TCRLA_Public/070917.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, September 17, 2007, Vol. 8, Issue 184

                          Headlines

A R G E N T I N A

CANTERA FC: Proofs of Claim Verification Deadline Is Nov. 5
DELTA AIR: Fitch Upgrades Ratings on Series 2000-1 Certificates
DENICE SA: Proofs of Claim Verification Deadline Is Nov. 7
FARMACIA NUEVA: Proofs of Claim Verification Deadline Is Nov. 2
FORD MOTOR: Inks Landmark Agreement with Romanian Government

FRANCISCO Y JOSE: Proofs of Claim Verification Is Until Nov. 1
GRANDES TRANSPORTES: Trustee To File Individual Reports Tomorrow
HYDRA SACII Y F: Proofs of Claim Verification Is Until Today
INDUCOR SRL: Concludes Reorganization Proceeding
SIEBERCO SA: Proofs of Claim Verification Is Until Nov. 28

SPODEK SRL: Proofs of Claim Verification Ends Today
STRADIVARIUS SA: Proofs of Claim Verification Ends on Oct. 9
TEXTIL PENA: Proofs of Claim Verification Deadline Is Nov. 9
TRANSRED AMERICAS: Proofs of Claim Verification Is Until Oct. 16
TUPPERWARE BRANDS: S&P Affirms BB Corporate Credit Rating

VALTORTA Y CIA: Proofs of Claim Verification Ends on Oct. 24

* ARGENTINA: Obtains US$60-Million Financing from IDB


B A H A M A S

KNOLL INC: Inks Asset Purchase Agreement with Edelman Leather
METROPOLITAN BANK: Unit Lowers Stock Market Index Expectations


B E L I Z E

INNOVATIVE COMM: Stan Springel Appointed as Chapter 11 Trustee


B E R M U D A

FOSTER WHEELER: Unit Wins Contract from GlaxoSmithKline
GAUDY LTD: Sets Final General Meeting for Oct. 12
GAUDY LTD: Proofs of Claim Filing Ends on Sept. 19
LMC INVESTMENTS: Will Hold Final General Meeting on Oct. 3
MORGAN STANLEY: Sets Final General Meeting for Oct. 9

PRIME GROUP: Will Hold Final General Meeting on Oct. 9
ROYALE RESORTS: Proofs of Claim Filing Is Until Sept. 19
ROYALE RESORTS: Sets Final General Meeting for Nov. 15
SAH LIMITED: Proofs of Claim Filing Deadline Is Oct. 1
SAH LIMITED: Will Hold Final General Meeting on Oct. 15

SEA CONTAINERS: Wants Exclusive Period Extended to December 21
SECURITISED TERM: Sets Final General Meeting for Oct. 9


B O L I V I A

* BOLIVIA: OKs Decree on Transfer of BOB2 Million to El Mutun


B R A Z I L

ACTUANT CORP: Acquiring Templeton Kenly for US$48 Million
BANCO BRASCAN: Acquisition Cues Fitch to Watch BB- Local IDR
BANCO NACIONAL: Board Grants BRL600.5-Million Loan to Fiat
BANCO NACIONAL: Will Finance 15 Hydroelectric Plants
BANCO NACIONAL: Launches Angra Funding Talks with Eletrobras

BRASIL TELECOM: Launching Short Message Service in 4th Quarter
CENVEO CORP: Moody's Affirms B1 Corporate Family Rating
DELPHI CORP: Gets Nod to File GM Settlement Exhibits Under Seal
FLEXTRONICS INT'L: Reports Solectron Stockholders' Merger Terms
GERDAU AMERISTEEL: Chaparral's Shareholders Approve Merger Deal

GRAFTECH INT'L: S&P Affirms B+ Corp. Rating with Pos. Outlook
IWT TESORO: Selects Focus Management as Financial Advisor
IWT TESORO: Wants Approval on Rader & Coleman as Special Counsel
NAVISTAR INT'L: Bags US$71.5-Mil. Deal to Provide Parts Support
TAM: Receives Two New Airbus Planes from Germany

* BRAZIL: State Firm Launches Drilling for Gas & Oil in Colombia


C A Y M A N   I S L A N D S

ALPHAGEN ABSOLUS: Sets Final Shareholders Meeting for Today
AMB BLACKPINE: Will Hold Final Shareholders Meeting Today
CAUSEWAY NATURAL: Will Hold Final Shareholders Meeting on Nov. 1
CHASER CAPITAL: Sets Final Shareholders Meeting for Oct. 12
CHASER CAPITAL (MASTER): Final Shareholders Meeting on Oct. 12

GLOBAL MID-CAP: Sets Final Shareholders Meeting for Nov. 1
GLOBAL MID-CAP: Sets Final Shareholders Meeting for Nov. 1
PRS CAPTIVE: Will Hold Final Shareholders Meeting on Oct. 9
RHICON 4XIM: Will Hold Final Shareholders Meeting Today
STERLING EQUITY: Sets Final Shareholders Meeting for Oct. 18

WESTROCK LTD: Sets Final Shareholders Meeting for Today
ZEBRA US: Will Hold Final Shareholders Meeting on Nov. 1


C O L O M B I A

ECOPETROL: Launches Drilling for Gas & Oil with Two Firms
GRAN TIERRA: Changes Reserve Estimates for Colombian Discoveries


C O S T A   R I C A

SAMSONITE CORP: Incurs US$16.8 Mil. Net Loss in 2007 Second Qtr.


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Proof Against Marcos Cocco Illegitimate
GENERAL CABLE: To Launch Offering on US$450-Mil. Senior Notes


E C U A D O R

PETROECUADOR: Launching Auction for Guayaquil NatGas Exploration


M E X I C O

AMERICAN GREETINGS: Signs Partnership Deal with Comedy Central
CHAPARRAL STEEL: Stockholders Nod on Gerdau Ameristeel Merger
DOMINO'S PIZZA: Picks Crispin Porter + Bogusky as Ad Agency
DURA AUTOMOTIVE: Disclosure Statement Has Adequate Information
DURA AUTOMOTIVE: Wants Court Nod on Solicitation Procedures

ENTRAVISION COMMS: Taps M. Gaete-Tapia as VP for Public Affairs
GERDAU AMERISTEEL: Chaparral Steel Accepts Firm's Takeover Bid
GLOBAL POWER: Disclosure Statement Hearing Set for Oct. 9
GLOBAL POWER: Court Extends Exclusivity Period to September 28
GLOBAL POWER: Court Approves Ninth Omnibus Objection to Claims

GRUPO MEXICO: Ferromex Pays MXN698-Million Debt To Inbursa
INTERNATIONAL RECTIFIER: Delays Filing of Annual Fin'l Report
KRISPY KREME: Moody's Junks Corporate Family Rating
STRATUS TECHNOLOGIES: Signs Definitive Agreement with VMware


P A N A M A

FOSTER WHEELER: Conducting Second-Phase Studies for Panama Plant
PAYLESS SHOESOURCE: Hires Three Designers for NY Design Team

* PANAMA: Awards Provisional Concession to Generadora del Istmo


P E R U

DOE RUN: Filing an Appeal on Environmental Infraction Fines


P U E R T O   R I C O

ADELPHIA COMMS: Distributes to Holders of Allowed Claims
FOOT LOCKER: May Be Unable to Comply with Fixed Charge Ratio


V E N E Z U E L A

ALCATEL-LUCENT: S&P Affirms BB- Long-Term Corporate Rating
PETROLEOS DE VENEZUELA: Defends Manuel Medina

* BOND PRICING: For the Week Sept. 14 to Sept. 10


                          - - - - -

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


CANTERA FC: Proofs of Claim Verification Deadline Is Nov. 5
-----------------------------------------------------------
Edgardo Alberto Borghi, the court-appointed trustee for Cantera
FC Sociedad Anonima's reorganization proceeding, verifies
creditors' proofs of claim until Nov. 5, 2007.

Mr. Borghi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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 Cantera FC 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 Cantera FC's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Cantera FC Sociedad Anonima
         Reconquista 144
         Buenos Aires, Argentina

The trustee can be reached at:

         Edgardo Alberto Borghi
         Luis Viale 2176
         Buenos Aires, Argentina


DELTA AIR: Fitch Upgrades Ratings on Series 2000-1 Certificates
---------------------------------------------------------------
Fitch Ratings has upgraded and removed from Rating Watch
Positive these classes of Delta Air Lines Enhanced Equipment
Trust Certificate transactions:

Delta Air Lines Pass Through Certificates, Series 2000-1

-- Class A1 upgraded to 'BBB-' from 'B', removed from Rating
    Watch Positive;
-- Class A2 upgraded to 'BBB-' from 'B', removed from Rating
    Watch Positive;
-- Class B upgraded to 'BB-' from 'CCC', removed from Rating
    Watch Positive and the Distressed Recovery rating of 'DR1'
    is also removed.

Delta Air Lines Pass Through Certificates, Series 2001-1

-- Class A1 upgraded to 'BBB-' from 'B', removed from Rating
    Watch Positive;
-- Class A2 upgraded to 'BBB-' from 'B', removed from Rating
    Watch Positive;
-- Class B upgraded to 'BB-' from 'CCC', removed from Rating
    Watch Positive and 'DR1' is also removed.

Delta Air Lines European Enhanced Equipment Trust Certificates,
Series 2001-2

-- Class A upgraded to 'A+' from 'BBB-', removed from Rating
    Watch Positive;
-- Class B upgraded to 'B+' from 'CCC', removed from Rating
    Watch Positive and 'DR1' is also removed.

Delta Air Lines Pass Through Certificates, Series 2002-1

-- Class C upgraded to 'B+' from 'CC', removed from Rating
    Watch Positive and 'DR5' is also removed.

EETC's are hybrid corporate-structured debt obligations in which
payment on the notes is effectively supported by the underlying
corporate entity, while structured elements of the transaction
provide protection to investors in the event of issuer default.  
As such, Fitch's ratings on EETC transactions begin with the
underlying Issuer Default Rating of the issuing entity and are
adjusted upward depending on the structural enhancements in
place.  Based on the foregoing, Fitch lowered its EETC ratings
for Delta following their Sept. 14, 2005 bankruptcy filing.  The
upgrades reflect the improved credit quality of the transactions
following Delta's Chapter 11 bankruptcy restructuring.

Additionally, Fitch Ratings has removed from Ratings Watch
Positive and withdrawn the ratings on the following classes of
Delta Pass Through Certificates due to a lack of sufficient
information to maintain the ratings.

Delta Air Lines Pass Through Certificates, Series 1992

-- Class B2 rated 'CC/DR4'.

Delta Air Lines Pass Through Certificates, Series 1993

-- Class A2 rated 'CC/DR4'.

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline  
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.  The
company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).  
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.


DENICE SA: Proofs of Claim Verification Deadline Is Nov. 7
----------------------------------------------------------
Julio Salaberry, the court-appointed trustee for Denice S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 7, 2007.

Mr. Salaberry will present the validated claims in court as
individual reports on Dec. 19, 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 Denice 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 Denice's accounting
and banking records will be submitted in court on
March 24, 2008.

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

The debtor can be reached at:

         Denice S.A.
         Yapeyu 524
         Buenos Aires, Argentina

The trustee can be reached at:

         Julio Salaberry
         Uruguay 766
         Buenos Aires, Argentina


FARMACIA NUEVA: Proofs of Claim Verification Deadline Is Nov. 2
---------------------------------------------------------------
Antonio Oscar Tirimaos, the court-appointed trustee for Farmacia
Nueva Unidos S.A.'s reorganization proceeding, verifies
creditors' proofs of claim until Nov. 2, 2007.

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

Infobae didn't state the reports submission deadlines.

The trustee can be reached at:

         Antonio Oscar Tirimaos
         Viamonte 1479
         Buenos Aires, Argentina


FORD MOTOR: Inks Landmark Agreement with Romanian Government
------------------------------------------------------------
Ford Motor Company has reached agreement with the Romanian
government for the purchase of the Craiova vehicle manufacturing
plant in the southwest of the country.

Ford of Europe President and CEO, John Fleming, and Calin
Popescu-Tariceanu, Prime Minister of Romania, witnessed the
signing of the documents, which begin the process of
transferring ownership of the facility to Ford.

The documents were signed by Mr. Lyle Watters, Director of
Business Strategy, Ford of Europe, and Mr. Sebastian Vladescu,
President of the Privatisation Committee for Automotive Craiova
and Secretary of State for Economy and Finance.

Speaking at the signing ceremony at the Frankfurt Motor Show in
Germany, John Fleming said: "This is great news for Ford, for
Romania and for Craiova.  We are acquiring a plant with a
skilled and enthusiastic workforce and together we will work to
transform the plant into an industry benchmark for vehicle
manufacturing in Central Europe."

"Ford has shared with us their exciting vision for the future of
Craiova," Prime Minister Tariceanu commented.  "In time the
plant will be producing over 300,000 Ford vehicles and engines a
year, all proudly made in Romania."

In addition to the EUR57 million to be paid to the government
for their 72.4% stake in Automotive Craiova, Ford will transfer
to a new company significant land parcels not required for
production plans.  The same offer will be made to all the
minority shareholders.

Ford has also committed to spending another EUR675 million to
upgrade and modernise the plant.  And, by 2012, the company
expects to be spending around EUR1 billion a year in Romania to
support the Craiova operations.

Employment levels at the plant will almost double, from the
existing 3,900 to 7,000.

Ford's purchase of the Craiova facility will be ratified by the
Romanian government via a special law, which will make its way
through parliament in the not-too-distant future.  When all the
formalities are completed, Ford will become the new owner
towards the end of the year.

"I wish to place on record Ford Motor Company's gratitude to the
government of Romania and its agencies involved in the
negotiation process," Mr. Fleming said.  "Given the intense
nature of the discussions we have had over many weeks, it would
have been understandable had the relationship become strained.  
Despite the complex negotiations, the atmosphere was always
cordial and very positive.  We appreciated that very much.

"Although we have reached this landmark stage, there is still
much planning work for us to do before we assume full
responsibility for the plant.  While I do not want to be too
specific at this stage about the vehicle we shall be building in
Craiova, I can confirm that we will start with a small car built
solely in Craiova and we expect up to 90% of vehicle production
to be exported.

"For the foreseeable future, it is business as usual at
Craiova," Mr. Fleming added.  "During this transition period
there will be much to discuss with the employees at the plant.  
I hope today's news pleases them as much as it does me and my
management team."

The Ford of Europe president and CEO also confirmed that he
would be travelling to Romania with other members of the Ford of
Europe senior management group on Sept. 14, 2007.  While there
he will join Prime Minister Tariceanu at the plant, meet
employees and view some of the facilities.

In its Technical Offer document, presented to the Romanian
Authority for State Assets Recovery at the beginning of the
negotiations in July, the company made these statements:

   * Craiova will be a cornerstone of Ford's Europe's
     manufacturing base and a key element of our plan to
     increase Ford sales in Europe to over two million units
     per year.

   * Craiova will be incorporated into the global Ford
     organisation, building strong and sustainable
     relationships with local, regional and global economies.

   * The application of our Ford Production system, a renowned
     lean-manufacturing principle, ensures leading-edge
     manufacturing standards.

   * Investments made to upgrade and modernise the plant will
     include a new, automated 1,000 tonne press line and
     automate some of the existing production lines in the
     Craiova press shop; the installation of a new body
     construction shop; modernise and expand the capacity and
     flexibility of the paint shop operations and new equipment
     and tooling in the trim and final areas of assembly.  
     Where possible, the company aims to use local suppliers
     and labor to support these efforts.

   * Protecting the health of its employees and ensuring their
     safety are of paramount importance.  The company works to
     continuously reduce the risk of accidents and injures and
     to increase our employees' awareness of health and safety
     issues.

   * The company's product plans for Craiova will require a
     substantial increase in employment.

   * The company plans to collaborate with other local
     companies to build a sustainable base of technical
     expertise through apprenticeship and work experience
     programmes.

   * Providing equal opportunity and fostering diversity
     (valuing and respecting every individual) will be key
     principles in our recruitment approach.

   * The company will work in partnership with those local
     unions officially representing its employees to establish
     competitive and sustainable practices.  These will
     distinguish Craiova as a flexible, world-class
     manufacturing operation capable of dealing with the many
     changes that occur in a fast-moving global industry.

                     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.


FRANCISCO Y JOSE: Proofs of Claim Verification Is Until Nov. 1
--------------------------------------------------------------
Natalio Kinsbrunner, the court-appointed trustee for Francisco y
Jose Mazzotta S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 1, 2007.

Mr. Kinsbrunner will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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 Francisco y Jose 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 Francisco y Jose's
accounting and banking records will be submitted in court.

Infobae didn't say the reports submission deadlines.

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

The debtor can be reached at:

         Francisco y Jose Mazzotta Sociedad Anonima
         Teniente General Juan Domingo Peron 3350
         Buenos Aires, Argentina

The trustee can be reached at:

         Natalio Kinsbrunner
         Marcelo T. de Alvear 1671
         Buenos Aires, Argentina


GRANDES TRANSPORTES: Trustee To File Individual Reports Tomorrow
----------------------------------------------------------------
Carlos Chiozzi, the court-appointed trustee for Grandes
Transportes del Noroeste S.R.L.'s bankruptcy proceeding, will
file individual reports in the national Commerciall Court of
First Instance in Salta on Sept. 18, 2007.

Mr. Chiozzi verified creditors' proofs of claim until
Aug. 1, 2007.

A general report that contains an audit of Grandes Transportes'
accounting and banking records will be submitted in court on
Oct. 29, 2007.

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

The debtor can be reached at:

          Grandes Transportes del Noroeste S.R.L.
          Arturo Davalos 420, Soledad
          Salta, Argentina

The trustee can be reached at:

          Carlos Chiozzi
          Rivadavia 1232, Ciudad de Salta
          Salta, Argentina


HYDRA SACII Y F: Proofs of Claim Verification Is Until Today
------------------------------------------------------------
Manuel Omar Mansanta, the court-appointed trustee for Hydra
S.A.C.I.I. y F.'s bankruptcy proceeding, verifies creditors'
proofs of claim Sept. 17, 2007.

