TCRLA_Public/070907.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

          Friday, September 7, 2007, Vol. 8, Issue 178

                          Headlines

A R G E N T I N A

AEROFLEX INC: Moody's Lifts Senior Secured Credit Rating to Ba3
CESAR AUGUSTO: Proofs of Claim Verification Is Until Oct. 8
CONTROL VIGILANCIA: Proofs of Claim Verification Ends on Oct. 24
CORPORACION DE LOS ANDES: Seeks for Reorganization Okay in Court
FREESCALE SEMICONDUCTOR: Names Henri Richard as Sr. Vice Pres.

GRANITO SERRANO: Reorganization Proceeding Concluded
HIJOS DE FRANCISCO: Proofs of Claim Verification Ends on Oct. 12
HOLTER SRL: Proofs of Claim Verification Deadline Is Sept. 27
INDUPOL SRL: Proofs of Claim Verification Deadline Is Sept. 26
INSTITUTO CULTURAL: Proofs of Claim Verification Ends on Oct. 26

JOSE PEGORIN: Proofs of Claim Verification Is Until Sept. 21
OSCAR DATO: Proofs of Claim Verification Deadline Is Oct. 8
TELECOM ARGENTINA: Brazilian Court Allows Purchase Deal Probe
TOURS & TRAVEL: Proofs of Claim Verification Ends on Nov. 1
TYSON FOODS: Discloses Financial Turnaround & Future Strategies

* ARGENTINA: Obtains US$360-Million Credit Line from IDB


B E R M U D A

ANA SUB: Creditors Must File Proofs of Claim Today
CHEVRON OVERSEAS: Proofs of Claim Filing Deadline Is Today
UNIVERSAL AVIATION: Proofs of Claim Filing Ends Today
UNOCAL BANGLADESH (FIVE): Proofs of Claim Must be Filed Today
UNOCAL BANLADESH (TEN): Proofs of Claim Filing Ends Today

UNOCAL SOUTH: Proofs of Claim Filing Deadline Is Today


B O L I V I A

ASHMORE ENERGY: Resumes Transredes Stake Sale with Bolivia

* BOLIVIA: Resumes Transredes Stake Buy with Ashmore Energy
* BOLIVIA: Setting Up State-Run Airline


B R A Z I L

AAR CORP: Amends Revolving Credit Agreement to US$250 Million
AMERICAN TOWER: Fitch Puts BB Rating on US$500-Mln Sr. Term Loan
AMERICAN TOWER: Moody's Rates US$500-Mil. Senior Loan at Ba1
BANCO NACIONAL: Grants BRL16.8B Infrastructure Project Financing
BANCO PANAMERICANO: Seeking Regulator OK for Public Offering

CA INC: Enters Into New US$1-Billion Credit Facility
CHAPARRAL STEEL: Board Is Neutral to Gerdau Ameristeel's Offer
COMPANHIA SANEAMENTO: S&P Affirms BB- Foreign/Local Scale Rating
DRESSER-RAND: S&P Rates US$500-Mln Sr. Revolving Facility at BB-
EL PASO: Affiliate Registers IPO of 25 Million Common Units

EMI GROUP: Prices EUR425 Million Cash Tender Offer
EMPRESA BRASILEIRA: Moody's Reviews Ba3 Rating for Likely Raise
GRAFTECH INT'L: Better Cash Flow Cues Moody's to Revise Outlook
HYLAND SOFTWARE: S&P Lifts Corp. Credit Rating to B+ from B
LAZARD LTD: Opens Boston Office; Hires Messrs. Murray & Dolins

NOVELIS INC: Will Invest US$7.0 Million for Brazilian Plant
PARANA BANCO: Okays BRL38.7-Million Capital Increase
UNITED AIRLINES: Signs Agreement with Starbucks(R) Coffee

* BRAZIL: Court Gives Okay for Anatel to Rule on Telefonica Deal
* BRAZIL: Exports to Angola Up by 60%, Finance Minister Says
* BRAZIL: Petrobras Starts Abreu Plant without Venezuelan Aid


C A Y M A N   I S L A N D S

ADROIT PRIVATE: Sets Final Shareholders Meeting Today
BAILEY COATES: Will Hold Final Shareholders Meeting Today
BLUE SPICE II: Proofs of Claim Filing Deadline Is Sept. 24
BEAR STEARNS: Moody's Cuts Rating on Class M-8 Certs. to B3
BLUE SPICE: Proofs of Claim Filing Ends on Sept. 24

BLUE TOPAZ: Proofs of Claim Filing Is Until Sept. 24
CHINA INVESTMENT: Sets Final Shareholders Meeting Today
DFSCSA LTD: Proofs of Claim Must be Filed by Oct. 3
FRONTIER IV: Will Hold Final Shareholders Meeting Today
GLG GLOBAL: Proofs of Claim Filing Deadline Is Oct. 3

GLG MANGOUSTA: Proofs of Claim Filing Ends on Oct. 3
GLG MMI: Proofs of Claim Must be Filed by Oct. 3
INCREMENTAL LEVERAGED: Proofs of Claim Filing Is Until Oct. 3
IVY PARTNERS: Sets Final Shareholders Meeting for Sept. 7
JAPAN ADVISORY: Will Hold Final Shareholders Meeting Today

K CAPITAL: Proofs of Claim Must be Filed by Sept. 24
MACQUARIE AUSTRALIA: Proofs of Claim Filing Ends on Sept. 22
PARMALAT SPA: Hikes Paid Up Share Capital by EUR118,253
PURE IP: Will Hold Final Shareholders Meeting Today
SYSTEIA ALTERNATIVE: Sets Final Shareholders Meeting Today


C H I L E

TECH DATA: Board Okays US$100-Mil. Share Repurchase Program


C O S T A   R I C A

* COSTA RICA: Trade Minister to Attend Trade Fair in China


D O M I N I C A N   R E P U B L I C

AES CORP: Regulator OKs Unit's Planned US$25MM Bond Issuance


E L   S A L V A D O R

AES CORP: Shortlisted in Termoelectrica's Galati Thermal Bid
AES CORP: Deutsche Bank Puts Buy Recommendation on Firm's Shares


M E X I C O

AXTEL SA: Shareholders Authorize Three-To-One Stock Split
BENQ CORP: Completes Spin-Off Plan; Launches Branded Company
CINRAM INTERNATIONAL: Subsidiary Inks Agreement with Motorola
DANA CORP: Wants Court Approval on Chrysler Settlement Agreement
DANA CORP: Wants Court Nod on the Ford Commercial Agreements

DURA AUTOMOTIVE: Insight Equity Acquires Atwood Mobile Products
FEDERAL-MOGUL: 40 Plan Objections Filed as of August 21
FLEXTRONICS INT'L: Solectron Stockholders Want To Vote on Merger
VISTEON CORP: Completes Sale of Powertrain Business in India


N I C A R A G U A

GLENCARIN GOLD: Has Until Oct. 31 to Settle US$1-Mln Dispute

* NICARAGUA: Ministry Inks Power Generation Pact with Consorcio


P A N A M A

SOLO CUP: Fitch Affirms CCC Rating on Senior Sub. Notes
TITAN PETROCHEMICALS: To Buy Quanzho Shipyard for US$170 Million
TITAN PETROCHEMICALS: Second-Half Profit Doubles on Ship Sales
TITAN PETROCHEMICAL: Moody's Downgrades Corporate Rating to B2
TITAN PETROCHEMICALS: S&P Changes B+ Rating Outlook to Negative


P E R U

* PERU: Unveiling Communications Collapse Report on Sept. 13


P U E R T O   R I C O

FIRST BANCORP: Announces US$0.07 Per Share Dividend Payment
NEWCOMM WIRELESS: Court Sets Oct. 5 Confirmation Hearing


T R I N I D A D   &   T O B A G O

HERCULES OFFSHORE: Eyes Growth Opportunities in Mexico


V E N E Z U E L A

ASHMORE ENERGY: Selling Vengas Shares to Petroleos de Venezuela
PETROLEOS DE VENEZUELA: Chalmette Launches Planned Work on Unit

* VENEZUELA: Will Pay Compensation to ConocoPhillips

                         - - - - -


=================
A R G E N T I N A
=================


AEROFLEX INC: Moody's Lifts Senior Secured Credit Rating to Ba3
---------------------------------------------------------------
In connection with the closing of Aeroflex Incorporated's
leveraged buyout on Aug. 15, 2007, the capital structure of the
transaction was altered from what was previously advised by
Moody's.  The senior secured first lien revolver was downsized
to US$50 million from US$60 million.  The senior secured first
lien term loan was upsized by US$25 million, for a total term
loan amount of US$525 million, and transformed into two tranches
consisting of a US$400 million "first-out" tranche and US$125
million "first-loss" tranche.  The company cancelled the US$370
million senior subordinated notes and instead entered into a
US$225 million unrated senior unsecured bridge loan and a US$120
million senior subordinated PIK loan facility.  The preferred
equity contribution of US$372 million from the private equity
sponsors remains unchanged.

As discussed in the June 25, 2007 press release, the previously
assigned ratings were subject to review of final documentation
and no material change in the terms and conditions of the
transaction.  In light of the aforementioned capital structure
changes, Moody's has affirmed Aeroflex's B3 corporate family
rating, withdrew the rating on the senior secured first lien
term loan, upgraded the rating on the senior secured first lien
revolver to Ba3 from B1 and assigned a Ba3 rating to the first-
out senior secured term loan.  The one-notch upgrade of the
revolver and Ba3 rating assigned to the first-out term loan
tranche of the credit facility reflect the lower loss-given-
default point estimate (21% from 27%), the senior position of
this debt tranche in Aeroflex's capital structure, and the new
"first-out" feature which mandates that interest and principal
on the revolver and term loan be paid in full prior to the
"first-loss" senior secured term loan in a default scenario.
Moody's also assigned a B3 rating to the US$125 million "first-
loss" tranche of the credit facility.  All secured debt tranches
benefit from the same all-asset pledge and full guarantees of
existing and future wholly owned domestic subsidiaries.
Finally, Moody's withdrew the rating on the senior subordinated
notes and assigned a Caa2 rating to the US$120 million senior
subordinated PIK loan facility.  The outlook remains positive.

Approximately US$695 million of rated debt affected.

  These ratings were upgraded:

  -- US$50 Million Senior Secured First Lien Revolver due 2013
     to Ba3 (LGD-2, 21%) from B1 (LGD-2, 27%)

  The following ratings/assessments were assigned:

  -- US$400 Million (First-Out) Senior Secured Term Loan due
     2014 -- Ba3 (LGD-2, 21%)

  -- US$125 Million (First-Loss) Senior Secured Term Loan due
     2014 -- B3 (LGD-4, 56%)

  -- US$120 Million Senior Subordinated PIK Loan Facility due
     2015 -- Caa2 (LGD-6, 94%)

  The following ratings/assessments were withdrawn:

  -- US$500 Million Senior Secured First Lien Term Loan Revolver
     due 2014 -- B1 (LGD-2, 27%)

  -- US$370 Million Senior Subordinated Notes due 2017 - Caa2
     (LGD-5, 83%)

  The following ratings were affirmed:

  -- Corporate Family Rating -- B3

  -- Probability of Default Rating -- B3

  -- Speculative Grade Liquidity Rating -- SGL-2

Headquartered in Plainview, New York, Aeroflex Inc. is a
specialty provider of microelectronics and test and measurement
products to the aerospace, defense, wireless, broadband and
medical markets.  For the twelve months ended March 31, 2007,
revenues were US$577 million.  Aeroflex has offices in China,
France, Germany, and Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services removed its
'B' corporate credit rating on Plainview, New York-based
Aeroflex Inc. from CreditWatch, where it was placed with
negative implications on May 30, 2007.  The 'B' corporate credit
rating is affirmed; the outlook is negative.  The rating action
follows a review of a revised buyout offer for the company from
a private equity consortium led by Veritas Capital.

"At the same time, we assigned our 'B+' bank loan rating and '2'
recovery rating to Aeroflex's proposed US$560 million first-lien
credit facilities, consisting of a $60 million revolving credit
and a US$500 million term loan," said Standard & Poor's credit
analyst Lucy Patricola.  The '2' recovery rating indicates that
lenders can expect substantial (70%-90%) recovery of principal
in the event of payment default.  The 'B+' rating is one notch
higher than the 'B' corporate credit rating on Aeroflex.  All
ratings are based on preliminary offering statements and are
subject to review upon final documentation.


CESAR AUGUSTO: Proofs of Claim Verification Is Until Oct. 8
-----------------------------------------------------------
Juan Carlos de la Piedra, the court-appointed trustee for Cesar
Augusto Gauna y Cia. S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Oct. 8, 2007.

Mr. de la Piedra 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 Cesar Augusto Gauna 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 Cesar Augusto's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Mr. de la Piedra is also in charge of administering Cesar
Augusto's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

       Cesar Augusto Gauna y Cia. S.R.L.
       Hipolito Yrigoyen 1544
       Buenos Aires, Argentina

The trustee can be reached at:

       Juan Carlos de la Piedra
       Avenida Juan B. Justo 5096
       Buenos Aires, Argentina


CONTROL VIGILANCIA: Proofs of Claim Verification Ends on Oct. 24
----------------------------------------------------------------
Zulma Gloria Ghigliano, the court-appointed trustee for Control
Vigilancia Particular S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Oct. 24, 2007.

Ms. Ghigliano will present the validated claims in court as
individual reports on Dec. 5, 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 Control Vigilancia 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 Control Vigilancia's
accounting and banking records will be submitted in court on
Feb. 22, 2008.

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

The debtor can be reached at:

       Control Vigilancia Particular S.A.
       Cochabamba 886
       Buenos Aires, Argentina

The trustee can be reached at:

       Zulma Gloria Ghigliano
       Pasaje Cipolletti 554
       Buenos Aires, Argentina


CORPORACION DE LOS ANDES: Seeks for Reorganization Okay in Court
----------------------------------------------------------------
Corporacion de los Andes S.A. has requested for reorganization
approval from the National Commercial Court of First Instance
No. 1 in Buenos Aires after failing to pay its liabilities since
Sept. 5, 2007.

The reorganization petition, once approved by the court, will
allow Corporacion de los Andes to negotiate a settlement with
its creditors in order to avoid a straight liquidation.

Clerk No. 2 assists the court in this case.

The debtor can be reached at:

          Corporacion de los Andes S.A.
          Jeronimo Salguero 3078
          Buenos Aires, Argentina


FREESCALE SEMICONDUCTOR: Names Henri Richard as Sr. Vice Pres.
--------------------------------------------------------------
Freescale Semiconductor has hired Henri Richard as its senior
vice president, chief sales and marketing officer.  Mr. Henri,
the former chief sales & marketing officer at AMD, brings thirty
years of experience in sales, marketing, services and business
development to Freescale.  His broad-based experience includes
the U.S., European and Asian markets; OEM, indirect and end-user
channels; and both hardware and software product segments.

"Henri is a respected veteran of our industry and I am glad he
has chosen to join the Freescale team," said Michel Mayer,
Freescale chairman and CEO.  "His expertise in developing
customer solutions will accelerate our growth initiatives and
build on Freescale's strong market position."

Prior to AMD, Mr. Henri held various leadership positions
including executive vice president of World Wide Operations for
WebGain; vice president sales & marketing, Worldwide
Distribution & E-business for IBM; and vice president EMEA
Strategic Accounts for Seagate Technology.  Henri received a
bachelor's degree in science and technology from Ecole Nationale
de Radiotechnique et Electronique Appliquee.

                       About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets. Freescale
Semiconductor became a publicly traded company in July 2004.
The company has design, research and development, manufacturing
or sales operations in more than 30 countries.  In Latin
America, Freescale Semiconductor has operations in Argentina,
Brazil and Mexico.  In Europe, the company has operations in
Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey
and the United Kingdom.  Revenues for the 12 months ended
March 31, 2007 were US$6.2 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2007, Moody's Investors Service affirmed the ratings of
Freescale Semiconductor, Inc., and changed the outlook to
negative.

These ratings/assessments were affirmed:

   -- Corporate Family Rating (New) -- Ba3;

   -- Probability of Default Rating -- Ba3;

   -- US$750 Million Senior Secured Revolving Credit Facility
      due 2012 -- Baa3 (LGD-2, 16%);

   -- US$3.50 Billion Senior Secured Term Loan B Facility due
      2013 -- Baa3 (LGD-2, 16%);

   -- US$2.85 Billion Senior Unsecured Notes due 2014 -- B1
     (LGD-4, 63%);

   -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014 --
      B1 (LGD-4, 63%);

   -- US$1.60 Billion Senior Subordinated Unsecured Notes due
      2016 -- B2 (LGD-6, 91%); and

   -- Speculative Grade Liquidity Rating -- SGL-1.


GRANITO SERRANO: Reorganization Proceeding Concluded
----------------------------------------------------
Granito Serrano S.A.'s reorganization proceeding has ended.
Data published by Infobae on its Web site indicated that the
process was concluded after a court in Buenos Aires approved the
debt agreement signed between the company and its creditors.

The company can be reached at:

         Granito Serrano S.A.
         Sargento Cabral 2813
         Olavarria


HIJOS DE FRANCISCO: Proofs of Claim Verification Ends on Oct. 12
----------------------------------------------------------------
Gabriela Monica Bastias, Jorge Florez y Santiago Noldy -- the
court-appointed trustee for Hijos de Francisco Muzzo S.R.L.'s
bankruptcy proceeding -- verifies creditors' proofs of claim
until Oct. 12, 2007.

Gabriela Monica will present the validated claims in court as
individual reports on Nov. 28, 2007.  The National Commercial
Court of First Instance in Rosario, Santa Fe, 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 Hijos de Francisco 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 Hijos de Francisco's
accounting and banking records will be submitted in court on
Feb. 13, 2008.

Gabriela Monica is also in charge of administering Hijos de
Francisco's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

       Hijos de Francisco Muzzo S.R.L.
       San Nicolas y Galvez
       Mercado de Productores de Rosario, Santa Fe
       Argentina

The trustee can be reached at:

       Gabriela Monica Bastias, Jorge Florez y Santiago Noldy
       Cordoba 955, Rosario
       Santa Fe, Argentina


HOLTER SRL: Proofs of Claim Verification Deadline Is Sept. 27
-------------------------------------------------------------
Eduardo Ruben Pronsky, the court-appointed trustee for Holter
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 27, 2007.

Mr. Pronsky will present the validated claims in court as
individual reports on Nov. 16, 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 Holter 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 Holter's accounting
and banking records will be submitted in court on Dec. 17, 2007.

