreement Plan
PRIDE INT'L: Fitch Affirms Issuer Default Rating at BB
SANTANDER BANESPA: Raising BRL400MM for Santo Antonio Plant
TK ALUMINUM: Inks Purchase Agreement with Bavariaring

* BRAZIL: Boosting Hydrocarbons & Power Cooperation with Peru
* BRAZIL: State Firm Inks Technical Studies Pact with Bharat


C A Y M A N   I S L A N D S

4C ASSOCIATES: Proofs of Claim Filing Deadline Is Sept. 20
ANTHRACITE BALANCED: Final Shareholders Meeting Is on Sept. 20
ANTHRACITE BALANCED: Proofs of Claim Must be Filed by Sept. 20
ANTHRACITE FEEDER: Proofs of Claim Filing Ends on Sept. 20
ANTHRACITE FEEDER: Sets Final Shareholders Meeting for Sept. 20

BELIZE SOVEREIGN I: Proofs of Claim Must be Filed by Sept. 20
BELIZE SOVEREIGN II: Proofs of Claim Filing Is Until Sept. 20
CAYMAN CLEARING: Proofs of Claim Must be Filed by Sept. 20
CAYMAN CONNECTOR: Sets Final Shareholders Meeting for Sept. 20
K CAPITAL: Proofs of Claim Filing Ends Today

KEEFE OFFSHORE: Proofs of Claim Filing Deadline Is Sept. 20
KRE INVESTMENT: Will Hold Final Shareholders Meeting on Sept. 20
NZB PRODUCTS: Proofs of Claim Must be Filed by Sept. 20
PROJECT-R HOLDINGS: Proofs of Claim Filing Is Until Sept. 20
SAXUM INVESTMENTS: Proofs of Claim Filing Ends on Sept. 20

SCOUT CAPITAL: Proofs of Claim Filing Deadline Is Today
SINGULAR FUND: Proofs of Claim Must be Filed by Sept. 13
SINGULAR FUND: Will Hold Final Shareholders Meeting on Sept. 20
SPECIAL K (U.S.): Proofs of Claim Filing Ends Today
SPECIAL K (EURO): Proofs of Claim Must be Filed Today


C H I L E

SHAW GROUP: Reports Fin'l Statements for 1st & 2nd Qtrs. of 2007


C O L O M B I A

DIRECTV: Colombian Unit Demands Cancellation of Telmex Merger
NOVELL INC: Signs License Agreement with Acacia Tech Unit

* COLOMBIA: State Power Firm Acquires Rights for Sogamoso


E C U A D O R

* ECUADOR: Regulator Terminates Termoriente Concession Contract


G U Y A N A

DIGICEL LTD: Guyanan Unit Lost US$200,000 in Robbery


J A M A I C A

AIR JAMAICA: Passenger Allegedly Assaults Two Counter Agents
AIR JAMAICA: Undaunted by American Airlines' St. Lucia Route


M E X I C O

CABLEMAS SA: Reports MXN14.7 Mil. Net Income in Second Quarter
CABLEMAS SA: Cablestar Inks Agreement to Acquire Bestel Assets
DANA CORPORATION: Files Plan of Reorganization in New York
EMPRESAS ICA: OKs Up to US$550MM More Shares in Public Offer
ODYSSEY RE: Settles Lawsuit with Gulf Insurance

TECUMSEH PRODUCTS: Closes Sale Transaction with Regal Beloit


P A N A M A

* PANAMA: President Approves Hydrocarbons Reform Bill


P A R A G U A Y

AGILENT TECHNOLOGIES: Closes NetworkFab Acquisition


P E R U

* PERU: Boosting Hydrocarbons & Power Cooperation with Brazil
* PERU: Mandates Installation of Telecom Emergency Network


P U E R T O   R I C O

DORAL FINANCIAL: Paying Dividend on Four Preferred Stock Series
POPULAR INC: To Purchase Smith Barney's Broker-Dealer Operations
R&G FINANCIAL: Gets Permission for Dividend Payments
SYROCO INC: Committee Hires A. Bini-del Valle as Local Attorney
SYROCO INC: Committee Retains Pillsbury Winthrop as Counsel

SYROCO INC: Committee Wants Invotex Group as Financial Advisor


T R I N I D A D   &   T O B A G O

CAREY INT'L: Moody's Downgrades Corporate Family Rating to Caa2


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Nat'l Assembly Reviewing Orinoco Pacts


                            - - - - -

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A N T I G U A   &   B A R B U D A
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A R G E N T I N A
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ABRASUL SRL: Proofs of Claim Verification Deadline Is Oct. 25
-------------------------------------------------------------
Liliana Quiroga, the court-appointed trustee for Abrasul SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
Oct. 25, 2007.

Ms. Quiroga will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30, 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 Abrasul 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 Abrasul's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Ms. Quiroga is also in charge of administering Abrasul's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

        Liliana Quiroga
        Terrero 1752
        Buenos Aires, Argentina

The trustee can be reached at:

        Abrasul SRL
    Paysandu 1635
        Buenos Aires, Argentina


AGROPECUARIA SANTA INES: Claims Verification Ends Tomorrow
----------------------------------------------------------
Eduardo Betorz, the court-appointed trustee for Agropecuaria
Santa Ines S.A.'s reorganization proceeding, will verify
creditors' proofs of claim until Sept. 5, 2007.

Mr. Betorz will present the validated claims in court as
individual reports on Oct. 19, 2007.  The National
Commercial Court of First Instance in La Carlota, Cordoba, will
then determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Agropecuaria Santa Ines 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 Agropecuaria Santa
Ines' accounting and banking records will be submitted in court.

Infobae didn't state the general report submission deadline.

The debtor can be reached at:

        Agropecuaria Santa Ines S.A.
        Fortin de las Tunas 620, Alejo Ledesma
        Cordoba, Argentina

The trustee can be reached at:

        Eduardo Betorz
        Dean Funes 546, La Carlota
        Cordoba, Argentina


ALITALIA SPA: Business Plan Aims Capital Hike, Flight & Job Cuts
----------------------------------------------------------------
The Board of Directors of Alitalia S.p.A. approved, among other
items, the Guidelines for the 2008-2010 Business Plan.  

                        Assumptions

External Context

In January 2007, the Company announced that the targets set out
in the Business Plan previously approved by the Board of
Directors were to be considered no longer valid and therefore
the Business Plan not feasible.  

On Feb. 27, 2007, the newly appointed Board of Directors decided
not to revise the Business Plan for the time being, in view of
the sales procedure started by the Ministry of Economy and
Finance.  The revision was postponed until a later date, once
all the necessary elements had been acquired.

Subsequently, with the aim of safeguarding the Company going
concern, the Ministry of Economy and Finance asked the Company,
despite the operation of privatization, to consider the
opportunity of taking steps to define the guidelines for a
Business Plan, which would be sustainable for the Company over
the next three years.

At the end of July 2007, the Company acknowledged the conclusion
without results of the competitive procedure based on direct
negotiations started in December by the Ministry of Economy and
Finance for the sale of not less than a 39.9% share of the
company capital.  

Consequently, Alitalia would have to draw up a stand alone
Business Plan, as previously decided by the Board of Directors
on June 11, 2007.   

Subsequently, the Ministry of Economy and Finance confirmed its
intention, also as a result of the conclusion without results of
the sale procedure started up in December 2006, to transfer the
control of Alitalia in a way still to be decided.

Assumptions on management/operational situation and financials:

   -- the Company in its current situation is no longer able to
      sustain the negative trend of accumulated and perspective
      losses;

   -- given the current situation, from both the competitive and
      economic points of view, the Company is no longer able to
      operate efficiently out of two hubs;

   -- consequently, the Company urgently needs to reduce its
      scale of operations and its positioning, to modify its
      business approach through measures involving the network,
      product quality, operating costs, terms of employment and
      organization of personnel (the related aspect of
      redundancies will be handled in agreement with the union
      organizations, using social and welfare tools).

Industrial Scenario and Positioning

The competitive scenario and the air transport context are
rapidly moving towards forms of integration and concentration
involving a very small number of hub carriers, making it
possible to achieve economies of scale and the creation of
significant synergies.

Against this background, there is a growing trend in the
industry to leave only "niche" spaces for traditional carriers,
which have limited size and operate on a "stand alone" basis.

Alitalia has accumulated a considerable gap compared to its main
competitors due to a series of interrelated causes such as the
widely dispersed traffic demand over several catchment areas,
the country's geographical position which is decentralized
compared to major international routes, a marked lack of
infrastructures and the highly fragmented domestic airport
system (especially the two airports, Linate and Malpensa,
serving the Milan area), the lack of a well-ordered system of
sector regulations which has penalized and continues to penalize
Alitalia, the complex system of external constraints of various
types.

It is necessary to understand that it would be extremely
difficult to close the accumulated gap through a new attempt to
achieve an "independent positioning" for the Company as one of
the main hub carriers in Europe .  The only result of this
attempt would be to confirm Alitalia's current role as a
marginal and "regional" airline.

                      Features of the Plan

Against this background, the Board of Directors has approved the
guidelines for a "Plan for survival/transition", aimed at
achieving conditions of sustainability and continuity for
Company activities in the short/medium term, waiting for the
definitive decision regarding the future ownership of the
Company and the consequent business organization.

Therefore, the Plan is characterized by a top priority of
reducing -- substantially and rapidly -- the Company's losses
and the erosion of its equity through strategic actions
marked by strong discontinuity.

                   Macro-Objectives of the Plan

   -- to modify and downsize the Company's business profile
      during the transition period, in order to make it more
      sustainable from an economic point of view in a context of
      improved operating efficiency;

   -- to safeguard the value of the Alitalia brand by redefining
      the Company's mission and its distinctive competitive
      profile;

   -- to achieve better positioning in order to encourage
      participation by third parties with specific competencies
      and financial resources to support the Company's
      development.

                          Main Actions

Operations

   -- repositioning the activities of Milan Malpensa airport by
      focusing on specific business segments:

   -- launching "point-to-point" services with dedicated
      aircraft to serve the Milan market on routes that are not
      operated from Milan Linate;

   -- developing low-cost activities through Volare Web focusing
      on the expanding leisure market;

   -- developing long-haul charter activities through Air
      Europe ;

   -- consolidating the cargo business in Milan Malpensa with
      crew base and maintenance.  The Company is willing to
      reconsider this repositioning of activities at Milan
      Malpensa airport if and when the access regulations for
      Milan Linate airport were to be modified concentrating the
      major part of air traffic from/to Lombardy on Milan
      Malpensa, and if and when airport costs were reduced;

   -- increasing activities on Rome Fiumicino airport in order
      to fully exploit the characteristics of its "natural"
      market.  The implementation of a development plan by the
      airport management company to improve infrastructures and
      airport handling, together with a reduction in airport
      costs, constitutes a prerequisite for increasing
      activities on Rome Fiumicino;

   -- suspending flights with strongly negative economic results
      and with no prospects for recovery in the short term;

   -- regaining efficiency and productivity of human resources
      and the fleet;

   -- improving the quality of the product;

   -- reducing the number of short/medium-haul aircraft;

   -- limited reduction in the number of long-haul aircraft in
      the short term and growth prospects in the medium term;

   -- improving the efficiency of organisational structure by
      reducing the workforce and changing the terms and
      conditions of employment;

   -- As far as Alitalia Servizi is concerned:

       * strengthening Alitalia's operating and managing
         leadership;

       * in agreement with Fintecna and the union organizations,
         entry of qualified industrial partners in the various
         business segments to take over (in a minority position)
         the responsibility for managing them; and

      *  potential option to bring back line maintenance
         activities within Alitalia (reinternalizing).

      Once the above steps have been taken, agreement with
      Fintecna to keep current Alitalia's stake in Alitalia
      Servizi.

Financial

The Board also took note of the need to inject new financial
resources through a substantial increase of capital, to be
carried out in the coming months in connection with the project
to transfer the control of the Company.  The quantitative and
financial aspects of the Plan, to be completed and discussed at
the Board meeting on Sept. 7, will not take into account the
planned increase of capital.  

Therefore it would be possible to use these new financial
resources to improve and consolidate the Plan's objectives, as a
first significant step towards reducing debt and recovering
growth prospects.

Stake Sale

Regarding the Government's reconfirmed decision to transfer the
control of the Company and in line with the objective set by the
Company to quickly identify the industrial and financial
subjects willing and able to acquire control of the Company,
Alitalia has selected Citi as financial advisor to carry out the
project.

The Board mandated the Chairman to move ahead swiftly with
identifying in the shortest possible time potential investors
and the relative industrial and financial projects.

Appointment

Furthermore at this meeting, the Board of Directors appointed
Chief Financial Officer Vittorio Mazza as "Executive responsible
for drawing up the Company's accounting documents", according to
article 154-bis of Legislative Decree no. 58 of Feb. 24, 1998,
with subsequent modifications, and article 24 of the Company
Statute.

