TCRLA_Public/070913.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

          Thursday, September 13, 2007, Vol. 8, Issue 182

                          Headlines

A R G E N T I N A

AGROGANADERA PILMAYQUEN: Seeks for Bankruptcy Okay from Court
AGROSERVICIOS LOS CERRILLOS: Claims Verification Ends Tomorrow
ALITALIA SPA: Board Approves 2008-2010 Business Plan
ALITALIA SPA: Might Face Damages Suit Over Malpensa Downscaling
ANTONIO BARRILARO: Proofs of Claim Verification Ends on Nov. 2

ANTU APLICACIONES: Proofs of Claim Verification Ends Tomorrow
BALLY TECHNOLOGIES: Signs Contract with Fantasy Springs Casino
CARLOS ROMERA: Proofs of Claim Verification Deadline Is Oct. 15
FAYLUP SA: Proofs of Claim Verification Deadline Is Nov. 14
JORGE SEQUENZA: Proofs of Claim Verification Is Until Today

PINNACLE ENTERTAINMENT: Promotes Kim Townsend to CEO-New Jersey
POTRERILLO SRL: Proofs of Claim Verification Is Until Nov. 8
TOURS & TRAVEL: Proofs of Claim Verification Deadline Is Nov. 1
ZANZOTTERA Y BLANCO: Claims Verification Ends Tomorrow

* ARGENTINA: Antitrust Agency Working with Brazilian Counterpart
* ARGENTINA: Enarsa To Accept Bids for Plants Until Sept. 28


B A H A M A S

ISLE OF CAPRI: Names Marketing & Human Resources Senior VPs


B A R B A D O S

INTERPOOL: Acquisition Completion Cues Fitch to Withdraw Ratings


B E R M U D A

NORTH AMERICAN: Sets Final General Meeting Tomorrow


B R A Z I L

BRASIL TELECOM: Gameloft To Provide Firm with Games
DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2
FIAT SPA: Magneti Signs Joint Venture with Chery Automobile
FORD MOTOR: Fiat Denies Joint Bid Plans for Two Brands
IWT TESORO: KMA Capital Co-Sponsors Plan of Reorganization

METSO CORP: To Maintain ADR Facility Following Share Delisting
MRS LOGISTICA: Wants To Relocate Squatters To Boost Operations
PETROLEOS DE VENEZUELA: Clashes with Brazil on Mariscal Sucre
TRAVELPORT LTD: Appoints Management Team for GDS Business
UTSTARCOM INC: Inks Multi-Year Contract with Power Bell

VALMONT INDUSTRIES: Declares US$10.5 Cents Per Share Dividend

* BRAZIL: Antitrust Agency Working with Brazilian Counterpart
* BRAZIL: State Firm Investing US$2.8 Billion in Argentina
* BRAZIL: State Firm To Ink Asset Swap Deal with Statoil


C A Y M A N   I S L A N D S

ALPHAGEN ABSOLUS: Sets Final Shareholders Meeting for Sept. 17
AMB BLACKPINE: Will Hold Final Shareholders Meeting on Sept. 17
ASSET COLLATERALISATION: Final Shareholders Meeting Is on Oct. 4
BEAR STEARNS: Foreign Reps Appeal Order Denying Ch. 15 Petition
BLUE SPICE II: Sets Final Shareholders Meeting for Oct. 5

BLUE SPICE III: Holding Final Shareholders Meeting on Oct. 5
BLUE TOPAZ: Sets Final Shareholders Meeting for Oct. 5
FREESPIRIT CAPITAL: Proofs of Claim Must be Filed by Oct. 8
INCREMENTAL LEVERAGED: Final Shareholders Meeting Is on Oct. 5
MACQUARIE AUSTRALIA: Sets Final Shareholders Meeting for Oct. 5

RHICON 4XIM: Will Hold Final Shareholders Meeting on Sept. 17
SAPPHIRE FIRST: Will Hold Final Shareholders Meeting on Oct. 5
SEAGATE TECH: Joins Avigilon to Carry Hi-Definition Surveillance
SINGULAR FUND: Proofs of Claim Filing Ends Today
SNOWBALL MULTI: Proofs of Claim Must be Filed by Oct. 5

TRILLION BRIGHT: Sets Final Shareholders Meeting for Oct. 5
WESTROCK LTD: Will Hold Final Shareholders Meeting on Sept. 17


C H I L E

BOSTON SCIENTIFIC: Says FDA Warning May Not Be Lifted This Year


C O L O M B I A

POLYONE CORP: Names Tom Kedrowski as Sr. VP of Operations


C O S T A   R I C A

ALCATEL-LUCENT: To Expand Mobinil's Wireless Network in Egypt


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Political Party Belittles Hector Albizu


E C U A D O R

* ECUADOR: Demands America Movil's Payment of Overdue Taxes


H O N D U R A S

CHOICE HOTELS: Board Okays Increase of Cash Dividend by 13%


J A M A I C A

DYOLL GROUP: Sets Extraordinary General Meeting for Sept. 28
GOODYEAR TIRE: Hires Mark Purtilar as Chief Procurement Officer
NATIONAL WATER: Ends Well Drilling at Friendship & Twickenham


M E X I C O

ALERIS INTERNATIONAL: Completes Purchase of Wabash Alloys
ALL AMERICAN: Committee Can Hire LECG as Electronic Consultant
ALL AMERICAN: Committee Retains Keen Realty as Consultant
ALL AMERICAN: Rock River Must Decide on Purchase Pact by Nov. 21
BLOCKBUSTER INC: Names Two New Senior Level Executives

BLOCKBUSTER INC: Nick Shepherd to Step Down as CEO
CARDTRONICS INC: Files Registration Statement with SEC for IPO
EMPRESAS ICA: Gets US$309MM Payment from Mexican State Firm
TV AZTECA: Mexican Electoral Bill May Hurt Firm


P A N A M A

COPA HOLDINGS: Reports 15.8% Traffic Growth for August 2007


P U E R T O   R I C O

AVIS BUDGET: Expands in Florida, Colorado & Puerto Rico
HUMANA INC: KMG Deal Does not Affect A.M. Best's Ratings
SEARS HOLDINGS: Names J. Miles Reidy as Chief Financial Officer


V E N E Z U E L A

CITGO PETROLEUM: May Not Sell Motor Fuel Plants
CHRYSLER LLC: Appoints Jan A. Bertsch to Lead ITM Organization
CHRYSLER LLC: Five Star Dealers' Sales Up 5% to 10,204 Vehicles
CHRYSLER LLC: Appoints James Press from Toyota as President
PETROLEOS DE VENEZUELA: Investing US$10B in Project with China

PETROLEOS DE VENEZUELA: Says Crude Inventories Above Average

* VENEZUELA: Hugo Chavez Wants To Intensify Ties with China


                          - - - - -


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


AGROGANADERA PILMAYQUEN: Seeks for Bankruptcy Okay from Court
-------------------------------------------------------------
The National Commercial Court of First Instance in Buenos Aires
is studying the merits of Agroganadera Pilmayquen S.A.'s request
to enter bankruptcy protection.

Agroganadera Pilmayquen filed a "Quiebra Decretada" petition
following cessation of debt payments.

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

The debtor can be reached at:

         Agroganadera Pilmayquen S.A.
         Billinghurst 1340
         Buenos Aires, Argentina


AGROSERVICIOS LOS CERRILLOS: Claims Verification Ends Tomorrow
--------------------------------------------------------------
Juan Carlos Bonfigli, the court-appointed trustee for
Agroservicios Los Cerrillos S.A.'s reorganization proceeding,
verifies creditors' proofs of claim until Sept. 14, 2007.

Mr. Bonfigli will present the validated claims in court as
individual reports on Oct. 30, 2007.  The National Commercial
Court of First Instance in Casilda, 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 Agroservicios Los Cerrillos 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 Agroservicios Los
Cerrillos' accounting and banking records will be submitted in
court on Dec. 14, 2007.

The informative assembly will be held on June 27, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Agroservicios Los Cerrillos S.A.
         1 de Mayo 1299, Arequito
         Santa Fe, Argentina

The trustee can be reached at:

         Juan Carlos Bonfigli
         Buenos Aires 2048, Casilda
         Santa Fe, Argentina


ALITALIA SPA: Board Approves 2008-2010 Business Plan
----------------------------------------------------
The Board of Directors of Alitalia S.p.A. has approved the
2008-2010 Business Plan.

The guidelines for the 2008-2010 Business Plan were approved
by the Board on Aug. 30, 2007, and indicated a "Plan for
survival/transition," aimed at achieving conditions of
sustainability and continuity for Company activities in the
short/medium term, waiting for the definitive decision regarding
the future ownership of the Company and the consequent business
organization.

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

In this context the Plan, whose implementation, with the
exception of some preliminary and preparatory actions, will
start from IATA Summer Season 2008 (March 30, 2008), shows a
significant improvement in consolidated operating margins
(including Volare company) with an EBITDAR (Earnings Before
Interest, Taxes, Depreciation, Amortization and Rentals)
expected to rise from 2.6% of revenues in 2006 to about 11% in
2010.

With a forecast overall reduction in unit revenues (about 2.7%
between 2007 and 2010), due to the repositioning of the long
haul activities and the development of low-cost activities, the
unit operating costs reduce significantly (by 8% between 2007
and 2010) thanks to improved fleet productivity, rationalization
of activities and reduction of unit purchase prices for
services.

The improved business organization efficiency leads to a
positive operating margin by the end of the Plan.

However, in the absence of a capital increase, the above trend
would not make it possible to avoid further gradual erosion of
equity and cash-to-hand during the Plan period, due to the
effects of financial charges, taxes and extraordinary items.

The net financial debt to equity ratio would rise, without a
capital increase, from about 1.1, as of December 2006, to nearly
6.0 at the end of 2010.  It is important to point out that the
cash-to-hand would remain at an adequate level during the first
part of the Plan.

However, while still remaining always positive during the Plan
period, it would reach in 2010 a level not considered adequate
for operational requirements.

Considering these forecasts, the Board of Directors, confirming
again the concept of a "Plan for survival/transition," while
waiting for the definitive decision regarding the ownership of
the Company, also examined the short/medium-term cash flow
evolution and reconfirmed the need for a substantial injection
of financial resources by an increase of the capital of the
Company.

The quantitative and financial aspects of the Plan do not take
into account the planned increase of capital.

Therefore, it would be possible to use these new financial
resources to improve and consolidate not only the equity
structure but also the Plan's objectives, as a first significant
step towards reducing debt and recovering growth prospects.

The Board will evaluate in future when and how to increase the
capital of the Company and the amount of it -- in connection
with the expected change in the Company's ownership -- by
monitoring and appraising the business performance during the
coming months, also taking into account the outcome of the first
actions resulting from the implementation of the new Plan and
the effects of any critical situations which might arise in its
implementation.

The combined effect of the actions set out in the Business Plan
will make it possible to optimize the Group's overall
performance, as can be seen from some of the main operational
parameters:

   -- the overall number of passengers carried by the Group will
      rise from about 25.5 million estimated for 2007 to about
      28.7 million in 2010, with an average annual growth rate
      of 3.8%;

   -- the overall capacity provided by the Group (in terms of
      seats offered) will grow by an average annual rate of
      1.6%;

   -- the number of short/medium haul flight hours will remain
      practically the same during the Plan period (-0.3% average
      annually between 2007 and 2010), while the number of long
      haul flight hours will rise by an average annual rate of
      5% during the same period (this growth will be
      concentrated in the Plan's final phase, in connection
      with the delivery of new aircraft);

   -- consequently the load factor will increase from an
      estimated 64%, for the whole of 2007, to around 68.4% in
      2010;

   -- cargo activities (in terms of available tonne kilometres)
      will rise by an average annual rate of 4.5%, and the
      volume of goods flown by 2.4%;

   -- the Plan takes into account, at the Group level, a
      reduction of the short/medium haul fleet and an increase
      (at the end of the Plan period) of the long-haul fleet;

   -- it is expected that rationalizing and simplifying the
      network and developing low-cost activities will enable an
      increase of the productivity of short/medium haul aircraft
      by about 14% (in terms of average daily utilization).

The effects on employment levels due to the implementation of
the Plan will be defined in close collaboration with the trade
union organizations and professional associations, also with
reference to the positioning of the Group's carriers, the rules
of employment for their personnel and the possible direct
coverage of routes which are currently operated by third-party
providers in cooperation with Alitalia.

At the same time, together with the trade union organizations
and professional associations, steps will be taken to identify
ways and timing for gaining access to all social support tools
which might eventually become necessary, bearing in mind the
commitment already shown by Government Authorities to move in
this direction.

Referring to the Chairman's mandate to move ahead with
identifying potential investors interested to take over the
control of the Company, Alitalia informs that it has started,
with the support of the financial advisor Citi, first contacts
with potential interested subjects, which, as communicated, are
expected to be completed in the shortest possible time.

                       About Alitalia

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

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


ALITALIA SPA: Might Face Damages Suit Over Malpensa Downscaling
---------------------------------------------------------------
SEA S.p.A. could file a damage suit against Alitalia S.p.A. over
the carrier's plan to reduce activities at the Malpensa airport,
which the latter operates, Thomson Financial News relates citing
SEA chairman Giuseppe Bonomi.

"We are examining if there are contract breaches by Alitalia,"
Mr. Bonomi was quoted by Corriere della Sera as saying.  "There
is the possibility of a legal action for damages."

As previously reported, Alitalia said it would "reposition the
activities of Milan Malpensa airport by focusing on specific
business segments."

The carrier said it may reconsider this option "if and when the
access regulations for Milan Linate airport were to be modified
concentrating the major part of air traffic from/to Lombardy on
Milan Malpensa, and if and when airport costs were reduced."

According to Thomson Financial, Mr. Bonomi criticized Alitalia's
strategy, saying it would bar a large part of the country from
having access to intercontinental flights.  Mr. Bonomi noted
that SEA has planned to invest at Malpensa, specifically to
support Alitalia's hub activities and their expansion.

Mr. Bonomi, however, said Alitalia's plans will not affect the
passenger numbers at Malpensa since other airlines have
expressed "enormous interest" in using the space freed up by
Alitalia.

                       About Alitalia

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

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


ANTONIO BARRILARO: Proofs of Claim Verification Ends on Nov. 2
--------------------------------------------------------------
Martin Stolkiner, the court-appointed trustee for Antonio
Barrilaro S.C.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 2, 2007.

Mr. Stolkiner will present the validated claims in court as
individual reports on Dec. 14, 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 Antonio Barrilaro 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 Antonio Barrilaro's
accounting and banking records will be submitted in court on
March 19, 2008.

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

The debtor can be reached at:

         Antonio Barrilaro S.C.A.
         Melgar 38
         Buenos Aires, Argentina

The trustee can be reached at:

         Martin Stolkiner
         Avenida Cordoba 1367
         Buenos Aires, Argentina


ANTU APLICACIONES: Proofs of Claim Verification Ends Tomorrow
-------------------------------------------------------------
Hugo Oscar D. Ubaldo, the court-appointed trustee for Antu
Aplicaciones Industriales Integradas S.A.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
Sept. 14, 2007.

Mr. Ubaldo will present the validated claims in court as
individual reports on Oct. 26, 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 Antu Aplicaciones 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 Antu Aplicaciones'
accounting and banking records will be submitted in court on
Dec. 7, 2007.

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

The trustee can be reached at:

         Hugo Oscar D. Ubaldo
         Tucuman 1577
         Buenos Aires, Argentina


BALLY TECHNOLOGIES: Signs Contract with Fantasy Springs Casino
--------------------------------------------------------------
Bally Technologies Inc. has signed a comprehensive contract with
Fantasy Springs Resort Casino in Indio, California, near Palm
Springs to provide bonusing technology, a table games management
solution and 2,000 iVIEW slot machine displays.
    