Mr. Mansanta will present the validated claims in court as
individual reports on Oct. 30, 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 Hydra 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 Hydra's accounting
and banking records will be submitted in court on Nov. 12, 2007.

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

The trustee can be reached at:

          Manuel Omar Mansanta
          Avenida Cordoba 1351
          Buenos Aires, Argentina


INDUCOR SRL: Concludes Reorganization Proceeding
------------------------------------------------
Inducor S.R.L.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process
was concluded after the National Commercial Court of First
Instance in Buenos Aires approved the debt agreement signed
between the company and its creditors.


SIEBERCO SA: Proofs of Claim Verification Is Until Nov. 28
----------------------------------------------------------
Gustavo Ariel Fiszman, the court-appointed trustee for Sieberco
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 28, 2007.

Mr. Fiszman will present the validated claims in court as
individual reports on Feb. 8, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Sieberco 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 Sieberco's accounting
and banking records will be submitted in court on
March 21, 2008.

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

The trustee can be reached at:

         Gustavo Ariel Fiszman
         Avenida Santa Fe 5086
         Buenos Aires, Argentina


SPODEK SRL: Proofs of Claim Verification Ends Today
---------------------------------------------------
Mariana Nadales, the court-appointed trustee for Spodek S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Sept. 17, 2007.

Ms. Nadales will present the validated claims in court as
individual reports on Oct. 3, 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 Spodek 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 Spodek's accounting
and banking records will be submitted in court on Dec. 11, 2007.

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

The debtor can be reached at:

        Spodek S.R.L.
        Tucuman 1538
        Buenos Aires, Argentina

The trustee can be reached at:

        Mariana Nadales
        Hipolito Yrigoyen 1349
        Buenos Aires, Argentina


STRADIVARIUS SA: Proofs of Claim Verification Ends on Oct. 9
------------------------------------------------------------
Adolfo Jorge Santos, the court-appointed trustee for
Stradivarius S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 9, 2007.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Adolfo Jorge Santos
         Junin 55
         Buenos Aires, Argentina


TEXTIL PENA: Proofs of Claim Verification Deadline Is Nov. 9
------------------------------------------------------------
Maria Magdalena Comba, the court-appointed trustee for Textil
Pena Sociedad de Responsabilidad Limitada's bankruptcy
proceeding, verifies creditors' proofs of claim until
Nov. 9, 2007.

Ms. Comba will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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 Textil Pena 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 Textil Pena's
accounting and banking records will be submitted in court on
Feb. 20, 2008.

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

The debtor can be reached at:

         Textil Pena Sociedad de Responsabilidad Limitada
         Paroissien 2991
         Buenos Aires, Argentina

The trustee can be reached at:

         Maria Magdalena Comba
         Hipolito Yrigoyen 1349
         Buenos Aires, Argentina


TRANSRED AMERICAS: Proofs of Claim Verification Is Until Oct. 16
----------------------------------------------------------------
Antonio Oscar Timiraos, the court-appointed trustee for Transred
Americas Strategic Business Group S.A.'s bankruptcy proceeding,
verifies creditors' proofs of claim until Oct. 16, 2007.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Antonio Oscar Timiraos
         Viamonte 1479
         Buenos Aires, Argentina


TUPPERWARE BRANDS: S&P Affirms BB Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to Orlando, Florida-based Tupperware Brands
Corp.'s proposed US$750 million senior secured credit
facilities.  The facilities were rated 'BBB-', with a recovery
rating of '1', indicating S&P's expectation of very high (90%-
100%) recovery in the event of a payment default.  The ratings
are based on preliminary terms and are subject to review upon
final documentation.
     
Also, Standard & Poor's affirmed its 'BB' corporate credit
rating on the company.  The outlook is stable.
     
Net proceeds from the bank facilities will primarily be used to
refinance existing debt and for general corporate purposes.  The
total bank facilities will consist of a US$200 million senior
secured revolving credit facility maturing in 2012 (US$50
million expected to be drawn at the close of the transaction)
and a US$550 million senior secured term loan A, also maturing
in 2012.
     
"We don't expect total outstanding debt to materially increase
following the transaction," said Standard & Poor's credit
analyst Christopher Johnson.
     
For the complete recovery analysis on Tupperware Brands'
proposed US$750 million financing, see Standard & Poor's
recovery report, to be published on RatingsDirect immediately
following the release of this report.
     
The ratings on Tupperware reflect the risks of direct sales
distribution and the company's participation in the highly
competitive cosmetics industry.  These factors are somewhat
mitigated by Tupperware's well-known brand name and premium
product position within the mature molded-plastic storage
category, and improved product and geographic diversity as a
result of the December 2005 acquisition of the direct-selling
business of Sara Lee Corp.

Tupperware Brands Corporation -- http://www.tupperware.com/--  
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.


VALTORTA Y CIA: Proofs of Claim Verification Ends on Oct. 24
------------------------------------------------------------
Juan Carlos Herr, the court-appointed trustee for Valtorta y Cia
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 24, 2007.

Mr. Herr will present the validated claims in court as
individual reports on Dec. 5, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Valtorta y Cia 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 Valtorta y Cia's
accounting and banking records will be submitted in court on
Feb. 20, 2008.

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

The trustee can be reached at:

         Juan Carlos Herr
         Avenida Cordoba 1351
         Buenos Aires, Argentina


* ARGENTINA: Obtains US$60-Million Financing from IDB
-----------------------------------------------------
The Inter-American Development Bank has approved a US$60 million
Conditional Credit Line for Investment Projects (CCLIP) to
Argentina to improve the allocation of public investment funds
in support of the country's economic and social development.  
The Bank also approved the first individual loan under the
CCLIP, a US$20 million operation.

The CCLIP will support:

   -- consulting services and technical assistance;
   -- training;
   -- travel, per diems and logistical expenses;
   -- IT systems and equipment for the project cycle; and
   -- program administration and supervision.

It will also support the development of subnational investment
systems, mainly at preinvestment stage, including the creation
of preinvestment units and the introduction of management by
results.

The objective of the first individual loan, the Multisector
Preinvestment Program III, is to enhance the return on public
investments at national, provincial and municipal levels through
three areas of activity:  preinvestment studies; management and
evaluation of studies; and building capacity to manage the
project cycle and disseminate the program locally.

"The program will contribute to the process of setting
priorities for public investment projects in order to maximize
the impact of funds earmarked for investment in the coming
years," said IDB project team leader Dino Caprirolo.  
"Feasibility studies prepared under the program will result in
approved investment projects for more than US$1.7 billion, a
monitoring system and a methodology for quantifying the impact
of the studies and drawing lessons learned, and a culture that
recognizes the importance of the project cycle", he added.

The CCLIP and its first multisector preinvestment program will
support the IDB country strategy with Argentina by strengthening
the environment for boosting investment and productivity and
enhancing governance and fiscal sustainability.

The Economic Policy Secretariat of the Ministry of Economy and
Production will execute the program through its Preinvestment
Unit (UNPRE).  The Bank has previously supported two successive
multisector credit programs with UNPRE, and is also financing
preinvestment activities through its Project Preparation and
Execution Facility (PROPEF).

The first individual loan is for a 25-year term, with a five-
year grace period at an adjustable interest rate. Local
counterpart funds total US$5 million dollars.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


KNOLL INC: Inks Asset Purchase Agreement with Edelman Leather
-------------------------------------------------------------
Knoll Inc. has entered into an asset purchase agreement pursuant
to which it will acquire Teddy and Arthur Edelman, Limited,
purveyors of fine leathers to the residential, hospitality,
aviation and contract office furniture markets.
    
Andrew B. Cogan, Knoll Chief Executive Officer, said, "The
strategic acquisition of Edelman is consistent with our strategy
of building sales in our high design, high margin specialty
businesses, which appeal to both business buyers and consumers
worldwide.  Edelman's reputation in the design community for
unique leathers and its showroom network as well as its storied
history is highly complementary in terms of culture, customers,
markets and products.  We welcome Edelman Leather into the Knoll
fold."
    
John Edelman, a son of the company's founders, who will continue
to serve as President of Edelman Leather, commented, "It is a
joy to see Edelman become part of the Knoll family.  On behalf
of my parents, Teddy and Arthur, who founded the company over 25
years ago, we look forward to working with Knoll to continue to
expand our brand and presence globally."
    
Knoll Inc. will acquire Edelman for approximately US$67.0
million in cash, plus the assumption of debt not to exceed
US$3.7 million and certain contingent payouts based on the
future success of the business.  The company expects the
transaction to be accretive in 2008.  Consummation of the
transaction is subject to customary conditions, including
expiration or termination of the applicable Hart-Scott-Rodino
Antitrust Improvements Act waiting period, but is expected to be
completed early in the fourth quarter of 2007.
    
Edelman Leather will continue to operate as an independent
company and will maintain its own headquarters and distribution
center in New Milford, Connecticut.  In addition to Mr. John
Edelman continuing to serve as President of Edelman Leather,
John McPhee will continue in his role as Chief Operating
Officer.
    
                       About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures  
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                        *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's US$200 million senior secured
revolver and US$250 million senior secured term loan carry
Moody's Ba2.  Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.


METROPOLITAN BANK: Unit Lowers Stock Market Index Expectations
--------------------------------------------------------------
First Metro Investment Corp., the Metropolitan Bank and Trust
Co.'s investment banking subsidiary, has lowered its
expectations on the Philippine stock market index from 4,000 to
3,500 in light of economic slowdown speculations in the United
States, the Philippine Daily Inquirer reports.

However, FMIC Vice President Eduardo Banaag Jr. told the
Inquirer that the company remains bullish on the economic
fundamentals of the Philippines.

The property sector has continued to post growth, Mr. Banaag
revealed in a briefing last Wednesday.  The construction sector
has also been instrumental to economic expansion, as large
property companies announced high capital expenditures.  
Corporate balance sheets are also stronger, he added.

"We think it's sustainable [economic growth]," FMIC President
Francisco Sebastian concluded.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

As reported on Nov. 6, 2006, that Moody's Investors Service has
revised the outlook of Metropolitan Bank & Trust Co.'s foreign
currency long-term deposit rating of B1 and foreign currency
subordinated debt rating of Ba3 from negative to stable.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On March 3, 2006, the TCR-AP reported that Standard and Poor's
Rating Service assigned a CCC+ rating on Metrobank's US$125-
million non-cumulative capital securities, whereas Moody's
Investors Service Rating Agency issued a B- rating on the same
capital instruments.




===========
B E L I Z E
===========


INNOVATIVE COMM: Stan Springel Appointed as Chapter 11 Trustee
--------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the Western District of Pennsylvania appointed Stan Springel
as the chapter 11 trustee overseeing Innovative Communication
Corporation's estate.

Mr. Springel, a corporate restructuring specialist who had been
given control of parent companies Innovative Communication
Corporation, LLC, and Emerging Communications, Inc. on
March 15, 2007, requested and gained control over ICC.  ICC is a
holding company for a number of media and telecommunications
ventures, including Innovative Telephone (formerly the Virgin
Islands Telephone Company or VITELCO), the Virgin Islands Daily
News, and the St. Thomas and St. Croix cable companies.

ICC and its parent companies have been engaged in protracted
bankruptcy proceedings with National Rural Utilities Cooperative
Finance Corporation and its affiliate Rural Telephone Finance
Cooperative, which as of May 31, 2007, had US$493 million in
credit extended to ICC and an unsatisfied court judgment in
excess of US$524 million against ICC.  All loans have been on
non-accrual status since Feb. 1, 2005.  ICC has not made debt
service payments to RTFC since June 2005.  RTFC is the primary
secured lender to ICC.

The Court also cited the failure of ICC to honor pension
contribution obligations resulting in government liens on the
subsidiaries' property.  RTFC also holds an unsatisfied court
judgment of US$100 million against Jeffery Prosser, who has been
in control of ICC.

"The Trustee is authorized and directed to vote ECI's shares of
stock in Innovative Communication Corporation, a wholly-owned,
non-debtor subsidiary of ECI, to remove the current board of
directors and officers of ICC if necessary, to take related
corporate action to effectuate the Trustee's control over New
ICC in order to facilitate a transaction for the refinancing or
sale of the Debtors and their Operating Subsidiaries and, if
necessary, to file a voluntary bankruptcy petition on behalf of
ICC," the court order states.  Mr. Prosser has filed a notice of
appeal of the order.

"This is a positive development in this protracted proceeding,"
CFC and RTFC CFO Steven Lilly, said.  "We very much appreciate
the Court's ruling, which moves us toward the resolution of this
troubled credit issue."

National Rural Utilities Cooperative Finance Corporation is a
not-for-profit finance cooperative that serves the nation's
rural utility systems, the majority of which are electric
cooperatives and their subsidiaries.  With more than $18 billion
in assets, CFC provides its member-owners with an assured source
of low-cost capital and state-of-the-art financial products and
services.

Rural Telephone Finance Cooperative is a not-for-profit finance
cooperative that serves the financial needs of the rural
telecommunications industry.  RTFC has approximately $2 billion
in credit outstanding to its rural telecommunications members
and their affiliates and is a managed affiliate of CFC.  Both
CFC and RTFC are headquartered in Herndon, Virginia.

Based in Christiansted, St. Croix, U.S. Virgin Islands,
Innovative Communication Corporation is telecommunications and
media company with eextensive holdings throughout the Caribbean
basin.  The company's operations are in Belize, British Virgin
Islands, Guadeloupe, Martinique, Saint-Martin, Sint Maarten,
U.S. Virgin Islands and France and include local, long distance
and cellular telephone companies, Internet access providers,
cable television companies, business systems, and The Virgin
Islands Daily News, a Pulitzer Prize-winning newspaper.

On Feb. 10, 2006, creditors Greenlight Capital Qualified, L.P.,
Greenlight Capital, L.P., and Greenlight Capital Offshore, Ltd.,
filed involuntary chapter 11 petition against Innovative
Communication Company LLC and Emerging Communications, Inc., and
Jeffrey J. Prosser, the company's principal (Bankr. D. Del. Case
Nos. 06-10133 through 06-10135).  The Greenlight creditors
disclosed US$18,780,614 in total claims.

On July 31, 2006, Innovative LLC, Emerging, and Mr. Prosser,
filed voluntary chapter 11 petitions (Bankr. D. V.I. Case Nos.
06-30007 through 06-30009).  Pursuant to Rule 1003-1 of the
Local Bankruptcy Rules of the District Court of the Virgin
Islands, Bankruptcy Division, Mr. Prosser, and Bobby Lubana,
were designated as the individuals who are the principal
operating officers of the alleged debtor.  On Dec. 14, 2006, the
Delaware Bankruptcy Court entered an order transferring the
venue of the involuntary bankruptcy cases transferring to the
U.S. District Court for the District of the Virgin Islands,
Bankruptcy Division.

On July 5, 2007, the Greenlight creditors filed an involuntary
chapter 11 petition against Innovative Communication Corporation
(Bankr. D. V.I. Case No. 07-30012).  The creditors disclosed
total aggregate claims of $56,341,843.  Matthew J. Duensing,
Esq., and Richard H. Dollison, Esq., at Stryker, Duensing,
Casner & Dollison, and Matthew P. Ward, Esq., at Skadden Arps
Slate Meagher & Flom LLP, represent the creditors.

Stan Springel of Alvarez & Marsal, the Court-appointed chapter
11 trustee, is represented by Andrew Kamensky, Esq., Hunton &
Williams.




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


FOSTER WHEELER: Unit Wins Contract from GlaxoSmithKline
-------------------------------------------------------
Foster Wheeler Ltd.'s Singapore subsidiary Foster Wheeler
Eastern Private Limited, part of its Global Engineering and
Construction Group, has been awarded an engineering,
procurement, construction management and commissioning services
contract by GlaxoSmithKline Biologicals for a new biotechnology
production facility in Singapore.

The value of the contract was not disclosed.  The engineering
and procurement services were included in Foster Wheeler's
first-quarter 2007 bookings and the construction management and
commissioning services will be included in its third-quarter
2007 bookings.

This state-of-the-art facility includes two production
buildings, a quality control and administration building, and a
utilities building, all on a site of more than 8.8 hectares in
Tuas Biomedical Park, in Singapore.

"This latest award from GSK Biologicals reflects our client's
continued confidence in the quality of our people and in our
biotechnology expertise and track record," said Franco Anselmi,
chief executive officer of Foster Wheeler Asia Pacific.  "Key to
our success in winning this contract was the performance of the
Foster Wheeler team on GSK Biologicals' new vaccine facility in
Hungary, which is now complete, and our ability to leverage this
successful experience for the new Singaporean facility.  In
addition, our 30-year track record of delivering safe and
successful projects in Singapore strongly demonstrates our
position as one of the leading engineering, procurement and
construction contractors in Singapore."

                    About Foster Wheeler

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--   
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

The company has offices in China, India, Indonesia, Malaysia,
Singapore, Thailand, and Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services raised its ratings on Foster
Wheeler Ltd., including its corporate credit rating to 'BB' from
'B+'.  The Clinton, New Jersey-headquartered engineering and
construction company had total reported debt of approximately
US$203 million at Dec. 29, 2006.  S&P said the outlook is
stable.


GAUDY LTD: Sets Final General Meeting for Oct. 12
-------------------------------------------------
Gaudy Ltd.'s final general meeting is scheduled on
Oct. 12, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


GAUDY LTD: Proofs of Claim Filing Ends on Sept. 19
--------------------------------------------------
Gaudy Ltd.'s creditors are given until Sept. 19, 2007, to prove
their claims to Robin J. Mayor, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Gaudy Ltd.'s shareholders agreed on Sept. 4, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


LMC INVESTMENTS: Will Hold Final General Meeting on Oct. 3
----------------------------------------------------------
L.M.C. Investments Ltd.'s final general meeting is scheduled on
Oct. 3, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


MORGAN STANLEY: Sets Final General Meeting for Oct. 9
-----------------------------------------------------
Morgan Stanley Spectrum Offshore Corp. Ltd.'s final general
meeting is scheduled on Oct. 9, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


PRIME GROUP: Will Hold Final General Meeting on Oct. 9
------------------------------------------------------
Prime Group Funding Ltd.'s final general meeting is scheduled on
Oct. 9, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


ROYALE RESORTS: Proofs of Claim Filing Is Until Sept. 19
--------------------------------------------------------
Royale Resorts Leisure Holdings Ltd.'s creditors are given until
Sept. 19, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Royale Resorts shareholders agreed on Aug. 31, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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


ROYALE RESORTS: Sets Final General Meeting for Nov. 15
------------------------------------------------------
Royale Resorts Leisure Holdings Ltd.'s final general meeting is
scheduled on Nov. 15, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


SAH LIMITED: Proofs of Claim Filing Deadline Is Oct. 1
------------------------------------------------------
Sah Ltd.'s creditors are given until Oct. 1, 2007, to prove
their claims to Marco Montarsolo, 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.

