TCRLA_Public/070910.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

          Monday, September 10, 2007, Vol. 8, Issue 179

                          Headlines

A R G E N T I N A

ACORA SRL: Proofs of Claim Verification Is Until Nov. 16
AGROIMPULSE CEREALES: Holding Informative Assembly on Sept. 26
ARINVER ARGENTINA: Proofs of Claim Verification Ends on Nov. 12
ARTES GRAFICAS: Proofs of Claim Verification Ends Today
BUSINESS 2001: Proofs of Claim Verification Deadline Is Oct. 31

CASISCO CONSTRUCCIONES: Claims Verification Ends on Nov. 14
CLARAVISION SA: Proofs of Claim Verification Ends on Oct. 11
DANY PLAST: Proofs of Claim Verification Ends Today
EMPRESA CENTRAL: Trustee Verifies Proofs of Claim Until Sept. 28
FRIGORIFICO INDUSTRIAL: Claims Verification Deadline Is Nov. 26

FOOD SISTEM: Proofs of Claim Verification Deadline Is Oct. 8
HIPERTECH SA: Proofs of Claim Verification Is Until Nov. 1
SOCIECAR SA: Proofs of Claim Verification Is Until Oct. 30
TALLERES SU: Last Day of Proofs of Claim Verification Is Today
TELECOM ARGENTINA: Grupo Werthein Eyes Telecom Italia Stake

VERIFONE HOLDINGS: Earns US$13.4 Mil. in Quarter Ended July 31
WILDE FABRICA: Proofs of Claim Verification Ends Today

* ARGENTINA: Shell Plans to Plead Argentine Shutdown Order


B A R B A D O S

SECUNDA INT'L: S&P Withdraws B- Ratings After Debt Redemption


B E R M U D A

GENERAL MILLS: To Hold Final General Meeting Today
SCOTTISH RE: Unit Completes US$555-Million Triple-X Reserve Deal


B R A Z I L

AMERICA LATINA: Fitch Affirms B+ Issuer Default Ratings
BANCO NACIONAL: Approves BRL580.4-Million Loan for MMX Amapa
BRASIL TELECOM: Targets BRL800 Million Ebitda This Year
DELPHI CORP: Settles with GM; Files Reorganization Plan
GENERAL MOTORS: Inks Settlement Agreement with Delphi Corp.

GRAFTECH INT'L: June 30 Balance Sheet Upside-Down by US$8 Mil.
HERCULES INC: Closes Dexter Chemical Business Buyout
NRG ENERGY: Executives Formulate Plans to Buy & Sell Stocks
LAZARD LTD: Ken Costa to Lead UK Investment Banking in London
SANYO ELECTRIC: LongReach to Most Likely Buy Semiconductor Unit

TRIPOS INC: Common Stock to be Delisted from NASDAQ Stock

* BRAZIL: State Firm Finds Oil in Santos Basin’s Block BM-S-9


C A Y M A N   I S L A N D S

ASIAN FUNDING: To Hold Final Shareholders Meeting Today
CABLE & WIRELESS: Azea Bags US$22-Million Equipment Contract
DFSCSA LIMITED: Will Hold Final Shareholders Meeting on Oct. 3
NIKKEI REMITTANCE: Proofs of Claim Filing Deadline Is Oct. 3
NIKKEI REMITTANCE: Sets Final Shareholders Meeting for Oct. 3

NORTH STARS: Will Hold Final Shareholders Meeting on Oct. 3
NORTH STARS: Proofs of Claim Filing Ends on Oct. 3
PET-HOC INC: Proofs of Claim Filing Is Until Oct. 3
PRS CAPTIVE: Proofs of Claim Must be Filed by Sept. 25
SAPPHIRE FIRST: Proofs of Claim Filing Deadline Is Sept. 24

TANZANITE FINANCE: Proofs of Claim Filing Ends on Oct. 3
TRILLION BRIGHT: Proofs of Claim Filing Is Until Oct. 3


C H I L E

METHANIX CORP: Gives Update on Gas Supply for Chile Plants


C O L O M B I A

AES CORP: Deciding on Argentine Investments After October Polls
GERDAU SA: Deutsche Bank Puts Hold Recommendation on Shares


E C U A D O R

* ECUADOR: Says Eight Firms Fail To Pay US$152 Million in Taxes


E L  S A L V A D O R

HANESBRANDS INC: Acquires Duraflex Plant in El Salvador


J A M A I C A

DYOLL INSURANCE: Creditors Receiving Second Payment


M E X I C O

AMERICAN TOWER: Brings In Amit Sharma as Executive VP for Asia
CKE RESTAURANTS: S&P Affirms Low B Ratings with Stable Outlook
COLLINS & AIKMAN: Selling Three Industrial Facilities
GERDAU AMERISTEEL: Chaparral's Board Is Neutral on Merger Deal
GLOBAL POWER: Objects to More Than US$200 Million in Claims

GRUPO MEXICO: Majority of Workers In Favor of New Labor Union
KRISPY KREME: Reports US$27 Million Second Quarter Net Loss
SR TELECOM: Refocused for Growth in 2008, Says Mr. Fortin
UAL CORP: Appoints Grace Puma as Senior Vice President


P U E R T O   R I C O

ALLIED WASTE: Names Denise Danner as Senior Vice President
ISLE OF CAPRI: Brean Murray Holds Buy Rating on Firm’s Shares


U R U G U A Y

* URUGUAY: Obtains US$11.6-Million Loan from IDB


V E N E Z U E L A

AES CORP: Saves Almost US$50 Million in Latin America
PETROLEOS DE VENEZUELA: Nabors Chief Admits Misgivings with Firm
SUN MICROSYSTEMS: To Hold Annual Stockholders' Meeting on Nov. 8


                         - - - - -

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


ACORA SRL: Proofs of Claim Verification Is Until Nov. 16
--------------------------------------------------------
Monica Olga Rajo, the court-appointed trustee for Acora S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 16,
2007.

Ms. Rajo will present the validated claims in court as individual reports
on Feb. 6, 2008.  The National Commercial Court of First Instance in
Buenos Aires will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and challenges that
will be raised by Acora 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 Acora's accounting and banking
records will be submitted in court on
March 19, 2008.

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

The debtor can be reached at:

       Acora S.R.L.
       Irigoyen 1920
       Buenos Aires, Argentina

The trustee can be reached at:

       Monica Olga Rajo
       Viamonte 2359
       Buenos Aires, Argentina


AGROIMPULSE CEREALES: Holding Informative Assembly on Sept. 26
--------------------------------------------------------------
Agroimpulso Creales S.A.’s creditors will vote on the company’s completed
settlement plan during an informative assembly on Sept. 26, 2007.

Jorge Blazquez, the court-appointed trustee for Agroimpulso Cereales'
reorganization proceeding, verified creditors' proofs of claim.  He
presented the validated claims in court as individual reports and
submitted a general report containing an audit of the company’s accounting
and banking records.

The debtor can be reached at:

    Agroimpulso Cereales S.A.
    Tucuman 810
    Buenos Aires, Argentina

The trustee can be reached at:

    Jorge Blazquez
    Fray Justo Santa Maria de Oro 2381
    Buenos Aires, Argentina


ARINVER ARGENTINA: Proofs of Claim Verification Ends on Nov. 12
---------------------------------------------------------------
Jose Abuchid, the court-appointed trustee for Arinver Argentina S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 12,
2007.

Mr. Abuchid will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 9 in Buenos
Aires, with the assistance of Clerk
No. 18, 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 Arinver Argentina 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 Arinver Argentina's accounting
and banking records will be submitted in court.

La Nacion didn’t state the reports submission deadlines.

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

The debtor can be reached at:

       Arinver Argentina S.A.
       Virrey Loreto 2690
       Buenos Aires, ARgentina

The trustee can be reached at:

       Jose Abuchid
       Avenida de los Incas 3624
       Buenos Aires, Argentina


ARTES GRAFICAS: Proofs of Claim Verification Ends Today
-------------------------------------------------------
Ester Alicia Ferraro, the court-appointed trustee for Artes
Graficas Negri S.R.L.'s reorganization proceeding, verifies
creditors' proofs of claim until Sept. 10, 2007.

Ms. Ferraro will present the validated claims in court as
individual reports on Oct. 23, 2007.  The National Commercial
Court of First Instance in Buenos Aires will then determine if
the verified claims are admissible, taking into account the
trustee's opinion and the objections and challenges raised by
Artes Graficas 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 Artes Graficas'
accounting and banking records will be submitted in court on
Dec. 4, 2007.

On June 11, 2008, Artes Graficas' creditors will vote on a
settlement plan that the company will lay on the table.

The trustee can be reached at:

          Ester Alicia Ferraro
          Esmeralda 960
          Buenos Aires, Argentina


BUSINESS 2001: Proofs of Claim Verification Deadline Is Oct. 31
---------------------------------------------------------------
Nora Etulian, the court-appointed trustee for Business 2001 S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Oct. 31,
2007.

Ms. Etulian will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 13 in Buenos
Aires, with the assistance of Clerk No. 26, 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 Business 2001 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 Business 2001's accounting and
banking records will be submitted in court.

La Nacion didn’t state the reports submission deadlines.

Ms. Etulian is also in charge of administering Business 2001's assets
under court supervision and will take part in their disposal to the extent
established by law.

The debtor can be reached at:

       Business 2001 S.A.
       Espinosa 2111
       Buenos Aires, ARgentina

The trustee can be reached at:

       Nora Etulian
       Hipolito Yrigoyen 1349
       Buenos Aires, Argentina


CASISCO CONSTRUCCIONES: Claims Verification Ends on Nov. 14
-----------------------------------------------------------
Luis Alberto Cortes, the court-appointed trustee for Casisco
Construcciones S.R.L.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Nov. 14, 2007.

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

Infobae didn’t state the reports submission deadlines.

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

The trustee can be reached at:

       Luis Alberto Cortes
       Avenida Cordoba 1646
       Buenos Aires, Argentina


CLARAVISION SA: Proofs of Claim Verification Ends on Oct. 11
------------------------------------------------------------
Emilio Omar Abraham, the court-appointed trustee for Claravision S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Oct. 11,
2007.

Mr. Abraham will present the validated claims in court as individual
reports on Nov. 22, 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 Claravision 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 Claravision's accounting and
banking records will be submitted in court on Feb. 6, 2008.

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

The debtor can be reached at:

       Claravision S.A.
       Jose Cubas 3148
       Buenos Aires, Argentina

The trustee can be reached at:

       Emilio Omar Abraham
       Viamonte 1592
       Buenos Aires, Argentina


DANY PLAST: Proofs of Claim Verification Ends Today
---------------------------------------------------
The court-appointed trustee for Dany Plast S.R.L.'s bankruptcy
proceeding will verify creditors' proofs of claim until today.

Infobae didn't state the name of the trustee.

The trustee will present the validated claims in court as
individual reports on Nov. 27, 2007.  The National Commercial
Court of First Instance in Cordoba will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Dany Plast 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 Dany Plast's
accounting and banking records will be submitted in court on
Feb. 28, 2008.

The trustee is also in charge of administering Dany Plast's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

          Dany Plast S.R.L.
          Bv. Los Alemanes 400, Esquina Mitre
          Barrio Los Boulevares, Ciudad de Cordoba
          Cordoba, Argentina


EMPRESA CENTRAL: Trustee Verifies Proofs of Claim Until Sept. 28
----------------------------------------------------------------
Elisa Fernanda Nievas, the court-appointed trustee for Empresa Central
Alcorta S.R.L.'s reorganization proceeding, verifies creditors' proofs of
claim until Sept. 28, 2007.

Ms. Nievas will present the validated claims in court as individual
reports on Nov. 12, 2007.  The National Commercial Court of First Instance
in Villa Constitucion, 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 Empresa Central 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 Empresa Central’s accounting
and banking records will be submitted in court on Dec. 31, 2007.

The informative assembly will be held on May 7, 2008.
Creditors will vote to ratify the completed settlement plan during the
assembly.

The debtor can be reached at:

         Empresa Central Alcorta S.R.L.
         9 de Julio Esquina Alvear, Alcorta
         Santa Fe, Argentina

The trustee can be reached at:

         Elisa Fernanda Nievas
         Sarmiento 1069, Villa Constitucion
         Santa Fe, Argentina


FRIGORIFICO INDUSTRIAL: Claims Verification Deadline Is Nov. 26
---------------------------------------------------------------
Jorge Eduardo Sahade, the court-appointed trustee for Frigorifico
Industrial Pehuajo S.A.'s reorganization proceeding, verifies creditors'
proofs of claim until Nov. 26, 2007.

Mr. Sahade will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 7 in Buenos
Aires, with the assistance of Clerk
No. 14, will determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges that will
be raised by Frigorifico Industrial and its creditors.

Inadmissible claims may be subject for appeal in a separate proceeding
known as an appeal for reversal.

A general report that contains an audit of Frigorifico Industrial’s
accounting and banking records will be submitted in court.

La Nacion didn’t state the reports submission deadlines.

The informative assembly will be held on Sept. 18, 2008.
Creditors will vote to ratify the completed settlement plan during the
assembly.

The debtor can be reached at:

         Frigorifico Industrial Pehuajo S.A.
         Montevideo 451
         Buenos Aires, Argentina

The trustee can be reached at:

         Jorge Eduardo Sahade
         Avenida de Mayo 1324
         Buenos Aires, Argentina


FOOD SISTEM: Proofs of Claim Verification Deadline Is Oct. 8
------------------------------------------------------------
Manuel Alberdi, the court-appointed trustee for Food Sistem S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Oct. 8,
2007.

Mr. Alberdi 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 Food Sistem 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 Food Sistem's
accounting and banking records will be submitted in court on Feb. 20, 2008.

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

The trustee can be reached at:

       Manuel Alberdi
       Rodriguez Pena 189
       Buenos Aires, Argentina


HIPERTECH SA: Proofs of Claim Verification Is Until Nov. 1
----------------------------------------------------------
Beatriz Custodio, the court-appointed trustee for Hipertech S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Nov. 1,
2007.

Ms. Custodio 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 Hipertech 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 Hipertech’s accounting and
banking records will be submitted in court.

La Nacion didn’t state the reports submission deadlines.

The informative assembly will be held on Aug. 12, 2008.
Creditors will vote to ratify the completed settlement plan during the
assembly.

The debtor can be reached at:

         Hipertech S.A.
         Deheza 1651
         Buenos Aires, Argentina

The trustee can be reached at:

         Beatriz Custodio
         Uruguay 229
         Buenos Aires, Argentina


SOCIECAR SA: Proofs of Claim Verification Is Until Oct. 30
----------------------------------------------------------
Abraham Elias Gutt, the court-appointed trustee for Sociecar S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until Oct. 30,
2007.

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

Infobae didn’t state the reports submission deadlines.

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

The trustee can be reached at:

       Abraham Elias Gutt
       Tucuman 1484
       Buenos Aires, Argentina


TALLERES SU: Last Day of Proofs of Claim Verification Is Today
--------------------------------------------------------------
Mauricio Rosenblum, the court-appointed trustee for Talleres Su
Motor S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Sept. 10, 2007.

Mr. Rosenblum will present the validated claims in court as
individual reports on Oct. 23, 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 Talleres Su 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 Talleres Su's
accounting and banking records will be submitted in court on
Dec. 4, 2007.

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

The debtor can be reached at:

         Talleres Su Motor S.A.
         Andalgala 1728
         Buenos Aires, Argentina

The trustee can be reached at:

         Mauricio Rosenblum
         Bartolome Mitre 2296
         Buenos Aires, Argentina


TELECOM ARGENTINA: Grupo Werthein Eyes Telecom Italia Stake
-----------------------------------------------------------
Investment group Grupo Werthein may purchase Telecom Italia's stake in
Telecom Argentina if Telecom Italia agrees to sell it, Argentine news
daily Infobae reports, citing Telecom Argentina Vice President and Grupo
Werthein representative Gerardo Werthein.

However, a source told news daily El Cronista that Telecom Italia denied
plans of selling its stake in Telecom Argentina.

