TCRLA_Public/070919.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

         Wednesday, September 19, 2007, Vol. 8, Issue 186

                          Headlines

A R G E N T I N A

CATIR SRL: Proofs of Claim Verification Deadline Is Oct. 22
CRIOLLA SOCIEDAD: Proofs of Claim Verification Is Until Dec. 5
DISENOS DE BUENOS AIRES: Claims Verification Ends on Nov. 9
EXIM CATERING: Proofs of Claim Verification Is Until Today
F Y F: Proofs of Claim Verification Deadline Is Nov. 1

FIAT SPA: Offers Tech Support to Tata's Bid on Ford Brands
FIAT SPA: European Commission Demands Technical Info Report
GALERIA DA VINCI: Seeks Out-Of-Court Settlement with Creditors
SKYY MEDIA: Proofs of claim Verification Deadline Is Today
TRAFILGOM SRL: Proofs of Claim Verification Ends Tomorrow


B A H A M A S

TUPPERWARE BRANDS: Moody's Rates Proposed Credit Facility at Ba1


B E R M U D A

FOSTER WHEELER: Inks Demonstration Project Deal with Praxair
GAUDY LTD: Proofs of Claim Filing Ends Today
ROYALE RESORTS: Proofs of Claim Filing Is Until Today


B R A Z I L

ASPEN TECHNOLOGY: Bear Stearns Reaffirms Outperform Rating
BANCO NACIONAL: Portfolio in Ceara Projects Up to BRL4.14 Bil.
BANCO NACIONAL: Power Sector Financing Totals BRL2.6B in 8 Mos.
BANCO SANTANDER: May Become Biggest Private Bank in Brazil
COMPANHIA PARANAENSE: Eyes Parana Toll Road Concession Auction

FIDELITY NATIONAL: Fitch Downgrades IDR to BB After eFunds Buy
FIDELITY NATIONAL: S&P Lowers Corporate Credit Rating to BB
EMI GROUP: Redeems Outstanding GBP325-Million Bonds
FORD MOTOR: Suitors Move to Round Two of Jaguar, Land Rover Sale
GENERAL CABLE: Freeport-McMoRan Buy Cues S&P to Affirm Rating

GENERAL MOTORS: Nears Deal with UAW on Healthcare Trust Fund
GENERAL MOTORS: EU Orders Technical Information Disclosure
GENERAL MOTORS: Talks with UAW Show Progress, WSJ Says
HRP MYRTLE: S&P Affirms B- Rating; Revises Outlook to Negative
MYERS INDUSTRIES: Postponed Deal Cues S&P to Remove All Ratings

NAVISTAR INTERNATIONAL: Hires Jon Harmon as VP-Corporate Comms
NORTEL NETWORKS: Wins Contract from Mumbai International
SANYO ELECTRIC: Hasn't Decided to Sell Handset Business Yet
TIMKEN CO: Signs Acquisition Deal with Purdy for US$200 Million

* BRAZIL: State Firm Sues Energy Regulator over Campos Well
* BRAZIL: Mulling New Petrochemical Complex


C A Y M A N   I S L A N D S

DALTON JAPAN: Proofs of Claim Filing Deadline Is Oct. 3
DALTON JAPAN (MASTER): Proofs of Claim Filing Ends on Oct. 3
GREENSTREAM MF: Proofs of Claim Filing Is Until Sept. 20
HARBOR 2006-2: Proofs of Claim Must be Filed by Oct. 4
HARRISON CLO: Proofs of Claim Filing Deadline Is Oct. 4

LMHS INSURANCE: Proofs of Claim Filing Ends on Sept. 30
PRINCIPAL PROTECTED: Proofs of Claim Filing Ends on Oct. 4
SIRIOS OVERSEAS: Proofs of Claim Filing Deadline Is Oct. 4


C O L O M B I A

BANCOLOMBIA: Reaffirms View Regarding Alleged Prevaricato


C O S T A   R I C A

* COSTA RICA: Obtains US$3.5-Million Financing from IDB


D O M I N I C A N   R E P U B L I C

ASHMORE ENERGY: Acquires Interest in Puerto Quetzal & Corinto


E L   S A L V A D O R

ALCATEL-LUCENT: Robert W. Baird Maintains Neutral Rating on Firm
ALCATEL-LUCENT: Morgan Keegan Maintains Outperform Rating


G U A T E M A L A

MILLICOM INT'L: Morgan Joseph Reaffirms Buy Rating on Firm


M E X I C O

BALLY TOTAL: Bankruptcy Court Confirms Plan of Reorganization
BAUSCH & LOMB: Sets Special Shareholders' Meeting for Sept. 21
FIRST DATA: Moody's Places B2 Corporate Family Rating
FIRST DATA: Fitch Downgrades Issuer Default Rating to B+
DESARROLLADORA HOMEX: Moody's Affirms Ba3 Local Currency Rating

URS CORP: S&P To Lower Rating to BB Upon Purchase Closing


P A N A M A

CHIQUITA BRANDS: U.S. Federal Court Fines Firm US$25 Million

* PANAMA: Gets US$3.5-Mil. Loan for Environmental Mgmt. Project


P U E R T O   R I C O

LIN TV: Selling Licenses to Aloha Partners for US$32.5 Million
TOYS 'R' US: CEO Testifies at Senate Hearing on Toy Safety


V E N E Z U E L A

NORTHWEST AIRLINES: To Own 47% of Midwest Airlines
NORTHWEST AIRLINES: Discloses Executive Management Team Changes
PETROLEOS DE VENEZUELA: To Convert Dollar Investments
PETROLEOS DE VENEZUELA: Hugo Chavez Launches Gas Revolution
PETROLEOS DE VENEZUELA: Unconcerned Over Drop in 2006 Revenues


PETROLEOS DE VENEZUELA: Venezuelan State Gets 70.9% of Revenues
* VENEZUELA: State Firm Deploys Production Line with C-Holding
* Large Companies with Insolvent Balance Sheets

                          - - - - -

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


CATIR SRL: Proofs of Claim Verification Deadline Is Oct. 22
-----------------------------------------------------------
Sebastian Barletta, the court-appointed trustee for Catir
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 22, 2007.

Mr. Barletta will present the validated claims in court as
individual reports on Dec. 4, 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 Catir 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 Catir's accounting
and banking records will be submitted in court on Feb. 27, 2008.

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

The trustee can be reached at:

         Sebastian Barletta
         Norberto de la Riestra 1209
         Buenos Aires, Argentina


CRIOLLA SOCIEDAD: Proofs of Claim Verification Is Until Dec. 5
--------------------------------------------------------------
Maria Ledesma, the court-appointed trustee for Criolla Sociedad
Gerente de Fondos Comunes de Inversion S.A.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
Dec. 5, 2007.

Ms. Ledesma will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 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 Criolla Sociedad 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 Criolla Sociedad's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Criolla Sociedad Gerente de Fondos Comunes de
         Inversion S.A.
         Sarmiento 334
         Buenos Aires, Argentina

The trustee can be reached at:

         Maria Ledesma
         Avenida Cordoba 1351
         Buenos Aires, Argentina


DISENOS DE BUENOS AIRES: Claims Verification Ends on Nov. 9
-----------------------------------------------------------
Adolfo Jorge Santos, the court-appointed trustee for Disenos de
Buenos Aires S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 9, 2007.

Mr. Santos will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk No.
8, 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 Disenos de Buenos Aires 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 Disenos de Buenos
Aires' accounting and banking records will be submitted in
court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Disenos de Buenos Aires S.A.
         Ricardo Rojas 451
         Buenos Aires, Argentina

The trustee can be reached at:

         Adolfo Jorge Santos
         Junin 55
         Buenos Aires, Argentina


EXIM CATERING: Proofs of Claim Verification Is Until Today
-----------------------------------------------------------
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


F Y F: Proofs of Claim Verification Deadline Is Nov. 1
------------------------------------------------------
Guillermo Rosendo Hernandez, the court-appointed trustee for
F. y F. S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 1, 2007.

Mr. Hernandez will present the validated claims in court as
individual reports on Dec. 17, 2007.  The National Commercial
Court of First Instance in San Miguel de Tucuman, Tucuman, 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 F. y F. 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 F. y F.'s accounting
and banking records will be submitted in court on March 4, 2008.

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

The debtor can be reached at:

         F. y F. S.R.L.
         Colombia 249, San Miguel de Tucuman
         Tucuman, Argentina

The trustee can be reached at:

         Guillermo Rosendo Hernandez
         Lavalle 971, San Miguel de Tucuman
         Tucuman, Argentina


FIAT SPA: Offers Tech Support to Tata's Bid on Ford Brands
----------------------------------------------------------
Fiat S.p.A. is willing to lend technical support to Tata Motors
Ltd. in its bid for Ford Motor Co.'s Land Rover and Jaguar
brands, Reuters reports.

"If Tata is interested in Jaguar and Land Rover, we are ready to
provide technical support," an unnamed Fiat spokesman was quoted
by Reuters as saying.

Sources told the Financial Times that Tata Motors has moved on
to the second round of the auction process along with Mahindra &
Mahindra and One Equity Partners.

As reported the TCR-Europe on Sept. 10, 2007, Fiat S.p.A.
chairman Luca Cordero di Montezemolo denied reports that the
company is interested in taking a minority stake in Ford Motor's
British brands.

Tata Motors has made it to the list of selected bidders for
final consideration in the race for Jaguar and Land Rover.   The
company, however, is facing fierce competition from United
States firms.  Other bidders include TPG Capital, Ripplewood
Holdings, One Equity Partners, Cerberus Capital Management, and
India's Mahindra & Mahindra.  

Ford aims to complete the sale by the end of 2007 or early 2008.

                         About Fiat SpA

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

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

                        *     *     *

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

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

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


FIAT SPA: European Commission Demands Technical Info Report
-----------------------------------------------------------
The European Commission has adopted four decisions that legally
bind DaimlerChrysler AG, Toyota Motor Corp., General Motors
Corp. and Fiat SpA to commitments to provide technical
information about car repairs to all independent garages in the
European Union.

The commitments were given after a Commission investigation
found that inadequate access to the full range of technical
information could drive independent repairers from the market
and that the agreements between the car makers and their
authorized repairers would therefore infringe EC Treaty rules on
restrictive business practices.

The resulting reduction in competition between car repairers
could lead to less choice and higher prices for consumers:
independent repairers are often cheaper than authorized outlets,
sometimes by over 50%.  In addition, if repairs were carried out
without the right technical information, this could lead to
vehicles being driven in an unsafe condition, and add to air
pollution and wasted fuel.

The commitments will be binding until the motor vehicle block
exemption expires in May 2010.  By that time, the vehicle
emissions regulation will have entered into force.  This places
an obligation upon vehicle manufacturers to provide independent
repairers with standardized access to all technical repair
information.

Competition Commissioner Neelie Kroes said: "Consumers benefit
from competition between repairers, through lower labor charges
and cheaper spare parts.  These decisions provide a concrete and
timely solution to the problems faced by independent repairers,
who might lose their ability to compete without access to the
relevant technical information."

The protection of competition on the EU car repair and
maintenance markets is one of the aims of the motor vehicle
block exemption regulation.  Independent repair outlets are
important to European consumers, because they exert competitive
pressure on the franchised networks.

Studies have shown, for instance, that prices charged by
authorized outlets in Germany are on average 16% higher than
those billed by independent repairers, while in the UK, the
difference for a typical service job between independents and
some of the highest priced brands of franchised dealer can be
more than 120%.  These differences are all the more significant
when one considers that over a car's lifetime, repair and
maintenance costs as much as the first owner paid for the car.

Cars are becoming increasingly complex, and even basic repairs
require qualified technicians with brand-specific technical
information.  The Commission's preliminary finding in all four
cases was that the car makers seem to have withheld certain
technical information from independent repairers and have
provided the rest in a way that does not meet their needs.

These apparent inadequacies could force independent repairers
from the markets, resulting in considerable consumer harm.  Such
behavior is prohibited by Regulation 1400/2002, which provides
that full and non-discriminatory access must be given in a
manner proportionate to independent repairers' needs.

                       About Fiat SpA

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

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

                        *     *     *

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

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

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

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


GALERIA DA VINCI: Seeks Out-Of-Court Settlement with Creditors
--------------------------------------------------------------
Galeria Da Vinci S.A.C.I.F.I.A. has requested for reorganization
approval after failing to pay its liabilities.

Galeria Da Vinci wants to negotiate a settlement with its
creditors in order to avoid a straight liquidation.

The debtor can be reached at:

          Galeria Da Vinci S.A.C.I.F.I.A.
          Parana 224
          Buenos Aires, Argentina


SKYY MEDIA: Proofs of claim Verification Deadline Is Today
----------------------------------------------------------
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


TRAFILGOM SRL: Proofs of Claim Verification Ends Tomorrow
---------------------------------------------------------
Hector Rodolfo Arzu, the court-appointed trustee for Trafilgom
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
on Sept. 20, 2007.

Mr. Arzu will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Trafilgom 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 Trafilgom's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Trafilgom SRL
         Decay 1457
         Buenos Aires, Argentina

The trustee can be reached at:

         Hector Rodolfo Arzu
         Junin 55
         Buenos Aires, Argentina




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


TUPPERWARE BRANDS: Moody's Rates Proposed Credit Facility at Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Tupperware
Brands Corporation proposed senior secured credit facilities,
consisting of a US$200 million revolving credit facility and a
US$550 million term loan A, both due 2012.

Moody's also affirmed the company's Ba2 corporate family rating
and Ba3 probability of default rating, and changed the outlook
to positive from stable.  The company will primarily use
proceeds from the new credit facility to refinance the existing
credit facility.  The transaction is not expected to increase
pro forma debt levels.  These ratings are subject to review of
final documentation.

Ratings assigned:

   -- US$200 million senior secured revolving credit facility
      due 2012 at Ba1 (LGD2, 22%);

   -- US$550 million senior secured term loan A due 2012 to Ba1
     (LGD2, 22%).

Ratings affirmed:

   -- Corporate family rating at Ba2;
   -- Probability of default rating at Ba3.

Ratings to be withdrawn at closing of new credit facilities:

   -- US$200 million senior secured revolving credit facility
      due 2010 at Ba1 (LGD2, 25%);

   -- US$601 million senior secured term loan due 2012 to Ba1
      (LGD2, 25%).

Tupperware's Ba2 rating is driven by its moderate leverage,
favorable positions in attractive direct selling markets, a
portfolio of recognized brand names, excellent geographic
diversification, and a substantial base of independent sales
consultants that provides a significant platform for growth.
Notwithstanding these positives, the rating also reflects the
company's moderate scale and relatively narrow product
diversification.  The rating also considers ongoing growth
challenges of the direct selling model in mature markets (Europe
and the U.S.), exposure to raw material and currency price
volatility, sensitivity to discretionary spending trends,
competition from traditional retail and direct selling, and the
potential for future acquisitions.