Sah Ltd.'s shareholders agreed to place the company into
voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Marco Montarsolo
         Sofia House, 1st Floor
         48 Church Street
         Hamilton, Bermuda


SAH LIMITED: Will Hold Final General Meeting on Oct. 15
-------------------------------------------------------
Sah Ltd.'s final general meeting is scheduled on Oct. 15, 2007,
at 10:00 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.


SEA CONTAINERS: Wants Exclusive Period Extended to December 21
--------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend
their exclusive periods to file a Chapter 11 plan through and
including Dec. 21, 2007, and to solicit acceptances of that plan
through and including Feb. 19, 2007.

While the Debtors have made tremendous progress on many fronts
in their efforts to reorganize and maximize their estates for
the benefit of creditors, there remain certain outstanding
issues which currently prevent them -- or any party for that
matter -- from filing a confirmable Chapter 11 plan, Sean T.
Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, explains.

These issues include: (1) obtaining and analyzing information
from the discovery process necessary to value the Debtors'
interests in GE SeaCo SRL, (2) gaining better clarity on the
validity of GE SeaCo's and GE Capital Corporation's significant
claims against the estates, including determining whether to
estimate the claims in the Bankruptcy Court pending an
arbitrator's decision, and (3) reaching a global settlement
among the Debtors, Official Committees of Unsecured Creditors of
Sea Containers Ltd. and Sea Container Services Ltd. regarding
various intercompany issues and pension and other claims
asserted against SCL and SCSL.

In addition, Mr. Greecher says, the Debtors are undertaking
discovery in connection with, and preparing for, the change of
control arbitration with GE Capital, scheduled to begin in mid-
October.  While the Debtors actively are considering plan
alternatives that do not hinge on the outcome of the change
of control arbitration, for various reasons, the arbitrator's
decision may ultimately "guide the process for confirming a
chapter 11 plan in these cases and inform the terms of such
plan," he adds.

"Any plan filed without a resolution of these key issues could
suffer such defects as to be patently unconfirmable.  Moreover,
such a plan would result in needless distraction from the
formulation of a confirmable chapter 11 plan," Mr. Greecher
asserts.

The Debtors submit that their progress in their Chapter 11 cases
coupled with the many restructuring task yet to be completed and
contingencies yet to be resolved, amply justify the requested
extension.

The Court will convene a hearing on Sept. 27, 2007, to consider
the Debtors' request.

                    About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.

The Court extended the Debtors' exclusive period to file a Plan
of Reorganization to Sept. 28, 2007.  (Sea Containers Bankruptcy
News, Issue No. 26; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SECURITISED TERM: Sets Final General Meeting for Oct. 9
-------------------------------------------------------
Securitised Term Assets Corp. Ltd.'s final general meeting is
scheduled on Oct. 9, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.




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


* BOLIVIA: OKs Decree on Transfer of BOB2 Million to El Mutun
-------------------------------------------------------------
The Bolivian government has approved a decree allowing Comibol's
transfer of BOB2 million to the El Mutun steel firm for
operating expenses, state new agency Agencia Boliviana de
Informacion reports.  Comibol is the state-run mining company.

According to Agenci Boliviana, the resources will be taken from
an emergency budget to be outlined by:

          -- the finance ministry;
          -- the mining and metallurgy ministry; and
          -- the El Mutun.

El Mutun board member and former mining minister Guillermo
Dalence told news daily La Razon, "While [the 2008 budget is
being approved] it will be Comibol that supports Esem
economically so that it can launch operations."

BNamericas notes that the El Mutun asked the government "to work
quickly to cut red tape holding up" the BOB7-million payment it
needs to operate.

The Bolivian government signed entered into an agreement with
Jindal Steel & Power in July 2007 for the industrialization of
50% of the El Mutun iron ore deposit that will include
investment of US$2.1 billion over eight years, BNamericas
states.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

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




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


ACTUANT CORP: Acquiring Templeton Kenly for US$48 Million
---------------------------------------------------------
Actuant Corporation has acquired Templeton, Kenly & Co, Inc. for
approximately US$48 million in cash.  Funding for the completed
transaction came from the company's revolving credit facility.

TK will operate within Actuant's Industrial Segment, which
includes Enerpac. Mark Goldstein, Chief Operating Officer of
Actuant, stated: "TK is a great addition to our global
industrial platform.  Their leading positions in the mechanical
jack product line and the railroad end market represent
attractive market extensions for Actuant, and we are excited
about the prospects for utilizing our global distribution
network to accelerate the sales of these products.  In addition,
TK's hydraulic pumps and tools are an excellent complement to
our Enerpac product line.  TK President Tom Danza and his
management team have been successful in creating a growth
platform, and we look forward to them joining the Actuant team."

                          About TK

Headquartered in Broadview, Illinois, TK produces hydraulic
pumps and tools, mechanical jacks, wrenches, and actuators.  Its
products are sold under well-established brand names including
Simplex, Uni-Lift, and Pow'r-Riser.  TK generated approximately
US$33 million in sales in the last year, and has approximately
120 employees.

                      About Actuant Corp.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company    
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's US$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed US$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


BANCO BRASCAN: Acquisition Cues Fitch to Watch BB- Local IDR
------------------------------------------------------------
Fitch Ratings has placed these ratings assigned to Banco Brascan
S.A. on Rating Watch Positive:

-- Long-term foreign and local currency Issuer Default
    ratings: 'BB-'
-- National Long-term rating: 'A(bra)'

In addition, Fitch has affirmed:

-- Short term foreign and local currency IDRs: 'B'
-- Support rating: '3'
-- National Short-term rating: 'F1(bra)'

The Watch Positive action follows the public announcement by
Brookfield Asset Management Inc. that, subject to regulatory
approvals, it has acquired The Bank of New York Mellon
Corporation's 40% stake in Brascan, through Brookfield's
subsidiary Brascan Brasil.  This acquisition brings BAM's
ownership in Brascan to 100%.  Fitch will resolve the Rating
Watch upon receipt of regulatory approvals and the final closing
of the transaction.

This rating action reflects the support Brascan could, in
Fitch's opinion, expect to receive should it be necessary from
'BBB+' rated BAM.  Brazil is a strategic market for BAM, and the
bank is an important addition to the group's activities in that
country.  In Fitch's opinion, this change allows the bank to
more aggressively pursue its plan to expand its activities.

The ratings of Brascan are driven by the shareholders' support.  
The ratings also consider the solid experience of Brascan's
executives and the bank's greater dependency on proprietary
treasury as a result of the strategic reorientation implemented
in 2001, making it more susceptible to market volatility and
local economic performance.  In 2003, Brascan decided not to
make provisions for a fine (BRL138m at end-June 2007 or 44% of
equity at end-June 2007 and almost 70% of total equity estimated
at end-August 2007) levied by the Federal Revenue Service.  
Brascan appealed against the fine and in January 2006, received
a favourable decision from the Taxpayers Board of the Federal
Revenue Service.  Although the review service can still appeal
against this decision, prospects for the final outcome of this
penalty are now more favourable for Brascan.  Fitch considers
that any potential negative impact should be limited by the
bank's capitalisation and shareholder's support.  Should there
be any changes in these factors and/or in the liquidity and
financial flexibility of Brascan, Fitch would review the bank's
ratings.

Brascan and its affiliates are majority controlled by the Mellon
Brookfield groups, focusing its operations on treasury,
financial consulting services and structuring business in the
local capital markets.  At June 2007, Brascan's assets and
equity totalled BRL1.1 billion and BRL312 million, respectively.


BANCO NACIONAL: Board Grants BRL600.5-Million Loan to Fiat
----------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's Board of
directors approved a financing of BRL600.5 million to Fiat
Automoveis.  The funds will be destined to investments for the
development of new products, among models and versions, like the
new Fiat Palio and Fiat Punto, launched this year, and for the
improvement of manufacturing and technological processes.

The funds from BNDES represent 50% of the project's total
investment, of BRL1.2 billion, and will contribute to generate
jobs and to strengthen the suppliers from the State of Minas
Gerais.

The Bank's support also provides for a financing of BRL800
thousand to the social project denominated Arvore da Vida [Life
Tree], which aims at promoting the social inclusion of
youngsters living in a risky situation at the community of
Jardim Tereząpolis, in Betim (State of Minas Gerais).  The focus
is education directed to human formation, as well as to work and
income generation.

Brazil ranks as the second leading market to the Fiat group,
only surpassed by Italy, and accounts for 15% of the company's
total sales.  The plant in Betim has the only development center
for vehicles outside Italy.  Due to the investments carried out
in the research center, Fiat already considers itself capable of
producing a car fully conceived in Brazil.

Investments in the development of new products are divided into
studies, projects, civil works, adjustments to the assembling
lines and development of the suppliers of tools and patterns for
new vehicles.  The projects aim at consolidating Fiat into
segments of large market growth and its leadership in domestic
sales, in addition to the use of its idle capacity.

The Fiat Group employs directly about 31.3 thousand people in
Brazil, at the 15 manufacturing plants distributed between the
States of Minas Gerais, Sao Paulo and Paran .

In addition to the automotive sector, the Group is present in
the production of machines for civil construction and
agriculture, electronic components and cast pieces; it projects
and builds production automated systems and operates in the
sectors of consulting, cash management, credit granting and
insurance brokerage.  It also maintains eight research and
development centers for products and productive processes in
Brazil.

                       Social Project

Expenditures for the Arvore da Vida project, financed by BNDES
since 2005, have been budgeted at BRL800 thousand for 2007.  The
funds comprise salaries of instructors, consumption material,
salaries of auxiliary employees, uniforms, transportation and
events at the community, among others, of which BRL700 thousand
is sponsored by Fiat and BRL100 thousand by the Italian NGO
AVSI.

                    About Banco Nacional

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

                        *     *     *

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


BANCO NACIONAL: Will Finance 15 Hydroelectric Plants
----------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA's power
department director Nelson Siffert told Business News Americas
that the bank would fund 15 hydroelectric plants included in
Brazil's growth acceleration program by the end of 2007.

BNamericas relates that Mr. Siffert said at a conference in Rio
de Janeiro that Banco Nacional has ratified some BRL4 billion
since January 2007 in financing for six hydro projects.  Nine
other hydro plants would get an up to BRL7-billion funding from
the bank by year-end.

Mr. Siffert told BNamericas that the projects eradicate "the
odds of power rationing in Brazil."  He admitted that he doesn't
believe that there will be power rationing like in 2001.

BNamericas notes that the government has several options to
boost supply.

"These alternatives include hydro plants and other energy
sources that can be supplied in a relatively short period of
time," Mr. Siffert commented to BNamericas.

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

                        *     *     *

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


BANCO NACIONAL: Launches Angra Funding Talks with Eletrobras
------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has launched negotiations with Brazilian
federal power holding firm Eletrobras on funding the 1.35-
gigawatt Angra III nuclear plant.

Eletrobras Chief Financial Officer Luiz Augusto Figueira
commented to Business News Americas, "We are in preliminary
talks.  Eletrobras is studying several ways to raise the money
for Angra III and BNDES [Banco Nacional] is one of them.  The
bank has excellent financing conditions for this project."

The talks could be concluded by year-end, BNamericas says,
citing Mr. Figueira.

Mr. Figueira told BNamericas, "We do not know yet how much we
are going to raise because we are still finding out how much
[Eletrobras nuclear power subsidiary] Eletronuclear will have to
invest in Angra III."

"We met last week in Rio and Eletrobras has shown interest in
raising money for Angra III.  Brazil has the world's sixth
largest uranium reserves and the country cannot overlook this
energy source," Banco Nacional power sector director Nelson
Siffert commented to BNamericas.

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

                        *     *     *

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


BRASIL TELECOM: Launching Short Message Service in 4th Quarter
--------------------------------------------------------------
Brasil Telecom's value added services manager Rafael Magdalena
told Business News Americas that the firm's mobile phone unit
BrT GSM would launch in the fourth quarter a new short message
service product that would let the receiver pay for the message.

BNamericas relates that the new product would encourage a boost
in traffic of short messages from prepaid clients.

Mr. Magdalena commented to BNamericas, "This should be popular
with Brazil's low-income population, who often run out of credit
on their prepaid phones half way through the month."

According to BNamericas, the product is part of BrT GSM's effort
to generate 10% of its total revenues from value added services
next year, compared to up to 6% in the second quarter 2007.

Mr. Madalena told BNamericas that these are the main areas of
growth in value added services:

          -- browsing,
          -- messaging, and
          -- downloads.

The report says that BrT GSM will launch other products like
ringback tones and user generated content for its Web site.  
Meanwhile, the firm is deploying targeted marketing methods,
particularly aimed at young people and postpaid clients.

BrT GSM expects that more clients will be able to use value
added services, as handset prices drop, according to BNamericas.

Mobile phones can handle value added services cost from around
BRL300 upwards.  About 100% of its handsets are able to handle
short messaging and up to 40% can handle WAP, BNamericas  
states, citing Mr. Magdalena.

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.


CENVEO CORP: Moody's Affirms B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and B1 probability of default rating for Cenveo
Corporation following the acquisitions of Commercial Envelope
Manufacturing Inc. for approximately US$230 million and
Madison/Graham ColorGraphics, Inc. for approximately US$105
million.  The rating outlook remains negative.

Moody's also upgraded the secured bank facility rating to Ba2
from Ba3.  Bank lenders now benefit from a more substantial
layer of junior capital due to the US$175 million unsecured loan
issued to partially fund the Commercial Envelope acquisition.  
Secured bank debt now comprises only about half of the
liabilities in Moody's Loss Given Default waterfall, compared to
about 60% prior to the Commercial Envelope funding.

Approximately US$1.3 billion of rated debt affected.

Cenveo Corporation:

    -- Affirmed B1 Corporate Family Rating

    -- Affirmed B1 Probability of Default Rating

    -- Senior Secured Bank Credit Facility, Upgraded to Ba2,
       LGD2 28% from Ba3

    -- Senior Subordinated Bonds, affirmed B3, LGD5, 88%

Outlook: Negative

Cadmus Communications Corporation

    -- Senior Subordinated Bonds, affirmed B3, LGD5, 88%

(In conjunction with its acquisition of Cadmus, Cenveo executed
supplemental indentures so that bondholders of both Cadmus and
Cenveo bonds benefit from guarantees from all domestic
subsidiaries of the combined entity.)

Cenveo's B1 corporate family rating incorporates high financial
risk, industry concerns, and Cenveo's acquisitive management.  
However, the successful track record of cost reduction, adequate
liquidity and an improved business profile pro forma for the
acquisitions support the rating. Furthermore, the terms of the
secured credit agreement limit the magnitude of acquisitions.

                 About Cadmus Communications

Headquartered in Richmond, Virginia, Cadmus Communications Corp.
provides end-to-end integrated graphic communications and
content processing services to professional publishers, not-for-
profit societies, and corporations.  The company has operations
in the US, India and the Caribbean Rim.

                        About Cenveo

Headquartered in Stamford, Connecticut, Cenveo, Inc., is one of
North America's leading providers of print and visual
communications, with one-stop services from design through
fulfillment.  The company's broad portfolio of services and
products include commercial printing, envelopes, labels,
packaging and business documents delivered through a network of
production, fulfillment and distribution facilities throughout
North America.  Pro forma for acquisitions, its annual revenue
is approximately US$2.4 billion.  Cenveo Corp. is Cenveo Inc.'s
wholly owned subsidiary.

Cenveo acquired Cadmus Communications in a merger completed on
March 2007.


DELPHI CORP: Gets Nod to File GM Settlement Exhibits Under Seal
---------------------------------------------------------------
Delphi Corp. and its debtor-affiliates obtained permission from
the U.S. Bankruptcy Court for the Southern District of New York
to file certain exhibits to the Master Restructuring Agreement
between Delphi Corp. and General Motors Corp. under seal.

The MRA Exhibits will remain confidential and will be served on
and made available only to:

  * the U.S. Trustee for the Southern District of New York;

  * counsel to the Official Committee of Unsecured Creditors;
    and

  * other parties agreed to in writing by the Debtors and GM.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, explains that the MRA Exhibits
contain detailed descriptions of sensitive business information
and trade terms that will, if publicly disclosed, detrimentally
affect the competitiveness of the Debtors and GM, as well as the
parties' ability to negotiate the terms of future agreements.

Specifically, the MRA Exhibits include schedules of certain
assets held by certain of the Debtors' business units, financial
projections, purchasing and pricing information, information
related to new business opportunities and extensions of existing
contracts, information relevant to the marketing of certain of
the Debtors' non-core assets, and metrics and procedures for
calculating various payment amounts provided for in the MRA.

After evaluating whether they could effectively redact the MRA
Exhibits, the Debtors and GM concluded that redaction was not
appropriate because the amount of redaction required would not
permit parties-in-interest to conduct a meaningful review of the
Exhibits.  In addition, redacted versions of the Exhibits could
be misleading.

As previously reported, the Debtors and GM have determined, in
furtherance of the Joint Plan of Reorganization, to settle
various disputes and compromise certain claims as provided by
two a Global Settlement Agreement and the MRA.

The GSA addresses primarily those matters for which the Debtors
and GM have agreed upon resolutions that can be implemented in
the short term, Mr. Butler relates.  Accordingly, most
obligations set forth in the GSA are to be performed upon, or as
soon as reasonably practicable after, the occurrence of the
Effective Date of the Plan.

