TCRLA_Public/070925.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, September 25, 2007, Vol. 8, Issue 190

                          Headlines

A R G E N T I N A

ALITALIA SPA: Ministers Air Support for Malpensa Downscale Plan
ALITALIA SPA: Selling Heathrow Slots to Raise Cash
AMC TELEVISION: Proofs of Claim Verification Ends Tomorrow
BARTOR SRL: Proofs of Claim Verification Deadline Is Nov. 9
BUENOS AIRES BROADCAST: Reorganization Proceeding Concluded

IMPORTECA SA: Proofs of Claim Verification Is Until Dec. 10
INDUPOL SRL: Proofs of Claim Verification Deadline Is Tomorrow
LA DOLCE: Proofs of Claim Verification Ends Tomorrow
NOR-JOR SRL: Proofs of Claim Verification Deadline Is Tomorrow
OCCIDENTAL LABEL: Proofs of Claim Verification Is Until Nov. 16

ORIGINAL METAL: Proofs of Claim Verification Ends on Nov. 21
PANELMASTER SA: Proofs of Claim Verification Deadline Is Nov. 7
PESCADERIA LINIERS: Claims Verification Deadline Is Today
QUIMSER SA: Proofs of Claim Verification Is Until Oct. 19
RAID SA: Trustee To File Individual Reports in Court on Oct. 22

SANCHEZ CONSTRUCCIONES: Claims Verification Deadline Is Nov. 15

* ARGENTINA: Launching Bond of the South II for US$1.2 Million


B A H A M A S

METROPOLITAN BANK: Sees Continued Growth for Trust Banking Unit


B E R M U D A

FOSTER WHEELER: Spanish Unit Inks Pact with Fundacion Ciudad
SUNRISE LIMITED: Proofs of Claim Filing Is Until Tomorrow


B O L I V I A

HANOVER COMPRESSOR: Moody's Withdraws Ratings After UCI Merger

* BOLIVIA: State Firm Eyes Residential Gas Piping Completion
* BOLIVIA: State Firm Seeking Reconstituted Crude Buyer
* BOLIVIA: Wants To Recover Control of Transredes & CLHB


B R A Z I L

BAUSCH & LOMB: S&P Holds CreditWatch on BB+ Corp. Credit Rating
EMI GROUP: Majority of Noteholders Tender 8.625% Senior Notes
FERRO CORPORATION: Board Declares Regular Quarterly Dividend
FIDELITY NATIONAL: Completes Sale of Property Insight Business
GENERAL MOTORS: Reaches General "VEBA Trust" Framework with UAW

MAGNA INT'L: Announces Purchase Offer Preliminary Results
REDE EMPRESAS: Fitch Rates US$175-Mil. Perpetual Notes at B
REDE EMPRESAS: Moody's Assigns B3 Rating on US$175-Million Notes
SANYO ELECTRIC: Sells Semiconductor Unit to Advantage Partners
SCO GROUP: Bankruptcy Filing Prompts Nasdaq to Delist Securities

SCO GROUP: Organizational Meeting Scheduled for Sept. 28
SCO GROUP: Posts US$2.4 Mil. Net Loss in Quarter Ended July 31

* BRAZIL: State Firm Ready for Purchase Deal with Petrojam


C A Y M A N   I S L A N D S

AMOCO/ENRON (GLOBAL): Sets Last Shareholders Meeting for Oct. 17
AMOCO/ENRON (INT'L): Final Shareholders Meeting Set for Oct. 17
BEAR STEARNS: Cayman Court Allows Funds' Liquidation to Proceed
EACM SELECT: Sets Final Shareholders Meeting Today
GEORGIA FUNDING: Will Hold Final Shareholders Meeting on Oct. 17

HEDGEFORUM BASSWOOD: Proofs of Claim Filing Deadline Is Oct. 18
HEDGEFORUM CAPITAL: Proofs of Claim Filing Ends on Oct. 18
JME OPPORTUNITY FUND: Final Shareholders Meeting Is on Oct. 17
JME OPPORTUNITY FUND II: Final Shareholders Meeting on Oct. 17
K CAPITAL: Will Hold Final Shareholders Meeting Tomorrow

PARMALAT SPA: Parma Judge Raises Concerns on Case Against Banks
PRINCIPAL PROTECTED: Proofs of Claim Filing Is Until Oct. 18
PRS CAPTIVE: Proofs of Claim Must be Filed Today
SCOUT CAPITAL: Will Hold Final Shareholders Meeting Tomorrow
SILVER LUX: Proofs of Claim Filing Ends on Oct. 18

SPECIAL K (EURO): Sets Final Shareholders Meeting Tomorrow
SPECIAL K (U.S.): Will Hold Final Shareholders Meeting Tomorrow
TEE INTERNATIONAL: Proofs of Claim Filing Deadline Is Oct. 18


C H I L E

NOVA CHEMICALS: Moody's Confirms Ba3 Corporate Family Rating


C O L O M B I A

SOLUTIA INC: Opens New Manufacturing Plant in Suzhou, China


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Court To Rule on Fraud Case on Oct. 21
BANCO INTERCONTINENTAL: Defense Wants Fraud Charges Dismissed


E C U A D O R

UNIVERSAL COMPRESSION: Moody's Withdraws Ratings After Merger


G U A T E M A L A

BRITISH AIRWAYS: Increases US Flights in Summer 2008


H O N D U R A S

NORTHERN ORION: Agrees with Yamana Gold's Offering Amendments


J A M A I C A

DIGICEL GROUP: ECI To Expand Firm's Broadband Services


M E X I C O

ALERIS INT'L: To Shut Down Dickson Manufacturing Facility
BANK OF TOKYO-MITSUBISHI: Moody's Withdraws Ratings
COTT CORP: Expects Lower 2007 Outlook Due to Volume Declines
COTT CORP: Moody's Ratings Under Review for Possible Downgrade
DANA CORP: To Pay US$1,250,000 to Anthony Wayne School District

INTERSTATE HOTELS: Partners with Investcorp to Buy Hotels
KRISPY KREME: Board Approves Officer Indemnification Agreement
PERNOD RICARD: Earns EUR831 Million in Year Ended June 2007
QUAKER FABRIC: Courts OKs Sale to Gordon Brothers for US$27 Mil.
QUAKER FABRIC: Sells Bleachery Pond Property for US$2.6 Million

QUAKER FABRIC: US Trustee Appoints Five-Member Creditors' Panel
STERIGENICS INT'L: Moody's Cuts Corporate Family Rating to B3


P A N A M A

AES CORP: Niagara Court Acquits Firm of Fraud


P E R U

GRUPO MEXICO: Peruvian Unit Unions To Go on Strike

* PERU: US Officials Okay Initial Draft of Free Trade Pact


P U E R T O   R I C O

ADELPHIA COMMS: Selling HQ for Less Than Estimated Value


U R U G U A Y

BANCO ITAU URUGUAY: Moody's Ups Long-Term Local Rating to Ba1


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Presenting Global Gas Vision
PETROLEOS DE VENEZUELA: Sending More Oil to China

* VENEZUELA: Cantv Interconnects with Telecom Venezuela
* VENEZUELA: To Enlarge Petrochemical Sector
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


ALITALIA SPA: Ministers Air Support for Malpensa Downscale Plan
---------------------------------------------------------------
Italian Minister Pierluigi Bersani supported Alitalia S.p.A.'s
plan to downscale operation at Milan's Malpensa airport, Reuters
reports.

Mr. Bersani told local newspaper Il Messaggero that Alitalia, in
its current state, cannot sustain two hubs, adding that "the
development of Malpensa cannot be entrusted to a company at risk
for bankruptcy."

As previously reported, Alitalia said it would "reposition the
activities of Milan Malpensa airport by focusing on specific
business segments."

The carrier said it may reconsider this option "if and when the
access regulations for Milan Linate airport were to be modified
concentrating the major part of air traffic from/to Lombardy on
Milan Malpensa, and if and when airport costs were reduced."

Meanwhile, Regional Affairs Minister Linda Lanzillotta voiced
her support for the downscale plan, implying that it would allow
developments at the Malpensa, to be done by other carriers.

"Malpensa has the right to be developed, and it seems to me
Ryanair's offer goes in that direction," Ms. Lanzillotta told Il
Messaggero.  "One certainly cannot make Alitalia act against
market logic."

                       About Alitalia

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

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and EUR625.6
million in 2006.


ALITALIA SPA: Selling Heathrow Slots to Raise Cash
--------------------------------------------------
Alitalia S.p.A. plans to sell its take-off and landing slots at
the Heathrow airport in the U.K. to raise cash for its
operations, Thomson Financial cites Il Sole 24 Ore as reporting.

According to Il Sole, the slot sale is one of the measures
included in Alitalia's latest business plan to solve the
carrier's liquidity crisis.  As of June 30, 2007, Alitalia only
had EUR562 million in cash and cash equivalents, compared to
EUR706 million as of Dec. 31, 2006.

Il Sole adds that Alitalia may raise more than EUR45 million if
it sold all its slots at Heathrow.

                       About Alitalia

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

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.


AMC TELEVISION: Proofs of Claim Verification Ends Tomorrow
----------------------------------------------------------
Monica Aquim, the court-appointed trustee for AMC Television
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim until Sept. 26, 2007.

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

The informative assembly will be held on July 3, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

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

The debtor can be reached at:

         AMC Television S.A.
         Parana 326
         Buenos Aires, Argentina

The trustee can be reached at:

         Monica Aquim
         Uruguay 662
         Buenos Aires, Argentina


BARTOR SRL: Proofs of Claim Verification Deadline Is Nov. 9
-----------------------------------------------------------
Monica Beatriz Cacioli, the court-appointed trustee for Bartor
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
until Nov. 9, 2007.

Ms. Cacioli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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 Bartor 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 Bartor's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Bartor SRL
         Viamonte 454
         Buenos Aires, Argentina

The trustee can be reached at:

         Monica Beatriz Cacioli
         Parana 723
         Buenos Aires, Argentina


BUENOS AIRES BROADCAST: Reorganization Proceeding Concluded
-----------------------------------------------------------
Buenos Aires Broadcast 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.


IMPORTECA SA: Proofs of Claim Verification Is Until Dec. 10
-----------------------------------------------------------
Anibal Ferro, the court-appointed trustee for Importeca S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Dec. 10, 2007.

Mr. Ferro will present the validated claims in court as
individual reports on Feb. 26, 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 Importeca 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 Importeca's
accounting and banking records will be submitted in court on
April 11, 2008.

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

The trustee can be reached at:

         Anibal Ferro
         San Martin 1009
         Buenos Aires, Argentina


INDUPOL SRL: Proofs of Claim Verification Deadline Is Tomorrow
--------------------------------------------------------------
Roberto J. Kleinman, the court-appointed trustee for Indupol
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 26, 2007.

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

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

The debtor can be reached at:

       Indupol S.R.L.
       J.D. Peron 1143
       Buenos Aires, Argentina

The trustee can be reached at:

       Roberto J. Kleinman
       Armenia 2104
       Buenos Aires, Argentina


LA DOLCE: Proofs of Claim Verification Ends Tomorrow
----------------------------------------------------
Estudio Mendizabal, Guerrero, Machado, the court-appointed
trustee for La Dolce SRL's reorganization proceeding, verifies
creditors' proofs of claim until Sept. 26, 2007.

Estudio Mendizabal will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 41, 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 La Dolce 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 La Dolce's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

The informative assembly will be held on Sept. 26, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         La Dolce SRL
         Avenida Presidente Roque Saenz Pena 893
         Buenos Aires, Argentina

The trustee can be reached at:

         Estudio Mendizabal, Guerrero, Machado
         Peru 79
         Buenos Aires, Argentina


NOR-JOR SRL: Proofs of Claim Verification Deadline Is Tomorrow
--------------------------------------------------------------
Mario Leizerow, the court-appointed trustee for Nor-Jor S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Sept. 26, 2007.

Mr. Leizerow will present the validated claims in court as
individual reports on Nov. 7, 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 Nor-Jor 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 Nor-Jor's accounting
and banking records will be submitted in court on Dec. 19, 2007.

Mr. Leizerow is also in charge of administering Nor-Jor's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

        Nor-Jor S.R.L.
        Murguiondo 2168/72
        Buenos Aires, Argentina

The trustee can be reached at:

        Mario Leizerow
        Bouchard 644
        Buenos Aires, Argentina


OCCIDENTAL LABEL: Proofs of Claim Verification Is Until Nov. 16
---------------------------------------------------------------
Jacobo Becker, the court-appointed trustee for Occidental Label
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Nov. 16, 2007.

Mr. Becker 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. 46, 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 Occidental Label 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 Occidental Label's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Occidental Label SA
         Establecida en Viamonte 679
         Buenos Aires, Argentina

The trustee can be reached at:

         Jacobo Becker
         Salguero 2244
         Buenos Aires, Argentina


ORIGINAL METAL: Proofs of Claim Verification Ends on Nov. 21
------------------------------------------------------------
Eduardo Daniel Gruden, the court-appointed trustee for Original
Metal S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Nov. 21, 2007.

Mr. Gruden will present the validated claims in court as
individual reports on Feb. 7, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Original Metal 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 Original Metal's
accounting and banking records will be submitted in court on
March 25, 2008.

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

The trustee can be reached at:

         Eduardo Daniel Gruden
         Avenida Presidente Roque Saenz Pena 1219
         Buenos Aires, Argentina


PANELMASTER SA: Proofs of Claim Verification Deadline Is Nov. 7
---------------------------------------------------------------
Jose Francisco Ruiz, the court-appointed trustee for Panelmaster
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 7, 2007.

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

Infobae didn't state the reports submission deadlines.

Mr. Ruiz is also in charge of administering Importeca'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 Francisco Ruiz
         Avenida Corrientes 4264
         Buenos Aires, Argentina


PESCADERIA LINIERS: Claims Verification Deadline Is Today
---------------------------------------------------------
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


QUIMSER SA: Proofs of Claim Verification Is Until Oct. 19
---------------------------------------------------------
Carlos Enrique Wulff, the court-appointed trustee for Quimser
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 19, 2007.

Mr. Wulff will present the validated claims in court as
individual reports on Nov. 16, 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 Quimser 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 Quimser's accounting
and banking records will be submitted in court on Feb. 5, 2008.

