TCRLA_Public/070924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, September 24, 2007, Vol. 8, Issue 189

                          Headlines

A R G E N T I N A

AMBU SRL: Seeks for Reorganization Okay in Buenos Aires Court
ARGENTINA DIRECT: Proofs of Claim Verification Is Until Oct. 14
ASOCIACION MUTUAL: Proofs of Claim Verification Ends on Nov. 26
AVAYA INC: Advisors Recommend Sierra Deal to Stockholders
BANCO DE GALICIA: Securing Up to US$50 Million in Loans from IFC

EDITORIAL GUIA: Proofs of Claim Verification Ends on Nov. 16
EMERGENCIAS SUNCHALES: Claims Verification Deadline Is Oct. 2
ENCUADERNACION CAPELLI: Claims Verification Is Until Oct. 30
ECOURBAN SA: Reorganization Proceeding Concluded
FIAT SPA: Names Luca De Meo as Chief Marketing Officer

GRD LEATHER: Proofs of Claim Verification Is Until Nov. 6
GREIF INC: Board Elects David B. Fischer as President & COO
IMAGINT SA: Proofs of Claim Verification Deadline Is Oct. 31
INSTITUTO HISPANO: Proofs of Claim Verification Is Until Nov. 23
KONINKLIJKE AHOLD: Faces Racketeering Complaint in Illinois

KONINKLIJKE AHOLD: Reacquires Common Shares for EUR119.2 Million
LITERARIA JURIDICA: Proofs of Claim Verification Ends on Nov. 16
NUEVO CANAL: Proofs of Claim Verification Deadline Is Nov. 16
PESCADERIA LINIERS: Claims Verification Deadline Is Sept. 25
POTRERILLO SRL: Proofs of Claim Verification Is Until Today

SATELY SA: Seeks for Reorganization Okay in Buenos Aires Court

* BUENOS AIRES: S&P Affirms B+ Long-Term Foreign & Local Ratings


B A H A M A S

METROPOLITAN BANK: Elects Richard Benedict So as Sr. Vice Pres.
METROPOLITAN BANK: Ramon Sy Resigns as Director & Vice Chairman
TEEKAY CORP: Earns US$78.4 Million in Quarter Ended June 30


B E R M U D A

BERMUDA INCENTIVES: Sets Final General Meeting for Sept. 28
BERMUDA ISLAND: Will Hold Final General Meeting on Sept. 28
CASAM MANAGED: Sets Final General Meeting for Oct. 25
CASAM MANAGED: Proofs of Claim Filing Ends on Oct. 3
CONCORDIA AMERICAS: Will Hold Final General Meeting on Nov. 13

CONCORDIA AMERICAS: Proofs of Claim Must be Filed by Oct. 15
STEINHARDT REALTY: Proofs of Claim Filing Is Until Oct. 5
STEINHARDT REALTY: Sets Final General Meeting for Oct. 18
WAKEFIELD TOWER: Proofs of Claim Filing Is Until Oct. 12
WAKEFIELD TOWER: Will Hold Final General Meeting on Oct. 18


B O L I V I A

MILLICOM INT'L: Regulator Fining Unit for Service Failure

* BOLIVIA: Regulator Fining 3 Mobile Firms for Service Failure


B R A Z I L

ABN AMRO REAL: Dutch Finance Minister Approves RBS Takeover
AMPLA ENERGIA: S&P Affirms BB- Corporate Credit Rating
ARVINMERITOR INC: Amends Credit Agreement to Reduce Size
BANCO NACIONAL: Gets Proposals for Steel Project Financing
COMPANHIA PARANAENSE: Tollroad Part of Gov't Business Strategy

COMPANHIA SIDERURGICA: Rio Grande Eyes Firm's Planned Steel Mill
CUMMINS INC: Picks Scott Patrohay as Distributor Principal
EMI GROUP: S&P Withdraws Debt Ratings; Holds Low B Corp. Rating
FLEXTRONICS INT'L: Moody's Puts (P)Ba1 Rating on US$2.5-Bln Loan
FORD MOTOR: Top U.S. Marketing Exec. Francisco Codina Retires

GENERAL MOTORS: UAW Talks on VEBA Funding Terms Drag On
GOL LINHAS: Fundo Considers Delisting Shares
IWT TESORO: Has Interim OK to Hire Donlin Recano as Claims Agent
MAGNA INT'L: Closes Plan of Arrangement with Russian Machines
PRIDE INTERNATIONAL: Gives Update on Fleet Contract Status

SANTANDER BANESPA: Dutch Finance Minister Approves RBS Takeover
TRANSAX INT'L: June 30 Balance Sheet Upside-Down by US$3.5 Mil.

* BRAZIL: May Buy Exxon Mobil's Argentine Unit
* BRAZIL: Credit Suisse Keeps Outperform Rating on State Firm


C A Y M A N   I S L A N D S

AJO LONG/SHORT: Proofs of Claim Must be Filed by Oct. 17
ASTREPRELUDE FUND: Proofs of Claim Filing Is Until Oct. 17
GLOBAL ADVANTAGE: Proofs of Claim Filing Deadline Is Oct. 17
GLOBAL ADVANTAGE FUND: Proofs of Claim Filing Ends on Oct. 17
LADANG NAGA: Proofs of Claim Must be Filed by Oct. 17

PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures
PARMALAT SPA: Wants Court to Dismiss Foreign Plaintiffs' Claims
SERONO 92: Proofs of Claim Filing Is Until Oct. 17
SERONO ATLANTIC: Proofs of Claim Filing Ends on Oct. 17
SERONO INTERNATIONAL: Proofs of Claim Filing Deadline Is Oct. 17

SOJACAPITAL INC: Proofs of Claim Must be Filed by Oct. 17
TCIF BLUE: Proofs of Claim Filing Is Until Oct. 17


C O L O M B I A

* COLOMBIA: Gives Favorable Terms for Oil & Gas Block Auction


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Luiz Renta Refuses To Surrender Stores
GUESS? INC: Caris Maintains Average Rating on Firm's Shares


J A M A I C A

AIR JAMAICA: Mike Henry Says Airline To Undergo Major Changes


M E X I C O

AMERICAN GREETINGS: Reports Second Quarter Financial Results
BARRY CALLEBAUT: Sells Brach's Business to Farley & Sathers
CALPINE CORP: Names Zamir Rauf Sr. as Treasurer & VP of Finance
GRUPO MEXICO: Declares Force Majeure on Some Copper Contracts
ITRON INC: Posts US$23.9 Million Net Loss in Second Quarter 2007

JABIL CIRCUIT: Signs Settlement Pact on Derivative Lawsuits
MOVIE GALLERY: S&P Lowers Corporate Credit Rating to D
STEELCASE INC: Earns US$37.7 Million for FY 2008 Second Quarter
TV AZTECA: Mexican Senate Approves Electoral Campaign Law


N I C A R A G U A

POLARIS GEOTHERMAL: Inks Kalina Geothermal Project with Exorka
XEROX CORP: Invests US$60 Million on Next Generation Toner Plant


P A N A M A

CHIQUITA BRANDS: Colombia Seeking Extradition of Firm's Officers
PAYLESS SHOESOURCE: Names Scott Ramsland Sr. VP, Gen. Manager


P U E R T O   R I C O

AMERICAN AIRLINES: Announces Executive Leadership Appointments
PIER 1: Incurs US$34.4 Mln Net Loss in 2nd Quarter Ended Sept. 1
SIMMONS BEDDING: S&P Raises US$565-Mil. Loan Rating to BB-
SUNCOM WIRELESS: Inks US$2.4 Billion Merger Pact with T-Mobile
SUNCOM WIRELESS: T-Mobile Pact Cues S&P to Watch B- Corp. Rating


V E N E Z U E L A

BANCO DE VENEZUELA: Fitch Affirms B+ Currency Issuer Ratings

* VENEZUELA: Selling US$1.2 Billion of Dollar Bonds Next Week
* BOND PRICING: For the Week Sept. 17 to Sept. 21


                         - - - - -


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


AMBU SRL: Seeks for Reorganization Okay in Buenos Aires Court
-------------------------------------------------------------
Ambu S.R.L. has requested for reorganization approval after
failing to pay its liabilities beginning Feb. 8, 2006.

The reorganization petition, once approved by the court, will
allow Ambu to negotiate a settlement with its creditors in order
to avoid liquidating its assets.

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.

The debtor can be reached at:

          Ambu S.R.L.
          San Pedro de Jujuy 101
          Buenos Aires, Argentina


ARGENTINA DIRECT: Proofs of Claim Verification Is Until Oct. 14
---------------------------------------------------------------
Carlos Ayuso, the court-appointed trustee for Argentina Direct
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Oct. 14, 2007.

Mr. Ayuso will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Argentina Direct 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 Argentina Direct's
accounting and banking records will be submitted in court.  La
Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Argentina Direct SA
         Corrientes 3140
         Buenos Aires, Argentina

The trustee can be reached at:

         Carlos Ayuso
         Tucuman 1455
         Buenos Aires, Argentina


ASOCIACION MUTUAL: Proofs of Claim Verification Ends on Nov. 26
---------------------------------------------------------------
Luis J. Kuklis, the court-appointed trustee for Asociacion
Mutual Circulo del Poder Judicial de la Nacion's bankruptcy
proceeding, verifies creditors' proofs of claim until
Nov. 26, 2007.

Mr. Kuklis will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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 Asociacion Mutual 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 Asociacion Mutual's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Asociacion Mutual Circulo del Poder
         Judicial de la Nacion
         Paraguay 1275
         Buenos Aires, Argentina

The trustee can be reached at:

         Luis J. Kuklis
         Lavalle 1619
         Buenos Aires, Argentina


AVAYA INC: Advisors Recommend Sierra Deal to Stockholders
---------------------------------------------------------
Avaya Inc. has disclosed that Institutional Shareholder Services
and Glass Lewis & Co., both independent proxy advisory firms,
have recommended that Avaya stockholders vote "FOR" the proposed
merger agreement providing for the acquisition of Avaya by
Sierra Holdings Corp., a company formed by two private equity
firms, Silver Lake Partners and TPG Capital.

As previously announced, Avaya will hold a special meeting of
stockholders on Sept. 28, 2007.  At this meeting, stockholders
will be asked to consider and vote upon a proposal to adopt the
merger agreement providing for the acquisition of Avaya by
Sierra Holdings Corp., thereby approving the merger of a
subsidiary of Sierra Holdings Corp. with and into Avaya.  The
Avaya Inc. Board of Directors has approved the merger agreement
and recommends its approval by Avaya Inc. stockholders.  Sierra
Holdings Corp. was formed by Silver Lake Partners III, L.P. and
TPG Partners V, L.P. solely for the purpose of entering into the
merger agreement and consummating the merger.

If the merger agreement is adopted and other conditions to the
closing of the transaction are satisfied, Avaya Inc. will become
a wholly owned subsidiary of Sierra Holdings Corp. and
stockholders will be entitled to receive US$17.50 in cash,
without interest, for each share of Avaya Inc. common stock they
own.

Subject to the satisfaction of certain conditions, including
stockholder approval, Avaya Inc. expects the transaction to
close in the fourth calendar quarter of 2007.

                         About Avaya

Headquartered in Basking Ridge, New Jersey, Avaya, Inc.
(NYSE:AV) -- http://www.avaya.com/-- designs, builds and
manages communications networks for more than one million
businesses worldwide, including more than 90% of the FORTUNE
500(R).  Avaya is a world leader in secure and reliable Internet
Protocol telephony systems and communications software
applications and services.

Avaya has locations in Malaysia, Argentina and the United
Kingdom.


BANCO DE GALICIA: Securing Up to US$50 Million in Loans from IFC
----------------------------------------------------------------
Banco de Galicia will apply for a senior loan of up to US$50
million from the International Finance Corp. to finance lending
to small and medium-sized enterprises in Argentina, Business
News Americas reports.

According to the IFC's statement, the proposal is scheduled to
go before its board on Oct. 23, 2007.

The IFC told BNamericas that it would provide incentives for
Banco de Galicia to allocate the largest proportion of the new
funds for the financing of projects in frontier provinces.

"The project is aimed at complementing the IFC's initial
investments in Banco Galicia and particularly a US$40-million
credit line agreement signed in May 2005," the IFC explained to
BNamericas.

According to BNamericas, the IFC said the credit line was for
the financing of "the origination of medium-term loans to
Argentine small and medium-sized enterprises active in the
agribusiness or other export related sectors."

The IFC holds a 0.5% stake in Grupo Financiero Galicia through
preferred shares acquired as part of Banco Galicia's foreign
debt restructuring, BNamericas states.

Headquartered in Buenos Aires, Argentina, Banco de Galicia y
Buenos Aires SA -- http://www.e-galicia.com/-- is an
Argentinean private bank that is engaged in commercial banking,
providing general banking services to large corporations, small
and medium-sized companies, agricultural and cattle farms and
individuals.  The company controls an extensive and diverse
network of subsidiaries, which include Banco Galicia Uruguay SA,
Galicia Capital Markets SA, Galicia Factoring y Leasing SA, Agro
Galicia SA, Galicia Administradora de Fondos SA, Galicia Valores
SA, Galicia Warrants SA, Net Investments SA, Sudamericana
Holding SA and Tarjetas Regionales SA.  Through its subsidiaries
the company offers accounting, investment and insurance
services, loans, checks and debit and credit cards.  It also
finances the development of real estate, acts as a fiduciary and
leases properties to interested parties.  It operates over 400
branches across the country and provides e-banking services to
customers via its Internet site.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, Banco de Galicia y Buenos Aires' Obligaciones
Negociables issued on Nov. 6, 2001, for the original amount of
US$12 million was rated D by the Argentine arm of Standard &
Poor's International Ratings.


EDITORIAL GUIA: Proofs of Claim Verification Ends on Nov. 16
------------------------------------------------------------
Elsa Andrade, the court-appointed trustee for Editorial Guia
General de Licitaciones y Presupuesto SRL's bankruptcy
proceeding, verifies creditors' proofs of claim until
Nov. 16, 2007.

Ms. Andrade will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Editorial Guia 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 Editorial Guia's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Editorial Guia General de Licitaciones y
         Presupuesto SRL
         Cordoba 836
         Buenos Aires, Argentina

The trustee can be reached at:

         Elsa Andrade
         Callao 449
         Buenos Aires, Argentina


EMERGENCIAS SUNCHALES: Claims Verification Deadline Is Oct. 2
-------------------------------------------------------------
Alicia Valienk, the court-appointed trustee for Emergencias
Sunchales S.A.'s reorganization proceeding, verifies creditors'
proofs of claim until Oct. 2, 2007.

Ms. Valienk will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Rafaela, Santa Fe, will determine if the verified
claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised
by Emergencias Sunchales 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 Emergencias
Sunchales' accounting and banking records will be submitted in
court.  Infobae didn't state the reports submission deadlines.

The debtor can be reached at:

         Emergencias Sunchales S.A.
         25 de Mayo 834, Sunchales
         Santa Fe, Argentina

The trustee can be reached at:

         Alicia Valienk
         Victor Manuel 502, Rafaela
         Santa Fe, Argentina


ENCUADERNACION CAPELLI: Claims Verification Is Until Oct. 30
------------------------------------------------------------
Antonio Jose de Luca, Eduardo Jorge Garbarini y Ruben Leonardo
Kwasniewski -- the court-appointed trustee for Encuadernacion
Capelli S.R.L.'s reorganization proceeding -- verifies
creditors' proofs of claim until Oct. 30, 2007.

Antonio Jose de Luca will present the validated claims in court
as individual reports on Dec. 11, 2007.  The National Commercial
Court of First Instance in Lomas de Zamora, 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 Encuadernacion Capelli 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 Encuadernacion
Capelli's accounting and banking records will be submitted in
court on Feb. 28, 2008.

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

The trustee can be reached at:

         Antonio Jose de Luca, Eduardo Jorge Garbarini y
         Ruben Leonardo Kwasniewski
         C. Pellegrini 66, Lomas de Zamora
         Buenos Aires, Argentina


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

The debtor can be reached at:

          Ecourban S.A.
          Bruix 4344
          Buenos Aires, Argentina


FIAT SPA: Names Luca De Meo as Chief Marketing Officer
------------------------------------------------------
Fiat S.p.A. has appointed Luca De Meo as Fiat Group's Chief
Marketing Officer.

In this newly created role Mr. De Meo will be responsible for
all brand marketing related activities across all Fiat Group
Sectors.  His contribution to the rejuvenation and relaunch of
the Fiat Brand in a short period of time puts him on an ideal
position to promote the various Fiat Group Brands and develop
new marketing capabilities across the Group.

Mr. De Meo will become full member of the Group Executive
Council.

Replacing Mr. De Meo as Head of the Fiat Brand will be Lorenzo
Sistino, who in less than a year at CNH has brought about a
significant improvement in the performance of the New Holland
Agricultural Equipment business.

Following the appointment of Sistino, Harold Boyanovsky, CNH's
CEO will assume the responsibility of the New Holland
Agricultural Equipment business.

With the aim of further leveraging synergies at Group level,
Harald Wester is appointed Fiat Group Chief Technology Officer.
While keeping his responsibility for Fiat Group Automobiles
Product Engineering, Mr. Wester will coordinate product
development activities across Sectors.  Mr. Wester will become a
full member of the Group Executive Council.

                       About Fiat SpA

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  Fiat's creditors include Banca Intesa, Banca Monte
dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia,
Sanpaolo IMI, and UniCredito Italiano.

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

                        *     *     *

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

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


GRD LEATHER: Proofs of Claim Verification Is Until Nov. 6
---------------------------------------------------------
Eduardo Hugo Caggiano, the court-appointed trustee for GRD
Leather S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Nov. 6, 2007.

