TCRLA_Public/070918.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, September 18, 2007, Vol. 8, Issue 185

                          Headlines

A R G E N T I N A

ALITALIA SPA: Posts EUR211.14 Mil. Net Loss for First Half 2007
EQUIP GAS: Proofs of Claim Verification Is Until Nov. 7
EXHIBIT SA: Proofs of Claim Verification Ends on Nov. 20
EXIM CATERING: Proofs of Claim Verification Is Until Tomorrow
LOGISTICA NEA: Trustee To File Individual Reports on Oct. 10

NEUQUEN PRODUCE: Trustee To File Individual Reports on Dec. 5
OCRAL SA: Proofs of Claim Verification Deadline Is Nov. 9
SKYY MEDIA: Proofs of Claim Verification Is Until Tomorrow
SUCESION DE CITATI: Seeks for Reorganization Okay from Court


B A H A M A S

ISLE OF CAPRI: Names Marketing & Human Resources Senior VPs
METROPOLITAN BANK: Unit to Spearhead IPOs of 3 Firms in 2008


B A R B A D O S

ANDREW CORP: Seeks to Overturn US Court Verdict Over Patent Suit


B E R M U D A

BERMUDA INCENTIVES: Sets Final General Meeting for Sept. 28
BERMUDA ISLAND: Will Hold Final General Meeting on Sept. 28
MONTPELIER RE: Paying US$0.075 Per Share Dividend on Oct. 15
SEA CONTAINERS: Seeks Approval of Bank of Scotland Agreement
SEA CONTAINERS: Wants to Sell Speedinvest Shares to Triformity

SUNRISE LIMITED: Sets Final General Meeting for Oct. 19
SUNRISE LIMITED: Proofs of Claim Filing Is Until Sept. 26


B O L I V I A

* BOLIVIA: Assures of Boosting Gas Supply to Argentina & Brazil


B R A Z I L

BANCO BMG: Gets BRL2-Billion Offer from Banco Itau for 50% Stake
BANCO NACIONAL: Supports Cinematographic Production for BRL1 Mln
BAUSCH & LOMB: Shareholders Urged to Vote "FOR" Warburg Deal
BOMBARDIER RECREATIONAL: Signs Seven-Year Deal with CGI Group
BRASIL TELECOM: Investing BRL30 Million for Network Upgrade

CHRYSLER LLC: May Drop Some Models Due to Market Slump
CHRYSLER LLC: Phil F. Murtaugh Appointed as Asia Operations CEO
CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007
GENERAL MOTORS: Projects Russia as Biggest Car Market in Europe
GERDAU AMERISTEEL: Completes Acquisition of Chaparral Steel

IWT TESORO: Wants Nod to Use Bank of America's DIP Financing
NOVELL INC: Posts US$3.43 Mil. Net Loss for Third Quarter 2007
SANYO ELECTRIC: In Talks with Kyocera for Handset Business
SANYO ELECTRIC: To Sell Telecom Sanyo to Telepark for JPY4.88BB
VERIFONE INC: S&P Revises Outlook, Affirms BB- Credit Rating

VOTORANTIM GROUP: Moody's Ups Votorantim Cement Ratings to Ba1

* BRAZIL: Anatel Stops Accepting Mobile License Bids on Sept. 18
* BRAZIL: State Firm Inks Biofuels Pact with Statoil


C A Y M A N   I S L A N D S

ADC INTERNATIONAL: Holding Final Shareholders Meeting Tomorrow
ADC INTERNATIONAL: Proofs of Claim Filing Is Until Tomorrow
ASAP FUNDING: Will Hold Shareholders Meeting on Sept. 20
ASPECT CURRENCY: Sets Final Shareholders Meeting for Sept. 20
ASPECT TRADING: Will Hold Final Shareholders Meeting on Sept. 20

CHESHIRE FINANCE: Sets Final Shareholders Meeting for Sept. 20
DRAGON MBS: Sets Final Shareholders Meeting for Sept. 20
HARMONY LEASING: Sets Final Shareholders Meeting for Nov. 15
HFT REAL: Final Shareholders Meeting Is on Sept. 20
MORGAN STANLEY: Will Hold Final Shareholders Meeting on Sept. 20

RHAPSODY LEASING: Sets Final Shareholders Meeting for Nov. 15
STONE HOLDINGS: Holds Final Shareholders Meeting on Nov. 15
VENUS INVESTMENT: Sets Final Shareholders Meeting for Nov. 15


C H I L E

BUCYRUS INT'L: Manufactures New Walking Dragline for Mining Firm
SHAW GROUP: Bags EPC Contract for ExxonMobil's Singapore Unit


C O L O M B I A

CASCADES INC: Signs Reno de Medici & Cascades S.A. Merger
MILLICOM INTERNATIONAL: Unit Works with Colombian State Firm
SCO GROUP: Files Chapter 11 Reorganization Petition


C O S T A   R I C A

ALCATEL-LUCENT: Expects Slight Revenue Growth in Third Quarter
ALCATEL-LUCENT: Societe Generale Reaffirms Sell Rating on Firm
US AIRWAYS: August 2007 Passenger Traffic Up 4.3%
US AIRWAYS: Robert Isom Appointed as Chief Operating Officer


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Luis Renta May Not Make US Court Hearing
CENVEO CORP: S&P Raises Senior Secured Credit Rating to BB


G U A T E M A L A

FLOWSERVE CORP: To Sell Product Distribution Assets to Indutrade


H O N D U R A S

* HONDURAS: Launching Bidding for Fuel Storage Terminal Project


J A M A I C A

AIR JAMAICA: Gov't Disappointed with Virgin Atlantic Code Share


M E X I C O

CHAPARRAL STEEL: Completes Buyout Deal with Gerdau Ameristeel
DOMINO'S PIZZA: Reports Promotions, Transfers & Retirement
FIRST DATA: Extends Tender Offer Expiration Date to Sept. 24
GRUPO MEXICO: Labor Board To Decide on Union Membership
MOVIE GALLERY: Won't Pay Interests Under Three Agreements

STEELCASE INC: Acquires Office Furniture Business in China


P A N A M A

BANCO LATINOAMERICA: Paying US$0.22 Per Share Cash Dividend
CHIQUITA BRANDS: Eyes Boost in Third-Quarter 2007 Sales
CHIQUITA BRANDS: Former Officials Won't Face Criminal Charges
ROYAL CARIBBEAN: Credit Suisse Maintains Neutral Rating on Firm
ROYAL CARIBBEAN: Launching CDF Croisieres de France Next Year


P U E R T O   R I C O

CENVEO INC: Completes Commercial Envelope Acquisition
DANA CORP: Disclosure Statement Scheduled on October 23
DANA CORP: New Jersey Objects to Disclosure Statement
FOOT LOCKER: Incurs US$18-Mil. Net Loss in Quarter Ended Aug. 4
GENESCO INC: Holds Shareholders Meeting on Genesco Merger

GENESCO INC: Responds to Finish Line Inc.'s Announcements
MYLAN LAB: Taps M. Fabiana Lacerca as Sr. Vice President & CCO


S T   K I T T S  &  N E V I S

DELTA AIR: Launching New Weekly Non-Stop Service in St. Kitts


U R U G U A Y

BANCO HIPOTECARIO: Will Offer Lending Services Next Year


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Mobil Cerro Facing US$8.2-Million Fine
PETROLEOS DE VENEZUELA: To Intensify Gas Prospecting Activities

* VENEZUELA: Prepared To Face Exxon Mobil's Int'l Arbitration


                          - - - - -

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


ALITALIA SPA: Posts EUR211.14 Mil. Net Loss for First Half 2007
---------------------------------------------------------------
Alitalia S.p.A. posted EUR211.14 million in net losses on
EUR2.31 billion in net revenues for the first half ended
June 30, 2007, compared with EUR220.38 million in net losses on
EUR2.24 billion in net revenues for the first half ended
June 30, 2006.

Labor costs amounted to EUR439 million showing an increase of
EUR55 million compared to 2006 (+14.2%) due to:

   -- a non-recurring increase of 14 million euros caused by the
      new regulations for severance pay (TFR) which changed the
      calculation of allocated funds as of Dec. 31, 2006;

   -- an increase of EUR41 million due mainly to the redundancy
      incentives program carried out by the Group, the effect of
      the agreements relating to integrative welfare benefits
      for flight staff, and the larger average workforce (from
      10,048 people in the first half of 2006 to 10,268 in the
      first half 2007) due to the end of benefits from
      "Solidarieta" for flight staff and "Cassa Integrazione
      Guadagni Straordinaria" for almost all ground staff
      (temporary cost reduction equivalent to redundancies
      tools) and the changed business perimeter during the
      periods in question (consolidation of the subsidiary
      Volare as of April 2006);

   -- fuel costs amounted to EUR464 million showing a reduction
      of EUR7 million compared to the first half of 2006, mainly
      arising from the balance between lower costs due to
      positive forex levels and increased costs relating to the
      changed business perimeter during the periods in question
      (consolidation of the subsidiary Volare as of April 2006).

The Group's workforce on June 30, 2007, was 11,240 people (of
which 10,218 with open-ended contract), down by 423 (-3.6%
circa) compared to June 30, 2006.

The Group's operational fleet on June 30, 2007 consisted of 186
aircraft of which 157 for short/medium-haul routes and 29 for
long-haul.

As of June 30, 2007, Alitalia S.p.A. had around EUR4.1 billion
in total assets, EUR3.37 billion in total liabilities and
EUR725.59 billion in total shareholders' equity.

                       About Alitalia

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

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


EQUIP GAS: Proofs of Claim Verification Is Until Nov. 7
-------------------------------------------------------
Mauricio Mudric, the court-appointed trustee for Equip Gas
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 7, 2007.

Mr. Mudric will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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 Equip Gas 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 Equip Gas' accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Equip Gas S.A.
         Avenida de Mayo 570
         Buenos Aires, Argentina

The trustee can be reached at:

         Mauricio Mudric
         Tucuman 893
         Buenos Aires, Argentina


EXHIBIT SA: Proofs of Claim Verification Ends on Nov. 20
--------------------------------------------------------
Amalia Milde, the court-appointed trustee for Exhibit S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 20, 2007.

Ms. Milde will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, 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 Exhibit 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 Exhibit's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Exhibit S.A.
         Esmeralda 740
         Buenos Aires, Argentina

The trustee can be reached at:

         Amalia Milde
         Lavalle 202
         Buenos Aires, Argentina


EXIM CATERING: Proofs of Claim Verification Is Until Tomorrow
-------------------------------------------------------------
Rodolfo Daniel Venegas -- the court-appointed trustee for the
bankruptcy proceeding of Exim Catering S.R.L., fka Elite
Catering S.R.L. -- verifies creditors' proofs of claim until
Sept. 19, 2007.

Mr. Venegas will present the validated claims in court as
individual reports on Nov. 17, 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 Exim Catering 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 Exim Catering's
accounting and banking records will be submitted in court on
Dec. 28, 2007.

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

The debtor can be reached at:

        Exim Catering S.R.L.
        Laprida 1763
        Buenos Aires, Argentina

The trustee can be reached at:

        Rodolfo Daniel Venegas
        Avenida Corrientes 880
        Buenos Aires, Argentina


LOGISTICA NEA: Trustee To File Individual Reports on Oct. 10
------------------------------------------------------------
Estudio Contable integrado por los C.P.N. Sres. Ricardo Emilio
B. Carballa y Sra. Sara Norma Pegorar, the court-appointed
trustee for Logistica Nea S.R.L.'s reorganization proceeding,
will file the validated claims as individual reports in the
National Commercial Court of First Instance in Resistencia,
Chaco, on Oct. 10, 2007.

Estudio Contable verified creditors' proofs of claim until
Aug. 28, 2007.

A general report that contains an audit of Logistica Nea's
accounting and banking records will be submitted in court on
Nov. 23, 2007.

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

The debtor can be reached at:

         Logistica NEA S.R.L.
         Ruta Nac. 11, Km. 1.006 Resistencia
         Chaco, Argentina

The trustee can be reached at:

         Estudio Contable integrado por los C.P.N.
         Sres. Ricardo Emilio B. Carballa y
         Sra. Sara Norma Pegorar
         Remedios de Escalada 353, Resistencia
         Chaco, Argentina


NEUQUEN PRODUCE: Trustee To File Individual Reports on Dec. 5
-------------------------------------------------------------
Guillermo Salem y Asoc., the court-appointed trustee for Neuquen
Produce S.A.'s reorganization proceeding, will file the
validated claims as individual reports in the National
Commercial Court of First Instance in Resistencia, Chaco, on
Dec. 5, 2007.

Guillermo Salem verifies creditors' proofs of claim until
Oct. 25, 2007.

A general report that contains an audit of Neuquen Produce's
accounting and banking records will be submitted in court on
Feb. 19, 2008.

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

The trustee can be reached at:

         Guillermo Salem y Asoc.
         Uruguay 385
         Buenos Aires, Argentina


OCRAL SA: Proofs of Claim Verification Deadline Is Nov. 9
---------------------------------------------------------
Ernesto Horacio Garcia, the court-appointed trustee for Ocral
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 9, 2007.

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

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

The trustee can be reached at:

         Ernesto Horacio Garcia
         Sarmiento 1587
         Buenos Aires, Argentina


SKYY MEDIA: Proofs of Claim Verification Is Until Tomorrow
----------------------------------------------------------
Diana Ines Panitch, the court-appointed trustee for Skyy Media
Group S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim on Sept. 19, 2007.

Ms. Panitch 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 Skyy Media
Group 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 Skyy Media's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Skyy Media Group S.A.
         Lavalle 1675
         Buenos Aires, Argentina

The trustee can be reached at:

         Diana Ines Panitch
         Avenida Corrientes 1250
         Buenos Aires, Argentina


SUCESION DE CITATI: Seeks for Reorganization Okay from Court
------------------------------------------------------------
Sucesion de Citati Alberto Mauricio has requested for
reorganization approval after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 10 in Buenos Aires.  Clerk No. 19 assists the court
on this case.

The debtor can be reached at:

          Sucesion de Citati Alberto Mauricio
          Montes de Oca 1184
          Buenos Aires, Argentina




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

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

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

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

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

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

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

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


METROPOLITAN BANK: Unit to Spearhead IPOs of 3 Firms in 2008
------------------------------------------------------------
The investment arm of Metropolitan Bank & Trust Co. -- First
Metro Investments Corp. -- revealed that it would handle three
more initial public offerings aside from this year's iRemit and
Splash Corp. offerings, the Philippine Star reports.

According to PhilStar, FMIC Vice President Jose Marcelo said
that his company is slated to be manager of the initial public
offerings of a property firm, a food business company and a
retailer.  Mr. Marcelo did not yet name these companies, but
revealed that all three offerings will take place next year and
will generate around PHP7 billion to PHP10 billion in proceeds.

FMIC aims to focus on local offerings in order to attract more
domestic investors into the equities market, Mr. Marcelo said,
stating that "local investors had been left out of offerings
that were sold outside the Philippines."

"We would like to be more selective about companies that will
offer shares to the public.  We are targeting corporations with
leading market positions like iRemit and Splash," Mr. Marcelo
told the paper.

                        *     *     *

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
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.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On Sept. 21, 2006, 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, 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 A R B A D O S
===============


ANDREW CORP: Seeks to Overturn US Court Verdict Over Patent Suit
----------------------------------------------------------------
Andrew Corporation will seek to set aside the U.S. District
Court for the District of Delaware's verdict in a patent
infringement lawsuit and continue its focus on providing
innovative mobile location systems that benefit the world's
wireless operators and their customers.

Federal court jurors in Wilmington, Del., ruled in favor of
TruePosition, Inc., finding that Andrew had willfully infringed
a single TruePosition patent in providing a geolocation system
to a customer in the Middle East.  The jury's decision to award
US$45.3 million in damages, as well as the underlying issue of
Andrew's liability, is subject to the outcome of various post
trial motions and appeals that Andrew will vigorously pursue.
Although TruePosition may seek to increase the damages awarded,
up to trebling the amount, Andrew believes any damages awarded,
including any increase, are inappropriate.

"We are extremely disappointed in the jury's ruling and strongly
disagree with this outcome," said Terry Garner, group president,
Andrew Network Solutions.  "We will fight aggressively to
overturn this verdict, either at the trial court level or on
appeal, so that wireless operators all over the world are not
restricted from choosing geolocation systems that work best for
their networks.  Andrew believes that this verdict ultimately
will be reversed.

"Our number one focus has been, and continues to be, on the
needs of our customers.  We look forward to competing and
winning where it matters most-in the global communications
marketplace where wireless operators benefit from our industry
leading geolocation offerings."

TruePosition filed its complaint on Oct. 25, 2005, in the US
District Court for the District of Delaware.  At issue was a
patent that TruePosition argued was infringed by an Andrew
uplink time difference of arrival (U-TDOA) mobile location
system that is being deployed under a multiyear contract with a
Tier 1 operator in the Middle East.  Andrew has since won two
additional contracts with this customer for an expanded
deployment of this strategic project which, when completed, will
cover a network of thousands of cell sites.

Andrew does not believe today's ruling will affect its Middle
East customer or its installed mobile location system.  In
addition, the patent at issue relates only to certain
implementations using U-TDOA technology.  As a result, other
Andrew Geometrix(R) customer installations, including E-911
systems and Mobile Location Center offerings, that use different
geolocation technologies also are not impacted.

Geolocation systems installed in wireless networks are used to
determine the position of mobile devices.  With more than 30
customers around the world, Andrew's Geometrix location systems
have been installed by more operators than any competing system.
Geometrix precisely meets the location-based service
performance, deployment, and cost requirements of operators
worldwide.

                      About Andrew Corp.

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,
manufactures and delivers and essential equipment and solutions
for the global communications infrastructure market.  The
company serves operators and original equipment manufacturers
from facilities in 35 countries including China, India, Italy,
Czech Republic, Argentina, Bahamas, Belize, Barbados, Bermuda
and Brazil.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to positive from negative.  The
'BB' corporate credit and 'B+' subordinated debt ratings were
placed on CreditWatch with negative implications on
Aug. 10, 2006.




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B E R M U D A
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BERMUDA INCENTIVES: Sets Final General Meeting for Sept. 28
-----------------------------------------------------------
Bermuda Incentives and Conventions Ltd.'s final general meeting
is scheduled on Sept. 28, 2007, at 9:45 a.m., at:

       PricewaterhouseCoopers, Dorchester House
       7 Church Street, Hamilton HM 11
       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.


BERMUDA ISLAND: Will Hold Final General Meeting on Sept. 28
-----------------------------------------------------------
Bermuda Island Cruises Ltd.'s final general meeting is scheduled
on Sept. 28, 2007, at 9:30 a.m., at:

       PricewaterhouseCoopers, Dorchester House
       7 Church Street, Hamilton HM 11
       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.


MONTPELIER RE: Paying US$0.075 Per Share Dividend on Oct. 15
------------------------------------------------------------
Montpelier Re Holdings Ltd.'s Board of Directors has declared a
quarterly dividend of US$0.075 per Common Share.  The dividend
is payable on Oct. 15, 2007, to shareholders of record on
Sept. 28, 2007.