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

The debtor can be reached at:

       Holter S.R.L.
       Avenida Cabildo 2569
       Buenos Aires, Argentina

The trustee can be reached at:

       Eduardo Ruben Pronsky
       Parana 480
       Buenos Aires, Argentina


INDUPOL SRL: Proofs of Claim Verification Deadline Is Sept. 26
--------------------------------------------------------------
Roberto J. Kleinman, the court-appointed trustee for Indupol
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 26, 2007.

Mr. Kleinman will present the validated claims in court as
individual reports on Nov. 8, 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 Indupol 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 Indupol's accounting
and banking records will be submitted in court on Dec. 20, 2007.

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

The debtor can be reached at:

       Indupol S.R.L.
       J.D. Peron 1143
       Buenos Aires, Argentina

The trustee can be reached at:

       Roberto J. Kleinman
       Armenia 2104
       Buenos Aires, Argentina


INSTITUTO CULTURAL: Proofs of Claim Verification Ends on Oct. 26
----------------------------------------------------------------
Pablo Amante, the court-appointed trustee for Instituto Cultural
Educacional DZ S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 26, 2007.

Mr. Audicio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Instituto Cultural 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 Instituto Cultural's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Instituto Cultural Educacional DZ S.A.
       Avenida Callao 420
       Buenos Aires, Argentina

The trustee can be reached at:

       Pablo Amante
       Lavalle 1537
       Buenos Aires, Argentina


JOSE PEGORIN: Proofs of Claim Verification Is Until Sept. 21
------------------------------------------------------------
Carlos Marcelo Delgado, the court-appointed trustee for Jose
Pegorin e Hijos S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Sept. 21, 2007.

Mr. Delgado will present the validated claims in court as
individual reports on Nov. 5, 2007.  The National Commercial
Court of First Instance in Mendoza will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Jose Pegorin 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 Jose Pegorin's
accounting and banking records will be submitted in court on
Dec. 21, 2007.

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

The trustee can be reached at:

       Carlos Marcelo Delgado
       Rufino Ortega 729, Ciudad de Mendoza
       Mendoza, Argentina


OSCAR DATO: Proofs of Claim Verification Deadline Is Oct. 8
-----------------------------------------------------------
Carlos Ernesto Mastragostino, the court-appointed trustee for
Oscar Dato Robinson S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Oct. 8, 2007.

Mr. Mastragostino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Mar del Plata, 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 Oscar Dato 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 Oscar Dato's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Oscar Dato Robinson S.A.
       Corrientes 2393, Mar del Plata
       Buenos Aires, Argentina

The trustee can be reached at:

       Carlos Ernesto Mastragostino
       San Martin 4141, Mar del Plata
       Buenos Aires, Argentina


TELECOM ARGENTINA: Brazilian Court Allows Purchase Deal Probe
-------------------------------------------------------------
Brazil's telecom regulator, Anatel, can now proceed with its
deliberations regarding the proposed purchase of a stake in
Telecom Italia by Telefonica SA, Jonathan Wheatleyin at the
Financial Times reports.

Anatel's analysis of the purchase has been stalled at the
request of Claro, Brazil's third-largest mobile operator, which
is controlled by Mexican billionaire Carlos Slim, the FT
relates.  Claro demanded to see the details of the transaction,
but a judge in Brasilia ruled that it must wait after Anatel has
done its studies before it can get hold of the documentation.
Claro had argued that the deal threatens its business because it
has the potential of controlling the market.

Telefonica joined in April a consortium that aims to buy 23.6%
of Telecom Italia, in a deal valued at US$3.1 billion.

The Latin American market is of critical importance to telecom
companies because its mobile market has plenty of room for
growth, the FT says.  An analyst suggested to the FT that
Telefonica's purchase is a move to "prevent Telecom Italia fro
selling its assets to a competitor."

A Brazilian investment analyst Alex Pardellas told Business News
Americas that the deal is likely to get Anatel's approval
because it won't provide Telefonica a monopoly over the market.

                       About Telefonica

Telefonica, S.A., together with its subsidiaries and investees
(Telefonica Group), operates mainly in the telecommunications,
media and entertainment industries.  The Telefonica Group is
also involved in the media and contact center activities through
investments in Telefonica de Contenidos and Atento.  The company
operates through three segments: Telefonica Spain, Telefonica
Europe and Telefonica Latin America.  Telefonica Spain oversees
the wireline and wireless telephony, broadband and data
businesses in Spain.  Telefonica Latin America oversees the same
businesses in Latin America.  Telefonica Europe oversees the
wireline, wireless, broadband and data businesses in the United
Kingdom, Germany, the Isle of Man, Ireland, the Czech Republic
and the Slovak Republic.

                      About Telecom Italia

Telecom Italia S.p.A. is an Italy-based telecommunications group
that operates in the communications sector, in the television
sector using both analog and digital terrestrial technology, and
in the office products sector.  In the communications sector,
the Company engages primarily in telephone and data services on
fixed lines for final retail customers and wholesale providers,
in the development of fiber optic networks for wholesale
customers, in broadband services, in Internet services and in
domestic and international mobile telecommunications (especially
in Brazil).  The company operates mainly in Europe, the
Mediterranean Basin and in South America.

                   About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.


TOURS & TRAVEL: Proofs of Claim Verification Ends on Nov. 1
-----------------------------------------------------------
Alfredo Osvaldo Audicio, the court-appointed trustee for Tours &
Travel S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 1, 2007.

Mr. Audicio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk
No. 16, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Tours & Travel 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 Tours & Travel's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Tours & Travel S.R.L.
       Vuelta de Obligado 1816
       Buenos Aires, Argentina

The trustee can be reached at:

       Alfredo Osvaldo Audicio
       Ciudad de la Paz 1564
       Buenos Aires, Argentina


TYSON FOODS: Discloses Financial Turnaround & Future Strategies
---------------------------------------------------------------
Tyson Foods Inc.'s President and Chief Executive Officer Richard
L. Bond is describing how the company will achieve a US$700
million increase in pre-tax earnings in fiscal 2007 after
absorbing almost US$300 million in additional grain cost,
resulting in a US$1 billion operational improvement over last
year.

Mr. Bond's comments will be part of his scheduled presentation
this afternoon at the Lehman Brothers Back-To-School Consumer
Conference in Boston.  During his talk he will also provide an
updated perspective on the company's fourth quarter financial
performance and outline the company's long-term strategic plan
for success.

Despite a financial loss in fiscal 2006 and the absorption of
increased grain costs, Tyson has experienced strong progress in
2007 with solid earnings in the first, second and third
quarters.  Market conditions have improved and some export
markets have reopened, but the factors under the company's
control are where the biggest improvements have been, according
to Mr. Bond.

Tyson rationalized three beef plants to improve capacity
utilization, closed two prepared foods plants that didn't fit
the company's business model, sold two commodity poultry plants
and chose not to rebuild another poultry plant destroyed by
fire.  The company also cut costs significantly through a cost
management initiative started in mid-2006, which is expected to
result in an excess of US$250 million in savings for fiscal
2007.

Diluted earnings per share through the first nine months of
fiscal 2007 totaled US$0.66 and all segments of Tyson's business
are expected to be profitable in the fourth quarter.  "However,
we are revising our fiscal 2007 guidance to US$0.72 to US$0.80
per share," Mr. Bond reports.  "The fourth quarter is turning
out to be more challenging than expected.  Our beef business has
been affected by higher than expected live cattle costs and a
decline in beef revenues due to a disruption in South Korean
beef trade.  Meanwhile, live hog prices were higher due to
speculation about Chinese pork imports.

"In chicken, we successfully implemented price increases earlier
in the year, but gave up some sales volume as a result," he
adds.  "The company is now working through these larger
quantities of higher valued inventories."

Despite the fourth quarter, Mr. Bond says "I'm very excited and
optimistic about the company's long-term success because we've
made a lot of changes in how we run the business, and we've
reached a lot of milestones."

Tyson officials believe the company's long-term performance will
be enhanced by some new product initiatives.  Tyson's new 100%
All Natural(tm), Raised Without Antibiotics chicken, which was
launched in the third quarter, has been very well received.  It
has generated expanded distribution with current customers and
also resulted in new sales accounts.  Tyson will also soon roll
out advertisements to support a new line of restaurant-style
frozen snacks called Tyson(r) Any'tizers(tm), which was
successfully launched this summer.  In addition, this past
spring Tyson Food Service converted its entire line of
marinated, uncooked chicken to 100% All Natural(tm) to meet
growing consumer interest in all natural foods.

These product lines are examples of Tyson's efforts to continue
the creation of innovative and insight driven food solutions,
which is one of the key business strategies Mr. Bond will
outline in his presentation.  Other strategic principles the
company is implementing include optimization of commodity
business models, building a multi-national enterprise and
efforts to revolutionize the conversion of raw materials and by-
products into high-margin initiatives.

"In the food business... you must continually innovate to
survive and grow," according to Mr. Bond.  "This is why we
finished building our new Discovery Center research and
development facility at a time we were cutting costs elsewhere."

Tyson management is also continuing efforts to improve the
effectiveness of the company's business structure.  Mr. Bond
will report Tyson has started a new initiative called FAST,
which stands for focus, agility, simplify and trust.  The goal
is to place greater emphasis on doing only value-added
activities and encouraging faster decision-making.

The evaluation process, which is now underway and will continue
through mid-October, is expected to help the company continue
streamlining the way it does business.  It is expected to
involve modifying or reducing some layers of management and
giving Team Members more decision-making authority.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN) --
http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service upgraded the
speculative grade liquidity rating of Tyson Foods Inc. to SGL-2
(good liquidity) from SGL-3 (adequate liquidity) based on the
company's stronger cash flow generating ability given its cost
cutting measures and improving protein markets.  Tyson's other
ratings, including its Ba1 corporate family rating and Ba1
probability of default rating, were affirmed.  Moody's said the
rating outlook is negative.


* ARGENTINA: Obtains US$360-Million Credit Line from IDB
--------------------------------------------------------
The Inter-American Development Bank has approved a US$360
million Conditional Credit Line for Investment Projects (CCLIP)
to Argentina to improve the quality of life in communities of up
to 50,000 residents.  The IDB Board of Executive Directors also
approved the first individual loan under the credit line for
US$120 million.

With CCLIP resources, Argentina's National Sanitary Waterworks
Agency (ENOHSa, from its Spanish acronym) will improve
sustainable coverage of water and sanitation services to benefit
some 310,000 households that now lack such services.

"Some 62 percent of the 9.4 million Argentines living in small
communities lack in-home connections to sanitation services, and
25 percent don't have access to clean drinking water at home,"
said IDB project team leader Kleber Machado.  "This credit line
will help remedy that situation with sustainable improvements in
the coverage of water services, from 75 percent to 82 percent,
and of sanitation services, from 38 percent to 48 percent, over
the life of the credit line," added Mr. Machado.

The first loan will help finance some 45 projects, including 15
water supply systems and 30 wastewater collection, treatment and
final disposal systems, as well as measures to strengthen the
institutional capacity of national, provincial and local
agencies in the sector; and the management capacity of service
operators.

Program administration will be decentralized and follow a
general model where works financed with the program will be
managed and operated by utility cooperatives or neighborhood
water boards with strong community involvement.

The proposed program supports the IDB's Argentina country
strategy by seeking to improve living conditions for people in
communities of up to 50,000 inhabitants by promoting the
sustainable expansion of coverage of water supply and sanitation
services and promoting better management by service operators.

The program is part of the IDB's Water and Sanitation
Initiative. Specifically, the first loan will contribute to the
"100 cities" and the "3,000 rural communities" programs under
the initiative.  The first loan will benefit some nine cities
with more than 20,000 inhabitants and some 36 rural communities
between 500 and 20,000 inhabitants.

The first individual loan is for a 25-year term, with a six-year
grace period at an adjustable interest rate.  Local counterpart
funds for this loan total US$30 million dollars.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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


ANA SUB: Creditors Must File Proofs of Claim Today
--------------------------------------------------
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 Deadline Is Today
----------------------------------------------------------
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


UNIVERSAL AVIATION: Proofs of Claim Filing Ends Today
-----------------------------------------------------
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 (FIVE): Proofs of Claim Must be Filed Today
-------------------------------------------------------------
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 BANLADESH (TEN): Proofs of Claim Filing Ends Today
---------------------------------------------------------
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 Deadline Is Today
------------------------------------------------------
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
=============


ASHMORE ENERGY: Resumes Transredes Stake Sale with Bolivia
----------------------------------------------------------
Ashmore Energy International will continue negotiations with
Bolivian President Evo Morales on the sale of its 14% stake in
Bolivian gas transporter Transredes, Business News Americas
reports, citing Bolivian hydrocarbons minister Carlos Villegas.

According to BNamericas, Transredes head Ernesto Blanco admitted
that the talks had not advanced.

"Transredes has sent a proposal to the government to continue
talks under the nationalization decree framework," Minister
Villegas commented to reporters.

Formal negotiations could be launched in 10 to 15 days,
BNamericas relates, citing Minister Villegas.

Once the government acquires the stake, state-run hydrocarbons
firm Yacimientos Petroliferos Fiscales Bolivianos, which is a
minority shareholder in Transredes, would have a majority stake
in the gas transporter, as stipulated in the nationalization
decree, BNamericas states.

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook was
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.


* BOLIVIA: Resumes Transredes Stake Buy with Ashmore Energy
-----------------------------------------------------------
Bolivian President Evo Morales will continue negotiations with
Ashmore Energy International on the purchase of the company's
14% stake in Bolivian gas transporter Transredes, Business News
Americas reports, citing Bolivian hydrocarbons minister Carlos
Villegas.

According to BNamericas, Transredes head Ernesto Blanco admitted
that the talks had not advanced.

"Transredes has sent a proposal to the government to continue
talks under the nationalization decree framework," Minister
Villegas commented to reporters.

Formal negotiations could be launched in 10 to 15 days,
BNamericas relates, citing Minister Villegas.

Once the government acquires the stake, state-run hydrocarbons
firm Yacimientos Petroliferos Fiscales Bolivianos, which is a
minority shareholder in Transredes, would have a majority stake
in the gas transporter, as stipulated in the nationalization
decree, BNamericas states.

                     About Ashmore Energy

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

                        *     *     *

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: Setting Up State-Run Airline
---------------------------------------
The Bolivian government, in accordance with its nationalization
efforts, will establish a state-run airline company, Prensa
Latina reports.

According to the same report, the airline will begin operations
this year with a US$15 million capital, US$230,000 of which is
in public funds.

Civil Aeronautics General Office Director Javier Garcia told
Prensa Latina that operation by-lines, such as flight routes and
servicing structure have already been drafted.  Mr. Garcia added
that the airline's first aircraft will arrive within a week and
will be operational late this month.

                        *     *     *

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
===========


AAR CORP: Amends Revolving Credit Agreement to US$250 Million
-------------------------------------------------------------
AAR CORP. has amended its senior, unsecured credit agreement.
The amendment increases the revolving credit amount from US$140
million to US$250 million, which may be increased to US$325
million under certain circumstances. LaSalle Bank National
Association serves as the lead bank in the syndicate of banks
making this credit line available to AAR.

"We continue to see excellent opportunities in the markets where
AAR participates and the amended agreement positions the Company
to capitalize on these growth opportunities," said Rick Poulton,
Vice President and Chief Financial Officer for AAR CORP.  "We
are very pleased that our bank team recognizes the significant
accomplishments of AAR over the last year as we were able to
improve the size, pricing and certain terms of the agreement."

Under the amended agreement the interest rate fluctuates between
LIBOR plus 100 to 225 basis points, based on certain financial
measurements, and the termination date was extended one year, to
Aug. 31, 2011.

                          About AAR

AAR CORP -- http://www.aarcorp.com/-- a Chicago suburb near
O'Hare International Airport, employs approximately 3,500 people
at more than 40 locations around the world.  In Latin America,
the company has a sales office in Rio de Janeiro, Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 04, 2006,
Moody's upgraded ratings of AAR Corporation, corporate family
rating and senior notes to Ba3 from B1, in response to improving
financial performance resulting form the strong commercial and
defense aviation supply and repair environment.


AMERICAN TOWER: Fitch Puts BB Rating on US$500-Mln Sr. Term Loan
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to American Tower
Corporation's proposed five-year US$500 million senior term loan
facility.  Proceeds from the term loan facility will be used to
refinance existing indebtedness under the senior unsecured
revolving credit facility and for other general corporate
purposes.  The Rating Outlook is Stable.

American Tower's ratings reflect the scale in its operations,
which has translated into strong operating performance and
increased free cash flow.  American Tower's operating
characteristics remain favorable, resulting in some of the
highest profitability measures for all of corporate credits and
reflective of the lower business risk that results in a
predictable and growing cash flow stream generated primarily
from investment grade national wireless operators.  Fitch
believes these characteristics more than offset American Tower's
sizable share repurchase program and the higher financial
leverage for its rating category.  American Tower should
continue to meaningfully improve its operating metrics due to
scale benefits and the expectations for continued wireless
industry demand.  Fitch expects the 700 MHz auctions, scheduled
to begin in January 2008, will be an important driver for future
revenue growth.  Given the mandates associated with the spectrum
auction, Fitch believes that two new entrants could acquire a
material amount of spectrum for large-scale deployments.

Based on current capital allocation plans, Fitch expects
leverage for 2007 to be 4.5 times or less.  The liquidity
position is solid owing to its free cash flow, cash on hand and
undrawn revolver capacity when including the new facility.  Free
cash flow for the last twelve months was in excess of US$500
million.  The sizable US$1.5 billion share repurchase program
will be funded by free cash flow, existing cash and debt.  As of
July 26, 2007, American Tower had repurchased a total of 16.7
million shares of its class A common stock for an aggregate of
US$678.1 million.  American Tower expects to complete the share
repurchase program by February 2008.

The new term loan facility will provide American Tower with
additional liquidity since the company had drawn approximately
US$1 billion of the US$1.25 billion as of June 30, 2007, on its
senior unsecured revolving credit facility that matures in 2012.
The financial covenants for the new term loan facility are
similar to the terms of the existing US$1.25 billion revolver,
which includes the senior secured leverage ratio of 3.0, total
borrower leverage ratio of 6.0 and interest coverage ratio of
2.5.  The senior secured leverage covenant of 3.0 provides
additional capacity for future tower securitizations.  The new
term facility will also be subject to mandatory prepayment with
proceeds from any capital markets issuance.  Fitch expects any
new long-term debt to be issued by American Tower.

Headquartered in Boston, Massachusetts, American Tower Corp.
(NYSE: American Tower) -- http://www.americantower.com/-- is an
independent owner, operator and developer of broadcast and
wireless communications sites in the United States, Mexico and
Brazil.  American Tower owns and operates over 22,000 sites in
the United States, Mexico, and Brazil.  Additionally, American
Tower manages approximately 2,000 revenue producing rooftop and
tower sites.