The appointment is based on the favorable opinion expressed by
the Board of Statutory Auditors and on the requisites of
professionalism and trustworthiness set out in the Company
Statute.  

The Board of Directors took steps to verify the suitability of
the means and powers at the disposal of the Executive in order
to carry out his tasks.

                       About Alitalia

Headquartered in Rome , Italy , Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  The Italian government owns 49.9%
of Alitalia.  The company has operations in Argentina.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.  
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, and EUR168 million in 2005.


CASTELLO BARONESE: Proofs of Claim Verification Ends on Oct. 17
---------------------------------------------------------------
Griselda Isabel Eidelstein, the court-appointed trustee for
Castello Baronese S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Oct. 17, 2007.

Ms. Eidelstein will present the validated claims in court as
individual reports on Nov. 28, 2007.  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 Castello Baronese 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 Castello Baronese's
accounting and banking records will be submitted in court on
Feb. 12, 2008.

Ms. Eidelstein is also in charge of administering Castello
Baronese's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

        Castello Baronese S.R.L.
        Oliden 2661
        Buenos Aires, Argentina

The trustee can be reached at:

        Griselda Isabel Eidelstein
        Lambare 1140
        Buenos Aires, Argentina


CEREALES ZUBILLAGA: Seeks for Bankruptcy Approval from Court
------------------------------------------------------------
The National Commercial Court of First Instance No. 2 in Buenos
Aires is studying the merits of Cereales Zubillaga S.A.'s
request to enter bankruptcy protection.

The report adds that Cereales Zubillaga filed a "Quiebra
Decretada" petition following cessation of debt payments on
Dec. 19, 2005.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Clerk No. 3 assists the court in this case.

The debtor can be reached at:

        Cereales Zubillaga S.A.
        Juncal 2748
        Buenos Aires, Argentina


D AMARIO: Proofs of Claim Verification Deadline Is Tomorrow
-----------------------------------------------------------
Eduardo Betorz, the court-appointed trustee for D Amario
Hermanos S.A.'s reorganization proceeding, will verify
creditors' proofs of claim until Sept. 5, 2007.

Mr. Betorz will present the validated claims in court as
individual reports on Oct. 19, 2007.  The National
Commercial Court of First Instance in La Carlota, Cordoba, will
then determine if the verified claims are admissible, taking
into account the trustee's opinion and the objections and
challenges raised by Agropecuaria Santa Ines 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 Agropecuaria Santa
Ines' accounting and banking records will be submitted in court.

Infobae didn't state the general report submission deadline.

The debtor can be reached at:

        D Amario Hermanos S.A.
        Cordoba 856, Alejo Ledesma
        Cordoba, Argentina

The trustee can be reached at:

        Eduardo Betorz
        Dean Funes 546, La Carlota
        Cordoba, Argentina


FEDERICO ADAMI: Proofs of Claim Verification Is Until Oct. 24
-------------------------------------------------------------
Marta Estela Acuna, the court-appointed trustee for Federico
Adami S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Oct. 24, 2007.

Ms. Acuna will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Buenos Aires will determine if the verified claims
are admissible, taking into account the trustee's opinion, and
the objections and challenges that will be raised by Federico
Adami 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 Federico Adami's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

Ms. Acuna is also in charge of administering Federico Adami's
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

        Marta Estela Acuna
        Combate de los Pozos 129
        Buenos Aires, Argentina


FLAMARION SA: Proofs of Claim Verification Ends on Oct. 24
----------------------------------------------------------
Andrea Isabel Sita, the court-appointed trustee for Flamarion
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 24, 2007.

Ms. Sita will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Buenos Aires will determine if the verified claims
are admissible, taking into account the trustee's opinion, and
the objections and challenges that will be raised by Flamarion
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 Flamarion's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

Ms. Sita is also in charge of administering Flamarion's assets
under court supervision and will take part in their disposal to
the extent established by law.

The trustee can be reached at:

        Andrea Isabel Sita
        Cramer 2175
        Buenos Aires, Argentina


PRATS SA: Proofs of Claim Verification Deadline Is Oct. 22
----------------------------------------------------------
Jorge Guillermo Podesta, the court-appointed trustee for Prats
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Oct. 22, 2007.

Mr. Podesta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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 Prats 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 Prats' accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Mr. Podesta is also in charge of administering Prats' assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

        Prats SA
        Martin Rodriguez 431
        Buenos Aires, Argentina

The trustee can be reached at:

        Jorge Guillermo Podesta
        Reconquista 336
        Buenos Aires, Argentina


RODALIA SCA: Creditors To Vote on Settlement Plan on Sept. 20
-------------------------------------------------------------
Rodalia S.C.A.'s creditors will vote to ratify the company's
completed settlement plan during an assembly on Sept. 20, 2007.

The court-appointed trustee for Rodalia's reorganization
proceeding verified creditors' proofs of claim.  The trustee
presented the validated claims as individual reports in the
National Commercial Court of First Instance in Buenos Aries.

The debtor can be reached at:

        Rodalia S.C.A.
        Dean Funes 1649
        Buenos Aires, Argentina


SUDELER SA: Proofs of Claim Verification Is Until Oct. 9
--------------------------------------------------------
Ana Maria Pazos, the court-appointed trustee for Sudeler S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Oct. 9, 2007.

Ms. Pazos will present the validated claims in court as
individual reports on Nov. 21, 2007.  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 Sudeler 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 Sudeler's accounting
and banking records will be submitted in court on Feb. 5, 2008.

Ms. Pazos is also in charge of administering Sudeler's assets
under court supervision and will take part in their disposal to
the extent established by law.

The trustee can be reached at:

        Ana Maria Pazos
        Maipu 374
        Buenos Aires, Argentina


TECNOCUER SA: Proofs of Claim Verification Deadline Is Oct. 12
--------------------------------------------------------------
The court-appointed trustee for Tecnocuer S.A.'s reorganization
proceeding, verifies creditors' proofs of claim until
Oct. 12, 2007.

Infobae didn't state the name of the trustee.

The trustee will present the validated claims in court as
individual reports.  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 Tecnocuer 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 Tecnocuer's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

The debtor can be reached at:

        Tecnocuer S.A.
        Dalmacio Velez 1128, Villa del Rosario
        Departamento Rio Segundo, Cordoba
        Argentina


UDA SA: Proofs of Claim Verification Is Until Oct. 18
-----------------------------------------------------
Hugo Basile, the court-appointed trustee for UDA SA's bankruptcy
proceeding, verifies creditors' proofs of claim until
Oct. 18, 2007.

Mr. Basile will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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 UDA 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 UDA's accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Mr. Basile is also in charge of administering UDA's assets under
court supervision and will take part in their disposal to the
extent established by law.

The debtor can be reached at:

        UDA SA
        Avenida Cordoba 5392
        Buenos Aires, Argentina

The trustee can be reached at:

        Hugo Basile
        Uriburu 782
        Buenos Aires, Argentina




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B E L I Z E
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* BELIZE: Gets US$100,000 Financing from IDB
--------------------------------------------
The Inter-American Development Bank has approved a US$100,000
financing to support Belize's emergency relief efforts in the
wake of Hurricane Dean, which struck several countries around
the Caribbean basin last week.

The category 5 hurricane hit the Yucatan Peninsula on Aug. 21 in
the neighboring Mexican state of Quintana Roo but its gale-force
winds caused extensive damage in northern districts of Belize,
particularly around the town of Corozal.

Hurricane victims in Corozal and other affected areas took
refuge in shelters built or retrofitted under the Hurricane
Rehabilitation and Disaster Preparedness Project, which was
partially financed by the IDB.

IDB staff worked closely with Belize's National Emergency
Management Organization and international agencies to determine
the type of assistance needed.  The Bank's grant may be used for
humanitarian aid and emergency spending related to the relief
effort.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2007, Standard & Poor's Ratings Services raised its
long- and short-term foreign currency sovereign credit ratings
on Belize to 'B' from 'SD' following the completion of the
government's debt restructuring.  At the same time, Standard &
Poor's raised its long-term local currency sovereign credit
rating on Belize to 'B' from 'CCC+' and its short-term local
currency sovereign rating to 'B' from 'C'.  The outlooks on both
the long-term foreign and local currency sovereign credit
ratings are stable.  Standard & Poor's also assigned its 'B'
rating to Belize's new US$546.8 million step-up bonds due
Feb. 20, 2029, issued at the conclusion of the debt exchange.   
These bonds bear the interest of 4.25% for the first three
years, 6% for years four to five, and 8.5% thereafter, and start
amortizing in 2019.




=============
B E R M U D A
=============


ANA SUB: Proofs of Claim Filing Deadline Is Sept. 7
---------------------------------------------------
Ana Sub One Co. Ltd.'s creditors are given until Sept. 7, 2007,
to prove their claims to Robin J. Mayor, the company's
liquidator, or be excluded from receiving any distribution or
payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Ana Sub shareholders agreed on Aug. 22, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


CHEVRON OVERSEAS: Proofs of Claim Filing Ends on Sept. 7
--------------------------------------------------------
Chevron Overseas (Namibia) Ltd.'s creditors are given until
Sept. 7, 2007, to prove their claims to Gary R. Pitman, 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.

Chevron Overseas shareholders agreed on Aug. 13, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Gary R. Pitman
         Chevron House, 11 Church Street
         Hamilton, Bermuda


LSF LUX IX: Proofs of Claim Filing Is Until Sept. 5
---------------------------------------------------
LSF Lux Holdings IX Ltd.'s creditors are given until
Sept. 5, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

LSF Lux's shareholders agreed on Aug. 16, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


LSF LUX VI: Proofs of Claim Filing Deadline Is Sept. 5
------------------------------------------------------
LSF Lux Holdings VI Ltd.'s creditors are given until
Sept. 5, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

LSF Lux's shareholders agreed on Aug. 16, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


LSF LUX VII: Proofs of Claim Filing Is Until Sept. 5
----------------------------------------------------
LSF Lux Holdings VII Ltd.'s creditors are given until
Sept. 5, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

LSF Lux's shareholders agreed on Aug. 16, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


MORGAN STANLEY: Proofs of Claim Filing Ends on Sept. 5
------------------------------------------------------
Morgan Stanley Spectrum Fund Ltd.'s creditors are given until
Sept. 5, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Morgan Stanley's shareholders agreed on Aug. 20, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


UNIVERSAL AVIATION: Proofs of Claim Filing Is Until Sept. 7
-----------------------------------------------------------
Universal Aviation & Marine Risks Ltd.'s creditors are given
until Sept. 7, 2007, to prove their claims to Robin J. Mayor,
the company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Universal Aviation's shareholders agreed on Aug. 20, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Clarendon House, Church Street
         Hamilton, Bermuda


UNOCAL BANGLADESH: Proofs of Claim Filing Deadline Is Sept. 7
-------------------------------------------------------------
Unocal Bangladesh Block Five Ltd.'s creditors are given until
Sept. 7, 2007, to prove their claims to Gary R. Pitman, 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.

Unocal Bangladesh shareholders agreed on Aug. 13, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Gary R Pitman
         Chevron House
         11 Church Street, Hamilton
         Bermuda


UNOCAL BANGLADESH BLOCK: Proofs of Claim Filing Is Until Sept. 7
----------------------------------------------------------------
Unocal Bangladesh Block Ten Ltd.'s creditors are given until
Sept. 7, 2007, to prove their claims to Gary R. Pitman, 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.

Unocal Bangladesh shareholders agreed on Aug. 13, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Gary R Pitman
         Chevron House
         11 Church Street, Hamilton
         Bermuda


UNOCAL SOUTH: Proofs of Claim Filing Ends on Sept. 7
----------------------------------------------------
Unocal South Asia Energy Ltd.'s creditors are given until
Sept. 7, 2007, to prove their claims to Gary R. Pitman, 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.

Unocal South's shareholders agreed on Aug. 13, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Gary R. Pitman
         Chevron House
         11 Church Street, Hamilton
         Bermuda




=============
B O L I V I A
=============


* BOLIVIA: Congress Ratifies Hydrocarbons Reform Bill
-----------------------------------------------------
The Bolivian congress has approved a reform on the hydrocarbons
sustainable development bill, state news agency Agencia
Boliviana de Informacion reports.

Business News Americas relates that the bill was submitted to
Bolivian President Evo Morales for signing.

President Morales had vetoed the previous bill, BNamericas says.  
He ratified 44 bills that corrected flaws in the same number of
contracts signed with hydrocarbons firms in October 2007 as part
of the nationalization program.

According to BNamericas, the hydrocarbons sustainable
development bill had been returned to Congress with observations
by President Morales.