"The positive outlook reflects Moody's expectation that
Tupperware will continue to expand revenues, sustain its
favorable operating performance, and focus on debt reduction
such that credit metrics will further improve from current
levels," stated Moody's Analyst Daniel Marx.

Tupperware Brands Corporation -- http://www.tupperware.com/--
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.  Tupperware reported revenues of US$1.8
billion for the twelve months ended June 2007.

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




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


FOSTER WHEELER: Inks Demonstration Project Deal with Praxair
------------------------------------------------------------
Foster Wheeler Ltd.'s US subsidiary, Foster Wheeler North
America Corp. and Praxair Inc. have signed a multi-year
agreement that calls for the joint pursuit of certain
demonstration projects that will incorporate clean coal
technologies and integrated oxy-coal combustion systems into
coal-fired electric generating plants to facilitate capture and
sequestration of carbon dioxide (CO2).

The combination of the two companies' technologies and systems
expertise would enable a coal-fired generating plant to reduce
carbon dioxide stack emissions by more than 90 percent as
compared to a conventional coal-fired plant of similar size.  
Generating plants that burn opportunity fuels such as biomass
and petroleum coke in combination with coal would also be able
to effect similar reductions in CO2 emissions.  The two
companies have agreed to share technical information to ensure
successful integration of the combined systems.

Under the agreement, Foster Wheeler will develop and supply
steam generators using oxy-coal combustion technology that can
be installed in new or existing coal-fired power plants.  Oxy-
coal combustion creates a highly concentrated stream of CO2 from
a steam generator to facilitate carbon capture and
sequestration.  Foster Wheeler expects that its first
applications of oxy-coal combustion technology would involve the
company's circulating fluidized-bed (CFB) steam generators,
which have already gained global market acceptance for their
efficiency, fuel flexibility, and relatively low emissions.  
Foster Wheeler expects that oxy-coal combustion technology will
be applicable to pulverized-coal (PC) steam generators as well.

Praxair has a long history of advancing oxygen-based combustion
and gas-processing technologies that bring substantial
productivity and environmental benefits to customers in many
industries.  For this project, Praxair will provide the upstream
oxygen-supply facilities, applying its design, engineering and
construction expertise in building large cryogenic air-
separation plants that produce the large volumes of oxygen
necessary for clean-coal projects.  Praxair also will provide
the downstream CO2 capture and gas-processing technologies and
equipment, based on its experience as one of the world's leading
CO2 suppliers.  Praxair's control systems and integration
capabilities also will be a key component of the project.

"We are pleased to be involved with Praxair in development of
new technology to address CO2 emissions from coal-fired power
plants," said Gary Nedelka, president and chief executive
officer of Foster Wheeler North America Corp.  "We have already
completed pilot and bench-scale testing of oxy-coal combustion
in an R&D environment, and we look forward to accelerating this
work under our agreement with Praxair.  The application of oxy-
coal combustion will allow us to advance both our CFB and PC
technologies in the area of carbon capture."

"Working with Foster Wheeler will help accelerate the
development of oxy-coal combustion technology in the power-
generation field, enabling us to contribute an environmentally
friendly way to tap vast coal resources to meet our energy
needs," said Charles McConnell, Praxair's vice president,
gasification and oxy-coal technology.

The companies expect that their first joint commercial effort
will be the previously announced demonstration project being
pursued by the Jamestown (New York) Board of Public Utilities.  
The Jamestown project would be the first of its kind in the
United States and potentially an international model for future
energy development.

                        About Praxair

Praxair Inc. -- http://www.praxair.com/-- is the largest  
industrial gases company in North and South America, and one of
the largest worldwide, with 2006 sales of US$8.3 billion.  The
company produces, sells and distributes atmospheric, process and
specialty gases, and high-performance surface coatings.  Praxair
products, services and technologies bring productivity and
environmental benefits to a wide variety of industries,
including aerospace, chemicals, food and beverage, electronics,
energy, healthcare, manufacturing, metals and others.

                    About Foster Wheeler

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

                        *     *     *

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

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


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

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

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

The liquidator can be reached at:

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


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

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

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

The liquidator can be reached at:

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




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


ASPEN TECHNOLOGY: Bear Stearns Reaffirms Outperform Rating
----------------------------------------------------------
Bear Stearns analyst Philip Alling has reaffirmed his
"outperform" rating on Aspen Technology Inc's shares,
Newratings.com reports.

According to Newratings.com, the target price for Aspen
Technology's shares was set at US$17.

Mr. Alling said in a research note that Aspen Technology's
preliminary fiscal fourth quarter 2007 results "points towards
robust cash flows and better-than-anticipated performance in the
license segment."

Mr. Alling told Newratings.com that Aspen Technology showed that
its restatement in June 2007, "related to balance sheet
accounting for the sale of installment receivables is
continuing, which is disappointing."

Aspen Technology's chemicals and energy primary end-markets are
still strong, Newratings.com states, citing Bear Stearns.

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software  
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has locations in
Brazil, Malaysia and France.

                        *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings.  S&P said he outlook is negative.


BANCO NACIONAL: Portfolio in Ceara Projects Up to BRL4.14 Bil.
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social portfolio
of financings to investment projects in the State of Ceara
currently amounts to BRL3.96 billion.  Out of this total,
BRL3.21 billion in operations already approved and contracted
and which are in the phase of disbursement.  The remainder
BRL750 million refers to projects accepted (BRL654.1 million)
and under analysis (BRL95.4 million) by the Bank, which phases
precede the approval process.

BNDES financings to Ceara contemplate projects of both sectors,
private (BRL2.95 billion) and public (BRL935 million), and are
important for the generation of employment and income and for
regional development.

Among the projects with the Bank, the highlights are those
recently submitted, which are considered as a priority to the
logistics infrastructure and social and economic development of
the State of Ceara.

There are projects of the public sector, as the expansion of
Porto de Pecem [Pecem Port], integrating Programa de Aceleracao
do Crescimento [PAC] [Growth Acceleration Program], with
financings estimated in BRL276 million; first stage works of
South line Metrofor transportation project, also listed under
PAC, for the amount of BRL142.3 million; and Programa Cidades do
Ceara [Ceara Cities Program], with forecast credits of BRL30
million; besides the project within the scope of Programa de
Modernizacao da Administracao Tributaria [PMAE] [Program for
Modernization of Tax Administration] of that State.

In the private sector, two important projects are framed for
BNDES analysis: the implementation of a steel producer in the
city of Sao Gon‡alo do Amarante, for the amount of BRL168
million, besides the project for expansion and modernization of
energy distribution structure of Companhia Energetica do Ceara
[Coelce], for the amount of BRL291 million.

Included in the list of projects contracted and in the phase of
fund release, are the implementation of sections 2 and 3 of the
integration axis Castanhao, in the metropolitan region of
Fortaleza, for the amount of BRL71.8 million, BRL13 million of
which were already disbursed.  Likewise, BNDES has so far
disbursed BRL5.8 million to the project for implementation of a
touristic complex in the city of Aquiraz.

In the first seven months this year, the disbursements of BNDES
financing funds for investment in Ceara reached BRL200 million,
with emphasis on projects of the transformation industry,
commerce and service sectors.

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

                        *     *     *

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


BANCO NACIONAL: Power Sector Financing Totals BRL2.6B in 8 Mos.
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that its financing for the power sector increased 45%
to BRL2.6 billion in the first eight months of 2007, compared to
the same period in 2006.

Business News Americas relates that Banco Nacional's loans
totaled BRL257 million in August 2007.

Financing authorized in the first eight months of 2007 rose 187%
to BRL5 billion, from the same period in 2006.

The boost in financing indicates low demand for funding
operations in 2006, BNamericas states, citing Banco Nacional.

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

                        *     *     *

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


BANCO SANTANDER: May Become Biggest Private Bank in Brazil
----------------------------------------------------------
"Brazil is fast becoming the Republic of Santander," Paulo
Pereira da Silva, a federal deputy and head of Forca Sindical,
the country's second-biggest union grouping, suggested to
Charles Penty at Bloomberg News.  "The bank's influence is
growing."

Banco Santander, Spain's biggest bank, has spent US$948,000
(BRL1.8 million) to support President Luiz Inacio Lula da
Silva's 2002 campaign, Mr. Penty relates, citing Mauro Guillen,
who wrote a history of the bank.  He adds that Santander
Chairman Emilio Botion supported the current president while
other institutions were afraid that Mr. da Silva would default
on debts.  The bank has kept an open credit line for US$2
billion when other international lenders have refused.

Banco Santander is among a consortium that has submitted a bid
to acquire ABN Amro Holding NV for EUR70 billion.  If the bid is
successful, Santander would take control of ABN Amro Real, the
local unit of the Dutch company.  This would make Santander the
biggest private bank in the country, surpassing Banco Itau
Holding Financeira SA.

In a further show of support, the Santander chairman told
reporters in a ceremony in Madrid Monday that "we believe in
Brazil," Bloomberg relates.  Mr. Botin added that he expected
the South American nation to receive an investment grade rating
within 18 months.

The Santander Banespa group is comprised of Santander Brasil,
Santander, Santander Meridional and Banespa, and is a subsidiary
of Spanish financial group Grupo Santander.  Santander Banespa
is the biggest foreign-owned bank in Brazil and the fourth
largest on the overall ranking for private banks.

                        *     *     *

As reported in Troubled Company Reporter-Latin America on
July 30, 2007, Standard & Poor's Ratings Services affirmed its
'BB+/B' counterparty credit rating on Banco Santander Banespa
S.A.  S&P said the outlook is positive.


COMPANHIA PARANAENSE: Eyes Parana Toll Road Concession Auction
--------------------------------------------------------------
Companhia Paranaense de Energia said in a statement that it is
considering participating in the toll road concession auction in
Parana.

Business News Americas relates that Companhia Paranaense's
participation in the auction would be possible if return rates
are attractive.

Companhia Paranaense told BNamericas that it would collaborate
with firms with expertise in toll roads or with other Parana
state-run companies.

Brazilian brokerage Ativa Corretora Monica Araujo said in a
report that Companhia Paranaense's move to diversify its
business is not new.  The firm holds non-relevant assets in gas
and telecommunications.

Ms. Araujo commented to BNamericas, "The issue is to evaluate
how Copel [Companhia Paranaense] will act in the toll road
concession segment and whether returns will be worth the
company's investment."

Meanwhile, Brazilian brokerage Brascan analyst Diego Nunez was
pessimistic about Companhia Paranaense's plans, BNamericas
notes.

"We believe Copel's intention to invest outside its core
business is wrong since the toll road segment has no synergy
with current operations," BNamericas states, citing Mr. Nunez.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- transmits and
distributes electricity to more than 3 million customers in the
state of Parana and has a generating capacity of nearly 4,600
MW, primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its
Brazilian national scale.  The rating outlook was stable.  This
rating action concludes the review process initiated on
July 26, 2006.

Moody's upgraded these ratings:

   -- Corporate Family Rating: to Ba2 from Ba3 (Global Local
      Currency) and to Aa2.br from A3.br (Brazilian National
      Scale);

   -- BRL500 million Senior Unsecured Guaranteed Debentures due
      2007: to Ba2 from Ba3 (Global Local Currency) and to
      Aa2.br from A3.br (Brazilian National Scale); and

   -- BRL400 million Senior Secured Guaranteed Debentures due
      2009: to Ba1 from Ba2 (Global Local Currency) and to
      Aa1.br from A1.br (Brazilian National Scale).


FIDELITY NATIONAL: Fitch Downgrades IDR to BB After eFunds Buy
--------------------------------------------------------------
Fitch Ratings, in response to Fidelity National Information
Services' US$1.8 billion acquisition of eFunds Corp. and the
associated debt financing, has resolved the Rating Watch
Negative status by taking these ratings actions:

  -- Issuer Default Rating downgraded to 'BB' from 'BB+';

  -- US$900 million secured revolving credit facility (RCF)
     assigned a rating of 'BB+';

  -- Secured term loans assigned a rating of 'BB+';*

  -- 4.75% senior notes affirmed at 'BB+'.

The secured term loans consist of a US$2.1 billion term loan A
and a US$1.6 billion term loan B.

Fitch also withdraws this rating:

-- Senior unsecured credit facility 'BB+'.

The Rating Outlook is Stable.  Pro Forma for the close of the
EFD acquisition, approximately US$4.8 billion in debt is
affected by Fitch's actions, including the credit facility.

The IDR downgrade reflects higher leverage pro forma for the
mostly debt-financed EFD acquisition as well as the resulting
integration risk and relative lower financial flexibility.

FIS announced its agreement to acquire EFD on June 27, 2007 for
US$1.8 billion in cash consideration.  For LTM ending
June 30, 2007, EFD generated US$553 million in revenue and
US$135 million in EBITDA.  FIS utilized a new US$1.6 billion
secured term loan to finance the majority of the acquisition in
addition to approximately US$200 million of available cash.  In
conjunction with this new secured term loan, FIS' existing RCF
and term loan A agreement were amended to be equally secured.  
In addition, the indenture governing the 4.75% senior unsecured
notes due 2008, which were originally issued by Certegy Inc.,
requires FIS to equally and ratably secure these notes with the
secured bank debt.  FIS closed its acquisition of EFD on
Sept. 12, 2007.

The ratings and Outlook reflect these considerations:

-- FIS generates a significant portion of its revenue from
    long-term contracts with a majority of revenues recurring
    in nature;

-- FIS offers a well-diversified product portfolio serving
    several market segments, including small regional financial
    institutions, retailers as well as mortgage lenders, in
    addition to having counter cyclical revenue streams;

-- FIS serves a diverse customer base of over 7,800 financial
    institutions generating slightly more than 10% of its
    revenue from outside the US;

-- FIS has historically been highly acquisitive which Fitch
    expects to continue going forward; and

-- FIS competes in a highly fragmented and highly competitive
    market with modest pricing pressure that can negatively
    impact profitability.

Fitch also considers these issues related to the acquisition of
EFunds:

-- Fitch expects leverage pro forma for the acquisition to
    increase to approximately 3.5 times from 2.4 as of June
    2007;

-- EFD offers a complimentary product portfolio and customer
    base and the combined company will have significant cross
    selling opportunities;

-- Fitch expects FIS to be able to generate modest cost
    synergies from the consolidation of EFD's operations; and

-- There is modest integration risk and customer retention
    risk associated with the acquisition.

