TCRLA_Public/070920.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, September 20, 2007, Vol. 8, Issue 187

                          Headlines

A R G E N T I N A

CLIFA SA: Proofs of Claim Verification Deadline Is Oct. 10
GASTRO GRB: Proofs of Claim Verification Is Until Oct. 15
GLASOR SA: Proofs of Claim Verification Deadline Is Tomorrow
HIPPO SRL: Proofs of Claim Verification Ends on Oct. 18
JOSE PEGORIN: Proofs of Claim Verification Is Until Tomorrow

OLLEROS MILENNIUM: Proofs of Claim Verification Is Until Oct. 1
PARQE DEL VISO: Proofs of Claim Verification Deadline Is Nov. 21
TELECOM ARGENTINA: Telecom Personal Uses Orga Systems' Product
TRAFILGOM SRL: Proofs of Claim Verification Is Until Today

WR GRACE: Federal Prosecutors Scolded on Initial Investigation
WR GRACE: U.S. Trustee Wants Examiner to Probe Tersigni


B A H A M A S

ISLE OF CAPRI: Posts US$7.1 Mil. Net Loss in Qtr. Ended July 29


B A R B A D O S

SECUNDA: J. Ray McDermott Buy Cues Moody's To Confirm Ratings


B E R M U D A

FOSTER WHEELER: Global Power Unit Bags Contract from UTE CT
KODIAC CO: Proofs of Claim Filing Is Until Tomorrow
SVP HOLDINGS: S&P Affirms B+ Corp. Rating with Negative Outlook


B R A Z I L

ALERIS INT'L: S&P Affirms B+ Corp. Rating with Negative Outlook
ASPEN TECHNOLOGY: Reports Prelim Fourth Quarter 2007 Results
BANCO NACIONAL: Disbursements Top BRL37 Billion in Eight Months
COMPANHIA SIDERURGICA: Investing US$9B To Boost Brazilian Output
DELPHI CORP: Inks Asset Sale Agreement with TRW Automotive

DELPHI CORP: Wants Court to Approve MDL Settlements
FIDELITY NATIONAL: Completes US$1.8-Bil. EFD/eFunds Acquisition
FIDELITY NATIONAL: Fitch Cuts Issuer Default Rating to BB
FIDELITY NATIONAL: S&P Lowers Rating to BB & Removes Watch
FLEXTRONICS INT'L: S&P Affirms Low B Ratings with Neg. Outlook

FORD MOTOR: Unionized Workes Stage Two-Hour Work Stoppage
FREESCALE SEMICONDUCTOR: S&P Puts BB- Corporate Credit Rating
GERDAU AMERISTEEL: S&P Holds Ratings on Watch Negative
LAND SOFTWARE: Automates Shannon Development Business Processes
JAPAN AIRLINES: To Sell Stake in Credit Card Business

TAM LINHAS: Code Share Agreement with NHT Begins Sept. 24
TIMKEN CO: Expands Strategic Deal with North Coast Bearings

* BRAZIL: Deciding on Telefonica-Telecom Italia Deal Next Month
* BRAZIL: State Firm's Oil & Gas Output Decreases in August 2007


C A Y M A N   I S L A N D S

AMOCO/ENRON: Proofs of Claim Filing Is Until Oct. 16
AMOCO/ENRON SOLAR: Proofs of Claim Filing Ends on Oct. 16
DIGICEL: Chooses Alvarion as Cayman Islands Strategic Partner
DORAL FINANCIAL: Officers Purchase Interests for US$2.5 Million
GEORGIA FUNDING: Proofs of Claim Filing Deadline Is Oct. 10

GG EQUITY: Proofs of Claim Must be Filed by Oct. 8
GLOBAL TOTAL: Proofs of Claim Filing Is Until Oct. 17
GROSVENOR STREET: Proofs of Claim Filing Ends on Oct. 17
GROSVENOR STREET GLOBAL: Proofs of Claim Filing Ends Oct. 17
PHOENIX-DURANGO: Sets Final Shareholders Meeting for Oct. 9

REBELLION RESEARCH: Proofs of Claim Filing Is Until Oct. 8
UNICITRUS INT'L: Sets Final Shareholders Meeting for Oct. 15


C H I L E

AES CORP: Gets Subpoena from New York Attorney General
AES CORP: Plans to Construct 170 MW Wind Project in Texas
MITSUBISHI MATERIALS: Eyes 12% Boost in FY2008 Pretax Profit


C O L O M B I A

CHIQUITA BRANDS: Colombia Angry at Firm's Settlement with U.S.
SOLUTIA INC: Disclosure Statement Hearing Continued to Sept. 20
SOLUTIA INC: Wants Court Nod on Calpine Settlement


C O S T A   R I C A

ARMSTRONG WORLD: Wins Patent for Hardwood Flooring Technology


E L   S A L V A D O R

CHOICE HOTELS: Board Authorizes Three Million Share Repurchase


G U A T E M A L A

MILLICOM INTERNATIONAL: Gets Non-Compliance Letter from NASDAQ


M E X I C O

ADVANCED MARKETING: Disclosure Statement Has Enough Information
ADVANCE MARKETING: Disclosure Statement Hearing Set for Sept. 26
AMSCAN HOLDINGS: S&P Puts B Corp. Credit Rating on Watch Neg.
DANA CORP: Inks Benefits Settlement Pact with Retiree Committee
DANA CORP: Wants EPA's Claim Nos. 13796 & 13321 Estimated

EMPRESAS ICA: Gets US$300-Mln Bridge Loan from Citigroup Partner
EMPRESA ICA: S&P Affirms BB- Long-Term Corporate Credit Rating
FIRST DATA: Fitch Lowers Issuer Default Rating to B+ from BBB
FIRST DATA: Moody's Puts Corporate Family Rating at B2
FIRST DATA: S&P Lowers Rating to B+; Removes from CreditWatch

GLOBAL POWER: Agrees to Sell China Boiler Unit to AE&E Group
MOVIE GALLERY: Moody's Downgrades Corp. Family Rating to C
RYERSON INC: Holds Special Meeting for Platinum Merger Approval
URS CORP: Moody's Puts Ba1 Rating on Proposed Credit Facility
VITRO SAB: Two Manufacturing Facilities Resume Operations


P U E R T O   R I C O

ADELPHIA COMMS: Wants to Close 37 Affiliates' Chapter 11 Cases
ADELPHIA COMMS: Wants to Reduce Cinergy's Reserve Amount
ADVANCED CARDIOLOGY: Hires Monge Robertin as Insolvency Advisors
BURGER KING: Names Julio Ramirez as Exec. VP-Global Operations
CENTENNIAL COMM: Closes Purchase of Islanet Communications

NUTRITIONAL SOURCING: Auction on 14 Grocery Stores Set Today
NUTRITIONAL SOURCING: Kay Scholer Approved as Bankruptcy Counsel
NUTRITIONAL SOURCING: Pepper Hamilton Okayed as Delaware Counsel
PRG-SCHULTZ: Intends to Redeem US$51.5 Million 11% Senior Notes
SUNCOM WIRELESS: S&P Puts B- Credit Rating Under Positive Watch

SUNCOM WIRELESS: T-Mobile Deal Cues Moody's to Review Ratings


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Stockholders Okay Merger Pact with Blackstone


V E N E Z U E L A

CHRYSLER LLC: Brake Problems Trigger Recall of 369,000 Vehicles
PEABODY ENERGY: Gets Subpoena from New York Attorney General
PETROLEOS DE VENEZUELA: In Joint Venture Talks with Galp Energia
PETROLEOS DE VENEZUELA: Lukoil May Not Sign Contract with Firm
PETROLEOS DE VENEZUELA: Workers Holding Strike Against Firm


                          - - - - -


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


CLIFA SA: Proofs of Claim Verification Deadline Is Oct. 10
----------------------------------------------------------
Viscarret, Panelli y Asociados, the court-appointed trustee for
Clifa S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Oct. 10, 2007.

Viscarret Panelli will present the validated claims in court as
individual reports on Nov. 8, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Clifa 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 Clifa's accounting
and banking records will be submitted in court on Dec. 20, 2007.

Viscarret, Panelli is also in charge of administering Clifa's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

         Clifa S.A.
         Avenida Ricardo Balbin 3981
         Buenos Aires, Argentina

The trustee can be reached at:

         Viscarret, Panelli y Asociados
         Tte. Gral. Juan D. Peron 1605
         Buenos Aires, Argentina


GASTRO GRB: Proofs of Claim Verification Is Until Oct. 15
---------------------------------------------------------
Oscar Alberto Vertzman, the court-appointed trustee for Gastro
GRB S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 15, 2007.

Mr. Vertzman will present the validated claims in court as
individual reports on Nov. 26, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Gastro GRB 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 Gastro GRB's
accounting and banking records will be submitted in court on
Feb. 14, 2008.

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

The trustee can be reached at:

         Oscar Alberto Vertzman
         Bartolome Mitre 3120
         Buenos Aires, Argentina


GLASOR SA: Proofs of Claim Verification Deadline Is Tomorrow
------------------------------------------------------------
Graciela Lukawecki, the court-appointed trustee for Glasor
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim on Sept. 21, 2007.

Ms. Lukawecki will present the validated claims in court as
individual reports on Nov. 5, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Glasor 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 Glasor's accounting
and banking records will be submitted in court on Dec. 17, 2007.

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

The trustee can be reached at:

         Graciela Lukawecki
         Uruguay 978
         Buenos Aires, Argentina


HIPPO SRL: Proofs of Claim Verification Ends on Oct. 18
-------------------------------------------------------
Nestor Rodolfo del Potro, the court-appointed trustee for Hippo
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 18, 2007.

Mr. del Potro will present the validated claims in court as
individual reports on Nov. 29, 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 Hippo 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 Hippo's accounting
and banking records will be submitted in court on Feb. 14, 2008.

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

The debtor can be reached at:

         Hippo S.R.L.
         Junin 1787
         Buenos Aires, Argentina

The trustee can be reached at:

         Nestor Rodolfo del Potro
         Avenida Corrientes 1291
         Buenos Aires, Argentina


JOSE PEGORIN: Proofs of Claim Verification Is Until Tomorrow
------------------------------------------------------------
Carlos Marcelo Delgado, the court-appointed trustee for Jose
Pegorin e Hijos S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Sept. 21, 2007.

Mr. Delgado will present the validated claims in court as
individual reports on Nov. 5, 2007.  The National Commercial
Court of First Instance in Mendoza will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Jose Pegorin 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 Jose Pegorin's
accounting and banking records will be submitted in court on
Dec. 21, 2007.

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

The trustee can be reached at:

       Carlos Marcelo Delgado
       Rufino Ortega 729, Ciudad de Mendoza
       Mendoza, Argentina


OLLEROS MILENNIUM: Proofs of Claim Verification Is Until Oct. 1
---------------------------------------------------------------
Nestor Rodolfo del Potro, the court-appointed trustee for
Olleros Milennium S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Oct. 1, 2007.

Mr. del Potro will present the validated claims in court as
individual reports on Nov. 13, 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 Olleros Milennium 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 Olleros Milennium's
accounting and banking records will be submitted in court on
Dec. 26, 2007.

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

The debtor can be reached at:

         Olleros Milennium S.A.
         Olleros 1802
         Buenos Aires, Argentina

The trustee can be reached at:

         Nestor Rodolfo del Potro
         Avenida Corrientes 1291
         Buenos Aires, Argentina


PARQE DEL VISO: Proofs of Claim Verification Deadline Is Nov. 21
----------------------------------------------------------------
Beatriz del Carmen Muruaga, the court-appointed trustee for
Parque del Viso S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Nov. 21, 2007.

Ms. Muruaga will present the validated claims in court as
individual reports on Feb. 7, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Parque del Viso 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 Parque del Viso's
accounting and banking records will be submitted in court on
March 20, 2008.

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

The trustee can be reached at:

         Beatriz del Carmen Muruaga
         Aguero 1290
         Buenos Aires, Argentina


TELECOM ARGENTINA: Telecom Personal Uses Orga Systems' Product
--------------------------------------------------------------
Daily telecom news service Total Telecom reports that Telecom
Argentina's mobile unit Telecom Personal has received convergent
real-time billing expert Orga Systems' Performance Package
service.

According to Total Telecom, the Performance Package entails a
new version of the Orga Systems InCore In-Memory database, which
is a new processing method designed to improve Telecom
Personal's overall rating and charging performance, and billing
processes.

Total Telecom notes that through the service, Telecom Personal
will be able to reduce costs and provide a "scalable future-
proof billing framework for future subscriber growth."

The report says that the InCore database can improve memory by
50% due to its "highly optimized handling of database
administration tables, allowing for higher subscriber capacity
on the same hardware, and better performance and scalability."
The new processing method can lessen processing time through the
efficient use of system resources.

"The launch of our 3G network this year is a major landmark for
our company and we needed first-class billing processes in order
to support both subscriber and services growth.  The Performance
Package from Orga Systems has dramatically improved our
processes across the entire billing chain, which means lower
costs and better performance.  We are delighted to be working in
partnership with Orga Systems in this exciting phase of our
history," Telecom Personal IT BSS Manager Daniel Margolis told
Total Telecom.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.


TRAFILGOM SRL: Proofs of Claim Verification Is Until Today
----------------------------------------------------------
Hector Rodolfo Arzu, the court-appointed trustee for Trafilgom
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim on Sept. 20, 2007.

Mr. Arzu will present the validated claims in court as
individual reports on Nov. 2, 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 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 on
Dec. 14, 2007.

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 trustee can be reached at:

         Hector Rodolfo Arzu
         Junin 55
         Buenos Aires, Argentina


WR GRACE: Federal Prosecutors Scolded on Initial Investigation
---------------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware has said in a hearing that "it was improper
for the federal prosecutors to keep their suspicions about the
Tersigni firm's bills from the judges who were signing off on
them," the Associated Press reported.

In light of the alleged "padding" of L. Tersigni's professional
bills, the Official Committee of Asbestos Personal Injury
Claimants of W.R. Grace & Co. and its debtor-affiliates has
sought the Bankruptcy Court's approval for the retention of
Charter Oak Financial Consultants, LLC, as replacement of L.
Tersigni Consulting, as its financial advisors.

At the hearing of the PI Committee's retention request, Judge
Fitzgerald also asked why Bradley M. Rapp, a former Tersigni
employee, did not tip her or the PI Committee about his
suspicions.

Mr. Klauder and the PI Committee's counsel, Nathan Finch, Esq.,
said that Mr. Rapp was told by the federal investigators to keep
quiet about the probe, AP adds.

Judge Fitzgerald directed any bankruptcy professional in any
case before her who suspects wrongful billing practices to alert
her, AP says.  "No one is to prohibit that information to be
communicated to this court," AP quotes Judge Fitzgerald as
saying, adding that the rule applies to federal prosecutors.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including
Argentina, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 137; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


WR GRACE: U.S. Trustee Wants Examiner to Probe Tersigni
-------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, asks the
U.S. Bankruptcy Court for the District of Delaware to appoint an
examiner to investigate the conduct of L. Tersigni Consulting
and determine whether W.R. Grace & Co. and its debtor-affiliates
the Debtors or the estate have any causes of actions against the
firm as a result of its conduct.

David M. Klauder, Esq., Ms. Stapleton's counsel, relates that in
April 2006, it came to the attention of the Office of the U.S.
Trustee that Loreto Tersigni, the sole owner and principal of L.
Tersigni Consulting, was allegedly marking up time charges on
the firm's fee applications filed in the Debtors' cases and in
other bankruptcy cases where the firm was retained.

Specifically, it was alleged that before filing fee applications
with the Court, Mr. Tersigni would receive internal time records
from employees at the firm who worked on the case.  It was also
alleged that when preparing the firm's fee applications, Mr.
Tersigni would subsequently add on time for services that were
not performed by employees of the firm.  "These actions would
have the effect of improperly raising the fees of [the firm] in
their filed fee applications and causing the estates to pay fees
to [the firm] that were not earned," Mr. Klauder says.

After the U.S. Trustee discovered the information, a preliminary
investigation was initiated, Mr. Klauder relates.  It was
discovered that the fee applications L. Tersigni filed in
several asbestos cases since at least 2002 were padded.

According to Mr. Klauder, the investigation is incomplete and
the total scope, extent and effect of Mr. Tersigni's conduct has
yet to be determined.  Mr. Klauder says the sustained improper
billing represents a flagrant violation of the firm's fiduciary
obligation to the estate and constitutes an egregious breach of
its duty of candor to the Court.

The U.S. Trustee has filed a similar request in G-I Holdings'
bankruptcy case where Loreto Tersigni also played a role, the
Associated Press reports.  Mr. Tersigni worked on most of the
high-profile asbestos-related bankruptcies of recent years
including those of Owens Corning, USG Corp., and the U.S. unit
of Swiss engineering giant ABB Ltd., and on the ongoing
bankruptcies of Federal-Mogul Corp. and Asarco Inc., the AP
added.

Grace spokesman Greg Euston told the AP that "the company has no
knowledge of fraud by Tersigni."

AP notes that "no examiner has yet been requested to investigate
the accounting firm's role advising asbestos claimants in the
Federal-Mogul Corp. bankruptcy.  However, months of Tersigni
bills, which had been submitted to the court for review and
approval, have been withdrawn in both the Federal-Mogul and W.R.
Grace cases."

The AP further reports that Tersigni's firm earned these amounts
from these bankruptcy cases:

  * US$5,000,000 from Owens Corning,
  * US$4,600,000 from USG Corp.,
  * US$3,000,000 from Armstrong, and
  * US$576,000 from Combustion Engineering.

"The latest bill in Asarco's case shows a quarterly invoice of
more than US$500,000 from the accounting firm," the AP added.

                      About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally, including
Argentina, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 137; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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


ISLE OF CAPRI: Posts US$7.1 Mil. Net Loss in Qtr. Ended July 29
---------------------------------------------------------------
Isle of Capri Casinos Inc. disclosed recently its financial
results for the first fiscal quarter ended July 29, 2007.

The company reported a net loss of US$7.1 million for the first
quarter of fiscal 2008 ended July 29, 2007, compared with net
income of US$9.3 million for the first quarter of fiscal 2007.
Results for the first quarter of fiscal 2007 included
approximately US$4.0 million of income from discontinued
operations, net of income taxes, of the company's Bossier City
and Vicksburg properties.  The sale of the Bossier City and
Vicksburg properties closed on July 31, 2006.

Loss from continuing operations for the first quarter of fiscal
2008 was US$7.1 million compared to income from continuing
operations of US$5.3 million for the first quarter of fiscal
2007.

Adjusted EBITDA from continuing operations for the first quarter
of fiscal 2008 decreased 2.6% to US$55.6 million compared to
adjusted EBITDA from continuing operations of US$57.1 million
for the comparable quarter in fiscal 2007.  Isle of Capri
calculates Adjusted EBITDA at its properties by adding
depreciation and amortization, pre-opening expense, management
fees, other charges and non-cash items to operating income
(loss).

The results from operations for the first quarter of fiscal 2008
include US$6.1 million of pre-opening expense primarily related
to the company's recently opened Waterloo and Coventry
properties and US$2.2 million of loss on early extinguishment of
debt.  Combined, these items resulted in a US$4.9 million after-
tax impact on the quarterly results.  The results from
continuing operations for the first quarter of fiscal 2007
include US$2.6 million of office relocation costs and US$3.2
million of higher new development costs compared to the first
quarter of fiscal 2008.  Combined, these items resulted in
US$3.1 million of after-tax impact on the prior year quarterly
results.

The company reported a 1.7% increase in net revenues to
US$278.5 million for the first quarter compared to net revenues
of US$274.0 million for the same quarter in fiscal 2007.

"First quarter results were generally in line with our
expectations, as we continue to take deliberate, measured steps
toward improving our operating results, and begin the process of
building a more competitive business model.  Our management
team, under the direction of new president and chief operating
officer Virginia McDowell, is focused on providing the best
gaming entertainment experience for our guests and making the
changes necessary to improve value for all of our stakeholders,"
Bernard Goldstein, chairman of the board and chief executive
officer, said.

Virginia McDowell, the company's president and chief operating
officer, said, "We are beginning to see margin improvements at
most of our properties as a result of cost controls introduced
during the first quarter, and we continue to focus on building
our database at the Pompano, Waterloo and Coventry properties.
Also, we have developed a plan at Coventry designed to take full
advantage of the September 1st changes in the gambling
advertising and marketing laws.  Although we continue to face
seasonality issues at both Pompano and Coventry, we have
marketing plans in place designed to leverage both facilities as
customer counts increase.  In addition, we are confident that
the cost containment measures introduced at our properties will
continue to improve results, including markets where we face
competitive pressure.  We also continue to focus on service
delivery, and have seen increases in our service scores at many
properties."

"We are proceeding with the implementation of our technology
initiatives, including our enterprise data warehouse and revenue
management system, and restructuring our loyalty programs.  We
completed database market research projects at all core
properties in the beginning of the second quarter, and will work
closely with our properties to identify opportunities to
eliminate unprofitable marketing programs, and develop a
profitable customer acquisition strategy."