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

The debtor can be reached at:

         Quimser S.A.
         Brandsen 489
         Buenos Aires, Argentina

The trustee can be reached at:

         Carlos Enrique Wulff
         Virrey del Pino 2354
         Buenos Aires, Argentina


RAID SA: Trustee To File Individual Reports in Court on Oct. 22
---------------------------------------------------------------
Mario Alberto Rostagno, the court-appointed trustee for Raid
S.A.'s reorganization proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Rosario, Santa Fe, on Oct. 22, 2007.

Mr. Rostagno verified creditors' proofs of claim until
Aug. 20, 2007.  He will also submit a general report containing
an audit of Raid's accounting and banking records in court on
Feb. 4, 2008.

The informative assembly will be held on April 28, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

          Raid S.A.
          Entre Rios 2567
          Santa Fe, Argentina

The trustee can be reached at:

          Mario Alberto Rostagno
          Cochabamba 462
          Rosario, Santa Fe


SANCHEZ CONSTRUCCIONES: Claims Verification Deadline Is Nov. 15
---------------------------------------------------------------
Juan Castronovo, the court-appointed trustee for Sanchez
Construcciones SRL's bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 15, 2007.

Mr. Castronovo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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 Sanchez Construcciones 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 Sanchez
Construcciones' accounting and banking records will be submitted
in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Sanchez Construcciones SRL
         Teniente General Juan Domingo Peron 1617
         Buenos Aires, Argentina

The trustee can be reached at:

         Juan Castronovo
         Cerrito 1116
         Buenos Aires, Argentina


* ARGENTINA: Launching Bond of the South II for US$1.2 Million
--------------------------------------------------------------
Agencia Bolivariana de Noticias reports that the Argentine
government will launch the Bond of the South III with Venezuela
for US$1.2 million.

The Venezuelan government wanted to launch the III bond emission
last month but due to the instability in global markets, the
government had to suspend it, Agencia Bolivariana relates.

According to the same paper, the documents on the bond will be
available thru Sept. 28, 2007.

The bond will be chiefly made up of the US$600-million Argentine
Bonden 15 and a secured interest and principal notes TICC of the
US$600-million Venezuelan national public debt, Agencia
Bolivariana states, citing Venezuelan Finance Minister Rodrigo
Cabezas and Luis Davila, the National Office of Public Credit
head.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


METROPOLITAN BANK: Sees Continued Growth for Trust Banking Unit
---------------------------------------------------------------
The Metropolitan Bank & Trust Co. expects continued growth for
its unit investment trust funds for the rest of the year, seeing
6%-9% if the Philippine Stock Exchange reaches 3,500 to 3,600
points by Dec. 31, the BusinessWorld reports.

"There's still a lot of room for growth in terms of returns
particularly in equity funds.  A lot of foreign funds are
actively looking at the Philippines, which will result in more
participation in the equity market," Rafael G. Ayuste Jr.,
Metrobank's senior vice-president and deputy head of the bank's
trust banking group, said in an interview with BusinessWorld.

Mr. Ayuste also said they remain optimistic on the fixed income
funds despite an expected drop in interest rates.

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

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

                        *     *     *

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

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

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

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

   * Short-term rating 'B,'

   * Support rating '3.

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




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


FOSTER WHEELER: Spanish Unit Inks Pact with Fundacion Ciudad
------------------------------------------------------------
Foster Wheeler Ltd. reported that a Spanish subsidiary of its
Global Power Group has signed an agreement with the Fundacion
Ciudad de la Energia for the technological development of an
oxycombustion process and carbon dioxide capture solution for a
coal-fired demonstration facility in Spain.

The signing of an agreement in August 2007 authorizes Foster
Wheeler to perform the initial phase of this project.  The terms
of the agreement were not disclosed.

In the initial phase, Foster Wheeler will provide engineering
services and technical specifications and will review CIUDEN's
conceptual and basic design for the combustion island of the
facility.  The combustion island will incorporate both
pulverized-coal and circulating fluidized-bed technology.
Operation of the facility is scheduled for mid-2009.

"We are pleased to be involved with this project, which is a
good example of the industry's proactive efforts to address CO2
emissions from coal-fired power plants," said Eric Svendsen,
chief executive officer, Foster Wheeler Energia, S.A.  "The
CIUDEN platform will allow us to advance both PC and CFB
technologies in the area of oxycombustion for carbon capture and
will also provide for further technological research and
development of possible solutions to other energy and
environmental concerns."

The CIUDEN board said that it "wanted to work with Foster
Wheeler because of its outstanding coal-fired boiler
technologies.  In addition, Foster Wheeler has full capabilities
in both power and process plant engineering and a major
engineering center in Madrid, all of which are very important
for our foundation."

CIUDEN is a Spanish foundation incorporated by the Ministry of
Education and Science, the Ministry of Industry, Trade and
Tourism and the Ministry of the Environment.

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

                        *     *     *

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

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


SUNRISE LIMITED: Proofs of Claim Filing Is Until Tomorrow
---------------------------------------------------------
Sunrise Ltd.'s creditors are given until Sept. 26, 2007, to
prove their claims to Robin J Mayor, the company's liquidator,
or be excluded from receiving any distribution or payment.

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

Sunrise Ltd.'s shareholders agreed on Sept. 10, 2007 to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

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




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


HANOVER COMPRESSOR: Moody's Withdraws Ratings After UCI Merger
--------------------------------------------------------------
Moody's Investors Service withdrew the ratings for Hanover
Compressor Company and Universal Compression Inc. following
their merger and the substantial completion of their tenders for
their existing debt.  Hanover is now a subsidiary of Exterran
Holdings Inc. and Hanover's 4.75% convertible senior notes due
2008 and 2014 remain outstanding.

Moody's has upgraded the ratings of these 4.75% convertible
senior notes to B1, LGD 6 (92%) from B3, LGD 5 (89%), as
indicated in our July 16, 2007 press release assigning ratings
to Exterran.  This completes Moody's review of these convertible
notes.

Hanover's ratings withdrawn:

   -- Hanover's B1 Corporate Family Rating and Probability of
      Default Rating;

   -- Hanover's SGL-3;

   -- Hanover Equipment Trust 2001A 8.50% partly secured notes
      due 2008;

   -- Hanover Equipment Trust 2001B 8.75% partly secured notes
      due 2014;

   -- 7.5% Senior Notes due 2013;

   -- 8.625% Senior Notes due 2010;

   -- 9% Senior Notes due 2014; and

   -- 7.25% Convertible Trust Preferred Stock.

Exterran Holdings Inc. is a company formed to effect the merger
of Hanover Compressor Company and Universal Compression Holdings
Inc. and is headquartered in Houston, Texas.

Headquartered in Houston, Texas, Hanover Compressor Company
(NYSE:HC) -- http://www.hanover-co.com/-- is in full service
natural gas compression and provider of service, fabrication and
equipment for oil and natural gas production, processing and
transportation applications.  Hanover sells and rents this
equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.  Founded in 1990
and a public company since 1997, Hanover's customers include
both major and independent oil and gas producers and
distributors as well as national oil and gas companies.  It has
locations in Argentina, Bolivia, Brazil, Colombia, Mexico, Peru,
Venezuela, India, China, Indonesia, Japan, Korea, Taiwan, the
United Kingdom, and Vietnam, among others.


* BOLIVIA: State Firm Eyes Residential Gas Piping Completion
------------------------------------------------------------
Bolivian state-run oil firm Yacimientos Petroliferos Fiscales
Bolivianos wants to conclude a project to deploy 1,600
kilometers of secondary residential gas piping, Business News
Americas reports.

BNamericas relates that Yacimientos Petrolifers' natural gas
distribution area covers these departments:

          -- La Paz,
          -- Oruro,
          -- Potosi,
          -- Santa Cruz, and
          -- Sucre.

Yacimientos Petroliferos natural gas director Luis Lavadenz told
state news agency Agencia Boliviana de Informacion that the
project is called 39 K.  It was launched in 2005.  About 1,150
kilometers have been installed so far.

Residential gas connections reached 20,247.  The state firm
wants to connect about 91,500, BNamericas staets, citing Mr.
Lavadenz.

                        *     *     *

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


* BOLIVIA: State Firm Seeking Reconstituted Crude Buyer
-------------------------------------------------------
Bolivian state-run oil firm Yacimientos Petroliferos Fiscales
Bolivianos' head Guillermo Aruquipa told Business News Americas
that it is seeking for a buyer of reconstituted crude.

Mr. Aruquipa commented to state news agency Agencia Boliviana de
Informacion, "We want to sign a contract so as not to be
launching a tender each month."

BNamericas notes that Yacimientos Petroliferos conducted four
reconstituted crude exports since May 2007 when it took over the
Guillermo Elder Bell and Gualberto Villarroel plants from
Brazilian counterpart Petroleo Brasileiro SA.  The most recent
contract was with Tevier Petroleum for 314,000 barrels.
Yacimientos Petroliferos earned US$21 million from that
contract.

The state firm already has entered into pre-agreements with some
companies.  However, that a decision has yet to be made,
BNamericas relates, citing Mr. Aruquipa.

Yacimientos Petroliferos said in a statement that it will launch
a fifth tender to sell 280,000 barrels.  The state firm is using
proceeds from the sales to finance its acquisition of Guillermo
Elder and Gualberto Villaroel.

                        *     *     *

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


* BOLIVIA: Wants To Recover Control of Transredes & CLHB
--------------------------------------------------------
Bolivian hydrocarbons minister Carlos Villegas told Business
News Americas that the government will regain control of gas
transporter Transredes and hydrocarbons distributor CLHB SA by
Dec. 31, 2007.

BNamericas relates that the nationalization decree allows the
government to recover a controlling stake in these privatized or
capitalized firms:

          -- Andina,
          -- Chaco,
          -- Chaco Refinacion,
          -- CLHB, and
          -- Transredes.

According to BNamericas, these firms were already brought back
to state control:

          -- Andina,
          -- Chaco, and
          -- Chaco Refinacion.

The recovery of exploration and production firms Andina and
Chaco will proceed next year.  Negotiation teams will be set up,
BNamericas states, citing Minister Villegas.

                        *     *     *

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
===========


BAUSCH & LOMB: S&P Holds CreditWatch on BB+ Corp. Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services has announced that its
ratings (BB+ Corporate Credit Rating) on Rochester, New York-
based Bausch & Lomb Inc. remain on CreditWatch with negative
implications, where they were placed on May 16, 2007, reflecting
its intent to merge with Warburg Pincus.  They commenced a cash
tender offer and consent solicitation for its publicly held debt
yesterday, and the company's shareholders voted to approve the
merger today.  As a result of the anticipated capitalization
(Warburg plans to finance the transaction with US$1.9 billion of
common equity and US$2.5 billion of debt plus another US$800
million in undrawn credit facilities), S&P's corporate credit
rating on the company will be lowered to B+/Stable/-- once the
transaction closes.  S&P's stable outlook will reflect the
challenge of rebuilding its lenscare franchise, and improving
operating margins and cash flow.

"After the transaction, our rating on Bausch & Lomb Inc. will
reflect the strength of the company's product offerings in
multiple segments of the vision care industry, recurring sales
of several core products, and its geographic and customer
diversity," said S&P's credit analyst Cheryl Richer. However,
very high debt leverage resulting from the acquisition by
Warburg Pincus drives the company's noninvestment grade rating.
Business concerns include formidable competitors, and the
continuous pressure to innovate.  Lens care sales are gradually
rebounding in the aftermath of the May 2005 global recall of
ReNu with MoistureLoc multipurpose lens care solution.

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


EMI GROUP: Majority of Noteholders Tender 8.625% Senior Notes
-------------------------------------------------------------
EMI Group Plc completed its offer to purchase for cash and
solicitation of consents for its outstanding EUR425 million
8.625% senior notes due 2013, launched on Aug. 17, 2007.

EMI received valid tenders of notes and deliveries of related
consents from holders of around 96% of the principal amount of
the outstanding notes as of Sept. 18, 2007 expiration date.

Holders who tendered their notes before the consent payment
deadline received the total consideration of EUR1,084.52 per
EUR1,000 principal amount on Sept. 7, 2007.

Holders who tendered their notes after the consent payment
deadline but prior to the expiration date will be eligible to
receive the purchase price of EUR1,054.52 per EUR1,000 principal
amount on Sept. 21, 2007.

Additionally, holders whose notes are purchased pursuant to the
offer will receive any accrued but unpaid interest up to but not
including the relevant payment date for the notes.

                         About EMI

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

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

The company issued two profit warnings since January 2007.

                        *     *     *

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

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

EMI Group plc

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

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

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

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

Moody's ongoing review will now be focused on :

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

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

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


FERRO CORPORATION: Board Declares Regular Quarterly Dividend
------------------------------------------------------------
Ferro Corporation's Board of Directors has declared a regular
quarterly dividend of 14.5 cents per share of common stock.  The
dividend is payable on Dec. 10, 2007, to shareholders of record
on Nov. 15, 2007.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


FIDELITY NATIONAL: Completes Sale of Property Insight Business
--------------------------------------------------------------
Fidelity National Information Services, Inc. (FIS) has completed
the sale of its Property Insight business to Fidelity National
Financial, Inc., on Aug. 31, 2007.

The transaction is expected to reduce FIS' third quarter 2007
earnings by approximately US$0.01 per diluted share and fourth
quarter 2007 earnings by approximately US$0.02 per diluted
share, exclusive of a gain on the sale.  Property Insight
contributed approximately US$0.09 to FIS' earnings per diluted
share for full year 2006.

                     About Fidelity National

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, Fitch Ratings, in response to Fidelity National
Information Services US$1.8 billion acquisition of eFunds Corp.
and the associated debt financing, has resolved the Rating Watch
Negative status on FIS by taking these ratings actions:

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

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

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

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

Fitch also withdraws this rating:

-- Senior unsecured credit facility 'BB+'.


GENERAL MOTORS: Reaches General "VEBA Trust" Framework with UAW
---------------------------------------------------------------
General Motors Corp. and the United Auto Workers union have
agreed on a general framework, over the weekend, creating a
union-controlled health care trust fund, known as the Voluntary
Employees Beneficiary Association or VEBA, various sources
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 US$95 billion
from the carmakers' retiree costs.

In a letter to UAW members on Friday, cited by various sources,
UAW President Ron Gettelfinger and his top GM negotiator, Cal
Rapson, wrote that the bargainers were "continuing to make
progress; however, we are pushing to accelerate the negotiating
pace at all levels. It is our desire to reach an agreement
without a strike, and we have demonstrated this by staying
at the bargaining table up to this point. Nevertheless, we are
continuing to evaluate our options on an hour-by-hour basis and
we want to assure you that our efforts to reach an agreement in
this manner should in no way be construed as removing any of our
options."

