TCRLA_Public/070927.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, September 27, 2007, Vol. 8, Issue 192

                          Headlines

A R G E N T I N A

AMTRAK CONSTRUCCIONES: Claims Verification Deadline Is Tomorrow
BANCO GALICA: Buys 380 Self-Service Devices from NCR
BARTOR SRL: Trustee To File Individual Reports on Dec. 21
BIOMET INC: Closes Merger with Private Equity Group
BIOMET INC: Moody's Assigns B2 Corporate Family Rating

CELYN SRL: Proofs of Claim Verification Is Until Nov. 12
CLAXSON INTERACTIVE: To Launch Lifestyle TV in Latin America
CLINICA PRIVADA: Proofs of Claim Verification Is Until Tomorrow
HOLTER SRL: Proofs of Claim Verification Deadline Is Today
NUEVO CANAL: Trustee To File Individual Reports on Feb. 4, 2008

PRATS SA: Trustee To File Individual Reports on Feb. 1, 2008
PRODUCTOS TEXTILES: Seeks for Reorganization Approval
RED HAT: Credit Suisse Puts Outperform Rating on Firm's Shares
RED HAT: RBC Capital Puts Sector Performing Rating on Shares
REDSAL SA: Trustee Filing Individual Reports on Dec. 19

SWEET VICTORIAN: Concludes Reorganization Proceeding
TENNECO INC: UAW's Strike Against GM Cues Fitch's Negative Watch
TEXTIL FULLTEX: Proofs of Claim Verification Deadline Is Nov. 7

* ARGENTINA: Antitrust Approves Petrobras Sale of Citelec Stake
* ARGENTINA: S&P Affirms Low B Sovereign Credit Ratings


B A R B A D O S

HILTON HOTELS: Gets Requisite Consents To Amend Debt Indentures
HILTON HOTELS: Plans Strategic Development Deal with Belgravia


B E R M U D A

ANA SUB: Will Hold Final General Meeting Tomorrow
BERMUDA INCENTIVES: Sets Final General Meeting for Tomorrow
BERMUDA ISLAND: Will Hold Final General Meeting Tomorrow
CHATHAM ATLANTIC: To Hold Final General Meeting Tomorrow
CHEVRON OVERSEAS: To Hold Final General Meeting Tomorrow

FOSTER WHEELER: Unit Wins Contract to Supply Steam Generator
GRAPE LIMITED: Will Hold Final General Meeting Tomorrow
LSF LUX V: Sets Final General Meeting for Sept. 28
LSF LUX VI: Will Hold Final General Meeting Tomorrow
LSF LUX VII: To Hold Final General Meeting Tomorrow

LSF LUX IX: Schedules Final General Meeting Tomorrow
MAN ARAA: Sets Final General Meeting for Tomorrow
MAN MAC JACKOBSHORN: Sets Final General Meeting for Tomorrow
MAN MAC NORDEND: Will Hold Final General Meeting Tomorrow
MAN MAC VORAB: Sets Final General Meeting for Tomorrow

MORGAN STANLEY: Will Hold Final General Meeting Tomorrow
UNIVERSAL AVIATION: Sets Final General Meeting for Tomorrow
UNOCAL BANGLADESH: Sets Final General Meeting for Tomorrow
UNOCAL SOUTH: Will Hold Final General Meeting Tomorrow
WARNER CHILCOTT: Moody's Lifts Corporate Family Rating to B1


B R A Z I L

ALERIS INTERNATIONAL: Sean Stack Succeeds Michael Friday as CFO
AMERICAN AXLE: UAW's Strike Against GM Cues Fitch's WatchNeg
AMERICAN TOWER: Plans to Offer US$250 Million of Senior Notes
BANCO INDUSTRIAL: Initial Public Offering May Bring in BRL901MM
COLUMBIA AIRCRAFT: Case Summary & 19 Largest Unsecured Creditors

COLUMBIA AIRCRAFT: Files for Chapter 11 Protection
COMPANHIA PARANAENSE: Gets Congress OK to Join Tollroad Auction
FERRO CORP: Commissions New Plant in Castellon, Spain
FORD MOTOR: Changan Ford Launches Operations at US$510-Mln Plant
FORD MOTOR: Opens Second JV Car Factory in Nanjing

GENERAL MOTORS: Inks US$800 Million China Export Deal
GENERAL MOTORS: U.S. Strike May Speed Talks, UAW Leader Says
GENERAL MOTORS: U.S. Strikes Spur Canada Plant Closures
GOL LINHAS: Announces Stockholder's Capital Interest Payment
GOODYEAR TIRE: Brazilian Unit Working at Full Capacity

HAYES-LEMMERZ: UAW's GM Strike Prompts Fitch's Negative Watch
HERCULES INC: Bear Stearns Puts Peer Perform Rating on Shares
LYONDELL CHEMICAL: To Hold Shareholders Meeting on Nov. 20
MAGNA INT'L: Holders Tender 11,908,944 Class A Sub Voting Shares
NET SERVICOS: S&P Raises Long-Term Corp. Credit Rating to BB

NVIDIA CORP: Hires D. Shoquist as Operations Sr. Vice President

* BRAZIL: Petrobras' Citelec Stake Sale Gets Okay in Argentina


C A Y M A N   I S L A N D S

4C ASSOCIATES: Will Hold Final Shareholders Meeting Today
ATLANTIC MANAGEMENT: Sets Final Shareholders Meeting for Oct. 18
BEAR STEARNS: Bankr. Court Stays Order Denying Ch. 11 Petition
CAYMAN CLEARING: Sets Final Shareholders Meeting for Today
CDG INVESTMENTS: Will Hold Final Shareholders Meeting on Oct. 18

EQUITY GLA: Proofs of Claim Filing Ends Tomorrow
GLASS IIP: Proofs of Claim Must be Filed Tomorrow
GLASS EQUITY: Proofs of Claim Filing Is Until Tomorrow
GLASS HOLDINGS: Proofs of Claim Filing Deadline Is Tomorrow
GLASS INVESTMENTS: Proofs of Claim Filing Ends Tomorrow

MULTI EXPOSURE: Final Shareholders Meeting Is on Oct. 18
NZB PRODUCTS: Sets Final Shareholders Meeting for Today
PGI MIDAS: Proofs of Claim Must be Filed by Oct. 18
PREFERRED CPO: Proofs of Claim Must be Filed by Oct. 18
PREFERRED TERM: Proofs of Claim Filing Deadline Is Oct. 18

PRETSL VII: Proofs of Claim Filing Is Until Oct. 18
PRINCIPAL PROTECTED: Proofs of Claim Must be Filed by Oct. 18
SET CO: Will Hold Final Shareholders Meeting on Oct. 18
TEE INTERNATIONAL: Sets Final Shareholders Meeting for Oct. 18
WEST WIND: Will Hold Final Shareholders Meeting Today


C H I L E

SHAW GROUP: Bags Engineering Services Contract with FirstEnergy


C O L O M B I A

BANCOLOMBIA: Decision to Prosecute Officers Is Withdrawn


C O S T A   R I C A

ALCATEL-LUCENT: Elizabeth Hackenson Joins LGS Board of Directors
ALCATEL-LUCENT: Inks Joint Development Pact w/ Kyocera Wireless
ALCATEL-LUCENT: To Provide Wireless Network for China Mobile


C U B A

* CUBA: Installing 100 Wind Energy Stations


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Civic Group Denies Pressuring Court
BANCO INTERCONTINENTAL: Ex-Pres. Warns of Ex-Colonel Lawsuit
EMPRESA GENERADORA: Fitch Affirms B- Cur. Issuer Default Ratings
GENERAL CABLE: Launches US$400-Million Offering of Senior Notes

* DOMINICAN REPUBLIC: May Buy All Crude Needs from Venezuela


E C U A D O R

* ECUADOR: President Correa Says Debts Will be Paid


H O N D U R A S

* HONDURAS: To Drill for Oil in Maritime Borders


J A M A I C A

DYOLL GROUP: Hearing on Liquidators' Lawsuit Set for November


M E X I C O

CALPINE CORP: Bankruptcy Court Approves Disclosure Statement
CALPINE CORP: Files Third Amended Plan of Reorganization
CLEAR CHANNEL: Fitch Expects To Cut Issuer Default Rating to B
CLEAR CHANNEL: Shareholders OK Merger with Private Equity Group
KANSAS CITY SOUTHERN: Reaches Settlement with Grupo TMM

MOVIE GALLERY: Mulls Shut Down of 520 Underperforming Stores
SANMINA-SCI: S&P Changes Outlook; Affirms Low B Debt Ratings
SUNCOM WIRELESS: Posts US$193 Million Second Quarter Net Loss
TEKCHEM SAB: Board Wants To Initiate Bankruptcy Proceedings
TELTRONICS INC: Bags General Services Contract for Cerato SE


P A N A M A

CHIQUITA BRANDS: Expands License & Supply Accord with Landec


P U E R T O   R I C O

GENESCO INC: Finish Line Denies Stalling Merger Process


V E N E Z U E L A

ARVINMERITOR INC: UAW's GM Strike Prompts Fitch's Negative Watch
CMS ENERGY: Deutsche Bank Reiterates Buy Rating on Firm's Shares

* VENEZUELA: Alcasa's Output Declines to 15,233 Tons in August
* VENEZUELA: Cantv Installing Fiber Optic Cable with Colombia


                          - - - - -

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


AMTRAK CONSTRUCCIONES: Claims Verification Deadline Is Tomorrow
---------------------------------------------------------------
Eduardo Ruben Pronsky, the court-appointed trustee for Amtrak
Construcciones S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 28, 2007.

Mr. Pronsky 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 Amtrak 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 Amtrak
Construcciones' accounting and banking records will be submitted
in court on Dec. 20, 2007.

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

The trustee can be reached at:

         Eduardo Ruben Pronsky
         Parana 480
         Buenos Aires, Argentina


BANCO GALICA: Buys 380 Self-Service Devices from NCR
----------------------------------------------------
Banco de Galicia said in a statement that it has purchased 380
self-service devices from US technology solutions provider NCR
for ARS18 million.

According to Banco de Galicia's statement, the devices are
equipped with state-of-the-art technology together with high-
availability services including incident detection and
prevention for the bank's whole self-service network.

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

                        *     *     *

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


BARTOR SRL: Trustee To File Individual Reports on Dec. 21
---------------------------------------------------------
Monica Beatriz Cacioli, the court-appointed trustee for Bartor
S.R.L.'s bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on Dec. 21, 2007.

Ms. Cacioli verifies creditors' proofs of claim until
Nov. 9, 2007.  She will also submit a general report containing
an audit of Bartor's accounting and banking records in court on
March 10, 2008.

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:

          Cordon Azul S.R.L.
          Avenida Callao 1470
          Buenos Aires, Argentina

The trustee can be reached at:

          Monica Beatriz Cacioli
          Parana 723
          Buenos Aires, Argentina


BIOMET INC: Closes Merger with Private Equity Group
---------------------------------------------------
Biomet Inc. has completed its merger with LVB Acquisition Merger
Sub, Inc., a wholly owned subsidiary of LVB Acquisition, Inc.
LVB Acquisition is indirectly owned by investment partnerships
directly or indirectly advised or managed by The Blackstone
Group L.P., Goldman Sachs & Co., Kohlberg Kravis Roberts & Co.
L.P. and TPG Capital.

Pursuant to the merger, Biomet shareholders (other than LVB
Acquisition Merger Sub, Inc. or LVB Acquisition, Inc.) will
receive US$46.00 in cash, without interest and less any required
withholding taxes, for each outstanding Biomet common share.

Biomet common shares will cease trading on NASDAQ at market
close on Sept. 25, 2007, and will no longer be listed.

Shareholders of Biomet who are the holders of record of Biomet
stock certificates will receive instructions and a letter of
transmittal by mail from American Stock Transfer & Trust
Company, the paying agent for the merger, concerning how and
where to forward their certificates for payment.  For shares
held in "street name" by a broker, bank or other nominee,
shareholders will not need to take any action to have shares
converted into cash, as this will be done by the broker, bank or
other nominee.  Questions about the deposit of merger proceeds
should be directed to the appropriate broker, bank or other
nominee.

                About The Blackstone Group

The Blackstone Group -- http://www.blackstone.com/-- is a
global alternative asset manager and provider of financial
advisory services.  The Blackstone Group is an independent
alternative asset managers in the world.  Its alternative asset
management businesses include the management of corporate
private equity funds, real estate opportunity funds, funds of
hedge funds, mezzanine funds, senior debt funds, proprietary
hedge funds and closed-end mutual funds.  The Blackstone Group
also provides various financial advisory services, including
mergers and acquisitions advisory, restructuring and
reorganization advisory and fund placement services.

               About Goldman Sachs & Co.

Founded in 1869, Goldman Sachs is one of the oldest and largest
investment banking firms.  Goldman Sachs is also a global leader
in private corporate equity and mezzanine investing.
Established in 1991, the GS Capital Partners Funds are part of
the firm's Principal Investment Area in the Merchant Banking
Division, which has formed 13 investment vehicles aggregating
US$56 billion of capital to date.

              About Kohlberg Kravis Roberts

Kohlberg Kravis Roberts & Co. is one of the world's oldest and
most experienced private equity firm specializing in management
buyouts.  Founded in 1976, it has offices in New York, Menlo
Park, London, Paris, Hong Kong, and Tokyo.  Throughout its
history, KKR has brought a long-term investment approach to its
portfolio companies, focusing on working in partnership with
management teams and investing for future competitiveness and
growth. Over the past 30 years, KKR has completed over 150
transactions with a total value of over US$294 billion.

                         About TPG

TPG -- http://www.tpg.com/-- is a private investment
partnership that was founded in 1992 and currently has more than
US$30 billion of assets under management.  With offices in San
Francisco, London, Hong Kong, New York, Minneapolis, Fort Worth,
Melbourne, Menlo Park, Moscow, Mumbai, Shanghai, Singapore and
Tokyo, TPG has extensive experience with global public and
private investments executed through leveraged buyouts,
recapitalizations, spinouts, joint ventures and restructurings.
TPG's investments span a variety of industries including
healthcare, retail/consumer, airlines, media and communications,
industrials, technology and financial services.

                       About Biomet

Based in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and its
subsidiaries design, manufacture, and market products used
primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy.  Biomet and its subsidiaries
currently distribute products in more than 100 countries,
including the Netherlands, Argentina and Korea.

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Biomet's product
portfolio encompasses reconstructive products, fixation
products, spinal products, and other products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Moody's Investors Service confirmed the
provisional ratings of Biomet Inc. ((P)B2 Corporate Family
Rating.)

The confirmation is based on Moody's expectation that the
consortium of equity sponsors will finance the incremental
purchase price (US$500 million) with common stock.  The rating
action assumes that the company will not use incremental debt -
including draws on its revolving credit facility - to fund a
dividend in conjunction with this incremental purchase price.
The rating outlook was negative.  This concludes Moody's rating
review that was initiated on June 7, 2007.


BIOMET INC: Moody's Assigns B2 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has assigned final debt ratings to
Biomet, Inc. (B2 Corporate Family Rating) in conjunction with
the close of the leveraged buy-out transaction by a consortium
of equity sponsors.  The rating outlook is negative.

There is no change from the provisional debt ratings that had
previously been assigned.  The provisional (P)B2 CFR reflected
uncertainty about the final terms of the transaction.  Moody's
notes that subsequent to the assignment of provisional ratings
in May 2007, higher interest rates and a revolver draw of about
US$130 million (raising incremental debt by about US$80 million)
have reduced Biomet's flexibility within the B2 rating.  Also,
as a result, the company's Speculative Grade Liquidity rating
has been changed to an SGL-3 from an SGL-2, which was assigned
in conjunction with the provisional ratings.

Diana Lee, a Senior Credit Officer at Moody's said, "Higher
borrowing costs and the need to use the revolver eliminate any
cushion that may have been available to the company.  As a
result, performance below expectations will have greater
potential to trigger a downgrade."

Ratings assigned with a negative outlook:

Biomet, Inc.

-- Corporate Family Rating at B2

-- US$350 Million Asset backed revolver at Ba2, (LGD2, 13%)

-- US$400 Million Secured cash flow revolver at B1, (LGD3, 36%)

-- US$3.547 Billion Secured term loan at B1, (LGD3, 36%)

-- US$775 Million Unsecured senior notes or bridge loan at B3,
    (LGD4, 63%)

-- US$775 Million Unsecured PIK option notes or bridge loan at
    B3, (LGD4, 63%)

-- US$1.015 Billion Unsecured subordinated notes or bridge loan
    at Caa1, (LGD6, 93%)

-- PDR at B2

Rating changed:

-- Speculative grade liquidity rating: SGL-3 from SGL-2

Moody's believes that Biomet's very high leverage and weak
financial strength and financial policy ratios - some of which
are positioned in the "Caa" category - are a key credit risk.
In particular, interest coverage is negligible and the company's
ability to repay a significant portion of its debt with cash
flow is extremely limited.  While there are no financial
covenants in the revolving bank agreements, there is material
adverse change representation and warranty language.  The
presence of external liquidity sources as well as equity
sponsors that have committed significant capital (of about
US$5.4 billion) lower the likelihood of default for the near
term, and should provide management more time to improve free
cash flow.  The B2 CFR also considers the company's size and the
fairly stable nature of the orthopedic industry, which is
expected to continue to benefit from steady demand.  As a
result, Moody's believes that the B2 CFR is appropriate even
though leverage (estimated at about 9.0 times pro forma
Debt/EBITDA based on year end May 31, 2007 financial statements)
and coverage measures (estimated at 1.1 times pro forma
EBITA/interest) are more consistent with lower ratings.

The rating outlook is negative, reflecting Biomet's weak
position in the B2 category due primarily to Moody's concerns
regarding the high level of debt.  Moody's believes that the
company will need to see operating improvements as well as grow
at industry rates in order to meaningfully de-leverage over the
next 12 to 24 months.

Biomet's SGL-3 rating reflects weak free cash flow, balanced by
substantial external liquidity.  Following the initial draw,
Biomet is expected to have about US$620 million of capacity
under two secured bank revolvers.

                        About Biomet

Based in Warsaw, Indiana, Biomet Inc. (NASDAQ: BMET) and its
subsidiaries design, manufacture, and market products used
primarily by musculoskeletal medical specialists in both
surgical and non-surgical therapy.  Biomet and its subsidiaries
currently distribute products in more than 100 countries,
including the Netherlands, Argentina and Korea.

Biomet Inc. and its subsidiaries design, manufacture, and market
products used primarily by musculoskeletal medical specialists
in both surgical and non-surgical therapy.  Biomet's product
portfolio encompasses reconstructive products, fixation
products, spinal products, and other products.


CELYN SRL: Proofs of Claim Verification Is Until Nov. 12
--------------------------------------------------------
Jorge Testa, the court-appointed trustee for Celyn SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 12, 2007.

Mr. Testa will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 18 in Buenos Aires, with the assistance of Clerk
No. 36, 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 Celyn 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 Celyn's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Celyn SRL
       Scalabrini Ortiz 1825
       Buenos Aires, Argentina

The trustee can be reached at:

       Jorge Testa
       Maipu 459
       Buenos Aires, Argentina


CLAXSON INTERACTIVE: To Launch Lifestyle TV in Latin America
------------------------------------------------------------
Claxson Interactive and Playboy TV International have announced
that their LifeStyle TV channel will launch on the Internet,
mobile phones, video on demand and traditional cable TV
throughout the Latin American region on Sept. 30.  The non-
erotic channel will focus on the best in entertainment, food,
fashion, sports and technology.

"LifeStyle TV is innovative and unique: it is the first
lifestyle channel in Latin America. It is also the first non-
erotic channel launched by Playboy, and the first channel to be
launched on multiple platforms," stated Mariano Varela,
Claxson's Pay TV Executive Vice President and General Manager of
Playboy TV LA&I.  "It is cool, sexy and trendy, not only in
terms of content but also because of the multiple technological
platforms through which it will reach urban Latin American men
and women looking for the best in entertainment, fun and
fashion."