Mr. Caggiano will present the validated claims in court as
individual reports on Dec. 18, 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 GRD Leather 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 GRD Leather's
accounting and banking records will be submitted in court on
March 5, 2008.

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

The debtor can be reached at:

         GRD Leather S.A.
         Suipacha 211
         Buenos Aires, Argentina

The trustee can be reached at:

         Eduardo Hugo Caggiano
         Cramer 2175
         Buenos Aires, Argentina


GREIF INC: Board Elects David B. Fischer as President & COO
-----------------------------------------------------------
The Board of Directors of Greif, Inc., has elected David B.
Fischer as the company's president and chief operating officer.
Mr. Fischer was senior vice president and divisional president
of Industrial Packaging & Services of Greif's North and South
America, Asia, Africa and Australia business units.

The position of president had been held by Chairman and Chief
Executive Officer Michael J. Gasser.

Michael C. Patton, senior vice president of Paper, Packaging &
Services, will also lead IP&S - North America.  He was named
divisional president as well.

Senior Vice President Ivan Signorelli, at Greif's IP&S - Europe
strategic business unit, also adds the title of divisional
president.

Mr. Signorelli and Mr. Patton will report to Mr. Fischer.  The
changes are effective Oct. 1.

Mr. Gasser said, "David's proven track record in operations,
mergers and acquisitions and business integration make him
ideally suited for his new position.  His leadership and counsel
will be a driving force as we continue to execute our aggressive
growth strategy.

"Mike has been a strong leader in all his roles within Greif.
Because of his deep understanding of the Greif Business System
and his ability to effect change, he is the right person to take
our business in North America to the next level.

"With Ivan in Europe, we have a strong operations team in place
that will be instrumental in achieving our goals," Mr. Gasser
said.

Mr. Fischer joined Greif in November 2004 to lead Greif's
Industrial Packaging & Services - Americas business.  He was
later assigned responsibility for the company's IP&S businesses
in Asia, Africa and Australia.  He came to Greif from The Dow
Chemical Company, where he was previously global business vice
president of the company's US$1.8 billion polyurethanes
business.

Mr. Fischer holds a bachelor's degree from Purdue University
where he majored in Chemistry.

Mr. Patton joined Greif in March 2000 as vice president and
general manager, Multiwall Packaging. He was named vice
president of Steel, IP&S - North America in 2002, and vice
president and general manager for IP&S - North America, Midwest,
in 2004.  Later that year, he was named senior vice
president, Transformation Worldwide and in 2005, was named to
head Paper, Packaging & Services.

Mr. Patton holds a bachelor's degree in Finance from Seton Hall
University.

Mr. Signorelli joined Van Leer (acquired by Greif in 2001) in
1992 as the business unit manager of Italy.  He was named BU
manager of closures business American Flange in 1993 and
promoted to strategic business unit manager of Latin America in
1997.  Greif's African businesses were added to his
responsibilities in 2003.  He was promoted to his current
position in 2005.

Mr. Signorelli holds an undergraduate degree in Business
Administration from Inst. Educ. Luzwell and an MBA degree with a
major in Marketing from Fundacao Getulio Vargas, both in Brazil.

                         About Greif

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/-- is a world leader in
industrial packaging products and services.  The company
provides extensive expertise in steel, plastic, fibre,
corrugated and multi-wall containers for a wide range of
industries.  Greif also produces containerboard and manages
timber properties in the United States.  For fiscal year 2006,
the company generated approximately US$2.6 billion in net sales
and US$326 million in EBITDA.  The company has operations in
Australia, Argentina, Brazil, Belgium, China, Malaysia, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Standard & Poor's Ratings Services assigned its
'BB-' ratings to Greif Inc.'s proposed US$300 million senior
unsecured notes due 2017.  The proceeds from the notes will be
used to retire approximately US$248 million in existing senior
subordinated notes due 2012 and for general corporate purposes.
The new senior notes issue is contingent upon consummation of
the tender offer for the senior subordinated notes.


IMAGINT SA: Proofs of Claim Verification Deadline Is Oct. 31
------------------------------------------------------------
Jose Angel Tsanis, the court-appointed trustee for Imagint
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 31, 2007.

Mr. Tsanis will present the validated claims in court as
individual reports on Dec. 12, 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 Imagint 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 Imagint's accounting
and banking records will be submitted in court on Feb. 28, 2008.

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

The trustee can be reached at:

         Jose Angel Tsanis
         Tte. Gral. J. D. Peron 1410
         Buenos Aires, Argentina


INSTITUTO HISPANO: Proofs of Claim Verification Is Until Nov. 23
----------------------------------------------------------------
Pablo Exposito, the court-appointed trustee for Instituto
Hispano Argentino SRL's bankruptcy proceeding, verifies
creditors' proofs of claim until Nov. 23, 2007.

Mr. Exposito will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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 Instituto Hispano 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 Instituto Hispano's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Instituto Hispano Argentino SRL
         Venezuela 2771
         Buenos Aires, Argentina

The trustee can be reached at:

         Pablo Exposito
         Cordoba 859
         Buenos Aires, Argentina


KONINKLIJKE AHOLD: Faces Racketeering Complaint in Illinois
-----------------------------------------------------------
Koninklijke Ahold N.V., U.S. Foodservice, Gordon Redgate and
Brady Schofield face a racketeering complaint filed
Aug. 24, 2007, in the U.S. District Court for the Eastern
District of Illinois, the CourtHouse News Service reports.

Named plaintiff Thomas & King, Inc. accuses defendants of
inflating customers prices through shell companies, sham
transactions and phony invoice.

The suit is Thomas & King, Inc. v. Koninklijke Ahold N.V. et
al., Case No. 3:07-cv-00608-DRH-PMF, filed in the U.S. District
Court for the Eastern District of Illinois, under Judge David R.
Herndon, with referral to Judge Philip M. Frazier.

Representing the plaintiffs are:

          Richard Laurence Macon
          Karen K. Gulde
          Akin, Gump et al. - San Antonio
          300 Convent Street, Suite 1600
          San Antonio, TX 78205
          Phone: 210-281-7222 or 210-281-7055
          E-mail: imacon@akingump.com

          Todd M. Stenerson
          Richard L. Wyatt, Jr.
          Akin, Gump et al. - Washington
          1333 New Hampshire Avenue, N.W., Suite 400
          Washington, DC 20036
          Phone: 202-887-4000
          Fax: 202-887-4288
          E-mail: tstenerson@akingump.com or rwyatt@akingump.com

           -- and --

          Patricia S. Murphy
          Murphy Law Office
          Generally Admitted
          Post Office Box 220
          Energy, IL 62933-0220
          Phone: 618-964-9640
          E-mail: TrishL22@aol.com

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                        *     *     *

Currently, Moody's Investors Service assigned Ba1 Corporate
Family Rating and the Ba1 Senior Unsecured Long-Term Rating on
Koninklijke Ahold N.V.  The ratings are on review for possible
upgrade after the company announced that it has agreed to the
disposal of its U.S. Foodservice business to private equity
funds for US$7.1 billion.

As reported on May 7, 2007, Fitch Ratings upgraded the Issuer
Default and senior unsecured ratings of Royal Ahold N.V. (nka
Koninklijke Ahold N.V.) to 'BB+' from 'BB'.  Fitch said the
Outlook on the Issuer Default rating remains Positive.  Its
Short-term rating is affirmed at 'B'.


KONINKLIJKE AHOLD: Reacquires Common Shares for EUR119.2 Million
----------------------------------------------------------------
Koninklijke Ahold N.V. has repurchased 11,702,830 of its own
common shares in the period from Sept. 10, 2007, up to and
including Sept. 14, 2007.

Shares were repurchased at an average price of EUR10.1821 per
share for a total amount of EUR119.2 million.  These repurchases
were made as part of the EUR1 billion share buyback program
announced on Aug. 30, 2007.

The total number of shares repurchased under this program to
date is 22,258,162 common shares for a total consideration of
EUR225.7 million.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe.  It has operations in Argentina.  The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco.  Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.

                        *     *     *

As reported on May 11, 2007, Moody's Investors Service placed
the Ba1 Corporate Family Rating and the Ba1 Senior Unsecured
Long-Term Rating of Koninklijke Ahold N.V. on review for
possible upgrade.

The action follows the company's announcement that it has
agreed to the disposal of its U.S. Foodservice business to
private equity funds for US$7.1 billion.

As reported on May 7, 2007, Fitch Ratings upgraded the Issuer
Default and senior unsecured ratings of Royal Ahold N.V. (nka
Koninklijke Ahold N.V.) to 'BB+' from 'BB'.  The Outlook on the
Issuer Default rating remains Positive.  Its Short-term rating
is affirmed at 'B'.


LITERARIA JURIDICA: Proofs of Claim Verification Ends on Nov. 16
----------------------------------------------------------------
Luis Hugo Di Cesare, the court-appointed trustee for Literaria
Juridica S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 16, 2007.

Mr. Di Cesare will present the validated claims in court as
individual reports on Feb. 4, 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 Literaria Juridica 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 Literaria Juridica's
accounting and banking records will be submitted in court on
Feb. 17, 2008.

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

The debtor can be reached at:

         Literaria Juridica S.R.L.
         Talcahuano 481
         Buenos Aires, Argentina

The trustee can be reached at:

         Luis Hugo Di Cesare
         Viamonte 1336
         Buenos Aires, Argentina


NUEVO CANAL: Proofs of Claim Verification Deadline Is Nov. 16
-------------------------------------------------------------
Jorge Arias, the court-appointed trustee for Nuevo Canal S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 16, 2007.

Mr. Arias will present the validated claims in court as
individual reports on Feb. 4, 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 Nuevo Canal 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 Nuevo Canal's
accounting and banking records will be submitted in court on
April 4, 2008.

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

The debtor can be reached at:

         Nuevo Canal S.A.
         La Pampa 2875
         Buenos Aires, Argentina

The trustee can be reached at:

         Jorge Arias
         Avenida Corrientes 1312
         Buenos Aires, Argentina


PESCADERIA LINIERS: Claims Verification Deadline Is Sept. 25
------------------------------------------------------------
Omar Sergio Vazquez, the court-appointed trustee for Pescaderia
Liniers SRL's bankruptcy proceeding, verifies creditors' proofs
of claim on Sept. 25, 2007.

Mr. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, 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 Pescaderia Liniers 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 Pescaderia Liniers'
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission dates.

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

The debtor can be reached at:

          Pescaderia Liniers SRL
          Ramon Falcon 7220
          Buenos Aires, Argentina

The trustee can be reached at:

          Omar Sergio Vazquez
          Bartolome Mitre 1970
          Buenos Aires, Argentina


POTRERILLO SRL: Proofs of Claim Verification Is Until Today
-----------------------------------------------------------
Potrerillo SRL, the court-appointed trustee for Potrerillo SRL's
bankruptcy proceeding, verifies creditors' proofs of claim on
Sept. 24, 2007.

Mr. Alvarez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 20, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Potrerillo and its
creditors.

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

A general report that contains an audit of Potrerillo's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Potrerillo SRL
         Chile 537
         Buenos Aires, Argentina

The trustee can be reached at:

         Eduardo Grunen
         Avenida Pte. Roque Saenz Pena 1219
         Buenos Aires, Argentina


SATELY SA: Seeks for Reorganization Okay in Buenos Aires Court
--------------------------------------------------------------
Sately S.A. has requested for reorganization approval after
failing to pay its liabilities on June 16, 2007.

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

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.

The debtor can be reached at:

          Sately S.A.
          Juncal 4502
          Buenos Aires, Argentina


* BUENOS AIRES: S&P Affirms B+ Long-Term Foreign & Local Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+' long-
term foreign and local currency global and raAA national scale
credit ratings on the government of the City of Buenos Aires,
Republic of Argentina.  The outlook remains positive.

According to S&P Ratings Services credit analyst Sebastian
Briozzo, the positive outlook on the city's credit ratings is
supported by its declining debt burden and the prospects that
its fiscal performance will improve over the medium term despite
recent fiscal deterioration.

"Solid economic and fiscal performances after the economic
crisis of 2001-2002 helped place the city's debt level on a more
sustainable path, despite a slight fiscal deterioration in 2006
and 2007," said Mr. Briozzo.  "However, growing pressure for
salary increases will continue to test the ability of recently
elected authorities to contain the fiscal deterioration for the
rest of 2007 and to rectify policy direction in 2008," he added.

Mr. Briozzo explained that, as shown in 2006 and 2007, the rapid
recovery of revenue is expected to slow while expenditure
pressures are expected to rise, enhancing the fiscal challenge
in the future\u2014particularly with regard to potentially
increasing expenditure responsibilities (e.g., the transfer of
some security responsibilities to the city from the federal
government).

S&P believes there is a reasonable chance that the city's
improved economic and fiscal trends will continue over the
medium term, despite the recent fiscal deterioration.

"In addition to the declining debt trend, the terms of the 2003
debt restructuring provided a sound debt maturity profile that
avoided bullet payments," noted Mr. Briozzo.  "Running fiscal
surpluses or only small deficits will be a precondition for a
rating upgrade, in particular if that rating action requires
rising above the sovereign rating on Argentina (B+/Stable)," he
concluded.




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


METROPOLITAN BANK: Elects Richard Benedict So as Sr. Vice Pres.
---------------------------------------------------------------
Metropolitan Bank & Trust Co. has appointed Richard Benedict S.
So as senior vice president effective Oct. 8, 2007.

The company's Board of Directors made these appointments:

    * Fabian S. Dee as director effective Oct. 1;

    * Vicente R. Cuna Jr. as adviser effective Oct. 1; and

   * Atty. Angelica H. Lavares as additional assistant
     corporate secretary effective Oct. 1.

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

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

                        *     *     *

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

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

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

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

   * Short-term rating 'B,'

   * Support rating '3.

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


METROPOLITAN BANK: Ramon Sy Resigns as Director & Vice Chairman
---------------------------------------------------------------
Ramon Y. Sy has resigned as director and vice chairman of
Metropolitan Bank & Trust Co.

According to a disclosure with the Philippine Stock Exchange,
Mr. Sy's resignation is effective September 30.

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

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

                        *     *     *

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

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

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

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

   * Short-term rating 'B,'

   * Support rating '3.

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


TEEKAY CORP: Earns US$78.4 Million in Quarter Ended June 30
-----------------------------------------------------------
Teekay Corporation reported net income of US$78.4 million on
revenues of US$577.9 million for the quarter ended
June 30, 2007, compared to net income of US$20.4 million on
revenues of US$422.6 million for the quarter ended
June 30, 2006.

The results for the quarters ended June 30, 2007, and 2006,
included a number of specific items that had the net effect of
increasing net income by US$10.8 million and decreasing net
income by US$29.4 million, respectively.

Net voyage revenues for the second quarter of 2007 increased to
US$442.6 million from US$311.2 million for the same period in
2006, and income from vessel operations increased to US$117.6
million from US$68.9 million.  Net voyage revenues is a non-GAAP
measure and represents revenues less voyage expenses.

Net income for the six months ended June 30, 2007 was
US$154.8 million, compared to US$122.1 million for the same
period last year.  The results for the six months ended
June 30, 2007, and 2006, included a number of specific items
that had the net effect of increasing net income by US$3.4
million and decreasing net income by US$46.8 million,
respectively.

Net voyage revenues for the six months ended June 30, 2007,
increased to US$902.0 million from US$703.6 million for the same
period in 2006, and income from vessel operations increased to
US$243.1 million from US$211.6 million.

                      Angola LNG Project

Teekay disclosed that a consortium, in which it has a 33.0%
interest, has signed a letter of intent to charter four
newbuilding 160,400 cubic meter LNG carriers for a period of 20
years to the Angola LNG Project, which is being developed by
subsidiaries of Chevron, Sonangol, BP, and Total.  Final award
of the charter contract is still subject to certain conditions,
which are expected to be met by Sept. 30, 2007.  The vessels
will be chartered at fixed rates, with inflation adjustments,
commencing in 2011.

Mitsui & Co., Ltd. and NYK Bulkship (Europe) Ltd. have 34.0% and
33.0% interests in the consortium, respectively.

In accordance with existing agreements, Teekay is required to
offer to Teekay LNG its 33.0% interest in these vessels and
related charter contracts no later than 180 days before the
scheduled delivery dates of the vessels.

               Acquisition of OMI Corporation

On April 17, 2007, the company and A/S Dampskibsselskabet TORM
entered into a definitive agreement to jointly acquire OMI
Corporation, a major international owner and operator of Suezmax
and product tankers.  Under the agreement, Teekay and Torm
offered US$29.25 per share for the outstanding common shares of
OMI, representing a total cost of approximately US$2.2 billion,
including assumed net debt and transaction costs.

On June 8, 2007, Teekay and Torm successfully completed the
joint acquisition, and most of OMI's assets are expected to be
divided equally between the two companies with effect from the
beginning of August 2007.

Teekay will acquire seven Suezmax tankers, three Medium Range
product tankers and three Handysize product tankers.  Teekay
will also assume OMI's in-charters of a further six Suezmax
tankers and OMI's third party asset management business, the
Gemini pool.  Teekay and Torm will continue to hold two Medium
Range product tankers jointly in OMI, as well as two Handysize
product tanker newbuildings scheduled to deliver in 2009.  The
parties intend to divide these remaining assets equally in due
course.

Teekay has accounted for OMI's results using the equity method
of accounting for the period of June 1, 2007, to June 30, 2007,
and will consolidate the results of OMI's assets from the
effective date the assets are divided.