As previously reported in the TCR, GM and the UAW tentatively
ceased VEBA fund negotiations on Thursday, after they couldn't
agree on how much money GM would provide. Instead, 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.

The UAW is negotiating in behalf of 73,000 members who work for
GM and 340,000 retirees and surviving spouses.

                    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.


MAGNA INT'L: Announces Purchase Offer Preliminary Results
---------------------------------------------------------
Magna International Inc. has announced the preliminary results
of its offer to purchase up to US$1,536,600,000 in value of its
Class A Subordinate Voting Shares, which expired at 5:00 p.m.
(Toronto time) on Sept. 20, 2007.

Magna has taken up and will purchase for cancellation all the
Class A Subordinate Voting Shares validly tendered pursuant to
the offer (11,908,421 shares), at a purchase price of US$91.50
per Class A Subordinate Voting Share.  These shares represent
approximately 9.2% of Magna's outstanding Class A Subordinate
Voting Shares as of Sept. 20, 2007.

Magna and Computershare (the depositary under the offer) expect
the final determination of the number of Class A Subordinate
Voting Shares to be purchased for cancellation to be made on or
before Sept. 25, 2007.  Payment for the Class A Subordinate
Voting Shares purchased pursuant to the offer will be made on
Sept. 25, 2007.  The purchase will be funded from the proceeds
of the treasury issuance of 20,000,000 Class A Subordinate
Voting Shares pursuant to the plan of arrangement involving
Russian Machines, which was completed on Sept. 20, 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.

The company hopes to stem revenue loss by securing more
contracts from Asian manufacturers and reducing its dependence
on General Motors, Ford and DaimlerChrysler.  According to Mr.
Van Alphen, Magna is working to increase its sales to Asian
manufacturers to 10% to 15% by 2010.


REDE EMPRESAS: Fitch Rates US$175-Mil. Perpetual Notes at B
-----------------------------------------------------------
Fitch Ratings has assigned a 'B' rating to the proposed
additional issuance of US$175 million perpetual notes by Rede
Empresas de Energia Eletrica S.A.  The issuance has been
assigned an 'RR4' Recovery Rating.  Fitch currently maintains
local and foreign currency Issuer Default Ratings of 'B' and
Brazilian national scale ratings of 'BBB(bra)' to Rede and its
subsidiaries, Centrais Eletricas Matogrossenses S.A. and
Centrais Eletricas do Para S.A.  All ratings have a Stable
Outlook.

The new notes will have the same characteristics and rights as
the original US$400 million perpetual notes issuance (rated B by
Fitch), both raking pari passu with other Rede's senior
unsecured debt obligations.  Rede's senior unsecured obligations
are structurally subordinated to the debt of Rede's operating
companies.  The perpetual bonds have no fixed final maturity but
will become callable by Rede in whole after the five-year
initial term ending Apr. 2, 2012.  The proceeds of the issuance,
after transaction costs, will be used, in whole, to pay a BRL130
million bridge loan at the holding company, existing
intercompany loans between Rede and its subsidiaries who, in
turn, will use received proceeds to pay down their own debt.
This transaction is in line with the group's strategy of
extending maturities and making viable higher dividends
upstreams to the holding.

The rating is supported by the group's market position as an
important player in the electric distribution segment in Brazil
and the expected strengthening of credit protection measures of
the group over the next few years supported by expected growth
in operational results and the continuation of the group's
ongoing efforts to improve debt profile.  The rating also
reflects the relatively high leverage of the group when compared
to other electricity companies in the Brazilian market, as well
as the regulatory risks inherent in the Brazilian power sector.

Rede's credit profile is underpinned by its portfolio of eight
distribution companies, and, within this, by Cemat and Celpa,
which roughly accounted for 60% of consolidated EBITDA.  Rede's
business fundamentals are supported by the natural monopoly
nature of the distribution segment and by the market regulation.
The distributors are required to contract 100% of their expected
energy demand and the sector's new model allows for the pass-
through of all non-manageable costs for distribution companies.
Although regulatory risks remain an ongoing credit concern, the
current electric energy industry model is generally positive and
should support growth and stability in the sector.

Rede Group benefits from broad, diversified and stable customer
bases.  Many of the company's service areas show an average
consumption growth that has exceeded the national average over
the past five years.  Consolidated energy sold grew 12.6% in
2006 and 12.7% during the first half of 2007, and should
continue to benefit from Brasil's expected economic growth.  The
group reported an EBITDA of BRL906.3 million (27.4% of sales)
during the last 12 months ended June 2007, virtually stable from
the end of BRL905.4 million -- (28.1% of sales).  Future
improvement in operating cash flow should benefit from improving
operating efficiencies and a more favorable economic
environment, though, subject to satisfactory results in the
periodic tariff revisions of the group's distribution companies.

Existing remaining power generation assets should continue to
provide the company with positive cash flows reflecting highly
contracted positions and a regulated offtake market.  The power
generation segment accounted for 14.8% or BRL113.8 million of
2006 consolidated EBITDA.

The group's financial profile remains consistent with the rating
category.  In 2007 leverage increased due to a tax
renegotiation, and, to a lesser extent, to capital expenditure
plans and a corporate structure reorganization in 2006.  Rede's
consolidated leverage, as measured by adjusted total debt-to-LTM
EBITDA, rose to 5.5 times at June 2007, from 5.3 at Mar. 2007
and 3.9 at the end of the fiscal 2005.  The group's net leverage
was 4.7 at June 2007 versus 4.7 at March 2007 and 3.4 at 2005
year-end.  The long-term nature of new debt obligations in 2006
and 2007 has helped improved Rede's debt profile.  The group has
been successful in reducing financing costs and extending
maturities.  This strategy should allow for a better matching
between operating cash flows and financial obligations, as well
for higher dividends upstream to meet holding's financial
obligations.

Fitch expects consolidated adjusted leverage to move toward five
at 2007 year-end, reflecting the completion of the refinancing
efforts related to the perpetual notes issuances, the regular
scheduled amortizations and a healthy operating performance,
partially offset by the new financings to fund capital
expenditures.  Going forward, Fitch expects further efforts to
improve debt maturity profile, through new low-cost financings,
the launch of an initial public offering (IPO), and/or sales of
assets.  The group has stated its intention to launch an IPO
next year, which could further improve the credit quality of
Rede and its subsidiaries, as over 50% of these resources may be
used for debt reduction.

Rede is one of the largest distribution groups in Brazil,
serving approximately 3.2 million customers in about 30% of the
national territory, and distributes over 13,081GWh (gigawatt
hours) of electricity.  The group holds eight operational assets
in the distribution segment and a small portfolio in generation
assets of 656,9MW of installed capacity.


REDE EMPRESAS: Moody's Assigns B3 Rating on US$175-Million Notes
----------------------------------------------------------------
Moody's Investors Service assigned a B3 foreign currency rating
to the US$175 million senior unsecured perpetual notes to be
issued by Rede Empresas de Energia Eletrica S.A.'s.  Outlook is
stable.  The new notes are complementary to and are issued under
the indenture of the US$400 million perpetual notes issued in
April 2007.  The net proceeds of the issuance will primarily be
used to repay outstanding debt at the operating subsidiaries.

Existing ratings are:

Rede Empresas de Energia Eletrica S.A.:

-- Senior unsecured corporate family rating: B2 (global local
    currency); Ba1.br Brazilian national scale

-- US$400 million senior unsecured foreign currency perpetual
    notes: B3

Centrais Eletricas Matogrossenses S.A.

-- Senior unsecured issuer rating: B2 (global local currency);
    Ba1.br Brazilian national scale

Centrais Eletricas do Para S.A.

-- Senior unsecured issuer rating: B2 (global local currency);
    Ba1.br Brazilian national scale

Companhia de Energia Eletrica do Estado do Tocantins

-- Senior unsecured issuer rating: B2 (global local currency);
    Ba1.br Brazilian national scale

New rating:

Rede Empresas de Energia Eletrica S.A.:

-- US$175 million senior unsecured foreign currency perpetual
    notes: B3

Outlook: stable

The B3 foreign currency rating assigned to the company's US$175
million senior unsecured perpetual bonds reflects the B2 global
local currency corporate family rating of Rede and the
structural subordination of the notes to substantial existing
debt at the operating subsidiaries.  As an investment holding
company, Rede depends entirely upon upstreamed dividends from
its operating subsidiaries to meet its obligations.  The B3
rating of the perpetual notes is not constrained by Brazil's
current Baa3 (stable outlook) sovereign ceiling and assumes that
there will be no material variation from the draft documents
reviewed and that all legal agreements are legally valid,
binding and enforceable.

The B2 global local currency corporate family rating for Rede
reflects its significant financial leverage as measured by Total
Adjusted Debt to last twelve months EBITDA of 4.7 at
June 30, 2007, and Moody's concern of the substantial
refinancing risk in the coming years in spite of the group's
recent efforts to reduce indebtedness and improve its debt
maturity profile.  Utilizing Moody's standard adjustments, Total
Adjusted Debt includes debt-alike obligations related to
refinanced taxes, labor litigation, pension fund, intercompany
debt, leasing transactions and refinanced obligations with power
suppliers.  Although Moody's expects EBITA margins will remain
healthy in the mid 20% range over the near term, it is
anticipated that Rede will remain free cash flow negative in
2007 and 2008 on a consolidated basis due to relatively high
interest expenses and an elevated level of mandatory capex.
Accordingly, in Moody's view a significant deleveraging of the
company from internal cash generation in the near term is
unlikely to occur thus leaving debt protection metrics fairly
weak, such as FFO to Total Adjusted Debt (net of regulatory
assets) in the low teens range.  Rede, as the vast majority of
Brazilian corporates, has no committed credit facilities to
support potential liquidity needs.

Also, the B2 rating of Rede takes into account the fact that its
operations are essentially rate-regulated and based upon long-
term concession agreements that ensure quasi-monopolistic
positions in the respective concession territories.  In general,
Moody's regards regulated activities resulting in more stable
and predictable revenues and cash flows.  The group's power
generation assets operate under long-term supply agreements
approved by the regulator with attractive prices.

The ratings of Rede are constrained by the uncertainties related
to the evolving regulatory environment for Brazil's electricity
sector.  Although Moody's recognizes that, in general, the new
Brazilian regulatory framework for the energy sector has
provided a more stable environment for the industry players in
the last few years, there are still uncertainties regarding the
potential for substantial interference of the Federal Government
with the current regulatory environment.

The concession territories of Rede's main electricity
distribution subsidiaries - Cemat, Celpa and Celtins - cover
about 30% of the Brazilian territory.  Significant challenges
regarding those concession territories include dispersed
population and economies based on volatile commodity
agricultural and mining products.  Notwithstanding, Moody's
notes that consistent tariffs increases have allowed the gradual
improvement of operating margins after the energy rationing in
2001-2002, so that 3-year average EBITA margin of about 24%
compares favorably with Ba-rated issuers such as Bandeirante
Energia S.A. and Espirito Santo Centrais Eletricas S.A. -
Escelsa (both rated Ba2 senior unsecured, with stable outlook).

Although Rede, the group's holding company, has made efforts to
improve its governance by implementing an independent fiscal
council, from Moody's viewpoint further improvements are needed,
particularly in terms of increasing transparency of financial
reports, including the publication of quarterly cash flow
statements on a regular basis, greater independency of the board
of directors and the implementation of a code of conduct.

Rede Empresas de Energia Eletrica S.A., headquartered in Sao
Paulo, Brazil, is a holding company with interests in
electricity generation and distribution.  Through majority-owned
subsidiaries: Companhia de Energia Eletrica do Estado do
Tocantins -- Celtins, Centrais Eletricas Matogrossenses S.A. --
Cemat, and Centrais Eletricas do Para S.A. -- Celpa, the group
operates concessions to distribute electricity in the states of
Tocantins, Mato Grosso and Para, respectively.  In addition Rede
operates small power distribution concessions in a number of
municipalities in the states of Sao Paulo, Minas Gerais and
Parana.  The group's power generation capacity is substantially
represented by its 20.2% interest in Investco S.A. that owns the
concession to operate the 902 MW Lajeado hydropower plant, and a
39.5% interest in the 120 MW Guapore hydropower plant. Rede
reported net revenues of about BRL3,120 million (US$1,479
million) in the last twelve months ended June 30, 2007.


SANYO ELECTRIC: Sells Semiconductor Unit to Advantage Partners
--------------------------------------------------------------
Sanyo Electric Co. Ltd. has decided to sell all shares of its
solely owned subsidiary Sanyo Semiconductor Co. to Advantage
Partners, fully withdrawing from the semiconductor business, The
Yomiuri Shimbun reports.

According to Yomiuri, Sanyo gave Advantage the preferential
rights regarding the sale of its semiconductor business, in
which both parties are expected to reach a basic agreement in
early October.   The sale is likely to be valued at more than
JPY100 billion, sources revealed to Yomiuri.

Sanyo, notes Yomiuri, first considered keeping part of its
shares in the subsidiary, but opted to sell all of them as the
business is easily influenced by market conditions and requires
large-scale capital investment.

                     About Sanyo Electric

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

                        *     *     *

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


SCO GROUP: Bankruptcy Filing Prompts Nasdaq to Delist Securities
----------------------------------------------------------------
The SCO Group Inc. has received a notice from The Nasdaq Stock
Market indicating that the company's securities will be
delisted from Nasdaq on Sept. 27, 2007, pending an appeal.

The Nasdaq Staff Determination Letter received on
Sept. 18, 2007, indicated that as a result of the company's
having filed for protection under Chapter 11 of the U.S.
Bankruptcy Code, the Nasdaq Staff has determined, using its
discretionary authority under Nasdaq Marketplace Rules 4300 and
IM-4300, that the company's securities will be delisted from The
Nasdaq Stock Market and that trading in the company's common
stock will be suspended unless the company requests a hearing to
review the determination.

The suspension of the company's common stock is set to occur
at the opening of business on Sept. 27, 2007.  However, an
appeal will stay the suspension of the trading of the company's
securities pending a panel decision by a Nasdaq Listing
Qualifications Panel.

The company intends to request a hearing to review the
determination.  There can be no assurance that the panel will
grant the company's request for continued listing.

                     About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


SCO GROUP: Organizational Meeting Scheduled for Sept. 28
--------------------------------------------------------
The U.S. Trustee for Region 3 will hold an organizational
meeting to appoint an official committee of unsecured creditors
in The SCO Group, Inc. and its debtor-affiliates' chapter 11
cases at 10:00 a.m., on Sept. 28, 2007, at Room 2112, J. Caleb
Boggs Federal Building, 844 North King Street, in Wilmington,
Delaware.