While recognizing the inherent integration risk associated with
the EFD transaction, Fitch expects that future free cash flow
would be used by FIS to reduce leverage to 3 or below which
could lead to positive rating actions.  However, Fitch does not
expect leverage to fall materially below 3 due to the highly
acquisitive nature of the company and the potential for the use
of FCF for shareholder friendly actions, the combination of
which limits potential upside to the rating and creates on-going
event risk to the credit.

Liquidity, pro forma for the acquisitions, is expected to be
adequate with approximately US$200 million of cash, a US$900
million secured revolving credit facility maturing 2012, with
approximately US$400 million of availability, and solid annual
free cash flow.  Total debt, pro forma for the acquisition, is
expected to be approximately US$4.6 billion consisting primarily
of US$500 million drawn on the secured RCF, US$2.1 billion in a
secured term loan A maturing 2012, US$1.6 billion in a secured
term loan B maturing in 2014, and US$200 million in unsecured
notes maturing 2008.

Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. -
http://www.fidelityinfoservices.com/-- provides core processing  
for financial institutions; card issuer and transaction
processing services; mortgage loan processing and mortgage
related information products; and outsourcing services to
financial institutions, retailers, mortgage lenders and real
estate professionals.  FIS has processing and technology
relationships with 35 of the top 50 global banks, including nine
of the top ten.  Nearly 50% of all US residential mortgages are
processed using FIS software.  FIS maintains a strong global
presence, serving over 7,800 financial institutions in more than
60 countries worldwide, including Brazil.


FIDELITY NATIONAL: S&P Lowers Corporate Credit Rating to BB
-----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Jacksonville, Florida-based Fidelity National
Information Services Inc. to 'BB' from 'BB+' and removed the
rating from CreditWatch where it was placed on June 27, 2007,
with negative implications.  The outlook is stable.
     
At the same time, S&P's has assigned its loan and recovery
ratings to the company's US$1.6 billion term loan B.  The loan
is rated 'BB+' with a recovery rating of '2', indicating the
expectation for substantial (70%-90%) recovery in the event of a
payment default.  Proceeds from the term loan will be used to
fund FIS's US$1.8 billion purchase of eFunds.
     
Additionally, S&P's has affirmed the 'BB+' rating on Fidelity
National Information Services' US$200 million notes due 2008,
which became secured at the close of the transaction and rank
parri passu with the bank debt.  This rating was removed from
CreditWatch, along with the corporate credit rating.  S&P's also
assigned a '2' recovery rating to this debt.
     
"The downgrade reflects the company's more aggressive financial
profile following the eFunds acquisition," said S&P's credit
analyst Phil Schrank.  Pro forma debt to EBITDA will rise to the
mid-3 area from the current level of less than 3.  "Rating
support is provided by a stable recurring revenue base, good
cash flow generation, and the opportunity to realize both
product and cost synergies over time."  The acquisition of
eFunds provides FIS with greater scale, extends its presence in
the U.S. and international banking markets, and expands the
distribution channel for its core processing and risk analytic
services.  In addition, FIS expects to realize significant cost
savings of approximately US$65 million per year.

Headquartered in Jacksonville, Florida, Fidelity National
Information Services, Inc. --
http://www.fidelityinfoservices.com/-- provides core processing  
for financial institutions; card issuer and transaction
processing services; mortgage loan processing and mortgage
related information products; and outsourcing services to
financial institutions, retailers, mortgage lenders and real
estate professionals.  FIS has processing and technology
relationships with 35 of the top 50 global banks, including nine
of the top ten.  Nearly 50% of all US residential mortgages are
processed using FIS software.  FIS maintains a strong global
presence, serving over 7,800 financial institutions in more than
60 countries worldwide, including Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Fitch Ratings has placed these Fidelity National Information
Services' ratings on Rating Watch Negative including the
company's issuer default rating 'BB+'; US$3 billion senior
unsecured credit facilities 'BB+', consisting of a US$2.1
billion term loan and a US$900 million revolving credit
facility; and senior unsecured notes 'BB+'.

At the same time, Standard & Poor's Ratings Services placed its
'BB+' corporate credit and senior unsecured ratings for Fidelity
National Information Services on CreditWatch with negative
implications.


EMI GROUP: Redeems Outstanding GBP325-Million Bonds
---------------------------------------------------
EMI Group Plc redeemed all of the outstanding GBP250 million
8.25% bonds due 2008 and GBP75 million 8.25% bonds due 2008 on
Sept. 11, 2007.

The bonds were redeemed at the price set out in the company
announcement on Sept. 7, 2007.

The bonds, which are listed in the London Stock Exchange, will
be canceled and there are no further bonds outstanding.

                          About EMI

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

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

The company issued two profit warnings since January 2007.

                        *     *     *

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

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

EMI Group plc

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

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

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

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

Moody's ongoing review will now be focused on :

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

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

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

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  S&P
affirmed the 'B' short-term rating.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.


FORD MOTOR: Suitors Move to Round Two of Jaguar, Land Rover Sale
----------------------------------------------------------------
Tata Motors Ltd., Mahindra & Mahindra and One Equity Partners,
led by former Ford CEO Jacques Nasser, have advanced into the
second round of Ford Motor Company's auction process for its
Jaguar and Land Rover marques, Michael Strong and Abigail
Roberts write for the Financial Times, quoting sources familiar
with the matter.

Concurrently, the same sources said Texas Pacific Group and
Hyundai are also believed to have moved to the next step in the
sale process, FT states.

The sale of the two luxury brands is expected to add about
US$1.5 billion to US$2 billion to Ford's coffers.  Ford is
scrambling to beef up its finances in order to fund a potential
Voluntary Employment Benefits Association, as well as its
ongoing restructuring plans, FT relates.

Meanwhile, the head of Ford's European operations has revealed
it's too soon to say if the carmaker would keep a stake in
either Jaguar or Land Rover, Breaking News.ie reports.

"We're selling the business because we need the money and we
need the focus," said Lewis Booth, executive vice president of
Ford's European units.  "We're not going out with the intention
of keeping an equity stake."

Ford expects to finalize a deal for the sale of Jaguar and Land
Rover by December or the early stages of Fiscal Year 2008, Mr.
Booth said, Breaking News.ie notes.  He added that Ford expects
to conclude its strategic review of Volvo for a potential sale
by the end of this year.

                      About Ford Motor Co.

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

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

                        *     *     *

As reported on July 31, 2007, Moody's Investors Service said
that the performance of Ford Motor Company's global automotive
operations for the second quarter of 2007 was significantly
stronger than the previous year and better than street
expectations.

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

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


GENERAL CABLE: Freeport-McMoRan Buy Cues S&P to Affirm Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-'
corporate credit rating on General Cable Corp.  The outlook is
stable.  This follows the company's announced acquisition of the
global wire and cable business of Freeport-McMoRan Copper & Gold
Inc. (BB+/Positive/--), which operates as Phelps Dodge
International Corp., for US$735 million, subject to certain
adjustments.
     
S&P has also affirmed our 'B+' senior unsecured rating, one
notch below the corporate credit rating on General Cable, and
our 'BB+' senior secured rating.  The affirmations include the
financing contemplated to fund the acquisition, namely an
expansion of the company's existing US$300 million asset-backed
senior secured facility and a new senior unsecured convertible
note issue.  At the same time, S&P s has withdrawn its senior
secured rating, at the company's request.
     
On an annual basis, Highland Heights, Kentucky-based General
Cable estimates that the acquisition will contribute
approximately US$1.4 billion in revenues at current metal prices
and is expected to be accretive to earnings in the first full
year.  S&P estimates that the acquired business generated
approximately US$90 million in EBITDA in 2006, or about 6.4% of
sales.  This compares with General Cable's recent 9.5% EBITDA
margins.  PDIC's performance in the first half of 2007 continued
to improve.  The acquired business expands General Cable's
geographic diversity, especially in emerging markets, and
provides cost opportunities with the combined companies' greater
scale.
     
"The ratings on General Cable reflect a cyclical operating
profile, driven by fluctuating market demand and volatility in
raw material pricing that can affect working capital
requirements and cash flow," said S&P's credit analyst Bruce
Hyman.  "These factors are offset somewhat by the company's
leading position in a global market for wire and cables,
especially in the energy transmission and distribution market,
and leverage that is moderate for the rating."

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


GENERAL MOTORS: Nears Deal with UAW on Healthcare Trust Fund
------------------------------------------------------------
General Motors Corp. and the United Auto Workers union are
steadily closing the gap between their differences over GM's
proposal to transfer about US$55 billion in future health care
liabilities to a union-managed fund, known as a Voluntary
Employees' Beneficiary Association, The Financial Times reports,
citing sources familiar with the negotiations.  

Both parties are expected to sign a final contract soon.

GM, along with Ford Motor Company and Chrysler LLC, are believed
to be pushing to finance the health care fund at no more than 70
cents on the dollar, which would create a trust fund in excess
of US$60 billion, making it one of the largest investment funds
in the country.  The trust fund is expected to cut about US$95
billion from the carmakers' retiree costs.

The UAW is extending GM's contract on an hour-to-hour basis
while granting an indefinite extension to the other two Detroit
carmakers, Ford Motor Company and Chrysler LLC, pending the
outcome of talks with GM.  The UAW may use the GM settlement to
extract "pattern" concessions from the other two, Bernard Simon
writes for FT.

GM representatives said five GM plants in the United States were
operating on Saturday while more than 70 union-represented
facilities resumed production on Monday, Reuters relates.  The
UAW had initially threatened to call a strike against GM, before
agreeing to the hourly extension.  UAW's last major strike
against GM was in 1998, when a 59-day walkout at two GM parts
plants caused shortages that eventually shut down almost all of
the automaker's assembly plants and caused sales to plunge,
Reuters states.

                      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.


GENERAL MOTORS: EU Orders Technical Information Disclosure
----------------------------------------------------------
The European Commission has adopted four decisions that legally
bind DaimlerChrysler AG, Toyota Motor Corp., General Motors
Corp. and Fiat SpA to commitments to provide technical
information about car repairs to all independent garages in the
European Union.

The commitments were given after a Commission investigation
found that inadequate access to the full range of technical
information could drive independent repairers from the market
and that the agreements between the car makers and their
authorized repairers would therefore infringe EC Treaty rules on
restrictive business practices.

The resulting reduction in competition between car repairers
could lead to less choice and higher prices for consumers:
independent repairers are often cheaper than authorized outlets,
sometimes by over 50%.  In addition, if repairs were carried out
without the right technical information, this could lead to
vehicles being driven in an unsafe condition, and add to air
pollution and wasted fuel.

The commitments will be binding until the motor vehicle block
exemption expires in May 2010.  By that time, the vehicle
emissions regulation will have entered into force.  This places
an obligation upon vehicle manufacturers to provide independent
repairers with standardized access to all technical repair
information.

Competition Commissioner Neelie Kroes said: "Consumers benefit
from competition between repairers, through lower labor charges
and cheaper spare parts.  These decisions provide a concrete and
timely solution to the problems faced by independent repairers,
who might lose their ability to compete without access to the
relevant technical information."

The protection of competition on the EU car repair and
maintenance markets is one of the aims of the motor vehicle
block exemption regulation.  Independent repair outlets are
important to European consumers, because they exert competitive
pressure on the franchised networks.

Studies have shown, for instance, that prices charged by
authorized outlets in Germany are on average 16% higher than
those billed by independent repairers, while in the UK, the
difference for a typical service job between independents and
some of the highest priced brands of franchised dealer can be
more than 120%.  These differences are all the more significant
when one considers that over a car's lifetime, repair and
maintenance costs as much as the first owner paid for the car.

Cars are becoming increasingly complex, and even basic repairs
require qualified technicians with brand-specific technical
information.  The Commission's preliminary finding in all four
cases was that the car makers seem to have withheld certain
technical information from independent repairers and have
provided the rest in a way that does not meet their needs.

These apparent inadequacies could force independent repairers
from the markets, resulting in considerable consumer harm.  Such
behavior is prohibited by Regulation 1400/2002, which provides
that full and non-discriminatory access must be given in a
manner proportionate to independent repairers' needs.

                      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.


GENERAL MOTORS: Talks with UAW Show Progress, WSJ Says
------------------------------------------------------
General Motors Corp.'s labor talks with the United Auto
Workers is moving forward, The Wall Street Journal reports,
citing people familiar with the negotiations.

Last week, the UAW picked GM as lead negotiator on a new
four-year contract along with Ford Motor Co. and Chrysler
LLC, and threatened a strike should GM fail to close a
deal.

According to WSJ, the automaker and the UAW are bargaining
over a wide range of issues to replace the contract, including   
a proposal to unload from GM's balance sheet more than
US$50 billion in debts owed to UAW retiree health care and place
them in a union-controlled trust.

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.


HRP MYRTLE: S&P Affirms B- Rating; Revises Outlook to Negative
--------------------------------------------------------------
standard & Poor's Ratings Services has revised its outlook on
HRP Myrtle Beach Holdings LLC to negative from developing.  At
the same time, S&P has affirmed the ratings, including the 'B-'
corporate credit rating, on the company.
     
The company was formed to develop, build, and operate Hard Rock
Park, a rock-and-roll theme park to be located in Myrtle Beach,
South Carolina, under a long-term license agreement.  Total debt
was US$308 million at June 30, 2007.
      
"The outlook revision is based on our growing concern that
economic uncertainty and high gasoline prices may reduce
consumer confidence and discretionary spending on leisure and
tourism over the intermediate term, and that this could raise
risks of meeting crucial earnings and cash flow targets in 2008,
the first year of the park's operation," explained S&P's credit
analyst Hal Diamond.
     
The ratings reflect HRP's extremely narrow competitive position
as a future operator of a single theme park, construction risks
associated with developing the facility, competition with other
family-oriented attractions, and expected challenges associated
with developing a loyal repeat customer base.  Also, the
company's high debt levels and the moderate-size EBITDA base
required to support debt increase the risks that a slower-than-
expected ramp-up period for the facility could strain the
company's liquidity.  The project has a very small interest
reserve that will cover interest only through 12 months after
the scheduled opening.  These factors are partially offset by
HRP's experienced management team, which has developed and
operated successful theme parks in the past.

HRP Myrtle Beach Operations, LLC, -- http://www.hardrock.com--  
a Delaware limited liability company, is designing, developing,
constructing, financing and equipping and will own and operate
Hard Rock Park, an approximately 140-acre rock and roll themed
park in Myrtle Beach, South Carolina, under a license agreement
with Hard Rock International.  Hard Rock International, Inc.,
owned by The Rank Group Plc, operates 122 Hard Rock Cafes and 13
Hard Rock Hotels and Casinos in more than 42 countries,
including Thailand, the Philippines, the United Kingdom and
Brazil.