Headquartered in Bermuda, Montpelier Re Holdings Ltd., through
its operating subsidiary Montpelier Reinsurance Ltd., is a
premier provider of global property and casualty reinsurance and
insurance products.  During the year ended Dec. 31, 2005,
Montpelier underwrote US$978.7 million in gross premiums
written.  Shareholders' equity at Dec. 31, 2005, was US$1.1
billion.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2006,
A.M. Best affirms these ratings on Montpelier Re Holdings:

Montpelier Re Holdings Ltd.

   -- "bbb-" on senior unsecured debt;
   -- "bb+" on subordinated debt; and
   -- "bb" on preferred stock.

   MRH Capital Trust I and II (guaranteed by Montpelier Re
   Holdings Ltd.)

   -- "bb" on preferred securities.


SEA CONTAINERS: Seeks Approval of Bank of Scotland Agreement
------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to approve:

   (i) their letter agreement with The Bank of Scotland, and
  (ii) the sale of Sea Containers Services Ltd.'s interests in
       certain computer equipment.

The Computer Equipment includes certain computers, monitors and
related hardware purchased primarily between 2002 and 2005 by
SCSL and used by the Debtors' various businesses and
subsidiaries.  The purchase of the Computer Equipment was
financed pursuant to an April 19, 2004 loan agreement between
SCSL and BoS.  SCSL made two draws on the BoS loan, on
May 14, 2004, and Sept. 30, 2004, aggregating GBP3,423,790, says
Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware.

While the Debtors continued to use the Computer Equipment, BoS
took formal assignment of title to the Computer Equipment
pursuant to certain mortgages executed by SCSL at the time of
the draws.  Consequently, BoS filed Claim No. 40 asserting a
secured claim for GBP830,996 against SCSL for amounts
outstanding under the Term Loan.

While the Debtors dispute the value of BoS' security interest in
the Computer Equipment, upon review of their books and records,
the Debtors believe that the stated amount of the BoS Claim as
of the Petition Date approximates the aggregate amount
outstanding on the Term Loan.

Mr. Greecher notes that the Settlement Agreement resolves the
secured and unsecured claims of BoS against SCSL and provides
for the re-assignment to SCSL from BoS of title to the Computer
Equipment.  Once the Computer Equipment gets re-assigned to
SCSL, SCSL seeks authority to transfer the equipment as part of
certain going-concern sales.

According to Mr. Greecher, SCSL seeks to sell certain of the
Computer Equipment as part of the sales of Ferry and Port
Holdings Limited, doing business as Illustrated London News &
Sketch, and Fairways & Swinford (Travel) Limited, both non-
debtor subsidiaries of Sea Containers U.K. Limited, a non-debtor
direct subsidiary of Sea Containers Ltd. -- in exchange for
GBP10,000 from the proceeds of the sales of each business.

The sales are expected to be consummated this month and provide
significant value to the Debtors' estates.  As a condition to
closing, the purchasers of ILN and F&S each have required clean
title to the Computer Equipment used by ILN and F&S.  Although
the Debtors believe that no liens will attach to the Computer
Equipment once it is re-assigned to SCSL from BoS, out of an
abundance of caution and to provide assurance to the purchasers,
the Debtors ask the Court to find that the sale of equipment
from SCSL to ILN and F&S will be free and clear of any liens.
The Debtors further request that the Court grant ILN and F&S the
protections provided to a good faith purchaser under Section
363(m) of the Bankruptcy Code.

In addition to the sales of ILN and F&S, the Debtors are
pursuing other going-concern sales where it is likely that
Computer Equipment will be transferred along with the
businesses.  As part of these sales, the Debtors first sought
assignment from BoS of only that portion of the Computer
Equipment involved in the sales.  However, no resolution could
be reached regarding other portions of the Computer Equipment,
and BoS expressed a desire to resolve the BoS Claim as a whole.

The Debtors agreed that a global settlement would be preferable
to (i) allow the ILN and F&S sales to move forward, (ii) avoid
piecemeal settlements that could delay future sales, and (iii)
provide certainty regarding the continued use of the Computer
Equipment by SCL and its subsidiaries.

The material terms of the Settlement Agreement with BoS are:

  (a) SCSL will pay GBP60,000 to BoS in full and final
      settlement of that portion of the BoS Claim that is
      secured.  The GBP60,000 will be funded using proceeds from
      the ILN and F&S sales and an advance from SCL.

  (b) in exchange for the GBP60,000 payment, the BoS will
      irrevocably and unconditionally release its security under
      the Mortgages over the Computer Equipment and re-assign
      full and complete title and ownership of the Computer
      Equipment to SCSL.

  (c) BoS will have an allowed general unsecured claim against
      the SCSL estate for GBP770,996.

  (d) each party releases the other from any and all claims that
      arose prior to the effective date of the agreement, except
      for Claim No. 39 filed by BoS in the Debtors' Chapter 11
      cases for GBP30,822.

The Computer Equipment, title to which was assigned to BoS to
secure BoS' Term Loan to SCSL, has been integrated into the
business operations of the Debtors and their affiliates.
Stripping the Computer Equipment from these businesses would
significantly impair their operations and harm their value, Mr.
Greecher tells the Court.

Moreover, the Debtors believe it is critical that BoS' interests
in the Computer Equipment be extinguished so that SCSL can
transfer clean title to purchasers.  This will also ensure a
smooth transition of operations and eliminate risk, Mr. Greecher
adds.

                    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 Debtors have asked the Court to extend their exclusive
period to file a chapter 11 plan until Dec. 21, 2007.  (Sea
Containers Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants to Sell Speedinvest Shares to Triformity
--------------------------------------------------------------
Sea Containers Ltd. entered Jan. 29, 2002, into a joint venture
agreement -- JV Agreement -- with Triformity Holdings S.A., an
affiliate of a major shipping operator.  Oursuant to that
agreement, each owns a 50% interest in Speedinvest Ltd., to
provide ferry services across the Adriatic Sea.  Triformity
manages the operations conducted by Speedinvest.

Subsequently, Speedinvest (a) leased a (i) Pescara passenger
vessel from Seacat 2, and (ii) Zara passenger vessel from SNAV
Aliscali SPA, an affiliate of Triformity and (b) purchased a
Croatia passenger vessel.  To fund the purchase of the Croatia
vessel, Speedinvest obtained a US$8,500,000 loan from Vereins
and Westbank AG.  Speedinvest's obligations under the loan are
guaranteed by SCL and Triformity.  As of September 7, 2007,
Speedinvest owes EUR4,600,000 -- approximately US$6,260,000 on
the 1oan.

Due to increased fuel prices and decreased passenger volumes,
Speedinvest suffered losses of approximately US$2,000,000 in
2005, and US$500,000 in 2006, and estimates losses of
approximately US$1,000,000 for 2007.  Since commencing
operations in 2002, Speedinvest has negative total earnings of
approximately US$1,100,000.  Pursuant to the JV Agreement, SCL
is obligated to fund 50% of Speedinvest's losses.

In connection with Sea Containers Ltd. and its debtor-affiliates
operational restructuring and to discontinue funding the losses
incurred by Speedinvest, SCL determined to sell its interest in
Speedinvest, Sean T. Greecher, Esq., at Young Conaway Stargatt &
Taylor, LLP, in Wilmington, Delaware, relates.

Under the JV Agreement, prior to transferring its Speedinvest
shares to a third party, SCL must first offer to sell the shares
to Triformity.  SCL may only proceed to transfer to a third
party those shares which Triformity declines to purchase, and
may only transfer the shares on terms no less favorable than
those offered to Triformity.

Upon becoming aware of SCL's decision to sell its shares in
Speedinvest, Triformity indicated its interest in exercising its
purchase option and submitted an offer to SCL.  After reviewing
the offer and analyzing potential alternatives, SCL determined
that the sale of SCL's Speedinvest shares to any potential third
party purchaser would provide less value to SCL and the Debtors'
estates and their creditors than the offer proposed by
Triformity.

SCL proceeded to engage in extensive arm's-length negotiations
with Triformity.  After weeks of discussion, during which SCL
did not obtain any third party offers to purchase the
Speedinvest shares, SCL and Triformity entered into the Sale
Agreement, the terms of which include:

  (a) SCL will sell all its shares of Speedinvest to Triformity
      for EUR920,OOO -- approximately US$1,250,000;

  (b) SCL will be released fully from its guarantee under the
      Vereins and Westbank AG -- approximately US$6,260,000
      outstanding; and

  (c) SCL and Triformity will provide each other mutual
      releases.

             Transfer Agreement with Seacat 2

As of Sept. 7, 2007, Speedinvest owes Seacat 2 US$977,344 on
account of overdue lease payments.  In connection with the sale
of SCL's shares of Speedinvest, SCL and Triformity agreed to a
final settlement of Speedinvest's outstanding liabilities,
including the lease payments owed to Seacat 2.

To effectuate the sale of its Speedinvest shares and realize the
associated cost-savings, SCL entered into an agreement with
Seacat 2 pursuant to which SCL will distribute US$977,344 of the
US$1,250,000 Speedinvest sale proceeds to Seacat 2, in full and
final satisfaction of the outstanding payments owed to Seacat 2
on account of Speedinvest' s lease of the Pescara vessel.

Without the settlement of the obligations owed by Speedinvest to
Seacat 2, Triformity would not have agreed to purchase SCL's
Speedinvest shares.  After the distribution to Seacat 2, SCL
will receive approximately US$254,000 of the Speedinvest sale
proceeds.

Accordingly, the Debtors ask the U.S. Bankruptcy Court for the
District of Delaware Court approve (i) the sale of SCL's shares
in Speedinvest to Triformity pursuant to the Sale Agreement, and
(ii) the transfer of portions of the Speedinvest sale proceeds
to Seacat 2 in accordance with the Transfer Agreement.

In the event that a party submits a competing offer prior to the
hearing on the request, the Debtors, in consultation with the
the Official Committees of Unsecured Creditors of Sea Containers
Ltd. and Sea Container Services Ltd., will evaluate, and
determine whether to pursue, the offer.

                    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 Debtors have asked the Court to extend their exclusive
period to file a chapter 11 plan until Dec. 21, 2007.  (Sea
Containers Bankruptcy News, Issue No. 26; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SUNRISE LIMITED: Sets Final General Meeting for Oct. 19
-------------------------------------------------------
Sunrise Ltd.'s final general meeting is scheduled on
Oct. 19, 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.


SUNRISE LIMITED: Proofs of Claim Filing Is Until Sept. 26
---------------------------------------------------------
Sunrise Ltd.'s creditors are given until Sept. 26, 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.

Sunrise Ltd.'s shareholders agreed on Sept. 10, 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




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


* BOLIVIA: Assures of Boosting Gas Supply to Argentina & Brazil
---------------------------------------------------------------
The Bolivian government gave assurances that it will be able to
increase its natural gas supply to Argentina and Brazil as a
result of new investments in the sector coming in from
multinational companies operating in the country, according to a
report from Matthew Craze at Bloomberg.

Twelve oil firms have presented investment plans for a total of
US$588 million in compliance with a deadline set by the
government.  Investments in the sector were uncertain after the
nationalization in May 2006 had raised taxes.

Argentina, Mr. Craze says, relies on Bolivia to quadruple
natural gas shipments to 27 million cubic meters a day to
alleviate power shortage in the country by 2010.  Bolivia
supplies half of Brazil's natural gas consumption.

                        *     *     *

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
===========


BANCO BMG: Gets BRL2-Billion Offer from Banco Itau for 50% Stake
----------------------------------------------------------------
Brazilian financial daily Valor Economico reports that Banco
Itau presented a BRL2-billion offer for 50% of Banco BMG and
another BRL1-billion offer linked to five-year targets for
profits and loan growth and an option to purchase the remaining
50% stake.

The Guimaraes family would still manage Banco BMG.  Banco Itau
would have the right to name some board members, Valor Economico
notes.

                      About Banco Itau

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA(Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.

                       About Banco BMG

Banco BMG is the banking arm of Grupo BMG, which also has real
estate, food manufacturing and agro industry holdings.  The bank
is a niche player focused on loans to civil servants, with
repayments taken monthly from payrolls.  BMG operates mainly
through in-house representatives in state companies.  It also
offers leasing and asset management services.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2006, Moody's Investors Service upgraded Banco BMG SA's
long-term foreign currency deposits to Ba3, from B1.  Moody's
said the rating outlook is stable.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Banco BMG S.A. to 'BB-'
from 'B+'.  The rating was removed from CreditWatch Positive
where it was placed June 11, 2007.  S&P said the outlook is
stable.


BANCO NACIONAL: Supports Cinematographic Production for BRL1 Mln
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social approved a
BRL1 million financing to Movi & Art Producoes Cinematograficas
Ltda., destined to the production of the full-length motion
picture "174" or "Infancia Roubada" [Stolen Childhood].  The
funds will be available within the scope of Programa de Apoio a
Cadeia Produtiva do Audiovisual [Program of Support to
Audiovisual Productive Chain] [Procult].

This is the first Procult operation within the national
cinematographic production segment.  The project is pioneer. For
the first time, the Bank offers financing mechanisms to
audiovisual production, an alternative to the simple funding via
incentive laws.  The procedure will be tuned in to BNDES
objective to strengthen companies in audiovisual productive
chain, a segment considered to be a priority to the Bank.

The motion picture, directed by Bruno Barreto, screenplay by
Br ulio Mantovani (an Oscar nominee with Cidade de Deus), is a
co-production of Movi & Art with RPJ Produtores Associados Ltda.
(RPJ, of the Teleimage Group) and BB Producoes Cinematogr ficas
Ltda. (Bruno Barreto's producer).

"Infancia Roubada" already has distribution contracts signed
with Paramount and Canal Plus (for French speaking countries).
The transaction was structured as an advance to the contract
with Paramount, which disentails the return of funds invested by
BNDES from film performance (sale of tickets, DVD and other
media).

The financing also helps creating a new additional model to
enable feasibility of national productions and enhance the
sector's exporting potential, besides fulfilling its essential
role to correct the bottleneck in national productions.  Most
pictures face a time lag between the decision to produce the
film, funding closing and the effective availability of funds to
timely shooting it and within the budget.

Movi & Art Producoes Cinematograficas Ltda. is an independent
producer, which has been operating in the market for 26 years
and, since then, has already carried out over 2,600 works, among
publicity and cinematographic films (since 1984).  Headquartered
in Sao Paulo, it relies on three studios in a 3,500 m2 area.

The screenplay for this film is an adaptation, from the
documentary to the feature film, of the story of the character,
which kidnapped a bus in the city of Rio de Janeiro.  The
narration goes from the day he was born until his tragic death.

With basis on the success obtained by the documentary "Onibus
174" [Bus 174], directed by Jose Padilha, launched in 2002 and
that broaches the same theme, this movie film has potential to
reach a domestic public of one million spectators, only at the
movies, according to producers' expectations.  This would boost
it to the condition of a national blockbuster.  The documentary
was granted 11 awards, in Brazil and abroad.

The motion picture pre-production phase was completed and the
shooting was started in July.  The film, which stage setting is
Rio de Janeiro, if forecast to be launched in early 2008, which
would enable its exhibition in Berlin and Cannes festivals,
during that same year.

                     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.


BAUSCH & LOMB: Shareholders Urged to Vote "FOR" Warburg Deal
------------------------------------------------------------
Bausch & Lomb said Friday that four leading independent U.S.
proxy advisory firms, Institutional Shareholder Services, Egan-
Jones Proxy Services, Glass Lewis & Co. and PROXY Governance
Inc., have each recommended that Bausch & Lomb shareholders vote
"FOR" the proposed transaction with affiliates of Warburg Pincus
at Bausch & Lomb's Sept. 21, 2007, special meeting of
shareholders.

On May 16, 2007, Bausch & Lomb entered into a definitive merger
agreement whereby affiliates of Warburg Pincus will acquire
Bausch & Lomb for US$65.00 in cash for each Bausch & Lomb share,
representing a total purchase price of approximately US$4.5
billion, including approximately US$830 million of debt.

"The recommendations of four leading independent proxy advisory
firms confirm our Board of Directors' unanimous view that the
transaction with Warburg Pincus delivers significant cash value
and is in the best interests of Bausch & Lomb and all of our
shareholders," said Ronald L. Zarrella, chairman and CEO of
Bausch & Lomb.  "We urge all Bausch & Lomb shareholders to vote
'FOR' the proposed transaction with Warburg Pincus today so that
their votes can be counted at the Company's upcoming special
meeting."

In its analysis, ISS stated:

". . . Given that the Warburg Pincus buyout offer provides
certainty of value to current shareholders, we believe that the
merger agreement warrants shareholder support."

In its analysis, Egan-Jones stated:

". . . Egan Jones views the proposed merger agreement as a
desirable approach in maximizing stockholder value. ... we
believe that the merger agreement is in the best interests of
the company and its stockholders and its advantages and
opportunities outweigh the risks associated to the transaction."

In its analysis, Glass Lewis stated:

"During the [go-shop] period, the Company's advisors contacted
multiple financial and strategic parties. . . .  The proposed
agreement offers shareholders a valuation that is, on balance,
in line with the valuations presented by the special committee's
financial advisor."

In its analysis, PROXY Governance stated:

". . . The premium appears reasonable in light of the company's
historic trading price and is supported by the available equity
analyst opinions.  Moreover, based on the board's reasoning and
the opinion of several equity analyst reports, we believe that
shareholders are better off with Warburg's all cash merger
consideration than they would have been with a competing
stock/cash offer from AMO."

Shareholders who have questions or need any assistance in
submitting their proxy or voting their shares should contact
Bausch & Lomb's proxy solicitor, MacKenzie Partners Inc., toll-
free at 1-800-322-2885 or through e-mail at
proxy@mackenziepartners.com.

The special meeting will be held on Sept. 21, 2007, at 10:00
a.m. local time at the Clarion Riverside Hotel, located at 120
East Main Street, in Rochester, N.Y. Shareholders of record as
of Aug. 10, 2007, are entitled to vote at the special meeting.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  "In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


BOMBARDIER RECREATIONAL: Signs Seven-Year Deal with CGI Group
-------------------------------------------------------------
Bombardier Recreational Products Inc. has signed a seven-year
information technology outsourcing contract with CGI Group Inc.

Under the agreement, CGI will manage Bombardier Recreational's
SAP infrastructure support, business intelligence applications,
websites, as well as the e-commerce application that allows
retailers and distributors to do business with Bombardier
Recreational around the world.  The contract also includes the
support of this application.

"CGI has demonstrated that it has the expertise to provide us
with the information systems we need to allow BRP to improve its
efficiency," stated Real Deslauriers, Vice-President, Program
Office and Information Systems for Bombardier Recreational.

"Bombardier Recreational manufactures its products on three
continents and distributes them in more than 80 countries,"
added Pierre Turcotte, CGI's Senior Vice-President and General
Manager, Quebec.  "With our global delivery network, we are able
to provide BRP with leading-edge IT solutions and services
allowing them to win and grow internationally.  We are delighted
that a company with such a rich heritage and promising future
has chosen CGI to respond to its IT needs."

CGI assists manufacturers in building, implementing and managing
the complex business and IT strategies critical to success.
CGI's comprehensive manufacturing capabilities enable clients to
attain continued improvements in sales, margin, cost and asset
utilization.  From individual projects that target specific
transformation program areas to full transformative outsourcing
services in areas such as technology and applications hosting
and call center support, CGI's manufacturing expertise and
flexible global delivery model allow clients to best compete and
win.