The sole purpose of the meeting will be to form a committee or
committees of unsecured creditors in the Debtors' cases.  The
meeting is not the meeting of creditors pursuant to Section 341
of the Bankruptcy Code.  However, a representative of the Debtor
will attend and provide background information regarding the
cases.

Creditors interested in serving on a Committee should complete
and return to the U.S. Trustee a statement indicating their
willingness to serve on an official committee.

Official creditors' committees, constituted under Section 1102
of the Bankruptcy Code, ordinarily consist of the seven largest
creditors who are willing to serve on a committee.  In some
Chapter 11 cases, the U.S. Trustee is persuaded to appoint
multiple creditors' committees.

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes that the reorganization of the Debtors is
impossible, the Committee will urge the Bankruptcy Court to
convert the Chapter 11 cases to a liquidation proceeding.

                     About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


SCO GROUP: Posts US$2.4 Mil. Net Loss in Quarter Ended July 31
--------------------------------------------------------------
The SCO Group Inc. incurred a net loss of US$2.4 million in the
third quarter ended July 31, 2007, compared to a net loss of
US$3.6 million in the same period ended July 31, 2006.  Revenue
for the third quarter of fiscal year 2007 was US$3.7 million,
down from US$6.2 million for the comparable quarter of the prior
year.

The decrease in revenue was primarily attributable to continued
to a continued decline in the company's UNIX business as a
result of continued competitive pressure from competing
operating systems, particularly Linux, and from continuing
negative publicity from the SCO Litigation, which has adversely
impacted and delayed customers' buying decisions.

Legal and related costs incurred in connection with the
company's litigation were US$1.2 million for the third quarter
of fiscal year 2007, which was down from costs of US$2.3 million
for the comparable quarter of the prior year.  The decrease in
legal and related costs was primarily attributable to decreased
legal services provided by technical, industry, damage and other
experts in connection with the SCO Litigation.  Because of the
unique and unpredictable nature of the SCO Litigation, the
occurrence and timing of certain expenses such as damage,
industry and technical review and other consultants is difficult
to predict, and it will be difficult to predict for the upcoming
quarters.

Cash and cash equivalents totaled US$7,393,000 as of
July 31, 2007.  During this same time period, investment in
available-for-sale marketable securities decreased from
US$2,249,000 as of Oct. 31, 2006, to US$0 as of July 31, 2007.
As of July 31, 2007, the company also had US$3,020,000 of
restricted cash, of which US$2,589,000 is set aside to cover
expert and other costs related to the SCO Litigation and
US$431,000 is set aside for royalties payable to Novell.

At July 31, 2007, the company's consolidated balance sheet
showed US$15.8 million in total assets, US$10.3 million in total
liabilities, and US$5.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended July 31, 2007, are available
for free at http://researcharchives.com/t/s?2395

               Novell Ruling and Bankruptcy Filing

On Aug. 10, 2007, the federal judge overseeing the company's
lawsuit with Novell Inc. ruled in favor of Novell on several of
the summary judgment motions that were before the United States
District Court in Utah.  The effect of these rulings was to
significantly reduce or to eliminate certain of the company's
claims in both the Novell and IBM cases, and possibly others.
The court ruled that Novell was the owner of the UNIX and
UnixWare copyrights that existed at the time of the 1995 Asset
Purchase Agreement and that Novell retained broad rights to
waive the company's contract claims against IBM.

The company was directed to accept Novell's waiver of its UNIX
contract claims against IBM. In addition, the court determined
that certain SCOsource licensing agreements that the company
executed in fiscal year 2003 included SVRx technology and that
the company was required to remit some portion of the proceeds
to Novell.  Over the company's objection, a bench trial was set
to begin on Sept. 17, 2007, and the federal judge was to
determine what portion, if any, of the proceeds of the fiscal
year 2003 SCO source agreements is attributable to SVRx
technology and should be remitted to Novell.  The trial of these
issues, however, was stayed as a result of the company's filing
a voluntary petition for relief under chapter 11 of the
Bankruptcy Code on Sept. 14, 2007.

The company intends to maintain business operations throughout
the bankruptcy case.  Subject to the bankruptcy court's
approval, the company will use its cash, cash equivalents,
restricted cash and subsequent cash inflows to meet its working
capital needs throughout the reorganization process.

                     About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, among others.

The company and its affiliate filed for separate Chapter 11
protection on Sept. 14, 2007, (Bankr. D. Del. Case No. 07-11337
thru 07-11338).  James E. O'Neill, Esq. and Laura Davis Jones,
Esq. of Pachulski, Stang, Ziehl & Jones LLP representn the
Debtors in their restructuring efforts.  The Debtor's total
assets was US$14,800,000 and its total debts was US$7,500,000 as
of Sept. 10, 2007.


* BRAZIL: State Firm Ready for Purchase Deal with Petrojam
----------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA is ready to
have a deal with the Jamaican government for the acquisition of
49% of Jamaican counterpart Petrojam, John Myers Jr. at The
Jamaica Gleaner reports.

However, "preference has already been given" to Venezuelan
state-owned oil company Petroleos de Venezuela SA to purchase
stake into Petrojam, The Gleaner notes.  Petrojam is selling 49%
of its stake to raise capital for its expansion.  It reached a
deal with Petroleos de Venezuela, which is paying US$63.7
million for the stake.

Cezar Amaral, the Brazilian ambassador to Jamaica, commented to
The Gleaner, "Even though it was not discussed, Petrobras
[Petroleo Brasileiro] would still be open to discussion about a
partnership with the oil refinery.  They (Petrobras) are still
interested, if that deal should fall through with PDVSA
[Petroleos de Venezuela]."

Petroleo Brasileiro approached Petrojam in August 2007 about
setting up a distribution hub at its Kingston port for ethanol
exports in the region.  However, the Brazilian firm didn't say
that it was keen on investing, The Gleaner states.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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




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


AMOCO/ENRON (GLOBAL): Sets Last Shareholders Meeting for Oct. 17
----------------------------------------------------------------
Amoco/Enron Solar Power Development Global Ltd. will hold its
final shareholders meeting on Oct. 17, 2007, at 10:00 a.m., at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


AMOCO/ENRON (INT'L): Final Shareholders Meeting Set for Oct. 17
---------------------------------------------------------------
Amoco/Enron Solar Power Development International Ltd. will hold
its final shareholders meeting on Oct. 17, 2007, at 10:00 a.m.,
at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


BEAR STEARNS: Cayman Court Allows Funds' Liquidation to Proceed
---------------------------------------------------------------
The Grand Court of the Cayman Islands issued orders on
Sept. 14, 2007, converting the foreign proceedings of Bear
Stearns High Grade Structured Credit Strategies Master Fund,
Ltd., and Bear Stearns High-Grade Structured Credit Strategies
Enhanced Leverage Master Fund, Ltd., from provisional
liquidation to official liquidation stage.

Madam Justice Priya Levers assented to the Foreign Debtors'
request, paving the way for liquidators to begin winding up the
Funds, James Dimond of CaymanianCompass reported.

Pursuant to the Official Liquidation Orders, Simon Lovell
Clayton Whicker and Kristen Beighton, as joint provisional
liquidators, became the official liquidators and the duly
authorized foreign representatives of the Funds.

The Bear Stearns Funds were estimated to have had as much as
US$1,500,000,000 in capital as of March 2007.

The Official Liquidators expect recoveries of up to
US$25,000,000 from the Master Fund and less than US$50,000,000
from the smaller Enhanced Leverage Fund, according to Mr.
Dimond.

The liquidation will proceed despite an order by the United
States Bankruptcy Court for the Southern District of New York
dated Aug. 30, refusing to recognize the Cayman Islands as the
"correct jurisdiction" for the liquidation, the paper said.

U.S. Bankruptcy Judge Burton Lifland pointed out that the
liquidators' pleadings provide the evidence to establish that
the Funds' center of main interest is in the United States and
not in the Cayman Islands.  He noted that the only adhesive
connection the Funds have with the Cayman Islands is the fact
that they are registered there.

Judge Lifland further pointed out that the Bear Stearns Funds'
Chapter 15 Petitions have demonstrated that:

   (a) the Funds have no employees or managers in the Cayman
       Islands;

   (b) the Funds' investment manager is located in New York;

   (c) the Funds' Administrator that runs their back-office
       operations is in the U.S. along with their books and
       records; and

   (d) before the commencement of the Foreign Proceedings, all
       of the Funds' liquid assets were located in the U.S.

Representing the Funds during the September 14 hearing, Sandra
Corbett, Esq., a partner at Walkers, in the Cayman Islands,
noted that no party had opposed to the Winding-Up Notice that
appeared in the Cayman Islands Gazette on Aug. 20, according to
Mr. Dimond.

                    About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.


EACM SELECT: Sets Final Shareholders Meeting Today
--------------------------------------------------
EACM Select Alternative Fund 1 Ltd. will hold its final
shareholders meeting on Sept. 25, 2007, at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

         David A.K. Walker
         Attention: Jyoti Choi
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Tel: (345) 914 8657


GEORGIA FUNDING: Will Hold Final Shareholders Meeting on Oct. 17
----------------------------------------------------------------
Georgia Funding Ltd. will hold its final shareholders
meeting on Oct. 17, 2007, at 9:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


HEDGEFORUM BASSWOOD: Proofs of Claim Filing Deadline Is Oct. 18
---------------------------------------------------------------
Hedgeforum Basswood Opportunity Ltd.'s creditors are given until
Oct. 18, 2007, to prove their claims to Paola Lazzarotto and
Richard Gordon, 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.

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

The liquidators can be reached at:

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


HEDGEFORUM CAPITAL: Proofs of Claim Filing Ends on Oct. 18
----------------------------------------------------------
Hedgeforum Capital Ltd.'s creditors are given until
Oct. 18, 2007, to prove their claims to Paola Lazzarotto and
Richard Gordon, 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.

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

The liquidators can be reached at:

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


JME OPPORTUNITY FUND: Final Shareholders Meeting Is on Oct. 17
--------------------------------------------------------------
JME Opportunity Fund Ltd. will hold its final shareholders
meeting on Oct. 17, 2007, at 10:30 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


JME OPPORTUNITY FUND II: Final Shareholders Meeting on Oct. 17
--------------------------------------------------------------
JME Opportunity Fund II Ltd. will hold its final shareholders
meeting on Oct. 17, 2007, at 10:30 a.m., at:

          Fourth Floor
          Citrus Grove
          P.O. Box 1787
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


K CAPITAL: Will Hold Final Shareholders Meeting Tomorrow
--------------------------------------------------------
K Capital Credit Default Swap Fund Ltd. will hold its final
shareholders meeting on Sept. 26, 2007, at 10:45 a.m., at:

         Queensgate House
         South Church Street, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Ogier
         Attention: Ramanan Navakadcham
         Tel: (345) 949 9876
         Fax: (345) 949 1986


PARMALAT SPA: Parma Judge Raises Concerns on Case Against Banks
---------------------------------------------------------------
Parma-based judge Giampaolo Fabbrizzi has expressed doubts on
the validity of Parmalat S.p.A.'s EUR2.1 billion damages claim
against creditor banks Deutsche Bank, JP Morgan, Credit Suisse,
UBS, Banca Akros and Merrill Lynch, Il Sole 24 reports.

Parmalat alleged that the banks contributed to its collapse.
However, Judge Fabbrizzi noted that Parmalat would find it
difficult to claim damages for an occurrence to which it had
itself contributed.

The banks' lawyers have argued that Parmalat chief executive
Enrico Bondi cannot sue for "abusive recourse to credit," citing
a ruling in a separate case.

The court will hear the case on Nov. 26, 2008.

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 US$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.


PRINCIPAL PROTECTED: Proofs of Claim Filing Is Until Oct. 18
------------------------------------------------------------
Principal Protected Pretsl III Ltd.'s creditors are given until
Oct. 18, 2007, to prove their claims to Carrie Bunton and Emile
Small, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

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

The liquidator can be reached at:

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


PRS CAPTIVE: Proofs of Claim Must be Filed Today
------------------------------------------------
PRS Captive Investment Fund Ltd.'s creditors are given until
Sept. 25, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

PRS Captive's shareholder agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidators can be reached at:

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


SCOUT CAPITAL: Will Hold Final Shareholders Meeting Tomorrow
------------------------------------------------------------
Scout Capital Fund II Ltd. will hold its final shareholders
meeting on Sept. 26, 2007, at 10:00 a.m., at:

         Queensgate House
         South Church Street, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

         Ogier
         Attention: Ramanan Navakadcham
         Tel: (345) 949 9876
         Fax: (345) 949 1986


SILVER LUX: Proofs of Claim Filing Ends on Oct. 18
--------------------------------------------------
Silver Lux Inc.'s creditors are given until Oct. 18, 2007, to
prove their claims to Emille Small and Richard Gordon, 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.

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

The liquidators can be reached at:

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


SPECIAL K (EURO): Sets Final Shareholders Meeting Tomorrow
----------------------------------------------------------
Special K Capital (Euro) Ltd. will hold its final shareholders
meeting on Sept. 26, 2007, at 10:15 a.m., at:

         Queensgate House
         South Church Street, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

         Ogier
         Attention: Ramanan Navakadcham
         Tel: (345) 949 9876
         Fax: (345) 949 1986


SPECIAL K (U.S.): Will Hold Final Shareholders Meeting Tomorrow
---------------------------------------------------------------
Special K Capital (U.S. dollar) Ltd. will hold its final
shareholders meeting on Sept. 26, 2007, at 10:30 a.m., at:

         Queensgate House
         South Church Street, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

         Ogier
         Attention: Ramanan Navakadcham
         Tel: (345) 949 9876
         Fax: (345) 949 1986


TEE INTERNATIONAL: Proofs of Claim Filing Deadline Is Oct. 18
-------------------------------------------------------------
Tee International Ltd.'s creditors are given until
Oct. 18, 2007, to prove their claims to Edward. J. Joyce, 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.

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

The liquidator can be reached at:

       Edward J. Joyce
       c/o P.O. Box 309
       Grand Cayman KY1-1104
       Cayman Islands




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


NOVA CHEMICALS: Moody's Confirms Ba3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has confirmed Nova Chemicals
Corporation's Ba3 corporate family rating and senior unsecured
debt ratings following regulatory approval for the expansion of
its styrenics joint venture and the belief that low olefin
feedstock costs could allow the company to meaningfully reduce
debt over the next 12 to 18 months.  Moody's also affirmed the
company's SGL-3 rating.  Given the uncertainty in the company
ability to meaningfully reduce debt, the rating outlook will
remain negative until net balance sheet debt declines below
US$1.5 billion.  This concludes the review, which began on
Feb. 1, 2007.