                        Teekay Fleet

As at July 31, 2007, Teekay's fleet consisted of 182 vessels,
including chartered-in vessels, newbuildings on order, vessels
being converted to offshore units and the OMI vessels acquired
by Teekay, but excluding vessels managed for third parties.

              Capital Expenditures and Liquidity

As of June 30, 2007, the company had total remaining capital
commitments until 2011, relating to its portion of newbuildings
and conversions, of US$1.46 billion.

Excluding the two Aframax shuttle tankers ordered in July 2007,
pre-arranged debt facilities are in place for all of the
company's remaining capital commitments.  Additionally, as of
June 30, 2007, the company had total liquidity of US$1.9
billion, excluding debt related to capital commitments,
comprised of US$292.3 million in cash and cash equivalents and
US$1.6 billion in undrawn credit facilities.

                       Teekay Tankers

The company's Board of Directors has approved a plan to create a
new publicly-traded entity, Teekay Tankers, that will focus on
the conventional tanker business.  The company expects to file
publicly with the U.S. Securities and Exchange Commission a
registration statement for the initial public offering of the
common shares of Teekay Tankers during the second half of 2007.]

                        Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$9.41 billion in total assets, US$6.02 billion in total
liabilities, US$576.6 million in minority interest, and US$2.81
billion in total stockholders' equity.

The company's consolidated balance sheet at June 30, 2007,
moreover, showed strained liquidity with US$759.5 million in
total current assets available to pay US$1.16 billion in total
current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?238e

                    About Teekay Shipping

Headquartered in Nassau, Bahamas, Teekay Corporation (NYSE: TK)
-- http://www.teekay.com/-- transports more than 10.0% of the
world's seaborne oil, has expanded into the liquefied natural
gas shipping sector through its publicly-listed subsidiary,
Teekay LNG Partners L.P., and is further growing its operations
in the offshore production, storage and transportation sector
through its publicly-listed subsidiary, Teekay Offshore Partners
L.P.  With a fleet of over 180 vessels, offices in 17 countries
and 6,300 seagoing and shore-based employees, Teekay provides a
comprehensive set of marine services to the world's leading oil
and gas companies, helping them seamlessly link their upstream
energy production to their downstream processing operations.  It
has location in Nassau, The Bahamas.

                        *     *     *

As reported in the Troubled Company Reporter on July 10, 2007,
Standard & Poor's Ratings Services affirmed the ratings,
including the 'BB+' long-term corporate credit rating, on
Vancouver, British Columbia-based Teekay Corporation.  At the
same time, Standard & Poor's removed the ratings from
CreditWatch with negative implications, where they were placed
Sept. 1, 2006.  S&P said the outlook is negative.




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


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

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

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


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

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

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


CASAM MANAGED: Sets Final General Meeting for Oct. 25
-----------------------------------------------------
Casam Managed Account Series Ltd.'s final general meeting is
scheduled on Oct. 25, 2007, at 9:30 a.m., at:

        Clarendon House, Church Street
        Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


CASAM MANAGED: Proofs of Claim Filing Ends on Oct. 3
----------------------------------------------------
Casam Managed Account Series Ltd.'s creditors are given until
Oct. 3, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Casam Managed's shareholders agreed on Dec. 8, 2006, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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


CONCORDIA AMERICAS: Will Hold Final General Meeting on Nov. 13
--------------------------------------------------------------
Concordia Americas Market Neutral Equity Fund Ltd.'s final
general meeting is scheduled on Nov. 13, 2007, at 10:00 a.m.,
at:

         Thistle House, 4 Burnaby Street
         Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


CONCORDIA AMERICAS: Proofs of Claim Must be Filed by Oct. 15
-------------------------------------------------------------
Concordia Americas Market Neutral Equity Fund Ltd.'s creditors
are given until Oct. 15, 2007, to prove their claims to Glen
Griffin, 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.

Concordia Americas shareholders agreed on Sept. 17, 2006, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Glen Griffin
         12 Bermudiana Road, 3rd Floor
         Hamilton HM 11
         Bermuda


STEINHARDT REALTY: Proofs of Claim Filing Is Until Oct. 5
---------------------------------------------------------
Steinhardt Realty Fund Ltd.'s creditors are given until
Oct. 5, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

         Robin J. Mayor
         Clarendon House
         2 Church Street
         Hamilton, HM 11
         Bermuda


STEINHARDT REALTY: Sets Final General Meeting for Oct. 18
---------------------------------------------------------
Steinhardt Realty Fund Ltd.'s final general meeting is scheduled
on Oct. 18, 2007, at:

         Williams House
         20 Reid Street
         Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


WAKEFIELD TOWER: Proofs of Claim Filing Is Until Oct. 12
--------------------------------------------------------
Wakefield Tower Investment Fund Ltd.'s creditors are given until
Oct. 12, 2007, to prove their claims to Carolynn D. Hiron, 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.

Wakefield Tower's shareholders agreed on Sept. 12, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Carolynn D. Hiron
         Williams House, 20 Reid Street
         Hamilton, Bermuda


WAKEFIELD TOWER: Will Hold Final General Meeting on Oct. 18
-----------------------------------------------------------
Wakefield Tower Investment Fund Ltd.'s final general meeting is
scheduled on Oct. 18, 2007, at:

         Williams House, 20 Reid Street
         Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.




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


MILLICOM INT'L: Regulator Fining Unit for Service Failure
---------------------------------------------------------
The Bolivian telecoms regulator Sittel will fine Millicom
International Cellular's Bolivian unit, Telecel, for service
quality lapses between July and August 2007, Business News
Americas reports.

Sittel said in a statement posted on the Bolivian presidential
Web site that it will fine three mobile operators.  Its head
Cliford Paravicini will formally inform the companies of the
sanction and then decide on a fine for each one.

Sanctions imposed would depend on a company's yearly revenues,
Business News Americas relates, citing Mr. Paravicini.  He said
that a daily sanction for Bolivia's largest operator Entel would
be at least BOB150,000.

BNamericas notes that Sittel will also fine Nuevatel, which
operates the Viva brand and is majority owned by US mobile
holdings company Trilogy International.

According to BNamericas, Sittel notified the companies in August
2007 they could be sanctioned due to high call congestion on
their networks.

The operators presented to Sittel on Sept. 4, 2007, reports
explaining the problems.  The regulator used these to decide if
it would take further action, BNamericas states.

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

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

                        *     *     *

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

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

                        *     *     *

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

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


* BOLIVIA: Regulator Fining 3 Mobile Firms for Service Failure
--------------------------------------------------------------
The Bolivian telecoms regulator Sittel said in a statement
posted on the presidential Web site that it will fine three
mobile operators for service quality lapses between July and
August 2007.

Sittel said in a statement that its head Cliford Paravicini will
formally inform the companies of the sanction and then decide on
a fine for each one.

Sanctions imposed would depend on a company's yearly revenues,
Business News Americas relates, citing Mr. Paravicini.  He said
that a daily sanction for Bolivia's largest operator Entel would
be at least BOB150,000.

BNamericas notes that Sittel will also fine:

          -- Nuevatel, which operates the Viva brand and is
             majority owned by US mobile holdings company
             Trilogy International; and

          -- Millicom International Cellular's Telecel.

According to BNamericas, Sittel notified the companies in August
2007 they could be sanctioned due to high call congestion on
their networks.

The operators presented to Sittel on Sept. 4, 2007, reports
explaining the problems.  The regulator used these to decide if
it would take further action, BNamericas states.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

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




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


ABN AMRO REAL: Dutch Finance Minister Approves RBS Takeover
-----------------------------------------------------------
Finance minister Wouter Bos has notified the consortium of
Fortis, Royal Bank of Scotland and Santander that he has no
objection against the take-over of ABN AMRO Holding NV.  The
so-called "declaration of no objection" has been issued, based
partly on advice from De Nederlandsche Bank (DNB).

In the advice of DNB a number of risks are mentioned that are
connected with the planned take-over and split-up of ABN AMRO.
For that reason DNB has made strict agreements with the
consortium that mitigate these risks as much as possible.
Besides that, agreements have been made about the monitoring of
the take-over process and planned split-up of ABN AMRO.

Mr. Bos opines that, if the conditions and limitations of DNB
are observed, the risks do not justify withholding the
declaration of no objection.

Mr. Bos has has formed an opinion on the question whether a
take-over by the consortium would lead to an undesirable
development in the financial sector as a whole, as defined in
the Financial Supervision Act.  His conclusion is that there are
no risks in that area that would justify withholding the
declaration, if and only if the attached conditions are observed
such as the creation of a transition plan. This transition plan
should guarantee that the integration of existing administrative
systems for payment services and the integration of liquidity
management takes place carefully.  The consortium will report
monthly on the execution of the transition plan.  The minister
has the authority to define extra conditions during the
transition process, should this be necessary.

The declaration of no objection does not imply a preference for
a certain scenario or party.  This is up to the shareholders of
ABN AMRO.

Minister Bos also informed Parliament of the declaration of no
objection.

Once the acquisition passes all legal hurdles, it would mean
Banco Santander would take control of ABN Amro Real, the
Brazilian unit of the Dutch company, making Santander Banespa
the biggest private bank in the country, surpassing Banco Itau
Holding Financeira SA.

                     About ABN Amro Real

ABN Amro Real specializes in commercial banking, capital
markets, corporate banking, asset management, and trade finance.
Its more than 22,000 employees assist over five million clients
throughout five thousand different points of sales.  In 1999,
the bank merged with Brazil's Banco Real.  The regional office
for Latin America and the Caribbean is located in Brazil.

                        *     *     *

On Aug. 23, 2007, Moody's Investors Service upgraded Banco ABN
AMRO Real S.A.'s long-term foreign currency deposits to Ba2.
Moody's said the rating outlook is stable.


AMPLA ENERGIA: S&P Affirms BB- Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-'
corporate credit rating on Brazilian electric utility Ampla
Energia e Servicos S.A.  The outlook is stable.

The rating on Ampla Energia is supported by the company's
balanced financial profile, with cash flow protection measures
in line with the rating category; improved debt profile (mostly
denominated in local currency and with favorable repayment
schedule); the company's steady, sizable residential and
commercial customer bases (approximately 77% of total supply
revenues); and its monopoly franchise to distribute energy in
part of the state of Rio de Janeiro.

On the other hand, the rating reflects the company's challenge
to reduce its higher debt volume, while performing dividends
distribution from 2007 onwards.  Other risks include Ampla's
high level of energy losses (about 20% in June 2007), which
restrains the company's capacity to improve cash generation, and
its historically high level of past-due receivables, which
currently account for more than 35 days of gross revenues.
Ampla Energia is exposed to the Brazilian electric sector's
regulatory framework, which incorporates the challenges of the
second tariff revision, although S&P does not expect the outcome
to deteriorate significantly the company's current credit
quality.

Ampla Energia, formerly known as Cerj, was privatized in 1996
and is controlled by Spanish power company Endesa (NYSE: ELE).

The company's major shareholders are the Endesa/Enersis group
with 91.9% and Energias de Portugal S.A. with 7.7%.  In 2004,
the company distributed 7,292 megawatt-hours to 2.1 million
customers, representing a 2.4% share of Brazil's electric
distribution market.


ARVINMERITOR INC: Amends Credit Agreement to Reduce Size
--------------------------------------------------------
ArvinMeritor Inc. entered into Amendment No. 4 to the Loan
Agreement, dated as of Sept. 19, 2005, among ArvinMeritor,
ArvinMeritor Receivables Corporation, the lenders party and
SunTrust Robinson Humphrey Inc, relating to ArvinMeritor's U.S.
accounts receivable securitization program.

The purpose of the amendment is to:

   -- extend the program through Sept. 15, 2008;

   -- to reduce the size of the facility to US$175 million from
      US$250 million; and

   -- to adjust the concentration limits for receivables sold
      into the facility.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                        *     *     *

As of Sept. 10, 2007, ArvinMeritor's US$175 million Convertible
Senior Unsecured Notes is rated by Dominion Bond Rating Service
at BB.  DBRS also said that the trend is stable.

The company also carries Moody's Investors Service's Ba3
corporate family rating.


BANCO NACIONAL: Gets Proposals for Steel Project Financing
----------------------------------------------------------
A Banco Nacional de Desenvolvimento Economico e Social
spokesperson told Business News Americas that the bank has
received funding proposals for four new steel projects.

The spokesperson commented to BNamericas, "The requests are
going through the legal channels at BNDES [Banco Nacional] and
must meet the bank's requirements to receive financing.  The
projects are complex and will be analyzed individually."

The new projects include CVRD and Chinese steelmaker Baosteel's
US$3.6-billion, five-million-ton-per-year slab mill in Espirito
Santo.  The mill is slated to launch operations in 2011,
BNamericas states.

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 PARANAENSE: Tollroad Part of Gov't Business Strategy
--------------------------------------------------------------
Companhia Paranaense de Energia President Rubens Ghilardi said
in a conference call that the firm's interest in participating
in the tollroad concessions auction is part of the Parana state
government's strategy.

Mr. Ghilardi told Business News Americas, "The state government
-- Copel's [Companhia Paranaense] main shareholder [with a 31%
stake] -- asked for this feasibility study to see if it is
possible for Copel to invest in this [tollroad] business.  Any
shareholder can do that."

Parana governor Roberto Requiao won't meddle with the concession
process, Mr. Ghilardi assured BNamericas.

BNamericas relates that Gov. Requiao has defended in the past
state-controlled highways and spoken out against concessioned
roads.  He had legal disputes with the concessionaries that run
Parana's highways.  He has also tried to regulate tollroad
rates.

According BNamericas, the feasibility study would be ready by
Sept. 30, 2007.  It will outline possible partners for tollroad
development and determine if returns can be as high as in the
electric business.

The report says that the federal highway bidding process is set
for Oct. 9, 2007.  Of the nine stretches of highway to be
offered under concession, Companhia Paranaense is keen on the
three that cross Parana:

          -- BR-116 (Curitiba to Sao Paulo),
          -- BR-376 (Curitiba to Florianopolis), and
          -- BR-116 (Curitiba to Santa Catarina).

Companhia Paranaense's investor relations director Paulo Roberto
Trompczynski told BNamericas that the firm is prepared to invest
BRL1 billion in the highways on which it will bid for the 25-
year concession.  About 40% of the investment will be from the
firm's own capital, while 60% will be from a federal development
bank BNDES loan.

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

                        *     *     *

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

Moody's upgraded these ratings:

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

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

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


COMPANHIA SIDERURGICA: Rio Grande Eyes Firm's Planned Steel Mill
----------------------------------------------------------------
The Rio Grande do Norte state development secretary, Marcelo
Caetano Rosado, told Business News Americas that the state wants
to host Companhia Siderurgica Nacional's planned new steel mill.

Companhia Siderurgica head Benjamin Steinbruch confirmed to
BNamericas that the firm wants to construct a 4.5-million-ton-
per-year steel plant in northeast Brazil.

"We have gas production that could supply the mill.  The state
also has iron ore production and fiscal incentives, in addition
to a privileged geographic location.  We have all the conditions
necessary to have this project.  We'll make all necessary
efforts to bring this project to Rio Grande do Norte," Mr.
Rosado commented to BNamericas.

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.


CUMMINS INC: Picks Scott Patrohay as Distributor Principal
----------------------------------------------------------
Cummins Inc. has selected Scott Patrohay, president and chief
executive offier -- Cummins MerCruiser Diesel, as its
Distributor Principal, effective January 2008, of a new Cummins
distributor joint venture that will serve much of the
northeastern United States.

Cummins Power Systems LLC will combine the territories of the
current Cummins Power Systems and Cummins Metropower
distributors.  Both are independently owned distributors whose
principals are retiring in the coming months.

Under the joint venture, Mr. Patrohay and Cummins Inc. will have
equity interest in the merged distributor, and Patrohay will
lead the day-to-management of the company.  The joint venture
will serve customers in Connecticut, the New York City metro
region, New Jersey, Maryland and eastern Pennsylvania.

Succeeding Mr. Patrohay at CMD is Alex Savelli, Managing
Director - Energy Solutions and Rental Business at Cummins Power
Generation.  He assumes his new role effective Nov. 1.

CMD is a joint venture between Cummins and Mercury Marine, based
in Charleston, S.C., that produces power solutions for the
recreational and commercial marine markets.

Mr. Patrohay, who joined Cummins in 1988 following his
graduation from Purdue University, has led CMD since 2002.  He
held a number of engineering and marketing positions with the
Company prior to joining CMD.

"Scott's extensive background in multiple areas uniquely
positions him for his new role as Distributor Principal," said
Rich Freeland, President - Distribution Business.  "Scott will
make a strong partner as we work to grow our distribution
business in this important region."

Mr. Savelli, who earned his bachelor's degree from the
University of Sao Paulo - Polytechnic Engineering School and his
MBA from the University of Michigan, joined Cummins Engine
Business in 1994, holding various marketing and sales roles both
in the United States and Europe, prior to moving to the
company's Power Generation business in 2004.  He has been in his
current role since September 2005.

"Alex has played a key role in turning around our Energy
Solutions and rental businesses, and we're confident he will
lead Cummins MerCruiser Diesel to continued growth," said Jim
Kelly President - Engine Business for Cummins.

                        About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                        *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


EMI GROUP: S&P Withdraws Debt Ratings; Holds Low B Corp. Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn all debt
ratings on EMI Group PLC and related entities Capitol Records
Inc. and EMI Group Finance (Jersey) Ltd.

The 'B+' long-term corporate credit ratings on all three
entities and the 'B' short-term corporate credit ratings on EMI
Group PLC remain on CreditWatch with negative implications,
where they were placed on Feb. 5, 2007.