Ms. McDowell continued "As we begin the process of developing
our strategic brand portfolio, we are taking the opportunity to
examine our existing expansion plans to make certain that our
facilities are competitive in our markets, and create value for
our shareholders.  In that regard, we are evaluating the next
phase of renovations at our Biloxi property.  The competitive
landscape has changed significantly in Biloxi since Hurricane
Katrina, and we want to develop and implement a master plan for
the company's Biloxi property, which will help ensure that our
product will remain competitive in the market.  In addition, we
have begun the process of developing a master plan for Pompano
Park that will leverage the approximately 100 remaining acres on
the site.

"We are also beginning room renovation projects in Black Hawk,
Lula and Lake Charles which will feature the design elements and
warmer color palette introduced at our hotels in Bettendorf and
Waterloo, and which have been extremely well received by our
customers."

At July 29, 2007, the company's consolidated balance sheet
showed US$2.15 billion in total assets, US$1.88 billion in total
liabilities, and US$277.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 29, 2007, are available
for free at http://researcharchives.com/t/s?2385

                  About Isle of Capri Casinos

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida. The company also operates and has a 57.0% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                        *     *     *

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




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


SECUNDA: J. Ray McDermott Buy Cues Moody's To Confirm Ratings
-------------------------------------------------------------
Moody's has confirmed and will withdraw Secunda International
Ltd's B2 corporate family rating, B2 probability of default
rating, SGL-3 speculative grade liquidity rating, and B3 issuer
rating. Moody's had placed Secunda's ratings under review
direction uncertain on June 5, 2007, following the announcement
that J. Ray McDermott would acquire substantially all of
Secunda's assets for US$260 million.

The confirmation reflects the closing of the acquisition of
Secunda's entire offshore supply vessel fleet by J. Ray
McDermott and the subsequent redemption of the US$125 million
secured notes.  At the time, Moody's had noted that Secunda's
ratings would likely be withdrawn upon completion of the
divestiture and expected US$125 million debt redemption.
However, the review reflected the need to allow for regulatory
approvals to be given in order for the transaction to close and
the notes to be redeemed.  In placing the ratings under review,
Moody's had noted the potential for negative action if the
divestiture and subsequent debt redemption was not completed as
planned given the high unsustainable leverage despite very solid
sector fundamentals.

With the completion of the divestiture and debt redemption, all
of Secunda's ratings will be withdrawn.

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




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


FOSTER WHEELER: Global Power Unit Bags Contract from UTE CT
-----------------------------------------------------------
Foster Wheeler Ltd. disclosed that a subsidiary of its Global
Power Group has been awarded a contract by the Spanish company
UTE CT Mejillones, which is owned by Cobra Instalaciones y
Servicios S.A., part of the ACS group, for a 165 MWe (gross
megawatt electric) circulating fluidized-bed boiler island to be
located at the Andino power plant in Mejillones, in the north of
Chile.  The Andino power plant belongs to the Central
Termoelectrica Andino S.A. utility company, a subsidiary of the
Suez Energy International group; Cobra is Suez's contractor.

Foster Wheeler has received a full notice to proceed on this
contract, which was included in the company's second-quarter
2007 bookings.  The terms of the contract were not disclosed.

Foster Wheeler will supply the 165 MWe CFB steam generator,
auxiliary equipment and erection and commissioning technical
advisory services of the boiler island.  The boiler will be
designed to burn imported bituminous coal and/or petroleum coke,
as well as providing the option to burn small amounts of
biomass-type fuels.  Commercial operation of the new boiler is
scheduled for the first half of 2010.

"This award demonstrates yet again that CFBs offer innovative
solutions for customers who desire fuel flexibility,
reliability, and environmentally responsible performance," said
James E. Stone, president and chief executive officer of Foster
Wheeler Power Group Europe.

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.


KODIAC CO: Proofs of Claim Filing Is Until Tomorrow
---------------------------------------------------
The Kodiac Company Ltd.'s creditors are given until
Sept. 21, 2007, to prove their claims to Peter C.B. Mitchell and
Nigel J.S. Chatterjee, 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.

Kodiac Company's shareholders agreed on Aug. 15, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidators can be reached at:

         Peter C.B. Mitchell
         Nigel J.S. Chatterjee
         Dorchester House, 7 Church Street
         Hamilton, Bermuda


SVP HOLDINGS: S&P Affirms B+ Corp. Rating with Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Bermuda-based consumer sewing machine company SVP Holdings Ltd.
to negative from stable.  At the same time, S&P has affirmed its
ratings on the company, including the 'B+' corporate credit
rating.

"The outlook revision follows our review of SVP's recent
operating performance, which reflects a weakening of credit
protection measures due to weaker-than-expected earnings," said
S&P's credit analyst Rick Joy.

The ratings on SVP factor in the company's narrow business
focus; its participation in the mature, highly competitive
consumer sewing machine industry; its customer concentration;
and its highly leveraged financial profile.  SVP benefits, to an
extent, from its leading market position, wide geographic
presence across several retail channels, and portfolio of well-
recognized brands.

"SVP's operating performance has weakened below our prior
expectations," said Mr. Joy.  "We estimate debt to EBITDA for
the 12 months ended June 30, 2007, to be just over 5, versus our
previous expectations that the company would maintain leverage
in the 4 to 4.5 range.  If SVP is not able to improve
performance and reduce leverage to closer to 4.5 as previously
expected, the ratings may be lowered."

Headquartered in Hamilton, Bermuda, SVP Holdings Ltd. is the
world's largest manufacturer, marketer and distributor of
consumer sewing machines.  Products are sold under the Singer,
Husqvarna, Viking and Pfaff brands in 188 countries.




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


ALERIS INT'L: S&P Affirms B+ Corp. Rating with Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Aleris International Inc. to negative from stable.  At the same
time S&P has affirmed its 'B+' corporate credit rating and the
other ratings on the company.  Concurrently, S&P has assigned a
'B-' rating to the company's proposed US$200 million 9% senior
notes due 2014, which are an add-on to the company's existing
US$400 million 9% senior notes due 2014.  S&P expects these
securities to be sold pursuant to Rule 144A of the Securities
Act of 1933.

Pro forma total debt outstanding at June 30, 2007, approximates
US$2.8 billion.

"The outlook revision reflects recent operating weakness in the
company's North American global rolled and extruded products
segment and the expectation that this trend will continue in the
near term," said S&P's credit analyst Marie Shmaruk.

During the three months ended June 30, 2007, volumes in this
segment declined 20% year-over-year, primarily because of weaker
demand for building and construction, distribution, and
transportation products.  This, combined with increased debt
balances due to the company's aggressive growth strategy, has
resulted in credit measures that are weak for the rating.

"We could lower the ratings in the near term if the company's
debt levels remain high and performance weakens materially
because of intensified competition or market conditions
deteriorate," Ms. Shmaruk said.  "An outlook revision back to
stable would depend on management improving and maintaining a
financial profile more consistent with the rating through
earnings growth and more moderate debt levels."

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

                        *     *     *

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


ASPEN TECHNOLOGY: Reports Prelim Fourth Quarter 2007 Results
------------------------------------------------------------
Aspen Technology Inc. has disclosed preliminary financial
results for its fiscal fourth quarter 2007 and fiscal year ended
June 30, 2007.

The company reported record license bookings during the fiscal
fourth quarter 2007, with license bookings defined as the total
net present value of all license contracts signed in the
quarter.  License bookings were US$67 million during the fiscal
fourth quarter, an increase of approximately 49% compared to
US$45 million in the fourth quarter of fiscal 2006.  The company
reported record fiscal 2007 license bookings of US$200 million,
an increase of approximately 23% from US$162 million in fiscal
2006.

The company ended the fourth quarter with US$132 million in
cash, up US$31 million from US$101 million at the end of the
prior quarter.  The increase in cash was driven primarily by
strong license bookings, which generated installments receivable
that were sold for cash during the quarter, and continued focus
on managing costs and expenses.  In addition, the company
received US$5 million of proceeds from exercises of stock
options, while it used US$2 million of cash for capital
expenditures during the fourth quarter.

Mark Fusco, Chief Executive Officer of Aspen Technology, said
"We were very pleased with the company's operating performance
in the fourth quarter, which was highlighted by robust growth in
license bookings that exceeded our expectations and the growth
of the market.  The fourth quarter capped off the most
successful annual operating performance in the history of
AspenTech, and our business was solid across each key metric
during the fourth quarter -- vertical, major geography, product,
aspenONE and transactions of all sizes." Mr. Fusco added, "With
solid market demand, a differentiated value proposition and
industry leading domain expertise, we are optimistic about the
company's fundamental outlook as we begin fiscal 2008."

The company also announced that it is continuing work on the
restatement of previously issued financial statements.  The
restatement needs to be completed before the company can issue
final, complete results for its fiscal fourth quarter and year
ended June 30, 2007.

On June 11, 2007, the company has announced identified errors in
its accounting for sales of installments receivable.  The
company has reviewed thousands of installments receivable
transactions, dating back to fiscal 2003, as part of a process
to determine period-end balances for two new balance sheet
accounts, a collateral asset for secured borrowings and a
secured borrowing liability.  Based on the significant amount of
work that has been completed over the course of the past three
months, the company has updated its estimate of the balances of
these two new related balance sheet items, as follows:

-- approximately US$230 million as of June 30, 2005
-- approximately US$200 million as of June 30, 2006
-- approximately US$200 million as of June 30, 2007

Brad Miller, Chief Financial Officer of AspenTech, said "The
company's finance team and outside financial advisors have been
working diligently to complete the restatement and fiscal 2007
year-end financial statements.  We are committed to addressing
these matters as expeditiously and thoroughly as possible.
While we are completing this effort, AspenTech remains focused
on customer success and sales of our solutions into end markets
that continue to show strong demand."

                    About Aspen Technology

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, with negative outlook.


BANCO NACIONAL: Disbursements Top BRL37 Billion in Eight Months
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's
disbursements grew 35.2% in the first eight months of 2007,
reaching BRL37 billion.  The approvals add up to BRL55.2 billion
(38.5% increase under the same comparison basis), keeping the
growth acceleration process of the projects approved by BNDES as
to the disbursements.

The framings add up to BRL69.1 billion (16.8% increase) and the
consultations for new financings sum up BRL75.6 billion,
equivalent to a 23.1% growth in comparison to the same period of
2006.

The infrastructure sector kept its highlighted position in
BNDES' performance, recently attained, after a period of weak
demand in 2006.  During the first eight months of the year, the
amount of approvals for infrastructure projects increased 131.6%
in comparison to the January - August period of 2006, totaling
BRL22.7 billion. The disbursement for the area also grew, in
this particular case -- 42.3%, totaling BRL13.2 billion, but at
an inferior pace to what was seen in the approved projects.

The releases were led by the land transportation sector (BRL6.4
billion), also responsible for the largest amount of approvals,
BRL8.5 billion (49.7% increase).  The electric energy sector
presented the second best performance of the area, with
disbursements of BRL2.6 billion (45.3% increase) and approvals
of BRL5 billion, equivalent to a 187% growth in relation to the
first eight months of 2006.

The disbursement for the industry summed BRL17.6 billion (23.9%
increase) during the first eight months of the year and the
approvals totaled BRL25 billion (2.9% increase in comparison to
the same period of 2006).  As to farming and cattle raising the
sector released BRL3.2 billion (50.3% growth) and approved
BRL3.1 billion (46.5% increase, compared to the first eight
months of 2006).

                       Annual result

BNDES' disbursements once again recorded a new record in the
past 12 months ended in August, totaling BRL61.7 billion. The
amount represents a 35% growth in relation to the same previous
period.

The approvals sum up BRL89.7 billion (40% increase), surpassing
the disbursements in BRL28 billion, which reflect the growing
demand for resources and the entry of new projects in the Bank,
especially within the infrastructure area.

The investments approved for the sector -- of BRL36.9 billion --
grew 123% in the past 12 months until August, pointing out to an
expansion of the disbursements in the following months.  The
amount of approvals is BRL16 billion more than the amount
released in the period, which is BRL20.9 billion, even then,
still equivalent to an expansion of 33% in comparison to the
previous 12 months.

For industry, BNDES disbursed BRL30.6 billion, while the board
of directors approved BRL40.2 billion for financing to
investments, including those on new units for production
expansion.  The process was more feasible in the metallurgy,
chemical and petrochemical sectors and in the extractivist
industry.

Farming and cattle raising received BRL4.5 billion between
September 2006 and August 2007, recording high of 30% in the
period.  Once again, the approvals surpass the amount of the
releases, reaching BRL5.2 billion (45% increase) under the same
comparison basis.

The consultations, in the past 12 months ended in August,
totaled BRL120.2 billion (high of 27%) and framings totaled
BRL105.3 billion, equivalent to a 24% increase before the same
period of last year.

In the month of August, the Bank released BRL5.7 billion and
approved BRL5.4 billion.  The framings were BRL6.9 billion and
consultations equaled BRL9.2 billion.

                            Size

BNDES releases for micro, small and medium-size companies
increased 44% between January and August 2007, summing up BRL9.9
billion.  The disbursements correspond to 119.4 thousand
operations, which represents a volume of 94% higher than the
number of operations carried out in the first eight months of
2006.

                     About Banco Nacional

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

                        *     *     *

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


COMPANHIA SIDERURGICA: Investing US$9B To Boost Brazilian Output
----------------------------------------------------------------
Companhia Siderurgica Nacional SA has intended to invest US$9
billion (EUR6.59 billion) to expand its production capacity in
Brazil over the next four years, the Associated Press reports,
citing Estado news agency.

Chief Executive Benjamin Steinbruch told Estado that the company
will build a 4.5-million-metric-ton slab plant in northeastern
Brazil, adding that it has not yet selected the exact location
of the new site.

In addition, the company also proposed to construct two 4.5-
million-metric-ton steel slab plants in the states of Rio de
Janeiro and Minas Gerais.  The Rio de Janeiro plant will be
built at Itaguai for US$3.1 billion (EUR2.27 billion), and the
Minas Gerais plant will be constructed near CSN's Casa de Pedra
iron ore mine in Congonhas for US$2.9 billion (EUR2.12 billion),
AP relates.

Production at the Itaguai slab plant will start by September
2009.  The Congonhas plant is expected to begin output about a
year later, published reports said.

Chinese steel giant Baosteel would not be associated with the
Itaguai mill because it recently signed a deal with mining giant
Companhia Vale do Rio Doce, or CVRD, to build a steel slab plant
in Espirito Santo state, Mr. Steinbruch said to Estado.

Baosteel and CSN had previously made a deal, with Baosteel
acquiring a 25% stake in the Itaguai project.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


DELPHI CORP: Inks Asset Sale Agreement with TRW Automotive
----------------------------------------------------------
Delphi Corporation, through certain of its affiliates, has
entered into an asset sale and purchase agreement with a
subsidiary of TRW Automotive Holdings Corp. for the sale of a
portion of its North American brake component machining and
assembly assets, company officials disclosed.  As required under
the Bankruptcy Code, Delphi filed a motion with the U.S.
Bankruptcy Court for the Southern District of New York
requesting a hearing on Sept. 27, 2007, to approve bidding
procedures.

Following the completion of the bidding procedure process,
including a potential competitive auction, a final sale hearing
is anticipated to take place during the fourth quarter of 2007.
The final sale of the assets is subject to the approval of the
U.S. Bankruptcy Court, and must meet the satisfaction of
specified closing conditions.

As outlined in the court filing, the proposed transaction
between Delphi and TRW contemplates:

   -- The sale of various brake component machining and
      assembly equipment from operations in Saginaw, Michigan,
      Springhill, Tennessee, and Oshawa, Canada.

   -- The sale of productive inventory.

   -- A five year lease (with an opportunity to extend) on a
      portion of Delphi's brake manufacturing facility in
      Saginaw, Michigan.

To the extent set forth in the agreement, TRW will also commence
employment of the active hourly employees at the lease site.

Delphi will carefully manage the sale of the assets in
coordination with customers, employees, unions and other
stakeholders.

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

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

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


DELPHI CORP: Wants Court to Approve MDL Settlements
---------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to approve their MDL
Settlements with:

  * the Lead Plaintiffs -- class action lawsuit lead plaintiffs
    who purchased or acquired publicly-traded Delphi securities
    during the period March 7, 2000, through March 3, 2005;

  * the ERISA Plaintiffs -- plaintiffs in class action lawsuits
    brought under the Employee Retirement Income Security Act,
    who participated in the Debtors' defined contribution
    employee benefit pension plans and invested in Delphi common
    stock; and

  * certain insured officers and directors, and certain of the
    Debtors' insurance carriers.

The Debtors further ask the Bankruptcy Court to:

  (a) certify the Securities Class and the ERISA Class for
      purposes of settlement, and grant the class
      representatives certain allowed class claims and interests
      under Rules 9014(c) and 7023 of the Federal Rules of
      Bankruptcy Procedure and Rule 23 of the Federal Rules of
      Civil Procedure;

  (b) authorize and direct the Class Representatives to vote in
      favor of the Joint Plan of Reorganization on behalf of
      their class members;

  (c) deem the insurance policies covered by the MDL Insurance
      Settlement fully exhausted and forever discharged;

  (d) lift the automatic stay with respect to certain documents
      the Debtors provided to the Lead Plaintiffs; and

  (e) subject to the U.S. Department of Labor's right to file an
      objection, expunge DOL's claim concerning an investigation
      of potential ERISA violations, and bar the DOL from
      instituting or maintaining claims against any of the
      Debtor's current and former officers and directors related
      to the allegations in the ERISA Actions.

In connection with the MDL Settlements, the Debtors have decided
to release affirmative claims against their current and former
officers, fellow defendants in the Securities Actions, and
General Motors Corporation, which claims relate to alleged
violations of the federal securities laws from March 7, 2000,
through March 3, 2005.  The Debtors' release will facilitate a
final resolution of the Multidistrict Litigation and related
derivative actions in the state courts, particularly as it
relates to the Insurers' contribution of insurance proceeds as
part of the Settlements, John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, relates.

As previously reported, the MDL Settlements contain these
provisions:

  -- The Lead Plaintiffs will be granted an allowed claim for
     US$204,000,000, without further provision for accrued
     interest;

  -- The ERISA Plaintiffs will be granted an allowed interest
     aggregating US$24,500,000, without further provision for
     accrued interest; and

  -- The Allowed Claims will be satisfied in the same form and
     ratio as the consideration distributed to general unsecured
     creditors under the any confirmed plan of reorganization,
     and will be treated in the same manner as general unsecured
     creditors under that plan.

The stipulations do not contain any deadlines or termination
rights with respect to the timing of the confirmation or
consummation of a reorganization plan, Mr. Butler notes.

The MDL Settlements also provide for the payment of additional
consideration to the Lead Plaintiffs, including a payment of
US$88,600,000 by the Insurers on behalf of certain current and
former insured Delphi officers and directors, a payment of
US$1,500,000 by the Securities Defendants, and a portion of the
remainder of any insurance proceeds available under a certain
insurance policy after payment of certain defense costs.

In addition, the MDL Settlements provide for the payment of
additional consideration to the ERISA Plaintiffs, including a
payment of US$22,500,000 by the Insurers on behalf of certain
current and former insured Delphi officers and directors and a
portion of the remainder of any insurance proceeds available
under a certain insurance policy after payment of certain
defense costs.

In exchange for the consideration provided under the MDL
Settlements, the Lead Plaintiffs, the ERISA Plaintiffs, the
Securities Defendants, certain current and former officers and
directors of Delphi, and the Insurers agree to release their
claims against Delphi related to the allegations in the MDL.
Delphi will likewise release its MDL-related claims against
those parties.

The MDL Settlements are the product of arm's-length bargaining
among the parties, Mr. Butler avers.  He points out that the
Settlements will save the Debtors the costs of further
litigation, as well as prevent unduly delay to the resolution of
the Chapter 11 cases.

                        About Delphi

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

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

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

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


FIDELITY NATIONAL: Completes US$1.8-Bil. EFD/eFunds Acquisition
---------------------------------------------------------------
Fidelity National Information Services Inc. has completed the
acquisition of EFD/eFunds Corporation.  Under the terms of the
merger agreement, Fidelity National acquired all of the
outstanding shares of EFD common stock for about US$1.8 billion
in cash, or US$36.50 per share.

William P. Foley, II, executive chairman of FIS, stated, "eFunds
is an excellent fit for our company, and further strengthens our
competitive positions in electronic processing and risk
management services.  Fidelity and EFD customers will benefit
from a more comprehensive product offering and strong industry
expertise."

"eFunds' products and services complement our existing
businesses, and provide FIS with greater scale, product
capability and expanded geographic reach," added Lee A. Kennedy,
president and chief executive officer for Fidelity National.
"We look forward to working with the EFD team to deliver high
quality and innovative solutions to our customers."

Fidelity National expects to realize approximately US$65 million
in annual cost savings.  The transaction is expected to be
neutral to 2007 cash earnings per diluted share and accretive to
2008 cash earnings per diluted share, including synergies.