AMERICAN TOWER: Moody's Rates US$500-Mil. Senior Loan at Ba1
------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to American
Tower Corporation's new US$500 million 5 year senior unsecured
term loan, the proceeds of which will be used to reduce
outstanding amounts under its existing US$1.25 billion senior
unsecured revolving bank facility by US$450 million and the
remainder for general corporate purposes.  The transaction will
modestly strengthen the company's already very good liquidity
position, while other fundamental key credit considerations
remain unchanged.  Accordingly, Moody's affirmed American
Tower's Ba1 corporate family, Ba1 senior unsecured and SGL-1
liquidity ratings.  The long-term ratings reflect a Ba1
probability of default rating and loss-given-default assessment
of LGD 4, 55%.  The outlook remains stable.

Ratings Assigned:

American Tower Corporation:

  -- Senior Unsecured Bank Credit Facility, Ba1 LGD4, 55%

American Tower's Ba1 corporate family rating reflects Moody's
expectation that the fundamentals of the wireless tower sector
are likely to remain favorable through the next several years
and American Tower's good market position will enable its strong
earnings and cash flow momentum to continue.  The rating also
considers the company's single industry focus and relatively
small scale although recognizes that much of its revenues are
contractually derived from its relationships with the largest
national wireless operators across the U.S. Finally, the rating
reflects Moody's view that American Tower is likely to direct
its growing free cash flow to shareholders via share buy backs
over the next few years, targeting adjusted leverage towards 6x.

Headquartered in Boston, Massachusetts, American Tower Corp.
(NYSE: AMT) -- http://www.americantower.com/-- is an
independent owner, operator and developer of broadcast and
wireless communications sites in the United States, Mexico and
Brazil.  American Tower owns and operates over 22,000 sites in
the United States, Mexico, and Brazil.  Additionally, American
Tower manages approximately 2,000 revenue producing rooftop and
tower sites.


BANCO NACIONAL: Grants BRL16.8B Infrastructure Project Financing
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA has
authorized about BRL16.8 billion in financing for infrastructure
projects from January to August 2007, Brazilian news daily O
Estado de S Paulo reports.

According to O Estado, Banco Nacional granted about BRL15.1
billion in infrastructure funding last year.

Business News Americas relates that Banco Nacional ratified
funding for 43 programs related to the Brazilian federal
government's economic growth acceleration program.  It would
authorize financing for another 20.

BNamericas notes that Banco Nacional had raised its yearly loan
limit to BRL65 billion from BRL60 billion.

Banco Nacional's loans grew 38.2% to BRL31.2 billion in the
first seven months of 2007, compared to the same period last
year, BNamericas states.

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                        *     *     *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.


BANCO PANAMERICANO: Seeking Regulator OK for Public Offering
------------------------------------------------------------
Banco PanAmericano would seek authorization from securities
regulator Comissao de Valores Mobiliarios for its planned
initial public offering, Mexican financial daily Valor Economico
reports.

Business News Americas relates that Banco PanAmericano Chief
Financial Officer Wilson de Aro said in February 2007 that the
bank was considering an initial public offering.

According to Valor Economico, Banco PanAmericano could raise
BRL1 billion from a primary share offering, bringing stockholder
equity to BRL1.5 billion.

Valor Economico notes that Banco PanAmericano has no plans to
launch a secondary share offering.

BNamericas says that the offering will be managed by:

          -- ItaU BBA,
          -- UBS Pactual, and
          -- Bradesco BBI.

Banco PanAmericano is headquartered in Sao Paulo, Brazil and had
total assets of BRL2.54 billion and equity of BRL413 million in
March 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 16, 2007, Standard & Poor's Ratings Services revised its
outlook on the 'B/B' counterparty credit rating on Banco
PanAmericano to positive from stable.  At the same time the
ratings were affirmed by S&P.


CA INC: Enters Into New US$1-Billion Credit Facility
----------------------------------------------------
CA Inc. has entered into a US$1 billion, five-year unsecured
revolving credit facility that will expire August 2012.  The new
facility replaces an existing US$1 billion four-year facility
executed in 2004 that was due to expire in December 2008.

The Company replaced its existing facility to extend the
maturity of the facility and to reduce the interest paid and
fees associated with the used and unused portions of the
facility.  Borrowings of US$750 million under the existing
facility were repaid at its termination and simultaneously re-
borrowed under the new facility.  The Company plans to use the
credit facility for general corporate purposes.

"CA's ability to enter into a new facility with more favorable
terms in the current capital market environment is testament to
the Company's strengthening financial position," said Chief
Financial Officer Nancy Cooper.  "It provides CA with increased
financial flexibility as it assesses upcoming maturities and
capital requirements."

                        About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.


CHAPARRAL STEEL: Board Is Neutral to Gerdau Ameristeel's Offer
--------------------------------------------------------------
Chaparral Steel Company's Board of Directors has elected to
express no opinion and remain neutral toward the offer by Gerdau
Ameristeel Corporation on Aug. 30, 2007 to purchase any and all
of Chaparral's outstanding 10% Senior Notes due 2013 and the
related consent solicitation.  The notes tender offer and
related consent solicitation are being conducted in connection
with Gerdau Ameristeel Corporation's previously announced
agreement to acquire Chaparral.

Chaparral Steel indicated that its Board of Directors believes
that each noteholder should make its decision as to whether to
tender on an individual rather than a collective basis, based on
that noteholder's particular circumstances.  Chaparral Steel
further indicated that its Board believes the determination
whether to tender is a financial decision to be made by each
noteholder, in consultation with the noteholder's financial
advisor, based on the terms of the offer being made by Gerdau
Ameristeel Corporation.  For these reasons, Chaparral Steel
believes that it is not appropriate for it to make a
recommendation to noteholders regarding the tender of their
notes and expresses no opinion as to the course of action that
noteholders should take.

                Participants in the Solicitation

Chaparral and its directors, executive officers and certain
other members of its management and employees may be deemed to
be participants in the solicitation of proxies from its
stockholders in connection with the proposed transaction.
Information regarding the interests of such directors and
executive officers and information concerning all of Chaparral's
participants in the solicitation are included in the proxy
statement.  The proxy statement is available free of charge at
the U.S. Securities and Exchange Commission's Web Site at
http://www.sec.gov/and from Chaparral Investor Relations,
telephone (972) 779-1032 or on Chaparral's web site at
http://www.chapusa.com/

                   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.

                    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.

                        *     *     *

In July 2007, Moody's Investor Services placed Chaparral Steel
Company's probability of default and long-term corporate family
ratings at Ba3.

At the same time, Standard and Poor's assigned a B+ rating on
the company's long term foreign and local issuer credits.


COMPANHIA SANEAMENTO: S&P Affirms BB- Foreign/Local Scale Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed the 'BB-'
foreign and local global-scale ratings on Brazilian water
utility Companhia de Saneamento Basico do Estado de Sao Paulo
S.A.  At the same time, S&P's has affirmed its national-scale
ratings at 'brA+'.  The outlook was also revised to positive
from stable.

The outlook revision reflects the company's improvement in its
liability management and positive trend in SABESP's credit
metrics in light of its liability management improvement, its
efforts to manage operating costs, increasing service demand,
and its positive track record of tariff adjustment.  The
consolidation of this trend into a stronger credit stance will
depend on the resolution of pending contract negotiations and
further development of regulatory issues.

"The positive outlook indicates that the ratings on SABESP could
be raised considering the current financial performance
evolution and if the company progresses in renewing the service
contracts with the most relevant municipalities, which would
assure us in terms of management's guidance," noted S&P's credit
analyst Juliana Gallo.  Other key elements for a ratings upgrade
would be progress on negotiations with the mayor of Sao Paulo
regarding a contractual relationship to provide the service and
a formal contract including city supply and the creation of a
regulatory state agency.  The ratings could be lowered if the
company debt profile weakens, if SABESP fails in its contract
negotiations, resulting in poor financials (funds from
operations to total debt below 17%), and if it adopts a more
aggressive financial stance.

"This renewed stance would include a more robust dividend
distribution to the state, thus increasing the company's
refinancing needs for the future maturities, resulting in a more
leveraged financial profile," she continued.

Companhia de Saneamento Basico do Estado de Sao Paulo is one of
the largest water and sewage service providers in the world
based on the population served in 2005.  It operates water and
sewage systems in Sao Paulo, Brazil.


DRESSER-RAND: S&P Rates US$500-Mln Sr. Revolving Facility at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to the US$500 million senior secured revolving
credit facility due 2012 of Dresser-Rand Group Inc.
(BB-/Stable/--).  The 'BB+' rating, and '1' recovery rating,
indicate expectation of very high (90%-100%) recovery in the
event of a payment default.

On Aug. 30, 2007, Dresser-Rand announced that it had amended its
senior secured credit facility and increased it by US$150
million, to US$500 million.  The increased facility will enable
Dresser-Rand to manage working capital issues as the company
executes its growth strategy.

The corporate credit rating is 'BB-', reflecting the company's
exposure to the highly cyclical oil and gas production and
processing industries and its short track record as a stand-
alone company, which makes assessing financial performance in a
cyclical downturn difficult.  Partially mitigating these
weaknesses are the company's intermediate leverage and strong
aftermarket component of revenues.

Ratings List

Dresser-Rand Group Inc.
Corporate credit rating           BB-/Stable/--

New Rating

Dresser-Rand Group Inc.
Senior Secured                    BB+
  Recovery Rating                  1

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.


EL PASO: Affiliate Registers IPO of 25 Million Common Units
-----------------------------------------------------------
El Paso Corporation's wholly owned subsidiary, El Paso Pipeline
Partners L.P., filed a registration statement with the
Securities and Exchange Commission relating to its proposed
initial public offering of common units.  El Paso Pipeline
Partners anticipates offering 25,000,000 common units in the
initial public offering, representing a 32.2% limited partner
interest.

Application will list the common units, which represent limited
partner interests in El Paso Pipeline Partners, on the New York
Stock Exchange under the symbol "EPB."

El Paso Pipeline Partners will own and operate natural gas
transportation pipelines and storage assets consisting of
Wyoming Interstate Company Ltd., a wholly-owned interstate
pipeline transportation business located in Wyoming and
Colorado, and 10% interests in two interstate pipeline
transportation businesses: Colorado Interstate Gas Company,
located in the U.S. Rocky Mountains, and Southern Natural Gas
Company, located in the southeastern United States.

Combined, these three interstate pipeline businesses consist of
more than 12,300 miles of pipeline and associated storage
facilities with aggregate underground working natural gas
storage capacity of 89 billion cubic feet.

After this offering, El Paso Corporation will own the 2% general
partner interest, all of the incentive distribution rights, a
65.8% limited partner interest in El Paso Pipeline Partners well
as the remaining 90% interest in each of Colorado Interstate Gas
Company and Southern Natural Gas Company.

At or prior to the closing of the offering, Southern Natural Gas
Company will transfer to El Paso Corporation its equity
investment in Citrus Corp. and its wholly-owned subsidiaries
Southern LNG Inc. and Elba Express Company LLC.  These assets
will not become part of El Paso Pipeline Partners.

The underwriters are expected to be granted a 30-day option to
purchase up to 3,750,000 additional common units if they sell
more than 25,000,000 common units in the offering.

El Paso Corporation's limited partner interest would be reduced
to 60.9% if the underwriters exercise their option to purchase
additional common units in full.

Lehman Brothers, Citi, Goldman, Sachs & Co. and UBS Investment
Bank will act as joint book-running managers of the offering.

El Paso Pipeline Partners' proposed offering of common units
will be made only by means of a prospectus.  A copy of the
preliminary prospectus relating to this offering may be
obtained, when available, from the offices of:

     Lehman Brothers Inc.
     c/o Broadridge Financial Services, Prospectus Fulfillment
     1155 Long Island Avenue
     Edgewood, NY 11717
     Fax (631) 254-7140

Headquartered in Houston, Texas, El Paso Corporation (NYSE:EP)
-- http://www.elpaso.com/-- is an energy company that provides
natural gas and related energy products.  The company owns North
America's interstate pipeline system, which has approximately
55,500 miles of pipe.  It also owns approximately 470 billion
cubic feet of storage capacity and a liquefied natural gas
import facility with 806 million cubic feet of daily base load
send out capacity.  El Paso's exploration and production
business is focused on the exploration for and the acquisition,
development and production of natural gas, oil and natural gas
liquids in the United States, Brazil and Egypt.  It operates in
three business segments: Pipelines, Exploration and Production
and Marketing.  It also has a Power segment, which holds its
remaining interests in international power plants in Brazil,
Asia and Central America.

                        *     *     *

Moody's Investor Services placed El Paso Corporation's
probability default and long term corporate family ratings at
"Ba3" in March 2007.  Moody's said the outlook is positive.


EMI GROUP: Prices EUR425 Million Cash Tender Offer
--------------------------------------------------
EMI Group Plc disclosed the pricing of its cash tender offer and
consent solicitation for its outstanding EUR425 million 8.625%
senior notes due 2013.

At the consent payment deadline, offers to sell for
EUR396,512,000 principal amount, or 93% of notes outstanding
were validly tendered into the offer.

As of Sept. 4, 2007, the offer was priced as:

                                                 Tender Offer
                 Reference      Fixed Spread     Yield
Security      Security       (in basis        (on semi-annual
Description      Yield          points)          basis)
-----------      ---------      ------------     ---------------
8.625% Senior    4.092%          50              4.540%
Notes due
2013
                                  Consent       Total
                                  Payment       Consideration
                Purchase Price    (per EUR1,000 (per EUR1,000
Security     (per EUR1,000     principal     principal
Description     principal amount) amount)       amount)
-----------     ----------------- ------------- -------------
8.625% Senior   EUR1,054.52       EUR30         EUR1,084.52
Notes due
2013

Holders who tendered their Notes before the consent payment
deadline on Aug. 31, 2007, will receive the total consideration
on the early payment date, which is expected to be on
Sept. 7, 2007.

Holders tendering their notes after the consent payment deadline
but prior to the final acceptance time, which is expected to be
on Sept. 18, 2007, will be eligible to receive the purchase
price on the final payment date on Sept. 21, 2007.

Additionally, holders whose notes are purchased pursuant to the
offer will receive any accrued but unpaid interest up to but not
including the relevant payment date for the notes.

The completion of the offer is subject to the satisfaction or
waiver of certain conditions.  The offer may be amended,
extended or, under certain conditions, terminated.

The offer will expire at Sept. 18, 2007, unless extended or
earlier terminated.  Final settlement is expected to be on
Sept. 21, 2007.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Moody's Investors Service downgraded EMI Group
plc's corporate family and senior debt ratings to B1 (from Ba3).
All ratings remain under review for downgrade.

Ratings downgraded to B1 (under review for further downgrade)
are:

EMI Group plc

   -- CFR and the ratings of the 8.25% GBP bonds due 2008 and
      the 8.625% Euro notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

   -- the rating of the 8.375% guaranteed notes due 2009.

All ratings remain under review for possible downgrade.  Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.

Moody's ongoing review will now be focused on:

   (i) the new entity's capital structure and financial policies

  (ii) the relative position of the rated instruments within the
       new capital structure and their relative ranking amongst
       each other and relative to other classes of debt (to the
       extent they remain outstanding) and

(iii) the outlook for the global music markets and the
       company's operational plans.

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  S&P
affirmed the rating at the same time and were put on CreditWatch
with negative implications.


EMPRESA BRASILEIRA: Moody's Reviews Ba3 Rating for Likely Raise
---------------------------------------------------------------
Moody's Investors Service placed the Ba3 global local currency
issuer rating and the Ba3 foreign currency senior unsecured
rating of Empresa Brasileira de Telecomunicacoes S.A. under
review for possible upgrade.

"The review of Empresa Brasileira's Ba3 global local currency
rating primarily reflects the company's demonstrated ability to
deliver overall revenue growth by investing in the development
of data and local services segments, its lower exposure to the
highly competitive long distance segment and strong credit
metrics for its rating category," says Moody's AVP-Analyst
Soummo Mukherjee.

"Embratel has been successful in diversifying its portfolio of
services from long distance to local telephony, partially
benefiting from its partnership with Net Servicos
(rated Ba2/stable), in which Empresa Brasileira has an important
participation, through its Net Fone offering.  Growth in the
local telephony segment, along with growth in the data segment,
has allowed Empresa Brasileira to improve its revenue mix, with
53% of total revenues from the long distance segment in the
second quarter of 2007 down from 64% in the same quarter two
years ago," Mr. Mukherjee adds.

These ratings were placed under review for possible upgrade:

  -- US$178 million of 11% guaranteed sr. unsecured notes due
     in 2008 at Ba3

  -- Global local currency issuer rating at Ba3

  -- Brazilian national scale issuer rating at A2.br

Moody's review will focus on the sustainability of Empresa
Brasileira's current strong credit metrics, its ability to
gradually improve operating margins, as well as the company's
business and financial strategy, including its growth strategy
and expected capital expenditures and their impact on further
business segment diversification.  The review will also consider
the nature of the company's relationship with Telefonos de
Mexico, S.A. de C.V. (Telmex, rated A2/stable), including the
likelihood of potential support and expectations in terms of
future dividends.  Additionally, the review will focus on
whether the company's debt, for analytical purposes, should be
adjusted for unprovisioned contingent liabilities in the amount
of BRL2.1 billion.  Depending on our evaluation of potential
support from Telmex and other factors mentioned above, an
upgrade of more than one notch is possible.

Headquartered in Rio de Janeiro, Brazil, Empresa Brasileira is
the incumbent long-distance service provider in Brazil and
offers a wide array of advanced communications services over its
own network. Empresa Brasileira is 98% owned by Telmex.


GRAFTECH INT'L: Better Cash Flow Cues Moody's to Revise Outlook
---------------------------------------------------------------
Moody's Investors Service has changed the ratings outlook for
GrafTech International Ltd. and GrafTech Finance, Inc. to
positive from negative as a result of improved cash flow
generation and anticipated strong business outlook for the
remainder of 2007 and 2008.  The speculative grade liquidity
rating was upgraded to SGL-1 from SGL-2.