The new network's programming will be available to mobile
costumers of America Movil thru its 15 Latin Amercia operations,
Movistar and Personal de Argentina, among others, who may
subscribe to "Lifestyle Tips" via SMS, download ring tones,
pictures and video clips of various lifestyle-related topics,
and watch the new channel on Mobile TV mode.  An agreement with
DLA will enable users to access LifeStyle TV programming via
Video On Demand, and the channel will be available on most Pay
TV platforms throughout Latin America, including Telecable
Tricom & Aster (Dominican Republic), Asotel & Red Servitel
(Venezuela), CTV (Panama), Sefuva (El Salvador) and Cable Vista
(Colombia).

Additionally, exclusive content specially formatted for the
Internet will be available at http://www.lifestyletv.tvand
leading video websites such as YouTube and
http://www.mixplay.com/ Also, episodes of select programs will
be available for download from the channel's website, viewable
on any media player including PC or the Ipod.

Headquartered in Buenos Aires, Argentina, and Miami, Florida,
Claxson Interactive Group Inc. (Pink Sheets: XSONF) has a
presence in the United States and all key Ibero-American
countries, including Mexico, Chile, Brazil, Spain and Portugal.
Claxson's principal shareholders are the Cisneros Group of
Companies and funds affiliated with Hicks, Muse, Tate & Furst
Inc.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2007, Claxson Interactive Group Inc.'s obligaciones
negociables for US$44,400,000 is rated BB by Fitch Argentina.
The rating action was based on the company's balance sheet at
Sept. 30, 2006.


CLINICA PRIVADA: Proofs of Claim Verification Is Until Tomorrow
---------------------------------------------------------------
Cersosimo, Lobato, Zingoni, the court-appointed trustee for
Clinica Privada del Nino y la Familia S.R.L.'s reorganization
proceeding, verifies creditors' proofs of claim on
Sept. 28, 2007.

Cersosimo, Lobato, Zingoni will present the validated claims in
court as individual reports on Nov. 9, 2007.  The National
Commercial Court of First Instance in Quilmes, 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 Clinica Privada 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 Clinica Privada's
accounting and banking records will be submitted in court on
Dec. 21, 2007.

Cersosimo, Lobato, Zingoni is also in charge of administering
Clinica Privada's assets under court supervision and will take
part in their disposal to the extent established by law.

The debtor can be reached at:

         Clinica Privada del Nino y la Familia S.R.L.
         Calle 843 Numero 2416, San Francisco Solano
         Partido de Quilmes, Buenos Aires
         Argentina

The trustee can be reached at:

         Cersosimo, Lobato, Zingoni"
         Alvear 498 Casillero 87
         Quilmes, Buenos Aires
         Argentina


HOLTER SRL: Proofs of Claim Verification Deadline Is Today
----------------------------------------------------------
Eduardo Ruben Pronsky, the court-appointed trustee for Holter
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Sept. 27, 2007.

Mr. Pronsky 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 Holter 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 Holter's accounting
and banking records will be submitted in court on Dec. 17, 2007.

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

The debtor can be reached at:

       Holter S.R.L.
       Avenida Cabildo 2569
       Buenos Aires, Argentina

The trustee can be reached at:

       Eduardo Ruben Pronsky
       Parana 480
       Buenos Aires, Argentina


NUEVO CANAL: Trustee To File Individual Reports on Feb. 4, 2008
---------------------------------------------------------------
Jorge Arias, the court-appointed trustee for Nuevo Canal S.A.'s
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance in Buenos Aires on Feb. 4, 2008.

Mr. Arias verifies creditors' proofs of claim until
Nov. 16, 2007.  He will also submit a general report containing
an audit of Nuevo Canal's accounting and banking records in
court on April 4, 2008.

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

The debtor can be reached at:

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

The trustee can be reached at:

         Jorge Arias
         Avenida Corrientes 1312
         Buenos Aires, Argentina


PRATS SA: Trustee To File Individual Reports on Feb. 1, 2008
------------------------------------------------------------
Jorge Guillermo Podesta, the court-appointed trustee for Prats
S.A.'s bankruptcy proceeding, will present the validated claims
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on Feb. 1, 2008.

Mr. Podesta verifies creditors' proofs of claim until
Oct. 22, 2007.  He will also submit a general report containing
an audit of Prats' accounting and banking records in court on
March 3, 2008.

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

The debtor can be reached at:

       Prats SA
       Martin Rodriguez 431
       Buenos Aires, Argentina

The trustee can be reached at:

       Jorge Guillermo Podesta
       Reconquista 336
       Buenos Aires, Argentina


PRODUCTOS TEXTILES: Seeks for Reorganization Approval
-----------------------------------------------------
Productos Textiles SA has requested for reorganization approval
after failing to pay its liabilities since Aug. 21, 2007.

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

The case is pending in the National Commercial Court of First
Instance No. 6 in Buenos Aires.  Clerk No. 7 assist in this
case.

The debtor can be reached at:

          Productos Textiles SA
          25 de Mayo 168
          Buenos Aires, Argentina


RED HAT: Credit Suisse Puts Outperform Rating on Firm's Shares
--------------------------------------------------------------
Credit Suisse analysts have downgraded Red Hat Inc.'s shares to
"neutral" from "outperform," Newratings.com reports.

According to Newratings.com, the target price for Red Hat's
shares was decreased to US$22 from US$27.

The analysts said in a research note that Red Hat continues to
face issues in its transition to a multi-product firm.  Its
JBoss unit's performance wouldn't improve substantially.

The analysts told Newratings.com that Red Hat would report
healthy results for the fiscal second quarter 2007 due to
consistent demand.

Red Hat's potential reorganization of the business model might
hinder its performance, Newratings.com states, citing Credit
Suisse.

Headquartered in Raleigh, North Carolina Red Hat, Inc.
--http://www.redhat.com/-- is an open source and Linux
provider.  Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services
revised its outlook on Raleigh, North Carolina-based operating
systems provider Red Hat Inc. to stable from positive, and
affirmed its 'B+' corporate credit rating.


RED HAT: RBC Capital Puts Sector Performing Rating on Shares
------------------------------------------------------------
RBC Capital Markets analysts have assigned a "sector perform"
rating on Red Hat Inc.'s shares, Newratings.com reports.

Newratings.com relates that the target price for Red Hat's
shares was set at US$22.

The analysts said in a research note that Red Hat's value
proposition and go-to-market model support:

          -- strong revenue growth,
          -- profit margins, and
          -- cash flow generation.

Red Hat would have to continue taking initiatives to fight off
competition from existing and emerging software and system open
source solutions and services vendors, the analysts told
Newratings.com.

Red Hat reiterated its revenue, operating margin and non-GAAP
EPS guidance for next year at up to US$$520 million, up to 22%
and up to US$0.72, respectively, Newratings.com states.

Headquartered in Raleigh, North Carolina Red Hat, Inc.
--http://www.redhat.com/-- is an open source and Linux
provider.  Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported on Nov. 3, 2006, Standard & Poor's Ratings Services
revised its outlook on Raleigh, North Carolina-based operating
systems provider Red Hat Inc. to stable from positive, and
affirmed its 'B+' corporate credit rating.


REDSAL SA: Trustee Filing Individual Reports on Dec. 19
-------------------------------------------------------
Susana Haydee Vacchelli, the court-appointed trustee for Redsal
S.A.'s bankruptcy proceeding, will present the validated claims
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on Dec. 19, 2007.

Mr. Vacchelli verifies creditors' proofs of claim until
Nov. 7, 2007.  He will also submit a general report containing
an audit of Redsal's accounting and banking records in court on
March 13, 2008.

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

The debtor can be reached at:

         Redsal SA
         Callao 661
         Buenos Aires, Argentina

The trustee can be reached at:

         Susana Vacchelli
         Montevideo 571
         Buenos Aires, Argentina


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

The debtor can be reached at:

         Sweet Victorian S.A.
         Azar 764
         Buenos Aires


TENNECO INC: UAW's Strike Against GM Cues Fitch's Negative Watch
----------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

  -- IDR 'BB';
  -- Senior unsecured bank facility 'BB';
  -- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.
  -- IDR 'BB'.

ArvinMeritor Inc.

  -- IDR 'BB';
  -- Senior secured 'BB+';
  -- Senior unsecured 'BB-'.

Tenneco, Inc.

  -- IDR 'BB-';
  -- Senior secured bank facility 'BB+';
  -- Senior secured notes 'BB';
  -- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

  -- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

  -- IDR 'B'.
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

  -- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany.


TEXTIL FULLTEX: Proofs of Claim Verification Deadline Is Nov. 7
---------------------------------------------------------------
Guido Maria Salvadori, the court-appointed trustee for Textil
Fulltex SA's bankruptcy proceeding, verifies creditors' proofs
of claim until Nov. 7, 2007.

Mr. Salvadori will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Textil Fulltex 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 Textil Fulltex's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Textil Fulltex SA
       Florentino Ameghino 1724/6
       Buenos Aires, Argentina

The trustee can be reached at:

       Guido Maria Salvadori
       Junin 55
       Buenos Aires, Argentina


* ARGENTINA: Antitrust Approves Petrobras Sale of Citelec Stake
---------------------------------------------------------------
The Argentine economy ministry told Reuters that the antitrust
agency has authorized Brazilian state-run oil firm Petroleo
Brasileiro unit Petrobras Energia Participaciones' sale of a 50%
stake in Citelec, which controls power transmission company
Transener.

Reuters relates that Petrobras Energia sold the stake to
Argentine state-owned firm Ensarsa and private company
Electroingenieria.

State regulators ordered the Petrobras Energia to sell its
Citelec stake as it had assets all along the chain of energy
production, transmission and distribution in Argentina, Reuters
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.

                        *     *     *

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


* ARGENTINA: S&P Affirms Low B Sovereign Credit Ratings
-------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'B+' long-
term and 'B' short-term sovereign credit ratings on the Republic
of Argentina.  The outlook on the long-term ratings is stable.

According to S&P's credit analyst Joydeep Mukherji, the ratings
balance the recent improvement in the sovereign's debt burden
with growing strains caused by loose macroeconomic policies.

"Current account and fiscal surpluses, combined with rapid GDP
growth in recent years, have strengthened Argentina's financial
profile," said Mr. Mukherji.  "Net external debt may decline
toward 77% of current account receipts in 2007 from about 100%
last year.  Total public sector debt may fall toward 50% of GDP
during the course of 2007 from nearly 70% last year," he added.

Mr. Mukherji explained that the impact of such positive trends
has been counterbalanced by expansive fiscal and monetary
policy, due in large part to presidential elections scheduled
for late October.  As a result, inflation appears to have
accelerated, with many private analysts estimating it to reach
about 15% by year-end.  Public allegations of political
interference in the statistical agency have weakened the
credibility of the official inflation numbers, which remain
below 10%.  Government spending rose over 40% in the first half
of this year, faster than the rise in revenue.  As a result, the
primary fiscal surplus could fall close to 3% of GDP this year
from 3.9% in 2006.

"The trajectory of Argentina's ratings will depend upon the
ability of the next administration (likely headed by Cristina
Fernandez de Kirchner, the wife of current President Nestor
Kirchner) to tighten both fiscal and monetary policy while
sustaining GDP growth," Mr. Mukherji said.  "The next
administration is likely to maintain continuity in most
policies, but will inherit an economy showing greater domestic
strains and facing a less favorable external environment than in
previous years," he added.

S&P said that failure to act in a timely manner to contain
fiscal slippage could result in lower growth and high inflation
(stagflation) in coming years, potentially stopping, if not
reversing, the recent trend of improving debt burden indicators.
A worsening international environment could also affect public
finances through lower collections from taxes on exports,
resulting in greater fiscal pressure.

"Argentina's creditworthiness may turn on the next
administration's initial policies," noted Mr. Mukherji.  "A
combination of fiscal deterioration, rising inflation, and an
abrupt deceleration of the economy could place negative pressure
on Argentina's ratings.  Conversely, a shift to more
conservative macroeconomic policies and steps to resolve
regulatory problems in the energy and other regulated sectors
could sustain both GDP growth and primary fiscal surpluses in
the coming years, underpinning the sovereign's financial profile
and creditworthiness," he concluded.




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


HILTON HOTELS: Gets Requisite Consents To Amend Debt Indentures
---------------------------------------------------------------
Hilton Hotels Corporation has received the requisite consents to
adopt all of the proposed amendments to the indenture with
respect to its outstanding:

   * 7.625% Notes due 2008,
   * 7.200% Notes due 2009,
   * 8.250% Notes due 2011,
   * 7.625% Notes due 2012 and
   * 7.500% Notes due 2017

pursuant to Hilton's previously announced tender offers and
consent solicitations for such Consented Securities.  Hilton's
tender offers and consent solicitations for the Consented
Securities and for its Chilean Inflation-Indexed (UF) Notes due
2009 and its 8.000% Quarterly Interest Bonds due 2031 are being
made pursuant to the terms of Hilton's Offer to Purchase and
Consent Solicitation Statement dated Sept. 12, 2007, and the
related Consent and Letter of Transmittal, as amended.  The
tender offers and consent solicitations are being conducted in
connection with the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the Merger is a
condition to the completion of the tender offers and consent
solicitations.  However, the completion of the tender offers and
consent solicitations is not a condition to completion of the
Merger.

It is expected that the supplemental indenture effecting the
Proposed Amendments with respect to the Consented Securities
will be executed promptly.  The Proposed Amendments will become
operative with respect to the Consented Securities immediately
prior to the acceptance for payment of such Consented Securities
pursuant to the tender offers therefor.

In addition, Hilton announced that it has amended its previously
announced cash tender offer for its CLP Notes.  Following
discussions with investors, Hilton has determined to amend the
terms of the tender offer for the CLP Notes to provide that the
"CLP Notes Total Consideration", as defined in the Offer to
Purchase and the Letter of Transmittal and other tender offer
documents, for each CLP50,000 original principal amount validly
tendered and not validly withdrawn pursuant to the tender offer
for such CLP Notes will be CLP65,560.95, payable in U.S. dollars
based on the Observed Exchange Rate, as defined in the Officers'
Certificate for the CLP Notes, which is published at or about
5:00 p.m. (Santiago, Chile time) on the second business day
prior to the Offer Expiration Date for CLP Notes purchased
pursuant to the tender offer for such securities, namely on
Oct. 9, 2007, if the tender offer for the CLP Notes is not
extended.  As amended, the CLP Notes Total Consideration
includes a consent payment of CLP2,000 per CLP50,000 original
principal amount of CLP Notes, which consent payment will be
payable in respect of CLP Notes validly tendered at or prior to
the Amended Consent Payment Deadline.  Holders validly tendering
and not withdrawing their CLP Notes after the Amended Consent
Payment Deadline and at or prior to the Offer Expiration Date,
will be eligible to receive only the CLP Notes tender offer
consideration which is equal to the total consideration less the
consent payment, for their CLP Notes.

Further, Hilton has extended the consent payment deadline
applicable to the CLP Notes and the Bonds.  Holders who wish to
receive the applicable total consideration for their CLP Notes
or Bonds must validly tender and not validly withdraw their
securities at or prior to 5:00 p.m., New York City time, on
Oct. 1, 2007, unless extended or earlier terminated.  CLP Notes
and Bonds tendered may be withdrawn at any time prior to the
Amended Consent Payment Deadline, but not thereafter.

The consent payment deadline applicable to the Consented
Securities has now passed and withdrawal rights with respect to
the Consented Securities have terminated.  Holders of Consented
Securities who have not already tendered their Consented
Securities may do so at any time at or prior to the Offer
Expiration Date (as defined below), but such holders will only
be eligible to receive the applicable tender offer
consideration, which is an amount, paid in cash, equal to the
applicable total consideration less the applicable consent
payment, for their Consented Securities.

The offer for each issue of Securities will expire at 8:00 a.m.,
New York City time, on Oct. 11, 2007, unless extended or earlier
terminated by Hilton.  As indicated in the Offer to Purchase, it
is expected that the Offer Expiration Date will be extended to
coincide with the date that the Merger becomes effective.

Each tender offer and consent solicitation is being made
independently of the other tender offers and consent
solicitations and Hilton reserves the right to terminate,
withdraw or amend each tender offer and consent solicitation
independently of the other tender offers and consent
solicitations at any time and from time to time.

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
the Offer to Purchase and the Letter of Transmittal, as amended.
The tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including receipt of
consents sufficient to approve the Proposed Amendments and the
Merger having occurred, or such Merger occurring substantially
concurrent with the Offer Expiration Date.  Further details
about the terms and conditions of the tender offers and the
consent solicitations are set forth in the Offer to Purchase.

Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment
Bank to act as the lead Dealer Managers for the tender offers
and lead Solicitation Agents for the consent solicitations, and
they can be contacted at (877) 696-BEAR (toll-free) ((212) 272-
5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210
(collect)), respectively.  Banc of America Securities LLC,
Deutsche Bank Securities Inc., Goldman, Sachs & Co., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated are also
acting as Dealer Managers and Solicitation Agents in connection
with the tender offers and the consent solicitations.  The Offer
to Purchase and other documents relating to the tender offers
and consent solicitations are expected to be distributed to
holders beginning Sept. 25.  Requests for documentation may be
directed to Global Bondholder Services Corporation, the
Information Agent, which can be contacted at (212) 430-3774 (for
banks and brokers only) or (866) 924-2200 (for all others toll-
free).

                     About Hilton Hotels

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

                        *     *     *

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

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

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


HILTON HOTELS: Plans Strategic Development Deal with Belgravia
--------------------------------------------------------------
Hilton Hotels Corporation and Belgravia Asset Management Limited
have agreed upon the terms that Hilton will offer Belgravia for
a Strategic Development Agreement which, when signed, will
provide the opportunity for Belgravia to introduce 25 new hotels
(comprising 3,000 rooms) across Russia -- one of the company's
key strategic development markets -- as well as other Central
and Eastern European markets.

Over the next five years, Hilton and Belgravia expect to
introduce both Hampton by Hilton(TM) and Hilton Garden Inn(TM)
hotels across Russia, Central and Eastern European markets, all
of which Hilton expects to manage.  The first property is
expected to be a Hampton by Hilton hotel in St Petersburg, which
is expected to open during the second quarter of 2008.

This will be the second major Russian hotel development
announcement with a leading property partner this year, as the
company concentrates on multi-unit deals in key emerging
markets.  In June this year Hilton announced a SDA with London &
Regional Properties Limited to develop 25 new hotels,
encompassing selected brands within the Hilton Family of Hotels,
including Conrad(R), Hilton(R), Doubletree by Hilton(TM), Hilton
Garden Inn(TM) and Hampton by Hilton(TM) hotels.

Over the next ten years, Hilton plans to open 70 Hilton Family
hotels across Russia, not only focussing on Moscow and St.
Petersburg, but also actively looking at opportunities in key
regional cities.

Separate from the anticipated SDA with Belgravia, Hilton's first
hotel in Russia will be the 275-room Hilton Moscow
Leningradskaya, which is scheduled to open early next year.

"With the limited number of internationally branded properties
in Russia, this anticipated alliance with Belgravia Financial
Services Group will help us accelerate our growth plans and make
a significant impact on the Russian hotel market in a relatively
short space of time, said Ian Carter, Chief Executive of
Hilton's International Operations.  "The introduction of
additional brands from the Hilton Family of Hotels will also
enable us to meet rising demands for quality accommodation, as
well as providing a hotel product to suit all sectors and
budgets."

Duncan Hickman, Belgravia Chairman said, "As a result of
extensive research Belgravia has confirmed that the Russian
economy hotel sector offers tremendous growth opportunities.
The choice of partner for this sector was critical and the
global presence and respect for Hilton sealed our choice of
partner; giving us the confidence to be sure that this alliance
will be a huge success."

"We are believe that Russia represents some of the greatest
potential for hotel growth in the world at the present time and
are delighted to be partnering with Belgravia to capitalise on
this potential," Mr. Carter added.

Over the next five years, Hilton expects to offer travellers to
Russia a choice of accommodation ranging from its well-known
hotel brand Hilton, which will be joined by Doubletree by Hilton
in catering to demands for upscale accommodation.  The recent
announcement means that in the near future, Hilton expects
travellers to soon be able to stay in Hilton Garden Inn
properties, the company's ever-popular mid-market brand, as well
as Hampton by Hilton, which is targeted at budget conscious
travellers.

While initial projects will be in Russia, Hilton would also like
to introduce its Hilton Garden Inn and Hampton by Hilton product
in other Eastern and Central European countries where Belgravia
currently has a significant number of projects underway.