Within approximately one week, letters of transmittal and
additional instructions regarding the process for exchanging
shares for cash consideration of US$36.50 per share will be
mailed to EFD shareholders of record as of today's closing date.

                   About Fidelity National

Based 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: Fitch Cuts Issuer Default Rating to BB
---------------------------------------------------------
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 on FIS by taking these ratings actions:

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

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

  -- Secured term loans, consisting of a US$2.1 billion term
     loan A and a US$1.6 billion term loan B, assigned a rating
     of 'BB+';

  -- 4.75% senior notes (equally and ratably secured with the
     new bank facility) affirmed at 'BB+'.

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 2.4x 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 3x or below, which
could lead to positive rating actions.  However, Fitch does not
expect leverage to fall materially below 3x 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 $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.


FIDELITY NATIONAL: S&P Lowers Rating to BB & Removes Watch
----------------------------------------------------------
Standard & Poor's Ratings Services 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, Standard & Poor's 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 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 also
assigned a '2' recovery rating to this debt.

"The downgrade reflects the company's more aggressive financial
profile following the eFunds acquisition," said Standard &
Poor's credit analyst Phil Schrank.  Pro forma debt to EBITDA
will rise to the mid-3x area from the current level of less than
3x.  "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.


FLEXTRONICS INT'L: S&P Affirms Low B Ratings with Neg. Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services has removed its ratings on
Singapore-based Flextronics International Ltd. from CreditWatch,
where they were placed with negative implications on
June 4, 2007.  The 'BB+' corporate credit and 'BB-' subordinated
ratings are affirmed; the outlook is negative.  At the same
time, S&P has assigned 'BB+' senior unsecured rating to the
company's proposed US$2.5 billion term loan B that will be used
to fund the cash requirements of the acquisition of Solectron
Corp.

"The rating action follows a review of the proposed acquisition,
and will not be affected by the ultimate mix of equity and cash
within the proscribed ranges used in the transaction," said
S&P's credit analyst Lucy Patricola.

The ratings reflect competitive industry characteristics,
significant integration challenges and potentially high initial
leverage for the rating.  These factors are partly offset by the
company's top-tier industry position, good cash flow and
efficient, global manufacturing operations.  Following its
acquisition of Solectron, Flextronics will be the second largest
provider of electronics manufacturing services, serving a
diversity of end markets.  The combination of Flextronics and
Solectron reduces its concentration in cell phones and creates a
more balanced portfolio of consumer-oriented, high volume
programs with lower volume, highly complex manufacturing
programs serving OEMs in networking, computing and emerging
markets.  Still, Flextronics management will be challenged to
integrate Solectron's manufacturing oriented culture into its
highly efficient global operation.  Further, Flextronics will
need to accelerate and expand Solectron's restructuring efforts.

                      About Flextronics

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

The company has operations in Brazil and Mexico.


FORD MOTOR: Unionized Workes Stage Two-Hour Work Stoppage
---------------------------------------------------------
Some unionized workers at Ford Motor Co.'s Brazilian factory
walked out for two and a half hours to put pressure on the
automaker while contract talks are ongoing, Bloomberg News
reports.

The move is part of a plan to force Ford Motor and other
carmakers in the country to agree to a single labor accord to
govern all unions, instead of different contracts for each of
the 13 states, the same report says.

The walkout was confirmed in an e-mailed statement by the
Metalworkers Union.

"The difference in labor conditions in the country allow
companies to make threats at the negotiation table," Jose Lopez
Feijoo, president of the regional union, said in the e-mail
statement to Bloomberg.  "There is always a threat to workers
that in other places salaries are lower, benefits are less and
working hours are longer."

Ford's plant produces 33 cars an hour.

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.


FREESCALE SEMICONDUCTOR: S&P Puts BB- Corporate Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB-'
corporate credit rating and other ratings on Freescale
Semiconductor Inc. on CreditWatch with negative implications.

"The action reflects the company's depressed profitability and
cash flows, resulting in debt leverage well above earlier
expectations," said S&P's credit analyst Bruce Hyman.
Freescale's business has been affected by weakness in Motorola's
cell phone business and the North American automotive market,
some softness in the communications infrastructure line, and
weakening conditions in the broad-based semiconductor industry.

While Freescale seeks to broaden its customer base and has
announced several cost reduction initiatives, operational
improvements are unlikely to become immediately effective.  Debt
to EBITDA was 7.5 for the June quarter annualized, and was 6.7
for the four quarters ended June 30, 2007, well above earlier
expectations, while the business has generated negative free
cash flows for the first half of 2007.  S&P will meet with
management to assess likely business conditions, cost reduction
initiatives and their effect on profitability, cash flows, and
leverage.

                       About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.  In Europe, the company has
operations in Czech Republic, France, Germany, Ireland, Italy,
Romania, Turkey and the United Kingdom.  Revenues for the 12
months ended March 31, 2007 were US$6.2 billion.


GERDAU AMERISTEEL: S&P Holds Ratings on Watch Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit and its other ratings on steel maker Gerdau Ameristeel
Corp. remain on CreditWatch with negative implications.  The
ratings were placed on CreditWatch on July 11, 2007, following
the company's announcement that it was acquiring Chaparral Steel
Co. (B+/Watch Pos/--) for US$4.2 billion in an all-cash
transaction.  The transaction closed on Sept. 14, 2007.

Although preliminary financing has been indicated, including a
US$2.75 billion term loan and a US$1.15 billion bridge loan
facility guaranteed by 66% owner Gerdau S.A. (BBB-/Negative/--),
longer-term financing plans at the Gerdau Ameristeel level have
not been disclosed.

"We will resolve the CreditWatch once a permanent capital
structure is announced," said S&P's credit analyst Marie
Shmaruk.

                About Chaparral Steel Company

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

               About Gerdau Ameristeel Corporation

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

                        *     *     *

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


LAND SOFTWARE: Automates Shannon Development Business Processes
---------------------------------------------------------------
Hyland Software has announced that Shannon Development chose to
implement OnBase, Hyland's rapidly deployable suite of nterprise
content management software applications.  Shannon Development
will use OnBase to improve and automate its business processes.

Shannon Development chose the OnBase ECM solution to enable the
company to improve its document processing and automated
document management procedures.

John Rea, Information Systems Manager at Shannon Development,
comments:  "We were looking for an easily administered solution
which was user-friendly and integrated document management with
workflow.  Following a competitive procurement process, we
selected Hyland Software's OnBase to improve our document
management processes."

Shannon Development is just one of a number of companies that is
planning to reap the benefits of document management
technologies.  A recent survey conducted by AIIM, the ECM
Association, found that 63 percent of Irish and UK companies are
planning to invest in ECM solutions over the next 12 months.
The survey also found that 10 percent of companies questioned
currently spend more on workflow and business process management
software than they did just one year ago.

Nicole Buehler, Director of Strategy for EMEA, at Hyland
Software, said:  "Many organizations are beginning to take a
more strategic view of their core business processes in order
find ways to execute their operations more effectively.  Using
ECM to rationalize and better manage content-driven processes
enables companies to do business more productively, cost-
effectively and is frequently key in helping them achieve their
organizational goals."

The AIIM survey also found that, for 35 per cent of respondents,
it is very important to justify spending on records and document
management initiatives with noticeable cost reductions.  More
than a third -- 39 percent -- expect to see a return on
investment within one to three years. Companies do, however,
seem confident that ECM solutions can deliver on their promises
with 63 percent of companies surveyed looking to invest in
records management and archiving initiatives and 51 percent in
e-mail management over the next 12 months.

The annual AIIM survey researches the state of the market as
indicated by responses from over 200 AIIM end-user members in
the UK and Ireland.

                        About OnBase

Hyland Software Inc. is the developer of OnBase, a rapidly
deployable suite of enterprise content management software
applications.  OnBase is a modular suite of ECM applications
that includes document imaging, workflow, elecronic document
management, COLD/ERM and records management.  OnBase allows
organizations to manage all digital content, including scanned
paper documents, e-mails, faxes, print streams, application
files, e-forms, Web content and multimedia files.  OnBase is
used by businesses and government agencies around the world to
reduce the time and cost of performing important business
functions and address the need for regulatory compliance through
the management, control and sharing of digital content with
employees, business partners, customers and other
constituencies.

                 About Shannon Development

Shannon Development is Ireland's only dedicated regional
economic development company and regional tourism authority with
responsibility for driving the economy development of the
Shannon Region. This covers Counties Clare, Limerick, North
Tipperary, South Offaly and North Kerry.  To compete
in the 'Knowledge Age' Shannon Development's focuses on
infrastructure, education, training and broadband internet
connections.  Currently, Shannon Development is delivering an
innovative E-Towns programme, a first in Ireland, to develop a
21st century model for future development of smaller
communities in the region, investing euro 26 million in next
generation broadband.

                    About Hyland Software

Headquartered in Westlake, Ohio, Hyland Software, Inc. is a
provider of enterprise content management software, focusing on
mid-tier organizations, as well as divisions of large
organizations.   The company generated revenues of US$89 million
for the LTM ended June 30, 2007.

Hyland markets OnBase throughout North America, Brazil, Europe
and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Rating Services has raised its
corporate credit rating on Westlake, Ohio-based Hyland Software
Inc. to 'B+' from 'B', following the close of the company's
secured credit facilities, reflecting revised and reduced debt
levels.  The outlook is stable.


JAPAN AIRLINES: To Sell Stake in Credit Card Business
-----------------------------------------------------
Japan Airlines International Company, Ltd., will start talks
with potential buyers next month about selling part of its
credit card business, sources told Reuters.

The report says that, as part of its restructuring plans, JAL is
considering unloading a 49% of its stake in JALcard Inc.

According to Reuters, JALcard is estimated to have a market
value of about JPY100 billion and boasts of a high percentage of
wealthy customers compared to its rivals.

Sources revealed that JAL asked Mizuho Securities Co, a unit of
Mizuho Financial Group Inc. to serve as financial adviser.

                    About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Feb. 9, 2007, that Standard & Poor's Ratings Services affirmed
its 'B+' long-term corporate credit and issue ratings on Japan
Airlines Corp. (B+/Negative/--) following the company's
announcement of its new medium-term management plan.  The
outlook on the long-term corporate credit rating is negative.

The TCR-AP reported on Oct. 10, 2006, that Moody's Investors
Service affirmed its Ba3 long-term debt ratings and issuer
ratings for both Japan Airlines International Co., Ltd and Japan
Airlines Domestic Co., Ltd.  The rating affirmation is in
response to the planned restructuring of the Japan Airlines
Corporation group on Oct. 1, 2006 with the completion of the
merger of JAL's two operating subsidiaries, JAL International
and Japan Airlines Domestic.  JAL International will be the
surviving company.  The rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


TAM LINHAS: Code Share Agreement with NHT Begins Sept. 24
---------------------------------------------------------
A commercial agreement between TAM Linhas Aereas and the
regional company NHT will begin Sept. 24, 2007.  The partnership
allows TAM to market NHT flights to the cities of Pelotas, Rio
Grande, Santa Maria, Santana do Livramento, Santa Rosa, Santo
Angelo and Uruguaiana in the state of Rio Grande do Sul, using
the JJ* code.  The two companies will be able to offer their
passengers more facilities and flight options, stimulating
regional traffic.

Passengers wanting to travel to the new destinations offered by
TAM can fly to Porto Alegre and take immediate connecting
flights operated by NHT, purchasing only one ticket for all legs
of the journey. NHT passengers can connect to TAM flights in
Porto Alegre to any destination operated by the company in
Brazil and abroad, again, buying just one ticket.

The partnership will allow passengers to accumulate points for
the TAM Fidelity Program and use them for any flight offered by
either company.  Clients who have the red TAM Fidelity Card and
TAM Itau Personnalite (MasterCard Platinum or Visa Platinum)
credit card will have access to the TAM VIP lounge at the
Salgado Filho International Airport in Porto Alegre.

TAM already maintains commercial agreements with the regional
companies Pantanal, Passaredo, Trip and Total.  With the NHT
partnership, TAM's network will expand and will offer flights to
81 locations in Brazil, of which 47 will be flights on TAM.  The
agreement will also allow the company to reinforce its presence
in Rio Grande do Sul, where it currently operates flights to
Porto Alegre and Caxias do Sul.

  Investor Relations Contact:       Press Agency Contact:
  Phone: (55) (11) 5582-9715        Phone: (55) (11) 5582-8167
  Fax: (55) (11) 5582-8149          Fax: (55) (11) 5582-8155
  invest@tam.com.br                 tamimprensa@tam.com.br

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

                        *     *     *

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


TIMKEN CO: Expands Strategic Deal with North Coast Bearings
-----------------------------------------------------------
The Timken Company and North Coast Bearings Inc. have agreed to
extend their strategic alliance, which has successfully supplied
kits to the automotive aftermarket since it was formed in 1997.
NCB is the distributor of DT Components(R) products marketed by
Timken for differentials and transmissions.

"Throughout the years, this joint effort has steadily and
successfully built upon the strengths of both Timken and NCB,"
said J. Barry Harris, Timken's marketing manager -- automotive
aftermarket -- North and South America.  "NCB's ability to
package kit components coupled with Timken's expertise in
producing quality bearings has resulted in a tremendous array of
kits for today's professional installer."

Timken and NCB market and distribute differential and
transmission kits and components under the product name DT
Components for the light-, medium- and heavy-duty markets.  The
kits include offerings from Timken's growing portfolio of
bearings and other products necessary to complete the work
correctly the first time.

The alliance's offerings have grown from fewer than 100 kits in
1997 to more than 2,000 today.  "We now offer one of the most
complete lines of differential and transmission kits available
in the U.S. light-, medium- and heavy-duty truck aftermarket,"
Mr. Harris said.

Bud Hagy, president and chief executive officer of NCB, said the
extension of the alliance also benefits customers.  "The
aftermarket demand for kits has grown tremendously because of
the ever-increasing variety of vehicles in the marketplace," Mr.
Hagy said.  "Timken and NCB are well positioned to meet and
exceed customer demand by continuing to supply outstanding value
and a breadth of new products."

DT Components(R) is a registered trademark of The Timken Company
and is used by North Coast Bearings, Inc. under license
agreement.

                  About North Coast Bearings

North Coast Bearings Inc. has been supplying differential and
transmission kits to distributors and rebuilders since 1983.
Product is shipped from their headquarters located in Avon,
Ohio, as well as distribution centers in Sparks, Nev., and
Crossville, Tenn.

                       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: Deciding on Telefonica-Telecom Italia Deal Next Month
---------------------------------------------------------------
Brazilian telecoms regulator Anatel would make decision on
Spanish firm Telefonica's acquisition of an indirect stake in
Telecom Italia in October 2007, according to a report by tech
news service Baguete.

Baguete reports that Anatel's five-member board will be
completed next month.  Counselor Jose Leite Pereira Filho will
return to Brazil from traveling on Oct. 8, 2007, while counselor
Plinio Aguiar will be back on Oct. 15, 2007.

Anatel could discuss the acquisition on Oct. 17, 2007.  The
regulator must authorize the deal as Telefonica has joint
control of Brazil's largest mobile phone firm Vivo, while
Telecom Italia controls the second largest, TIM Brasil.  A
consortium of Italian companies and Telefonica reached an accord
on April 28, 2007, to indirectly acquire a 23.6% controlling
stake in Telecom Italia, Business News Americas relates.

                      About Telefonica

Telefonica, S.A., together with its subsidiaries and investees
(Telefonica Group), operates mainly in the telecommunications,
media and entertainment industries.  The Telefonica Group is
also involved in the media and contact center activities through
investments in Telefonica de Contenidos and Atento.  The company
operates through three segments: Telefonica Spain, Telefonica
Europe and Telefonica Latin America.  Telefonica Spain oversees
the wireline and wireless telephony, broadband and data
businesses in Spain.  Telefonica Latin America oversees the same
businesses in Latin America.  Telefonica Europe oversees the
wireline, wireless, broadband and data businesses in the United
Kingdom, Germany, the Isle of Man, Ireland, the Czech Republic
and the Slovak Republic.

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: State Firm's Oil & Gas Output Decreases in August 2007
----------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA told Bernd
Radowitz at Dow Jones Newswires that its domestic and
international production of oil and gas decreased to 2.32
million barrels of oil equivalent per day in August 2007,
compared to 2.33 million barrels of oil equivalent per day in
July 2007.

According to Dow Jones, Petroleo Brasileiro said its domestic
fields' oil production dropped to 1.807 million barrels per day
in August 2007, from 1.815 million barrels per day in July 2007.

The drop in domestic output was due to minor operational
problems at oil platforms pumping from the Albacora and Marlim
oil fields, Dow Jones says, citing Petroleo Brasileiro.  The
problems have been solved.

Dow Jones relates that Petroleo Brasileiro's Brazilian natural
gas production decreased to 43.06 million cubic meters per day
in August 2007, compared to 44.02 million cubic meters a day in
July 2007.  The firm's Brazilian oil and gas output was 2.078
million barrels of oil equivalent per day in August, compared to
2.092 million barrels of oil equivalent per day in July.

Petroleo Brasileiro will launch four new oil rigs and switch on
new drilling wells at its rigs, which would boost its Brazilian
production in the coming months, Dow Jones states.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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




===========================
C A Y M A N   I S L A N D S
===========================


AMOCO/ENRON: Proofs of Claim Filing Is Until Oct. 16
----------------------------------------------------
Amoco/Enron Solar Power Development Global Inc.'s creditors are
given until Oct. 16, 2007, to prove their claims to Ron Turcot,
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.

Amoco/Enron Solar's shareholders agreed on Aug. 23, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ron Turcot
       630 Solarex Ct., Frederick
       Maryland 21703
       U.S.A.


AMOCO/ENRON SOLAR: Proofs of Claim Filing Ends on Oct. 16
---------------------------------------------------------
Amoco/Enron Solar Power Development International Inc.'s
creditors are given until Oct. 16, 2007, to prove their claims
to Ron Turcot, 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.

Amoco/Enron Solar's shareholder agreed on Aug. 23, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ron Turcot
       630 Solarex Ct., Frederick
       Maryland 21703
       U.S.A.


DIGICEL: Chooses Alvarion as Cayman Islands Strategic Partner
-------------------------------------------------------------
The Israel Business Arena reports that Digicel Group has chosen
wireless broadband technology firm Alvarion as its strategic
partner for WiMAX in the Cayman Islands.

According to the Israel Business, Digicel will use Alvarion's
IEEE.802.16e 4Motion Mobile WiMAX software to its first
commercial WiMAX launch.  "The new network offers both voice and
data services to residences and businesses throughout the Cayman
Islands in the 2.3 GHZ frequency."

Digicel Group Chief Technical Officer Mario Assaad commented to
the Israel Business, "Alvarion's technology-leading Mobile WiMAX
solution gives us the flexibility we need and the performance we
demand, while continuing to advance the network to deliver
personal broadband.  We look forward to expanding our
relationship with Alvarion as we introduce WiMAX into other
markets as well."

Digicel Group Limited -- http://www.digicelgroup.com/-- is a
wireless services provider in the Caribbean region.  The company
is a newly created Bermuda incorporated company formed by Mr.
Denis O'Brien, who previously owned 78% of the shares of Digicel
Limited on a fully diluted basis.  The company started
operations in Jamaica in April 2001 and now offers GSM mobile
services in 22 markets primarily in the Caribbean including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Cayman, Curacao, Martinique, Guadeloupe, Trinidad and Tobago and
Haiti among others.

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- US$1.4 billion senior subordinated notes due 2015
      assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings was stable.


DORAL FINANCIAL: Officers Purchase Interests for US$2.5 Million
---------------------------------------------------------------
Doral Financial Corporation reported that on Sept. 13, 2007,
certain officers of the company purchased limited partnership
interests in Doral Holdings, L.P., a Cayman Islands limited
partnership, representing less than 1% of the total limited
partnership interests, from a limited partner of Doral Holdings,
L.P. for an aggregate of US$2,500,000.

The executive officers include:

   -- Marangal I. Domingo, Executive Vice President and Chief
      Financial Officer,

   -- Calixto Garcia-Velez, Executive Vice President and Chief
      Executive Officer of Doral Bank,

   -- Enrique R. Ubarri, Esq., Executive Vice President and
      General Counsel,

   -- Lesbia Blanco, Executive Vice President and Chief Talent
      and Administration Officer,

   -- Gerardo Leiva, Executive Vice President and Chief
      Operations Officer,

   -- Christopher Poulton, Executive Vice President and Chief
      Business Development Officer, and

   -- Paul Makowski, Executive Vice President and Chief Risk
      Officer

Doral Holdings, L.P. is the managing member of Doral Holdings
Delaware, LLC, a Delaware limited liability company, which owns
approximately 90% of the outstanding shares of common stock of
the Company.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                       *     *     *

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive Outlook:

Doral Financial Corporation

-- Long-term Issuer Default Rating 'CCC';
-- Senior debt to 'CCC/RR4'';
-- Preferred stock to 'C/RR6';
-- Short-term Issuer Default Rating 'C';
-- Support '5';
-- Support Floor 'NF';
-- Individual 'E'.