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2007, a consortium of Italian companies and Telefonica
reached an accord on April 28, 2007, to indirectly acquire a
23.6% controlling stake in European operator Telecom Italia.
Telecom Italia owns 50% of Sofora, Telecom Argentina's
controller.

Business News Americas relates that Telecom Italia can exercise a call
option for Grupo Werthein's shares in Sofora to take full control of
Telecom Argentina and its mobile unit Telecom Personal in 2009.

Published reports say that Telecom Italia is planning to exercise that
option.

BNamericas notes that investment bank Grupo SBS analyst Emiliano Wachs is
positive that Grupo Werthein is concerned about Telecom Italia gaining
full control of Telecom Argentina.  According to him the firm is trying to
distract attention from that.

As previously reported, Grupo Werthein claimed that Telefonica would
eventually have an impact on Telecom Argentina through its acquisition of
a controlling stake in Telecom Italia, which is Telecom Argentina's
controlling shareholder.

Mr. Wachs commented to BNamericas, "I believe Grupo Werthein is trying to
confuse matters.  The issue regarding monopoly of the market and the call
option are separate things."

Grupo Werthein fears it will be pushed out of Telecom Argentina if Telecom
Italia proceeds with the call option, BNamericas says, citing Mr. Wachs.

Mr. Wachs told BNamericas, "Grupo Werthein is fighting for their
interests.  So if Telecom Italia wants to execute the call option, Grupo
Werthein will want to increase the price of its stake."

Telecom Italia would want to boost its stake in Telecom Italia, BNamericas
notes, citing Mr. Wachs.  According to him, it is unlikely that Telecom
Italia will want to sell its stake in Telecom Argentina.  The mobile
business in emerging markets is growing.

"Telecom Italia has control of the situation.  The only other possible
scenario is if the antimonopoly commission creates obstacles to the
Telefnica/Telecom Italia operation," Mr. Wachs told BNamericas.  He was
referring to the possibility that Argentine antitrust agency Comision
Nacional De Defensa De La Competencia decides that Telefonica's influence
in Telecom Italia would be excessive.

                       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'.


VERIFONE HOLDINGS: Earns US$13.4 Mil. in Quarter Ended July 31
--------------------------------------------------------------
VeriFone Holdings Inc. reported US$13.4 million of net income for the
three months ended July 31, 2007, compared to US$16.7 million of net
income for the same period in 2006.

Net revenues, for the three months ended July 31, 2007, were US$231.9
million, 57% higher than the net revenues of US$147.6 million for the
comparable period of 2006.  Net revenues from VeriFone's International
business increased 106% while net revenues from VeriFone's North America
business increased 22%.  The significant increase in net revenues was
driven largely by the acquisition of Lipman Electronic Engineering Ltd.,
which closed Nov. 1, 2006.

Gross margins, excluding non-cash acquisition related charges and
stock-based compensation expense, expanded to a record 48.2%, for the
three months ended July 31, 2007, compared to 45.9% for the comparable
period of 2006.  GAAP gross margins for the three months ended July 31,
2007, declined to 44.0% from 45.0% for the three months ended July 31,
2006, primarily as a result of increased amortization of purchased
technology assets.

GAAP operating expenses for the three months ended July 31, 2007 were
US$65.5 million compared to US$38.0 million for the comparable period of
2006.  This increase was primarily due to the Lipman acquisition and
related integration expenses.

EBITDA, as adjusted, margins for the three months ended July 31, 2007,
expanded for the twelfth consecutive quarter and reached a record level of
27.3%, compared to the 22.6% recorded in the three months ended July 31,
2006.

GAAP EPS for the three months ended July 31, 2007, was US$0.16 per diluted
share, compared to US$0.24 per diluted share, for the comparable period of
fiscal 2006.  This decline resulted from acquisition related non-cash
charges, higher stock-based compensation expense and a higher GAAP tax
rate driven by an increase in the valuation allowance related to the
Lipman acquisition.  Net income, as adjusted, which excludes non-cash
acquisition related charges and debt issuance costs, as well as non-cash
stock-based compensation expense and Lipman integration costs, for the
three months ended July 31, 2007, increased 50% to US$0.42 per diluted
share, compared to US$0.28 per diluted share, for the comparable period in
2006.

“I am extremely pleased to report on another outstanding quarter as we
once again achieved exceptional financial results,” said Douglas G.
Bergeron, Chairman and Chief Executive Officer.  “During the quarter, we
achieved record revenues and record gross and operating margins, all which
led to strong EPS growth,” continued Bergeron.  “Our North American
business continued to surge, growing 9% sequentially.  Our compelling
portfolio of wireless solutions and our strength in emerging markets were
also significant factors driving our success this quarter.”

“We are increasing our internal expectations for the fourth quarter and
now expect to repeat these record third quarter results.  Our guidance for
the fourth quarter, therefore, is for net revenue of US$231 - US$233
million and net income, as adjusted, per share of US$0.41 - US$0.42.  As a
result, we are also increasing our full year fiscal year 2007 expectations
for net income, as adjusted per share to US$1.59 to US$1.60 per share.  As
well, given the out-performance in profitability that we have consistently
enjoyed since the closing of the Lipman acquisition last November, we are
now taking this opportunity to update our long-term financial model.  We
are reaffirming our revenue growth rate projection in the 10% - 15% range
and we are increasing our margin expectations as reflected in the table
below.”

Long Term Model:

                      Prior       New
                      -----       ---
Gross Margin(1)     42% - 47%  45% - 50%
EBITDA Margin(2)    18% - 24%  25% - 30%
Net Margin(3)       12% - 17%  15% - 20%

(1) Excludes non-cash acquisition related charges and stock-
    based compensation expense.

(2) Includes add backs of cash and non-cash acquisition related
    charges, amortization of debt issuance costs and other debt
    related costs and stock-based compensation.

(3) Excludes cash and non-cash acquisition related charges, debt
    issuance costs and stock-based compensation.  Assumes long-
    term cash tax rate of 28 percent.

                 Third Quarter Highlights

VeriFone was selected as the sole provider of payment solutions to China
Postal Savings bank, the fifth largest bank in the country, further
solidifying VeriFone’s leadership position in this important market.

Cara, the largest operator of full service restaurants in Canada, has
selected VeriFone’s ON THE SPOT pay at the table system designed
exclusively for the hospitality industry.  With this multi-million dollar
rollout, Cara becomes the largest restaurant operator and the first in
Canada to provide its customers with the convenience and security of
payment at the table.

VeriFone now has more than 5,000 New York City taxicabs signed or
committed to comprehensive multi-year agreements for in-taxi acceptance of
credit cards.  VeriFone also has 100% of the Philadelphia taxi fleet
equipped for the acceptance of credit cards and has made inroads in Mexico
City and Singapore as well.  This business holds considerable promise for
the future, including in the case of New York City, a share of the
lucrative advertising revenue and per-transaction processing fees.

In North America, VeriFone’s retail business had yet another outstanding
quarter signing a number of top tier customers.  The TJX Companies, one of
the top apparel and merchandise retailers in the United States with over
2,000 stores, chose to roll out the MX 870 to the entire enterprise to
proactively meet industry PCI requirements and introduce new functionality
to their customers.  Rent-A-Center, the leading rent to own retailer in
the United States, chose the new MX 850 system to provide debit and credit
functionality to all of their stores.  The MX 870 was also selected by
Bon-Ton Department Stores, one of the largest regional department store
chains in the United States.

                       About Verifone

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 29, 2006,
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.


WILDE FABRICA: Proofs of Claim Verification Ends Today
------------------------------------------------------
Jacobo Beker, the court-appointed trustee for Wilde Fabrica Argentina de
Material Ferroviario S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 10, 2007.

Mr. Beker will present the validated claims in court as individual reports
on Oct. 23, 2007.  The National Commercial
Court of First Instance in La 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 Wilde Fabrica 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 Wilde Fabrica's accounting and
banking records will be submitted in court on Dec. 4, 2007.

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

The trustee can be reached at:

          Jacobo Beker
          Jeronimo Salguero 2244
          Buenos Aires, Argentina


* ARGENTINA: Shell Plans to Plead Argentine Shutdown Order
----------------------------------------------------------
Royal Dutch Shell PLC's local unit has intended to appeal a shutdown order
for its Buenos Aires refinery, a day after the Argentine government
asserted it lacks environmental permits and impact studies, the Associated
Press reports.

Shell Argentina President Juan Jose Aranguren told AP that operations at
the facility in the capital were being scaled back in response to the
order, with processing of incoming crude dropping from the normal 15,000
cubic meters (530,000 cubic feet) to 10,000 cubic meters (350,000 cubic
feet) of oil a day.
He added that the shutdown had five days to implement and estimated a
five-day restoration.

According to AP, about 14% of the country's service stations has been
supplied with natural gas by the plant, but Mr. Aranguren warned that
Shell will not import fuel to make up for any shortfall.

The company is in talks Thursday night with the government in preparation
for an appeal, and would seek a court injunction if it fails, AP states,
citing Mr. Aranguren as saying.

In addition, Argentine officials accused that Shell failed to fully supply
domestic fuel demands as required by law in the middle of a winter power
crunch.

AP says that a judge has rejected Commerce Secretary Guillermo Moreno's
efforts to imprison local Shell representatives.

                        *     *     *

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 A R B A D O S
===============


SECUNDA INT'L: S&P Withdraws B- Ratings After Debt Redemption
-------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B-' long-term
corporate credit rating on Nova Scotia-based Secunda International Ltd.
At the same time, the rating agency withdrew its 'B-' rating on Secunda's
US$125 million senior secured floating rate notes due 2012, following the
full redemption of the notes Sept. 4, 2007.  S&P's has placed the ratings
on CreditWatch with positive implications June 4, 2007.  S&P's did not
resolve the CreditWatch placement before the ratings withdrawal, as the
company's operations, which underpinned the 'B-' corporate credit rating,
no longer exist.  Furthermore, the rating agency does not have sufficient
information to adequately assess Secunda's credit profile following the
asset sale.

S&P's is withdrawing its ratings on Secunda at the company's request,
following the completion of the acquisition of substantially all of its
assets, including 14 vessels, by an affiliate of the McDermott
International Inc. (BB/Stable/--) subsidiary, J. Ray McDermott S.A.
(BB/Stable/--).

Headquartered in Nova Scotia, Canada, Secunda International Ltd. --
http://www.secunda.com/-- is a wholly owned Canadian vessel
owner/operator with locations in the U.K. and Barbados.  Secunda is the
leading supplier of marine support services to oil and gas companies in
one of the world's harshest marine environments -- off the East Coast of
Canada.




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


GENERAL MILLS: To Hold Final General Meeting Today
--------------------------------------------------
General Mills Global Holdings Two Ltd.'s final general meeting is
scheduled on Sept. 10, 2007, at 10:00 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


SCOTTISH RE: Unit Completes US$555-Million Triple-X Reserve Deal
----------------------------------------------------------------
Scottish Re Group Limited's subsidiary, Clearwater Re Limited has closed a
transaction that provides up to US$555 million of Regulation Triple-X peak
reserve financing for a minimum of 15 years.  Citibank, N.A. and Calyon
New York Branch have committed to purchasing up to US$555 million of notes
issued by Clearwater Re.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.




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


AMERICA LATINA: Fitch Affirms B+ Issuer Default Ratings
-------------------------------------------------------
Fitch affirms these ratings for America Latina Logistica S.A.:

  --Local and foreign currency Issuer Default Ratings of B+;
  --Long-term national rating of 'BBB+(bra)';
  --Fourth, fifth and sixth debenture issuances of 'BBB+(bra)'.

The Rating Outlook is Stable.

AMerica Latina's ratings reflect the company's continued high leverage on
a consolidated basis and the significant investments required to increase
capacity and gain operating efficiencies.  The ratings also consider the
company's strong competitive position as the sole provider of railroad
transportation services in the southern and midwestern regions of Brazil,
a market with substantial growth potential.  The limited restrictions on
the company's subsidiaries to make cash distributions in the form of
dividends further support the ratings.  Guarantees provided by the
Brazilian subsidiaries for the company's debt obligations also mitigate
structural subordination concerns.

Despite steady improvements in operating earnings, America Latina's
leverage remains high.  In the last twelve months ending June 30, 2007,
America Latina generated operating EBITDAR of BRL967 million, or about 16%
more than proforma operating EBITDAR of BRL835 million in 2006, resulting
in a debt to operating EBITDAR ratio of 5.4 times, an improvement from 6.2
at year-end 2006.  America Latina's consolidated debt increased three fold
in 2006 to BRL5.2 billion from BRL1.7 billion in 2005 as a result of new
and assumed debt associated with the acquisition in June 2006 of Brasil
Ferrovias S.A. and Novoeste Brasil S.A.  At June 30, 2007, America Latina
had total debt of BRL5.2 billion.  America Latina's refinancing risk is
low, as only about 20% of the company's total debt is short term and
liquidity is supported by about BRL1.4 billion of cash as of June 30,
2007.

The company is expected to be able to strengthen its credit metrics over
the next 18-24 months.  An aggressive cost-cutting program was completed
in December 2006, which reduced Brasil Ferrovias' and Novoeste's operating
expenses by about 30%.  Investments of approximately BRL300 million per
year over the next two years, primarily in Brasil Ferrovias and Novoeste's
railcars and tracks, are expected to improve the company's operating
earnings significantly.  America Latina's ratings reflect Fitch's
expectation that operating EBITDAR will increase to close to BRL1.3
billion in 2008 from about BRL1.0 billion currently, and that the
company's total debt to operating EBITDAR ratio will decrease to close to
4.0 from 5.4.

The acquisitions of Brasil Ferrovias and Novoeste enhanced America
Latina's market position as the company expanded into Brazil's midwestern
and southeastern regions, in addition to southern Brazil and Argentina,
where America Latina had already operated.  While America Latina served
the ports of Rio Grande, Sao Francisco do Sul and Paranagua before the
acquisition, the newly acquired network of Ferrovias Bandeirantes S.A., a
subsidiary of Brasil Ferrovias, provided access to the port of Santos,
Brazil's largest port for exports.

                    About America Latina

Headquartered in Curitiba, Brazil, America Latina Logistica SA aka ALL is
holding company engaged in transport services, like as logistics,
intermodal transport, port operations, movement and storage of
merchandise, administration of storage facilities and general storage.
The company is further active in the acquisition and lease of locomotives,
wagons and other railroad equipment to third parties.  ALL operates in the
railroad sector in South Brazil through ALL Brazil and in Argentina
through ALL Argentina, with further interests in ALL -- America Latina
Logistica-Central SA, ALL-America Latina Logistica-Mesopotamica SA and
Boswells SA.  In addition, the company offers road transport services in
Brazil through America Latina Logistica Intermodal SA.

                        *     *     *

Fitch Ratings assigned on Sept. 6, 2007, these ratings on America Latina
Logistica SA:

        -- B+ long-term issuer default rating,
        -- B+ local currency long-term issuer-default rating,
           and
        -- BBB+(BRA) national long-term rating.

Fitch said the outlook is stable.


BANCO NACIONAL: Approves BRL580.4-Million Loan for MMX Amapa
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social approved a BRL580.4
million financing for MMX Amapa – Mineracao e Logistica to implement an
integrated mining and infrastructure logistics project in the State of
Amapa.  BNDES’ financing corresponds to 57% of the total BRL1 billion
investment.

The project foresees the development of a mine and the installation of a
processing unit with annual production capacity of 6.5 million tons of
iron ore in the city of Pedra Branca do Amapari.  In addition, investments
shall be carried out to refurbish and adjust the port located in the city
of Santana and Estrada de Ferro do Amapa [Amapa Railroad] which connects
the city of Santana to Serra do Navio.  The ore, coming from Mina Amapa,
shall be transported by Estrada de Ferro do Amapa and shipped for
exportation through Porto Santana [Santana Port], located on the
riverbanks of Rio Amazonas.

The project shall be conducted by two MMX group companies: MMX Amapa
Mineracao Ltda, holder of mining rights of the Amapa iron mine and owner
of Santana Port; and MMX Logistica do Amapa Ltda, holder of Ferrovia Amapa
concession.