MYERS INDUSTRIES: Postponed Deal Cues S&P to Remove All Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew all ratings on Myers
Industries Inc.  The withdrawal follows the announcement that
private equity sponsor Goldman Sachs Capital Partners would
postpone the closing of its acquisition of Myers until the
fourth quarter.

As reported in the Troubled Company Reporter on June 29, 2007,
the company carries S&P's B corporate credit rating.  The
company's US$535 million first-lien term loan and US$150 million
first-lien revolving credit facility carries S&P's B+ bank loan
rating.  Its US$265 million Rule 144A for life senior
subordinated notes maturing in 2017 is rated CCC+ by S&P.

Myers Industries, Inc. -- http://www.myersind.com-- is an  
international manufacturer of polymer products for industrial,
agricultural, automotive, commercial, and consumer markets.  The
Company is also the largest wholesale distributor of tools,
equipment, and supplies for the tire, wheel, and undervehicle
service industry in the US.  The company reported record net
sales from continuing operations of US$780.0 million in 2006.
It has operations in Brazil.


NAVISTAR INTERNATIONAL: Hires Jon Harmon as VP-Corporate Comms
--------------------------------------------------------------
Navistar International Corporation has appointed Jon F. Harmon
as vice president - corporate communications.

Mr. Harmon joins Navistar from Force for Good Communications, a
public relations consultancy he founded earlier this year.  
Previously, Mr. Harmon had worked for 23 years at Ford Motor
Company in public relations including senior roles in product
communications, corporate reputation management and strategic
communications.

"Harmon brings to Navistar a wealth of leadership experience in
all aspects of communications and public relations," said Daniel
C. Ustian, Navistar chairman, president and chief executive
officer.  "He will bring a strategic mindset to Navistar's
communications team and his insights in reputation management
will help guide the company's senior management."

Mr. Harmon will report to Gregory Elliott, vice president -
corporate human resources and administration.  In addition to
communications, Mr. Elliott's responsibilities include
government relations, compensation and benefits, facilities
services, human resources and diversity.

At Force for Good Communications, Harmon founded an executive
consultancy dedicated to "aspirational public relations."  His
client work ranged from brand-building to crisis communications
consultation.  He also authors the Force for Good blog,
analyzing current business topics through the lens of high-
integrity communications.  At Ford, Harmon's most recent roles
were director -- communications strategy and director -- North
American Product Public Affairs.  His experience at Ford
included overseeing the launches of numerous vehicles, leading
the public relations team at Ford Division, managing media
relations during the Ford Centennial in 2003 and the Ford-
Firestone tire crisis in 2000-01, and serving as the sole
spokesperson during 1996 Ford-UAW labor negotiations.

Mr. Harmon graduated with a Bachelor of Journalism degree from
the University of Missouri.  In addition, he earned a Master of
Arts degree in creative writing from the University of Detroit.

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

                        *     *     *

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


NORTEL NETWORKS: Wins Contract from Mumbai International
--------------------------------------------------------
Mumbai International Airport Private Limited has chosen Nortel
Networks to build one of the most extensive and comprehensive IP
communications networks ever deployed by an international
airport in India.

Mumbai's Chhatrapati Shivaji International Airport, managed by
MIAL, plans to consolidate the majority of its data, telephony
and video systems onto a converged wired and wireless IP-based
network, powered by Nortel Enterprise Solutions and its
innovative Metro Ethernet-based Provider Backbone Bridging and
Provider Backbone Transport technologies.  As a long-term
technology partner to MIAL, Tata Consultancy Services will
provide systems integration for the converged triple-play
communications upgrade project.

A joint venture between the GVK-SA consortium and Airports
Authority of India, MIAL was awarded a 30-year contract to
modernize, operate and maintain CSIA in April 2006.  When
completed, the new wired and wireless infrastructure will
provide network coverage throughout the airport terminal
buildings and outside maintenance areas.  Passengers, airline
staff, retailers, security and airport operations employees will
benefit from a variety of airport-wide WiFi and VoIP services.

A key element of the new infrastructure is a 10G DWDM fiber-
optic backbone designed by Nortel to cost-effectively leverage
optical networking technology to enable super-fast gigabit
Ethernet and storage connectivity.  This approach is expected to
help significantly reduce capital expenses while simplifying
network management and optimization.  Nortel's Metro Ethernet-
based PBB/PBT technologies will be used to provide VPN and
point-to-point Ethernet transport services for the airlines. PBT
is a Nortel innovation that marries carrier-grade reliability
and ease of management with the simplicity and cost-
effectiveness of Ethernet to provide a high-bandwidth network
with great efficiency and control.

Airport operations and customer service personnel will be
enabled to experience increased productivity by leveraging
unified communications capabilities such as SIP-based presence,
IM, collaboration, conferencing and messaging.  These advanced
communications services will simplify the way people connect and
communicate across the expansive airport area helping reduce
cost of operations and equipping staff to respond more quickly
to customer needs.  The solution includes the implementation of
a new emergency notification system for public safety.

"This overhaul is part of MIAL's long-term program aimed at
expanding the capacity at CSIA and making communications as
seamless as possible for anyone who visits or works at the
airport," said GV Sanjay Reddy, managing director, MIAL.  "The
state-of-the-art changes that this transformation will bring
will help raise CSIA to global standards, equipping it with
technology that meets or even exceeds what is currently present
at top airports across the world."

"The Indian aviation industry is poised for huge growth and to
support such dramatic growth, the airport infrastructure needs
to be scalable, resilient and future proof," said Ravi Chauhan,
managing director, Nortel India.  "With its depth of expertise
across optical, Ethernet and enterprise technologies, Nortel is
uniquely positioned to help airports like CSIA blend advanced
core infrastructure with the latest applications to improve and
simplify the airport experience while also providing new
revenue-generating opportunities."

"As a long term strategic technology partner for MIAL, TCS will
design, program manage and implement this state-of-the-art
network that will seamlessly integrate various stakeholders
within the airport eco-system," said S Venkatramani, India
geography head, TCS.  "This will serve as a backbone to support
MIAL's long term vision of leveraging technology for revenue
generation and benchmark it against the most efficient airports
in the world."

The CSIA network infrastructure will be based on the Nortel
Metro Ethernet Network portfolio's Optical Metro 5200 DWDM
multi-service platform and Metro Ethernet Routing Switch 8600
platform with PBB and PBT solutions.  As the first vendor to
support PBT technology, Nortel is transforming Ethernet into a
true carrier-class technology that is simpler to deploy and
supports a richer set of business connectivity and
triple/quadruple play services, wireless aggregation and
backhaul applications.

CSIA will also benefit from a comprehensive suite of Nortel's
Enterprise Solutions including Unified Communications from the
Nortel and Microsoft Innovative Communications Alliance, and
Nortel converged IP Telephony solutions including the
Communication Server 1000 new release 5.0 that further improves
service reliability, enables better security for VoIP calls, and
simplifies deployment and management.  Nortel Proactive Voice
Quality Management will provide real-time, proactive
notification and problem resolution without end-user involvement
or awareness.

From Nortel's Enterprise Data Networking portfolio, CSIA will
also benefit from Nortel's Enterprise Security, Application
Switching and VPN solutions.  The airport LAN will be powered by
Nortel's Ethernet Routing Switch 8600 platform with Nortel's
unique Split Multi-Link Trunking technology to support Secure
Always-on Networking and the airport's WiFi network will run on
Nortel's Wireless LAN solutions.  Nortel's Self Service
Portfolio will enable multimedia transaction processing.

              About Mumbai International Airport

Mumbai International Airport Pvt. Ltd. is a joint venture
between the GVK-SA consortium and Airports Authority of India.
MIAL was awarded the mandate of modernizing and upgrading
Chhatrapati Shivaji International Airport in April 2006. CSIA is
India's busiest airport, having catered to 22.2 million
passengers and 480,000 tonnes of cargo in 2006-07.  MIAL's
vision is to transform CSIA to one of the world's best airports
that consistently delights customers and be the pride of Mumbai.

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation  
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology        
solutions encompassing end-to-end broadband, Voice over IP,  
multimedia services and applications, and wireless broadband  
designed to help people solve the world's greatest challenges.  
Nortel Networks Limited is the principal direct operating  
subsidiary of Nortel Networks Corporation.

Nortel does business in more than 150 countries including  
Indonesia, the United Kingdom, Denmark, Russia, Norway,  
Australia, Brazil, China, Singapore, among others.

                        *     *     *

On March 27, 2007, Moody's Investors Service affirmed Nortel  
Networks' existing ratings, including its B3 corporate family  
rating, and assigned a B3 rating to the proposed US$1 billion  
convertible senior unsecured notes offering.  Proceeds of the  
offering will be used to refinance a portion of the US$1.8  
billion in 4.25% convertible notes due in 2008 when they become  
payable at par.  Moody's said the outlook remains stable.

On March 26, 2007, Standard & Poor's Ratings Services assigned  
its 'B-' debt rating to Canada-based Nortel Networks Corp.'s  
proposed US$1 billion senior unsecured convertible notes, which  
will consist of two tranches of USUS$500 million, maturing in  
2012 and 2014, respectively.  

Dominion Bond Rating Service confirmed the long-term ratings of  
Nortel Networks Capital Corporation, Nortel Networks  
Corporation, and Nortel Networks Limited at B (low) along with  
the preferred share ratings of Nortel Networks Limited at Pfd-5  
(low).  DBRS says all trends are stable.  DBRS confirmed B (low)  
Stb Senior Unsecured Notes; B (low) Stb Convertible Notes; B  
(low) Stb Notes & Long-Term Senior Debt; Pfd-5 (low) Stb Class  
A, Redeemable Preferred Shares; and Pfd-5 (low) Stb Class A,  
Non-Cumulative Redeemable Preferred Shares.


SANYO ELECTRIC: Hasn't Decided to Sell Handset Business Yet
-----------------------------------------------------------
Sanyo Electric Co. Ltd. denies reports that it has decided to
sell its mobile-phone production unit, as what was reported by
the Nikkei English News last week, Masaki Kondo and Hiroshi
Suzuki of Bloomberg News report.

The Troubled Company Reporter-Asia Pacific, on Sept. 17, 2007,
cited the Nikkei as having reported that Sanyo is into talks
with Kyocera Corp., which is negotiating to buy the mobile phone
handset business of the electronics manufacturer.

As per the Nikkei article, both companies aim to reach a final
agreement by autumn.

However, Sanyo spokesman Akihiko Oiwa clarified to Mr. Kondo and
Mr. Suzuki through telephone that they "haven't decided whether
to sell the handset business" and that they are "considering
every option to strengthen" its mobile-phone business.

On the other hand, Kyocera spokesman Masaaki Ito declined to
confirm or deny to the Bloomberg the rumored negotiation talks
between the two companies.

Due to the supposed negotiation talks, Sanyo's stocks rose 5.7%
to close at JPY185 on the Tokyo Stock Exchange, while Kyocera
gained 4.2% to JPY10,790, relates Bloomberg.

Osaka-based Sanyo, according to Mr. Kondo and Mr. Suzuki,
supplies phones to NTT DoCoMo Inc.,  KDDI Corp. and WIllcom Inc.

                    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.


TIMKEN CO: Signs Acquisition Deal with Purdy for US$200 Million
---------------------------------------------------------------
The Timken Company has entered into an agreement to acquire the
assets of The Purdy Corp., a leading precision manufacturer and
systems integrator for military and commercial aviation
customers, for US$200 million.  The acquisition will further
expand the growing range of power-transmission products and
capabilities Timken provides to the aerospace market and is
expected to be accretive to earnings during the first year of
ownership.

The Purdy Corp.'s expertise includes design, manufacturing,
testing, overhaul and repair of transmissions, gears, rotor-head
systems and other high-complexity components for helicopter and
fixed-wing aircraft platforms.  Founded in 1946, Purdy is based
in Manchester, Conn., employs more than 200 people and had 2006
sales of approximately US$87 million.

"The combination of Purdy's technology, manufacturing expertise
and strong customer base make it an excellent fit with Timken's
growing aerospace business," said J. Ron Menning, president -
aerospace and defense.  "As we accelerate our growth in this
strategic market, we plan to add capacity and capabilities to
expand the range of power-transmission products and services we
can offer to create value for Timken's global customers."

The transaction is subject to customary closing conditions,
including expiration or termination of the waiting period under
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended.  Timken expects the transaction to close in the fourth
quarter of 2007.

Timken offers a comprehensive line of aerospace quality
bearings, along with a select range of turbine engine components
and MRO services. Known for consistent performance and backed by
stringent quality standards, Timken aerospace products are found
in aircraft engines, gearboxes, helicopter transmissions,
auxiliary power units, landing wheels, airframes and
instrumentation.  The Timken aerospace aftermarket solutions
unit is a leading supplier of comprehensive capabilities that
span technology, development, engineering, manufacturing, repair
and fleet support for the aviation industry.  Timken continues
to expand its in-house manufacturing and repair capabilities,
while increasing the scope of its aircraft platform support.

                       About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered   
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


* BRAZIL: State Firm Sues Energy Regulator over Campos Well
-----------------------------------------------------------
Brazil's state-run oil firm Petroleo Brasileiro SA said in a
statement that it has filed a lawsuit against hydrocarbons
regulator Agencia Nacional do Petroleo to recover its 1-BRSA-
230-RJS well in the Campos basin's C-M 273 block.

Business News Americas relates that Agencia Nacional will launch
an auction for the block in the ninth hydrocarbons exploration
round set for November 2007.  

Petroleo Brasileiro told BNamericas that it found oil in the
well during exploration of the neighboring BC-400 oil block.

However, the regulator said that it received information from
Petroleo Brasileiro on the possibility of oil in the block on
Aug. 15, 2003, nine days after the concession contract expired,
BNamericas notes.

The report says that the block's initial bidding price in round
nine was BRL273 million.

Agencia Nacional's general director Haroldo Lima told BNamericas
that the regulator isn't afraid that Petroleo Brasileiro's legal
action could put halt the ninth round.

"Petrobras [Petroleo Brasileiro] is the most interested company
in round nine.  I don't think they would block the whole
auction," Mr. Lima commented to BNamericas.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: Mulling New Petrochemical Complex
-------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA's
international area director Nestor Cervero told the press that
the firm is considering building a new petrochemical complex in
an unnamed South American nation to help integrate the sector in
the region.