By contrast, resolution of most of the matters addressed in the
MRA will require a significantly longer period that will extend
for a number of years after confirmation of the Plan, Mr. Butler
adds.  The Debtors believe the GSA and the MRA will permit them
to implement the Plan with material support and broad
cooperation from GM, their largest customer.  Likewise, the
agreements will allow GM to manage the effects of its largest
supplier's transformation on GM's supply chain and operations.

                       GM Settlement

As reported in the Troubled Company Reporter on Sept. 7, 2007,
pursuant to the Debtors' Plan, subject to Court approval as part
of the plan confirmation process, Delphi and GM have entered
into comprehensive settlement agreements consisting of a Global
Settlement Agreement.  Most obligations set forth in the GSA are
to be performed upon the occurrence of the Effective Date of the
Plan or as soon as reasonably possible after.  By contrast,
resolution of most of the matters addressed in the MRA will
require a significantly longer period that will extend for a
number of years after confirmation of the Plan.

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

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

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

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

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

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

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

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

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

Through the MRA, Delphi and GM have agreed to certain terms and
conditions governing, among other things:
     
   -- the scope of existing business awards, related pricing
      agreements, and extensions of certain existing supply
      agreements;

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

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

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

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

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

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

                        About Delphi

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  The Court has set a hearing on October 3
to consider the adequacy of the Disclosure Statement.

(Delphi Bankruptcy News, Issue No. 84 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


FLEXTRONICS INT'L: Reports Solectron Stockholders' Merger Terms
---------------------------------------------------------------
Flextronics International Ltd. and Solectron Corporation has
jointly announced that Solectron stockholder wishes to make an
election with respect to the merger consideration to be received
in the proposed acquisition by Flextronics of Solectron, but the
shares of Solectron common stock subject to such election are
not reflected in the stockholder's account, the stockholder may
nonetheless make such election if all of the following
conditions are met:

-- a properly completed and duly executed Election Form in the
    form provided by Flextronics and Solectron is received by
    Computershare Shareholder Services, Inc. (the Exchange
    Agent) prior to the Election Deadline described below;

-- a properly completed and duly executed Notice of Guarantee
    substantially in the form available as provided below is
    received by the Exchange Agent prior to the Election
    Deadline; and

-- the shares of Solectron common stock covered by the Election
    Form are delivered to the stockholder's account (and in the
    case of shares held through DTC, the applicable DTC
    participant inputs the election in accordance with DTC's
    procedures) within three New York Stock Exchange trading
    days following the Election Deadline.

Solectron stockholders may request copies of the Notice of
Guarantee by calling Innisfree M&A Incorporated toll free from
within the United States and Canada at (877) 825-8971.
    
The Notice of Guarantee may be delivered by mail or overnight
delivery or by facsimile transmission to the Exchange Agent as
indicated on the form of the Notice of Guarantee and must
include a guarantee by a financial institution that is a
participant in a Medallion Signature Guarantee Program (an
Eligible Institution) in the form set forth in the form of
Notice of Guarantee.
    
Flextronics and Solectron previously announced that the Election
Deadline by which Solectron stockholders that wish to make an
election with respect to the merger consideration to be received
in the proposed acquisition by Flextronics of Solectron must
deliver a properly completed election form to the Exchange Agent
is 5:00 p.m., New York City time, on Sept. 27, 2007.

Solectron stockholders who hold their shares through a bank,
broker or other nominee may have an election deadline earlier
than the Election Deadline.  These Solectron stockholders should
carefully review any materials they receive from their bank,
broker or other nominee to determine the election deadline
applicable to them.
    
Beginning on Aug. 13, 2007, the required election forms and
accompanying instructions were mailed to Solectron stockholders
of record as of Aug. 6, 2007.  Solectron stockholders, including
those that acquired their shares after Aug. 6, 2007, may request
copies of these election documents, as well as copies of the
Notice of Guarantee, by calling Innisfree M&A Incorporated toll
free from within the United States and Canada at (877) 825-8971.  
Solectron stockholders who hold their shares through a bank,
broker or other nominee should contact their bank, broker or
other nominee to obtain additional copies of the election
documents.

                      About Solectron

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

                     About Flextronics

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

The company has operations in Brazil and Mexico.

                        *     *     *

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

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

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

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


GERDAU AMERISTEEL: Chaparral's Shareholders Approve Merger Deal
---------------------------------------------------------------
Chaparral Steel Company's stockholders, at a special meeting
held in Dallas, Texas on Sept. 12, adopted the merger agreement
under which Chaparral is to be acquired by Gerdau Ameristeel
Corporation.  Approximately 99.7% of the shares voted were cast
in favor of the merger.

The number of shares voted in favor of the merger represented
approximately 75% of the total shares outstanding and entitled
to vote at the meeting.
    
"We are pleased to announce that our stockholders have approved
the proposed merger with Gerdau Ameristeel," Tommy Valenta,
president and CEO of Chaparral Steel, commented.  "I am excited
because this was a decision made by our stockholders and they
voted overwhelmingly in favor of the transaction.  Our
stockholders clearly share our belief that the merger creates
significant value and a bright future for the company and for
the exceptional people who have participated in our success."
    
                About Chaparral Steel Company

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

              About Gerdau Ameristeel Corporation

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

                        *     *     *

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


GRAFTECH INT'L: S&P Affirms B+ Corp. Rating with Pos. Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
GrafTech International Ltd. to positive from stable.  At the
same time, S&P's has affirmed all ratings on the company,
including its 'B+' corporate credit rating.
      
"The outlook revision reflects GrafTech's continued solid
operating results over the past few quarters due to higher
graphite electrode pricing and relatively steady demand, a trend
we expect will continue in the near term," said S&P's credit
analyst Marie Shmaruk.  As a result of the good operating
results, in addition to significant debt repayment due to the
sale of the company's cathodes business earlier in 2007, the
company's consolidated financial profile has improved to a level
that S&P's would consider to be more consistent with a higher
rating.
     
The ratings on GrafTech reflect its significant exposure to the
cyclical steel industry, limited supplier diversity, and
continued raw material cost pressure.  Still, the company
maintains a good market position in graphite electrodes,
possesses healthy margins driven by current favorable industry
conditions, and its liquidity position is adequate.
     
                       About GrafTech

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

The company has operations in China, France and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Moody's Investors Service affirmed GrafTech
International Ltd.\u2019s ratings:

  -- Corporate family rating, B1

  -- Probability of default rating, B1

  -- US$225 million 1.625% Gtd. Sr. unsec. Conv. debentures due
     2024, B2 (LGD4, 66%)

  -- Ratings changes for GrafTech International Ltd.:

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

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

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

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


IWT TESORO: Selects Focus Management as Financial Advisor
---------------------------------------------------------
I.W.T. Tesoro Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
authority to hire Focus Management Group, USA, Inc. as their
financial advisor.

Focus Management will:

   a. provide assistance in connection with the Debtors' Chapter      
      11 case;

   b. review and validate, or if so requested, assist in the
      preparation of the Debtors' business plans, cash flow
      projections, restructuring programs, and other reports or
      analyses prepared by the Debtors or its professionals in
      order to advise the Debtors on the viability of the
      continuing operations and the reasonableness of
      projections and underlying assumptions;

   c. review and analyze any restructuring plan to be presented
      to the Debtors' provider of post-filing financing;

   d. review, evaluate, assist and analyze the financial
      ramifications of proposed transactions for which the
      Debtors may seek Court approval, including DIP financing
      and cash management compensation or retention and
      severance plans;

   e. assist the Debtors, as may be requested, in communicating
      with its customers, vendors, employees, and other
      stakeholders in the Debtors' business regarding the status
      of its bankruptcy case including the preparation of
      initial communication materials and updates as necessary.

   f. manage and coordinate information requested by Official
      Committee of Unsecured Creditors or the legal and
      financial advisors for any committee;

   g. review, evaluate and analyze the Debtors' internally
      prepared financial statements and related documentation,  
      in order to evaluate the performance of the Debtors as
      compared to projected results on an ongoing basis;

   h. review and analyze the development, evaluation and
      documentation of any plan(s) of reorganization or
      strategic transaction(s), including developing,
      structuring and negotiating the terms and conditions of
      potential plan(s) or strategic transaction(s) and the  
      consideration that is to be provided to unsecured
      creditors;

   i. render testimony in connection with procedures (a) through
      (i) above, as required, on behalf of the Debtors;

   j. coordinate operations of the Debtors with their management
      and counsel, and assist management with monitoring and
      reporting to the Court and all interested parties;

   k. provide other services, as requested by the Debtors and
      agreed by Focus Management.

The Debtors propose to pay Focus Management its customary hourly
rate ranging from US$375 for senior consultants to US$400 for
managing directors.  These hourly rates are adjusted
periodically.

To the best of the Debtors' knowledge, Focus Management has no
connection with the creditors or any other party in interest or
their attorneys.

The firm can be reached at:

             FOCUS Management Group
             5001 W. Lemon Street
             Tampa, FL 33609-1103
             Tel: (813) 281-0062
             Fax: (813) 281-0063
             http://www.focusmg.com/

I.W.T. Tesoro Corporation, fka Ponca Acquisition Company, --
http://www.iwttesoro.com/-- is headquartered in New York City.   
The company and its subsidiaries distribute building materials,
specifically hard floor and wall coverings.  They are
wholesalers and do not sell directly to any end user.  Their
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 Debtor and its debtor-affiliates, International Wholesale
Tile, Inc. and American Gres, Inc., filed for Chapter 11
bankruptcy protection on Sept. 6, 2007 (Bankr. S.D. NY Lead Case
No.  07-12841).  Dawn K. Arnold, Esq. and Jonathan S. Pasternak,
Esq. at Rattet, Pasternak & Gordon-Oliver, L.L.P. represent the
Debtors in their restructuring efforts.  As of June 30, 2007,
the Debtors had total assets of US$39,798,579 and total debts of  
US$47,940,983.


IWT TESORO: Wants Approval on Rader & Coleman as Special Counsel
----------------------------------------------------------------
I.W.T. Tesoro Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
authority to employ Rader & Coleman, P.L. as their special
counsel.

Rader & Coleman will perform legal services including:

   a. the supervision and assistance with the preparation of all
      SEC filings;

   b. communication with the SEC on behalf of the Debtors;

   c. work with the Debtors' auditors and financial management
      to prepare all necessary books and records as well as
      certain required filings;

   d. aid Debtors counsel, to the extent necessary, with any
      negotiations involving the secured lenders and consult
      with the Debtors and their counsel with respect to any
      corporate governance or structure issues which may arise.  

In the event that the Debtors go forward with a particular
reorganization transaction, Rader & Coleman will assist in
strategy, structure and documentation required for such a
transaction.

The Debtors propose to pay Rader & Coleman its customary hourly
rates that ranges from US$275 to US$350 per hour for attorneys
and US$120 per hour for paraprofessionals.  Gayle Coleman, Esq.
will continue to be primarily responsible for the legal needs of
the Debtors and her hourly rate is US$275.
                                                                     
The Debtors disclose that Rader & Coleman has represented the
Debtors since June 2002 and was counsel to Debtor, IWT Tesoro
Corporation when it acquired International Wholesale Tile, Inc.   

The Debtors believe that the retention of Rader & Coleman is
essential to the efficient and successful administration of
their Chapter 11 cases and that it is in the best interests of
the creditors that Rader & Coleman continue to represent the
Debtors.

The firm can be reached at:

             Gayle Coleman, Esq.
             Rader & Coleman, P.L.
             2101 Northwest Boca Raton Boulevard, Suite 1
             Boca Raton, Florida 33431
             Tel: (561) 368-0545
             Fax: (561) 367-1725
             http://www.raderandcoleman.com/

I.W.T. Tesoro Corporation, fka Ponca Acquisition Company, --
http://www.iwttesoro.com/-- is headquartered in New York City.   
The company and its subsidiaries distribute building materials,
specifically hard floor and wall coverings.  They are
wholesalers and do not sell directly to any end user.  Their
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 Debtor and its debtor-affiliates, International Wholesale
Tile, Inc. and American Gres, Inc., filed for Chapter 11
bankruptcy protection on Sept. 6, 2007 (Bankr. S.D. NY Lead Case
No.  07-12841).  Dawn K. Arnold, Esq. and Jonathan S. Pasternak,
Esq. at Rattet, Pasternak & Gordon-Oliver, L.L.P. represent the
Debtors in their restructuring efforts.  As of June 30, 2007,
the Debtors had total assets of US$39,798,579 and total debts of  
US$47,940,983.


NAVISTAR INT'L: Bags US$71.5-Mil. Deal to Provide Parts Support
---------------------------------------------------------------
Navistar International Corporation's military affiliate,
International Military and Government, LLC, has won a contract
from the U.S. Marine Corps for US$71.5 million to provide parts
support for the Marine Corps' International(R) MaxxPro(TM) mine-
resistant ambush protected (MRAP) vehicles.

The contract builds on the more than US$1 billion in total
contracts the Navistar unit has previously announced to deliver
1,971 MaxxPro units to the Marine Corps.  The MaxxPro is
designed to protect troops from roadside bombs, improvised
explosive devices and other threats.

"This contract award reflects positively on our track record for
providing parts to support our durable vehicles," said Daniel C.
Ustian, Navistar's chairman, president and chief executive
officer.  "This order is vitally important to the protection of
our country's military personnel. Our goal is to assure that
this life-saving technology reaches the troops as soon as
possible."

Archie Massicotte, president of International Military and
Government, LLC said: "Providing solid support after delivery is
essential - it's what we did with the more than 160,000
commercial vehicles we built in 2006.  We have the expertise,
infrastructure and global supply network to keep the MaxxProT
vehicles mission ready."

Contents of the parts kits range from 90-day supplies of basic
on-the-road necessities such as filters to additional parts and
accessories that typically need updating within a year.

"This contract is important to Navistar and our Parts
organization," said Phyllis Cochran, senior vice president and
general manager, Navistar Parts. "Parts availability is critical
to keeping trucks up and running and we consider it our duty to
provide outstanding parts support to the military.  We will work
very closely with our suppliers to deliver quality parts to keep
these vehicles ready to serve our troops."

Navistar Parts has distribution centers in strategic locations
worldwide and is dedicated to maximizing vehicle uptime for its
customers.

The company also confirmed that it has fulfilled its August
delivery commitment of 77 MaxxPro(TM) MRAP vehicles for the U.S.
military and is well underway producing vehicles scheduled for
delivery in September.

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent  
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 11, 2007, Standard & Poor's Ratings Services has said that
its 'BB-' corporate credit ratings on Navistar International
Corp. and subsidiary Navistar Financial Corp. remain on
CreditWatch with negative implications, where they were placed
on Jan. 17, 2006.


TAM: Receives Two New Airbus Planes from Germany
------------------------------------------------
TAM SA has received last week two new A321 Airbuses, delivered
directly from the Airbus factory in Hamburg, Germany.  These are
the first A321 models to be incorporated by the company into
their operational fleet.  The aircraft have the capacity to
transport up to 220 passengers and will be used by TAM on
domestic routes and in South America.

With this purchase, TAM now has 89 Airbus models (15 A319's, 62
A320's, 2 A321's and 10 A330's), consolidating its position as
the European manufacturer's biggest customer in Latin America.  
The A321 is the largest aircraft of the A320 family (including
the A318, A319, A320 and A321) and offers the best cost per
available seat kilometer for medium-sized aircraft.  TAM will be
the first company in South America to operate flights with the
A321.
    
TAM has already received 18 aircraft this year - 15 planes from
the A320 family (including the two A321's) and three MD-11's.  
With the new A321's, the company is increasing its operational
fleet to 108 aircraft - 89 Airbus models, 16 F-100's and 3 MD-
11's.  The company is planning to end 2007 with 111 aircraft,
and is anticipating a fleet of 136 aircraft by the end of 2011.
    
The incorporation of the new A321 Airbuses reinforces TAM's
policy of operating a fleet of low average age, assuring greater
comfort for its passengers.  According to a specialized industry
publication, TAM has the youngest fleet of planes in Brazil,
with an average age of 7.1 years, while the industry average is
11.2 years.

                         About TAM
    
TAM (http://www.tam.com.br)has been the leader in the Brazilian  
domestic market since July 2003, and held a 49.3% domestic
market share and 65.3% international market share at the end of
August 2007.  Additionally, it maintains code-share agreements
with international airline companies that allow passengers to
travel to a large number of destinations throughout the world.  
TAM was the first Brazilian airline company to launch a loyalty
program.  Currently, the program has over 4.0 million
subscribers and has awarded more than 4.3 million tickets.

                        *     *     *

On July 23, 2007, Fitch has affirmed the 'BB' foreign currency
and local currency Issuer Default Ratings of TAM S.A. Fitch has
also affirmed the 'BB' rating of its US$300 million of senior
unsecured notes due 2017 as well as the company's 'A+(bra)'
national scale rating and for its first debentures issuance
(BRL500 million).  Fitch said the rating outlook is stable.


* BRAZIL: State Firm Launches Drilling for Gas & Oil in Colombia
----------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA, together
with US company Exxon Mobil and Colombian state oil company
Ecopetrol, has launched the drilling for gas and oil off
Colombia's Caribbean coast, Reuters reports, citing Ecopetrol.

Reuters relates that the well is called Araza 1.  It is in the
Tayrona Block near Cartagena.  The well is expected to hit oil
or gas deposits toward the end of 2007.

Petroleo Brasileiro operates the block, holding a 40% stake.  
Ecopetrol owns 20% of the block, while Exxon Mobil holds a 40%
stake, Reuters states.

                      About Exxon Mobil

Exxon Mobil Corporation is an international oil and gas company.  
Exxon Mobil operates facilities or market products in many
countries, and explores for oil and natural gas on six
continents.  Exxon Mobil is involved in the exploration and
production of crude oil and natural gas; the manufacture of
petroleum products, and the transportation and sale of crude
oil, natural gas and petroleum products.  Exxon Mobil is a
manufacturer and marketer of commodity and specialty
petrochemicals, and also has interests in electric power
generation facilities.  The company also conducts research
programs in support of these businesses.