The productive complex (mine and processing plant) is located around 200
km far from Macapa, capital of the State.  Santana Port includes a
railroad station for iron unloading, a stocking patio and the
infrastructure for ship loading, projected with capacity of 6.5 million
tons/year of pellet feed and sinter feed.  As the port does not have the
sea-gauge required to receive large-sized vessels, an off shore loading
system will be implemented, in which the ore will be carried on barges for
later transshipment.

The integrated project relies on environmental license issued by the
Environmental State Secretariat of Amapa [Sema].  Around 650 new direct
jobs will be generated with the new project.

MMX Amapa is controlled by MMX Mineracao e Metalicos S.A. (70% of the
stock capital), which, on its turn, is controlled by the businessman Eike
Batista. The remainder of MMX Amapa (30%) stock capital is owned by
Centennial Asset Participacoes Amapa S.A., owned by Cleveland –Cliffs
Inc., headquartered in the United States and the larger North-American
iron pellet producer.

MMX is a publicly-held holding company, listed at Bovespa’s New Market.

                    About Banco Nacional

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.


BRASIL TELECOM: Targets BRL800 Million Ebitda This Year
-------------------------------------------------------
Brasil Telecom wants to generate additional BRL800 million in Ebitda in
2007, compared to the Ebitda in 2006, as a result of a restructuring
process, news daily Valor Economico reports.

Brasil Telecom told Business News Americas that it wanted to reduce costs
at the start of 2007.  The firm also planned to generate new revenue
sources this year.

According to BNamericas, Ebitda increased to BRL972 million in the second
quarter of 2007, from BRL813 million in the same period last year.  The
Ebitda margin increased to 35.6% year-on-year from 33.2%.

Brasil Telecom told BNamericas that the restructuring project Iwo Jima
“will have 11 project focuses ranging from launching new services to
introducing more efficient ways of calculating interconnection tariffs,”
one of the principal costs for telecom firms.

Andre Rizzi, Brasil Telecom’s director of suppliers and responsible for
the restructuring process, told Valor Economico that 70% of the firm’s
revenues come from fixed line telecoms, a business that is shrinking in
importance worldwide.

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

To date, Brasil Telecom carries Moody's Investors Service's Ba1 senior
unsecured and credit default swap ratings.


DELPHI CORP: Settles with GM; Files Reorganization Plan
-------------------------------------------------------
Delphi Corp. signed definitive settlement and restructuring agreements
with General Motors Corp. and filed its proposed Joint Plan of
Reorganization and related Disclosure Statement with the U.S. Bankruptcy
Court for the Southern District of New York.

Delphi's comprehensive settlement with GM resolves all outstanding issues
between Delphi and GM including: litigation commenced in March 2006, by
Delphi, to terminate certain supply agreements with GM; all potential
claims and disputes with GM arising out of the separation of Delphi from
GM in 1999; certain post-separation claims and disputes between Delphi and
GM; the proofs of claim filed by GM against Delphi in Delphi's Chapter 11
cases; GM's treatment under Delphi's proposed plan of reorganization; and
various other legacy and ordinary course business matters between the
companies.

The proposed Plan and related Disclosure Statement includes detailed
information regarding the treatment of claims and interests, the company's
five-year business plan, events leading up to and during Delphi's Chapter
11 cases, and an outline of the plan investor agreement and rights
offering.  Delphi's emergence timetable calls for the company to obtain
exit financing commitments early in the fourth quarter of 2007.

The proposed plan also outlines Delphi's transformation centering around
five core areas:

   -- Agreements reached with all principal U.S. labor unions
      which create a competitive arena in which to conduct its
      business;

   -- Agreements with General Motors outlining its financial
      support for certain legacy and labor costs and certain
      future business commitments to Delphi;

   -- Delphi's future product portfolio and manufacturing
      footprint;

   -- Delphi's planned transformation of its salaried workforce
      and progress in reducing SG&A to support its realigned
      portfolio; and

   -- Delphi's plans to fund its U.S. defined benefit programs.

"The filing of Delphi's Plan of Reorganization and Disclosure Statement is
a significant milestone for our company," Rodney O'Neal, Delphi CEO and
president, said.  "Each of the numerous moving pieces to our
transformation are coming together.  In recent months, we have announced a
new equity investment agreement with our Plan Investors and agreed on
consensual distributions with our Statutory Committees for both our
creditors and equity holders.  Additionally, we completed our labor
transformation with our six U.S. unions, settled complex multi-district
ERISA and securities litigation, and finalized comprehensive settlement
and restructuring agreements with GM.  While achieving these
transformation objectives, we also continued to support our customers and
deliver operational excellence every step of the way.  Delphi has made
great progress toward its stated transformation goals and is intensely
focused on completing the remaining items in order to successfully emerge
from Chapter 11 as a more competitive technology leader."

               Plan of Reorganization Framework

Delphi's plan of reorganization is based upon a series of global
settlements and compromises that involve every major group of constituents
in Delphi's reorganization cases, including: Delphi, its principal U.S.
labor unions, GM, the statutory creditors' and equity holders' committees
appointed in Delphi's Chapter 11 cases and the lead plaintiffs in certain
securities and ERISA multidistrict litigation.

The Plan provides for a recovery through a plan distribution of
reorganized Delphi common stock and cash amounting to the principal amount
of the claim plus accrued interest at a negotiated plan value for general
unsecured creditors, and agreed upon distributions to other classes of
creditors and interests.  GM will receive a US$2.7 billion cash
distribution in satisfaction of certain of its claims against Delphi.  As
part of the settlement of the multidistrict ERISA and securities
litigation, distributions will be made under three plan classes using plan
currency in the same form, ratio, and treatment as what will be used to
satisfy the holders of general unsecured claims.  Allowed claims and
interests for these three plan classes total US$24.5 million for the ERISA
plan class and a total of US$204 million for the debt securities class and
the common stock securities class.  Holders of existing Delphi common
stock will receive a distribution of shares of reorganized Delphi,
five-year warrants exercisable to purchase shares of reorganized Delphi,
and transferable and non-transferable subscription rights to purchase
shares of reorganized Delphi.

The settlements embodied by the Plan feature rights offerings that will be
conducted after confirmation of the Plan and which will allow Delphi's
common stockholders, who are holders of shares of Delphi common stock as
of the date when the Confirmation Hearing commences, to purchase,

   (i) through the exercise of transferable rights,
       approximately 28% of the common stock of reorganized
       Delphi at a discount to the negotiated plan value, and

  (ii) through the exercise of non-transferable rights, up to
       US$572 million worth of shares (in the aggregate) of
       reorganized Delphi at the negotiated plan enterprise
       value price of US$45 per share.

The rights offerings are expected to commence following confirmation of
Delphi's plan of reorganization and conclude 30 days thereafter prior to
Delphi's emergence from Chapter 11 reorganization.

The rights will be issued only to those individuals who are holders of
Delphi's existing common stock as of the date the Confirmation Hearing
commences and after the Bankruptcy Court has confirmed the company's Plan
and the SEC has approved Delphi's registration statement for the Rights
Offerings.

                     Labor Transformation

Delphi previously negotiated and signed Memoranda of Understanding with
each of its six U.S. unions and GM covering site plans, workforce
transition as well as other comprehensive transformational issues.  In
addition, pursuant to the attrition agreements, over 24,000 employees
voluntarily retired, accepted buy outs or opted to flow back to GM within
provisions of negotiated attrition plans.  Delphi will continue to own and
operate four UAW-represented sites, three IUE-CWA-represented sites and
one USW-represented site.  Additionally, 25 North American sites will be
sold or closed.

                   GM Settlement Agreements

Pursuant to the company's Plan, subject to Bankruptcy Court approval as
part of the plan confirmation process, Delphi and GM have entered into
comprehensive settlement agreements consisting of a Global Settlement
Agreement.  Most obligations set forth in the GSA are to be performed upon
the occurrence of the Effective Date of the Plan or as soon as reasonably
possible after.  By contrast, resolution of most of the matters addressed
in the MRA will require a significantly longer period that will extend for
a number of years after confirmation of the Plan.

The GSA is intended to resolve outstanding issues among Delphi and GM that
have arisen or may arise before Delphi's emergence from Chapter 11, and
will be implemented by Delphi and GM in the short term.  The GSA
addresses, among other things, commitments by Delphi and GM regarding OPEB
and pension obligations, other GM contributions with respect to labor
matters, releases, and claims treatment.

   -- GM will make significant contributions to cover costs
      associated with certain post-retirement benefits for
      certain of the company's active and retired hourly
      employees, including health care and life insurance;

   -- Delphi will freeze its Hourly Pension Plan as soon as
      possible following the Effective Date, as provided in the
      union settlement agreements, and GM's Hourly Pension Plan
      will become responsible for certain future costs related
      to Delphi's Hourly Pension Plan;

   -- Delphi will transfer certain assets and liabilities of
      its Hourly Pension Plan to the GM Hourly Pension Plan, as
      set forth in the union term sheets;

   -- Shortly after the effective date, GM will receive an
      interest bearing note from Delphi in the amount of
      US$1.5 billion to be paid within 10 days of its issuance;

   -- GM will make significant contributions to Delphi to fund
      various special attrition programs, consistent with the
      provisions of the union Memorandum of Understanding;

   -- GM and certain related parties and Delphi and certain
      related parties will exchange broad, global releases
      (which will not apply to certain surviving claims as set
      forth in the GSA); and

   -- On the Effective Date, subject to certain surviving
      claims in the GSA and in satisfaction of various GM
      claims, Delphi will pay GM US$2.7 billion, and the GM
      Proof of Claim will be settled.

The MRA is intended to govern certain aspects of Delphi and GM's
commercial relationship following Delphi's emergence from Chapter 11.  The
MRA addresses, among other things, the scope of GM's existing and future
business awards to Delphi and related pricing agreements and sourcing
arrangements, GM commitments with respect to reimbursement of specified
ongoing labor costs, the disposition of certain Delphi facilities, and the
treatment of existing agreements between Delphi and GM.

Through the MRA, Delphi and GM have agreed to certain terms and conditions
governing, among other things:

   -- the scope of existing business awards, related pricing
      agreements, and extensions of certain existing supply
      agreements;

   -- GM's ability to move production to alternative suppliers;
      and

   -- Reorganized Delphi's rights to bid and qualify for new
      business awards.

   a) GM will make significant, ongoing contributions to Delphi
      and Reorganized Delphi to reimburse the company for labor
      costs in excess of US$26 per hour at specified
      manufacturing facilities;

   b) GM and Delphi have agreed to certain terms and conditions
      concerning the sale of certain of its non-core
      businesses;

   c) GM and Delphi have agreed to certain additional terms and
      conditions if certain of its businesses and facilities
      are not sold or wound down by certain future dates; and

   d) GM and Delphi have agreed to the treatment of certain
      contracts between Delphi and GM arising from Delphi's
      separation from GM and other contracts between Delphi and
      GM.

                      Product Portfolio

Delphi plans to focus its product portfolio on those core technologies for
which the company has significant competitive advantages and can provide
the greatest support and differentiation to its customers in automotive,
aftermarket, consumer electronics, and adjacent markets such as commercial
vehicles, medical systems, computers, aerospace and transportation
products.  To that end, the company is focusing the organization on these
core strategic product lines:

   -- Controls & Security (Body Security, Mechatronics, and
      Displays);

   -- Electrical/Electronic Architecture (Electrical/Electronic
      Distribution Systems, Connection Systems, and Electrical
      Centers);

   -- Entertainment & Communications (Audio, Navigation, and
      Telematics);

   -- Powertrain (Diesel and Gas Engine Management Systems);

   -- Safety (Occupant Protection and Safety Electronics); and

   -- Thermal (Climate Control & Powertrain Cooling).

During these Chapter 11 cases, Delphi has made substantial progress in
identifying and implementing the sale (or receiving Bankruptcy Court
approval to sell) or wind down of those facilities and business lines that
do not support the company's future strategic framework, including:

   -- The sale of the brake hose manufacturing business in
      Dayton, Ohio to Harco Manufacturing Group, LLC.

   -- The settlement of a social plan in the "Concurso," or
      Spanish insolvency proceeding, of Delphi Automotive
      Systems Espana S.L.;

   -- The sale of the brake components business, including a
      manufacturing plant in Saltillo, Mexico, to Robert Bosch
      LLC and its affiliate Frenados Mexicanos, S.A. de C.V.;

   -- The sale of substantially all of the assets of
      MobileAria, Inc. to Wireless Matrix USA, Inc.;

   -- The sale of a battery manufacturing facility in New
      Brunswick, New Jersey, to Johnson Controls, Inc.;

   -- The wind-down of a Delphi Medical Texas facility in
      Houston, Texas;

   -- The consolidation of fuel injector production in
      Rochester, New York during 2006-2007, which allowed the
      Debtors to wind down a manufacturing facility in
      Coopersville, Michigan; and

  -- The sale of the catalyst business to Umicore.

The company has also been in discussions regarding the sale of Delphi's
Steering, Bearings and Interior and Closures businesses.  The company will
continue with its stated plans to sell or wind-down additional non-core
product lines and manufacturing sites through 2008.

                   Salaried Restructuring

On Jan. 1, 2007, Delphi implemented a new organizational structure
surrounding the company's Product Business Units to increase focus on the
product and customer.  As part of its organizational restructuring, Delphi
previously announced that it expects to reduce its global salaried
workforce by as many as 8,500 employees.  In addition, Delphi has
commenced the implemention of an SG&A cost savings plan, which should
realize savings of approximately US$450 million per year (in addition to
savings realized from competitive measures planned for its core businesses
and the disposition of non-core assets) and includes these initiatives:

   -- streamlining of the corporate structure of the
      organization;

   -- streamlining of divisional/product business units' SG&A
      in finance, human resources, and customer interaction
      processes;

   -- transformation of information technologies, the creation
      of information technologies shared services and the
      exploration of other opportunities to reduce costs; and

   -- creation of a finance, human resources, and sales shared
      services organization.

Also, as part of its equity investment agreement, Delphi is implementing a
competitively-benchmarked executive compensation program for its
continuing salaried executives as part of its plan of reorganization and
emergence from Chapter 11.

                       Pension Plans

One of Delphi's principal goals throughout Chapter 11 was to retain the
benefits accrued under the existing defined benefit U.S. pension plans for
both the hourly and salaried workforce.  To accomplish this, Delphi will
freeze the current hourly and salaried U.S. pension plans as of the first
of the month following the Effective Date of the Plan and replace them
with contemporary plans.

As part of the resolution of its pension issues, Delphi obtained temporary
waivers of its minimum funding requirements from the IRS and the PBGC,
under the hourly plan and the salaried plan.  By obtaining the waivers,
Delphi can delay its minimum funding requirements from June 15, 2007,
through the expected Effective Date of its Plan of Reorganization.

Delphi will also facilitate the transfer of US$1.5 billion of the
company's net hourly pension obligations to GM's Hourly Pension Plan under
applicable federal law.  On the date of such transfer, GM will receive a
note in the principal amount of US$1.5 billion that will be paid in full
within 10 days of issuance.  This transfer facilitates Delphi's resolution
of its pension issues and will help allow Delphi to make up required
contributions to the plans that were not made in full during Chapter 11.

                 Equity Investment Agreement

On July 18, 2007, Delphi accepted a proposal for an Equity Purchase and
Commitment Agreement with affiliates of lead investor Appaloosa Management
L.P.; Harbinger Capital Partners Master Fund I, Ltd.; Merrill Lynch,
Pierce, Fenner & Smith Inc.; UBS Securities LLC; Goldman Sachs & Co.; and
Pardus Capital Management, L.P. to invest up to US$2.55 billion in
preferred and common equity in reorganized Delphi to support the company's
transformation plan and its plan of reorganization.

Under the terms of the Equity Purchase and Commitment Agreement, the Plan
Investors will purchase US$800 million of convertible preferred stock and
approximately US$175 million of common stock in the reorganized company.
Additionally, the Plan Investors will commit to purchasing any
unsubscribed shares of common stock in connection with an approximately
US$1.6 billion rights offering that will be made available to existing
common stockholders subject to approval of the Bankruptcy Court and
satisfaction of other terms and conditions.