                     About Hilton Hotels

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

                        *     *     *

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

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

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




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


ANA SUB: Will Hold Final General Meeting Tomorrow
-------------------------------------------------
Ana Sub One Co. Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


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

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

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


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

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

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


CHATHAM ATLANTIC: To Hold Final General Meeting Tomorrow
--------------------------------------------------------
Chatham Atlantic Re Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 10:00 a.m., at:

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

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


CHEVRON OVERSEAS: To Hold Final General Meeting Tomorrow
--------------------------------------------------------
Chevron Overseas (Namibia) Ltd.'s final general meeting is
scheduled on Sept. 28, 2007, at 9:30 a.m., at:

       Chevron House
       11 Church Street, Hamilton
       Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


FOSTER WHEELER: Unit Wins Contract to Supply Steam Generator
------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary of its Global Power Group has
been awarded a contract for a 66 MWe (gross megawatt electric)
circulating fluidized-bed (CFB) steam generator by Fortum Heat
Polska sp. z o.o.  The new combined heat and power plant will be
located in Czestochowa in southern Poland.

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

Foster Wheeler will design and supply the CFB steam generator
and auxiliary equipment and will also carry out the erection and
commissioning of the boiler island.  The planned power plant
will burn coal and up to 25% biomass.  Commercial operation is
scheduled for the spring of 2010.

"Once again, our CFB technology is the logical choice in terms
of fuel flexibility and reduced emissions.  We look forward to
working with Fortum to help make this plant a showcase for the
sustainable development program," said Jaroslaw Mlonka,
president and chief executive officer of Foster Wheeler Energia
Polska.

"The new combined heat and power plant investment plays an
important role in developing Fortum Heat Polska's energy
production assets in Czestochowa, and investing in co-firing of
coal and biomass supports Fortum's sustainable development
program," said Zdzislaw Olejczyk, president of Fortum Heat
Polska.

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.


GRAPE LIMITED: Will Hold Final General Meeting Tomorrow
-------------------------------------------------------
Grape Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


LSF LUX V: Sets Final General Meeting for Sept. 28
--------------------------------------------------
LSF Lux Holdings V Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


LSF LUX VI: Will Hold Final General Meeting Tomorrow
----------------------------------------------------
LSF Lux Holdings VI Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:35 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


LSF LUX VII: To Hold Final General Meeting Tomorrow
---------------------------------------------------
LSF Lux Holdings VII Ltd.'s final general meeting is scheduled
on Sept. 28, 2007, at 9:40 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


LSF LUX IX: Schedules Final General Meeting Tomorrow
----------------------------------------------------
LSF Lux Holdings IX Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:45 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


MAN ARAA: Sets Final General Meeting for Tomorrow
-------------------------------------------------
Man Araa Limited's final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

       Argonaut Limited
       Argonaut House, 5 Park Road
       Hamilton HM O9, Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the company.


MAN MAC JACKOBSHORN: Sets Final General Meeting for Tomorrow
--------------------------------------------------------------
Man Mac Jackobshorn 8B Ltd.'s final general meeting is scheduled
on Sept. 28, 2007, at 9:30 a.m., at:

       Argonaut House, 5 Park Road
       Hamilton HM O9, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


MAN MAC NORDEND: Will Hold Final General Meeting Tomorrow
---------------------------------------------------------
Man Mac Nordend 4A Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

       Argonaut House, 5 Park Road
       Hamilton HM O9, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


MAN MAC VORAB: Sets Final General Meeting for Tomorrow
------------------------------------------------------
Man Mac Vorab 6B Ltd.'s final general meeting is scheduled on
Sept. 28, 2007, at 9:30 a.m., at:

       Argonaut House, 5 Park Road
       Hamilton HM O9, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


MORGAN STANLEY: Will Hold Final General Meeting Tomorrow
---------------------------------------------------------
Morgan Stanley Spectrum Fund Ltd.'s final general meeting is
scheduled on Sept. 28, 2007, at 9:30 a.m., at:

       Chevron House
       11 Church Street, Hamilton
       Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


UNIVERSAL AVIATION: Sets Final General Meeting for Tomorrow
-----------------------------------------------------------
Universal Aviation & Marine Risks Ltd.'s final general meeting
is scheduled on Sept. 28, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


UNOCAL BANGLADESH: Sets Final General Meeting for Tomorrow
----------------------------------------------------------
Unocal Bangladesh Block Five Ltd.'s final general meeting is
scheduled on Sept. 28, 2007, at 9:30 a.m., at:

       Chevron House
       11 Church Street, Hamilton
       Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


UNOCAL SOUTH: Will Hold Final General Meeting Tomorrow
------------------------------------------------------
Unocal South Asia Energy Ltd.'s final general meeting is
scheduled on Sept. 28, 2007, at 9:30 a.m., at:

       Chevron House
       11 Church Street, Hamilton
       Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


WARNER CHILCOTT: Moody's Lifts Corporate Family Rating to B1
------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family
Rating of Warner Chilcott Company, Inc. to B1 from B2.  Moody's
has also upgraded the other ratings related to Warner Chilcott
Company, Inc., Warner Chilcott Corporation and related entities.
Upgraded ratings include the company's senior secured credit
facilities and its senior subordinated notes.  Following this
rating action, the outlook is stable.  The rating outlook had
been positive since Oct. 9, 2006.

The upgrade of the ratings reflects several positive
developments in the business.  Warner Chilcott has reduced
leverage significantly since its leveraged buy-out both through
growth in EBITDA and debt repayment.  The company has repaid
debt with the proceeds of its 2006 IPO and with excess free cash
flow.  The successful launches of Loestrin 24 and Taclonex,
along with reduced interest expense, expanding profitability
margins and a low tax rate, have helped drive improved cash flow
since the leveraged buy-out.  Also, the upgrade is supported by
the resolution of much of the litigation risk that was present
at the time of the original rating.

The ratings remain constrained by: 1) the limited scale of the
company, which maps to the "B" rating category; 2) the highly
competitive environment and risks associated with launches of
generic products; 3) Moody's expectation for increased product
concentration; and 4) the risk of debt-financed acquisitions.

These ratings were upgraded:

Warner Chilcott Company, Inc.

-- Senior secured revolving credit facility due 2011, to Ba3
    (LGD3, 36%) from B1 (LGD3, 38%)

-- Senior secured term loan due 2012, to Ba3 (LGD3, 36%) from
    B1 (LGD3, 38%)

-- Corporate Family Rating, to B1 from B2

-- Probability of Default Rating, to B1 from B2

Warner Chilcott Corporation:

-- Senior secured term loan due 2012, to Ba3 (LGD3, 36%) from
    B1 (LGD3, 38%)

-- Senior subordinated notes due 2015, to B3 (LGD5, 89%) from
    Caa1 (LGD5, 89%)

Headquartered in Hamilton, Bermuda, Warner Chilcott Ltd. --
http://www.warnerchilcott.com/-- is the holding company for a
host of pharmaceutical makers.  Women's health care products,
including hormone therapies (femhrt and Estrace Cream) and
contraceptives (Estrostep, Loestrin, and OvCon), are the
company's largest segment.  Other products include dermatology
treatments for acne (Doryx) and psoriasis (Dovonex and
Taclonex).  US subsidiary Warner Chilcott, Inc. makes
prescription drugs for dermatology and women's health; other
subsidiaries provide services in data management systems,
pharmaceutical development, manufacturing, and chemical
development.

Warner Chilcott Company, Inc., is a wholly owned subsidiary of
Warner Chilcott Limited, a New Jersey-based, publicly-traded
company (NASD:WCRX) that markets and develops branded
pharmaceutical products focused on the U.S. women's healthcare
and dermatology markets.  Warner Chilcott Limited reported
US$754 million of total revenue during 2006.




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


ALERIS INTERNATIONAL: Sean Stack Succeeds Michael Friday as CFO
---------------------------------------------------------------
Aleris International Inc.'s board of directors has elected
Michael D. Friday as chief administrative officer of the company
effective Dec. 1, 2007.  The board also elected Sean M. Stack to
succeed Mr. Friday as chief financial officer effective
Dec. 1, 2007.

Mr. Friday has served as executive vice president and chief
financial officer of the company since the company's acquisition
of Commonwealth in December 2004.  Prior to that time, Mr.
Friday served as executive vice president and chief financial
officer of Commonwealth.

Prior to joining Commonwealth in June 2004, Mr. Friday served as
executive vice president and chief financial officer of Noveon
Inc. from 2001 to 2004.  From 1997 to 2001, Mr. Friday served as
vice president-finance, business development and information
technology at BFGoodrich Performance Materials. From 1994 to
1997, Mr. Friday was vice president of finance for The Little
Tikes Company, a unit of Rubbermaid Inc.

Mr. Friday began his career with the General Electric Company in
1974, where he served in a variety of responsible financial
management capacities.

Upon his appointment as chief administrative officer of the
company, Mr. Friday will cease to act as chief financial
officer.

Mr. Stack has served as Executive vice president and president,
Europe since the acquisition of Corus Aluminum in August 2006.
Prior to that time, Mr. Stack was senior vice president,
treasurer and corporate development of the company since the
company's acquisition of Commonwealth, and prior to that, he was
vice president and treasurer of Commonwealth.

Prior to joining Commonwealth in June 2004, he had served as
vice president and treasurer of Noveon Inc., beginning in
March 2001.  Prior to joining Noveon, Mr. Stack served as vice
president and treasurer for Specialty Foods Corporation from May
1996 to December 2000.  Mr. Stack joined Specialty Foods as
assistant treasurer in 1996.

Prior to that, he was a vice president at ABN AMRO Bank in
commercial and investment banking.

                 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 on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P 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.


AMERICAN AXLE: UAW's Strike Against GM Cues Fitch's WatchNeg
------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

  -- IDR 'BB';
  -- Senior unsecured bank facility 'BB';
  -- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.
  -- IDR 'BB'.

ArvinMeritor Inc.

  -- IDR 'BB';
  -- Senior secured 'BB+';
  -- Senior unsecured 'BB-'.

Tenneco, Inc.

  -- IDR 'BB-';
  -- Senior secured bank facility 'BB+';
  -- Senior secured notes 'BB';
  -- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

  -- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

  -- IDR 'B'.
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

  -- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL)
-- http://www.aam.com/-- and its wholly owned subsidiary,
American Axle & Manufacturing, Inc. manufactures, engineers,
designs and validates driveline and drivetrain systems and
related components and modules, chassis systems and metal-formed
products for light trucks, sport utility vehicles and passenger
cars.  In addition to locations in the United States (in
Michigan, New York and Ohio), the company also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg,
Mexico, Poland, South Korea and the United Kingdom.


AMERICAN TOWER: Plans to Offer US$250 Million of Senior Notes
-------------------------------------------------------------
American Tower Corporation intends to offer US$250 million
aggregate principal amount of 10-year fixed rate senior
unsecured notes in an institutional private placement.  The
closing of the offering is expected to occur in late September,
subject to market conditions.

The company intends to use the net proceeds from this offering
to refinance a portion of indebtedness incurred under the
company's new senior unsecured term loan credit facility.

American Tower Corporation -- http://www.americantower.com/--
(NYSE: AMT) owns, operates and develops broadcast and wireless
communications sites.  American Tower owns and operates over
22,000 sites in the United States, Mexico and Brazil.
Additionally, American Tower manages approximately 2,000 revenue
producing rooftop and tower sites.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Fitch Ratings has assigned a 'BB+' rating to
American Tower Corporation's proposed ten-year US$250 million
senior unsecured notes.  Fitch rates AMT's Issuer Default
Rating at 'BB+'.  The Rating Outlook is Stable.

Moody's Investors Service assigned a Ba1 rating to American
Tower Corporation's proposed 10-year US$250 million senior
unsecured notes issue.  The net proceeds of the offering will be
used to repay existing debt.  AMT's corporate family rating is
Ba1 with a stable outlook.

Standard & Poor's Ratings Services assigned its 'BB+' rating to
Boston-based American Tower Corp.'s proposed US$250 million
senior notes due 2017, to be issued under Rule 144A with
registration rights.  S&P also affirmed the existing ratings on
the company, including the 'BB+' corporate credit rating.  S&P
said the outlook is stable.


BANCO INDUSTRIAL: Initial Public Offering May Bring in BRL901MM
---------------------------------------------------------------
Banco Industrial e Comercial S.A. said in a statement that it
could raise BRL901 million from its initial public offering in
October 2007.

Business News Americas relates that Banco Industrial expects
that the sale of 62.1 million preferred shares, with 69% from
the primary offering and 31% from the secondary, would bring in
up to BRL14.50 per share.

According to BNamericas, Banco Industrial could then exercise
the "greenshoe option of an additional 15% or 9.32 million
preferred shares.  The price per share will be set on
Oct. 10, 2007, after the book building period from Oct. 1 to 9."
Banco Industrial would sell up to 20% of shares to retail
investors, excluding the greenshoe.

Banco Industrial would raise BRL792 million at the average price
of BRL12.75 per share, BNamericas notes.

BNamericas relates that UBS Pactual will head the sale, with the
assistance of Bradesco BBI, Fator, and HSBC.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2007, Standard & Poor's Ratings Services assigned its
'B+' counter party credit rating to Banco Industrial e Comercial
SA.  S&P said the outlook is stable.


COLUMBIA AIRCRAFT: Case Summary & 19 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Columbia Aircraft Manufacturing Corporation
        fdba The Lancair Company
        fdba Pacific Aviation Composites USA, LLC
        22550 Nelson Road
        Bend, OR 97701

Bankruptcy Case No.: 07-33850

Type of Business: The Debtor manufactures light, four-seater
                  aircraft.  See http://www.flycolumbia.com/

Chapter 11 Petition Date: September 24, 2007

Court: District of Oregon

Judge: Elizabeth L Perris

Debtor's Counsel: Albert N. Kennedy, Esq.
                  Tonkon Torp LLP
                  888 Southwest 5th Avenue, Suite 1600
                  Portland, OR 97204
                  Tel: (503) 802-2013
                  Fax: (503) 972-3713

Estimated Assets: US$1 Million to US$100 Million

Estimated Debts:  US$1 Million to US$100 Million

Debtor's List of its 19 Largest Unsecured Creditors:

   Entity                    Nature of Claim      Claim Amount
   ------                    ---------------      ------------
U.S. Bank                    Revolving Credit      US$25,769,112
c/o Bruce England            Notes and Credit
P.O. Box 790401              Agreements, principal
St. Louis, MO 63179-0401     US$11MM and US$15MM,
                             plus interest

Garmin International Inc.    Loan & Security       US$21,855,375
c/o Kevin Rauckman           Agreement, US$17MM         Secured:
1200 East 151st Street       and US$7MM             US$2,000,000
Olathe, KS 66062-3426                               Senior Lien:
                                                    US$2,000,000


Export-Import Bank of        Premium and Recourse   US$6,183,516
Malaysia Berhad              Agreement re US$11MM
c/o Sharidah Hanafiah        term loan, and
P.O. Box 13028               Facility Agreement re
Level 8, UBN Tower Suite 10  US$30MM credit facility
Jalan P. Ramlee
50796 Kuala Lumpur
Malaysia

Gene Wolstenholme            Amended & Restated     US$3,628,615
c/o  Robert Wolsterholme     Secured Promissory
3075 Advance Lane            Note for US$5,426,181
Colmar, PA 18915-9420

Teledyne Cont. Motors        Trade Debt             US$1,555,934
Aircraft
c/o Bryan Byers
P.O. Box 90
Mobile, AL 36601-0090

Ball Janik LLP               Professional Services    US$396,292
c/o Lisa Umscheid
101 Southwest Main
Suite 1100
Portland, OR 97204-3219

Kelly Aerospace Thermal      Trade Debt               US$315,624
Systems
c/o Robert Simmons
1625 Lost Nation Road
Willoughby, OH 44094-8189

Ryan International           Trade Debt               US$195,068

Tensolite High-Performance   Trade Debt               US$189,695
Cable

Automotive Paint             Trade Debt               US$188,621
Specialties

Composites Universal Group   Trade Debt               US$132,874

Mandala Agency               Trade Debt               US$130,579

Snowline Manufacturing Inc.  Trade Debt               US$125,862

Oregon Aero                  Trade Debt                US$96,015

ISCO                         Trade Debt                US$85,175

Newport Adhesives and        Trade Debt                US$84,722

Composites
Hanard Machine Inc.          Trade Debt                US$78,800

Aviation Specialties         Trade Debt                US$76,760
Unlimited Inc.

Quadrant Precision           Trade Debt                US$70,125
Manufacturing

Mid-Continent Instruments    Trade Debt                US$69,885

Headquartered in Bend, Oregon, Columbia Aircraft Manufacturing
Corporation manufactures a variety of all-composite aircraft,
including the Columbia 400 and employs approximately 440 people.

Columbia Aircraft has sale centers in Brazil and Mexico.


COLUMBIA AIRCRAFT: Files for Chapter 11 Protection
--------------------------------------------------
Columbia Aircraft Manufacturing Corporation filed Monday a
voluntary petition for reorganization under Chapter 11 of the
U.S. Bankruptcy Code.

The action, according to the company, has resulted from a series
of events dating back to 2006 that hampered the company's
ability to deliver aircraft and disrupted cash flow.

The events, the company says, include an unanticipated and
damaging delay in the certification program for the G1000
avionics suite, a freak hail storm that damaged 67 aircraft
awaiting certification and finally the recent supply chain
disruption for essential avionics equipment.

                          DIP Financing

Concurrently, Columbia said it has received a $3 million interim
commitment for debtor-in-possession financing from certain of
its pre-petition lenders.

The company said it will be filing a motion with the Bankruptcy
Court seeking approval for this financing on an expedited basis.

Columbia Chief Restructuring Officer, Carl Young, emphasized
that the bankruptcy filing was required to enable the Company to
continue its normal operations and said "It is very gratifying
that our pre-petition lenders are willing to support the Company
during this difficult time.  We believe that, coupled to the
other strategic decision announced today, this infusion of
liquidity will allow Columbia to manage its present cash flow
and liabilities while pursuing a plan that enables us to
continue operating normally and maximize value for stakeholders,
employees and existing and future customers."

                           Asset Sale

Columbia has filed a motion with the Bankruptcy Court seeking
approval for a sale of substantially all of its assets to Cessna
Aircraft Company, manufacturer of general aviation airplanes, a
subsidiary of Textron Inc.(NYSE: TXT).

As part of that motion, Columbia is also asking the Bankruptcy
Court to establish bidding procedures that will enable other
interested bidders to submit offers and bid at an auction
currently scheduled to be held in November.

                         About Columbia

Headquartered in Bend, Oregon, Columbia Aircraft Manufacturing
Corporation manufactures a variety of all-composite aircraft,
including the Columbia 400 and employs approximately 440 people.

Columbia Aircraft has sale centers in Brazil and Mexico.


COMPANHIA PARANAENSE: Gets Congress OK to Join Tollroad Auction
---------------------------------------------------------------
Companhia Paranaense de Energia has secured authorization from
the Parana state congress for its participation in the tollroad
concession auction, Agencia Estadual de Noticias reports.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2007, Companhia Paranaense president Rubens Ghilardi
said that the firm's interest in participating in the tollroad
concessions auction is part of the Parana state government's
strategy.

Business News Americas relates that the federal highway bidding
process is set for Oct. 9, 2007.  Of the nine stretches of
highway to be offered under concession, Companhia Paranaense is
interested in the three that cross Parana:

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

According to a report by Brazilian brokerage Ativa Corretora,
the congress' authorization of Companhia Paranaense's
participation was expected by analysts as the state government
has the majority of ruling party legislators in the congress.

Ruling party Partido do Movimento Democratico Brasileiro
legislator Luis Claudio Romanelli told BNamericas that having a
state firm take part in highway auctions will mean a decrease in
tolls, which is important for Parana's economy.

Investment in the three stretches that Companhia Paranaense is
interested in would total BRL9 billion for the 25-year
concession, with net income of BRL19 million, even with a
reduction in rates, BNamericas says, citing Congressman
Romanelli.

Once Companhia Paranaense moves forward with the tollroad bids,
its subsidiaries Copel Participacoes and Copel Empreendimentos
will take part in the bidding.  They may also collaborate with
existing highway concessionaires, BNamericas states.