The maintenance of the ratings on CreditWatch reflects
uncertainties as to the group's funding structure and financial
profile, after Maltby Ltd., a company formed at the direction of
private equity house Terra Firma, bought about 93.5% of EMI's
shares through a tender offer.  The remaining 6.5% are likely to
be acquired through a squeeze-out in the coming weeks.

The withdrawal of the issue ratings reflects the repayment of
all public debt through either tender offers or the exercise of
call options.  S&P expects the small million portion of bonds
not tendered under EMI's million bonds due 2013 to be repaid at
the first call date in October 2008, through funds provided in
advance by the company.

The ratings on EMI were put on CreditWatch negative on
Feb. 5, 2007, when the long-term rating stood at 'BB-', as a
result of strong operating pressures.  The ratings were lowered
to 'B+' and left on CreditWatch after the company's board
recommended the Maltby offer.  The transaction will likely
entail a substantial increase in leverage for EMI, as Maltby has
secured GBP2.5 billion in term debt and a GBP350 million
revolving credit facility.  At Mar. 31, 2007, EMI had GBP1.3
billion in gross unadjusted debt.

"We will review our ratings on EMI as more information on the
capital structure becomes available," said S&P's credit analyst
Patrice Cochelin.  "In case of a lack of sufficient information
in the coming weeks, the ratings will be withdrawn."

                         About EMI

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

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

The company issued two profit warnings since January 2007.


FLEXTRONICS INT'L: Moody's Puts (P)Ba1 Rating on US$2.5-Bln Loan
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Ba1 rating
to Flextronics International Ltd.'s proposed US$2.5 billion
unsecured term loan that will be used to finance the cash
consideration portion of the pending acquisition of Solectron
Corporation.

This provisional rating assumes a corporate family rating of
Ba1.  In addition, the rating for the proposed term loan reflect
both the overall probability of default of the company, to which
Moody's assumes a PDR of Ba1, and a loss given default of LGD 4.
All of the company's ratings remain under review for possible
downgrade pending consummation of the company's merger with
Solectron.

The transaction is expected to close in October 2007.  It is
likely that if the transaction closes as contemplated, the CFR
will be affirmed at Ba1.  The prospective term loan rating is
subject to closing of the transaction, review of final
documentation and no material change in the terms and conditions
of the transaction as advised to Moody's.

Flextronics International Ltd, headquartered in Singapore and
with its main U.S. offices in San Jose, California, is one of
the largest global providers of contract electronics
manufacturing services to OEMs.  Upon the merger with Solectron,
its focus will be primarily with networking and communications
equipment, enterprise and personal computing, and mobile and
consumer digital markets.

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: Top U.S. Marketing Exec. Francisco Codina Retires
-------------------------------------------------------------
Ford Motor Company President and Chief Executive Officer Alan
Mulally disclosed changes to his senior leadership team with the
elevation of two key executives and the retirement of another.

Francisco Codina, group vice president, North American Marketing
Sales and Service, has elected to retire after 30 years with
Ford Motor Company.  His retirement is effective Nov. 1, 2007.
Ford is beginning an immediate search for his replacement.

"Cisco's passion and dedication to Ford will be missed," Mark
Fields, executive vice president and president - The Americas,
said.  "Under Cisco's leadership, we began to stabilize our
retail market share, energize our dealers, improve the resale
value of our vehicles and speak with a more confident tone in
our marketing."

Mr. Codina joined Ford in 1977 and has served as vice president
- Ford Customer Service Division, as well as general marketing
manager for Ford Division, president of Ford of Argentina and a
variety of sales and marketing assignments throughout the U.S.
He was appointed group vice president, Marketing, Sales and
Service in January 2006.

John Parker, 59, has been elected an executive vice president of
Ford Motor Company - Asia Pacific and Africa, one of the
company's three core regional business units.  Mr. Parker has
been leading the region as a group vice president, based in
Bangkok, Thailand.  He will continue to have responsibility for
all of Ford's operations and partnerships within Asia Pacific
and Africa, including Mazda.  He continues to report to Mr.
Mulally.

"John is a tremendous leader delivering solid results in the
world's fastest growing and most dynamic region," Mr. Mulally
said.  "With John leading the way, Ford is poised for fast
growth in Asia, as we work together to create the products that
customers really want and value."

Mike Bannister, chairman and chief executive officer of Ford
Motor Credit Company, also has been elected an executive vice
president of Ford Motor Company.  Mr. Bannister, 57, will
continue to be responsible for all operations of Ford Motor
Credit worldwide, reporting to Don Leclair, executive vice
president and chief financial officer.

"Mike is an exceptional leader with tremendous business and
financial acumen," Mr. Mulally said.  "He is steering us to ever
higher levels of excellence at Ford Motor Credit, which remains
strategically core to our company's future.  Under Mike's
continued leadership, Ford Motor Credit is performing solidly
through reduced costs, improved effectiveness and streamlined
global operations."

                    About Ford Motor Co.

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

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

                        *     *     *

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

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

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

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


GENERAL MOTORS: UAW Talks on VEBA Funding Terms Drag On
-------------------------------------------------------
General Motors Corp. and the United Auto Workers union have
temporarily ceased talks yesterday on the creation of a
multibillion-dollar, union-controlled health care trust fund,
known as the Voluntary Employees Beneficiary Association or
VEBA, after the two couldn't agree on how much money GM would
provide, Jeffrey McCraken and John D. Stoll of the Wall Street
Journal report citing people familiar with the talks.

As reported in the Troubled Company Reporter on Sept. 19, 2007,
GM, Ford Motor Co. and Chrysler LLC are believed to be pushing
to finance the health care fund at no more than 70 cents on the
dollar, which would create a trust fund in excess of US$60
billion, making it one of the largest investment funds in the
country.  The trust fund is expected to cut about $95 billion
from the carmakers' retiree costs.

However, a huge gap remains between funding proposed by
Detroit's "big three" automakers and the level discussed by the
UAW, described as "still well into the several-billion-dollars
range," although GM and UAW have narrowed the gap over the past
week.  The UAW is amenable to creating a trust fund for retiree
health-care benefits as long as all of the parties involved can
reach an agreement on funding terms.

Instead, WSJ sources say, the parties discussed other issues
such as wage cuts for active employees, higher co-pays for
active workers, cutting back on overtime, outsourcing of jobs
not on the assembly line and lower second-tier wages for new
hires.

According to contract proposals, new hires would also get lesser
health care benefits than current employees and won't get the
pensions as current workers, WSJ reports.

WSJ relates that the VEBA negotiations may resume over the
weekend.

                     About General Motors

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

                        *     *     *

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

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


GOL LINHAS: Fundo Considers Delisting Shares
--------------------------------------------
Romina Nicaretta at Bloomberg News reports that Gol Linhas
Aereas Inteligentes SA's controlling investor, Fundo de
Investimento em Participacoes Asas, wants to privatized the
airline as share value dropped over the past year.

Another option considered by the Oliveria family-controlled
Fundo de Investimento is to keep the company public but it would
repurchase some of the stock, the airline said in a filing with
the Bovespa.

Gol is Latina America's second-biggest carrier.  Its shares had
fallen 46% in the past 12 months as a result of two fatal plane
crashes, Bloomberg relates.

According to a report from Valor Economico, Gol was considering
delisting its shares, which are trading in Brazil and the United
States.

The same report relates that the family's head, Nene
Constantino, and his son, Gol's Chief Executive Officer
Constantino de Oliveira Jr., are at odds over the shares
listing.  The family head wants the share delisted as as soon as
possible while Gol's CEO wants to take it slow so as not to
dismiss other financing opportunities.

Bloomberg suggests that this talk would increase investor demand
for rival TAM SA's shares.

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Fitch Ratings has affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch has also affirmed the outstanding
US$200 million perpetual bonds and US$200 million of senior
notes due 2017 at 'BB+' as well as the company's 'AA-' (bra)
national scale rating.  Fitch said the rating outlook is stable.


IWT TESORO: Has Interim OK to Hire Donlin Recano as Claims Agent
----------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York authorized, on an interim basis, I.W.T Tesoro
Corporation and its debtor-affiliates permission to employ
Donlin, Recano & Company, Inc. as their claims, notice, and
balloting agent.

The Court will convene a hearing on Oct. 3, 2007, at 10:00 a.m.,
for final approval.

As reported in the Troubled Company Reporter on Sept. 13, 2007,
The Debtors relate to the Court that they have over a thousand
creditors and other potential parties-in-interest.  The Debtors
believe that the Clerk's Office is not equipped to distribute
notices, process all of the proofs of claim filed, and assist in
the balloting process for the Debtors' large case, thus the need
to hire Donlin Recano.  Specifically, Donlin Recano is expected
to:

a. notify all potential creditors of the filing of the
   Debtors' bankruptcy petitions and of the setting of the
   first meeting of creditors, pursuant to Bankruptcy Code
   Section 341(a);

   b. maintain an official copy of the Debtors' schedules of
      assets and liabilities and statement of financial affairs
      listing the Debtors' known creditors and the amounts the
      Debtors owe;

   c. notify all potential creditors of the existence and amount
      of their respective claims, as evidenced by the Debtors'
      books and records and as set forth in their schedules;

   d. furnish a notice of the last day for the filing of proofs
      of claim and a form for the filing of a proof of claim,
      after the notice and the form are approved by the Court;

   e. file with the Clerk an affidavit or certificate of service
      which includes a copy of the notice, a list of persons to
      whom it was mailed (in alphabetical order), and the date
      the notice was mailed, within 10 days of service;

   f. docket all claims received, maintain the official cliams
      registers for each of the Debtors on behalf of the Clerk,
      and provide the Clerk with certified duplicate unofficial
      claims registers on a monthly basis, unless otherwise
      directed;

   g. specify, in the applicable claims register, these
      information for each claim docketed:

        i. the claim number assigned;

       ii. the date received;

      iii. the name and address of the claimant and agent, if
           applicable, who filed the claim;

       iv. the filed amount of the claim, if liquidated; and

        v. the classification of the claim according to the
           proof of claim;

   h. relocate, by messenger, all of the actual proofs of claim
      filed to Donlin Recano, not less than weekly;

   i. record all transfers of claims and provide any notices of
      the transfers required by Bankruptcy Rule 3001;

   j. make changes in the claims register pursuant to Court
      Order;

   k. upon completion of the docketing process for all claims
      received to date by the Clerk's Office, turn over to the
      Clerk copies of the claims registers for the Clerk's
      review;

   l. maintain the claims register for public examination
      without charge during regular business hours;

   m. maintain the official mailing list for each Debtor of all
      entities that have filed a proof of claim, which list will
      be available upon request by a party-in-interest or the
      Clerk;

   n. assist with, among other things, solicitation,
      calculation, and tabulation of votes and distribution, as
      required in furtherance of confirmation of the plan;

   o. provide and maintain a Web site where parties can view
      claims filed, status of claims, and pleadings or other
      documents filed with the Court by the Debtors;

   p. in 30 days prior to the close of the cases, an order
      dismissing Donlin Recano would be submitted terminating
      its services upon completion of its duties and
      responsibilities and upon the closing of the case; and

   q. at the close of the case, box and transport all original
      documents in proper format, as provided by the Clerk's
      office, to the Federal Records Center.

In addition, the Debtors may utilize other services of Donlin
Recano like disbursing and related administrative services upon
request.

Donlin Recano's schedule of services charges are:

     Type of Service                   Hourly Rate
     ---------------                   -----------
     Date Input

          Clerical                        US$35
          Admin. Proj. Specialist         US$65

     Consulting

          Bankruptcy Consultant        US$130-US$195
          IT Programming Consultant    US$115-US$135
          Attorneys/Sr. Consultant     US$200-US$250

The Debtors told the court that they have agreed to pay Donlin
Recano a total retainer of US$5,000, which was paid in full
prior to the filing of the case.  The Debtors requested the
Court that the fees and expenses of Donlin Recano for its
services be treated as an administrative expense of the Debtors
Chapter 11 estates and be paid by the Debtors in the ordinary
course of business, without the need to file any fee
applications or seek Court approval.

The Debtors assured the Court that Donlin Recano neither holds
nor represents any interest adverse to the Debtors' respective
estates.

The firm can be reached at:

             Donlin Recano & Company, Inc.
             419 Park Avenue South
             New York, NY 10016
             Tel: (212) 481-1411
             Fax: (212) 481-1416
             http://www.donlinrecano.com/

I.W.T. Tesoro Corporation, fka Ponca Acquisition Company, --
http://www.iwttesoro.com/-- is headquartered in New York City.
The company and its subsidiaries distribute building materials,
specifically hard floor and wall coverings.  They are
wholesalers and do not sell directly to any end user.  Their
products consist of ceramic, porcelain and natural stone floor,
wall and decorative tile.  They import a majority of these
products from suppliers and manufacturers in Europe, South
America (Brazil), and the Near and Far East.  Their markets
include the United States and Canada.  They also offer private
label programs for branded retail sales customers, buying
groups, large homebuilders and home center store chains.

The Debtor and its debtor-affiliates, International Wholesale
Tile, Inc. and American Gres, Inc., filed for Chapter 11
bankruptcy protection on Sept. 6, 2007 (Bankr. S.D. NY Lead Case
No.  07-12841).  Dawn K. Arnold, Esq. and Jonathan S. Pasternak,
Esq. at Rattet, Pasternak & Gordon-Oliver, L.L.P. represent the
Debtors in their restructuring efforts.  As of June 30, 2007,
the Debtors had total assets of US$39,798,579 and total debts of
US$47,940,983.


MAGNA INT'L: Closes Plan of Arrangement with Russian Machines
---------------------------------------------------------------
Magna International Inc. has completed the plan of arrangement
and agreements relating to the strategic investment in Magna by
Open Joint Stock Company Russian Machines became effective
Sept. 20.

Frank Stronach, Magna's Chairman commented:  "We are pleased to
have completed this very important transaction with Russian
Machines.  I believe we are now well positioned to capitalize on
the growth opportunities in Russia and other automotive markets,
while minimizing the risks of investing in those markets."

"Our strategic investment in Magna will allow Magna to build a
strong presence in the rapidly expanding Russian automotive
market as well as in Eastern Europe and other key markets," said
Oleg Deripaska, Chairman of the Supervisory Board of Basic
Element and Chairman of the Board of Directors of Russian
Machines.

Under the arrangement, M Unicar Inc., through its indirectly
owned subsidiary 2143455 Ontario Inc., a Canadian holding
company funded by a subsidiary of Russian Machines, acquired 20
million Magna Class A Subordinate Voting Shares for
approximately US$1.54 billion.  Newco is owned indirectly by the
Stronach Trust, Russian Machines and Donald Walker, Siegfried
Wolf, Vincent Galifi, Jeffrey Palmer and Peter Koob, members of
Magna's executive management.  Newco and its subsidiaries now
hold 726,829 Class B Shares (which were previously held by
445327 Ontario Inc., all of the shares of which are directly
owned by the Stronach Trust), representing 100% of the
outstanding Class B Shares, and 20,605,000 Class A Subordinate
Voting Shares, representing approximately 15.9% of the
outstanding Class A Subordinate Voting Shares, which
collectively represent approximately 68.6% of the total voting
power of all the outstanding shares of Magna.  The transaction
allows Newco and its shareholders to effect a strategic
investment in Magna and participate in the future growth and
success of Magna on a global basis.

Magna also announced that, as a result of the arrangement
becoming effective, all of the conditions to its offer to
purchase for cash up to US$1,536,600,000 in value of its Class A
Subordinate Voting Shares, which expires at 5:00 p.m. (Toronto
time) Sept. 20, have been satisfied or waived.  Magna will issue
a press release with respect to the outcome of the bid after it
has determined the number of Class A Subordinate Voting Shares,
which have been validly tendered and the clearing purchase price
for such shares under the "modified Dutch auction" procedure
applicable to the bid.

              About the Substantial Issuer Bid

This release is for informational purposes only and is not an
offer to purchase or a solicitation of an offer to purchase
Magna Class A Subordinate Voting Shares, nor is it an offer or
solicitation of an offer to buy or sell any other securities of
Magna.  The substantial issuer bid referred to above is made
solely by means of the Offer to Purchase and the related Letter
of Transmittal and Notice of Guaranteed Delivery, each dated
Aug. 13, 2007, as amended by the Notice of Variation, dated
Sept. 6, 2007.

Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a
diversified automotive supplier that designs, develops and
manufactures automotive systems, assemblies, modules and
components, and engineers and assembles complete vehicles, for
sale to original equipment manufacturers of cars and light
trucks in North America, Europe, Asia, South America and Africa.
In South America, it has two operations in Brazil.  The
company's capabilities include the design, engineering, testing
and manufacture of automotive interior systems; seating systems;
closure systems; metal body and chassis systems; vision systems;
electronic systems; exterior systems; powertrain systems; roof
systems; well as complete vehicle engineering and assembly.  The
company has approximately 83,000 employees in 229 manufacturing
operations and 62 product development and engineering centers in
23 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 17, 2007, Magna International Inc. will restructure its
operations through plant closings and consolidations in order to
remain profitable, Tony Van Alphen at the Toronto Star reports.


PRIDE INTERNATIONAL: Gives Update on Fleet Contract Status
----------------------------------------------------------
Pride International Inc. announced that its report of drilling
rig status and contract information covering the company's fleet
of offshore drilling rigs, its five drilling management
projects, along with a summary status of its Eastern Hemisphere-
based land fleet, has been updated as of Sept. 19, 2007.

The updated report, titled "Monthly Fleet Update," is available
through the company's Web site and can be accessed at the
Investor Relations link.