While the filing of the Plan and related Disclosure Statement was made by
Delphi after consultation with the Plan Investors, the Plan Investors have
not approved the Plan or related Disclosure Statement and the filing does
not waive or modify any of Delphi's or the Plan Investors' rights and/or
obligations under the Investment Agreement.

                       Exit Financing

In addition to the equity funds to be raised from the Plan Investors and
the proposed Rights Offerings, the company is in discussions with lenders
of syndicated debt and corporate high-yield debt to raise an amount
sufficient to repay the DIP facilities and conduct its post-reorganization
operations.  Delphi's emergence timetable calls for the company to obtain
exit financing commitments early in the fourth quarter of 2007.

            Emergence Corporate Governance Structure

The company's recently concluded Equity Purchase and Commitment Agreement
with its Plan Investors details certain corporate governance provisions
for the reorganized Delphi.  Under the terms of the proposed plan,
reorganized Delphi would be governed by a new nine-member Board of
Directors including an Executive Chairman and the company's current CEO.
Subject to certain conditions, a super-majority of the directors (6 of 9)
would be required to be independent of reorganized Delphi under applicable
exchange rules and independent of the Plan Investors.

A five-member selection committee has been formed to select the company's
post-emergence Executive Chairman, to interview and approve all directors
nominated for the Board, and make the initial appointment of directors to
all Board committees.

Full-text copies of the Global Settlement Agreement between Delphi and GM,
and Delphi's Plan of Reorgnization and Disclosure Statement are available
for free at:

             http://ResearchArchives.com/t/s?231c

                           About GM

Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- was founded in 1908.  GM employs about
280,000 people around the world and manufactures cars and trucks in 33
countries, including the United Kingdom, Germany, France, Russia, Brazil
and India.  In 2006, nearly 9.1 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM
Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's
OnStar subsidiary is the industry leader in vehicle safety, security and
information services.

                     About Delphi Corp.

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

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

The Adequacy Hearing for the Disclosure Statement is scheduled for Oct. 3,
2007.  The Debtors' exclusive plan-filing period expires on Dec. 31, 2007.


GENERAL MOTORS: Inks Settlement Agreement with Delphi Corp.
-----------------------------------------------------------
General Motors Corp. signed definitive settlement and restructuring
agreements with Delphi Corp.  Delphi Corp. also proposed Joint Plan of
Reorganization and related Disclosure Statement with the U.S. Bankruptcy
Court for the Southern District of New York.

Delphi's comprehensive settlement with GM resolves all outstanding issues
between Delphi and GM including: litigation commenced in March 2006, by
Delphi, to terminate certain supply agreements with GM; all potential
claims and disputes with GM arising out of the separation of Delphi from
GM in 1999; certain post-separation claims and disputes between Delphi and
GM; the proofs of claim filed by GM against Delphi in Delphi's Chapter 11
cases; GM's treatment under Delphi's proposed plan of reorganization; and
various other legacy and ordinary course business matters between the
companies.

The proposed Plan and related Disclosure Statement includes detailed
information regarding the treatment of claims and interests, the company's
five-year business plan, events leading up to and during Delphi's Chapter
11 cases, and an outline of the plan investor agreement and rights
offering.  Delphi's emergence timetable calls for the company to obtain
exit financing commitments early in the fourth quarter of 2007.

The proposed plan also outlines Delphi's transformation centering around
five core areas:

   -- Agreements reached with all principal U.S. labor unions
      which create a competitive arena in which to conduct its
      business;

   -- Agreements with General Motors outlining its financial
      support for certain legacy and labor costs and certain
      future business commitments to Delphi;

   -- Delphi's future product portfolio and manufacturing
      footprint;

   -- Delphi's planned transformation of its salaried workforce
      and progress in reducing SG&A to support its realigned
      portfolio; and

   -- Delphi's plans to fund its U.S. defined benefit programs.

"The filing of Delphi's Plan of Reorganization and Disclosure Statement is
a significant milestone for our company," Rodney O'Neal, Delphi CEO and
president, said.  "Each of the numerous moving pieces to our
transformation are coming together.  In recent months, we have announced a
new equity investment agreement with our Plan Investors and agreed on
consensual distributions with our Statutory Committees for both our
creditors and equity holders.  Additionally, we completed our labor
transformation with our six U.S. unions, settled complex multi-district
ERISA and securities litigation, and finalized comprehensive settlement
and restructuring agreements with GM.  While achieving these
transformation objectives, we also continued to support our customers and
deliver operational excellence every step of the way.  Delphi has made
great progress toward its stated transformation goals and is intensely
focused on completing the remaining items in order to successfully emerge
from Chapter 11 as a more competitive technology leader."

              Plan of Reorganization Framework

Delphi's plan of reorganization is based upon a series of global
settlements and compromises that involve every major group of constituents
in Delphi's reorganization cases, including: Delphi, its principal U.S.
labor unions, GM, the statutory creditors' and equity holders' committees
appointed in Delphi's Chapter 11 cases and the lead plaintiffs in certain
securities and ERISA multidistrict litigation.

The Plan provides for a recovery through a plan distribution of
reorganized Delphi common stock and cash amounting to the principal amount
of the claim plus accrued interest at a negotiated plan value for general
unsecured creditors, and agreed upon distributions to other classes of
creditors and interests.  GM will receive a US$2.7 billion cash
distribution in satisfaction of certain of its claims against Delphi.  As
part of the settlement of the multidistrict ERISA and securities
litigation, distributions will be made under three plan classes using plan
currency in the same form, ratio, and treatment as what will be used to
satisfy the holders of general unsecured claims.  Allowed claims and
interests for these three plan classes total US$24.5 million for the ERISA
plan class and a total of US$204 million for the debt securities class and
the common stock securities class.  Holders of existing Delphi common
stock will receive a distribution of shares of reorganized Delphi,
five-year warrants exercisable to purchase shares of reorganized Delphi,
and transferable and non-transferable subscription rights to purchase
shares of reorganized Delphi.

The settlements embodied by the Plan feature rights offerings that will be
conducted after confirmation of the Plan and which will allow Delphi's
common stockholders, who are holders of shares of Delphi common stock as
of the date when the Confirmation Hearing commences, to purchase,

   (i) through the exercise of transferable rights,
       approximately 28% of the common stock of reorganized
       Delphi at a discount to the negotiated plan value, and

  (ii) through the exercise of non-transferable rights, up to
       US$572 million worth of shares (in the aggregate) of
       reorganized Delphi at the negotiated plan enterprise
       value price of US$45 per share.

The rights offerings are expected to commence following confirmation of
Delphi's plan of reorganization and conclude 30 days thereafter prior to
Delphi's emergence from Chapter 11 reorganization.

The rights will be issued only to those individuals who are holders of
Delphi's existing common stock as of the date the Confirmation Hearing
commences and after the Bankruptcy Court has confirmed the company's Plan
and the SEC has approved Delphi's registration statement for the Rights
Offerings.

                    Labor Transformation

Delphi previously negotiated and signed Memoranda of Understanding with
each of its six U.S. unions and GM covering site plans, workforce
transition as well as other comprehensive transformational issues.  In
addition, pursuant to the previously announced attrition agreements, over
24,000 employees voluntarily retired, accepted buyouts or opted to flow
back to GM within provisions of negotiated attrition plans.  Delphi will
continue to own and operate four UAW-represented sites, three
IUE-CWA-represented sites and one USW-represented site.  Additionally, 25
North American sites will be sold or closed.

                  GM Settlement Agreements

Pursuant to the company's Plan, subject to Bankruptcy Court approval as
part of the plan confirmation process, Delphi and GM have entered into
comprehensive settlement agreements consisting of a Global Settlement
Agreement.  Most obligations set forth in the GSA are to be performed upon
the occurrence of the Effective Date of the Plan or as soon as reasonably
possible after.  By contrast, resolution of most of the matters addressed
in the MRA will require a significantly longer period that will extend for
a number of years after confirmation of the Plan.

The GSA is intended to resolve outstanding issues among Delphi and GM that
have arisen or may arise before Delphi's emergence from Chapter 11, and
will be implemented by Delphi and GM in the short term.  The GSA
addresses, among other things, commitments by Delphi and GM regarding OPEB
and pension obligations, other GM contributions with respect to labor
matters, releases, and claims treatment.

   -- GM will make significant contributions to cover costs
      associated with certain post-retirement benefits for
      certain of the company's active and retired hourly
      employees, including health care and life insurance;

   -- Delphi will freeze its Hourly Pension Plan as soon as
      possible following the Effective Date, as provided in the
      union settlement agreements, and GM's Hourly Pension Plan
      will become responsible for certain future costs related
      to Delphi's Hourly Pension Plan;

   -- Delphi will transfer certain assets and liabilities of
      its Hourly Pension Plan to the GM Hourly Pension Plan, as
      set forth in the union term sheets;

   -- Shortly after the effective date, GM will receive an
      interest bearing note from Delphi in the amount of
      US$1.5 billion to be paid within 10 days of its issuance;

   -- GM will make significant contributions to Delphi to fund
      various special attrition programs, consistent with the
      provisions of the union Memorandum of Understanding;

   -- GM and certain related parties and Delphi and certain
      related parties will exchange broad, global releases
      (which will not apply to certain surviving claims as set
      forth in the GSA); and

   -- On the Effective Date, subject to certain surviving
      claims in the GSA and in satisfaction of various GM
      claims, Delphi will pay GM US$2.7 billion, and the GM
      Proof of Claim will be settled.

The MRA is intended to govern certain aspects of Delphi and GM's
commercial relationship following Delphi's emergence from Chapter 11.  The
MRA addresses, among other things, the scope of GM's existing and future
business awards to Delphi and related pricing agreements and sourcing
arrangements, GM commitments with respect to reimbursement of specified
ongoing labor costs, the disposition of certain Delphi facilities, and the
treatment of existing agreements between Delphi and GM.

Through the MRA, Delphi and GM have agreed to certain terms and conditions
governing, among other things:

   -- the scope of existing business awards, related pricing
      agreements, and extensions of certain existing supply
      agreements;

   -- GM's ability to move production to alternative suppliers;
      and

   -- Reorganized Delphi's rights to bid and qualify for new
      business awards.

   a) GM will make significant, ongoing contributions to Delphi
      and Reorganized Delphi to reimburse the company for labor
      costs in excess of US$26 per hour at specified
      manufacturing facilities;

   b) GM and Delphi have agreed to certain terms and conditions
      concerning the sale of certain of its non-core
      businesses;

   c) GM and Delphi have agreed to certain additional terms and
      conditions if certain of its businesses and facilities
      are not sold or wound down by certain future dates; and

   d) GM and Delphi have agreed to the treatment of certain
      contracts between Delphi and GM arising from Delphi's
      separation from GM and other contracts between Delphi and
      GM.

                        Pension Plans

One of Delphi's principal goals throughout Chapter 11 was to retain the
benefits accrued under the existing defined benefit U.S. pension plans for
both the hourly and salaried workforce.  To accomplish this, Delphi will
freeze the current hourly and salaried U.S. pension plans as of the first
of the month following the Effective Date of the Plan and replace them
with contemporary plans.

As part of the resolution of its pension issues, Delphi obtained temporary
waivers of its minimum funding requirements from the IRS and the PBGC,
under the hourly plan and the salaried plan.  By obtaining the waivers,
Delphi can delay its minimum funding requirements from June 15, 2007,
through the expected Effective Date of its Plan of Reorganization.

Delphi will also facilitate the transfer of US$1.5 billion of the
company's net hourly pension obligations to GM's Hourly Pension Plan under
applicable federal law.  On the date of such transfer, GM will receive a
note in the principal amount of US$1.5 billion that will be paid in full
within 10 days of issuance.  This transfer facilitates Delphi's resolution
of its pension issues and will help allow Delphi to make up required
contributions to the plans that were not made in full during Chapter 11.

Full-text copies of the Global Settlement Agreement between Delphi and GM,
and Delphi's Plan of Reorgnization and Disclosure Statement are available
for free at:

             http://ResearchArchives.com/t/s?231c

                     About Delphi Corp.

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

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

The Adequacy Hearing for the Disclosure Statement is scheduled for Oct. 3,
2007.  The Debtors' exclusive plan-filing period expires on Dec. 31, 2007.

                           About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                        *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


GRAFTECH INT'L: June 30 Balance Sheet Upside-Down by US$8 Mil.
--------------------------------------------------------------
Graftech International Ltd.'s consolidated balance sheet at
June 30, 2007, showed US$787.9 million in total assets and
US$795.9 million in total liabilities, resulting in an US$8.0 million
total stockholders' deficit.

The company reported net income of US$62.4 million in the second quarter
ended June 30, 2007, an increase from the US$8.9 million reported in the
same period last year, mainly due to higher net sales and the impact of a
US$24 million gain on the sale of assets in Italy.

Net sales rose to US$255.9 million from US$223.3 million.  Gross profit
increased 57 percent to US$93.9 million, as compared to
US$59.9 million in the second quarter of 2006.  Gross margin improved
nearly eight percentage points to 36.7%, after taking into consideration a
non-recurring charge in the second quarter of 2006 associated with the
closure of the carbon electrode business.

Income from continuing operations before restructuring, antitrust
investigations and related lawsuits, impairment loss on long-lived assets
and other (income) expense, net, net of tax, increased to US$41.9 million,
versus US$13.7 million in the second quarter of 2006.

Net cash provided by operating activities was US$36 million, versus US$53
million in the second quarter of 2006.  Year-over-year operating net cash
was unfavorably impacted by a change in working capital of US$19 million
primarily associated with higher cost inventory, approximately US$16
million in performance-based incentive compensation pay outs associated
with 2006 operating results and approximately US$6 million in cash taxes
related to the sale of cathode operations in December 2006.

Partially offsetting this impact in the quarter was an US$8 million
increase in the change of accounts receivable factoring.  Operating net
cash in the second quarter 2006 included US$5 million in antitrust and
US$3 million in restructuring payments.

Net debt was reduced by US$255 million year-over-year to
US$440 million.  Net debt excludes the unamortized bond premium from its
sale of US$150 million aggregate principal amount of additional senior
notes in May 2002 at a price of 104.5% of principal amount.  GrafTech also
excludes the fair value adjustments for hedge instruments, which includes
interest rate swaps that have been marked-to-market and realized gains or
(losses) on interest rate swaps.

Craig Shular, chief executive officer of GrafTech, commented, "Higher
prices, good cost control and execution on productivity initiatives have
enabled the improvements in our financial results.  In addition, GrafTech
continues to delever, completing the quarter with net debt of US$440
million, the lowest in our company's history as a public company."

Interest expense was US$9.5 million in the 2007 second quarter, as
compared to US$12.1 million in the same period in 2006.  The lower
interest expense is a result of lower average borrowings and a lower
interest rate spread on the revolving credit facility associated with an
improved corporate credit rating.

Other income, net, was US$23.1 million in the second quarter 2007, as
compared to US$1.6 million in the second quarter 2006.  The increase is
largely due to the US$24 million gain on the sale of certain assets in
Italy, slightly offset by a charge of US$3 million related to the cost
associated with the redemption of US$50 million of the company's Senior
Notes in the second quarter 2007.

Full-text copies of the company's consolidated financial statements for
the quarter ended June 30, 2007, are available for free at
http://researcharchives.com/t/s?230d

                       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-Latin America on Sept. 7,
2007, Moody's Investors Service affirmed GrafTech International Ltd.’s
ratings:

  -- 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%)


HERCULES INC: Closes Dexter Chemical Business Buyout
----------------------------------------------------
Hercules Incorporated has completed the purchase of the specialty
surfactants business of Dexter Chemical L.L.C.  Under terms of the
agreement, Hercules Incorporated is acquiring the business related to
Dexter's product portfolio of phosphate ester surfactants sold under the
Strodex(R) and Dextrol(R) trademarks.

Dexter is a leader in phosphate ester surfactants utilized in paints and
coatings where the products are used to enhance gloss retention, promote
surface wetting and improve color stability.