                          About CGI

Founded in 1976, CGI Group Inc. -- http://www.cgi.com-- is one
of the largest independent information technology and business
process services firms in the world.  CGI and its affiliated
companies employ approximately 25,500 professionals.  CGI
provides end-to-end IT and business process services to clients
worldwide from offices in Canada, the United States, Europe,
Asia Pacific as well as from centers of excellence in North
America, Europe and India.  CGI's annual revenue run rate stands
at C$3.7 billion (US$3.5 billion) and at June 30th, 2007, CGI's
order backlog was C$12.4 billion (US$11.6 billion).  CGI shares
are listed on the TSX (GIB.A) and the NYSE (GIB) and are
included in the S&P/TSX Composite Index as well as the S&P/TSX
Capped Information Technology and MidCap Indices.

                About Bombardier Recreational

Bombardier Recreational Products or BRP is a Canadian company,
which was founded by Joseph-Armand Bombardier as L'Auto-Neige
Bombardier Limitee in 1942 at Valcourt in the Eastern Townships,
Quebec.  As of Apr. 30, 2003 it had 7,600 employees working in
several countries, including Canada, Austria and Finland, in
addition to the United States.  The company split from the
Bombardier Group in 2003.

The company has operations in Australia, Brazil, France, Japan,
the Netherlands, Norway, the United Kingdom, and the United
States, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services assigned its
'B+' bank loan rating, with a recovery rating of '3', to
Bombardier Recreational Products Inc.'s proposed US$1.15 billion
term loan B facility, indicating the expectation of a meaningful
recovery of principal (50%-70%) in a payment default scenario.


BRASIL TELECOM: Investing BRL30 Million for Network Upgrade
-----------------------------------------------------------
Brasil Telecom is investing some BRL30 million in hardware,
software and related services to upgrade the control of its
external network infrastructure, according to a report by tech
news service Computerworld.

Computerworld notes that Brasil Telecom launched the
modernization project in January 2007.  It has completed 30% of
the project.

About 250 technical specialists are working on the project,
Computerworld states.

Business News Americas relates that an important part of the
project is Brasil Telecom's contract with local information
systems firm Sisgraph, which provides GeoPlex that will monitor
copper and fiber optic cables.  Sisgraph's software will let
Brasil Telecom access detailed information about which services
are available to its subscribers.

"The aim is to finish the project by the end of 2008, ahead of
[the telecoms regulator] Anatel's deadline of April 2009,"
Brasil Telecom's corporate communications manager Cesar Borges
commented to BNamericas.

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.


CHRYSLER LLC: May Drop Some Models Due to Market Slump
------------------------------------------------------
Chrysler LLC is reviewing its restructuring plan in the wake of
the downturn in the U.S. vehicle market and may stop producing
some of its Chrysler, Dodge and Jeep models, The Financial Times
reports, quoting Chrysler CEO Bob Nardelli.

Mr. Nardelli told the Automotive Press Association in Detroit
that his motto was "listen, learn and lead," and that his "goal
is not to slow things down but to speed things up -- a bias for
decision," FT relates.

Meanwhile, Ron Gettelfinger, president of the United Auto
Workers union, has expressed his confidence in the intentions of
Chrysler LLC's new private equity owner, Reuters relates.

The union leader believes in the assurance given by Stephen
Feinberg, the founder of Cerberus Capital Management LLC that he
is committed to saving Chrysler rather than selling off its
parts.

"I am confident that they are not coming into this with an
attitude of strip and flip," Mr. Gettelfinger said, Reuters
notes.  "I don't think they will own it forever, but they will
take it public again, I assume," he added.

                     About Chrysler LLC

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

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

                        *     *     *

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

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

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


CHRYSLER LLC: Phil F. Murtaugh Appointed as Asia Operations CEO
---------------------------------------------------------------
Chrysler LLC has appointed Philip Murtaugh as chief executive
officer for the company's Asia Operations.

In this role, Mr. Murtaugh will be responsible for all of
Chrysler's Asian operations, including China and India.  He will
report to Michael Manley, executive vice president for
International Sales.

"I can't think of anyone more qualified to lead our business
activities in this critical growth region," said Mr. Manley.
"Phil has a proven track record and we are excited he has joined
our team."

"Growth in international markets and leveraging partnerships are
cornerstones of the Chrysler Recovery and Transformation Plan,"
said Thomas W. LaSorda, vice-chairman and president.

Mr. Murtaugh was executive vice president of Chinese automaker
Shanghai Automotive Industry Corp.  SAIC is China's largest
automotive company with sales of 1.3 million vehicles per year.
SAIC has over 70 subsidiary companies in the automotive
business, including well-known joint ventures with General
Motors and Volkswagen.

Before joining SAIC, Mr. Murtaugh served as chairman and CEO of
the General Motors China Group from June 2000 until April 2005.
Based in Shanghai, he was responsible for the overall
coordination of GM's extensive operations in mainland China and
Taiwan.  He also was a member of GM's Asia Pacific Strategy
Board.

Mr. Murtaugh earlier served as executive vice president of
Shanghai General Motors and General Manager of GM China's
Shanghai representative office.  He was part of the negotiating
team and played a key role in the launch of Shanghai General
Motors, GM's largest venture in China.

Since joining GM in 1973 as a General Motors Institute student
with Fisher Body, Mr. Murtaugh held several positions in
production, manufacturing, die and metal stamping, and product
planning in the United States, Japan and China.  These include
director of manufacturing for GM Overseas Corporation in Japan,
executive assistant to the executive director of product
planning at Isuzu Motors and President of IBC in Luton, England.

In addition to a bachelor's degree from GMI (now Kettering
University), Mr. Murtaugh holds a master's degree in industrial
management from Stanford University.  A U.S. citizen, Murtaugh
is married with four children.

                      About Chrysler LLC

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

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

                        *     *     *

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

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

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


CHRYSLER LLC: Reveals 0% APR Incentive Plan for September 2007
--------------------------------------------------------------
Chrysler LLC has disclosed that it will continue its low-rate
financing through Oct. 1, 2007, with a 0% APR offering for 72
months or a 0% APR offering for 60 months on select 2007 model
year vehicles.

Separately, the company will offer consumer cash and competitive
lease rates.  These different options give customers many
choices when purchasing a new Chrysler, Jeep or Dodge vehicle.

"Chrysler will extend its low-rate financing into September,
with a 0% APR offering for 72 months on select 2007 models,"
said Michael Keegan, vice president for Volume Planning and
Sales Operations.  "We will continue to focus on our great
products and the 2007 model year-end clearance while emphasizing
the new Lifetime Powertrain Warranty."

The 0% APR offering for 72 months includes the following 2007
model year vehicles: Chrysler Aspen; Chrysler Town & Country and
Dodge Grand Caravan minivans; Jeep Commander; Dodge Dakota and
the Dodge Durango.

The 0% APR on select 2007 models for 60 months includes the
following vehicles: Chrysler Pacifica; Jeep Grand Cherokee; Jeep
Liberty and the Dodge Ram 1500 Regular and Quad-Cab Pickup
Trucks.

                      About Chrysler LLC

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

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

                        *     *     *

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

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

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


GENERAL MOTORS: Projects Russia as Biggest Car Market in Europe
---------------------------------------------------------------
General Motors Corp. executives believe Russia will eventually
be the company's largest market in Europe as the country's base
of car buyers who can afford a new vehicle continue to grow, the
Wall Street Journal relates, quoting GM Europe Chief Carl-Peter
Forster.

According to the report, Mr. Forster said there is a "good
chance" GM could sell 300,000 vehicles in Russia next year,
representing a 20% increase in sales over expectations for 2007.

GM is considering an increase of production capacity in Russia
as its sales there begin to rival its biggest European markets,
including Germany, The Financial Times states.  GM CEO Rick
Wagoner told FT the company was at the "preliminary stages" of
studying ways of adding new capacity in one of the world's
fastest-growing car markets.

The automaker is mulling the option of producing Opels directly
in Russia along with its already popular Chevrolets to satisfy
higher than expected demand for the brand, Reuters says.
Mr. Forster has disclosed that the company enjoys considerable
margins on Opel cars in Russia, before shipping costs are
factored in, Dow Jones Newswires states.

"We don't produce Opels yet in Russia, but we will have to do
down the line," Mr. Forster said, Reuters notes.  "We achieve
with most of our cars sold in Russia higher average revenue per
vehicle than in Western Europe and in principle better margins,"
he added.

GM will sell more than 2 million vehicles in Europe this year,
with Russia representing more than 10% of that volume, Dow Jones
relates.  Mr. Forster said GM's ability to grow in Europe
depends on its performance in Russia.  He adds, "Russia is our
growth engine."

Despite GM Europe's difficulty in satisfying demand in Russia,
investing in further capacity was risky for the company since it
remained unclear how much longer hefty tariffs that penalize
imports would remain in place, Reuters reveals.  Expanding its
capacity in Russia to escape the tariffs was problematic since
production plants are built with a time frame of 25 years,
according to Mr. Forster.  As a result, GM Europe is looking to
expand its cooperation with Russian carmaker AvtoVaz.

                    About General Motors

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

                        *     *     *

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

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


GERDAU AMERISTEEL: Completes Acquisition of Chaparral Steel
-----------------------------------------------------------
Gerdau Ameristeel Corporation has completed its acquisition of
Chaparral Steel Company, broadening Gerdau Ameristeel's
product portfolio and its range of structural steel products.

Chaparral's shareholders approved the merger at a special
shareholder meeting on Sept. 12, 2007.

On July 10, 2007, Gerdau Ameristeel had reached an agreement to
acquire Chaparral Steel.

"This is a defining moment in the history of our company," Mario
Longhi, president and CEO, Gerdau Ameristeel, said.  "This
solidifies our position as one of the major steel producers in
our region with a major market position in structural steel
products in addition to rebar and merchant bar products.  We are
excited to offer our customers the broadest range of long steel
products in the mini-mill sector."

"The completion of this acquisition confirms our global strategy
of being one of the consolidators in the steel industry," Andre
Gerdau Johannpeter, CEO of the Gerdau Group, said.  "We are
confident that the growth of our North American operations will
add value and bring benefits for our customers, shareholders,
employees and the communities in which we operate."

Gerdau Ameristeel's acquisition of Chaparral Steel Company was
financed, in part, by a US$1,150,000 Bridge Loan Facility and a
US$2,750,000 Term Loan Facility which was provided by two
separate international syndicates of banks, each arranged by ABN
AMRO Bank N.V., HSBC and J.P. Morgan Securities Inc.
Subsidiaries of Gerdau Ameristeel are the borrowers under the
facilities.

The Bridge Loan Facility matures 90 days from closing, with an
option to extend for a further 90 days and the Term Loan
Facility has tranches maturing 5 and 6 years from the closing.
Gerdau S.A. and certain of its Brazilian affiliates have
guaranteed the obligations of the borrowers under both credit
facilities.

The Bridge Loan Facility and the Term Loan Facility are not
secured by the assets of Gerdau Ameristeel or its subsidiaries.

                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.  Gerdau Ameristeel is a unit of Brazilin firm
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.


IWT TESORO: Wants Nod to Use Bank of America's DIP Financing
------------------------------------------------------------
I.W.T. Tesoro Corporation and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York for
permission to obtain post-petition financing securing Bank of
America, N.A., formerly Fleet Capital Corporation.

The Debtors also want the Ratification and Amendment Agreement
the Debtors entered with Bank of America approved.  The Debtors
disclose to the Court that pursuant to the ratification
agreement, Bank of America will provide the Debtors funds on an
"overadvance" basis up to an approximate aggregate sum of US$3.3
million.  The sum, the Debtors believe, will provide them with
enough cash to fund operations and pay their anticipated Chapter
11 professional fees.

The Debtors informed the Court that under a pre-petition loan
facility with the Bank of America, they have an available
revolving borrowing amount of about 75% of eligible accounts
receivable and about 50% of eligible inventory.  However, the
Debtors do not currently have availability under the pre-
petition borrowing base and are in desperate need of working
capital or financing to finance post-petition operating
expenses.

The Debtors added that their cash flow had been totally
restricted in the early stage of their bankruptcy case.

All of the Debtors' pre-petition assets are currently subject to
the first priority security interests and liens of Bank of
America.  As of the bankruptcy filing, the Debtors owe the Bank
of America about US$18.7 million.  Laurus Master Fund holds a
second priority lien on the Debtors assets and is owed, as of
the bankruptcy filing, about US$8 million.

                     About I.W.T. Tesoro

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.


NOVELL INC: Posts US$3.43 Mil. Net Loss for Third Quarter 2007
--------------------------------------------------------------
Novell Inc. released its financial results for its third fiscal
quarter ended July 31, 2007.

Novell posted US$3.42 million in net losses on US243 million in
net revenues for the third fiscal quarter 2007, compared with
US$6.47 million in net losses on US$236 million in revenues for
the same period in 2006.

The loss available to common stockholders from continuing
operations in the third fiscal quarter 2007 was US$3 million, or
US$0.01 loss per common share.  This compares to a loss
available to common stockholders from continuing operations of
US$17 million, or US$0.05 loss per common share, for the third
fiscal quarter 2006.  Foreign currency exchange rates favorably
impacted total revenue by approximately US$4 million and
negatively impacted the loss from operations by US$1 million
year-over-year.

On a non-GAAP basis, adjusted income from operations for the
third fiscal quarter 2007 was US$12 million.  This compares to
non-GAAP adjusted income from operations of US$6 million in the
same quarter in 2006.  Non-GAAP adjusted income available to
common stockholders from continuing operations for the third
fiscal quarter 2007 was US$16 million, or US$0.05 per adjusted
diluted common share.  This compares to non-GAAP adjusted income
available to common stockholders from continuing operations of
US$24 million, or US$0.06 per adjusted diluted common share, for
the third fiscal quarter 2006.

For the third fiscal quarter 2007, Novell reported US$22 million
of revenue from Open Platform Solutions of which US$21 million
was from Linux Platform Products, up 77 percent year-over-year.
Linux Platform Products invoicing was US$38 million, up 95%
year-over-year.  Revenue from Identity and Security Management
was US$30 million of which Identity and Access Management was
US$27 million, up 2%year-over-year. Revenue from Systems and
Resource Management was US$35 million, up 4% year-over-year.
Revenue from our Workgroup business unit declined 2% from the
year-ago period to US$83 million.

"We are encouraged by our Linux performance and the market's
continued enthusiasm for our desktop to datacenter strategy,"
said Ron Hovsepian, president and CEO of Novell.  "In addition,
we are pleased with our operating margin expansion and progress
on our strategic initiatives."

Cash, cash equivalents and short-term investments were
US$1.8 billion at July 31, 2007, consistent with last quarter.
Days sales outstanding in accounts receivable was 74 days at the
end of the third fiscal quarter 2007, down from 88 days at the
end of the year-ago quarter.  Total deferred revenue was US$734
million at the end of the third fiscal quarter 2007, up US$343
million, or 88 percent, from July 31, 2006.  Cash flow from
operations was US$26 million for the third fiscal quarter 2007,
compared to US$36 million in the third fiscal quarter 2006.

                      Financial Outlook

Novell management issues these financial guidance:

For the full fiscal year 2007:

   -- net revenue is expected to be between US$925 million and
      US$955 million, in line with prior guidance;

   -- on a non-GAAP basis, adjusted income from operations is
      expected to exceed previously stated guidance of between
      break-even and US$10 million; and

   -- Novell reiterates fiscal 2007 non-GAAP exit rate operating
      margin, as defined below, of between 5% and 7%.

                       About Novell Inc.

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

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                        *     *     *

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


SANYO ELECTRIC: In Talks with Kyocera for Handset Business
----------------------------------------------------------
Sanyo Electric Co. Ltd. is into talks with Kyocera Corp., which
is negotiating to buy the mobile phone handset business of the
electronics manufacturer, Reuters reports, citing the Nikkei
business daily.

Citing the Nikkei, Reuters conveys that Sanyo, which has been
struggling to rebuild its core operations, asked Sharp Corp. and
Kyocera if they were interested in buying the mobile phone
handset division, with Kyocera offering the better price.

Reuters notes that Kyocera is aiming to reach a final agreement
by autumn.

                      About Sanyo Electric

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

                          *     *     *

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


SANYO ELECTRIC: To Sell Telecom Sanyo to Telepark for JPY4.88BB
---------------------------------------------------------------
Sanyo Electric Co. Ltd. said that it will sell its cell phone
handset sales subsidiary, Telecom Sanyo, to Telepark Corp. for
JPY4.88 billion, writes Reuters.

Reportedly, the sale of Telecom Sanyo is scheduled to take place
on Oct. 31.

The Japanese electronics maker hopes to book some JPY4 billion
in profit from the sale, relates Reuters.

                      About Sanyo Electric

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

                        *     *     *

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


VERIFONE INC: S&P Revises Outlook, Affirms BB- Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
San Jose, California-based VeriFone Inc. to positive from
stable, following continued positive operating trends.  Ratings
on the company, including the 'BB-' corporate credit rating,
were affirmed.

"The ratings reflect the company's moderate debt leverage and
acquisitive growth strategies," said S&P's credit analyst David
Tsui.  "These factors are partially offset by VeriFone's leading
position in the niche market for electronic payment solutions
and its diversified customer and market base."

VeriFone designs, markets, and services system solutions that
enable secure electronic payments.  Organic revenue growth has
accelerated over the past two years, benefiting from
management's focus on increasing penetration of electronic
payments in international markets, the replacement of existing
solutions to accommodate newer payment applications, and an
overall market shift from paper-based transactions to electronic
transactions at the point of sale.

Revenues for the quarter ended July 2007 were US$232 million, up
from US$148 million last year, primarily due to the company's
acquisition of Lipman Electronic Engineering in November 2006.
Profitability improved after the Lipman acquisition, with EBITDA
margins rising to the mid-20% area from 20% in the fiscal year
ended October 2006.  The acquisition of Lipman appears to have
been integrated smoothly and to have solidified VeriFone's
leading market position, particularly in international markets.

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

                        *     *     *

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


VOTORANTIM GROUP: Moody's Ups Votorantim Cement Ratings to Ba1
--------------------------------------------------------------
Moody's Investors Service upgraded Votorantim Cement North
America Inc.'s (VCNA) US$559 million Senior Secured Bank
Facility ratings to Ba1 from Ba2.  The facility is comprised of
a US$150 million five-year revolving credit facility and a
US$409 million five-year term loan.  The facility is secured by
a first priority lien on all of Votorantim Cement's present and
future assets. Moody's also assigned a Ba1 corporate family
rating to VCNA.  The rating outlook is positive.

In an earlier corporate action, VCNA acquired 100% of St. Marys
Cement Inc., the entity to which Moody's had previously affixed
the Corporate Family Rating and Senior Secured rating.  The
ratings at St. Marys Cement Inc. are being withdrawn
concurrently with the assignment of ratings for VCNA.

The upgrade and positive outlook for VCNA primarily reflect the
Aug. 24, 2007 upgrade of VCNA's parent, Votorantim Participacoes
S.A. to Baa3 with a positive outlook, the importance of VCNA to
Votorantim Participacoes, and its inclusion as a material
subsidiary in VPar's notes documentation, which contains cross
default and cross acceleration language to its wholly-owned
subsidiary liabilities of more than US$25 million, however,
there are no formal guarantees or support.  Votorantim
Participacoes has directly provided support to VCNA in the past.