Doral Bank

-- Long-term Issuer Default Rating 'B';
-- Long-term deposits B+;
-- Support '5';
-- Support Floor 'NF';
-- Individual 'D';
-- Short-term Issuer 'B';
-- Short-term deposit obligations 'B'.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service confirmed the B2 senior
debt rating of Doral Financial Corporation.  The rating had been
on review for possible downgrade since Jan. 5, 2007.  Moody's
said the rating outlook is stable.


GEORGIA FUNDING: Proofs of Claim Filing Deadline Is Oct. 10
-----------------------------------------------------------
Georgia Funding Ltd.'s creditors are given until Oct. 10, 2007,
to prove their claims to Westport 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.

Georgia Funding's shareholders agreed on Aug. 29, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Westport Services Ltd.
       Attention: Bonnie Willkom
       P.O. Box 1111, Grand Cayman KY1-1102
       Cayman Islands
       Telephone: (345) 949-5122
       Fax: (345) 949-7920


GG EQUITY: Proofs of Claim Must be Filed by Oct. 8
--------------------------------------------------
GG Equity Holdings Ltd.'s creditors are given until
Oct. 8, 2007, to prove their claims to Westport 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.

GG Equity's shareholders agreed on Aug. 30, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Westport Services Ltd.
       Attention: Patricia Tricarico
       P.O. Box 1111
       Grand Cayman KY1-1102
       Cayman Islands
       Telephone: 345 949 5122
       Fax: 345 949 7920


GLOBAL TOTAL: Proofs of Claim Filing Is Until Oct. 17
-----------------------------------------------------
Global Total Return Fund's creditors are given until
Oct. 17, 2007, to prove their claims to Stuart K. Sybersma
and Ian A N Wight, 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.

Global Total's shareholder agreed on July 26, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Stuart Sybersma
       Attention: Mervin Solas
       Deloitte
       P.O. Box 1787
       George Town, Grand Cayman
       Cayman Islands
       Telephone: (345) 949 7500
       Fax: (345) 949 8258


GROSVENOR STREET: Proofs of Claim Filing Ends on Oct. 17
--------------------------------------------------------
Grosvenor Street Global Special Situations Fund's creditors are
given until Oct. 17, 2007, to prove their claims to Stuart K.
Sybersma and Ian A N Wight, 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.

Grosvenor Street's shareholder agreed on July 26, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Stuart Sybersma
       Attention: Mervin Solas
       Deloitte
       P.O. Box 1787
       George Town, Grand Cayman
       Cayman Islands
       Telephone: (345) 949 7500
       Fax: (345) 949 8258


GROSVENOR STREET GLOBAL: Proofs of Claim Filing Ends Oct. 17
------------------------------------------------------------
Grosvenor Street Global Special Situations Master Fund's
creditors are given until Oct. 17, 2007, to prove their claims
to Stuart K. Sybersma and Ian A N Wight, 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.

Grosvenor Street's shareholder agreed on July 26, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Stuart Sybersma
       Attention: Mervin Solas
       Deloitte
       P.O. Box 1787
       George Town, Grand Cayman
       Cayman Islands
       Telephone: (345) 949 7500
       Fax: (345) 949 8258


PHOENIX-DURANGO: Sets Final Shareholders Meeting for Oct. 9
-----------------------------------------------------------
Phoenix-Durango will hold its final shareholders meeting on
Oct. 9, 2007, at:

          36A Dr Roy's Drive, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

          Andrew Hersant
          Chris Humphries
          Attention: Stuarts Walker Hersant
          P.O. Box 2510
          Grand Cayman KY1-1104
          Cayman Islands
          Telephone: (345) 949 3344
          Fax: (345) 949 2888


REBELLION RESEARCH: Proofs of Claim Filing Is Until Oct. 8
----------------------------------------------------------
Rebellion Research Partners (Cayman) Ltd.'s creditors are given
until Oct. 8, 2007, to prove their claims to Andrew Hersant and
Chris Humphries, 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.

Rebellion Research 's shareholders agreed on Aug. 10, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       Andrew Hersant
       Chris Humphries
       Attention: Stuarts Walker Hersant
       P.O. Box 2510
       Grand Cayman KY1-1104
       Cayman Islands
       Telephone: (345) 949 3344
       Fax: (345) 949 2888


UNICITRUS INT'L: Sets Final Shareholders Meeting for Oct. 15
------------------------------------------------------------
Unicitrus International Ltd. will hold its final shareholders
meeting on Oct. 15, 2007, at 9:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Richard L. Finlay
         Attention: Krysten Lumsden
         P.O. Box 2681
         George Town, Grand Cayman
         Telephone: (345) 945 3901
         Fax: (345) 945 3902




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


AES CORP: Gets Subpoena from New York Attorney General
------------------------------------------------------
Environment News Service reports that New York Attorney General
Andrew Cuomo has subpoenaed the AES Corporation, demanding that
the firm disclose the financial risks of its greenhouse gas
emissions to shareholders, specifically to the New York State
Common Retirement Fund.

Environment News relates that Mr. Cuomo also sent the subpoenas
to:

          -- Dominion Resources,
          -- Xcel Energy,
          -- Dynegy, and
          -- Peabody Energy.

Mr. Cuomo told Environment News that AES is among the US'
largest producers of greenhouse gas pollutants, including carbon
dioxide.

AES' 2006 Form 10-K filing with the U.S. Securities and Exchange
Commission failed to disclose projected emissions, nor evaluate
the effect of upcoming greenhouse gas regulations on the firm's
"financial picture," Environment News says, citing Mr. Cuomo.

Mr. Cuomo commented to Environment News, "Climate change is one
of the most pressing environmental challenges facing the world
today." He reminded the executives that emissions from US power
plants "constitute 30% of total US carbon emissions."

"Regulation of greenhouse gas emissions on the state level
through the Regional Greenhouse Gas Initiative will begin,"
Environment News notes, citing Mr. Cuomo.

Mr. Cuomo told Environment News, "Any one of the several new or
likely regulatory initiatives for CO2 emissions from power
plants -- including state carbon controls, E.P.A.'s regulations
under the Clean Air Act, or the enactment of federal global
warming legislation -- would add a significant cost to carbon-
intensive coal generation.  Selective disclosure of favorable
information or omission of unfavorable information concerning
climate change is misleading."

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

                        *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                        *     *     *

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

* AES
   -- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

* AES
   -- Senior secured credit facility at 'BB+/RR1';
   -- Junior secured notes at 'BB+/RR1'.


AES CORP: Plans to Construct 170 MW Wind Project in Texas
---------------------------------------------------------
The AES Corporation announced plans to begin construction of
Buffalo Gap 3, a 170 megawatts expansion of its Buffalo Gap wind
farm near Abilene, Texas.  Once completed, the project will
increase capacity at Buffalo Gap to 524 MW, making it one of the
largest operating wind farms in the United States.  Commercial
operations are expected to begin mid-2008.  AES signed a seven-
year power purchase agreement to sell all of the electricity it
produces at the Buffalo Gap 3 wind generation facility to Direct
Energy, a subsidiary of Centrica plc.  Financial terms of the
agreement were not disclosed.

"This expansion underscores AES's ongoing commitment to
renewable energy," said Ned Hall, President, AES Renewable
Generation.  "With more than 1,000 MW of wind projects in
operation in the United States and another 4,000 MW in various
stages of development throughout the world, AES is well
positioned to meet growing demand for wind generated power."

"The Buffalo Gap 3 expansion will allow AES to continue
developing renewable energy sources in West Texas, benefiting
the local economy through the creation of new jobs and an
increased tax base," said Ryan Pfaff, Managing Director, AES
Wind Generation.  "We are also pleased to further expand our
relationship with Direct Energy, a world-class organization that
shares our commitment to the West Texas wind market."

AES purchased 74 Siemens model SWT-2.3-93 60 Hz wind turbine
generators for the Buffalo Gap 3 project.

"This expansion is consistent with AES's long-term goal to be a
major wind energy producer, and is part of our plan to more than
triple our wind-generated megawatts globally by 2011," said
William Luraschi, AES Executive Vice President and President of
Alterative Energy.  "As one of the cleanest, lowest-cost
renewables, wind generation will be an area of continuing focus
and priority for AES."

AES's Alternative Energy business comprises the company's
activities in wind generation, greenhouse gas emissions offset
projects, liquefied natural gas and other technologies.

AES entered the wind generation business in 2004.  The company's
wind development projects are located primarily in the United
States and Europe.  AES has plans to expand its wind business to
other countries where it does business, including countries in
Asia and Latin America.

                          About AES

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

                        *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.

                        *     *     *

As reported on Aug. 23, 2007, Fitch Ratings affirmed AES
Corporation's Issuer Default Rating at 'B+', and assigned a
short-term IDR of 'B'.

Fitch also took these rating actions:

* AES
   -- Senior unsecured to 'BB/RR1' from 'BB/RR2'

* AES Trust III
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

* AES Trust VII
   -- Trust preferred securities to 'B+/RR4' from 'B/RR5'.

In addition, Fitch affirmed these ratings:

* AES
   -- Senior secured credit facility at 'BB+/RR1';
   -- Junior secured notes at 'BB+/RR1'.


MITSUBISHI MATERIALS: Eyes 12% Boost in FY2008 Pretax Profit
------------------------------------------------------------
Mitsubishi Materials Corp. is expected to post pretax profit of
JPY120 billion in the year to March 2008 due to rising copper
prices, Yasuhiko Seki of Thomson Financial reports, citing the
Nikkei business daily.

The figure will be JPY10 billion higher than the company's
forecast, and is 12% up compared to the previous fiscal year,
notes Mr. Seki.

According to Thomson Financial, sales for the year ending
March 31, 2008, is seen to rise 3% to JPY1.5 trillion, up from a
previous estimate of JPY1.46 trillion, while operating profit is
likely to jump 14% to JPY90 billion, which is up from an earlier
projection of JPY86 billion.

The Nikkei, notes Mr. Seki, said that sales for the first half
through September are seen increasing 11% to JPY770 billion, as
compared to the previous approximation of JPY730 billion and
pretax profit to rise 2% to JPY60 billion, up from the company's
estimate of JPY54 billion.

                About Mitsubishi Materials

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The company manufactures
metals and ceramics products.

The company has international offices in the United States,
Canada, Brazil, Chile, France, Italy, Indonesia and the rest of
Asia.

As reported on Feb. 19, 2007, that Standard & Poor's Ratings
Services revised to positive from stable the outlook on its 'BB'
long-term corporate credit rating on Mitsubishi Materials Corp.
based on the company's increasing level and stability of cash
flows, and expectations for further improvement in the company's
financial profile.




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


CHIQUITA BRANDS: Colombia Angry at Firm's Settlement with U.S.
--------------------------------------------------------------
Deutsche Presse-Agentur reports that Colombian officials were
angry at Chiquita Brands International's US$25-million
settlement with the U.S. Justice Department.

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, the US federal court ordered Chiquita Brands to
pay US$25 million in fines for paying millions of dollars to
Colombian terrorist groups from 1997 to 2004.  Chiquita Brands
pleaded guilty to paying some US$1.7 million to Colombian
paramilitary group United Self-Defense Committees of Colombia,
explaining that the payments were made by a former unit due to
threats to the safety of workers.  The Honorable Royce Lamberth
authorized an accord between Chiquita Brands and the US
government in March 2007 that spared company officials.  The
prosecution also agreed not to name or prosecute Chiquita Brands
executives who were involved in paying the terrorist groups.

The press says that the fine was small compared to other cases.
News daily El Tiempo notes that the fine was one-fourth of the
US$100 million that the McLaren-Mercedes Formula 1 team was
fined for spying on rival Ferrari.

Former Colombian attorney general Alfonso Gomez told Deutsche
Presse that the agreement "casts doubt" on the US government's
commitment to the fight against terrorism.

Mr. Gomez commented to Deutsche Presse, "What would the United
States say if a country that has one of those responsible for
the Sept. 11, 2001 attacks let him go free upon payment of a
fine?"

According to Deutsche Presse, Mr. Gomez urged Colombian
authorities to reconsider pursuing extradition proceedings
against Chiquita Brands officials.  Mr. Gomez alleged that the
company's officials weren't punished for their support of
terrorists.

The Colombian government should seek the extradition of the
Chiquita Brands executives, The National Victims Movement
Against State Crimes said in a statement.

Colombia should also reconsider extraditing Colombian drug
traffickers to the US, Deutsche Presse notes, citing Mr. Gomez.

Colombian Vice President Francisco Santos told Deutsche Presse
that "Chiquita Brands financed death."  He asked the US
government that the fine the company paid be used to pay
reparations to the Colombian victims' families.

"The decision is marked by impunity," Paul Wolff, a US attorney
who is legal counsel to several people who lost relatives to
terrorism in Uraba, commented in a Colombian radio program.
According to him, Chiquita Brands official could still be tried
in Colombian courts.

Meanwhile, Colombian Foreign Minister Fernando Araujo told
Deutsche Presse that the US Justice Department's operations
should be respected.

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.


SOLUTIA INC: Disclosure Statement Hearing Continued to Sept. 20
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on Sept. 20, 2007, at 11:00 a.m., to
consider the approval of the Disclosure Statement filed by
Solutia, Inc., and its affiliates.

The Disclosure Statement hearing started on July 10, 2007.

Judge Beatty declined to approve at the Aug. 1 hearing the
Debtors' fourth amended disclosure statement in light of the
lack of progress made in addressing its deficiencies.  Judge
Beatty charged the Debtors with resolving outstanding objections
to the Disclosure Statement in a consensual manner before
submitting a further revised version for approval.  The
Disclosure Statement hearing was then adjourned to a date to be
determined in the future, as may be required.

On Aug. 9, the Ad Hoc Committee of Solutia Noteholders delivered
a letter to the Court identifying its continuing objections to
the approval of the Disclosure Statement and providing specific
proposed language.

The Noteholders Committee asserted that the Disclosure Statement
remains deficient and fails to contain adequate information.
The panel has requested, among other things, that:

  (a) the Debtors include disclosure through the projected
      effective date, as well as a range respecting any
      additional administrative claim amount that would accrue
      thereafter if the effective date did not occur as
      projected;

  (b) the Court require a description of the final material
      terms of a certain Chocolate Bayou Settlement, and an
      analysis of its financial impact, be included in the
      Disclosure Statement; and

  (c) the rights offering procedures should be modified to
      provide that the expiration of the exercise period will
      be no earlier than five business days before the
      effective date, and that eligible holders will receive
      notice of the effective date and will be required to
      submit their rights exercise form along with the payment
      of the rights exercise price no earlier than five
      business days before the effective date.

The Noteholders Committee further complained that the Disclosure
Statement fails to disclose, and does not provide, estimates of
the diminishment in recovery by holders of Noteholder Claims,
Class 12, arising from basing the allocation of the rights under
the Rights Offering on an estimate of the aggregate amount of
allowed general unsecured claims rather than the actual amount
of allowed general unsecured claims.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 97; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SOLUTIA INC: Wants Court Nod on Calpine Settlement
--------------------------------------------------
Solutia, Inc., asks the U.S. Bankruptcy for the Southern
District of New York approve its settlement agreement with
Calpine Central, L.P., and Decatur Energy Center, LLC,
resolving, among others, Solutia's objections to DEC's Claim No.
6355, as amended, and Calpine Central's Claim No. 6354, as
amended by Claim No. 14826.

The Agreement also provides for the assumption of an executory
contract between DEC and Solutia for the operation and
maintenance of certain switching station equipment owned by
Solutia at its Decatur, Alabama plant.

Repesenting Solutia, Craig A. Bruens, Esq., at Gibson, Dunn &
Crutcher, LLP, in New York, relates that the Claims total more
than US$500,000,000 and are among the largest trade claims
asserted in Solutia's Chapter 11 case.  The Claims are based on
damages allegedly arising from Solutia's rejection of contracts
to lease and maintain electrical generating capacity and to buy
steam from Calpine's natural gas-fueled 700 megawatt combined
cycle cogeneration facility built at Solutia's Decatur, Alabama
facility.

In July 2007, Solutia, with the support of the Official
Committee of Unsecured Creditors, agreed to settle its
objections to the Calpine Claims, resulting in Calpine having an
allowed general unsecured claim of US$140,000,000.

Mr. Bruens reminds Judge Beatty that the settlement of Calpine's
claims concludes over 18 months of complex litigation, and was
reached less than two months before the commencement of an
arbitration hearing in Houston, Texas, before a panel of three
arbitrators.

In addition to avoiding the time and expense of continued
litigation, Mr. Bruens points out, the Settlement also provides
certainty as to the amount of Calpine's claims, and allows
Solutia and its creditors to avoid the risks inherent in
litigation involving complicated questions of law and competing
expert opinions predicting events 20 years into the future.

The salient terms of the Settlement are:

  (a) Calpine is granted an allowed US$140,000,000 general
      unsecured claim against Solutia's estate, which claim
      will not be subject to any further objection, reduction,
      offset or counterclaim and which will be treated
      similarly to all other allowed general unsecured claims
      against Solutia.

  (b) Solutia and Calpine are released from all causes of
      action and claims relating to certain Steam Sales
      Addendum, the Facility Lease Addendum, the O&M
      Agreement, Calpine's Claims and any other agreements
      between Solutia and Calpine, including agreements between
      Solutia and specified affiliates of Calpine, othe than
      the Settlement and the assumed contracts.

  (c) Calpine and Solutia will assume the existing Third
      Amended Agreement and the Switching Station O&M Agreement.
      Calpine will also be assuming certain other agreements.

  (d) The Settlement resolves the DEC and Calpine Central
      Claims through the granting of the Allowed General
      Unsecured Claim.  Claim No. 6353 is resolved for
      US$100,486, and Solutia's Claim No. 5559 against DEC is
      resolved in an unliquidated amount be deeming that both
      claims are withdrawn, with prejudice, on the effective
      date of the Settlement.

  (e) Calpine is permitted to sell or transfer its Allowed
      General Unsecured Claim, subject to (x) a "last look"
      opportunity of Solutia to designate an alternative
      purchaser for the claim for US$250,000 in excess of any
      offer to Calpine, and (y) any purchaser or transferree
      agreeing in writing to be bound by the terms of the
      Settlement.

  (f) Calpine has agreed not to vote against and to
      affirmatively support, in a manner consistent with the
      Settlement; Calpine's fiduciary obligations in its own
      Chapter 11 cases; and the Bankruptcy Code, including
      Section 1125 of the Bankruptcy Code, Solutia's Chapter 11
      plan of reorganization so long as the plan is supported
      by Solutia and the Creditors Committee.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.  (Solutia
Bankruptcy News, Issue No. 97; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)




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


ARMSTRONG WORLD: Wins Patent for Hardwood Flooring Technology
-------------------------------------------------------------
Armstrong World Industries, Inc. has been awarded U.S. Patent
No. 7,261,947 for its NextGen technology for locking engineered
hardwood flooring.  Locking hardwood flooring eliminates glue,
nails and staples, permitting faster, less expensive
installation.  NextGen technology provides increased lock
strength, resulting in a tighter fit between boards and a more
dimensionally stable floor with higher tolerance to moisture,
seasonal and climate changes.

"In North America, more than 70-percent of new homes have
foundations ideal for a floating, locking hardwood floor," says
Dick Quinlan, general manager of Armstrong's Bruce Hardwood
Floors business.  "Armstrong's NextGen flooring has a structure
that can withstand varying moisture levels, allowing it to
perform in most construction environments.  It is an ideal
hardwood floor for new home construction and remodeling
projects anywhere in the U.S."

NextGen flooring is available in two lines: Armstrong Locking
Hardwood and Bruce Turlington(TM) Lock & Fold(R) domestic
hardwood flooring, (TM)/(R) Represent trademarks owned by AWI
Licensing Company or Armstrong Hardwood Flooring Company.

                       About Armstrong

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                        *     *     *

As reported on March 13, 2007, Standard & Poor's Ratings Service
revised its outlook to developing from stable for Armstrong
World Industries Inc.

At the same time, Standard & Poor's affirmed the 'BB' corporate
credit and senior secured ratings for the Lancaster,
Pennsylvania-based company.

In October 2006, Moody's Investors Service assigned a Ba2 rating
on Armstrong World Industries, Inc.'s new credit facility and a
Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.




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


CHOICE HOTELS: Board Authorizes Three Million Share Repurchase
--------------------------------------------------------------
Choice Hotels International, Inc. Board of Directors has
authorized an increase under the company's existing stock
repurchase program to acquire up to an additional three million
shares of its outstanding common stock.

"This increase in our share repurchase authorization gives us
flexibility to continue opportunistic share repurchases that
enhance shareholder value," said Charles A. Ledsinger, Jr., vice
chairman and chief executive officer.  "With one million shares
still available under the previous authorization, we now have
four million shares available for future repurchase."