Products have also been recently developed and optimized for use in
low-VOC (volatile organic chemical) coatings formulations. Commenting on
the transaction, Craig Rogerson, President and Chief Executive Officer of
Hercules, said, "This business is an excellent fit for Aqualon's Coatings
Additives business.  It will broaden Aqualon's existing portfolio of
products for the paint industry and strengthen its overall market
position."

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC) --
http://www.herc.com/-- manufactures and markets chemical specialties
globally for making a variety of products for home, office and industrial
markets.  The company has its regional headquarters in China and
Switzerland, and a production facility in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Standard & Poor's Ratings Services revised its outlook on
Wilmington, Delaware-based Hercules Inc. to positive from stable and
affirmed the existing 'BB' corporate credit rating.


NRG ENERGY: Executives Formulate Plans to Buy & Sell Stocks
-----------------------------------------------------------
David Crane, NRG Energy Inc.'s president and chief executive officer and
Robert Flexon, the company's executive vice president and chief financial
officer, and other senior NRG executives, have established trading plans
in accordance with Rule 10b5-1 of the Securities Exchange Act.  Rule
10b5-1 permits individuals who are not then in possession of material
nonpublic information to establish prearranged plans to buy or sell stock.

The rule allows individuals to buy or sell shares of stock at a specific
price in the future, regardless of any subsequent material nonpublic
information.

It is the viewpoint of the company that enabling prudent financial
planning is an essential component of management retention.  In order to
mitigate potential market concerns about the timing of share transactions,
the company has requested that all of its Section 16 officers, including
its CEO and CFO, who elect to buy or sell NRG shares, do so pursuant to
Rule 10b5-1 plans.

Under their individual plans, Mr. Crane and Mr. Flexon intend to exercise
a portion of their original grants, including vested stock options, and
sell the underlying net shares of NRG common stock.

After completion of all of the sales contemplated by the  trading plans,
both Mr. Crane and Mr. Flexon will continue to hold ownership interests in
NRG well in excess of the company's current stock ownership guidelines.

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) --
http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of powergenerating facilities, primarily in Texas and
the Northeast, South Central and West regions of the United
States.  Its operations include baseload, intermediate,
peaking, and cogeneration and thermal energy production
facilities.  NRG also has ownership interests in generating
facilities in Australia, Germany and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service affirmed the ratings of
NRG Energy, Inc., including its Corporate Family Rating at Ba3,
the Probability of Default Rating at Ba3, the senior unsecured
debt at B1, and its Speculative Grade Liquidity Rating of SGL-2,
following the company's announcement to return more capital to
shareholders in the form of existing and future share
repurchases and to begin paying a common dividend during the
first quarter of 2008.

Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s USUS$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed USUS$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.


LAZARD LTD: Ken Costa to Lead UK Investment Banking in London
-------------------------------------------------------------
Lazard Ltd disclosed that Ken Costa will lead its UK Investment Banking
business alongside William Rucker, CEO of Lazard in London.  Mr. Costa
will join the firm in October from UBS, where he was Chairman of
Investment Banking for Europe, the Middle East and Africa.  Mr. Costa will
be named Chairman of Lazard International and a Deputy Chairman of Lazard.

“Ken Costa embodies the special character of Lazard," said Bruce
Wasserstein, Chairman and Chief Executive Officer of Lazard.  "I have
known him for over 20 years as a banker of unusual talent, integrity and
professionalism.  With hiring Ken, we reinforce our strategy of servicing
clients with the top talent around the world."

“I am delighted to be joining Lazard, and this role offers me a great
opportunity to help expand the Lazard franchise,” said Mr. Costa.  “The
reputation of Lazard as a trusted advisor has been established for more
than 150 years.  I look forward to building on this platform with William
and his UK colleagues, and with Lazard's international network."

"Ken will be a great addition to our team, and I am looking forward to
working with him as my partner," said Mr. Rucker, who is also a Deputy
Chairman of Lazard.

Mr. Costa began his investment-banking career in 1976 at S.G. Warburg in
London, which ultimately became part of UBS.  During his tenure there, Mr.
Costa was Deputy Chairman of S.G. Warburg & Co. Ltd, Chairman of the
Investment Banking Board of SBC Warburg and Global Head of Mergers and
Acquisitions.  He was appointed as a Vice Chairman of UBS Warburg in 1998,
and was appointed Chairman of Investment Banking for Europe, the Middle
East and Africa in 2004.

"Ken joins an impressive team in London and throughout Europe," said
Georges Ralli, CEO of Lazard's European Investment Banking business.
"Under the leadership of William, Ken and their team, we are positioned to
make a strong business even stronger."

Mr. Costa has been particularly involved in structuring cross-border
mergers, acquisitions and divestitures.  Mr. Costa also specialises in
providing advice to family controlled companies, and has advised a number
of Middle Eastern investment companies on acquisitions.  He studied law
and theology at Queens College, Cambridge.

The hiring of Mr. Costa marks the latest of a number of moves by Lazard to
expand its financial advisory business around the world.  Lazard recently
acquired Carnegie, Wylie & Company, Australia’s leading independent
financial advisory firm, and Goldsmith Agio Helms, a U.S. middle-market
advisory firm, which will serve as the core of a new growth initiative
focused on advising U.S. mid-sized companies.  The firm also 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, and announced plans to acquire
50 percent of MBA Banco de Inversiones, extending Lazard’s reach across
Central and South America.

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.


SANYO ELECTRIC: LongReach to Most Likely Buy Semiconductor Unit
---------------------------------------------------------------
LongReach Group Ltd. is the likely winner of a battle for Sanyo Electric
Co.'s semiconductor unit by placing the highest bid of around JPY100
billion, Nathan Layne of Reuters reports, citing the Nikkei Business
Daily.

LongReach is reportedly allied with CCMP Capital Asia and private equity
firm MKS.  The Sydney-based company, with its JPY100 billion offer, is
most likely the one to be granted priority negotiating rights by Sanyo,
conveys Mr. Layne.

Mr. Layne writes that other bidders who have expressed interest in Sanyo's
semiconductor unit are Cerberus Capital Management LP, a consortium of
Blackstone Group, CVC Asia Pacific and Vestar, and a consortium of Bain
Capital and Advantage Partners.

Sanyo, which has been restructuring with the help of shareholder Goldman
Sachs, has put the chip unit up for sale as part of its efforts to shed
non-core or struggling businesses, writes
Mr. Layne.

The Osaka-based electronics manufacturer, according to Reuters, has been
hoping to raise JPY150-200 billion for the unit, however, the bids have
come in below the expected level, partly reflecting renewed concerns over
the location of its Niigata factory which was hit by a big earthquake in
July.

According to the article, Sanyo's semiconductor unit fell on tough times
after a powerful earthquake in 2004 hit a key factory in Niigata
Prefecture, northwest Japan, ruining equipment and causing it to lose
customers.

                     About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                        *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


TRIPOS INC: Common Stock to be Delisted from NASDAQ Stock
---------------------------------------------------------
The NASDAQ Stock Market will delist the common stock of Tripos, Inc.  The
company's stock was suspended July 6, 2007, and has not traded on NASDAQ
since that time.  NASDAQ will file a Form 25 with the Securities and
Exchange Commission to complete the delisting.  The delisting becomes
effective ten days after the Form 25 is filed.

As previously reported, Nasdaq has determined that the company was not in
compliance with the shareholders' equity and market capitalization
requirements for continued listing.

Furthermore, after the recent sale of Tripos' Discovery Research
Sales and Services Business, Tripos is deemed to be a "public
shell" and therefore not eligible for continued listing on The
Nasdaq Global Market.

Tripos was advised that bid/ask quotations for its common stock
will be made on the Over-the-Counter Bulletin Board(R) maintained by the
NASD following the withdrawal of its securities from The Nasdaq Global
Market.

In addition, Tripos' common stock will continue to be eligible for
quotation on the Pink Sheets, an electronic quotation service for
securities traded over the counter.

                      About Tripos Inc.

Based in St. Louis, Tripos Inc. (Nasdaq Global Select Market:
TRPS) -- http://www.tripos.com/-- combines leading-edge
technology and innovative science to deliver consistently
superior chemistry-research products and services for the
biotechnology, pharmaceutical and other life science industries.

Tripos has sells its products in the United Kingdom, Brazil and
Australia, among others.

The company's Discovery Informatics business provides software
products and consulting services to develop, manage, analyze and
share critical drug discovery information.  Within its Discovery
Research business, Tripos' medicinal chemists and research
scientists partner directly with clients in their research
initiatives, leveraging state-of-the-art information
technologies and research facilities.

As reported in the Troubled Company Reporter on March 20, 2007,
shareholders of Tripos Inc. approved the company's plan of
dissolution and liquidation.


* BRAZIL: State Firm Finds Oil in Santos Basin’s Block BM-S-9
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA, along with its
partners -- UK's BG Group and Spain's Repsol YPF -- has found 27-degree
API oil at the exploratory well in the Santos basin's block BM-S-9,
Business News Americas reports.

BNamericas relates that Petroleo Brasileiro operates the block with a 45%
stake.  BG Group owns a 30% stake in the block, while Repsol YPF has a 25%
stake.

Petroleo Brasileiro said in a statement, "The formation test performed at
the vertical well suggests the production of 2,900 barrels per day of oil
and 57,000 cubic meters per day of gas."

Petroleo Brasileiro told BNamericas that it is “testing the productivity
characteristics” as well as the area’s feasibility.

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


ASIAN FUNDING: To Hold Final Shareholders Meeting Today
-------------------------------------------------------
Asian Funding For Tags will hold its final shareholders meeting on Sept.
10, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CABLE & WIRELESS: Azea Bags US$22-Million Equipment Contract
------------------------------------------------------------
Cable & Wireless International has selected Azea Networks to provide its
NX10 terminal equipment and Management System in a next generation fibre
optic cable, which will link Bermuda with the United States.

The US$22-million contract, announced March 29, includes technical support
for this innovative project, which will use the established Gemini cable,
part of which will be picked up and diverted to land in Bermuda.

Although the cable system was originally designed for operation at 4 x 2.5
Gbit/s, the new terminal equipment will enable a capacity of 16 x 10
Gbit/s on each of the two fibre pairs, thus providing for future
expansion.  The innovative approach of re-using the Gemini cable
capitalises on an existing asset and will result in a rapid and cost
effective implementation.  Azea will also be involved in ensuring that the
recovered and re-engineered cable meets the transmission requirements for
maximising long-term capacity and in moving Power Feed Equipment.

"Azea was chosen because their equipment meets our requirements for a
modern, cost effective solution," said Eddie Saints, Chief Executive of
Cable & Wireless Bermuda.  "The resulting link will feature 1+1 protection
to create a highly reliable link with the capability to expand to meet
future traffic needs."

"We are delighted to be selected to provide the terminal Equipment for
this imaginative project," said Mike Hynes, Chief Operating Officer of
Azea Networks Ltd., "and our involvement in the cable engineering and
re-deployment of Power Feed Equipment is a natural fit with Azea's policy
of providing complete turnkey solutions to the Submarine Cable Market."

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


DFSCSA LIMITED: Will Hold Final Shareholders Meeting on Oct. 3
--------------------------------------------------------------
Dfscsa Ltd. will hold its final shareholders meeting on
Oct. 3, 2007, at 10:00 a.m., at:

          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         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


NIKKEI REMITTANCE: Proofs of Claim Filing Deadline Is Oct. 3
------------------------------------------------------------
Nikkei Remittance Rights Finance Company’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.

Nikkei Remittance'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


NIKKEI REMITTANCE: Sets Final Shareholders Meeting for Oct. 3
-------------------------------------------------------------
Nikkei Remittance Rights Finance Company will hold its final shareholders
meeting on Oct. 3, 2007, at 10:00 a.m., at:

          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         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


NORTH STARS: Will Hold Final Shareholders Meeting on Oct. 3
----------------------------------------------------------
North Stars Capital Corp. will hold its final shareholders meeting on Oct.
3, 2007, at 10:00 a.m., at:

          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         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


NORTH STARS: Proofs of Claim Filing Ends on Oct. 3
----------------------------------------------------
North Stars Capital Corp.’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.

North Stars 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


PET-HOC INC: Proofs of Claim Filing Is Until Oct. 3
---------------------------------------------------
Pet-Hoc Inc.’s creditors are given until Oct. 3, 2007, to prove their
claims to Joseph A. Householder, 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.

Pet-Hoc Inc.’s shareholders agreed on Aug. 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Joseph A. Householder
       Attention: Joseph A. Householder
       101 Ash Street, HQ18, San Diego
       California 92101, USA
       Tel: 619-696-4576


PRS CAPTIVE: Proofs of Claim Must be Filed by Sept. 25
------------------------------------------------------
PRS Captive Investment Fund Ltd.’s creditors are given until
Sept. 25, 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.

PRS Captive's shareholder agreed to place the company into voluntary
liquidation under The Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       Maples & Calder
       c/o Maples and Calder
       P.O. Box 309
       George Town, Ugland House
       South Church Street
       Grand Cayman
       Cayman Island


SAPPHIRE FIRST: Proofs of Claim Filing Deadline Is Sept. 24
-----------------------------------------------------------
Sapphire First Holdings Corp.’s creditors are given until
Sept. 24, 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.

Sapphire First'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


TANZANITE FINANCE: Proofs of Claim Filing Ends on Oct. 3
--------------------------------------------------------
Tanzanite Finance III Ltd.’s creditors are given until
Oct. 3, 2007, to prove their claims to Scott Aitken and Connan Hill, the
company's liquidators, or be excluded from receiving any distribution or
payment.

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

Tanzanite Finance’s shareholder agreed on Aug. 16, 2007, to place the
company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


TRILLION BRIGHT: Proofs of Claim Filing Is Until Oct. 3
-------------------------------------------------------
Trillion Bright Holdings Ltd.’s creditors are given until
Oct. 3, 2007, to prove their claims to Frances Yung Ming Fong, 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.

Trillion Bright’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:

       Frances Yung Ming Fong
       Trillion Bright Holdings Limited
       32nd Floor, CITIC Tower
       1 Tim Mei Avenue Central
       Hong Kong
       Tel: 2820 2235
       Fax: 2014 5696




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


METHANIX CORP: Gives Update on Gas Supply for Chile Plants
----------------------------------------------------------
Methanex Corp. has advised that its Chilean methanol production facility
continues to operate only one of its four plants.  Though most of the
technical issues affecting its suppliers from Argentina have been solved,
natural gas exports from Argentina to the facility have not yet been
re-established.

Bruce Aitken, President and CEO of Methanex, who has recently visited
Methanex's Chilean operations, commented, "We understand that there are no
technical reasons that support current Argentinean natural gas export
restrictions and we have been advised that there is no more transportation
capacity to take available natural gas from Argentina's southern Austral
region to the north.  Argentina has experienced a particularly cold winter
this year.  In prior years, as the weather warms around this time of year,
natural gas restrictions have come to an end.  We are in continual contact
with our Argentinean natural gas suppliers, the Argentinean and Chilean
Energy authorities and advisers to better understand this situation and
the different courses of action that are available to us."

"Production from our Chile operations from June 11 to
Aug. 30, 2007, has been 207,000 tonnes.  However, despite the production
restrictions at our Chilean operations, we have continued to fully supply
our customers from inventory, production from our other facilities, and
with purchased product."

Mr. Aitken added, "We are disappointed with the level of production from
our Chilean operations and, as we have stated previously, we believe our
long term solution to the natural gas supply challenges we face at our
Chilean operations is to increase our reliance on Chilean natural gas.
Methanex is taking a number of actions to help accelerate gas developments
in the southern region of Chile.  The Chilean Government has recently
announced that about 20 international companies and consortiums are
participating in the bidding process that will open exploration and gas
development in large areas of Chile's southern gas-producing region to the
private sector.  GeoPark, a private company that is supplying gas to
Methanex in Chile, has recently announced its third gas discovery in the
Fell Block near our installations; and ENAP, Chile's national petroleum
company and our biggest gas supplier in Chile, is progressing in new
developments in the Magallanes Region.  The current activity in the area
illustrates its considerable potential for natural gas development and for
this area to provide us with a long term solution for gas supply to our
Chilean Hub."