Other key factors influencing VCNA's ratings include its
reasonable financial leverage given the company's size and
earnings capacity, a market position supported by its status as
the largest supplier of cement in the Great Lakes region and its
assets in ready-mix concrete and construction aggregates.
VCNA's ratings are also reflective of the company's reduction in
free cash flow due to increased capital spending over the near
term, largely driven by expansion of the company's Florida
assets, and vulnerability to raw material cost inflation,
including natural gas and electricity, as well as vulnerability
to economic weakening in the Great Lakes region, given its focus
on that region.

US$559 million of long-term debt ratings affected.

These ratings were upgraded:

  -- Issuer: Votorantim Cement North America Inc.

  -- US$150 million Gtd Sr Sec Revolving Credit Facility due
     2011 - upgraded to Ba1 (LGD3, 46%) from Ba2

  -- US$409 million Gtd Sr Sec Term Loan Facility due 2011 -
     upgraded to Ba1 (LGD3, 46%) from Ba2

These ratings were assigned:

  -- Issuer: Votorantim Cement North America Inc.
  -- Corporate family rating - Ba1
  -- Probability of Default -- Ba1

Toronto-based Votorantim Cement North America is the North
American holding company for Votorantim Cimentos' operations in
the United States and Canada, operating primarily in the Great
Lakes and Florida regions.  For 2006, VCNA generated more than
US$725 million in net sales and was responsible for the sale of
more than 5.5 million tons of cement, 2.4 million cubic meters
of ready-mix and approximately 6.6 million tons of aggregates.
VCNA and Votorantim Cimentos are ultimately owned by the
Votorantim group.

                   About Votorantim Group

Votorantim is a privately held conglomerate with a diverse
business portfolio that includes banking, metals and mining,
pulp and paper, cement, agribusiness, and chemicals.  Votorantim
reported consolidated net revenues of BRL28,978 million
(US$13,293 million) in 2006.

Headquartered in Sao Paulo, Brazil, the Votorantim group is one
of the largest private industrial conglomerates in Latin
America, with large-scale production in cement, pulp and paper,
and metals and mining industries.  The group is also actively
engaged in the production of chemicals, frozen concentrated
orange juice, energy, financial services and venture capital
investments.


* BRAZIL: Anatel Stops Accepting Mobile License Bids on Sept. 18
----------------------------------------------------------------
Brazilian telecoms regulator Anatel said in a statement that it
will stop accepting bids for the latest round of mobile licenses
on Sept. 18, 2007.

Business News Americas relates that Anatel is offering 105
blocks of spectrum distributed over 28 service areas.  The
minimum bid varies according to the service area, beginning at
BRL9,300 in the Mato Grosso do Sul municipality of Paranaiba,
where two blocks are being offered, and ranging to BRL106
million in one of the more sought after areas.  The spectrum is
for 2G mobile service.  It can be used by existing mobile
operators to boost services or by new firms who want to enter
the Brazilian mobile market.

News daily Gazeta Mercantil relates that 20 operators bought the
bidding rules for the licenses.  Among those who bought the
rules are:

          -- Claro,
          -- TIM,
          -- Telemig,
          -- Brasil Telecom, and
          -- Vivo.

Anatel hasn't set a date for disclosing license winners.
However, it expects to end the auction process next year,
BNamericas states, citing the regulator's spokesperson.

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

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: State Firm Inks Biofuels Pact with Statoil
----------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA said in a
statement that it has signed a memorandum of understanding with
Norwegian counterpart Statoil for biofuels and hydrocarbons
exploration and production.

Petroleo Brasileiro told Business News Americas that the
memorandum covers:

          -- research and development on the production of
             ethanol using lignocellulose as well as on
             biodiesel production;

          -- forging of a partnership to produce ethanol in
             Brazil for export to Europe;

          -- development of sustainability measures for the
             biofuel productive chain in an effort to guarantee
             steady biofuels production; and

          -- joint participation in new and existing projects.

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


ADC INTERNATIONAL: Holding Final Shareholders Meeting Tomorrow
--------------------------------------------------------------
ADC International Corp. will hold its final shareholders meeting
on Sept. 19, 2007, at 12:00 noon, at:

          3rd Floor, Piccadilly Center
          Elgin Avenue, 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:

          MBT Trustees Ltd.
          P.O. Box 30622SMB
          Grand Cayman
          Cayman Islands
          Tel: 945-8859
          Fax: 949-9793/4


ADC INTERNATIONAL: Proofs of Claim Filing Is Until Tomorrow
-----------------------------------------------------------
ADC International Corp.'s creditors are given until
Sept. 19, 2007, to prove their claims to MBT Trustees Ltd., the
company's`liquidator, or be excluded from receiving any
distribution or payment.

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

ADC International's shareholders agreed on June 19, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

        MBT Trustees Ltd.
        P.O. Box 30622SMB
        Grand Cayman
        Cayman Islands
        Tel: 945-8859
        Fax: 949-9793/4


ASAP FUNDING: Will Hold Shareholders Meeting on Sept. 20
--------------------------------------------------------
Asap Funding Ltd. will hold its final shareholders meeting on
Sept. 20, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


ASPECT CURRENCY: Sets Final Shareholders Meeting for Sept. 20
-------------------------------------------------------------
Aspect Currency Fund will hold its final shareholders meeting on
Sept. 20, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Joshua Grant
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


ASPECT TRADING: Will Hold Final Shareholders Meeting on Sept. 20
----------------------------------------------------------------
Aspect Trading Fund will hold its final shareholders meeting on
Sept. 20, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


CHESHIRE FINANCE: Sets Final Shareholders Meeting for Sept. 20
--------------------------------------------------------------
Cheshire Finance Ltd. will hold its final shareholders meeting
on Sept. 20, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


DRAGON MBS: Sets Final Shareholders Meeting for Sept. 20
--------------------------------------------------------
Dragon MBS Ltd. will hold its final shareholders meeting on
Sept. 20, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


HARMONY LEASING: Sets Final Shareholders Meeting for Nov. 15
------------------------------------------------------------
Harmony Leasing Ltd. will hold its final shareholders meeting on
Nov. 15, 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:

         Joshua Grant
         Maples Finance Limited
         P.O. Box 1093
         George Town, Grand Cayman
         Cayman Islands


HFT REAL: Final Shareholders Meeting Is on Sept. 20
---------------------------------------------------
HFT Real Estate CDO 2006-III Ltd. will hold its final
shareholders meeting on Sept. 20, 2007, at:

          Queensgate House
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

   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


MORGAN STANLEY: Will Hold Final Shareholders Meeting on Sept. 20
----------------------------------------------------------------
Morgan Stanley Alternatives Managed Futures Ltd. will hold its
final shareholders meeting on Sept. 20, 2007, at:

          3rd Floor, Piccadilly Center
          Elgin Avenue, 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


RHAPSODY LEASING: Sets Final Shareholders Meeting for Nov. 15
-------------------------------------------------------------
Rhapsody Leasing Ltd. will hold its final shareholders meeting
on Nov. 15, 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:

         Joshua Grant
         Maples Finance Limited
         P.O. Box 1093
         George Town, Grand Cayman
         Cayman Islands


STONE HOLDINGS: Holds Final Shareholders Meeting on Nov. 15
-----------------------------------------------------------
Stone Holdings Inc. will hold its final shareholders meeting on
Nov. 15, 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:

         Joshua Grant
         Maples Finance Limited
         P.O. Box 1093
         George Town, Grand Cayman
         Cayman Islands


VENUS INVESTMENT: Sets Final Shareholders Meeting for Nov. 15
-------------------------------------------------------------
Venus Investment Fund Ltd. will hold its final shareholders
meeting on Nov. 15, 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 liquidators can be reached at:

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




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


BUCYRUS INT'L: Manufactures New Walking Dragline for Mining Firm
----------------------------------------------------------------
Bucyrus International Inc. is manufacturing a new 8750 AC
Walking Dragline for a major coal mining company in Canada.
Bucyrus initially received a letter of intent for this dragline
earlier this year and finalized the formal contract for the sale
in the second quarter.  The 8750's capabilities and the advanced
technologies that are incorporated into this machine helped to
secure the order.

This newest dragline, with a contract value in excess of US$100
million, will have a complete AC-IGBT electrical drive system
for all motions.  Bucyrus, with its partner Siemens Energy &
Automation, pioneered the use of AC drive systems on mining
equipment nearly 30 years ago.  Due to the reliability and
maintenance-reducing advantages of the AC systems, AC drives
have become the norm for heavy excavating equipment in the
surface mining industry.  Their use on draglines (the largest
single bucket excavators in the world) is no exception.

The combined drives for the hoist, drag, swing, and walking
motions of this 8750's AC system will have over 37,300 applied
horsepower.  When in full operating mode, it will be able to
lower its 110 yd3 (84.1 m3) bucket to a maximum depth of 250 ft
(76.2 m) and drag it until it is filled with nearly 301,000 lbs
(136,500 kg) of overburden material (the dirt and rock covering
a buried coal seam).  That full bucket can then be hoisted to a
maximum height of 182 ft (55.5 m) while turning and finally
dumping the material 399 ft (121.6 m) away.  This machine's
operating weight is approximately 16,135,000 lbs (7,319,000 kg).

                 About Bucyrus International

Bucyrus International -- http://www.bucyrus.com/-- is a leading
manufacturer of electric mining shovels, walking draglines and
rotary blasthole drills and provides aftermarket replacement
parts and services for these machines.  For the 12 months ended
Sept. 30, 2006, Bucyrus had sales of USUS$705 million.  Bucyrus
is headquartered in South Milwaukee, Wisconsin.  DBT has eight
facilities around the world and approximately 3,200 employees.
The company has operations in Brazil, Chile, China and Europe.

                        *     *     *

As reported in the Troubled Company Reporter-LAtin America on
June 7, 2007, Standard & Poor's Ratings Services revised its
recovery rating on Bucyrus's credit facilities.  The bank loan
rating remains 'BB-', however the recovery rating was revised to
'3' from '4', indicating S&P's expectation that these lenders
would receive meaningful recovery (50%-80%) in a payment
default.

The paydown of more than USUS$300 million in the term loan -- to
US$500 million from USUS$825 million from proceeds of a recent
equity offering -- was the primary reason for the rating change.

The corporate credit rating on Bucyrus is BB-/Positive/--


SHAW GROUP: Bags EPC Contract for ExxonMobil's Singapore Unit
-------------------------------------------------------------
The Shaw Group Inc.'s Energy & Chemicals Group has been awarded
a contract to provide technology, engineering, procurement and
construction services for a 1,000,000 tons-per-year olefins
recovery facility and a 220 megawatt power cogeneration unit at
Jurong Island, Singapore, for ExxonMobil Chemical.  The project
is part of ExxonMobil Chemical's second world-scale steam
cracker and associated derivative units being constructed at the
site.  The value of Shaw's contract, already included in the
company's previously announced backlog, was undisclosed.

"This award further establishes Shaw as a major EPC player in
Asia," said J.M. Bernhard Jr., chairman, president and chief
executive officer of Shaw.  "We will draw upon our 66 years of
global olefins experience and expertise in power generation to
successfully deliver a world-scale plant that will help
ExxonMobil Chemical meet the increasing global demand for
petrochemicals."

An established leader in ethylene technology, Shaw has provided
technology, design, engineering and/or construction for more
than 120 plants with a worldwide reputation for exceptionally
high operational reliability, rapid start-up and superior
performance.  Since 1990, Shaw technology has been selected for
35 percent of the world's ethylene capacity increases.
Currently, Shaw is providing technology and EPC services for
several other major olefins projects worldwide.

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

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

                        *     *     *

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

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




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


CASCADES INC: Signs Reno de Medici & Cascades S.A. Merger
---------------------------------------------------------
Cascades Inc. has signed definitive agreements for the
combination of Reno de Medici and Cascades S.A.'s recycled
boxboard business, the whole as announced in the press release
issued on June 20, 2007.

The planned combination will offer a unique portfolio of
production assets for all of Europe, presenting a combined
annual capacity of more than 1,100 kT.  This merger will thus
result in an operationally and financially stronger company that
will be better able to respond to the demands of global
customers.

The agreements signed today confirm the issuance of 115,600,000
common shares of Reno de Medici to Cascades S.A., which will
represent approximately 30.6% of the common shares of Reno de
Medici after the merger.  Cascades S.A. also signed a
shareholders agreement with a group of shareholders of Reno de
Medici who together, will hold approximately 20% of the common
shares of Reno de Medici after the merger.  This agreement
provides, among other things, that the shareholders shall not
sell their shares during the 18 months following the merger and
thereafter, shares may be sold subject to right of first refusal
and piggyback.  This agreement also provides that the
shareholders will have equal representation on the board of
directors of Reno de Medici after the merger.

The combination is subject to certain conditions, including,
namely, approval of the appropriate regulatory authorities as
well as approval by shareholders of Reno de Medici at a special
meeting of the company, expected to take place in October of
this year.  The transaction is expected to be completed at the
beginning of January 2008.

                  About Reno De Medici SpA

Reno De Medici produces, transforms and markets cartonboard.
Reno De Medici employs more than 1,100 employees and conducts
its activities through subsidiaries based in Italy, France,
Spain and Germany.  Reno De Medici is listed on the Milan and
Madrid stock exchanges.

             About Cacades S.A. and Cascades Inc.

Cascades S.A. is a European division of Cascades Inc.  It
includes primarily 4 virgin and recycled manufacturing boxboard
mills in France, Germany and Sweden, a sheeting operation in
England and an overall active sales structure in Europe.

Headquartered in Kingsey Falls, Quebec, Cascades Inc. --
http://www.cascades.com/-- produces, transforms, and markets
packaging products, tissue paper and fine papers, composed
mainly of recycled fibres.  Cascades employs nearly 15,600 men
and women who work in some 140 modern and flexible production
units located in North America, in Europe and in Asia.  The
Cascades shares trade on the Toronto stock exchange under the
ticker symbol CAS.  The company has operations in Hong Kong,
Colombia, and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2007, Moody's Investors Service assigned a Ba3 (LGD5,
72%) rating to Cascades' Inc.'s new CND$100 million senior
unsecured revolving credit facility.

At the same time Moody's affirmed Cascades' Ba2 corporate family
rating, its probability of default rating of Ba2, its Baa3
senior secured ratings, and its Ba3 senior unsecured ratings.
The senior unsecured ratings of Ba3 reflect a loss given default
of LGD-5 (72%) and the senior secured ratings of Baa3 reflect a
loss given default of LGD-2 (18%).  The rating outlook is
stable.

Rating Assigned:

  -- CND$100 million senior unsecured revolver, Ba3, LGD5, 72%

Ratings Affirmed:

  -- Corporate Family Rating: Ba2
  -- PDR: Ba2
  -- CND$675 million Sr. Unsecured Notes due 2013, Ba3, LGD5,
     72%
  -- CND$250 million 6.75% Sr. Unsecured Notes due 2013, Ba3,
     LGD5, 72%


MILLICOM INTERNATIONAL: Unit Works with Colombian State Firm
------------------------------------------------------------
Millicom International Cellular's Colombian unit Tigo has
entered into a partnership with Colombian state-run telecom firm
UNE EPM to offer postpaid mobile telephony to the state
telecom's residential fixed line subscribers, UNE EPM said in a
statement.

According to UNE EPM's statement, customers will pay one bill
for the packaged service.  The mobile service component begins
at COP17,000.

Business News Americas relates that through Tigo's services, UNE
EPM can offer five mobile handsets at discounted prices.

The service will first be implemented in Medellin before it will
be expanded to other areas, BNamericas states.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *     *     *

Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'B-' senior unsecured debt ratings
on Luxembourg-headquartered emerging-markets wireless
telecommunications operator Millicom International Cellular S.A.
on CreditWatch with positive implications, following the signing
of an agreement for sale by Millicom of its 88.9% stake in
Paktel Ltd. to China Mobile Communications Corp.

Millicom International's 10% senior notes due 2013 carry Moody's
B3 rating and Standard & Poor's B- rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Millicom International Cellular S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.


SCO GROUP: Files Chapter 11 Reorganization Petition
---------------------------------------------------
The SCO Group, Inc. has filed a voluntary petition for
reorganization under Chapter 11 of the United States Bankruptcy
Code.  SCO's subsidiary, SCO Operations, Inc., has also filed a
petition for reorganization.  The Board of Directors of The SCO
Group have unanimously determined that Chapter 11 reorganization
is in the best long-term interest of SCO and its subsidiaries,
as well as its customers, shareholders, and employees.

The SCO Group intends to maintain all normal business operations
throughout the bankruptcy proceedings. Subject to court
approval, SCO and its subsidiaries will use the cash flow from
their consolidated operations to meet their capital needs during
the reorganization process.

"We want to assure our customers and partners that they can
continue to rely on SCO products, support and services for their
business critical operations," said Darl McBride, President and
CEO, The SCO Group.  "Chapter 11 reorganization provides the
Company with an opportunity to protect its assets during this
time while focusing on building our future plans."

The SCO Group has filed a series of first day motions in the
Bankruptcy Court to ensure that it will not have any
interruption in maintaining and honoring all of its commitments
to its customers.  The motions also address SCO's continued
ability to pay its vendors, the retention of various
professional advisors, and other matters.

                        About SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
-- http://www.sco.com/-- provides software technology for
distributed, embedded and network-based systems, offering SCO
OpenServer for small to medium business and UnixWare for
enterprise applications and digital network services.  The
company has operations in Argentina, Brazil, Colombia and Mexico
in Latin America.




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


ALCATEL-LUCENT: Expects Slight Revenue Growth in Third Quarter
--------------------------------------------------------------
Alcatel-Lucent revised its full year 2007 revenue outlook and
confirmed its previous statements regarding synergy targets for
the year.

Alcatel-Lucent now expects its full year 2007 revenue growth to
be flat to slightly up at a constant Euro/USD exchange rate.
Alcatel-Lucent had previously estimated that its revenue would
grow in the mid single digits at a constant rate.

To date, Alcatel-Lucent's revenue for the third quarter 2007 is
estimated to grow slightly compared to the second quarter 2007
at a constant Euro/USD exchange rate.  The company's revenue for
the fourth quarter 2007 is still expected to ramp-up strongly
over the third quarter 2007.  Additionally, the change in
revenue mix is expected to negatively impact the profitability
of the company, especially in the current quarter.  For the
third quarter 2007, the operating income (loss) is expected to
be around breakeven.

This downward revision in the revenue forecast is based on the
most recent and updated discussions with some wireless customers
in North America.  Alcatel-Lucent is now seeing a change in
capital spending with those customers in 2007, compared to what
it had anticipated.  As a result, the company is not seeing the
projected volume changes that would have mitigated the ongoing
pricing pressures it is experiencing.  In other regions and
businesses, in particular wireline, enterprise and Asia-Pacific
revenue performance continues to be strong.

The company continues to execute on its integration plans and is
planning to achieve its synergy related pre-tax savings of
EUR600 million this year.   As the company has previously said
for this year, it will not retain its gross margin savings due
to competitive market conditions but expects it will retain most
of its operating expense savings on a comparable basis.

Alcatel-Lucent continues to expect a strong sequential revenue
growth in the fourth quarter, driven by IP transformation,
broadband deployment and associated services.