The iVIEW displays in all of the casino's slot machines will
allow Fantasy Springs to offer its players Bally Power
Winners(TM), a configurable random progressive jackpot
technology that rewards players using their player's club cards.  
The iVIEW displays will also allow Fantasy Springs to become the
first casino in the world to launch powercash, a patented
technology that will change the way players access their funds
on the casino floor.
    
The first product from a joint venture with Cash Systems, Inc.
(Nasdaq: CKNN) and Scotch Twist, powercash will work with
Fantasy Springs' Bally Power Bank(TM) technology to enable
casino patrons to enroll in the casino player's club program and
then be able to access funds from their desired credit, debit or
checking accounts while sitting at the gaming device.  Players
will be able to request funds from the designated financial
account, transfer those funds into their player's club account
and then transfer down to the gaming device the amount of money
that they want to use.
    
Additionally, Fantasy Springs has future plans to give its
guests the ability to use their player's club card to make
purchases in the retail shops, restaurants, spa, hotel, golf
course and any of the entertainment facilities.
    
Fantasy Springs' contract with Bally also includes the
TableView(TM) technology from Bally Table Management Systems
(TMS(TM)), allowing the casino to utilize automated pit tracking
at its 40 table games.
    
"When all of this advanced technology is rolled out in the fall
timeframe, Fantasy Springs will have one of the most
technologically advanced casino floors in the country," said
Paul Ryan, General Manager of Fantasy Springs.  "This means our
players will have a new level of bonusing excitement available
to them and a new way to manage their funds when they visit.  
This agreement with Bally is yet another indication of our
commitment to upgrade our resort for the benefit of our
players."
   
"Adding powercash to the growing list of functionality on our
iVIEW displays is an important step forward for our Systems
division and our commitment to offer networked floor solutions
today," said Tom Doyle, Vice President of Product Management for
Bally Systems.  "The progressive management team at Fantasy
Springs recognizes the player benefits of Power Winners and the
operational efficiencies products like TableView and powercash
bring to the property."
    
Recognized as the industry systems leader with more than 363,000
machines at casino, bingo, Class II, central determination and
lottery locations worldwide - including more than 195 locations
currently running Bally eTICKET(TM) on more than 233,000 slot
machines - the Bally Technologies systems product line offers
slot machine cash monitoring, table management, cashless,
accounting, security, maintenance, marketing, promotional and
bonusing capabilities, enabling operators to accurately analyze
performance and accountability while providing an enhanced level
of customer service.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,  
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implication on its ratings for Bally Technologies
Inc. to developing from negative.  The corporate credit rating
on the company is 'B-'.  The ratings were initially placed on
CreditWatch on Sept. 9, 2005, and several rating actions have
occurred since the original CreditWatch listing.


CARLOS ROMERA: Proofs of Claim Verification Deadline Is Oct. 15
---------------------------------------------------------------
Roberto Omar Casian, the court-appointed trustee for Carlos
Romera e Hijos S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 15, 2007.

Mr. Casian will present the validated claims in court as
individual reports on Nov. 26, 2007.  The National Commercial
Court of First Instance in Mendoza will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Carlos Romera 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 Carlos Romera's
accounting and banking records will be submitted in court on
April 21, 2008.

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

The debtor can be reached at:

         Antonio Barrilaro S.C.A.
         Melgar 38
         Buenos Aires, Argentina

The trustee can be reached at:

         Roberto Omar Casian
         Espana 512, Ciudad de Mendoza
         Mendoza, Argentina


FAYLUP SA: Proofs of Claim Verification Deadline Is Nov. 14
-----------------------------------------------------------
Ricardo Lisio, the court-appointed trustee for Faylup SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 14, 2007.

Mr. Lisio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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 Faylup 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 Faylup's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Faylup SA
         Avenida Francisco Beiro 4477
         Buenos Aires, Argentina

The trustee can be reached at:

         Ricardo Lisio
         Viamonte 1592
         Buenos Aires, Argentina


JORGE SEQUENZA: Proofs of Claim Verification Is Until Today
-----------------------------------------------------------
Hector Julio Spagnuolo, the court-appointed trustee for Jorge
Sequenza S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 13, 2007.

Mr. Spagnuolo will present the validated claims in court as
individual reports on Oct. 31, 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 Jorge Sequenza 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 Jorge Sequenza's
accounting and banking records will be submitted in court on
Dec. 13, 2007.

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

The debtor can be reached at:

          Jorge Sequenza S.A.
          Rosario 254, Capital Federal y Guatambu y Juan XXXIII
          Parque Industrial Almirante Brown, Burzaco
          Buenos Aires, Argentina

The trustee can be reached at:

          Hector Julio Spagnuolo
          Tucuman 1452
          Buenos Aires, Argentina


PINNACLE ENTERTAINMENT: Promotes Kim Townsend to CEO-New Jersey
---------------------------------------------------------------
Pinnacle Entertainment, Inc., has promoted Kim Townsend to the
newly created position of Chief Executive Officer of the
company's development in Atlantic City, New Jersey.  Ms.
Townsend previously served as executive vice president of
Pinnacle-Atlantic City, where she has been integrally involved
with all aspects of demolition, design and development related
to Pinnacle's plans for a major destination resort along The
Boardwalk.
    
Pinnacle is in the design phase of a gaming entertainment
complex to be located on the site of the former Sands Hotel and
Casino.  Extensive salvage work is completed, with demolition of
the existing buildings and a tower implosion planned for fall of
2007, pending receipt of local and regulatory approvals
    
Prior to relocating to Atlantic City in early 2007, Ms. Townsend
served as Pinnacle's Senior Vice President of Marketing in Las
Vegas, overseeing all aspects of the company's marketing,
branding and promotions.  After joining Pinnacle in 2002, Ms.
Townsend was integrally involved in the planning, development
and opening of the company's L'Auberge du Lac resort in Lake
Charles, Louisiana, as well as the planning for Pinnacle's two
casinos now under construction in St. Louis, Missouri.
    
Ms. Townsend, a native of Ocean City, N.J., began her career in
1979 at the Golden Nugget Atlantic City and later held a variety
of marketing positions with the Trump properties in Atlantic
City. She subsequently returned to Mirage Resorts (formerly
Golden Nugget Inc.) in Las Vegas and held corporate positions in
marketing and development.  In those roles, she was involved
with the openings of The Mirage, Treasure Island and Beau Rivage
casino resorts.  In 1997, Ms. Townsend became Vice President-
Marketing of Las Vegas Sands, where she was involved in the
planning, development and opening of The Venetian Resort Hotel
Casino, one of the largest and most successful casino resorts in
Las Vegas.
    
"We're pleased to appoint Kim to her new position in our
Atlantic City development, which will play a major role in
Pinnacle's growth," said Daniel R. Lee, Pinnacle Entertainment's
Chairman and Chief Executive Officer.  "Kim has brought a wealth
of skills to the planning and design of our project on The
Boardwalk.  Her understanding of the regional market will help
Pinnacle bring a new level of gaming entertainment to Atlantic
City."
    
Ms. Townsend said, "As a native of Ocean City, I'm proud to be
associated with Pinnacle's Atlantic City operations.  Our
project can help bring long-term entertainment and economic
benefits to one of the industry's most important markets."

Headquartered in Las Vegas, Nevada, Pinnacle Entertainment Inc.
(NYSE: PNK) -- http://www.pnkinc.com/-- owns and operates  
casinos in Nevada, Louisiana, Indiana and Argentina, owns a
hotel in Missouri, receives lease income from two card club
casinos in The Los Angeles metropolitan area, has been licensed
to operate a small casino in the Bahamas, and owns a casino site
and has significant insurance claims related to a hurricane-
damaged casino previously operated in Biloxi, Mississippi.  
Pinnacle opened a major casino resort in Lake Charles, Louisiana
in May 2005 and a new replacement casino in Neuquen, Argentina
in July 2005.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Pinnacle Entertainment Inc.'s proposed US$350 million senior
subordinated notes due 2015.

On June 1, 2007, the Troubled Company Reporter related that
Fitch Ratings assigned a rating of 'B-/(Recovery Rating) RR5' to
the company's US$350 million senior subordinated notes due 2015.
The company's credit ratings were: (i) Issuer Default Rating of
'B'; (ii) Bank facility at 'BB/RR1'; (iii) Senior Subordinated
notes at 'B-/RR5'.  Fitch said the rating outlook is stable.


POTRERILLO SRL: Proofs of Claim Verification Is Until Nov. 8
------------------------------------------------------------
Eduardo Daniel Gruden, the court-appointed trustee for
Potrerillo S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 8, 2007.

Mr. Gruden will present the validated claims in court as
individual reports on Dec. 20, 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 Potrerillo 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 Potrerillo's
accounting and banking records will be submitted in court on
March 5, 2008.

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

The trustee can be reached at:

         Eduardo Daniel Gruden
         Pte. Roque Saenz Pena 1219
         Buenos Aires, Argentina


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

Mr. Audicio will present the validated claims in court as
individual reports on Dec. 14, 2007.  The National Commercial
Court of First Instance in Mendoza will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Tours & Travel and its creditors.

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

A general report that contains an audit of Tours & Travel's
accounting and banking records will be submitted in court on
March 3, 2008.

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

The trustee can be reached at:

         Alfredo O. Audicio
         Ciudad de la Paz 1564
         Buenos Aires, Argentina


ZANZOTTERA Y BLANCO: Claims Verification Ends Tomorrow
------------------------------------------------------
Humberto Carlos Villarraza, the court-appointed trustee for
Zanzottera y Blanco S.H.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Sept. 14, 2007.

Mr. Villarraza will present the validated claims in court as
individual reports on Oct. 29, 2007.  The National Commercial
Court of First Instance in San Nicolas, 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 Zanzottera y Blanco 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 Zanzottera y Blanco's
accounting and banking records will be submitted in court on
Dec. 10, 2007.

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

The debtor can be reached at:

        Zanzottera y Blanco S.H.
        J. Kennedy 150, Arrecifes
        Buenos Aires, Argentina

The trustee can be reached at:

        Humberto Carlos Villarraza
        Garibaldi 78, San Nicolas
        Buenos Aires, Argentina


* ARGENTINA: Antitrust Agency Working with Brazilian Counterpart
----------------------------------------------------------------
The Argentine antitrust agency Comision Nacional De Defensa De
La Competencia has started working with Brazilian counterpart
Cade in analyzing the effect of Spanish firm Telefonica's
acquisition of control of Telecom Italia on the
telecommunications markets, Argentine state news service Telam
reports.

Telam notes that the collaboration on analyzing the Telefonica
buy was agreed under the framework of an accord between
countries from the Mercosur trading bloc.

Business News Americas relates that Comision Nacional launched
preliminary probes into whether the acquisition would grant
Telefonica influence on Telecom Argentina's decision making.  
Telecom Italia is the controller of Telecom Argentina.

Meanwhile, Brazilian telecoms regulator Anatel has to ratify the
Telefonica-Telecom Italia deal.  Telefonica has joint control of
mobile phone company Vivo, while Telecom Italia controls TIM
Brasil, BNamericas states.

                        *     *     *

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


* ARGENTINA: Enarsa To Accept Bids for Plants Until Sept. 28
------------------------------------------------------------
Argentina's state-owned energy firm Enarsa said in a statement
that it will accept bids for the construction and operation of
five thermoelectric plants until Sept. 28, 2007.

Business News Americas relates that the opening of the bids was
initially set for Sept. 11, 2007.

According to BNamericas, the Argentine-planning ministry wants
to buy seven natural gas turbines to be grouped into five thermo
plants.  The tender was disclosed in July 2007.

BNamericas notes that the turbines include:

          -- one 110/145-megawatt turbine for Necochea,
             Buenos Aires;

          -- two 240/280-megawatt turbines for a plant in
             Campana, Buenos Aires;

          -- two 240/280-megawatt turbines for a plant in
             Ensenada, Buenos Aires;

          -- one 110/145-megawatt turbine for Cordoba, Cordoba;
             and

          -- one 240/280-megawatt plant for Sauce Viejo
             industrial park, 20 kilometers from the Santa Fe
             provincial capital.

Published reports say that these four firms have expressed
interest in the project:

          -- Geosystems,
          -- German multinational Siemens,
          -- Italy's Ansaldo, and
          -- Brazil's Sadefem.

BNamericas states that the total project will cost ARS3.25
billion.  The government wants to have all seven turbines
operating by the end of next year.

Bidding rules are available at Enarsa's Buenos Aires office for
ARS15,000, BNamericas states.

                        *     *     *

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 H A M A S
=============


ISLE OF CAPRI: Names Marketing & Human Resources Senior VPs
-----------------------------------------------------------
Isle of Capri Casinos, Inc., has named Douglas Burkhalter as
senior vice president of marketing and R. Ronald Burgess as
senior vice president of human resources.  Both appointments are
subject to regulatory approval.

Mr. Burkhalter brings more than 15 years of experience in
marketing, including brand development, customer segmentation,
loyalty programs, database marketing, advertising, media buying
and analysis.  Having served at the corporate and property
levels of major gaming companies, his critical strengths include
implementing strategic marketing initiatives, multi-property
management, building team-oriented business processes and brand
management.

Most recently, Mr. Burkhalter served as vice president of
marketing strategy for Trump Entertainment Resorts, where he was
responsible for the launch of the company's unified card
program.  He also held the position of corporate director of
marketing for Argosy Gaming Company, where he was responsible
for the campaign to rebrand the company, as well as director of
marketing for the Alton Belle Casino.  Mr. Burkhalter holds a
degree in marketing from Webster University in St. Louis.

Mr. Burgess brings over 20 years of human resources experience
at leading gaming companies to his new role, having
responsibility for human resources during the turnaround of
Argosy Gaming Company, and serving as the corporate director of
human resources at Harrah's during their period of major growth.  
In these roles, Mr. Burgess was instrumental in the development
and implementation of innovative service and courtesy programs,
performance management systems, and executive development
programs, as well as improving employee retention rates.  Most
recently he served as a consultant on the launch of gaming in
Macau, creating a foundation for human resources programs and a
service culture for Galaxy Entertainment.  Prior to joining
Harrah's in 1986, he was responsible for human resources at a
major operating unit of RCA, ultimately managing the merger into
GE; as well as serving as the director of human resources for
the Peabody Hotel.  Mr. Burgess holds graduate degrees in
education from the University of Memphis.

"I am pleased to welcome both Ron and Doug to the Isle of Capri
Casinos team. We have added two strong gaming experts with very
valuable skill sets to a solid leadership team that is focused
on taking deliberate, measured steps toward strategic growth and
improved financial performance," Virginia McDowell, president
and chief operating officer, said.

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.




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


INTERPOOL: Acquisition Completion Cues Fitch to Withdraw Ratings
----------------------------------------------------------------
Fitch Ratings has withdrawn Interpool Inc.'s 'BB+' Issuer
Default Rating and all related ratings following the completion
of the company's acquisition by affiliates of Fortress
Investment Group LLC on July 19, 2007.  As part of the
acquisition, all outstanding debt has been repaid.  The company
was on Rating Watch Negative; however, since there are limited
details and financial information available regarding Fortress'
post-acquisition plans for IPX, Fitch is withdrawing the ratings
listed below and will no longer provide rating coverage of IPX
and its related subsidiaries.

These ratings have been withdrawn:

Interpool Inc.

  -- Long-term Issuer Default Rating (IDR) 'BB+';
  -- Senior unsecured debt 'BB+';
  -- Senior secured credit facility 'BBB-'.

Interpool Containers Limited

  -- Long-term Issuer Default Rating (IDR) 'BB+'.

Interpool Capital Trust

  -- Preferred stock 'BB-'.

Interpool, Inc. (NYSE: IPX) supplies equipment and services to
the transportation industry.  It is a lessor of intermodal
container chassis and a world-leading lessor of cargo
containers used in international trade.  The company has
operations in Barbados, Singapore and Basel.




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


NORTH AMERICAN: Sets Final General Meeting Tomorrow
---------------------------------------------------
North American Manufacturers Insurance Company Limited's final
general meeting is scheduled on Sept. 14, 2007, at 10:30 a.m.,
at:

       Sofia House
       1st Floor
       48 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.