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

                        *     *     *

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

Moody's upgraded these ratings:

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

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

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


FERRO CORP: Commissions New Plant in Castellon, Spain
-----------------------------------------------------
Ferro Corporation has commissioned its new tile color plant in
Castellon, Spain, just a year after breaking ground on its
sprawling campus in this southern Spain city.

The plant includes approximately 12,000 square meters
(approximately 129,000 square feet) for production, quality
control and supporting laboratory facilities.  It includes
state-of-the-art material handling and production technologies
that increase manufacturing efficiency and that optimize the
quality and consistency of Ferro's glaze and body stain product
lines sold to the growing European tile market.

"We began producing and shipping color this week - a month ahead
of schedule," said Michael J. Murry, Vice President, Inorganic
Specialties.  "We're ramping up to reach annual production
capacity of over 20,000 metric tons of color products."

Julio Garcia, European Business Manager for Ferro Tile Coating
Systems, said, "Ferro has produced color products in Castellon
for 42 years.  This major investment enables us to build on our
position as a valued supplier and technical advisor to our
customers.  We are very excited by the opportunity to carry on
Ferro's long-standing tradition of excellence in serving our
customers throughout Europe and the world."

In addition to colors, other facilities at Ferro's Castellon
site produce a range of products used by leading ceramic tile
manufacturers.

                     About Ferro Corp.

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.


FORD MOTOR: Changan Ford Launches Operations at US$510-Mln Plant
----------------------------------------------------------------
Ford Motor Company's China joint venture, Changan Ford Mazda
Automobile, officially launched operations at its new state-of-
the-art manufacturing facility in Nanjing, China, where it will
produce the latest small-car models for both the Ford and Mazda
brands.  The US$510 million flexible and scalable facility has
an initial capacity of 160,000 vehicles per year, boosting
Ford's total annual passenger car capacity in China to more than
410,000 vehicles.

During a formal ceremony in Nanjing, Ford Motor Company
president & CEO, Alan Mulally, Mazda president & CEO, Hisakazu
Imaki and China South Industry Group president Xu Bin joined
local Chinese government officials to inaugurate the new plant,
and review its highly flexible and automated facilities, and
advanced environmentally-friendly processes.

"Integrating, leveraging and growing Ford worldwide is one of
our top priorities, and our China strategy is certainly a key
component to making this happen.  This new state-of-the-art
facility will significantly increase our capacity in China, and
allow us to continue our rapid growth in the market," explained
Mulally.

"Working together with our JV partners at Changan Ford Mazda
Automobile and Changan Ford Mazda Engine, we'll continue to
build and introduce the types of vehicle that Chinese customers
really want, and are demanding," Mr. Mulally added.

CFMA is well known in China for its high quality cars, and after
several years of considerable expansion, made its way into
China's top 10 passenger-car makers in April.  Ford has been one
of the fastest growing brands in China, recording a whopping 87%
increase in sales between 2005 and 2006, and a further 29%
increase through the first eight months of this year, with total
retail sales of 114,702 vehicles.

With the inauguration of the Nanjing plant, CFMA will be able to
offer a more diversified range of products for different market
segments, including small cars, mid-sized and full-sized sedans.
CFMA's first vehicle assembly plant in Chongqing currently
produces the Ford Focus, Ford Mondeo, Ford S-MAX, Volvo S40 and
Mazda3, and has an annual capacity of 250,000 vehicles.

                 Automated Production Lines

The new Nanjing plant utilizes the latest auto manufacturing
technologies and automation equipment.  A maximum of eight
models with different chassis can be simultaneously produced on
the plant's advanced and highly flexible production lines,
maximizing production speed and efficiency1.

All 45 critical components are manufactured in-house, ensuring
high-quality and precision measurements of the car body.  The
plant also utilizes the most advanced torque monitoring and
logistics delivery systems currently available in China, making
it one of the country's most modern auto manufacturing
facilities.

"The new Nanjing facility employs the latest automated
technologies to ensure quality, efficiency and environmental
protection, demonstrating our commitment to the further
development of world-class operations in China," Mei-Wei Cheng,
chairman and CEO of Ford China Ltd, said.

An advanced 3C1B (3-coat, 1-bake) environmental-friendly paint
process will also be used for the first time in China, which is
compliant with European standards and provides a 15 percent
reduction in CO2 emissions and 44% reduction in particulate
emissions.

The process, which can reduce equipment and production cost, is
currently the most environmental-friendly surface-paint coating
technique employed in China.  It uses internationally advanced
processes known as electrophoresis groove and reverse-flow water
circulation methods, which can eliminate close to 100% of the
particles.

                    About Ford Motor China

Ford's wholly owned subsidiaries and JVs in China include Ford
Motor (China) Limited, Ford Motor Research & Engineering
(Nanjing) Co., Ltd., Ford Automotive Finance (China) Ltd.,
Changan Ford Mazda Automotive Co., Ltd., Changan Ford Mazda
Automotive Co., Ltd., Nanjing Company, Changan Ford Mazda Engine
Co., Ltd., and Jiangling Motors Co., Ltd.

Ford Motor has introduced a number of models to the Chinese
market, including Ford Mondeo, Ford Focus, Ford S-MAX, Ford
Transit, Volvo S40, Mazda3, as well as several imported models
from Jaguar, Land Rover, Lincoln and Volvo, and service brand,
Ford Service.

Ford Motor China is actively involved in various programs to
support the environment, road safety, health and education.
Since 2000, it has organized the Ford Motor Conservation and
Environmental Grants, which to date has sponsored 113
groups/individuals with more than 20 million yuan to assist
environmental protection efforts in the country.

                      About Ford Motor Co.

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

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

                        *     *     *

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

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

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

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


FORD MOTOR: Opens Second JV Car Factory in Nanjing
--------------------------------------------------
Ford Motor and Mazda Motor's China venture opened a second plant
worth US$510 million in the eastern city of Nanjing to meet
rising sales in the world's most populous country, The Standard
reports.

The new factory will produce small cars under the Ford and Mazda
brand and will have an initial production capacity of 160,000
vehicles per year, Ford said.  The new plant would increase
Ford's annual production capacity in China to 410,000 vehicles,
the company added.

"This new state-of-the-art facility will significantly increase
our capacity in China, and allow us to continue our rapid growth
in the market," Ford President and CEO Alan Mulally said in a
statement.

The unusually flexible new factory can produce eight models on
different chassis, China Daily relates.

Ford's expansion in China contrasts with the US, where it is
shutting plants, The Standard says.  Ford plans to shut 16 of 41
North American plants by 2012, shedding more than 40,000 jobs
due to lower demand, the report adds.

Changan Ford's vehicles sales rose 57% in the first half of the
year, double the rate of China's overall auto market, led by
demand for Ford Focus compacts.

Ford's China vehicle sales rose 29% in the first eight months of
2007 to 114,702.

                     About Ford Motor Co.

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

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

                        *     *     *

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

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

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

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


GENERAL MOTORS: Inks US$800 Million China Export Deal
-----------------------------------------------------
General Motors Corp. and its Shanghai General Motors joint
venture signed a multi-year agreement worth more than US$800
million to export U.S.-built Buick Enclave premium crossover
sport utility vehicles along with other vehicles and components
to China beginning in 2008.

The agreement was signed in the presence of China's Assistant
Vice Minister of Commerce Chen Jian, Chinese Embassy officials,
U.S. Assistant Secretary of Commerce Israel Hernandez, GM Vice
President of Global Sales, Service and Marketing Operations John
Middlebrook, and Shanghai GM Executive Vice President Robert
Socia.

The all-new Buick Enclave is built at GM's Lansing Delta
Township assembly plant in Lansing, Michigan.  Enclave is one of
GM's most sought-after vehicles in North America because of its
stylish, modern design and high level of standard features.
Introduced earlier this year, the Enclave has received
enthusiastic reviews and has helped lead General Motors' recent
sales increase in its home market.

According to Shanghai GM President Ding Lei, "Shanghai GM has
become a leader in the production and sale of passenger cars in
China, driven largely by the success of the Buick brand.  These
new Buick premium sport utility vehicles will strengthen our
lineup and enable us to continue to meet the changing needs of
our growing base of customers."

The Buick agreement is the second of two China export agreements
signed by GM this year.

As reported in the Troubled Company Reporter on May 18, 2007, GM
signed a deal to export US$700 million worth of Cadillacs and
automotive components to China from the United States.  GM's
China operations have already imported about US$3.5 billion
worth of vehicles, components, equipment, and machinery from
North America over the past 10 years.

"We appreciate the support that we received from the Chinese and
U.S. governments for this program, which will benefit both
countries," GM China Group President and Managing Director Kevin
Wale said.  "It will take the value of GM sourcing contracts
from the United States for the China market to more than US$1.5
billion this year."

"The efforts of General Motors and its Chinese partner, Shanghai
Automotive Industry Corp. Group, to promote healthy and stable
Sino-U.S. trade relations is very much appreciated," Assistant
Vice Minister of Commerce Chen Jian added.  "The Chinese
government will continue to work with the U.S. government and
enterprises to create a better market environment, ensure a
smooth channel for U.S. companies' business development and
actively promote American exports to China for more balanced
trade."

Enclave will be imported by Shanghai GM and sold through its
network of nearly 400 Buick dealerships across China.  The new
model will complement the rest of Shanghai GM's popular Buick
lineup, which includes the Park Avenue and LaCrosse premium
sedans, Regal upper-medium sedan, Excelle family, and GL8 and
FirstLand executive wagons.

GM operates seven joint ventures and two wholly owned foreign
enterprises and has more than 20,000 employees in China.  GM,
along with its joint ventures, offers the broadest lineup of
vehicles and brands among automakers in China.  Products are
sold under the Buick, Cadillac, Chevrolet, Opel, Saab and Wuling
nameplates.  In 2006, sales of vehicles by GM and its joint
ventures rose 31.8% on an annual basis to a record 876,747
units.

                     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-Latin America on
Sept. 26, 2007, Fitch Ratings has placed the Issuer Default
Ratings and securities ratings of General Motors Corp. on Rating
Watch Negative:

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

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

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


GENERAL MOTORS: U.S. Strike May Speed Talks, UAW Leader Says
------------------------------------------------------------
United Auto Workers president Ron Gettelfinger said that the UAW
union strike, which began 11 a.m. Monday, is likely to hasten
labor contract negotiations with General Motors Corp., various
sources report.

Citing people familiar with the talks, the Associated Press
relates that one of the issues tackled during the second day of
the labor discussions is GM's request for UAW to takeover the
retiree healthcare costs.  In return, the UAW wants GM to
promise future investments and products in U.S. plants.

As reported in yesterday's Troubled Company Reporter, UAW
President Ron Gettelfinger said that UAW members rallied over
job security, economic issues, benefits for active workers and
winning investment in future products.

GM had disclosed that it was disappointed in the union's
decision to call a national strike, insisting that bargaining
involves complex, difficult issues that affect the job security
of its U.S. work force and the long-term viability of the
company.

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-Latin America on
Sept. 26, 2007, Fitch Ratings has placed the Issuer Default
Ratings and securities ratings of General Motors Corp. on Rating
Watch Negative:

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

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

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


GENERAL MOTORS: U.S. Strikes Spur Canada Plant Closures
-------------------------------------------------------
General Motors Corp. shut down its Car Plant 1 in Oshawa,
Ontario, at 3 a.m. yesterday, Reuters reports citing a statement
from GM Canada public relations director Stew Low.  The plant
employed 3,000 workers.

According to Mr. Low, the Reuters adds, the company's Car
Plant 2, also located in Oshawa, was up for review by the end of
Tuesday's day shift.  Car Plant 2 employs 2,500 workers.

Car Plant 1 builds the Chevrolet Impala and Monte Carlo while
Car Plant 2 builds the Pontiac Grand Prix and the Buick Allure.
Both plants, like all GM Canada plants, is integrated with the
automakers U.S. operations and is dependent on them for some
parts, Reuters relates.

GM's Windsor, Ontario-based transmission plant closed on Monday
affecting 1,400 staff.

The closures were a result of a strike by the United Auto
Workers union that began at 11 a.m. Monday.

Reuters further reports that the company plans to asses
remaining plants in Canada on a day-to-day basis.  Aside from
the three plants, GM Canada also has:

    * a truck plant also in Oshawa;

    * an engine and components plant in St. Catharines, Ontario;

    * a parts and distribution plant in Woodstock, Ontario; and

    * a joint venture with Suzuki Motor Corp at Ingersoll,
      Ontario.

             Canada Auto Workers Union's Statement

Canada Auto Workers President Buzz Hargrove said in a statement
Monday that GM workers in Canada will be almost immediately
affected by the strike by UAW members against General Motors in
the United States.

Hargrove said that between 80,000 to 100,000 Canadian workers at
General Motors, independent parts suppliers, and service
companies will be impacted if the strike lasts until the end of
this week.

According to Mr. Hargrove, the UAW negotiators have worked
extremely hard trying to reach agreement with General Motors,
including the UAW's move to extend bargaining almost 10 days.
"GM appears intent on making workers and their communities pay
for the problems caused by unfair trade and the flood of
imports," said Mr. Hargrove.

Next year in Canada in bargaining with GM it will probably be
the same approach with the CAW, Mr. Hargrove further said.

Mr. Hargrove said it's unfortunate the UAW was forced to go on
strike in the U.S. and stressed that the two unions are not in
competition.  "In Canada, we share the same troubles as in the
U.S. -- unfair trade and the loss of market share to producers
in Japan, Korea and the European Union," said Mr. Hargrove.
"Here this combines with high Canadian dollar and the
Conservative government's refusal to deal with it
appropriately."

He also indicated that CAW workers will not be handling parts
from U.S. GM plants now out on strike.

                    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-Latin America on
Sept. 26, 2007, Fitch Ratings has placed the Issuer Default
Ratings and securities ratings of General Motors Corp. on Rating
Watch Negative:

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

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

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


GOL LINHAS: Announces Stockholder's Capital Interest Payment
------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A. has announced the payment of
Interest of Stockholder's Capital and supplementary dividends
for the third quarter of 2007.

The amount of interest capital and dividends is
BRL76,517,452.02, corresponding to BRL0.35, per common and
preferred shares.

From the total amount, it will be paid in the form of
stockholder's interest capital, the amount of BRL38,094,285.80,
corresponding to the net amount of BRL0.16006, per common and
preferred share, and BRL38,423,166.22 of dividends,
corresponding to BRL0.18994, per common and preferred share.

All outstanding shares on Sept. 27, 2007, inclusive, will be
entitled to receive the interest capital and dividends approved.
The credit of the interest capital and dividends on the
company's accounting records shall be made on Sept. 30, 2007,
considering the shareholder position as of Sept. 27, 2007, the
"record date."

The company's shares will be traded on BOVESPA and NYSE "ex"
dividends as of, and including, Sept. 28, 2007.

The amount of the capital interest is subject to withholding
income tax of 15%, except to shareholders that are exempt or
immune, and for those domiciled in a tax heaven jurisdiction
(25%).  Shareholders immune or exempt shall verify if such
condition is stated in their records, maintained at the
company's shares registrar (Banco Itau S/A.) and, if necessary,
must update their records in order to take advantage of the
referred benefit, until Sept. 28, 2007.

The payment of stockholder's capital interest and dividends is
resolved according to the quarterly intercalary dividends policy
approved by the meeting of the Board of Directors held on
Jan. 29, 2007, in the fixed amount of BRL0.35 per common and
preferred share, per quarter, during 2007.  Regardless of the
fixed amount, the payment is assured of the minimum dividend of
25% of the corporate year's net profit, and if necessary, the
company will make a year-end supplementary dividend payment.

The stockholder's interest capital and dividends will be paid
with no remuneration, on Nov. 5, 2007.

Closely held supplementary pension entities, in order to not
have income tax withheld, shall send a specific statement to the
company, to the address below, before Sept. 28, 2007, with
certified signatures and proper documents to evidence authority
of signatory.  A statement form and further
clarifications may be obtained at:

    IR Department
    Rua Gomes de Carvalho, 1.629
    Sao Paulo-SP - CEP:04547-006
    (+5511) 3169-6224/6222
    ri@golnaweb.com.br

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

                        *     *     *

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


GOODYEAR TIRE: Brazilian Unit Working at Full Capacity
------------------------------------------------------
Rubens Campos, Goodyear Tire & Rubber Company's Brazilian unit
Goodyear do Brasil off-road and agricultural equipment tires
product manager, told Business News Americas that the firm is
working at full capacity due to strong demand from the mining
industry.

Mr. Campos explained to the press that demand is very high and
that there has been no idleness in production.

BNamericas relates that Goodyear do Brasil produces an average
of 250 tires a month measuring for mining purposes at its plant
in Americana, Sao Paulo.  The firm exports some of the products
to other Latin American nations.

Mr. Campos commented to BNamericas, "We usually work with a rate
of 50:50 in terms of yearly exports and domestic sales, but
local shipments this year could reach 60% to 70%.  We are giving
priority to the Brazilian market."

BNamericas notes that Goodyear do Brasil is launching two new
tires:

          -- one targeting underground mining activities, and
          -- another on equipment for moving containers at
             ports.

Goodyear Tire is positive about demand for coming years from the
mining sector, BNamericas states, citing Mr. Campos.  Demand for
off-road would be strong by 2010.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including Chile, Colombia,
Guatemala, Jamaica and Peru in Latin America.  Goodyear employs
more than 80,000 people worldwide.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services raised its ratings on
Goodyear Tire & Rubber Co., including its corporate credit
rating to 'BB-' from 'B+'.  In addition, the ratings were
removed from CreditWatch where they were placed with positive
implications on May 10, 2007.  Recovery ratings were not on
CreditWatch.


HAYES-LEMMERZ: UAW's GM Strike Prompts Fitch's Negative Watch
-------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

  -- IDR 'BB';
  -- Senior unsecured bank facility 'BB';
  -- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.
  -- IDR 'BB'.

ArvinMeritor Inc.

  -- IDR 'BB';
  -- Senior secured 'BB+';
  -- Senior unsecured 'BB-'.

Tenneco, Inc.

  -- IDR 'BB-';
  -- Senior secured bank facility 'BB+';
  -- Senior secured notes 'BB';
  -- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

  -- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

  -- IDR 'B'.
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

  -- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.

Headquartered in Northville, Michigan, Hayes Lemmerz
International Inc. (Nasdaq: HAYZ) -- http://www.hayes-
lemmerz.com/ -- global supplier of automotive and commercial
highway wheels, brakes and powertrain components.  The company
has 30 facilities and approximately 8,500 employees worldwide.

The company has operations in India, Brazil and Germany, among
others.


HERCULES INC: Bear Stearns Puts Peer Perform Rating on Shares
-------------------------------------------------------------
Bear Stearns analyst Scott Burk has assigned a "peer perform"
rating on Hercules Inc.'s shares, Newratings.com reports.

Mr. Burk said in a research note that Red Hat could generate
free cash flows of US$205 million this year through onetime tax
windfalls and an improved business performance.

Mr. Burk told Newratings.com that Hercules may deploy its free
cash flows for:

          -- stock buybacks and dividend programs,
          -- potential acquisitions, and
          -- debt repayment.

Hercules' business segments are industry leaders in terms of
market share and innovation, Newratings.com states, citing Bear
Stearns says.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets.  The company has its regional
headquarters in China and Switzerland, and a production facility
in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 2, 2007, Standard & Poor's Ratings Services revised its
outlook on Wilmington, Delaware-based Hercules Inc. to positive
from stable and affirmed the existing 'BB' corporate credit
rating.


LYONDELL CHEMICAL: To Hold Shareholders Meeting on Nov. 20
----------------------------------------------------------
Lyondell Chemical Company has scheduled a special shareholders
meeting for Tuesday, Nov. 20, 2007, to vote on the proposal to
adopt the Agreement and Plan of Merger, dated as of
July 16, 2007, among Basell AF, BIL Acquisition Holdings Limited
and Lyondell.  Holders of record as of the close of business on
Oct. 9, 2007, will be entitled to vote at the special meeting.
The special meeting will be held beginning at 9:00 a.m. CT in
Lyondell's General Assembly Room, Two Houston Center, 909
Fannin, Suite 400, in Houston, Texas.