                  About Pride International

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2007, Fitch Ratings has affirmed Pride International
Inc.'s Issuer Default Rating at 'BB' in addition to affirming
the ratings on Pride International's senior secured revolving
credit facility, senior unsecured notes and their convertible
senior notes.  The Rating Outlook is Stable.  Fitch maintains
the following ratings for Pride International:

  -- Issuer Default Rating (IDR) at 'BB';
  -- Senior unsecured at 'BB';
  -- Senior secured bank facility at 'BBB-';
  -- Senior convertible notes at 'BB'.

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2.
Moody's said the outlook is stable.

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

-- Preferred Shelf rated Ba2 (LGD6, 97%)


SANTANDER BANESPA: Dutch Finance Minister Approves RBS Takeover
---------------------------------------------------------------
Finance minister Wouter Bos has notified the consortium of
Fortis, Royal Bank of Scotland and Santander that he has no
objection against the take-over of ABN AMRO Holding NV.  The so-
called 'declaration of no objection' has been issued, based
partly on advice from De Nederlandsche Bank.

In the advice of DNB a number of risks are mentioned that are
connected with the planned take-over and split-up of ABN AMRO.
For that reason DNB has made strict agreements with the
consortium that mitigate these risks as much as possible.
Besides that, agreements have been made about the monitoring of
the take-over process and planned split-up of ABN AMRO.

Mr. Bos opines that, if the conditions and limitations of DNB
are observed, the risks do not justify withholding the
declaration of no objection.

Mr. Bos has has formed an opinion on the question whether a
take-over by the consortium would lead to an undesirable
development in the financial sector as a whole, as defined in
the Financial Supervision Act.  His conclusion is that there are
no risks in that area that would justify withholding the
declaration, if and only if the attached conditions are observed
such as the creation of a transition plan.  This transition plan
should guarantee that the integration of existing administrative
systems for payment services and the integration of liquidity
management takes place carefully.  The consortium will report
monthly on the execution of the transition plan.  The minister
has the authority to define extra conditions during the
transition process, should this be necessary.

The declaration of no objection does not imply a preference for
a certain scenario or party.  This is up to the shareholders of
ABN AMRO.

Minister Bos also informed Parliament of the declaration of no
objection.

Once the acquisition passes all legal hurdles, it would mean
Banco Santander would take control of ABN Amro Real, the
Brazilian unit of the Dutch company, making Santander Banespa
the biggest private bank in the country, surpassing Banco Itau
Holding Financeira SA.

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

                        *     *     *

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


TRANSAX INT'L: June 30 Balance Sheet Upside-Down by US$3.5 Mil.
---------------------------------------------------------------
Transax International Limited's consolidated balance sheet at
June 30, 2007, showed US$2.0 million in total assets and
US$5.5 million in total liabilities, resulting in a US$3.5
million total stockholders' deficit.

The company's consolidated balance sheet at June 30, 2007,
further showed strained liquidity with US$793,080 in total
current assets available to pay US$5.0 million in total current
liabilities.

The company incurred a net loss of US$189,703 in the three
months ended June 30, 2007, compared with a net loss of US$1.3
million in the same period last year.  The decrease in net loss
is principally due to a decrease in non-cash expenses related to
derivative liabilities.

For the quarter ending June 30, 2007, Transax generated net
revenues of US$1.3 million, compared to US$1.0 million in net
revenues during the first quarter of 2006, a 29.3% increase.

Stephen Walters, president & chief executive officer of Transax
stated, "Over the past three years we have steadily built a
strong, consistent and successful business model in Brazil, now
generating significant positive cash flows.  We continue to
execute on every level of our operations including increasing
revenues and decreasing operating costs."  Mr. Walters
continued, "The management team continues to believe that shares
of Transax are significantly undervalued and continue to
evaluate various options which we believe will better reflect
the true value of the company.  We will update investors as any
final decisions are made."

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2392

                     Going Concern Doubt

Moore Stephens P.C., in New York, expressed substantial doubt
about Transax International Limited's ability to continue as a
going concern after auditing the company's consolidated
financial statements as of the year ended Dec. 31, 2006.  The
auditing firm pointed to the company's accumulated losses from
operations, working capital deficiency and net capital
deficiency at Dec. 31, 2006.

                About Transax International

Based in Miami, Florida, Transax International Limited (OTC BB:
TNSX.OB) -- http://www.transax.com/-- was incorporated under
the laws of the State of Colorado.  The company is an emerging
network solutions provider for the healthcare sector.  Utilizing
its proprietary MedLink(TM) technology, Transax provides a
service similar to credit card processing for the health
insurance and providers industries.  Transax maintains a major
operations office in Rio de Janeiro, Brazil with approximately
35 staff.


* BRAZIL: May Buy Exxon Mobil's Argentine Unit
----------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA is the
most likely candidate to purchase Exxon Mobil's Argentine
subsidiary Esso, the Brazilian news daily Estado de S. Paulo
reports.

According to Bernd Radowitz at Dow Jones Newswires, Exxon Mobil
reportedly plans to sell its Argentine assets US$200 million,
which include hundreds of service stations and a plant.  Exxon
Mobil allegedly wants to sell its stake "as Argentine government
policies to keep fuel prices down have squeezed profit margins."

Petroleo Brasileiro is the most likely buyer as it could import
oil from its own excess production in Brazil at a low price.  It
is also trying to expand its refining capacity outside Brazil,
Dow Jones says.

Estado de S. notes that Petroleo Brasileiro officials have been
studying Esso's assets and may make present a bid for it this
week.

Dow Jones relates that acquiring Esso would increase Petroleo
Brasileiro's share of Argentine fuel distribution to 27% from
14%.

"Petrobras [Petroleo Brasileiro] has a 80% chance to get Esso,"
Argentine consultancy Investigaciones Economicas Sectoriales
director Alejandro Ovando commented to Dow Jones.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: Credit Suisse Keeps Outperform Rating on State Firm
-------------------------------------------------------------
Credit Suisse analyst E. Leite has kept his "outperform" rating
on Brazilian state-owned oil firm Petroleo Brasileiro SA's
shares, Newratings.com reports.

Newratings.com relates that the target price for Petroleo
Brasileiro's shares was set at US$80.

Mr. Leite said in a research note that Petroleo Brasileiro
reported sequentially and year-on-year flat domestic and total
oil production for August 2007.

Petroleo Brasileiro told Newratings.com that it addressed the
operational problems that "adversely" affected output.  The firm
is generating production at normal levels.

New production systems would begin by October 2007.  Petroleo
Brasileiro wouldn't witness significant output boosts before the
fourth quarter 2007, Newratings.com states, citing Credit
Suisse.

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


AJO LONG/SHORT: Proofs of Claim Must be Filed by Oct. 17
--------------------------------------------------------
AJO Long/Short Fund's creditors are given until Oct. 17, 2007,
to prove their claims to S.L.C. Whicker and K.D. Blake, 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.

AJO Long/Short Fund's shareholder agreed on Aug. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       K.D. Blake
       Attention: Alex Watkins
       P.O. Box 493
       Grand Cayman KY1-1106
       Cayman Islands
       Telephone: 345-914-4412
       Fax: 345-949-7164


ASTREPRELUDE FUND: Proofs of Claim Filing Is Until Oct. 17
----------------------------------------------------------
Astreprelude Fund Ltd.'s creditors are given until
Oct. 17, 2007, to prove their claims to S.L.C. Whicker and K.D.
Blake, 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.

Astreprelude Fund's shareholder agreed on Aug. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       K.D. Blake
       Attention: Gundega Tamane
       P.O. Box 493
       Grand Cayman KY1-1106
       Cayman Islands
       Telephone: 345-914-4412
       Fax: 345-949-7164


GLOBAL ADVANTAGE: Proofs of Claim Filing Deadline Is Oct. 17
-----------------------------------------------------------
The Global Advantage Master Fund Ltd.'s creditors are given
until Oct. 17, 2007, to prove their claims to Linburgh Martin
and John Sutlic, 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.

The Global'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:

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


GLOBAL ADVANTAGE FUND: Proofs of Claim Filing Ends on Oct. 17
-------------------------------------------------------------
The Global Advantage Fund Ltd.'s creditors are given until
Oct. 17, 2007, to prove their claims to Linburgh Martin and John
Sutlic, 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 Advantage'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:

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


LADANG NAGA: Proofs of Claim Must be Filed by Oct. 17
-----------------------------------------------------
Ladang Naga SDN Bhd's creditors are given until Oct. 17, 2007,
to prove their claims to Linburgh Martin and Jeff Arkley, 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.

Ladang Naga's shareholder 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:

       Jeff Arkley
       Attention: Neil Gray
       Close Brothers (Cayman) Limited
       Fourth Floor, Harbour Place
       P.O. Box 1034
       Grand Cayman, KY1-1102
       Telephone: (345) 949 8455
       Fax: (345) 949 8499


PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures
---------------------------------------------------------------
Parmalat S.p.A. said that is ready to expand its dairy business
through acquisitions and joint ventures, with approximately
EUR570,000,000 in cash to finance the transactions, AFX News
reported, citing a report from Il Sole 24 Ore based on documents
produced during the Sept. 14, 2007, presentation of the
company's first half results to financial analysts.

Pursuant to the documents, Parmalat's expansion strategy will
enable it to "increase scale, improve mix and gain (a) position
in emerging markets."

"Today we have extraordinary income coming from litigations, but
we have to look at the phase when we will only have our
operational income," Dr. Enrico Bondi, Extraordinary
Administrator of Parmalat Finanziaria S.p.A., et al., told
analysts, according to AFX News.

For the period ending June 30, 2007, Parmalat made
EUR278,300,000 from settlements, helping the company reach the
end of the first half with net cash of EUR570,200,000, AFX News
disclosed.

"We are looking at developing countries.  A good opportunity
could be sub-Saharan Africa and other emerging markets," Dr.
Bondi told analysts, according to AFX News.

Dr. Bondi, however, noted that any settlement should:

   (i) preserve Parmalat's strong financial structure;

  (ii) avoid dilutive impacts in terms of valuation and
       profitability; and

(iii) preserve the company's capacity to distribute a dividend.

"I hope to be able to do something respecting these guidelines,
otherwise I think it will be difficult [to do anything]," Dr.
Bondi said, according to AFX News.

Dr. Bondi added that Parmalat is in the "study process," and the
"timing for any transaction is difficult to forecast."

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case
No. 04-14268, in the United States Bankruptcy Court for the
Southern District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 91; http://bankrupt.com/newsstand/or 215/945-7000)


PARMALAT SPA: Wants Court to Dismiss Foreign Plaintiffs' Claims
---------------------------------------------------------------
Parmalat S.p.A. asks the Hon. Lewis A. Kaplan of the United
States District for the Southern District of New York to
dismiss, with prejudice, the claims asserted by the Foreign
Plaintiffs in the Third Amended Consolidated Class Action
Complaint, pursuant to Rule 12(c) of the Federal Rules of Civil
Procedure.

Peter E. Calamari, Esq., at Quinn, Emanuel, Urquhart, Oliver &
Hedges, LLP, in New York, tells Judge Kaplan that the Foreign
Plaintiffs' claims against Reorganized Parmalat pursuant to the
Securities Exchange Act can only be maintained if they can
overcome the general presumption that federal statutes do not
apply "extra-territorially."

To overcome that presumption, Mr. Calamari asserts, the Foreign
Plaintiffs must show that the wrongful conduct either occurred
in the United States, or had a substantial effect in the United
States or upon its citizens.

Mr. Calamari notes that the District Court had already dismissed
the claims asserted by the Foreign Plaintiff purchasers against
Grant Thornton, Deloitte & Touche, Bank of America, Citigroup,
Credit Suisse, and BNL.  In doing so, the District Court ruled
that the transactions forming the basis of the Foreign
Plaintiffs' allegations were overwhelmingly foreign.

Mr. Calamari says the District Court's ruling applies to the
claims asserted by the Foreign Plaintiffs against Reorganized
Parmalat.  Unlike the U.S.-based banks and auditors, the Old
Parmalat was an Italian company, and by definition, could not
have committed acts essential to the alleged fraud against
foreign purchasers outside of Italy.

Mr. Calamari contends that the Complaint asserts no domestic
conduct of Old Parmalat that relates to foreign purchasers.  Any
alleged conduct in the Unites States was incidental, and
therefore did not directly cause the losses of the Foreign
Plaintiffs, he maintains.

       Smith and Pappas Want to File 3rd Amended Complaint

Gerald K. Smith and G. Peter Pappas had asked the District Court
to reconsider its August 8 Order dismissing their Second Amended
Complaints to allow them to amend their pleadings and correct
the deficiencies described in the Order.

Messrs. Smith and Pappas asserted that the District Court had
overlooked facts alleged in the Second Amended Complaints, as
well as controlling law relevant to issues addressed in the
Order.  The plaintiffs added that the Order was the District
Court's first ruling on the sufficiency of their allegations,
hence, they should be granted leave to add the lacking
information.

However, Judge Kaplan dismissed the Reconsideration Motion as
without merit, and denied Messrs. Smith and Pappas leave to
amend their motion, stating that they had "more than sufficient
opportunity file sufficient complaints."

Judge Kaplan pointed out that the problems resulting in the
dismissal of the Second Amended Complaints should have been
apparent to the plaintiffs before they had filed their original
complaints.  They had not even indicated how they will cure the
deficiencies, Judge Kaplan noted.

Consequently, Messrs. Smith and Pappas ask the District Court to
alter its judgment and grant them leave to file Third Amended
Complaints, for basically the same relief as sought in their
Reconsideration Motion.

On the plaintiffs' behalf, Leo R. Beus, Esq., at Beus Gilbert
PLLC in Scottsdale, Arizona, asserts that the District Court
made errors of fact and of law in its analyses of the
Plaintiffs' claims with respect to issues of loss causation and
damages, and abused its discretion by dismissing the claims
without leave to amend.

Messrs. Smith and Pappas also seek to file certain documents
under seal, pursuant to an August 2005 Stipulated Protective
Order.  The documents include:

  (a) motion to alter or amend the judgment and other relief
      pursuant to Rule 59 of the Federal Rules of Civil
      Procedure;

  (b) declaration of Robert T. Mills, consisting of products
      of discovery, occurring since the filing of the Second
      Amended Complaints;

  (c) proposed Third Amended Complaint in Smith v. Bank of
      America, et al.; and

  (d) proposed Third Amended Complaint in Pappas v. Bank of
      America, et al.

Messrs. Smith and Pappas intend to submit those exhibits,
representing substantial discovery supporting their Complaints,
for the consideration of their Motion to Alter the District
Court's judgment.

      Parmalat Sees Citigroup Trial Starting in March 2008

The trial against Citigroup for its involvement in Parmalat
S.p.A.'s bankruptcy proceedings should start around March 2008,
unless the U.S. group's time extension request is granted,
Parmalat attorney Nicola Palmieri said during the presentation
of the group's litigation timetable to analysts, AFX News
reported.

The presentation also revealed that the trial against Bank of
America and Grant Thornton should commence by the second or
third quarter of 2008.

The U.S. class action procedure should currently maintain the
same schedule as the one set out in the multidistrict
litigations against BofA and Grant Thornton, Mr. Palmieri told
AFX News.

"The class must first meet a set of criteria to get certified
... and there is a good chance they may not get this
certification," Mr. Palmieri told analysts, according to AFX
News.

Mr. Palmieri said he expects a decline on the legal expenses,
which in the first half totaled EUR31,900,000, starting from
2008, AFX News reported.

"In 2009 there should be a completely different picture because
only Italian cases will be involved and that (the costs) are
nothing like they are in the U.S.," Mr. Palmieri further told
AFX News.

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than USUS$200
million in assets and debts.  The U.S. Debtors emerged from
bankruptcy on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  (Parmalat Lumber Bankruptcy News, Issue
No. 91; http://bankrupt.com/newsstand/or 215/945-7000)


SERONO 92: Proofs of Claim Filing Is Until Oct. 17
--------------------------------------------------
Serono 92 Ltd.'s creditors are given until Oct. 17, 2007, to
prove their claims to Jeff Arkley and John Sutlic, 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.

Serono 92's shareholder agreed on Aug. 28, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


SERONO ATLANTIC: Proofs of Claim Filing Ends on Oct. 17
-------------------------------------------------------
Serono Atlantic Ltd.'s creditors are given until Oct. 17, 2007,
to prove their claims to Jeff Arkley and John Sutlic, 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 Atlantic's shareholder agreed on Aug. 28, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


SERONO INTERNATIONAL: Proofs of Claim Filing Deadline Is Oct. 17
----------------------------------------------------------------
Serono International Services Ltd.'s creditors are given until
Oct. 17, 2007, to prove their claims to Jeff Arkley and John
Sutlic, 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.

Serono Intternational's shareholder agreed on Aug. 28, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


SOJACAPITAL INC: Proofs of Claim Must be Filed by Oct. 17
---------------------------------------------------------
Sojacapital Inc.'s creditors are given until Oct. 17, 2007, to
prove their claims to Wilmington Trust (Cayman), 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.

Sojacapital's shareholders agreed on Dec. 27, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Andrew Johnson
       4th Floor, Century Yard
       Cricket Square, Elgin Avenue
       P.O. Box 32322
       Grand Cayman KY1-1209
       Cayman Islands
       Telephone: (345) 814 6703


TCIF BLUE: Proofs of Claim Filing Is Until Oct. 17
--------------------------------------------------
TCIF Blue Fund Ltd.'s creditors are given until Oct. 17, 2007,
to prove their claims to Jeff Arkley and John Sutlic, 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.