Published reports say that President Morales could agree to the
bill ratified by the congress this time around to consolidate
the nationalization program.

BNamericas notes that the new bill doesn't include "a tax on
windfall profits."  The bill specifies investment programs made
after declaring commerciality should guarantee efficient and
economic production to ensure supplies at in and outside
Bolivia.  According to the bill, the government's executive
branch must guarantee the permanent and uninterrupted supply of
hydrocarbons.  The law would require state hydrocarbons firm
Yacimientos Petroliferos Fiscales Bolivianos to post operating
contracts information on its Web site including:

          -- personnel and materials costs of operators;

          -- environmental, safety and occupational health data;
             and

          -- production volumes.

Under the new bill, Yacimientos Petroliferos is required to  
contract specialized firms to certify hydrocarbons reserves.  
The firm must disclose existing reserve levels in the first
quarter of each year, BNamericas states.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                   Rating     Rating Date
                   ------     -----------
Country Ceiling    B-       Jun. 17, 2004
Long Term IDR      B-       Dec. 14, 2005
Local Currency
Long Term Issuer
Default Rating     B-       Dec. 14, 2005


* BOLIVIA: Launching Minerals & Metals Trade Nat'l Registry
-----------------------------------------------------------
A Bolivian mining ministry spokesperson told Business News
Americas that the government will launch minerals and metals
trade national registry service Senarecom, despite a lack of
support from miners.

According to BNamericas, the government said in July 2007 the
creation of Senarecom, after the Colquiri mine of Switzerland's
Glencore stopped the sale of its tin concentrates to the Vinto
smelter.  Formerly Glencore-owned Vinto was nationalized in
February 2007.

BNamericas notes that sinced then, Vinto has been supplied 90%
by Huanuni and 10% by independent cooperatives.

The spokesperson commented to BNamericas, "There is lot of
resistance from the miners, since this will mean a radical
change in the way minerals are marketed.  It is a cultural and
generational issue."

The government would monopolize the marketing of tin in Bolivia
through a new registry of marketers and producers, applying
greater controls, BNamericas says, citing the spokesperson.

The spokesperson explained to BNamericas that Senarecom would
help stop the theft of ore from state miner Huanuni, which
caused losses of US$2 million per month.

Senarecom will also guarantee that Vinto is the sole firm that
can process tin concentrates in Bolivia, BNamericas states.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                   Rating     Rating Date
                   ------     -----------
Country Ceiling    B-       Jun. 17, 2004
Long Term IDR      B-       Dec. 14, 2005
Local Currency
Long Term Issuer
Default Rating     B-       Dec. 14, 2005




===========
B R A Z I L
===========


DELPHI CORP: Settles Class Action Lawsuits with Lead Plaintiffs
---------------------------------------------------------------
Delphi Corp. has reached a settlement agreement with the lead
plaintiffs in class action lawsuits brought by participants in
its employee retirement plans and purchasers of its debt and
equity securities from March 2000 to March 2005.

Under the settlement agreements, which remain subject to federal
bankruptcy court and federal district court approval, the class
of participants in Delphi's employee retirement plans will
receive an allowed interest in Delphi's Chapter 11 case in the
amount of US$24.5 million and US$22.5 million in cash from
insurance carriers.

Additionally, the class of purchasers of Delphi's debt
securities will receive an allowed claim and the class of
purchasers of Delphi's equity securities will receive an allowed
interest in the combined amount of US$204 million in Delphi's
Chapter 11 case well as approximately US$90 million in cash from
other defendants and insurance carriers.

The allowed amounts in Delphi's Chapter 11 cases will receive
the same plan currency and the same treatment as Delphi's
general unsecured creditors.

The lawsuits came after the company's statement in March 2005
that it would restate its financial results.  These settlements
would resolve these class-action lawsuits against Delphi and
certain of the other defendants in the lawsuits.  The final
settlements provide a dismissal with prejudice of these class
action lawsuits and a full release as to certain named
defendants, including Delphi, Delphi's current directors and
officers, and certain third-party defendants and will also
resolve certain derivative and other claims in Delphi's chapter
11 cases.

"Last year, Delphi settled with the Securities and Exchange
Commission, and now we are pleased to have reached settlement
agreements in these cases, which we believe will allow us to
close this chapter in our history and move forward," David M.
Sherbin, Delphi vice president and general counsel, said.  "This
is another important step in our transformation process, which
ultimately brings us closer to emergence from bankruptcy."

These settlements are subject to the approval of the U.S.
District Court for the Eastern District of Michigan and the U.S.
Bankruptcy Court for the Southern District of New York.

The District Court has scheduled a hearing on Nov. 13, 2007, to
consider final approval of the settlements.  Delphi expects to
file an approval motion in the U.S. Bankruptcy Court on
Sept. 7, 2007, which would be scheduled for final hearing at the
Sept. 27, 2007 omnibus hearing.

                      About Delphi Corp.

Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ)
-- http://www.delphi.com/-- is the single supplier of vehicle     
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.  The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  


GERDAU AMERISTEEL: Foreign Committee Approves Agreement Plan
------------------------------------------------------------
Gerdau Ameristeel Corporation and Chaparral Steel Company have
received a letter dated Aug. 29, 2007, from the Committee on
Foreign Investment in the United States stating that the
committee has reviewed the information provided by the companies
in connection with the Agreement and Plan of Merger signed by
Chaparral, Gerdau Ameristeel and certain other parties, and
determined that there are no issues of national security
sufficient to warrant a second stage investigation under the
Exon-Florio Amendment to the Defense Product Act of 1950, as
amended.  Accordingly, the committee has concluded its review of
the proposed transaction.  The consummation of the merger
remains subject to customary conditions, including adoption of
the Agreement and Plan of Merger by Chaparral's stockholders.

                   About Chaparral Steel

Headquartered in Midlothian, Texas, Chaparral Steel Company
(NASDAQ: CHAP) -- http://www.chapusa.com/-- is a producer of  
structural steel products in North America and also a major
producer of steel bar products.  It operates two mini-mills, one
located in Midlothian, Texas, and the other located in Dinwiddie
County, Virginia.  The company has approximately 1,400 employees
and an annual installed capacity of 2.9 million metric tons.

                  About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
-- http://www.gerdauameristeel.com/-- (NYSE: GNA, TSX: GNA) is  
a minimill steel producer in North America with annual
manufacturing capacity of over 9 million tons of mill finished
steel products.  Through its vertically integrated network of 17
minimills (including one 50%-owned joint venture minimill), 17
scrap recycling facilities and 51 downstream operations
(including seven joint venture fabrication facilities), Gerdau
Ameristeel serves customers throughout North America.  The
company's products are generally sold to steel service centers,
to steel fabricators, or directly to original equipment
manufacturers for use in a variety of industries, including
construction, automotive, mining, cellular and electrical
transmission, metal building manufacturing and equipment
manufacturing.  The company is a subsidiary of Brazil's Gerdau
SA.

                        *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Moody's Investors Service placed these ratings of Gerdau
Ameristeel Corporation under review for possible downgrade: Ba1
probability of default rating, placed on review for possible
downgrade; Ba1 corporate family rating, placed on review for
possible downgrade, Ba1; and senior unsecured regular
bond/debenture, placed on review for possible downgrade, Ba2,
LGD5 74%.


PRIDE INT'L: Fitch Affirms Issuer Default Rating at BB
------------------------------------------------------
Fitch Ratings has affirmed Pride International Inc.'s Issuer
Default Rating at 'BB' in addition to affirming the ratings on
Pride International's senior secured revolving credit facility,
senior unsecured notes and their convertible senior notes.  The
Rating Outlook is Stable.  Fitch maintains the following ratings
for Pride International:

  -- Issuer Default Rating (IDR) at 'BB';
  -- Senior unsecured at 'BB';
  -- Senior secured bank facility at 'BBB-';
  -- Senior convertible notes at 'BB'.

Pride International's ratings reflect the significant
improvement the company has made in reducing debt and
capitalizing on the strong offshore drilling environment to sell
non-core assets and refocus the company as an offshore drilling
contractor with a focus on deepwater assets.  Pride
International's credit stats reflect these improvements as well
as the strong market conditions for offshore drilling rigs. For
the last 12 months ending June 30, 2007, Pride International
generated US$990.9 million of EBITDA, and free cash flow (cash
from operations less capital expenditures) was US$222.7 million.  
Credit metrics were robust with interest coverage of 12 times
and debt-to-EBITDA dropping to 1.3.  Pride International has
also been successful in securing a US$5.7 billion revenue
backlog, primarily associated with the company's floating rigs
and international jackup fleet.

The Rating Outlook is currently Stable despite the improving
credit profile for the company.  Fitch views the company's
recent divestitures positively and thinks the company is on-
track for producing additional enhanced protection for
creditors.  However, this generally positive trend is likely to
take considerable time and be marked by periods of additional
leverage as the company works to become a pure offshore drilling
contractor with a deepwater focus.  Key to future rating
decisions will be how Pride decides to re-deploy proceeds from
the recently closed Latin American divestiture, the company's
willingness to pursue additional large, speculative
newbuilds/acquisition opportunities and the company and
industry's ability to digest the large number of newbuild rigs
expected to come to market between 2007 and 2009.

Pride is one of the world's largest drilling contractors and
operates a diverse fleet of primarily offshore rigs.  The fleet
includes two ultra-deepwater drillships, two newbuild deepwater
drillships currently under construction, 12 semisubmersible
rigs, 28 jackup rigs and 16 tender-assisted, barge and platform
rigs, 10 land-based rigs and five managed rigs.  The company
recently closed the divestiture of its fleet of land-based
drilling and workover rigs located in Latin America and its
oilfield services business.  Additionally, Pride International
has announced the sale of its three tender assisted rigs.

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides   
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2.  
Moody's said the outlook is stable.

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

-- Preferred Shelf rated Ba2 (LGD6, 97%)

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's affirmed Pride International, Inc.'s credit ratings
following the company's announcement of the acquisition of a
newbuild drillship to be delivered in 2010.  

The affirmed ratings include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2.  
Moody's said the outlook is stable.


SANTANDER BANESPA: Raising BRL400MM for Santo Antonio Plant
-----------------------------------------------------------
Santander Banespa and Portuguese investment bank Banif will
raise up to BRL400 million for the 3.15-gigawatt Santo Antonio
hydroelectric plant, Business News Americas reports.

Banif's Sao Paulo director Atila Noaldo told BNamericas that the
money would be placed in an investment fund for the project.    
The amount accounts for 20% of total project equity.

Banif and Santander Banespa have asked securities regulator
Comissao de Valores Mobiliarios to ratify their Santo Antonio
investment fund, BNamericas says, citing Ms. Noaldo.

BNamericas notes that Santander Banespa and Banif are
collaborating with Brazilian federal power firm Furnas and
engineering company Odebrecht in a consortium that will bid for
Santo Antonio in an October auction.

Mr. Noaldo told BNamericas, "We plan to raise the money in 180
days after CVM's authorization, but this timeframe is flexible
due to the huge size of this project.  We will only execute this
fund if our consortium wins the bid."

Banif and Santander Banespa want both domestic and foreign
investors to take part in the fund, BNamericas notes, citing Mr.
Noaldo.

Mr. Noaldo commented to BNamericas, "And after a while investors
could sell their stakes on the Sao Paulo stock exchange so they
can get the return rate they wanted when joining our fund.  
However, first of all we need to have the winning bid for Santo
Antonio, then we can talk about further possibilities."

The Santander Banespa group is comprised of Santander Brasil,
Santander, Santander Meridional and Banespa, and is a subsidiary
of Spanish financial group Grupo Santander.  Santander Banespa
is the biggest foreign-owned bank in Brazil and the fourth
largest on the overall ranking for private banks.

As reported in Troubled Company Reporter-Latin America on
July 30, 2007, Standard & Poor's Ratings Services affirmed its
'BB+/B' counterparty credit rating on Banco Santander Banespa
S.A.  The outlook was positive.

As reported in the Troubled Company Reporter-Latin America on
May 17, 2007, Fitch Ratings upgraded these ratings of Banco
Santander Banespa S.A.:

  -- Foreign currency IDR upgraded to 'BBB-' from 'BB+'
  -- Short-term foreign currency upgraded to 'F3' from 'B'
  -- Local currency IDR upgraded to 'BBB' from 'BBB-'
  -- Short-term local currency affirmed at 'F3'
  -- Individual rating affirmed at 'C'
  -- Support rating affirmed at '3'
  -- National Long-term rating upgraded to 'AAA(bra)'
  -- National Short-term rating affirmed at 'F1+(bra)'

Fitch said the outlook is stable.