Headquartered in Vancouver, British Columbia, Methanex Corp.
-- http://www.methanex.com-- is a producer and marketer of
methanol.  The company has locations in Belgium, Chile, China,
Japan, Trinidad and the United Kingdom, among others.

                        *     *     *

Methanex Corp. carries Moody's Investors Service's Ba1 long-term
corporate family, senior unsecured debt, and probability-of-
default ratings.  Moody's said the ratings outlook is stable.




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


AES CORP: Deciding on Argentine Investments After October Polls
---------------------------------------------------------------
AES Corp. Chief Operating Officer Andres Gluski said at the Lehman
Brothers energy conference in New York that the firm will decide on
whether to make new investments in Argentina after elections in the
country, Business News Americas reports.

BNamericas says that Argentina will hold its presidential elections on
Oct. 28, 2007.

AES has focused on its Chilean and Panamanian operations instead,
BNamericas relates, citing Mr. Gluski.

According to BNamericas, Mr. Gluski said at the conference, "Our focus in
Latin America is much more on Chile and Panama in terms of investment.
Argentina has elections this year and we'll see if there's a change in
policy."

Mr. Gluski told BNamericas that despite the natural gas shortage affecting
Argentina, AES is content with its technical operations in the nation.

"We operate the only coal plant Argentina and had the foresight to convert
the plant to coal several years ago.  We also have the most efficient gas
plant in Argentina and operate hydro plants, which have operated very
well... we also have key distribution companies in the country," Mr.
Gluski commented to BNamericas.

However, low government-regulated prices have affected AES' distribution
activities in Argentina, BNamericas notes.  The company's distribution
subsidiaries reached accords with the Argentine federal government for
certain value-added rate increases, but “they haven't been 100%
fulfilled.”

Meanwhile, AES is increasingly concentrating on the production of
certified emission reduction credits, BNamericas says, citing Mr. Gluski.
The firm is developing various projects in Latin America.

AES will take a "portfolio approach" towards certified emission reduction
credits production, Mr. Gluski told BNamericas.  The firm could produce
the credits by increasing efficiency in existing plants through the
construction of new hydro projects and collaboration with municipal dumps
to lessen methane gas emissions.

Mr. Gluski told BNamericas that AES has a project in El Salvador, which
involves the production of certified emission reduction credits “by
capping municipal dumps to reduce the amount of methane gas released into
the atmosphere.”  AES don’t own dumps.  If sufficient quantities are being
released, the firm can produce power from the methane gas.

"We think there is going to be significant demand around the world for
these CERs [certified emission reductions].  We have a very good footprint
in countries that have signed the Kyoto Protocol and are outside the OECD
[Organization for Economic Cooperation and Development]," Mr. Gluski
commented to BNamericas.

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'.


GERDAU SA: Deutsche Bank Puts Hold Recommendation on Shares
-----------------------------------------------------------
Deutsche Bank said in its report that it assigned a hold recommendation on
Gerdau SA, based on news on its US subsidiary Gerdau Ameristeel.

According to Deutsche Bank’s report, once Gerdau Ameristeel's acquisition
of steelmaker Chaparral succeeds, Gerdau would get 50% of its revenue and
roughly 40% of its Ebitda from the US.

As reported in the Troubled Company Reporter-Latin America on Sept. 6,
2007, Gerdau Ameristeel and Chaparral Steel Company received a letter
dated Sept. 3, 2007, from the Federal Cartel Office of the Federal
Republic of Germany, clearing the transaction.  The consummation of the
merger remains subject to customary conditions, including adoption of the
Agreement and Plan of Merger by Chaparral's stockholders.

Business News Americas relates that “the growth in market share in the US
partially counterbalances the slowdown” in the US construction sector.
Gerdau accounts for 8% of that market.

Deutsche Bank told BNamericas that Gerdau “stands to see business in the
US pick up on investments in infrastructure,” which would occur if the
nation's economy undergoes “a more dramatic halt.”

Deutsche Bank issued a US$27.00 per share target price for Gerdau ADRs in
New York, BNamericas states.

                    About Chaparral Steel

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

                   About Gerdau Ameristeel

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA, TSX: GNA) -- http://www.gerdauameristeel.com/-- 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 Gerdau

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Standard & Poor's Ratings Services placed its ratings, including
its 'BB' corporate credit rating, on Tampa, Florida-based Gerdau
Ameristeel Corp. on CreditWatch with positive implications.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 16, 2007, Moody's Investors Service placed the ratings of
Gerdau Ameristeel Corporation (Ba1 corporate family rating --
Ameristeel) and Gerdau S.A.'s Ba1 corporate family rating under
review for possible downgrade.




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


* ECUADOR: Says Eight Firms Fail To Pay US$152 Million in Taxes
---------------------------------------------------------------
The Ecuadorian Internal Revenue Service’s director Carlos Marx Carrasco
told Mercedes Alvaro at Dow Jones Newswires that eight major companies
have failed to pay a total of US$152 million in taxes.

The agency spotted discrepancies in the companies’ income taxes filed for
2005 and 2006, Dow Jones notes, citing Mr. Carrasco.  The firms are:

          -- Grupo Noboa, controlled by former presidential
             candidate and banana magnate Alvaro Noboa;

          -- Grupo Wong, which also has firms in the banana
             business; and

          -- Grupo Eljuri, which has retail stores.

The report says that the agency launched audits on 17 main companies in
Ecuador in August 2007.  The agency is also conducting a probe on tax
returns of these foreign oil firms and wireless providers:

          -- Porta Celular, a subsidiary of Mexico's America
             Movil SA;

          -- Movistar, a unit of Spain's Telefonica SA;

          -- state-run Alegro PCS; and

          -- all foreign and state-controlled oil firms in
             Ecuador, which include:

             * Brazil's Petroleo Brasileiro SA,
             * Spanish-Argentine Repsol YPF SA, and
             * Chile's Empresa Nacional del Petroleo, or Enap.

About 400 conglomerates will be probed, Mr. Carrasco told Dow Jones.  The
number of firms under investigation could increase by year-end.

According to Dow Jones, the firms can ask for revisions and even go to
Ecuador's Supreme Court to contest any decision.

Audits on wireless providers and oil companies could conclude by year-end,
Dow Jones states.

                        *     *     *

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

In addition, these ratings were downgraded:

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

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

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

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




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


HANESBRANDS INC: Acquires Duraflex Plant in El Salvador
-------------------------------------------------------
Hanesbrands Inc. has acquired the textile manufacturing operations of
Industrias Duraflex S.A. de C.V. in San Juan Opico, El Salvador.  The
acquisition concluded a successful first year as an independent company.

The 1,300-employee Duraflex operation, which will be known as Hanesbrands
El Salvador Textiles, is the company’s second self-owned offshore textile
fabric manufacturing plant.  In the past year, Hanesbrands also
successfully ramped up production at its
new textile plant built in Bonao, Dominican Republic.

Since Hanesbrands spun off as an independent company and its stock began
trading publicly on Sept. 6, 2006, the company has made significant
progress executing its key success strategies.  The company has invested
in its brands, improved its cost structure, and used its strong cash flow
to reduce debt and fund key strategic initiatives.

“Hanesbrands and its employees worldwide have accomplished many important
improvement initiatives in the first year as an independent public
company,” said Hanesbrands Chief Executive Officer Richard A. Noll.  “Our
ability to manage change has been critical to our success and will
continue to be integral to our efforts to achieve our long-term growth
goals.

“The addition of fabric production capacity in El Salvador is another
significant milestone in our efforts to create a lower-cost supply chain
operating fewer, larger plants that are more effectively aligned with our
production flow.  We already own sewing plants in El Salvador and
elsewhere in Central America.  We now have a textile and sewing base in
Central America that gives us flexibility to expand and leverage our large
scale of production.”

The 350,000-square-foot Hanesbrands El Salvador Textiles plant, which
already makes fleece, T-shirt and underwear fabric for Hanesbrands, will
continue operations uninterrupted.  The management team at the plant,
located 20 miles west of San Salvador, will remain affiliated with
Hanesbrands.  Terms of the acquisition are not being disclosed.

Industrias Duraflex had supplied Hanesbrands with apparel fabric since the
early 1990s.  The companies entered a supply alliance in 2005 that allowed
Duraflex to quadruple its production capacity.  With the purchase,
Hanesbrands expects to make additional investment for growth.

“This is an extremely strong operation with an outstanding management team
and workforce who are already very familiar with our products and way of
doing business,” said Gerald Evans, Hanesbrands executive vice president
and chief global supply chain officer.  “We are expanding in El Salvador
as we create a balanced global supply chain and move production to
lower-cost countries to remain competitive.”

                    A Year of Achievement

Hanesbrands and its employees have hit key improvement milestones
throughout its first year in the areas of marketing and brand development,
organization consolidation, supply chain globalization, and operations
execution.

Hanesbrands continues to strengthen its largest, strongest brands in core
categories through innovation in key items.  First-year achievements
include:

   -- A double-digit increase in brand investment in working
      media.  Growth for the Hanes ComfortSoft product platform.
      Hanes national advertising campaigns for men’s and women’s
      new ComfortSoft products were launched featuring
      celebrities Jennifer Love Hewitt, Michael Jordan and Cuba
      Gooding Jr.

   -- The launch last week of Playtex’s largest advertising and
      marketing campaign to support the core Playtex 18 Hour and
      Playtex Secrets product lines.

   -- Successful advertising and marketing campaign launches for
      new Bali and Barely There intimate apparel.  Outdoor
      advertising for Barely There won a 2007 OBIE Award,
      outdoor advertising’s highest honor.  Continued double-
      digit compound sales growth and distribution gains for
      Champion activewear over the past two years.

   -- Hanesbrands has assembled a strong operating management
      team that has successfully transitioned the company from a
      collection of multiple operating units to one focused
      company.  The company has also added new executive talent
      to operate as a public company.

The company has made significant progress on its global supply chain
strategy to move production to lower-cost countries and in the longer term
balance production between the Western Hemisphere and Asia.  Achievements
include:

   -- The closure or announced intention to close 18 production
      plants and five distribution centers in order to operate
      fewer, larger facilities.

   -- Continued movement of production operations to lower-cost
      countries.  The company has established significant
      offshore textile production capability in the Western
      Hemisphere with company-owned plants in the Dominican
      Republic and El Salvador.

   -- Establishment of the first company-owned plant in Asia.

In November 2006, Hanesbrands acquired a sewing plant in Chonburi,
Thailand.  In addition to sewing, Hanesbrands operates sourcing and
purchasing functions across Asia and selling organizations in Japan,
China, India, the Philippines and elsewhere.  In the past year,
Hanesbrands has increased its Asian employment from approximately 350 to
1,900.

Hanesbrands continues to generate strong cash flow to fund business growth
and execution of its supply chain strategy, as well as reduce debt and
fund other financial management decisions.  Achievements include:

  -- Prepayment of US$150 million of long-term debt since the
     spinoff.  Voluntary contribution of US$90 million to
     increase the funded percentage of the company’s qualified
     pension plan.

“Hanesbrands has had a tremendously successful first year,” Mr. Noll said.
“We have managed much change, while investing in our brands, reducing
costs and generating cash.  Hanesbrands is a much stronger organization
today than a year ago.  I am very proud of our organization’s ability to
execute over the past 12 months and establish a strong foundation for
continued success.”

                      Hanesbrands Inc.

Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets
innerwear, outerwear and hosiery apparel under consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size, barely
there and Wonderbra.  The company designs, manufactures, sources
and sells T-shirts, bras, panties, men's underwear, children's
underwear, socks, hosiery, casual wear and active wear.
Hanesbrands has approximately 50,000 employees in 24 countries,
Including Dominican Republic, El Salvador, Mexico, Puerto Rico, India and
China.

                        *     *     *

Standard & Poor's Ratings Services affirmed Hanesbrands Inc.'s
B+ corporate family rating on December 2006.




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


DYOLL INSURANCE: Creditors Receiving Second Payment
---------------------------------------------------
Radio Jamaica reports that the Dyoll Insurance Company’s creditors will
start getting a second pay out.

According to the report, Dyoll Insurance's joint liquidators said in
August 2007 that based on a Supreme Court order, the pay out will continue
for six months.

Radio Jamaica notes that “Jamaican policyholders will be paid from a
US$45-million pool held by Dyoll Insurance as a prescribed deposit under
the Insurance Act.”  Meanwhile, policyholders in the Cayman Islands will
share in a US$79-million fund.

Creditors who presented substantiated claims by Aug. 27, 2007, and whose
claim was accepted by the joint liquidators will be considered in the
second interim payment, Radio Jamaica states.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based Dyoll
Insurance Co. Ltd. in Mar. 7, 2005, in order to establish the true
position of the Company, address the matter of settlement to its claimants
and ensure that its policies will remain in force after a high level of
insurance claims were leveled on the company as a result of the hurricane
Ivan.  Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million fund held
by the FSC in accordance with the Insurance Act 2001, section 59, which
says that the prescribed deposit, on the winding up of an insurance
company, should be applied first to settle the claims of local
policyholders.




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


AMERICAN TOWER: Brings In Amit Sharma as Executive VP for Asia
--------------------------------------------------------------
American Tower Corporation has hired Amit Sharma had joined the Company as
Executive Vice President, Asia.  Mr. Sharma will serve as President of the
Company’s Asian operations and will be based in the Company’s new office
in Delhi, India.  In this role, Mr. Sharma will be responsible for
pursuing opportunities to extend the Company’s wireless communications
site leasing business into India and Southeast Asia.  Mr. Sharma will
report directly to the Company’s Chief Executive Officer, Jim Taiclet.

Mr. Taiclet said, "Amit will be a great asset as we look to expand into
India and Southeast Asia.  We believe that the developing tower industry
in India has great potential.  Amit’s deep knowledge of the
telecommunications industry in India and Southeast Asia, combined with his
experience in establishing and growing businesses in the region, will
create a strong foundation for our expansion efforts.”

Mr. Sharma comes to American Tower from Motorola.  Since 1992, Mr. Sharma
has led country teams in India and Southeast Asia for Motorola, including
as Country President, India and as Head of Strategy, Asia-Pacific.  Mr.
Sharma also served on Motorola’s Asia Pacific Board and a member of its
senior leadership team. Prior to joining Motorola, Mr. Sharma was with GE
Capital, serving as Vice President, Strategy and Business Development, and
prior to that, with McKinsey, New York, serving as a core member of the
firm's Electronics and Marketing Practices.

Mr. Sharma earned his MBA in International Business from the Wharton
School, University of Pennsylvania, where he was on the Dean’s List and
the Director’s Honors List.  Mr. Sharma also holds an MS in Computer
Science from the Moore School, University of Pennsylvania, and a Bachelor
of Technology in Mechanical Engineering from the Indian Institute of
Technology.

American Tower Corporation -- http://www.americantower.com/--
(NYSE: AMT) owns, operates and develops broadcast and wireless
communications sites.  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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on Sept. 6,
2007, 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.  Fitch said the rating outlook is
stable.


CKE RESTAURANTS: S&P Affirms Low B Ratings with Stable Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on Carpenteria,
California-based CKE Restaurants Inc. to negative from stable.  At the
same time, S&P's has affirmed all the ratings, including the 'BB-'
corporate credit rating, on the company.

S&P's also affirmed the bank loan and recovery ratings on CKE Restaurants'
US$470 million senior secured credit facility, which consists of a US$270
million term loan and US$200 million revolving credit facility.  The
company recently increased the size of its term loan by US$100 million to
US$270 million, with a maturity in 2013, and used the proceeds to pay down
borrowings on the company's revolving credit facility that matures in
2012.  The credit facility is rated 'BB+', two notches higher than the
corporate credit rating on CKE Restaurants, with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of principal
in the event of default.

The outlook change reflects the CKE Restaurants' recent use of debt to
fund share repurchases.  For example, in April of this year, the company
purchased approximately US$77 million of its stock from Pirate Capital
LLC.  The negative outlook reflects management's willingness to fund share
repurchases with debt and a recent trend of narrower margins.  "If debt
leverage were to increase measurably because of poor operating performance
or further debt-financed share repurchases, we would likely lower the
ratings," said S&P's credit analyst Charles Pinson-Rose.