Patricia Russo, Alcatel-Lucent CEO said, "Given ongoing dynamics
in the rapidly changing telecom industry, the company is taking
steps to accelerate the execution of its current restructuring
program and to implement additional focused cost reduction plans
in markets which require further actions to be taken.

While the company acknowledges that it is competing in a
challenging market environment and executing a complex merger,
it remains confident that it has the right combination of people
and assets to position the company as a  leading player in the
industry."

Alcatel-Lucent will provide an update regarding its plans when
announcing third quarter earnings on Oct. 31, 2007.

                   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.  Alcatel-Lucent's U.S. offices
are located at 600 Mountain Avenue, in Murray Hill, New Jersey.

                        *     *     *

In April 2007, Fitch Ratings affirmed Alcatel-Lucent's "BB"
Issuer Default and Senior Unsecured Debt ratings and
simultaneously withdrew them.

In February 2007, Moody's Investor Services placed a Ba2 rating
on Alcatel's Corporate Family and Senior Debt ratings.  Lucent
also carries Moody's B1 Senior Debt rating and B2 Subordinated
debt & trust preferred rating.

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


ALCATEL-LUCENT: Societe Generale Reaffirms Sell Rating on Firm
--------------------------------------------------------------
Societe Generale analysts have reaffirmed their "sell" rating on
Alcatel-Lucent's shares, Newratings.com reports.

Newratings.com relates that the target price for Alcatel-
Lucent's shares was decreased to EUR5.50 from EUR7.

The analysts said in a research note that Alcatel-Lucent issued
a profit warning.  Due to a weakening in capital spending by
wireless subscribers in North America, the firm reduced its
revenue growth guidance for this year from mid-single digit to
flat to marginal.

The analysts told Newratings.com that Alcatel-Lucent eyes a
breakeven in the third quarter 2007, "which is significantly
short of the consensus."

The "slowdown in the CDMA business" would affect Alcatel-
Lucent's margins, which are under pressure due to aggressive
pricing, Newratings.com says, citing Societe Generale.

The earnings per share estimate for 2008/2009 was decreased by
30%, Newratings.com states.

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.  Alcatel-Lucent's U.S. offices
are located at 600 Mountain Avenue, in Murray Hill, New Jersey.

                        *     *     *

In April 2007, Fitch Ratings affirmed Alcatel-Lucent's "BB"
Issuer Default and Senior Unsecured Debt ratings and
simultaneously withdrew them.

In February 2007, Moody's Investor Services placed a Ba2 rating
on Alcatel's Corporate Family and Senior Debt ratings.  Lucent
also carries Moody's B1 Senior Debt rating and B2 Subordinated
debt & trust preferred rating.

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


US AIRWAYS: August 2007 Passenger Traffic Up 4.3%
-------------------------------------------------
US Airways Group, Inc., reported Sept. 6, 2007, August and year-
to-date traffic results for 2007.  Revenue passenger miles for
the month were 5,700,000,000, up 4.3% from August 2006.
Capacity was 6,800,000,000 available seat miles, down 1.9% from
August 2006.  Passenger load factor for the month of August was
85.0% versus 80.0% in August 2006.

"Our consolidated passenger revenue per available seat mile
during August 2007 was up over five percent on a year-over-year
basis.  Looking forward, we are encouraged as both business and
leisure demand remains strong.  We are also pleased by the
progress our airline is making operationally, which continues to
improve, with an average of 87.1% of our flights arriving on-
time during the recent Labor Day weekend," US Airways President
Scott Kirby, said in a statement.

America West and US Airways report combined operational
performance to the Department of Transportation.  For the month
of August 2007, the combined domestic on-time performance was
69.4% with a completion factor of 98.4%.

               Other Notable Accomplishments

US Airways further provided these brief updates on notable
company accomplishments during the month of August:

  * The airline maintenance and reliability groups set a new
    V2500 engine operating hours performance record with the
    completion of more than 30,000 flight hours.

  * New livery of the airline's mainline fleet nears the 200
    mark, with approximately 160 left to paint.

  * The company signed a new codeshare agreement with Star
    Alliance member Air New Zealand, providing non-stop flights
    available for US Airways customers to Auckland, New Zealand
    via San Francisco and Los Angeles.

                      About US Airways

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) -
http://www.usairways.com/-- primary business activity is the
ownership of the common stock of US Airways, Inc., Allegheny
Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc.,
MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc.,
Material Services Company, Inc., and Airways Assurance Limited,
LLC.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.  (US Airways
Bankruptcy News, Issue No. 148  Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

US Airways Group Inc.'s US$1.6 billion secured credit facility
due 2014, currently being syndicated carries Standard & Poor's
Ratings Services 'B' rating.  That rating was assigned in March
2007.


US AIRWAYS: Robert Isom Appointed as Chief Operating Officer
------------------------------------------------------------
US Airways has named airline industry veteran Robert D. Isom,
Jr., to the newly created position of executive vice president
and chief operating officer, effective Sept. 6, 2007.  In that
position, Mr. Isom will head up the airline's operations,
including flight operations, inflight services, maintenance and
engineering, airport customer service, reservations, cargo and
the Express operation.

In addition, the airline named Daniel Pon to the position of
vice president, Human Resources and Kerry Hester to the position
of vice president, Customer Service Planning.  Senior vice
president of Customer Service, Anthony V. Mule, also announced
his plans to retire after a 35-year career in the aviation
industry that spanned American Airlines, Pan American, America
West and US Airways.

According to US Airways Chairman and Chief Executive Officer
Doug Parker, "It's an exciting day for our airline to add three
experienced executives to our team.  Each of them brings a
unique set of experiences and knowledge that will help us
achieve our goal to build a better airline.

"I also want to acknowledge the upcoming retirement of Anthony
Mule, who has worked with me and others at our airline for more
than 11 years.  Anthony has been part of the aviation community
for over 35 years and has made a positive impact on many people
along the way.  We are grateful for his contributions to our
airline and look forward to building on the foundation he has
put into place."

                        About R. Isom

Prior to joining US Airways, Mr. Isom served as chief
restructuring officer of GMAC, LLC, from October 2006 through
August 2007, and as chief operating officer, Residential Finance
Group, GMAC ResCap from October 2005 through September 2006.  He
served as senior vice president, Ground Operations and Customer
Service of Northwest Airlines, Inc., from 2003 until 2005 and as
vice president, International of Northwest Airlines, Inc. from
2001 until 2003.  Mr. Isom also served Northwest from 1991
through 1995, and 2000 through 2001 in various positions,
including vice president, Finance and director, Cargo Strategic
Planning.  From 1995 through 2000, Mr. Isom held senior
management positions in finance, operations and revenue
management at America West Airlines, Inc.

In the role of chief operating officer, Mr. Isom will report to
US Airways President Scott Kirby.

"We are very pleased to have an executive of Robert's caliber
join us.  In addition to possessing a strong background in
international and domestic airline operations, Robert brings a
good balance of customer focused ideas and the right analytical
skills to help US Airways navigate in an ever evolving industry.
He has a passion for, and an acute understanding of the airline
industry, which will prove invaluable to the customers and
employees of US Airways," Mr. Kirby said in a company statement.

Mr. Isom's annual base salary will be US$400,000, Janet Dhillon,
US Airways senior vice president and general counsel, disclosed
in a regulatory filing with the U.S. Securities and Exchange
Commission.  Mr. Ison will also receive a one-time $120,000
initial payment upon joining the company.  "Mr. Isom must repay
100% of the initial payment if he voluntarily terminates his
employment with us before completing 12 months of service or if
he is terminated for cause, and he must repay 50% of the initial
payment if he voluntarily terminates employment with us after 12
months of employment but before completing 24 months of
employment," Ms. Dhillon clarifies.

Consistent with the company's objective of aligning the
interests of its executives and officers with its stockholders,
Mr. Isom received a grant of 70,000 stock appreciation rights on
Sept. 6, 2007, vesting one-third on each of Sept. 6, 2008, 2009
and 2010, with an exercise price equal to the fair market value
of US Airways Group's common stock on the date of grant.  He
also received a grant of 35,000 restricted stock units on
Sept. 6, 2007, vesting one-third on each of Sept. 6, 2008, 2009
and 2010.

To align his variable, performance-based compensation with the
financial goals of the company, Mr. Isom will participate in US
Airways' annual Incentive Compensation Plan and long-term
Performance-Based Award Plan.  Mr. Isom, Ms. Dhillon related,
will participate in the ICP at the Executive Vice President
level, under the same performance metrics approved by the
company's Compensation and Human Resources Committee for 2007,
with a 2007 target bonus equal to 60% of his base salary, a
maximum bonus equal to 120% of his base salary and a threshold
bonus equal to 30% of his base salary.

Pursuant to the terms of the ICP, any 2007 award to Mr. Isom
will be pro-rated based on the actual number of full months that
he serves during the year, Ms. Dhillon elaborated.  The HR
Committee has determined that no ICP awards will be paid out,
including Mr. Isom's award, if there is not a payout under the
company's employee profit sharing plan in order to align
performance incentives throughout the ranks.

In addition, Mr. Isom will be eligible to receive a separate
bonus payment for 2007 equal to the difference between:

  (a) the bonus he would receive under the ICP for 2007 if the
      plan did not require pro-rating based on full months of
      employment; and

  (b) the ICP bonus he actually receives for 2007.

                        About D. Pon

In his capacity as vice president of Human Resources, Mr. Pon
will report to Elise Eberwein, senior vice president of
people, communications and culture, and will be responsible for
the airline's domestic and international human resources
services, including medical and retirement benefits,
compensation, employee assistance services, employee relations,
drug and alcohol testing and employee travel.

"Operating an airline our customers enjoy depends on having
engaged and enthusiastic employees," said Ms. Eberwein.  "You
simply can't have one without the other, and the HR department's
mission, to serve our internal customers, will be further
realized under Dan's leadership.  Dan brings comprehensive HR
generalist experience as well as an extensive background in
benefits, administration and employee relations.  Most
importantly, he will do a fantastic job overseeing the policies
that make life easier for our most important internal customer,
the more than 36,000 people who are US Airways."

Mr. Pon has more than 15 years of human resources experience and
was most recently vice president of global compensation and
benefits for Sanmina-SCI of San Jose, California.  With an
employee base of 40,000, Mr. Pon oversaw global benefits and
retirement and managed that company's total compensation
programs.  He brings additional experience from ASTAR Air Cargo
and was a key member of that air cargo company's 2005 hub
relocation project.  Mr. Pon also served as vice president of
E*Trade Group from 1997 to 2001.

Mr. Pon holds a bachelor of arts in political science and a
master of arts in public administration from California State
University, Hayward.  He is also a member of the Society for
Human Resource Management.  Mr. Pon and his wife Teresa will
relocate to the Phoenix area.

                       About K. Hester

As vice president of Customer Service Planning, Ms. Hester, 37,
will coordinate the overall customer travel experience -- from
the initial reservation, to check-in at the airport and onto the
plane, all the way to what happens in irregular operations
situations.

"Kerry is a strategic and analytical executive who also has a
passion for seamless customer service," Mr. Isom remarked.  "Her
mission at our airline will include building on our current
airport operations and working with other departments to ensure
that the travel experience is enjoyable and efficient for our
customers."

Ms. Hester joins US Airways from Northwest Airlines.  During her
11 years at Northwest, she built a broad base of airline
knowledge through a variety of leadership roles in revenue
management, planning, airport operations, and reservations.
Most recently, she served as managing director of Employee
Engagement.  Prior to joining Northwest Airlines in 1996, Ms.
Hester worked at Aeroquip Corporation and Andersen Consulting.

Ms. Hester graduated with a bachelor of arts in economics from
Tulane University and earned a master of business administration
from the University of Michigan.  She and her husband Doug will
relocate to the Phoenix area.

Mr. Parker said, "We have a great management team today and the
additional bench strength these three executives bring will help
complete our integration and build a great place to work for our
people and an airline that customers enjoy flying."

                      About U.S. Airways

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) -
http://www.usairways.com/-- primary business activity is the
ownership of the common stock of US Airways, Inc., Allegheny
Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc.,
MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc.,
Material Services Company, Inc., and Airways Assurance Limited,
LLC.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.  (US Airways
Bankruptcy News, Issue No. 148  Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

US Airways Group Inc.'s US$1.6 billion secured credit facility
due 2014, currently being syndicated carries Standard & Poor's
Ratings Services 'B' rating.  That rating was assigned in March
2007.




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


BANCO INTERCONTINENTAL: Luis Renta May Not Make US Court Hearing
----------------------------------------------------------------
Dominican financier Luis Alvarez Renta, who is facing fraud
charges due to his alleged involvement in the Banco
Intercontinental collapse, may find it hard to make the hearing
at the Miami federal court, Jane Bussey at the Miami Herald
reports.

The Miami Herald notes that Mr. Renta has to be in Miami next
month to face contempt of court allegations.  The October court
hearing resulted from "his alleged attempts to thwart collection
of the money by Dominican authorities."  Miami attorneys for
Dominican authorities said that Mr. Renta should be held in
contempt of court for allegedly engaging in a "cat and mouse
game to transfer his assets to corporations in other states and
to relatives to impede efforts to collect the funds."

According to the Miami Herald, a Miami federal jury had decided
in November 2005 that Mr. Renta was liable on three counts of
racketeering and one count of fraudulent money transfer from
Banco Intercontinental.  He was ordered to pay US$177 million.
Mr. Renta's legal representatives filed last week a motion for a
new trial based on new evidence.

Mr. Renta is currently facing another trial in the Dominican
Republic for being allegedly the mastermind of the Banco
Intercontinental fraud, the Miami Herald notes.  That trial was
initially scheduled to end in the first week in September.
However, closing arguments are dragging out, which would make it
hard for Mr. Renta to appear at the Miami court hearing, as he
couldn't leave the Dominican Republic without court
authorization.  When Mr. Renta's trial in the Dominican Republic
ends, the judges have 20 days to make a decision.

Mr. Renta told the Miami Herald, "We don't know when this is
going to close here.  I was supposed to deliver my closing
arguments on the third of September.  I will submit them Monday
or Tuesday."

The trial in the Dominican Republic was going very well, better
than the civil trial in Miami, the Miami Herald says, citing Mr.
Renta.  In the Miami trial, Mr. Renta couldn't subpoena
witnesses from the Dominican Republic.

The Miami Herald relates that even if Mr. Renta makes his court
date in Miami, "he won't be done with the international justice
system.  Bancredito Panama, a now-closed bank in Panama
associated with one of the banks that failed in the Dominican
Republic," filed a lawsuit on Aug. 27, 2007 before the New York
State Supreme Court to seek repayment of a US$3.5-million loan
to Mr. Renta.  According to the lawsuit, Luis Alvarez Renta &
Associates, a New York corporation, borrowed some US$3.5 million
in 2002 as part of a US$70-million loan from the bank to buy 21
million shares in the Dominican wireless firm Tricom.  The
lawsuit says that the guarantee on the loan is the Tricom
shares, which then "became worthless."  Mr. Renta never repaid
the loan.

Mr. Renta also denied to the Miami Herald that he has any
business in New York.

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.


CENVEO CORP: S&P Raises Senior Secured Credit Rating to BB
----------------------------------------------------------
Standard & Poor's Ratings Services has raised its bank loan
rating on Cenveo Corp.'s senior secured credit facilities to
'BB' (two notches higher than the corporate credit rating on
holding company parent Cenveo Inc.), from 'BB-'.  The recovery
rating was revised to '1' from '2'. The '1' recovery rating
indicates that lenders can expect very high (90%-100%) recovery
in the event of a payment default.  At the same time, S&P's has
affirmed its 'BB' bank loan rating and '1' recovery rating due
to the company's $100 million senior secured term loan C add-on,
issued in July to help fund the acquisition of Madison/Graham
ColorGraphics Inc.

S&P's has also affirmed the 'B+' corporate credit rating on
Stamford, Connecticut-based Cenveo Inc.  The outlook is
positive.

"The ratings on Cenveo reflect its high leverage pro forma for
recent acquisitions, the likelihood of more debt-financed
acquisitions in the intermediate term, and its participation in
highly competitive and fragmented markets," said S&P's credit
analyst Emile Courtney.  "These factors are somewhat offset by
operating improvements in 2006 and the expectation of continued
growth in profitability and cash flow generation."

                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.  Cenveo Corp. is Cenveo Inc.'s wholly owned
subsidiary.

Cenveo acquired Cadmus Communications in a merger completed on
March 2007.  The company has operations in the US, India and
the Caribbean Rim, particularly in the Bahamas, Cuba, Jamaica,
Haiti, Dominican Republic, Puerto Rico, and Belize.




=================
G U A T E M A L A
=================


FLOWSERVE CORP: To Sell Product Distribution Assets to Indutrade
----------------------------------------------------------------
Flowserve Corp. has reached a definitive agreement to sell
certain product distribution assets of its small non-core
instrumentation and positioner facility in Karlstad, Sweden, to
Indutrade.

The Karlstad facility provides instrumentation products and
systems including gas analyzers, I/O devices, recorders,
radiation density meters and other non-core products used for
measurement and control of flow processes in industries such as
power, paper and machinery.  Under the terms of the agreement,
Indutrade will continue to sell Flowserve's products and
services, which should provide Flowserve wider access to sales
channels in the region.

Additional terms of the deal were not disclosed but are not
material to Flowserve.

"This agreement enables Flowserve to strengthen its focus on
core control valve solutions and manufacturing operations while
concurrently opening up some new sales channels for us
throughout Sweden and northern Europe," said Tom Pajonas,
president of Flowserve's Flow Control Division.

                       About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.




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


* HONDURAS: Launching Bidding for Fuel Storage Terminal Project
---------------------------------------------------------------
The Honduran government will launch the bidding process for a
contract to construct a fuel storage terminal within 90 days,
Business News Americas reports, citing oil administrative
commission executive director Lucy Bu de Bueso.

BNamericas relates that information on the terminal was
disclosed last year.  Initial plans called for awarding a
design, construct, run and transfer project for a terminal at
Puerto Castilla on the Atlantic coast.  However, bidding rules
will be updated.  The government extended a contract with Suroil
to update the rules.

The terminal will support the fuel supply tender that the
government launched in 2006 to guarantee the long-term supply of
low-priced fuels through a competitive process.  US oil major
ConocoPhillips and Mexico's Gas del Caribe topped the bidding,
BNamericas states.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


AIR JAMAICA: Gov't Disappointed with Virgin Atlantic Code Share
---------------------------------------------------------------
Jamaica Transport Minister Mike Henry admitted to Ingrid Brown
at the Jamaica Observer that the government is not pleased with
Air Jamaica's sale of its Kingston/London route to British
carrier Virgin Atlantic under a code share accord.

Minister Henry told The Observer that he has included the deal
as one of the priorities in his "to do" list.  According to him,
he will be analyzing the agreement.

Minister Henry commented to The Observer, "I think everyone
knows my feelings that the sale of the London slot, if it is
sold, reduces the value of Air Jamaica for the purposes that I
would have wanted to exploit.  Correspondingly, what we have
done is, the prime minister has asked Air Jamaica to hold
everything until we have looked at the situation from behind the
desk."

Meanwhile, Virgin Atlantic's communications director Paul
Charles told The Observer, "If the new Government chooses to
privatize the airline we will be watching developments closely."

According to The Observer, Mr. Charles is positive that a change
of government wouldn't affect the code share accord between
Virgin Atlantic and Air Jamaica.