The ratings confirmation reflects the expectation that Nova will
be able to generate over US$700 million of EBITDA in 2007 and
that Alberta ethane prices will remain low relative to Gulf
Coast prices and other crude oil-based feedstocks through 2008,
especially during the second and third calendar quarters.  This
should provide Nova with the opportunity to de-lever its balance
sheet and reduce net debt to roughly US$1.5 billion by the end
of 2007 and get it well below US$1.5 billion in 2008.  The
expanded styrenics joint venture with INEOS, including the
contractual arrangement with Sterling Chemical, will enable NOVA
to minimize its exposure to a business that has been a cash
drain and a credit negative over much of the past decade.
Furthermore, given the likelihood of additional US styrene
capacity rationalization (Dow and Chevron Phillips venture),
Moody's believes that the INEOS NOVA joint venture may not
require additional funding.  The combination of these factors
should improve Nova's credit metrics over the cycle and allow
the company to maintain its Ba3 corporate family rating.  Nova
needs to reduce its balance sheet debt as it has roughly US$1.2
billion of debt maturities over the next five years and a large
portion of this debt may have to be refinanced during
unfavorable conditions in the global olefin/polyolefin markets.

The negative outlook reflects the inherent uncertainty
surrounding the company's earnings and cash flow, as well as its
ability to reduce debt over the next 12 to 16 months.  The
company is effectively a single product commodity producer whose
financial performance can be greatly impacted by exogenous
events.  The company's quarterly financial performance over the
past two and a half years, arguably the strongest part of the
current up-cycle in olefins, has been very volatile due to
feedstock prices, uneven market demand and several unplanned
production outages.  Moody's would likely move the outlook to
stable as net debt falls below US$1.5 billion and the company
continues to benefit from low feedstock prices.  Conversely,
Moody's could reassess the appropriateness of the Ba3 rating if
Nova is unable to reduce debt as expected over the next year or
if the company's trailing four quarter EBITDA falls below US$450
million.

Headquartered in Calgary, Alberta, Canada, Nova Chemicals Co.
(NYSE:NCX) (TSX:NCX) -- http://www.novachem.com/-- is a leading
producer of ethylene, polyethylene, styrene, polystyrene, and
expanded polystyrene.  Nova Chemicals' manufacturing sites are
strategically situated throughout Canada, the US and South
America.  Its South American operations are located in Chile.




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


SOLUTIA INC: Opens New Manufacturing Plant in Suzhou, China
-----------------------------------------------------------
Solutia Inc. has celebrated the grand opening of its new plant
in Suzhou, China.  The plant is a manufacturing site for the
company's Saflex(r) business.  Saflex is the world's leading
producer and seller of polyvinyl butyral interlayers.  The
Suzhou plant site is ideally suited for future expansion of
Saflex and for other Solutia businesses.

"Solutia is committed to growth in China, and this new plant is
a very significant symbol of that commitment," said Jeff Quinn,
chairman, president and CEO of Solutia Inc.  "While Solutia has
made a number of major capital investments in its businesses
through the years, this is the first entirely new plant we have
built from the ground up.  We will continue to devote
substantial resources to seizing the growth opportunities in
China across each of our businesses."

The plant has been developed as a full-scale facility that
currently produces Saflex interlayer for the automotive market,
with room for future capacity to serve the architectural market
as well.  The current manufacturing line is designed to produce
approximately 10 million square meters of Saflex interlayer per
year, with space for further expansion as market growth requires
more capacity.

"Global demand for Saflex interlayers continues to rise around
the world, especially in China," said Dr. Luc De Temmerman,
president of Solutia's Saflex business.  "This new plant
improves our ability to serve the needs of laminators and glass
fabricators serving the rapidly growing Chinese automotive
industry and the broader Asia-Pacific markets.  We look forward
to collaborating with these customers, and believe the new
Suzhou plant will support significant growth in the laminated
glass market."

Saflex customers who participated in the opening ceremony
included senior representatives from the Fuyao Glass Industries
Group and Xinyi Glass Holdings Limited, as well as key
representatives from major multinational customers and many
Chinese laminators.

In addition to the Suzhou plant, Solutia's Saflex presence in
the Asia-Pacific region includes a regional customer service
center and finishing and distribution center in Singapore, as
well as sales offices across the region.  This infrastructure
continues to provide the high level of logistical support and
customer service that customers have come to expect from Saflex.

                     About Solutia Inc.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.  The Debtors have asked the Court to extend their
exclusive plan filing period to Dec. 31, 2007.




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


BANCO INTERCONTINENTAL: Court To Rule on Fraud Case on Oct. 21
--------------------------------------------------------------
Judges Antonio Sanchez Mejia, Giselle Mendez and Pilar Rufino
will issue a verdict on the Banco Intercontinental fraud case on
Oct. 21, 2007, Dominican Today reports.

Dominican Today relates that the court case against the
defendants concluded on Sept. 22, 2007.

Banco Intercontinental's former owners are facing fraud charges
of US$2 billion after the bank's collapse in 2003.

Dominican Today notes that the prosecution is calling for 20
years sentences for these defendants:

          -- Ramon Baez Figueroa,
          -- Marcos Baez Cocco,
          -- Luis Alvarez Renta,
          -- Vivian Lubrano de Castillo, and
          -- Jesus Maria Troncoso Ferrua.

The defendants asserted that Banco Intercontinental collapsed
due to political maneuvers by Hipolito Mejia, who was the
country's president from 2000 to 2004, Dominican Today states.

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.


BANCO INTERCONTINENTAL: Defense Wants Fraud Charges Dismissed
-------------------------------------------------------------
Dominican Today reports that Dominican financier Luis Alvarez
Renta's legal representatives has asked the National District
First Collegiate Court to absolve their client of money
laundering charges in the Banco Intercontinental fraud case.

Mr. Renta's attorneys said in their closing arguments that the
prosecution has failed to prove that their client has
participated "in complicity or connivance with the others
accused of committing the illicit money laundering," Dominican
Today relates.  They also sought for Mr. Renta's acquittal on
the alleged "non-legally punishable actions pursued, and for not
having credibly proven any illicit relation" with the fraud.

Dominican Today notes that the defense mentioned before the
court:

          -- a US$10.5-million check from a Bankinvest account
             in Banco Intercontinental;

          -- a US$12.5-million Mercantil bank letter of credit;
             and

          -- a US$6.2-million letter of credit from the
             International Bank of Miami.

According to Domincan Today, the defense also asked the court to
lift the restrictions against Mr. Renta, especially the
"impediment to exit the country."

Meanwhile, the justice ministry asked the court to reject the
defense arguments, saying that they are "inadmissible and devoid
of legal base."  The ministry requested a 20-year prison
sentence and a DOP2.5-million peso fine against Mr. Renta,
Dominican Today states.

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.




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


UNIVERSAL COMPRESSION: Moody's Withdraws Ratings After Merger
-------------------------------------------------------------
Moody's Investors Service withdrew the ratings for Hanover
Compressor Company and Universal Compression Inc. following
their merger and the substantial completion of their announced
tenders for their existing debt.

Moody's has upgraded the ratings of these 4.75% convertible
senior notes to B1, LGD 6 (92%) from B3, LGD 5 (89%), as
indicated in our July 16, 2007 press release assigning ratings
to Exterran.  This completes Moody's review of these convertible
notes.

Universal's ratings withdrawn:

   -- Universal's Ba2 CFR and PDR;
   -- Senior Secured Bank Facilities rated Ba1, LGD3 (36%); and
   -- 7.25% Senior Notes due 2010 rated B1, LGD5 (88%).

Exterran Holdings Inc. is a company formed to effect the merger
of Hanover Compressor Company and Universal Compression Holdings
Inc. and is headquartered in Houston, Texas.

Headquartered in Houston, Texas, Universal Compression Holdings,
Inc. -- http://www.universalcompression.com/-- provides natural
gas compression equipment and services, primarily to the energy
industry in the United States, Argentina, Australia, Bolivia,
Brazil, Canada, China, Colombia, Ecuador, Indonesia, Mexico,
Nigeria, Peru, Russia, Switzerland, Thailand, Tunisia and
Venezuela.  Its primary fabrication facilities are located in
Houston, Texas, and Calgary, Alberta.




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


BRITISH AIRWAYS: Increases US Flights in Summer 2008
----------------------------------------------------
British Airways plc's summer 2008 route network focuses on
increased US flights from Heathrow following the EU-US "Open
Skies" aviation treaty, which comes in effect in March 2008.

The airline's daily flight to Dallas Fort Worth and double daily
flights to Houston will move from Gatwick to Heathrow airport
from March 30, 2008.  In addition, the airline will increase
frequencies from Heathrow to New York JFK, Seattle and
Washington and from Gatwick to Orlando.

In order to accommodate these changes, the airline is suspending
flights between Heathrow and Detroit from March 30, 2008.

Flights to Algiers that currently operate from Gatwick will move
to Heathrow to ensure that the airline's oil and gas
destinations in North Africa and the US are still linked through
the same airport.  Warsaw flights will move from Heathrow to
Gatwick. Both changes are effective from March 30, 2008.

In addition, there will be a new shorthaul route from Gatwick to
Genoa in Italy starting on April 4, 2008, with daily flights.

The airline is also making a change to its network for the
winter 2007 season.  From Oct. 28, 2007, passengers traveling
from Heathrow to Harare with British Airways will be routed via
Johannesburg and then on to Harare with our franchise partner
Comair.  Direct services to Harare from Heathrow will be
suspended from the same date.

"We're taking advantage of the opportunities provided by Open
Skies to further enhance our market leading network from London
to the United States.  Next summer, we will offer our customers
41 daily flights to 18 destinations across the US," Robert
Boyle, British Airways' commercial director, said.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular

British Airways Holidays Ltd. and British Airways Travel
Shops Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As reported on Aug. 16, 2007, Moody's Investors Service upgraded
the senior unsecured rating of British Airways plc to Ba1, one
notch lower than the Corporate Family Rating (upgraded to Baa3,
stable outlook), reflecting the subordination of unsecured debt
to a substantial portion of secured debt.

The debt instruments affected by the rating action are:

   -- GBP100 million 10.875% senior unsecured notes due 2008 to
      Ba1 from Ba2;

   -- GBP250 million 7.25% senior unsecured notes due 2016 to
      Ba1 from Ba2;

   -- US$115 million 5.25% and US$85 million 7.625% senior
      unsecured industrial revenue notes due 2032 to Ba1 from
      Ba2;

   -- EUR300 million 6.75% perpetual guaranteed preferred
      securities to Ba2 from Ba3 (issued by British Airways
      Finance (Jersey) L.P.).




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


NORTHERN ORION: Agrees with Yamana Gold's Offering Amendments
-------------------------------------------------------------
Northern Orion Resources Inc. acknowledges Yamana Gold Inc.'s
statement that Yamana has amended its offer for 100% of the
shares of Meridian Gold Inc.  Yamana has:

   1. reduced the minimum tender condition relating to the
      Meridian Offer from 66-2/3% to 50.1%;

   2. extended the offer deadline to Meridian shareholders from
      8:00 pm, Toronto time on Sept. 24 to 8:00 pm, Toronto
      time on Oct. 2, 2007; and

   3. increased the cash component of the Meridian Offer by
      CDN$2.50 per share for a total of CDN$6.50 per share,
      while keeping the share component of the offer unchanged
      at 2.235 Yamana common shares.

Yamana reports that the cash portion of the consideration will
be funded from Yamana's available debt facilities.

Under the terms of a definitive business combination agreement
between Yamana and Northern Orion on July 19, 2007, Yamana will,
upon the satisfaction or waiver of customary conditions, acquire
all of the issued and outstanding shares of Northern Orion on
the basis of 0.543 of a Yamana share for each Northern Orion
share.

The Northern Orion board continues to support the Plan of
Arrangement with Yamana and has agreed with Yamana to amend the
Minimum Meridian Condition under the Plan of Arrangement.  This
condition of the Plan of Arrangement has been amended to reduce
the number of Meridian shares that must be deposited to the
Meridian Offer and not withdrawn at the time of expiry from
66-2/3% to 50.1%.

Yamana has also agreed to commence take up of Meridian shares
under the Meridian Offer once the new minimum tender condition
of 50.1% has been satisfied and all other conditions to its
offer have been satisfied or waived.

Yamana has also agreed to close the Plan of Arrangement with
Northern Orion as soon as practical after the tender for the
Meridian shares under the new minimum tender condition and will
continue thereafter to use commercially reasonable best efforts
to acquire the remaining issued shares of Meridian not held by
Yamana.

Endeavour Financial International Corporation and GMP Securities
L.P. are financial advisors to Northern Orion.

GMP Securities L.P., have provided an updated fairness opinion
to Northern Orion's board of directors based on the Plan of
Arrangement and their review of Yamana's revised offer to
Meridian shareholders.  GMP continues to be of the opinion that
the consideration offered to Northern Orion shareholders by
Yamana is fair, from a financial point of view, to the
shareholders of Northern Orion.

                   About Yamana Gold Inc.

Headquartered in Toronto, Ontario, Yamana Gold Inc. (TSE:YRI) --
http://www.yamana.com/-- is engaged in the acquisition,
exploration, development and operation of mineral properties in
Latin America.  The company has gold and copper production,
exploration properties and land positions in Brazil, Honduras
and Argentina.

             About Northern Orion Resources Inc.

Headquartered in Vancouver, British Columbia, Northern Orion
Resources Inc.-- http://www.northernorion.com/-- (TSX:
NNO)(AMEX: NTO) is engaged in the mining of copper and gold, and
in the exploration for and the development of, base and precious
metals through direct and indirect foreign subsidiaries and
branches.  The company has a 12.5% equity interest in the Bajo
de la Alumbrera copper-gold mine in the Catamarca Province,
Argentina (the Alumbrera Mine) and a 100% interest in the Agua
Rica copper-gold-molybdenum project in the Catamarca Province,
Argentina (the Agua Rica Project). Northern Orion also has an
undivided 50% interest in the Mantua Project, a copper-gold
project in Cuba.

On Aug. 22, 2007, Northern Orion Resources Inc. shareholders
approved the Plan of Arrangement with Yamana Gold Inc. at a
Special Meeting of Northern Orion shareholders.  The Arrangement
was approved by 83.1% of the votes cast and no notices of
dissent were received.