TK ALUMINUM: Inks Purchase Agreement with Bavariaring
-----------------------------------------------------
Teksid Luxembourg S.a r.l., S.C.A., entered into a purchase
agreement to sell its equity interests in TK Aluminum France
S.A.S. and Teksid Deutschland GmbH to Bavariaring 0906 GmbH, an
affiliate of Bavaria Industriekapital AG.  TK Aluminum France
S.A.S. is the parent of Teksid France S.A.S., Fonderie du Poitou
Aluminium S.A.S., Fonderie Aluminium Cleon S.A.S. and
Metaltemple S.A.S. and as a result of the transactions
contemplated by the Purchase Agreement, such subsidiaries would
be indirectly sold to Bavariaring.

Teksid Aluminum Luxembourg, a subsidiary of TK Aluminum Ltd.,  
signed the agreement on Aug. 20, 2007.      

The parties have not disclosed the financial terms of the
Purchase Agreement at this time. Pursuant to the Purchase
Agreement and subject to certain conditions, Bavariaring will
share operational control of the acquired companies in the
period prior to the closing of the transactions contemplated by
the Purchase Agreement.
    
The Purchase Agreement is subject to termination by Teksid
Luxembourg in the event the Supervisory Board of Bavaria AG does
not authorize and approve certain aspects of the transactions
contemplated by the Purchase Agreement on or before
Sept. 15, 2007.  The Purchase Agreement is also subject to
certain conditions to closing, including receipt by Teksid
Luxembourg of consent of at least a majority in principal amount
of Teksid Luxembourg's 11-3/8 Senior Notes and may be terminated
by Teksid Luxembourg in the event such consent is not received.
    
There can be no assurance that the Bavaria AG Supervisory Board
will authorize and approve certain aspects of the transactions
contemplated by the Purchase Agreement on or before
Sept. 15, 2007, that Teksid Luxembourg will not terminate the
Purchase Agreement in the event that the Bavaria AG Supervisory
Board does not authorize and approve such aspects of the
transactions on or before Sept. 15, 2007, that the conditions to
the Purchase Agreement will be satisfied or that the sale of the
acquired companies contemplated thereby will be consummated.

                    About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                        *     *     *

As reported on May 9, 2007, Moody's Investors Service confirmed
the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid
Aluminum Luxembourg Sarl SCA with a stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


* BRAZIL: Boosting Hydrocarbons & Power Cooperation with Peru
-------------------------------------------------------------
Brazil will collaborate with Peru to increase hydrocarbons and
power cooperation between the two countries, Peruvian energy and
mines ministry said in a statement.

Business News Americas relates that Peru expressed interest in
developing projects in these areas:

          -- petrochemicals,
          -- refining, and
          -- exploration and production, particularly in heavy
             oil production and deepwater exploration.

According to BNamericas, Peru promoted the potential export of
hydro power to Brazil.  A workgroup was formed to draw up a
bilateral accord proposal to develop studies.  This group will
meet from Oct. 22 to Oct. 26 in Peru, where an activities
timetable will be presented to both Brazilian and Peruvian
energy and mines ministries.

Meanwhile, the Brazilian representatives submitted a project for
a biofuels memorandum of understanding, BNamericas notes.

Peru agreed to exchange information on its rural electrification
program with Brazil's Light for All rural power program,
BNamericas states.

                        *     *     *

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable.  Standard & Poor's
also affirmed these ratings on the Republic of Brazil:

-- 'BB' for long-term foreign currency credit rating,
-- 'BB+' for long-term local currency credit rating, and
-- 'B' for short-term currency sovereign credit rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook is stable.


* BRAZIL: State Firm Inks Technical Studies Pact with Bharat
------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a
statement that it has signed a memorandum of understanding with  
Indian counterpart Bharat Petroleum for technical studies on
ethanol and biodiesel logistics and marketing.

Business News Americas relates that under the memorandum of
understanding, Petroleo Brasileiro will ship ethanol to India
and nearby markets.

Bharat Petroleum will mix ethanol with gasoline and develop
opportunities to distribute ethanol to other markets, BNamericas
states.

                   About Bharat Petroleum

Bharat Petroleum Corporation Limited is engaged in the petroleum
industry in India.  The company has refineries at Mumbai and
Kochi with a capacity of 12 million metric tons (MMT) and 7.5
MMT per annum, respectively, for refining crude oil.  The
company holds a 62.96% interest in Numaligarh Refinery Ltd. The
crude oil processed at this refinery as of March 31, 2006, was
2.13 MMT. Bharat Shell Limited, a joint venture company between
Bharat Petroleum Corporation Limited and Shell Overseas
Investment markets Shell branded products.  The company produces
a wide variety of petroleum products, including diesel oil, fuel
oil, aviation fuels, naphtha, liquefied petroleum gas (LPG),
automotive LPG, benzene, toluene, sulphur and bitumen.

                  About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp
-- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

                        *     *     *

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable.  Standard & Poor's
also affirmed these ratings on the Republic of Brazil:

  -- 'BB' for long-term foreign currency credit rating,
  -- 'BB+' for long-term local currency credit rating, and
  -- 'B' for short-term currency sovereign credit rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook is stable.




===========================
C A Y M A N   I S L A N D S
===========================


4C ASSOCIATES: Proofs of Claim Filing Deadline Is Sept. 20
---------------------------------------------------------
4C Associates - Grand Cayman creditors are given until
Sept. 20, 2007, to prove their claims to Q&H Nominees Ltd., 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.

4C Associates shareholders agreed on June 14, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Q&H Nominees Ltd.
       Attention: Susan Bjuroe
       P.O. Box 1348
       George Town, KY1-1108
       Grand Cayman
       Tel: 949 4123
       Fax: 949 4647


ANTHRACITE BALANCED: Final Shareholders Meeting Is on Sept. 20
--------------------------------------------------------------
Anthracite Balanced Company (Hemisphere) Ltd. will hold its
final shareholders meeting on Sept. 20, 2007, at 10:00 a.m., at:

         P.O. Box 1109
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
      and

   2) authorizing the liquidator to retain the records
      of the company for a period of five years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidators can be reached at:

         Scott Aitken
         Connan Hill
         P.O. Box 1109
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 949-7755
         Fax: (345) 949-7634


ANTHRACITE BALANCED: Proofs of Claim Must be Filed by Sept. 20
--------------------------------------------------------------
Anthracite Balanced Company (Hemisphere) Ltd. creditors are
given until Sept. 20, 2007, to prove their claims to Scott
Aitken and Connan Hill, the company's liquidators, or be
excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Anthracite Feeder's shareholders agreed on Aug. 6, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       Scott Aitken
       Connan Hill
       P.O. Box 1109
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 949-7755
       Fax: (345) 949-7634


ANTHRACITE FEEDER: Proofs of Claim Filing Ends on Sept. 20
----------------------------------------------------------
Anthracite Feeder Company (2) Ltd. creditors are given until
Sept. 20, 2007, to prove their claims to Scott Aitken and Connan
Hill, the company's liquidators, or be excluded from receiving
any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Anthracite Feeder's shareholders agreed on Aug. 6, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       Scott Aitken
       Connan Hill
       P.O. Box 1109
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 949-7755
       Fax: (345) 949-7634


ANTHRACITE FEEDER: Sets Final Shareholders Meeting for Sept. 20
---------------------------------------------------------------
Anthracite Feeder Company (2) will hold its final shareholders
meeting on Sept. 20, 2007, at 10:00 a.m., at:

         P.O. Box 1109
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) authorizing the liquidator to retain the records
      of the company for a period of five years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidators can be reached at:

         Scott Aitken
         Connan Hill
         P.O. Box 1109
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 949-7755
         Fax: (345) 949-7634


BELIZE SOVEREIGN I: Proofs of Claim Must be Filed by Sept. 20
-------------------------------------------------------------
Belize Sovereign Investments I (Cayman) Ltd.'s creditors are
given until Sept. 20, 2007, to prove their claims to Guy Major
and Giles Kerley, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Belize Sovereign's shareholders agreed on Aug. 9, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Guy Major
       Maples Finance Limited
       P.O. Box 1093
       George Town, Grand Cayman
       Cayman Islands


BELIZE SOVEREIGN II: Proofs of Claim Filing Is Until Sept. 20
-------------------------------------------------------------
Belize Sovereign Investments II (Cayman) Ltd.'s creditors are
given until Sept. 20, 2007, to prove their claims to Guy Major
and Sarah Kennedy, the company's liquidators, or be excluded
from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Belize Sovereign's shareholders agreed on Aug. 9, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Guy Major
       Sarah Kennedy
       Maples Finance Limited
       P.O. Box 1093
       George Town, Grand Cayman
       Cayman Islands


CAYMAN CLEARING: Proofs of Claim Must be Filed by Sept. 20
----------------------------------------------------------
Cayman Clearing Co. Ltd. creditors are given until
Sept. 20, 2007, to prove their claims to Bernard McGrath and
Janeen Aljadir, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Cayman Clearing's shareholders agreed on Aug. 8, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Janeen Aljadir
       Caledonian Trust (Cayman) Limited
       Caledonian House, 69 Dr. Roy's Drive
       P.O. Box 1043
       Grand Cayman KY1-1102
       Cayman Islands
       Tel: (345) 949-4943
       Fax: (345) 814-4859


CAYMAN CONNECTOR: Sets Final Shareholders Meeting for Sept. 20
--------------------------------------------------------------
Cayman Connector Company will hold its final shareholders
meeting on Sept. 20, 2007, at 10:00 a.m., at:

         Fourth Floor, Citrus Grove
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) authorizing the liquidator to retain the records
      of the company for a period of five years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas
         Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 949-7500
         Fax: (345) 949-8258


K CAPITAL: Proofs of Claim Filing Ends Today
--------------------------------------------
K Capital Credit Default Swap Fund Ltd.'s creditors are given
until Sept. 4, 2007, to prove their claims to K Capital
Partners, LLC, 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.

K Capital's shareholders agreed on Aug. 3, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Ramanan Navakadadcham
       c/o Ogier, Queensgate House
       South Church Street
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Tel: (345) 949 9876
       Fax: (345) 949 1986


KEEFE OFFSHORE: Proofs of Claim Filing Deadline Is Sept. 20
-----------------------------------------------------------
Keefe Offshore Fund Ltd.'s creditors are given until
Sept. 20, 2007, to prove their claims to Stuart K. Sybersma and
Ian A N Wight, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Keefe Offshore's shareholders agreed on June 28, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Stuart Sybersma
       Attention: Mervin Solas, Deloitte
       P.O. Box 1787
       George Town, Grand Cayman
       Cayman Islands
       Tel: (345) 949 7500
       Fax: (345) 949 8258


KRE INVESTMENT: Will Hold Final Shareholders Meeting on Sept. 20
----------------------------------------------------------------
KRE Investment Cayman will hold its final shareholders meeting
on Sept. 20, 2007, at:

         2nd Floor, Le Masurier House
         La Rue Le Masurier, St. Helier
         Jersey JE2 4YE

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) hearing any explanation that may be given by the
      liquidator.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Chris Ruark
         c/o Maples Finance Jersey Limited
         2nd Floor Le Masurier House
         La Rue Le Masurier, St. Helier
         Jersey JE2 4YE


NZB PRODUCTS: Proofs of Claim Must be Filed by Sept. 20
-------------------------------------------------------
NZB Products (CI) Ltd.'s creditors are given until
Sept. 20, 2007, to prove their claims to Trident Directors
(Cayman) Ltd., 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.

NZB Products shareholders agreed on Aug. 9, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Trident Directors (Cayman) Ltd.
       Attention: Kimbert Solomon
       P.O. Box 847
       George Town, Grand Cayman KY1-1103
       Cayman Islands
       Tel: (345) 949 0880
       Fax: (345) 949 0881


PROJECT-R HOLDINGS: Proofs of Claim Filing Is Until Sept. 20
-------------------------------------------------------------
Project-R Holdings Inc. creditors are given until
Sept. 20, 2007, to prove their claims to Phillip Hinds and
Richard Gordon, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Project-R's shareholders agreed on July 30, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       Phillip Hinds
       Richard Gordon
       Maples Finance Limited
       P.O. Box 1093
       George Town, Grand Cayman
       Cayman Islands


SAXUM INVESTMENTS: Proofs of Claim Filing Ends on Sept. 20
----------------------------------------------------------
Saxum Investments Ltd.'s creditors are given until
Sept. 20, 2007, to prove their claims to dms Corporate Services
Ltd., 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.

Saxum Investments shareholders agreed on June 18, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Dms Corporate Services Ltd
       Attention: Jenny Suto
       Ansbacher House
       P.O. Box 1344
       Grand Cayman KY1-1208
       Cayman Islands
       Tel: (345) 946 7665
       Fax: (345) 946 7666


SCOUT CAPITAL: Proofs of Claim Filing Deadline Is Today
-------------------------------------------------------
Scout Capital Fund II Ltd.'s creditors are given until
Sept. 4, 2007, to prove their claims to Scout Capital Management
L.L.C., 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.