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


BRASIL TELECOM: Gameloft To Provide Firm with Games
---------------------------------------------------
Brasil Telecom said in a statement that it has entered into an
accord to have full access of global games developer Gameloft's
games for its mobile phones.

Brasil Telecom's value added mobile services Rafael Magdalena
said in a statement, "Customers interest towards this kind of
content is growing month by month."

Business News Americas relates that Gameloft provides 40% of
games Brasil Telecom offers to its 3.6 million mobile
subscribers.  

Average cost of each game is BRL7.  The subscriber's handsets
need WAP or Java technology and the capacity to store the games,
BNamericas states.

                       About Gameloft

Gameloft SA -- http://www.gameloft.com-- is a France-based  
international publisher and developer of video games for mobile
phones.  The company develops interactive games for mobile
handsets equipped with Java, Brew and Symbian technologies.  Its
downloadable games cover arcade, action, sports, adventure,
puzzle and others.  Gameloft has a direct marketing and sales
presence in several countries worldwide, including the United
States, Canada, the United Kingdom, Germany, France, Italy,
Spain, China, Hong Kong and Japan. Headquartered in Paris,
France, the company distributes its game products in more than
70 countries.  Gameloft SA also holds its online shop.

                     About Brasil Telecom

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.


DYNEA INT'L: Moody's Lifts Corporate Family Rating to B1 from B2
----------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating of Dynea International OY to B1 from B2.  The outlook is
stable.

The rating action is supported by the significant deleveraging
of the group and the renegotiation of the terms of the remaining
bank facility allowing greater operational flexibility, as well
as an overall reduction in business risk profile of the group
following its timely disposal of the North American operations
that were reliant to a large extent on the performance of the US
construction and housing market.

Dynea has sold its North American operations to Teachers'
Private Capital for US$350 million.  The transaction was closed
on July 11, 2007.  North America accounted for almost 40% of LTM
April 2007 group sales and 41% of the group's EBITDA.  The
proceeds from the disposal were largely applied to debt
reduction with pro-forma debt post closing declining to EUR229
million from EUR460 million at the end of 2006 leading to a
substantial improvement in debt and cash flow metrics.

The rating outlook is stable reflecting Moody's expectation that
Dynea's debt and cash flow metrics will remain strong and will
allow Dynea to maintain its financial flexibility and pursue its
strategy of organic growth and small bolt-on acquisitions.

Moody's notes that the current rating would come under further
upward pressure if the company's EBITDA and cash flow generation
were to strengthen with Debt / EBITDA dropping below 3.0 and
Adjusted RCF / Adjusted Debt of more than 25% on a sustainable
basis.

These ratings were upgraded from B2 to B1:

  -- Corporate Family Rating
  -- Probability of Default Rating

Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesion and surfacing  
solutions.  In 2005, Dynea International had revenues of EUR1.2
billion.  After the transaction Dynea International has 39
production units and some 2,200 employees in 23 countries in
Europe, Asia Pacific and Brazil in South America.


FIAT SPA: Magneti Signs Joint Venture with Chery Automobile
-----------------------------------------------------------
Fiat S.p.A.'s Magneti Marelli and Chery Automobile Co. Ltd. have
signed a Memorandum of Understanding for the creation of a joint
venture in China aimed at the production of hydraulic components
for Magneti Marelli's Automated Manual Transmission, also known
as Selespeed.

The joint venture will be operative by the spring of 2008.  
Based on the Memorandum of Understanding, Magneti Marelli will
hold the majority of the future company's capital.  The
components manufactured by the new company will be used by Chery
for its automobiles equipped with automated transmission, and
they will be made available to other carmakers as well.

"This agreement takes on a special strategic relevance since it
fits into a market context, the Chinese one, where the automated
transmission, in its various technological versions, is starting
to become popular and is increasingly requested by the public,"
Magneti Marelli CEO Eugenio Razelli disclosed.

"In this sense, Magneti Marelli's AMT automated transmission
represents a competitive technology thanks to a price-
performance ratio that is especially convenient for the Chinese
market and to its ability to reduce fuel consumptions and the
emission of pollutants and CO2," Mr. Razelli added.

Chery Automobile Co. Ltd is one of the leading Chinese car
manufacturers, located in Wuhu.  Chery was the first Chinese
car maker to adopt Magneti Marelli's Selespeed system (since
2004) to automate transmissions fitted on its automobiles on the
market.

Magneti Marelli, a company belonging to the Fiat Group, designs,
produces and markets advanced systems and components for motor
vehicles.  With its 45 production facilities (55 production
units), 9 R&D centres and 27 application centres in 16
countries, 25,000 employees and a turnover of 4.5 billion Euros
in 2006, the group supplies all the leading car makers in
Europe, North and South America and the Far East.  

                       About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As reported on Aug. 24, 2007, Moody's Investors Service upgraded
to Ba1 from Ba2 Fiat SpA's Corporate Family Rating, and the
group's other long-term senior unsecured ratings.

At the same time, the positive outlook on all long-term ratings
was maintained.  The short term Not Prime rating remains
unchanged.

Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat.  Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.

Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.


FORD MOTOR: Fiat Denies Joint Bid Plans for Two Brands
------------------------------------------------------
Fiat S.p.A. chairman Luca Cordero di Montezemolo denied reports
that the company is interested in taking a minority stake in
Ford Motor Co.'s British brands, AFX News Ltd. reports.

"We are not interested," Mr. Montezemolo was quoted by AFX News
as saying.

In a report by Russel Hotten and Ben Harrington for the
Telegraph, Fiat is said to be in talks with India's Tata Motors
for a joint bid for Jaguar and Land Rover.

Unnamed sources told the Telegraph that Tata and Fiat were
expected to have finalized any plans for a joint venture by mid-
October, where the second-round bids are due.

Analysts said there was strategic logic behind Fiat and Tata co-
operating on a bid for the two U.K. brands.  Motor industry
experts at Mediobanca believed that Tata could get valuable
synergies and technology from Land Rover, but Jaguar could be of
less importance to Tata, the Telegraph relates.

Fiat understands luxury brands and may see more potential for
Jaguar, Telegraph added.

                       About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                     About Tata Motors

India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business    
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company.  The Company's operating segments consists of
Automotive and Others.  In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations.

Tata Motors has operations in Russia, and the United Kingdom.

                    About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region.  
In Europe, the company maintains a presence in Sweden, and the
United Kingdom.  The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on July 30, 2007,
Moody's Investors Service said that the performance of Ford
Motor Company's global automotive operations for the second
quarter of 2007 was significantly stronger than the previous
year and better than street expectations.

However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.

According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook.  The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.

In June 2007, S&P raised the Issue Rating on Ford's senior
secured credit facilities to B+ from B.


IWT TESORO: KMA Capital Co-Sponsors Plan of Reorganization
----------------------------------------------------------
KMA Capital Partners Inc. would be the co-sponsor of a plan with
management to reorganize and refinance IWT Tesoro Corporation.

Due to the housing market slow down and other related business
factors, Tesoro has witnessed a considerable slowing in its
business.  This has caused Tesoro's management to take certain
preemptive actions to continue company operations.  The board of
directors of Tesoro, and its subsidiaries, decided to file a
voluntary petition for reorganization under Chapter 11 of the
United States Bankruptcy Code.

"This reorganization is in the best interest of the company, its
employees, customers, creditors, and shareholders," said Henry
J. Boucher, Jr., CEO of Tesoro.

"We see Tesoro as having a solid operations core.  The Tesoro
business was one of many caught in the recent housing downturn,
only they were in the process of expanding. In conjunction with
Tesoro's management, KMA Capital has the expertise to get this
company properly realigned and moving forward again with a
proper financial structure," Doug Calaway, president/CEO of KMA
Capital Partners Inc., stated.

Headquartered in New York City, IWT Tesoro Corporation fka Ponca
Acquisition Company -- http://www.iwttesoro.com/-- (OTCBB:IWTT)  
is a wholesale distributor of building materials, specifically
hard floor and wall coverings.  The company does not sell
directly to any end user.  The company's products consist of
ceramic, porcelain and natural stone floor, wall and decorative
tile.  They import a majority of these products from suppliers
and manufacturers in Europe, South America (Brazil), and the
Near and Far East.  Their markets include the United States and
Canada.  They also offer private label programs for branded
retail sales customers, buying groups, large homebuilders and
home center store chains.  The company and its Debtor-affiliates
filed for Chapter 11 protection on Sept. 6, 2007, (Bankr. S.D.
NY Case No.: 07-12841 thru 07-12848).  Dawn K. Arnold, Esq. and
Jonathan S. Pasternak, Esq. of Rattet, Pasternak & Gordon-Oliver
L.L.P. represent the Debtors in their restructuring efforts.  
When the Debtors filed for protection from their creditors, they
listed total assets of US$39,798,579 and total debts of
US$47,940,983.


METSO CORP: To Maintain ADR Facility Following Share Delisting
--------------------------------------------------------------
Metso Corp. (aka Metso Oyj) plans to maintain its American
Depositary Receipt facility, and following the delisting of its
American Depositary Shares is expected to be traded over-the-
counter in the United States.  Metso's ordinary shares will
continue to trade on the Helsinki Stock Exchange.  Metso's SEC-
registered debt securities are not listed.  

On July 26, 2007, Metso's Board of Directors disclosed that it
has decided to apply for delisting of the company's ADSs, each
representing one ordinary share, from the New York Stock
Exchange in the United States, and pursuant to the newly-adopted
Rule 12h-6 under the U.S. Securities Exchange Act of 1934
deregister and terminate Metso's reporting obligations under the
Exchange Act regarding both its ADSs and SEC-registered debt
securities.  

The Board authorized this action based on its assessment that
the reasons why the listing was originally sought in mid 1990's
are no longer valid since the capital markets have become more
global.  All investors of the ordinary shares and ADSs of Metso
are accorded protection by Metso's continued compliance with the
rules of the Helsinki Stock Exchange and other Finnish
regulations.

Metso expects to complete the delisting and deregistration
process during 2007.  Metso intends to file a Form 25 with the
SEC on Sept. 4, 2007 to terminate its Section 12(b) registration
under the Exchange Act and to delist from the NYSE.  Such
delisting will automatically take effect 10 days later.  Metso
also intends to file a Form 15F with the SEC on or about
Sept. 14, 2007, to terminate its Section 12(g) registration and
Section 13(a) and Section 15(d) reporting obligations under the
Exchange Act.  Upon the filing of Form 15F, Metso's reporting
obligations under the Exchange Act are immediately suspended and
a 90-day waiting period is triggered during which time the SEC
could object to the filing.  At the end of the 90-day waiting
period, such suspension becomes a termination, provided that the
SEC does not raise objections or the Form 15F is not earlier
withdrawn by Metso.  Metso reserves the right to delay the
filing of the Form 15F or withdraw the Form 15F for any reason
prior to its effectiveness.

In any case, Metso intends to continue voluntary SEC reporting
until December 2007 when its outstanding SEC-registered U.S.
bond matures.  From the termination of reporting obligations
onwards, Metso will continue to publish in English on its Web
site (http://www.metso.com)materials that are required to be  
made public pursuant to Finnish law, or required to be publicly
filed with its primary trading market or required to be
distributed to security holders.

Metso has not arranged for the listing of its ADSs or ordinary
shares on another U.S. national securities exchange or for the
quotation of its ordinary shares in a quotation medium in the
United States.  However, Metso intends to maintain its ADR
facility relating to the ADSs with the Bank of New York and
intends to amend its Deposit Agreement with the Bank of New York
to reflect the deregistration.  Following the delisting, Metso's
ADSs are expected to be traded OTC in the United States.

                        About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj
-- http://www.metso.com/-- is a global engineering and  
technology corporation with 2005 net sales of around EUR4.2
billion.  Its 22,000 employees in more than 50 countries serve
customers in the pulp and paper industry, rock and minerals
processing, the energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, Indonesia, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *     *     *

As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.


MRS LOGISTICA: Wants To Relocate Squatters To Boost Operations
--------------------------------------------------------------
MRS Logistica wants to relocate 450 families that squatted on
its tracks in Caju at the Rio de Janeiro to improve its
operations, news daily Valor Economico reports.

Business News America s relates that MRS Logistica will invest
up to BRL15 million to boost efficiency at the Rio port through
2008.

According to BNamericas, the relocation of the families will be
done with help from:

          -- local and state governments,
          -- the cities,
          -- transport ministries, and
          -- state port authority.

The report says that the trains will be able to reach a
commercial speed of up to 30 kilometers per hour, compared to
five kilometers per hour at and near the port, if the relocation
is successful.  MRS Logistica would transport over one million
tons of pig iron through the Rio de Janeiro port in 2007.

Brazilian ports minister Pedro Brito told BNamericas that the
public and private investments through 2010 at Rio port would
total some BRL335 million.  The projects include:

          -- increasing rail and highway access,
          -- dredging of canal, and
          -- upgrades to the warehouses.

The relocation project be a model for other ports.  In Santos
port there are an estimated 500 families squatting on railroad
land, MRS Logistica head Julio Fontana Neto told BNamericas.

The MRS consortium is a railway freight transport company
established in 1996 to operate approximately 1,700 kilometers of
track in the states of Minas Gerais, Rio de Janeiro e Sao Paulo.
MRS's rail network is also linked to the Central Atlantic,
Vitoria-Minas and Sao Paulo Railroads, offering intramodal
transportation options to the other parts of the country.  The
company mainly transports cargo for its principle shareholders.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 24, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based railroad
company MRS Logistica S.A.  S&P revised the outlook to positive
from stable.


PETROLEOS DE VENEZUELA: Clashes with Brazil on Mariscal Sucre
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA is in
disagreement with Brazilian counterpart Petroleo Brasileiro SA
over development plans for the Mariscal Sucre project in Brazil,
Business News Americas reports.

Petroleo Brasileiro's international operations director Nestor
Cervero said at a press conference, "We have yet to find an
agreement concerning investments in the project, production
targets and the destination for natural gas."

According to BNamericas, Petroleos de Venezuela entered into an
accord with Petroleo Brasileiro in 2005 to jointly explore the
offshore natural gas project Mariscal Sucre.

Mariscal Sucre could produce 18 million cubic meters per day of
natural gas when it reaches full capacity, BNamericas notes,
citing Mr. Cervero.

Mr. Cervero explained to BNamericas, "The original plan had
Mariscal Sucre starting production in 2010 but with this
disagreement, it will surely be delayed."

Petroleo Brasileiro expects an investment of US$3 billion for
the project, BNamericas states, citing Mr. Cervero.  The company
will liquefy Mariscal Sucre gas for export to Brazil or other
nations, though Petroleos de Venezuela wants the natural gas for
domestic consumption.

                  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.

                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.


TRAVELPORT LTD: Appoints Management Team for GDS Business
---------------------------------------------------------
Travelport Limited, the parent company of the Travelport group
of companies, has appointed a new integrated management team to
lead its GDS business.  Travelport's GDS business comprises the
Galileo and Worldspan businesses; Shepherd Systems, an expert in
the field of providing business and marketing intelligence to
the travel industry; aiRES, the next generation server based
internal airline IT product suite; and THOR, a provider of
distribution and marketing services to travel-related companies.

"Bringing together Galileo, Worldspan, Shepherd Systems, aiRES
and THOR under one umbrella signifies the evolution of the
Travel Services Industry and allows us to become a more
effective and efficient partner to next generation and existing
airline carriers as well as traditional and online travel
agencies," stated Jeff Clarke, president and CEO of Travelport
Limited.  "The Travelport GDS business represents a new world of
options in travel distribution services, with configurable and
scalable solutions that empower our customers to provide first
class support to travelers on a global platform."
    
Gordon Wilson will head the GDS business as president and CEO,
with a new senior management team of executives from both
Galileo and Worldspan, with more than 100 years of combined
industry experience.  The management team will continue to
deliver the high quality service, which customers have come to
expect from all Travelport GDS products, as well as capitalize
on the natural synergies that present themselves when
integrating best in class service offerings.