TCIF Blue's shareholders agreed on Sept. 6, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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




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


* COLOMBIA: Gives Favorable Terms for Oil & Gas Block Auction
-------------------------------------------------------------
The Colombian government has granted "favorable conditions" to
oil firms at its oil and gas block auction, Bernd Radowitz at
Dow Jones Newswires reports, citing Brazilian brokerage Ativa
oil analyst Monica Araujo.

According to Dow Jones, Colombia wants to boost its oil and gas
reserves amid a drop in output.

Ms. Araujo told Dow Jones, "The country really wants to attract
investment to the oil sector and thus did this auction at a very
low cost for companies."

Dow Jones notes that oil firms participating in the auction
don't have to make an initial payment for the blocks.  They will
have to commit themselves to a US$5 million-per-block investment
and a royalty payment of up to 16% of a possible future output.

Brazilian state-run oil company Petroleo Brasileiro SA said in a
statement that it won stakes in four exploration and production
blocks.

Dow Jones relates that Petroleo Brasileiro will be operator with
a 40% stake in the RC-06 and RC-07 blocks.  The firm will also
have a non-operating 30% stake in the RC-04 block and a 20%
stake in the RC-08 block.

Petroleo Brasileiro said in a statement that its "outstanding
participation in the auction shows its interest and trust in
Colombia, where it widens it exploration portfolio aiming at
increasing its reserves and production."

However, Petroleo Brasioleiro's exposure in Colombia has little
relevance as part of its overall international activities, Ms.
Araujo told Dow Jones.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Standard & Poor's Ratings Services assigned its
'BB+' long-term senior unsecured rating to the Republic of
Colombia's proposed 2027 Global Titulos de Tesoreria bond, a
bond denominated in Colombian pesos but payable in US dollars.




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


BANCO INTERCONTINENTAL: Luiz Renta Refuses To Surrender Stores
--------------------------------------------------------------
The legal representatives of Luis Alvarez Renta, who was
indicted in the Banco Intercontinental fraud case, told
Dominican Today that their client refused to let the central
bank hand over his duty-free stores InterdutyFree and Ultra
Export to Dominican airports operator Aerodom, triggering his
indictment.

Dominican Today relates that Eric Raful, Mr. Renta's defense
lawyer, presented as evidence the letters his client sent to
then-central banker Jose Lois Malkun.  The letters indicated
that the central bank "was to hold in escrow the US$71 million
the authorities offered to the defendant for the stores' planned
sale to the Spanish company Aldeasa."

According to Dominican Today, the defense showed a letter
stating that Mr. Malkun recognized the stores' value and claimed
that it was appropriate to collect the debts Mr. Renta could
have had with Banco Intercontinental.  Mr. Malkun "went ahead
and notified Aerodom."

The prosecution told news site Clave Digital that Mr. Renta
received US$27.5 million for the sale of the InterdutyFree
stores.  "The authorities didn't withhold any amount."

Dominican Today says that Mr. Raful presented another letter
Aerodom sent to Mr. Renta on May 13, 2003, when Mr. Malkun
mentioned Mr. Renta in a televised presentation in the National
Palace, though Mr. Renta's name "wasn't included in the charges
filed the following day."

A month after resisting the extortion, Mr. Renta was indicted in
the Banco Intercontinental case on money-laundering charges,
Dominican Today says, citing the defense lawyers.

Mr. Raful told news daily Listin Diario, "Aerodom maneuvered
with current central banker Hector Valdez Albizu so the stores
could be transferred without any objection and sold to a foreign
company, which made US$25 million in less than one month."

The documents presented in court indicated that authorities
didn't have any real interest "in preserving the stores' value
and much less in collecting the debts" Mr. Renta had with Banco
Intercontinental through his firms, Dominican Today states,
citing Mr. Renta's lawyers.

Located in Dominican Republic, Banco Intercontinental aka
Baninter collapsed in 2003 as a result of a massive fraud and a
resulting deficit of US$2.2 billion.  As a consequence, all of
its branches were closed.  The bank's current and savings
accounts holders were transferred to the bank's new owner --
Scotiabank.  The bankruptcy of Baninter was considered the
largest in world history, in relation to the Dominican
Republic's Gross Domestic Product.  The resulting deficit was
equal to 12% to 15% of the country's national GDP.  It costs
Dominican taxpayers DOP55 billion and resulted to the country's
worst economic crisis.


GUESS? INC: Caris Maintains Average Rating on Firm's Shares
-----------------------------------------------------------
Caris & Company analyst Scott Birkby has kept his "average"
rating on Guess? Inc's shares, Newratings.com reports.

According to Newratings.com, the target price for Guess?'s
shares was increased to US$57 from US$54.

Mr. Birkby said in a research note that recent checks indicated
that Guess?'s shoes and handbags have been receiving positive
customer response in Europe.

Mr. Birkby told Newratings.com that Guess?'s August 2007 "comp
store sales" had a double-digit increase.

The earnings per share estimate for fiscal year 2008 was
increased to US$2.28 from US$2.16, Newratings.com states.

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                        *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.




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


AIR JAMAICA: Mike Henry Says Airline To Undergo Major Changes
-------------------------------------------------------------
Air Jamaica will be implementing major changes, Radio Jamaica
reports, citing Jamaican Transport Minister Mike Henry.

Minister Henry told RJR News that it won't be "business as
usual" at Air Jamaica.  He explained to Radio Jamaica that he
will be taking a second look at the controversial sale of the
London route.

Changes will also be made to Air Jamaica's operational
structure, Radio Jamaica says, citing Minister Henry.

Minister Henry commented to Radio Jamaica, "As the Prime
Minister has asked them to put some things on hold until we have
had a look at what they are doing with the present situation.
As you know I have need to know what is the real position with
regards to the sale of the London slots which has devalued
Jamaica's marketability.  I am going to look at that closely and
then move to the immediate models put forward by the Prime
Minister because we have to look at how Air Jamaica can reduce
its strain on the Budget."

Air Jamaica will have a new board, Radio Jamaica states, citing
Minister Henry.

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

                        *     *     *

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

                        *     *     *

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




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


AMERICAN GREETINGS: Reports Second Quarter Financial Results
------------------------------------------------------------
American Greetings Corporation has announced its second quarter
results for the fiscal quarter ended Aug. 24, 2007.

For the second quarter of fiscal 2008, the company reported
total revenue of US$377.4 million, pre-tax income from
continuing operations of US$12.9 million, and income from
continuing operations of US$8.7 million or 16 cents per share
(all per-share amounts assume dilution).  For the second quarter
of fiscal 2007, the company reported total revenue of US$371.5
million, a pre-tax loss from continuing operations of US$13.9
million, and a loss from continuing operations of US$12.6
million or 22 cents per share.

               Management Comments and Outlook

Chief Executive Officer Zev Weiss said, "I am pleased with the
improvement in our financial performance this quarter as the
team has been working hard on several initiatives. Specifically,
our everyday and seasonal card performance improved nicely.  The
combination of the improved performance in our card business as
well as careful management of our costs caused our results to be
well above the prior period."

Mr. Weiss affirmed the corporation's previously announced
estimate of earnings per share from continuing operations for
fiscal 2008 to be between US$1.35 to US$1.55 per share.  "While
I am happy with our first half results, we have a lot of
initiatives planned in the second half of the year. The team is
working hard with our retail partners to accomplish our mutual
goals.  Given the strong start to the year, but also recognizing
that the seasonality of our business causes the majority of our
earnings to typically be earned during the second fiscal half,
we remain comfortable with our earnings guidance for the full
year," added Mr. Weiss.

                     Financing Activities

Under the company's US$100 million share repurchase program,
during the second quarter, the company purchased approximately
300,000 shares of its common stock for about US$7 million.  The
company has reduced its diluted share count by about one-third
over the past 28 months.

The company's Board of Directors authorized a cash dividend of
10 cents per share to be paid on Oct. 15, 2007 to shareholders
of record at the close of business on Oct. 5, 2007.

                 About American Greeting Corp.

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

                        *     *     *

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

Ratings Affirmed:

   -- Corporate family rating at Ba1;

   -- Probability-of-default rating at Ba1;

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

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

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

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


BARRY CALLEBAUT: Sells Brach's Business to Farley & Sathers
-----------------------------------------------------------
Barry Callebaut AG sold its U.S. consumer confectionery business
Brach's to Farley's & Sathers Candy Co. Inc. for an undisclosed
amount.  The sale will include all of the business and all
assets of Brach's and its affiliates, including three factories
in Chattanooga and Winona, in the U.S. and Vernell in Mexico.

The two parties expect the transaction to close by end of
November 2007.  The two companies agreed not to disclose any
financial details of the transaction.

Brach's has annual gross sales of about US$270 million, with
sugar candy accounting for around 75% and chocolate products
making up around 25%.  In Barry Callebaut's annual report for
fiscal year 2006/07, which closed on Aug. 31, 2007, Brach's will
be classified as discontinued business.  The Group's figures for
fiscal year 2005/06 will be restated accordingly.

"We are very pleased that we have found an optimal new owner for
Brach's in Farley's & Sathers that, based on its industrial
expertise, will be able to further develop the Brach's brand and
to secure a great future for the Brach's people.  We acquired
Brach's because we wanted to get access to the large U.S.
retailers and manufacture private label chocolate for the U.S.
market.  However the market for private label products in the
U.S. has not developed in the same way as in Europe.  Therefore
we decided we should concentrate on other priorities like
outsourcing and geographical expansion," Patrick De Maeseneire,
Barry Callebaut CEO disclosed.

"We are very pleased to be adding Brach's to Farley's & Sathers
Candy Company," Dennis Nemeth, President of Farley's & Sathers
Candy Company, Inc. said.

"Brach's is a well-established brand and its products are highly
regarded. This addition clearly marks our continued commitment
to the candy business, and gives us additional brands with long
traditions of quality that perfectly fit our long-term strategy.
In addition to broadening our current portfolio of brands, this
acquisition will allow opportunities to increase manufacturing
capacity," Mr. Nemeth added.

Headquartered in Round Lake, Minnesota, Farley's & Sathers --
http://www.farleysandsathers.com/-- manufactures and
distributes quality confections, gum products and snacks to all
classes of trade in the U.S.  As a portfolio company of
Catterton Partners, Farley's & Sathers has developed its
business both through internal growth and through the
acquisition of confectionery brands, including the Heide
business from Hershey and the Trolli business from Wrigley.

                    About Barry Callebaut

Headquartered in Zurich, Switzerland, Barry Callebaut --
http://www.barry-callebaut.com/-- manufactures cocoa,
chocolate, and confectionery products.  Barry Callebaut is
present in 25 countries, operates more than 30 production
facilities and employs around 8,000 people.  The company serves
the entire food industry, from food manufacturers to
professional users of chocolate, to global retailers.  It also
provides a comprehensive range of services in the fields of
product development, processing, training, and marketing.

In the 12 months to February 2007, the company reported revenues
and EBITDA of CHF4.2 billion and CHF421 million, respectively.

                        *     *     *

As reported on July 2, 2007, Moody's Investors Service affirmed
the Ba1 Corporate Family Rating of Barry Callebaut, with a
stable outlook.  At the same time, the agency assigned a (P) Ba1
rating to the proposed EUR350 million Senior Notes due 2017.


CALPINE CORP: Names Zamir Rauf Sr. as Treasurer & VP of Finance
---------------------------------------------------------------
Calpine Corporation has promoted Zamir Rauf as Treasurer and
Senior Vice President of Finance.  He will report to Lisa
Donahue, Calpine's Interim Chief Financial Officer.  In his new
role, Mr. Rauf will continue to oversee the Project and
Corporate Finance groups, in addition to managing Calpine's
Treasury function.

"I'm particularly pleased with this appointment as Zamir has
emerged as a true leader in the finance and accounting
organization," Calpine's Interim Chief Financial Officer Lisa
Donahue said.  "Under Zamir's leadership, Calpine recently
received a commitment for an amended and upsized exit facility,
providing the company up to US$8 billion in secured financing
upon emergence from bankruptcy.  This represents one of the
largest and most attractively priced exit financings of its
kind."

Mr. Rauf joined the company in 2000 and has worked in strategic
finance, financial structuring and project finance.  Most
recently, he has played an integral role in Calpine's
restructuring efforts.  He works closely with the company's
legal and restructuring advisors as well as the creditors'
committees in an effort to help ensure the successful
reorganization of the company.

Before joining Calpine, Mr. Rauf was with Enron North America as
a Manager - Merchant Finance.  He previously worked at Dynegy
Inc. in various accounting and finance roles and at Comerica
Bank where his last position was Corporate Banking Officer
serving in various lending and credit roles.  He earned his
bachelor's degree in business and commerce and master's in
business administration-finance from the University of Houston.

                         About Calpine

Headquartered in San Jose, California, Calpine Corporation --
http://www.calpine.com/-- supplies customers and communities
with electricity from clean, efficient, natural gas-fired and
geothermal power plants.  Calpine owns, leases and operates
integrated systems of plants in 21 U.S. states and in three
Canadian provinces.  Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.  The Company filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200).  Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts.  As of Dec. 19, 2005,
the Debtors listed US$26,628,755,663 in total assets and
US$22,535,577,121 in total liabilities.

Calpine Corporation's foreign non-debtor affiliate agreed to
sell its 45% interest in the 525-megawatt Valladolid III Power
Plant, currently under construction on the Yucatan Peninsula in
Mexico.  Calpine is selling its equity interest to the two
remaining partners in the project, Mitsui & Co., Ltd. and Chubu
Electric Power Co., Inc., for a purchase price of approximately
US$43 million.

                        *     *     *

As reported in the Troubled Company Reporter on June 22, 2007,
Calpine Corporation and certain of its subsidiaries have filed a
Joint Plan of Reorganization and Disclosure Statement with the
U.S. Bankruptcy Court for the Southern District of New York.

The Plan of Reorganization seeks to provide an equitable return
to all stakeholders while providing for the long-term viability
of the company.  With this filing, Calpine looks to have the
Plan confirmed during the 4th Quarter of 2007.


GRUPO MEXICO: Declares Force Majeure on Some Copper Contracts
-------------------------------------------------------------
Grupo Mexico SA, de C.V., has declared force majeure on some
copper contracts due to weeks of protests at the Cananea mine in
Sonora, Reuters reports.

Reuters relates that the Mexican national mining-metalworkers
union STMMRM launched demonstrations against Grupo Mexico on
July 30, 2007, over issues relating to collective contracts, and
safety and hygiene.  The strikes have paralyzed these mines:

           -- Cananea,
           -- San Martin, and
           -- Taxco.

Over US$250 million in revenues have been lost due to strikes,
Grupo Mexico's mining unit chief executive officer Xavier Garcia
admitted to Reuters.

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

                        *     *     *

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


ITRON INC: Posts US$23.9 Million Net Loss in Second Quarter 2007
----------------------------------------------------------------
Itron Inc. reported a net loss of US$23.9 million for the second
quarter ended June 30, 2007, compared with net income of
US$10.2 million in the same period in 2006.  The loss was
primarily due to acquisition-related charges for in process
research and development and inventory.

Non-GAAP net income, which excludes amortization expense related
to intangible assets, acquisition related charges for in process
research and development and inventory, and amortization of debt
fees, was US$27.7 million compared with US$15.0 million in the
2006 period.  Non-GAAP net income is higher in the second
quarter of 2007 primarily due to the Actaris acquisition.

Total revenues for the second quarter of 2007 of US$401.6
million were US$237.7 million, or 145.0%, higher than 2006
second quarter revenues of US$163.8 million.  Itron North
America revenues for the second quarter of US$151.9 million were
approximately US$11.9 million, or 7.3%, lower than the second
quarter of 2006.  Last year's second quarter revenues included
over US$30.0 million from the company's contract with Progress
Energy.  This contract also contributed to the higher number of
meters shipped during the second quarter of 2006.  Actaris
revenues of US$249.6 million were comprised of shipments to
electric, gas and water utilities of approximately 40%, 31% and
29%, respectively.

"We are obviously pleased with our financial results for the
quarter," said LeRoy Nosbaum, chairman and chief executive
officer.  "As expected, the acquisition of Actaris dramatically
improved the operating profile of our company and provides a
platform for future growth opportunities in the global energy
and water markets."

The company completed the acquisition of Actaris on
April 18, 2007.  Actaris products include electricity meters
sold outside of the U.S. and Canada and gas and water meters
sold around the world.

Net interest expense of US$20.7 million in the second quarter of
2007 was US$18.5 million higher than the comparable period in
2006.  The increased net interest expense in 2007 was primarily
due to the placement of US$1.2 billion in debt for the Actaris
acquisition.

The company had a US$14.8 million GAAP income tax benefit for
the second quarter of 2007.  This compares with a GAAP income
tax provision of US$5.0 million in the second quarter of 2006.
The benefit is due to the pre-tax GAAP loss.

Net cash provided by operating activities was US$62.9 million
million for the first six months of 2007, compared with
US$56.8 million in the same period of 2006.  Adjusted earnings
before interest, taxes, depreciation and amortization in
the second quarter of 2007, was US$69.3 million compared with
US$28.8 million for the same period in 2006.

At June 30, 2007, the company's consolidated balance sheet
showed US$2.99 billion in total assets, US$2.38 billion in total
liabilities, and US$615.8 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?238c

                      About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions: as
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on iits
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                        *     *     *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


JABIL CIRCUIT: Signs Settlement Pact on Derivative Lawsuits
-----------------------------------------------------------
Jabil Circuit Inc. has reached an agreement to resolve all
pending derivative litigations alleging that stock option grants
to certain members of senior management had been backdated.