Under the terms of the Arrangement, Northern Orion shareholders
will receive 0.543 of a Yamana share plus CDN$0.001 in cash for
each Northern Orion share.  Among other regulatory requirements,
completion of the Arrangement between Northern Orion and Yamana
remains subject to at least 66 2/3% of Meridian Gold Inc. shares
being tendered to the Yamana offer for Meridian.




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


DIGICEL GROUP: ECI To Expand Firm's Broadband Services
------------------------------------------------------
Digicel has hired optical and ethernet software from Israeli
equipment supplier ECI to expand the broadband services it is
offering over a WiMax network, according to ECI's statement.

Business News Americas relates that ECI will provide its XDM
Multiservice Transport Platform to boost bandwidth and support
the increasing "broadband wireless backhaul traffic across the
island into Kingston."

BNamericas notes that Digicel chose the XDM Multiservice as it
allows "several network layers on one platform including WDM,
ethernet and SONET." It also provides the firm with cost
effective alternatives for network expansion in new regions.

Digicel's network will offer fixed and mobile voice and data
communications software, including Voice-Over-Internet Protocol,
to corporate clients.  Previous broadband offerings in the
Caribbean depended on fixed lines limiting services offered to
customers, BNamericas states.

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

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

Digicel Group Ltd.

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

Digicel Ltd.

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

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

Digicel International Finance Ltd.

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

Fitch said the outlook on all ratings is stable.




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


ALERIS INT'L: To Shut Down Dickson Manufacturing Facility
---------------------------------------------------------
Aleris International, Inc., will shut down and permanently close
its Dickson, Tennessee facility by Nov. 20, 2007.  The Dickson
plant was part of Aleris's recent acquisition of Wabash Alloys,
LLC.

The Dickson plant produces specification aluminum alloys, which
are delivered to customers in both ingot and molten form.  The
plant has approximately 67 employees. Production will be
transferred to other Aleris facilities.  Aleris will continue to
provide the highest quality and services to its valued
customers.

                     About Wabash Alloys

Founded in 1958, Wabash Alloys-- http://www.wabashalloys.com/--
produces aluminum casting alloys and molten metal at its eight
plants located in Canada, Mexico and the United States.

                About Aleris International Inc.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 21, 2007, Standard & Poor's Ratings Services has revised
its outlook on Aleris International Inc. to negative from
stable.  At the same time S&P has affirmed its 'B+' corporate
credit rating and the other ratings on the company.
Concurrently, S&P has assigned a 'B-' rating to the company's
recent US$105 million 9% senior notes due 2014, which are an
add-on to the company's existing US$600 million 9% senior notes
due 2014.


BANK OF TOKYO-MITSUBISHI: Moody's Withdraws Ratings
---------------------------------------------------
Moody's Investors Service has withdrawn the long- and short-term
global local currency deposit ratings, as well as the long- and
short-term foreign currency deposit ratings assigned to Bank of
Tokyo-Mitsubishi UFJ (Mexico), S.A. for business reasons.

Bank of Tokyo-Mitsubishi UFJ (Mexico), S.A. has total assets of
US$228 million as of June 30, 2007.

These ratings were withdrawn:

-- Long-term global local currency deposits: Baa1
-- Short-term global local currency deposits: Prime-2
-- Long-term foreign currency deposits: Baa1
-- Short-term foreign currency deposits: Prime-2

These ratings remain unchanged:

-- Bank Financial Strength Rating: D, with stable outlook
-- Mexican National Scale, long term: Aa1.mx
-- Mexican National Scale, short term: MX-1

Outlook: Stable

The Bank of Tokyo-Mitsubishi UFJ Ltd. is a Japanese commercial
banking company headquartered in Tokyo, Japan.  It provides a
range of domestic and international banking services in Japan
and worldwide.  As of March 31, 2005, the company's network in
Japan included 251 branches, 28 sub-branches, 60 loan plazas,
474 branch automated teller machines (ATMs) and 19,062
convenience store-based, non-exclusive automated teller
machines.  The company is organized into eight segments: retail
banking; commercial banking; global corporate banking;
investment banking and asset management; UnionBanCal
Corporation; operations services; treasury, and other, including
systems services and eBusiness and information technology
initiatives.

The bank has branches in Canada, Grand Cayman, Mexico, and
Brazil.


COTT CORP: Expects Lower 2007 Outlook Due to Volume Declines
------------------------------------------------------------
Cott Corporation is lowering its earnings expectations for 2007
as a result of higher than expected industry volume declines in
key markets, increased promotional activity by national brands,
and the continuing impact of commodity costs not sufficiently
offset in the short-term by growth and cost-cutting initiatives.

The carbonated soft drink market in the U.S. and Canada
experienced steeper declines than anticipated in the four weeks
ending Aug. 11, 2007, down 7% on a volume basis, while
abnormally cool and wet summer weather in the U.K. adversely
impacted category volume in that market.

Additionally, start-up issues with the new aseptic line in the
U.K. resulted in additional costs, a voluntary product
withdrawal and significant line downtime, which impacted sales
of existing and new products.

"Passing through commodity cost increases and dealing with
higher than anticipated CSD industry declines are proving to be
too significant to absorb this year," Brent Willis, Cott's CEO,
said.  "Although we have closed manufacturing facilities and cut
significant other costs, begun expansion of new products, new
channels, and new markets, and taken significant pricing, these
actions have not been sufficient to offset the negative
environment impacts and some of our own internal execution and
new product start-up challenges.  As a result, we no longer feel
we can meet the previously announced targets for 2007 and we
expect year over year revenue growth to be flat and operating
income to be substantially lower than 2006.  We underestimated
how much time and effort it was going to take to fully implement
our strategy and to capture the return on that strategy.  Our
focus for the remainder of 2007 and into 2008 will be to
continue to take aggressive actions to turn the business around
and drive profitability in line with our long-term business
model."

"2007 has been one of the most challenging years in Cott's
history," Frank Weise, Cott's Chairman, added.  "While the
actions the company has taken to drive the turnaround are on
strategy and progressing, the short term results have been
undermined by significant declines in the CSD category in North
America, unprecedented cost increases and executional
challenges.  The Board remains confident the right steps are
being taken to confront the key challenges and position the
company for future growth in sales and profits."

                      About Cott Corp.

Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT;
TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavoured mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.

                        *     *     *

Cott Corp. continues to carry Standard & Poor's Ratings
Services' B+ long-term corporate credit rating with a negative
outlook.


COTT CORP: Moody's Ratings Under Review for Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the ratings for Cott
Corporation under review for possible downgrade following the
announcement that it expects 2007 margins and earnings to be
lower than previous guidance.  The LGD rates are also subject to
change.  The rating action reflects the potential for lower
margins and cash flow as a result of the weaker-than-expected
carbonated soft drink volumes, higher than expected promotional
activity from national brands, and the adverse effects of higher
input costs, which are not being sufficiently offset by the
company's many cost cutting initiatives.  Moody's last
downgraded Cott's ratings in early 2006.

These ratings were placed on review for possible downgrade:

Cott Corporation

-- Ba3 corporate family rating and Ba3 probability of default
    rating

Cott Beverages, Inc.

-- B1 rating on the US$275 million 8% senior subordinated
    notes, due 2011

The review for possible downgrade will focus on the impact that
the above pressures will have on the company's operating profit,
cash flow and debt protection measures going forward, as well as
the prospects for the company's restructuring initiatives over
the last year and a half to compensate for these business
challenges.  There have been a number of setbacks to the planned
turnaround including additional restructuring charges, slower
than expected new product introductions and a voluntary recall
of some product in the UK.  Therefore the company is currently
performing at the lower end of Moody's range of expectations at
the time of the last downgrade.

Moody's expects sufficient internally generated liquidity to
cover cash needs and good availability under the revolver over
the next 12 months, although Moody's believes that covenant
compliance could be somewhat tight at the end of fourth quarter
of 2007.  The review will examine Cott's turnaround prospects
and timing, its ongoing business and financial strategy as well
as its medium-term liquidity.

Headquartered in Toronto, Ontario, Canada, Cott Corp. (NYSE:COT;
TSX:BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and Company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavored mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.


DANA CORP: To Pay US$1,250,000 to Anthony Wayne School District
---------------------------------------------------------------
Dana Corp. will pay about US$1,250,000,000 to Anthony Wayne
Local School District for missing tax abatement donations, The
Toledo Blade reports.

The payment is part of a settlement that Dana has entered with
Anthony Wayne.  Under the settlement terms, US$1,625,000 will be
paid in cash and stock from reorganized Dana after it emerges
from bankruptcy.  The settlement, which is subject for approval
of the U.S. Bankruptcy Court for the Southern District of New
York, is still in the works, the Blade says.

The Blade relates that negotiations began last year after Dana
missed a third straight annual payment of about US$237,000 to
the school district.  Dana had agreed to pay Anthony Wayne as
part of property tax abatement for Dana's Maumee Technical
Center that opened in 2004.

Charlie Burns relates to the Blade that the agreement, if
approved [by the Bankruptcy Court], will "basically make the
district whole" and could have been a lot worse. "For the board,
from the beginning, we were very concerned that we may not
receive anything.  But it's worked out well for us, and we're
excited about it."

Chuck Hartlage, Dana's spokesman, said he was unfamiliar with
the settlement and would investigate, according to the Blade.
Mr. Hartlage said the corporation was "pleased to have reached
this agreement" with the district, but added that he couldn't
discuss how it would affect other Dana creditors.

                       About Dana Corp.

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.  (Dana Corporation Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000).


INTERSTATE HOTELS: Partners with Investcorp to Buy Hotels
---------------------------------------------------------
Interstate Hotels & Resorts has formed a joint venture
partnership with Investcorp International's U.S. based Real
Estate Group.  The partnership, along with Interstate, have
agreed to acquire three hotels from affiliates of The Blackstone
Group L.P. for an aggregate price of US$118 million:

   -- the 321-room Hilton Seelbach Louisville in Kentucky;
   -- the 226-room Crowne Plaza Madison in Wisconsin; and
   -- the 288-room Sheraton Columbia in Maryland.

Interstate will invest approximately US$4.7 million in exchange
for a 15% equity interest in two of the properties, the Hilton
Seelbach and the Crowne Plaza Madison.  The two joint venture
properties will continue to be managed by Interstate under new
management agreements.

As part of the overall transaction, Interstate will also acquire
100% of the third hotel, the Sheraton Columbia, for US$46.5
million.  The company plans to invest US$12 million in a
comprehensive renovation of the property, including upgrades to
all guest rooms and public spaces, which is expected to be
completed by the end of 2008.

Interstate will fund the acquisition with available cash and
capacity under its senior revolving credit facility.  The
transaction is expected to close in the fourth quarter.

"This falls directly within our strategy of owning real estate,
both for our own account and in joint venture partnerships,"
Thomas F. Hewitt, Interstate's chief executive officer, said.
"This transaction is an illustration of our successful execution
of our growth strategy.  We remain opportunistic in our
acquisition strategy and maintain flexibility to structure
transactions within dynamic markets."

"These three, geographically diverse properties are located in
key urban, airport and major suburban markets," said Leslie Ng,
chief investment officer.  "All of the properties are strong
performers with steadily improving RevPAR and income and have
significant further upside potential.  This is our first venture
with Investcorp, one of the world's largest and most diverse
alternative investment managers, and we look forward to
exploring additional opportunities with them."

"The acquisition of these hotels is consistent with our
multi-disciplinary focus of aggressively pursuing opportunities
across product platforms and geographies to deliver strong cash
flows and above average returns to our global clients," said
John Fraser, co-head, Investcorp Real Estate Group.  "Interstate
has been successfully managing these properties and is
thoroughly familiar with the individual markets.  Given
Interstate's solid track-history, expertise and proprietary
management systems, we are very confident in its ability to
drive these properties to their fullest potential."

                 Sheraton Columbia Maryland

The 288-room Sheraton Columbia Hotel is located in Columbia,
Maryland, a 14,000-acre planned community approximately 40 miles
north of Washington, D.C., and 15 miles from Baltimore.
Situated in Howard County features more than 2,500 businesses,
over 60,000 jobs, 21 million square feet of commercial and
residential space and an array of social, cultural, educational,
entertainment and recreational programs and facilities.

              Hilton Seelbach Louisville Kentucky

Since its opening in 1905, Seelbach Hilton Louisville, a 321-
room property offers the atmosphere of a bygone era including
internet access in all guest rooms and meeting rooms. It also is
home to Kentucky's Oak Room restaurant.  The hotel is situated
downtown, close to Louisville's attractions.

                 Crowne Plaza Madison Wisconsin

Located off I-90/94, three miles from the Madison airport, the
226-room Crowne Plaza is situated near Madison's shopping mall,
theater and restaurants, and proximate to the city's convention
center, the University of Wisconsin and the state capitol.
Renovated in 2005, the hotel features an indoor pool, restaurant
and lounge, a business center and more than
6,800 square feet of meeting space.

              About Investcorp Real Estate Group

The Investcorp Real Estate Group (LSE: IVC, BSE: INVCORP) --
http://www.investcorp.com/-- is a return-oriented real estate
investor.  Investcorp's real estate team, is experienced in the
acquisition, development, financing, leasing, management, and
disposition of a wide variety of property types including
office, retail, hotel, residential, mixed-use, luxury resort and
others.  The Investcorp Real Estate Group is part of Investcorp,
a provider and manager of alternative investment products.
Investcorp has offices in New York, London and Bahrain.  Founded
in 1982, the firm has five lines of business: private equity,
real estate, hedge funds, venture capital and Gulf growth
capital.

            About Interstate Hotels & Resorts Inc.

Headquartered in Arlington, Virginia, Interstate Hotels &
Resorts Inc. (NYSE: IHR) -- http://www.ihrco.com/-- operated
189 hospitality properties with more than 43,000 rooms in
36 states, the District of Columbia, Belgium, Canada, Ireland,
Mexico and Russia, including six wholly-owned properties and
20 properties with a minority ownership interest through 13
separate joint ventures, as of Aug. 31, 2007.  In addition,
Interstate Hotels & Resorts has contracts to manage 16
hospitality properties with nearly 4,600 rooms under
development.

                        *     *     *

Moody's Investor Services placed Interstate Hotels & Resorts
Inc.'s long-term corporate family rating at B1 in January 2007.
The outlook is negative.

Standard & Poor's placed its long-term foreign and local issuer
credit ratings at B.  These ratings placed in August 2004, still
hold to this date.