Mr. Cervero commented to Business News Americas, "I can't say
the name of the country nor the estimated production.  All I can
say is that it will be a big project.  It doesn't make sense to
build a small petrochemical unit nowadays.  Maybe this project
will take place after 2012, but the goal is to increase
synergies to have integrated petrochemical activity on the
continent."

Bolivia is presumably not a candidate for the project's
location, as Petroleo Brasileiro suspended any new investments
in that nation, including the planned construction of a
petrochemical complex in Puerto Suarez, BNamericas notes, citing
Mr. Cervero.

According to BNamericas, Petroleo Brasileiro will seek for firms
keen on participating in the project.  However, it hasn't
determined the amount of required investments.

The new project is not included in Petroleo Brasileiro's
business plan for the 2008 to 2012 period.  The plan outlines
some US$3.7 billion for downstream activities, including the
petchem sector, Mr. Cervero told BNamericas.

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


DALTON JAPAN: Proofs of Claim Filing Deadline Is Oct. 3
-------------------------------------------------------
Dalton Japan Absolute Return (Offshore Feeder) Fund's creditors
are given until Oct. 3, 2007, to prove their claims to James B.
Rosenwald III and Art Hebert, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

Dalton Japan's shareholders agreed on Aug. 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       James B. Rosenwald III
       Art Hebert
       Dalton Investments LLC
       Suite600, 12424 Wilshire Blvd
       Los Angeles, California 90025
       U.S.A.


DALTON JAPAN (MASTER): Proofs of Claim Filing Ends on Oct. 3
------------------------------------------------------------
Dalton Japan Absolute Return (Master) Fund's creditors are given
until Oct. 3, 2007, to prove their claims to James B. Rosenwald
III and Art Hebert, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Dalton Japan's shareholders agreed on Aug. 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       James B. Rosenwald III
       Art Hebert
       Dalton Investments LLC
       Suite600, 12424 Wilshire Blvd
       Los Angeles, California 90025
       U.S.A.


GREENSTREAM MF: Proofs of Claim Filing Is Until Sept. 20
--------------------------------------------------------
Greenstream MF Ltd.'s creditors are given until Sept. 20, 2007,
to prove their claims to DMS Corporate Services 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.

Greenstream MF's shareholders agreed on Sept. 17, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       DMS Corporate Services Ltd.
       Attention: Jenny Suto
       Ansbacher House
       P.O. Box 1344
       Grand Cayman KY-1108
       Cayman Islands
       Telephone: (345) 946 7665
       Fax: (345) 946 7666


HARBOR 2006-2: Proofs of Claim Must be Filed by Oct. 4
------------------------------------------------------
Harbor 2006-2 Ltd.'s creditors are given until Oct. 4, 2007, to
prove their claims to Martin Couch and Sarah Kennedy, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Harbor 2006-2's shareholders agreed on Sept. 5, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

       Martin Couch
       Sarah Kennedy
       Maples Finance Limited
       P.O. Box 1093
       George Town, Grand Cayman
       Cayman Islands


HARRISON CLO: Proofs of Claim Filing Deadline Is Oct. 4
-------------------------------------------------------
Harrison CLO Ltd.'s creditors are given until Oct. 4, 2007, to
prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Harrison CLO's shareholders agreed on Sept. 3, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


LMHS INSURANCE: Proofs of Claim Filing Ends on Sept. 30
-------------------------------------------------------
LMHS Insurance Company Ltd.'s creditors are given until
Sept. 30, 2007, to prove their claims to Seamus Tivnan and Nick
Gale, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidators can be reached at:

       Seamus Tivnan
       Nick Gale


PRINCIPAL PROTECTED: Proofs of Claim Filing Ends on Oct. 4
----------------------------------------------------------
Principal Protected Pretsl Ltd.'s creditors are given until
Oct. 4, 2007, to prove their claims to Carrie Bunton and Emile
Small, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Principal Protected's shareholders agreed on Sept. 3, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Emile Small
       Maples Finance Limited
       P.O. Box 1093
       George Town, Grand Cayman
       Cayman Islands


SIRIOS OVERSEAS: Proofs of Claim Filing Deadline Is Oct. 4
----------------------------------------------------------
Sirios Overseas Fund II, Ltd.'s creditors are given until
Oct. 4, 2007, to prove their claims to John Cullinane and Derrie
Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

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

The liquidators can be reached at:

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




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


BANCOLOMBIA: Reaffirms View Regarding Alleged Prevaricato
---------------------------------------------------------
Bancolombia S.A., in connection with the investigation of an
alleged prevaricato (unlawful approval of a transaction) by the
Board of Directors of the Central Bank of Colombia and the Board
of Directors and the President of Banco Industrial Colombiano
(BIC) during the acquisition of Banco de Colombia and its
subsequent merger, reaffirms the view it has maintained for
almost 10 years.

The Attorney General's Office No. 218 of the First Unit of
Crimes against the Public Administration and Justice of Bogota
(Fiscal Delegada 218 de la Unidad Primera de Delitos contra la
Administracion Publica y de Justicia de Bogota), revoked its
previous decision, which had precluded the proceedings against
the President of BIC, Mr. Jorge Londono Saldarriaga, on
July 31, 2006, in an investigation initiated against the
officers of the former Superintendency of Banking and former
Superintendency of Securities relating to the authorizations
granted for the transaction.

Bancolombia reaffirms its view that the acquisition process of
Banco de Colombia by BIC and the subsequent merger of these two
entities were conducted in accordance with international
customary standards and practices for this type of transaction
and in accordance with Colombian law.  This acquisition process
was validated at the time by the respective Colombian
authorities.

                      About Bancolombia

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings downgraded and removed from Rating
Watch Negative Bancolombia's long-term and short-term local
currency Issuer Default Ratings and Individual rating:

  -- Individual rating to 'C/D' from 'C';
  -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
  -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirmed these ratings:

  -- Foreign currency long-term IDR at 'BB+';
  -- Foreign currency short-term rating at 'B'; and
  -- Support rating at '3'.

Fitch says the rating outlook was stable.




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


* COSTA RICA: Obtains US$3.5-Million Financing from IDB
-------------------------------------------------------
The Inter-American Development Bank reported that a US$3.5
million grant from the Global Environmental Facility will help
finance a project to improve environmental management in the
Sixaola river basin between Costa Rica and Panama.

The Sixaola basin covers 2,890 square kilometers stretching from
the Caribbean coast to the mountainous regions of Talamanca in
Costa Rica and Central in Panama.  The area contains one of the
last large tracts of nearly untouched forest in Central America,
as well as coastal ecosystems such as wetlands and mangroves.  
Home to communities of several indigenous groups and Afro-
descendents, the basin also has some of the highest levels of
poverty in both countries.

"The management of transboundary river basins and ecosystems is
a matter of great importance in Central America," said IDB
project team leader Henrik Franklin.  "This is an opportunity
for Costa Rica and Panama to combine their efforts to conserve a
global biodiversity hotspot, manage shared water resources and
combat land degradation under a common framework."

The new project will help strengthen the working relationship
between Costa Rica and Panama to improve environmental
management in the Sixaola basin with broad participation of all
stakeholders.  The National Environment Agency (ANAM) in Panama
and the Ministry of Environment and Energy (MINAE) in Costa Rica
will jointly lead the project through a binational technical
executing unit, under the guidance of multi-stakeholder
commission.   

The project will promote the adoption of productive practices
compatible with the conservation and sustainable use of water,
soil and biodiversity.  For example, the project will involve
local communities in improving the management of micro-
watersheds.

It will also promote alternative income-generation activities
based on the sustainable use of natural resources.  A binational
water quality and biodiversity monitoring program will be
developed, as well as management tools for the transboundary
protected areas.

The GEF-financed project will complement activities financed by
the IDB under two sustainable development programs in Costa Rica
Sixaola region and in Panama's Boca del Toro.

The GEF, an independent financial organization with 175 member
countries, was established in 1991 to provide grants to help
transform environmental projects designed to achieve national
benefits into initiatives capable of yielding regional and
global advantages.

The facility's focal areas are biological diversity, climate
change, international waters and ozone layer depletion, as well
as land degradation, desertification and deforestation.

                        *     *     *

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




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


ASHMORE ENERGY: Acquires Interest in Puerto Quetzal & Corinto
-------------------------------------------------------------
Ashmore Energy International disclosed a series of transactions
that resulted in the acquisition of additional indirect interest
in Puerto Quetzal Power LLC in Guatemala (PQP) and Empresa
Energetica Corinto LTD in Nicaragua (Corinto).  The transactions
closed Sept. 17, and terms of the agreements were not disclosed.

In the first transaction, AEI acquired a 25% additional indirect
interest in PQP and a 30% additional indirect interest in
Corinto by exercising its right of first refusal under an
agreement with subsidiaries of Globeleq Ltd. Subsequently, AEI
acquired an additional 20% indirect interest in PQP from
Centrans Energy Services.  In addition, AEI sold to Centrans 15%
of the newly acquired interest in Corinto, half of the interest
acquired through the right of first refusal exercise.  Upon
closing of the transactions, AEI increased its indirect
ownership in PQP from 55% to 100%, and its indirect ownership in
Corinto from 35% to 50%.

Roberto Figueroa, AEI's Vice President responsible for the
company's operations in both countries, stated, "We are pleased
with the opportunity to increase our commitments in both
Guatemala and Nicaragua, reinforcing our position in the Central
American market.  Both PQP and Corinto have a history of
providing dependable power and a safe working environment, which
are AEI's top priorities as an operator."

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

                        *     *     *

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

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

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




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


ALCATEL-LUCENT: Robert W. Baird Maintains Neutral Rating on Firm
----------------------------------------------------------------
Robert W. Baird analysts have kept their "neutral" rating on
Alcatel-Lucent's shares, Newratings.com reports.

According to Newratings.com the target price for Alcatel-
Lucent's shares was decreased to US$9 from US$13.

The analysts said in a research note that Alcatel-Lucent
decreased "its revenue growth guidance for the full-year from
mid-single digit range to a flat-marginal rise."

The analysts told Newratings.com that Alcatel-Lucent will
reinvest its gross margin savings.  It will achieve its targets
for "opex savings."

The challenges in the US wireless sector are "internal" to
Alcatel-Lucent, Newratings.com notes, citing Robert W. Baird.

The Earnings per share estimates for 2007 and 2008 were
decreased to US$0.27 from US$0.51, and to US$0.53 from US$0.83,
respectively, 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.


ALCATEL-LUCENT: Morgan Keegan Maintains Outperform Rating
---------------------------------------------------------
Morgan Keegan analysts have kept their "outperform" rating on
Alcatel-Lucent's shares, Newratings.com reports.

The analysts said in a research note that Alcatel-Lucent
lessened "its revenue growth guidance for the full-year from the
mid-single digit range to a flat-marginal rise."

According to Newratings.com, Alcatel-Lucent showed that the
revenue deficit was due to weak wireless spending in North
America.  The firm's resulting product mix would pressure
earnings.

The earnings per share estimates for 2007 and 2008 were
decreased to US$0.17 from US$0.41, and to US$0.67 from US$1.02,
respectively, 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.




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


MILLICOM INT'L: Morgan Joseph Reaffirms Buy Rating on Firm
----------------------------------------------------------
Morgan Joseph analysts have reaffirmed their "buy" rating on
Millicom International Cellular SA's shares, Newratings.com
reports.

Newratings.com relates that the target price for Millicom
International's shares was set at US$104.

The analysts said in a research note that "at the current
levels," Millicom International would be able to buy back up to
32% of its total equity base "in the vent that it completely
uses its new leverage."

Given that Millicom International's Ghana operations "are now
back on track and price cuts are resulting in a rise in
subscriber volumes," the firm's margins would improve,
Newratings.com notes, citing the analysts.

Africa is Millicom International's "riskiest market," Morgan
Joseph told Newratings.com.  However, Millicom International has
achieved remarkable revenue of 46% and EBITDA growth of 15% in
the second quarter 2007.

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.




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


BALLY TOTAL: Bankruptcy Court Confirms Plan of Reorganization
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has entered an order confirming Bally Total Fitness Holding
Corporation's Amended Prepackaged Chapter 11 Plan of
Reorganization.

With this action, Bally expects to emerge from Chapter 11 by the
end of September 2007 and move forward with the restructuring
arrangements funded by Harbinger Capital Partners Master Fund I,
Ltd. and Harbinger Capital Partners Special Situations Fund L.P.

At the hearing, the Court ruled that Bally had met all of the
statutory requirements to confirm its Plan.  The Plan will
become effective, and the company will emerge from Chapter 11 as
a private company, once all conditions to funding of the
Harbinger proposal are satisfied.

"The Court's confirmation of our Plan paves the way for our
emergence from Chapter 11 and we look forward to a rejuvenated
Bally Total Fitness under Harbinger's leadership," Don R.
Kornstein, Interim Chairman and Chief Restructuring Officer of
Bally Total Fitness, said.  "We will exit bankruptcy as a
stronger company, with a capital structure that will enable us
to increase our level of investments in our clubs and pursue
other initiatives to add value for our members."

Under its proposal Harbinger would invest approximately
US$233.6 million in exchange for 100% of the common equity of
reorganized Bally.  Under the Harbinger proposal:

   * The Senior Noteholders will receive new Senior Second Lien
     Notes bearing at 13% as well as a consent fee equal to 2%   
     of the face value of their Notes.

   * Subordinated Noteholders will receive an immediate cash
     payment of US$123.5 million in the aggregate, with the
     remaining balance of the Subordinated Notes to be
     satisfied through the issuance of approximately
     US$200 million in new subordinated notes of reorganized
     Bally.  The annual interest rate payable under the new
     subordinated notes will be 15-5/8% as the payment-in-kind
     interest rate and 14% as the cash pay interest rate.

   * Existing Bally shareholders and holders of certain equity-
     related claims will receive an aggregate distribution of
     US$16.5 million as soon as practicable after the company
     can determine the maximum amount of the equity-related
     claims.  That determination cannot be made until after the
     Oct. 31, 2007, deadline for submission of proofs of claim
     for equity-related claims, and may require court approval.

In the event the transaction with Harbinger is not consummated,
the company can consummate the restructuring in the original
plan sponsored by Tennenbaum Capital Partners, LLC, Goldman,
Sachs & Co. and Anschutz Investment Company upon the
satisfaction of certain conditions.

A redlined copy of the company's Modified First Amended Plan is
available for free at: http://ResearchArchives.com/t/s?2370

                   About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--  
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally Total and
its affiliates filed for chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite
number of votes in favor of their pre-packaged chapter 11 plan.  
Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents
the Debtors in their restructuring efforts.  As of
June 30, 2007, the Debtors had US$408,546,205 in total assets
and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


BAUSCH & LOMB: Sets Special Shareholders' Meeting for Sept. 21
--------------------------------------------------------------
Bausch & Lomb Inc. will convene a special meeting of
shareholders at 10 a.m. on Sept. 21, 2007, at the Bausch
Ballroom of Clarion Hotel Riverside at 120 East Main Street in
Rochester, New York.