Choice expects to repurchase shares from time to time in the
open market and through negotiated private transactions, subject
to market and other conditions.  Through Sept. 17, 2007, Choice
has repurchased approximately 37.8 million shares (including
33.0 million prior to the two-for-one stock split effected in
October 2005) of common stock at a total cost of US$867.1
million since the program was initiated in 1998.  Considering
the effect of the two-for-one stock split, the company has
repurchased 70.8 million shares at an average price of US$12.26.
Year-to-date through Sept. 17, 2007, the company has repurchased
4.1 million shares of common stock at a total cost of
approximately US$155.2 million.  As of Sept. 17, 2007, the
company had four million shares remaining under our current
board of directors' authorization.

The repurchased shares will be held in treasury and may be used
by Choice for general corporate purposes, including future
acquisitions and the company's stock-based employee and director
benefit plans.  As of Sept. 17, 2007, Choice has approximately
62.8 million shares of common stock outstanding.

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

                        *     *     *

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




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


MILLICOM INTERNATIONAL: Gets Non-Compliance Letter from NASDAQ
--------------------------------------------------------------
Millicom International Cellular S.A. has received a letter from
the NASDAQ Listing Qualifications Department, in accordance with
NASDAQ Marketplace Rule 4803(a), indicating that it was not in
compliance with the independent director and audit committee
requirements as set forth in Marketplace Rule 4350.

This non-compliance resulted from the vacancy on the company's
Board of directors due to the resignation of Tope Lawani on
Sept. 3, 2007, a Director and Audit Committee member.  In its
letter, NASDAQ provided the Company a cure period until the
earlier of the Company's next annual shareholders' meeting or
Sept. 3, 2008, to regain compliance.  The company fully expects
to regain compliance prior to the expiration of the cure period.

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
===========


ADVANCED MARKETING: Disclosure Statement Has Enough Information
---------------------------------------------------------------
Advanced Marketing Services, Inc., Publishers Group
Incorporated, and Publishers Group West Incorporated, along with
the Official Committee of Unsecured Creditors, ask the U.S.
Bankruptcy Court for the District of Delaware to approve the
Debtors' Disclosure Statement as containing "adequate
information" in accordance with Section 1125 of the Bankruptcy
Code.

The Debtors and the Committee also seek Court approval of the
procedures for soliciting and tabulating votes to accept or
reject their Joint Chapter 11 Plan of Liquidation, filed on
Aug. 24, 2007.

On the Debtors' behalf, Mark D. Collins, Esq., at Richards,
Layton & Finger, P.A., in Wilmington, Delaware, relates that the
Plan provides a mechanism to complete the administration of the
Debtors' estates and produces a distribution to the holders of
the Debtors' Allowed Administrative Claims, Allowed Priority Tax
Claims, Allowed Priority Claims, Allowed Secured Claims and
Allowed Unsecured Claims through distribution of proceeds of the
sale of substantially all of the Debtors' businesses and assets
and recoveries, if any, from avoidance actions and certain
causes of action.  Holders of PGI and PGW Interests will also
receive distributions in respect of those interests.

Mr. Collins tells Judge Sontchi that, in accordance with the
requirements of Rules 3017(a) and 2002(b) of the Federal Rules
of Bankruptcy Procedure, the Debtors already mailed a copy of
the Disclosure Statement Notice to the appropriate creditors on
or before Aug. 24.  The Debtors ask the Court to approve the
notice as appropriate and in compliance with the requirements of
the U.S. Bankruptcy Rules.

                   Solicitation Procedures

The Debtors intend to distribute ballots to holders of Claims
and Interests in Class 3 (Unsecured Claims against AMS), Class 8
(Unsecured Claims against PGI), Class 9 (Unsecured Claims
against PGW) and Class 13 (Interests of PGW), as they are the
only classes entitled to vote to accept or reject the Plan.

Claimholders under Class 1, Class 2, Class 6, Class 7, Class 10
and Class 11 under the Plan are unimpaired, and, therefore, are
conclusively presumed to accept the Plan in accordance with
Section 1126(f).  In addition, claims under Class 4 and Class 5
are deemed to have rejected the Plan in accordance with Section
1126(g).  The Debtors intend to send a non-voting status to
holders of Claims and Interests in the Non-Voting Classes.

The Debtors anticipate commencing the Plan solicitation period
by mailing solicitation packages by no later than Oct. 2, 2007.
The Solicitation Package will contain copies of a Plan
confirmation hearing notice, the Disclosure Statement, and an
appropriate Ballot form and return envelope.

To be counted as votes to accept or reject the Plan, all ballots
must be properly executed, completed and delivered to Epiq
Bankruptcy Solutions, LLC, formerly known as Bankruptcy Services
LLC, no later than November 6 at 5:00 p.m.

The Debtors believe that an approximate 35-day solicitation
period is sufficient time for creditors to make informed
decisions to accept or reject the Plan and submit timely
Ballots.

                 Vote Tabulation Procedures

The Debtors propose that each Claim within a Class of Claims or
Interests entitled to vote on the Plan should be temporarily
allowed in accordance with these rules:

  (a) A Claim will be deemed temporarily allowed for voting
      purposes in an amount equal to the Claim amount or if no
      Claim has been timely filed, the Claim amount listed in
      the Debtors' schedules of assets and liabilities.

  (b) If a Claim is deemed allowed, that claim will be
      temporarily allowed in the deemed allowed amount set
      forth in the Plan.

  (c) A timely filed Claim marked as contingent, unliquidated
      or disputed on its face will be temporarily allowed for
      US$1.00.

  (d) A Claim that has been estimated or otherwise allowed by
      Court order will be temporarily allowed in an amount so
      estimated or allowed by the Court.

  (e) If the Debtors have filed and served a Claim objection,
      that Claim will be temporarily allowed or disallowed in
      accordance with the relief sought in the objection.

  (f) If a Claimholder identifies a Claim amount on its Ballot
      that is less than the amount calculated, the Claim will
      be temporarily allowed in the lesser amount.

  (g) Any Ballot received from a Claimholder listed as
      contingent, disputed or unliquidated in the Schedules
      will not be counted unless the holder filed a Claim on or
      before the July 2, 2007 Bar Date.

Any claimant seeking to challenge the Claim allowance should be
required to file a motion, pursuant to Rue 3018(a), to
temporarily allow the Claim in a different amount or
classification for voting purposes.

In tabulating the ballots, the Debtors request that:

  -- any ballot that is properly completed, executed and timely
     returned to a balloting agent, but does not indicate an
     acceptance or rejection of the Plan, will not be counted;

  -- if a creditor casts more that one ballot voting the same
     claim, the last ballot received will be deemed to reflect
     the voter's intent and will supersede any prior ballots;
     and

  -- a ballot that partially rejects and partially accepts the
     Plan will not be counted.

         Proposed Plan Confirmation Hearing on Nov. 15

In accordance with Rule 3017(c) and consistent with their
proposed solicitation schedule, the Debtors ask the Court to
schedule a Plan confirmation hearing not later than November 15.

Any objections to the Plan confirmation should be filed and
received no later than November 6 at 4:00 p.m, or any other date
that is at least 25 days after the commencement of the
Solicitation Period.

                  About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


ADVANCE MARKETING: Disclosure Statement Hearing Set for Sept. 26
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing on Sept. 26 at 10:00 a.m. to consider the
adequacy of the Disclosure Statement explaining the Joint
Chapter 11 Plan of Liquidation filed by Advanced Marketing
Services, Inc., and its debtor-affiliates and the Official
Committee of Unsecured Creditors.

                    Treatment of Claims

As reported in the Troubled Company Reporter on Aug. 29, 2007,
Curtis R. Smith, chief executive officer of Advanced Marketing
Services, Inc., told the Court that the Liquidating Plan
classifies claims against Advanced Marketing Services, Inc.,
Publishers Group Incorporated and Publishers Group West
Incorporated.

Mr. Smith stated that Administrative and Priority Tax Claims
will not be classified as provided in Section 1123(a)(1), but
will be treated separately as unclassified claims.

The classification and treatment of Claims are:

(1) AMS

   Class  Designation   Status           Voting Rights
   -----  -----------   ------           -------------
     1    Priority      not impaired     not entitled to vote
     2    Secured       not impaired     not entitled to vote
     3    Unsecured     impaired         entitled to vote
     4    510(b)        impaired         not entitled to vote
     5    Interests     impaired         not entitled to vote

(2) PGI

   Class  Designation   Status/Recovery   Voting Rights
   -----  -----------   ---------------   -------------
     6    Priority      not impaired      not entitled to vote
     7    Secured       not impaired      not entitled to vote
     8    Unsecured     impaired          entitled to vote
     9    Interests     impaired          entitled to vote

(3) PGW

   Class  Designation   Status/Recovery   Voting Rights
   -----  -----------   ---------------   -------------
    10    Priority      not impaired      not entitled to vote
    11    Secured       not impaired      not entitled to vote
    12    Unsecured     impaired          entitled to vote
    13    Interests     impaired          entitled to vote

Claimholders under Classes 1, 6, 8, 10 and 12 will be paid in
full, in cash, and without interest, on the later of 30 days
after the Effective Date or the date the claim becomes allowed.

Holders under Classes 2, 7, and 11 will either:

  -- have the claim reinstated and rendered unimpaired in
     accordance with Section 1124(2);

  -- receive cash in an amount equal to the claim, in full and
     complete satisfaction of the claim; or

  -- receive a collateral securing its claim in full and
     complete satisfaction on the later of the initial
     distribution date under the Plan and the date that claim
     becomes an Allowed Claim.

Class 3 claim holders will receive a pro rata share of
distributable cash.

Class 4 claim holders will not receive any distribution.

Holders of Interests in Class 5 will not receive any
distribution or dividend.  On the Effective Date, all Interests
in Class 5 will be deemed cancelled, null and void, and of no
force and effect.

With respect to the unclassified Claims, the Plan Administrator
will pay:

  (a) each Holder of an Allowed Administrative Claim the full
      amount of Allowed Administrative Claim, without interest,
      in cash, as soon as practicable after the Effective Date
      or within 30 days after an Administrative Claim becomes
      allowed;

  (b) certain professionals who are entitled to reimbursement
      or allowance of fees and expenses from the Debtors'
      Estates pursuant to Sections 503(b)(2) to (b)(6), in
      cash, in the amount awarded to the Professionals by final
      Court order;

  (c) each Holder of an Allowed 20 Day Administrative Claim
      against PGW the full amount of that claim, without
      interest, in cash, as soon as practicable after the
      Effective Date or within 30 days after the 20 Day
      Administrative Claim against PGW becomes allowed;

  (d) each Holder of an Allowed 20 Day Administrative Claim
      against AMS the full amount of the claim, without
      interest, in cash, as soon as practicable after the
      Effective Date or within 30 days after that claim against
      AMS becomes allowed;

  (e) each Holder of an Allowed Priority Tax Claim of PGW in
      full, in Cash;

  (f) each Holder of an Allowed Priority Tax Claims against AMS
      either (i) in full, in Cash, as soon as practicable after
      the Effective Date or (ii) over a period ending not later
      than five years after the Petition Date, with deferred
      Cash payments on a quarterly basis in an aggregate amount
      equal to any Allowed Priority Tax Claim against AMS, with
      interest at the legal rate required for a Claim in
      Chapter 11 cases; and

  (g) each Holder of an Allowed Reclamation Claim against PGW
      and AMS in full, without interest, in Cash after
      deductions for returns of inventory, as soon as
      practicable after the Effective Date or within 30 days
      after the Reclamation Claim is allowed.

After paying any Allowed Administrative Claims, including
Professional Fee Claims, 20-Day Administrative Claims, Secured
Claims, Priority Tax Claims, Priority Claims and Unsecured
Claims against PGI, holders of Class 9 Interests will receive
all the remaining assets of PGI.  After AMS has received its
dividend on account of its equity Interests in PGI, PGI will be
merged with and into AMS pursuant to the Merger.

Moreover, after paying any Allowed Administrative Claims, 20-Day
Administrative Claims, Reclamation Claims, Secured Claims,
Priority Tax Claims, Priority Claims and Unsecured Claims
against PGW, Disputed Claims and Post-Confirmation Expenses,
Holders of Class 13 Interests -- which is only PGI -- will
receive all remaining Assets of PGW.  On or after the Effective
Date, after PGI has received its dividend on account of its
equity Interests in PGW, PGW will be merged with and into AMS.

Outstanding fees payable to the Office of the U.S. Trustee will
be paid no later than 30 days after the Effective Date or when
due in the ordinary course.

                  About Advanced Marketing

Based in San Diego, Calif., Advanced Marketing Services, Inc.
-- http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


AMSCAN HOLDINGS: S&P Puts B Corp. Credit Rating on Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings on
Elmsford, New York-based party goods manufacturer and retailer
Amscan Holdings Inc., including the 'B' corporate credit rating,
on CreditWatch with negative implications.  The company had
total reported debt outstanding of about US$636 million at
July 31, 2007.

"The CreditWatch listing follows the announcement that Amscan
has entered into an agreement and plan of merger with Factory
Card & Party Outlet Corp.," said S&P's credit analyst
Christopher Johnson.  Amscan will acquire Factory Card for
US$16.50 per share in cash including the assumption of debt for
a transaction value about US$72 million.  The merger agreement
has been approved by the board of directors of both companies.
The transaction, which is expected to close in the fourth
quarter of 2007, is subject to shareholder and regulatory
approval, as well as satisfaction of other customary closing
conditions.

"Although financing details have yet to be disclosed, we expect
that Amscan's debt levels will increase and that credit measures
may weaken from current levels," said Mr. Johnson.  "Prior to
resolving the CreditWatch, we will meet with management to
discuss the financing of the planned transaction and the
company's operating strategies."

Headquartered in Elmsford, New York, Amscan Holdings Inc. makes
more than 400 specially designed ensembles of party accessories
and novelties, including balloons, invitations, piatas,
stationery, and tableware.  Amscan sells to more than 40,000
retail outlets worldwide, mainly party goods superstores, mass
merchandisers, and other distributors.  Party City accounted for
about 13% of sales before the firm bought it in 2005.  Amscan
itself makes party items (which bring in about 60% of sales) and
buys the rest from other manufacturers, primarily in Asia.  It
has production and distribution facilities in Asia, Australia,
Europe, and North America.  Berkshire Partners and Weston
Presidio are Amscan's principal owners.  The company has a
wholly owned metallic balloon distribution operations located in
Mexico.


DANA CORP: Inks Benefits Settlement Pact with Retiree Committee
---------------------------------------------------------------
Stahl Cowen Crowley LLC, of Chicago, Illinois, counsel to the
Chapter 11 Dana Retiree Committee, disclosed that Dana
Corporation, Inc. has entered into a settlement agreement with
the Dana Retiree committee over the retiree's rights to
benefits.

Dana Corp. and its debtor-affiliates had sought approval of the
U.S. Bankruptcy Court the Southern District of New York to
terminate all of its retirees' rights to health benefits.

In May 2007, Judge Lifland approved the stipulation between the
Debtors and the Official Committee of Non-Union Retirees.

The stipulation provided, among other things, for the
termination of the non-union pension benefits effective as of
July 1, 2007, in consideration for the payment of $78,800,000 to
fund a Voluntary Employees' Benefit Association trust for the
Non-Union Retirees.

As a result of the settlement Stahl Cowen Crowley negotiated on
behalf of Dana's non-union retirees, Dana will:

    (1) pay for retiree benefits for non-union retirees through
        July 1, 2007;

    (2) contribute US$78 million dollars to fund a trust be used
        for providing retiree benefits

    (3) pay for the cost of setting up the trust; and

    (4) work with the Retiree Committee to explore offering life
        insurance conversions (with the cost being paid by any
        retiree seeking conversion) when and if the underlying
        policies allow for conversions.

The Retiree Committee will, through the trust, create new health
insurance plans for the retirees to move into, with the trust
funds to be used to pay for a portion of the premiums of such
plans through the remainder of the retirees' lives.

Stahl Cowen Crowley, led by Jon Cohen, Esq. and Trent Cornell,
Esq., was selected to serve as counsel for the Non-Union Retiree
Committee of Dana and 40 of its subsidiaries in September 2006.

Mr. Cohen and Mr. Cornell previously served as lead counsel to
the retiree committees in FV Steel, Inc. (Keystone) and
Intermet, Inc. and their debtor affiliates.  Stahl Cowen Crowley
has extensive experience representing Chapter 11 retiree
committees, having represented more Chapter 11 retiree
committees than any other firm in the country.

For further information about this matter please contact Jon
Cohen or Trent Cornell at (312) 641-0060.

                       About Stahl Cowen

Stahl Cowen Crowley LLC is a Chicago-based law firm focused on
serving the needs of business enterprises in today's dynamic
marketplace.  The firm provides sophisticated, yet cost
effective legal counsel to organizations ranging from the
entrepreneurial to large, publicly traded corporations and
municipalities.  Practice areas include Bankruptcy &
Restructuring, Corporate, Mergers & Acquisitions, Litigation,
Local Government, Real Estate and Trusts & Estates.

                       About Dana Corp.

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

Dana continues to close plants in North America, moving business
to other countries such as Mexico.

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.  (Dana Corporation Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


DANA CORP: Wants EPA's Claim Nos. 13796 & 13321 Estimated
---------------------------------------------------------
The U.S. Environmental Protection Agency, the National Oceanic
and Atmospheric Administration of the U.S. Department of
Commerce and the U.S. Department of the Interior acting through
the Fish and Wildlife Service filed Claim No. 13796 asserting an
unliquidated amount against Dana Corp., and Claim No. 13321
asserting an unliquidated amount against Debtor Brake Systems,
Inc.

The Claims asserts remediation costs and other liabilities,
pursuant to the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, with regard to Superfund
locations associated in some way, over the course of more than
100 years, with the Debtors and their predecessors, Corinne
Ball, Esq., at Jones Day, in New York, tells the Court.

The Government asserts:

Amount              Liabilities
------              ---------------
US$65,000,000       Past and future costs for six locations

US$230,000,000      Past and future costs for the
                     Cornell-Dubilier Electronics Inc., Site in
                     South Plainfield, New Jersey

US$20,000,000
to US$37,000,000    Natural resource damages at the CDE Site

US$145,000,000      Penalties at the Muskegon, Michigan Site
                     and injunctive relief for the Antwerp, Ohio
                     Site

Ms. Jones points out that among all general unsecured claims,
the Government's Claims comprise the largest disputed claims.
The Debtors' Plan of Reorganization requires that the total
amount of allowed general unsecured claims in certain categories
will not exceed US$3,250,000,000, Ms. Ball relates.  The
Government's Claims are within the group of General Unsecured
Claims covered by the Plan Cap.

Given the potential size of the Government's Claims, the Debtors
believe that it is critical to determine the allowed amount of
the Claims promptly to avoid undue delay in the administration
of their Chapter 11 cases and to enhance their ability to
satisfy the Plan Emergence Condition and emerge from Chapter 11
by their stated goal of the end of 2007.

To that end, the Debtors have engaged in discussions with the
Government to seek a resolution of the Claims, Ms. Ball says.
However, the parties have not made substantial progress in
reaching agreement on the amounts of the Claims.

Thus, the Debtors ask the Court to implement procedures for the
estimation of the Government's Claims for purposes of allowance,
treatment and distributions.

Ms. Ball asserts that a bankruptcy court is authorized to use
"whatever method is best suited to the circumstances" so long as
the methods are consistent with the essential purposes of
Section 502(c) of the Bankruptcy Code, which is to avoid unduly
delaying the administration of the case.

The Debtors anticipate that a hearing to consider confirmation
of their proposed Plan will be scheduled to be conducted in
December 2007.  Assuming that the Plan is confirmed, the Debtors
will seek to satisfy the Plan Emergence Condition and other
conditions to the effective date of the Plan without delay.
Thus, the Debtors propose an estimation process before the end
of 2007.

In addition, the Debtors propose this estimation schedule:

       Sept. 19, 2007 -- Hearing on the Estimation Motion and
                         initial scheduling conference on the
                         Claim Objection

       Sept. 24, 2007 -- Parties to serve initial written
                         discovery requests

         Oct. 2, 2007 -- Filing of Response to the Claim
                         Objection

         Oct. 5, 2007 -- Parties to complete service of any
                         supplemental written discovery requests

         Oct. 12, 2007 -- Parties to disclose proposed witnesses

         Oct. 29, 2007 -- Parties to complete all written fact
                          discovery

          Nov. 9, 2007 -- Parties to serve expert reports

         Nov. 19, 2007 -- Parties to complete all depositions

         Nov. 28, 2007 -- Parties to file and serve pre-hearing
                          memoranda

         Nov. 30, 2007 -- Parties to exchange final witness
                          lists, copies of exhibits and
                          deposition designations

          Dec. 3, 2007 -- Parties to serve and file pre-hearing
                          reply memoranda and any affidavits or
                          declarations

          Dec. 3, 2007 -- Parties to submit a joint pre-trial
                          order, identifying the legal issues
                          for trial, each party's witnesses and
                          exhibits and any stipulated facts

   Early December 2007 -- Pre-trial conference to be conducted
                          in preparation for a final hearing

      Dec. 10-21, 2007 -- Parties to be available for a final
                          hearing on the Claim Objection and the
                          estimation of the Claims

Debtors propose that the additional procedures be implemented to
streamline the final estimation hearing:

  (a) To the fullest extent possible, each party should present
      its case-in-chief through written submissions, including
      affidavits or declarations of witnesses;

  (b) Live witnesses will be permitted at the Final Hearing, but
      will be limited to a set number of witnesses per party;

  (c) The parties will submit a Joint Pre-Trial Order at least a
      week before the Final Hearing to identify the issues to be
      addressed at the hearing, including any agreements as to
      the legal issues to be addressed and any relevant facts;

  (d) Each party should be limited to a set period of time for
      its presentation at the Final Hearing; and

  (e) Certain threshold legal issues may be presented to the
      Court for determination before the Final Hearing at the
      omnibus hearing scheduled on November 15, 2007, provided
      that any request for those threshold rulings is filed and
      served no later than October 24, 2007, any responses are
      filed no later than November 7, 2007, and any replies are
      filed no later than November 12, 2007.