KRISPY KREME: Board Approves Officer Indemnification Agreement
--------------------------------------------------------------
The board of directors of Krispy Kreme Doughnuts Inc. has
approved a form of Officer Indemnification Agreement, pursuant
to which the company agrees to provide for:

   -- the indemnification of and the advancement of expenses to
      each officer of the company party to the officer
      indemnification agreement; and

   -- the continued coverage of such officer under the
      company's directors' and officers' liability insurance
      policies.

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, Moody's Investors Service lowered Krispy Kreme
Doughnut Corporation's Speculative Grade Liquidity rating to
SGL-4 from SGL-3, indicating weak liquidity.  Concurrently
Moody's revised the rating outlook to negative while affirming
Krispy Kreme's Caa1 corporate family rating and B3 rating of its
US$160 million senior secured credit facilities.


PERNOD RICARD: Earns EUR831 Million in Year Ended June 2007
-----------------------------------------------------------
The Pernod Ricard Board of Directors' meeting of Sept. 19, 2007,
chaired by Patrick Ricard, approved the financial statements for
the 2006/2007 financial year ended June 30, 2007.

The 2006/07 fiscal year was a highly successful year for Pernod
Ricard, marked by:

   -- Dynamic sales in all regions, driven by the strong growth
      of the wine and spirits market and by the Group's
      performance, which took full advantage of the commercial
      synergies related to the Allied Domecq acquisition;

   -- A strong 21% increase in operating profit from ordinary
      activities, which resulted from increased sales, higher
      contribution margin from the portfolio, due to the 15
      strategic brands representing a greater share of
      consolidated sales, and from the achievement of 100% of
      structure synergies;

   -- A sharp increase in profit from ordinary activities and
      improved debt ratios.

       * Organic growth measured excluding July for Allied
         Domecq brands

      ** Measured on a constant foreign exchange basis

Strong sales growth (+6.2%)

Net sales for the 2006/07 financial year increased by 6.2% to
EUR6.4 billion (excluding duties and taxes).  The increase was
due to a strong 9.1% organic growth, a 2.8% negative foreign
exchange effect and a 0.2% positive Group structure effect.
The company said this strong organic growth was based on:

   -- The good overall performance of the firm's markets,
      particularly in emerging countries;

   -- The dynamism of our brand portfolio, in particular the 15
      strategic brands, which registered growth of +9% and
      +13% in volume and value, respectively;

   -- Pernod's powerful global network and commercial synergies
      related to the Allied Domecq acquisition;

   -- The relaunch of media and advertising & promotional
      campaigns for brands acquired as part of the Allied Domecq
      takeover, which benefited from a substantial increase in
      advertising expenditure, in particular in the second half-
      year.

Improved contribution margin from the portfolio

Gross margin increased by +10.2%*, thanks to strong sales growth
and the improved gross margin/sales ratio, which rose to 59.8%
from 59.0% on a constant foreign exchange basis.  The greater
proportion represented by the Top 15 brands, the overall
evolution of the mix within the Top 15 and the value strategy
applied to the whole portfolio all strongly contributed to the
improvement, in spite of the rise in alcohol and energy prices.

This good performance made it possible to significantly increase
advertising and promotional expenditure, in line with sales
growth.  The increase was further enhanced in the second half-
year due to the rollout of the new campaigns of brands acquired
as part of the Allied Domecq takeover, in particular
Ballantine's, Beefeater and Stolichnaya.

The 15 strategic brands attracted more than 70% of marketing
expenditure and 90% of growth in the 2006/07 financial year.

All in all, the contribution after advertising and promotional
expenses generated by the brand portfolio totalled EUR2,486
million, (+10.3%) being 38.6% of sales (+ 60 bp vs 2005/06 on a
constant foreign exchange basis).

  * Organic growth measured excluding July for Allied Domecq
    brands

       Decrease in the Structure costs/Sales ratio

Structure costs amounted to EUR1.039 billion over the period,
compared to EUR1.075 billion in the previous financial year.
The speed of the Allied Domecq integration indeed allowed, as
planned, the achievement of 100% of the EUR270 million in
synergies in the 2006/07 financial year and to lower the
structure costs / sales ratio from 19% before the takeover to
15.6%, excluding the (non cash) impact of the cost of stock
options.

          Operating Profit from Ordinary Activities

Overall, under the combined effect of growing sales, increased
portfolio contribution margin rate and structure synergies,
operating profit from ordinary activities grew by 21%* to
EUR1.447 billion.  The operating profit margin improved by 230
bp to 22.5% compared to the previous financial year, on a
constant foreign exchange basis.

             Analysis of Performance by Region

Asia/Rest of the World and America were again the leading profit
growth drivers in the financial year, posting increases of +39%
and +21% in operating profit from ordinary activities,
respectively.  The two regions generated total operating profit
from ordinary activities of EUR807 million, being 56% of Group
profits.

Against the background of an improving economic situation,
Europe and France also experienced a 2006/07 financial year of
strong growth, with increases in operating profit from ordinary
activities of +12% and +10%, respectively.  This renewed
dynamism was generated by stronger sales in numerous markets,
such as France, Germany and Italy, and by continuing strong
growth in Central and Eastern Europe markets (Russia, Poland).
These two regions realized a combined operating profit from
ordinary activities of EUR640 million.

            Profit from Ordinary Activities

Financial Income/(expense) from ordinary activities was an
expense of EUR341 million, of which EUR332 million corresponded
to financial expenses paid in respect of the debt (i.e. an
average interest rate of about 5.0%), EUR12 million in finance
structuring costs, and EUR3 million in other financial income.

Income tax on items from ordinary activities resulted in a
EUR249 million expense (i.e. a rate of 22.5%).  Disposed
operations did not generate any profits in the 2006/07 financial
year, whereas profits of Dunkin Brands and Britvic had
contributed EUR57 million in the previous year, until their
respective disposals.

Finally, the minority interest share of profit from ordinary
activities was EUR25 million and originated from Corby (Canada),
Jinro Ballantine's (South Korea) and Havana Club International
(Cuba).

  * Organic growth measured excluding July for Allied Domecq
    brands

Overall, profit from ordinary activities (Group share) amounted
to EUR833 million, a 24% increase on constant foreign exchange
basis compared to 2005/06.  Our initial guidance of an increase
of about 20% was thus exceeded.  Diluted earnings per share from
ordinary activities grew by 21% to EUR7.75, on a constant
foreign exchange basis.

                         Net Profit

Other operating income/(expense) was a EUR20 million income. The
balance of EUR31 million in costs relating to the restructuring
and integration of Allied Domecq was largely offset by asset
disposal capital gains of EUR31 million and other income of
EUR20 million.

The EUR10 million expense from other financial items primarily
comprised exchange losses.

Finally, other items generated an income tax expense of EUR11
million.

After taking account of all other items, net profit (Group
share) totaled EUR831 million, a 30% increase compared to the
2005/06 financial year.

                           Debt

Net debt at June 30, 2007, amounted to EUR6.5 billion, compared
to an opening balance of EUR6.9 billion, after payment of
capital gains tax upon the disposal of Dunkin Brands.
The decrease in debt resulted in improved debt ratios, with in
particular a Net Debt**/EBITDA ratio decrease to 3.9 against 4.3
in 2005/06.

Finally, pension commitment follow-up showed a decrease of
nearly EUR500 million in the deficit over the financial year,
due in particular to payments made to pension funds and the
rising value of the assets invested in these funds.  This
performance was made more secure by the reduction of the share
of assets invested in shares, from 50% to 24% at 30 June 2007,
within the pension funds taken over following the Allied Domecq
acquisition.

Payments to UK funds will thus be reduced to about EUR70 million
in 2008, from EUR150 million in 2006.

                       Dividend: +20%

These excellent results allow the Board of Directors to propose
to the Annual General Meeting of 7 November 2007 a cash dividend
of EUR2.52 per share, stable compared to last year's.  This is
an effective increase of 20%, considering the granting of one
free share for every five shares held on 16 January 2007.  Such
an increase, combined to that of the previous financial year,
results in a 41% rise in the dividend since the Allied Domecq
acquisition.

   * Organic growth measured excluding July for Allied Domecq
     brands

  ** After restatement of treasury shares value

Due to the payment of an interim dividend of EUR1.26 on
July 4, 2007, the balance of EUR1.26 will be paid on
Nov. 14, 2007.

In addition, the Board of Directors will submit for approval by
the General Meeting a one-for-one share split, to be carried out
in January 2008.

                  Conclusion and Outlook

Commenting on these results, Patrick Ricard declared:

"2006/07 was an excellent year for Pernod Ricard, with in
particular the confirmed success of the Allied Domecq takeover
and the strong growth in results and profitability.

"The dynamism of our brands, the strength of our distribution
network and the good start of the new financial year in July and
August, in particular for the premium brands (only aniseed-based
products suffered from the adverse weather) allow us to begin
the 2007/08 financial year with confidence, while keeping a
watchful eye on business environment developments.

"Therefore, based on current market conditions and on a like-
for-like basis*, our guidance is a further year of strong growth
in Pernod Ricard sales and operating profit from ordinary
activities in the 2007/08 financial year."

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The Company operates in Europe, North
America, Brazil, Mexico, and the Asia-Pacific region.

                        *     *     *

Pernod Ricard carries Standard & Poor's BB+ ratings on its
5.245% floating rate notes and 4-5/8% unsubordinated notes.


QUAKER FABRIC: Courts OKs Sale to Gordon Brothers for US$27 Mil.
----------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware approved the sale of Quaker Fabric Corp.
and Quaker Fabric Corporation of Fall River's tangible assets
and intellectual property free and clear of all liens, claims,
interests and encumbrances.

Under the approved Asset Purchase Agreement, the Debtors will
sell will sell their intellectual property, inventory, and
machinery and equipment to Gordon Brothers Group, LLC, for US$27
million.  Further, Gordon Brothers will have the exclusive right
to designate certain of the Debtors' real estate.

Court documents further disclose that Gordon Brothers will
transfer the acquired assets to Victor Innovatex Inc.  Victor
Innovatex will also take over the Debtors' facility located at
81 Commerce Drive in Fall River, Massachusetts.

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
home furnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
and independent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq., and Dennis L.
Jenkins, Esq., at Wilmer Cutler Pickering Hale and Dorr LLP,
represent the Debtors in their restructuring efforts.  Joel A.
Waite, Esq., and Joseph M. Barry, Esq., at Young Conaway
Stargatt & Taylor, LLP, are the Debtors' co-counsel.  The
Debtors' balance sheet at June 2, 2007, disclosed total assets
of US$155,243,945 and total debts of US$60,407,158.


QUAKER FABRIC: Sells Bleachery Pond Property for US$2.6 Million
---------------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware approved the sale of Quaker Fabric Corp.
and Quaker Fabric Corporation of Fall River's property called
the Bleachery Pond to Atlantis Charter School free and clear of
all liens, claims, interests and encumbrances.

The Bleachery Pond is made up of 66 acres of underdeveloped land
in Fall River, Massachusetts.

Under the Court-approved agreement, Atlantis Charter will
purchase the property for $2.6 million.

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
home furnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
and independent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq., and Dennis L.
Jenkins, Esq., at Wilmer Cutler Pickering Hale and Dorr LLP,
represent the Debtors in their restructuring efforts.  Joel A.
Waite, Esq., and Joseph M. Barry, Esq., at Young Conaway
Stargatt & Taylor, LLP, are the Debtors' co-counsel.  The
Debtors' balance sheet at June 2, 2007, disclosed total assets
of US$155,243,945 and total debts of US$60,407,158.


QUAKER FABRIC: US Trustee Appoints Five-Member Creditors' Panel
---------------------------------------------------------------
Kelly Beaudin Stapleton, the U.S. Trustee for Region 3,
appointed five creditors to serve on an Official Committee of
Unsecured Creditors in Quaker Fabric Corp. and its debtor-
affiliate, Quaker Fabric Corporation of Fall River's chapter 11
cases.

The Committee members are:

    1. Unifi Manufacturing, Inc.
       Attn: Charles F. McCoy
       7201 West Friendly Avenue
       Greensboro, NC 27410
       Tel: (336) 316-5660
       Fax: (336) 856-4364

    2. Zhongwang Holding Group Co.
       fka Hangzhou Zhongwang Fabric
       Attn: Richard S. Mittleman
       c/o Cameron & Mittleman LLP
       56 Exchange Terrace
       Providence, RI 02903
       Tel: (401) 331-5700
       Fax: (401) 331-5787

    3. American Fibers and Yarns Company
       Attn: Gilda Schatzman
       55 Vilcom Circle, Suite 300
       Chapel Hill, NC 27514
       Tel: (919) 969-4239
       Fax: (919) 969-4269

    4. Regifil, Inc.
       Attn: Lisa Fecteau
       10 Route 108, St. Ephrem de Beauce
       Quebec, Canada GOM 1RO
       Tel: (418) 397-5775
       Fax: (418) 397-8263

    5. Noveon Inc.
       Attn: William J. Webb
       c/o The Lubrizol Corporation
       29400 Lakeland Boulevard
       Wickliffe, OH 44092
       Tel: (440) 347-1512
       Fax: (440) 347-5218

Official creditors' committees have the right to employ legal
and accounting professionals and financial advisors, at the
Debtors' expense.  They may investigate the Debtors' business
and financial affairs.  Importantly, official committees serve
as fiduciaries to the general population of creditors they
represent.  Those committees will also attempt to negotiate the
terms of a consensual Chapter 11 plan -- almost always subject
to the terms of strict confidentiality agreements with the
Debtors and other core parties-in-interest.  If negotiations
break down, the Committee may ask the Bankruptcy Court to
replace management with an independent trustee.  If the
Committee concludes reorganization of the Debtor is impossible,
the Committee will urge the Bankruptcy Court to convert the
Chapter 11 cases to a liquidation proceeding.

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
home furnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
and independent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq., and Dennis L.
Jenkins, Esq., at Wilmer Cutler Pickering Hale and Dorr LLP,
represent the Debtors in their restructuring efforts.  Joel A.
Waite, Esq., and Joseph M. Barry, Esq., at Young Conaway
Stargatt & Taylor, LLP, are the Debtors' co-counsel.  The
Debtors' balance sheet at June 2, 2007, disclosed total assets
of US$155,243,945 and total debts of US$60,407,158.


STERIGENICS INT'L: Moody's Cuts Corporate Family Rating to B3
-------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Sterigenics International, Inc., to B3 from B2.  Moody's also
changed the outlook for the ratings to negative from stable.