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com/-- is a leading global
producer of petrochemicals and plastics, and owns a refinery
with the unique ability to process 100% heavy sour crude oil
from Venezuela.  Lyondell produces propylene oxide, MTBE, ETBE
and butanediol, as well as co-product styrene.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

Equistar Chemicals LP and Millennium Chemicals Inc. are wholly
owned subsidiaries of Lyondell.  Equistar is a leading North
American producer of commodity petrochemicals and plastics.
Millennium Chemicals is a single-site producer of acetic acid
and vinyl acetate monomer and small producer of turpenes.

                        *     *     *


As reported on July 23, 2007, Moody's Investors Service placed
the ratings of Lyondell Chemical Company, Equistar Chemical
Company LP and Millennium Chemicals Inc. (Corporate Family
Ratings of Ba3) under review for possible downgrade following
the announcement that Lyondell has agreed to be acquired by
Basell AF SCA (Ba3 CFR under review for possible downgrade) in a
transaction worth roughly US$19 billion including the assumption
of debt.

Moody's also affirmed Lyondell's speculative grade liquidity
rating at SGL-1.  However, the financing of this potential
transaction, could result in a change to the SGL rating as well.

On Jul 23, 2007, Fitch Ratings has placed Lyondell, Equistar and
Millennium on Rating Watch Negative following the announcement
that Lyondell has agreed to be acquired by Basell for US$12.66
billion, or US$48 per share.  The transaction is valued at US$19
billion including the consolidated debt outstanding at Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

  -- Issuer Default Rating 'BB-';
  -- Senior secured credit facility and term loan 'BB+';
  -- Senior secured notes 'BB+';
  -- Senior unsecured notes 'BB-';
  -- Debentures 'BB-'.


MAGNA INT'L: Holders Tender 11,908,944 Class A Sub Voting Shares
----------------------------------------------------------------
Magna International Inc. has announced the final 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 International confirmed that it
has purchased for cancellation 11,908,944 Class A Subordinate
Voting Shares, representing 9.2% of its currently issued and
outstanding Class A Subordinate Voting Shares, at US$91.50 per
share for an aggregate purchase price of approximately US$1.1
billion.

Payment for these shares was made today.  The purchase was
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.  Any Class A Subordinate Voting Shares which
were not validly deposited will be returned as promptly as
possible.

                   About Magna International

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.


NET SERVICOS: S&P Raises Long-Term Corp. Credit Rating to BB
------------------------------------------------------------
Standard & Poor's Rating Services has raised its long-term
corporate credit rating on Brazilian cable operator Net Servicos
Servi‡os de Comunicacao S.A. to 'BB' from 'BB-'.  The outlook is
stable.  Net Servicos Servicos's total debt was US$587 million
in June 2007.

"The rating action reflects Net Servicos's capacity to maintain
prudent financial policies while carrying out a strong growth
strategy and investing heavily in customer acquisition and
network upgrades," said S&P's credit analyst Milena Zaniboni.
It also reflects Net Servicos's favorable competitive position
with its well-positioned triple-play product, and the currently
benign environment for the domestic economy, fostering organic
growth of pay-TV services and greater penetration of broadband.

The ratings on Net Servicos reflect the challenging and
competitive business environment Net Servicos faces,
particularly with the entrance of large telecom operators in the
pay-TV industry, which enhances their product offering; somewhat
limited growth potential of pay-TV services in Brazil due to the
ample reach of open-air television and income constraints; and
heavier capital expenditures requirements on digitalization and
bidirectional networks.

These negatives are partly offset by Net Servicos's leading
position in the Brazilian pay-TV industry, supported by an
extensive cable network in major cities (enhanced with the
acquisition of cable operator Vivax S.A.), a high-quality
lineup, and the company's competitive triple-play offer.  The
presence of strategic investor Telefonos de Mexico S.A.B. de
C.V. (Telmex; BBB+/Stable/--) brings operational expertise in
telecommunications services, and some degree of financial
flexibility.  Net Servicos also has prudent financial policies
and moderate levels of debt.

The stable outlook reflects S&P's expectations that Net Servicos
will retain a prudent financial policy, despite the planned
increase in investments and the more challenging market
environment.  S&P expects Net Servicos to remain competitive and
post EBITDA margins above 25% and FFO-to-debt around 35% in the
medium term.

S&P does not anticipate further ratings upside in the medium
term given the expected more challenging business environment
and fiercer competition in Net Servicos' markets.  On the other
hand, the outlook could be revised to negative if Net Servicos'
financial leverage increases because of heavy investments or a
more acquisitive growth strategy, or if market conditions
deteriorate, affecting Net Servicos' subscriber base or its
average revenue per user, and thus cash generation.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/-- is a subscriber TV
multi-operator in Brazil, as it operates the NET brand in major
cities, including operations in the 4 largest cities: Sao Paulo,
Rio de Janeiro, Belo Horizonte and Porto Alegre.  Net Servicos
also offers Broadband Internet services through its NET VIRTUA
brand name.


NVIDIA CORP: Hires D. Shoquist as Operations Sr. Vice President
---------------------------------------------------------------
NVIDIA Corporation has named Debora Shoquist as senior vice
president of operations, reporting to Jen-Hsun Huang, NVIDIA
president and Chief Executive Officer.

"We are delighted to welcome Deb to our executive team," said
Mr. Huang.  "Her extensive experience in large-scale and high-
velocity operations will be vital as we continue to grow."

Ms. Shoquist's role includes responsibility for NVIDIA's
worldwide supply chain, including process technology,
manufacturing, logistics, and quality assurance for all NVIDIA
products.

Prior to joining NVIDIA, Ms. Shoquist served as senior vice
president of operations at JDSU Corporation, a provider of
communications test and measurement solutions and optical
products for the telecommunications industry.  Her experience
also includes senior roles at Coherent, Inc., Quantum
Corporation, and Hewlett-Packard Corporation.  She holds a B.S.
degree in Electrical Engineering from Kansas State University
and a B.S. degree in Biology from Santa Clara University.

Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq:
NVDA) -- http://www.nvidia.com/-- creates innovative, industry-
changing products for computing, consumer electronics, and
mobile devices.  The NVIDIA(R) graphics processing unit and
media and communications processor brands include NVIDIA
GeForce(R), NVIDIA GoForce(R), NVIDIA Quadro(R), and NVIDIA
nForce(R).  These product families are transforming visually-
rich applications such as video games, film production,
broadcasting, industrial design, space exploration, and medical
imaging.  The company has offices throughout Asia, Europe, and
the Americas including Brazil and Argentina.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 8, 2006,
Standard & Poor's Ratings Services removed its ratings on Santa
Clara, California-based Nvidia Corp. from CreditWatch, where
they were placed with negative implications on Aug. 15, 2006.
The corporate credit rating was affirmed at 'BB-'.  S&P said the
outlook is stable.


* BRAZIL: Petrobras' Citelec Stake Sale Gets Okay in Argentina
--------------------------------------------------------------
The Argentine economy ministry told Reuters that the antitrust
agency has authorized Brazilian state-run oil firm Petroleo
Brasileiro unit Petrobras Energia Participaciones' sale a 50%
stake in Citelec, which controls power transmission company
Transener.

Reuters relates that Petrobras Energia sold the stake to
Argentine state-owned firm Ensarsa and private company
Electroingenieria.

State regulators ordered the Petrobras Energia to sell its
Citelec stake as it had assets all along the chain of energy
production, transmission and distribution in Argentina, Reuters
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.

                        *     *     *

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




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


4C ASSOCIATES: Will Hold Final Shareholders Meeting Today
---------------------------------------------------------
4C Associates - Grand Cayman will hold its final shareholders
meeting on Sept. 27, 2007, at 11:00 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:

         Q&H Nominees Ltd.
         Attention: Susan Bjuroe
         P.O. Box 1348
         George Town, Grand Cayman KY1-1108
         Cayman Islands
         Telephone: 949 4123
         Fax: 949 4647


ATLANTIC MANAGEMENT: Sets Final Shareholders Meeting for Oct. 18
----------------------------------------------------------------
Atlantic Management Consultancy Ltd. will hold its final
shareholder meeting on Oct. 18, 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,

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

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

The liquidator can be reached at:

          Commerce Corporate Services Limited
          P.O. Box 694
          George Town, Grand Cayman
          Cayman Islands
          Telephone: 949 8666
          Fax: 949 7904


BEAR STEARNS: Bankr. Court Stays Order Denying Ch. 11 Petition
--------------------------------------------------------------
The Hon. Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York stayed the enforcement of his
prior order denying protection under Chapter 11 of the
Bankruptcy Code to Bear Stearns High-Grade Structured Credit
Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund,
Ltd., pending the Funds' appeal on that ruling, Bloomberg News
reports.

The Bankruptcy Court's stay order is contingent on the Bear
Stearns Funds' (i) returning U.S. funds that were transferred to
the Cayman Islands or (ii) posting an equal amount as bond,
Bloomberg says.

According to Bloomberg, Judge Lifland required the Hedge Funds
to return US$8,000,000 in funds.

In August 2007, Judge Lifland ruled that the Bear Stearns Funds'
center of main interest is in the United States and not in the
Cayman Islands.  Judge Lifland said the only adhesive connection
with the Cayman Islands that the Funds have is the fact that
they are registered there.

Judge Lifland suggested that the Funds commence a Chapter 11 or
Chapter 7 bankruptcy case.  Judge Lifland also extended the
Preliminary Injunction Order until Sept. 29, 2007, to give
parties-in-interest an opportunity to file a Chapter 11 or a
Chapter 7 petition in the district where the seat of the Funds'
management functions are located.  The Injunction Order would
automatically dissolve after Sept. 29 if no Chapter 11 or
Chapter 7 petition is filed.

Simon Lovell Clayton Whicker and Kristen Beighton at KPMG, the
Bear Stearns Funds' official liquidators, have asked the U.S.
District Court for the Southern District of New York to review
Judge Lifland's decision.

At the hearing on Sept. 24, Judge Lifland said the decision
is significant for other U.S. investment banks and funds based
in the Cayman Islands, Tiffany Kary at Bloomberg reports.
According to Judge Lifland, no objections were filed because
"parties of interest are institutions similarly situated who use
offshore vehicles for similar purposes."

           Decision Makes Chapter 15 Cumbersome Process

The Liquidators asked the Bankruptcy Court to maintain the
preliminary injunction until the appeal is resolved.

Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld LLP, in
New York, the Liquidators' U.S. counsel, argued that unless the
Bankruptcy Court grants a stay, the appeal will likely be
rendered moot, and the opportunity for review will be lost.

Mr. Hodara pointed out that the Bankruptcy Court's refusal to
recognize the Liquidators' petition for recognition frustrates
the U.S. Congress' purpose in enacting Chapter 15.  Congress
established a simple statutory procedure for recognition and
clear guideposts for U.S. courts to follow, Mr. Hodara
explained.  The guideposts, he said, are based on the Model Law
on Cross-Border Insolvency promulgated by the United Nations
Commission on International Trade Law, which has been adopted in
numerous other countries.

"[T]he Decision turns what is intended to be a streamlined legal
proceeding into a complex, cumbersome, and time consuming
process," according to Mr. Hodara.

                   Clash with SPhinX Ruling

Mr. Hodara underscored that Judge Lifland's analysis is at odds
with Judge Robert D. Drain's ruling in In re SPhinX, Ltd., 351
B.R. 103 (Bankr. S.D.N.Y. 2006), which was affirmed by the
District Court.  Judge Drain held that "chapter 15 maintains --
and in some respects enhances -- the 'maximum flexibility' that
Section 304 provided bankruptcy courts.

In SPhinX, Mr. Hodara noted, the court denied recognition as a
foreign main proceeding because it concluded that "the only
reason for the [Foreign Representatives'] request for
recognition of the Cayman Islands proceeding" was to frustrate a
settlement in which the debtors had an interest.  But for this
improper purpose, the court stated, it would have recognized the
Cayman Islands proceeding as a foreign main proceeding,
notwithstanding the presence of a challenger.

In Judge Drain's view, Mr. Hodara noted, recognition should be
liberally granted in keeping with chapter 15's emphasis on
cooperation, comity, and the pragmatic concerns listed in the
chapter's statement of purpose, including "greater legal
certainty for trade and investment," "fair and efficient
administration of cross-border insolvencies that protects the
interests of all creditors, and other interested entities,
including the debtor," and "protection and maximization of the
value of the debtor's assets."

Mr. Hodara argued that SPhinX involved a petition brought for an
improper purpose, featured an objecting party, and presented
facts that -- in contrast to the Bear Stearns Funds' cases --
strongly suggested that the COMI was not in the Cayman Islands,
as no board members resided in the Cayman Islands, and "most, if
not all" of the creditors and investors were outside the Cayman
Islands.

Nevertheless, Mr. Hodara maintained, the court in SphinX
concluded that some form of recognition was proper.  "Because
their money is ultimately at stake," Judge Drain ruled, "one
generally should defer . . . to the creditors' acquiescence in
or support of a proposed COMI."

Judge Drain also held that "[i]t is reasonable to assume that
the debtor and its creditors . . . can, absent an improper
purpose, best determine how to maximize the efficiency of a
liquidation or reorganization and ultimately, the value of the
debtor, assuming also, of course, that chapter 15 requires the
court to protect the legitimate interests of dissenters[.]"

Mr. Hodara also pointed out that Professor Jay Westbrook in his
article, Multinational Enterprises in General Default: Chapter
15, The ALI Principles, and the EU Insolvency Regulation, 76 Am.
Bankr. L.J. 1, 5-24 (2002), stated that chapter 15 was designed
to streamline the recognition process, making it "as simple,
fast and inexpensive as possible," by reducing it to "a simple
documentary process unless challenged."

Prof. Westbrook is a law professor at the University of Texas at
Austin who helped author the Chapter 15 law, along with Judge
Lifland.

                    "Letterbox" Company

Mr. Hodara insisted that the Liquidators met the statutory
requirements of chapter 15.  The Bankruptcy Court's
characterization of the Bear Stearns Funds as merely a
"letterbox" company is dubious, he said.

Mr. Hodara also pointed out that the Bankruptcy Court's Decision
suggests that "exempted companies" conducting business in the
Cayman Islands may never bring insolvency actions in the Cayman
Islands that qualify for recognition under Chapter 15.  The
Court misconstrues Cayman Islands law, he said.

Mr. Hodara explained that the characterization of a company as
an exempted company under Cayman Islands' Companies Law is
primarily for the purpose of creating a class of companies to
which local ownership and control requirements contained in
other Cayman Islands statutes, among other matters, do not
apply.  According to Mr. Hodara, registration of a company as
"exempted" is not indicative of the degree to which it has a
substantial local establishment in the Cayman Islands nor is it
determinative of the permanence of its business or economic
activity.  An exempted company is not prevented from exercising
all the powers necessary in the Cayman Islands to further its
business outside of the Cayman Islands.

Mr. Hodara added that most, if not all, of the Funds' remaining
liquid assets are in bank accounts in the Cayman Islands.  To
protect the Funds' remaining assets -- as is required under
Cayman Islands law -- the Liquidators, Mr. Hodara said, opened
accounts in the Cayman Islands in which proceeds of certain
receivables that have been collected postpetition have been
deposited.  These are the funds to which Mr. Whicker referred
when he responded to the Bankruptcy Court's inquiry regarding
money that was "transferred" to Cayman Islands accounts, Mr.
Hodara noted.

Mr. Hodara also informed the Court that evidence that came to
light following the Court's hearing on the foreign petitions
demonstrates that the Funds regularly entered into a substantial
number of principal transactions, each of which required prior
written approval of one of their two Cayman Islands-based
independent directors.  The independent directors evidenced
their independence in passing judgment on those transactions.

"Th[e] Court, however, relies primarily upon facts set forth in
pleadings filed at the very outset of these cases,
notwithstanding the evolving nature of the [Liquidators']
investigation and the establishment of additional facts during
testimony," Mr. Hodara said.

During the Sept. 24 hearing, Judge Lifland said Bear Stearns
submitted "a pile of papers that suggest there are new facts,"
giving him only "a few hours to react" before the hearing, Ms.
Kary relates.

                Bankruptcy Not Viable Option

Mr. Hodara said in court papers that a chapter 7 or chapter 11
filing are not viable options for the Funds at this time.  The
potential recoveries for the Funds' creditors, Mr. Hodara
explained, are not large -- nearly US$50,000,000 in the case of
Enhanced Fund and nearly US$25,000,000 in the case of High-Grade
Fund.

Given the Funds' financial situation, the substantial costs
associated with a chapter 7 or chapter 11 filing will divert
resources from what will already be very limited recoveries to
the Funds' creditors, Mr. Hodara said.

The costs include, without limitation:

   (i) the costs associated with the potential appointment of a
       trustee, examiner, or official committee of unsecured
       creditors pursuant to Sections 1104(a), 1104(c), and 1102
       of the Bankruptcy Code, or the costs associated with the
       appointment of a chapter 7 trustee, and its retention of
       attorneys, financial advisors, or other professionals;

  (ii) the costs associated with the preparation of the
       pleadings necessary to commence and prosecute the
       proceedings; and

(iii) the costs associated with the coordination of the
       proceedings with the Cayman Islands Proceedings.

Mr. Hodara also noted that the filing of chapter 7 or 11 cases
potentially exposes the Funds to other harms.  He pointed out
that the pendency and prosecution of two primary proceedings in
two separate jurisdictions would invest two legal entities with
potentially differing obligations pertaining to the same assets
and same creditors.  The two legal entities would be the Foreign
Representatives in the Cayman Islands and a debtor-in-
possession, a trustee, or examiner in the United States.

The responsibilities of both entities, governed under separate
laws, risks conflicts with respect to the entities' fiduciary or
other duties and responsibilities, thus, imposing further delays
and costs on the Funds' estates to the detriment of creditors,
investors, and all parties-in-interest, Mr. Hodara maintained.
Further, such concurrent "main" proceedings heightens the risk
that the very comity and international cooperation objectives
underlying chapter 15 would be thwarted by conflicts of laws
issues -- especially when both courts believe the proceedings
pending before it to be the "primary insolvency" proceedings,
Mr. Hodara said.

                  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.  (Bear
Stearns Funds Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


CAYMAN CLEARING: Sets Final Shareholders Meeting for Today
----------------------------------------------------------
Cayman Clearing Ltd. will hold its final shareholders meeting on
Sept. 27, 2007, at:

         Caledonian House, 69 Dr. Roy's Drive
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Janeen Aljadir
         Caledonian Trust (Cayman) Limited
         Caledonian House
         P.O. Box 1043
         Grand Caymanm KY1-1102
         Cayman Islands


CDG INVESTMENTS: Will Hold Final Shareholders Meeting on Oct. 18
----------------------------------------------------------------
CDG Investments Ltd. will hold its final shareholder meeting on
Oct. 18, 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,

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

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

The liquidator can be reached at:

          Commerce Corporate Services Limited
          P.O. Box 694
          George Town, Grand Cayman
          Telephone: 949 8666
          Fax: 949 7904


EQUITY GLA: Proofs of Claim Filing Ends Tomorrow
------------------------------------------------
Equity GLA Ltd.'s creditors are given until Sept. 28, 2007, to
prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Equity Gla shareholders agreed on Aug. 7, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


GLASS IIP: Proofs of Claim Must be Filed Tomorrow
-------------------------------------------------
Glass IIP Ltd.'s creditors are given until Sept. 28, 2007, to
prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Glass IIP's shareholders agreed on Aug. 7, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


GLASS EQUITY: Proofs of Claim Filing Is Until Tomorrow
------------------------------------------------------
Glass Equity Ltd.'s creditors are given until Sept. 28, 2007, to
prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Glass Equity shareholders agreed on Aug. 7, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


GLASS HOLDINGS: Proofs of Claim Filing Deadline Is Tomorrow
-----------------------------------------------------------
Glass Holdings Ltd.'s creditors are given until Sept. 28, 2007,
to prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Glass Holdings shareholders agreed on Aug. 7, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

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


GLASS INVESTMENTS: Proofs of Claim Filing Ends Tomorrow
-------------------------------------------------------
Glass Investments Ltd.'s creditors are given until
Sept. 28, 2007, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Glass Investments shareholders agreed on Aug. 7, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


MULTI EXPOSURE: Final Shareholders Meeting Is on Oct. 18
--------------------------------------------------------
Multi Exposure Transfer Co. Ltd. will hold its final
shareholders meeting on Oct. 18, 2007, at:

          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


NZB PRODUCTS: Sets Final Shareholders Meeting for Today
-------------------------------------------------------
NZB Products (CI) Ltd. will hold its final shareholders meeting
on Sept. 27, 2007, at 10:00 a.m., at:

          Fourth Floor, One Capital Place
          P.O. Box 847,
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847
         George Town, Grand Cayman KY1-1103
         Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


PGI MIDAS: Proofs of Claim Must be Filed by Oct. 18
---------------------------------------------------
PGI Midas (Cayman) Ltd.'s creditors are given until
Oct. 18, 2007, to prove their claims to Emile 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.