          Debtors' Objections to Government's Claims

In another Court filing, the Debtors object to the Claims
because:

  * they are not supported by sufficient allegation or proof;

  * they are barred by applicable statutes of limitations;

  * they are barred by equitable principles, including, without
    limitation, the Government's spoliation of evidence, in the
    form of its failure to maintain and provide the Debtors with
    essential evidence to test and challenge the Claims;

  * they are barred by the fact that causation cannot be
    established, and that alternate causation is the source of
    some or all of the damages identified in the Claim;

* they are barred by the fact that other responsible parties
   should bear some or all of the "orphan shares" of the
   response costs and damages identified in the Claims;

* they seek amounts for projected remedial costs that are
   speculative and unsupported in nature and amount; and

* they seek damages based on improper remedies that are
   arbitrary, capricious or otherwise not in accordance with
   governing law.

The largest component of the liabilities alleged in the Claims
related to the CDE Site, Ms. Jones notes.  Although there is no
evidence or allegation that the Debtors caused or contributed to
any release of hazardous materials at the CDE Site, the
Government has asserted these substantial damages based on
improper and undetermined remedial action measures, with
speculative and unsupported costs and without any limitation on
the proposed damage claim to account for the actions of other
responsible parties, including the Government itself.

Ms. Ball relates that from 1904 to 1929, Dana Corp.'s
predecessor, Spicer Manufacturing Company, operated the CDE
Site.  Ms. Ball says that during that time, Dana neither used,
processed, or disposed of polychlorinated biphenyls or
trichloroethene, hazardous chemicals that have driven the
Government's cleanup actions at the CDE Site.

From 1936 to 1956, the CDE Site was leased to Cornell-Dubilier
Electronics, Inc.  CDE continued to operate the Site until the
early 1960s when it was sold to the present owner, D.S.C.
Newark, Inc.  During part of the period when CDE leased the Site
from Dana Corp., the U.S. Defense Department actively utilized
the Site for manufacturing activities in support of the
Government's efforts in World War II, Ms. Ball further relates.

Ms. Ball points out that the Government does not assert that
Dana has any liability for actually operating the facility at
the CDE Site, or for arranging for disposal of hazardous
substances at the CDE Site, nor does the Government allege that
Dana's own actions contributed to the disposal or release of
hazardous substances at the CDE Site.

The Government, moreover, fails entirely to mention the current
owner of the site, DSC, or the Government's own role at the site
through the activities of the Defense Department, Ms. Ball adds.

Given the absence of any allegation or evidence showing that
Dana itself used or disposed of any hazardous substances at the
CDE Site and the countervailing evidence indicating that, to the
extent that there was any contamination that occurred while Dana
owned the site, CDE and the Defense Department itself caused the
contamination, joint and several liability cannot be imposed on
Dana, Ms. Ball argues.

Instead, there is a reasonable basis for apportioning the
contamination at the site to the parties that are actually
responsible for contributing to such contamination.

Under the terms of Comprehensive Environmental Response,
Compensation and Liability Act of 1980, even where a party
might, in theory, be subject to joint and several liability, a
court may "allocate response costs among liable parties using
such equitable factors as the court determines are appropriate."

Ms. Ball asserts that because the Debtors did not dispose of
hazardous substances when they were the owner of a portion of
the CDE Site, and did not direct or control, or have knowledge
of the release by, any other parties, principles of equity
dictate that the Debtors should not be allocated any material
liability for cleanup of the CDE Site.

Accordingly, the Debtors ask the Court to disallow the Claims.

             EPA Wants Response Deadline Extended

The U.S. Department of Justice, through its counsel Russell M.
Yankwitt, Esq., asked Judge Lifland to extend the response
deadline to the Debtors' estimation request until
Sept. 28, 2007.  The Justice Department also asked for an
adjournment of the September 19 Hearing.

Mr. Yankwitt said that estimation of the claims will require the
determination of factually complex non-bankruptcy issues in the
context of the Federal agencies claims.  Mr. Yankwitt adds that
the Government is legally obligated to move to withdraw the
reference, and would file the motion as promptly as possible to
minimize any disruption of the bankruptcy proceeding, and the
matter would then moot the Estimation Motion.

Mr. Yankwitt adds that the extension will allow the different
Federal agencies to coordinate with each other.

                      About Dana Corp.

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

Dana continues to close plants in North America, moving business
to other countries such as Mexico.

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.  (Dana Corporation Bankruptcy News, Issue No. 52;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


EMPRESAS ICA: Gets US$300-Mln Bridge Loan from Citigroup Partner
----------------------------------------------------------------
Empresas ICA S.A.B de C.V. confirmed that an affiliate of
Citigroup Global Markets Inc. has agreed to provide up to US$300
million of bridge financing to ICA, subject to various
conditions, to allow ICA to fund its equity interest in the
consortium formed in connection with the FARAC concession in the
event that ICA's recently launched equity offering is not
consummated.  The commitment expires Oct. 2, 2007.

"We believe current market conditions are favorable and should
allow us to complete the public equity offering that we launched
on September 11, 2007," said Jose Luis Guerrero, ICA's CEO.
"However," he remarked, "we have been considering obtaining back
stop financing for some time and it would be unfair to our
shareholders to have launched the transaction and for us to fail
to put in place a back-up plan in light of the recent volatility
in the international capital markets."

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

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

                        *     *     *

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


EMPRESA ICA: S&P Affirms BB- Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term corporate credit rating on Empresas ICA S.A.B. de C.V.  The
outlook is stable.

"Our ratings on ICA consider the company's position as the
largest engineering, construction, and procurement player in
Mexico.  The ratings also benefit from the company's investments
in concessions, particularly airports; from a financial policy
that favors project debt over corporate debt; and from our
expectation that the company's foray into the homebuilding
segment, and other investments, will not lead to a significant
increase in its consolidated debt leverage," said S&P's credit
analyst Jose Coballasi.

The ratings are constrained by the inherent cyclicality of the
construction industry and the company's dependence on Mexican
government spending in infrastructure to sustain its backlog,
which is short relative to those of other rated issuers. The
ratings also consider the payment waterfalls of project company
obligations and the risk of operating losses and swings in
working capital associated with cost overruns, which have hurt
the company's financial performance and liquidity in the past.
S&P also factor the concentration of mortgage origination in
public housing agencies and the intense working capital
requirements associated with the Mexican homebuilding industry
into the ratings.

The stable outlook reflects S&P's expectation that the delivery
of El Cajon and corresponding debt amortization will continue to
have a positive effect on ICA's key financial ratios and
liquidity. The outlook also considers the company's continued
commitment to a capital structure that favors project financing
over corporate debt and S&P's expectation that the company's
foray into the homebuilding segment and new investments in
concessions will not lead to a significant increase in its
consolidated debt leverage.  A negative rating action should be
expected if ICA's financial policy deviates from S&P's
expectations, particularly with respect to the absence of
corporate debt on the consolidated balance sheet.  Furthermore,
a negative rating action is likely if investments in the
homebuilding segment prevent the issuer from posting positive
free operating cash flow on a consolidated basis (either due to
operational issues or a debt level that is not commensurate with
the segment's cash conversion cycle) and result in an increase
in ICA's debt leverage.

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

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


FIRST DATA: Fitch Lowers Issuer Default Rating to B+ from BBB
-------------------------------------------------------------
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 FDC:

  -- 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 1x (cash interest coverage expected to be
     approximately 1.5x) 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 CEO,
     Michael Capellas, post transaction close, whose 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 7.25x EBITDA, which declines to 6x
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 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 6x 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.

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: Moody's Puts Corporate Family Rating at B2
------------------------------------------------------
Moody's Investors Service 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 about 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
(21.7%).

The B2 Corporate Family Rating is constrained by considerable
financial leverage pro forma for the buyout 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.  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 1.1x (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 7.25x 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 0.25x each
year thereafter to 6x 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.

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%)

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: S&P Lowers Rating to B+; Removes from CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Greenwood Village, Colorado-based First Data
Corp. to 'B+' from 'BB+' and removed the rating from
CreditWatch, where it was placed on April 2, 2007, with negative
implications.  The outlook is negative.  Additionally, S&P is
withdrawing its 'A-1' commercial paper rating at the company's
request.

At the same time, S&P has assigned bank loan and recovery
ratings to First Data's US$15 billion secured credit facilities,
comprising a US$2 billion revolving credit facility due 2013 and
a US$13 billion term loan B due 2014.  The loans are 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 partially
fund the US$29 billion acquisition of the company by Kohlberg
Kravis Roberts & Co.

S&P has also affirmed its 'A' rating on First Data's senior
unsecured debt, reflecting the company's stated intention that
it will tender for all of its outstanding bonds in conjunction
with the closing of the LBO. Once the tender is completed, S&P
will withdraw those ratings.

"The ratings on First Data now reflect its highly leveraged
capital structure, weakened credit protection measures, and
modest pro forma free cash-flow generation following
substantially increased interest expense as a result of the
LBO," said S&P's credit analyst Phil Schrank.

The company's pro forma debt to EBITDA ratio is expected to be
very high for the ratings, at about 9 (adjusted for operating
leases). EBITDA interest coverage will be less than 1.5, and
free cash flow to total debt will be in the low single digits.
However, as a result of First Data's strong business profile and
stable operating performance, S&P believes the company can
support higher-than-typical leverage for the rating.

                       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.


GLOBAL POWER: Agrees to Sell China Boiler Unit to AE&E Group
------------------------------------------------------------
Global Power Equipment Group Inc. has entered into an agreement
with AE&E Group GmbH, a subsidiary of Austrian Energy &
Environment AG, for the sale of Global Power's China boiler
business unit, located in Nanjing, China.  The sale of the China
boiler business consists of Global Power Asia Limited, a Hong
Kong company, including GPAL's 90% ownership interest in Deltak
Power Equipment (China) Co. Ltd.  Upon completion of the
transaction, Global Power expects to realize a pre-tax gain of
approximately US$10.2 million for financial reporting purposes.
The transaction is subject to the approval of the United States
Bankruptcy Court for the District of Delaware, which is
presiding over the chapter 11 cases of Global Power and its
domestic subsidiaries.  The transaction is expected to close on
or about Oct. 10, 2007, after the satisfaction of certain
additional conditions to closing.

"We have valued our business relationship with our associates in
Nanjing and wish AE&E great success," John Matheson, President
and Chief Executive Officer of Global Power, said.  "We also
look forward to continuing and expanding our existing business
relationships with our Shanghai company, Braden Power Equipment
(Shanghai) Co. Ltd., and throughout China with our ongoing China
business activities."

Acquired in the summer of 2004, DPEC primarily supported the
large heat recovery steam generator product line of Global Power
as a manufacturing facility.  The poor performance of the HRSG
line was the primary factor behind Global Power's decision to
commence chapter 11 proceedings in September 2006.  Immediately
prior to filing the chapter 11 proceedings, the company made the
strategic decision to wind down its current large HRSG contracts
and discontinue the operations related to large HRSG's.  Shortly
thereafter, Global Power classified DPEC as a non-core asset and
began marketing the China boiler business unit for sale.  Both
GPAL and DPEC are non-debtor affiliates of Global Power and not
part of the U.S. chapter 11 proceedings.

Global Power was advised in the transaction by Business
Development Asia LLC.

                     About Global Power

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

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

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

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


MOVIE GALLERY: Moody's Downgrades Corp. Family Rating to C
----------------------------------------------------------
Moody's Investors Service has downgraded Movie Gallery Inc.'s
long term credit ratings, including its corporate family rating
to C from Caa3.  The rating outlook is stable.  The downgrade
follows the company's announcement that on Sept. 10, 2007, it
did not make the interest payment due on its second lien term
loan and that the company has decided to defer the payment of
the interest due to beyond the applicable grace period.  As a
result of the missed payment, effective Sept. 15, 2007, an event
of default was triggered under the company's first lien credit
agreement, second lien credit agreement, and its 11% senior
notes indenture.  As a result of the triggering of an event of
default, the administrative agent, at its sole option or at the
request of the requisite lenders, has the ability to terminate
the existing first lien forbearance agreement.  The senior notes
forbearance agreement would terminate two days later barring an
event, which would cure the event of default.  Revised release
follows.

These ratings are downgraded:

-- Corporate family rating to C from Caa3;

-- Probability of default rating to D from Caa2;

-- US$100 million senior secured revolving credit facility to
    Caa1 (LGD2, 18%) from B2 (LGD2, 18%);

-- US$25 million synthetic letter of credit facility to Ca
    (LGD4, 55%) from Caa2 (LGD4, 55%);

-- US$600 million first lien term loan to Ca (LGD4, 55%) from
    Caa2 (LGD4, 55%);

-- US$175 million second lien term loan to C (LGD5, 81%) from
    Caa3 (LGD5, 81%);

-- Senior unsecured notes to C (LGD6, 95%) from Ca (LGD6,
    95%).

This rating is affirmed:

-- Speculative grade liquidity rating at SGL-4.

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

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


RYERSON INC: Holds Special Meeting for Platinum Merger Approval
---------------------------------------------------------------
Ryerson Inc. has scheduled a special meeting of stockholders on
Oct. 17, 2007 for the purpose of voting on a proposal to approve
its merger with an affiliate of Platinum Equity.  Ryerson is to
be acquired pursuant to a merger in which all outstanding shares
of Ryerson common and preferred stock will be converted into the
right to receive US$34.50 per share in cash.

The special meeting of stockholders will be held at 8:00 a.m.,
local time, at Ryerson's offices, at 2602 West 16th Street,
Chicago, Illinois.  Stockholders of record as of the close of
business on Friday, Sept. 21, 2007, will be entitled to vote at
the special meeting.  The definitive proxy statement regarding
the proposed merger, together with a proxy card and notice of
the special meeting, will be mailed to Ryerson's stockholders
next week.

Completion of the transaction is subject to the approval of the
merger by the company's stockholders at the special meeting and
the satisfaction of the other closing conditions as set forth in
the merger agreement.

                        About Ryerson

Ryerson Inc. (NYSE: RYI) -- http://www.ryerson.com/-- is a
distributor and processor of metals in North America, with 2006
revenues of US$5.9 billion.  The company services customers
through a network of service centers across the United States
and in Canada, Mexico, India, and China.  On Jan. 1, 2006, the
company changed its name from Ryerson Tull Inc. to Ryerson Inc.

                        *     *     *

As reported in the Troubled Company Reporter on July 26, 2007,
Moody's Investors Service placed Ryerson Inc.'s B1 corporate
family rating under review for possible downgrade.


URS CORP: Moody's Puts Ba1 Rating on Proposed Credit Facility
-------------------------------------------------------------
Moody's Investors Service assigned a provisional rating of
(P)Ba1 to the proposed US$2.1 billion senior secured credit
facility of URS Corporation, which will be used to finance its
pending acquisition of Washington Group International, Inc.  The
proposed secured term loan facility together with a stock swap
will be used fund the US$2.6 billion transaction and to
refinance the outstanding credit facilities of URS Corp.  The
acquisition is subject to shareholder approvals and other
customary closing conditions and is expected to close in the
second half of 2007.

The existing ratings of URS remain under review for possible
downgrade pending the completion of the acquisition.  On or
about the closing of the acquisition, Moody's expects to
downgrade URS's Corporate Family Rating to Ba2 and change the
outlook to stable.  Additional instrument rating actions are
detailed below.

The expected downgrade of the Corporate Family Rating to Ba2
following the completion of the transaction reflects the
deterioration in financial credit metrics, change in operating
profile, and integration risk associated with the acquisition of
Washington Group International.  The credit metrics will be weak
for the rating category and the rating contemplates significant
debt reduction, synergy savings and substantial realization of
the contract backlog over the intermediate term as well as an
absence of unexpected costs relating to integration.  Strengths
in URS's pro-forma competitive profile include annual revenues
of approximately US$8.0 billion, increasing breadth of services
offered and exposure to Washington Group's fast-growing global
markets.  The acquisition will also add additional diversity to
URS's end markets and increase the company's industry-leading
global scale and nuclear power capability.

Approximately US$2.75 billion of rated debt instruments
affected.

These ratings were assigned to URS:

-- US$700 million senior secured first lien revolver due 2012,
    rated (P) Ba1 (LGD 3, 34%)

-- US$1,100 million senior secured first lien term loan A due
    2012, rated (P) Ba1 (LGD 3, 34%)

-- US$300 million senior secured first lien term loan B due
    2013, rated (P) Ba1 (LGD 3, 34%)

The above ratings are subject to Moody's review of final
documentation and conclusion of the review.

If the transaction is completed on the terms and conditions
described in the company's announcement, Moody's expects to take
the following rating actions for URS:

-- The Corporate Family Rating of Ba1 -- is expected to be
    downgraded to Ba2;

-- The Probability of Default Rating of Ba1 -- is expected to
    be downgraded to Ba2;

-- The Baa3 (LGD 2, 20%) rated US$300 million senior secured
    revolver due 2010 -- is expected to be withdrawn (facility
    cancelled);

-- The Baa3 (LGD 2, 20%) rated US$350 million senior secured
    term loan B due 2011 -- is expected to be withdrawn
    (facility repaid);

-- The Speculative Grade Liquidity Rating is SGL-1 and it will
    be revisited upon conclusion of the proposed transaction.

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.


VITRO SAB: Two Manufacturing Facilities Resume Operations
---------------------------------------------------------
Vitro S.A.B. de C.V. reported that the natural gas supply has
been totally restored at its glass containers and automotive
glass production facilities.  Operations at these manufacturing
facilities had been temporarily interrupted as a result of a
failure in natural gas supply caused by recent incidents at some
of PEMEX gas pipelines in the state of Veracruz.

The company related that it is in the process of evaluating the
estimated impact on results of this temporary interruption of
its operations, which will be announced as soon as the process
concludes.

With the restitution of natural gas supply, the company is
confident that our plants will soon return to normal operating
levels and be able to recover production volumes to satisfy our
customers' requirements.

In order to increase our ability to in the future deal with this
kind of events, the company is working to finalize the
implementation of preventive measures at our facilities, which
should allow us to keep operating at normal levels, in case of a
temporary failure of natural gas supply.

Headquartered in Monterrey, Mexico, Vitro, S.A.B. de C.V. (BMV:
VITROA; NYSE: VTO), through its two subsidiaries, Vitro Envases
Norteamerica, SA de C.V. and Vimexico, S.A. de C.V., is a
leading global glass producer, serving the construction and
automotive glass markets and glass containers needs of the food,
beverage, wine, liquor, cosmetics and pharmaceutical industries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 18, 2007, Moody's Investors Service assigned a global
foreign currency rating of B2 to Vitro, SAB de CV's proposed
US$750 million senior unsecured guaranteed notes due 2012 and
2017, which are being offered in the context of a major
financial restructuring initiative the company announced on
Jan. 11, 2007.

The rating assigned:

   Vitro, SAB de CV:

   -- Proposed US$750 million senior unsecured guaranteed notes
      due 2012 and 2017, at 2.

The ratings affirmed:

Vitro, SAB de CV:

  -- Corporate Family at B2;

  -- US$225 million 11.75% senior unsecured notes due 2013, at
     Caa1, with the possibility of upgrade to B2 upon
     execution of the proposed guarantee structure consistent
     with the proposed notes.