                    About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR) --
http://www.ckr.com-- through its subsidiaries, franchisees and licensees,
operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the Carl's
Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and Green Burrito(R)
restaurant brands.  The company operates 3,131
franchised, licensed or company-operated restaurants in 43 states and in
13 countries -- including Mexico and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Mar. 29, 2007, Standard &
Poor's Ratings Services affirmed its 'BB-' corporate credit rating on CKE
Restaurants.  S&P said the outlook was
stable.


COLLINS & AIKMAN: Selling Three Industrial Facilities
-----------------------------------------------------
Collins & Aikman Corp. is selling three industrial facilities located in
Manchester and New Baltimore, Michigan and Farmville, North Carolina,
consisting of:

   * Manchester, Michigan -- 185,000+/- SF manufacturing
     facility constructed of brick, block and steel situated on
     16+/- acres.  Built in 1968, this facility includes 11
     dock doors.

   * New Baltimore, Michigan -- 87,400+/- SF manufacturing
     facility consisting of block and metal panel construction,
     and situated on 7.5+/- acres.

   * Farmville, North Carolina -- 590,200+/- SF warehouse
     facility constructed of concrete and situated on 66+/-
     acres.  This facility includes 21 dock high doors and
     ceiling heights of 18' - 30'.

The company has retained Keen Realty, LLC and CB Richard Ellis, Inc. to
market and sell these industrial facilities.

"Interested parties are encouraged to act quickly," Mike Matlat, Keen
Realty's Vice President, said.  "These properties are prime facilities
that are conveniently located to Interstates and major highways."

Established in 1982, Keen Realty specializes in selling excess assets and
restructuring real estate and lease portfolios for companies in bankruptcy
and/or restructuring.  Keen Realty has had extensive experience solving
complex problems and evaluating and selling real estate, leases and
businesses.  Keen Realty, a leader in identifying strategic investors and
partners for businesses, has consulted with hundreds of clients
nationwide, and evaluated and disposed of more than 20,000 properties
containing nearly 2,000,000,000 sq. ft. across the country.

CB Richard Ellis Group, Inc. (NYSE:CBG), an S&P 500 company headquartered
in Los Angeles, is a commercial real estate services firm.  With over
24,000 employees, the company serves real estate owners, investors and
occupiers through more than 300 offices worldwide (excluding affiliate and
partner offices).  CB Richard Ellis offers strategic advice and execution
for property sales and leasing; corporate services; property, facilities
and project management; mortgage banking; appraisal and valuation;
development services; investment management; and research and consulting.

For more information regarding the sale of these properties, contact:

     Keen Realty, LLC
     Attn: Mike Matlat
     60 Cutter Mill Road, Suite 214
     Great Neck, NY 11021
     Telephone: (516) 482-2700
     Fax: (516) 482-5764

Headquartered in Troy, Mich., Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a leading
supplier of instrument panels, automotive fabric, plastic-based trim, and
convertible top systems.  The Company has a workforce of approximately
23,000 and a network of more than 100 technical centers, sales offices and
manufacturing sites in 17 countries throughout the world.  The company
operates in Latin America through its facilities in Mexico.  The Company
and its debtor-affiliates filed for chapter 11 protection on May 17, 2005
(Bankr. E.D. Mich. Case No.
05-55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents
C&A in its restructuring.  Lazard Freres & Co., LLC, provides the Debtors
with investment banking services.  Michael S. Stammer, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured
Creditors Committee.  When the Debtors filed for protection from their
creditors, they listed US$3,196,700,000 in total assets and
US$2,856,600,000 in total debts.

On Aug. 30, 2006, the Debtors filed a Joint Chapter 11 Plan and a
Disclosure Statement explaining that plan.  On Dec. 22, 2006, they filed
an Amended Plan and on Jan. 22, 2007, filed a modified Amended Plan.  On
Jan. 25, 2007, the Court approved the adequacy of the Disclosure
Statement.  On July 18, 2007, the Court confirmed the Debtors' Liquidation
Plan.  The Debtors' cases are set to be closed on Feb. 28, 2008.


GERDAU AMERISTEEL: Chaparral's Board Is Neutral on Merger Deal
--------------------------------------------------------------
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 were  conducted in
connection with Gerdau Ameristeel Corporation's agreement to acquire
Chaparral.

Chaparral indicated that its board 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 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 made by Gerdau Ameristeel Corporation.

For these reasons, Chaparral 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.

Investors and security holders may obtain a free copy of the proxy
statement and other documents filed by Chaparral at the Securities and
Exchange Commission's by directing such request to Chaparral Investor
Relations, telephone (972) 779-1032.

                 About Chaparral Steel Company

Headquartered in Midlothian, Texas, Chaparral Steel Company
(Nasdaq: CHAP) -- http://www.chaparralsteel.com/-- is a producer of
structural steel products in North America.  The company is also a
producer of steel bar products.  The company operates two mini-mills
located in Midlothian, Texas and Dinwiddie County, Virginia that together
have an annual rated production capacity of 2.8 million tons of steel.
Founded in July 1973, the company manufactures over 230 different types,
sizes and grades of structural steel and bar products.  The company
markets its products throughout the United States, Canada and Mexico, and
to a limited extent in Europe.

               About Gerdau Ameristeel Corporation

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  Through its vertically
integrated network of 17 mini-mills, 17 scrap recycling facilities and 52
downstream operations, Gerdau Ameristeel serves customers throughout North
America.  The company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for use in a
variety of industries, including construction, cellular and electrical
transmission, automotive, mining and equipment manufacturing.

                        *     *     *

Moody's Investor Services placed Gerdau Ameristeel Corporation's
probability of default and long-term corporate family ratings at "Ba1" in
July 2007.


GLOBAL POWER: Objects to More Than US$200 Million in Claims
-----------------------------------------------------------
Global Power Equipment Group Inc. last week filed with the U.S.
Bankruptcy Court for the District of Delaware 10 objections in an effort
to reduce or disallow the claims of more than US$200 million filed by
energy companies, Bankruptcy Law360 reports.

According to the report, included were two objections to claims filed by
General Electric Co. totaling more than US$66 million.
The Debtor contends that GE didn't substantiate its claim.

Headquartered in Oklahoma, Global Power Equipment Group Inc. (Pink Sheets:
GEGQQ) -- http://www.globalpower.com/-- is a design, engineering and
manufacturing firm providing an array of equipment and services to the
energy, power infrastructure and process industries.  The company designs,
engineers and manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry experience.
The company's equipment is installed in power plants and in industrial
operations in more than 40 countries on six continents.  In addition, the
company provides routine and specialty maintenance services to nuclear,
coal-fired, fossil, and hydroelectric power plants and other industrial
operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Eric Michael Sutty, Esq.,
Jeffrey M. Schlerf, Esq., Kathryn D. Sallie, Esq., and Mary E.
Augustine, Esq., at The Bayard Firm and Malka S. Resnicoff,
Esq., and Matthew C. Brown, Esq., at White & Case LLP, represent
the Debtor.  Adam G. Landis, Esq., Kerri K. Mumford, Esq., and
Matthew B. McGuire, Esq., at Landis Rath & Cobb LLP, represent
the Official Committee of Unsecured Creditors.


GRUPO MEXICO: Majority of Workers In Favor of New Labor Union
-------------------------------------------------------------
Anthony Harrup at the Associated Press reports that almost all of Grupo
Mexico SA, de C.V.’s employees voted in favor of joining a new labor
union.

The AP notes that results of the vote held at eight Grupo Mexico
facilities indicated that over 4,000 employees are in favor of the new
union.  Meanwhile, about 137 opted to remain with the National Mining and
Metal Workers Union led by Napoleon Gomez Urrutia, which is facing a
conflict with Grupo Mexico.

According to the AP, the Labor Department supervised the vote.  It would
disclose the official results later this month.

The department said in a statement that the counts were orderly, legal.
Workers were allowed to freely express their will.

However, union official Carlos Pavon told the AP that the vote "wasn't a
count, it was a fraud."  According to him, the union will launch a court
action against it.

Grupo Mexico forced employees into joining the National Mine Exploration
and Exploitation Workers Union, a new Monterrey-based organization with
100 members, the AP says, citing the union.

Over 96% of the employees voted to switch their collective contracts to
the group, the National Mine told the AP.

According to the AP, Cananea's 1,300 workers didn’t join in the voting.

The report says that union dissident Francisco Hernandez Gamez requested
the registration of a separate union for the Cananea unit.  He said he
expects the plea to be accepted within 20 days.  Only 200 of Cananea's
1,300 employees voted to protest, and even some of those now want to
return to work.

Mr. Pavon told the AP that the Cananea strike will go on.  He commented,
"He [Mr. Gamez] can register a union, but he hasn't got the people.
That's why the strike's been going on for a month."

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook is stable.


KRISPY KREME: Reports US$27 Million Second Quarter Net Loss
-----------------------------------------------------------
Krispy Kreme Doughnuts Inc. posted a net loss of US$27.0 million for the
second quarter of fiscal 2008, compared to a net loss of US$4.6 million in
the comparable period last year.  for the second fiscal quarter ended July
29, 2007, and announced certain turnaround steps the company is taking.

Second quarter systemwide sales decreased approximately 0.5% from the
second quarter of last year.  Systemwide average weekly sales per store
decreased approximately 2.8% to approximately US$37,500.  Company Stores
average weekly sales per store increased 1.6% to approximately US$51,800.
Systemwide average weekly sales per store are lower than Company average
weekly sales per store principally because satellite stores, which have
lower average weekly sales than factory stores, are more prevalent in
franchise operations than in Company operations.

Revenues for the second quarter of fiscal 2008 decreased 7.5% to US$104.1
million compared to US$112.5 million in the second quarter of last year.
Company Stores revenues decreased 4.7% to US$75.3 million, Franchise
revenues were flat at US$5.1 million and KK Supply Chain revenues
decreased 16.8% to US$23.7 million.

Impairment charges and lease termination costs totaled US$22.1 million in
the second quarter this year, compared to US$382,000 in the second quarter
of fiscal 2007.  The current year charge includes approximately US$10.6
million arising from the decision to divest the company's manufacturing
and distribution facility in Illinois.  Most of the remainder of the
charge relates to underperforming stores, including stores closed and
likely to be closed.

"After several quarters of progress on our turnaround, second quarter
results did not meet our expectations," said Daryl Brewster, the Company's
President and Chief Executive Officer.  "We are taking steps to transform
the Company and improve its performance."  These steps include:

   * Closing or improving underperforming Company shops

   * Planning to divest an underutilized manufacturing facility
     in the KK Supply Chain to lower costs, and evaluating
     strategic options related to other aspects of the supply
     chain

   * Realigning Company Stores and Franchise management and
     reducing the cost of store support functions

   * Continuing international expansion

   * Opening small retail stores through our domestic and
     international franchisees

   * Cooperating with franchisees who are restructuring their
     operations

   * Continuing to focus on reducing G&A costs

   * Continuing marketing efforts and driving product innovation

   * Developing plans to refranchise certain geographic markets

Consistent with its previously announced plans to increase the percentage
of stores operated by franchisees, the company is developing a strategy to
refranchise certain geographic markets, consisting principally of markets
outside the Company's traditional base in the Southeast.  The franchise
rights and other assets in many of these markets were acquired by the
Company in business combinations in prior years.  The company's strategy
is to focus on the development of small retail stores, including hot
shops, fresh shops and kiosks, in a limited number of geographic markets
inside of the company's traditional base in the Southeast where the
company believes it can achieve market scale.

During the second quarter of fiscal 2008, 19 new Krispy Kreme stores,
comprised of 3 factory stores and 16 satellites, were opened systemwide,
and 12 Krispy Kreme stores, comprised of 5 factory stores and 7
satellites, were closed systemwide.  This brings the total number of
stores systemwide at the end of the second quarter of fiscal 2008 to 411,
consisting of 299 factory stores and 112 satellites.  The net increase of
7 stores in the quarter reflects a net increase of 13 international stores
and a net decrease of 6 domestic stores.

During the second quarter, the company prepaid US$5.0 million of the
balance outstanding under its term loan, bringing total prepayments for
the six months ended July 29, 2007 to US$14.3 million, including US$4.3
million prepaid using the proceeds of certain asset sales and a US$5.0
million prepayment in the first quarter of the fiscal year.  As of July
29, 2007, the maximum additional indebtedness permitted under the term
loan financial covenants was approximately US$8 million. Based on the
company's current forecast of fiscal 2008 results, the company anticipates
that an additional prepayment of approximately US$5 million will be
necessary in the third quarter of fiscal 2008 in order to continue to
comply with the financial covenants.  As of July 29, 2007, the company's
consolidated balance sheet reflects cash and indebtedness of approximately
US$25 million and US$96 million, respectively.

Several franchisees have been experiencing financial pressures which, in
certain instances, appear to have become more exacerbated during the
second quarter.  Franchisees closed 13 stores in the first six months of
fiscal 2008, and the Company believes that the closure of a significant
number of additional franchise stores is likely during the balance of the
fiscal year.  Royalty revenues and most of KK Supply Chain revenues are
directly correlated to sales by franchise stores and, accordingly, store
closures have an adverse effect on the Company's revenues and results of
operations.

Systemwide sales, a non-GAAP financial measure, include sales by both
company and franchise stores.  The company believes systemwide sales data
are useful in assessing the overall performance of the Krispy Kreme brand
and, ultimately, the performance of the company.  The company's
consolidated financial statements include sales by company stores, sales
to franchisees by the KK Supply Chain business segment, and royalties and
fees received from franchisees, but exclude sales by franchise stores to
their customers.

                      About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
Company's signature Hot Original Glazed.  There are currently
approximately 320 Krispy Kreme stores and 80 satellites
operating system wide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea and the United Kingdom.

The U.S. District Court for the Middle District of North
Carolina has set Feb. 7, 2007, as the hearing date for the final
approval of the terms of the settlement of the shareholder
derivative action entitled Wright v. Krispy Kreme Doughnuts
Inc., et al.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on Aug. 6,
2007, Standard & Poor's Ratings Services has assigned its ratings,
including its corporate credit rating of 'B-', to Winston Salem,
N.C.-based Krispy Kreme Doughnuts Inc.  S&P said the outlook is negative.

Standard & Poor's also assigned its bank loan and
recovery ratings to the US$160 million senior secured credit
facility borrowed by Krispy Kreme Doughnut Corp., a subsidiary
of Krispy Kreme.  The facility is rated 'B', one notch above the
corporate credit rating on Krispy Kreme, and assigned a '2'
recovery rating, indicating the expectation for substantial
(70%-90%) recovery of principal in the event of default.  The
facility consists of a US$50 million revolving credit facility
and a US$110 million first-lien term loan, of which US$101 million was
outstanding as of April 29, 2007.  Krispy Kreme guarantees the debt of its
subsidiary.


SR TELECOM: Refocused for Growth in 2008, Says Mr. Fortin
---------------------------------------------------------
SR Telecom Inc. is a refocused, resilient and renewed organization
according to President and CEO, Serge Fortin, who spoke to shareholders
earlier today at the company's annual general meeting.  Mr. Fortin painted
a realistic, yet optimistic portrait of a company that remains in a
transition phase while it focuses on capitalizing on its strength in the
rapidly-growing global WiMAX market.

"We have taken some significant steps in the last few quarters, and we
will continue to make pro-active decisions going forward as we re-set the
course of SR Telecom's future," said Mr. Fortin.  "While we can see that
the difficult decisions we have taken are beginning to pay off, we cannot
relent.  Our transition period continues, but with a renewed sense of
optimism that SR Telecom is a strong company with a committed and talented
workforce that will move confidently forward in 2008 and beyond."

Mr. Fortin also added that the Board of directors continues to assess
opportunities to raise capital, which will ensure adequate resources for
growth.