The Travelport GDS business senior leadership team includes:

a) Philip Emery, Chief Financial Officer, based in Langley, UK
   
    Philip Emery will serve as CFO of the GDS business.
    Philip has been CFO of the Galileo GDS since September
    2006. In this role he is responsible for all aspects of
    financial and statutory accounting, financial planning and
    analysis, financial systems and procurement globally.
    Before joining Travelport in 2006, Emery worked as an
    Entrepreneur in Residence with Warburg Pincus.

b) Kevin Mooney, Chief Commercial Officer, based in Atlanta,
    USA

    Kevin Mooney will head the GDS business's commercial
    operations, encompassing all travel agency and supplier
    customer facing activities, including Airline IT services.
    Mr. Mooney has been the CFO of Worldspan for the past two
    and a half years.  He previously held executive positions
    with leading telecommunications company Cincinnati Bell,
    Inc. (NYSE: CBB), formerly known as Broadwing, Inc.

c) Sue Powers, Chief Information Officer, based in Atlanta,
    USA

    Sue Powers will serve as CIO of the GDS business having
    held the position of CIO of Worldspan for the last five
    years.  Ms. Powers started her career at Apollo and has
    held a number of roles in product development, marketing
    and commercial development.  Prior to joining Worldspan,
    she held executive positions with major global corporations
    in the travel and transportation industries, including
    Northwest Airlines.

d) Keith Woodcock, Senior Vice-President, New Business
    Incubation, based in Denver, USA

    Keith Woodcock will be taking up a new portfolio of new
    business incubation for the GDS business as the head of a
    newly established dedicated team.  Mr. Woodcock joined the
    Galileo GDS team in January 2006 as CIO for the global
    Galileo business.   Previously, he was the CIO for
    Travelport's Business Group in EMEA, Asia & Pacific,
    responsible for overseeing the Technology Infrastructure
    and Internal Business Systems.

e) Dave Lauderdale, Chief Technology Officer, based in
    Atlanta, USA

    Dave Lauderdale will head the CTO function for the GDS
    business, adding Galileo to his existing responsibilities
    at Worldspan.  Mr. Lauderdale joined Worldspan in 1991 and
    has been CTO for the past five years.  Before joining
    Worldspan, he served as manager of Technical Services for
    the PARS Service Partnership.

f) Tad Ostrowski, General Counsel, based in Langley, UK

    Tad Ostrowski will head the legal function for the GDS
    business and is responsible for all legal matters globally.
    Mr. Ostrowski joined Galileo in 2001 and has held the role
    of General Counsel since January 2007.  Before joining
    Galileo, he was an associate in the Corporate Finance
    department at Richards Butler and at Sonnenschein Nath &
    Rosenthal in London.

g) Lee Golding, Senior Vice-President, Human Resources, based
    in Langley, UK

    Lee Golding will head the Human Resources for the GDS
    business and is responsible for the attraction, development
    and retention of talent; employee engagement and
    organization design and development globally.  Ms. Golding
    joined Galileo in 2002.  Before joining Travelport, she
    held a number of senior international HR roles including HR
    Director of Chordiant Software, a US based CRM enterprise
    software provider and Head of HR at Kingfisher Plc, the UK
    based international retailer.

h) Bob Coggin, Vice-Chairman, Travelport GDS, based in
    Atlanta, USA

    Bob Coggin will act as an advisor and key ambassador for
    the GDS business across the industry, focusing in
    particular on the global airline community.  Mr. Coggin
    joined Cendant in 2002 and held positions as Vice Chairman
    of Galileo and Vice Chairman of Travelport Airline
    Services.

Mr. Wilson commented, "The completion of Travelport's
acquisition of Worldspan is a hugely exciting moment for the GDS
sector and a milestone for the travel industry as a whole.  Both
Galileo and Worldspan have achieved a great deal individually,
and I am delighted to bring together the two teams quickly so
that we can maintain that momentum.  Travelport GDS is strongly
committed to reshaping the industry as the world's leading
provider of informed travel choice."

Travelport is one of the world's largest travel conglomerates.  
It operates 20 leading brands including Galileo, a global
distribution system (GDS); Orbitz, an online travel agent; and
Gulliver's Travel Associates, a wholesaler of travel content.  
With 2005 revenues of US$2.4 billion, the company has 8,000
employees and operates in 130 countries, including Brazil,
Mexico and Venezuela.  Travelport is a private company owned by
The Blackstone Group of New York and Technology Crossover
Ventures of Palo Alto, California.

                        *     *     *

Standard & Poor's Ratings Services placed on Dec. 7, 2006, its
ratings on Travelport Inc., including the 'B+' corporate credit
rating, on CreditWatch with negative implications.


UTSTARCOM INC: Inks Multi-Year Contract with Power Bell
-------------------------------------------------------
UTStarcom Inc. has entered into a multi-year, multi-million
dollar contract with Bell & Tell, Pvt. Ltd., to offer bundled
voice and data services in Pakistan using UTStarcom's Gigabit
Ethernet Passive Optical Network (GEPON) and VoIP technologies.  
Representatives from Bell & Tell and UTStarcom will be
discussing the new relationship and forthcoming deployment at
UTStarcom's booth #Z-E1, stand ZA at GULFCOMMS during GITEX
Technology Week in Dubai, United Arab Emirates.

This win demonstrates UTStarcom's continued commitment and
success in the EMEA region delivering innovative and cost-
effective broadband, VoIP and IPTV solutions to fixed carriers
and cable operators, while leveraging field-proven, scalable and
easy-to-deploy Fiber to the Home/Building (FTTH/B) technology.
    
The broadband voice and data deployment by Bell & Tell is
scheduled to roll out in phases.  The first phase will consist
of a multi-million dollar deployment of UTStarcom's GEPON, a
FTTH/B platform that is designed to deliver high-speed voice,
data and video services to residential and business subscribers.  
An iAN-08E Series VoIP Gateway will also be integrated into the
network -- extending the existing phone equipment's
functionality by enabling an end-to-end interconnection between
legacy analog phones and voice-enabled broadband networks.  
Maxim Telecom, UTStarcom's local reseller, will help with the
deployment of the network.  The second phase, which will start
in Q1 2008, involves expansion to additional regions in
Pakistan.
    
"Due to the changing telecom climate in Pakistan, Bell & Tell
plans to aggressively deploy new voice and data network
technologies in the coming months, with plans to exceed 100,000
subscribers using the company's broadband and next generation
network services in the next two to three years," said Shafqat
Iqbal, CEO of Bell & Tell.  "With UTStarcom's complete end-to-
end, IP-based GEPON and VoIP solutions, our company will enjoy
more flexibility in our deployments and offerings and become
better equipped to answer the individual needs of our customers
and ensure that we remain at the forefront of that climate
change."
    
The current Pakistani telecom market is facing deregulation, and
the area is experiencing consistent annual growth in
telecommunications usage.  The combined teledensity in the
region's fixed, mobile and wireless local loop is currently 45
percent, a significant 62 percent increase over last year's
teledensity figures.  With its FTTH/B broadband, VoIP and IPTV
solutions, UTStarcom is positioned to help emerging carriers
build an infrastructure that supports triple play applications
over their steadily evolving NGN.
    
"We are pleased to partner with Bell & Tell to bring unlimited
end user services and applications to this market, enabled by
UTStarcom's completely IP-based GEPON Fiber-To-The-Home
solution," said Youssef Kassissia, vice president of sales, EMEA
Region, UTStarcom.  "As UTStarcom's Fiber-To-The-Home/Building
market share expands across the EMEA region, we are proving our
commitment to not only expand our global client base, but to
provide an efficient broadband infrastructure alternative that
promises to be an innovative experience."
    
                      About Bell & Tell
    
Abottabad, Pakistan-based Bell & Tell, Pvt. Ltd. is an affiliate
of Worldcall Telecommunication, Ltd. The company was founded in
1995 to provide voice services throughout Pakistan.
    
                    About UTStarcom, Inc.

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end  
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                        *     *     *

As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.


VALMONT INDUSTRIES: Declares US$10.5 Cents Per Share Dividend
-------------------------------------------------------------
Valmont Industries Inc.'s Board of Directors has declared a
quarterly dividend of US$10.5 cents per share payable on
Oct. 15, 2007 to shareholders of record on Sept. 28, 2007.
The dividend indicates an annual rate of US$42.0 cents per
share.
    
Headquartered in Valley, Nebraska, Valmont Industries Inc.
-- http://www.valmont.com/-- is engaged in the manufacture of  
fabricated metal products, metal and concrete pole and tower
structures.  The company also operates in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2006, Moody's Investors Service, in connection with its
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the US manufacturing sector,
confirmed the Ba2 Corporate Family Rating for Valmont Industries
Inc., as well as the rating on the company's US$150 Million
Senior Subordinated 6.875% Notes due 2014.  Those debentures
were assigned an LGD5 rating suggesting noteholders will
experience an 82% loss in the event of default.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations of the company:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 Mil. Sr.
   Unsec. Bank
   Facility
   Due 2009 (Rev.)       Ba2       Ba1     LGD3        34%
   US$75 Mil. Sr.
   Unsec. Bank
   Facility due 2014     Ba2       Ba1     LGD3        34%


* BRAZIL: Antitrust Agency Working with Brazilian Counterpart
-------------------------------------------------------------
The Brazilian antitrust agency Cade has started working with
Argentina counterpart Comision Nacional De Defensa De La
Competencia in analyzing the effect of Spanish firm Telefonica's
acquisition of control of Telecom Italia on the
telecommunications markets, Argentine state news service Telam
reports.

Telam notes that the collaboration on analyzing the Telefonica
buy was agreed under the framework of an accord between
countries from the Mercosur trading bloc.

Business News Americas relates that Comision Nacional launched
preliminary probes into whether the acquisition would grant
Telefonica influence on Telecom Argentina's decision making.  
Telecom Italia is the controller of Telecom Argentina.

Meanwhile, Brazilian telecoms regulator Anatel has to ratify the
Telefonica-Telecom Italia deal.  Telefonica has joint control of
mobile phone company Vivo, while Telecom Italia controls TIM
Brasil, BNamericas states.

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: State Firm Investing US$2.8 Billion in Argentina
----------------------------------------------------------
Brazilian state-run Petroleo Brasileiro SA's international
director Nestor Cervero said at a press conference that the firm
will invest some US$2.8 billion in its Argentine operations from
2008 to 2012.

Mr. Cervero told Business News Americas that investments in
Argentina include:

          -- exploration and production,
          -- downstream operations, and
          -- petrochemicals.

BNamericas notes that Argentina is Petroleo Brasileiro's second
highest destination for foreign investment, next to the US$4.9
billion set aside for the US.

Petrobras Southern Cone executive Decio Oddone commented to
BNamericas, "Investments in Argentina will be huge because our
activities in the country include all the assets we bought from
Perez Companc."

According to BNamericas, Petroleo Brasileiro acquired control of
Perez Companc in 2002.

BNamericas relates that Petroleo Brasileiro also controls
Argentine energy firm Petrobras Energia.

Mr. Oddone told BNamericas, "Petrobras Energia is currently a
very important company, present on NYSE and in several South
America countries such as Ecuador, Venezuela and Peru."

Meanwhile, Mr. Cervero denied to BNamericas the possibility of
acquiring US oil major ExxonMobil's Argentine division Esso.

Published reports say that ExxonMobil is negotiating for the
sale of Esso.

Mr. Cervero commented to BNamericas, "We're not interested in
Esso and even if we were, we wouldn't tell anyone."

Mr. Cervero also told BNamericas that Ecuadorian authorities
haven't contacted Petroleo Brasileiro on the possibility of
renegotiating its stake in block 18.

Ecuadorian President Rafael Correa had said the nation would
renegotiate the block 18 contract with Petroleo Brasileiro due
to a mistake in granting the firm the Palo Azul field,
BNamericas states.

                 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.


* BRAZIL: State Firm To Ink Asset Swap Deal with Statoil
--------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's
international operations director Nestor Cervero said at a press
conference that the company will enter into an asset swap
agreement with Norwegian counterpart Statoil this week.

Mr. Cervero commented to reporters, "I am leaving for Norway
this week to join President Luiz Inacio Lula da Silva on his
official visit, where we will announce an agreement on oil and
biofuels.  This agreement [with Statoil] will be different from
the one Petrobras signed with [Indian oil company] ONGC where we
swapped interests in oil blocks in both countries."

The partnership between Petroleo Brasileiro and ONGC involves a
joint exploration of deepwater oil blocks, BNamericas states.  
About three blocks are planned in Brazil and three off the east
coast of India.

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


ALPHAGEN ABSOLUS: Sets Final Shareholders Meeting for Sept. 17
--------------------------------------------------------------
The Alphagen Absolus Fund Ltd. will hold its final shareholders
meeting on Sept. 17, 2007, at 9:00 a.m., at:

         4th Floor Harbour Place
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Linburgh Martin
         Attention: Kim Charaman
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbour Place
         P.O. Box 1034
         Grand Cayman KY1-1102
         Tel: (345) 949 8455
         Fax: (345) 949 8499


AMB BLACKPINE: Will Hold Final Shareholders Meeting on Sept. 17
---------------------------------------------------------------
AMB Blackpine Ltd. will hold its final shareholders meeting on
Sept. 17, 2007, at 10:00 a.m., at:

         Pier 1, Bay 1
         San Francisco, CA
         94111 USA

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Guy F. Jaquier
         Attention: Nick Robinson
         P.O. Box 265
         George Town, George Town
         Grand Cayman KY1-9001
         Cayman Islands
         Tel: (345) 914 4216
         Fax: (345) 814 8216


ASSET COLLATERALISATION: Final Shareholders Meeting Is on Oct. 4
----------------------------------------------------------------
Asset Collateralisation Of Repackaged Notes Funding No. 2 Ltd.
will hold its final shareholders meeting on Oct. 4, 2007, at:

          Boundary Hall, Cricket Square
          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) 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:

         Hugh Thompson
         Maples Finance Limited
         P.O. Box 1093
         George Town, Grand Cayman
         Cayman Islands


BEAR STEARNS: Foreign Reps Appeal Order Denying Ch. 15 Petition
---------------------------------------------------------------
Simon Lovell Clayton Whicker and Kristen Beighton, as the joint
provisional liquidators and the duly authorized foreign
representatives of Bear Stearns High-Grade Structured Credit
Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund,
Ltd., take an appeal to the United States District Court for the
Southern District of New York from the Hon. Burton Lifland of
the U.S. Bankruptcy Court for the Southern District of New
York's order denying the foreign representatives' request for
recognition under Chapter 15 of the Bankruptcy Code of the Bear
Stearns Funds' liquidation proceedings in the Cayman Islands.

"At this time we are actively assessing potential courses of
action as well as conversing with creditors," Bloomberg News
quotes Mr. Whicker as saying.

On Aug. 30, 2007, Judge Lifland declined to recognize Bear
Stearn Funds' Cayman Islands liquidation proceedings as "foreign
main" or "foreign nonmain."  Judge Lifland cited that the Funds'
"center of main interests" are not in the Cayman Islands but
rather are in the United States where all of their liquid assets
are located.

Judge Lifland further noted that the Funds do not have any
employees or managers in the Cayman Islands and their investment
manager is located in New York.

Judge Lifland extended the Injunction Order until
Sept. 29, 2007, to give the Funds time to commence a Chapter 11
or Chapter 7 petition.  

The Funds filed liquidation proceedings in the Cayman Islands on
July 30, 2007, and sought the U.S. Court's recognition as
foreign proceedings under Chapter 15 the next day.

"If the Funds get the recognition they are looking for, they
will be able to keep a higher level of control than in U.S.
courts," Scott Stuart, a managing director at Donlin Recano,
told Bloomberg.  "The ultimate decision on where the hedge funds
can be liquidated will have a wide-ranging effect as more of the
unregulated investment pools suffer losses and are forced to
seek insolvency protection."