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


ADELPHIA COMMS: Wants to Close 37 Affiliates' Chapter 11 Cases
--------------------------------------------------------------
Reorganized Adelphia Communications Corporation and its
affiliates ask the U.S. Bankruptcy Court for the Southern
District of New York to close the Chapter 11 cases of 37 more
affiliates pursuant to Sections 350 and 105(a) of the Bankruptcy
Code and Rule 3022 of the Federal Rules of Bankruptcy Procedure:

  Case No.   Debtor
  --------   ------
  02-41759   Blacksburg/Salem Cablevision, Inc.
  02-41765   Huntington CATV, Inc.
  02-41767   Sentinel Communications of Muncie, Indiana
  02-41775   Paragon Cablevision Construction Corp.
  02-41776   Paragon Cablevision Management Corp.
  02-41777   Owensboro on the Air, Inc.
  02-41778   Paragon Cable Television, Inc.
  02-41801   Adelphia Company of Western Connecticut
  02-41816   FOP Indiana
  02-41817   Adelphia Communications of California III, LLC
  02-41818   The Main Internet Works, Inc.
  02-41835   US Tele-Media Investment Company
  02-41842   Chestnut Street Services, LLC
  02-41848   Montgomery Cablevision, Inc.
  02-41859   Adelphia Arizona, Inc.
  02-41862   ACC Telecommunications of Virginia LLC
  02-41866   Warrick Cablevision, Inc.
  02-41872   Rentavision of Brunswick, Inc.
  02-41873   Pullman TV Cable Co., Inc.
  02-41874   Mickelson Media of Florida, Inc.
  02-41879   CDA Cable, Inc.
  02-41881   Century Norwich Corp.
  02-41887   Century Cable Management Corp.
  02-41894   Cable Sentry Corp.
  02-41895   Coral Security, Inc.
  02-41896   Westview Security, Inc.
  02-41911   Lake Champlain Cable Television Corp.
  02-41912   Richmond Cable Television Corp.
  02-41914   Better TV, Inc. of Bennington
  02-41915   Young's Cable TV Corp.
  05-60107   Palm Beach Group Cable, Inc.
  06-10623   Adelphia Cablevision of West Palm Beach, LLC
  06-10625   Cablevision Business Services, Inc.
  06-10624   Adelphia Cablevision of West Palm Beach II
  06-10627   Desert Hot Springs Cablevision, Inc.
  06-10632   Highland Video Associates, L.P.
  06-10635   Montgomery Cablevision Associates, L.P.

The Court has already closed more than 100 of the Reorganized
ACOM Debtors' bankruptcy cases at the Debtors' behest.

Shelley C. Chapman, Esq., at Willkie Farr & Gallagher LLP, in
New York, maintains that it is in the best interests of the ACOM
Debtors and their estates to merge, combine, consolidate, or
dissolve the other Debtors.

Objections, if any, to the ACOM Debtors' request must:

  * be made in writing;

  * state with particularity the grounds for the objections;

  * be filed with the Court electronically; and

  * be served, not later than 4:00 p.m., prevailing Eastern
    time, on Sept. 17, 2007, upon and received by these parties:

    -- The Debtors' counsel
       Willkie Farr & Gallagher LLP
       787 Seventh Avenue, New York 10019
       Attn: Shelley C. Chapman, Esq.

    -- The Office of the U.S. Trustee
       Southern District of New York
       33 Whitehall Street, 21st Floor, New York 10004
       Attn: Tracy Hope Davis, Esq.

    -- Counsel to the Official Committee of Unsecured Creditors
       Kasowitz, Benson, Torres & Friedman LLP
       1633 Broadway, New York 10019
       Attn: David Friedman, Esq.

If no objections are timely filed, the Court may approve the
ACOM Debtors' request without further Court Order, Ms. Chapman
notes.

                      About Adelphia

Reorganized Adelphia Communications Corporation and its
affiliates disclosed that in connection with the sale of
substantially all of their assets to Time Warner NY Cable LLC,
and Comcast Corporation, they asked the U.S. Bankruptcy Court
for the Southern District of New York for approval to assume or
assign certain of their executory contracts with Cincinnati Gas
and Electric Company, doing business as Cinergy.

Cinergy objected to the Reorganized ACOM Debtors' proposed cure
amount for the assumption of the Cinergy Contracts alleging,
among other things, that:

  -- various amounts were owing under certain of the Contracts;

  -- there may be amounts owing for unauthorized or unbilled
     pole attachments under certain of the Contracts; and

  -- in accordance with Section 365 of the Bankruptcy Code, the
     Contracts cannot be assumed and assigned until all the
     Debtors cure all their defaults and contractual
     obligations.

Cinergy subsequently asserted that the Reorganized ACOM Debtors
have a contractual obligation to reimburse it for costs,
totaling US$7,000,000, incurred in the correction of certain
violations of the National Electric Safety Code.  At the
Reorganized ACOM Debtors' behest, Cinergy has supplied various
descriptions with respect to the Alleged NESC Violations,
Shelley C. Chapman, Esq., at Willkie Farr & Gallagher LLP, in
New York, informs Judge Gerber.

The Reorganized ACOM Debtors contend that Cinergy has failed to
provide the requested documentation to support its costs for the
Alleged NESC Violations.  Cinergy's inability or unwillingness
to provide any documentation has not only stalled the cure
resolution process but has also disadvantaged other creditors by
keeping the Reserve Amount locked up for more than one year, Ms.
Chapman adds.

The Reorganized ACOM Debtors have reserved US$7,400,000 as
adequate assurance of prompt cure of all defaults under the
Cinergy Agreements.  Upon reviewing their books and records, the
Debtors have determined that they only owe Cinergy US$304,985,
at most, with respect to monetary and non-monetary defaults
under the Cinergy Contracts that are required to be cured
pursuant to Section 365:

  * About US$109,439 in allowed prepetition claims;

  * Approximately US$90,000 for estimated unauthorized pole
    attachment liability; and

  * About US$105,504 for estimated audit costs.

In addition, without conceding liability, the Reorganized ACOM
Debtors estimate in good faith that they owe Cinergy no more
than US$150,000 for correcting the Alleged NESC Violations.

Accordingly, the Reorganized ACOM Debtors ask the Court to:

  (a) overrule Cinergy's Cure Objection;

  (b) find that they only owe Cinergy at most US$454,985 in
      respect of all monetary and non-monetary defaults required
      to be cured under the Cinergy Contracts; and

  (c) reduce the Reserve Amount, as appropriate.

As the objecting party, Cinergy has not proven that the defaults
that are allegedly outstanding under the Cinergy Contracts
amount to a US$7,400,000 liability against the Reorganized
Debtors, Ms. Chapman contends.  She argues that the burden of
proof remains with Cinergy to substantiate its claims.

                       About Adelphia

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is a
cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection on June 25, 2002
(Bankr. S.D.N.Y. Lead Case No. 02-41729).  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

On Jan. 5, 2007, the Court entered a written confirmation order
for Adelphia Communication's Modified 5th Amended Chapter 11
Plan.  The Plan became effective on Feb. 13, 2007.

Century Communications Corporation, Adelphia's wholly owned
indirect subsidiary, filed for Chapter 11 protection on
June 10, 2002.  Century's case has been jointly administered to
Adelphia Communications proceedings.  Century operates cable
television services in Colorado, California and Puerto Rico.
Lawyers at Willkie, Farr & Gallagher represent Century.

Century/ML Cable Venture, a New York joint venture of Century
Communications and ML Media Partners, LP, filed for Chapter 11
protection on Sept. 30, 2002.  Century/ML is a holder of the
cable franchise in Leviton, Puerto Rico.  Lawyers at Willkie,
Farr & Gallagher represent Century/ML.  On Sept. 7, 2005, the
Court confirmed Century/ML's Plan.

Devon Mobile Communications, L.P., which is 49% owned by
Adelphia Communications, filed for Chapter 11 protection on
Aug. 19, 2002 (Bankr. D. Del. Case No. 02-12431).  Saul Ewing,
LLP, is represents Devon.

Adelphia Business Solutions, Inc., and its debtor-affiliates
filed for Chapter 11 protection petitions on March 27, 2002.
These debtors' restructurings are jointly administered under
case number 02-11388 and these debtors are represented by
lawyers at Weil, Gotshal & Manges.  Adelphia Business is a 2001
spin-out from Adelphia Communications Corporation.  In March
2003, ABIZ began doing business as TelCove.  The Court confirmed
their 3rd Amended Plan on Dec. 19, 2003 and Adelphia Business
emerged from chapter 11 on April 7, 2004.

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

(Adelphia Bankruptcy News, Issue No. 175; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


ADELPHIA COMMS: Wants to Reduce Cinergy's Reserve Amount
--------------------------------------------------------
Reorganized Adelphia Communications Corporation and its
affiliates disclosed that in connection with the sale of
substantially all of their assets to Time Warner NY Cable LLC,
and Comcast Corporation, they asked the U.S. Bankruptcy Court
for the Southern District of New York for approval to assume or
assign certain of their executory contracts with Cincinnati Gas
and Electric Company, doing business as Cinergy.

Cinergy objected to the Reorganized ACOM Debtors' proposed cure
amount for the assumption of the Cinergy Contracts alleging,
among other things, that:

  -- various amounts were owing under certain of the Contracts;

  -- there may be amounts owing for unauthorized or unbilled
     pole attachments under certain of the Contracts; and

  -- in accordance with Section 365 of the Bankruptcy Code, the
     Contracts cannot be assumed and assigned until all the
     Debtors cure all their defaults and contractual
     obligations.

Cinergy subsequently asserted that the Reorganized ACOM Debtors
have a contractual obligation to reimburse it for costs,
totaling US$7,000,000, incurred in the correction of certain
violations of the National Electric Safety Code.  At the
Reorganized ACOM Debtors' behest, Cinergy has supplied various
descriptions with respect to the Alleged NESC Violations,
Shelley C. Chapman, Esq., at Willkie Farr & Gallagher LLP, in
New York, informs Judge Gerber.

The Reorganized ACOM Debtors contend that Cinergy has failed to
provide the requested documentation to support its costs for the
Alleged NESC Violations.  Cinergy's inability or unwillingness
to provide any documentation has not only stalled the cure
resolution process but has also disadvantaged other creditors by
keeping the Reserve Amount locked up for more than one year, Ms.
Chapman adds.

The Reorganized ACOM Debtors have reserved US$7,400,000 as
adequate assurance of prompt cure of all defaults under the
Cinergy Agreements.  Upon reviewing their books and records, the
Debtors have determined that they only owe Cinergy US$304,985,
at most, with respect to monetary and non-monetary defaults
under the Cinergy Contracts that are required to be cured
pursuant to Section 365:

  * About US$109,439 in allowed prepetition claims;

  * Approximately US$90,000 for estimated unauthorized pole
    attachment liability; and

  * About US$105,504 for estimated audit costs.

In addition, without conceding liability, the Reorganized ACOM
Debtors estimate in good faith that they owe Cinergy no more
than US$150,000 for correcting the Alleged NESC Violations.

Accordingly, the Reorganized ACOM Debtors ask the Court to:

  (a) overrule Cinergy's Cure Objection;

  (b) find that they only owe Cinergy at most US$454,985 in
      respect of all monetary and non-monetary defaults required
      to be cured under the Cinergy Contracts; and

  (c) reduce the Reserve Amount, as appropriate.

As the objecting party, Cinergy has not proven that the defaults
that are allegedly outstanding under the Cinergy Contracts
amount to a US$7,400,000 liability against the Reorganized
Debtors, Ms. Chapman contends.  She argues that the burden of
proof remains with Cinergy to substantiate its claims.

                       About Adelphia

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is a
cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection on June 25, 2002
(Bankr. S.D.N.Y. Lead Case No. 02-41729).  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

On Jan. 5, 2007, the Court entered a written confirmation order
for Adelphia Communication's Modified 5th Amended Chapter 11
Plan.  The Plan became effective on Feb. 13, 2007.

Century Communications Corporation, Adelphia's wholly owned
indirect subsidiary, filed for Chapter 11 protection on
June 10, 2002.  Century's case has been jointly administered to
Adelphia Communications proceedings.  Century operates cable
television services in Colorado, California and Puerto Rico.
Lawyers at Willkie, Farr & Gallagher represent Century.

Century/ML Cable Venture, a New York joint venture of Century
Communications and ML Media Partners, LP, filed for Chapter 11
protection on Sept. 30, 2002.  Century/ML is a holder of the
cable franchise in Leviton, Puerto Rico.  Lawyers at Willkie,
Farr & Gallagher represent Century/ML.  On Sept. 7, 2005, the
Court confirmed Century/ML's Plan.

Devon Mobile Communications, L.P., which is 49% owned by
Adelphia Communications, filed for Chapter 11 protection on
Aug. 19, 2002 (Bankr. D. Del. Case No. 02-12431).  Saul Ewing,
LLP, is represents Devon.

Adelphia Business Solutions, Inc., and its debtor-affiliates
filed for Chapter 11 protection petitions on March 27, 2002.
These debtors' restructurings are jointly administered under
case number 02-11388 and these debtors are represented by
lawyers at Weil, Gotshal & Manges.  Adelphia Business is a 2001
spinout from Adelphia Communications Corporation.  In March
2003, ABIZ began doing business as TelCove.  The Court confirmed
their 3rd Amended Plan on Dec. 19, 2003 and Adelphia Business
emerged from chapter 11 on April 7, 2004.

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

(Adelphia Bankruptcy News, Issue No. 175; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


ADVANCED CARDIOLOGY: Hires Monge Robertin as Insolvency Advisors
----------------------------------------------------------------
Advanced Cardiology Center Corp. obtained permission from the
U.S. Bankruptcy Court for the District of Puerto Rico to retain
Jose M. Monge Robertin, CPA, CIRA and Monge Robertin & Co., as
its insolvency and restructuring advisors.

Monge Robertin will provide consulting and auditing services to
the Debtor.

Mr. Robertin disclosed that the firm will receive a US$10,000
retainer.

Mr. Robertin assures the Court that the firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Mr. Robertin can be reached at:

         Monge Robertin & Co. CPA, CSP
         97 Acosta Street
         Caguas, Puerto Rico 00725
         Tel: (787) 745-0707
         Fax: (787) 746-3895

Based in Mayaguez, Puerto Rico, Advanced Cardiology Center Corp.
filed for Chapter 11 protection on Jan. 8, 2007 (Bankr. D. P.R.
Case No. 07-00061).  Alexis Fuentes-Hernandez at Fuentes Law
Offices represents the Debtor.  When the Debtor filed for
protection from its creditors, it listed assets of more than
US$50 million and debts of US$21,942,986.


BURGER KING: Names Julio Ramirez as Exec. VP-Global Operations
--------------------------------------------------------------
Burger King Holdings Inc. has appointed Julio Ramirez as its
executive vice president, global operations, effective
immediately.  Mr. Ramirez will report to John Chidsey, chief
executive officer.

Mr. Ramirez has worked for Burger King Corp. for more than 20
years, most recently as president of the Latin America region.
In his new role, Ramirez will support the company's efforts to
remain a leader in operations excellence around the world.  He
will continue to drive refinements in process, equipment and
technology in every BURGER KING restaurant worldwide.

"Julio's performance as president of Latin America, which
includes 14 years of positive comparable sales performance and
operational excellence across the region, makes him the natural
choice for our operations leader," Mr. Chidsey said.  "In
addition, Julio is representative of the depth of our executive
bench strength, and our ability to seamlessly transition
leadership roles. Julio's enthusiasm for the brand is well known
throughout the company, and his global experience will help us
set a new standard for BURGER KING(R) operational excellence."

Mr. Ramirez has held several key positions during his tenure at
Burger King Corp.  He served two years as senior vice president
of franchise operations and development for BKC, where he was
responsible for the management of franchise operations in the
United States and Canada, as well as for company operations in
Canada.  Earlier in his career with BKC, he worked in several
positions in marketing and operations, serving as director of
field marketing for the United States and director of field
promotions for the Southeast region.

Prior to joining BKC in 1984, Mr. Ramirez worked with Xerox,
Southern Bell Telephone and AT&T Information Systems.  Mr.
Ramirez holds a bachelor's degree in economics from Georgia
State University and an MBA from the University of Georgia.

Mr. Ramirez replaces Jim Hyatt, who has left the company to
become the president and chief executive officer of Cosi, an
emerging national convenience restaurant chain.  "Jim has been
and will continue to be a great ambassador of our brand," Mr.
Chidsey said.  "His keen understanding of restaurant operations
was instrumental to the BURGER KING turnaround and improvements
in our brand image.  Thanks to Jim's leadership, the entire
system, including our management team and franchisees, is more
united and focused than ever before.  On behalf of the entire
BURGER KING(R) family, I wish Jim the best in his new endeavor."

Headquartered in Miami, Florida, The Burger King --
http://www.burgerking.com/-- operates more than 11,000
restaurants in more than 60 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 17, 2006,
in connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the restaurant sector, the rating agency revised
its Corporate Family Rating for Burger King Corp. to Ba3 from
Ba2.

Additionally, Moody's held its Ba2 ratings on the Company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.


CENTENNIAL COMM: Closes Purchase of Islanet Communications
----------------------------------------------------------
Centennial Communications Corp. has completed the purchase of
Islanet Communications, a provider of data and voice
communications to business and residential customers in Puerto
Rico.  The transaction is expected to be modestly accretive to
Centennial's free cash flow within the first year after closing.

Islanet operates a facilities-based wireless network that
primarily delivers data connectivity solutions to approximately
200 multi-location commercial customers in Puerto Rico.
Islanet's service portfolio includes point of sale data, credit
card transactions, Internet access and Voice over Internet
Protocol (VoIP).  Islanet also holds 2.5Ghz spectrum suitable
for WiMAX technology on the island, which supports its recently
launched residential wireless Internet service.

"We're pleased to expand our comprehensive set of bandwidth and
networking solutions for commercial customers with our
acquisition of Islanet Communications," said Michael J. Small,
Centennial's chief executive officer.  "This transaction
immediately expands the addressable market for our broadband
business by providing more efficient last-mile access to reach
small and medium-sized business customers.  We'll continue to
evaluate an expanded deployment of WiMAX as the technology
evolves."

The company also has entered into a definitive agreement to
purchase 1900 MHz (PCS) wireless spectrum from Highland Cellular
Holding, Inc., covering an aggregate of approximately 400,000
population equivalents (POPs) in Lima and Findlay-Tiffin, Ohio.
This targeted purchase is contiguous to Ft. Wayne, Indiana and
improves the company's Midwest footprint, supporting already
strong momentum in its U.S. wireless retail business.  The
transaction is subject to customary closing conditions and is
expected to close in the calendar fourth quarter of 2007.

"This purchase reinforces our commitment to provide superior
voice and data network performance for our growing subscriber
base," said Michael J. Small, Centennial's chief executive
officer.  "The new territory is an attractive growth opportunity
in its own right and enables us to better market our services to
more of our existing footprint in neighboring Indiana."

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services raised its
ratings on Wall, New Jersey-based Centennial Communications
Corp., including the corporate credit rating, which was raised
to 'B' from 'B-'.

At Feb. 28, 2007, the company's balance sheet showed
US$1,393 million in total assets, US$2,482.8 million in total
liabilities, and US$3.9 million in minority interest in
subsidiaries, resulting in a US$1,093.7 million total
stockholders' deficit.


NUTRITIONAL SOURCING: Auction on 14 Grocery Stores Set Today
------------------------------------------------------------
A distribution center and 14 grocery stores will be auctioned
at 10:00 a.m. on Sept. 19, 2007, at the offices of Pepper
Hamilton LLP, Suite 5100, Hercules Plaza, 1313 Market Street,
in Wilmington, Delaware.

The assets for sale are owned by Pueblo International LLC,
a debtor-affiliate in Nutritional Sourcing Corp.'s bankruptcy
case.

The stalking-horse bidder, Supermercados Econo Inc., offered
to purchase the assets, all located in Puerto Rico, for
US$89,750,000 plus assumption of certain executory contracts,
unexpired leases and other liabilities.

Bid deadline was Sept. 14, 2007.  A hearing to consider
the results of the sale will be at 2:00 p.m., on Sept. 24.

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba
Pueblo Xtra International, Inc. -- http://www.puebloxtra.com/--
owns and operates supermarkets and video rental shops in Puerto
Rico and the US Virgin Islands.  The company and two affiliates,
Pueblo International, L.L.C., and F.L.B.N., L.L.C., filed for
chapter 11 protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos.
07-11038 through 07-11040).  Kay Scholer LLC represents the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed estimated
assets and debts between US$1 million and US$100 million.


NUTRITIONAL SOURCING: Kay Scholer Approved as Bankruptcy Counsel
----------------------------------------------------------------
The Honorable Peter J. Walsh of the United States Bankruptcy
Court for the District of Delaware gave Nutritional Sourcing
Corporation and its debtor-affiliates permission to employ Kay
Scholer LLC as their bankruptcy counsel.