                        About Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

                  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 Today
-----------------------------------------------------------
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 Today
---------------------------------------------------------
AMB Blackpine Ltd. will hold its final shareholders meeting on
Sept. 17, 2007, at 10:00 a.m., at Pier 1, Bay 1 in San
Francisco, Calif.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         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


CAUSEWAY NATURAL: Will Hold Final Shareholders Meeting on Nov. 1
----------------------------------------------------------------
Causeway Natural Alpha Fund Ltd. will hold its final
shareholders meeting on Nov. 1, 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:

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


CHASER CAPITAL: Sets Final Shareholders Meeting for Oct. 12
-----------------------------------------------------------
Chaser Capital Currency Fund Ltd. will hold its final
shareholders meeting on Oct. 12, 2007, at 10:00 a.m., at:

         4th Floor, Bermuda House
         Dr. Roy's Drive, 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:

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


CHASER CAPITAL (MASTER): Final Shareholders Meeting on Oct. 12
--------------------------------------------------------------
Chaser Capital Currency Master Fund Ltd. will hold its final
shareholders meeting on Oct. 12, 2007, at 11:00 a.m., at:

         4th Floor, Bermuda House
         Dr. Roy's Drive, 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:

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


GLOBAL MID-CAP: Sets Final Shareholders Meeting for Nov. 1
----------------------------------------------------------
Global Mid-Cap Equity Market Neutral Fund Offshore Ltd. will
hold its final shareholders meeting on Nov. 1, 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:

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


GLOBAL MID-CAP: Sets Final Shareholders Meeting for Nov. 1
----------------------------------------------------------
Global Mid-Cap Equity Market Neutral Fund B Offshore Ltd. will
hold its final shareholders meeting on Nov. 1, 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:

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


PRS CAPTIVE: Will Hold Final Shareholders Meeting on Oct. 9
-----------------------------------------------------------
PRS Captive Investment Fund Ltd. will hold its final
shareholders meeting on Oct. 9, 2007, at 11:00 a.m., at:

         2530 Riva Rd., Suite 308
         Annapolis, MD 21401

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:

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


RHICON 4XIM: Will Hold Final Shareholders Meeting Today
-------------------------------------------------------
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


STERLING EQUITY: Sets Final Shareholders Meeting for Oct. 18
------------------------------------------------------------
Sterling Equity Offshore Fund Ltd. will hold its final
shareholders meeting on Oct. 18, 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:

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


WESTROCK LTD: Sets Final Shareholders Meeting for Today
-------------------------------------------------------
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


ZEBRA US: Will Hold Final Shareholders Meeting on Nov. 1
--------------------------------------------------------
Zebra US Equity Long/Short Fund (Cayman) Offshore Ltd. will hold
its final shareholders meeting on Nov. 1, 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:

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




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


ECOPETROL: Launches Drilling for Gas & Oil with Two Firms
---------------------------------------------------------
Colombian state-owned oil firm Ecopetrol told Reuters that it,
together with US company Exxon Mobil and Brazilian state oil
firm Petroleo Brasileiro SA, has launched the drilling for gas
and oil off Colombia's Caribbean coast.

Reuters relates that the well is called Araza 1.  It is in the
Tayrona Block near Cartagena.  The well is expected to hit oil
or gas deposits toward the end of 2007.

Petroleo Brasileiro operates the block, holding a 40% stake.  
Ecopetrol owns 20% of the block, while Exxon Mobil holds a 40%
stake, Reuters states.

                      About Exxon Mobil

Exxon Mobil Corporation is an international oil and gas company.  
Exxon Mobil operates facilities or market products in many
countries, and explores for oil and natural gas on six
continents.  Exxon Mobil is involved in the exploration and
production of crude oil and natural gas; the manufacture of
petroleum products, and the transportation and sale of crude
oil, natural gas and petroleum products.  Exxon Mobil is a
manufacturer and marketer of commodity and specialty
petrochemicals, and also has interests in electric power
generation facilities.  The company also conducts research
programs in support of these businesses.

                  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 Ecopetrol

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Fitch Ratings upgraded the foreign currency
Issuer Default Ratings of Ecopetrol to 'BB+' from 'BB'.  The
rating action followed the upgrade of The Republic of Colombia's
foreign currency Issuer Default Ratings to 'BB+' from 'BB'.


GRAN TIERRA: Changes Reserve Estimates for Colombian Discoveries
----------------------------------------------------------------
Gran Terra Energy said in a statement that it has readjusted the
initial reserve estimates for its two oil discoveries in
Colombia to incorporate a third-party overriding royalty.

Due to the adjustments and production for the first six months
of this year, Gran Tierra's total proved, probable and possible
oil reserves is at 23.8 million barrels, compared to the 25.6
million barrels previously reported, according to Gran Tierra's
statement.

Business News Americas relates that the overriding royalty is
for Gran Tierra's interests in blocks Chaza, and Guayuyaco.

BNamericas notes that the Costayaco discovery on the Chaza block
in the Putumayo basin of Colombia was disclosed in the second
quarter 2007 and tested at 5,906 barrels per day.  Test oil
output is being shipped to facilities.  A staged development
program is also being planned.

Meanwhile, the Juanambu field discovery on the Guayuyaco block
was disclosed early this year and tested at 778 barrels per day.  
"The application for commerciality is advancing and test oil
production is being trucked," BNamericas states.

The report says that for the Costayaco oil discovery,
independent reserve auditor Gaffney, Cline & Associates
allocated:

          -- 2.7 million barrels of proved reserves, compared to
             the previous level of three million barrels;

          -- probable reserves of 5.5 million barrels, compared
             to the previous six million barrels; and

          -- additional possible reserves of 7.4 million
             barrels, compared to the previous 8.2 million
             barrels.

According to BNamericas, Gaffney, Cline allocated to the
Juanambu discovery:

          -- proved reserves of 100,000 barrels, which is the
             same with what was previously reported;

          -- probable reserves of 300,000 barrels, similar with
             what was previously reported; and

          -- additional possible reserves of 900,000 barrels,
             compared to 1.1 million barrels previously
             reported.

A flow line is being designed for full commercial output.  Two
additional wells will be drilled on the Chaza block in the
fourth quarter this year.  A new 3D seismic program was expanded
to cover 70 square kilometers.  "A flow line for the block is
being designed, while a second Juanambu well is planned for
drilling" next year, BNamericas states.

Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas    
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America.  The company currently holds
interests in producing and prospective properties in Argentina,
Colombia and Peru.

                        *     *     *

Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future.  The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and, as of Sept. 30, 2006, had an accumulated deficit of
US$4.1 million.




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


SAMSONITE CORP: Incurs US$16.8 Mil. Net Loss in 2007 Second Qtr.
----------------------------------------------------------------
Samsonite Corporacion has reported revenue of US$292.9 million,
operating income of US$16.8 million and net loss to common
stockholders of US$7.0 million, or net loss of US$0.01 per
common share, for the quarter ended July 31, 2007.  These
results compare to revenue of US$257.5 million, operating income
of US$13.9 million and net loss to common stockholders of US$6.0
million, or net loss of US$0.03 per common share, for the second
quarter of the prior year.  Operating income was reduced by
charges of US$3.9 million in fiscal 2008 and US$4.9 million in
fiscal 2007 for the write-off of deferred offering costs related
to terminated secondary stock offerings which were commenced but
not completed in both years, as well as restructuring charges of
US$0.3 million in fiscal 2008 and US$1.8 million in fiscal 2007.
The restructuring charges relate to the closure of the company's
Denver, Colorado facilities and related consolidation of its
corporate functions in its Mansfield, Massachusetts office and
the planned relocation of its distribution function from the
company's Denver, Colorado facilities to Jacksonville, Florida.
    
Adjusted EBITDA (earnings before interest, taxes, depreciation
and amortization, as adjusted to exclude certain items of other
income and expense, minority interests, write-off of deferred
stock offering costs, restructuring charges, asset impairment
charges, stock-based compensation expense, ERP system
implementation expenses, preferred stock dividends, and to
include realized currency hedge gains and losses), a measure of
core business cash flow, was US$32.4 million for the second
quarter of the current year compared to US$30.7 million for the
second quarter of the prior year.
    
Chief Executive Officer, Marcello Bottoli, stated: "The company
posted a robust second quarter performance, underscoring the
continuing success of our strategy to transform Samsonite into
the world's leading travel lifestyle brand.  Sales during the
quarter increased 13.7% (10.8% on a constant currency basis),
with solid progress in each major region.  Importantly,
subsequent to the slowdown in shipments experienced in our North
American operations in the first quarter, due to the
implementation of our new ERP system in February 2007, we saw a
return to near normal shipments and store in-stock percentages
in the second quarter.  Sales in North America grew 5.6% in the
period, following an 11.0% decline in the first quarter.  
Overall, I am very pleased with the Company's performance.  We
continue to strengthen our position in every market segment and
have built a solid platform for future growth.  Looking ahead,
we look forward to continuing our successful journey together
with CVC Capital Partners".
   
Richard Wiley, Chief Financial Officer, commented: "The company
continues to deliver increased Adjusted EBITDA, while
simultaneously achieving top line growth -- the latter driven by
growth in the Asian region, price increases and the
consolidation of new joint ventures in Asia and the U.S.,
subsequent to their acquisition in the second quarter of fiscal
2007.  Adjusted EBITDA rose 5.6% to US$32.4 million in the
second quarter, an increase of US$1.7 million over the prior
year.  Second quarter gross profit margins rose 270 basis points
year-on-year to reach 52.9%, driven by a combination of price
increases, increased sales of higher margin products and lower
fixed manufacturing and direct product costs.  The company
continues to make good progress on its working capital
efficiency, with average net working capital efficiency
improving 40 basis points over the prior year second quarter, to
15.3% of sales."
    
Samsonite is a leading manufacturer, marketer and distributor of
luggage and travel-related products.  The company's owned and
licensed brands, which include Samsonite, American Tourister,
Sammies, Lacoste and Timberland, are sold globally through
external retailers and 284 company-owned stores.  Net sales for
the 12-month period ended April 30, 2007 approached US$1.1
billion.  Executive offices are located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 11, 2007, Moody's Investors Service placed all ratings of
Samsonite Corporation under review for possible downgrade.

Ratings placed under review for possible downgrade are:

   -- US$80 million senior secured revolving credit facility at
      Ba3;

   -- US$450 million senior secured term loan at Ba3;

   -- Corporate Family Rating at B1; and

   -- Probability of Default rating at B2.




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


BANCO INTERCONTINENTAL: Proof Against Marcos Cocco Illegitimate
---------------------------------------------------------------
Juan Antonio Delgado, former Banco Intercontinental official
Marcos Baez Cocco's defense attorney in the bank's fraud case,
has described the evidence against his client as illegitimate
before the National District First Collegiate Court of the
Dominican Republic, Dominican Today reports.

According to Dominican Today, the evidence presented against Mr.
Cocco before the court points to his alleged involvement in the
2003 bank fraud that cost Dominican taxpayers over US$2.2
billion.

Mr. Delgado, quoting Adolf Hitler's Mein Kampf, said before the
court that "even a colossal lie has the power to cast doubt in
the minds of the people if repeated often enough, Dominican
Today notes.

Mr. Cocco has been tried in a media campaign, Dominican Today
says, citing Mr. Delgado.  

Dominican Today relates that Mr. Delgado asked the court to keep
its independence and consider that the evidence against Mr.
Cocco failed to prove his client's participation in Banco
Intercontinental collapse.

Dominican Today states that Mr. Delgado said before the court,
"Let me be clear, Marcos Baez never participated, never."

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.


GENERAL CABLE: To Launch Offering on US$450-Mil. Senior Notes
-------------------------------------------------------------
General Cable Corporation has intended to commence a private
offering, subject to market conditions, that is expected to be
up to US$450 million in aggregate principal amount of senior
convertible notes.  The Notes may allow the holder to convert
the Notes into the right to receive the Company's common stock
or cash, or a combination of both.  The purpose of this offering
is to fund a portion of the purchase price for the previously
disclosed acquisition of the wire and cable business of
Freeport-McMoRan Copper & Gold Inc. and related costs, as well
as funding the potential expansion of the Company's business in
the United States and in foreign countries, the potential
acquisition of other complementary businesses and other general
corporate purposes.

The Notes will be sold to qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as
amended.  The Notes and the common stock issuable upon
conversion of the Notes have not been registered under the
Securities Act or any state securities laws, and unless so
registered, may not be offered or sold in the United States
except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state laws.

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes        
aluminum, copper, and fiber-optic wire and cable products.  It
has three operating segments: industrial and specialty (wire and
cable products conduct electrical current for industrial and
commercial power and control applications); energy (cables used
for low-, medium- and high-voltage power distribution and power
transmission products); and communications (wire for low-voltage
signals for voice, data, video, and control applications).  
Brand names include Carol and Brand Rex.  It also produces power
cables, automotive wire, mining cables, and custom-designed
cables for medical equipment and other products.  General Cable
has locations in China, Australia, France, Brazil, the Dominican
Republic and Spain.

                        *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Moody's Investors Service assigned a rating of B1 to the
US$325 million senior unsecured notes of General Cable
Corporation consisting of US$125 million of floating rate notes
and US$200 million fixed rate notes.  Concurrently, Moody's
affirmed all other ratings for this issuer.  Moody's said the
rating outlook remains stable.




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


PETROECUADOR: Launching Auction for Guayaquil NatGas Exploration
----------------------------------------------------------------
The Ecuadorian energy and mines ministry and presidential Web
sites say that state-owned oil firm Petroecuador will launch in
2008 an auction for natural gas exploration and production in
the gulf of Guayaquil.

The ministry said in a statement that the planned gas
exploration and production project is under the government's
plan to boost hydrocarbons output.  The gas would be used to
advance plans to use gas to fuel taxis.

The US Energy Information Agency told Business News Americas
that though the country's oil sector produces a considerable
amount of natural gas as part of its operations, "most of the
gas is flared off due to a lack of infrastructure to capture
it."

The Amistad field in the gulf of Guayaquil is the sole large-
scale natural gas project in Ecuador, BNamericas relates, citing
the Energy Information Agency.

Houston-based Noble Energy runs the Amistad field, which
supplies the firm's Machala thermoelectric plant in Ecuador,
BNamericas states.

Petroecuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.




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


AMERICAN GREETINGS: Signs Partnership Deal with Comedy Central
--------------------------------------------------------------
American Greetings Corporation has entered into a licensing
partnership with Comedy Central that will bring the characters,
antics and signature humor from some of the network's most
popular shows to the greeting card aisle.  The first products to
launch include a line of seven "South Park" birthday and anytime
cards.  In addition to "South Park", the partnership also
includes licenses for other hit Comedy Central shows, including
"RENO 911!," "The Sarah Silverman Program," "Mind of Mencia,"
and "Lil' Bush."

"We take our funny card business very seriously because we
recognize that many people connect with others through humor.  
Our partnership with Comedy Central is yet another example of
our commitment to truly understand what consumers find funny so
that we can be sure our products deliver on that," said Michael
Brown, Vice President of Licensing for American Greetings.  
"Comedy Central is a destination for laughs for millions of
people every day, and we're proud to be bringing the humor from
some of the network's most recognizable shows to life in a new
way."
    
In an effort to ensure the company continues to create funny
cards that resonate with consumers, the humor team at American
Greetings conducted a six- month long research project to get to
the root of what makes people laugh today.  The findings
revealed distinct differences in the way men and women use humor
to communicate.  As the result, American Greetings recently
unveiled hundreds of new funny cards that appeal to a woman's
sense of humor by highlighting the funny parts of everyday
situations and experiences.  The licensing agreement with Comedy
Central, the #1 cable network in primetime among men 18-24 and
men 18-34, allows the company to create humorous cards that
appeal to what men find funny, according to the research.
    
The new "South Park" cards from American Greetings are available
in the funny card section at Target stores nationwide for
US$2.25.  Cards featuring signature "South Park" sound bytes
will debut at several retailers in January 2008, and more Comedy
Central cards are scheduled to hit shelves this fall and
throughout 2008 at American Greetings retailers nationwide.
    
                    About Comedy Central

Comedy Central, television's only all-comedy network, is a 24-
hour, advertiser-supported, basic cable comedy service available
to over 91 million viewers nationwide and is the #1 network in
primetime among men 18-24 and men 18-34 as well as a consistent
Top Ten-rated network among all adults 18-49.  With on-air,
online and on-the-go mobile technology, Comedy Central gives its
audience access to the cutting-edge, laugh-out-loud world of
comedy wherever they go.  Hit series include The Sarah Silverman
Program, RENO 911!, The Colbert Report, Mind of Mencia and the
Emmy(R) and Peabody(R) Award-winning series The Daily Show with
Jon Stewart and South Park.  Comedy Central is also involved in
producing nationwide stand-up tours, boasts its own record label
and operates one of the most successful home entertainment
divisions in the industry.  Comedy Central is owned by, and is a
registered trademark of, Comedy Partners, a wholly owned
division of Viacom Inc.'s (NYSE: VIA and VIA.B) MTV Networks.
For more information visit Press Central, Comedy Central's
press-only Web site, at http://www.comedycentral.com/pressor  
the network's consumer site at http://www.comedycentral.com/

                About American Greeting Corp.

Cleveland, Ohio-based American Greetings Corporation (NYSE: AM)
-- http://corporate.americangreetings.com/-- manufactures  
social expression products.  American Greetings also
manufactures and sells greeting cards, gift wrap, party goods,
candles, balloons, stationery and giftware throughout the world,
primarily in Canada, the United Kingdom, Mexico, Australia, New
Zealand and South Africa.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 18, 2007, Moody's Investors Service affirmed American
Greetings Corporation's ratings, but revised its ratings outlook
to stable from negative.