"Hedge funds register in the Cayman Islands for tax advantages
and anonymity and aren't interested in the high level of
scrutiny and publicity a U.S. Chapter 11 filing would bring,"
Mr. Stuart said.

                  About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or  
215/945-7000)


BLUE SPICE II: Sets Final Shareholders Meeting for Oct. 5
---------------------------------------------------------
Blue Spice II Ltd. will hold its final shareholders meeting on
Oct. 5, 2007, at 10:30 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


BLUE SPICE III: Holding Final Shareholders Meeting on Oct. 5
------------------------------------------------------------
Blue Spice III Ltd. will hold its final shareholders meeting on
Oct. 5, 2007, at 11:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


BLUE TOPAZ: Sets Final Shareholders Meeting for Oct. 5
------------------------------------------------------
Blue Topaz I Ltd. will hold its final shareholders meeting on
Oct. 5, 2007, at 11:30 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


FREESPIRIT CAPITAL: Proofs of Claim Must be Filed by Oct. 8
-----------------------------------------------------------
The Freespirit Capital Management - Japan Opportunity Fund.'s
creditors are given until Oct. 8, 2007, to prove their claims to
Jeffrey Levy, 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.

Freespirit Capital's shareholders agreed on Aug. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Jeffrey Levy
       1 Faraday Ave., Rose Bay
       NSW, 2029, Australia


INCREMENTAL LEVERAGED: Final Shareholders Meeting Is on Oct. 5
--------------------------------------------------------------
Incremental Leveraged Fund Inc. will hold its final shareholders
meeting on Oct. 5, 2007, at 10:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


MACQUARIE AUSTRALIA: Sets Final Shareholders Meeting for Oct. 5
---------------------------------------------------------------
Macquarie Australia Computer Systems Leasing Pty Ltd. will hold
its final shareholders meeting on Oct. 5, 2007, at 9:00 a.m., at
the office of the company.

These agendas will be taken during the meeting:

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

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


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

The liquidators can be reached at:

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


RHICON 4XIM: Will Hold Final Shareholders Meeting on Sept. 17
-------------------------------------------------------------
The Rhicon 4xim Cmp Fund Ltd. will hold its final shareholders
meeting on Sept. 17, 2007, at 9:00 a.m., at:

         4th Floor Harbour Place
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Linburgh Martin
         Attention: Kim Charaman
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbour Place
         P.O. Box 1034
         Grand Cayman KY1-1102
         Tel: (345) 949 8455
         Fax: (345) 949 8499


SAPPHIRE FIRST: Will Hold Final Shareholders Meeting on Oct. 5
--------------------------------------------------------------
Sapphire First Holdings Corp. will hold its final shareholders
meeting on Oct. 5, 2007, at 9:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


SEAGATE TECH: Joins Avigilon to Carry Hi-Definition Surveillance
----------------------------------------------------------------
Seagate Technology has joined with Avigilon to deliver a
breakthrough in high definition surveillance systems to protect
people and property.  Seagate Barracuda(R) ES Series hard drives
will be used exclusively in Avigilon's High Definition
Surveillance Systems due to the drives' industry leading
performance, capacity and reliability, which are required for
intensive 24x7 high definition enterprise class IP video
surveillance.  The Barracuda ES Series hard drives are highly
scalable, with capacities ranging from 250GB to 1TB, with the
performance benefits of the SATA interface.
    
The Avigilon High Definition Surveillance System delivers the
image quality necessary to effectively protect the public and
ensure the security of airports, seaports, borders and train
stations.  These high-performance, high- capacity systems
protect vital assets for the military, law enforcement,
financial institutions, casinos, warehouses, transportation, and
critical infrastructure such as nuclear and petrochemical
plants.  With the Barracuda ES hard drive, a single 16-megapixel
Avigilon camera can take the place of 50 conventional
surveillance cameras. Additionally, the combination of
Avigilon's multi-megapixel IP cameras, their high definition
network video recorders and Barracuda ES Series hard drives
dramatically decreases the amount of equipment required for a
surveillance project, reducing installation and maintenance
costs.
    
"Our goal is to provide our customers and partners with state of
the art storage solutions to enable best-in-class Surveillance
systems," said Marc Jourlait, vice president Global Marketing at
Seagate.  "The critical nature of Avigilon's systems dictates a
hard drive designed to provide speed, capacity and reliability
required for recording intensive 24x7 enterprise video IP
surveillance and the Barracuda ES is the perfect solution."
    
"The role Seagate drives play in the total value of the High
Definition Surveillance System cannot be overstated," said
Pierre Parkinson, vice president of Marketing and Business
Development for Avigilon.  "Our system is really a chain of
technologies, and any weak link in that chain irreparably
damages the data our customers are collecting.  Seagate HDDs are
a critical component because they are fast, provide sufficient
capacity, and deliver the reliability required for protecting
critical assets and infrastructure."
    
To date, every Avigilon High Definition Surveillance System has
shipped with Seagate drives.  To ensure sufficient recording
time is possible, the drives are configured in fail-safe,
industry-standard arrays, which ensure large volumes of data can
be recorded and that the recordings are safe in the event of a
hard drive failure.  The Barracuda ES hard drive has industry-
leading capacity, reliability and enterprise features demanded
by capacity- intensive 24x7 applications like enterprise IP
video surveillance.  The Barracuda ES hard drive provides ideal
SATA storage for multi-drive enterprise network surveillance
applications where storage system redundancy is often required.

                       About Avigilon

Avigilon -- http://www.avigilon.com-- is the leading provider  
of high definition surveillance systems.  Avigilon's
surveillance systems offer a breakthrough in imaging performance
which is required for the protection of the public, critical
assets and infrastructure.  Avigilon's exceptionally strong
commitment to research and development ensures that it will
continue to be the leader in supplying high definition
surveillance systems that demanding security professionals rely
on.

                  About Seagate Technology

Headquartered in Scotts Valley, California, and registered in
Cayman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets  
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, and Consumer Electronics
applications.

                        *     *     *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion.  The
ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- US$400 million senior notes 8%, due 2009: to Ba1


SINGULAR FUND: Proofs of Claim Filing Ends Today
------------------------------------------------
Singular Fund's creditors are given until Sept. 13, 2007, to
prove their claims to Zoom Administracao De Recursos Ltda, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


SNOWBALL MULTI: Proofs of Claim Must be Filed by Oct. 5
-------------------------------------------------------
Snowball Multi Manager Fx Fund SPC's creditors are given until
Oct. 5, 2007, to prove their claims to Messrs G. James Cleaver
and Gordon MacRae, 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.

Snowball Multi's shareholders agreed on Aug. 14, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Gordon I. Macrae
       Attention: Hadley Chilton
       Kroll (Cayman) Limited
       4th Floor, Bermuda House
       Dr. Roy's Drive
       Grand Cayman KY1-1102
       Cayman Islands
       Telephone +1 (345) 946-0081
       Fax +1 (345) 946-0082


TRILLION BRIGHT: Sets Final Shareholders Meeting for Oct. 5
-----------------------------------------------------------
Trillion Bright Holdings Ltd. will hold its final shareholders
meeting on Oct. 5, 2007, at 10:00 a.m., at:

         32nd Floor, CITIC Tower
         1 Tim Mei Avenue, Central
         Hong Kong

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         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


WESTROCK LTD: Will Hold Final Shareholders Meeting on Sept. 17
--------------------------------------------------------------
Westrock Ltd. will hold its final shareholders meeting on
Sept. 17, 2007, at 10:00 a.m., at:

         Pier 1, Bay 1
         San Francisco, CA
         94111 USA

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Guy F. Jaquier
         Attention: Nick Robinson
         P.O. Box 265
         George Town, George Town
         Grand Cayman KY1-9001
         Cayman Islands
         Tel: (345) 914 4216
         Fax: (345) 814 8216




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


BOSTON SCIENTIFIC: Says FDA Warning May Not Be Lifted This Year
---------------------------------------------------------------
Boston Scientific Corp. expects a warning letter from the Food
and Drug Administration to stay until next year despite its
advancing efforts to resolve the issues at hand, The Wall
Street Journal reports, citing a company official.

The FDA's warning letter, WSJ relates, stated that Boston
Scientific committed "serious violations" of federal regulations
by failing to report two deaths in a clinical trial.

The agency gave Boston Scientific three weeks to submit its
response, the report said.

Boston Scientific's chief operating officer, Paul LaViolette,
speaking during a Bear Stearns health-care conference, was cited
by WSJ as saying that the company expects to deliver results to
the FDA in the fourth quarter from a third-party audit of the
company's improved quality systems.

According to the source, the warning letter, sent Aug. 30,
relates to a small study of a stent to repair bulges in one of
the body's large arteries, the abdominal aorta.  Trivascular
Inc., which Boston Scientific bought in 2005 for about $110
million, started the study in 2003 with 43 patients.  

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--        
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 28, 2007,
Standard & Poor's Ratings Services said that its ratings on
Boston Scientific Corp., including the 'BB+' corporate credit
rating, remain on CreditWatch with negative implications, where
they were placed Aug. 3, 2007.




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


POLYONE CORP: Names Tom Kedrowski as Sr. VP of Operations
---------------------------------------------------------
PolyOne Corporation has appointed Tom Kedrowski as senior vice
president of operations.
    
Prior to joining PolyOne, Mr. Kedrowski served as vice president
for the H.B. Fuller Company, where he served in various
executive-level leadership positions, both domestically and
internationally, during his 24 years with the company.
    
"Tom is a seasoned, global executive leader with an
exceptionally strong background in manufacturing, supply chain
strategy and Lean Six Sigma implementation.  He brings to
PolyOne an extremely high level of senior expertise in
operational excellence that will drive continuous improvements
throughout our manufacturing, sourcing, logistics and supply
chain organizations," said Stephen D. Newlin, PolyOne's
chairman, president and chief executive officer.  "With the
addition of Tom, we have further strengthened our talented
leadership team in our relentless pursuit to drive our strategic
direction."
    
Mr. Kedrowski began his career at H.B. Fuller as a chemist and
applications engineer.  He advanced to several executive level
operations and business leader positions and also headed up key
roles in Asia Pacific and Japan for the company.  In addition,
he served as vice president of Global Operations and Lean Six
Sigma Deployment Champion.

Headquartered in Avon Lake, Ohio, PolyOne Corp. --
http://www.polyone.com/-- is a global compounding and North  
American distribution company with operations in thermoplastic
compounds, specialty polyvinyl chloride (PVC) vinyl resins,
specialty polymer formulations, color and additive systems, and
thermoplastic resin distribution, with equity investments in
manufacturers of PVC resin and its intermediates.  The company
has 53 manufacturing sites and 14 warehouses in North America,
Europe and Asia.  The company maintains operations in China,
Colombia, Thailand and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on July 13, 2007,
Fitch Ratings upgraded PolyOne Corporation's Issuer Default
Rating to 'BB-' from 'B'; and Senior unsecured debt and
debentures rating to 'BB-' from 'B+/RR3'.  Fitch said the rating
outlook is stable.




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


ALCATEL-LUCENT: To Expand Mobinil's Wireless Network in Egypt
-------------------------------------------------------------
Alcatel-Lucent disclosed a turnkey contract with Mobinil,
Egypt's leading mobile operator.  This multi-million euro
contract covers wireless and convergence solutions that will
further improve the quality of Mobinil's network and extend its
coverage throughout the country, bringing mobile services to a
greater number of people.

Alcatel-Lucent will expand and enhance Mobinil's wireless
network with the latest generation of Enhanced GSM radio
solutions, dramatically increasing data transfer speeds while
reducing operating expenses, helping the operator meet growing
demand for its services.  These solutions enable high
performance in a new compact design that offers Mobinil
exceptional flexibility in introducing new advanced multimedia
services on its existing radio access network, including the
expansion of its mobile Internet service.  The upgraded GSM
network will be operational by the end of the third quarter
2007.

"Rapidly evolving market conditions combined with the ongoing
introduction of innovative subscriber services and applications
dictate the need for a high degree of flexibility and
scalability in terms of our network infrastructure," said Alex
Shalaby of Mobinil.  "We are confident that with Alcatel-
Lucent's cutting-edge solutions and service support we are fully
prepared for future network evolutions, including the
introduction of 3G and WiMAX technologies."

"This agreement further confirms Mobinil's confidence in
Alcatel-Lucent's industry-leading solutions and service support
capabilities, and highlights the strong relationship our
companies have maintained since the establishment of the Mobinil
network in 1998," said Olivier Picard, President for Europe and
South.  "We will devote all our efforts to delivering the best-
in-class turnkey solution to Mobinil to help it enhance the high
quality of service it is committed to providing its subscribers.
This new contract reinforces Alcatel-Lucent's worldwide
leadership in mobile broadband and its leading position in the
Middle East market."

Under the terms of the contract, Alcatel-Lucent will provide its
end-to-end Enhanced GSM solution comprising the Base Station
Subsystem -- including Alcatel-Lucent's ATCA-based 9130 BSC/MFS
and TWIN Transceiver -- and a new generation of microwave
transmission system that provide fast and efficient transport of
voice and data traffic between base stations and the core
network.  Alcatel-Lucent also will supply Mobinil with
Convergence solutions including High Capacity Core Switching and
Intelligent Network extensions.

Alcatel-Lucent will provide a range of services including
network management, architecture and design, technical support,
radio optimization and managed services.

In 2007 Alcatel-Lucent introduced a completely renovated
Enhanced GSM family of products designed to satisfy two formerly
conflicting demands: the need to address the ever-growing demand
for network capacity resulting from the explosion of voice and
data traffic in urban areas, and the need to expand coverage in
rural environments, primarily for lower income customers.  To
meet these needs, Alcatel-Lucent's evolutionary platforms have
been designed to dramatically reduce capital and operating
expenses for operators, while protecting their investments
through the ability to support more advanced, emerging
technologies in the future.

Alcatel-Lucent is a leading player in the GSM market with more
than 170 customers in more than 90 countries.

The company is also the world's leading manufacturer of
microwave transmission equipment, with more than one-half
million microwave radios delivered worldwide, including low,
medium and high capacity microwave radios for voice, video and
data communications.

                        About Mobinil

Since its inception in May 1998, Mobinil has strived to maintain
its position as the leading Mobile service operator in Egypt.
Honoring the trust of 13 million customers, Mobinil is committed
to being the leading Mobile service provider in Egypt, providing
the best quality service for our customers, the best working
environment for our employees, top value for our shareholders,
and proudly contributing to the development of the community.

Its shareholders, Orange and Orascom Telecom Holding are
international leaders in the realm of telecommunications.
Mobinil has benefited from years of experience in an
international context to become the largest wireless service
provider in the Middle East.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/ -- provides solutions that  
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.




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


BANCO INTERCONTINENTAL: Political Party Belittles Hector Albizu
---------------------------------------------------------------
The opposition Partido Revolucionario Dominicano political party
has complained on the Dominican Republic's government officials'
wages, focusing in Hector Valdez Albizu, the central bank
governor and belittling him in the money laundering case against
Banco Intercontinental's former officials, Dominican Today
reports, citing Banks Superintendent Rafael Camilo.

Partido Revolucionario's complaints focus on Mr. Albizu to
discredit him, as he is the main accuser in the trial against
Ramon Baez Figueroa and other former Banco Intercontinental
officials, Mr. Camilo told Dominican Today.

Mr. Camilo commented to Dominican Today, "There is a
orchestration between that campaign of the PRD [Partido
Revolucionario] against the salaries and the Baninter [Banco
Intercontinental] trial."

The campaign intensified and was focused on Mr. Albizu,
Dominican Today notes, citing Mr. Camilo.  Mr. Figueroa's
defense, "unfortunately headed by a minister without portfolio"
failed to demerit the allegation of money laundering against
former Banco Intercontinental officials.  

Located in Dominican Republic, Banco Intercontinental aka
Baninter collapsed in 2003 as a result of a massive fraud that
drained it of about US$657 million in funds.  As a consequence,
all of its branches were closed.  The bank's current and savings
accounts holders were transferred to the bank's new owner --
Scotiabank.  The bankruptcy of Baninter was considered the
largest in world history, in relation to the Dominican
Republic's Gross Domestic Product.  It cost Dominican taxpayers
DOP55 billion and resulted to the country's worst economic
crisis.