Ratings affirmed for GrafTech International Ltd.:

  -- Corporate family rating, B1

  -- Probability of default rating, B1

  -- US$225 million 1.625% Gtd sr unsec conv debentures due
     2024, B2 (LGD4, 66%)

  -- Ratings changes for GrafTech International Ltd.:

  -- Speculative grade liquidity rating changed to SGL-1 from
     SGL-2

Ratings affirmed for GrafTech's special purpose financing
vehicle, GrafTech Finance, Inc.:

  -- US$215mm Gtd sr sec revolving credit facility due
     2010, Ba1 (LGD2, 11%)

  -- US$250mm 10.25% Gtd sr unsec global notes due 2012, B2
     (LGD4, 66%)

The positive outlook reflects GrafTech's improved margins,
positive free cash flow generation in each of the last five
quarters and debt reduction such that current credit metrics are
supportive of a higher rating.  The positive free cash flow in
2007 is largely due to GrafTech's success in achieving graphite
electrode selling prices that more than cover its substantial
increase in needle coke prices and energy costs as well as a
result of the divestiture of its lower margin cathodes business
in the fourth quarter of 2007.  The company typically sets its
graphite electrode prices annually and negotiates needle coke
prices with its suppliers on an annual basis, and as a result
Moody's expects the company to continue to enjoy attractive
operating margins in the second half of 2007.  The positive
outlook also reflects Moody's expectations that the company will
be able to offset higher energy and needle coke costs with price
increases in 2008 and that demand for graphite electrodes will
remain robust, supported by attractive steel industry
fundamentals.  Debt reduction has been achieved with free cash
flow as well as the proceeds from the sale of the company's
cathodes business (approximately US$135 million in gross
proceeds) and asset sales.

Continued strong performance by the company, supportive general
economic and industry conditions and the absence of any material
environmental issues or lawsuits could result in an upgrade of
the company's long-term debt ratings.  The loss given default
assessment on the company's senior secured revolving credit
facility due 2010 moved to LGD2 from LGD1, following the
reduction in unsecured debt below the revolver in the capital
structure.

The upgrade in the company's speculative grade liquidity rating
to SGL-1 from SGL-2, reflects the expectation for excellent
liquidity.  Positive free cash flow over the next twelve months
and an undrawn revolver (except for US$14.5 million in letters
of credit) support the company's liquidity.  Cash balances are
expected to be maintained at a low level as the company retires
debt with its excess cash.

                        About GrafTech

Based in Parma, Ohio, GrafTech International Ltd. (NYSE: GTI)
-- http://www.graftechaet.com/-- manufactures and provides high
quality synthetic and natural graphite and carbon based products
and technical and research and development services, with
customers in 80 countries engaged in the manufacture of steel,
automotive products and electronics.  The company manufactures
graphite electrodes, products essential to the production of
electric arc furnace steel.  The company also manufactures
thermal management, fuel cell and other specialty graphite and
carbon products for, and provide services to, the electronics,
power generation, semiconductor, transportation, petrochemical
and other metals markets.  GrafTech operates 11 state of the art
manufacturing facilities strategically located on four
continents.

The company has operations in China, France and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on May 14, 2007,
Standard & Poor's Ratings Services raised its corporate credit
rating on GrafTech International Ltd. to 'B+' from 'B'.  In
addition, S&P raised the rating on the company's US$215 million
senior secured revolving credit facility to 'BB-' from 'B+' and
affirmed the '1' recovery rating on the facility.  Also,
Standard & Poor's raised its rating on Graftech's convertible
notes to 'B-' from 'CCC+'.  Lastly, S&P affirmed the 'B-' rating
on GrafTech's US$550 million senior secured notes and assigned
them a '5' recovery rating.  S&P said the rating outlook is
stable.


HYLAND SOFTWARE: S&P Lifts Corp. Credit Rating to B+ from B
-----------------------------------------------------------
Standard & Poor's Rating Services has raised its corporate
credit rating on Westlake, Ohio-based Hyland Software Inc. to
'B+' from 'B', following the close of the company's secured
credit facilities, reflecting revised and reduced debt levels.
The outlook is stable.

At the same time, we raised our bank loan ratings on the
company's US$119 million bank financing.  The first-lien
facility, which comprises a US$20 million revolving credit
facility and an US$80 million term loan B, is rated 'BB', two
notches above the corporate credit rating, with a recovery
rating of '1', indicating the expectation of very high (90%-
100%) recovery in the event of a payment default.  The US$19
million second-lien term loan is rated 'B-', two notches below
the corporate credit rating, with a recovery rating of '6',
indicating the expectation of negligible (0%-10%) recovery in
the event of a payment default.

"The ratings on Hyland reflect the company's focus on a
fragmented and competitive enterprise content management market,
the presence of larger players with better financial resources,
and high leverage," said S&P's credit analyst David Tsui.
"These factors are partially offset by Hyland's predictable and
recurring revenue stream stemming from high renewal rates and
favorable business segment growth." Hyland provides ECM software
solutions that enable organizations to manage, control, and
share unstructured content (i.e. text, images, e-mails, digital
content, etc.)  The company derives revenues from the sale of
software licenses and by providing
maintenance and professional services.

Operating-lease adjusted debt to EBITDA is within expectations
for the rating at 4.7, which allows for some fluctuation in
revenue and profitability.  To date, the company has made only
one small acquisition for US$3 million.  The company is expected
to limit acquisitions to small tuck-in acquisitions as it
pursues its growth objectives.  EBITDA growth and continued free
cash flow generation is expected to improve leverage in the
near-to-intermediate term.

Headquartered in Cleveland, Ohio, Hyland markets OnBase
throughout North America, Brazil, Europe and Japan.


LAZARD LTD: Opens Boston Office; Hires Messrs. Murray & Dolins
--------------------------------------------------------------
Lazard Ltd. is entering the Boston market, as part of its global
technology and North American Financial Advisory expansion.  The
firm has hired Michael Murray, Managing Director, and Mark
Dolins, Director, to lead the firm's activities for the new
Boston office.

Mr. Murray has joined the firm from Deutsche Bank, where he was
a Managing Director and co-head of the Technology Investment
Banking group in North America.  Mr. Dolins joined Lazard
recently from Cowen and Company, where he headed Software
Investment Banking.

"Boston is a major technology corridor and gives us a locally
based foothold into New England.  This move underscores our
strategy to expand our financial advisory business by sector and
geography," said Kenneth M. Jacobs, CEO of Lazard North America.
"Mike Murray and Mark Dolins have each built strong reputations
in investment banking and in the technology sector, and we
welcome them to Lazard's global technology team."

Mr. Murray joined Alex. Brown & Sons (later acquired by Deutsche
Bank) in Boston in 1994.  Prior to that he worked in the Lehman
Brothers Technology Investment Banking Group in New York.  Mr.
Murray earned a BA from Brown University and an MBA from Harvard
University.  Mr. Dolins spent the past eight years with Cowen
and Company in Boston, most recently heading the firm's Software
Investment Banking group.  He earned a BA from Denison
University and a JD from Duke University School of Law.

Over the past few months, Lazard has continued to invest in its
Financial Advisory business.  The firm recently acquired
Goldsmith Agio Helms, a U.S. middle-market advisory firm,
focused on advising U.S. mid-sized private companies.  The firm
also acquired Carnegie, Wylie & Company, Australia's leading
independent financial advisory firm, and announced plans to
acquire 50 percent of MBA Banco de Inversiones, extending
Lazard's reach across Central and South America.  In addition,
Lazard signed a cooperation agreement with Raiffeisen
Investment, the M&A advisory business for Austria's largest
banking group, strengthening its footprint across Russia,
Central and Eastern Europe.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company reported total assets of US$2.6 billion, total
liabilities of US$2.8 billion, and minority interest at
US$55.7 million, resulting in a total stockholders' deficit of
US$206.8 million as of March 31, 2007.


NOVELIS INC: Will Invest US$7.0 Million for Brazilian Plant
-----------------------------------------------------------
Novelis Inc.'s Brazilian subsidiary told Business News Americas
that it will invest US$7.0 million to boost aluminum sheet ingot
output at its Pindamonhangaba plant in Sao Paulo.

Novelis said in a statement that the expansion project will
increase aluminum sheet production capacity by 12%.  It involves
the construction of a new furnace.  Work on the project would be
completed by February 2008.

The project will boost the plant's remelting capacity by 70,000
tons per year, BNamericas states.

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities,
the company supplies aluminum sheet and foil to the automotive
and transportation, beverage and food packaging, construction
and industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Fitch Ratings has affirmed the Issuer Default
Rating for Novelis, Inc. and Novelis, Corp. at 'B' and assigned
a Negative Rating Outlook.  The company's previous senior
secured bank debt ratings have been withdrawn.  Ratings for the
new credit facility of 'BB' were assigned and the senior
unsecured debt ratings have been affirmed as:

Novelis, Inc.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1';
  -- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1'.


PARANA BANCO: Okays BRL38.7-Million Capital Increase
----------------------------------------------------
Parana Banco said in a statement that its shareholders have
authorized a capital raise of BRL38.7 million through the issue
of 2.76 million preferred shares at BRL14.00 each.

Business News Americas relates that Parana Banco launched an
initial public offering in June 2007.  It raised BRL529 million
from the sale of 37.8 million preferred shares.

The offering's costs caused Parana Banco's net profits to drop
92.1% to BRL1.28 million in the second quarter 2007, from the
same period in 2006.  Meanwhile, its adjusted net profits
decreased about 14.1% to BRL13.8 million, BNamericas states.

Parana Banco is a niche bank in the segment of payroll discount
lending, primarily to public-sector employees.  The bank's
adjusted total assets of US$375 million as of June 2006
represented less than 1% of total assets in the Brazilian
banking industry.  The bank is a relevant part of a broader
conglomerate (J. Malucelli), with operations in different
sectors and concentrated in the South of Brazil.  Standard &
Poor's does not assign ratings to any company in the J.
Malucelli group, and the ratings assigned to the bank do not
incorporate potential support from shareholders.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating and senior unsecured debt
rating on Parana Banco S.A. to 'B+' from 'B'.  The ratings were
removed from CreditWatch Positive where they were placed June
11, 2007.  At the same time, S&P affirmed the 'B' short-term
counterparty credit rating on the bank.  S&P said the outlook is
stable.


UNITED AIRLINES: Signs Agreement with Starbucks(R) Coffee
---------------------------------------------------------
United Airlines has entered into a coffee-supply agreement with
Starbucks(R).  United Airlines is a major U.S. carrier that
exclusively serves Starbucks coffee.

"Our customers expect the best from us, and we are constantly
working to provide that to them," said Charlie Ahmes, United
vice president for Onboard Service.  "Being the only major U.S.
carrier to serve Starbucks(R) coffee -- one of the most popular
coffee brands worldwide -- is one of many ways in which we are
giving our guests a premium travel experience."

"We've been proud to have Starbucks coffee served to millions of
customers on United flights for the past 13 years," said Rich
Rodriguez, Starbucks Foodservice vice president, sales.

The agreement enhances United's recent efforts to provide
premium products and services, particularly for its most loyal
customers.  In July, United announced it would become the first
U.S. carrier to offer fully lie-flat beds in business class on
overseas flights beginning this fall, with more features, space
and personalization options for customers during their
international travel.

                       About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

At Dec. 31, 2006, the company's balance sheet showed total
assets of US$25,369,000,000 and total liabilities of
US$23,221,000,000.

                        *     *     *

As reported in the Troubled Company Reporter on May 3, 2007,
Fitch Ratings has affirmed the Issuer Default Ratings of UAL
Corp. and its principal operating subsidiary United Airlines
Inc. at B-.


* BRAZIL: Court Gives Okay for Anatel to Rule on Telefonica Deal
----------------------------------------------------------------
Brazil's telecom regulator, Anatel, can now proceed with its
deliberations regarding the proposed purchase of a stake in
Telecom Italia by Telefonica SA, Jonathan Wheatleyin at the
Financial Times reports.

Anatel's analysis of the purchase has been stalled at the
request of Claro, Brazil's third-largest mobile operator, which
is controlled by Mexican billionaire Carlos Slim, the FT
relates.  Claro demanded to see the details of the transaction,
but a judge in Brasilia ruled that it must wait after Anatel has
done its studies before it can get hold of the documentation.
Claro had argued that the deal threatens its business because it
has the potential of controlling the market.

Telefonica joined in April a consortium that aims to buy 23.6%
of Telecom Italia, in a deal valued at US$3.1 billion.

The Latin American market is of critical importance to telecom
companies because its mobile market has plenty of room for
growth, the FT says.  An analyst suggested to the FT that
Telefonica's purchase is a move to "prevent Telecom Italia fro
selling its assets to a competitor."

A Brazilian investment analyst Alex Pardellas told Business News
Americas that the deal is likely to get Anatel's approval
because it won't provide Telefonica a monopoly over the market.

                       About Telefonica

Telefonica, S.A., together with its subsidiaries and investees
(Telefonica Group), operates mainly in the telecommunications,
media and entertainment industries.  The Telefonica Group is
also involved in the media and contact center activities through
investments in Telefonica de Contenidos and Atento.  The company
operates through three segments: Telefonica Spain, Telefonica
Europe and Telefonica Latin America.  Telefonica Spain oversees
the wireline and wireless telephony, broadband and data
businesses in Spain.  Telefonica Latin America oversees the same
businesses in Latin America.  Telefonica Europe oversees the
wireline, wireless, broadband and data businesses in the United
Kingdom, Germany, the Isle of Man, Ireland, the Czech Republic
and the Slovak Republic.

                      About Telecom Italia

Telecom Italia S.p.A. is an Italy-based telecommunications group
that operates in the communications sector, in the television
sector using both analog and digital terrestrial technology, and
in the office products sector.  In the communications sector,
the Company engages primarily in telephone and data services on
fixed lines for final retail customers and wholesale providers,
in the development of fiber optic networks for wholesale
customers, in broadband services, in Internet services and in
domestic and international mobile telecommunications (especially
in Brazil).  The company operates mainly in Europe, the
Mediterranean Basin and in South America.

                   About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html/-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

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: Exports to Angola Up by 60%, Finance Minister Says
------------------------------------------------------------
Angolan Finance minister Jose Pedro de Morais disclosed that
exports from Brazil to Angola rose by 60% in 2006, going from
US$520 million in 2005 up to US$836 million last year, All
Africa reports.

The minister, during a seminar in Brazil/Angola trade, states
that the commercial flow between the two countries recorded a
14% rise in the first five months of 2007.

The official asserted the reason for this are the financial
facilities granted through the Exports Financing Programme
(Proex) and Brazil's National Bank for Economic and Social
Development.

According to the report, the two countries has considered an
expansion of financial facilities, in view of the level of
absorption of the financial flow by the Angolan authorities.

Angola is the fourth African country that imported more
Brazilian goods in 2006, after South Africa, Nigeria and Egypt,
All Africa relates.

                        *     *     *

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: Petrobras Starts Abreu Plant without Venezuelan Aid
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA has began
the groundwork for the construction of the Abreu e Lima plant
project without project partner Petroleos de Venezuela, Business
News Americas reports.

BNamericas relates that Petroleo Brasileiro wants to collaborate
with Petroleos de Venezuela on the project.  However, the
Venezuelan company's participation depends on an asset swap deal
between the two firms.

BNamericas notes that Abreu e Lima is designed to process:

          -- 200,000 barrels of oil per day,

          -- 814,000 cubic meters of petrochemical naphtha
             yearly,

          -- 322,000 tons per year of liquefied petroleum gas,

          -- 8.8 million tons a year of diesel fuel, and

          -- 1.4 million tons per year of oil coke per year.

Petroleo Brasileiro told BNamericas that the plant chiefly
producte diesel fuel, particularly for supplying increased
demand for derivatives in the northeast.  It will be the first
to process 100% heavy oil, which represents almost 80% of all
the oil produced in Brazil.

Abreu e Lima will cost some US$4.05 billion.  It will launch
operations in the second half of 2010, BNamericas states.

               About Petroleos de Venezuela

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.

                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
===========================


ADROIT PRIVATE: Sets Final Shareholders Meeting Today
-----------------------------------------------------
Adroit Private Equity (Offshore) Ltd. will hold its final
shareholders meeting on Sept. 7, 2007, at 11:00 a.m., at:

         Fourth Floor, One Capital Place
         P.O. Box 847
         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 three 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:

         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


BAILEY COATES: Will Hold Final Shareholders Meeting Today
---------------------------------------------------------
Bailey Coates (Cayman) Ltd. will hold its final shareholders
meeting on Sept. 7, 2007, at 10:00 a.m., at the office of the
company.

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 three 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:

         Gordon I. Macrae
         Attention: Korie Drummond
         Kroll (Cayman) Limited
         4th Floor
         Bermuda House, Dr. Roy's Drive
         Grand Cayman, Cayman Islands
         Tel: (345) 946-0081
         Fax: (345) 946-0082


BLUE SPICE II: Proofs of Claim Filing Deadline Is Sept. 24
----------------------------------------------------------
Blue Spice II Ltd.'s creditors are given until Sept. 24, 2007,
to prove their claims to John Cullinane and Derrie Boggess, 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.

Blue Spice's shareholder agreed on Aug. 24, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House, 87 Mary Street
       George Town, Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


BEAR STEARNS: Moody's Cuts Rating on Class M-8 Certs. to B3
-----------------------------------------------------------
Moody's Investors Service downgraded three certificates from one
Bear Stearns deal, issued in 2004.  The underlying assets in the
transaction consist of subprime seasoned residential mortgage
loans.

The certificates are being downgraded based on a decrease in
available credit enhancement.  The underlying pools in the
transaction are below the overcollateralization target as of the
Aug. 25, 2007 reporting date.

Complete rating actions are:

Issuer: Bear Stearns Asset Backed Securities I Trust

Downgrades:

  -- Series 2004-BO1; Class M-6, downgraded to Baa3 from Baa1;
  -- Series 2004-BO1; Class M-7, downgraded to Ba2 from Baa2;
  -- Series 2004-BO1; Class M-8, downgraded to B3 from Baa3.


BLUE SPICE: Proofs of Claim Filing Ends on Sept. 24
---------------------------------------------------
Blue Spice III Ltd.'s creditors are given until Sept. 24, 2007,
to prove their claims to John Cullinane and Derrie Boggess, 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.

Blue Spice's shareholders agreed on Aug. 24, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House, 87 Mary Street
       George Town, Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


BLUE TOPAZ: Proofs of Claim Filing Is Until Sept. 24
----------------------------------------------------
Blue Topaz I Ltd.'s creditors are given until Sept. 24, 2007, to
prove their claims to John Cullinane and Derrie Boggess, 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.

Blue Topaz's shareholders agreed on Aug. 24, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House, 87 Mary Street
       George Town, Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


CHINA INVESTMENT: Sets Final Shareholders Meeting Today
-------------------------------------------------------
The China Investment Company will hold its final shareholders
meeting on Sept. 7, 2007, at 10:30 a.m., at:

         450 Park Avenue, Suite 3201
         New York, New York

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 three 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:

         Jack N Mayer
         The China Investment Company Limited
         Attention: Jerome M Balsam
         3rd Floor, 36C Bermuda House
         Dr Roy's Drive, George Town
         Grand Cayman, Cayman Islands
         Telephone: 1 212 838 7200


DFSCSA LTD: Proofs of Claim Must be Filed by Oct. 3
---------------------------------------------------
DFSCSA Ltd.'s creditors are given until Oct. 3, 2007, to prove
their claims to Piccadilly Cayman Limited, 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.