PGI Midas' 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


PREFERRED CPO: Proofs of Claim Must be Filed by Oct. 18
------------------------------------------------------
Preferred CPO (Income Notes) Ltd.'s creditors are given until
Oct. 18, 2007, to prove their claims to Martin Couch and Jan
Neveril, 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.

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

The liquidator can be reached at:

       Jan Neveril
       Maples Finance Limited
       P.O. Box 1093
       George Town, Grand Cayman
       Cayman Islands


PREFERRED TERM: Proofs of Claim Filing Deadline Is Oct. 18
----------------------------------------------------------
Preferred Term Securities 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.

Preferred Term'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


PRETSL VII: Proofs of Claim Filing Is Until Oct. 18
---------------------------------------------------
Pretsl VII Combination 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.

Pretsl VII'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


PRINCIPAL PROTECTED: Proofs of Claim Must be Filed by Oct. 18
-------------------------------------------------------------
Principal Protected Pretsl IV 25 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


SET CO: Will Hold Final Shareholders Meeting on Oct. 18
-------------------------------------------------------
Set Co. Ltd. will hold its final shareholders meeting on
Oct. 18, 2007, at:

          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

          Jan Neveril
          Maples Finance Limited
          P.O. Box 1093
          George Town, Grand Cayman
          Cayman Islands


TEE INTERNATIONAL: Sets Final Shareholders Meeting for Oct. 18
--------------------------------------------------------------
Tee International Ltd. will hold its final shareholders
meeting on Oct. 18, 2007, at 10:00 a.m., at:

          Suite 950
          10800 Biscayne Boulevard
          Miami, Florida 33161
          USA

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


WEST WIND: Will Hold Final Shareholders Meeting Today
-----------------------------------------------------
West Wind Holdings Ltd. will hold its final shareholders meeting
on Sept. 27, 2007, at 10:00 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: Mervin Solas
         Deloitte
         P.O. Box 1787
         George Town, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258




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


SHAW GROUP: Bags Engineering Services Contract with FirstEnergy
---------------------------------------------------------------
The Shaw Group Inc. disclosed that its Nuclear Division of the
Shaw Power Group has been awarded an engineering services
contract by FirstEnergy Nuclear Operating Company, a subsidiary
of FirstEnergy Corp., to expand the used nuclear fuel storage
capacity at its Perry Nuclear Power Plant in northeast Ohio.
The value of Shaw's contract, which will be included in the
company's first quarter fiscal year 2008 backlog, was
undisclosed.

Shaw will provide engineering and design services for the fuel
transfer system, pool-to-pad haul path design, canister pad
design and security system design.  Construction of the new
spent fuel storage system is scheduled for spring of 2008, and
completion is planned for 2010.

"We are pleased to add this important project to our nuclear
services portfolio.  The contract for the Perry Plant fuel
storage expansion reflects our continuous support of and
commitment to the nuclear services market," said J.M. Bernhard
Jr., chairman, president and chief executive officer of Shaw.
"Shaw's Nuclear Division and Maintenance Group provide services
to more than 40 percent of the nation's nuclear energy plants.
Our success in this market has been built on our commitment to
safety, our standardized work practices and our prompt ability
to successfully engineer and complete work assignments.  We look
forward to continuing to identify creative, effective solutions
that benefit our clients and the nuclear industry."

                      About FirstEnergy

FirstEnergy Corp. is a diversified energy company headquartered
in Akron, Ohio.  Its subsidiaries and affiliates are involved in
the generation, transmission and distribution of electricity, as
well as energy management and other energy-related services.
Its seven electric utility operating companies comprise the
nation's fifth largest investor-owned electric system based on
serving 4.5 million customers in Ohio, Pennsylvania and New
Jersey; and its generation subsidiaries control more than 14,000
megawatts of capacity.

                      About Shaw Group

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

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

                        *     *     *

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

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




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


BANCOLOMBIA: Decision to Prosecute Officers Is Withdrawn
--------------------------------------------------------
The Attorney General's Office (Fiscal Delegado) of the Supreme
Court of Justice (Corte Suprema de Justicia), upon an appeal,
revoked the previous decision of the Attorney General's Office,
dated Jan. 4, 2007 and decided not to prosecute the President
and the Executive Vice President of Bancolombia S.A. in
connection with events relating to the acquisition of Banco de
Colombia by Banco Industrial Colombiano and its subsequent
merger in 1998.

As a result of this decision, the prosecution for the alleged
crimes was revoked.  Instead, the decision ordered that the
Attorney General of first instance evaluate the documentary
evidence and gather the testimonial evidence in order to comply
with the decision of the Constitutional Court which had been
disregarded by the Attorney General on first instance.

In addition, the Attorney General's Office decided that one of
the claims (unauthorized transactions with shareholders) for
which Mr. Londono and Mr. Ochoa were investigated was barred by
the statute of limitations.  These officers had been previously
investigated for the same claim and the Attorney General's
Office, at the time, ruled in favor of the officers and the
investigation was subsequently closed.

The Attorney General's Office in remanding the case back to the
first instance, ordered that the Attorney General must evaluate
the documentary evidence and must include two testimonies that
are still pending, as ordered by the Constitutional Court.

In connection with this decision, the management of Bancolombia
announces that:

   1. Bancolombia and its management have always acted in
      compliance with applicable law, its corporate principles
      and other principles that regulate its activity.

   2. The process of acquisition of Banco de Colombia by BIC and
      the subsequent merger in 1998 were conducted in accordance
      with international customary standards and practices for
      this type of transaction and Colombian law.  The
      acquisition process was validated at the time by the
      respective Colombian authorities.

   3. A statute of limitations is a legal protection that in
      general terms goes beyond private interests to promote
      social stability.  To reopen a criminal proceeding that
      was previously decided in favor of the officers and that
      is barred by the statute of limitations violates
      principles of public interest, res judicata and the legal
      certainty which are necessary for institutional stability
      and social well being.

   4. Bancolombia will continue to cooperate with the
      investigation process before the first instance, to the
      extent required by today's decision of the Attorney
      General's Office, and in general, to appear before all the
      required authorities in order to demonstrate its law-
      abiding behavior and the law-abiding behavior of its
      officers.

   5. Bancolombia insists that there is a need for effective
      national reflection on the inconvenience that such legal
      instability brings to the continued development of a
      successful business environment, which is necessary for
      the sustainable growth of Colombia.

   6. The management of Bancolombia reaffirms its commitment to
      act in accordance with the law in a transparent manner for
      the continued development of Colombia, and for the benefit
      of its clients, employees, shareholders and the community
      in general.

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

                        *     *     *

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

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

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

In addition, Fitch affirmed these ratings:

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

Fitch says the rating outlook was stable.




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


ALCATEL-LUCENT: Elizabeth Hackenson Joins LGS Board of Directors
----------------------------------------------------------------
LGS, a subsidiary of Alcatel-Lucent dedicated to serving the
U.S. government community, today announced Alcatel-Lucent CIO
Elizabeth Hackenson will join the LGS Board of Directors.

Prior to the merger with Alcatel, Hackenson was the Chief
Information Officer for Lucent Technologies.  Before joining
Lucent in April 2006, Ms. Hackenson held the position of
Executive Vice President and Chief Information Officer for MCI.

In 2005, Computer World named Elizabeth Hackenson one of its top
100 premier IT leaders.  The Washington Post named her one of
the top 200 female executives in 2004 and Information Week
ranked the department she led as one of the top 100 for IT
leadership.

The LGS Board includes four outside directors, two inside
directors from Alcatel-Lucent and one internal director from
LGS.  Ms. Hackenson replaces Frank D'Amelio, former Chief
Administrative Officer for Alcatel-Lucent, who recently left the
company.

The four outside directors for the LGS board remain unchanged
and are:

          -- Dr. William Perry,
          -- R. James Woolsey,
          -- Kenneth A. Minihan, and
          -- Dr. Lee Buchanan.

Elizabeth Hackenson and Hubert de Pesquidoux are the Alcatel-
Lucent directors, and Ron Iverson is the LGS officer director.

"This is a wonderful time to have Elizabeth bring her extensive
experience as a CIO to our board," said Ron Iverson, CEO, LGS.
"As we continue to look for ways to help the U.S. government
solve its unique communications challenges, Elizabeth's years of
experience and her deep understanding of how the communications
and data needs of large complex organizations work will be
invaluable."

Ms. Hackenson currently leads an organization of some 2,200
people at Alcatel-Lucent and her organization has been
responsible for merging the IT and communications systems that
now serve some 80,000 employees.  In the 10 months since the
merger of Alcatel and Lucent, her team has integrated both
company networks, consolidated data centers, rationalized
investment portfolio and developed plans for application
consolidation.

                          About LGS

Headquartered in Vienna, Virginia, LGS --
http://www.LGSinnovations.com/-- was created by joining the
Lucent and Alcatel Government business units and Bell Labs
Government.  LGS is the sole sales and contracting channel for
Alcatel-Lucent for all classified and unclassified business
contracted from U.S. federal agencies and departments, both
military and civilian.

LGS designs and delivers Transformed Communications and R&D-
based technology solutions to the U.S. government community.
Leveraging the world-class R&D of Bell Labs and innovation of
Alcatel-Lucent, with global reach and expertise, LGS challenges
itself to solve the unsolvable and deliver secure, reliable,
standards-based solutions to its customers.

The company has offices in California, Colorado, Maryland, New
Jersey and North Carolina

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.  Alcatel-Lucent's U.S. offices
are located at 600 Mountain Avenue, in Murray Hill, New Jersey.

                        *     *     *

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

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

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


ALCATEL-LUCENT: Inks Joint Development Pact w/ Kyocera Wireless
---------------------------------------------------------------
Alcatel-Lucent and Kyocera Wireless, have signed a joint
development agreement under which they will collaborate on the
development of end-to-end wireless broadband solutions based on
Universal WiMAX technology.  The solutions will incorporate
Alcatel-Lucent's industry-leading WiMAX network infrastructure
-- based on the latest IEEE 802.16e-2005 standards -- and a
variety of wireless end-user devices from Kyocera, including
multimode mobile phones, non-traditional wireless devices,
wireless PC cards and USB devices for PCs.

Under the agreement, the two companies will cooperate to ensure
the rapid development of WiMAX devices with enhanced mobility
features, as well as multi-mode terminals that can enable
seamless interoperability between WiMAX networks and cellular or
Wi-Fi networks.  The joint program will cover the establishment
of specifications, the development and integration of WiMAX
solutions, and the creation of an interoperability testing
program to ensure that the new Kyocera WiMAX devices can operate
smoothly on Alcatel-Lucent's infrastructure.  Alcatel-Lucent and
Kyocera anticipate the commercial availability of fully
integrated solutions of WiMAX base stations and terminals from
the two companies in the first half of 2008.

"The collaboration with Kyocera Wireless represents a further
step forward for Alcatel-Lucent's WiMAX business and enhances
our ability to address end-user demand for mobile broadband
services," said Karim El Naggar, vice president of Alcatel-
Lucent's WiMAX business.  "The commitment by Kyocera, a leading,
innovative developer of mobile devices highlights, how WiMAX is
maturing into a truly mass market service featuring an
interesting and attractive selection of devices from leading
manufacturers.  Furthermore, this collaboration is an integral
part of our Open CPE Program and reinforces our end to end
offering in the high-end, high-performance CPE segment."

The agreement expands on and formalizes an ongoing collaboration
between Alcatel-Lucent and Kyocera on WiMAX solutions.  Earlier
this year, the two companies conducted WiMAX demonstrations -
featuring multiple input/multiple output (MIMO) Spatial
Multiplexing technology - at the CTIA Wireless tradeshow and
exhibition in Orlando, Florida.

"As the first device manufacturer to successfully demonstrate a
MIMO-enabled WiMAX PC Card, Kyocera has sought to collaborate
with an industry leader such as Alcatel-Lucent within the WiMAX
ecosystem to leverage this necessary building block," said Dave
Carey, vice president of Strategic Planning at Kyocera Wireless.
"The promise of WiMAX is not only high-speed mobile connectivity
but also flexibility to move beyond the traditional handset.  We
look forward to working closely with Alcatel-Lucent to develop
future MIMO-enabled solutions that will separate Kyocera from
our competitors as a true integration leader."

Alcatel-Lucent's Universal WiMAX solution is designed to enable
rapid implementation of voice over IP and broadband services
such as mobile data, video streaming and virtual private network
access in fixed, nomadic and mobile environments.  WiMAX is a
flexible technology that enables people to access high-speed,
high-quality broadband wireless services wherever they are and
wherever they go, providing truly "universal" wireless broadband
access.

Alcatel-Lucent's Universal WiMAX solution integrates the latest
technological innovations, such as "beam forming" and MIMO.
Beam forming enables a service provider to dramatically reduce
the number of radio sites needed to provide coverage -- in some
instances by as much as 40 percent -- while reducing
interference and ensuring better indoor penetration of radio
signals.  MIMO helps make radio links more robust, nearly
doubling the capacity delivered in dense urban environments.

Kyocera's innovative expertise with antenna diversity lends an
advantage with MIMO-powered WiMAX, which uses multiple antennas
to deliver mobile services three to five times faster than
today's wireless broadband cellular networks, and at a much
lower cost to carriers.

With more than 70 pilots and deployments across the world and 15
commercial contracts signed since the beginning of 2007, this
new project clearly underscores Alcatel Lucent's leading
position in the WiMAX market.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

As reported on Sep. 19, 2007, Standard & Poor's Ratings Services
revised its outlook on international equipment supplier Alcatel-
Lucent and related entity Lucent Technologies Inc. to stable
from positive.  At the same time, the 'BB-' long-term corporate
credit ratings on the group were affirmed.  The 'B' short-term
corporate credit rating on Alcatel-Lucent and 'B-1' short-term
rating on Lucent Technologies were also affirmed.

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.


ALCATEL-LUCENT: To Provide Wireless Network for China Mobile
------------------------------------------------------------
Alcatel-Lucent has been selected by China Mobile's three
subsidiaries to provide network optimization service for their
wireless networks in Shanghai, and Guizhou and Shanxi provinces.
Inner Mongolia Unicom, a subsidiary of China Unicom, also
selected Alcatel-Lucent to optimize its CDMA network in Inner
Mongolian province.  The project was secured through Alcatel
Shanghai Bell, Alcatel-Lucent's flagship company in China.
Alcatel-Lucent will provide tailor-made service solutions to
help each of these operators enhance network coverage and
performance and improve resource utilization.  It will help the
three China Mobile subsidiaries plan for network development in
order to be able to offer new services and thereby generation
new revenue.  Alcatel-Lucent also will provide courses to help
the operators train their employees to ensure optimal use of the
networks' capabilities.

These projects are expected to be completed at the end of 2007.
Once implemented, these three operators will have the
competitive advantage of being able to offer their customers
service on upgraded networks that provide maximum coverage,
strong signals and minimal dropped call rates.

Inner Mongolia Unicom will deploy Alcatel-Lucent's advanced e-
Optimization solution in its CDMA network to analyze voice/data
service and help Inner Mongolia Unicom formulate new resource
distribution strategies.

"Our service business is an important, strong business for
Alcatel-Lucent, and it is a growing business in China," said
Frederic Rose, President of Alcatel-Lucent's activities in the
Asia Pacific region.  "Leveraging our high-end integration and
optimization expertise in global and regional competence
centers, Alcatel-Lucent is committed to providing world-class
services that help our customers get the full advantage of their
networks as they strive to meet the needs of their customers."

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

Troubled Company Reporter-Latin America reported on Sep. 19,
2007, that Standard & Poor's Ratings Services revised its
outlook on international equipment supplier Alcatel-Lucent and
related entity Lucent Technologies Inc. to stable from positive.
At the same time, the 'BB-' long-term corporate credit ratings
on the group were affirmed.  The 'B' short-term corporate credit
rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

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

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




=======
C U B A
=======


* CUBA: Installing 100 Wind Energy Stations
-------------------------------------------
Cuban Basic Industry Ministry Technical Director Juan M. Presa
told Prensa Latina that 100 wind measurement stations will be
installed, which will measure wind 154 feet above ground in 32
regions.

Mr. Presa disclosed that at this phase of the project, the
national aeolian map is being re-elaborated, experiences in
Parque Demostrativo in central Turiguano are being studied and
1.65-megawatt air generators are being installed in the Isle of
Youth, Prensa Latina relates.

The project is Cuba's answer to climate changes and exhaustion
of crude due to rising demand.  The country, a non-producer of
crude, has turned to alternative renewal energy to meet local
power needs.  It was only in 2005 when the nation launched the
Cuban Energy Revolution, a program that seeks to lower
consumption of fuel and lubricants, Prensa Latina states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


BANCO INTERCONTINENTAL: Civic Group Denies Pressuring Court
-----------------------------------------------------------
Porfirio Rodriguez, the coordinator of non-profit group Citizen
Participation, told Dominican Today that the group never sought
to pressure the court hearing the Banco Intercontinental fraud
case.

Dominican Today relates that Banco Intercontinental former head
Ramon Baez Figueroa's defense attorneys claimed that Citizen
Participation shows up in court hearings to picket.

However, Mr. Rodriguez explained to Dominican Today that Citizen
Participation has the right to attend any court hearing.  The
group wants to show the judges that there is a nation that
supports them.

"No one vociferated and exhibited improper conduct" during the
hearings, the CDN Channel 37 notes, citing Mr. Rodriguez.

Mr. Rodriguez admitted to Dominican Today that there is
annoyance from the fraud committed against Banco
Intercontinental.

The guilty must be punished, Mr. Rodriguez told Dominican Today.

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: Ex-Pres. Warns of Ex-Colonel Lawsuit
------------------------------------------------------------
Former Dominican Republic President Hipolito Mejia warned Ramon
former Banco Intercontinental head Ramon Baez Figueroa the
consequences of pressing charges against former colonel Pedro
Julio Goico, Dominican Today reports, citing former Armed Forces
minister Jose Miguel Soto Jimenez.

Mr. Jimenez told Dominican Today that he was present in the
meeting of Messrs. Mejia and Figueroa.

Dominican Today notes that Mr. Jimenez commented to a television
station, "He told him that he had to handle the problem of the
complaint with subtleness, because that was going to bring about
a sort of banking run.  What Baez would do as a victim could
determine that he (Mejia) was going to lose points, up to 20
points in popularity in the surveys, but Ramon (Baez) could lose
the bank and everything."

The report says that Mr. Figueroa filed the complaint against
Mr. Goico in September 2002, which caused the Armed Forces to
bring the senior officer up on charges in civil court.  Mr.
Goico hired current Central Bank lawyers Ramon Pina Acevedo and
Artagnan Perez Mendez.  In December 2002, Mr. Figueroa dropped
the charges against Mr. Goico, with Banco Intercontinental's
depositors withdrawing their funds and needing the Central
Bank's assistance with advances of the re-discounts.  Mr. Goico
was released from prison and returned to active duty by then
President Mejia.

Domincian Today relates that an airplane and a Eurocopter
Colibri helicopter were seized from Mr. Goico.  The items were
purchased using a Banco Intercontinental credit card.  They were
then returned by the Central Bank, with the consent of its
lawyers.

According to Dominican news daily Listin Diario, it was
determined that the helicopter was initially for presidential
security.  It was obtained by the former Army captain Quirino
Paulino, considered one of the most important drug trafficking
suspects in the nation and the Caribbean region.

Dominican Today says that Mr. Goico was indicted on laundering
money from drug trafficking, together with Paulino.