Ratings Affirmed:

   -- Corporate family rating at Ba1;

   -- Probability-of-default rating at Ba1;

   -- US$350 million guaranteed senior secured revolving credit
      facility due 2011 at Baa3 (LGD2, 21%);

   -- US$100 million guaranteed senior secured delay draw term
      loan facility due 2013 at Baa3 (LGD2, 21%);

   -- US$200 million senior unsecured notes due 2016 at Ba2
      (LGD5, 75%);

   -- US$22.7 million senior unsecured notes due 2028 at Ba2
      (LGD5, 75%).


CHAPARRAL STEEL: Stockholders Nod on Gerdau Ameristeel Merger
-------------------------------------------------------------
Chaparral Steel Company's stockholders, at a special meeting
held in Dallas, Texas on Sept. 12, adopted the merger agreement
under which Chaparral is to be acquired by Gerdau Ameristeel
Corporation.  Approximately 99.7% of the shares voted were cast
in favor of the merger.

The number of shares voted in favor of the merger represented
approximately 75% of the total shares outstanding and entitled
to vote at the meeting.
    
"We are pleased to announce that our stockholders have approved
the proposed merger with Gerdau Ameristeel," Tommy Valenta,
president and CEO of Chaparral Steel, commented.  "I am excited
because this was a decision made by our stockholders and they
voted overwhelmingly in favor of the transaction.  Our
stockholders clearly share our belief that the merger creates
significant value and a bright future for the company and for
the exceptional people who have participated in our success."
  
            About Gerdau Ameristeel Corporation

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

                About Chaparral Steel Company

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

                        *      *     *

Mood'y Investor Services assigned Ba3 on Chaparral Steel
Company's probability of default and long term corporate family
ratings in July 2007.


DOMINO'S PIZZA: Picks Crispin Porter + Bogusky as Ad Agency
-----------------------------------------------------------
Domino's Pizza has selected Crispin Porter + Bogusky (CP+B) as
its lead creative advertising agency of record.
    
Effective immediately, CP+B will assume responsibility for all
Domino's general market creative, including television, print,
and radio advertising; as well as point-of-sale materials.  
Consumers will begin seeing CP+B-produced Domino's advertising,
delivered with a new, edgy approach, in the first quarter of
2008.
    
"After an extensive search, reviewing more than 50 agencies, we
are confident that we have selected the right agency to lead our
new creative campaign for 2008," said Domino's Chief Marketing
Officer Ken Calwell.  "CP+B's energy and fresh perspective on
our company hit right at the heart of who and what we are.  
Their company is one of the best and brightest in the industry,
and I am certain that they will provide a strong brand message
for us."
    
CP+B is recognized throughout the advertising industry for its
breakthrough, category-changing campaigns. With such notable
clients as Burger King and Volkswagen, CP+B is also credited for
creative work with MINI, Nike, Geek Squad, Miller Lite, Miller
High Life, the launch of Coke Zero and the "truth" anti-tobacco
campaigns.
    
Of the new relationship, Jeff Hicks, president and chief
executive officer at CP+B said, "Domino's is one of this
country's pre-eminent consumer brands and we could not be
happier about the opportunity to help strengthen its connection
with pop culture."
    
CP+B was chosen following a two-month agency review process.  
The search committee was comprised of Domino's senior management
as well as members of its Build the Brand team and long-standing
members of the Domino's franchise community.

                    About Domino's Pizza

Headquartered in Ann Arbor, Michigan, Domino's Pizza Inc. (NYSE:
DPZ) -- http://www.dominos.com/-- through its primarily  
franchised system, operates a network of 8,190 franchised and
company-owned stores in the U.S. and more than 50 countries.  
Founded in 1960, the company has more than 500 stores in Mexico.  
The Domino's Pizza(R) brand, named a Megabrand by Advertising
Age magazine, had global retail sales of nearly US$5 billion in
2005, comprised of US$3.3 billion domestically and US$1.7
billion internationally.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Domino's Pizza Inc.'s balance sheet as of
June 17, 2007, showed total assets of US$474.1 million, total
liabilities of US$1.9 billion, and total stockholders' deficit
of US$1.4 billion.

As of June 17, 2007, the company had US$1.7 billion of debt, of
which US$300,000 was classified as a current liability.
Additionally, as of June 17, 2007, the company had borrowings of
US$114.3 million available under its US$150 million revolving
credit facility, net of letters of credit issued of US$30.7
million and US$5 million of borrowings on the variable funding
notes.  The letters of credit are primarily related to the
company's casualty insurance programs and distribution center
leases.


DURA AUTOMOTIVE: Disclosure Statement Has Adequate Information
--------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
the Disclosure Statement explaining the terms of their Joint
Plan of Reorganization.

The Debtors filed their Plan on Aug. 22, 2007.

Section 1125(b) of the Bankruptcy Code requires that a plan
proponent provide "adequate information" regarding its proposed
plan of reorganization.  Section 1125(a)(1) defines adequate
information as "information of a kind, and in sufficient detail,
as far as is reasonably practical in light of the nature and
history of the debtor and the condition of the debtor's books
and records, that would enable a hypothetical reasonable
investor typical of holders of claims or interests of the
relevant class to make an informed judgment about the plan."

The Debtors aver that the Disclosure Statement complies with all
aspects of Section 1125.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that the Disclosure Statement is
the product of the Debtors' extensive review and analysis of the
circumstances leading to the Chapter 11 cases and a thorough
analysis of the Plan.

In drafting the Disclosure Statement, the Debtors sought the
assistance and input of their financial and legal advisors,
Mr. Madron tells the Court.  The Debtors also sought and
received comments on the Plan and Disclosure Statement from the
retained professionals for the ad hoc group of certain of the
Debtors' second lien prepetition secured lenders, agents to the
Debtors' postpetition secured lenders, the Official Committee of
Unsecured Creditors, the indenture trustee for senior notes, and
backstop party Pacificor, LLC.

Mr. Madron maintains that the Disclosure Statement contains the
pertinent information necessary for holders of eligible claims
to make an informed decision about whether to vote to accept or
reject the Plan, including, among other things:

  * the treatment of all classes of creditors and equity
    interests;

  * a description and summary of the injunction and releases
    granted by the Plan;

  * the purpose, use, and effect of the Plan's contemplated
    substantive consolidation;

  * the Debtors' history, including certain events leading to
    the commencement of the Chapter 11 cases;

  * the operation of the Debtors' businesses and significant
    events during the Chapter 11 cases;

  * the Debtors' corporate structure and prepetition capital
    structure and indebtedness;

  * securities to be issued under the Plan;

  * risk factors to consider that may affect the Plan;

  * restructuring transactions contemplated by the Plan;

  * the means for implementation of the Plan; and

  * a disclaimer indicating that no statements or information
    concerning the Debtors and their assets and securities are
    authorized other than those set forth in the Disclosure
    Statement.

A hearing is scheduled for Sept. 26, 2007, at which time the
Court will evaluate DURA's Disclosure Statement to determine
whether it contains "adequate information" to enable creditors
to vote to accept the Plan.

                   About DURA Automotive

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

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

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

The Debtors' exclusive plan-filing period expires on
Sept. 30, 2007.  (Dura Automotive Bankruptcy News, Issue No. 28
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Wants Court Nod on Solicitation Procedures
-----------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
certain procedures by which they will solicit acceptances or
rejections of the Plan in order to conduct an effective
solicitation of acceptances or rejections of the Joint Plan of
Reorganization.

In accordance with Rule 3018(c) of the Federal Rules of
Bankruptcy Procedure, the Debtors prepared and customized
ballots for individual holders of claims in Class 3 and Class 5,
and master ballots for Class 3, the only classes entitled to
vote to accept or reject the Plan.

Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that holders of claims in Classes
1 and 2 are unimpaired because the Plan contemplates either
paying those claims in full, or rendering them unimpaired.  
Accordingly, Class 1 and 2 claim holders are deemed to accept
the Plan pursuant to Section l126(f) of the Bankruptcy Code, and
not entitled to vote.

Holders of claims in Classes 4, 6, and 7 and equity interests in
Class 8 are also not entitled to vote on the Plan because they
will not receive any distribution on account of their claims.
Those classes are therefore deemed to reject the Plan pursuant
to Section l126(g), Mr. Madron says.

                 Solicitation Procedures

Within five business days after the Court approves the
Disclosure Statement, Kurtzman Carson Consultants, LLC, or
Financial Balloting Group will send a complete solicitation
package to Holders of Class 3 Senior Notes Claims.

The Solicitation Package consists of:

  * the Plan;

  * the Disclosure Statement;

  * the Disclosure Statement Order;

  * a notice on the hearing to consider confirmation of the
    Plan;

  * subscription documents for participation in the Rights
    Offering under the Plan;

  * appropriate ballot, master ballot, and voting instructions;

  * pre-addressed, postage pre-paid return envelope; and

  * appropriate letter of four customized letters from the
    Debtors.

Kurtzman Carson is the Debtors' claims and solicitation agent.

Financial Balloting will assist Kurtzman Carson as:

  (a) the special voting agent with respect to soliciting votes
      of holders of claims based on publicly traded securities,
      in particular, the Class 3 Senior Notes Claims; and

  (b) as the subscription agent for the Rights Offering.

Holders of Class 5 Other General Unsecured Claims will receive
the Solicitation Package excluding the Subscription Documents.

Holders of claims in Classes 1, 2, 4, 6, and 7 will receive
notices of their non-voting status and the Solicitation Package
excluding the Ballots and Master Ballots, Subscription
Documents, and Letters.

Holders of Class 8 Equity Interests will receive the appropriate
Notice of Non-Voting Status and the Confirmation Hearing Notice.

Holders of DIP Claims, Administrative Claims, Priority Tax
Claims, and Other Priority Claims will receive the appropriate
Notice of Non-Voting Status and the Solicitation Package
excluding the Ballots and Master Ballots, Subscription
Documents, and Letters.

                    Voting Record Date

Bankruptcy Rule 3017(d) provides that, for the purposes of
soliciting votes in connection with the confirmation of a plan
of reorganization, "creditors and equity security holders shall
include holders of stocks, bonds, debentures, notes and other
securities of record on the date the order approving the
disclosure statement is entered or another date fixed by the
court, for cause, after notice and a hearing."  Bankruptcy Rule
30l8(a) contains a similar provision regarding determination of
the record date for voting purposes.

In accordance with Bankruptcy Rules 3018(a) and 3017(d), the
Debtors ask the Court to establish the date on which the hearing
to consider approval of the Disclosure Statement commences as
the record date for purposes of determining:

  (1) the creditors and interest holders that are entitled to
      receive the Solicitation Package pursuant to the
      Solicitation Procedures;

  (2) the creditors and interest holders entitled to vote to
      accept or reject the Plan; and

  (3) whether claims or interests have been properly transferred
      to an assignee pursuant to Bankruptcy Rule 3001(e) so that
      those assignee can vote as the holder of the appropriate
      claims or equity interests.

The Disclosure Statement Hearing is currently set for
Sept. 26, 2007, Mr. Madron notes.

           Temporary Claim Allowance Procedures

The Debtors also ask the Court to approve certain procedures
regarding the temporary allowance of claims for voting purposes
only.

Specifically, if an objection to a claim is pending on the
Voting Record Date, the claim holder will receive a copy of the
Confirmation Hearing Notice and a notice informing the holder
that it may not vote on the Plan unless one or more of these
events occur prior to the deadline to cast votes:

  * The Court temporarily allows the disputed claim for voting
    purposes pursuant to Bankruptcy Rule 30l8(a);

  * The Debtors and the claim holder enter into a stipulation or
    agreement resolving the claim objection and permitting the
    claim holder to vote its claim in an agreed upon amount;

  * The Debtors voluntarily withdraw the pending claim
    objection; or

  * The Court overrules the claim objection.

                      Voting Deadline

In addition, the Debtors ask the Court to establish 5:00 p.m.,
prevailing Pacific time, on the date that is 10 days before the
Plan Confirmation Hearing, as the deadline to cast votes in
favor of or against the Plan, as well as the deadline by which a
Rights Offering Participant must affirmatively elect to
participate in the Rights Offering.

The Debtors also seek the Court's authority to extend the Voting
Deadline for all voting creditors, if necessary, without further
Court order, to date no later than five business days before the
Confirmation Hearing.

                 Plan Confirmation Hearing

Moreover, the Debtors ask the Court to convene the Plan
Confirmation Hearing approximately 47 days after the
Solicitation Package is distributed to voting creditors, which
date may be continued from time to time by the Court or the
Debtors without further notice other than adjournments announced
in open Court.

The proposed timing for the Confirmation Hearing will enable the
Debtors to pursue confirmation of the Plan in a timely manner,
Mr. Madron avers.

The Confirmation Hearing Notice to be sent to parties-in-
interest contains, among other things, the:

  (a) deadline to object to the Plan;
  (b) Confirmation Hearing date and time;
  (c) Voting Deadline;
  (d) Voting Record Date; and
  (e) Temporary Claim Allowance Procedures.

According to Mr. Madron, the Confirmation Hearing Notice will
inform parties-in-interest that the Plan, the Disclosure
Statement, the Disclosure Statement Order, and all other
Solicitation Package materials except Ballots, Master Ballots
and Subscription Documents can be obtained by:

  * accessing the Debtors' Web site at:

    http://dura.kccllc.net/dura

  * writing to:

    Dura Automotive Systems, Inc.
    c/o Kurtzman Carson Consultants LLC
    2335 Alaska Avenue, EI
    Segundo, CA 90245

  * sending an email to durainfo@kccllc.com; or

  * calling (800) 820-0985.

The Debtors propose that objections to confirmation of the Plan
or proposed modifications to the Plan, if any, must:

  -- be in writing;

  -- state the name and address of the objecting party;

  -- state the amount and nature of the claim or interest of the
     objecting party;

  -- state with particularity the basis and nature of the Plan
     Objection and, if practicable, proposed modifications to
     the Plan that will resolve the Objection; and

  -- be filed, together with proof of service, with the Court
     and served so as to be received by these Notice Parties no
     later than 4:00 p.m., prevailing Eastern Time, on the date
     that is 21 days prior to the date of the Confirmation
     Hearing:

        * the Debtors,

        * Kirkland & Ellis LLP and Richards Layton & Finger,
          P.A., counsel to the Debtors,

        * the U.S. Trustee;

        * Young Conaway Stargatt & Taylor, LLP, and Kramer Levin
          Naftalis & Frankel LLP, counsel to the Official
          Committee of Unsecured Creditors,

        * Willkie Farr & Gallagher LLP, counsel to the Bank of
          New York Trust Company, N.A., as Indenture Trustee for
          the Senior Notes,

        * Weil, Gotshal & Manges LLP and Winston & Strawn,
          counsel to the DIP Lenders;

        * Kurtzman Carsou Consultants LLC, the Debtors' claims
          and solicitation agent,

        * Potter Anderson & Corroon LLP and Bracewell &
          Giuliani, counsel to the Second Lien Group,

        * Morgan, Lewis & Bockius LLP, counsel to the
          Administrative Agent to the 2nd Lien Lenders, and

        * Latham & Watkins LLP, counsel to backstop party,
          Pacificor LLC.

The proposed timing for filing and service of objections and
proposed modifications, if any, will afford the Court, the
Debtors, and other parties-in-interest sufficient time to
consider the objections and proposed modifications prior to the
Confirmation Hearing, Mr. Madron relates.

The Debtors seek the Court's permission to file their reply to
any Plan Objections by 12:00 p.m., prevailing Eastern Time, two
business days before the Confirmation Hearing.

                   About DURA Automotive

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

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

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

The Debtors' exclusive plan-filing period expires on
Sept. 30, 2007.  (Dura Automotive Bankruptcy News, Issue No. 28
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ENTRAVISION COMMS: Taps M. Gaete-Tapia as VP for Public Affairs
---------------------------------------------------------------
Entravision Communications Corporation (NYSE: EVC) announced
that Marcelo Gaete-Tapia has been appointed as the new Vice
President of Public and Governmental Affairs for the company.

As a national leader on Latino political participation, Mr.
Gaete brings a unique background and extensive expertise to his
new role at Entravision.  Mr. Gaete will work to enhance and
coordinate Entravision's community service in promoting U.S.
citizenship, voter registration, and Get-Out-The-Vote efforts.  
Mr. Gaete will carry out his duties based in Santa Monica,
California, working with elected officials and national
community and civic organizations.

"Marcelo is truly an exceptional individual given his background
in the political arena," said Walter Ulloa, Chairman and Chief
Executive Officer of Entravision.  "At Entravision, we believe
that it's critical to find individuals whose talents allow them
to effectively reach out and communicate with the
representatives of our communities and cities.  With his
experience in this area, we're confident that Marcelo will help
the Entravision family become an even stronger voice for the
country's Hispanic population."

"I'm very excited to become a member of the Entravision family,"
said Mr. Gaete.  "Entravision does such an incredible amount of
work representing and reaching out to the Hispanic population in
all of the key markets where they operate.  It will be an honor
to work closely with Entravision and their audience in order to
communicate the growing influences of the Hispanic population in
all aspects of life in this country."

Prior to joining Entravision, Mr. Gaete was the Senior Director
of Programs for the National Association of Latino Elected and
Appointed Officials' (NALEO) Educational Fund, where he was
responsible for the strategic development of all NALEO
Educational Fund programs and coordinating 75% of the
organization's programmatic budget.

At NALEO, Mr. Gaete is credited with the development of the
group's Voces del Pueblo, an innovative voter education and
mobilization program, which targets registered Latinos with a
history of low voter participation.

This program is the largest documented "Get-Out-The-Vote" effort
in the nation, with key partners including the National Council
of La Raza and Univision Communications.  In addition, Mr. Gaete
played a key role in developing the organization's programs for
promoting full Latino political participation through the
promotion of U.S. Citizenship and civic integration "Ya es Hora"
initiative.