DFSCSA Ltd.'s shareholders agreed on Aug. 15, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ellen J. Christian
       Piccadilly Cayman Limited
       c/o BNP Paribas Bank & Trust Cayman Limited
       3rd Floor Royal Bank House
       Shedden Road
       George Town, Grand Cayman
       Cayman Islands
       Telephone: 345 945 9208
       Fax: 345 945 9210


FRONTIER IV: Will Hold Final Shareholders Meeting Today
-------------------------------------------------------
Frontier IV Ltd. will hold its final shareholders meeting on
Sept. 7, 2007, at 11:00 a.m., at the office of the company.

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 three 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:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House
         87 Mary Street, George Town
         Grand Cayman KY1-9002
         Cayman Islands


GLG GLOBAL: Proofs of Claim Filing Deadline Is Oct. 3
-----------------------------------------------------
GLG Global Macro Fund.'s creditors are given until Oct. 3, 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.

GLG Global's shareholders agreed on Aug. 10, 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
       Telephone: (345) 949 7500
       Fax: (345) 949 8258


GLG MANGOUSTA: Proofs of Claim Filing Ends on Oct. 3
----------------------------------------------------
GLG Mangousta Fund.'s creditors are given until Oct. 3, 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.

GLG Mangousta's shareholders agreed on Aug. 4, 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
       Telephone: (345) 949 7500
       Fax: (345) 949 8258


GLG MMI: Proofs of Claim Must be Filed by Oct. 3
------------------------------------------------
GLG MMI Star Index Fund.'s creditors are given until
Oct. 3, 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.

GLG MMI's shareholders agreed on Aug. 4, 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
       Telephone: (345) 949 7500
       Fax: (345) 949 8258


INCREMENTAL LEVERAGED: Proofs of Claim Filing Is Until Oct. 3
-------------------------------------------------------------
Incremental Leveraged Fund's creditors are given until
Oct. 3, 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.

Incremental Leveraged's shareholder 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:

       Q&H Nominees Ltd.
       Attention: Indy Singh
       P.O. Box 1348
       George Town, KY1-1108
       Grand Cayman
       Cayman Islands
       Telephone: 949 4123
       Fax: 949 4647


IVY PARTNERS: Sets Final Shareholders Meeting for Sept. 7
---------------------------------------------------------
Ivy Partners Fund CI I will hold its final shareholders meeting
on Sept. 7, 2007, at 11:00 a.m., at the office of the company.

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 three 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:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


JAPAN ADVISORY: Will Hold Final Shareholders Meeting Today
----------------------------------------------------------
Japan Advisory Ltd. will hold its final shareholders meeting on
Sept. 7, 2007, at 11:00 a.m., at the office of the company.

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 three 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:

         Lawrence Edwards
         Attention: Jodi Jones
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Tel: (345) 914 8694
         Fax: (345) 945 4237


K CAPITAL: Proofs of Claim Must be Filed by Sept. 24
----------------------------------------------------
K Capital Offshore Investors Ltd.'s creditors are given until
Sept. 24, 2007, to prove their claims to K Capital Management
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. 23, 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
       P.O. Box 1234, Grand Cayman KY1-1108
       Cayman Islands
       Tel: (345) 949 9876
       Fax: (345) 949 1986


MACQUARIE AUSTRALIA: Proofs of Claim Filing Ends on Sept. 22
------------------------------------------------------------
Macquarie Australia Computer Systems Leasing Pty Ltd.'s
creditors are given until Sept. 22, 2007, to prove their claims
to John Cullinane and Derrie Boggess, the company's liquidators,
or be excluded from receiving any distribution or payment.

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

Macquarie Australia's shareholders agreed on July 10, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House, 87 Mary Street
       George Town, Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


PARMALAT SPA: Hikes Paid Up Share Capital by EUR118,253
-------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by EUR118,253
to EUR1,651,954,287 from EUR1,651,836,034.

The share capital increase is due to the exercise of 118,253
warrant.

Latest status of the share allotment:

   -- 35,593,011 shares representing approximately 2.2% of the
      share capital are still in a deposit account c/o Parmalat
      S.p.A., of which:

      -- 13,568,574 or 0.8% of the share capital, registered in
         the name of individually identified commercial
         creditors, are still deposited in the intermediary
         account of Parmalat S.p.A. centrally managed by Monte
         Titoli (compared with 13,814,582 shares as at
         July 24, 2007); and

      -- 22,024,437 or 1.3% of the share capital registered in
         the name of the Foundation, called Fondazione Creditori
         Parmalat, of which:

         -- 120,000 shares representing the initial share
            capital of Parmalat S.p.A. (unchanged);

         -- 21,904,437 or 1.3% of the share capital that pertain
            to currently undisclosed creditors (compared with
            22,784,001 shares as at July 24, 2007).

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


PURE IP: Will Hold Final Shareholders Meeting Today
---------------------------------------------------
Pure IP Holdings will hold its final shareholders meeting on
Sept. 7, 2007, at:

         First Floor, Alamander Way
         Grand Pavilion, West Bay Road
         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 three 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:

         David A.K. Walker
         Attention: Jodi Jones
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Tel: (345) 914 8694
         Fax: (345) 945 4237


SYSTEIA ALTERNATIVE: Sets Final Shareholders Meeting Today
----------------------------------------------------------
Systeia Alternative Risk Trading Fund will hold its final
shareholders meeting on Sept. 7, 2007, at 11:30 a.m., at the
office of the company.

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 three 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:

         David A.K. Walker
         Attention: Jodi Jones
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Tel: (345) 914 8694
         Fax: (345) 945 4237




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


TECH DATA: Board Okays US$100-Mil. Share Repurchase Program
-----------------------------------------------------------
Tech Data Corporation's Board of Directors has authorized a
share repurchase program of up to US$100 million of the
company's common stock.

"The Board's decision to authorize a share repurchase program is
an ongoing testament to our confidence in Tech Data's financial
strength, strategic direction and long-term growth
opportunities," said Robert M. Dutkowsky, Tech Data's chief
executive officer.  "This program is consistent with our
commitment to enhance shareholder value while maintaining
flexibility to pursue strategic investments that are in-line
with our return on capital employed requirements."

The company's share repurchases will be made on the open market,
through block trades or otherwise.  The amount of shares
purchased and the timing of the purchases will be based on
working capital requirements, general business conditions and
other factors, including alternative investment opportunities.
The company intends to hold the repurchased shares in treasury
for general corporate purposes, including issuance under
employee equity compensation plans.

Founded in 1974, Tech Data Corporation (NASDAQ GS: TECD) --
http://www.techdata.com/-- distributes IT products, with more
than 90,000 customers in over 100 countries.  The company's
business model enables technology solution providers,
manufacturers and publishers to cost-effectively sell to and
support end users ranging from small-to-midsize businesses to
large enterprises.  Tech Data is ranked 107th on the FORTUNE
500(R).  The company and its subsidiaries operate centers in
Latin America, including Brazil and Chile.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Fitch Ratings has affirmed Tech Data Corp., as:

   -- Issuer Default Rating at 'BB+';
   -- Senior unsecured credit facility at 'BB+';
   -- 2.75% senior unsecured convertible debentures at 'BB+'.

Fitch said the rating outlook is stable.




===================
C O S T A   R I C A
===================


* COSTA RICA: Trade Minister to Attend Trade Fair in China
----------------------------------------------------------
Inside Costa Rica reports that Foreign Trade Minister Marco
Vinicio Ruiz is leading a Costa Rican delegation that will
attend an investment and trade fair in Xiamen in east China's
Fujian province from Sept. 8 to 11.

This will be Costa Rica's first time to be involved in an
international investment and trade fair hosted by China.

Mr. Ruiz is expected to speak in Costa Rica's investment
environment and infrastructure construction projects to showcase
his country's competitiveness as an investment destination and
an ideal opening to trade and businesses in the whole Central
American region, Inside Costa Rica states.

According to the news, the Costa Rican government is hoping that
trade with China could double over the next three years.

                        *     *     *

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.




===================================
D O M I N I C A N   R E P U B L I C
===================================


AES CORP: Regulator OKs Unit's Planned US$25MM Bond Issuance
------------------------------------------------------------
AES Corp. unit AES Andres has secured authorization for its
planned bond issuance of up to US$25 million from the Dominican
Republic's securities regulator Superintendency of Securities,
according to a statement by government information center CIG.

Regulator chief Haivanjoe Ng Cortinas told Business News
Americas that AES Andres will use bond proceeds to "optimize the
structure of its working capital."

AES has appointed BHD Valores to be the placing agent for the
18-month bonds to be issued in four tranches.  The bonds
received a BBB(dom) rating from Fitch and Feller Rate,
BNamericas states.

                     About AES Andres

Headquartered in the Dominican Republic, AES Andres is a unit of
The AES Corporation.  It operates a 319-megawatt gas-fired plant
35 kilometers east of Santo Domingo.

                      About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

                        *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                        *     *     *

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

* AES
   -- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

* AES
   -- Senior secured credit facility at 'BB+/RR1';
   -- Junior secured notes at 'BB+/RR1'.




=====================
E L   S A L V A D O R
=====================


AES CORP: Shortlisted in Termoelectrica's Galati Thermal Bid
------------------------------------------------------------
The AES Corp. has been included in Romanian state-run power firm
Termoelectrica's short list of bidders for its Galati thermal
power plant, Thomson Financial reports.

Termoelectrica told Thomson Financial that it short-listed six
bidders to become a strategic partner for the plant,
Termoelectrica said today.

According to Thomson Financial, other bidders include:

          -- Czech utility CEZ,
          -- European energy production unit Eletrabel,
          -- Italian utility Enel,
          -- Gaz de France, and
          -- Italy's Edison.

The winning bidder will collaborate with Termoelectrica in
upgrading the 535-megawatt plant and possibly construct new
units in Galati, Thomson Financial states.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

                        *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                        *     *     *

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

* AES
   -- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

* AES
   -- Senior secured credit facility at 'BB+/RR1';
   -- Junior secured notes at 'BB+/RR1'.


AES CORP: Deutsche Bank Puts Buy Recommendation on Firm's Shares
----------------------------------------------------------------
Deutsche Bank Securities analysts have assigned a "buy" rating
on The AES Corporation's shares, Newratings.com reports.

According to Newratings.com, the target price for AES' shares
was set at US$25.

The analysts said in a research note that "there is limited
downside" to AES' share price, after the "recent downturn."

The analysts told Newratings.com that AES is ready to capitalize
on the developing huge power infrastructure needed in the
emerging and developed markets.

AES currently has expansion projects at or near sites where it
has a presence, which increases the probability of success,
Newratings.com states, citing Deutsche Bank Securities.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

                        *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                        *     *     *

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

* AES
   -- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

* AES
   -- Senior secured credit facility at 'BB+/RR1';
   -- Junior secured notes at 'BB+/RR1'.




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


AXTEL SA: Shareholders Authorize Three-To-One Stock Split
---------------------------------------------------------
Axtel said in a fling with the Mexican stock exchange Bolsa
Mexicana de Valores that it ratified a planned three-to-one
stock split at a shareholders meeting on Aug. 31, 2007.

Business News Americas relates that Axtel would conduct the
stock split this month, once it secures approval from Bolsa
Mexicana and Mexican banking regulator Comision Nacional
Bancaria y de Valores.

Axtel said in a statement that it wants to boost the liquidity
of its shares and reflect a more adequate price on the stock
exchange through the stock split.

Axtel will add some 8,769,353,223 new shares without making
changes on its capital stock, BNamericas states.

Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. was
formerly known as Axtel SA DE CV.  The company's principal
activity is providing local and long-distance domestic and
international telephony, data and Internet services, virtual
private networks and value added services.  Services include
different access technologies such as fixed wireless telephony,
point-to-point and point-to-multi point radio links, and copper
and fiber optic connections.  Basic services are divided into 5
categories such as voice, conference call, data, Internet and
bundles.  It offers basic telecommunications infrastructure
in Mexico through an intelligent network that provides extensive
coverage to all markets.  It currently operates in Mexico City,
Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San
Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana,
La Laguna, Veracruz and Chihuahua.

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Standard & Poor's ratings services said that it
revised its outlook on Axtel S.A.B. de C.V. to stable from
negative.  At the same time, affirmed 'BB-' corporate credit and
senior unsecured debt ratings on Axtel and its notes due 2013
and 2017.

As reported in the Troubled Company Reporter-Latin America on
Aug. 13, 2007, Moody's Investors Service placed Axtel, S.A.B. de
C.V.'s Ba3 corporate family rating under review for possible
upgrade as a result of better-than-expected operating and
financial results after the acquisition of Avantel as well as
the issuer's favorable business prospects.


BENQ CORP: Completes Spin-Off Plan; Launches Branded Company
------------------------------------------------------------
BenQ Corporation commenced its new operation on Sept. 3, 2007,
following successful completion of the spin-off plan to separate
its branded and manufacturing business.  BenQ, a branded company
after the separation, will continue to sell and market products
under the BenQ brand name.

BenQ will remain headquartered in Taipei, Taiwan.  The company
has a paid-in capital of NT$3.62 billion with revenue expected
to exceed NT$100 billion in 2009.  At the initial stage, BenQ
will be 100% owned by Qisda Corporation.  Qisda will gradually
reduce its shareholdings in BenQ while BenQ explores options for
strategic partners and investors.

The newly spun-off BenQ will have an independent Board of
Directors and leadership team, including Mr. K.Y. Lee as
Chairman, Mr. Jerry Wang as Vice Chairman, and Mr. Conway Lee as
President and CEO.  Other members of the leadership include:

   -- Peter Chen, General Manager of Technology Product Center;
   -- Adrian Chang, President of BenQ Asia Pacific;
   -- Michael Tseng, President of BenQ China; and
   -- Hank Horng, Managing Director of BenQ Taiwan.

"Since the inception of BenQ more than 5 years ago, we have
established the brand as a cheerful and trendy hi-tech
electronics brand among all consumers." said K.Y. Lee, Chairman
of BenQ Corporation.  "Going forward, we expect to see faster
and stronger growth in our brand through this new focused
structure. I strongly believe that our leadership of choice will
bring us to new heights."

"The new BenQ is flexible in structure, swift in action and
highly customer- and market-driven," said Conway Lee, President
and CEO of BenQ Corporation.  "We will focus on developing
advanced technologies that will shape the next generation of
products while fully leveraging external resources to create
better lifestyle products for our consumers."

With a total of more than 2,000 talents from over 40
nationalities, and branch offices in 28 countries worldwide,
BenQ will continue to market products that contribute to the
company's mission of Bringing Enjoyment and Quality to Life.
BenQ products are available in 100 countries; its product
portfolio includes digital projector, LCD monitors, LCD TVs,
digital cameras, mobile phones, laptop PCs, storage devices,
media and human interface devices such as mice and keyboards.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. -
http://www.benq.com/-- is principally engaged in manufacturing
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.  The firm has
operations in Mexico.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CINRAM INTERNATIONAL: Subsidiary Inks Agreement with Motorola
-------------------------------------------------------------
Cinram International Income Fund's indirect wholly owned
subsidiary, Cinram Wireless GmbH, has signed a multi-year
agreement with Motorola GmbH, a leader in mobile communications
and seamless mobility solutions, to provide fulfillment services
for Motorola's range of products in Europe.  While Motorola's
German employees have already been notified, the agreement
remains subject to the final approval of Motorola GmbH's
supervisory board.

"This agreement builds on our relationship with Motorola and
represents the cornerstone of Cinram International's European
wireless logistics and distribution strategy," said Cinram
International chief executive officer Dave Rubenstein.  "Cinram
International's pan-European presence provides a natural
extension to our North American relationship with Motorola and
underscores the strengths of Cinram's platform."

Under the agreement, Cinram Wireless GmbH will provide picking,
packing, programming, packaging and reverse logistics for
Motorola's range of products in Europe from Cinram's facility in
Alsdorf, Germany, starting in the third quarter of 2008.
Financial terms of the agreement were not disclosed.

"We selected Cinram International from a group of the world's
best logistics and fulfillment service providers," said Ralf
Gerbershagen, Chairman, Motorola GmbH.  "In selecting a
respected, high-impact supplier like Cinram International, we
will be strengthening our operating efficiency and customer
delight by leveraging Cinram International's world-class
fulfillment capabilities, and sharpening Motorola's competitive
edge."

This fulfillment services agreement marks Cinram International's
entry into the European telecommunications industry and comes on
the heels of its North American agreement with Motorola, which
was announced in June.

"We are gaining traction in the wireless space and expect to
continue to expeditiously deploy our strategy by capitalizing on
opportunities that will spur growth both organically and through
acquisitions," concluded Mr. Rubenstein.

                  About Cinram International

Cinram International Inc. (TSX: CRW.UN) -http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world.  The company has sales offices in Mexico.

                        *     *     *

Cintram International Income Fund carries Moody's B1 long-term
corporate family and bank loan debt rating.  Moody's said the
ratings outlook is stable.


DANA CORP: Wants Court Approval on Chrysler Settlement Agreement
----------------------------------------------------------------
Chrysler Company LLC, on behalf of itself and Chrysler Motors
LLC and Chrysler Canada Inc., is one of the Dana Corp.'s largest
customers, Robert J. Feinstein, Esq., at Pachulski Stang Ziehl
Young Jones & Weintraub, LLP, in New York, relates.  The Debtors
supply approximately US$500,000,000 in Component Parts to
Chrysler annually.

However, the supply of certain Component Parts was not
profitable for the Debtors, thus they undertook negotiations
regarding revised pricing that would enable them to continue to
supply the Parts to Chrysler under improved terms.

Also, prior tofiling for bankruptcy, certain Debtors purchased
axles from Chrysler.  The Debtors and Chrysler signed an
agreement to permit triangular set-offs whereby the parties
agreed that Chrysler may debit the accounts of certain Dana
entities for sums they owe to Chrysler relating to the
prepetition axles.  Dana Corp. questioned whether it had
authority to enter into the Setoff Agreement on behalf of its
subsidiaries and whether the Setoff Agreement was enforceable in
its entirety.  Chrysler placed all accounts owing to certain
Dana entities as of the bankruptcy filing on administrative hold
due to the dispute on the Setoff Agreement.

In September 2006, Chrysler filed claims against each of the
Debtors with each claim seeking recovery of:

  -- US$715,290 for axles shipped from Chrysler to certain
     Debtors before the Petition Date;

  -- US$75,706 for warranty claims as of September 8, 2006; and

  -- unliquidated amounts for postpetition warranty claims.

Chrysler asserts that its Claims are secured claims to the
extent of its set-off and recoupment rights.