"There is no timetable on that, and privatization takes time to
carry out.  Next year is the earliest before it would be done
and so it wouldn't have any impact on the code share or staffing
on the Kingston/London route," Mr. Charles commented to The
Observer.

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private
in 1994.  The Jamaican government does not plan to on Air
Jamaica permanently.

                        *     *     *

On July 21, 2006, Standard & Poor's Rating Services assigned B
long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, is based on the government's
unconditional guarantee of both principal and interest
payments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.




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


CHAPARRAL STEEL: Completes Buyout Deal with Gerdau Ameristeel
-------------------------------------------------------------
Gerdau Ameristeel Corporation has completed its acquisition of
Chaparral Steel Company, broadening Gerdau Ameristeel's product
portfolio and its range of structural steel products.

Chaparral's shareholders approved the merger at a special
shareholder meeting on Sept. 12, 2007.

On July 10, 2007, Gerdau Ameristeel had reached an agreement to
acquire Chaparral Steel.

"This is a defining moment in the history of our company," Mario
Longhi, president and CEO, Gerdau Ameristeel, said.  "This
solidifies our position as one of the major steel producers in
our region with a major market position in structural steel
products in addition to rebar and merchant bar products.  We are
excited to offer our customers the broadest range of long steel
products in the mini-mill sector."

"The completion of this acquisition confirms our global strategy
of being one of the consolidators in the steel industry," Andre
Gerdau Johannpeter, CEO of the Gerdau Group, said.  "We are
confident that the growth of our North American operations will
add value and bring benefits for our customers, shareholders,
employees and the communities in which we operate."

Gerdau Ameristeel's acquisition of Chaparral Steel Company was
financed, in part, by a US$1,150,000 Bridge Loan Facility and a
US$2,750,000 Term Loan Facility, which was provided by two
separate international syndicates of banks, each arranged by ABN
AMRO Bank N.V., HSBC and J.P. Morgan Securities Inc.
Subsidiaries of Gerdau Ameristeel are the borrowers under the
facilities.

The Bridge Loan Facility matures 90 days from closing, with an
option to extend for a further 90 days and the Term Loan
Facility has tranches maturing 5 and 6 years from the closing.
Gerdau S.A. and certain of its Brazilian affiliates have
guaranteed the obligations of the borrowers under both credit
facilities.

The Bridge Loan Facility and the Term Loan Facility are not
secured by the assets of Gerdau Ameristeel or its subsidiaries.

              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 placed Chaparral Steel Company's
probability of default and long-term corporate family ratings
at "Ba3" on  in July 2007.


DOMINO'S PIZZA: Reports Promotions, Transfers & Retirement
----------------------------------------------------------
Domino's Pizza, Inc. has announced several key management
changes.

David A. Brandon, Chairman, President and Chief Executive
Officer, said:  "These changes include the retirement of one of
our long-standing leaders, several promotions for other
deserving leaders, and rotational assignments for high-potential
leaders developing their skills in diverse areas of our
business.  I believe our new leadership structure will help us
deliver strong results, provide well-deserved opportunities for
key team members and position us for future growth and expansion
-- while maintaining our well-earned reputation for being a
company with one of the strongest management teams in our
sector."

After 10 years of service with Domino's Pizza and outstanding
results in leading its Marketing, International, and Team U.S.A.
divisions, Patrick Doyle is being promoted to the newly-created
position of President, Domino's U.S.A.  In this role, Mr. Doyle
will lead all domestic retail operations, including Team U.S.A.,
Franchise Operations, Franchise Development and Marketing. Prior
to Domino's, Mr. Doyle spent six years with the Gerber Products
Company, most recently as its Vice President and General Manager
for the U.S. baby food business.  Prior to joining Gerber, Mr.
Doyle was European General Manager of Intervascular SA in
LaCiotat, France, and spent five years at First Chicago
Corporation as its Corporate Finance Officer.  Mr. Doyle holds
an MBA from the University of Chicago's School of Business, and
an undergraduate degree in Economics from the University of
Michigan.

The company will be bidding farewell to Mike Soignet in October,
when he will retire from Domino's Pizza.  His 26 years of
outstanding service to the company are well-known throughout the
organization, and greatly appreciated by its franchisees and
team members.  Mr. Soignet and his team have been responsible
for a significant amount of the company's growth and success
over the years.  Mr. Soignet will remain for several weeks to
assist in making his leadership transition successful.

David Mounts, who has been with the company since October 2005,
will be moving from his current position as Domino's CFO and
will take over as Executive Vice President of Distribution and
Procurement, succeeding Mr. Soignet.  Mr. Brandon stated that
Mounts has done an outstanding job in his position as CFO, where
he played a leading role in optimizing the company's capital
structure through its recently completed asset-backed
securitization.  He added that Mr. Mounts is also uniquely
qualified to lead Distribution and Procurement, as his previous
experience at UPS, Inc. included numerous operational management
assignments, as well as experience as the CFO for UPS Supply
Chain Solutions, a US$7 billion supply chain organization
providing services in 120 countries.  He will also continue to
lead the company's Safety and Security Department.

The company also announced the promotion of Scott Hinshaw to the
position of Executive Vice President of Team U.S.A., succeeding
Mr. Patrick Doyle.  Mr. Hinshaw is a 21-year veteran of the
organization and has provided strong leadership to Team U.S.A.
over many years.  Most recently, as Vice President of Team
U.S.A., he has been working closely with Mr. Doyle to produce
impressive results that have outperformed domestic franchise
same store sales growth.

As Mr. David Mounts makes his important transition to lead the
company's Distribution and Procurement business, Bill Kapp has
agreed to serve as Domino's Acting CFO.  Mr. Kapp's over 19
years with Domino's Pizza have prepared him to take on this
interim responsibility.  He was directly involved in the
company's 1998 sale to a consortium of buyers led by Bain
Capital, its 2003 recapitalization and 2004 IPO, and fully
understands the financial markets and the internal workings of
the company.

Mr. Brandon stated that he has no set timetable for the
selection of a permanent CFO, but will do so as soon as
possible.  In the meantime, Mr. Brandon emphasized that he has
great faith in Mr. Bill Kapp and Domino's very talented finance
team -- and he is grateful that Mr. Kapp is willing to take on
this temporary assignment and provide him adequate time to
select the very best candidate for the company's CFO position.

Mr. Brandon is currently working with the Board of Directors to
renew and extend his employment contract, which is expected to
be finalized at the October meeting.

Mr. Brandon concluded:  "To be clear, these changes are not a
result of a plan to diminish my role as CEO of our company.
Patrick Doyle will report directly to me in his new leadership
position. All leaders of our administrative areas will continue
to report directly to me, including Finance, Legal,
Communications/Investor Relations, PeopleFirst and Information
Services.  Additionally, leaders of our Distribution and
Procurement Division and our fastest-growing business unit, our
International Division, will continue to report directly to me."

                    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.


FIRST DATA: Extends Tender Offer Expiration Date to Sept. 24
------------------------------------------------------------
First Data Corporation has further extended the offer expiration
date and price determination date for its previously announced
tender offers in respect of its outstanding:

   -- 6-3/8% Notes due 2007 (CUSIP No. 32006YAG7),
   -- 3.375% Notes due 2008 (CUSIP No. 319963AG9),
   -- 5.8% Medium-Term Notes due 2008 (CUSIP No. 32006YAH5),
   -- 3.9% Notes due 2009 (CUSIP No. 319963AJ3),
   -- 4.5% Notes due 2010 (CUSIP No. 319963AL8),
   -- 5.625% Senior Notes due 2011 (CUSIP No. 319963AF1),
   -- 4.7% Notes due 2013 (CUSIP No. 319963AH7),
   -- 4.85% Notes due 2014 (CUSIP No. 319963AK0) and
   -- 4.95% Notes due 2015 (CUSIP No. 319963AM6).

The offer expiration date will now be 8:00 a.m., New York City
time, on Sept. 24, 2007, unless extended or earlier terminated.
As indicated in the Offer to Purchase, it is expected that the
offer expiration date will be extended as necessary to coincide
with the date that the Merger referred to below becomes
effective.  In addition, the company announced that the price
determination date will now be 2:00 p.m., New York City time, on
Sept. 19, 2007, unless extended or earlier terminated.

As of 5:00 p.m., New York City time, on Sept. 13, 2007, the
Company had received tenders in respect of the following
principal amounts of Notes:

6-3/8% Notes due 2007:         US$59.0 million (or approx. 69%)
3.375% Notes due 2008:         US$430.1 million (or approx. 86%)
5.8% Medium-Term Notes due 2008: US$26.7 mil. (or approx. 66%)
3.9% Notes due 2009:           US$87.0 million (or approx. 85%)
4.5% Notes due 2010:           US$135.2 million (or approx. 85%)
5.625% Senior Notes due 2011:  US$110.9 million (or approx. 70%)
4.7% Notes due 2013:           US$426.5 million (or approx. 95%)
4.85% Notes due 2014:          US$336.8 million (or approx. 98%)
4.95% Notes due 2015:          US$359.2 million (or approx. 97%)

The tender offers and the related consent solicitations relating
to the Notes are made upon the terms and conditions set forth in
the company's Offer to Purchase and Consent Solicitation
Statement dated Aug. 3, 2007, and the related Consent and Letter
of Transmittal, as amended.

First Data has retained Citigroup Global Markets Inc. to act as
the lead dealer manager for the tender offers and lead
solicitation agent for the consent solicitations, and they can
be contacted at 800-558-3745 (toll-free) or 212-723-6106
(collect).  First Data has also retained Credit Suisse
Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC
Securities (USA) Inc. and Lehman Brothers Inc. to act as co-
dealer managers for the tender offers and co-solicitation agents
for the consent solicitations.  Deutsche Bank Luxembourg SA has
been appointed Luxembourg Tender Agent for the Offers and may be
contacted at Deutsche Bank Luxembourg SA, Trust & Securities
Services, 2 BLD Konrad Adenauer, L-1115 Luxembourg or by
telephone at 00352-421-22-460 or by facsimile at 00352-421-22-
426. Requests for documentation may be directed to Global
Bondholder Services Corporation, the Information Agent, which
can be contacted at 212-430-3774 (for banks and brokers only) or
866-924-2200 (for all others toll-free).

                      About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/--
provides  electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.

                        *     *     *

First Data Corp.'s long-term foreign and local issuer credits
carry Standard & Poor's Ratings Services' 'BB+' rating, which
were placed on April 2, 2007, with a negative outlook.


GRUPO MEXICO: Labor Board To Decide on Union Membership
-------------------------------------------------------
The labor board could have a resolution on union membership next
month, Reuters reports, citing Grupo Mexico SA, de C.V. legal
representative Cristina Rocha.

As reported in the Troubled Company Reporter-Latin America on
Sept. 10, 2007, almost all of Grupo Mexico's employees voted in
favor of joining a new labor union.  Results of the vote held at
eight Grupo Mexico facilities indicated that over 4,000
employees are in favor of the new union.  Meanwhile, about 137
opted to remain with the National Mining and Metal Workers Union
led by Napoleon Gomez Urrutia, which is facing a conflict with
Grupo Mexico.

The National Union claimed that the vote "was won with dirty
tricks," Reuters notes.  However, a labor board would "reject
its complaints and confirm the separation of the locals within a
few weeks."

Meanwhile, the protest at the Cananea mine would continue for at
least 10 days until a court rules on the legality of the strike
on Sept. 25, 2007, Reuters says.

"Nothing is happening now, no talks, nothing," top National
Union official Carlos Pavon commented to Reuters.

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.


MOVIE GALLERY: Won't Pay Interests Under Three Agreements
---------------------------------------------------------
Movie Gallery Inc. disclosed in a regulatory filing with the
U.S. Securities and Exchange Commission on Sept. 12, 2007, that
it delivered:

    (i) a notice pursuant to Section 5.1(e) of the First Lien
        Credit and Guaranty Agreement, dated as of March 8, 2007
        by and among the company and the guarantors party
        thereto, the agents and lenders party thereto relating
        to, among other things, the company's decision to defer
        payment of interest due Sept. 10, 2007 beyond the due
        date and applicable grace period thereof for such
        payment under the Company's Second Lien Credit
        Agreement,

   (ii) a notice pursuant to Section 5.1(e) of the Second Lien
        Credit and Guaranty Agreement, dated as of
        March 8, 2007, among the Company, certain of its
        subsidiaries, the lenders from time to time party
        thereto and Wells Fargo Bank, National Association (as
        successor to CapitalSource Finance, LLC), as
        Administrative Agent and Collateral Agent, relating to
        the company's decision to defer payment of interest due
        under the Second Lien Credit Agreement on
        Sept. 10, 2007, beyond the due date and applicable grace
        period thereof, and

  (iii) a notice to BNY Western Trust Company as Trustee for the
        holders of the 9.625% Senior Subordinated Notes due 2011
        issued pursuant to the First Supplemental Indenture
        dated as of Dec. 18, 2002 to Indenture dated as of
        Jan. 25, 2002, by Hollywood Entertainment Corporation
        and Hollywood Management Company, with respect to
        Hollywood's decision to defer the payment of interest
        due under the Hollywood Notes at least until the
        conclusion of the applicable grace period for such
        payment.

                      Likely Defaults

As set forth in the Notices, as a result of the events described
in the Notices, one or more events of default may occur under
the First Lien Credit Agreement, Second Lien Credit Agreement,
the Hollywood Notes and the Company's 11% Senior Notes due 2012
issued pursuant to that certain Indenture, dated as of
April 27, 2005, among the company, the Guarantors party thereto
and the Trustee.

It is the company's view that:

    (a) the events described in the notice delivered to the
        Trustee for the Hollywood Notes do not constitute
        events of default under either of the First Lien Credit
        Agreement or the Second Lien Credit Agreement,

    (b) the events described in the notice delivered to the
        Administrative Agent under the Second Lien Credit
        Agreement are subject to the forbearance agreement in
        Effect with the company's lenders under the First Lien
        Credit Agreement, and

    (c) the events described in the Notices are subject to the
        forbearance agreement in effect with the holder of the
        majority of notes issued under the Movie Gallery
        Indenture.


A full-text copy of the notice delivered under the First Lien
Credit Agreement may be viewed for free at:

                 http://ResearchArchives.com/t/s?235f

A full-text copy of the notice delivered under the Second Lien
Credit Agreement may be viewed for free at:

                 http://ResearchArchives.com/t/s?2360

A full-text copy of the notice delivered under the Hollywood
Indenture may be viewed for free at:

                 http://ResearchArchives.com/t/s?2361

                    About Movie Gallery Inc.

Headquartered in Dothan, Alabama, Movie Gallery Inc. (Nasdaq:
MOVI) -- http://www.moviegallery.com/-- is a North American
video rental company with more than 4,550 stores located
in all 50 U.S. states and Canada operating under the brands
Movie Gallery, Hollywood Video and Game Crazy.  The Game Crazy
brand represents 606 in-store departments and 14 free-standing
stores serving the game market in urban locations across the
Untied States.  Since Movie Gallery's initial public offering in
August 1994, the company has grown from 97 stores to its present
size through acquisitions and new store openings.  It operates
over 4,600 stores in the United States, Canada, and Mexico under
the Movie Gallery, Hollywood Entertainment, Game Crazy, and VHQ
banners.

Movie Gallery Inc.'s consolidated balance sheet at July 1, 2007,
showed US$892 million in total assets, US$1.45 billion in total
liabilities, resulting in a US$560.3 million total stockholders'
deficit.

                        *     *     *

As reported in Troubled Company Reporter on Aug. 16, 2007,
Standard & Poor's Ratings Services said it lowered its ratings,
including the corporate credit rating, on Movie Gallery Inc. to
'CC' from 'CCC+' based on the company's extremely poor liquidity
position.  At the same time, S&P lowered the ratings on the
company's bank loans and senior unsecured debt to 'CC'.  This
rating level indicates a high vulnerability to nonpayment.  The
outlook has been revised to negative.


STEELCASE INC: Acquires Office Furniture Business in China
----------------------------------------------------------
Steelcase Inc. has announced the pending acquisition of one of
the leading office furniture manufacturers in China.  The
transaction will significantly increase Steelcase's ability to
serve customers in the Asia Pacific region.

Steelcase has entered into a definitive agreement with Ultra
Group Holdings Limited to purchase all of the stock of Ultra
Group Company Limited, a wholly owned subsidiary of Ultra Group
Holdings that owns all of the assets associated with the Ultra
office furniture business.  Ultra manufactures and sells a wide
offering of seating, desks, systems and storage products for the
Chinese and broader Asian market.  Ultra's fiscal year March 31,
2007 sales revenue was approximately US$38.4 million.

Steelcase has agreed to purchase the Ultra shares for a cash
purchase price of US$13.28 million, subject to certain post-
closing purchase price adjustments.  The transaction is expected
to be completed during Steelcase's third fiscal quarter of 2007,
subject to prior approval by the shareholders of Ultra Group
Holdings and other customary closing conditions.

The acquisition will add over 1,000 people to Steelcase's
operations in China, from a factory in the Guangdong province
and showroom/sales offices in Hong Kong, Beijing, Shanghai, and
Guangzhou. After the transaction is closed, Ultra will continue
to operate as an independent organization and brand in Greater
China and the Asia Pacific region, and Ultra's current
chairperson, Wendy Cho, and her existing management team will
continue to lead the organization as it becomes part of
Steelcase's Asia Pacific operations.

"This acquisition will not only increase our scale of operations
and market share in Greater China, but will also provide broader
capabilities in distribution, product portfolio, and
manufacturing to support the expansion plans of our customers
throughout Asia.  The addition of Ultra will significantly
increase our presence in China, and will enhance our position as
the leading furniture supplier for innovative companies across
Asia," said James P. Hackett, Steelcase Inc. president and chief
executive officer.  "One of our corporate growth strategies is
to pursue emerging markets, and this addition is a calculated
effort to execute against that plan."

Wendy Cho, Ultra Group Holdings chairperson added, "Combining
Steelcase's worldwide industry leadership and workplace
knowledge with Ultra's local capabilities and relationships will
dramatically improve the competitiveness and value proposition
for both brands in Greater China and the Asia Pacific region.
We believe this strategic combination will give Ultra the
ability to maintain the strong growth levels achieved in recent
years."

Headquartered in Grand Rapids, Michigan, Steelcase, Inc., (NYSE:
SCS) -- http://www.steelcase.com/-- designs and manufactures
architecture, furniture and technology products.  Founded in
1912, Steelcase serves customers through a network of more than
800 independent dealers and approximately 13,000 employees
worldwide, including, Brazil and Mexico in Latin America.

                        *     *     *

As reported in the Troubled Company Reporter on July 02, 2007,
Moody's Investors Service upgraded the ratings of Steelcase to
investment grade (Baa3) from Ba1 following continued operating
performance improvements.  At the same time, the Ba1 corporate
family rating and Ba1 probability of default ratings were
withdrawn as these ratings are not applicable for investment
grade issuers.  The loss-given-default assessments were also
withdrawn.




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


BANCO LATINOAMERICA: Paying US$0.22 Per Share Cash Dividend
-----------------------------------------------------------
Banco Latinoamericano de Exportaciones, S.A., announced today
that the US$0.22 per share quarterly cash dividend corresponding
to the third quarter of 2007 and approved by the Board of
Directors on Feb. 13, 2007, is payable on Oct. 5, 2007 to
stockholders of record as of Sept. 25, 2007.