Listin Diario relates that the former lieutenant general's
revelation confirms Mr. Figueroa's claims in the First
Collegiate Court regarding Banco Intercontinental's
destabilization, which started in September 2002 due to the
bank's complaint against Mr. Goico.

The Central Bank's efforts to keep Banco Intercontinental afloat
started in September 2002, Listin Diario says.  Witnesses in the
case said that it was when the rumors began.  The rumors
resulted to "a run that rocked what was then one of the
country's major banks."

The case against Mr. Goico is pending in Dominican courts,
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.


EMPRESA GENERADORA: Fitch Affirms B- Cur. Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed Empresa Generadora de Electricidad
Itabo, S.A.'s 'B-' international foreign and local currency
Issuer Default Ratings.  The rating action applies to US$125
million of notes issued by Itabo Finance S.A.  The Recovery
Rating is at 'RR4'.  Concurrently, Fitch has affirmed Itabo's
'BBB(dom)' national scale rating.  The Rating Outlook is
Positive.

Itabo's ratings incorporate the risks of operating electric
generation assets in the Dominican Republic, its strong
competitive position as the lowest cost thermoelectric generator
in the country, as well as its solid financial profile and
experienced management team.  Itabo operates two low-cost, coal-
fueled electric generation units and sells electricity to three
distribution companies through well-structured, long-term U.S-
dollar-denominated purchase power agreements.

While multiple offtakers diversify its revenue stream, and long-
dated PPAs mitigate price and volume risks, Itabo could face
collection risks from the electric distribution companies, which
continue in the process of improving their own losses and
collection rates.  Itabo's collection rates remain solid mainly
due to government subsidies to distribution companies to meet
their obligations with generators.  This committed financial
support, along with distribution companies' initiatives to
reduce losses, is moderately helping to stabilize the system.

Itabo's financial performance is considered to be strong for the
rating category.  Interest coverage, as measured by EBITDA-to-
interest, was 3.6 times as of Last Twelve Months ended
June 30, 2007.  Leverage, as measured by Total Debt-to-EBITDA
for the same period was 2.7.  During 2007, Itabo reduced debt by
approximately US$10 million and approved a dividend payment of
US$46 million, reducing cash on hand from US$82.3 million as of
year-end 2006 to US$38 million as of June 30, 2007.  Even though
cash was reduced, the company's financial profile remains solid
within the rating category.

The Dominican Republic electricity sector remains highly
dependent on government support and subsidies.  The current
administration continues to strongly support the sector by
committing subsidies for distribution companies and implementing
law reforms aimed to reduce losses.  The Dominican congress
approved changes to the electricity law that, among other
things, criminalizes electricity theft.  This reform to the
electricity law is expected to slowly reduce theft, increase
paying conscious of the Dominican Republic population and slowly
increase the cash recovery index of the sector.

The Positive Rating Outlook reflects the favorable operating
conditions of the company within the local market, the Dominican
government's continued support of the sector, the different
steps taken by the government and sector participants in an
effort to bolster the sector, and the country's recent economic
recovery.  An upgrade of the company's rating could be triggered
if the sector continues its current path to recovery and self-
sustainability, thereby lowering its dependency upon
government's subsidies.

Itabo is a thermo-electric generator in the Dominican Republic
and the second largest generation plant in the country.  The
company has a total installed capacity of 472 megawatts of
thermo-electric generation.  The company is currently owned 50%
by AES Corp.'s subsidiaries and 49.97% by the Dominican Republic
government.  The balance is owned by former employees of CDE
(Corporacion Dominicana de Electricidad).  As previously noted,
AES Dominicana manages the company under a management contract,
for a fee of 2.95% of Itabo's sales, while AES Corp. indirectly
controls Itabo's management board.


GENERAL CABLE: Launches US$400-Million Offering of Senior Notes
---------------------------------------------------------------
General Cable Corporation has commenced a private offering,
subject to market conditions, of US$400 million in aggregate
principal amount of senior convertible notes due 2012.  The
company has granted to the initial purchaser an option to
purchase up to an additional US$60 million in principal amount
of Notes on the same terms and conditions as those sold in the
offering, solely to cover over-allotments.

The purpose of this offering is to fund a portion of the
purchase price for the previously disclosed acquisition of the
wire and cable business of Freeport-McMoRan Copper & Gold Inc.
and related costs and, if such acquisition is not consummated
for any reason, for general corporate purposes, which may
include funding the potential expansion of our business in the
United States and into foreign countries and the acquisition of
other complementary businesses.

The Notes will be convertible into General Cable Corporation
common stock under certain circumstances at a to-be-determined
premium to the market price of the common stock when the Notes
are priced.  Upon conversion, holders will receive cash up to
the principal amount and any excess conversion value will be
delivered, at our election, in cash, common stock or a
combination of cash and common stock.  The interest rate and
other terms will be provided upon pricing of the Notes.

The Notes will be sold to qualified institutional buyers in
reliance on Rule 144A under the Securities Act of 1933, as
amended.  The Notes and the common stock issuable upon
conversion of the Notes have not been registered under the
Securities Act or any state securities laws, and unless so
registered, may not be offered or sold in the United States
except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state laws.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' corporate credit rating on General Cable Corp.  S&P said
the outlook is stable.


* DOMINICAN REPUBLIC: May Buy All Crude Needs from Venezuela
------------------------------------------------------------
The Dominican Republic's Treasury Department Secretary Vicente
Bengoa told Prensa Latina that his government will purchase all
of its crude needs once oil price would reach US$100 per barrel.

In an agreement signed with Petroleos de Venezuela SA, Dominican
Republic would be able to purchase crude from Venezuela on
preferential terms once prices would rise to a hundred dollars.
Under the accord, payment for 50% of the purchased oil will be
financed up to 25 years, the same report relates.

The framework for this agreement is similar for all members of
the PetroCaribe initiative.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.




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


* ECUADOR: President Correa Says Debts Will be Paid
---------------------------------------------------
Ecuadorian President Rafael Correa assured investors that his
country would pay debts as long as funds are available, Andrew
Barden and Lester Pimentel at Bloomberg News reports.

In December, the Ecuadorian leader has warned the market of
possible defaults to free up funds for more pressing social
spending.

"There is no financing problem this year and there won't be a
financing problem next year," President Correa was quoted by
Bloomberg News as saying during a speech at the Council of the
Americas in New York.

Ecuador has about US$10 billion in foreign debts.  The
government is taking measures to determine which of these debts
are considered "illegitimate" with a threat of non-payment.
Bloomberg says a commission has been appointed early this year
to audit the country's debts.

Pres. Correa also said during his speech that the country may
buy back more expensive debt and sell bonds to regional lenders
or Venezuela, Bloomberg relates.  Ecuador's benchmark dollar
bonds pay a 10 percent interest rate and mature in 2030.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Fitch Ratings downgraded the long-term foreign currency Issuer
Default Rating of Ecuador to 'CCC' from 'B-', indicating that
default is a real possibility in the near term.

In addition, these ratings were downgraded:

  -- Uncollateralized foreign currency bonds to
     'CCC/RR4' from 'B-/RR4';

  -- Collateralized foreign currency Par and Discount
     Brady bonds to 'CCC+/RR3' from 'B/RR3'; and

  -- Short-term foreign currency IDR to 'C' from 'B'.

Fitch also affirmed the Country ceiling rating at 'B-'.




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


* HONDURAS: To Drill for Oil in Maritime Borders
------------------------------------------------
Honduran President Manuel Zelaya said that his country would
start drilling for oil once its maritime borders with Cuba and
Nicaragua are defined, Prensa Latina says.

Honduras has decided to prospect for oil as a result of high
global prices.

"When we sign the treaty of maritime delimitation with Cuba and
The Hague settles the dispute with Nicaragua on parallel 15, the
Honduras government will initiate oil drilling on the
continental platform of the Caribbean Sea," the Honduran leader
was quoted by Prensa Latina as saying.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


DYOLL GROUP: Hearing on Liquidators' Lawsuit Set for November
-------------------------------------------------------------
The hearing for the lawsuit the Dyoll Insurance Company Joint
Liquidators filed against the Dyoll Group will be in November
2007, Radio Jamaica reports.

Radio Jamaica relates that the liquidators are seeking US$116
million in management fees charged by Dyoll Group to Dyoll
Insurance over a number of years.

Once the claim is successful, it will affect the issue of
solvency, Radio Jamaica notes, citing legal documents.  However,
it wouldn't necessarily make the company insolvent.

Dyoll Group has delayed its extraordinary general meeting
because of the lawsuit, Radio Jamaica states.

As reported in the Troubled Company Reporter-Latin America on
Sept. 13, 2007, the Dyoll Group scheduled an extraordinary
general meeting on Sept. 28, 2007, at the Medallion Hall Hotel
to decide whether the firm should be voluntarily wound up.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in March 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
leveled on the company as a result of the hurricane Ivan.
Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.




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


CALPINE CORP: Bankruptcy Court Approves Disclosure Statement
------------------------------------------------------------
Judge Burton R. Lifland of the United States Bankruptcy Court
for the Southern District of New York has approved the
Disclosure Statement filed in connection with Calpine
Corporation's proposed Plan of Reorganization and authorized the
company to begin soliciting votes from its creditors and
shareholders on its Plan of Reorganization.  Calpine's
confirmation hearing for the Bankruptcy Court to consider
approval of the Plan of Reorganization has been scheduled to
commence on Dec. 18, 2007.

Calpine will shortly begin the process of soliciting votes for
the Plan of Reorganization from eligible claim and interest
holders.  The Official Committee of Unsecured Creditors in
Calpine's Chapter 11 proceedings supported entry of the order
approving the Disclosure Statement.  Assuming the requisite
approvals are received and the Bankruptcy Court confirms the
Plan of Reorganization under the company's current timetable,
Calpine expects to emerge from Chapter 11 prior to
Jan. 31, 2008.

"With the Court's authorization, we can now begin the
solicitation of stakeholder votes on our Plan of Reorganization,
which is a very important step forward in our restructuring
process," said Robert P. May, Calpine's Chief Executive Officer.
"We continue to be very proud of what we have accomplished thus
far as we work to emerge as a financially stable, stand-alone
company with an improved competitive position in the energy
industry.  On behalf of my entire management team, we remain
grateful for our dedicated employees' unwavering support
throughout our restructuring process."

As previously announced on Aug. 27, 2007, assuming Calpine's
amended Plan of Reorganization is confirmed by Dec. 31, 2007,
and subject to the assumptions set forth in the Disclosure
Statement, Calpine estimates that the reorganized Calpine will
have a midpoint reorganization value of US$21.7 billion
(reorganization value is equal to total enterprise value plus
estimated distributable cash).  At emergence, Calpine estimates
that its total enterprise value will be between US$19.2 billion
to US$21.3 billion, with a midpoint of US$20.3 billion, and
estimates that distributable cash will be approximately US$1.4
billion.

Additionally, Calpine received a commitment for an amended and
upsized exit facility from Goldman Sachs, Credit Suisse,
Deutsche Bank, and Morgan Stanley.  Simultaneously with the
filing of its original Plan of Reorganization, Calpine filed a
motion to enter into a commitment letter, pay associated
commitment and other fees, and to amend and upsize the existing
debtor in possession financing facility.  On July 11, 2007, the
Bankruptcy Court approved the upsized exit facility that will
provide for up to US$8 billion in secured financing, some US$3
billion more than the current exit facility, on terms that
Calpine views as favorable.  The commitment to fund the exit
facility expires on Jan. 31, 2008.

                        About Calpine

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

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

                        *     *     *

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

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


CALPINE CORP: Files Third Amended Plan of Reorganization
--------------------------------------------------------
Calpine Corporation and certain of its subsidiaries have filed a
third Amended Plan of Reorganization and related Disclosure
Statement with the United States Bankruptcy Court for the
Southern District of New York.

The Amended Plan generally maintains all key terms provided
under Calpine's previously filed Plans, and the Disclosure
Statement has been amended to address certain objections to the
Debtors' motion to approve the Disclosure Statement, which is
set to be heard by the U.S. Bankruptcy Court on Sept. 25.
Calpine remains on track to have the Amended Plan confirmed
during the Fourth Quarter 2007.

As previously announced on Aug. 27, 2007, assuming Calpine's
Amended Plan is confirmed by Dec. 31, 2007 and subject to the
assumptions set forth in the Disclosure Statement, Calpine Corp.
estimates that the reorganized Calpine will have a midpoint
reorganization value of US$21.7 billion (reorganization value is
equal to total enterprise value plus estimated distributable
cash).  At emergence, Calpine Corp. estimates that its total
enterprise value will be between US$19.2 billion to US$21.3
billion, with a midpoint of US$20.3 billion, and estimates that
distributable cash will be approximately US$1.4 billion.

Allowed claims are anticipated to range from US$20.3 billion to
US$22.0 billion after completion of Calpine's claims objection,
reconciliation, and resolution process.  Under this range of
potential allowed claims, general unsecured creditors will
receive from 95 percent to 100 percent of their allowed claims.

For existing holders of allowed interests (primarily holders of
existing Calpine common stock) and holders of allowed
subordinated equity securities claims, Calpine Corp. currently
estimates that their return would be approximately US$1.94 per
existing share of Calpine common stock (calculated assuming the
midpoint of the reorganization value).  Because disputed claims
and the total enterprise value of Calpine upon its emergence
have not yet been finally adjudicated, no assurances can be
given that actual recoveries to creditors and interest holders
will not be materially higher or lower.

Calpine Corp.'s Amended Plan and Disclosure Statement are
available at http://www.kccllc.net/calpine.

                        About Calpine

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

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

                        *     *     *

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

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


CLEAR CHANNEL: Fitch Expects To Cut Issuer Default Rating to B
--------------------------------------------------------------
In line with previous guidance, Fitch Ratings expects to
downgrade Clear Channel Communications Inc.'s Issuer Default
Rating to 'B' from 'BB-'.  The Rating Outlook is expected to be
Stable.  Existing ratings remain on Rating Watch Negative
pending the closing of the transaction and review of final
documentation.

The expected rating action reflects the company's announcement
that shareholder's have approved the acquisition of the company
by a group led by Thomas H. Lee Partners, L.P. and Bain Capital
Partners, LLC.

Given the information currently available, including current
valuation and financing commitments, Fitch believes that the IDR
will be 'B'.  Fitch expects pro forma leverage and interest
coverage to approximate 9.0 times and 1.5, respectively, after
taking into account estimated proceeds from planned asset sales.
The stability of the company's traditional Outdoor business, the
strong un-levered free cash flow dynamics of its radio business,
and growth prospects from digital initiatives support the
expected rating and Outlook.  Operating concerns include
continued pressured industry trends in traditional radio
broadcasting.

The company has stated that at least a majority in principal
amount of the 7.65% senior notes due 2010 and the 8% AMFM senior
notes due 2008 will be redeemed.  Publicly disclosed information
to this point is not adequate for Fitch to estimate where the
remaining US$5 billion of existing unsecured bonds will fall
within the capital structure.  Subject to standard carve-outs,
existing bonds have a Limitation on Mortgages covenant that
restricts liens upon the equity or debt of a subsidiary, as well
as liens upon any Principal Property (as defined in the
Indenture) in the United States.  The Indenture does not appear
to limit subsidiary guarantees.

Depending on the placement of the existing bonds, Fitch expects
the secured debt to be rated with 0 to 1 notches up from the IDR
and the new unsecured debt to be rated 1 to 2 notches below the
IDR.  Any debt structurally subordinate to the new unsecured
debt would be notched down accordingly.

                      About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.


CLEAR CHANNEL: Shareholders OK Merger with Private Equity Group
---------------------------------------------------------------
Clear Channel Communications Inc.'s shareholders, based on a
preliminary vote count, approved the adoption of the merger
agreement with a group led by T.H. Lee Partners, L.P. and Bain
Capital Partners, LLC.  The transaction remains subject to
requisite regulatory approvals and customary closing conditions.
The number of shares voted in favor of the transaction
represented more than 73% of the total shares outstanding and
entitled to vote at the meeting.  The preliminary tabulation
indicates that approximately 98% of the shares voted were cast
in favor of the transaction.

"We are pleased with the outcome of today's vote," said Mark
Mays, Chief Executive Officer of Clear Channel.  "On behalf of
Clear Channel's Board of Directors, I want to thank our
shareholders and hard-working employees for their support
throughout this process.  We look forward to completing this
transaction with T.H. Lee and Bain as quickly as possible."

On May 18, 2007, Clear Channel entered into a second amendment
to its previously announced merger agreement with a private
equity group co-led by Thomas H. Lee Partners, L.P. and Bain
Capital Partners, LLC.  Under the terms of the merger agreement,
as amended, Clear Channel shareholders will receive US$39.20 in
cash for each share they own plus additional per share
consideration, if any, if the closing of the merger occurs after
Dec. 31, 2007.  This is an increase from the previous cash
consideration of US$39.00 per share.

As an alternative to receiving the US$39.20 per share cash
consideration, Clear Channel's unaffiliated shareholders were
offered the opportunity on a purely voluntary basis to exchange
some or all of their shares of Clear Channel common stock on a
one-for-one basis for shares of Class A common stock in the new
corporation formed by the private equity group to acquire Clear
Channel (subject to aggregate and individual caps), plus the
additional per share consideration, if any.

At the meeting, all proxy cards and ballots were turned over to
the independent inspector of elections, Mellon Investor
Services, LLC, for final tabulation and certification.

                    About THL Partners

Thomas H. Lee Partners L.P. -- http://www.thl.com/-- is one of
the oldest and most successful private equity investment firms
in the United States.  Since its founding in 1974, THL has
become the preeminent growth buyout firm, raising approximately
US$20 billion of equity capital and investing in more than 100
businesses with an aggregate purchase price of more than US$125
billion and generating superior returns for its investors and
partners.  Notable transactions sponsored by the firm include
Houghton Mifflin, National Waterworks, Univision, The Nielsen
Company, West Corporation, Fidelity National Information
Services, Dunkin Brands, Fisher Scientific, Experian and
ProSiebenSat.1 Media.

                     About Bain Capital

Bain Capital -- http://www.baincapital.com/-- is a global
private investment firm that manages several pools of capital
including private equity, high-yield assets, mezzanine capital
and public equity with more than US$40 billion in assets under
management.  Since its inception in 1984, Bain Capital has made
private equity investments and add-on acquisitions in over 230
companies around the world, including investments in a broad
range of companies such as Burger King, HCA, Warner Chilcott,
Toys "R" Us, AMC Entertainment, Sensata Technologies, Burlington
Coat Factory and ProSiebenSat1 Media. Headquartered in Boston,
Bain Capital has offices in New York, London, Munich, Tokyo,
Hong Kong and Shanghai.

                     About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


KANSAS CITY SOUTHERN: Reaches Settlement with Grupo TMM
-------------------------------------------------------
Kansas City Southern said in a statement that it has reached an
accord with Mexican multimodal transport and logistics company
Grupo TMM for its acquisition of the Grupo TFM unit.

According to Kansas City Southern's statement, the firm agreed
to pay Grupo TMM some US$54.1 million owed under two escrow
accounts established for its acquisition of Gurpo TFM, which now
functions as its Mexican unit Kansas City Southern Mexico.  When
the purchase was initially made, the accounts were established
at US$47 million, and have since appreciated to US$53 million
due to interest.

Grupo TMM said in a filing with the Mexican stock exchange Bolsa
Mexicana de Valores that the accounts had a US$91.7-million real
value.

Kansas City Southern's statement says that without settlement,
the firm could have owed an additional payment in 2010 through a
tax escrow.  This account has an estimated value of US$33.7
million.

Business News Americas relates that the estimated value US$33.7
million accounts for US$91.7 million estimated by Grupo TMM when
added to US$54.1 million from the two escrows paid by Kansas
City Southern.

Kansas City Southern said in a statement that the tax escrow
would have been US$40mn in company shares by 2010.

Grupo TMM general director Javier Segovia said in a statement
that upon receiving the payment, the firm's administration will
be able to concentrate all of its efforts on the company's
operations and growth to increase its value to shareholders.