Scout Capital's shareholders agreed on Aug. 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Ramanan Navakadadcham
       c/o Ogier, Queensgate House
       South Church Street
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Tel: (345) 949 9876
       Fax: (345) 949 1986


SINGULAR FUND: Proofs of Claim Must be Filed by Sept. 13
--------------------------------------------------------
Singular Fund's creditors are given until Sept. 13, 2007, to
prove their claims to Zoom Administracao De Recursos Ltda, 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.

Singular Fund's shareholders agreed on Aug. 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Zoom Administracao De Recursos Ltda
       Attention: Wilton McDonald
       c/o Truman Bodden & Company
       5th Floor, Anderson Square Building
       P.O. Box 866
       Grand Cayman KY1-1103
       Cayman Islands
       Tel: (345) 914-4620
       Fax: (345) 815-0570


SINGULAR FUND: Will Hold Final Shareholders Meeting on Sept. 20
---------------------------------------------------------------
Singular Fund will hold its final shareholders meeting on
Sept. 20, 2007, at 10:00 a.m., at:

         Rua dos Pinheiros, n.870, conj.53
         Cep 05422-001, Pinheiros
         Sao Paulo

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) authorizing the liquidator to retain the records
      of the company for a period of six years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Zoom Administracao De Recursos Ltda
         Attention: Wilton McDonald
         Tel: (345) 914-4620
         Fax: (345) 815-0570


SPECIAL K (U.S.): Proofs of Claim Filing Ends Today
---------------------------------------------------
Special K Capital (U.S. dollar) Ltd.'s creditors are given until
Sept. 4, 2007, to prove their claims to K Capital Partners, LLC,
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.

Special K's shareholders agreed on Aug. 3, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Ramanan Navakadadcham
       c/o Ogier, Queensgate House
       South Church Street
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Tel: (345) 949 9876
       Fax: (345) 949 1986


SPECIAL K (EURO): Proofs of Claim Must be Filed Today
-----------------------------------------------------
Special K Capital (Euro) Ltd.'s creditors are given until
Sept. 4, 2007, to prove their claims to K Capital Partners, LLC,
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.

Special K's shareholders agreed on Aug. 3, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Ramanan Navakadadcham
       c/o Ogier, Queensgate House
       South Church Street
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Tel: (345) 949 9876
       Fax: (345) 949 1986




=========
C H I L E
=========


SHAW GROUP: Reports Fin'l Statements for 1st & 2nd Qtrs. of 2007
----------------------------------------------------------------
The Shaw Group Inc. has furnished preliminary financial
statements to the U.S. Securities and Exchange Commission on
Form 8-K for first quarter (restated) and second quarter fiscal
2007.  The company previously announced its intention to restate
its 2006 Form 10-K and until such process is completed, cannot
formally file its quarterly reports on Form 10-Q.

The first quarter restatement reflects the previously disclosed
US$6.5 million pre-tax charge, US$3.5 million after-tax (US$0.04
per diluted share), relating to a U.S. Gulf Coast EPC
petrochemical project.  The company previously announced its
intention to record US$2.6 million of the US$6.5 million charge
in fiscal year 2006; however, further review determined that no
adjustment was necessary to the 2006 financial statements for
this item.  The company continues to work on restating its 2006
Form 10-K and completion of its financial statements for the
third quarter of 2007.  The company's 2007 fiscal year ends
Aug. 31, 2007.

The financial statements furnished Aug. 31 reflect a change in
accounting for the company's investment in Westinghouse.  The
company, after consultations with the Corporate Finance Division
accounting staff of the SEC, believes the Westinghouse
investment should be accounted for as a single asset using the
equity method of accounting.

The company has obtained a waiver under its primary credit
agreement related to the delayed public filings through
Nov. 30, 2007.  The company currently has no borrowings
outstanding under this credit facility.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the  
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.




===============
C O L O M B I A
===============


DIRECTV: Colombian Unit Demands Cancellation of Telmex Merger
-------------------------------------------------------------
DirecTV's Colombian subsidiary has sent a letter to the nation's
television regulator CNTV, demanding that the regulator take
back its approval of Telmex's merger of the three cable firms it
acquired, news daily Portafolio reports.

According to Business News Americas, CNTV had said that it would
allow the merger of Telmex's largest pay television firm TV
Cable del Pacifico and recently acquired Cablecentro and
Satelcaribe, subject to a series of restrictions.

DirecTV told Portafolio that as a competitor, it should have
been consulted.

DirecTV considers that the acquisition would let Telmex have a
market consolidation of 90% in the Bogota pay television market,
which would be a harmful effect on competition, BNamericas
states.

                        About Telmex

Telefonos de Mexico, S.A.B. de C.V. owns and operates
telecommunications system in Mexico.  It is a nationwide
provider of fixed-line telephony services, as well as fixed
local and long-distance telephone services.  It also provides
other telecommunications and telecommunications-related
services.  It offers voice, data and Internet services in
Brazil, Argentina, Chile, Colombia and Peru.  In addition, it
provides cable television services in Brazil (through an
affiliate) and in Colombia, and telecommunications services in
Ecuador.  In April 2007, it acquired TV Cable S.A. and TV Cable
Comunicaciones S.A. E.S.P. On March 12, 2007, the Company
acquired Ecuador Telecom S.A., a company that provides
telecommunication services to corporate clients and to small-
and medium-size companies in Guayaquil, Ecuador.

                       About DirecTV

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital   
television entertainment in the United States and Latin America.
It has two segments, DIRECTV U.S. and DIRECTV Latin America.
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.


NOVELL INC: Signs License Agreement with Acacia Tech Unit
---------------------------------------------------------
Novell Inc. has entered into a license agreement with
Acacia Research Corporation's Disc Link Corporation subsidiary,
which is part of its Acacia Technologies group, under which
Acacia will cover patents relating to portable storage devices
with links.  The agreement resolves litigation that was pending
in the United States District Court for the Eastern District of
Texas with respect to certain Novell products.

The portable storage devices with links technology generally
relates to products sold or distributed on CDs or DVDs that
include a link to retrieve additional data via the Internet.

                   About Acacia Research

The Acacia Technologies group --
http://www.acaciatechnologies.com/-- develops, acquires, and  
licenses patented technologies.  Acacia controls 77 patent
portfolios covering technologies used in a wide variety of
industries including audio/video enhancement & synchronization,
broadcast data retrieval, computer memory cache coherency,
credit card fraud protection, database management, data
encryption & product activation, digital media transmission
(DMT(R)), digital video production, dynamic manufacturing
modeling, enhanced Internet navigation, image resolution
enhancement, interactive data sharing, interactive television,
laptop docking station connectivity, microprocessor enhancement,
multi-dimensional bar codes, resource scheduling, spreadsheet
automation, and user activated Internet advertising.

                      About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure  
software for the Open Enterprise based on Linux.  With more than
50,000 customers in 43 countries, Novell helps customers manage,
simplify, secure and integrate their technology environments by
leveraging best-of-breed, open standards-based software.  Novell
has sales offices in Argentina, Brazil and Colombia.

                        *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


* COLOMBIA: State Power Firm Acquires Rights for Sogamoso
---------------------------------------------------------
Colombia's state-owned power generator Isagen said in a filing
with financial regulator Superfinanciera that it has bought the
rights for the 800-megawatt Sogamoso hydro project from
generator Electrificadora de Santander.

Business News Americas relates that Isagen acquired the rights
for the project for COP26.1 billion.  This will grant Isagen all
studies, designs and environmental licenses for the hydro
project.

The project was initially planned to have a capacity of one
gigawatt.  Planned investment for the project was US$1.2
billion, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Standard & Poor's Ratings Services assigned its
'BB+' long-term senior unsecured rating to the Republic of
Colombia's proposed 2027 Global Titulos de Tesoreria bond, a
bond denominated in Colombian pesos but payable in US dollars.




=============
E C U A D O R
=============


* ECUADOR: Regulator Terminates Termoriente Concession Contract
---------------------------------------------------------------
Ecuadorian power regulator Conelec said in a statement that its
board decided to terminate generator Termoriente's concession
contract to design, construct, run and maintain a thermoelectric
project of up to 270 megawatts.

Business News Americas relates that Conelec signed the contract
with Termoriente on April 19, 1999, which was then modified
three times, the last was on April 30, 2004.  The project had
been planned for Shushufindi in Sucumbios.

Conelec told BNamericas that the contract termination was due to
alleged contractual non-compliance and abandonment.

According to the Conelec's statement, the regulator started
preparing a public tender to choose a new firm for the project.

A timetable for a possible new bidding process is yet to be
determined, BNamericas states, citing a Conelec spokesperson.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Fitch Ratings downgraded the long-term foreign currency Issuer
Default Rating of Ecuador to 'CCC' from 'B-', indicating that
default is a real possibility in the near term.

In addition, these ratings were downgraded:

   -- Uncollateralized foreign currency bonds to
      'CCC/RR4' from 'B-/RR4';

   -- Collateralized foreign currency Par and Discount
      Brady bonds to 'CCC+/RR3' from 'B/RR3'; and

   -- Short-term foreign currency IDR to 'C' from 'B'.

Fitch also affirmed the Country ceiling rating at 'B-'.




===========
G U Y A N A
===========


DIGICEL LTD: Guyanan Unit Lost US$200,000 in Robbery
----------------------------------------------------
Stabroek News reports that three armed men have robbed Digicel's
Guyanan unit of around US$200,000.

According to the report, the robbers went into the Digicel
outlet at Grove on the East Bank of Demerara and assaulted the
firm's workers.

The robbers held handguns and were unmasked when they raided
Digicel's authorized dealer Cell Planet, Stabroek News says,
citing an eyewitness.  

The workers were about to close up the store when three men came
and pushed the door open, the eyewitness told Stabroek News.

Stabroek News relates that the robbers demanded money and "gun-
butted" some workers and a few clients.  After getting the
money, the men also grabbed:

          -- all the high-end phones,
          -- a laptop computer,
          -- a photocopier,
          -- a scanner, and
          -- other pieces of equipment.

The police arrived about 30 minutes after the crime, Stabroek
News states, citing the eyewitness.

Digicel Group Limited -- http://www.digicelgroup.com/-- is a   
wireless services provider in the Caribbean region.  The company
is a newly created Bermuda incorporated company formed by Mr.
Denis O'Brien, who previously owned 78% of the shares of Digicel
Limited on a fully diluted basis.  The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in 22 markets primarily in the Caribbean including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, Curacao, Martin! ique, Guadeloupe, Trinidad and Tobago
and Haiti among others.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- US$1.4 billion senior subordinated notes due 2015
      assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings was stable.




=============
J A M A I C A
=============


AIR JAMAICA: Passenger Allegedly Assaults Two Counter Agents
------------------------------------------------------------
Air Jamaica passenger Carlton Hylton has allegedly assaulted the
ticket counter agents in Terminal 4 at the Fort Lauderdale-
Hollywood International Airport, NBC6.net reports.

The police told NBC6.net that Mr. Hylton, who was returning to
New York from Jamaica, yelled at the ticket counter agents.  He
then "picked up a metal stanchion used to direct foot traffic
and went after the agents."  He pushed two workers out of the
way as they tried to protect the counter agents.  Authorities
took Mr. Hylton into custody before anyone was hurt.

Mr. Hylton "was charged with two counts each of aggravated
assault and battery, plus trespassing and disorderly conduct,"
NBC6.net states, citing the police.

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 on Air
Jamaica permanently.

                        *     *     *

On July 21, 2006, Standard & Poor's Rating Services assigned 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, is based on the government's
unconditional guarantee of both principal and interest
payments.

                        *     *     *

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.


AIR JAMAICA: Undaunted by American Airlines' St. Lucia Route
------------------------------------------------------------
Air Jamaica told Caribbean Net News that it isn't worried about
American Airlines' new New York-St. Lucia route.

The new flights will help improve tourism to Jamaica, which
should in turn help Air Jamaica, Caribbean Net notes, citing the
airline's sales vice president George de Mercado.

Mr. de Mercado commented to Caribbean Net, "There is sufficient
business for all of us and the important thing is for St. Lucia
to come out ahead at the end of the day."

According to Caribbean Net, Mr. de Mercado said he was pleased
with the new direction St. Lucia has taken to position its
tourism sector under tourism and civil aviation minister Allen
Chastanet's leadership.  

"Not only will Senator Chastanet's appointment help St. Lucia
and Air Jamaica, it is going to help the Caribbean as a whole
because his enthusiasm for what he does is already starting to
spread throughout the region and people are now paying
attention.  You can thank him directly for that," Mr. de Mercado
explained to Caribbean Net.

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 on Air
Jamaica permanently.