              Change and Accomplishment Period

Reviewing the operational initiatives undertaken since his arrival at SR
Telecom in August 2006, Fortin noted that:

   -- Legacy issues stemming from incomplete restructuring
      efforts of the past disrupted operations, weakened
      financial results and damaged customer service
      commitments.

   -- A new business plan was introduced in 2007, defining a
      clear path for SR Telecom to create a sustainable
      competitive advantage and increase the speed of
      manufacturing and R&D efforts.

   -- The company achieved a pivotal milestone in 2007 in
      receiving WIMAX Forum certification for its symmetryMX
      solution.

   -- Business relationships were extended, including the
      addition of contract manufacturers and the signing of a
      three-year manufacturing and supply agreement with MTI
      Technology in Taiwan.

   -- Most recently, SR Telecom signed a memorandum of
      understanding with Wavesat to collaborate on initiatives
      that address the market demand for global WiMAX
      technology.

Mr. Fortin also highlighted the financial steps taken in the last several
months to renew the Company's financial footing, including:

   -- US$20 million in financing secured in December 2006.

   -- The sale of the Company's Chilean subsidiary Comunicacion
      y Telefonia Rural (CTR), which released SR Telecom from
      all obligations related to CTR, including liabilities of
      approximately US$28 million.

   -- The redemption and/or conversion of the remaining
      US$2.7 million in convertible debentures, which also freed
      up approximately US$4.7 million in restricted cash.

   -- The sale and leaseback of the Company's head office
      facility in Montreal.

   -- An internal reorganization, including the wind-up of
      legacy product operations and centralization of
      activities, to pave the way for accelerated growth while
      maximizing productivity and return for shareholders.

   -- Up to US$45 million in new financing secured in July 2007
      to enable SR Telecom to execute on its growth strategy.

             Customer Relationships Remain Solid

Speaking of customers around the world, Fortin acknowledged that product
development and delivery delays have strained some customer relationships,
but noted that "our customers have remained loyal, despite weaknesses in
our operations and financial results in 2006.  In addition, we have made
special efforts to open communication lines to address their concerns."

               Five priorities for 2007 & 2008

Fortin then turned to what he views as the Company's "five ambitious
priorities and objectives for this year and beyond."  These are:

   -- Grow WiMAX market share: The Company's faith in WiMAX's
      potential to revolutionize the broadband industry remains
      unshaken.  SR Telecom's software-upgradeable platform
      offers a safe, evolutionary path to WiMAX "e".  "We are
      confident that this will allow us to attract customers
      during the interval when mobile WiMAX is still maturing."

   -- Deliver on the marketing plan: SR Telecom will market a
      diversified portfolio of customer premises equipment
      (CPE), offer value added pricing to customers, provide a
      fixed-WiMAX "e" solution, and provide a safe evolution to
      mobile-WiMAX "e".  "Our symmetryMX solution offers
      distinct competitive advantages that enable profitable
      business models and an enriching end-user experience.  We
      believe it provides our customers the vehicle they need to
      drive ROI in the emerging WiMAX market."

   -- Continue financial gains: While the injection of up to
      US$45 million in new funding has provided some
      flexibility, the company remains vigilant regarding
      expenses.  The company's revenue forecast for the
      remainder of 2007 is healthy.  "If we can successfully
      nurture our new relationships and secure new business, we
      will regain our financial health in 2008."  The Board
      nonetheless continues to assess opportunities to raise
      capital that will ensure adequate resources for growth.

   -- Realign the organization, as required: The WiMAX industry
      is rapidly evolving and "we must remain agile if we are to
      grow our share in the global market.  We will not shy away
      from making changes that support our targeted marketing,
      development and operational strategies."

   -- Remain focused: SR Telecom has made significant progress
      in a volatile market and remains focused on what lies
      ahead.  Mr. Fortin singled out the contribution of
      employees: "We have asked a lot of our people, and they
      have risen to the challenge.  Innovation doesn't just
      exist in R&D at SR Telecom; it lives in every part of the
      organization.  Our employees have played a vital role in
      setting necessary priorities to meet the objectives set by
      management; their efforts are truly appreciated."

                        Board Changes

In concluding, Fortin acknowledged the contribution of Lionel Hurtubise,
who has announced that he is stepping down as SR Telecom's Chair of the
Board to take on the role as Vice-Chair.  "Lionel's knowledge of the
telecommunications industry and his leadership during SR Telecom's
transition period has been invaluable.  I thank him for his dedication to
SR Telecom and look forward to working with him in his new role."

Lionel Hurtubise will be succeeded as Chair by Paul Griswold, formerly
Vice-Chair and a member of SR Telecom's Board since August 2005.

At the meeting, all currently serving directors were re-elected and Serge
Fortin was elected by shareholders to serve on the Company's Board until
the next annual meeting of shareholders.

                      About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million in
total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.


UAL CORP: Appoints Grace Puma as Senior Vice President
------------------------------------------------------
UAL Corporation, the holding company whose primary subsidiary is United
Airlines, has appointed Grace M. Puma as senior vice president - Strategic
Sourcing and Chief Procurement Officer. Joining United from Kraft Foods,
Ms. Puma will lead United's global procurement team in building innovative
sourcing strategies and technologies that align with the company's efforts
to improve its costs and productivity while ensuring suppliers meet
quality standards for products and services and do so on a consistent
basis.

"Grace's experience in developing best-in-class sourcing capabilities
combined with her strong focus on effective change management makes her a
perfect fit for United," says Jake Brace, executive vice president and
chief financial officer. "We are committed to transforming our procurement
efforts to obtain new cost reduction opportunities, better efficiencies
and high-quality products and services delivered consistently, and we are
pleased to have Grace lead this important work."

Ms. Puma brings to United almost 22 years experience in various supply
chain management roles from industry-leading, multi-national consumer
companies where she transformed their sourcing organizations and supplier
relationships. Most recently, Puma served as the vice president, Global
Indirect Materials and Services Procurement for Kraft Foods where she led
the global sourcing team for several corporate, regional and operational
buying services.  Prior to Kraft Foods, Puma led an international team
that was responsible for the strategic sourcing of Motorola's cell phone
accessories and electronic components. Other procurement roles held by
Puma include Gillette and BASF Corporation.

"The continuous improvement work that United has under way gives us the
opportunity to take United's strategic sourcing initiative and transform
it to a new industry-leading level," Ms. Puma said.

Ms. Puma will report directly to Mr. Brace and succeeds Garry Kelly, who
previously announced his plans to retire once a new chief procurement
officer was hired.

                       About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United Air Lines,
Inc. With key global air rights in the Asia-Pacific region, Europe and
Latin America (Mexico), United Airlines is the world's second largest air
carrier. 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.

                        *     *     *

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




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


ALLIED WASTE: Names Denise Danner as Senior Vice President
----------------------------------------------------------
Allied Waste Industries, Inc., has named Denise R. Danner as Senior Vice
President, Controller & Chief Accounting Officer.  Ms. Danner will have
responsibility for managing the company's accounting functions and
disclosure obligations.  In her new role, Ms. Danner will report to Peter
S. Hathaway, Allied Waste's Executive Vice President and Chief Financial
Officer.  Her appointment was effective Sept. 4, 2007.  John S. Quinn, who
held this position on an interim basis since October 2006, will continue
to serve Allied Waste in his primary role as Senior Vice President,
Finance.

"Denise Danner is a respected accounting professional, with proven
capabilities overseeing a Fortune 500 company's accounting and reporting
functions," said Mr. Hathaway.  "We look forward to benefiting from her
experience and expertise as a key member of the Allied Waste team, while
we continue to achieve the highest standards in financial reporting.  I
would like to recognize John Quinn for his contribution in managing this
function, along with his other duties, throughout the search process."

Ms. Danner joins Allied Waste from Phelps Dodge Corporation, where she
served as Vice President, Controller and Chief Accounting Officer from
2004 to 2007, and Assistant Controller from 2001 to 2004.  At Phelps
Dodge, Ms. Danner had direct authority over and responsibility for, among
other things, the company's filings with the Securities and Exchange
Commission, earnings reports, pension and post-retirement annual financial
statements and Sarbanes-Oxley certification and financial reporting
internal controls processes.  Before Phelps Dodge, Ms. Danner was
Controller of Wildblue Communications, Inc., and prior to that served in a
series of positions with increasing responsibility, including Director of
Financial Reporting, Assistant Controller and Insurance Risk Manager.
From 1979 to 1989, she was an accountant at Price Waterhouse.

Ms. Danner is a Certified Public Accountant.  She received a Bachelor of
Business Administration from the University of Texas at Austin.

Headquartered in Scottsdale, Arizona, Allied Waste Industries Inc. --
http://www.alliedwaste.com/and http://www.disposal.com/-- (NYSE: AW)
provides waste collection, transfer, recycling, and disposal services for
residential, commercial, and industrial customers in over 100 major
markets spanning 37 states and Puerto Rico.  The company has 24,000
employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on May 14,
2007, Fitch Ratings has upgraded the following ratings on Allied Waste
Industries Inc. (NYSE: AW) and its Allied Waste North America and
Browning-Ferris Industries subsidiaries, as:

Allied Waste Industries Inc.

   -- Issuer Default Rating to 'B+' from 'B'.

Allied Waste North America

   -- IDR to 'B+' from 'B';
   -- Secured credit facility rating to 'BB+/RR1' from 'BB/RR1';
   -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

Browning-Ferris Industries

   -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.


ISLE OF CAPRI: Brean Murray Holds Buy Rating on Firm’s Shares
-------------------------------------------------------------
Brean Murray analyst Ryan L. Worst has kept his "buy" rating on Isle of
Capri Casinos Inc’s shares, Newratings.com reports.

Mr. Worst said in a research note that due to a possible deficit at
Pompano, the Isle of Capri would report first quarter 2008 EBITDA “in-line
with or marginally short of the estimates.”

Mr. Worst told Newratings.com that the Isle of Capri's share price
indicates initial weakness at Pompano.  The valuation of its stock offers
is an attractive investment opportunity due to the recent improvement in
revenues at the unit.

The Isle of Capri would generate strong growth through the redevelopment
of Biloxi in fiscal year 2009, Newratings.com states, citing Brean Murray.

Based in Biloxi, Missippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida. The company also operates and has a 57 percent
ownership interest in two casinos in Black Hawk, Colorado.  Isle
of Capri Casinos' international gaming interests include a
casino that it operates in Freeport, Grand Bahama, a casino in
Coventry, England, and a two-thirds ownership interest in
casinos in Dudley and Wolverhampton, England.

There are four Isle of Capri Casinos brands including "the
isle," Isle of Capri, Colorado Central Station and Rhythm City,
providing over 16,000 slot machines, 550 table games and 3000
hotel rooms for our guests' enjoyment.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Isle of Capri Casinos Inc. to negative from stable.  Ratings on
the company, including the 'BB-' corporate credit rating, were
affirmed.




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


* URUGUAY: Obtains US$11.6-Million Loan from IDB
------------------------------------------------
The Inter-American Development Bank has approved a US$11.6 million loan to
Uruguay for a program to improve its National Customs Bureau.

The project will support the country’s efforts to modernize its customs
bureau to enhance its efficiency and quality as a compliance agency and
facilitator of international trade.  It is expected to:

   -- reduce the time and cost of customs processing;
   -- shorten inspection times;
   -- collect customs revenue more efficiently; and
   -- provide complete, updated, and reliable information to
      guide government customs and revenue collection decisions
      while facilitating decision-making on trade matters by
      private agents.

Both commercial interests and consumers will benefit from the project as
the result of lower cost of customs transactions, the establishment of
updated, flexible rules to facilitate trade, greater automation of both
customs procedures and offices, and the introduction of a risk management
system.

“Customs personnel will also benefit from a clear organizational structure
with new job descriptions that effectively reflect their activities and
responsibilities, which, in turn, will be better suited to their skills,”
according to IDB project team leader Gerardo Reyes-Tagle.

The program will be carried out by the Ministry of Economic Affairs and
Finance, acting through the National Customs Bureau (DNA), which is the
agency responsible for verification and oversight of the various customs
transactions and compliance monitoring for the entry, exit, transit, and
storage of goods.  The local counterpart contribution, provided by the
government, will be US$11.3 million.

The National Customs Bureau began a modernization process in the second
half of the 1990s with Bank support to adapt its structure and of
procedures and technology to the facilitation requirements advocated by
the WTO.

The loan has a 25-year term, a grace period of four years and variable
interest rate.  The local counterpart funds total US$11.3 million.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Fitch Ratings upgraded Uruguay's foreign currency
sovereign Issuer Default Rating to 'BB-' from 'B+', the local
currency IDR to 'BB' from 'BB-', and its country ceiling to
'BB+' from 'BB'.  The Rating Outlook was Stable.  Fitch affirmed the
short-term Issuer Default Rating at 'B'.




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


AES CORP: Saves Almost US$50 Million in Latin America
-----------------------------------------------------
The AES Corp.’s Chief Operations Officer Andres Gluski said during the
Lehman Brothers energy conference in New York that the firm has saved
almost US$50 million in Latin America by decreasing non-technical power
losses incurred during distribution, Business News Americas reports.

BNamericas explains that non-technical losses refer to the amount of
energy lost during distribution due to fraud or billing problems.

AES’ total energy loss -- including technical loss -- dropped to 11% in
2007, compared to 13.5% in 2004, BNamericas says, citing Mr. Gluski.

Mr. Gluski told BNamericas, "Any reduction in non-technical losses is
something that drops directly to your bottom line.  Over the last couple
of years, we've dropped energy losses about two percent, which represents
about US$50 million."

According to BNamericas, AES was able to reduce non-technical losses by
forming working groups across company operations worldwide to exchange
ideas.

"The use of what we call revenue management has been quite successful.
We're also working to keep track of billing better to improve these
non-technical losses," Mr. Gluski commented to BNamericas.

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'.


PETROLEOS DE VENEZUELA: Nabors Chief Admits Misgivings with Firm
----------------------------------------------------------------
Oil and gas drilling contractor Nabors Industries Ltd. Chief Executive
Officer Eugene Isenberg admitted to Reuters that he is uncomfortable
working with Venezuelan state-owned oil firm Petroleos de Venezuela SA due
to potential political risks.

Reuters relates that Mr. Isenberg admitted to investors at the Lehman
Brothers Energy/Power Conference, "Frankly in Venezuela we're still not
comfortable working with PDVSA [Petroleos de Venezuela] in a big way."

Mr. Isenberg told Reuters that he wasn’t excited for work in Nigeria,
where both political and physical risk exist, Reuters states.

                   About Nabors Industries

Nabors Industries Ltd. is a land drilling contractor with approximately
615 land drilling rigs.  The company conducts oil, gas and geothermal land
drilling operations in the United States Lower 48 states, Alaska, Canada,
South and Central America, the Middle East, the Far East and Africa.  It
is also one of the land well servicing and workover contractors in the
United States and Canada.  The company owns approximately 610 land
workover and well-servicing rigs in the United States, primarily in the
southwestern and western United States, and approximately 190 land
workover and well-servicing rigs in Canada.  Nabors is a provider of
offshore platform workover and drilling rigs, and owns 48 platform, 19
jack-up units and five barge rigs in the United States and multiple
international markets.

                 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.


SUN MICROSYSTEMS: To Hold Annual Stockholders' Meeting on Nov. 8
----------------------------------------------------------------
Sun Microsystems Inc. will be holding an annual stockholders' meeting on
Nov. 8, 2007, 10:00 a.m. Pacific Standard Time, at Santa Clara Campus,
4030 George Sellon Circle, in Santa Clara, California.

Among the matters to be voted upon by the stockholders in that
meeting is a one-for-four reverse split of the company's common
stock, which has been approved by the company's Board of Directors.

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer systems, data
management, support services and client solutions and educational
services.  It sells networking solutions, including products and services,
in most major markets worldwide through a combination of direct and
indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Chile, Colombia, Brazil, Argentina, Mexico and Venezuela
in Latin America.

                        *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of default and
long-term corporate family ratings with a stable outlook.  The ratings
were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


                         ***********


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, and
Christian Toledo, Editors.

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

This material is copyrighted and any commercial use, resale or publication
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