Thus, the Debtors and Chrysler engaged in negotiations regarding
a comprehensive, consensual resolution of all customer pricing
issues in connection with certain prepetition purchase orders
and a related prepetition Setoff Agreement.

As a result, the parties entered into a settlement agreement,
which provides that:

  (a) The Debtors modify purchase orders and assume them.  The
      Modified Purchase Orders provide for increased piece
      prices for the Component Parts.  The Debtors will also
      assume existing purchase orders with Chrysler.

  (b) The Debtors and Chrysler will cooperate to support an axle
      co-sourcing initiative targeted to lower component
      acquisition costs.

  (c) The parties will share any Value Analysis/Value
      Engineering program savings for the duration of each of
      the programs in question and will memorialize those
      agreements periodically via appropriate purchase order
      amendments and price reductions.

  (d) The Debtors will assume the Setoff Agreement.  Chrysler
      will be allowed to set off its Claims against any amounts
      it owes to any Debtor.

  (d) Chrysler will withdraw with prejudice its Claims, provided
      that the Debtors will continue to be responsible for all
      warranty claims under the Purchase Orders.

  (e) The Debtors will waive and release all claims they have
      against Chrysler, excluding any obligations under the
      Settlement Agreement and claims for payment of bona fide
      invoices for Component Parts issued by the Debtors after
      the Petition Date and any warranty claims.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
Southern District of New York to approve the Chrysler
Settlement Agreement.

The Debtors have sought and obtained the Court's permission to
file certain exhibits and the Settlement Agreement under seal
because, according to Mr. Feinstein, they contain confidential
information that may harm the Debtors and Chrysler if disclosed
to the public.

                       About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- 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 Mar. 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' filed their Joint Plan of Reorganization on
Aug. 31, 2007.  (Dana Corporation Bankruptcy News, Issue No. 51;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


DANA CORP: Wants Court Nod on the Ford Commercial Agreements
------------------------------------------------------------
Dana Corp. and its debtor-affiliates manufacture vehicle frames
Ford Motor Company's F-150 full-size pickup truck.  Ford is the
largest customer of the Debtors and their nondebtor affiliates,
Corinne Ball, Esq., at Jones Day, in New York, relates.  Global
sales of the Debtors' Frames to Ford have produced annual
revenues for the Debtors in hundreds of millions of dollars.

However, before filing for bankruptcy, the manufacture and sale
of Frames became unprofitable as a result of a number of
factors, including rising commodity and energy costs, declining
market share for the Debtors' OEM customers and significant
legacy costs.  Thus, as part of their restructuring efforts, the
Debtors reviewed their customer relationships as a whole and
undertook negotiations with each of their customers regarding
potential changes to commercial terms that would enable them to
manufacture and supply Frames at an economically sustainable
level.

With Ford, these negotiations largely were conducted in late
2006 and resulted in an agreement in principle between the
parties that was reached in December 2006, Ms. Ball says.  The
negotiations ultimately resulted in the execution of a series of
commercial agreements in August 2007.

The Commercial Agreements with Ford, among other things:

  (a) modify the commercial terms of certain existing agreements
      between the parties, including purchase orders;

  (b) establish the terms and conditions upon which the sale of
      Frames from Dana to Ford will be conducted going forward;

  (c) resolve certain issues relating to the future sourcing of
      F-150 Frames;

  (d) resolve related disputes and claims that previously have
      been asserted by Dana against Ford and provide for
      appropriate releases; and

  (e) resolve other commercial issues.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
Southern District of New York to approve the Ford Commercial
Agreements.

The Debtors have sought and obtained the Court's permission to
file the Commercial Agreements under seal.  Ms. Ball says the
Agreements contain confidential and commercially sensitive
pricing information and other commercial terms that if disclosed
will harm both the Debtors and Ford.

                       About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- 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 Mar. 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' filed their Joint Plan of Reorganization on
Aug. 31, 2007.  (Dana Corporation Bankruptcy News, Issue No. 51;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Insight Equity Acquires Atwood Mobile Products
---------------------------------------------------------------
DURA Automotive Systems, Inc. and Insight Equity I L.P., the
Dallas, Texas-area private equity firm, reported the close of
the sale of DURA's Atwood Mobile Products division to Insight
Equity I L.P for US$160.2 million.  Insight made the acquisition
through Atwood Mobile Products LLC (fka Atwood Acquisition Co.,
LLC), the investment vehicle Insight created for the acquisition
of Atwood, an independent manufacturer of gas appliances,
windows, doors, electronics and hardware to the Recreation
Vehicle industry.

"We are excited to add Atwood Mobile Products to the Insight
portfolio," Ted Beneski, Managing Partner and CEO of Insight,
said.  "Our vision for the future is to continue to build the
company into the industry's leading manufacturer of RV
components."

With approximately US$330 million in 2006 sales, Atwood Mobile
Products designs and manufactures furnaces, water heaters,
ranges, hardware, windows and doors, and electronics for use in
RVs, manufactured homes, specialty trailers, and other vehicles.
Headquartered in Elkhart, Indiana, Atwood serves hundreds of
customers through nine plants located in Tennessee, Utah, Ohio,
Iowa and Indiana.

Atwood provides the most extensive product line of any supplier
to the recreation vehicle industry.  More than 90% of the
recreation vehicles on the road today use Atwood products.  The
RV industry has experienced strong growth historically, with RV
ownership currently at record levels.  Industry trends point
toward significant future growth as well due to favorable
population demographics and increasing interest in RV's.

"Atwood is a profitable business poised for growth with
Insight," Larry Denton, DURA's Chairman and Chief Executive
Officer, said.  "This divestiture allows DURA to focus on its
core automotive parts business while we position DURA for long-
term success and emergence from Chapter 11 this year."

"While the financing markets were as difficult as I have ever
seen them, Insight delivered on its original commitment to
purchase Atwood for US$160.2 million through Dura's 363
bankruptcy sale process," Insight Principal Conner Searcy noted.
"This is a testament to Insight's ability to get difficult
transactions done while other buyout firms are pulling back from
the market and walking away from deals."

For the operationally focused private equity firm, Eliot Kerlin,
a Vice President with Insight, observed, "Atwood is a classic
Insight acquisition -- strong strategic positioning and a well-
known platform in its industry, yet with significant operational
and growth opportunities ahead.  We are excited to partner with
the Company's employees as we begin a 'new day' at Atwood."

Atwood is the eighth acquisition in Insight's current fund,
which closed in July 2005.  Atwood also represents the 4th
investment Insight has made during the last eleven months in
domestic transportation manufacturing companies.

DURA was advised by Miller Buckfire, AlixPartners and Kirkland &
Ellis in connection with this transaction.  Insight Equity was
represented by Hunton & Williams.

                     About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.


FEDERAL-MOGUL: 40 Plan Objections Filed as of August 21
-------------------------------------------------------
The U.S. Bankruptcy Court for the District 0f Delaware had set
Aug. 21, 2007, as the deadline for Plan Objectors to file briefs
on issues relating to confirmation of Federal-Mogul Corporation
and its debtor-affiliates' Fourth Amended Joint Plan of
Reorganization.

As of Aug. 21, more than 40 Plan Objectors filed briefs opposing
the Fourth Amended Plan:

     Plan Objectors                         Contention
     --------------                         ----------
Ace Property & Casualty Ins. Co.;      Plan A fails to comply
AIG Casualty Co.; AIU Ins. Co.;        with Section 524(g) of
                                       the Bankruptcy Code.
Allianz Global Corporate & Specialty
AG; Allianz Underwriters Ins. Co.;
Allianze Global Risks U.S. Ins. Co.;
American Home Assurance Co.; Central
Nat'l Ins. Co. of Omaha; Century
Indemnity Co.; Columbia Casualty Co.;
Continental Casualty Co.;
DaimlerChrysler Corp.; Federal Ins.
Co.; Fireman's Fund Ins. Co.; First
State Ins. Co.; Ford Motor Co.;
Granite State Ins. Co.; Hartford
Accident & Indemnity Co.; Ins. Co. of
N. America; Ins. Co. of the State of
Pennsylvania; Lexington Ins. Co.; Mt.
McKinley Ins. Co.; Nat'l Union Fire
Ins. Co. of Pittsburgh, Pa; Nat'l
Surety Co.; New England Ins. Co.; New
Hampshire Ins. Co.; One Beacon
America Ins. Co.; Pacific Employers
Ins. Co.; PepsiAmericas, Inc.; Seaton
Ins. Co.; St. Paul Mercury Ins. Co.;
Stonewall Ins. Co.; The Continental
Casualty Co.; U.S. Fire Ins. Co.; and
Volkswagen of America, Inc.

ACE Insurers; AIG Member Cos.;         Plan A exceeds the limits
Allianz; CNA Entities; Federal Ins.;   of the Court's subject-
Fireman's Fund Ins. Co.; Mt.           matter jurisdiction and
McKinley; PepsiAmericas; The Hartford  fails to satisfy the
Cos.                                   Bankruptcy Code's good-
                                       faith requirements.

ACE Insurers; AIG Member Cos.;         Certain insurers have
Allianz; CNA Entities; Federal Ins.;   standing to object to
Fireman's Fund Ins. Co.; Mt.           confirmation of Plan A
McKinley; One Beacon; PepsiAmericas;   and Plan A is not
Seaton; Stonewall; The Hartford        insurance neutral.
Cos.

CNA Entities; Fireman's Fund Ins.      The Pneumo-Abex Trust
Co.; Mt McKinley; PepsiAmericas        Distribution Procedures
                                       cannot be approved.

PepsiAmericas                          The Plan's proposed
                                       treatment to
                                       PepsiAmericas is not
                                       fair, reasonable, or in
                                       compliance with
                                       applicable law.

Ford Motor Co.; PepsiAmericas          Ford Motor Co. has
                                       standing to object to
                                       confirmation of Plan A.

Employers Ins. Co. of Wausau;          The Plan's treatment of
Fireman's Fund Ins. Co.; Globe         Fel-Pro and Vellumoid
Indemnity Co.; One Beacon; Royal       Claims does not comply
Indemnity Co.; Seaton; Stonewall;      with the Bankruptcy Code.
The Travelers Indemnity Co.;
Travelers Casualty & Surety Co.

Fireman's Fund Ins. Co.; Globe         The Insurers have
Indemnity; One Beacon; Royal           standing to object to
Indemnity; Seaton; Stonewall;          confirmation.
Travelers; Wausau

ACE Insurers; AIG Member Cos.; CNA     The Court may not approve
Entities; Fireman's Fund Ins. Co.;     the Plan's purported
Globe Indemnity; One Beacon;           assignment of insurance
PepsiAmericas; Royal Indemnity;        rights.
Seaton; Stonewall; The Hartford Cos.;
TIG Ins. Co.; Travelers; Wausau

AIG Member Cos.; Allianz; Certain      The Court cannot approve
Underwriters at Lloyds, London and     the assignment of
Certain London Market Cos.; Fireman's  insurance rights as a
Fund Ins. Co.; Mt. McKinley;           matter of law under the
Travelers; Wausau                      Bankruptcy Code.

One Beacon; Seaton; Stonewall; Wausau  Plan B fails to comply
                                       with applicable
                                       bankruptcy and
                                       non-bankruptcy law.

In addition, Rothschild Inc. objects to the Fourth Amended
Plan's supplemental injunction and exculpation provision to the
extent that they could be interpreted as:

  (1) restricting Rothschild's rights to assert claims,
      counterclaims, affirmative defenses or other causes of
      action against the released parties in the event that any
      of them asserts a claim of any kind against Rothschild;

  (2) eliminating, reducing or otherwise affecting the Debtors'
      continuing obligations to indemnify and exculpate
      Rothschild in accordance with the parties' engagement
      letter;

  (3) modifying the legal standard that would apply in the event
      that any claims are asserted against Rothschild; or

  (4) limiting Rothschild's right to receive compensation earned
      and reimbursement of expenses incurred as administrative
      expenses under the Plan.

From the Debtors' bankruptcy filing to Nov. 30, 2003, Rothschild
provided the Debtors with financial advisory and investment
banking services.

Bradford J. Sandler, Esq., at Benesch, Friedlander, Coplan &
Aronoff LLP, in Wilmington, Delaware, clarifies that Rothschild
is not seeking to jeopardize Plan confirmation, or to delay the
Debtors' emergence from Chapter 11.  Rather, Rothschild seeks to
clarify that its rights will not improperly be limited by the
Supplemental Injunction or the Exculpation Provision, Mr.
Sandler clarifies.

Furthermore, Owens-Illinois, Inc., an alleged joint tortfeasor
and co-defendant in certain state court litigation with the
Debtors, maintains that the TDP was not proposed in good faith
in accordance with Section 1129(a)(3) of the Bankruptcy Code.

Katharine L. Mayer, Esq., at McCarter & English, LLP, in
Wilmington, Delaware, contends that the Asbestos Personal Injury
Trust enhances the rights available to asbestos plaintiffs at
the expense of the co-defendants.  She argues that the Trustees,
comprised of asbestos personal injury plaintiff lawyers, cannot
properly fulfill their obligations to all beneficiaries of the
Trust if:

  (1) those beneficiaries have interests directly adverse to
      each other; and

  (2) the Trustees themselves are biased because one of those
      adverse groups represents their own clients.

The Plan Proponents' allegation that indirect claimants voted in
favor of the Plan is misleading, Ms. Mayer argues.  "The Plan
Proponents unilaterally put indirect claimants in the same class
as the hundreds of thousands of claims submitted by the asbestos
plaintiff lawyers and then negotiated a deal for those lawyers
to support the Plan.  The acceptance by that class in no way
negates the validity of Owens-Illinois' objection."

Owens-Illinois asks the Court to deny confirmation of the Plan
with the TDP as written.

The Estate of Thurston Little, the Estate of Billy R. Scruggs,
and the plaintiffs in the civil action styled Doris Everitt, et
al. v. Pneumo Abex, LLC, pending in the U.S. District Court for
the Southern District of Mississippi, Jackson Division, join in
the Plan Objectors' contention that Plan A fails to comply with
Section 524(g).  The Plan's Channeling Injunction and other
structural deficiencies would impermissibly violate the asbestos
claimants' constitutional and equitable rights, the Pneumo Abex
Claimants assert.

                   Plan Proponents Respond

The Debtors, the Official Committee of Unsecured Creditors, the
Official Committee of Asbestos Claimants, the Official Committee
of Equity Security Holders, the Legal Representative for Future
Asbestos Claimants, JPMorgan Chase Bank, N.A., Cooper
Industries, LLC, and Pneumo Abex LLC, argue that for the most
part, the Plan Objectors are not creditors of, and have no legal
interest in, the Debtors' estates.

The Plan Objectors' arguments that the Plan and the Trust
Distribution Procedures violate the cooperation and voluntary
payment provisions of their policies and that the Plan
discharges the Debtors' obligations for those violations are a
gross mischaracterization of the Plan, the Plan Proponents
assert.

The Plan Objectors have not demonstrated the constitutionally
required injury in fact and the direct adverse impact on their
interests required of a putative party in interest under Section
1109 of the Bankruptcy Code, James E. O'Neill, Esq., at
Pachulski, Stang, Ziehl, Young, Jones  & Weintraub LLP, in
Wilmington, Delaware, contends, on the Debtors' behalf.  "Nor
can they do so, given the sweeping insurance neutrality language
of the Plan, which expressly provides that it does not adversely
affect the insurers' rights under their contracts in any way,
save for the Insurance Rights Assignment under Plan B."

The Objecting Insurers' contention that their pecuniary
interests are affected by the Plan is faulty, Mr. O'Neill
continues.  The proceeds of the Debtors' asbestos insurance
policies, he points out, are property of the Debtors, not the
Insurers.   The Plan does not obligate the Insurers to pay
amounts exceeding their pre-existing policy limits.

Moreover, the Objecting Insurers are not within the class of
persons protected by Section 524(g) and cannot assert the rights
of the asbestos claimants whose interests that provision seeks
to protect.  Thus, they have no standing to assert objections
based on alleged non-compliance with Section 524(g).

The Plan Proponents maintain that Plan A satisfies Section
524(g) and all of the other statutory requirements of the
Bankruptcy Code.  Mr. O'Neill notes that Plan A has the
"overwhelming" approval of the asbestos personal injury
claimants and all of the Debtors' other creditors -- the real
stakeholders in the Debtors' reorganization.

The prospect of Plan A's increased "complexity" in itself, Mr.
O'Neill asserts, does not provide any substantive basis for
denying Plan A.

Accordingly, the Plan Proponents ask the Court to confirm the
Fourth Amended Plan, including Plan A.

                        *     *     *

Judge Fitzgerald denied the Plan Proponents' request to strike
the testimony of Mark A. Behrens, one of the Objecting Insurers'
witnesses.

Judge Fitzgerald will hear closing arguments on Oct. 1, 2007.

                       About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The confirmation hearing
started on June 18, 2007 and is expected to end on Oct. 1, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 146; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


FLEXTRONICS INT'L: Solectron Stockholders Want To Vote on Merger
----------------------------------------------------------------
Flextronics International Ltd. disclosed that Solectron
Corporation's stockholders wish to make an election with respect
to the merger consideration to be received in the proposed
acquisition by Flextronics of Solectron must deliver a properly
completed election form to Computershare Shareholder Services,
Inc. by 5:00 p.m., New York City time, on Sept, 27, 2007 (the
Election Deadline).

Solectron stockholders who hold their shares through a bank,
broker or other nominee may have an election deadline earlier
than the Election Deadline.  These Solectron stockholders should
carefully review any materials they receive from their bank,
broker or other nominee to determine the election deadline
applicable to them.

Pursuant to the terms of the merger agreement, Solectron
stockholders are entitled to elect to receive either 0.3450 of a
Flextronics ordinary share or US$3.89 in cash, without interest,
for each share of Solectron common stock, subject to proration
as provided in the merger agreement.  Solectron stockholders who
do not make a timely election or fail to deliver a properly
completed election form to Computershare Shareholder Services,
Inc. by the Election Deadline will not be able to elect the form
of merger consideration they will receive in the merger.  These
non-electing stockholders will receive all cash, all Flextronics
ordinary shares or a combination of cash and Flextronics
ordinary shares according to the allocation rules set forth in
the merger agreement.

If, after submitting its election form, a Solectron stockholder
wishes to sell or otherwise transfer some or all of the shares
covered by its election, the stockholder will have to revoke its
election in order to deliver the shares to the purchaser or
other transferee.  Such revocation must be received by
Computershare Shareholder Services, Inc. prior to the Election
Deadline.  A Solectron stockholder may revoke its election and
submit a new election for shares it does not sell or otherwise
transfer.  Such election must be received by Computershare
Shareholder Services, Inc. prior to the Election Deadline.
Because a Solectron stockholder may revoke its election only
prior to the Election Deadline, after the Election Deadline and
prior to the effective time of the merger such stockholder will
not be able to sell or otherwise transfer shares for which an
election is effective as of the Election Deadline.