As disclosed in May 2006, Jabil has been involved in shareholder
derivative and purported securities class action lawsuits and
received inquiries from the government regarding certain of its
historical stock option grants.  As a result, the company,
through its legal counsel and assisted by accounting advisors,
undertook an evaluation of certain of its historical stock
option grant practices.  In addition, a Special Review Committee
of the company's Board of Directors was also appointed to review
the allegations in the derivative actions.  The Special Review
Committee concluded, as previously announced, that there was no
merit to allegations that the company's officers or anyone else
issued themselves backdated stock options or attempted to cause
others to issue them.

Under the terms of the settlement, which is still subject to the
preparation of detailed documentation, as well as approval by
Jabil's Board and by the courts, Jabil will adopt several new
policies and procedures to improve the process through which
equity awards are determined, approved and accounted for. The
proposed settlement does not entail any payment of money.  Jabil
has agreed that it will not object to an application by
plaintiff's counsel for an award of up to eight hundred thousand
dollars in attorney's fees.  Six hundred thousand of the total
award will be covered by Jabil's Directors and Officers
insurance carriers.

The settlement of the derivative suits does not affect the
pending putative class actions asserting claims under the
federal securities laws, which defendants have moved to dismiss
and will continue to vigorously defend as without merit.

                     About Jabil Circuit

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- is an electronic product solutions
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies.  Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Moody's Investors Service confirmed Jabil Circuit,
Inc.'s Ba1 corporate family rating and revised the outlook to
negative following the recent filing of its fiscal 2006 (August
yearend) 10-K and fiscal 2007 first and second quarter tenth-
quarters. Simultaneously, Moody's upgraded the rating on the
existing US$300 million senior unsecured notes to Ba1 from Ba2.


MOVIE GALLERY: S&P Lowers Corporate Credit Rating to D
------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Movie Gallery Inc. to 'D' from 'CC' based on
the company not making its interest payment on its second-lien
term loan by the end of the specified grace period.  At the same
time, S&P has lowered the rating on the company's second-lien
term loan to 'D' and affirmed the first-lien and senior
unsecured debt rating of 'CC'.  The 'CC' rating level indicates
a high vulnerability to nonpayment.  The company has executed
forbearance agreements with its lenders for its first-lien
credit facilities and senior unsecured notes.  Both forbearance
agreements will expire Sept. 30, 2007.

"Movie Gallery remains challenged by poor industry
fundamentals," said S&P's credit analyst David Kuntz, "and sharp
declines in its core rental business have exacerbated already-
weak operating performance."  S&P will continue to monitor the
situation and make updates as additional information becomes
available.

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.


STEELCASE INC: Earns US$37.7 Million for FY 2008 Second Quarter
---------------------------------------------------------------
Steelcase Inc. has reported revenue totaling US$825.2 million
for its second quarter of fiscal 2008.  Revenue increased 4.5
percent compared to US$789.7 million in the prior year quarter,
ahead of company estimates.

As compared to the prior year, second quarter revenue included a
favorable impact of US$11.5 million from currency translation
effects and an unfavorable impact of US$10.9 million related to
dealer deconsolidations, net of acquisitions.

Steelcase reported net income of US$37.7 million, or US$0.26 per
share for the second quarter of fiscal 2008, ahead of company
estimates, driven by strong performance in the North America and
International segments.  This compares to US$26.6 million, or
US$0.18 per share in the same quarter of the prior year.

Included in the second quarter results were net restructuring
credits totaling US$1.0 million after-tax primarily related to a
pending real estate sale in the International segment.  Net
restructuring charges were US$2.8 million after-tax in the prior
year quarter.

"The improved results for the quarter are further evidence of
the benefits resulting from the actions we have taken to improve
our operations," said James P. Hackett, president and Chief
Executive Officer.  "This continued improvement in operating
results is coupled with our focus on more aggressively
implementing our growth strategies."

Cost of sales, which does not include restructuring charges, was
66.5 percent of revenue, an improvement of 200 basis points over
the prior year.  Improved sales mix and pricing yield, benefits
of prior restructuring actions and favorable adjustments related
to product warranty accruals and contract contingency reserves
contributed to the improvement.

"The improved gross margin in the North America segment
demonstrates the benefits of reducing fixed costs, implementing
lean manufacturing and simplifying our product portfolio," said
David C. Sylvester, vice president and Chief Financial Officer.
"We continue to make significant progress toward achieving our
longer-term financial targets."

Operating expenses increased US$20.8 million to 27.0 percent of
revenue driven largely by increases in variable compensation,
spending related to longer-term growth initiatives, adjustments
related to self-insurance reserves and lease impairments, and
currency translation effects.

Reported operating income was US$55.0 million, or 6.7 percent of
revenue, and included a pre-tax restructuring credit of US$1.7
million.  Operating income excluding restructuring items was
US$53.3 million, or 6.5 percent of revenue, compared with 5.9
percent in the prior year.

Other income, net increased to US$10.8 million from US$6.7
million in the prior year.  The increase included non-operating
gains resulting from dealer transitions and disposition of a
long-term investment.

The effective tax rate for the quarter increased to 39.0%.
Income tax expense included charges totaling US$3.0 million
related to the repatriation of earnings from the company's
Canadian subsidiary and the revaluation of deferred tax assets
in Germany and the United Kingdom due to the enactment of lower
tax rates.  As a result of these items, the company now expects
its effective tax rate to approximate 36% to 37% for the full
fiscal year.

Cash and short-term investments were US$478.7 million, an
increase of US$28.8 million over the first quarter.  During the
quarter, the company repurchased 2.2 million shares under its
share repurchase authorization at a total cost of US$40.0
million and paid dividends of US$21.6 million, or US$0.15 per
share.

                           Outlook

The company expects third quarter revenue to be 3% to 7% higher
than the previous year, including a US$25 to US$30 million
unfavorable impact of dealer deconsolidations, net of
acquisitions.  The company reported revenue of US$802.0 million
in the prior year third quarter.

The company expects to report earnings between US$0.27 and
US$0.32 per share in the third quarter.  The company reported
earnings of US$0.22 per share in the third quarter of the prior
year which included US$(3.6) million of after-tax restructuring
charges.

Mr. Hackett concluded, "We have a positive outlook for the third
quarter, and we are closely monitoring the recent uncertainty in
the credit markets.  At this point, however, we have not seen
any significant change in our customers' plans to purchase our
products and services."

                 Non-GAAP Financial Measures

This earnings release contains certain non-GAAP financial
measures.  A "non-GAAP financial measure" is defined as a
numerical measure of a company's financial performance that
excludes or includes amounts so as to be different than the most
directly comparable measure calculated and presented in
accordance with GAAP in the statement of income, balance sheet
or statement of cash flows of the company.  Pursuant to the
requirements of Regulation G, the company has provided a
reconciliation above of non-GAAP financial measures to the most
directly comparable GAAP financial measure.

The non-GAAP financial measures used within the company's
earnings release are: second quarter and six months year-to-date
gross profit, excluding restructuring charges for the current
and prior year in dollars and as a percentage of revenue and
second quarter and six months year-to-date operating income,
excluding restructuring charges, for the current and prior year
in dollars and as a percentage of revenue, on a consolidated
basis and for each business segment.  These measures are
presented because management uses this information to monitor
and evaluate financial results and trends.  Therefore,
management believes this information is also useful for
investors.

                        About Steelcase

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

                        *     *     *

As reported in the Troubled Company Reporter on July 2, 2007,
Moody's Investors Service upgraded the ratings of Steelcase to
investment grade (Baa3) from Ba1 following continued operating
performance improvements.  At the same time, the Ba1 corporate
family rating and Ba1 probability of default ratings were
withdrawn as these ratings are not applicable for investment
grade issuers.  The loss-given-default assessments were also
withdrawn.


TV AZTECA: Mexican Senate Approves Electoral Campaign Law
---------------------------------------------------------
Latinamerica Press reports that the Mexican senate has approved
a law reform preventing electronic media, including TV Azteca SA
de C.V., from getting millions of dollars that they had been
paid for electoral campaigns.

The Troubled Company Reporter-Latin America on Sept. 13, 2007,
that TV Azteca could get hurt from an electoral bill that was
analyzed in the Mexican congress.  The bill sought to get free
airtime for political parties' campaigns during lucrative time
slots, requiring broadcasters to grant three minutes of every
hour between 6:00 a.m. and midnight free to political parties
for airing spots during federal campaigns.

According to Latinamerica Press, the law has been passed to the
lower chamber for approval.  It stipulates that political
parties getting public financing cannot contract publicity
directly.  "The funds received for campaign advertising would be
administrated under the Federal Electoral Institute."  The law
also proposes banning any business group from hiring electronic
spaces for political opinions during election campaigns.

The measures would be implemented during national election
campaign every three years for a maximum of three months during
campaigns, Lawmakers told Latinamerica Press.

Latinamerica Press relates that almost 80% of the over US$324
million of public funds political parties spent went to the
media in the 2006 election campaign.  There were 757,545 spots,
mostly on television stations Televisa and TV Azteca.

The reform would threaten the media economically and "attack
freedom of expression," published reports say.

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

                        *     *     *

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




=================
N I C A R A G U A
=================


POLARIS GEOTHERMAL: Inks Kalina Geothermal Project with Exorka
--------------------------------------------------------------
Polaris Geothermal Inc. (TSX:GEO) has entered into an agreement
with Exorka International Limited for the purpose of developing
and operating Kalina based geothermal power projects.

Pursuant to the terms of the Agreement, Exorka has agreed to
subscribe for 1,600,000 units of Polaris Geothermal at a price
of CDN$1.25 per unit for gross proceeds of CDN$2,000,000.  Each
unit will consist of one class A common share and one class A
common share purchase warrant; each Warrant entitling the holder
to acquire one class A common share at a price of CDN$1.50 until
Dec. 31, 2008.  Coincidentally, Polaris Geothermal has agreed to
subscribe for 900,000 ordinary shares of Exorka at EUR1.00 per
share.

Pursuant to the terms of the Agreement, Polaris Geothermal will
grant to Exorka the exclusive right to supply a binary
generation plant and related equipment of appropriate size and
to Polaris Geothermal until June 30, 2009.  In return, Exorka
will issue warrants for Polaris Geothermal to subscribe for up
to 1,000,000 Exorka ordinary shares at a subscription price of
EUR1.50 per share or such price as may result from application
of agreed anti-dilution provisions should additional equity be
issued by Exorka exercisable until Dec. 31, 2008.

The Agreement requires Exorka to perform the following work at
its cost:

(i) technical, pre-engineering and brine testing work required
     for the potential supply of a Kalina binary plant at the
     company's San Jacinto-Tizate power project located near
     Leon, Nicaragua on or before March 31, 2008; and

(ii) a turn-key Kalina power plant proposal to Polaris
     Geothermal by Jan. 15, 2008.  The Agreement contemplates
     that Exorka and Polaris Geothermal will then negotiate in
     good faith the terms of supply for the Kalina plant.

The closing of the Agreement and the Private Placement are
subject to the receipt of all necessary approvals, including
regulatory and stock exchange approvals.

Polaris Geothermal Inc. -- http://www.polarisgeothermal.com/--
is a renewable resource company currently focused on the
development of renewable energy in Latin America. Polaris is
currently developing a 66 MW geothermal project on its San
Jacinto Tizate concession in Nicaragua.

                        *     *     *

In the going concern paragraph in its unaudited, interim
financial statements for the period ended Sept. 30, 2006,
Polaris Geothermal relates that it had a working capital
deficiency of US$11,597,375, and negative cash flows from
operations of US$1,422,955 for the nine months then ended, and
is in default of certain of its banking covenants.

In addition, due to a lack of working capital, the company has
not paid the bank indebtedness and equipment financing payments
due in July 2006.  The company does not have formal financing in
place to fund this working capital deficiency and the operating
losses.


XEROX CORP: Invests US$60 Million on Next Generation Toner Plant
----------------------------------------------------------------
Xerox Corporation began filling more than 20 miles of pipe and
stainless steel tanks with billions of micron-sized toner
particles with the opening of its first U.S.-based emulsion
aggregation Toner plant.  The new US$60 million facility is the
latest move by Xerox to support the growth of color pages in the
digital printing market while being environmentally responsible.
Last year alone more than 30 billion color pages were printed on
Xerox devices.

Developed by Xerox and protected by more than 300 patents, EA
toner produces sharper images using less toner per page, and is
already used in more than a dozen Xerox products like the
company's WorkCentre(TM) multifunction devices that print, copy,
scan and fax, and the Xerox DocuColor(TM) series of color
printers.

The five-story 100,000 square-foot plant located near Rochester,
New York, will be staffed by more than 40 chemical engineers and
increases Xerox's capacity for toner made by the EA process by
175%.

In addition to producing better quality prints, EA Toner is
significantly more environmentally friendly.  Unlike traditional
toner, which is created by physically grinding composite
polymeric materials to micron-sized particles, EA toner is
chemically grown enabling the size, shape and structure of the
particles to be precisely controlled.  This Xerox-developed
technology leads to improved print quality, less toner usage,
less toner waste and less energy required for manufacturing and
for printing.

EA Toner was developed exclusively at the company's start up
production facility in Mississauga, Ontario, attached to the
Xerox Research Centre Canada, where the toner was first
developed.  The new EA Toner plant, opened on Sept. 17, 2007, in
Webster, is one of the company's "smartest" manufacturing
facilities and is part of Xerox's commitment to reduce its
overall greenhouse gas emissions 10% by 2012.

"Xerox is the world's largest manufacturer of toner, so we need
to do it efficiently," Richard Schmachtenberg, vice president of
Consumables Development & Manufacturing Group, said.  "The plant
is designed for energy efficiency, and is packed with more than
4,000 sensors that track information about temperature,
humidity, air flow and other variables."  The plant is also
organized into zones that can be separately controlled for the
most efficient operation.  Depending upon the process being run,
whole zones can be shut off when not needed, saving energy
costs.

The decision to open this state-of-the-art EA Toner plant is
part of the company's overall commitment to continue to invest
in the manufacturing of technologies that give the company a
competitive edge.  More than 6,000 employees currently work at
the company's 1,100-acre campus, known as the Joseph C. Wilson
Technology Center.  In addition to manufacturing its high-end
production level printers, the center is a key research and
development location.

"We could have chosen to build this new plant anywhere in the
world but we're taking advantage of the strong manufacturing and
engineering competencies that exist in Monroe County," Wim
Appelo, vice president of Xerox Strategic Services, said.  "It's
an investment in the community and in our people and symbolic of
our on-going initiative to make our Webster facility a model
showcase."

                     About Xerox Corp.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 23, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Stamford, Connecticut-based Xerox Corp. to positive from stable.
Ratings on the company, including the 'BB+' long-term and 'B-1'
short-term corporate credit ratings, were affirmed.




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


CHIQUITA BRANDS: Colombia Seeking Extradition of Firm's Officers
----------------------------------------------------------------
The Colombian government told The China Post that it would seek
the Chiquita Brands International officials' extradition if they
had broken local law after the company made a US$25-million
settlement for paying off terrorists.

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, the U.S. 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.
Colombian officials were angry the settlement.  Reporters say
that the fine was small compared to other cases.

The China Post relates that Colombian Vice President Francisco
Santos demanded that the fine be given to the terrorists'
victims, whose families have already filed a lawsuit against
Chiquita Brands to seek unspecified damages.

The foreign ministry said in a statement, "If the conduct of
executives at the banana company Chiquita Brands constitutes any
crime in Colombia, then we will ask, with the help of the
attorney general, for these people to be extradited."

Colombia would launch its own separate probe, The China Post
says, citing the attorney general.

"It makes no sense here or anywhere that for US$25 million a
multinational company can buy immunity," Interior Minister
Carlos Holguin told the press.

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.


PAYLESS SHOESOURCE: Names Scott Ramsland Sr. VP, Gen. Manager
--------------------------------------------------------------
Payless ShoeSource has hired Scott Ramsland as senior vice
president, general merchandising manager, international,
reporting to President and Chief Executive Officer Matt Rubel.

Mr. Ramsland, who began in this role earlier this week, will
lead the team responsible for the product direction and overall
merchandising strategy for Payless' presence in international
markets.  Through a variety of alliances such as joint ventures
and others, Payless currently has stores in Puerto Rico, Guam,
Saipan, the U.S. Virgin Islands, Canada, Central America, the
Caribbean, and South America.

"Scott has a rich product and merchandising history in both the
footwear and general retail industries, having served for nearly
three decades at Macy's, May, Federated, Brown Shoe Company and
Rack Room Shoes, among others," said Mr. Rubel.  "We are
thrilled Scott is joining our team to focus his talents and
leadership in our expanding international presence with
targeted, on-trend products and innovative merchandising
initiatives."

Most recently, since 2003, Mr. Ramsland served as senior vice
president, general merchandising manager at Rack Room Shoes.
Prior, from 1998 to 2002, he served as vice president and
divisional merchandise manager at Carson Pirie Scott and from
1993 to 1997 as vice president and national sales manager for
the Life Stride Brand at Brown Shoe Company.  From 1990 to 1992
he was with Federated Department Stores as vice president,
division merchandise manager at Rich's Division and just prior
served in the same role for the Jordan Marsh Boston Division of
Federated.  From 1988 to 1989 he was with May Co. as vice
president, divisional merchandise manager, Famous Barr Division,
and from 1983 to 1987 he served in various roles including buyer
and store manager for Macy's Atlanta Store Group.  Mr. Ramsland
began his career at Allied Stores and holds a bachelor's degree
in political science from Taylor University in Upland, Indiana.

                       About Payless

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

                        *     *     *

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

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




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


AMERICAN AIRLINES: Announces Executive Leadership Appointments
--------------------------------------------------------------
Following the announced retirement of Ralph Richardi, Senior
Vice President-Customer Service, American Airlines has announced
leadership appointments that will foster greater alignment,
collaboration and cooperation within the company's operations.