Headquartered in Santa Monica, California, Entravision
Communications Corporation (NYSE: EVC) --
http://www.entravision.com/-- is a diversified Spanish-language  
media company utilizing a combination of television, radio and
outdoor operations to reach approximately 75% of Hispanic
consumers across the United States, as well as the border
markets of Mexico.  Entravision is the largest affiliate group
of both Univision television network and Univision's
TeleFutura network, with television stations in 20 of the
nation's top 50 Hispanic markets in the United States.
Entravision owns and operates one of the nation's largest groups
of primarily Spanish-language radio stations, consisting of 54
owned and operated radio stations in 21 U.S. markets.
Entravision's outdoor advertising operations consist of
approximately 11,100 advertising faces located primarily in Los
Angeles and New York.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 10, 2007, Standard & Poor's Ratings Services revised its
outlook on Entravision Communications Corp. to positive from
stable.  At the same time, Standard & Poor's affirmed its 'B+'
long-term corporate credit rating on the company.  The company
had US$497.8 million of total debt outstanding as of
Dec. 31, 2006.


GERDAU AMERISTEEL: Chaparral Steel Accepts Firm's Takeover Bid
--------------------------------------------------------------
Chaparral Steel said in a statement that it has accepted during
a special meeting Gerdau Ameristeel's takeover proposal.

Business News Americas relates that Chaparral Steel expects the
merger to conclude on Sept. 14, 2007.  

The report says that Gerdau Ameristeel disclosed in July 2007
plans to acquire Chaparral Steel in an all-cash deal worth
US$4.22 billion, which has been cleared by US and European
antitrust authorities.

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2007, Chaparral Steel's board of directors elected to
express no opinion and remain neutral toward the offer by Gerdau
Ameristeel Corporation on Aug. 30, 2007, to purchase any and all
of Chaparral's outstanding 10% Senior Notes due 2013 and the
related consent solicitation.

               About Chaparral Steel Company

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

            About Gerdau Ameristeel Corporation

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

                        *     *     *

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


GLOBAL POWER: Disclosure Statement Hearing Set for Oct. 9
---------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware set a hearing at 1:00 p.m., on
Oct. 9, 2007, to consider the adequacy of the Disclosure
Statement explaining Global Power Equipment Group Inc., and its
debtor-affiliates' Joint Chapter 11 Plan of Reorganization.

The Debtors filed their plan and disclosure statement on
Sept. 10.

The Debtors relate that their businesses will continue to be
operated in substantially their current form.  However, debtor-
affiliates The Deltak Construction Services, Inc., and Deltak,
L.L.C., will continue to wind-down their heat recovery steam
generation business segment.

Also, pursuant to certain transactions, the Debtors utilized a
centralized cash management system wherein cash received by the
operating subsidiaries is transferred to the Global Power's cash
accounts and then subsequently transferred to subsidiaries to
meet operating needs.

                       Debtor Groups

For purposes of voting on the Plan, the Debtors relates that the
estates of certain debtor-affiliates are treated as a single
estate.  The groups are:

    * GPEG Debtor Group, comprised of:

         -- Global Power Equipment Group Inc.
         -- Global Power Professional Services, L.L.C.;

    * Braden Debtor Group, comprised of:

         -- Braden Manufacturing, L.L.C.
         -- Braden Construction Services, Inc.; and

    * Williams Debtor Group, comprised of:

         -- Williams Industrial Services Group, L.L.C.
         -- Williams Industrial Services, LLC
         -- Williams Specialty Services, LLC
         -- Williams Plant Services, LLC
         -- WSServices, LP.

The Debtors however relates that Deltak Construction Services,
Inc. and Deltak, L.L.C. will not be treated as comprising one
estate.

                    Treatment of Claims

Under the Plan, Administrative Claims and Tax Claims will be
paid in full.

1. GPEG Debtor Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Holders of Subordinated Note Claims will
receive a pro rata share of the Noteholder Settlement Amount in
accordance with the Noteholder Settlement Agreement.  Claimants
under this class are expected to recover 96% of their claims.

Holders of WARN Act (Individual) Claims will receive cash equal
to their pro rata share of the WARN Act (Individual) Settlement
Amount while holders of WARN Act (Putative Class) Claims will
receive cash equal to their pro rata share of the WARN Act
(Putative Class) Settlement Amount.  Holders under these two
classes are estimated to recover 100% of their claims.

All Equity Interests in Global Power Equipment will be
cancelled.  Holders, on the Plan Distribution Date, will receive
one share of New Common Stock in New GPEG for each share of
common stock of GPEG owned; and ratable rights proportion of
rights to acquire new common stock in New GPEG in accordance
with the Rights Offering described in the Plan.  Allowed Equity
Interest in other GPEG Debtors will be fully reinstated and
retained.

2. Williams Debtor Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Equity Interest will be fully reinstated
and retained.

3. Braden Debtor Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Equity Interest will be fully reinstated
and retained.  Holders of Subordinated Note Guarantee Claims
will receive the same treatment given to GPEG Debtors.

4. Deltak Claims

Holders of Priority Claims and Secured Claims will be paid in
full.  Holders of Subordinated Note Guarantee Claims will
receive the same treatment given to GPEG Debtors.

Holders of WARN Act (Individual) Claims will receive cash equal
to their pro rata share of the WARN Act (Individual) Settlement
Amount while holders of WARN Act (Putative Class) Claims will
receive cash equal to their pro rata share of the WARN Act
(Putative Class) Settlement Amount.  Holders under these two
classes are estimated to recover 100% of their claims.

If Deltak's general unsecured creditors accept the plan, then as
determined by the Deltak Plan Administrator, they will receive a
pro rata share of:

  * the Deltak Settlement Amount of US$34 million in cash;
  * the Deltak Avoidance Action Recoveries; and
  * the Deltak Warranty Recoveries.

If unsecured creditors reject the plan, they will instead
receive a pro rata share of the Deltak Plan Reserve.  However,
if the Deltak Plan Reserve isn't established pursuant to the
plan, then general unsecured creditors will receive a pro rata
share, in cash, of the Alternative Deltak Settlement of US$30
million.

Equity Interest in Deltak will be reinstated and retained.

5. Deltak Construction Claims

Holders of Priority Claims, Secured Claims, and Unsecured Claims
will be paid in full.  Equity Interest will be fully reinstated
and retained.  Holders of Subordinated Note Guarantee Claims
will receive the same treatment given to GPEG Debtors.

                        About Global Power

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

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

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

At Sept. 30, 2005, the Debtors' balance sheet showed total
assets of US$381,131,000 and total debts of US$123,221,000.


GLOBAL POWER: Court Extends Exclusivity Period to September 28
--------------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware issued a fourth bridge order
extending Global Power Equipment Group Inc., and its debtor-
affiliates' exclusive period to file a chapter 11 plan until
Sept. 28, 2007.  Judge Shannon also extended the Debtors'
exclusive period to solicit acceptance of the plan to
Nov. 27, 2007.

The Court has scheduled a hearing on September 28 to consider
further the Debtors' request to extend their exclusive periods.

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

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

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

At Sept. 30, 2005, the Debtors' balance sheet showed total
assets of US$381,131,000 and total debts of US$123,221,000.


GLOBAL POWER: Court Approves Ninth Omnibus Objection to Claims
--------------------------------------------------------------
The Hon. Brendan Linehan Shannon of the U.S. Bankruptcy Court
for the District of Delaware sustained the ninth omnibus
objection filed by Global Power Equipment Group Inc., and its
debtor-affiliates, BankruptcyLaw360 reports.

Judge Shannon ruled that the dismissal of the claims is in the
best interest of the estate, the report adds.  The ruling allows
the Debtors to throw out a multitude of claims.

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

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

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

At Sept. 30, 2005, the Debtors' balance sheet showed total
assets of US$381,131,000 and total debts of US$123,221,000.


GRUPO MEXICO: Ferromex Pays MXN698-Million Debt To Inbursa
----------------------------------------------------------
Mexian railway firm Ferromex -- controlled by Grupo Mexico SA,
de C.V. -- said in a filing with the Mexico City stock exchange
that it has paid in advance its MXN698-million debt to Mexican
bank Inbursa.

According to Ferromex's statement, the early payment was made
with operational revenues.  The debt payment was due on
Dec. 31, 2009.  The debt was paid earlier to avoid additional
interest costs.  It will also provide Ferromex greater certainty
in paying off its future obligations, by creating more time
between each of its payment deadlines.

Meanwhile, Ferromex adjunct general director Rogelio Velez told
reporters that the firm is planning to file an appeal to the
supreme court on the federal competition commission's two
previous decisions against the company's proposed merger with
local operator Ferrosur.

As reported in the Troubled Company Reporter-Latin America on
April 26, 2007, the supreme court sustained the Comision Federal
de Competencia's decision to reject the proposed merger between
rail companies Ferromex and Ferrosur, which is also controlled
by Grupo Mexico.

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

                        *     *     *

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


INTERNATIONAL RECTIFIER: Delays Filing of Annual Fin'l Report
-------------------------------------------------------------
International Rectifier Corporation disclosed in a regulatory
filing with the U.S. Securities and Exchange Commission that it
will be unable to timely file its Annual Report on Form 10-K for
the fiscal year ended June 30, 2007.

The company previously disclosed on April 9, 2007, that the
Audit Committee of the Board of Directors determined that the
company's financial statements for the preceding six quarters
and the fiscal year ended June 30, 2006, should no longer be
relied upon.  

Additionally, on May 11, 2007, the Audit Committee has also
determined that the company's financial statements for the
quarters ended March 31, 2005 and June 30, 2005, and for the
fiscal year ended June 30, 2005, should no longer be relied
upon.  

These determinations were based on accounting irregularities
discovered at the company's Japan subsidiary by independent
investigators hired by outside legal counsel conducting an
investigation at the Audit Committee's request.

In addition to accounting irregularities discovered in
connection with the company's ongoing investigation, the company
has also identified issues associated with its transfer pricing
methodology and other tax issues for its fiscal years 2002
through 2007.  

Review of potential tax liabilities, credits and related matters
is currently under way.  The company has not yet completed its
determination of the amount of additional tax liability, but
believes the amount of any potential tax liability is material
to income in fiscal years 2004 through 2007.

Accordingly, at a meeting on Aug. 29, 2007, the Audit Committee
concluded that, in addition to the periods specified in the
company's April 9, 2007, Current Report on Form 8-K and
May 11, 2007, Current Report on Form 8-K/A, the Company's
financial statements for:

    (i) the fiscal quarters ended Sept. 30, 2003, Dec. 31, 2003,
        March 31, 2004 and June 30, 2004;

   (ii) the 2004 fiscal year ended June 30, 2004; and

  (iii) the fiscal quarters ended  Sept. 30, 2004 and
        Dec. 31, 2004,

should not be relied upon.

The Audit Committee has discussed the matters disclosed in this
filing with the company's independent registered public
accounting firm.

International Rectifier Corporation -- http://www.irf.com/--  
(NYSE:IRF) is a world leader in power management technology.  
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.   Leading manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.  The company
has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services said that its
'BB' corporate credit rating on International Rectifier Corp.
remains on CreditWatch with negative implications.


KRISPY KREME: Moody's Junks Corporate Family Rating
---------------------------------------------------
Moody's Investors Service lowered Krispy Kreme Doughnut
Corporation's Speculative Grade Liquidity rating to SGL-4 from
SGL-3, indicating weak liquidity.  Concurrently Moody's revised
the rating outlook to negative while affirming Krispy Kreme's
Caa1 corporate family rating and B3 rating of its US$160 million
senior secured credit facilities.

The downgrade to SGL-4 reflects Moody's belief that Krispy
Kreme's ongoing poor performance and weak cash flow generation
will likely pose serious liquidity challenges over the next 12
months as the company may have difficulty meeting its forecast
and covenant requirement.  Krispy Kreme's continued trend of
weak EBITDA generation is expected to persist over the next
twelve months, highlighted by further store closures and the
reduced supply chain revenues associated with a shrinking store
base, thereby causing very weak covenant cushion.  Although the
company does have a modest amount of cash (US$25 million as of
July 2007) on the balance sheet that could be used to pay down
some debt to provide temporary covenant cushion, Moody's expects
that Krispy Kreme will need to obtain covenant relief or a
waiver from its creditors to avoid a breach in the next twelve
months in absence of a significant improvement in cash flow
generation or alternative liquidity generated by asset sales.  
With substantially all of Krispy Kreme's assets encumbered by
the credit facilities, the company's alternative liquidity
remains very limited.  Asset sales outside the normal course of
business are capped at US$10 million as governed by the credit
agreement.  In addition, Moody's expects Krispy Kreme will have
no or very limited access to its revolving credit facility in
the next twelve months due to the exhausted cushion under its
financial covenants. However, the SGL rating could be reversed
to SGL-3 if Krispy Kreme could improve the weakening covenant
cushion and resume its borrowing access to the revolver.

The negative outlook reflects the challenge management faces of
dramatically and quickly turning the operating performance to
avoid any potential covenant violations.  Ratings could be
further downgraded should the risk of a potential covenant
violation come to fruition, should liquidity become constrained,
or should the decline in operating performance not show signs of
improvement.

These ratings are affected:

  Krispy Kreme Doughnut Corporation

  -- Speculative Grade Liquidity rating -- lowered to SGL-4
     from SGL-3
  -- Rating outlook -- revised to Negative from Stable

Ratings affirmed:

  -- Corporate Family Rating, Caa1, affirmed
  -- Probability of Default Rating, Caa3, affirmed
  -- US$110 million senior secured bank credit facility due
     2014, B3(LGD2, 18%), affirmed
  -- US$50 million senior secured revolving bank credit
     facility due 2013, B3(LGD2, 18%), affirmed

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

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


STRATUS TECHNOLOGIES: Signs Definitive Agreement with VMware
------------------------------------------------------------
Stratus Technologies Inc. and VMware Inc. have entered into a
definitive OEM agreement for the purpose of delivering the
market-leading technologies of both companies -- virtualization
and continuous availability -- to enable virtualized IT
infrastructures with the highest levels of uptime and
reliability.  Under the terms of the agreement, Stratus will be
able to market, resell and provide joint customer support for
VMware Infrastructure 3 running on next-generation Stratus
ftServer models.

The formal relationship between Stratus and VMware originated in
March 2007 when Stratus joined the VMware Community Source
Program, and the announcement being made today is a public
indication of that collaboration coming to fruition.
    
"The VMware Community Source Program has opened the door to
expanded engineering creativity and technical resources for
Stratus; this is an innovative approach for quickly building
added value for customers," said Allan Jennings, Stratus senior
vice president, product & solutions development.  "As our
customers increasingly virtualize business-critical
applications, they are looking at the integration of
virtualization and continuous availability technologies to
provide the highest level of protection against downtime.  
VMware's collaborative development model and source-code sharing
will expedite delivery of a continuously available virtual
infrastructure strategy for our joint customers."
    
By working through the VMware Community Source Program, Stratus
will be able to support VMware Infrastructure 3 (VI3) software
on Stratus ftServer systems.  The new multi-core ftServer 4400
and 6200 models will be the first fault-tolerant x86 server
platform able to deliver all of the business continuity benefits
of virtualization, plus the unparalleled reliability and
availability of a mission critical server foundation.  General
availability of the new ftServer models supporting VMware
Infrastructure 3 is expected in early 2008.
    
In the near term, both companies will continue to expand upon
this foundation.  According to Brian Byun, vice president,
global partners and solutions for VMware, "Customers deploying
VMware Infrastructure 3 are achieving higher levels of
availability by leveraging the combined benefits of VMotion, DRS
and VMware HA to reduce both planned and unplanned down time.  
VMware Infrastructure 3 on Stratus ftServer takes these benefits
to the next level by combining the benefits of mission-critical
platform availability with the flexibility and consolidation
enabled by virtualization.  Going forward, VMware looks forward
to expanding collaborations with Stratus and levering its rich
heritage in technology for continuous availability to further
complement VMware's market-leading innovations in virtual
infrastructure products."
    
Stratus ftServer platform support for VMware Infrastructure 3
will focus on data center and infrastructure virtualization
programs in mission-critical business environments.  The
combined solution brings together the full scalability,
flexibility and performance of VMware Infrastructure 3 with the
field-proven 99.999 percent uptime reliability of the newest
generation of ftServer systems announced July 2007.  The Stratus
ftServer 4400 and 6200 servers will offer wide-ranging
configurability for a variety of virtualized workloads, and all
versions of the operating systems supported by VMware ESX Server
will run on ftServer systems.  Stratus will also be extending
its world- class 24/7 support capabilities to VMware
Infrastructure 3, including virtualized instances of Windows and
Linux operating systems.
    
"End user requirements for availability will vary with the scope
of their virtualization program, the nature of their
applications, the infrastructure architecture, budget
elasticity, and so on," said Stratus' Mr. Jennings.  "But no one
should think about virtualization without also thinking about
availability at some level.  These announcements today by VMware
and Stratus will ultimately provide customers with significantly
increased levels of availability and virtualization support for
their individual situations and requirements."
    
                      About VMware, Inc.
    
VMware -- http://www.vmware.com-- (NYSE: VMW) is the global  
leader in virtual infrastructure software for industry-standard
systems.  Organizations of all sizes use VMware solutions to
simplify their IT, fully leverage their existing computing
investments and respond faster to changing business demands.  
VMware is based in Palo Alto, California and majority-owned by
EMC Corporation (NYSE: EMC).

                 About Stratus Technologies

Stratus Technologies is a global solutions provider focused
exclusively on helping its customers achieve and sustain the
availability of information systems that support their critical
business processes.  Based upon its 25 years of expertise in
server and services technology for continuous availability,
Stratus is a trusted solutions provider to customers in
telecommunications, financial services, banking, manufacturing,
life sciences, public safety, transportation & logistics, and
other industries.

                        *     *     *

As reported in the Troubled Company Reporter on Mar. 1, 2006,
Moody's Investors Service affirmed Stratus Technologies
corporate family rating of B2 and assigned B1 rating to its
proposed first lien term loan and Caa1 rating to its proposed
second lien term loan.  Net proceeds from the US$175 million
first lien term loan and US$125 million second lien term loan
will be used to refinance existing US$145 million senior notes
and repurchase US$130 million preferred stock held largely by
the company's sponsors.  The rating outlook is stable.