Beginning on Aug. 13, 2007, the required election forms and
accompanying instructions were mailed to Solectron stockholders
of record as of Aug. 6, 2007.  Solectron stockholders, including
those that acquired their shares after Aug. 6, 2007, may request
copies of these election documents by calling Innisfree M&A
Incorporated toll free from within the United States and Canada
at (877) 825-8971.  Solectron stockholders who hold their shares
through a bank, broker or other nominee should contact their
bank, broker or other nominee to obtain additional copies of the
election documents.

As provided by the merger agreement, exchangeable shares of
Solectron Global Services Canada Inc., other than exchangeable
shares owned by Solectron, any of its subsidiaries or their
affiliates, will be automatically exchanged for shares of
Solectron Corp. common stock, on a one-for-one basis, prior to
the effective time of the merger.  The merger agreement provides
that holders of exchangeable shares will be entitled to elect to
receive the same consideration in the merger, and to participate
directly in the merger, as a holder of shares of Solectron
common stock.  Therefore, for all purposes above, references to
Solectron stockholders are intended to also include holders of
exchangeable shares.

Both companies also announced that the companies have satisfied
merger control requirements in Canada, China, the European
Union, Mexico, Turkey, Ukraine and the United States. Merger
control notifications remain pending in Brazil and Singapore,
but neither affects the parties' ability to close the
transaction.

Thomas J. Smach, chief financial officer of Flextronics, stated,
"Assuming a successful shareholder vote for both companies,
which is scheduled for Sept. 27, 2007, we now expect to close
this transaction on Oct. 1, 2007."

                       About Solectron

Solectron Corporation -- http://www.solectron.com-- is one of
the world's largest providers of complete product lifecycle
services. Solectron Corp. offers collaborative design and new
product introduction, supply chain management, Lean
manufacturing and aftermarket services such as product warranty
repair and end-of-life support to leading customers worldwide.
Solectron Corp. works with the world's premier providers of
networking, telecommunications, computing, storage, consumer,
automotive, industrial, medical, self-service automation and
aerospace and defense products.  The company's industry-leading
Lean Six Sigma methodology (Solectron Production System(TM))
provides OEMs with quality, flexibility, innovation and cost
benefits that improve competitive advantage.  Based in Milpitas,
California, Solectron Corp. operates in more than 20 countries
on five continents and had sales from continuing operations of
US$10.6 billion in fiscal 2006.

                     About Flextronics

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

The company has operations in Brazil and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Fitch has placed Flextronics' ratings on Rating
Watch Negative:

    -- Issuer Default Rating at 'BB+';
    -- Senior Unsecured credit facility at 'BB+';
    -- Senior subordinated notes at 'BB';

The decision follows the announcement by Flextronics
International Ltd. of its agreement to acquire Solectron Corp.
(Issuer Default Rating [IDR] of 'BB-' on Rating Watch Positive
by Fitch) for US$3.6 billion in a combination of cash and stock.

Standard & Poor's Ratings Services placed its 'BB+' corporate
credit and 'BB-' subordinated debt ratings on Singapore-based
Flextronics International Ltd. on CreditWatch with negative
implications following the company's announcement that it
intends to acquire Solectron Corp. for cash and stock valued at
about US$3.6 billion.


VISTEON CORP: Completes Sale of Powertrain Business in India
------------------------------------------------------------
Visteon Corporation has completed the sale of Visteon Powertrain
Control Systems India in Chennai to Adyar River Ltd.  This
transaction is another restructuring action the company has
achieved to improve its business.

The agreement covers the VPCSI operation in Chennai, which
manufactures starters and alternators for global car makers.
The transaction supports the company's strategy to invest
proceeds from the sale of non-core assets in its market-leading
businesses.  Employees in the operation will continue to be
employed as part of the transaction.  Terms of the agreement
were not disclosed.

"This is another accomplishment in the process of restructuring
our business to focus on our key products and core
technologies," Donald J. Stebbins, Visteon president and chief
operating officer, said.  "With this sale, our restructuring
program is now more than 50 percent complete, and this gives us
even more flexibility to improve and grow our business."

For more than seven years, Visteon, a supplier of automotive
climate control systems, interiors and electronics, has had a
significant presence in India where it continues to expand and
grow.  Today, the Visteon India footprint includes four
manufacturing plants and two technical centers, employing more
than 2,000 people.  India is an important part of Visteon's
expansion in Asia, the fastest growing automotive market in the
world.  Visteon has 55 facilities and 38 manufacturing plants in
Asia, which the company expects to become its largest region by
2009, generating nearly 50% of its revenue.

Adyar River Limited is a joint venture between Argyle Street
Management Limited and Leticia Investments Corp.  Founded in
2002, the principal business of Argyle Street Management Limited
is management of funds investing in special situations in Asia.
Argyle manages approximately US$800 million of assets including
equity and debt instruments as well as real estate investments
under ASM, Asia Recovery Fund, ASM Hudson River Fund, certain
property fund and discretionary accounts.

Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC)
-- http://www.visteon.com/-- is a global automotive supplier
that designs, engineers and manufactures innovative climate,
interior, electronic, and lighting products for vehicle
manufacturers, and also provides a range of products and
services to aftermarket customers.  The company has more than
170 facilities in 24 countries and employs around 50,000 people.

With corporate offices in the Michigan (U.S.); Shanghai, China;
and Kerpen, Germany; the company has more than 170 facilities in
24 countries, including Mexico and India, and employs
approximately 50,000 people.

At March 31, 2007, the company's balance sheet showed a
stockholders' deficit of US$106 million, compared to a deficit
of US$188 million at Dec. 31, 2006.

                        *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has taken these actions regarding the ratings of
Visteon Corp.: Issuer Default Rating affirmed 'CCC'; Senior
Secured Bank Facility affirmed 'B/RR1'; and Senior unsecured
downgraded to 'CC/RR6' from 'CCC-/RR5'.




=================
N I C A R A G U A
=================


GLENCARIN GOLD: Has Until Oct. 31 to Settle US$1-Mln Dispute
------------------------------------------------------------
Glencairn Gold Corp. is paying US$1 million by Oct. 31 as part
of a separate remediation settlement of the Blue Hill zinc mine
in Maine, Inside Costa Rica reports.

The company, which is already struggling financially after being
forced to close its Bellavista mine in Costa Rica, will also be
entitled to benefit from a prior settlement between former mine
operator Kerramerican Inc. and the State of Maine.  Under that
deal, the amount to be paid is US$12 million into a single-
purpose entity established to carry out cleanup on the site,
Inside Costa Rica relates.

According to the report, Glencairn Chairman Kerry Knoll said the
settlement, was "going to make a tight situation a little bit
tighter," but added that the company needed to raise more money.
The company will finance its US$1-million settlement through the
sale of marketable securities.

Inside Costa Rica says that the company's massive ground
movements -- first noticed in May -- had caused cracks at two
corners of a leach pad containing cyanide used to dissolve gold
from crushed ore.

During that time, Glencairn suspended mining operations at the
Bellavista mine, which made a negative effect on the company's
cash flow.

In addition, the company has since:

   -- suspended all exploration activities,
   -- reduced the number of employees,
   -- cut capital expenditure programs,
   -- extended payables where possible and
   -- eliminated discretionary expenditures

to cope with the loss of funds.

Report shows that Cash on hand and cash currently flows from
operations of the company's sole operating mine, Limon, is not
sufficient to fund Glencairn's ongoing needs.  By the end of
July, cash on hand dropped to US$5 million.

                       Going Concern Doubt

The company believes that there exists substantial doubt about
Glencairn Gold Corporation's ability to continue as a going
concern, for the following reasons:

  -- On March 31, 2007, the company suspended mining activities
     at the Libertad Mine until such time it is determined
     whether a conventional milling circuit would be
     economically feasible.

  -- On July 25, 2007, the company suspended all mining and
     production activities at the Bellavista Mine due to
     concerns over recent ground movements.  It is not known
     when the mine will resume operations and the timing and
     cost of fixing the ground movement.

  -- Cash on hand at June 30, 2007, and cash flows expected for
     the next twelve months will not be sufficient to fund the
     company's ongoing and future expansion needs.  Accordingly,
     the company will require funding through a sale of assets,
     equity or debt financing.

                    About Glencairn Gold

Headquartered in Toronto, Canada, Glencairn Gold Corporation
(Toronto: GGG.TO) -- http://www.glencairngold.com/-- is a gold
producer with three mines in Central America.  The Limon Mine in
Nicaragua has been in continuous production since 1941 and has
been owned by Glencairn since late 2003.  The Bellavista Mine in
Costa Rica was constructed by the company and entered into
commercial production in December 2005.  In July 2006, the
Libertad Mine in Nicaragua was purchased along with a 60%
interest in Cerro Quema, an advanced gold property in Panama.


* NICARAGUA: Ministry Inks Power Generation Pact with Consorcio
---------------------------------------------------------------
The Nicaraguan energy and mines ministry has signed an accord
for the development of a 40-megawatt wind power generation
project in Rivas department, Business News Americas reports.

Project official Hans Wagner commented to news daily La Prensa,
"At the moment, we are doing everything necessary to install the
wind plant, which we expect will begin to generate power in the
second half of 2008."

BNamericas relates that the project will be constructed on the
shores of Cocibolca lake starting at the end of this year. It
will include 19 Zuslon turbines.

Mr. Wagner told BNamericas that the Central American Bank for
Economic Integration will finance the US$72-million project.

The project will provide Nicaraguan distributors Disnorte and
Dissur.  Through this project, the nation will be able to save
about 217,000 barrels per year of bunker fuel, BNamericas
states, citing Mr. Wagner.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                    Rating     Rating Date
                    ------     -----------
  Long Term          Caa1     June 30, 2003
  Senior Unsecured
  Debt                B3      June 30, 2003




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


SOLO CUP: Fitch Affirms CCC Rating on Senior Sub. Notes
-------------------------------------------------------
Fitch Ratings has affirmed the ratings for Solo Cup Company as:

  -- Issuer default rating (IDR) 'B-';
  -- Senior secured first lien term loan 'B+/RR2';
  -- Senior secured revolving credit facility 'B+/RR2';
  -- Senior subordinated notes 'CCC/RR6'.

In addition, Fitch withdraws the following rating:

  -- Senior secured second lien credit facility.

The Rating Outlook is Negative.  Approximately US$1 billion of
debt is covered by the ratings.  The company's Canadian bank
debt is excluded from the ratings.

The ratings reflect concerns about the company's weak cash
flows, high leverage, margin pressure due to intense competition
and higher resin and energy prices, low unit volume growth, a
lengthy and difficult integration process associated with the
Sweetheart acquisition, and a few remaining material weaknesses
in internal accounting controls.  The ratings also recognize
Solo's leading market share across its product categories,
strong brand recognition, diversified raw materials mix,
diverse, stable customer base, and modest near-term debt
maturities.

The Negative Outlook is based on constrained operating cash flow
generation and the need to execute asset sales to meaningfully
reduce leverage.  Although the company showed material
improvement in 2Q07 on several levels, risks to the credit
profile remain.  Solo Cup's operating environment remains
challenging, and there is execution risk with regards to any
additional asset sales, which might be contemplated.  Solo Cup
must also meet covenant ratio requirements, which continue to
tighten for the remainder of the year.

Despite these concerns, in the first half of 2007 the company
has made substantive strides in improving operations, filling
key management vacancies with experienced industry leaders,
addressing and resolving some key integration issues, reducing
funded debt and improving the liquidity profile.  Solo Cup's
operating results in the second quarter were encouraging.  The
company's new technology system has been implemented which has
improved order management and reduced redundancies stemming from
the Sweetheart merger.  This and other manufacturing initiatives
are starting to lead to improved profitability and positive cash
flow.

If the company is able to demonstrate stabilized performance
during the remainder of the year, and if additional meaningful
asset sales are completed, Fitch will likely review the outlook
and recovery ratings on the capital structure for a possible
upgrade.

In connection with December 2006 financing arrangements, the
credit facility covenants were modified to allow for the sale of
up to 20% of consolidated assets in 2007, with proceeds used to
pay down debt.  After a recent sale-leaseback transaction, Solo
Cup eliminated US$130 million of second-lien term loan,
precipitating the withdrawal of the ratings for this tranche.
The transaction was executed on six manufacturing facilities and
annual rent on the now leased properties is about US$11.7
million.  Solo continues to consider other asset sales and has
announced the sale of a 118-acre parcel in Chicago with expected
proceeds of US$15 million.

Fitch calculates LTM July 1, 2007, total leverage ratio of 7.5
times, and senior leverage ratio of 5.0 using operating EBITDA
of US$133.7 million.  Interest coverage for the same period was
1.3.  The company must meet a total leverage ratio requirement
of 8.75 by Sept. 30, 2007, and senior leverage ratio of 5.0 by
the same date.  Leverage and interest coverage ratios calculated
for bank covenant compliance make certain adjustments for rents,
interest expense and other items related to asset sales on a
pro-forma LTM basis and are not equivalent to Fitch's
calculations.  The company should be able to meet upcoming ratio
requirements, but Fitch believes compliance could be by a narrow
margin and the company may need to seek a waiver from senior
lenders if operating results do not improve as expected.

As of July 01, 2007 the company had about US$92 million of
availability under the U.S. and Canadian revolvers and cash of
US$24.4 million for total liquidity of roughly US$116 million.
Near term debt maturities are not significant with US$6.5
million due in both 2007 and 2008.  Solo Cup plans capital
expenditures of US$40 to US$50 million for 2007 and pension
contributions of US$12 million.  The amended credit agreement of
Dec. 22, 2006, stipulates that all management fees to Vestar
will be suspended in 2007, unless the consolidated leverage
ratio is equal to or less than 4.5.

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.


TITAN PETROCHEMICALS: To Buy Quanzho Shipyard for US$170 Million
----------------------------------------------------------------
Titan Petrochemicals Group will buy from its controlling
shareholder, Titan Oil Pte Ltd, a shipyard at Quanzhou in the
southeastern Fujian province for US$170 million in order to
expand its logistics business, various reports say.

Citing the company's statement, media reports note that Titan
Petrochemicals will satisfy the acquisition by paying
US$56.9 million cash for Titan Quanzhou Shipyard, and the
remainder by issuing ordinary and preferred shares.

Of the gains from the issuance of ordinary and preferred shares,
US$29 million is subject to change depending on financial
results performance during a period of three years, Infocast
News says.

The shipyard, according to Titan Petrochem, has ship repair,
ship building and offshore engineering operations, and currently
has orders for 22 vessels, amounting to US$210 million.

Once the deal is completed, Titan Oil and affiliates will now
hold 58.8% of the company, The Standard relates.

According to the reports, all conditions precedent to the
acquisition have to be fulfilled or waived by November 30.  The
financial adviser to Titan Petrochemicals for the deal is
Merrill Lynch.

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.  On
March 29, 2007, Moody's Investors Service affirmed the B1
corporate family rating of Titan Petrochemicals Group Ltd and
its senior unsecured bond rating of B2.  This follows Titan's
announcement of its fiscal year 2006 results, which show a 9.5%
increase in sales but a marked decline in net income by 67%.


TITAN PETROCHEMICALS: Second-Half Profit Doubles on Ship Sales
--------------------------------------------------------------
Titan Petrochemicals Group Ltd's first-half profit more than
doubled because of gains from selling some vessels, Shanghai
Daily reports, citing the company's statement with the Hong Kong
Stock Exchange.

According to the company's disclosure, net income climbed to
HK$152 million (US$19.5 million), or HK$3.10 cents a share, from
a restated HK$65 million, HK$1.35 cents, a year earlier.  Sales
rose 19% to HK$7.7 billion.

Chief Executive Barry Cheung plans to make Titan into China's
biggest independent fuels storage provider and cut dependence on
shipping oil, the statement said, as quoted by the Daily.
Profit contribution from tankers dropped to 75% last year from
90% in 2005, the stamen further revealed.

Because of this, vessels, including very large crude carriers,
or VLCCs, will account for no more than a fifth of earnings
within three years, Mr. Cheung said.

"The first half of 2007 saw Titan achieve good progress towards
its stated goal of creating an integrated oil logistics
company," the company said.  "We began to reduce our dependence
on the volatile VLCC market."

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.  On
March 29, 2007, Moody's Investors Service affirmed the B1
corporate family rating of Titan Petrochemicals Group Ltd and
its senior unsecured bond rating of B2.  This follows Titan's
announcement of its fiscal year 2006 results, which show a 9.5%
increase in sales but a marked decline in net income by 67%.


TITAN PETROCHEMICAL: Moody's Downgrades Corporate Rating to B2
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Titan Petrochemical Group Ltd from B1 to B2.  At the
same time, Titan's unsecured bond rating is also lowered to B3.
The outlook for both ratings is stable.

"The rating downgrade is driven by the increased execution risk
arising from the green field shipyard investment, in which Titan
has limited experience and has to develop sufficient skilled
resources to manage the development of such a business," says
Peter Choy, a Moody's Vice President and Senior Credit Officer,
adding, "The rating action also reflects the company's continued
weak very large crude carrier earnings, and the high execution
risk arising from its ongoing business restructuring and the
development of its onshore oil storage business in China."

"While the latest half year 2007 results were within
expectations, the projected large shipyard investment-related
capex will keep Titan's Adjusted Debt/EBITDAR high, at 5x to 6x,
which positions Titan more appropriately in the mid B range,"
says Choy.

"In addition, though progress in restructuring its business has
been made during 1H2007 -- involving an improved supply business
partly supported by increased storage capacity and the disposal
of the VLCC tankers, it is not sufficient to address concerns
about the execution risk of Titan's on-shore China business,"
concludes Choy.

The shipyard is about to deliver its first tanker to Titan, but
its product reliability is untested.  Moody's expects the
company will need to overcome many challenges, such as fund
raising, construction, branding, securing new contracts and
technologies.  Titan will also be exposed to high execution,
operational and financial risks on the shipyard investment.
While it has an order book of 22 vessels, mostly from group
companies, it will not have very meaningful EBITDA contribution
from the shipyard for the next 2 years.

The ratings outlook is stable, incorporating Moody's expectation
that Titan will be able to raise the necessary financing to
support its new investments in China and manage its business
expansion in a prudent manner.

Upward pressure on rating will be limited in the near future. In
the medium term, an upgrade could be considered if Titan:

    (1) further reduces its VLCC fleet through disposal and/or
        redeployment as floating storage units ("FSU");

    (2) completes its oil storage construction within budget and
        leases the majority of its oil storage in China for term
        contracts at reasonable prices;

    (3) completes its construction of the shipyard within budget
        and on time; and/or

    (4) improves its financial profile, such that key credit
        metrics are consistently maintained at Adjusted
        Debt/EBITDAR below 4x -5x.