                        *     *     *

On July 21, 2006, Standard & Poor's Rating Services assigned 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, is based on the government's
unconditional guarantee of both principal and interest
payments.

                        *     *     *

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.




===========
M E X I C O
===========


CABLEMAS SA: Reports MXN14.7 Mil. Net Income in Second Quarter
--------------------------------------------------------------
Cablemas S.A. de C.V. earned MXN14.7 million for the second
quarter of 2007, compared to MXN47.2 of net income for the same
period in 2006.
    
Cablemas CEO Carlos M. Alvarez Figueroa commented, "This was yet
another quarter in which we delivered strong results across the
board.  Revenues rose 14.4%, adjusted EBITDA 18.6% and net
income 221.9%."
    
"During the quarter we continued to expand the market
penetration of our services.  This quarter, our subscriber base
rose 14.6% in cable television, 41.8% in high-speed Internet and
97.2% in IP telephony on a YoY comparison."
    
"We are also pleased to announce that last week we officially
launched interconnection with the Telmex network in the cities
of Cancun, Isla Mujeres and Chihuahua.  We are now finalizing a
three-week testing phase and will launch IP Telephony to the
public in the first half of September.  By year-end we expect to
be offering IP Telephony in six cities and expand the service to
an additional nine cities during 2008."

Net revenues increased 14.4%, or MXN82.8 million, during second
quarter 2007 to MXN657.1 million, as described below:

-- Cable Television: The 9.7% growth in cable television
    revenues, from MXN454.9 to MXN498.9 was principally due to a
    14.6% YoY increase in the number of subscribers to 753,161
    with a penetration rate of 34%.  This was achieved despite a
    6.5% decline in average monthly cable television revenues
    per subscriber (ARPU) to MXN223.3.  This decline in ARPU was
    primarily the result of a 35.6% increase in Minibasic
    subscribers, who pay lower monthly fees, while Basic
    subscribers increased 7.7%.  The average monthly net churn
    rates for cable television increased to 2.4% for 2Q07 from
    2.2% in 2Q06.

-- High Speed Internet: The 33.2%, or MXN28.8 million, rise in
    high-speed Internet revenues to MXN151.7 million resulted
    mainly from a 41.8% increase in the number of subscribers to
    203,890, with a penetration rate of 11.4%.  This was
    partially offset by an 8.0% decline in high-speed Internet
    ARPU to MXN191.7, as lower price/ lower-speed Internet (128
    Kbps) subscriptions increased at a faster rate than those of
    higher-speed Internet (512 Kbps).  Average monthly net churn
    rates for high-speed Internet rose to 4.5% for 2Q07 from
    4.1% in 2Q06, due to service quality limitations in the
    Mayan Riviera during the reconstruction of the network
    damaged by Hurricane Wilma and an aggressive competing
    service offer from Telmex.

-- IP Telephony: IP telephony revenues for the quarter rose
    77.5%, or MXN12.6 million, to MXN 28.9 million.  As of
    June 30, 2007, there were 30,202 IP telephony lines in
    service, up from 15,316 as of June 30, 2006.  IP telephony
    ARPU for 2Q07 was Ps.306.5.  This does not include migration
    fees paid to Cablemas by Axtel for new subscribers which, if
    included, would increase IP telephony ARPU to MXN339.4 for
    2Q07.

                       Cost of Services

Cost of Services for 2007 second quarterincreased by 16.1%, or
MXN43.5 million.  The increase in cost of services was primarily
due to:

-- A MXN6.0 million increase in programming costs, principally
    the result of the 14.6% increase in cable television
    subscribers.

-- A MXN10.0 million increase in payroll reflected a lower
    capitalization of technical labor and to a lower extent an
    increase in the number of technical employees.

-- A MXN12.1 million increase in Internet costs, of which
    MXN11.6 million was related to incremental cost for
    bandwidth, a 41% increase in the number of Internet
    subscribers and the rollout of Internet service in
    additional cities.

-- A MXN15.4 million increase in depreciation & amortization
    was related to an increase in fixed assets investments and a
    change to the estimate of the useful life of distribution
    lines. During 2Q06 the useful life of these assets was
    estimated at 25 years compared with 15 years in 2Q07.

          Selling, General and Administrative Expenses

Selling, General and Administrative Expenses (including
depreciation and amortization) or SG&A, increased MXN18.0
million, or 10.4% YoY to MXN191.8 million.  As a percentage of
sales, SG&A declined 1,100 basis points to 29.2%, from 30.3% in
2Q06.  The absolute increase in SG&A principally reflected the
following changes:

-- A 1.7%, or MXN1 million, increase in selling expenses to
    MXN58.2 million, principally related to the increase in the
    size of the company's sales force and an increase in
    commissions paid, which more than offset a decline in
    advertising expenses.  The company employed 1,453
    salespersons as of June 30, 2007 compared to 1,141 as of
    June 30, 2006.

-- A 12.4%, or MXN13 million, increase in administrative
    expenses to MXN118.1 million.  As a percentage of revenues,
    administrative expenses decreased to 18.0% in 1Q07 from
    18.3% in 1Q06. Administrative expenses in absolute values
    increased principally due to:

-- A MXN5.6 million increase in salaries and fees principally
    as a result of an increase in the number of administrative
    employees, an increase in the outsourcing of administrative
    tasks, as well as a lower capitalization of administrative
    costs.

-- An increase of MXN4.5 million in communications and travel
    expenses, due to more activity resulting from operational
    controls and the rollout of IP telephony

-- Amortization and depreciation rose 34.7%, or MXN4.0 million,
    to MXN15.5 million for 2Q07, principally due to the increase
    in office equipment.
    
                       About Cablemas
    
Cablemas SA de CV -- http://www.cablemas.com-- is the second-
largest cable television operator in Mexico based on the number
of subscribers and homes passed.  As of June 30, 2005, the
company's network served over 546,000 cable subscribers and in
excess of 87,000 high-speed Internet
subscribers, with more than 1,647,000 homes passed.  It is the
concessionaire with the broadest coverage in Mexico, operating
in 46 cities throughout the country's oil, maquiladora and
tourist regions.

                        *     *     *

On February 2007, Fitch Ratings affirmed these ratings for
Cablemas with a Stable Rating Outlook:

  -- Foreign Currency Issuer Default Rating 'BB-';
  -- Local Currency Issuer Default Rating 'BB-';
  -- US$175 million senior notes due 2015 'BB-'; and
  -- National scale 'A(mex)'.


CABLEMAS SA: Cablestar Inks Agreement to Acquire Bestel Assets
--------------------------------------------------------------
Cablestar, S.A. de C.V., has signed an agreement to acquire the
majority of the assets of Bestel, a privately held, facilities-
based telecommunications company in Mexico, for US$256 million
in cash plus an additional capital contribution of US$69
million, for a total cash amount of US$325 million.
    
Cablestar is owned 70% by Empresas Cablevision, S.A.B., in which
Grupo Televisa, S.A.B. owns a 51% stake; 15% by Television
Internacional, S.A. de C.V., which is based in Monterrey, and
15% by Cablemas, S.A. de C.V.
    
Bestel focuses on providing data and long-distance services
solutions to carriers and other telecommunications service
providers in both Mexico and the United States.  The company
owns a fiber-optic network of approximately 8,000 kilometers
that covers the most important cities and economic regions of
Mexico as well as the states of Texas and California in the
United States.  The company is able to provide connectivity
between the United States and Mexico, a key advantage.
    
The transaction is subject to certain conditions, including the
approval of regulatory authorities in Mexico.
    
                        About Cablemas
    
Cablemas SA de CV -- http://www.cablemas.com-- is the second-
largest cable television operator in Mexico based on the number
of subscribers and homes passed.  As of June 30, 2005, the
company's network served over 546,000 cable subscribers and in
excess of 87,000 high-speed Internet subscribers, with more than
1,647,000 homes passed.  It is the concessionaire with the
broadest coverage in Mexico, operating in 46 cities throughout
the country's oil, maquiladora and tourist regions.

                        *     *     *

On February 2007, Fitch Ratings affirmed these ratings for
Cablemas with a Stable Rating Outlook:

  -- Foreign Currency Issuer Default Rating 'BB-';
  -- Local Currency Issuer Default Rating 'BB-';
  -- US$175 million senior notes due 2015 'BB-'; and
  -- National scale 'A(mex)'.


DANA CORPORATION: Files Plan of Reorganization in New York
----------------------------------------------------------
Dana Corporation and its debtor affiliates have submitted a
proposed Plan of Reorganization and related Disclosure Statement
to the United States Bankruptcy Court for the Southern District
of New York.
    
The Plan of Reorganization outlines how Dana proposes to emerge
from Chapter 11, including the proposed treatment of creditors
and equity holders.  The Plan contemplates an investment of up
to US$750 million in new convertible preferred stock in the
reorganized Dana.  The Disclosure Statement contains a
discussion of the issues that led to the Chapter 11 filing, a
description of the Plan provisions, and an analysis of the
Plan's feasibility.  With this filing, Dana Corp. is one step
closer to achieving its goal of emerging from Chapter 11
protection by the end of this year.
    
Dana Corp. Chairman and Chief Executive Officer Mike Burns said,
"When we entered Chapter 11 in March 2006, we committed to
fixing our business comprehensively -- financially and
operationally -- and to implementing fundamental change, not
simply incremental improvement.  As detailed in our Disclosure
Statement, Dana Corp. has made substantial progress in
addressing our challenges and building a sustainable business
that is well positioned to compete in a challenging global
environment.  We are on track to emerge as a stronger,
financially stable company that is equipped to make significant
investments in our programs and to continue providing innovative
products of the highest quality to our customers worldwide.
    
"This has been a very difficult period for all of our
constituencies, including our people -- both current and retired
-- and our customers and suppliers," he said.  "I'd like to
thank them for their perseverance to date, which has enabled us
to negotiate and begin to implement critical, enduring solutions
to our most serious challenges.  We look forward to continued
productive working relationships as we move through the plan
negotiation and approval process."
    
In November 2006, Dana Corp. outlined five goals that it would
address during its reorganization, identifying the key areas
where it hoped to achieve a total of US$405 million to US$540
million in combined annual cost and margin improvement.
    
As outlined in the Disclosure Statement, Dana Corp. has worked
to achieve product profitability by:

  -- Working with customers to resolve under-performing
     programs, including obtaining pricing adjustments to
     reflect rising material costs;

  -- Optimizing its manufacturing footprint by consolidating
     high-cost facilities and expanding its presence in lower
     cost regions;

  -- Reducing labor costs, including through changes in employee
     benefits;

  -- Significantly reducing retiree health and welfare costs
     through Voluntary Employee Benefit Association (VEBA)
     trusts to provide replacement benefits; and

  -- Reviewing administrative costs at all levels of its
     organization to identify and implement savings.
    
In total, since entering bankruptcy on March 3, 2006, Dana Corp.
and its constituents have identified, agreed upon, and won court
approval for actions that are expected to result in a total of
between approximately US$440 million and US$475 million in
annual savings when fully implemented.
    
Dana Corp. has also completed several strategic initiatives to
realign and focus its business. These include the sale of its
trailer axle business; divestiture of its Engine Products group;
the sale of its interest in GETRAG GmbH & Cie KG, a German
automotive components supplier; the divestiture of its Fluid
Products Hose and Tubing business; and the pending sale of its
Fluid Products Coupled Products business.  Strategic initiatives
undertaken include the acquisition in 2006 of sole ownership of
certain operations in Mexico that are integral to the company's
long-term business plans, making the initial investment in a
joint venture with China's Dongfeng Motor Co. Ltd., resolving
the company's U.K. pension liability issues, and entering into a
US$225 million European financing agreement.  In addition, the
company negotiated a settlement and new supply contract with
Sypris Technologies, Inc.
    
              Next Steps In Reorganization Process
    
In the near future, the Court will conduct a hearing to consider
whether the Disclosure Statement, as filed or as it may be
amended, contains adequate information for creditors and equity
holders who are entitled to vote on the Plan to decide whether
to accept the Plan.  As part of this process, the Plan and
Disclosure Statement may be materially modified before the
Disclosure Statement is approved.  Once approved, the Disclosure
Statement and Plan will be sent to claim holders and equity
holders who are entitled to vote on the Plan.  Following the
voting period, the Bankruptcy Court will hold a hearing to
consider confirmation of the Plan.  Confirmation of the Plan
would pave the way for Dana Corp's emergence from Chapter 11.
    
Dana's Plan and Disclosure Statement are available at
http://dana.bmcgroup.com.
    
                    About Dana Corporation
    
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC
Bulletin Board: DCNAQ) designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.  
Dana is focused on being an essential partner to automotive,
commercial, and off- highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.  