This rating was affirmed:

   * B2 corporate family rating

These ratings were assigned:

   * US$30 million revolving credit facility due 2011 -- B1
   * US$175 million first lien term loan due 2011 -- B1
   * US$125 million second lien term loan due 2012 -- Caa1

This rating will be withdrawn:

   * US$170 million senior unsecured note due 2008 - B3




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


FOSTER WHEELER: Conducting Second-Phase Studies for Panama Plant
----------------------------------------------------------------
Foster Wheeler will carry out second-phase studies for the
possible construction of a refinery in Panama, Business News
Americas reports.

According to BNamericas, US oil firm Occidental and Qatar
Petroleum hired Foster Wheeler to perform the studies.

BNamericas notes that the ports of Armuelles in Panama and
Quetzal in Guatemala were identified as possible locations for
the 350,000-barrel per day Mesoamerican plant.

The Panamanian trade and industry ministry said in a statement
that the studies for the plant will cover:

          -- project costs,
          -- plant configuration,
          -- site preparation analysis, and
          -- logistics.

The studies will last for months.  Due to the project's
complexity, results aren't expected by the end of this year,
BNamericas notes, citing an Oxy spokesperson.

The project would cost up to US$8 billion, BNamericas notes.  It
includes a 750-megawatt thermoelectric plant that would use coke
left over from the refining process.

BNamericas states that bids for the project are due
June 16, 2008.  Potential bidders are:

          -- Colombia's state oil firm Ecopetrol,
          -- Japan's Itochu,
          -- Indian company Reliance, and
          -- the US's Valero.

Foster Wheeler Ltd. (Nasdaq: FWLT) -- http://www.fwc.com/--   
offers a broad range of engineering, procurement, construction,
manufacturing, project development and management, research and
plant operation services.  Foster Wheeler serves the refining,
upstream oil and gas, LNG and gas-to-liquids, petrochemical,
chemicals, power, pharmaceuticals, biotechnology and healthcare
industries.  The corporation is based in Hamilton, Bermuda, and
its operational headquarters are in Clinton, New Jersey.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Standard & Poor's Ratings Services revised its outlook on Foster
Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the company.  The company had
about US$217 million of total debt at Sept. 29, 2006.


PAYLESS SHOESOURCE: Hires Three Designers for NY Design Team
------------------------------------------------------------
Payless ShoeSource has hired three new designers to join the
retailer's New York Design Studio team including Christopher
Kittle as men's footwear design director, Michelle Frantz,
accessory designer, and Chris Torres, athletic footwear
designer, rounding out the company's recently formed Payless
design team, which is responsible for developing original
product designs supporting the retailer's seasonal collection of
on-trend branded products.

The new designers will report to Robert Mingione, head of the
Payless design team, and join Bernard Figueroa, head of women's
footwear, and Michael Rugai, children's footwear designer.

"We are thrilled to have secured such amazing talent to join our
New York design team, and we look forward to their valuable
contribution to our mission to democratize fashion and design in
the footwear and accessory category," said Matt Rubel, chief
executive officer and president, Payless ShoeSource.

"Chris has significant experience, having been at Cole Haan for
the past nine years with tremendous accomplishments in the
dress, casual and sport categories for that brand; Michelle will
bring her experience and entrepreneurial spirit, having founded
her own private label accessory company, as well as styled the
stars; and Chris, who comes to us from Reebok will cover our
athletic footwear focusing on the Airwalk and Champion brands.  
We are delighted with the design talent Robert has attracted to
help Payless bring forward the latest ideas in footwear and
accessories to shoppers at a great price."

Most recently, Mr. Kittle served as men's footwear designer for
Cole Haan since 1998.  From 1997 to 1998, he was with Reebok
International Ltd., as creative director for footwear design for
the children's and classic categories.  Prior, from 1996 to
1997, he was vice president of footwear design for Ralph Lauren
Footwear and from 1994 to 1996 he served in the same role for
Rockport Footwear.  From 1987 to 1994, Mr. Kittle was with
Reebok in a range of design roles, including design group
leader, design director and senior designer.  He started his
footwear design career in the UK working with such companies as
Clarks Ltd., and K Shoes Ltd.  Mr. Kittle holds an honors
diploma in footwear design from De Montfort University in
England.

From 1998 to 2005, Ms. Frantz served as founder and chief
executive officer of Hand Maid by Michelle Frantz, which was
acquired by Line Up Group, Inc. in April 2005.  After the
acquisition, Ms. Frantz served as creative director and head
designer for the newly acquired business.  Prior to founding her
own business, she served as stylist and creative assistant at
Maryam Malkapour, where she assisted to style celebrities such
as Sheryl Crow and Mick Jagger.  Ms. Frantz holds a bachelors
degree in fine arts from the Otis/Parson's College of Art and
Design, as well as a master's degree in fine arts from the
University of California-Los Angeles.

Chris Torres has held various footwear design roles for Reebok
since 2003 for the lifestyle, basketball and entertainment
categories, including significant work on the Pump line.  He is
a 2003 graduate from the College of Creative Studies with a
bachelor of fine arts in industrial design.

                        About Payless

Headquartered in Topeka, Kansas, Payless ShoeSource Inc.
(NYSE:PSS) -- http://www.payless.com/-- is a family footwear
specialty retailer with 4,605 retail stores, as of fiscal
yearend Jan. 28, 2006 (fiscal 2005), including 22 stores not
open for operations.  The Company's Payless ShoeSource retail
stores in the United States, Canada, the Caribbean, Central
America, South America and Japan sold 182 million pairs of
footwear, in fiscal 2005.  The Company operates its business in
two segments -- Payless Domestic and Payless International.  The
Payless Domestic segment includes retail operations in the
United States, Guam and Saipan.  The Payless International
segment includes retail operations in Canada; Puerto Rico; the
United States Virgin Islands; Japan; the South American Region,
which includes Ecuador, and the Central American Region, which
includes Costa Rica, Guatemala, El Salvador, the Dominican
Republic, Honduras, Nicaragua, Panama and Trinidad and Tobago.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Standard & Poor's Ratings Services lowered its
rating on Payless ShoeSource Inc. to 'B+' from 'BB-'.  At the
same time, the rating on the Topeka, Kan.-based company's US$200
million senior subordinated notes was lowered to 'B-' from 'B'.
All ratings have been removed from CreditWatch, where they were
placed with negative implications on May 23, 2007.  The outlook
is stable.

S&P also assigned its bank loan and recovery ratings to Payless'
proposed US$750 million senior secured term loan maturing 2014.
The facility is rated 'BB-', one notch higher than the corporate
credit rating on the company, with a recovery rating of '2',
reflecting the expectation of substantial recovery (70%-90%) of
principal in the event of default.  Proceeds from the term loan
will be used to fund the acquisition of The Stride Rite Corp.
The company will also have a US$350 million asset-based revolver
maturing in 2012, which is unrated.


* PANAMA: Awards Provisional Concession to Generadora del Istmo
---------------------------------------------------------------
Panamanian public services regulator Asep has granted generator
Generadora del Istmo a provisional concession to deploy and run
a 27.2-megawatt thermo plant, Business News Americas reports.

According to Asep's statement, Generadora del Istmo will
construct the plant in the France Field in Colon.

BNamericas relates that Asep gave Generadora del Istmo about a
year to present an environmental impact study authorized by
environmental authority Anam.  The firm must submit details of
the transmission and distribution network and get authorization
from state transmission firm Etesa.  

Asep will cancel the concession once Generadora del Istmo fails
to submit the information, BNamericas states.

                        *     *     *

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2007, Standard & Poor's Ratings Services revised its
outlook on its 'BB' long-term sovereign credit rating on the
Republic of Panama to positive from stable and affirmed its 'B'
short-term foreign currency sovereign credit rating on the
republic.




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


DOE RUN: Filing an Appeal on Environmental Infraction Fines
-----------------------------------------------------------
A Doe Run Peru representative told Business News Americas that
the firm is filing an appeal on fines imposed by Peruvian energy
and mining investment regulator Osinergmin for environmental
infractions.

As reported in the Troubled Company Reporter-Latin America on
Sept 6, 2007, Osinergmin fined Doe Run Peru PEN720,000 and
ordered a clean-up, after concluding a probe into four
environmental incidents in January 2007.  The regulator found
that the firm violated environmental codes.  Doe Run's
institutional relations manager Victor Belaunde said that the
firm has resolved its environmental infractions.  Doe Run signed
that Pama agreement with the government when it bought the La
Oroya polymetallic smelter in Junin department in 1997.  Under
the accord, the firm has to spend at least US$108 million on
environmental remediation works.

BNamericas relates that the incidents that caused the regulator
to fine the firm are:

          -- minor spill from portable bathrooms,

          -- isolated industrial water spillage during the
             startup of a treatment plant, and

          -- alleged air pollution by sulfur dioxide particles.

The incidents were mainly due to operational difficulties on new
processes that the firm was able to resolve.  He denied that the
incidents led to environmental damage, BNamericas states, citing
the Doe Run representative.

Based in St. Louis, Mo., The Doe Run Company --
http://www.doerun.com/-- is a privately held natural resources
company dedicated to environmentally responsible mineral
production, metals fabrication, recycling and reclamation.  The
company and its subsidiaries deliver products and services
needed to provide power, protection and convenience through
premium products and associated metals including lead, zinc,
copper, gold and silver.  As the operator of one of the world's
only multi-metal facilities and the Americas' largest integrated
lead producer, Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

Doe Run Peru S.R.L., an indirect Peruvian subsidiary, operates a
smelter in La Oroya, Peru, one of the largest polymetallic
processing facilities in the world, producing an extensive
product mix of non-ferrous and precious metals, including
silver, copper, zinc, lead and gold.  Doe Run Peru also has a
copper mining and milling operation in Cobriza, Peru in the
region of Huancavelica, which is approximately 200 miles
southeast of La Oroya in Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.




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


ADELPHIA COMMS: Distributes to Holders of Allowed Claims
--------------------------------------------------------
Adelphia Communications Corporation provided a chart that
summarizes the distributions of cash and shares of TWC Class A
Common Stock to holders of allowed claims under the Plan made
through Aug. 31, 2007.

The chart is based on the assumption that distributions made to
Indenture Trustees for the benefit of the underlying noteholders
will be distributed in their entirety to the noteholders and
will not be subject to holdback or reduction with respect to any
claims of the applicable Indenture Trustee.

The chart does not reflect additional distributions that may be
made after Aug. 31, 2007 as a result of the release of escrows,
reserves and holdbacks.

The amount and timing of additional distributions resulting from
the release of the escrows, reserves and holdbacks are subject
to the terms and conditions of the First Modified Fifth Amended
Joint Chapter 11 Plan of Reorganization of Adelphia
Communications Corporation and Certain Affiliated Debtors, dated
as of Jan. 3, 2007, and numerous other conditions and
uncertainties, many of which are outside the control of Adelphia
Communications Corporation and its subsidiaries.

A full-text copy of the chart is available for free at:

             http://ResearchArchives.com/t/s?2354

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is a  
cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.  
PricewaterhouseCoopers serves as the Debtors' financial advisor.  
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.

The Court confirmed the Debtors' First Modified Fifth Amended
Joint Chapter 11 Plan of Reorganization on Feb. 13, 2007.


FOOT LOCKER: May Be Unable to Comply with Fixed Charge Ratio
------------------------------------------------------------
Foot Locker Inc. disclosed in a filing with the U.S. Securities
and Exchange Commission that based on its second quarter
financial results and business uncertainties for the second half
of the year, it may not continue to be in compliance with the
fixed charge coverage ratio.

In addition, the company adds, the restricted payment provision
may prohibit the company from the payment of the dividend at the
current rate in 2008.

In the event that the company does not satisfy one or more of
the covenants, it will evaluate several options and expects that
it would be able to obtain a waiver, amend the agreement, or
enter into a new credit facility.

                       Credit Facility

The company discloses that it has a US$200 million revolving
credit facility.  Other than to support standby letter of credit
commitments, of which US$14 million were in place at
Aug. 4, 2007, the revolving credit facility has not been used
during 2007.

In 2004, the company obtained a 5-year, US$175 million
amortizing term loan from the bank group participating in the
revolving credit facility, of which US$88 million is outstanding
as of Aug. 4, 2007.  Under the company's revolving credit and
term loan agreement the company is required to satisfy certain
financial and operating covenants, including a minimum fixed
charge coverage ratio.  In addition, this agreement restricts
the amount the company may expend in any year for dividends to
50% of its prior year's net income.

                       About Foot Locker

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and  
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.  The
company also has about 350 Footaction stores in the US and
Puerto Rico, which sell footwear and apparel to young urbanites.

                        *     *     *

Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating, on New York City-based specialty footwear
retailer Foot Locker Inc. will remain on CreditWatch with
negative implications, where they were placed on Aug. 18, 2006.
This statement follows the company's announcement that it may
not remain in compliance with its fixed-charge coverage ratio
based on actual second-quarter and anticipated second-half
performance.




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


ALCATEL-LUCENT: S&P Affirms BB- Long-Term Corporate Rating
----------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
international equipment supplier Alcatel Lucent and related
entity Lucent Technologies Inc. to stable from positive.  At the
same time, the 'BB-' long-term corporate credit ratings on the
group were affirmed.  The 'B' short-term corporate credit rating
on Alcatel Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.
     
The outlook revision follows the group's communication of an
adverse update on its business activities and prospects.
     
"Standard & Poor's no longer expects a near-term rating upgrade
given the group's downward revision of its revenue growth
expectations for 2007 and the resulting detrimental effects on
profitability," said S&P's credit analyst Leandro de Torres
Zabala.
     
Alcatel Lucent now expects revenues in 2007 to be flat to
slightly up at a constant euro-U.S. dollar exchange rate.  This
compares with previous expectations of revenue growth in the mid
single digits.  As a result, the group will not see the
projected volume changes that would have mitigated ongoing
pricing pressures, with negative implications for profitability.  
At the same time, the group has communicated that it continues
to execute on its integration plans and that it is planning to
achieve synergy-related pretax savings of \u20ac600 million this
year.  In light of fierce competition, however, Alcatel Lucent
expects to continue passing on its gross margin savings through
lower pricing.  As a result, and given the change in revenue
mix, the group expects operating income in the third quarter of
2007 to be around breakeven.  Given the industry's exacerbated
competitive pressures, the group's Chief Executive Officer has
announced steps to accelerate the execution of its current
restructuring program and to implement additional cost reduction
plans in markets that require further action to be taken.  The
group will provide an update regarding its plans when announcing
third-quarter earnings on Oct. 31, 2007.
     
"We expect that the group's 2007 sales will at least be flat
compared with 2006 levels and that Alcatel Lucent will continue
to execute its integration plan, achieve its synergy-related
pretax savings targets, and maintain its market position with
key customers," Mr. de Torres Zabala added.
    
For the outlook to be revised back to positive, S&P's needs to
see the group make successful progress with its global
integration plans, stabilize its wireless business in North
America, and make further headway in operating profitability and
cash flow generation.

                     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.


PETROLEOS DE VENEZUELA: Defends Manuel Medina
---------------------------------------------
Brian Ellsworth at Reuters reports that Venezuelan state-run oil
firm Petroleos de Venezuela SA has supported Manuel Medina, an
engineer indicted for negligent plant management and later
appointed to head nationalized multibillion dollar Orinoco oil
project Petroanzoategui.

According to Reuters, the Venezuelan state prosecutor's office
disclosed in May 2007 the indictments of Mr. Medina and three
other El Palito employees.  According to the prosecutor's
office, the state also filed a civil suit that could force them
to pay cash compensation for the damage.

Reuters notes that Mr. Medina could face trial for his work at
the El Palito plant, which had 116 spills in three years.

Petroleos de Venezuela said in a statement that it supports the
legal defense of Manuel Medina, who acted in defense of the El
Palito refinery.

Mr. Medina helped carry out maintenance at El Palito after a
massive workers' strike launched in December 2002, Reuters
states, citing Petroleos de Venezuela.  The firm praised Mr.
Medina for restarting El Palito in three months, rather than the
expected six months.

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.


* BOND PRICING: For the Week Sept. 14 to Sept. 10
-------------------------------------------------

Issuer                 Coupon   Maturity   Currency   Price
------                 ------   --------   --------   -----

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      63.96
Argnt-Bocon PR13        2.000    3/15/24     ARS      61.37
Arg Boden               2.000    9/30/08     ARS      41.60
Argent-Par              0.630   12/31/38     ARS      41.15

BRAZIL
------
CESP                    9.750    1/15/15     BRL      55.67

CAYMAN ISLANDS
--------------
Vontobel Cayman         8.300   12/28/07     CHF      70.90
Vontobel Cayman        10.700   12/28/07     CHF      56.00
Vontobel Cayman        11.400   12/28/07     CHF      66.55
Vontobel Cayman        11.400   12/28/07     CHF      69.70
Vontobel Cayman        11.850   12/28/07     CHF      73.90
Vontobel Cayman        13.500   02/22/08     CHF      51.70
Vontobel Cayman        14.900   12/28/07     CHF      75.00
Vontobel Cayman        16.000   12/28/07     EUR      65.55
Vontobel Cayman        16.800   12/28/07     CHF      40.00
Vontobel Cayman        22.850   12/28/07     CHF      51.70

VENEZUELA
---------
Petroleos de Ven        5.250    4/12/17     US       69.70
Petroleos de Ven        5.375    4/12/27     US       59.32
Petroleos de Ven        5.500    4/12/37     US       57.45


                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,   
Standard & Poor's Ratings Services raised its ratings on
Northwest Airlines Corp. and its Northwest Airlines Inc.
subsidiary, including raising the long-term corporate credit
ratings on both entities to 'B+' from 'D', following their
emergence from Chapter 11 bankruptcy proceedings.  The rating
outlook is stable.

In addition, S&P assigned a 'BB-' bank loan rating, one notch
above the corporate credit rating, with a '1' recovery rating,
to Northwest Airlines Inc.'s $1.225 billion bankruptcy exit
financing, based on S&P's expectation of a full recovery of
principal in the event of a second Northwest bankruptcy.   That
bank facility converted from a debtor-in-possession credit
facility; S&P withdrew the 'BBB-' rating on the DIP facility.


                         ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


             * * * End of Transmission * * *