As reported in the Troubled Company Reporter on Aug. 9 2007, Kay
Scholer is expected to:

    a. advise the Debtors with respect to their rights, powers
       and duties as debtors and debtors-in-possession in the
       continued management and operation of their business and
       properties;

    b. attend meetings and negotiate with representatives of
       creditors and other parties-in-interest;

    c. advise and consult the Debtors regarding the conduct of
       the cases, including all of the legal and administrative
       requirements of operating in chapter 11;

    d. advise the Debtors on matters relating to the evaluation
       of the assumption, rejection or assignment of unexpired
       leases and executory contracts;

    e. advise the Debtors with respect to legal issues arising
       in or relating to the Debtors' ordinary course of
       business, including attendance at senior management
       meetings, meetings with the Debtors' financial advisors,
       meetings of the board of directors and committees, and
       advice on employee, workers' compensation, employee
       benefits, executive compensation, tax, banking,
       insurance, securities, corporate, business operation,
       contracts, joints ventures, real property, press or
       public affairs, litigation and regulatory matters, and
       advise the Debtors with respect to continuing disclosure
       and reporting obligations if any, under securities laws;

    f. take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions on
       their behalf, the defense of any actions commenced
       against those estates, negotiations concerning all
       litigation in which the debtors may be involved and
       objections to claims filed against the estates;

    g. advise the Debtors with respect to the sale of their
       assets;

    h. negotiate and prepare the Debtors' plan of
       reorganization, disclosure statement and all related
       agreements or documents and take any necessary action on
       behalf of the Debtors to obtain confirmation of the plan;

    i. prepare on the Debtors' behalf all petitions, motions,
       applications, answers, orders, reports, and papers
       necessary to the administration of their estates;

    j. attend meetings with third parties and participate in
       negotiations with respect to these matters;

    k. appear before the Court, any appellate courts, and the
       Office of the U.S. Trustee, and protect the interests of
       the Debtors' estates before these courts and the Office
       of the U.S. Trustee; and

    l. perform all other necessary legal services and provide
       all other necessary legal advice to the Debtors in
       connection with their chapter 11 cases to bring the cases
       to a conclusion.

The Debtors disclosed that professionals of the firm bill:

             Designation                      Hourly Rate
             -----------                      -----------
             Partners                       US$570 - US$830
             Counsel                        US$525 - US$625
             Associates                     US$255 - US$595
             Legal Assistants               US$130 - US$255

Michael B. Solow, Esq., a member at Kay Scholer, assured the
Court that firm does not represent any interest adverse to the
Debtor or its estate.

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba
Pueblo Xtra International, Inc. -- http://www.puebloxtra.com/--
owns and operates supermarkets and video rental shops in Puerto
Rico and the US Virgin Islands.  The company and two affiliates,
Pueblo International, L.L.C., and F.L.B.N., L.L.C., filed for
chapter 11 protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos.
07-11038 through 07-11040).  An Official Committee of Unsecured
Creditors has been appointed in this case.  When the Debtors
filed for protection from their creditors, they listed estimated
assets and debts between US$1 million and US$100 million.


NUTRITIONAL SOURCING: Pepper Hamilton Okayed as Delaware Counsel
----------------------------------------------------------------
The Honorable Peter J. Walsh of the United States Bankruptcy
Court for the District of Delaware gave Nutritional Sourcing
Corporation and its debtor-affiliates permission to employ
Pepper Hamilton LLP as their Delaware counsel.

As reported in Troubled Company Reporter on Aug. 10, 2007,
Pepper Hamilton is expected to:

    a. assist Kay Scholer LLC in representing the Debtors;

    b. advise the Debtors with respect to their rights, powers
       and duties as debtors and debtors-in-possession in the
       continued management and operation of their business and
       properties;

    c. attend meetings and negotiate with representatives of
       creditors and other parties-in-interest;

    d. advise and consult the Debtors regarding the conduct of
       the cases, including all of the legal and administrative
       requirements of operating in chapter 11;

    e. advise the Debtors on matters relating to the evaluation
       of the assumption, rejection or assignment of unexpired
       leases and executory contracts;

    f. advise the Debtors with respect to legal issues arising
       in or relating to the Debtors' ordinary course of
       business, including attendance at senior management
       meetings, meetings with the Debtors' financial advisors,
       meetings of the board of directors and committees, and
       advice on employee, workers' compensation, employee
       benefits, executive compensation, tax, banking,
       insurance, securities, corporate, business operation,
       contracts, joints ventures, real property, press or
       public affairs, litigation and regulatory matters, and
       advise the Debtors with respect to continuing disclosure
       and reporting obligations if any, under securities laws;

    g. take all necessary action to protect and preserve the
       Debtors' estates, including the prosecution of actions on
       their behalf, the defense of any actions commenced
       against those estates, negotiations concerning all
       litigation in which the debtors may be involved and
       objections to claims filed against the estates;

    h. advise the Debtors with respect to the sale of their
       assets;

    i. negotiate and prepare the Debtors' plan of
       reorganization, disclosure statement and all related
       agreements or documents and take any necessary action on
       behalf of the Debtors to obtain confirmation of the plan;

    j. prepare on the Debtors' behalf all petitions, motions,
       applications, answers, orders, reports, and papers
       necessary to the administration of their estates;

    k. attend meetings with third parties and participate in
       negotiations with respect to these matters;

    l. appear before the Court, any appellate courts, and the
       Office of the U.S. Trustee, and protect the interests of
       the Debtors' estates before these courts and the Office
       of the U.S. Trustee; and

    m. perform all other necessary legal services and provide
       all other necessary legal advice to the Debtors in
       connection with their chapter 11 cases to bring the cases
       to a conclusion.

The Debtors disclosed that professionals of the firm bill:

      Designation                   Hourly Rate
      -----------                   -----------
      Partners                    US$450 - US$690
      Associates                  US$250 - US$320
      Legal Assistants                US$175

To the best of the Debtors' knowledge, the firm does not
represent any interest adverse to them or their estates.

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba
Pueblo Xtra International, Inc. -- http://www.puebloxtra.com/--
owns and operates supermarkets and video rental shops in Puerto
Rico and the US Virgin Islands.  The company and two affiliates,
Pueblo International, L.L.C., and F.L.B.N., L.L.C., filed for
chapter 11 protection on Aug. 3, 2007 (Bankr. D. Del. Case Nos.
07-11038 through 07-11040).  Kay Scholer LLC represents the
Debtors in their restructuring efforts.  An Official Committee
of Unsecured Creditors has been appointed in this case.  When
the Debtors filed for protection from their creditors, they
listed estimated assets and debts between US$1 million and
US$100 million.


PRG-SCHULTZ: Intends to Redeem US$51.5 Million 11% Senior Notes
---------------------------------------------------------------
PRG-Schultz International Inc. initiated the redemption of its
11% Senior Notes Due 2011, its 10% Senior Convertible Notes Due
2011 and its 9% Series A preferred stock.

The redemption date for the Senior Notes and the Senior
Convertible Notes is Oct. 4, 2007, and the redemption date for
the Series A preferred stock is Oct. 19, 2007.

The current aggregate principal amount outstanding of the Senior
Notes is US$51.5 million and of the Convertible Notes is
US$55.8 million.  The aggregate liquidation preference of
current outstanding Series A preferred stock is US$8.4 million.

As an alternative to redemption, holders of the Senior
Convertible Notes may elect to convert their notes into PRG-
Schultz common shares at a conversion price of US$6.50 per
share, and holders of the Series A preferred stock may elect to
convert their shares into PRG-Schultz common shares at a
conversion price of US$2.84 per share.  Since PRG Schultz's
common stock is currently trading significantly above these
conversion prices, the company expects that holders of the
convertible notes and of the preferred stock will choose to
convert their holdings into common stock rather than be
redeemed.

Holders of record of the Senior Notes and the Senior Convertible
Notes as of close of business on Sept. 1, 2007, are receiving
the Sept. 15 interest payment in accordance with the terms of
the applicable indentures and notes, and as provided in the
terms of the Series A preferred stock, the applicable
liquidation preference increased, effective Sept. 15, 2007, to
reflect the undeclared Series A preferred stock dividend payable
on that date.  The new Series A preferred stock liquidation
preference is about US$136.87 per share, and as a result each
share of Series A preferred stock is convertible at the option
of the holder into 48.186732 shares of the company's common
stock until Oct. 18, 2007.

            Financing Pact with Ableco Finance

The company said it has entered into a financing agreement with
Ableco Finance LLC to provide a $96 million senior secured
credit facility which will be used to redeem the Senior Notes
and any Senior Convertible Notes and Series A preferred stock
that do not convert into common stock prior to the applicable
redemption dates.  The facility will also be used to fund the
company's general working capital needs.

The credit facility consists of a US$20 million revolving credit
facility, a US$45 million term loan, and a delayed funding
facility of up to US$31 million to fund the redemption of any
convertible securities that do not convert prior to the
redemption dates.  Funding of the credit facility is subject to
various customary conditions.  The credit facility will mature
on the fourth anniversary of the closing and will replace the
company's current US$20 million secured revolving credit
facility.

                      About PRG Schultz

Headquartered in Atlanta, PRG Schultz International Inc.
(NasdaqGM: PRGX) -- http://www.prgx.com/-- is the world's
leading recovery audit firm, providing clients throughout the
world with insightful value to optimize and expertly manage
their business transactions.  Using proprietary software and
expert audit methodologies, PRG industry specialists review
client purchases and payment information to identify and recover
overpayments.

The company has operations in Brazil, Mexico, and Puerto Rico.

                        *     *     *

As of June 30, 2007, the company's balance sheet showed total
assets of US$114.4 million, total liabilities of US$177.5
million, and mandatorily redeemable participating preferred
stock of US$8.2 million, resulting in total stockholders'
deficit of US$71.3 million.


SUNCOM WIRELESS: S&P Puts B- Credit Rating Under Positive Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Berwyn,
Pennsylvania- based SunCom Wireless Holdings Inc., including the
'B-' corporate credit rating, on CreditWatch with positive
implications.

The CreditWatch placement follows T-Mobile USA's definitive
agreement to acquire 100% of the common stock of SunCom for
about US$2.4 billion, including the assumption of debt.  T-
Mobile USA, a wholly owned subsidiary of Deutsche Telekom AG
(A-/Negative/A-2), is the fourth-largest wireless carrier in the
U.S. SunCom, which provides wireless services to about 1.1
million customers in parts of the U.S., Puerto Rico, and the
U.S. Virgin Islands, had about US$970 million of debt
outstanding at June 30, 2007.

"The expanded wireless footprint from the SunCom acquisition
will be strategically important to T-Mobile USA," said Standard
& Poor's credit analyst Richard Siderman.  "As SunCom's assets
are likely to be integrated into T-Mobile's network, we expect
to equalize our ratings on any SunCom debt outstanding after the
acquisition with the ratings on Deutsche Telekom."

Based in Berwyn, Pennsylvania, SunCom Wireless Holdings Inc.
(NYSE: TPC) (OTC: SWSH.OB) -- http://www.suncom.com/-- offers
digital wireless communications services to more than one
million subscribers in the southeastern United States, Puerto
Rico and the U.S. Virgin Islands.  SunCom is committed to
delivering Truth in Wireless by treating customers with respect,
offering simple, straightforward plans and by providing access
to the largest GSM network and the latest technology choices.


SUNCOM WIRELESS: T-Mobile Deal Cues Moody's to Review Ratings
-------------------------------------------------------------
Moody's Investors Service placed the debt of Suncom Wireless Inc
on review for possible upgrade, following the announcement that
T-Mobile USA Inc, a subsidiary of Deutsche Telekom AG, intends
to acquire the company for total consideration of US$2.4
billion, consisting of US$1.6 billion in cash and US$0.8 billion
in net debt.  The transaction is expected to close in the first
half of 2008.  DT's senior unsecured rating is A3 stable, while
T-Mobile is not rated by Moody's.

On review for possible upgrade:

Issuer: Suncom Wireless, Inc

-- Probability of Default Rating, Placed on Review for
    Possible Upgrade, currently Caa1

-- Corporate Family Rating, Placed on Review for Possible
    Upgrade, currently Caa1

-- Senior Subordinated Regular Bond/Debenture, Placed on
    Review for Possible Upgrade, currently Caa3, 96 - LGD6

-- Senior Secured Bank Credit Facility, Placed on Review for
    Possible Upgrade, currently B1, 08 - LGD1

-- Senior Unsecured Regular Bond/Debenture, Placed on Review
    for Possible Upgrade, currently Caa2, 63 - LGD4

Outlook Actions:

Issuer: Suncom Wireless, Inc

-- Outlook, Changed To Rating Under Review From Positive

The review of Suncom's ratings will focus on T-Mobile's plans
with regard to the existing Suncom debt.  Both the senior
secured term loan and senior unsecured notes have change of
control provisions.  The term loan is repayable at any time
while the senior unsecured notes are callable in June 2008.
Moody's notes that should any of Suncom's rated debt remain
outstanding following the acquisition, the agency would require
sufficient financial information to form an opinion regarding
Suncom's standalone creditworthiness, otherwise Suncom's ratings
will be withdrawn.

Based in Berwyn, Pennsylvania, SunCom Wireless Holdings Inc.
(NYSE: TPC) (OTC: SWSH.OB) -- http://www.suncom.com/-- offers
digital wireless communications services to more than one
million subscribers in the southeastern United States, Puerto
Rico and the U.S. Virgin Islands.  SunCom is committed to
delivering Truth in Wireless by treating customers with respect,
offering simple, straightforward plans and by providing access
to the largest GSM network and the latest technology choices.

Headquartered in Bonn, Deutsche Telekom is the leading provider
of wireline and wireless telephony services in Germany.  It is
also one of the leading international providers of wireless
services.  DT is currently 31.70% government-owned (14.83%
directly and 16.87% through state-owned investment vehicle KfW).




=================================
T R I N I D A D   &   T O B A G O
=================================


HILTON HOTELS: Stockholders Okay Merger Pact with Blackstone
------------------------------------------------------------
Hilton Hotels Corporation, at a special meeting, its
stockholders approved the merger agreement with investment funds
affiliated with The Blackstone Group L.P.  Over 98% of the
shares that voted were cast in favor of the merger.

Subject to the satisfaction or waiver of all required regulatory
approvals and other closing conditions, Hilton expects the
transaction to be completed by the end of October 2007.  All
required regulatory approvals have been obtained other than the
receipt of clearance from the European Commission under the EC
Merger Regulation.  A notification was filed with the European
Commission under the EC Merger Regulation on Sept. 14, 2007.

Following the closing of the merger, Hilton's stockholders will
receive US$47.50 in cash, without interest, for each share of
Hilton common stock held.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
announcement that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs).  Upon the close of the
transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in
January 2006.




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


CHRYSLER LLC: Brake Problems Trigger Recall of 369,000 Vehicles
---------------------------------------------------------------
Chrysler LLC is recalling 296,550 sport utility vehicles
following reports of problems with brake systems and door
latches and locks, Reuters states.

Chrysler has revealed that a glitch in an electronic control
unit could cause a delay in braking when the vehicles are
driving uphill.  Affected vehicles include Jeep Grand Cherokee
and Jeep Commander SUVs for the 2006 and 2007 model years and
the 2007 Jeep Wrangler and Dodge Nitro, Reuters relates.

"It's a very rare occurrence," Chrysler Spokesman Max Gates
said, Reuters notes.  "But we have had reports of drivers
experiencing problems when they take their foot off the
accelerator."

When drivers in one of the affected vehicles stop accelerating
up a hill, that can trigger a momentary loss of braking power
for a second or two, Mr. Gates explains.  Chrysler will notify
the owners of the SUVs affected by the recall this month and
offer free repair work as well, the report says.

Chrysler is also recalling about 72,333 2008 Chrysler Sebring
and Dodge Avenger sedans because of a potential problem with a
cable connected to the front door latches in the vehicles,
Reuters reveals.

                     About Chrysler LLC

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

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

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

                        *     *     *

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

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

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


PEABODY ENERGY: Gets Subpoena from New York Attorney General
------------------------------------------------------------
Environment News Service reports that New York Attorney General
Andrew Cuomo has subpoenaed Peabody Energy, demanding that the
firm disclose the financial risks of its greenhouse gas
emissions to shareholders, specifically to the New York State
Common Retirement Fund.

Environment News relates that Mr. Cuomo also sent the subpoenas
to:

          -- Dominion Resources,
          -- Xcel Energy,
          -- Dynegy, and
          -- AES Corporation.

Mr. Cuomo told Environment News that he is asking Peabody Energy
to disclose the risks related to the construction of power
plants that will generate 3,100 megawatts of power and may
subject the firm to increased financial, regulatory and
litigation risks.

Mr. Cuomo commented to Environment News, "Climate change is one
of the most pressing environmental challenges facing the world
today." He reminded the executives that emissions from US power
plants "constitute 30% of total US carbon emissions."

"Regulation of greenhouse gas emissions on the state level
through the Regional Greenhouse Gas Initiative will begin,"
Environment News notes, citing Mr. Cuomo.

Mr. Cuomo told Environment News, "Any one of the several new or
likely regulatory initiatives for CO2 emissions from power
plants -- including state carbon controls, E.P.A.'s regulations
under the Clean Air Act, or the enactment of federal global
warming legislation -- would add a significant cost to carbon-
intensive coal generation.  Selective disclosure of favorable
information or omission of unfavorable information concerning
climate change is misleading."

According to Environment News, Peabody Energy claimed that the
attorney general's claims of nondisclosure were "inaccurate" and
written with political motives.

Peabody Energy told Environment News that it "is happy to point
out our clear disclosures regarding climate change and correct
the letter's inaccuracies.  For instance, the letter states that
we don't have climate disclosure ... but in fact we do, in
multiple places in our SEC filings on Form 10-K, annual report
and social responsibility report.  These are all available via
Internet for anyone wanting to research the company.  In
addition to advancing clean new coal generation, Peabody is a
founding member of the zero-emissions FutureGen project to
commercialize carbon capture and storage."

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on Mar 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  This instrument was placed on review for
downgrade.


PETROLEOS DE VENEZUELA: In Joint Venture Talks with Galp Energia
----------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA is
negotiating with Galp Energia SGPS for the creation of a joint
venture to supply oil to Portugal, news agency Lusa reports,
citing Galp Energia Chief Executive Manuel Ferreira de Oliveira.

Mr. Ferriera de Oliveira told Lusa that Petroleos de Venezuela
would sign an accord with Galp Energia next month.

Meanwhile, Galp Energia would also like to participate in
exploration and production activities in Venezuela, Lusa notes,
citing Mr. Ferriera de Oliveira.

                     About Galp Energia

Galp Energia, SGPS, SA is the holding company for the Galp
Energia Group, a Portugal-based oil and gas group. The Group has
six principal business segments: Exploration and Production;
Refining and Marketing; Natural Gas Supply and Transport;
Natural Gas Distribution; Power, including Galp Energia's
interests in the production and sale of electrical and thermal
energy, and International, which includes the Group's interests
in Brazil and Africa. Galp Energia consists of more than 100
companies, engaged in a wide range of activities related to
natural gas supply and oil and gas exploration, production and
refining. The Group is headquartered in Lisbon, Portugal.

                 About Petroleos de Venezuela

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

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


PETROLEOS DE VENEZUELA: Lukoil May Not Sign Contract with Firm
--------------------------------------------------------------
Russian firm Lukoil's vice president Andrei Kuzyayev told
Reuters that the company won't sign a contract with Venezuelan
state-run oil firm Petroleos de Venezuela SA unless the
exploration of the Venezuela Junin 3 heavy crude block is
complete.

Reuters relates that Petroleos de Venezuela SA entered into an
initial accord with Lukoil two years ago to form a joint venture
in the Orinoco belt, where four Junin blocks are located.  Since
then Lukoil has been conductING explorations in the area.

Lukoil President Vagit Alekperov said in August 2007 that a
production contract would be finalized by year-end, Reuters
notes.  However, Mr. Kuzyayev told Reuters, "I'm not going to
talk about 2007 because we don't have any news on the date of
the contract.  We're busy with exploring and evaluating it, and
then we'll have an idea."

Reuters notes that as stipulated in the new Venezuelan law that
limits foreign investment, the state would have 60% of the
project, while Lukoil would have a 40% stake.

Mr. Kuzyayev told Reuters that Lukoil is considering a plant in
Latin America.

                         About Lukoil

Lukoil is a Russian oil and gas company.  It has three segments:
Exploration and Production, which includes its exploration,
development and production operations relating to crude oil and
natural gas, with activities primarily located within Russia,
and with additional activities in Azerbaijan, Kazakhstan,
Uzbekistan, the Middle East, Northern Africa and Colombia; the
Refining, Marketing and Distribution segment, which includes
refining and transport operations, marketing and trading of
crude oil, natural gas and refined products, and the Chemicals
segment, which includes processing and trading of petrochemical
products.

                  About Petroleos de Venezuela

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

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


PETROLEOS DE VENEZUELA: Workers Holding Strike Against Firm
-----------------------------------------------------------
The Venezuelan Unique Federation of Oil Workers said in its
press release that it has asked state-owned oil firm Petroleos
de Venezuela SA to present the economic clauses in their
collective bargaining accord, which expired almost nine months
ago.

The union commented in the release, "Since oil workers in
different areas have voiced dissatisfaction, the National
Steering Committee instructed the managing board of Futpv [the
union] to demand the relevant authorities to convert the
collective bargaining agreement we have been negotiating in a
conciliatory way so far into a petition of conflict."

Petroleos de Venezuela will be given 120 hours to reach an
accord with the oil workers on the solution to the conflict once
the petition is filed with the Venezuelan labor and social
security ministry.  Otherwise, the strike will go on, El
Universal 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.


                         ***********


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

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

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

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

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

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


           * * * End of Transmission * * *