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


* ECUADOR: Demands America Movil's Payment of Overdue Taxes
-----------------------------------------------------------
Ecuadorian President Rafael Correa has demanded that Mexican
mobile holding company America Movil pay overdue taxes by
December 2007 or abandon its operations in the nation, Spanish
business news site Cinco Dias reports.

President Correa told Cinco Dias that America Movil has declared
losses and has not paid taxes for the last five years.

America Movil pays less in taxes, compared to its competitor
Movistar, a firm that is also due to renegotiate its contract,
Cinco Dias states, citing President Correa.  

                    About America Movil

America Movil, S.A.B. DE C.V. provides wireless communications
services in Latin America.  As of Dec. 31, 2006, it had 124.8
million subscribers in 15 countries.  On an equity basis
(representing the company's economic interest in its
subsidiaries' subscribers), the company had 124.4 million
subscribers as of Dec. 31, 2006.  It also had an aggregate of
approximately 2.8 million fixed lines in Guatemala, Nicaragua,
El Salvador and the Dominican Republic as of Dec. 31, 2006.  It
operates global system for mobile communications (GSM) networks
in all of its principal markets in Latin America, except in
Puerto Rico.  On Dec. 1, 2006, America Movil acquired a 100%
interest in Verizon Dominicana (renamed Compania Dominicana de
Telefonos, C. por A.).  On March 30, 2007, it acquired control
of 100% of Telecomunicaciones de Puerto Rico, Inc.  In August
2007, the company acquired Oceanic Digital Jamaica, which is a
cellular phones operator in Jamaica.

                        *     *     *

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-'.




===============
H O N D U R A S
===============


CHOICE HOTELS: Board Okays Increase of Cash Dividend by 13%
-----------------------------------------------------------
Choice Hotels International's Board of Directors has approved a
13% increase in the company's quarterly cash dividend on the
company's common stock from US$0.15 to US$0.17 per share,
effective with the dividend payable on Oct. 19, 2007, to
shareholders of record on Oct. 5, 2007.  The increase will
result in an annual dividend of US$0.68 per share, which is a 13
percent increase from the previous dividend per share of US$0.60
per annum.
    
"For the fourth year in a row, we've been able to increase our
quarterly dividend, which we view as a key element of building
long-term shareholder value," said Charles A. Ledsinger, Jr.,
vice chairman and chief executive officer, Choice Hotels
International.  "We remain confident in our long-term growth
prospects based upon our mix of new and established brands,
continued financial strength, and successful, proven business
model."

Choice Hotels International -- http://www.choicehotels.com/--
franchises more than 5,200 hotels, representing more than
430,000 rooms, in the United States and more than 40 countries
and territories.  The company has hotels in Brazil, Costa Rica,
El Salvador, Guatemala and Honduras.

                        *     *     *

As reported in the Troubled Company Reporter on Aug 01, 2007,
Choice Hotels International Inc. reported total assets of US$332
million, total liabilities of US$403.4 million, and total
stockholders' deficit of US$71.4 million as of June 30, 2007.




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


DYOLL GROUP: Sets Extraordinary General Meeting for Sept. 28
------------------------------------------------------------
The Dyoll Group will hold an extraordinary general meeting on
Sept. 28, 2007, at the Medallion Hall Hotel to decide whether
the firm should be voluntarily wound up and a liquidator
appointed, Radio Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on
Aug. 21, 2007, the Dyoll Group initially planned to hold an
extraordinary general meeting by Sept. 21, 2007.

Radio Jamaica relates that the Dyoll Group's shares were
suspended from trading in the Jamaica Stock Exchange in March
2007, when it failed to present audited financial statements.

The Dyoll Group failed to finalize its unaudited financial
statements for the quarter ended Dec. 31, 2007.  It also failed
to retain the services of an auditor to audit its 2006 financial
results due to cash flow problems, 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 March 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.


GOODYEAR TIRE: Hires Mark Purtilar as Chief Procurement Officer
---------------------------------------------------------------
The Goodyear Tire & Rubber Company has appointed Mark Purtilar
as chief procurement officer, effective Sept. 17.  He replaces
Gary Miller, who is retiring after 40 years as a Goodyear
associate.

Mr. Purtilar, formerly a procurement executive for ArvinMeritor
Automotive Inc., will oversee Goodyear's global procurement
strategy and be responsible for the company's approximately
US$10 billion in annual purchases.
    
"An innovative and aggressive procurement plan is a key element
of Goodyear's growth strategy," said Christopher W. Clark,
senior vice president of global sourcing.  "In Mark, we found an
individual with a successful history of developing global
procurement strategies to reduce costs, maximize efficiency and
maintain quality.  Moreover, he has done it in a very
competitive marketplace."
    
Prior to his Goodyear appointment, Mr. Purtilar was vice
president of global procurement for commercial vehicle systems
for ArvinMeritor, a global supplier of automotive parts based in
Troy, Mich.  Responsible for US$3 billion annually in company
purchases, he developed the company's global supplier strategy,
initiated a low-cost country strategy and routinely exceeded
purchasing performance targets.
    
Mr. Purtilar first joined ArvinMeritor in 1994 as manager of
purchasing and inventory planning and held several other
positions until being named vice president and general manager
of the Americas Commercial Vehicle Aftermarket Distributions
division in 2000.  He left ArvinMeritor from 2002 to 2004 to
serve as the chief executive officer of Auto Body Panels Inc. in
Cincinnati, Ohio.  He returned to ArvinMeritor in 2004 as the
vice president of global procurement.
    
Prior to ArvinMeritor, Mr. Purtilar worked for the Sara Lee
Corporation from 1983 to 1994 as a manager in purchasing,
production and capacity planning.
    
"This is an exciting time to join Goodyear's leadership team,"
said Mr. Purtilar.  "Through procurement strategies, we have the
opportunity to significantly impact the company and benefit its
customers and its shareholders."
    
Mr. Purtilar received his bachelor's degree and his master of
business administration in international business from Northern
Kentucky University.

                       About Goodyear

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala, Jamaica and Peru in Latin America.  Goodyear employs
more than 80,000 people worldwide.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Goodyear Tire & Rubber Co., including its corporate credit
rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.


NATIONAL WATER: Ends Well Drilling at Friendship & Twickenham
-------------------------------------------------------------
The National Water Commission told Radio Jamaica that it has
concluded the drilling of new wells to replace the ones at the
Friendship and Twickenham Park Water production stations in St.
Catherine, as part of the work being conducted under the
Kingston Metropolitan Area Water Supply Project.

The project is aimed at boosting the reliability and quality of
potable water services, Radio Jamaica notes, citing the National
Water.

According to Radio Jamaica, the Greater Spanish Town and South
East St. Catherine will benefit from the systems.

The National Water Corporate Public Relations Manager Charles
Buchanan told Radio Jamaica that due to the testing of the
systems, there will be no water in some areas.

"Performance testing to confirm the maximum amount of water
which can be abstracted from these wells is now in progress and
will result in some interruption in supply.  Areas served by the
Twickenham Park well will be affected daily until Friday,
Sept. 14.  At the end of rehabilitation work it is expected that
these wells will result in a substantial increase in the daily
water production from some 1.5 million gallons per day to an
excess of nearly three million gallons of water per day for the
communities of Friendship, Ebonyvale, Willowdene, St. John's
Road, Featherbed Lane, Hampton Green as well as Greendalem," Mr.
Buchanan commented to Radio Jamaica.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.




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


ALERIS INTERNATIONAL: Completes Purchase of Wabash Alloys
---------------------------------------------------------
Aleris International, Inc., has completed its purchase of Wabash
Alloys, a producer of aluminum casting alloys and molten metal,
from Connell Limited Partnership.
   
Steve Demetriou, Chairman and Chief Executive Officer stated,
"The combination of Wabash Alloys and our specification alloy
business unit will create an organization well positioned to
serve the needs of a broad customer base with enhanced
processing capabilities."

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled    
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                        *     *     *

Standard & Poor's assigned Aleris International Inc. a B+ senior
secured first-lien term loan rating and gave the company a '2'
recovery rating after the report that the company increased the
term loan by US$125 million.  With the add-on, the total amount
of the facility is now US$1.23 billion.


ALL AMERICAN: Committee Can Hire LECG as Electronic Consultant
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
gave the Official Committee of Unsecured Creditors of All
American Semiconductor Inc. and its debtor-affiliates permission
to retain LECG, LLC as its electronic discovery consultant.

The Committee tells the Court that it needs LECG to collect and
analyze electronic data in relation to the case.  The Committee
further tells the Court that LECG has considerable experience
with rendering the services that the Committee needs.

Specifically, LECG will:

   a. preserve Electronically Stored Information;

   b. collect ESI;

   c. identify ESI;

   d. map computer resources;

   e. interview information technology staff; and

   f. perform other functions as requested by the Committee or
      its counsel to assist the Committee in the Chapter 11
      proceedings.

LECG will be compensated based on these rates:

          Designation                      Hourly Rate
          -----------                      -----------
          Director                       US$450 - US$550
          Principal                      US$400 - US$515
          Senior Staff                   US$200 - US$550
          Junior Staff                   US$175 - US$275
          Research Analyst               US$165 - US$215

Quintin Gregor, principal of LECG, will lead the engagement on
behalf of the firm.  Mr. Gregor's current hourly rate is US$490.

The Committee assures the Court that LECG represents no interest
adverse to the Debtors' estates or their creditors.  LECG will
not provide any service to the Debtors, any of the creditors,
other parties-in-interest, or their respective counsels and
accountants with regards to the case.

The firm can be reached at:

         Quintin Gregor
         LECG, LLC
         1725 Eye Street, Northwest, Suite 800
         Washington, DC 20006
         Tel: (202) 466-4422
         Fax: (202) 466-4487
         http://www.lecg.com/

Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributes  
electronic components manufactured by others.  The company
distributes a full range of semiconductors including
transistors, diodes, memory devices, microprocessors,
microcontrollers, other integrated circuits, active matrix
displays and various board-level products.  All American also
distributes passive components such as capacitors, resistors and
inductors; and electromechanical products such as power
supplies, cable, switches, connectors, filters and sockets.  The
company also offers complete solutions for flat panel display
products.

In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers.  The company has 36
strategic locations throughout North America and Mexico, as well
as operations in China and Western Europe.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963). Craig D. Hansen, Esq., Tina M. Talarchyk, Esq., and
Stephen D. Lerner, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors.  Mesirow Financial Consulting, LLC serve
as financial advisor to the Committee.  William Hawkins, Esq.,
at Loeb & Loeb, LLP, is the Official Committee of Unsecured
Creditors general bankruptcy counsel.  Jerry M. Markowitz, Esq.,
at Markowitz, Davis, Ringel & Trusty, P.A., is the Committee's
local counsel.  As of Feb. 28, 2007, the Debtors' balance sheet
showed total assets of US$117,634,000 and total debts of
US$106,024,000.


ALL AMERICAN: Committee Retains Keen Realty as Consultant
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
the Official Committee of Unsecured Creditors of All American
Semiconductor Inc. and its debtor-affiliates authority to retain
Keen Realty, LLC as its special real estate consultant.

The Committee tells the Court that it needs assistance in
valuing and analyzing real property leases and has chosen Keen
Realty because of its experience with regards to these matters.

Keen Realty will:

   a. render real estate consulting services to the Committee,
      as requested;

   b. in particular, review the real property leases to
      ascertain if there is any leasehold value in those leases
      (Phase 1);

   c. render valuation and related services with respect to any
      other real property leases that the Debtors may be a party
      to, but only as requested by the Committee.

Keen Realty will be paid with respect to Phase 1, the greater of
US$5,000 or its fees calculated on an hourly basis for its time
spent providing any real estate consulting services, litigation
support, or as witness.   For any services beyond Phase 1, Keen
Realty will be paid on an hourly basis based on these rates:

          Designation                    Hourly Rate
          -----------                    -----------
          Chairman and President           US$575
          Executive Vice President         US$500
          Vice Presidents                  US$400
          Associates & Directors           US$275
          Admin. Support & Researcher      US$125

Harold Bordwin, principal of Keen Realty, will lead the
engagement on behalf of the firm.  Mr. Bordwin's current hourly
rate is US$575.

To the best of the Committee's knowledge, Keen Realty is a
disinterested person and does not hold or represent an interest
adverse to the estates.

The firm can be reached at:

         Harold Bordwin
         Keen Realty, LLC
         60 Cutter Mill Road, Suite 407
         Great Neck, New York 11021
         Tel: (516) 482-2700
         Fax: (516) 482-5764
         http://www.keenconsultants.com/

Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributes  
electronic components manufactured by others.  The company
distributes a full range of semiconductors including
transistors, diodes, memory devices, microprocessors,
microcontrollers, other integrated circuits, active matrix
displays and various board-level products.  All American also
distributes passive components such as capacitors, resistors and
inductors; and electromechanical products such as power
supplies, cable, switches, connectors, filters and sockets.  The
company also offers complete solutions for flat panel display
products.

In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers.  The company has 36
strategic locations throughout North America and Mexico, as well
as operations in China and Western Europe.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963). Craig D. Hansen, Esq., Tina M. Talarchyk, Esq., and
Stephen D. Lerner, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors.  Mesirow Financial Consulting, LLC serve
as financial advisor to the Committee.  William Hawkins, Esq.,
at Loeb & Loeb, LLP, is the Official Committee of Unsecured
Creditors general bankruptcy counsel.  Jerry M. Markowitz, Esq.,
at Markowitz, Davis, Ringel & Trusty, P.A., is the Committee's
local counsel.  As of Feb. 28, 2007, the Debtors' balance sheet
showed total assets of US$117,634,000 and total debts of
US$106,024,000.


ALL AMERICAN: Rock River Must Decide on Purchase Pact by Nov. 21
----------------------------------------------------------------
All American Semiconductor and its debtor-affiliates and Rock
River Capital LLC obtained permission from the U.S. Bankruptcy
Court for the Southern District of Florida to extend the
deadline for Rock River to file assumption or rejection motions
under an asset purchase agreement between the Debtor and Rock
River through Nov. 21, 2007.

As reported in the Troubled Company Reporter on June 11, 2007,
the Debtors completed the sale of substantially all of its
assets to Rock River and the Debtors' senior secured lenders for
which Harris N.A. acts as agent.  The aggregate purchase price
was US$15.2 million, which will be paid to the senior secured
lenders in the form of a reduction in their secured claim.  None
of the company's commercial tort claims or avoidance actions was
sold.

The Debtors and Rock River had originally sought to extend
through Sept. 10, 2007, the deadline date on the purchase
agreement that states, Sellers may delay through Aug. 5, 2007,
the filing of any assumption and assignment or rejection motions
other than the assumed contracts and the lease of non-
residential real properties located at 1851 Zanker Drive in San
Jose, California and at 16115 Northwest, 52nd Street in Miami,
Florida.

The Debtor and Rock River assure the Court that the extension of
the deadline is in the best interest of the Debtors' estates.

              About All American Semiconductor

Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributes  
electronic components manufactured by others.  The company
distributes a full range of semiconductors including
transistors, diodes, memory devices, microprocessors,
microcontrollers, other integrated circuits, active matrix
displays and various board-level products.  All American also
distributes passive components such as capacitors, resistors and
inductors; and electromechanical products such as power
supplies, cable, switches, connectors, filters and sockets.  The
company also offers complete solutions for flat panel display
products.

In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers.  The company has 36
strategic locations throughout North America and Mexico, as well
as operations in China and Western Europe.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963). Craig D. Hansen, Esq., Tina M. Talarchyk, Esq., and
Stephen D. Lerner, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors.  Mesirow Financial Consulting, LLC serve
as financial advisor to the Committee.  William Hawkins, Esq.,
at Loeb & Loeb, LLP, is the Official Committee of Unsecured
Creditors general bankruptcy counsel.  Jerry M. Markowitz, Esq.,
at Markowitz, Davis, Ringel & Trusty, P.A., is the Committee's
local counsel.  As of Feb. 28, 2007, the Debtors' balance sheet
showed total assets of US$117,634,000 and total debts of
US$106,024,000.