Dana continues to close plants in North America, moving business
to other countries such as Mexico.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on
Sept. 3, 2007.  They have until Nov. 2, 2007, to solicit
acceptances of that plan.  (Dana Corporation Bankruptcy News,
Issue No. 48; Bankruptcy Creditors' Service, Inc.,
215/945-7000).


EMPRESAS ICA: OKs Up to US$550MM More Shares in Public Offer
------------------------------------------------------------
Empresas ICA has authorized during a shareholder meeting on
Aug. 30 the public offer of up to US$550 million in additional
shares, Business News Americas reports.

Empresas ICA said in a filing with the Mexican stock exchange
that the share offering will be sometime within a year from
September 2007.  Up to 90 million unsubscribed shares will be
issued.

Empresas ICA Chief Financial Officer Alonso Quintana said in a
conference call that the firm will compete for about US$20
billion in projects over the next 18 months.

Empresas ICA would compete for the 900-megawatt La Parota
hydroelectric project in Guerrero.  However, a federal court in
Acapulco "recently ordered the provisional suspension of the
project while a case put forth by local residents is being
heard," BNamericas states.

Empresas ICA -- http://www.ica.com.mx/-- the largest   
engineering, construction, and procurement company in Mexico,
was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.

Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2006, Standard & Poor's Ratings Services revised its
long-term corporate credit rating on Empresas ICA S.A. de C.V.
to 'BB-' from 'B'.  The ratings were removed from CreditWatch
Positive, where they were placed on April 7, 2006.  S&P said the
outlook is stable.


ODYSSEY RE: Settles Lawsuit with Gulf Insurance
-----------------------------------------------
Odyssey Re Holdings Corp. has reached an out-of-court settlement
with Gulf Insurance Company regarding the previously disclosed
litigation between Gulf and Odyssey America Reinsurance
Corporation, including the full and final commutation of the
reinsurance treaties at issue.

OdysseyRe anticipates that definitive documentation will be
executed by the parties within a week, and that the after-tax
impact to OdysseyRe will be approximately $US0.19 per diluted
share.

Odyssey Re Holdings Corp. (NYSE: ORH) is an underwriter of
property and casualty treaty and facultative reinsurance, as
well as specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Singapore, Toronto
and Mexico City.  Odyssey Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2006,
Standard & Poor's affirmed its 'BBB-' counterparty credit and
'BB' preferred stock ratings on Odyssey Re Holdings Corp. and
removed them from CreditWatch negative.


TECUMSEH PRODUCTS: Closes Sale Transaction with Regal Beloit
------------------------------------------------------------
Tecumseh Products Company has completed its previously announced
sale transaction with Regal Beloit Corporation, selling Regal
Beloit the majority of Tecumseh's Electrical Components business
operations for US$220 million in cash.  The gross selling price
was reduced at closing to account for amounts held in escrow
pending resolution of working capital and warranty adjustments.  
The operations sold included the Residential & Commercial Motors
and Asia Pacific divisions of Tecumseh's Fasco business unit,
which accounted for about 70% of Electrical Components sales in
2006.
    
Tecumseh has used the proceeds of the transaction to pay in full
the debt associated with its second lien credit agreement as
well as the majority of its outstanding first lien debt.
    
Ed Buker, Tecumseh's Chief Executive Officer, said,  "The
completion of this sale transaction is an important element of
our ongoing initiatives to improve our liquidity and strengthen
our balance sheet, and enhances our ability to focus on our core
businesses and improve our financial performance."
    
Effective with the closing of the transaction, Regal Beloit
Corporation assumes ownership of the Fasco name.  The businesses
retained by Tecumseh that formerly operated under the Fasco
name, including the Automotive & Specialty division, will now
conduct business as "Von Weise USA, Inc." in the U.S., "TPC
Motores de Mexico, S. de R.L. de C.V." in Mexico and "Von Weise
of Canada Company" in Canada.  These divisions, while continuing
to operate, have been classified by Tecumseh as held for sale.
    
Rothschild Inc. served as financial advisor to Tecumseh.
  
              About Regal Beloit Corporation
    
Regal Beloit Corporation is a leading manufacturer of mechanical
and electrical motion control and power generation products
serving markets throughout the world.  Regal Beloit has
manufacturing, sales and service facilities throughout the
United States, Canada, Mexico, Europe and Asia.

              About Tecumseh Products Company

Headquartered in Tecumseh, Mich., Tecumseh Products Company
(Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/--  
manufactures hermetic compressors for air conditioning and
refrigeration products, gasoline engines and power train
components for lawn and garden applications, submersible pumps,
and small electric motors.  The company has offices in Italy,
United Kingdom, Brazil, France, and India.

At Mar. 31, 2007, the company's balance sheet showed total
assets of US$97.3 million, total liabilities of US$101.4
million, resulting to a shareholders' deficit of US$4.1 million.




===========
P A N A M A
===========


* PANAMA: President Approves Hydrocarbons Reform Bill
-----------------------------------------------------
Panamanian President Martin Torrijos has ratified a reform bill
for the hydrocarbons law, Business News Americas reports.

According to BNamericas, President Torrijos signed into law
hydrocarbons bill 39, which modifies law 8 from 1987 and
regulates hydrocarbons activities.  The modifications are aimed
at promoting development of the hydrocarbons sector by making
regulations more transparent.  The law "declares hydrocarbons
exploration and production of public utility and social
interest."

BNamericas notes that the law includes the transformation of
former free trade zones for oil into free trade zones for fuels
to boost the production of energy sources like biodiesel and
alternative fuels.  These zones are exempted from any tax,  
encouraging the import, export and re-export of crude and
derivatives.

The report says that under the law, the trade and industry
ministry's hydrocarbons and alternative energies department will
supervise these activities for crude and derivatives:

          -- import,
          -- export,
          -- sale,
          -- refining,
          -- transport, and
          -- storage.

Those violating the law could be sanctioned with fines of up to
US$250,000, BNamericas states.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.  
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  Fitch said the rating outlook is
stable.




===============
P A R A G U A Y
===============


AGILENT TECHNOLOGIES: Closes NetworkFab Acquisition
---------------------------------------------------
Agilent Technologies Inc. has completed the acquisition of
NetworkFab Corp., a privately held designer and builder of
advanced signal intelligence, communications and jammer systems
for the U.S. military, intelligence agencies and law enforcement
groups.  Financial details were not disclosed.

The acquisition of NetworkFab enables Agilent to expand its
presence in operational environments to support U.S. government
prime contractors.  Agilent has a long history of market
leadership in the test and measurement industry, including
aerospace/defense.

NetworkFab's core competencies are in radio frequency
communications, including direction finding, jamming, antenna
design, networking, software design and custom systems
engineering.

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/   
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.




=======
P E R U
=======


* PERU: Boosting Hydrocarbons & Power Cooperation with Brazil
-------------------------------------------------------------
Peruvian energy and mines ministry said in a statement that the
country will collaborate with Brazil to increase hydrocarbons
and power cooperation between countries.

Business News Americas relates that Peru expressed interest in
developing projects in these areas:

          -- petrochemicals,
          -- refining, and
          -- exploration and production, particularly in heavy
             oil production and deepwater exploration.

According to BNamericas, Peru promoted the potential export of
hydro power to Brazil.  A workgroup was formed to draw up a
bilateral accord proposal to develop studies.  This group will
meet from Oct. 22 to Oct. 26 in Peru, where an activities
timetable will be presented to both Brazilian and Peruvian
energy and mines ministries.

Meanwhile, the Brazilian representatives submitted a project for
a biofuels memorandum of understanding, BNamericas notes.

Peru agreed to exchange information on its rural electrification
program with Brazil's Light for All rural power program,
BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.


* PERU: Mandates Installation of Telecom Emergency Network
----------------------------------------------------------
The Peruvian transport and communications ministry said in a
statement that it has issued a decree requiring
telecommunication companies to deploy emergency network capacity
to guarantee that communication continues in the event of a
natural disaster.

Business News Americas relates that under the decree 030-2007,
mobile and fixed telephony operators must "reserve capacity
available for emergency communications among public bodies and
the general public."

According to BNamericas, Peruvian operators didn't have the
emergency network after an earthquake on Aug. 15, 2007.

Transport and communications minister Veronica Zabala commented
to BNamericas, "This decree stipulates changes to the law to
ensure operators are better prepared in the event of an
emergency and contemplates economic sanctions and even the
cancellation of their concessions if these obligations are not
met."

Operators must implement within 15 days a special voice service
that will provide clients "with an alternative communications
channel during emergencies or disasters," BNamericas says,
citing the ministry.

Peruvian telecoms consultancy DN Consultores' director German
Perez commented to BNamericas, "This emergency messaging service
is widely used in Japan, where [local operator] NTT offers the
177 Dengon Dial service.  Through this new decree, local
operators will have to implement a similar service in Peru."

The service is a virtual message board that lets subscribers
post voice messages from anywhere within a country, BNamericas
says, citing Mr. Perez.  

The ministry told BNamericas that under existing contracts,
telecoms were compelled to collaborate with the authorities and
make their networks available in case of emergencies.  However,
the firms weren't obliged to have specific emergency services
available.  Emergency calls would be up to two minutes.

Under the decree, local operators must be able to support
emergency calls from subscribers of other networks that have
collapsed, according to BNamericas.  In areas directly affected
by a natural disaster, operators must provide free
communications through wireless networks.

Meanwhile, operators claimed that the collapse in communications
was due to "unusually high congestion of traffic and to damages
in infrastructure," not due to deficiencies in their networks,
BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.




=====================
P U E R T O   R I C O
=====================


DORAL FINANCIAL: Paying Dividend on Four Preferred Stock Series
---------------------------------------------------------------
Doral Financial Corporation, on Aug. 31, 2007, paid the regular
monthly cash dividend on the company's 7% Noncumulative Monthly
Income Preferred Stock, Series A, 8.35% Noncumulative Monthly
Income Preferred Stock, Series B and 7.25% Noncumulative Monthly
Income Preferred Stock, Series C, in the amount of US$0.2917,
US$0.173958, US$0.151042 per share, respectively.  The dividend
on each of the series was paid to the record holders as of the
close of business on Aug. 29, 2007, in the case of the Series A
Preferred Stock, and to the record holders as of the close of
business on Aug. 15, 2007, in the case of Series B and Series C
Preferred Stock.

Doral also reported that the quarterly dividend on the company's
4.75% perpetual cumulative convertible preferred stock, in the
amount of US$2.96875 per share, will be paid on Sept. 15, 2007
to holders of record as of the close of business on
Sept. 1, 2007.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial  
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive Outlook:

Doral Financial Corporation

-- Long-term Issuer Default Rating 'CCC';
-- Senior debt to 'CCC/RR4'';
-- Preferred stock to 'C/RR6';
-- Short-term Issuer Default Rating 'C';
-- Support '5';
-- Support Floor 'NF';
-- Individual 'E'.

Doral Bank

-- Long-term Issuer Default Rating 'B';
-- Long-term deposits B+;
-- Support '5';
-- Support Floor 'NF';
-- Individual 'D';
-- Short-term Issuer 'B';
-- Short-term deposit obligations 'B'.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service confirmed the B2 senior
debt rating of Doral Financial Corporation.  The rating had been
on review for possible downgrade since Jan. 5, 2007.  Moody's
said the rating outlook is stable.


POPULAR INC: To Purchase Smith Barney's Broker-Dealer Operations
----------------------------------------------------------------
Popular Inc. has signed a definitive agreement pursuant to which
Popular will acquire the operations of broker-dealer Smith
Barney in Puerto Rico.  Smith Barney, a division of Citigroup
Global Markets Inc., is a provider of comprehensive financial
planning and advisory services to high net worth investors,
institutions, corporations and private businesses, governments
and foundations.
    
"This transaction is part of the strategy of Popular Securities
to continue increasing our participation in this important
segment of the marketplace," Richard L. Carrion, chairman of the
board and chief executive officer of Popular Inc., said.
    
Citigroup Global Markets acted as its own exclusive financial
advisor for the transaction.

Paul, Weiss, Rifkind, Wharton, & Garrison LLP served as legal
counsel to Citigroup Global Markets, Inc. and Fiddler Gonzalez &
Rodriguez, PSC served as legal counsel to Popular Inc.

                      About Smith Barney

Headquartered in New York City, Smith Barney Inc. --
http://www.smithbarney.com/-- is a division of Citigroup Global  
Capital Markets Inc., a full-service financial firm that
provides brokerage, investment banking and asset management
services to corporations, governments and individuals around the
world.  In 800 offices, its Financial Advisors service 9.6
million domestic client accounts representing US$1.562 trillion
in client assets worldwide. the company's clients range from
individual investors to small- and mid-sized businesses, well as
large corporations, non-profit organizations and family
foundations.  As of June 30, 2007, Smith Barney's securities
business in Puerto Rico consisted of approximately US$1.8
billion in assets under management, approximately 15,000
accounts and 42 employees, including
26 financial advisors.
    