On the other hand Titan's ratings could be subject to a further
downgrade if:

     (1) its interest in the onshore oil storage subsidiary
         falls below 50%;

     (2) it aggressively expands, especially with regard to its
         coastal tanker fleet, meaning higher capex and debt
         levels and weaker cash flow; and/or

     (3) it fails to reduce its VLCC fleet.

Any of these events could lead to sustained weakened credit
metrics as shown by Adjusted Debt/EBITDAR higher than 6x-7x and
EBITDAR/interest coverage below 1.5x -2x.

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.


TITAN PETROCHEMICALS: S&P Changes B+ Rating Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services on Sept. 4, 2007, revised the
outlook on the rating on Titan Petrochemicals Group Ltd. to
negative from stable.  At the same time, it affirmed both the
'B+' long-term corporate credit rating on Titan and the 'B'
issue rating on the company's US$400 million guaranteed senior
unsecured notes due 2012.

The outlook revision follows Titan's weak interim results and an
announced plan to acquire 100% of Titan Quanzhou Shipyard Ltd.
from Titan's controlling shareholders, Mr. Tsoi Tin Chun and
family.  Titan proposes to acquire TQSL for a total
consideration of US$170 million, of which US$56.9 million will
be paid in cash and the remainder by issuing new common shares
(75%) and three classes of non-voting convertible preferred
shares (25%) in Titan.

Mr. Tsoi and Titan have also agreed upon an earn-out structure,
whereby the conversion ratio of the preferred shares will be
revised down if the agreed profit before tax targets are not met
in 2008 (US$7.5 million), 2009 (US$20 million), and 2010 (US$50
million).

"The rating affirmations reflect our expectation that Titan's
existing businesses will continue to be affected by weak rates
for very large crude carriers [VLCC] and increasing bunkering
costs, which will lower the profit margins in its transportation
segment.

These weaknesses should be balanced by the benefits Titan
derives from diversifying into other businesses over the medium
to longer term," said Standard & Poor's credit analyst Lawrence
Lu.

Hong Kong-based Titan's main business focus, shipping
transportation, is highly volatile.  The acquisition of TSQL's
shipyard business would help to diversify Titan's revenue
stream, while the proposed earn-out structure would offer some
protection to minority shareholders.  However, as the shipyard
is still under construction, Titan will be exposed to
construction and execution risks.  The shipyard has a current
order book of 22 ships, which are predominantly orders from
Titan or entities affiliated with Mr. Tsoi.

Although some ships have already been chartered long-term to
third parties, we would like to see Titan demonstrate further
its ability to secure orders from third parties.  The shipyard
will require substantial capital expenditure over the next three
years, about 70% of which will likely be project financed.  This
will keep Titan's ratio of debt to capitalization high at more
than 70% over the next three years.

Titan's financial performance remains weak, as shown by its
results in the first half of 2007.  The results, which were
within our expectation, excluded one-off gains from the sale of
VLCCs. Titan's weak financial performance was mainly due to
declining prevailing VLCC rates and increased bunker costs.

The redeployment of the VLCC fleet led to a longer-than-expected
downtime for the vessels. The company's liquidity position,
however, strengthened following private equity firm Warburg
Pincus LLC's investment in the company in March 2007.  Titan
continues to diversify its business away from the volatile VLCC
transportation segment.  An increasing contribution from its
procurement and supply operations and its onshore storage
business should improve its financial performance over the near
to medium term.

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.




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


* PERU: Unveiling Communications Collapse Report on Sept. 13
------------------------------------------------------------
The audit conducted by the national engineering university, the
Peruvian college of engineers and former telecoms regulator
Osiptel director Roxana Barrantes on the collapse of
communications after the August 2007 earthquake in Peru will be
ready on Sept. 13, published reports say, citing transport and
communications minister Veronica Zabala.

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Lima and the coastline of Peru were hit by an
earthquake that measured 7.9 on the Richter scale and lasted
about 2 minutes.  According to a report by the National
Institute of Civil Defense, most of the deaths were in the
coastal province of Ica, about 165 miles south of Lima.  The
government declared a state of emergency for 60 days covering
the Department of Ica and the Province of Caete in the
Department of Lima.

Business News Americas relates that the ministry ordered an
audit to determine why communications collapsed after the
earthquake.

Telecoms firms may face sanctions depending on the findings of
the audit, BNamericas notes, citing Minister Zabala.

                        *     *     *

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
=====================


FIRST BANCORP: Announces US$0.07 Per Share Dividend Payment
-----------------------------------------------------------
First BanCorp's Board of Directors has declared the next payment
of dividends on Common, Series A through E Preferred and Trust
Preferred I & II shares.  Common stockholders of record as of
Sept. 15, 2007, will receive the 49th consecutive quarterly
dividend payment declared by First BanCorp's Board of Directors,
in the amount of US$0.07 per share for the 3rd quarter of 2007,
payable on Sept. 28, 2007.

The estimated dividend amounts per share, record dates and
payment dates for the Series A through E Preferred Shares are:

    Series    US$Per/share     Record Date     Payment Date

      A        0.1484375     Sept. 27, 2007    Oct. 1, 2007
      B       0.17395833     Sept. 15, 2007    Oct. 1, 2007
      C        0.1541666     Sept. 15, 2007    Oct. 1, 2007
      D       0.15104166     Sept. 15, 2007    Oct. 1, 2007
      E       0.14583333     Sept. 15, 2007    Oct. 1, 2007

Approval was obtained as a part of First BanCorp's previously
announced agreement with the Board of Governors of the Federal
Reserve System.

                     About First BanCorp

Headquartered in Troy, North Carolina, First BanCorp (NYSE: FBP)
is the parent corporation of FirstBank Puerto Rico, a state-
chartered commercial bank with operations in Puerto Rico, the
Virgin Islands and Florida; of FirstBank Insurance Agency; and
of Ponce General Corporation. First BanCorp, FirstBank Puerto
Rico and FirstBank Florida, formerly Unibank, the thrift
subsidiary of Ponce General, all operate within U.S. banking
laws and regulations.  The corporation operates a total of 153
financialservices facilities throughout Puerto Rico, the U.S.
and British Virgin Islands, and Florida.

                        *     *     *

Moody's Investor Services placed C/D on First BanCorp's
individual rating and BB on its long-term issuer default rating
in February 2007.  Moody's said the outlook is negative.


NEWCOMM WIRELESS: Court Sets Oct. 5 Confirmation Hearing
--------------------------------------------------------
The U.S. Bankruptcy Court for the District of Puerto Rico
scheduled a confirmation hearing for Oct. 5, 2007, shortly
after giving its approval on Newcomm Wireless Services
Inc.'s Disclosure Statement explaining its Chapter 11 Plan
of Reorganization, Bill Rochelle of Bloomberg News reports.

The Plan, filed with the Court last month, provides for the
orderly distribution of the proceeds from the sale of its
assets to PRWireless Inc. for US$158,636,874.  Newcomm received
proofs of claim totaling US$250 million.

A fundamental component of the Plan is the Telefonica Settlement
Agreement, which resolves several inter-related complex
litigations.  Each group of claimants will receive distribution
under the plan.

                 Treatment of Claims and Interest

Under the Debtor's plan, US$1.7 million of allowed
administrative and US$1 million of priority claims will be paid
in full.  Tax claims will be satisfied in accordance with
Section 507(a)(8) of the Bankruptcy Code.

Secured claims amounting to US$100,000 will be unimpaired,
meaning, holders will be paid in full.

General unsecured creditors, holding an aggregate US$10 million
in claims, will receive cash in satisfaction of whatever part of
their claims will be deemed "allowed."

The Debtor's equity holders will receive a share on the sale
proceeds up to US$17.5 million in accordance with the terms of
the Telefonica Settlement Agreement.

               Telefonica Settlement Agreement

On May 7, the Debtor reached a compromise with the Telefonica
Group in full settlement of its claims against Newcomm.

As part of the compromise and settlement, pursuant to the terms
of the Plan and subject to the occurrence of the Effective Date:

    i) all claims filed by the Telefonica Group in the
       Chapter 11 case will be voluntarily subordinated to the
       Allowed Claims of the Debtor's other unsecured creditors;

   ii) the unsecured claim filed by ClearComm will be disallowed
       for all purposes;

  iii) the Equity Group Equity Interests will share in
       US$17,500,000 after payment of:

       a) Allowed Secured Claims
       b) Allowed Claims of Holders of Administrative Claims;
       c) Allowed Priority Tax Claims;
       d) Allowed Priority Non-Tax Claims;
       e) Allowed Non-DIP Facility Secured Claims; and
       f) all Allowed General Unsecured Claims (with the
          exception of the claims filed by the Telefonica Group
          and ClearComm); and

   iv) the balance of the Residual Amount -- estimated at
       US$12,500,000 -- will be distributed to the Holders of
       the Telefonica Group Equity Interests in full
       satisfaction of all Claims voluntarily subordinated as
       well as all Interests held by any member of the
       Telefonica Group.

Based in Guaynabo, Puerto Rico, NewComm Wireless Services Inc.
is a PCS company that provides wireless service to the Puerto
Rico market.  The company is a joint venture between ClearComm,
L.P. and Telefonica Larga Distancia.  The company filed for
chapter 11 protection on Nov. 28, 2006 (Bankr. D. P.R. Case No.
06-04755).  Carmen D. Conde Torres, Esq., at C. Conde &
Assoc. and Peter D. Wolfston, Esq., at Sonnenschein Nath &
Rosenthal LLP represent the Debtor in its restructuring efforts.
Mark J. Wolfson, Esq. at Foley & Lardner LLP and Sergio A.
Ramirez de Arellano, Esq., at Sergio Ramirez de Arrelano Law
Office represent the Official Committee of Unsecured Creditors.
In its schedules, the Debtor disclosed total assets of
US$111,652,190 and total debts of US$190,695,559.




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


HERCULES OFFSHORE: Eyes Growth Opportunities in Mexico
------------------------------------------------------
Hercules Offshore President and Chief Executive Officer Randall
Stilley said at the Lehman Brothers CEO Energy/Power Conference
that the firm foresees growth opportunities on the Mexican side
of the Gulf of Mexico, Business News Americas reports.

Mr. Stilley commented to BNamericas, "Our best opportunity for
growth in the Gulf of Mexico is probably going to be in the
Mexican segment."

According to BNamericas, Hercules Offshore has one jack-up and
one land rig in Trinidad and one land rig in Venezuela.  In
Mexico, it has two jack-up rigs and one platform rig in Mexico.
Meanwhile, it has 24 jack-up rigs, 47 lift boats, and 27 inland
barge rigs in the US Gulf of Mexico.

Hercules Offshore's Latin American subsidiaries accounted for
17% of the company's US$570-million revenue in the first six
months of this year, BNamericas notes, citing Mr. Stilley.

Headquartered in Houston, Texas, USA, Hercules Offshore, Inc.
provides shallow-water drilling and lift boat services to the
oil and natural gas exploration and production industry in the
United States Gulf of Mexico and internationally.  It operates a
fleet of nine jack-up rigs that are capable of drilling in
maximum water depths ranging from 85 to 250 feet and a fleet of
64 lift boats with leg lengths ranging from 105 to 260 feet.
Its services are organized in four segments, Domestic Contract
Drilling Services, International Contract Drilling Services,
Domestic Marine Services and International Marine Services.  The
Company's Domestic Contract Drilling Services and Domestic
Marine Services are conducted in the United States Gulf of
Mexico, its International Contract Drilling Services are
conducted offshore Qatar and India, and its International Marine
Services are conducted in West Africa.

The company also has operations in Venezuela, Trinidad and
Mexico.

As reported in the Troubled Company Reporter on June 12, 2007,
Standard and Poor's Ratings Services raised the corporate credit
rating on Hercules Offshore Inc. to 'BB-' from 'B'.  The outlook
on the long-term issuer credit rating was stable.  At the same
time, the ratings on Hercules Offshore were removed from
CreditWatch with positive implications, where they were placed
on March 19, 2007.

Standard & Poor's also assigned its 'BB' rating and '2' recovery
rating to Hercules Offshore's proposed US$1.05 billion bank
facilities.




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


ASHMORE ENERGY: Selling Vengas Shares to Petroleos de Venezuela
---------------------------------------------------------------
Ashmore Energy International and Petroleos de Venezuela have
signed a memorandum of understanding by which AEI will sell its
entire share in Vengas S.A. to PDVSA.  Vengas is a leader in the
domestic market for distribution of Liquefied Petroleum Gas in
Venezuela.  The agreement signed between AEI and PDVSA concludes
amicable negotiations between the two entities, conducted within
Venezuela's legal framework.

Under the terms of the MOU, there will be a transition period
following the signing of the agreement.  Upon completion of this
transition phase, PDVSA will acquire AEI's 98.16% stake in
Vengas and all of AEI's shares will be transferred to PDVSA.

AEI and PDVSA have agreed to explore opportunities to continue
to cooperate in the continued development of Venezuela's energy
infrastructure and that of the broader Latin American community.
These include power generation, power transmission and
distribution, gas transportation and distribution and fuel
supply among other areas.

Vengas was founded in 1953 and has a 54-year track record of
national coverage with uninterrupted operation.  It has 2,300
workers, 25 filling plants, 38 branches, 683 transportation
vehicles and more than 4,000,000 cylinders.  Since its founding,
Vengas has carried out an ongoing investment program that
enabled the company to respond to the population's growing
needs.

AEI and PDVSA are committed to upholding the excellence of
Vengas' operation.  As part of its agreement with PDVSA, Vengas
will continue to comply with all of its labor and financial
commitments with its customers and suppliers.  This commitment
is in keeping with Vengas' dedication and focus to the well
being of its employees, families and communities.

                         About PDVSA

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.

                    About Ashmore Energy

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 3, 2007, Standard & Poor's Ratings Services assigned its
'B+' secured debt rating and '3' recovery rating to Ashmore
Energy International's US$105 million synthetic revolving credit
facility due in 2012.  At the same time, Standard & Poor's
affirmed its 'B+' corporate credit rating on Ashmore Energy; its
'B+' senior secured debt rating and '3' recovery rating on its
US$395 million revolving credit facility due 2012, which was
reduced from US$500 million; and its 'B+' senior secured debt
rating and '3' recovery rating on Ashmore Energy's US$1 billion
term loan due in 2014.  AEI Finance Holding LLC is a co-borrower
to Ashmore Energy's bank facility.  S&P said the outlook was
stable.

As reported in the Troubled Company Reporter-Latin America on
Feb. 27, 2007, Fitch Ratings assigned a BB Issuer Default rating
to Ashmore Energy International Ltd. and rated its US$500
million senior revolver credit facility at BB.

Also, Moody's Investors Service assigned a Ba3 rating to the
senior secured credit facilities.


PETROLEOS DE VENEZUELA: Chalmette Launches Planned Work on Unit
---------------------------------------------------------------
J.D. Estes -- a spokesperson of Chalmette Refining, Venezuelan
state-owned oil firm Petroleos de Venezuela SA's joint venture
with Exxon Mobil Corp. -- told Reuters that the company has
launched planned work on its 71,600-barrel-per-day gasoline-
making fluid catalytic cracking unit at its Louisiana plant.

The work was initially planned for Aug. 20, 2007.  It began on
Aug. 29, 2007, Reuters relates, citing Mr. Estes.  The work
would take "several weeks."

                     About Exxon Mobil

Based in Irving, Texas, USA, Exxon Mobil Corporation engages in
the exploration, production, transportation, and sale of crude
oil and natural gas.  It also engages in the manufacture,
transportation, and sale of petroleum products and
petrochemicals, as well as participates in electric power
generation.  The company manufactures and markets commodity
petrochemicals, including olefins, aromatics, polyethylene and
polypropylene plastics, and other specialty products.  Exxon
Mobil also has interests in electric power generation
facilities.  In addition, it holds license to explore gas in the
Gorgon liquefied natural gas project for domestic supply.  The
company operates in the United States, Canada, Europe, Africa,
Asia-Pacific, the Middle East, Russia/Caspian region, and South
America. Exxon Mobil was founded in 1870.  The company was
formerly known as Exxon Corporation and changed its name to
Exxon Mobil Corporation in 1999.

               About Petroleos de Venezuela

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.


* VENEZUELA: Will Pay Compensation to ConocoPhillips
----------------------------------------------------
The Venezuelan government will pay "market value" compensation
to ConocoPhillips for a crude-oil project the company abandoned
earlier this year, Dow Jones Newswires reports, citing
ConocoPhillips.

Dow Jones notes that ConocoPhillips, along with Exxon Mobil
Corp., decided to withdraw from Venezuela after the government
decided to nationalize oil operations in the country.  State-run
oil company Petroleos de Venezuela took operational control of
the projects in Orinoco.  While other firms agreed to sign a new
contract granting the state a majority share in their
operations, ConocoPhillips and Exxon Mobil declined to do so.

ConocoPhillips' exploration and production executive vice
president John Lowe told Dow Jones that the firm continues talks
with Venezuela to determine the exact market value of the heavy-
oil venture in Venezuela's Orinoco region.

Dow Jones relates that Venezuelan oil minister Rafael Ramirez
had said the government will recognize the book value, not the
net present value, of the deals when calculating how much the
project are worth.

It took an estimated US$17 billion to establish four Orinoco
operations.  However, the ventures are expected to be worth over
US$30 billion, as oil prices are much higher now than when the
projects were constructed, Dow Jones states.

                    About ConocoPhillips

Headquartered in Houston, Texas, USA, ConocoPhillips is an
international, integrated energy company.  The company's
business is organized into six segments.  Exploration and
Production segment primarily explores for, produces and markets
crude oil, natural gas and natural gas liquids on a worldwide
basis.  Midstream segment gathers, processes and markets natural
gas produced by ConocoPhillips and others, and fractionates and
markets natural gas liquids, primarily in the United States and
Trinidad.  Refining and Marketing segment purchases, refines,
markets and transports crude oil and petroleum products, mainly
in the United States, Europe and Asia.  LUKOIL Investment
segment consists of its equity investment in the ordinary shares
of OAO LUKOIL (LUKOIL).  The Chemicals segment manufactures and
markets petrochemicals and plastics on a worldwide basis.
Emerging Businesses segment includes the development of new
technologies and businesses outside the company's normal scope
of operations.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB-'.  Fitch said the ratings'
outlook remains stable.


                         ***********


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
de los Santos, Christian Toledo, and Pamella Ritah Jala,
Editors.

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

This material is copyrighted and any commercial use, resale or
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