BLOCKBUSTER INC: Names Two New Senior Level Executives
------------------------------------------------------
Blockbuster Inc. has appointed two senior level executives to
its management team.  Keith Morrow has been named Chief
Information Officer for the company, and David Podeschi has been
named Senior Vice President, Merchandising, Distribution and
Logistics.
    
A veteran IT executive known for his ability to develop
innovative technology solutions, especially in retail
environments, Mr. Morrow was most recently the Chief Information
Officer and Senior Vice President of Information Systems at 7-
Eleven Inc. where he was responsible for leading
the company's North American information technology activities.
    
Prior to his tenure with 7-Eleven, Mr. Morrow held senior
management positions with Associates First Capital Corporation
(now CitiFinancial) and ADP, one of the nation's largest human
resources and payroll services companies.
    
With more than 30 years of experience in the retail industry,
Mr. Podeschi most recently served as the Senior Vice President,
Merchandising and Logistics at 7-Eleven Inc., where he was
responsible for all merchandising, marketing and supply-chain
processes for the convenience store company.
    
Messrs. Morrow and Podeschi were both part of the 7-Eleven
executive team that was widely regarded for its implementation
of creative retail system technologies, innovative distribution
logistics, and a collaborative approach with product suppliers,
which resulted in the unprecedented introduction of new products
and services for the convenience store chain.  Their efforts,
along with those of current Blockbuster Chairman and CEO Jim
Keyes, also resulted in 7-Eleven's record sales and profits
during Keyes' tenure as CEO of that company from 2000 to 2005.
    
"I am delighted to welcome Keith and David to the Blockbuster
management team," said Jim Keyes, Blockbuster Chairman and CEO.  
"Their extensive experience in their respective fields, their
creative approach to providing business solutions and their
proven leadership skills should greatly contribute to our
efforts to transform Blockbuster into a brand that can deliver
media content to consumers in an ever growing variety of ways."
    
Mr. Morrow holds a Bachelor of Science degree in Business
Management and an MBA with an emphasis in e-commerce from Dallas
Baptist University.  He also serves on the board of the State of
Texas Department of Information Resources.  Mr. Podeschi
received a Bachelor of Arts degree in Communications from St.
Louis University and serves on the board of the Dallas Chapter
of the Juvenile Diabetes Research Foundation.

                    About Blockbuster Inc.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie  
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Moody's Investors Service downgraded Blockbuster
Inc.'s corporate family rating to Caa1, its senior secured
credit facilities to B3, and speculative grade liquidity rating
to SGL-4.  In addition, Moody's affirmed the senior subordinated
notes rating at Caa2.  Moody's said the rating outlook remains
negative.


BLOCKBUSTER INC: Nick Shepherd to Step Down as CEO
--------------------------------------------------
Blockbuster Inc. has announced that Nick Shepherd, Senior
Executive Vice President and Chief Operating Officer, will leave
the company at the end of this month.
    
"The Board of Directors and I greatly appreciate the leadership
Nick has provided to the company and the major role he has
played in helping us lay the foundation for the transformation
of Blockbuster from a video retailer into a company that
provides completely convenient access to media entertainment,"
said Jim Keyes, Blockbuster Chairman and CEO.  "I am personally
grateful for Nick's support during my early days here at the
Company and wish him well in his new endeavors."

Mr. Shepherd joined Blockbuster in 1995 as managing director of
the company's United Kingdom business and subsequently served in
several executive positions including senior vice president
international, chief marketing and merchandising officer, and
president worldwide stores.

                     About Blockbuster Inc.

Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- provides in-home movie  
and game entertainment, with more than 9,000 stores throughout
the Americas, Europe, Asia and Australia.  The company maintains
operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Moody's Investors Service downgraded Blockbuster
Inc.'s corporate family rating to Caa1, its senior secured
credit facilities to B3, and speculative grade liquidity rating
to SGL-4.  In addition, Moody's affirmed the senior subordinated
notes rating at Caa2.  Moody's said the rating outlook remains
negative.


CARDTRONICS INC: Files Registration Statement with SEC for IPO
--------------------------------------------------------------
Cardtronics, Inc. filed a registration statement on Form S-1
with the U.S. Securities and Exchange Commission relating to an
initial public offering of shares of its common stock.  The
offered shares will be sold by Cardtronics and certain
stockholders of the company.

Cardtronics plans to use the net proceeds to repay indebtedness
under its credit facility, for working capital and for other
general corporate purposes.  Cardtronics will not receive any
proceeds from the sale of shares by selling stockholders.

Deutsche Bank Securities Inc., William Blair & Company, L.L.C.,
and Banc of America Securities LLC are the joint book runners
for the offering.  The number of shares to be offered and the
price range for the offering have not yet been determined.

The offering will be made only by means of a prospectus.  When
available, a copy of the preliminary prospectus relating to the
offering may be obtained from:

     1) Deutsche Bank Securities Inc.
        Attention: Prospectus Department
        100 Plaza One
        Jersey City, New Jersey 07311
        Telephone (800) 503-5611

     2) William Blair & Company, L.L.C.
        222 West Adams Street
        Chicago, Illinois 60606

     3) Banc of America Securities LLC
        Capital Markets Operations
        100 West 33rd Street, 3rd Floor
        New York, NY 10001

Headquartered in Houston, Texas, Cardtronics Inc. --
http://www.cardtronics.com/-- is a non-bank owner/operator of  
ATMs with more than 25,750 locations.  The company operates in
every major U.S. market, at approximately 1,700 locations
throughout the U.K., and at over 700 locations in Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 12, 2007, Moody's Investors Service assigned a Caa1 rating
to Cardtronics, Inc.'s proposed additional US$125 million "tack-
on" high yield subordinated notes, which will be used to fund
the US$135 million acquisition of the assets of financial
services business of 7-Eleven.


EMPRESAS ICA: Gets US$309MM Payment from Mexican State Firm
-----------------------------------------------------------
Empresas ICA, S.A. de C.V. said in a filing with the Mexican
stock exchange that it has received a US$308-million payment
from Mexican state power firm Comision Federal de Electricidad
for the second 375-megawatt turbine of the El Cajon
hydroelectric plant.

An Empresas ICA spokesperson told Business News Americas that
Comision Federal launched tests on the second turbine on
May 31, 2007.  The plant is fully operating, though there are
still some minor tests ongoing.

BNamericas notes that Comision Federal received the first 375-
megawatt turbine from Empresas ICA in February 2007.  Empresas
ICA was paid US$525 million for the turbine.

Empresas ICA said in a filing with the Mexican stock exchange
that the majority of the second payment and some US$175 million
in reserves from the first turbine is being used to pay off debt
related to the project.

According to BNamericas, Empresas ICA is expected to receive a
total of US$873 million for the plant.  So far the company has
been paid US$833 million, as it is till negotiating with
Comision Federal contractual details to settle the contract.

Negotiations for pending issues could take two years, BNamericas
states, citing the spokesperson.

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

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

                        *     *     *

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


TV AZTECA: Mexican Electoral Bill May Hurt Firm
-----------------------------------------------
TV Azteca could get hurt from an electoral bill being analyzed
in the Mexican congress, Reuters reports.

Reuters relates that the bill seeks to get free airtime for
political parties' campaigns during lucrative time slots.

According to Reuters, the bill requires broadcasters to give
three minutes of every hour between 6:00 a.m. and midnight free
to political parties for airing spots during federal campaigns.

Analysts told Reuters that the election law reform would be
voted on within the week.  It could also be implemented on radio
firms.  

The bill must be ratified together with a long-awaited fiscal
reform, Reuters states, citing the opposition.

TV Azteca (BMV: TVAZTCA) (Latibex: XTZA) is one of the two
largest producers of Spanish-language television programming in
the world, operating two national television networks in Mexico
-- Azteca 13 and Azteca 7 -- through more than 300 owned and
operated stations across the country.  TV Azteca affiliates
include Azteca America Network, a new broadcast television
network focused on the rapidly growing US Hispanic market, and
Todito, an Internet portal for North American Spanish speakers.

                        *    *    *

Moody's Investor Services rated TV Azteca's senior unsecured
debt at B1.




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


COPA HOLDINGS: Reports 15.8% Traffic Growth for August 2007
-----------------------------------------------------------
Copa Holdings, S.A., and its Copa Airlines and Aero Republica
operating subsidiaries, has released preliminary passenger
traffic statistics for August 2007.

  1. Available seat miles -- represents the aircraft seating
     capacity multiplied by the number of miles the seats are
     flown

  2. Revenue passenger miles -- represents the numbers of miles
     flown by revenue passengers

  3. Load factor -- represents the percentage of aircraft
     seating capacity that is actually utilized
    
For the month of August 2007, Copa Holdings' system-wide
passenger traffic increased 15.8%, while capacity increased
16.8%. System load factor for August 2007 was 74.1%, a decrease
of 0.6 percentage points when compared to August 2006.
    
Copa Airlines passenger traffic for August 2007 increased 20.5%
while capacity increased 21.1%.  This resulted in a load factor
of 78.0%, an decrease of 0.4 percentage points when compared to
August 2006.
    
Aero Republica passenger traffic for August 2007 decreased 2.8%,
while capacity increased 3.1%. Aero Republica's load factor for
the month was 59.2%, a 3.6 percentage point decrease when
compared to August 2006.
    
Copa Holdings, S.A., based in Panama City, Panama, through its
Copa Airlines and Aero Republica operating subsidiaries, is a
leading Latin American provider of passenger and cargo service.  
Copa Airlines currently offers approximately 126 daily scheduled
flights to 40 destinations in 21 countries in North, Central and
South America and the Caribbean.  In addition, Copa Airlines
provides passengers with access to flights to more than 120
other international destinations through code share agreements
with Continental Airlines and other airlines.  Aero Republica,
the second-largest domestic carrier in Colombia, provides
service to 12 cities in Colombia as well as international
connectivity with Copa Airlines' Hub of the Americas through
flights from Bogota, Cali, Cartagena and Medellin.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 20, 2006, Joel Millman, writing for the Wall Street
Journal, reports that Continental Airlines sold the nine million
shares it held in Copa Holdings SA, operator of Panama's
Compania Panamena de Aviacion, or Copa Airlines.  The shares
sold for US$172 million in an initial public offering.  It
however, retained 30% of Copa's Class A shares.  Continental
bought the shares for US$53 million in 1998.




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


AVIS BUDGET: Expands in Florida, Colorado & Puerto Rico
-------------------------------------------------------
Avis Budget Group, Inc., the parent company of Avis Rent A Car
and Budget Rent A Car, has expanded its electronic toll
collection with new services in Florida, Colorado and Puerto
Rico.  Available now in Puerto Rico and rolling out to Florida
next week and Colorado later this fall, these services eliminate
the need for car rental customers to carry change or wait in
long cash payment lines, as now they can simply zip through
electronic toll payment lanes.
    
Avis and Budget vehicles in Puerto Rico feature AutoExpreso
transponders that enable car rental customers to drive through
express toll lanes at 16 toll plazas throughout the island.  In
Florida and Colorado, Avis and Budget vehicles will utilize
PlatePass(R), which allows customers to utilize high-speed toll
lanes without the need for a vehicle transponder.  In both
programs, toll charges and daily fees for the service will be
processed as a separate charge to the credit or debit card that
was presented by the customer at the time of rental.
    
Avis Budget Group successfully launched the first expanded
electronic toll payment program in the Northeast United States
in 2006 with transponder-equipped vehicles operating on the E-
ZPass network, in conjunction with its provider Highway Toll
Administration, LLC, and in metropolitan Houston with the
introduction of PlatePass, offered by American Traffic
Solutions. The program was later expanded to the I-Pass network
in the Chicago metropolitan area in early 2007, and to date,
more than 250,000 customers have taken advantage of the
offering.
    
"Electronic toll collection is a real time-saver for travelers,"
said Michael Caron, vice president of product and program
development for Avis Budget Group, Inc.  "The service is very
popular with Avis' business customers who equate the time saved
to being more productive on their business trip, and with cost-
conscious travelers who rent with Budget and value the time they
gain by not waiting at the cash toll lanes on highways.  In
addition to making travel more convenient, research has found
that paying for tolls electronically reduces vehicle emissions
and reduces fuel consumption due to reduced waiting at toll
plazas."
    
More than 380,000 vehicles in the Avis and Budget fleet are
enrolled in the PlatePass system; 38,000 vehicles are equipped
with transponders for use on the E-ZPass and I-Pass networks;
and, 3,000 vehicles are now equipped for use on the AutoExpreso
network.  E-ZPass is available in the Northeast United States
from Maine to Virginia for US$1.50 per day, plus toll charges.  
I-Pass is available in the metropolitan Chicago area for US$1.50
per day plus toll charges while PlatePass is offered in the
metropolitan Houston area, Colorado and Florida for US$2.00 per
day used, in addition to tolls.  AutoExpreso is offered in
Puerto Rico for US$1.50 per day, plus toll charges.
    
"Avis Budget Group has more vehicles equipped with electronic
toll collection transponders than any other car rental company,"
said Caron.  "The transponders allow renters to bypass cash
lanes at all tolls in the Northeast, the Chicago metropolitan
area and Puerto Rico, including those with lift gates."
    
To make a reservation or to learn more about renting a vehicle
with electronic toll collection visit http://www.avis.comand  
http://www.budget.com,call Avis at 1-800-331-1212 and Budget at  
1-800-527-0700 or contact a local travel professional.

               About Highway Toll Administration

Highway Toll Administration, LLC -- http://www.htallc.com--  
provides electronic toll collection services, video-based toll
payment services, and full service toll violations processing
and administration to the auto industry, and primarily to rental
car agencies.  Founded in October 2002, HTA is an industry-
leading private company and is not affiliated with any
governmental agencies.
    
                About American Traffic Solutions
    
American Traffic Solutions, Inc. -- http://www.PlatePass.comand  
http://www.atsol.com-- provides electronic toll collection  
services for rental car companies through its branded PlatePass
product.  ATS is a leading provider of technology and business
solutions that support electronic toll and traffic management
programs worldwide.  ATS' PlatePass solution provides a unique,
convenient, consumer offering to the rental car customer. The
technology and service is built based on real-world experience
providing toll violation processing solutions to some of the
largest Toll Authorities in the United States. ATS was founded
in 1992 and operates or supports automated traffic safety and
enforcement programs in Washington, California, Florida,
Arizona, Colorado, Texas, Tennessee, Missouri, Maryland,
Pennsylvania, New York, and Alberta, Canada.

                      About Avis Budget

Avis Budget Group, Inc. -- http://www.avisbudgetgroup.com/--  
(NYSE:CAR) provides vehicle rental services, with operations in
more than 70 countries.  Through its Avis and Budget brands, the
company is the largest general-use vehicle rental company in
each of North America, Australia, New Zealand and certain other
regions.  Avis Budget Group is headquartered in Parsippany, N.J.
and has more than 30,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 14, 2007,
Standard & Poor's Ratings Services assigned its 'BB+' corporate
credit rating to Avis Budget Group Inc., parent of Avis Budget
Car Rental LLC.  According to S&P, the rating assignment follows
after Avis Budget Group's statement that it will guarantee Avis
Budget Car Rental's unsecured notes.


HUMANA INC: KMG Deal Does not Affect A.M. Best's Ratings
--------------------------------------------------------
A.M. Best Co. has commented that the financial strength ratings
(B+), issuer credit ratings (BBB) and debt ratings of Humana
Inc. and its insurance and health maintenance organization
subsidiaries remain unchanged.  The outlook for all ratings is
negative.