Bausch & Lomb shareholders of record as of the close of business
on Aug. 10, 2007, will be entitled to vote at the special
meeting.

                 Foreign Regulatory Approvals

On Aug. 31, 2007, the proposed merger of B&L and WP Prism Merger
Sub Inc., an affiliate of Warburg Pincus LLC, satisfied the
requirements under Chinese competition laws.   On Aug. 21, 2007,
the company received an unconditional approval decision from the
Turkish Competition Board relating to the merger.

As reported in the Troubled Company Reporter on May 17, 2007,
Bausch & Lomb Inc. entered into a definitive merger agreement
with affiliates of Warburg Pincus, the global private equity
firm, in a transaction valued at approximately US$4.5 billion,
including approximately US$830 million of debt.

Under the terms of the agreement, affiliates of Warburg Pincus
will acquire all of the outstanding shares of Bausch & Lomb
common stock for US$65 per share in cash.

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-'.


FIRST DATA: Moody's Places B2 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has assigned to First Data Corporation
a B2 Corporate Family Rating and Ba3 rating to senior secured
credit facilities related to its acquisition by Kohlberg,
Kravis, Roberts & Co.  The company's existing senior unsecured
notes remain on review for downgrade, pending the acquisition's
closing.  The company is tendering these notes.  The rating
outlook for the new ratings is stable.  The ratings are subject
to Moody's review of final documentation.

The total transaction value is approximately US$29 billion,
including US$13 billion Term Loan B (44.6% of total LBO
financing sources), committed bridge financing for US$9 billion
debt instruments, US$1 billion Holdings senior PIK notes (3.4%),
and US$6.4 billion common equity contributed by equity sponsor
KKR & Co. (21.7%).

The B2 Corporate Family Rating is constrained by considerable
financial leverage pro forma for the buyout (pro forma debt to
EBITDA approximates 9) and reflects an expectation that credit
metrics, including free cash flow to debt, will remain weak for
at least eighteen months following the transaction's close
(anticipated before 2007 calendar year end).  The main factors
that help mitigate the high leverage, and support the B2
corporate family rating, are FDC's large size, service breadth,
liquidity, and leading market positions in the steadily growing
markets of electronic commerce and payment solutions for
financial institutions, merchants, and other organizations
worldwide.

The company, pro forma for the anticipated financial leverage of
the buyout, is weakly positioned in the B2 corporate family
rating category because of its high debt burden, including free
cash flow to debt of less than 1% and EBITDA less capital
expenditures interest coverage of about 1.1 (including PIK
interest) during the twelve months that follow the acquisition's
close.  The rating assumes that FDC's initiatives are underway
to improve its cost structure and exit its official check and
money order processing business (Integrated Payment Systems,
IPS).  The cost savings initiatives include efforts to reduce
corporate overhead spending, streamline business unit costs,
consolidate data and command centers, and capitalize on global
labor sourcing opportunities.  These initiatives are expected to
generate US$150 million of near-term savings by the end of 2008
and substantially more cost savings over time.

In terms of liquidity, the company is expected to have near full
availability on its US$2 billion senior secured revolver at
closing and will have over US$500 million of available cash on
hand.  The senior secured credit facilities have a debt to
EBITDA financial maintenance covenant, which Moody's views as
providing a substantial cushion, set at a ratio of 7.25 senior
debt to EBITDA, to be first tested on a quarterly basis for the
fourth quarter of 2008.  This test ratio then steps down by 0.25
each year thereafter to 6.0 at December 2013.  The company is
expected to generate at least modest free cash flow by the end
of 2008.

The Ba3 rating on the company's US$15 billion senior secured
credit facilities (US$2 billion revolver and US$13 billion term
loan), two notches above the Corporate Family Rating, reflects a
loss given default of LGD 2 (27%).  The credit facility is
secured by a first lien pledge of substantially all of the
domestic assets of the guarantor subsidiaries.

The stable rating outlook reflects Moody's expectation that the
company will achieve moderate organic revenue growth and EBITDA
improvement over the next 12-18 months.  Cash flow, financial
leverage, and interest coverage are expected to remain weak for
the rating category during this period.  Given the weak pro
forma credit metrics, a moderate decline in profitability could
put downward pressure on the ratings.  Downward ratings pressure
could also occur were Moody's to expect the company's free cash
flow to be negative on a sustained twelve month basis.  Weak
credit metrics make an upgrade unlikely in the near term.  Over
the intermediate term, the ratings could be upgraded were FDC to
achieve favorable revenue and profit growth, debt reduction, and
free cash flow to debt were to be sustained in the mid single
digits or higher.

Approximately US$15 billion new secured credit facilities rated.

These ratings are assigned:

-- Corporate Family Rating - B2

-- US$2 billion senior secured revolving credit facility
    (expires 2013) - Ba3, LGD2 (27%)

-- US$13 billion senior secured Term Loan B (due 2014) - Ba3,
    LGD2 (27%)

                       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: Fitch Downgrades Issuer Default Rating to B+
--------------------------------------------------------
Upon conclusion of its review of First Data Corp.'s new capital
structure for the expected close of its leveraged buy-out
transaction with Kohlberg Kravis Roberts & Co.'s, Fitch Ratings
has taken these rating actions on First Data:

-- Long-term Issuer Default Rating downgraded to 'B+' from
    'BBB' and removed from Rating Watch Negative;

-- US$2 billion senior secured revolving credit facility due
    2013 rated 'BB/RR2';

-- US$13 billion senior secured term loan B due 2014 rated
    'BB/RR2'.

Fitch has also affirmed, removed from Rating Watch Negative and
subsequently withdrawn FDC's 'BBB' senior unsecured debt rating
as it is expected that these notes will be fully tendered upon
close.  Fitch has also affirmed and withdrawn FDC's 'F3' short-
term IDR and commercial paper ratings.  The Rating Outlook is
Stable.

The new 'B+' IDR and Stable Outlook reflect these
considerations:

-- FDC's substantially higher leverage and debt service
    requirements following the completion of the leveraged
    buyout with Fitch-estimated proforma leverage of
    approximately 9 times (total debt to operating EBITDA) and
    interest coverage (Operating EBITDA/total interest)
    slightly above 1 (cash interest coverage expected to be
    approximately 1.5) with minimal free cash flow;

-- Fitch believes the high profitability, stability, and cash
    flow generation ability of FDC's business in various
    economic cycles should enable the company to service its
    significant pro forma debt.

-- FDC's sufficient liquidity position with limited term loan
    amortization and no debt maturities until 2013;

-- Fitch expects that future FCF will be used to reduce debt
    although this may have no immediate effect on leverage due
    to approximately 15% of total debt financing consisting of
    PIK notes;

-- Fitch believes that FDC has opportunity to expand its
    profitability margin through planned cost reductions, which
    along with significant revenue growth opportunities
    internationally, should enable the company to increase
    EBITDA and free cash flow leading to reduced leverage over
    the next several years.

Rating strengths include:

-- A stable business model with low correlation to economic
    cycles as revenue is generally driven by the increasing
    volume of electronic payments rather than the dollar volume
    of overall consumer transactions;

-- A significant portion of revenue from long-term customer
    contracts with a high percentage of recurring revenue
    partially mitigates the risk of significant credit erosion;

-- Strong customer diversification with the largest customer
    in 2006 representing less than 3% of total revenue; and

-- Leading market share across its business units with a
    significant competitive advantage in scale and scope of
    operations.

Rating concerns include:

-- Limited financial flexibility due to an aggressive capital
    structure;

-- Reduced ability to invest, particularly through
    acquisitions, in further international expansion as well as
    new payment technologies which Fitch believes pose a
    longer-term competitive threat;

-- The potential for continued and increased pricing pressure
    in FDC's financial institutions segment which, due
    primarily to customer consolidation, faces on-going
    competition from customers choosing to in-source processing

-- Inherent execution risks in FDC's plans to consolidate
    payment processing platforms and data centers; and

-- A transition risk in bringing in a new outside Chief
    Executive Officer, Michael Capellas, post transaction
    close, who's management team will have to execute quickly
    and accurately given the company's limited financial
    flexibility.

Fitch may further downgrade FDC if:

-- FDC management does not execute on its data center
    consolidation plans and/or fails to improve the
    profitability of the company near-term via cost cuts;

-- There is a further increase in leverage beyond 2008 driven
    by incremental PIK interest exceeding debt redemption due
    to either a shortfall in FCF or alternative use of funds,
    such as for acquisitions.

Conversely, Fitch may consider positive rating actions if FDC:

-- Utilizes proceeds from potential asset sales or
    divestitures to redeem debt; or

-- Executes on projected cost savings on time which should
    drive increased FCF to fund further debt reduction.

Liquidity proforma for the close of the transaction is expected
to be adequate with approximately US$500 million in cash and
US$1.8 billion available under a US$2 billion senior secured
credit facility maturing in 2013.  Fitch expects FDC to generate
minimal free cash flow in the first year following the close of
the transaction.

Debt proforma for the close of the transaction is expected to be
approximately US$23 billion consisting of a US$13 billion senior
secured term loan B due 2014; US$6.5 billion drawn on a senior
unsecured 12-month bridge facility expiring approximately
September 2008; US$2.5 billion drawn on a senior subordinated
12-month bridge facility expiring approximately September 2008;
and US$1 billion of senior unsecured PIK notes due 2016 issued
at a holding company and structurally subordinated to all other
existing debt.  FDC has bank commitments in place that require
the bridge facilities to either be replaced or converted into
equivalent 8 year notes.  Approximately US$2.75 billion of the
senior unsecured debt is expected to be PIK notes including an
equivalent portion under the senior unsecured bridge facility.  
Fitch expects to rate and assign recovery ratings to each of
these debt instruments once further clarity is provided
regarding the timing of issuance.

The senior secured debt facility is secured by FDC's equity
ownership in all material wholly owned subsidiaries (limited, in
the case of foreign subsidiaries, to 66% of the voting stock of
such subsidiaries) and substantially all present and future
tangible and intangible assets of FDC.  In addition, beginning
at the end of 2008, the bank facility carries a limitation on
senior secured debt of 7.25 EBITDA, which declines to 6 through
2013.  There are also limitations on dividends, sale of assets
and other customary covenants.

The 'RR2' Recovery Rating for FDC's bank facility reflects
Fitch's recovery expectations under a distressed scenario, as
well as Fitch's expectation that the enterprise value of FDC,
and hence recovery rates for its creditors, will be maximized in
a restructuring scenario (going concern) rather than a
liquidation scenario.  In deriving a distressed enterprise
value, Fitch applies a 5% discount to FDC's estimated operating
EBITDA of approximately US$2.4 billion for the LTM ended
June 30, 2007, which is equivalent to Fitch's estimate of total
interest expense, maintenance capital spending and rent expense
for FDC.  Fitch then applies a 6 distressed EBITDA multiple,
which considers FDC's current multiple and that a stress event
would likely lead to multiple contraction.  As is standard with
Fitch's recovery analysis, the revolver is fully drawn and cash
balances fully depleted to reflect a stress event.  The 'RR2'
Recovery Rating for FDC's secured bank facility reflects Fitch's
belief that 71%-90% recovery is realistic.

                       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.


DESARROLLADORA HOMEX: Moody's Affirms Ba3 Local Currency Rating
---------------------------------------------------------------
Moody's affirmed Desarrolladora Homex's national scale issuer
rating at A3.mx, and global scale local currency issuer rating
at Ba3.  The rating outlook remains positive.

"The rating affirmation, and maintenance of the positive rating
outlook, reflect Homex's well executed growth plan which
incorporated the successful integration of the Casa Beta
acquisition at the end of 2005," says Moody's analyst Philip
Kibel.  It has expanded access to different markets and
increased its land bank. Sales volumes were also up 15% 2Q07 vs.
2Q06.  Furthermore, Homex continues to follow a strategy of
consolidating its operations in the most important housing
markets in Mexico, such as Mexico City, Guadalajara, Monterrey
and Tijuana.  The company also has little debt, with no short-
term debt other than payables to suppliers.  Finally, although
there has been management turnover over the last 18 months,
Moody's is confident that the existing executive management team
will be able to continue to execute the company's business plan
well.

Moody's Ba3 global local currency and A3.mx national scale
issuer ratings reflect Desarrolladora Homex's position as one of
the top five homebuilders in Mexico in terms of housing units
sold, as well as its conservative capital structure and sound
profitability and liquidity.  Furthermore, the Mexican housing
market exhibits strong demographics, with demand far exceeding
supply.  Homex is a publicly traded company, listed on the Bolsa
Mexicana de Valores (BMV) and the New York Stock Exchange, which
enhances transparency and corporate governance.  These positive
factors are offset by the high costs of land and infrastructure,
and some speculative homebuilding.  Other challenges include the
business's reliance on the Mexican Government's support for
housing, and Mexico's economic and political environment.

The positive rating outlook reflects Moody's expectation that
Homex will maintain its conservative debt profile and stable
earnings while experiencing no major missteps in its growth
initiatives, which include a joint venture focused on a lease-
to-own program.  In addition, Homex should improve its credit
metrics and industry leadership in the sector and as a public
company.

Rating improvements could result from bringing Total Debt/EBITDA
closer to 1,Total Debt/Total Assets closer to 11%, fixed charge
coverage closer to 9, while at a minimum maintaining EBITDA
margins in the low-to-mid 20% range.  Continued improvement in
its industry leadership in the sector would also be a plus.  
Downward rating pressure would result from substantial missteps
in its growth strategy, which includes a joint venture focused
on the lease-to-own housing program, as well as total debt to
total asset levels approaching 20%, while EBITDA margins fall
below 15% and fixed charge coverage falls consistently below 5.  
Increased costs of land and land development would also result
in negative rating pressure, as would an adverse shift in
governmental housing policy.

These ratings were affirmed with a positive outlook:

Desarrolladora Homex, S.A. De C.V.

-- National scale issuer rating at A3.mx and global scale
    local currency issuer rating at Ba3

Desarrolladora Homex, S.A. De C.V.

-- Ba3 senior notes issued in the USA

Desarrolladora Homex -- http://www.homex.com.mx-- is a  
vertically integrated home development company focused on
affordable entry-level and middle-income housing in Mexico.  It
is one of the most geographically diverse homebuilders in the
country.  Homex is the largest homebuilder in Mexico, based on
revenues, number of homes sold and net income.