As of Aug. 31, 2007, Bladex had 36,370,149.29 common shares
outstanding of all classes.

                        About Bladex

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex -- http://www.bladex.com-- is a
supranational bank originally established by the Central Banks
of Latin American and Caribbean countries to promote trade
finance in the Region.  The bank's shareholders include central
banks and state-owned entities in 23 countries in the Region, as
well as Latin American and international commercial banks, along
with institutional and retail investors.  Through Dec. 31, 2005,
Bladex had disbursed accumulated credits of over US$135 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 01, 2007, Moody's Investors Service has confirmed that it
raised its bank financial strength rating on Banco
Latinoamericano de Exportaciones, SA aka Bladex to D+ from D-,
in connection with the rating agency's implementation of its
refined joint default analysis and updated BFSR methodologies
for banks in Panama.


CHIQUITA BRANDS: Eyes Boost in Third-Quarter 2007 Sales
-------------------------------------------------------
Chiquita Brands International Inc. told Reuters that its sales
would increase slightly in the third quarter 2007, due to higher
banana prices.

However, costs for food safety and marketing in packaged salads
business "will pressure margins," Chiquita Brands admitted to
Reuters.

The Hurricane Dean damaged the European competitors' banana
supplies from the Caribbean, causing a deficit of up to 8% of
five million boxes of bananas shipped weekly to the European
Union, Reuters says, citing Chiquita Brands.  The deficit as
well as resulting higher prices would affect the European market
for at least six to nine months.

Chiquita Brands told Reuters that its supplies in Central
America were minimally hurt by Hurricane Felix earlier in
September.  These factors will partly increase the firm's
operating expenses by US$30 million in the third quarter 2007:

          -- costs behind new products,
          -- costs behind food safety,
          -- marketing expenses, and
          -- merchandising expenses to drive a recovery in the
             Fresh Express salads business.

The report says that Fresh Express sales were hurt in recent
quarters by an industry-wide E. coli scare.

Chiquita Brands told Reuters that it expects a modest growth in
operating results in the third quarter 2007.

Meanwhile, North American banana prices in July and August 2007
rose 5%, compared to the same period in 2006, Reuters notes,
citing Chiquita Brands.  Sales volume increased 2%.  Meanwhile,
prices grew 17% on a US dollar basis in the main European
markets, "which include much of the European Union, while volume
was flat."

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


CHIQUITA BRANDS: Former Officials Won't Face Criminal Charges
-------------------------------------------------------------
Carol D. Leonnig at the Washington Post reports that the US
Justice Department won't file criminal charges against Chiquita
Brands International's former executives over the firm's payment
of bribes to to the United Self-Defense Forces of Colombia, a
Colombian terrorist group.

"The United States gave serious consideration to bringing
additional charges in this matter.  In the exercise of
prosecutorial discretion, the United States has decided not do
so," The Post says, citing prosecutors.

According to The Post, Chiquita Brands pleaded guilty to making
US$1.7-million illegal payments to the Colombian paramilitary
group from 1997 to 2004.

The Post notes that three of Chiquita Brands' executives were
being probed for authorizing the payments to the terrorist
group, after federal prosecutors warned them in April 2003 that
the bribes breached the nation's anti-terrorism laws.

Sources told The Post that the officials that underwent scrutiny
were:

          -- Cyrus Freidheim,
          -- Robert Olson, and
          -- Roderick M. Hills.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.


ROYAL CARIBBEAN: Credit Suisse Maintains Neutral Rating on Firm
---------------------------------------------------------------
Credit Suisse analysts has kept their "neutral" rating on Royal
Caribbean Cruises Ltd.'s shares, Newratings.com reports.

Newratings.com relates that the target price for Royal
Caribbean's shares was set at US$33.

The analysts said in a research note that Royal Caribbean would
launch new luxury cruise brand CDF Croisieres de France.  It
would target the French market.

The analysts told Newratings.com that the new service is part of
Royal Caribbean's "transition towards region/country-specific
branding" in the European market.

Royal Caribbean's "growth prospects in Europe are bright,"
Newratings.com states, citing Credit Suisse.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise
vacation company that operates Royal Caribbean International,
Celebrity Cruises and Pullmantur.  The company has a combined
total of 34 ships in service and seven under construction.  It
also offers unique land-tour vacations in Alaska, Australia,
Canada, Europe and Latin America.  One of the company's tour
starting points is in Panama.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service assigned Royal Caribbean Ltd.'s new
benchmark size Euro senior unsecured notes Ba1, raised RCL's
Speculative Grade Liquidity rating to SGL-2 from SGL-3 and
affirmed all other existing ratings.


ROYAL CARIBBEAN: Launching CDF Croisieres de France Next Year
-------------------------------------------------------------
Royal Caribbean Cruises Ltd. told Newratings.com that it would
launch new cruise brand CDF Coisieres de France in May 2008.

CDF Coisieres will target the French market, Newratings.com
says, citing Royal Caribbean.  It has high demand.

The Royal Caribbean told Newratings.com that the first ship for
the brand would be Bleu de France.  The ship would undergo
extensive renovations of EUR30 million.  It would have 376
cabins.

Seven ships are being built to be added to the fleet of 35
ships, Newratings.com states, citing Royal Caribbean.

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise
vacation company that operates Royal Caribbean International,
Celebrity Cruises and Pullmantur.  The company has a combined
total of 34 ships in service and seven under construction.  It
also offers unique land-tour vacations in Alaska, Australia,
Canada, Europe and Latin America.  One of the company's tour
starting points is in Panama.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 15, 2007,
Moody's Investors Service assigned Royal Caribbean Ltd.'s new
benchmark size Euro senior unsecured notes Ba1, raised RCL's
Speculative Grade Liquidity rating to SGL-2 from SGL-3 and
affirmed all other existing ratings.




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


CENVEO INC: Completes Commercial Envelope Acquisition
-----------------------------------------------------
Cenveo, Inc., disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that it completed its
purchase of Commercial Envelope Manufacturing Co., Inc.

Robert G. Burton, Chairman and Chief Executive Officer of
Cenveo, stated:

"We are pleased to have completed this acquisition, and I look
forward to working with the Kristel family and the entire
Commercial Envelope team as we begin our integration efforts.
We are excited to begin the process of combining these two
industry leaders to form the leading envelope manufacturer in
the United States.  This combination will create the most
efficient and diversified asset platform in the industry, which
will enable us to service even more of our customers' needs.

"The fact that we were able to successfully close this
transaction and its related financing during this period of
market turbulence speaks very highly of our team's track record
and the confidence our lenders have in us.  This acquisition
furthers the momentum that we are seeing in the marketplace.  We
continue to see a strong environment for our products, which has
resulted in continued strengthening across all our business
units.  We are also pleased with the strong cash flow that the
business is generating and we remain optimistic about the
significant amount of cash this company can generate going
forward.

"We intend to spend the rest of the year focusing on integrating
our recent acquisitions and delivering our financial
commitments, which we expect will drive significant cash flow
from our operations that can be used to de-leverage our balance
sheet and invest in our core business and selected growth
opportunities."

                  About Commercial Envelope

Based in Deer Park, New York, Commercial Envelope Manufacturing
Co., Inc. -- http://www.commercial-envelope.com/-- manufactures
envelopes.  The company's state-of-the-art production facilities
feature the most technically advanced equipment producing 45
million envelopes per day.

                       About Cenveo

Cenveo Inc. -- http://www.cenveo.com/-- (NYSE:CVO),
headquartered in Stamford, Connecticut, is a leader in the
management and distribution of print and related products and
services.  The Company provides its customers with low-cost
solutions within its core business of commercial printing and
packaging, envelope, form, and label manufacturing, and
publisher services; offering one-stop services from design
through fulfillment.  With over 10,000 employees worldwide,
Cenveo delivers everyday for its customers through a network of
production, fulfillment, content management, and distribution
facilities across the globe.

Cenveo acquired Cadmus Communications in a merger completed
on March 2007.  The company has operations in the US, India and
the Caribbean Rim, particularly in the Bahamas, Cuba, Jamaica,
Haiti, Dominican Republic, Puerto Rico, and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, Moody's Investors Service affirmed the B1
corporate family rating and B1 probability of default rating for
Cenveo Inc. following the acquisitions of Commercial Envelope
Manufacturing Inc. for about US$230 million and Madison/Graham
ColorGraphics, Inc. for about 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
(unrated) 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.


DANA CORP: Disclosure Statement Scheduled on October 23
-------------------------------------------------------
The Hon. Burton R. Lifland of the U.S. Bankruptcy Court for the
Southern District of New York set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining
Dana Corp. and its debtor-affiliates' Joint Chapter 11 Plan of
Reorganization.

Objections to the Disclosure Statement, if any, must be filed by
Oct. 12.

Not later than Sept. 24, 2007, the Debtors will cause the
publication of the Disclosure Statement Notice in the national
editions of The Wall Street Journal and USA Today and the daily
edition of The Blade.

                    Treatment of Claims

On Aug. 31, the Debtors filed with the Court their Joint Plan
and Disclosure Statement explaining that Plan.

The joint plan of reorganization provides for the treatment of
claims against and interests on the Debtors:

Class  Description       Claim Treatment
-----  -----------       ---------------
N/A    Administrative    Paid in full in Cash.
       Claims
                          Estimated Range of Claims:
                          Approximately US$107,000,000

N/A    Priority Tax      Paid in full in Cash.
        Claims

1      Priority Claims   Unimpaired.  Holder of Claim will
                          receive Cash equal to the amount of
                          the Allowed Priority Claim.

                          Estimated Aggregate Allowed Amount:
                          US$1,000,000

                          Estimated Recovery: 100%

2A     Secured Claims,   Unimpaired.  Claim holder will:
        other than
        Toledo-Lucas        (a) receive payment in Cash, in
                                full;
        County Port
        Authority's
        Secured Claim       (b) have its Allowed Secured Claim
                                reinstated; or

                            (c) receive the collateral securing
                                that Allowed Secured Claim.

                          Holders of an Allowed Secured Tax
                          Claim will not be entitled to receive
                          any payment on account of any penalty
                          arising with respect to or in
                          connection with that Allowed Secured
                          Tax Claim.

                          Estimated Aggregate Allowed Amount:
                          US$4,000,000

                          Estimated Recovery: 100%

2B     Secured Claims    Unimpaired.  Holder of an Allowed
        Against Debtor    Secured Claim against EFMG will:
        EFMG LLC
                           (a) receive payment in Cash in full;

                           (b) have its Allowed Secured Claim
                               reinstated; or

                           (c) receive the collateral securing
                               that Allowed Secured Claim.

                          Holders of an Allowed Secured Tax
                          Claim will not be entitled to receive
                          any payment on account of any penalty
                          arising with respect to that Allowed
                          Secured Tax Claim.

                          Estimated Aggregate Allowed Amount:
                          US$0

                          Estimated Recovery: 100%

2C     Port Authority    Impaired.  The Port Authority Secured
        Secured Claim     Claim will be satisfied by:

                           (a) Reorganized Debtor
                               Torque-Traction Technologies,
                               LLC, entering into and assuming
                               the Port Authority Lease, as
                               amended;

                           (b) New Dana Holdco executing and
                               delivering an amended guaranty;
                               and

                           (c) Reorganized Torque-Traction and
                               New Dana Holdco executing and
                               delivering any other agreements
                               necessary to implement the
                               Debtors' settlement with the Port
                               Authority.

                          Aggregate Allowed Amount:
                          US$18,875,000

                          Aggregate Recovery: 95%

3      Asbestos          Unimpaired.  Asbestos PI Claims will
        Personal Injury    be reinstated on the Effective Date.
        Claims

                          Estimated Recovery: 100%

4      Convenience       Unimpaired.  Holder of an Allowed
        Claims Against    Convenience Claim will receive Cash
        Consolidated      equal to the amount of the Allowed
        Debtors           Claim.

                          Estimated Aggregate Allowed Amount:
                          US$10,000,000

                          Estimated Recovery: 100%

5A     General           Unimpaired.  Holders of Allowed
        Unsecured Claim   General Unsecured Claims will receive
        Against EFMG      Cash equal to amount of that Allowed
                          Claim.

                          Estimated Aggregate Allowed Amount:
                          US$3,000,000

                          Estimated Recovery: 100%

5B     5.85% Bond        Impaired.  Each holder of an Allowed
        Claims            5.85% Bond Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                          Estimated Aggregate Allowed Amount:
                          US$462,100,000

                          Estimated Recovery: 69% to 90%

5C     6.5% or 7% Bond   Impaired.  Each holder of an Allowed
        Claims            Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                         Estimated Aggregate Allowed Amount:
                         US$953,200,000

                         Estimated Recovery: 69% to 90%

5D     9% Bond Claims    Impaired.  Each holder of an Allowed
                          Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                          Estimated Aggregate Allowed Amount:
                          US$128,400,000

                          Estimated Recovery: 69% to 90%

5E     10.125% Bond      Impaired.  Each holder of an Allowed
        Claims            Claim will receive:

                           (a) on the Effective Date, its pro
                               rata share of the Distributable
                               Shares of New Dana Holdco Common
                               Stock and the Distributable
                               Excess Minimum Cash; or

                           (b) after the Effective Date, the
                               periodic distributions of
                               Reserved Shares and Reserved
                               Excess Minimum Cash.

                          Estimated Aggregate Allowed Amount:
                          US$77,000,000

                          Estimated Recovery: 69% to 90%

5F     Other General     Impaired.  Each holder of an Allowed
        Unsecured         Claim will receive:
        Claims Against
        Consolidated         (a) on the Effective Date, its pro
        Debtors                  rata share of the Distributable
                                 Shares of New Dana Holdco
                                 Common Stock and the
                                 Distributable Excess Minimum
                                 Cash; or

                             (b) after the Effective Date, the
                                 periodic distributions of
                                 Reserved Shares and Reserved
                                 Excess Minimum Cash.

                          Estimated Aggregate Allowed Amount:
                          US$879,300,000 to US$1,629,300,000

                          Estimated Recovery: 69% to 90%

5G     Union Claim       Impaired.  The Debtors will make the
                          UAW and USW Retirees VEBA
                          Contributions.

                          Estimated Aggregate Amount:
                          US$1,100,000,000

                          Estimated Recovery: 69%

6A     Prepetition       Impaired.  Prepetition Intercompany
        Intercompany      Claims that are not eliminated by
        Claims            operation of law in the Restructuring
                          Transactions will be deemed settled,
                          and compromised in exchange for the
                          consideration and other benefits
                          provided to holders of Prepetition
                          Intercompany Claims and are not
                          entitled to any distribution of Plan
                          consideration.

                          Estimated Recovery: 0%

6B     Claims of         Unimpaired.  Claims of wholly owned
        Wholly Owned      and majority owned non-debtor
        and Majority      affiliates other than Dana Credit
        Owned Non-Debtor  Corporation will be reinstated.
        Affiliates
        other than Dana   Estimated Recovery: 100%
        Credit Corporation

6C     DCC Claims        Impaired.  The Reorganized Debtors
                          will satisfy in Cash DCC's outstanding
                          liability under the DCC Bonds.

                          Aggregate Claim Amount: US$325,000,000

                          Estimated Recovery: 35%

7A     Old Common        Impaired.  On the Effective Date, the
        Stock of Dana     Old Common Stock of Dana and all
        Interests         Interests related thereto will be
                          canceled, and each holder of Old Dana
                          common stock will receive a
                          contingent, residual interest in the
                          Disputed Unsecured Claims Reserve
                          Assets after all Allowed General
                          Unsecured Claims have been paid in
                          full.

                          Old Common Stock outstanding as of
                          July 31, 2007: 150,202,981 shares

                          Estimated Recovery: 0%

7B     Section 510(b)    Impaired.  Holders of Section 510(b)
        Old Common Stock  Common Stock Claims will receive a
        Claims Against    contingent, residual interest in the
        Consolidated      Disputed Unsecured Claims Reserve
        Debtors           Assets after all Unsecured Claims have
                          been paid in full.

                          Estimated Recovery: 0%

8      Subsidiary        Unimpaired.  On the Effective Date,
        Debtor Equity     the Subsidiary Debtor Equity Interests
        Interests         will be reinstated, subject to the
                          Restructuring Transactions.

                          Estimated Recovery: 100%

According to Marc S. Levin, acting secretary for Dana Corp., if
New Dana Holdco is valued at the midpoint reorganization value
of US$3,996,000,000, recoveries to unsecured creditors in
classes 5B, 5C, 5D, 5E and 5F would be:

  Total Claims Amount                   Estimated Recovery
  -------------------                   ------------------
  Between US$2,500,000,000
  and US$2,750,000,000                         82% to 90%

  Between US$2,750,000,000
  and US$3,000,000,000                         75% to 82%

  Between US$3,000,000,000
  and US$3,250,000,000                         69% to 75%

The Debtors are not seeking votes from holders of Claims and
Interests not impaired by the Plan.  The holders of Claims and
Interests in these Classes will be deemed to have voted to
accept the Plan:

   -- Class 1A (Priority Claims Against the Consolidated
      Debtors),

   -- Class 1B (Priority Claims Against EFMG),

   -- Class 2A (Secured Claims Against the Consolidated Debtors
      Other Than the Port Authority Secured Claim),

   -- Class 2B (Secured Claims Against EFMG),

   -- Class 3 (Asbestos Personal Injury Claims),

   -- Class 4 (Convenience Claims Against the Consolidated
      Debtors),

   -- Class 5A (General Unsecured Claims against EFMG),

   -- Class 6B (Claims of Wholly-Owned and Majority-Owned Non-
      Debtor Affiliates Other than DCC), and

   -- Class 8 (Subsidiary Debtor Equity Interests),

Although holders of Claims in Class 6A (Prepetition Intercompany
Claims) will be impaired under the Plan, each holder of a Claim
in Class 6A will be deemed to have accepted the Plan and,
therefore, will not have the right to vote with respect to the
Plan.

The Debtors are seeking votes from the holders of nine Classes
of allowed Claims and Interests on grounds that they are
impaired under the Plan, and the holders of Allowed Claims or
Interests are receiving a distribution under the Plan:

   -- Class 2C (Port Authority Secured Claim),

   -- Class 5B (5.85% Bond Claims),

   -- Class 5C (6.5% or 7% Bond Claims),

   -- Class 5D (9% Bond Claims),

   -- Class 5E (10.125% Bond Claims),

   -- Class 5F (Other General Unsecured Claims Against the
      Consolidated Debtors),

   -- Class 5G (Union Claim),

   -- Class 6C (DCC Claim),

   -- Class 7B (Section 510(b) Old Common Stock Claims Against
      the Consolidated Debtors), and

   -- Class 7A (Old Common Stock of Dana Interests).

A full-text copy of Dana's Joint Plan of Reorganization is
available for free at http://ResearchArchives.com/t/s?235d

A full-text copy of the Disclosure Statement accompanying Dana's
Plan is available for free at
http://ResearchArchives.com/t/s?235e

                       About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  (Dana Corporation Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


DANA CORP: New Jersey Objects to Disclosure Statement
-----------------------------------------------------
The state of New Jersey Department of Environmental Protection
tells the U.S. Bankruptcy Court for the Southern District of New
York that Dana Corp. and its debtor-affiliates' disclosure
statement explaining their Joint Plan of Reorganization failed
to mention their environmental obligations to the State and the
administrative action that the State has taken against them for
violation of environmental state laws.