The downgrade of the ratings reflects the deterioration of the
company's liquidity profile and weakening credit metrics
following recent operating results that have been below
expectations.

Moody's believes Sterigenics' liquidity position is weak due to
continued reliance on its revolving credit facility, minimal
cash on hand and tightening levels of covenant compliance.
Moody's understands that at June 30, 2007, approximately US$24
million of the company's US$30 million revolving credit facility
had been drawn and the company had a minimal amount of available
cash.

Further, the company's operating results have lagged our
expectations with regard to revenue growth, EBITDA, and free
cash flow due in large part to decreased volume from a key
customer.  The combination of capital expenditures well in
excess of anticipated levels and below forecasted levels of cash
flow has increased the company's reliance on its revolver and
weakened its ability to comply with the financial covenants
included in the senior secured credit facility.

The negative outlook reflects the expectation that the company
will continue to see pressure on its liquidity position as
covenant levels step down for the quarter ending Dec. 31, 2007.
The current total leverage ratio requirement of 4.40 times will
be reduced to 4.25 times at Dec. 31, 2007.  If the lower level
had been in place as of June 30, 2007, the company would not
have been in compliance.  Therefore, without improvement in
EBITDA performance or meaningful debt repayment, Moody's would
expect the company to have difficulty remaining in compliance
once the covenant levels step down.

The ratings remain constrained by the relatively small revenue
base and continued customer concentration.  While revenue has
been growing as the company opens new facilities and increases
capacity at existing facilities, the concentration of revenue
from its most significant customers continues.  The ratings are
also constrained by the significant financial leverage of the
company following the US$75 million dividend to shareholders at
the end of 2006 and the reliance on the revolving credit
facility to fund capital expenditures.

Also considered in the rating are the company's leading market
position and its ability to satisfy customer needs through the
offering of alternative modes of sterilization services.  The
company enjoys a relatively stable and long-lived customer base
for whom switching is difficult.  Additionally, the company's
expansion strategy has been based on customer demand, ensuring a
base level of business as capacity comes on line resulting in
EBIT margins that are relatively strong for the rating category.

A summary of Moody's rating actions:

   -- US$30 million senior secured revolving credit facility due
      2011, to B3 (LGD3, 33%) from B2 (LGD3, 33%);

   -- US$290 million senior secured term loan B due 2013, to B3
      (LGD3, 33%) from B2 (LGD3, 33%);

   -- Corporate Family Rating, to B3 from B2; and

   -- Probability of Default Rating, to Caa1 from B3.

Sterigenics International, Inc., headquartered in Oak Brook, IL,
is a provider of contract sterilization and ionization services
for medical devices, food safety and advanced materials
applications.  The company operates 40 facilities in California,
Mexico, Belgium, Denmark, France, China, Thailand, among others.
For the twelve months ended June 30, 2007, the company
recognized net revenue of approximately US$233 million.




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


AES CORP: Niagara Court Acquits Firm of Fraud
---------------------------------------------
Niagara State Supreme Court Justice Richard C. Kloch Sr. has
acquitted the AES Corp. of alleged fraud for seeking a payment
"in-lieu-of-taxes, or PILOT, arrangement with the Niagara County
Industrial Development Agency," The Buffalo News reports.

As reported in the Troubled Company Reporter-Latin America on
June 18, 2007, the Niagara county, the Town of Somerset and the
Barker Central School District filed a lawsuit against AES and
the Industrial Development Agency over the "payment-in-lieu-of-
taxes deal," which would cost the taxing entities US$43.4
million over 12 years, compared with what they would collect
from AES if the firm's Lake Road power plant continued to be
taxed at the current rate.  Those who are against the deal said
that of one assumes a 3% yearly tax raise, the lost revenue tops
US$90 million.  Internal AES E-mails presented in the State
Supreme Court as evidence indicated that top Niagara County
politicians were involved in a tax-break deal for the firm long
before it became public in September 2006.

Judge Kloch dismissed all the lawsuits AES filed against the
Town of Somerset "over its assessment on the coalburning Lake
Road power plant," The Buffalo News notes.  The firm could file
an appeal on that decision.

AES Somerset unit head Kevin R. Pierce told The Buffalo News
that he had no problem with that ruling, though it means AES has
no chance of winning tax refunds for previous years.  According
to him, the PILOT accord called for the firm to abandon the tax
suits once the PILOT litigation is settled.

"In the unlikely case that [the ruling] is overturned, we would
have the right to appeal.  I think the judge would be sensitive
to stripping away someone's legal rights to appeal," Mr. Pierce
commented to The Buffalo News.

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

                        *     *     *

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

                        *     *     *

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

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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




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


GRUPO MEXICO: Peruvian Unit Unions To Go on Strike
--------------------------------------------------
Dorothy Kosich at Mineweb reports that unions at Grupo Mexico
SA, de C.V. Peruvian unit Southern Copper Corp. will launch
demonstrations against the firm on Oct. 2, 2007.

The union chiefs at the Cuajone mine and the Ilo smelter told
Reuters that they decided to hold a strike.

Reuters notes that the union at the Toquepala mine also voted to
protest starting Oct. 2, 2007.

Southern Copper unit Minera Mexico copper operations director
general Daniel Chavas told reporters, "We are revising each
contract and the conditions with each client."

Due to the protest has caused losses of US$2.8 million, Reuters
says, citing Minera Mexico Chief Executive Officer Javier
Garcia.  Grupo Mexico lost about 50% of its copper output.

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.


* PERU: US Officials Okay Initial Draft of Free Trade Pact
----------------------------------------------------------
Various reports relate that U.S. representatives have supported
the free trade agreement with Peru by approving a draft of that
pact, two years after the deal was reached.

According to the news, the Senate Finance Committee Friday voted
in favor of the initial draft, clearing the way for the White
House to officially submit a final version to Congress.  As a
result, lawmakers can approve or reject it, but they cannot
alter it.

Report says that earlier this year, the current draft of the
agreement was modified following congressional Democrats pushed
the Bush administration to include tougher environmental and
labor provisions.

U.S. Trade Representative Susan Schwab disclosed that she is
pleased by the bipartisan vote, and she hoped to continued
pursuit of a market-opening, pro-growth trade policy.

Two-way trade between the U.S. and Peru currently nears US$9
billion a year, various reports say.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.




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


ADELPHIA COMMS: Selling HQ for Less Than Estimated Value
--------------------------------------------------------
With less than 30 days until the bid deadline, prospective
buyers are racing to take advantage of the opportunity to
purchase Adelphia Communications Corp.'s former corporate
headquarters at just a fraction of its estimated value.

LFC Online, in conjunction with the Grubb & Ellis Company, has
been selected by Adelphia to sell their former headquarters
building, along with several other properties around the
country, in a "must sell," accelerated online auction marketing
campaign.  In a previous online auction for Adelphia, LFC
successfully sold over 60 properties located in 17 states
throughout the United States.

Built in 2002, this striking 72,000-square-foot, three-story
office building is complete with a fully-finished basement and
80,000 square feet of paved parking space.  Its polished granite
exterior is complemented by bronzed windows, a stunning concrete
and granite stairway with decorative wrought iron railings and
two massive granite pillars inviting guests to experience the
corporate opulence within.  At night, wall-wash and ground-
recessed lighting illuminate the ornate exterior brickwork.  The
interior of the building boasts brass, bronze, granite, maple
wood and parquet flooring and custom woodwork, including raised
panel doors and wainscot, throughout.  Just off of Route 6
connecting Coudersport to eastern and western Pennsylvania, the
state-of-the-art building is fully-networked to house over 275
employees.  The surrounding community offers a ready supply of
top notch human capital to meet staffing needs for any company
looking to extend and strengthen their business involvement in
Pennsylvania.

"The auction has drawn interest from a wide spectrum of
prospective buyers, including a strong international response,"
Bill Lange, President of the LFC Group of Companies, stated.
"Investors, entrepreneurs and even local universities and
colleges have already registered for this online auction."

With the bid deadline of Oct. 11, 2007 just around the corner,
potential buyers are urged to visit http://www.LFC.com/695R3and
register to bid in this "must sell" auction.

                About LFC Group of Companies

For over 30 years, the LFC Group of Companies --
http://www.LFC.com/-- has served numerous Fortune 500
companies, real estate developers, investors, financial
institutions and government agencies by auction marketing
thousands of commercial, industrial, land and residential
properties with an aggregate value well in excess of US$2
billion.

                   About Grubb & Ellis

Grubb & Ellis Company (NYSE: GBE) -- http:/www.grubb-ellis.com/
-- is a full-service commercial real estate organization,
providing a complete range of transaction, management and
consulting services.  By leveraging local expertise with their
global reach, Grubb & Ellis offers innovative, customized
solutions and seamless service to owners, corporate occupants
and investors throughout the globe.

                     About Adelphia

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

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

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

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

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

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

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




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


BANCO ITAU URUGUAY: Moody's Ups Long-Term Local Rating to Ba1
-------------------------------------------------------------
Moody's Investors Service has upgraded to Ba1 from Ba2 the long-
term global local currency deposit ratings of Banco Itau Uruguay
S.A., and the local-currency national scale deposit ratings to
Aa2.uy from Aa3.uy.

The rating action is the direct result of the sovereign rating
action on the Brazilian foreign currency government bond rating,
which was upgraded to Ba1 from Ba2.  The global local currency
deposit rating of Banco Itau Uruguay reflects the assessment of
the probability of support from its parent bank, Banco Itau
Holding Financeira, and it is derived from Brazil's Ba1 foreign
currency government bond rating.

These ratings were upgraded:

-- Long Term Global Local Currency Deposits: to Ba1 from Ba2

-- National Scale Rating for Local Currency Deposits: to
    Aa2.uy Aa3.uy

Banco Itau Uruguay S.A. is a multi-product commercial bank, with
a branch network throughout the country.  As of June 2007 the
bank had UYU21.1 billion of assets and UYU1.9 billion of equity.




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


PETROLEOS DE VENEZUELA: Presenting Global Gas Vision
----------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA
exploration and production division vice president Luis Vierma
will present a "global gas vision" on Sept. 27 at the 4th
International Natural Gas Conference in Lecherias, Business News
Americas reports, citing an event organizer.

Business News Americas relates that Petroleos de Venezuela had
disclosed plans of boosting natural gas output to 11 billion
cubic feet per day from seven billion cubic feet a day.

"On a strategic level, this was the ideal city to launch a
series of annual natural gas conferences.  Most of the private
companies with natural gas blocks have offices here," a
spokesperson commented to BNamericas.

According to BNamericas, the event will feature an exhibition.
Firms expected to set up booths are:

          -- Petroleos de Venezuela,
          -- Brazil's Petroleo Brasileiro,
          -- Spain's Repsol YPF, and
          -- France's Total.

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

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


PETROLEOS DE VENEZUELA: Sending More Oil to China
-------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA has
signed an oil accord with its Chinese counterpart to ship more
oil to Beijing, China, The Philadelphia Trumpet reports.

The Philadelphia Trumpet relates that Venezuela is intensifying
its relationship with China through energy trade.  It had
disclosed earlier that a US$10-billion Faja del Orinoco
development project.

Energy-daily.com relates that the new agreement is part of a
continuing effort to boost Venezuela's ties with China.

Venezuela had also said that it would purchase 13 oil rigs from
China, The Philadelphia Trumpet notes.

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

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


* VENEZUELA: Cantv Interconnects with Telecom Venezuela
-------------------------------------------------------
Venezuelan state-run company Cantv said in a statement that it
has interconnected its fiber backbone with a section of the
national fiber optic network belonging to sister firm Telecom
Venezuela, fka CVG Telecom.

Business News Americas relates that this is the first of two
interconnection connections planned for this year.

According to BNamericas, the 490-kilometer southern branch of
Telecom Venezuela's network links Puerto Ordaz with Santa Elena
de Uairen.  About 1,000 fixed line subscribers could have
improved service.

Cantv would fully combine the two networks by the end of 2008,
increasing the 7,500-kilometer "fiber backbone" it currently
runs, BNamericas notes.

The report says that as part of the Cantv network, Santa Elena
de Uairen will be able to access the company's broadband
services.

Meanwhile, Cantv said in a press release that it is implementing
a new "socialist work ethic" next year.

Cantv head Socorro Hernandez told BNamericas that workers would
get:

          -- new health plans,
          -- pay schemes, and
          -- retirement packages.

Former Cantv employees had held protest to demand that the
company pay what it owes them, Venezuelan news daily El
Universal states.

                        *     *     *

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


* VENEZUELA: To Enlarge Petrochemical Sector
--------------------------------------------
The Venezuelan government has a five-year plan to boost
production in its petrochemicals industry, according to reports
from Prensa Latina and Bloomberg News.

Prensa Latina says that the country's Central Planning
Commission has a development plan that would result to an
increase in the number of oil-processing plants from three to
nine.  Phase one of the US$45-billion plan will start 2007 and
ends 2014, while the second phase will commence right after and
ends 2021.

A polyethylene plant, with 60,000 metric tons a year capacity,
will begin operations in December.  Another larger plant will
become operational in 2010, Bloomberg says.

As a result of this project, Venezuelan President Hugo Chavez
was quoted by Bloomberg as saying during his weekly television
program, "Alo Presidente," that 700,000 new jobs will be
created, making the nation a global petrochemical leader.

According to both sources, the president's so-called
petrochemical revolution aims at processing raw materials and
petrochemicals-based products like fertilizers, plastics and
cosmetics, in the country to help boost the national economy.

The Venezuelan leader estimates that royalties to the government
once the sector has expanded will reach US$20 billion by 2013
from US$340 million this year, Blooomberg relates.

                        *     *     *

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


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

                               Total
                               Shareholders  Total
                               Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3     (20.56)      53.30
Kuala                    ARTE3     (33.57)      11.86
Chiarelli SA             CCHI3     (58.72)      36.44
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (757.32)     458.59
Angel Estrada            ESTR      (68.23)      68.97
Estrada-A                ESTR5     (68.23)      68.97
Bombril Holding          FPXE3  (1,064.31)      41.97
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (233.64)      33.23
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3     (22.20)     478.81
Minupar                  MNPR3     (27.02)     206.98
Telebras-CM RCPT         RCTB30   (139.38)     235.03
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (55.17)      51.93
Telebras SA              TELB3    (139.38)     235.03
Telebras-CM RCPT         TELE31   (139.38)     235.03
Telebras SA              TLBRON   (139.38)     235.03
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (155.34)   1,883.02
WIEST                    WISA3    (107.73)      92.66



                        ***********


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

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

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

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

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

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


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