-- Bob Reding, Senior Vice President - Technical Operations,
    was appointed Executive Vice President - Operations,
    reporting to AMR CEO and Chairman Gerard Arpey.  Mr.
    Reding, a 35-year aviation veteran, has led American's
    Maintenance and Engineering, Flight Operations, Operations
    Planning & Performance, and the Safety Security and
    Environmental departments since 2003.  In his new position,
    Mr. Reding will also assume responsibility for Airport
    Services.  Mr. Reding previously served as Chief Operations
    Officer for American Eagle and as the Chief Executive
    Officer of Canadian Regional Airlines and Reno Air.  Prior
    to entering the commercial airline industry, Mr. Reding was
    an officer and pilot flight examiner with the United States
    Air Force.  He has also accumulated more than 10,000 hours
    as a commercial and military pilot.

American also announced the appointment of two senior vice
presidents, who will report to Mr. Reding:

  -- Tom Del Valle, Vice President - Domestic Customer Service,
     was appointed Senior Vice President - Airport Services.
     Effective upon Mr. Richardi's retirement in December, Mr.
     Del Valle will oversee all of American's domestic Airport
     Operations, Customer Service Planning and the Cargo
     Division.  Mr. Del Valle was previously responsible for
     all of American's non-hub stations in the U.S. and Canada
     since 1999, including JFK International and LaGuardia in
     New York, Boston-Logan International, San Francisco
     International, St. Louis-Lambert International and Los
     Angeles International airports.  In December, Tim Ahern,
     Vice President-DFW, will succeed Mr. Del Valle as Vice
     President - Airport Services.  Mr. Del Valle started his
     career as a flight attendant and has since held a number
     of management and leadership positions in Flight Services,
     Passenger Services, and Airport Operations.  He also was
     President of the American Eagle Executive Airlines
     operation in San Juan, Puerto Rico, for five years and
     oversaw American's customer service efforts at Los Angeles
     International Airport for two years.

  -- Carmine Romano, Vice President - Base Maintenance, was
     appointed Senior Vice President - Maintenance &
     Engineering.  Mr. Romano, who has had responsibility for
     the Tulsa maintenance operations since 2000, will oversee
     all of American Airlines maintenance operations worldwide,
     including its major repair, overhaul and modification
     bases in Fort Worth, Kansas City and Tulsa.  He will also
     oversee maintenance and engineering activities that take
     place at stations throughout the American Airlines system.
     This includes managing the contract maintenance
     relationships that American has forged with other airlines
     to perform FAA-certified maintenance and engineering
     services.  Mr. Romano started his American career as a
     line mechanic in 1968 and has served in a number of
     management positions at the Tulsa maintenance base since
     1981.

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.
American Airlines flies to Belgium, Brazil, Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on May 25, 2007,
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
American Airlines Inc.'s (B/Positive/--) US$125 million
Dallas/Fort Worth International Airport special facility revenue
refunding bonds, series 2007, due 2030.  The bonds are
guaranteed by American's parent, AMR Corp. (B/Positive/B-2), and
are secured by payments made by American to the airport
authority.  Proceeds are being used to refund the outstanding
revenue bonds, series 1992 (rated 'CCC+'), whose rating was
withdrawn.


PIER 1: Incurs US$34.4 Mln Net Loss in 2nd Quarter Ended Sept. 1
----------------------------------------------------------------
Pier 1 Imports Inc. posted a net loss from continuing operations
of US$43.4 million for the second quarter ended Sept. 1, 2007,
versus a net loss of US$73.1 million for the year ago period.
Total sales declined 7.0% for the second fiscal quarter to
US$344.6 million from US$370.7 million in the year-ago quarter.
Comparable store sales, which exclude Pier 1 Kids, clearance
stores and e-commerce, declined 3.6% for the quarter.

            Merchandise Margin and Gross Profit

Merchandise margins in the second quarter were 47% of sales.
Historically, the second quarter has the lowest merchandise
margins of the year as a result of the semi-annual clearance
event in June and July.  In addition, margins for the quarter
were further reduced by an estimated 200 basis points as a
result of the aggressive liquidation of Pier 1 Kids, e-commerce,
clearance and the remaining modern craftsman merchandise.
During the month of August, when the Company had no unusual
promotional discounting activities, merchandise margins were
approximately 52% excluding Pier 1 Kids, e-commerce and
clearance stores and were comparable to last year.  Store
occupancy expense for the second quarter decreased US$2.5
million from the year ago period.

        Selling, General and Administrative Expenses

Selling, general and administrative expenses for the second
quarter were US$35.6 million less than the year ago period, and
were 34.1% of sales compared to 41.3% of sales last year.  The
primary contributors to the decrease in on-going costs were
savings of approximately US$14.0 million in marketing expense,
US$13.9 million in payroll, and US$4.8 million in other general
administrative costs when compared to the same period last year.

During the second quarter, selling, general and administrative
expenses also included US$7.4 million in special charges
compared to US$10.3 million reported in the same period last
year, a decrease of US$2.9 million.  Excluding the impact of
these charges, adjusted selling, general and administrative
expenses for the second quarter declined US$32.7 million from
the year ago period and for the year declined US$52.5 million
when compared to the first six months of fiscal 2007.

As the Company continues to improve efficiency and simplify all
aspects of the organizational structure, management expects to
realize additional savings throughout the balance of this year,
and estimates the savings to be at least US$100 million for the
year.  On an annualized basis, the on-going savings are
estimated to be US$150 million, as previously announced.

              Return To Profitability & Beyond

Alex W. Smith, the Company's President and Chief Executive
Officer, said, "I am delighted that our strenuous efforts to
simplify our business and drive out costs are already
significantly improving our bottom line.  We know that if we
continue to focus on execution of our six business priorities,
we will be able to reverse five years of deteriorating trends
and return to profitability and beyond."

"As we head into the very important holiday selling season, our
energies are concentrated on generating sales with sustainable,
normalized margins.  I look forward to updating you in more
detail on our conference call later today."

                     About Pier 1 Imports

Based in Fort Worth, Texas, Pier 1 Imports Inc. (NYSE:PIR)
-- http://www.pier1.com/-- is a specialty retailer of imported
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico, and Pier 1
kids(R) stores in the United States.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 19, 2007,
Moody's Investors Service downgraded Pier 1 Imports Inc.'s
corporate family rating to Caa1 from B3 following its continuing
operating struggles and modest performance over the 2006 holiday
season.  Moody's said the rating outlook was revised to
negative.


SIMMONS BEDDING: S&P Raises US$565-Mil. Loan Rating to BB-
----------------------------------------------------------
Standard & Poor's Ratings Services has raised its bank loan
rating on Simmons Bedding Co.'s US$565 million senior secured
financing to 'BB-' from 'B+'.  The recovery rating remains at
'1', indicating the expectation of very high (90%-100%) recovery
in the event of a payment default.

The likelihood of default for the issue is reflected in the
issuer's corporate credit rating of B/Stable/--, which has not
changed.  "However," said S&P's credit analyst Rick Joy, "with
the recent introduction of S&P's new issue rating framework,
which incorporates recoveries in all secured issue level
ratings, the rating on the senior secured credit facilities has
been raised by one notch."

Ratings List:

Simmons Company
-- Corporate Credit Rating          B/Stable/--

Ratings Raised:
                                  To          From
Simmons Bedding Co.
-- Senior Secured Local Currency    BB-         B+

                         About Simmons

Headquartered in Atlanta, Georgia, Simmons Company -
http://www.simmons.com/-- through its indirect subsidiary
Simmons Bedding Company, is one of the world's largest mattress
manufacturers, manufacturing and marketing a broad range of
products including Beautyrest(R), BackCare(R), BackCare Kids(R)
and Deep Sleep(R).  Simmons Bedding Company operates 21
conventional bedding manufacturing facilities and two juvenile
bedding manufacturing facilities across the United States,
Canada and Puerto Rico.


SUNCOM WIRELESS: Inks US$2.4 Billion Merger Pact with T-Mobile
--------------------------------------------------------------
T-Mobile USA Inc. and SunCom Wireless Holdings Inc. entered into
a definitive merger agreement for the acquisition by T-Mobile
USA of all of the outstanding shares of common stock of SunCom,
for an aggregate of about US$2.4 billion in cash and assumed
debt.

This includes cash payment of about US$1.6 billion and US$0.8
billion net debt.

The acquisition will further enhance T-Mobile's network coverage
in the southeastern United States and the Caribbean through the
complementary addition of SunCom's markets and customers in
North Carolina, South Carolina, Tennessee, Georgia, Puerto Rico
and the U.S. Virgin Islands.

After the closing of the transaction, T-Mobile USA expects to
fully integrate SunCom's assets into the T-Mobile network.
T-Mobile is will provide SunCom customers with a smooth
transition to T-Mobile's quality, innovative wireless services
and products, such as its popular myFaves SM offering; its
geographic reach on its wireless network, and its customer
service.

"With the acquisition of SunCom, we will continue to implement
our strategy to 'grow abroad with mobile', which is part of our
overall group strategy," Rene Obermann, chairman of the board of
management of Deutsche Telekom, said.

"At the same time we can realize significant synergies on the
cost side and improve our market presence.  As a result, this
acquisition will fit very well with our strategy to grow abroad
with mobile primarily within our current footprint within the
context of market consolidation."

"The strategic fit of the SunCom operations will make this a
near-perfect acquisition," Robert Dotson, president and chief
executive officer of T-Mobile USA, said.  "It will round out our
domestic footprint, allowing us to serve 98 of the top 100
markets, and will significantly benefit our financial position
by reducing roaming expense.  Furthermore, it will add a
talented group of employees that will enable us to serve more
than one million new SunCom customers with industry-leading
national products and services available under the T-Mobile
brand."

By agreeing to acquire SunCom, T-Mobile USA expects to expand
its own nationwide coverage, excluding roaming, from 244 million
PoPs to 259 million PoPs.  T-Mobile USA also expects to realize
synergies with a net present value of about US$1 billion through
reduced roaming and operating expenses.  Plus, the company
anticipates further upside growth opportunities through the
addition of the new markets.

"We are extremely pleased to be combining with T-Mobile USA, a
customer-focused, nationwide provider of wireless services, with
whom we have been a long-time roaming partner," Michael E.
Kalogris, chairman and chief executive officer of SunCom, said.
"This transaction is a testament to all that SunCom has achieved
-- transforming this company through our financial and
operational restructuring into the growing, profitable business
it is today, while offering customers exceptional service and
products.  We look forward to building on this momentum as part
of T-Mobile USA."

Certain investment funds affiliated with Highland Capital
Management L.P. and Pardus Capital Management, who together own
more than 50% of SunCom's issued common stock, have committed to
vote in favor of the transaction.

Under the terms of the agreement, approved by the boards of both
companies, holders of SunCom common stock will receive US$27 per
share in cash.  Including net debt as of June 30, 2007, the
total transaction value is about US$2.4 billion.  The US$27 per
share purchase price represents a premium of 22.7% over the
closing price of SunCom common stock on the New York Stock
Exchange on Sept. 14.

The acquisition, which is subject to governmental and regulatory
approvals, approval by SunCom shareholders and other customary
closing conditions, is expected to close in the first half of
2008.

                    About T-Mobile USA Inc

Headquartered in Bellevue, Washington, T-Mobile USA, a
subsidiary of Deutsche Telekom's T-Mobile International,
-- http://www.t-mobile.com/-- uses its global system for mobile
communications network in the US and its parent's GSM network in
Europe.  It has more than 23 million customers.

                    About SunCom Wireless

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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services raised its
ratings on SunCom Wireless Holdings Inc., including the
corporate credit rating, which was raised to 'B-' from 'CCC+'.


SUNCOM WIRELESS: T-Mobile Pact Cues S&P to Watch B- Corp. Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings on
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 S&P'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.




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


BANCO DE VENEZUELA: Fitch Affirms B+ Currency Issuer Ratings
------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Banco de Venezuela:

-- Long-term foreign and local currency Issuer Default Ratings
    at 'B+';
-- Short-term foreign and local currency rating at 'B';
-- Individual at 'D';
-- Support at 5.
-- Support Floor at NF;
-- Long-term National rating at 'AA(ven)';
-- Short-term National rating at 'F-1(ven)'.

The Rating Outlook for the long-term issuer default rating is
Negative, similar to the Rating Outlook assigned to the ratings
of all the other Venezuelan banks.  Lower capitalization and
profitability could result in future downgrades, while further
government intervention could also trigger negative changes in
all the bank ratings.  The constant government intervention in
private sector activities, including the banking sector, has
been patent since 2001.  As a result, the system operates under
a complex array of controls in areas such as direct lending,
interest rates floors and ceilings, a tight control over fees
and commissions and a high cash reserve requirement, among other
measures; even further a reform of the banking law is under
discussion, raising the spectra of additional, as yet undefined,
controls.

Banco de Venezuela's ratings reflect its strong franchise,
competent risk management, sound overall financial profile and
the operational support of Banco Santander, its majority
shareholder.  BV's ratings are constrained by rapidly decreasing
capital ratios, lower than expected profitability due narrowing
spreads and the negative effects of government intervention. The
bank's good profitability ratios stand above system averages.
This trend is based in above average cost control policies, good
asset quality and better income diversification.  Despite BV's
successful expansion in consumer and middle market lending,
lower interest rates, the effect of the compulsory lending
requirements and the fierce competition among local banks, have
hindered BV's profitability, while the absence of foreign
exchange gains, since year 2004, have not been able to provide
additional profits.  During 2006, the bank's ROAA decreased to
3% compared to an average of 5% in the 2003-2005 period, a
similar trend observed along the market.  Future profitability
expectations could remain limited given a possible deterioration
of the operating environment and/or government intervention.

Loan demand had been benefited by the significant upturn in
economic activity since year 2004.  BV's ample presence across
all market sectors and its renovated commercial approach have
resulted in a 67% average growth in gross loans, while the
improved economic environment and above average credit risk
tools used by BV have resulted in a past due to total loans
ratio of just 0.4%.  The aforementioned increase in loans has
eroded the banks overall reserve level (1.7% of total loans at
end-2006), a level that looks tight given the unseasoned nature
of the recently build portfolio, the significant increase in
consumer lending and the inherent volatility of the Venezuelan
operating environment.  Despite the higher share of loans, the
historic concentration in government securities remains sizable
but below the market average, with the total government exposure
to equity at 5 times and 1.6 if short-term Central Bank
securities are excluded. Significant asset growth and cash
dividends have been reducing BV's capitalization.  At end-2006,
BV's equity to assets and total capital to risk-weighted assets
ratios went down to 7.5% and 13.4%, a level considered tight
given the volatility of the operating environment.  Going
forward, BV's capital ratios could remain tight due its expected
growth and relatively lower profitability ratios.

BV was Venezuela's second largest universal bank at
Dec. 31, 2006 (local operations) in terms of consolidated funds
under management (assets + investment funds) with a 12% market
share.  Santander acquired BV from the government in 1996, while
during 2002 Banco Caracas, a medium sized retail bank, was
successfully merged into BV.  At June 30, 2006, Santander had a
98% stake in BV.

Headquartered in Caracas, Venezuela, Banco de Venezuela S.A.
-- http://www.mercantil.com.br-- provides banking services to
private, institutional and commercial clients.  It offers
investment and financing services along with the provision of
insurance and credit card products.


* VENEZUELA: Selling US$1.2 Billion of Dollar Bonds Next Week
-----------------------------------------------------------
The Venezuelan government plans to sell US$1.2 billion of
dollar-denominated bonds to local investors this week.

Matthew Walter at Bloomberg News says that the government's
planned sale is aimed at curbing inflation by absorbing
liquidity.

The Venezuelan Finance Ministry said in an e-mailed statement to
Bloomberg that the sale will comprised of US$600 million of
Argentina's 7% Boden15 dollar bonds due October 2015, and US$600
million Venezuelan 7.125% dollar bonds due March 2015.

Inflation in Venezuela is the fastest in the region, driven by a
threefold increase in the government's spending in four years,
Bloomberg relates.  Consumer prices rose 15.9% in August,
fuelled by shortages in basic products.

Alejandro Gonzalez, a bond trader with Solfin Sociedad de
Corretaje de Valores in Caracas, told Bloomberg that demand for
the dollar bonds would be high, which would strengthen the
bolivar in the parallel market.

The Finance Ministry's statement added that proceeds from the
sale will be used to pay off debt this year and recoup funds
used to buy the Argentine bonds last month, Bloomberg states.
The bonds price will be announced Sept. 24 at 9:00 a.m., and
minimum order will be for US$3,000.

                        *     *     *

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


* BOND PRICING: For the Week Sept. 17 to Sept. 21
-------------------------------------------------

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

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

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

CAYMAN ISLANDS
--------------
Vontobel Cayman         8.300   12/28/07     CHF      70.90
Vontobel Cayman        10.700   12/28/07     CHF      56.00
Vontobel Cayman        11.400   12/28/07     CHF      66.55
Vontobel Cayman        11.400   12/28/07     CHF      69.70
Vontobel Cayman        11.850   12/28/07     CHF      73.90
Vontobel Cayman        13.500   02/22/08     CHF      51.70
Vontobel Cayman        14.900   12/28/07     CHF      75.00
Vontobel Cayman        16.000   12/28/07     EUR      65.55
Vontobel Cayman        16.800   12/28/07     CHF      40.00
Vontobel Cayman        22.850   12/28/07     CHF      42.05

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


                         ***********


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 Rita K. Jala,
Editors.

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

This material is copyrighted and any commercial use, resale or
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              * * * End of Transmission * * *