Rachel Jeanne Lehr, Esq., in Trenton, New Jersey, relates that
Dana Corp., as an owner of an industrial establishment that
emitted hazardous substances, is required by the State, pursuant
to a Remediation Agreement, to establish and maintain a funding
source of US$100,000 to guarantee the completion of remediation
and clean-up costs in its facility.

Dana Corp. owned and operated a facility located in the city of
Hurffville, Gloucester County, in New Jersey.

Ms. Lehr asserts that bankruptcy does not relieve the debtor of
its obligation to remediate its site of operations according to
State law and the Remediation Agreement.

                      About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  (Dana Corporation Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


FOOT LOCKER: Incurs US$18-Mil. Net Loss in Quarter Ended Aug. 4
---------------------------------------------------------------
Foot Locker Inc. reported a net loss of US$18.0 million for the
second quarter ended Aug. 4, 2007, compared to net income of
US$14.0 million last year.  Second quarter sales decreased 1.5%
to US$1.28 billion this year compared with sales of US$1.30
billion for the corresponding prior year period.  Second quarter
comparable-store sales decreased 7.3%.

"Our second quarter results reflected lower than expected sales
and the impact of a strategic decision to significantly
accelerate the clearance of slow-selling merchandise inventory
in our U.S. stores," stated Matthew D. Serra, Foot Locker Inc.'s
chairman and chief executive officer.  "This inventory clearance
strategy resulted in markdowns increasing in our U.S. stores by
US$50.0 million, at cost, versus the second quarter of last
year.  As a result, we are now better positioned to offer more
exciting and compelling products for the fall season.  At the
same time, the division profit of our international stores
increased approximately 20.0% from the same period last year,
(excluding the US$17.0 million pre-tax charge recorded in 2006
to write down long-lived assets pursuant to SFAS 144)."

For the first six months of the year, the company reported a net
loss of US$1.0 million, compared with net income of US$73.0
million   last year.  Year-to-date sales decreased 2.6% to
US$2.60 billion compared with sales of US$2.67 billion last
year.  Comparable-store sales decreased 6.2%

At the end of the second quarter, the company's cash and short-
term investments totaled US$363.0 million.  The company's cash
position, net of debt, increased by US$86.0 million from the
same time last year.  During the second quarter, the company
repurchased 1.1 million shares of its common stock for
US$24.0  million.  For the first six months of the year, the
company repurchased 2.3 million shares for US$50.0 million.

The company's merchandise inventory at the end of the second
quarter was 1.6% lower than at the end of the second quarter
last year.  Stated in constant currency dollars, the company's
merchandise inventory decreased 3.2% versus last year.
Merchandise inventory in the company's U.S. stores was
approximately 4.0% lower than last year, with goods older than
12 months reduced from last year by approximately 40.0%.  At the
company's international stores, merchandise inventory was
essentially flat with last year.

                     Store Base Update

During the first six months of the year, the company opened 78
new stores, remodeled/relocated 129 stores and closed 115
stores.  At Aug. 4, 2007, the company operated 3,905 stores in
20 countries in North America, Europe and Australia.  In
addition, seven-franchised stores were operating in the Middle
East.  During the first week of the third quarter, the company
converted its Footquarters stores to Foot Locker and Champs
Sports outlet stores.

During the next six months of 2007, the company currently
expects to open approximately 40 stores and, as previously
announced, close 135 to 150 unproductive stores.  Approximately
90 of the estimated store closings are expected to occur at or
near their normal lease expiration and have minimal or no
expense impact to the company.  Depending on the outcome of
landlord negotiations, 50 to 60 of the stores are expected to
close prior to normal lease expiration.  The cash costs
associated with closing these 135 to 150 stores are expected to
be essentially offset by the cash benefits of the working
capital reduction.

Mr. Serra continued, "Given the uncertainty of several factors
that may affect our financial results, we are not providing a
financial forecast for the balance of the year at this time.
These uncertainties include the current challenging athletic
retail environment in the U.S. and incremental costs associated
with the closing of the additional stores.  In addition, we will
continue to assess the impact of the recent merchandise
initiatives on the financial results of our domestic businesses
during the fall 2007 season.  This assessment may include an
analysis of the recoverability of store long-lived assets
pursuant to SFAS 144 that may result in a non-cash impairment
charge."

At Aug. 4, 2007, the company's consolidated balance sheet showed
US$3.34 billion in total assets, US$1.10 billion in total
liabilities, and US$2.24 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Aug. 4, 2007, are available for
free at http://researcharchives.com/t/s?2364

                       Credit Facility

The company discloses that it has a US$200.0 million revolving
credit facility.  Other than to support standby letter of credit
commitments, of which US$14.0 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$175.0 million
amortizing term loan from the bank group participating in the
revolving credit facility, of which US$88.0 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.

As reported in the Troubled Company Reporter on Sept. 14, 2007,
the company disclosed 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 ration.

                       About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, Europe, Australia,
and New Zealand as of Feb. 3, 2007.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 14, 2007,
Standard & Poor's Ratings Services said its ratings, including
the 'BB+' corporate credit rating, on Foot Locker Inc. will
remain on CreditWatch with negative implications, where they
were placed on Aug. 18, 2006.


GENESCO INC: Holds Shareholders Meeting on Genesco Merger
---------------------------------------------------------
Genesco Inc. has planned a live webcast of its special meeting
of shareholders scheduled for Sept. 17, 2007, at 11:00 a.m.
Central Daylight Time.  The special meeting has been called to
consider and approve the proposed merger of Genesco with a
subsidiary of The Finish Line Inc., pursuant to an Agreement and
Plan of merger dated June 17, 2007, and related matters.  The
meeting webcast may be accessed on the Internet through the
Company's homepage, http://www.genesco.com/

              Important Additional Information
                   Concerning the Merger

In connection with the proposed merger with Finish Line, on
Aug. 13, 2007, Genesco filed a definitive proxy statement with
the SEC.  Investors and security holders may obtain a free copy
of the definitive proxy statement and other documents filed by
Genesco at the SEC's Web site at http://www.sec.gov/.The
definitive proxy statement and such other documents may also be
obtained for free from Genesco by directing such request to
Genesco, Office of the Secretary, 1415 Murfreesboro Road,
Nashville, Tennessee 37217, telephone (615) 367-7000.

Genesco and its directors, executive officers and other members
of its management and employees may be deemed to be participants
in the solicitation of proxies from its shareholders in
connection with the proposed merger.  Information concerning the
interests of Genesco's participants in the solicitation, which
may be different than those of Genesco shareholders generally,
is set forth in Genesco's proxy statements and Annual Reports on
Form 10-K, previously filed with the SEC, and in the proxy
statement relating to the merger.

                       About Finish Line

The Finish Line Inc. (Nasdaq: FINL) --
http://www.finishline.com/-- is a mall-based specialty retailer
operating under the Finish Line, Man Alive and Paiva brand
names.  The company currently operates 697 Finish Line stores in
47 states and online, 95 Man Alive stores in 19 states and
online and 15 Paiva stores in 10 states and online.

                       About Genesco Inc.

Based in Nashville, Tennessee, Genesco Inc. (NYSE: GCO) --
http://www.genesco.com/-- is a specialty retailer of footwear,
headwear and accessories in more than 1,900 retail stores in the
U.S. and Canada, including Puerto Rico, principally under the
names Journeys, Journeys Kidz, Shi by Journeys, Johnston &
Murphy, Underground Station, Hatworld, Lids, Hat Zone, Cap
Factory, Head Quarters and Cap Connection.  The company also
sells footwear at wholesale under its Johnston & Murphy brand
and under the licensed Dockers.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services said that its ratings on
specialty Genesco Inc. remain on CreditWatch with developing
implications, following the announcement that it has rejected
Foot Locker Inc.'s conditional bid to acquire Genesco for
approximately US$1.3 billion (US$51.00 per share)in cash.

In April 2007, S&P placed its ratings, including the 'BB-'
corporate credit rating, on Genesco Inc. on CreditWatch with
developing implications after Foot Locker launched its bid for
Genesco.

The Foot Locker deal also prompted Moody's Investors Service to
place the ratings of Genesco on review for possible downgrade.
Affected ratings include the company's "Ba3" corporate family
rating.


GENESCO INC: Responds to Finish Line Inc.'s Announcements
---------------------------------------------------------
In response to The Finish Line's announcement, Genesco Inc.
reiterates that no "material adverse effect" under the
previously announced merger agreement with Finish Line has
occurred with respect to Genesco. Genesco's special shareholder
meeting to consider and approve the proposed merger with The
Finish Line is scheduled for Monday, Sept. 17, 2007, at 11:00
a.m. Central Daylight Time.

    Important Additional Information Filed with the SEC:

In connection with the proposed merger, on Aug. 13, 2007,
Genesco filed a definitive proxy statement with the Securities
and Exchange Commission.  Investors and security holders may
obtain a free copy of the definitive proxy statement and other
documents filed by Genesco at the Securities and Exchange
Commission's Web site at http://www.sec.gov/ The definitive
proxy statement and such other documents may also be obtained
for free from Genesco by directing such request to Genesco,
Office of the Secretary, 1415 Murfreesboro Road, Nashville,
Tennessee 37217, telephone (615) 367-7000.

Genesco and its directors, executive officers and other members
of its management and employees may be deemed to be participants
in the solicitation of proxies from its shareholders in
connection with the proposed merger.  Information concerning the
interests of Genesco' s participants in the solicitation, which
may be different than those of Genesco shareholders generally,
is set forth in Genesco's proxy statements and Annual Reports on
Form 10-K, previously filed with the Securities and Exchange
Commission, and in the proxy statement relating to the merger.

                      About Finish Line

The Finish Line Inc. (Nasdaq: FINL) --
http://www.finishline.com/-- is a mall-based specialty retailer
operating under the Finish Line, Man Alive and Paiva brand
names.  The company currently operates 697 Finish Line stores in
47 states and online, 95 Man Alive stores in 19 states and
online and 15 Paiva stores in 10 states and online.

                      About Genesco Inc.

Based in Nashville, Tennessee, Genesco Inc. (NYSE: GCO) --
http://www.genesco.com/-- is a specialty retailer of footwear,
headwear and accessories in more than 1,900 retail stores in the
U.S. and Canada, including Puerto Rico, principally under the
names Journeys, Journeys Kidz, Shi by Journeys, Johnston &
Murphy, Underground Station, Hatworld, Lids, Hat Zone, Cap
Factory, Head Quarters and Cap Connection.  The company also
sells footwear at wholesale under its Johnston & Murphy brand
and under the licensed Dockers.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services said that its ratings on
specialty Genesco Inc. remain on CreditWatch with developing
implications, following the announcement that it has rejected
Foot Locker Inc.'s conditional bid to acquire Genesco for
approximately US$1.3 billion (US$51.00 per share)in cash.

In April 2007, S&P placed its ratings, including the 'BB-'
corporate credit rating, on Genesco Inc. on CreditWatch with
developing implications after Foot Locker launched its bid for
Genesco.

The Foot Locker deal also prompted Moody's Investors Service to
place the ratings of Genesco on review for possible downgrade.
Affected ratings include the company's "Ba3" corporate family
rating.


MYLAN LAB: Taps M. Fabiana Lacerca as Sr. Vice President & CCO
--------------------------------------------------------------
Mylan Laboratories Inc. has appointed M. Fabiana Lacerca to the
position of Senior Vice President and Chief Compliance Officer.

Ms. Lacerca joins Mylan from Bristol-Meyers Squibb where she was
Director of Compliance for Latin America, Canada and Puerto
Rico.  While there, she was responsible for all compliance-
related matters in those regions. Prior to Bristol-Meyers
Squibb, Ms. Lacerca held executive and senior counsel positions
with Merck & Co., Microsoft and AT&T.

Ms. Lacerca has extensive experience in the areas of multi-
jurisdictional corporate compliance, international business
transactions, pharmaceutical industry regulation, corporate
policy and international environmental law and has advised on
opportunities and legal trends within the government as well as
corporate sectors.

Mylan Vice Chairman and Chief Executive Officer Robert J. Coury
commented:  "As we transition to becoming a global leader in our
industry we are committed to maintaining a culture of integrity
and quality across all lines of our business.  It is with great
pleasure, therefore, to welcome Fabiana to Mylan. Fabiana has
tremendous experience and an exemplary track record in
international corporate compliance, which she has gained
advising a number of Fortune 100 companies on a wide range of
issues, including corporate policy and cross border
transactions.  Fabiana's extensive experience counseling
companies in the pharmaceutical industry with operations in
multiple countries will be invaluable to Mylan's operations
around the world."

Ms. Lacerca earned a master's of law (LL.M) from UCLA; a
specialization in international environmental law from the
Universidad de Buenos Aires; and a bachelor's of law from the
Universidad de Buenos Aires.

                   About Mylan Laboratories

Mylan Laboratories Inc. (NYSE: MYL) -- http://www.mylan.com/--
is a global pharmaceutical company with market leading positions
in generic pharmaceuticals, transdermal technology and unit dose
packaged products.  Mylan operates through three principal
subsidiaries: Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier
of unit dose pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.  The company also has a production facility
in Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Standard & Poor's Ratings Services said it lowered
its corporate credit and senior unsecured debt ratings on Mylan
Laboratories to 'BB+' from 'BBB-' and placed all the ratings on
CreditWatch with negative implications.

The actions come on the heels of the company's announcement that
it is acquiring Merck KGaA's generic business for EUR4.9 billion
(US$6.7 billion) in an all-cash transaction.




=============================
S T   K I T T S  &  N E V I S
=============================


DELTA AIR: Launching New Weekly Non-Stop Service in St. Kitts
-------------------------------------------------------------
Delta Airlines will launch an Atlanta-St. Kitts & Nevis weekly
non-stop Saturday service in February 2008, Caribbean 360
reports, citing the St. Kitts government.

The St. Kitts tourism department told Caribbean 360 that Delta
Air flight DL373 will leave Hartsfield-Jackson Atlanta
International Airport and arrive into St. Kitts' Robert L.
Bradshaw International Airport, and vice-versa.

"Our airlift continues to improve.  We are extremely pleased to
have reached an agreement with Delta Air Lines.  The fact that
Atlanta is one of the world's largest airline hubs literally
opens St. Kitts to receive visitors connecting from gateways
across the entire US and the world.   This flight will be a
wonderful compliment to our overall existing airlift and we are
confident that the service will achieve good results and future
growth as it will provide easy connections from the Upper Mid-
West region of the US and from Canada," St. Kitts Prime Minister
and Tourism Minister Denzil Douglas commented to Caribbean 360.

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.  (Delta Bankruptcy News, Issue No. 78; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta
Air Lines Inc. (B/Stable/--), including raising the corporate
credit rating to 'B', with a stable outlook, from 'D', following
the airline's emergence from Chapter 11 bankruptcy proceedings.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, Fitch Ratings 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.




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


BANCO HIPOTECARIO: Will Offer Lending Services Next Year
--------------------------------------------------------
Uruguay's state-run Banco Hipotecario del Uruguay will return to
lending next year, according to the Uruguayan presidential Web
site.

The presidential Web site says that Banco Hipotecario stil has
to meet certain requirements from the central bank.

Business News Americas relates that Banco Hipotecario'sloan
operations were suspended in 2002, when the Argentine crisis
affected Uruguay, resulting in several banks being intervened.

Banco Hipotecario director Walter Morodo told BNamericas that
the restructuring will boost the bank's equity to US$195 million
from US$50 million.  It will also bring down operating costs
significantly by dismissing about two-thirds of the bank's
employees.

According to BNamericas, the Uruguayan government drafted a plan
that includes capitalizing Banco Hipotecario with up to US$250
million and forming a new unit to manage past-due loans.

The restructuring would let Banco Hipotecario transfer 40% of
its loan book to the new unit to bring down its level of past-
due loans to 20%.  The bank's past-due loan ratio was 83.1% as
of July 2007, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 27, 2006, Moody's Investors Service assigned these ratings
on Banco Hipotecario del Uruguay:

   -- Foreign currency deposit rating: B2 from Caa1,
      stable outlook

   -- National scale rating for foreign currency deposits:
      A3.uy from Ba2.uy, with a stable outlook

   -- National scale foreign currency debt rating: A2.uy
      from Baa2.uy




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


PETROLEOS DE VENEZUELA: Mobil Cerro Facing US$8.2-Million Fine
--------------------------------------------------------------
The Venezuelan National Customs and Tax Management Integrated
Service told Prensa Latina that state-owned oil firm Petroleos
de Venezuela SA's joint venture Mobil Cerro Negro will be fined
with US$8.2 million for tax irregularities.

Prensa Latina relates that the Mobil Cerro is part of the
strategic Orinoco Strip partnership and branch of U.S. Exxon
Mobil Corp.

As previously reported, Exxon Mobil withdrew operations from
Venezuela after it failed to reach an agreement with the
Venezuelan government, which is demanding that it be given a
majority stake in the firm's operations in the country.

About US$5.4 million of the US$8.2 million was due to excess
refunds granted, Prensa Latina says, citing the tax management
authorities.

The authorities also implemented a fine and interests totaling
US$2.8 million as part of the Zero Evasion Plan, after a value-
added tax supervision of Mobil Cerro from June 2001 to March
2005, Prensa Latina states.

As reported in the Troubled Company Reporter-Latin America on
March 16, 2007, Seniat, Venezuela's tax authority, closed the
administrative offices of Mobil Cerro for 48 hours.  Seniat had
said that Mobil Cerro production, upgrading and sales wouldn't
be halted.

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

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


PETROLEOS DE VENEZUELA: To Intensify Gas Prospecting Activities
---------------------------------------------------------------
Petroleos de Venezuela, SA's plan for 2006-2012 calls for
development of different inland and offshore gas prospecting and
production projects.

Venezuelan President Hugo Chavez said that the nation has
natural gas reserves of about 180 quintillion cubic feet.  The
state is promoting efficient use of this resource as a key
element for the development of the national economy.

In line with the government's economic program, Petroleos de
Venezuela will be investing US$17 billion in gas projects, which
would allow it to meet domestic and international demands by
increasing production.

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

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


* VENEZUELA: Prepared To Face Exxon Mobil's Int'l Arbitration
-------------------------------------------------------------
Venezuelan energy and oil minister and state-run oil firm
Petroleos de Venezuela SA's president Rafael Ramirez told The
Associated Press that the government is prepared defend the
nationalization of key oil projects against US oil firm Exxon
Mobil Corp.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Exxon Mobil filed for arbitration with the
International Centre for Settlement of Investment Disputes to
resolve a conflict over its seized assets in Venezuela's Orinoco
oil belt.

Minister Ramirez told Venezuelan news daily El Universal that
the government wasn't surprised that Exxon Mobil is turning to
arbitration.

"What Exxon was asking for in the negotiations didn't make
sense.  We were expecting this could reach arbitration,"
Minister Ramirez commented to El Universal.

                      About ExxonMobil

Exxon Mobil Corporation operates as a petroleum and
petrochemicals company.  It primarily engages in the
exploration, production, and sale of crude oil and natural gas;
and manufacture, transportation, and sale of petroleum products.

                        *     *     *

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


                         ***********


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

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

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

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