URS CORP: S&P To Lower Rating to BB Upon Purchase Closing
---------------------------------------------------------
Standard & Poor's Ratings Services' ratings on URS Corp. remain
on CreditWatch with negative implications, where they were
originally placed on May 29, 2007.  Upon completion of the
company's acquisition of competitor Washington Group
International Inc., S&P will lower the corporate credit rating
on URS by one notch, to 'BB' from 'BB+'.  The outlook would be
stable.  
      
"Subject to successful completion of the acquisition, the
impending downgrade will reflect the increased leverage and
weaker financial risk profile that URS will carry after the
close of its acquisition of Washington Group, along with
increased exposure to construction risk and integration
uncertainties," said S&P's credit analyst James Siahaan.  
Partially offsetting this is the combined entity's position as a
leading, full-service engineering and construction firm:  The
company benefits from good end-market diversity, evidenced by
its competencies in federal sector-, transportation-,
facilities-, and nuclear-related work.
     
The ratings on URS reflect the company's aggressively leveraged
financial risk profile, marked by the company's history of
engaging in large, debt-financed acquisitions.  This is
partially mitigated by the firm's satisfactory business risk
profile, marked by leading positions in engineering and design;
broadly diversified end-market exposure; and increased scope of
operations.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive  
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.




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


CHIQUITA BRANDS: U.S. Federal Court Fines Firm US$25 Million
------------------------------------------------------------
The US federal court has ordered Chiquita Brands International
to pay US$25 million in fines for paying millions of dollars to
Colombian terrorist groups from 1997 to 2004, Agence France-
Presse reports.

Agence France notes that Chiquita Brands pleaded guilty to
paying some US$1.7 million to Colombian paramilitary group
United Self-Defense Committees of Colombia.

Chiquita Brands explained to the Business Courier of Cincinnati
that the payments were made by a former unit due to threats to
the safety of workers.  

According to Agence France, the Honorable Royce Lamberth has
authorized an accord between Chiquita Brands and the US
government in March 2007 that spared company officials.

Agence France relates that the prosecution has agreed not to
name or prosecute Chiquita Brands executives who were involved
in paying the terrorist groups.

The Business Courier notes that the U.S. Department of Justice
decided not to file charges against 10 Chiquita Brands
executives for allegedly facilitating the bribes.

Meanwhile, Chiquita Brands still faces a civil lawsuit filed in
the district court of New Jersey in July 2007 by families of the
terrorists' victims, Agence France says.  The complainants are
seeking for unspecified damages.  They claimed that Chiquita
Brands funded and armed terrorist organizations to maintain
control of Colombian banana growing regions.

Agence France notes that a class action lawsuit could result in
damages being awarded to each victim of any terrorist group paid
by Chiquita Brands.  The firm could pay as much as tens of
millions of dollars.

The Associated Press relates that Chiquita Brands was placed on
probation for five years.

Chiquita Brands told the Business Courier that it cooperated
with the federal probe.

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.


* PANAMA: Gets US$3.5-Mil. Loan for Environmental Mgmt. Project
---------------------------------------------------------------
The Inter-American Development Bank reported that a US$3.5
million grant from the Global Environmental Facility will help
finance a project to improve environmental management in the
Sixaola river basin between Costa Rica and Panama.

The Sixaola basin covers 2,890 square kilometers stretching from
the Caribbean coast to the mountainous regions of Talamanca in
Costa Rica and Central in Panama.  The area contains one of the
last large tracts of nearly untouched forest in Central America,
as well as coastal ecosystems such as wetlands and mangroves.  
Home to communities of several indigenous groups and Afro-
descendents, the basin also has some of the highest levels of
poverty in both countries.

"The management of transboundary river basins and ecosystems is
a matter of great importance in Central America," said IDB
project team leader Henrik Franklin.  "This is an opportunity
for Costa Rica and Panama to combine their efforts to conserve a
global biodiversity hotspot, manage shared water resources and
combat land degradation under a common framework."

The new project will help strengthen the working relationship
between Costa Rica and Panama to improve environmental
management in the Sixaola basin with broad participation of all
stakeholders.  The National Environment Agency (ANAM) in Panama
and the Ministry of Environment and Energy (MINAE) in Costa Rica
will jointly lead the project through a binational technical
executing unit, under the guidance of multi-stakeholder
commission.   

The project will promote the adoption of productive practices
compatible with the conservation and sustainable use of water,
soil and biodiversity.  For example, the project will involve
local communities in improving the management of micro-
watersheds.

It will also promote alternative income-generation activities
based on the sustainable use of natural resources.  A binational
water quality and biodiversity monitoring program will be
developed, as well as management tools for the transboundary
protected areas.

The GEF-financed project will complement activities financed by
the IDB under two sustainable development programs in Costa Rica
Sixaola region and in Panama's Boca del Toro.

The GEF, an independent financial organization with 175 member
countries, was established in 1991 to provide grants to help
transform environmental projects designed to achieve national
benefits into initiatives capable of yielding regional and
global advantages.

The facility's focal areas are biological diversity, climate
change, international waters and ozone layer depletion, as well
as land degradation, desertification and deforestation.

                        *     *     *

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




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


LIN TV: Selling Licenses to Aloha Partners for US$32.5 Million
--------------------------------------------------------------
LIN TV Corp. has entered into an agreement with Aloha Partners
L.P. to sell 32 lower 700MHz licenses for an aggregate purchase
price of US$32.5 million in cash.  The closing, which is
expected to occur in the fourth quarter of 2007, is contingent
upon approval of the FCC.

The licenses are in the lower 700 MHz "C" Block and are
clustered in Northeast and Upper Midwest markets, in addition to
markets in South Central Texas.

Headquartered in Providence, Rhode Island, LIN Television Corp.
(NYSE: TVL) -- http://www.lintv.com/-- owns and operates 31  
television stations in 18 mid-sized markets in the United States
and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 23, 2007, Standard & Poor's Ratings Services placed its
ratings on LIN TV Corp., including the 'B+' corporate credit
rating, on CreditWatch with negative implications.


TOYS 'R' US: CEO Testifies at Senate Hearing on Toy Safety
----------------------------------------------------------
Jerry Storch, Chairman and Chief Executive Officer of Toys "R"
Us, Inc. has testified on the issue of toy safety at a special
hearing of the Senate Appropriations Subcommittee on Financial
Services and General Government last week.  In his testimony,
Mr. Storch reaffirmed the company's support of proposed federal
legislation to build a more effective Consumer Product Safety
Commission, strengthen third-party testing requirements for
products, and introduce production code stamping.

In addition, the company disclosed new steps it is taking to
ensure customers receive even more rapid and detailed
information regarding toy safety issues.

"We recognize that the issue of toy safety goes well beyond
business and directly to the well-being of the families we
serve," Mr. Storch commented.  "We have reiterated that simple,
single fact to our employees, suppliers and business partners.  
We will not tolerate products that do not meet our rigorous
safety standards."

Mr. Storch commented on product recalls from the perspective of
a retailer, and discussed the company's strict procedures for
handling these recalls.  On the issue of how to improve the
recall process, Mr. Storch said, "We believe the recall process
itself could be improved in two ways: First, we support
legislation shortening the timeframes during the period between
identification of a problem and the eventual recall of that
product.  Second, we also believe that production code stamping
of products and packaging would significantly help in tracing
potential safety issues."

In addition, Mr. Storch shared with the Subcommittee some of the
company's requirements of its manufacturers to help reduce and
prevent future recalls.  In his testimony, he stated, "There are
three prongs to effective prevention of problems: setting
standards, comprehensive testing to ensure compliance with those
standards, and deterrence through real consequences if the
standards are violated.  We have long held our vendors
accountable for meeting strict safety standards.  There is no
room for compromise. And if a vendor does not meet our
standards, we take immediate action.  To strengthen deterrence
even more, we support increasing penalties for noncompliance."

"We are also moving to require that our vendors submit to us
certification of testing for each batch coming to Toys "R" Us,"
he continued.  "To reinforce this direction, we strongly support
strengthening third-party testing requirements. Specifically, we
advocate for legislation requiring accredited certification of
testing facilities."

"Recent events have catalyzed increased scrutiny in
manufacturing, tighter controls and substantially more and more
product testing," Mr. Storch concluded.  "This is good news for
us and our customers. Against this backdrop, and with the
combination of these efforts by retailers, regulators, and
manufacturers, we believe that together we will make this the
safest of holiday seasons for American consumers."

As part of its ongoing commitment to safety, Toys "R" Us, Inc.  
also reported new enhancements to ensure its customers have the
most specific and up-to-date information on toy safety issues.  
Mr. Storch shared these new initiatives with the Subcommittee,
which include:

   * Launching a dedicated toy safety microsite,   
     http://www.Toysrus.com/Safety/that has information about  
     the company's safety assurance standards and procedures,
     as well as specific recall information;
   
   * Introducing an email notification system for recalls;
   
   * Adding bilingual recall notices to its communication
     protocols; and
    
   * Introducing new Safety Boards in stores, which will
     contain important product safety information, including
     recall notices.

These improvements are part of the company's ongoing efforts to
raise the bar continually when it comes to the safety of
children.  These new measures were developed to deliver rapid
and decisive communications to customers about safety issues.

                      About Toys 'R' Us

One Geoffrey Way Wayne, NJ-based Toys R Us Inc. is a specialty
retailer of toys in the United States and Puerto Rico, and a
national specialty retailer of baby-juvenile products in the US.  
The company sells merchandise through its Internet sites at
http://www.toysrus.comand http://www.babiesrus.comin the US,   
and through other Internet sites internationally.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 28, 2007,
Moody's Investors Service confirmed the B2 corporate family
rating and the B2 probability of default rating of Toys 'R' Us
Inc.  Moody's also confirmed the Caa1 rating of the company's
senior unsecured notes due 2011-2018.  Moody's said the outlook
is stable.

As reported in the Troubled Company Reporter-Latin America on
July 3, 2007, Standard & Poor's Ratings Services raised its
corporate credit rating on Toys "R" Us Inc. to 'B' from 'B-'.  
The ratings have been removed from CreditWatch, where they had
been place with positive implications on May 17, 2007.  At the
same time, the senior unsecured rating was raised to 'CCC+' from
'CCC'.  The rating change is based on improved operating
performance and credit protection metrics.  S&P said the outlook
is stable.




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


NORTHWEST AIRLINES: To Own 47% of Midwest Airlines
--------------------------------------------------
Northwest Airlines Corp., the minority passive investor in the
buyout of Midwest Airlines, would own 47% of the Milwaukee-based
carrier, according to a preliminary proxy statement filed by
Midwest with the U.S. Securities and Exchange Commission on
Sept. 13, 2007.

Pursuant to Midwest Air Group Inc.'s merger agreement dated
Aug. 16, 2007, with Midwest Air Partners, LLC -- a limited
liability company formed by an affiliate of TPG Capital, L.P.
and Northwest Airlines -- both TPG Capital and Northwest have
delivered equity commitment letters aggregating:

    EquityProvider                 Commitment Amount
    --------------                 -----------------
    TPG Partners V, L.P.               US238,111,703
    Northwest Airlines, Inc.             213,250,000
                                   -----------------       
    Total                             US$451,361,703

Under the terms of the agreement, each outstanding share of
Midwest's common stock will be converted into a right to receive
US$17 per share in cash.  Northwest, as minority passive
investor, will not participate in the management or control of
Midwest.

The transaction is expected to be completed in the fourth
quarter of 2007, the statement said.  All financing for the
transaction is in the form of equity.  No debt financing is
required.  The transaction is subject to approval by Midwest's
shareholders, as well as other customary conditions, including
anti-trust approvals.

The date on which Midwest's shareholders would vote on the
transaction was not set in the preliminary proxy.

                  About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts.  On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  On
May 21, 2007, the Court confirmed the Debtors' Plan.  The Plan
took effect May 31, 2007.

                        *     *     *

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

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


NORTHWEST AIRLINES: Discloses Executive Management Team Changes
---------------------------------------------------------------
Northwest Airlines announced changes in its executive management
team that strengthen the company's focus on its employees and
customers, realigns the organizational structure to reflect
changes in its business, and enhances executive development to
ensure that the company continues to retain the best management
team in the airline industry.

"With the completion of our restructuring, we have committed the
airline to an increased focus on our employees and our
customers.  These management changes will better position us to
realize these goals and capitalize on the skills and expertise
of our leadership team," said Doug Steenland, President and
Chief Executive Officer.

"We have had the strongest management team in the business for
years and with these changes I am confident that this team is
capable of working collaboratively with the 31,000 men and women
of Northwest Airlines to make Northwest the best airline in the
industry from both an employee and customer relations
perspective," Mr. Steenland added.

The changes are effective Oct. 1, 2007.

                        Operations Update

Safety

Ken Hylander, Vice President Safety, Engineering and Chief
Safety Officer, has been promoted to Senior Vice President
Safety, Engineering and Chief Safety Officer.  He will continue
to report jointly to Steenland and Andy Roberts, Executive Vice
President Operations.  In addition to his safety and engineering
responsibilities, Mr. Hylander has been assigned to lead the
introduction of the Boeing 787 aircraft into the Northwest
fleet, serves as the company's representative on the Air
Transport Association's Strategic Advisory Committee, and is
Northwest's chief liaison to the Federal Aviation
Administration.  He holds a bachelor's degree in engineering
from the University of Rhode Island and an MBA from California
State University. "Ken is an industry leader in safety processes
and practices," commented Mr. Steenland.  "We're fortunate to
have his safety, engineering and project management expertise at
the airline."

Flight Operations

Tim Rainey, Senior Vice President Flight Operations and Inflight
Services, has been named Senior Vice President Flight Operations
and System Operations Control (SOC) reporting to Steenland.  Mr.
Rainey holds a bachelor's degree from the University of
Minnesota.

Bill Lentsch, Vice President Customer Service for Northwest's
Minneapolis/St. Paul (MSP) hub, has been named Vice President
Flight Operations and SOC Administration.  Mr. Lentsch brings a
wealth of knowledge and experience to this position.  "I'm
looking forward to having one of Northwest's finest leaders and
a strong employee advocate, join the Flight Operations
management team," said Mr. Rainey.  With a bachelor's degree in
aerospace engineering and an MBA from the University of
Minnesota, Lentsch spent 14 years in Northwest's Technical
Operations department before accepting an assignment as Chief
Operating Officer at Champion Air from 2003 to 2005.  Upon
returning to Northwest, he joined Airport Operations as Vice
President Station Operations before assuming his current role
managing MSP's airport operations.