                      About Popular Inc.

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial  
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.  

                        *     *     *

As reported in the Troubled Company Reporter on May 9, 2007,
Fitch Ratings has downgraded Individual rating of Popular Inc.
to 'B/C' from 'B'.


R&G FINANCIAL: Gets Permission for Dividend Payments
----------------------------------------------------
R&G Financial Corporation has requested and received regulatory
permission to pay its dividend obligations for both September
and October on its four outstanding series of preferred stock
and on its trust preferred securities issues, which have
payments due in September and October, and the preferred stock
of R&G Acquisition Holdings Corporation, a wholly-owned
subsidiary of R&G Financial Corporation, which is due to be paid
in September of this year.  Regulatory approvals are necessary
as a result of the Company's previously announced agreements
with the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation and Commissioner of
Financial Institutions of the Commonwealth of Puerto Rico.
    
                    About R&G Financial

Headquartered in San Juan, Puerto Rico, R&G Financial Corp.
(PNK: RGFC.PK) -- http://www.rgonline.com/-- is a diversified
financial holding company with operations in Puerto Rico and the
United States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the Company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the Company operated 37 bank branches
in Puerto Rico, 35 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 49 mortgage offices in Puerto Rico, including 37
facilities located within R-G Premier Bank's banking branches.

                        *     *     *

As reported in the Troubled Company Reporter on May 9, 2007,
Fitch Ratings downgraded the long-term issuer default rating of
R&G Financial Corporation to 'BB-' from 'BB'.

This downgrade reflected a longer-than-expected delay in
releasing its audited financials, regulatory and legal issues,
deteriorating operating results in 2006 and ongoing concerns
regarding the mix and level of capitalization.  Fitch said the
rating outlook is negative.


SYROCO INC: Committee Hires A. Bini-del Valle as Local Attorney
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
approved the application of the Official Committee of Unsecured
Creditors in Syroco Inc.'s bankruptcy case to employ Anthony L.
Bini-del Valle, Esq., as its local counsel, nunc pro tunc to
Aug. 3, 2007.

Mr. Bini-del Valle will advise/represent the Committee:

   a. with respect to its duties, rights and powers;

   b. in negotiations with the Debtor;

   c. in analyzing the claims;

   d. with respect to its various investigations;

   e. with respect to the disposition of the Debtor's assets;

   f. with respect to financial matters that relate to the
      Debtor and the estate;

   g. with respect to any negotiations and litigation that may
      be necessary, and at hearings and other pleadings;

   h. with respect to pleadings and applications as may be    
      necessary in furtherance of the Committee's interests and
      objections; and

   i. with respect to other matters as may be required and are
      deemed to be in the interests of the Committee in
      accordance with the applicable law.

Also, Mr. Bini-del Valle will provide local counsel assistance
to the Committee's lead counsel.  He will be paid $150 per hour
for his services.

To the best of the Committee's knowledge, Mr. Bini-del Valle is
a "disinterested person" as that term is defined in Sec. 101(14)
of the Bankruptcy Code.

The local counsel can be reached at:

            Anthony L. Bini-Del Valle, Esq.
            USDC/PR No. 217610
            Centro Internacional de Mercadeo
            Torre II, Suite 401, 90 Carr. 165
            Guaynabo, Puerto Rico 00968
            Telephone: 787-622-9078
            Facsimile: 787-706-8680

Syroco Inc. is a plastic furniture manufacturer headquartered in
Cotto Laurel, Puerto Rico.  The Debtor filed for Chapter 11
bankruptcy protection on July 23, 2007 (Bankr. D. PR Case No.
07-04091).  Charles Alfred Cuprill, Esq. and Maria M. Figueroa
Y. Morgade, Esq. at Charles A. Cuprill, P.S.C represent the
Debtor in its restructuring efforts.


SYROCO INC: Committee Retains Pillsbury Winthrop as Counsel
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico gave
the Official Committee of Unsecured Creditors in Syroco Inc.'s
bankruptcy case permission to retain Pillsbury Winthrop Shaw
Pittman LLP as its counsel, nunc pro tunc to Aug. 3, 2007.

Pillsbury will advise/represent the Committee:

   a. with respect to its duties, rights and powers;

   b. in negotiations with the Debtor;

   c. in analyzing the claims;

   d. with respect to its various investigations;

   e. with respect to the disposition of the Debtor's assets;

   f. with respect to financial matters that relate to the
      Debtor and the estate;

   g. with respect to any negotiations and litigation that may
      be necessary, and at hearings and other proceedings;

   h. with respect to pleadings and applications as may be
      necessary in furtherance of the Committee's interests and
      objections; and

   i. with respect to such other matters as may be required and
      are deemed to be in the interests of the Committee in
      accordance with the applicable law.

Pillsbury will be compensated based on these hourly rates:

      Name of                         Special       Charged to
   Professional                         Rate        Committee
   ------------                       -------       ----------
   Patrick Potter, Esq., Partner      US$580          US$525
   Jerry Hall, Esq., Sr. Assoc.       US$460          US$400
   Brandon Johnson, Esq., Jr. Assoc.  US$280          US$250
   Paralegal/General                                  US$170

The above rates represent a net discount in excess of 10% from
the rates typically charged by Pillsbury for its professionals
and paraprofessionals.

In a written order, the Court found Pillsbury is a disinterested
person and that its employment is in the best interest of the
estate.

The firm can be reached at:

            Patrick J. Potter, Esq.
            Jerry Hall, Esq.
            Pillsbury Winthrop Shaw Pittman LLP
            2300 N Street, N.W.
            Washington, D.C. 20037
            Telephone: (202) 663-8000
            Facsimile: (202) 663-8007

Syroco Inc. is a plastic furniture manufacturer headquartered in
Cotto Laurel, Puerto Rico.  The Debtor filed for Chapter 11
bankruptcy protection on July 23, 2007 (Bankr. D. PR Case No.
07-04091).  Charles Alfred Cuprill, Esq. and Maria M. Figueroa
Y. Morgade, Esq. at Charles A. Cuprill, P.S.C represent the
Debtor in its restructuring efforts.


SYROCO INC: Committee Wants Invotex Group as Financial Advisor
--------------------------------------------------------------
The Official Committee of Unsecured Creditors in Syroco Inc.'s
bankruptcy case asks the U.S. Bankruptcy Court of the District
of Puerto Rico for authority to retain Invotex Group Inc. as its
financial advisor, nunc pro tunc to Aug. 10, 2007.

Invotex is expected to:

   a. advise the Committee with respect to accounting,
      financial, and operational issues related to the Debtor
      and proposed actions of the Debtor and other parties;

   b. analyze financing issues related to the Debtor, including,
      but not limited to, cash collateral issues and Debtor-in-
      possession financing, as required;

   c. analyze valuation issues related to the Debtor and advise
      the Committee accordingly, as required;

   d. assist and advise the Committee in its consultations with
      the Debtor relative to the administration of the Case and
      the management of the Debtor's business;

   e. assist the Committee in analyzing the claims of the
      Debtor's creditors and in negotiating with the creditors;

   f. assist the Committee with respect to possible sales or
      disposition of assets of the Debtor's estate;

   g. review and analyze applications, orders, statements of
      operations and schedules filed with the Court and advise
      the Committee as to their propriety, as appropriate;

   h. assist legal counsel to the Committee in preparing
      pleadings and applications as may be necessary in
      furtherance of the Committee's interests and objections;

   i. prepare an expert report and provide expert witness  
      testimony, if requested; and

   j. perform such other accounting, valuation, and financial
      consulting services as may be required and are deemed to
      be in the interests of the Committee.

The Committee has selected Neil Demchick, Invotex managing
director, to lead the engagement.

Invotex's customary hourly rates are:

        Designation                    Hourly Rate
        -----------                    -----------
        Managing Directors            US$375-US$500
        Directors                     US$290-US$315
        Managers                      US$240-US$250
        Senior Consultants            US$165-US$215
        Consultants                   US$150-US$155
        Analysts                       US$95-US$100

The Committee assures the Court that Invotex does not represent
and does not hold any interest adverse to the Debtor's estates
or its creditors.

The firm can be reached at:

            Neil Demchick, Managing Director
            Invotex Group Inc.
            1637 Thames Street, Suite 100
            Baltimore, MD 21231
            Telephone: (410) 539-8580
            Fax: (410) 752-7227
            http://www.invotex.com/

Syroco Inc. is a plastic furniture manufacturer headquartered in
Cotto Laurel, Puerto Rico.  The Debtor filed for Chapter 11
bankruptcy protection on July 23, 2007 (Bankr. D. PR Case No.
07-04091).  Charles Alfred Cuprill, Esq. and Maria M. Figueroa
Y. Morgade, Esq. at Charles A. Cuprill, P.S.C represent the
Debtor in its restructuring efforts.  The Official Creditors
Committee is represented by Anthony L. Bini-del Valle, Esq. and
Jerry L. Hall, Esq. and Patrick J. Potter, Esq. at Pillsbury
Winthrop Shaw Pitman LLP.




=================================
T R I N I D A D   &   T O B A G O
=================================


CAREY INT'L: Moody's Downgrades Corporate Family Rating to Caa2
---------------------------------------------------------------
Moody's Investors Service downgraded all of the credit ratings
of Carey International, Inc. and placed the ratings on review
for possible further downgrade.

These ratings for Carey International were downgraded and placed
on review:

-- US$35 million senior secured first lien revolving credit
    facility due 2010, to B2 (LGD2, 21%) from B1 (LGD2, 22%);

-- US$80 million senior secured first lien term loan B facility
    due 2011, to B2 (LGD2, 21%) from B1 (LGD2, 22%);

-- US$85 million senior secured second lien term loan facility
    due 2012, to Caa3 (LGD5, 74%) from Caa2 (LGD5, 74%);

-- Corporate Family Rating, to Caa2 from Caa1; and

-- Probability of Default Rating, to Caa2 from Caa1.

The downgrade of the Corporate Family Rating to Caa2 from Caa1
primarily reflects the tight near-term liquidity position that
the company is facing and the uncertainty concerning its ability
to meet debt service requirements in an orderly fashion.  The
company currently has only a very modest amount of unused
availability under its senior secured revolver and could be in
default of its covenants shortly if the situation is not
addressed.  The company is currently working to alleviate its
liquidity situation, the solution for which may take several
weeks.  The downgrade also reflects weakening margins and rising
leverage.  The ratings could move downward if the company's
efforts to raise equity capital is unsuccessful and as a
consequence, it defaults under its debt obligations.

Headquartered in Washington, D.C., Carey is a leading provider
of limousine services serving 550 cities in 65 countries.  Its
Latin American operations include Bahamas, Barbados, Bermuda,
Brazil, Chile Costa Rica, Mexico, Peru, Puerto Rico and
Trinidad.  Revenues for the year ended May 31, 2007 were about
US$253 million.




=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Nat'l Assembly Reviewing Orinoco Pacts
--------------------------------------------------------------
The Venezuelan national assembly will review in two weeks
contracts on the conversion of Orinoco heavy crude belt service
operating accords into state-controlled joint ventures with
state-owned oil firm Petroleos de Venezuela SA's, news agency
Agencia Bolivariana de Noticias reports.

Business News Americas relates that Venezuelan oil and energy
minister and Petroleos de Venezuela head Rafael Ramirez
presented to the assembly's energy and mining committee all
documentation on the contract conversion process.

ABN relates that Petroleos de Venezuela will hold an 80% stake
in all Orinoco projects upon final approval.

An industry analyst commented to BNamericas, "I assume they want
to finish this process and get on with constitutional reform and
the referendum scheduled for Dec. 9."

BNamericas notes that seven firms agreed to transfer their
Orinoco assets to Petroleos de Venezuela's joint ventures.  
These companies signed the accords:

          -- US oil company Chevron,
          -- Norwegian firm Statoil,
          -- French company Total,
          -- UK's BP,
          -- Italian firm Eni,
          -- Chinese company Sinopec, and
          -- Venezuelan firm Inelectra.

According to BNamericas, US oil companies Exxon Mobil and
ConocoPhillips abandoned their operations in Venezuela after
failing to reach an accord with the government.  Meanwhile,
Canadian oil firm PetroCanada was able negotiate to compensation
for its assets before it withdraw from Venezuela.

Talks would soon be finalized with ExxonMobil and
ConocoPhillips, BNamericas says, citing Minister Ramirez.  

"There will be no compensation for companies that don't agree to
stay here," Minister Ramirez commented to BNamericas.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.

                         ***********


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.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
delos Santos, Christian Toledo, Pamella Rita K. Jala, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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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
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              * * * End of Transmission * * *