This follows the announcement that Humana has entered into a
definitive agreement to acquire KMG America Corporation.  Humana
plans to acquire KMG for a total of US$187.7 million (which
includes approximately US$50 million of debt).  The acquisition
is to be financed by a combination of cash and debt.  The
transaction is expected to close in first quarter 2008, pending
regulatory approval.

The acquisition of KMG by Humana is expected to further broaden
Humana's product portfolio by adding voluntary insurance benefit
products, which is expected to complement Humana's existing
major medical offerings in the employer group and individual
market segments.  This acquisition also fits into Humana's
expansion of offerings in the individual market.

After the close of the transaction, Humana is projected to have
a 27%-28% debt/capitalization ratio, which is adequate for the
organization's current ratings.  This acquisition is the second
to be announced by Humana in 2007 after a period of inactivity
due to the organization's focus on its expansion in the Medicare
Part D and Medicare Advantage markets.  Humana's pending
acquisition of CompBenefits, Corp. was announced June 19, 2007
and is expected to close in third quarter 2007. Humana grew its
Medicare business significantly in 2006 and government contracts
now account for approximately two-thirds of Humana's total
revenue.  Current government funding of the Medicare programs is
good, but proposed funding cuts could affect Humana's revenue
stream.  The CompBenefits and KMG acquisitions are expected to
generate additional revenue in Humana's commercial business
segment and to diversify cash flows for Humana.  Humana is
considered to be modestly capitalized and capital support of
additional insurance entities, as well as, additional organic
membership growth could pressure Humana's capitalization.

Humana Inc. (NYSE: HUM), founded in 1961 in Louisville,
Kentucky, is a Fortune 500 company that markets and administers
health benefit consumer services.  With a customer base of over
11.5 million in the United States, the company is the largest
Fortune 500 company headquartered in the Commonwealth of
Kentucky, with a market cap of over US$10 billion dollars and
US$21.4 billion in revenue. Humana employs over 22,500
associates nationwide.  Humana markets its health benefit
consumer services in all 50 states, D.C., Puerto Rico and has
international business interests in Western Europe.  In its
March 2007 issue, Fortune Magazine named Humana one of the Top 5
Most Admired Healthcare Companies in the United States.


SEARS HOLDINGS: Names J. Miles Reidy as Chief Financial Officer
---------------------------------------------------------------
Sears Holdings Corporation has disclosed that J. Miles Reidy
will join the company as executive vice president, chief
financial officer in October 2007.  William C. Crowley,
executive vice president, chief administrative officer and a
member of Sears Holdings' board of directors, has been serving
as chief financial officer on an interim basis.  Mr. Reidy will
report to Mr. Crowley.
    
Mr. Reidy joins Sears Holdings from Capital One Financial
Corporation, where he served in a number of senior financial and
planning positions with increasing responsibility, including
chief financial officer of the company's credit card division;
chief planning and financial strategy officer, executive in
charge of banking integration and, most recently, as financial
cost executive reporting to the Chief Risk Officer.
    
"Miles has built and led highly quantitative, analytical finance
organizations.  We have asked Miles to bring to Sears Holdings
this rigorous approach to testing and creating value through
data-driven decisions," said Mr. Crowley.
    
"I'm looking forward to making a meaningful contribution to
Sears' ongoing efforts to create a great retailer and welcome an
opportunity to work with such a strong and committed team," Mr.
Reidy said.
    
Prior to Capital One, Mr. Reidy held a variety of financial and
strategy positions at other significant financial institutions,
including Chevy Chase Bank, FSB; First Commerce Corporation and
Mellon Bank Corporation.
    
Mr. Reidy has a Masters in Economics from Carnegie Mellon
University in Pittsburgh, Pennsylvania, and a Bachelors in
Finance from Georgetown University.

                    About Sears Holdings

Based in Hoffman Estates, Illinois, Sears Holdings Corp.
(NASDAQ: SHLD) -- http://www.searsholdings.com/-- is a  
broadline retailer, with approximately US$55 billion in annual
revenues, and with approximately 3,800 full-line and specialty
retail stores in the United States, Canada and Puerto Rico.  
Sears Holdings is a home appliance retailer as well as a
retailer of tools, lawn and garden, home electronics, and
automotive repair and maintenance.  Key proprietary brands
include Kenmore, Craftsman and DieHard, and a broad apparel
offering, including well-known labels as Lands' End, Jaclyn
Smith, and Joe Boxer, as well as the Apostrophe and Covington
brands.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Fitch Ratings affirmed its ratings of Sears
Holdings Corporation as:

Sears Holdings Corporation

    -- Issuer Default Rating at 'BB';
    -- Senior Notes at 'BB';
    -- Secured Bank Facility at 'BBB-'.

Sears, Roebuck and Co.

    -- IDR at 'BB';
    -- Senior Notes at 'BB'.

Sears Roebuck Acceptance Corp.

    -- IDR at 'BB';
    -- Senior Notes at 'BB';
    -- Commercial Paper at 'B'.

Sears DC Corp.

    -- IDR at 'BB'
    -- Senior Notes at 'BB'.

Fitch said the rating outlook is stable.




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


CITGO PETROLEUM: May Not Sell Motor Fuel Plants
-----------------------------------------------
Citgo Petroleum Corp. Chief Executive Alejandro Granado told
Reuters that parent firm Petroleos de Venezuela SA has not
instructed the company to sell any of its three US motor fuels
refineries.

Citgo Petroleum would sell two asphalt plants in Georgia and New
Jersey by year-end, Reuters states, citing Mr. Granado.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-
owned oil company of Venezuela.

Petroleos de Venezuela 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.

                        *     *     *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp. in Feb. 14, 2006.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.
Fitch also rates the company's US$1.15 billion senior secured
revolving credit facility maturing in 2010 at 'BB+', its US$700
million secured term-loan B maturing in 2012 at 'BB+', and its
senior secured notes at 'BB+'.


CHRYSLER LLC: Appoints Jan A. Bertsch to Lead ITM Organization
--------------------------------------------------------------
Chrysler LLC has confirmed its leadership plans for its
Information Technology Management organization.  Effective
immediately, Jan A. Bertsch leads the ITM organization as vice
president and chief information officer for Chrysler.

Previously, Ms. Bertsch held the position of CIO for Chrysler
Group and Mercedes-Benz in North America.

"Chrysler's ITM team is world-class and an innovator of
information technology," said Ms. Bertsch.  "By collaborating
with our operational partners, we will continue to support the
recovery and transformation of Chrysler."

Ms. Bertsch blazed a trail as a female executive in the
automotive industry.  She joined DaimlerChrysler in 2001 as vice
president of Finance for Chrysler Group's Global Sales and
Marketing organization.

She spent 22 years with Ford Motor Company and Visteon
Corporation, where she held numerous positions, including
assistant treasurer of Ford Motor Company and treasurer of
Visteon Corporation.

As one of the few women in the auto industry to head up a global
information technology organization, Ms. Bertsch is responsible
for directing Chrysler's worldwide systems and computer hardware
strategy, systems applications development, data center
operations and telecommunications network operations.  She
reports to Ron Kolka, Chrysler's chief financial officer.

Ms. Bertsch was named to the 2005 Automotive News list of the
"100 Leading Women in the North American Auto Industry."  She
holds a number of board positions with non-profit organizations,
including Wayne State University School of Medicine, the
Chrysler Women's Forum, among others.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                        *     *     *

The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors
Service has affirmed Chrysler Automotive LLC's B3 Corporate
Family Rating, and the Caa1 (LGD4, 66) rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of Daimler Chrysler AG's sale of a
majority interest of Chrysler Group to Cerberus Capital
Management LLC.


CHRYSLER LLC: Five Star Dealers' Sales Up 5% to 10,204 Vehicles
---------------------------------------------------------------
Chrysler LLC has reported that its Five Star dealers sold a new
record of 10,204 Certified Pre-owned Vehicles in August 2007, a
5 percent increase from August 2006 sales of 9,713 units.

For the month of August, Chrysler brand sales dipped 3 percent
to 3,201 units; Jeep brand sales spiked 19 percent to 2,890
units and Dodge brand sales rose 3 percent to 4,113 units.

Year-to-date Chrysler is the only domestic auto company to grow
its market share in the non-luxury certified segment, the
fastest growing automotive segment in the U.S.

Chrysler, Jeep and Dodge year-to-date 2007 sales set a record by
rising 7 percent to 84,845 units, versus 2006 sales of 79,050
units.  Select vehicles with marked sales improvement include
the Chrysler Pacifica and Dodge Magnum, which increased 24 and
26 percent year-over-year, respectively.

"With the right combination of great certified pre-owned
Chrysler, Jeep and Dodge products and knowledgeable dealer
partners to communicate those benefits to our customers,
Chrysler CPOV sales are on the right track in 2007," said Peter
Grady, director of Remarketing.  "Moving into September,
our dealers are positioned to close the third quarter in record
fashion."

Chrysler LLC offers one of the most comprehensive Certified Pre-
owned Vehicle programs in the industry.  For a vehicle to be
certified under Chrysler's used-vehicle program, it must be a
2002 through 2007 model pre-owned vehicle with less than 65,000
miles and pass a stringent 125-point mechanical, safety and
condition standard inspection.

Chrysler CPO vehicles are backed by an eight-year/80,000-mile
powertrain limited warranty, 24-hour, 365-day full roadside
assistance with a US$35 per day rental car allowance and a
three-month or 3,000-mile Maximum Care warranty, in addition to
a Carfax Vehicle History Report and buyback guarantee.

Marketed as "Brand Spankin' Used" Chrysler CPO vehicles are sold
only through Chrysler, Jeep and Dodge dealerships that have
earned the automaker's Five Star certification.  Five Star
certification is a comprehensive validation of the dealership's
facilities, operational processes, salesperson and technician
training accreditation as well as customer satisfaction survey
ratings. About 2,000 Chrysler dealerships in the United States
are certified Five Star dealers.

                      About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

Chrysler LLC is facing a difficult market environment in the
United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.

Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


CHRYSLER LLC: Appoints James Press from Toyota as President
-----------------------------------------------------------
James E. Press has been appointed as vice chairman and president
of Chrysler LLC, Chairman and CEO Robert Nardelli disclosed.

Mr. Press, who was president and chief operating officer of
Toyota Motors in North America Inc. and a director of the parent
company, will now be responsible for North American Sales,
International Sales, Global Marketing, Product Strategy, and
Service and Parts for Chrysler.

"Tom LaSorda and I are thrilled that one of the most successful
executives in the history of the auto industry has joined our
leadership team at the New Chrysler," said Mr. Nardelli.  "Our
top team now consists of a world-class 'supply' leader in Tom
and an equally world-class 'demand' leader in Jim."

"I've known Jim for many years and know that he will hit the
ground sprinting," said Mr. LaSorda. "I look forward to
partnering with him and Bob as part of the Office of the
Chairman."

Mr. Press joins Mr. LaSorda as a vice chairman and president,
reporting to Mr. Nardelli.  Mr. LaSorda's responsibilities will
continue to include Manufacturing, Procurement and Supply,
Employee Relations and Global Business Development and
Alliances.

"I am grateful for the support and opportunities I received
during my three-plus decades at Toyota," said Mr. Press.  "I
relish this new opportunity with the Chrysler team to be a part
of the resurgence of a true American icon here and around the
world.  Part of my new responsibilities will be strengthening
and energizing the dealer body.  This is something I was
passionate about at Toyota and will be passionate about at
Chrysler."

Mr. Press joins Chrysler after 37 years with Toyota, where he
most recently served as the first non-Japanese president of
Toyota Motor North America Inc., responsible for sales,
engineering and the company's 15 manufacturing plants with
41,000 employees in North America.  He was also the first non-
Japanese executive selected to the Board of Directors of Toyota
Motor Corporation.

During his tenure at Toyota, the company grew from an upstart
new company selling 100,000 vehicles per year to the second
largest auto company in the United States.

Mr. Press becomes a member of the Chrysler Board of Directors
and the Board of Managers of Cerberus Operations and Advisory
Co. (COAC), LLC.  Mr. Press joins Mr. LaSorda as vice chairman
of COAC.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

The company has dealers worldwide, including Canada, Mexico,
U.S., Germany, France, U.K., Argentina, Brazil, Venezuela,
China, Japan and Australia.

                        *    *    *

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior
secured first-lien term loan facility due 2013, following
various changes to terms and conditions prior to closing.  The
US$10 billion first-lien term loan now consists of a US$5
billion "first-out" tranche and a US$5 billion "second-out"
tranche, so the aggregate amount of first-lien debt remains
unchanged.
     
Accordingly, S&P assigned a 'BB-' rating to the US$5 billion
"first-out" first-lien term loan tranche.  This rating, two
notches above the corporate credit rating of 'B' on Chrysler
LLC, and the '1' recovery rating indicate S&P's expectation for
very high recovery in the event of payment default.  S&P also
assigned a 'B' rating to the US$5 billion "second-out" first-
lien term loan tranche.  This rating, the same as the corporate
credit rating, and the '3' recovery rating indicate S&P's
expectation for a meaningful recovery in the event of payment
default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with Monday's closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


PETROLEOS DE VENEZUELA: Investing US$10B in Project with China
--------------------------------------------------------------
Venezuelan oil and energy minister and state-owned oil firm
Petroleos de Venezuela SA's chief Rafael Ramirez said at an OPEC
conference that the firm, along with Chinese counterpart China
National Petroleum Corporation, will invest over US$10 billion
to produce up to one million barrels per day from the Orinoco
heavy crude belt.

Petroleos de Venezuela said in a statement that it will hold 50%
of a new joint venture transport firm with China National, who
will also hold a 50% stake in the project.  However, it will
control 60% of all other joint projects.

According to Venezuelan President Hugo Chavez's statement, the
Petrosinovensa and Petrosumano joint ventures being created will
process heavy crude from the Orinoco.  They will also work on
new exploration and production projects on the Junin 4 and
Carabobo blocks in Orinoco.

Minister Ramirez told Business New Americas that the new
production capacity could be refined at plants to be built in
these Venezuelan cities:

          -- Caripito,
          -- Batalla de Santa Ines, and
          -- Cabruta.

The plants are under the Siembra Petrolera plan, which is aimed
at boosting Venezuela's output to over 5.8 million barrels per
day, BNamericas notes, citing Petroleos de Venezuela.  The three
plants will process over 500,000 barrels per day of heavy and
sweet crude.  They will need an initial investment of US$7.5
billion.

Plants are also being planned for the processing of Venezuelan
crude in China, President Chavez told BNamericas.

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

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


PETROLEOS DE VENEZUELA: Says Crude Inventories Above Average
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that crude inventories in Venezuela are above
historic averages despite a recent decline.

Oil prices will remain "at levels fair to Venezuela," Business
News Americas relates, citing Energy and oil minister and
Petroleos de Venezuela head Rafael Ramirez.

Minister Ramirez commented to BNamericas, "We did not come here
worrying about production increases."

Current prices let Petroelos de Venezuela continue increasing
operations, BNamericas says, citing Minister Ramirez.  

The minister also urged chiefs of state to attend the upcoming
summit for heads of OPEC countries in Riyadh, Saudi Arabia, as
the organization "has a strong political component to defend the
interests of oil-producing countries," BNamericas states.

                 About Petroleos de Venezuela

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

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


* VENEZUELA: Hugo Chavez Wants To Intensify Ties with China
-----------------------------------------------------------
Venezuelan President Hugo Chavez has reiterated to The Caracas
Daily Journal his wish to further intensify the country's
dealings with China.

President Chavez told The Caracas Daily that he wants to develop
the Caracoles area.  Also, the National Assembly has ratified
the creation of bilateral joint firm Petrosumano.

The Globovision Web site says that Sinovensa, another joint
company, will produce 150,000 barrels per day from the Junin 4
and Carabobo blocks in the Orinoco Basin.

Venezuela wants "mixed company" partnerships with China.  The
nation also wants to increase oil production to 800,000 barrels
per day, The Caracas Daily states.

                        *     *     *

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


                         ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
de los Santos, Christian Toledo, and Pamella Ritah K. Jala,
Editors.

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

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              * * * End of Transmission * * *