Bob Muhs, Managing Director System Operations Control, has been
promoted to the position of Vice President SOC.  Mr. Muhs has
held positions of increasing responsibility in Northwest's SOC
over the last 25 years after starting in Northwest's Airport
Operations department in 1977.  Mr. Muhs holds an MBA from the
Kellogg School of Management at Northwestern University and a
bachelor's degree from the University of North Dakota.  "Bob is
one of the strongest operating executives in the airline
industry and we're pleased to have him join Northwest's senior
leadership team," stated Mr. Rainey.

Inflight Services

Julie Showers, Vice President Labor Relations, has been promoted
to Senior Vice President Inflight Services.  In recognition of
the critically important role our Flight Attendants play in
delivering customer service, the Inflight Services position has
been elevated to Senior Vice President and will report directly
to Andy Roberts.  "Julie has developed strong working
relationships with our Flight Attendants and Flight Attendant
union leadership throughout her career. Her management skills
make her well suited to take on this critical role leading
Northwest's second largest employee group of nearly 8,000 Flight
Attendants," said Mr. Roberts.  Ms. Showers holds a bachelor's
degree in Political Science from Stanford University and earned
her Law Degree from the University of Minnesota Law School.

Suzanne Boda, Vice President Inflight Services, has elected to
resign from Northwest effective Oct. 1.  Ms. Boda has served in
a variety of operations roles during her 24-year career at
Northwest.  "Suzanne has been an invaluable member of the
Northwest leadership team and will be greatly missed," said Mr.
Roberts.  "She has led our Inflight organization during our
restructuring and has done so with care and concern for our
Flight Attendants and passengers alike."  On her upcoming
departure, Ms. Boda stated, "my 24 years at Northwest have been
extraordinary and I wish all of my colleagues nothing but
success in the years ahead as I look forward to beginning a new
chapter in my life."

Airport Customer Service

Todd C. Anderson, Managing Director Customer Service - Gateways,
Europe & Memphis, has been promoted to Vice President Customer
Service - MSP, a position that reports to Crystal Knotek, Senior
Vice President Customer Service & Airport Operations.  Mr.
Anderson joined Northwest in 1979 and has held a variety of
executive level Customer Service positions internationally and
in the United States.  He previously managed airport operations
in Seattle and Narita International Airport in Tokyo before
assuming the role of Managing Director Customer Service for
Northwest's Asia operations.  Mr. Anderson returned to the U.S.
and assumed his current responsibilities in 2003.  He holds a
bachelor's degree from the University of Minnesota.  "Todd has
done a great job leading several Employee Involvement Teams and
excels at managing complex operations while maintaining
outstanding service to our customers.  I'm pleased that he will
continue those leadership efforts at MSP," said Ms. Knotek.

Regional Airline Operations

Tim Campbell, Vice President Flight Operations and System
Operations Control Administration, has been named Vice President
Regional Airline Operations reporting jointly to Neal Cohen,
Executive Vice President Strategy, International, and CEO
Regional Airlines, and Andy Roberts.  In his new role, Mr.
Campbell will have responsibility for coordinating all aspects
of Northwest's operations interface with its regional carriers
including Compass Airlines, Mesaba Airlines, and Pinnacle
Airlines.  "Given his broad airline operations background, Tim
is well positioned to fill this role which is particularly
important as Compass and Mesaba take delivery of 72 new
generation regional jets over the next two years," said Mr.
Cohen.  Mr. Campbell holds a bachelor's degree in Aerospace
Engineering from the University of Michigan and an MBA in
Finance and International Business from Seattle University.

           International, Cargo and Strategic Planning

International

Laura Liu, Vice President International Marketing & Sales, has
been promoted to Senior Vice President International reporting
to Cohen.  Ms. Liu will have worldwide responsibility for
Northwest's international passenger business.  She joined
Northwest in 1992 and has spent her entire 16 year Northwest
career in the International Division.  "We're fortunate to have
a seasoned executive to lead our international efforts during
this period of growth," said Ms. Cohen.  "Laura's deep
international experience positions us well to capitalize on the
numerous opportunities that our new international fleet of
Airbus A330 and Boeing 787 aircraft will present us." Ms. Liu
holds a bachelor's and master's degree in Engineering, in
addition to an MBA from Cornell University.

Fred Deschamps, Vice President Pacific Operations &
Administration, has been named Vice President International
Marketing & Sales reporting to Ms. Liu.  Mr. Deschamps spent the
first eight years of his Northwest career in International
Revenue Management and recently returned from an extended
expatriate assignment in Tokyo having served in leadership roles
supporting Northwest's Pacific operations for the past seven
years.  Mr. Deschamps holds an MBA from Kellogg School of
Management at Northwestern University and a bachelor's degree
from Macalester College.  "Fred's extensive international
experience will serve him well in his new assignment and I look
forward to continuing to work together with Fred as he takes on
leadership of our international sales and marketing activities,"
said Ms. Liu.

Cargo

Tom Bach, Vice President Network Planning & Revenue Management,
has been promoted to President NWA Cargo reporting to Mr. Cohen.  
Mr. Bach, a 24 year Northwest veteran, has held positions in
Domestic Pricing, Planning, and Yield Management.  "Tom is an
extraordinarily capable executive and is joining Cargo at a
pivotal time for the business," stated Cohen.  "He will be
tasked with leading a number of critical cargo business
initiatives and we're pleased to have him join the Cargo
leadership team."  Mr. Bach holds a bachelor's degree in
Aviation Administration from the University of North Dakota and
a master's degree in Finance & Marketing from Purdue University.

Strategic Planning

Jim Friedel, President NWA Cargo, has been named to the newly
created position of Senior Vice President Strategic Planning,
reporting jointly to Mr. Cohen and Dave Davis, Chief Financial
Officer.  Mr. Friedel will have responsibility for managing a
number of critical strategic projects.  During his 16-year
career, Mr. Friedel has held senior level positions in
Marketing, Finance, Reservations, International and Cargo.  
"Jim's consulting expertise and broad Northwest experience makes
him ideally suited to lead these efforts," said Mr. Cohen.  Mr.
Friedel holds a bachelor's degree from Princeton University.

Dan McDonald, Vice President Fleet Planning, has been named Vice
President Strategy and Fleet Planning reporting to Mr. Friedel.  
In his expanded role, Mr. McDonald will continue to have
responsibility for leading Northwest's fleet planning group and
will also get involved in a variety of non-fleet related
strategic projects.  Mr. McDonald holds bachelor's and master's
degrees from the University of North Dakota and an MBA from the
University of Minnesota.  "Dan did a tremendous job of on our
fleet restructuring efforts and will be a tremendous resource on
future strategic initiatives," commented Mr. Friedel.

                 Marketing and Distribution

Domestic Marketing

Jim Cron, Vice President Passenger Marketing and Sales & Chief
Executive Officer of MLT Vacations, has been promoted to Senior
Vice President Revenue Management, Planning and Loyalty
Marketing and CEO MLT, reporting to Tim Griffin, Executive Vice
President Marketing & Distribution.  Mr. Cron has a bachelor's
degree in Accounting from St. John's University and an MBA in
Finance and Marketing from the University of St. Thomas.  "We're
fortunate to have Jim return to Domestic Planning and Revenue
Management and bring his extensive Loyalty and Tour Marketing
experience," said Mr. Griffin.

Dennis Newman, Managing Director North America Planning, has
been promoted to Vice President Domestic Planning and Scheduling
reporting to Mr. Cron.  Mr. Newman joined Northwest in 1992 and
has worked in worked in Domestic and Pacific Area Marketing,
Financial Planning & Analysis, and most recently North America
Planning.  He has a bachelor's degree in computer science from
Princeton and an MBA from Dartmouth.  In commenting on Mr.
Newman's appointment, Mr. Cron said "Dennis brings an extensive
knowledge of our route structure and the domestic marketplace to
the task of guiding our network development."

Steve Sear, Vice President Sales, will now report directly to
Mr. Griffin.  Mr. Sear holds a bachelor's degree from DePauw
University and an MBA from the University of Chicago.

             Human Resources and Labor Relations

Labor Relations

Bob Brodin, current Labor Consultant and former Senior Vice
President Labor Relations, has been named Senior Vice President
Labor Relations reporting jointly to Mr. Steenland and Mike
Becker, Senior Vice President of Human Resources and Labor
Relations.  "We're pleased that Bob will be rejoining the
Northwest Team," said Mr. Becker.  "Northwest is fortunate to
have a seasoned leader heading up our labor relations efforts
during this important period of rebuilding trust and continuing
our collaboration with union leadership."  Mr. Brodin holds a
bachelor's degree from Bethel University and received his Law
degree from William Mitchell College of Law.

                  About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--  
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts.  On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  On
May 21, 2007, the Court confirmed the Debtors' Plan.  The Plan
took effect May 31, 2007.

                        *     *     *

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

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


PETROLEOS DE VENEZUELA: To Convert Dollar Investments
-----------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm, has been
ordered by President Hugo Chavez to convert its investment
accounts from dollars to euro and Asian currencies, Steven
Bodzin at Bloomberg News reports.

The company has already converted some of its debts away from
the dollar last year, to protect the country from fluctuations.

In his weekly television address, Mr. Chavez was quoted by
Bloomberg as saying that the United States has paid for goods
using paper that is "a bubble."

The U.S. dollar has weakened as a result of the crisis in its
sub-prime mortage market.  Governments, according to Bloomberg,
signaled they may diversify their holdings away from the U.S.

Philip Wee, an economist at DBS Bank Ltd., forecasted that the
dollar may weaken to US$1.4 per euro at the end of the year.  
The dollar traded US$1.3883 per euro on Monday.

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: Hugo Chavez Launches Gas Revolution
-----------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that the country's President Hugo Chavez has
launched "gas revolution," which is aimed at the expansion of
natural gas output and consumption.
   
President Chavez told news daily La Hora that the government
will invest some US$18 billion in the next five years to boost
natural gas production and supply.  There are 10 projects that
make up "gas revolution."

Business News Americas relates that some of the projects under
"gas revolution" are:

          -- the Gas Anaco project, which involves the
             construction of an 800-million cubic feet per day
             gas compressor that will start operating next year.
             Petroleos de Venezuela's gas unit PDVSA Gas will
             build two additional compressors and update
             existing plants to boost capacity by another
             2.4 billion cubic feet per day;

         -- the development of the CIGMA industrial complex for
            liquefaction, industrialization, petrochemicals
            development and extra-heavy crude processing;

         -- the development of a cryogenic complex on the Zulia
            coast;

         -- the construction of international pipelines;

         -- the construction of nine community-run liquefied
            petroleum gas plants designed to fill tanks;

         -- the laying of over 20,000 kilometers of gas
            distribution pipes for residential and commercial
            use;

         -- the development of VNG motors with an eye on public
            transport systems; and

         -- the laying of the Eje Norte Llanero pipeline
            connection to supply Anaco gas.

President Chavez told BNamericas that the project will tap into
Venezuela's natural gas reserves.

BNamericas notes that Venezuela wants to boost natural gas
production to 11 billion of cubic feet per day by 2012, when the
nation would begin supplying Colombia with natural gas.

Venezuela produces seven billion cubic feet per day, La Hora
notes, citing President Chavez.

However, the BP Statistical Review of World Energy, which
excludes gas flaring and recycling, told La Hora that Venezuela
was producing some 2.8 billion cubic feet per day as of 2006.

About 70% of Venezuela's natural gas production goes into oil
output.  The nation faces a natural gas deficit of about one
billion cubic feet per day, BNamericas states.

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: Unconcerned Over Drop in 2006 Revenues
--------------------------------------------------------------
Petroleos de Venezuela SA's board of directors projects US$100
billion in total revenues this year compared to last year's
US$99.26 billion, El Universal reports.

The company's consolidated net profits in 2006 fell short of
US$6 billion and the investments scheduled for 2007 exceed US$10
billion, El Universal relates.   

However, Chief Executive Officer and Minister of Energy and
Petroleum Rafael Ramirez is not concerned over the decline.

"Figures so far this year are all right.  Our investment budget
-- which exceeds US$10 billion -- has been executed in a 60
percent, and we think it will be fully executed.  Further, costs
and expenses are expected to fall, as we had a number of assets,
including more than 4,000 inactive oil wells, that were not
adequately accounted for in financial statements and were
causing excess costs that were wiped out in year 2007," El
Universal says, citing the chief executive.

According to the energy minister, the company's assets increased
US$10.16 billion, and are expected to increase more, once they
are converted to Venezuelan bolivars, the same report says.

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: Venezuelan State Gets 70.9% of Revenues
---------------------------------------------------------------
El Universal reports that the Venezuelan state got US$39.2
billion or 70.9% of US$55.2 billion of Petroleos de Venezuela
SA's oil revenues in 2006.  

Of the total amount transferred to the state:

    -- US$17.5 billion accounted for royalties,
    -- US$797 million for exploitation taxes,
    -- US$1.3 billion in dividends, and
    -- US$11.9 billion in social development.  

Published reports previously said that President Hugo Chavez has
used the state-oil company's revenues to fund its social
programs at his discretion.  Part of that amount was also used
in education, health care, power supply and transportation, El
Universal says.

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: State Firm Deploys Production Line with C-Holding
--------------------------------------------------------------
Alcasa, Venezuelan state-run heavy industry holding firm CVG's
aluminum smelter, will start installing a production line for
added value products with Swiss firm C-Holding Group in the
first quarter 2008, Business News Americas reports.

BNamericas relates that Alcasa signed a letter of intent with C-
Holding in August 2005 to construct the plant that will supply
the aluminum fabrication industry.

An Alcasa official commented to BNamericas, "This project is
also designed to supply 250 tons per meter of aluminum coils to
Maninca, the Venezuelan subsidiary of C-Holding, where value
will also be added."

The plant will be constructed near the Alcasa smelter in Puerto
Ordaz, BNamericas states.

                        *     *     *

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


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                               Total
                               Shareholders  Total
                               Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3     (20.56)      53.30
Kuala                    ARTE3     (33.57)      11.86
Chiarelli SA             CCHI3     (58.72)      36.44
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (757.32)     458.59
Angel Estrada            ESTR      (68.23)      68.97
Estrada-A                ESTR5     (68.23)      68.97
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (233.64)      33.23
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3     (22.20)     478.81
Minupar                  MNPR3     (27.02)     206.98
Telebras-CM RCPT         RCTB30   (139.38)     235.03
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (55.17)      51.93
Telebras SA              TELB3    (139.38)     235.03
Telebras-CM RCPT         TELE31   (139.38)     235.03
Telebras SA              TLBRON   (139.38)     235.03
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (151.49)   1,914.18
WIEST                    WISA3    (107.73)      92.66



                        ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
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