                      About Grupo TMM

Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

                 About Kansas City Southern

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the US,
Mexico and Panama.  Its primary U.S. holding includes KCSR,
serving the central and south central US.  Its international
holdings include Kansas City Southern de Mexico, serving
northeastern and central Mexico and the port cities of Lazaro
Cardenas, Tampico and Veracruz, and a 50% interest in
Panama Canal Railway Company, providing ocean-to-ocean freight
and passenger service along the Panama Canal.  KCS' North
American rail holdings and strategic alliances are primary
components of a NAFTA Railway system, linking the commercial and
industrial centers of the U.S., Canada and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 17, 2007, Standard & Poor's Ratings Services assigned its
'BB-' rating to Kansas City Southern Railway Co.'s proposed new
US$75 million term loan C due 2013; the recovery rating is '1',
indicating expectations of full recovery of principal in the
event of payment default.

In addition, a 'B' rating was assigned to the proposed new
US$165 million notes offering by Kansas City Southern de Mexico
S. de R.L. de C.V. (KCSM; previously TFM S.A. de C.V.) and other
senior unsecured ratings on KCSM were raised to 'B' from 'B-'.
Kansas City Southern Railway Co. and KCSM are wholly owned
subsidiaries of Kansas City Southern.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 17, 2007, Fitch Ratings assigned a 'B+' foreign currency
rating and a Recovery Rating of 'RR4' to the US$165 million
senior notes due 2014 to be issued by Kansas City Southern de
Mexico, S.A. de C.V.  The new notes rank pari passu with KCSM's
existing senior unsecured obligations.

Fitch also maintained 'B+' foreign currency ratings and 'RR4'
recovery ratings on KCSM's other outstanding notes:

     -- US$178 million 12.50% senior notes due 2012;
     -- US$460 million 9.375% senior notes due 2012;
     -- US$175 million 7.625% senior notes due 2013.

The proceeds of the proposed new issuance will be used primarily
to pay off the company's outstanding US$178 million 12.50% notes
due 2012.

Fitch also maintained a 'B+' foreign and local currency Issuer
Default Rating for KCSM.  Fitch said the rating outlook for
these ratings was stable.


MOVIE GALLERY: Mulls Shut Down of 520 Underperforming Stores
------------------------------------------------------------
Movie Gallery Inc. plans to close approximately 520
underperforming and unprofitable Movie Gallery and Hollywood
Video stores.  The company has been accelerating its efforts to
conserve cash and reduce the company's cost structure to address
the financial and industry challenges it has been experiencing.

"Closing these stores was a difficult, but necessary decision to
help protect the future of this company, Joe Malugen, Chairman,
President and Chief Executive Officer of Movie Gallery, said.
"These stores are being closed after evaluating a number of
factors, including store profits and the terms of
the leases at each location.  This action will allow us to focus
our resources on the approximate 4,000 stores that have a
stronger operating performance and prospects for future growth."

"We thank our many associates and partners who have remained
loyal to us over the years," Mr. Malugen continued.  "Where
possible we will work with the customers at these locations to
transfer their accounts to other nearby Movie Gallery and
Hollywood Video locations.  The talented associates and partners
in the stores that will be closing have been notified.  As
always, we remain committed to treating all affected employees
fairly and providing the necessary assistance to make this
transition as smooth as possible"

Movie Gallery has retained an outside professional services
firm, the Great American Group, to assist it in conducting sales
of the inventory at the closing stores.

As reported in the Troubled Company Reporter on Sept. 17, 2007,
Movie Gallery disclosed that it delivered:

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

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

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

                      Likely Defaults

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

                  About Movie Gallery Inc.

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit rating on Movie Gallery Inc. to 'D' from
'CC' based on the company not making its interest payment on its
second-lien term loan by the end of the specified grace period.
At the same time, S&P has lowered the rating on the company's
second-lien term loan to 'D' and affirmed the first-lien and
senior unsecured debt rating of 'CC'.


SANMINA-SCI: S&P Changes Outlook; Affirms Low B Debt Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Sanmina-SCI Corp. to negative from stable, as a result of
continued operating weakness and increasing leverage.  The
corporate credit and senior unsecured ratings are affirmed at
'B+', and the subordinated debt rating is affirmed at 'B-'.

Sanmina's EBITDA margin slipped to 2.3% in the June quarter from
3.4% in fiscal 2006. Expectations are for earnings to continue
at depressed levels for the near term.  Weakness is attributed
to volume declines and production inefficiencies at the
company's printed circuit board and enclosures businesses.
Although debt levels have been flat for the past four quarters
and are expected to decline over the next two quarters through
working capital contraction and asset sales, leverage statistics
will remain high for the rating, with debt to EBITDA at more
than 6 as of June 30, 2007.

"The ratings reflect continued erosion of profit measures,
diminished liquidity, and high leverage," said S&P's credit
analyst Lucy Patricola.  "These concerns are partially offset by
the company's top-tier business position in low-volume, complex
electronic manufacturing services end markets and its top-tier
OEM customer base."

                     About Sanmina-SCI

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.


SUNCOM WIRELESS: Posts US$193 Million Second Quarter Net Loss
-------------------------------------------------------------
SunCom Wireless Holdings Inc. reported a net loss of US$193
million, which includes a loss of US$182.9 million resulting
from the debt-for-equity exchange, for the second quarter ended
June 30, 2007.  This compares to a net loss of US$110.4 million
a year ago.

The loss resulted from exchanging 52,028,376 shares of Holdings'
Class A common stock, with a value of US$889.7 million based on
a stock price of US$17.10 per share on the close date, for
US$731.6 million principal amount of the SunCom Wireless
Subordinated Notes, which had a carrying value of US$721.0
million as of the date of the exchange.  In addition, the
company wrote-off US$900,000 of unamortized debt issuance costs
and US$13.3 million of transaction costs related to the
exchange.

Total revenue increased to US$242.5 million for the quarter
ended June 30, 2007, compared to US$206.7 million for the same
period last year.

Service revenue for the quarter was US$195.7 million compared
with US$164.4 million in the second quarter of 2006.  The
increase in service revenue was the result of higher ARPU and a
greater number of subscribers compared with the second quarter
of 2006.


Roaming revenue increased 29.0% to US$25.1 million from
US$19.5 million in the second quarter of 2006 on the strength of
higher roaming volumes and increased data traffic.

Equipment revenue was US$21.7 million, compared to US$22.7
million a year ago.

Adjusted EBITDA was US$50.3 million for the quarter compared
with US$24.5 million in the second quarter of 2006.  Cash flows
used in operations were US$12.5 million for the three months
ended June 30, 2007, compared with a use of US$20.8 million for
three months ended June 30, 2006.

"We continue to see improving performance in our business,
driven by higher subscriber counts and ARPU, as well as improved
efficiencies.  This provides further evidence that our strategy
to attract these high-ARPU subscribers with value rate plans is
the right one," said Michael E. Kalogris, chairman and chief
executive officer of SunCom Wireless.  "With six consecutive
quarters of Adjusted EBITDA growth and margin expansion, we
remain confident in the growth of SunCom."

Capital expenditures for the quarter were US$11.0 million
compared with US$30.9 million a year ago, and the company ended
the second quarter of 2007 with US$184.6 million of cash and
short-term investments.

At June 30, 2007, the company's consolidated balance sheet
showed US$1.60 billion in total assets, US$1.34 billion in total
liabilities, and US$252.5 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?23ae

                  Debt-for-Equity Exchange

On May 15, 2007, the company completed its previously disclosed
exchange with holders of certain of SunCom Wireless Inc.'s
subordinated notes, as well as the related reverse stock split.
Both transactions were approved by the company's shareholders on
April 20, 2007, and the exchange was subsequently approved by
the Federal Communications Commission.  As a result of the
exchange transaction, SunCom reduced its principal debt amount
by approximately US$731.6 million.  Bondholders who previously
held or beneficially owned approximately 98.3% of the aggregate
outstanding 9-3/8% Senior Subordinated Notes due 2011 and 8-3/4%
Senior Subordinated Notes due 2011 of SunCom's indirect, wholly-
owned subsidiary, SunCom Wireless Inc., have exchanged
subordinated notes for 87.9% of the company's Class A common
stock.  In the merger transaction, which occurred immediately
prior to the exchange transaction, each outstanding share of
SunCom's Class A common stock was converted into 0.1 share of
Class A common stock for the primary purpose of implementing a
1-for-10 reverse stock split.

                    About SunCom Wireless

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

                        *     *     *

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


TEKCHEM SAB: Board Wants To Initiate Bankruptcy Proceedings
-----------------------------------------------------------
Tekchem S.A.B. de C.V.'s board of directors wants the company to
commence bankruptcy proceedings after a strike began last week,
Willliam Freebairn at Bloomberg News reports.

The company's board of directors has endorsed the decision to
its shareholders who will have a meeting to vote on filing for
bankruptcy, the same report says, citing an e-mailed statement
from the company.

Tekchem's workers started a strike on Sept. 21 at the company's
Guanajuato plant after the union dumped a proposal to cut
benefits, the company said in a filing to the Mexican stock
exchange.

According to a previous statement from the company, the strike
is detrimental to the business and makes the company's future
uncertain.

Tekchem S.A.B. de C.V. fka Tekchem SA de CV. manufactures and
sells chemical and agrochemical products.  Products include
phosphoric chemicals for agriculture.  It operates a plant in
Salamanca, Guanajuato.


TELTRONICS INC: Bags General Services Contract for Cerato SE
------------------------------------------------------------
Teltronics, Inc. has been awarded a General Services
Administration - GSA -- Schedule Contract for Cerato SE, a cost-
competitive and powerful converged voice and data communications
system that addresses the requirements, challenges and budgets
of the small business market.  The GSA Schedule contract number
is GS-35F-0208M and runs through Jan. 21, 2012.

"The Cerato SE solution provides more standard features and
applications than most industry products of its type," Richard
Begando, Executive Vice President of Sales and Marketing for
Teltronics said.  "With this new GSA contract, we again reaffirm
our commitment to expand our markets and make it easier for our
customers to do business with us."

This GSA contract permits any government agency qualified to
purchase under a GSA contract to buy from Teltronics directly,
without requesting a competitive bid each time a system is
needed. Lead-time and procurement costs are reduced
significantly because pricing is pre-negotiated as part
of Teltronics' GSA contract.

Cerato SE joins other Teltronics products on the GSA contract
including: the 20-20(R) large enterprise phone system,
Cypreon(R) the pure VoIP system for medium-sized businesses, the
Telident(TM) Enhanced 911 system, and the Intelligent Systems
Management line of SEB(R) NET-PATH and
IRISnGEN(R).

                   About Teltronics Inc.

Headquartered in Sarasota, Florida, Teltronics Inc. (OTCBB:
TELT) -- http://www.teltronics.com/-- provides communications
solutions and services for businesses.  The company manufactures
telephone switching systems and software for small-to-large size
businesses and government facilities.  Teltronics offers a full
suite of Contact Center solutions -- software, services and
support -- to help their clients satisfy customer interactions.
Teltronics also provides remote maintenance hardware and
software solutions to help large organizations and regional
telephone companies effectively monitor and maintain their voice
and data networks.  The company serves as an electronic contract
manufacturing partner to customers in the US and overseas.

The company designs, installs, develops, manufactures and
markets electronic hardware and application software products
and also engages in electronic manufacturing services in the
telecommunication industry.  The company's products are
classified into intelligent systems management, digital
switching systems, voice over Internet protocol, customer
contact management systems and emergency response systems.
Overall operations are classified into three reportable
segments: Teltronics, Inc., Teltronics Limited (UK) and Mexico.
Its Mexico office is located at Naucalpan de Juarez.

                        *     *     *

As reported in the Troubled Company Reporter on May 23, 2007,
Teltronics Inc. reported that as of March 31, 2007, it had total
assets of US$14.5 million, total liabilities of US$17.1 million,
and total stockholders' deficiency of US$2.6 million.




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


CHIQUITA BRANDS: Expands License & Supply Accord with Landec
------------------------------------------------------------
Landec Corporation's food subsidiary, Apio, Inc., has expanded
its joint technology license and supply agreement with Chiquita
Brands International Inc., initially entered into in September
2004, providing Chiquita use of Landec's patented BreatheWay(R)
packaging technology for Chiquita bananas.  The expanded
agreement includes additional exclusive fields for bananas.
Further, as part of this agreement, Landec and Chiquita have
entered into a new exclusive license using Landec's BreatheWay
packaging technology for avocados.

"This expanded agreement covers additional exclusive fields for
bananas which are strategically important to Chiquita, and new
applications for packaging and selling avocados, resulting in
expanded market opportunities for both Chiquita and Landec's
BreatheWay packaging technology.  Under this agreement, in
exchange for expanding the exclusive license fields for bananas
and adding an exclusive license for avocados, the minimum gross
profit amounts to Landec from the purchase of BreatheWay
packaging by Chiquita will increase a total of US$2.1 million
over Landec's next two fiscal years to US$2.9 million in fiscal
year 2008 and to US$2.2 million in fiscal year 2009.  Both
Landec and Chiquita currently expect that the purchases of
BreatheWay packaging by Chiquita in Landec's fiscal year 2009
will exceed the minimum purchase level of US$2.2 million and
will continue to increase appreciably in subsequent years,"
stated Gary Steele, Landec's Chairman and Chief Executive
Officer.  "We are pleased that Chiquita recognizes the unique
properties of Landec's Intelimer(R) BreatheWay packaging
technology with plans to use our packaging technology as a key
enabler in their strategy to bring innovative, value-added
products to market."

"Landec's BreatheWay technology has enabled us to deliver
significantly longer shelf life to expand distribution and meet
consumers' needs for perfectly ripe Chiquita bananas all the
time, with popular products such as single Chiquita to Go(TM)
bananas," said Bob Kistinger, president and chief operating
officer, Chiquita Fresh Group.  "We're excited to expand our
relationship with Landec for bananas and obtain an exclusive
license to Landec technology for avocados. BreatheWay technology
will allow us to offer high-quality, ripe-and-ready avocados
with extended shelf life, which fits our strategy to deliver
innovative, higher-margin products that meet the needs of
customers and consumers for fresh, healthy, convenient foods."

Under the expanded long-term agreement, Landec will continue to
supply Chiquita with its proprietary BreatheWay packaging
technology for the ripening, conservation and shelf-life
extension of bananas, and now avocados, on a worldwide basis and
for certain applications on an exclusive basis.  In addition,
Landec will provide Chiquita with ongoing research and
development, process technology support for the BreatheWay
membranes and packages, and technical service support throughout
the customer chain in order to assist in the development and
market acceptance of the technology.

For its part, Chiquita will provide marketing, distribution and
retail sales support for Chiquita bananas and avocados sold
worldwide in BreatheWay packaging.  To maintain the exclusive
license, Chiquita must meet new increased minimum purchase
thresholds of BreatheWay packages starting in Landec's current
fiscal year.

Mr. Steele commented, "This is an important milestone for both
Landec and Chiquita to continue to advance and take advantage of
our joint progress and momentum in building and delivering
unique value-added products where we extend shelf life and
deliver higher quality products to the consumer.  We believe
Chiquita has the best-recognized brand worldwide for fresh fruit
combined with exceptional technical, logistics, sourcing and
marketing capabilities.  We have worked well together as
partners since 2004 and it was a logical step for us to expand
our relationship."

"This agreement is consistent with our stated goals for fiscal
year 2008 and beyond to expand the use of our proprietary
technology for perishable fruit applications," Mr. Steele said.
"Landec and Chiquita have invested considerable efforts over the
past three years in developing a variety of proprietary
packaging products to extend the shelf life of bananas, and we
are jointly developing BreatheWay packaging for avocado products
as Landec's first fruit application beyond bananas."

Landec's patented BreatheWay food packaging technology regulates
the levels of oxygen and carbon dioxide within a package to
maintain the optimum atmosphere in order to extend the shelf
life of produce.  The versatility of the BreatheWay food
packaging technology extends the shelf life of fresh-cut
vegetables up to 17-20 days and extends the shelf life of
bananas by 7 days.

                     About Landec Corp.

Landec Corporation (Nasdaq: LNDC) -- http://www.landec.com/--
designs, develops, manufactures and sells temperature-activated
and other specialty polymer products for a variety of food,
agricultural and licensed partner applications. Landec's
temperature-activated polymer products are based on its
proprietary Intelimer polymers, which differ from other polymers
in that they can be customized to abruptly change their physical
characteristics when heated or cooled through a pre-set
temperature switch.

                    About Chiquita Brands

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

                        *     *     *

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

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




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


GENESCO INC: Finish Line Denies Stalling Merger Process
-------------------------------------------------------
The Finish Line Inc. responded to Genesco Inc.'s filing of a
suit in Chancery Court in Nashville, Tennessee, regarding the
Finish Line's proposed acquisition of Genesco.

As reported in yesterday's Troubled Company Reporter, Genesco
filed suit, seeking an order requiring Finish Line to consummate
its merger with Genesco and to enforce Finish Line's rights
against UBS under the Commitment Letter for financing the
transaction.

The Finish Line stated that it has complied with its obligations
under the merger agreement, and continues to work on the closing
documents by asking Genesco for certain financial and other
information well as access to Genesco's chief financial officer
and financial staff.  However, to date Genesco has not responded
to and has refused to comply with these requests.  These
failures constitute a breach of the merger agreement, and The
Finish Line is notifying Genesco of same.

The Finish Line regrets that Genesco has chosen to initiate
litigation.  The Finish Line is reviewing the Genesco lawsuit
and will take steps to protect the interests of The Finish Line
and its shareholders.

                     About Finish Line

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

                     About Genesco Inc.

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

                        *     *     *

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

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

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




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


ARVINMERITOR INC: UAW's GM Strike Prompts Fitch's Negative Watch
----------------------------------------------------------------
Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings has
placed the Issuer Default Ratings and securities ratings of
these companies on Rating Watch Negative:

General Motors Corp.

  -- IDR 'B';
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

American Axle & Manufacturing, Inc.

  -- IDR 'BB';
  -- Senior unsecured bank facility 'BB';
  -- Senior unsecured 'BB'.

American Axle Manufacturing Holdings Inc.

  -- IDR 'BB'.

ArvinMeritor Inc.

  -- IDR 'BB';
  -- Senior secured 'BB+';
  -- Senior unsecured 'BB-'.

Tenneco, Inc.

  -- IDR 'BB-';
  -- Senior secured bank facility 'BB+';
  -- Senior secured notes 'BB';
  -- Subordinated 'B'.

Hayes-Lemmerz International, Inc.

  -- IDR 'B'.

Hayes Lemmerz Finance - Luxembourg S.A

  -- IDR 'B'.
  -- Senior secured 'BB/RR1';
  -- Senior unsecured 'B-/RR5'.

HLI Operating Company, Inc.

  -- IDR 'B'.

The UAW strike has the potential for far-reaching, crippling
repercussions throughout the industry.  Although the strike is
expected to be short-lived, due to the potentially devastating
consequences to both sides, the onset of a strike could limit
the ability of both parties to control the subsequent chain of
events.

Negative cash flow at GM will accelerate, due to operating
losses and working capital reductions.  The costs of a strike
would also have consequences on GM's restructuring program,
extending the timetable and impairing financial resources
available, which is occurring during an uncertain economic
environment for industry sales.  A reduction in cash holdings
could also jeopardize the ability of GM to finance any VEBA
agreement.

Fitch estimates that a VEBA agreement would be in the range of
US$30-35 billion, and that GM is unlikely to fund the VEBA
entirely in cash, as remaining liquidity would fall to
uncomfortable levels given economic uncertainties, restructuring
costs, and working capital requirements.  The issue of job
security is not easily resolvable, given the high priority
placed on the issue by the UAW and GM.  The flexibility to
reduce production and costs in the event of an economic downturn
or weak product performance will be critical to GM's ability to
weather such events.  Fitch forecasts that further restructuring
actions will be necessary to achieve viable long-term margins.
In the event that GM and the UAW reach an agreement following a
strike, ratification will be the next hurdle.

The financial and operating stresses of suppliers would be
exacerbated in the event of a strike, although liquidity among
tier-one suppliers remains adequate in the short term.  Second-
tier and third-tier suppliers are expected to face more
difficult challenges, with lower levels of liquidity and less
access to capital.  Financial distress at this level could
quickly spill over to first-tier suppliers and GM, challenging
any assumptions that a production re-start can be accomplished
smoothly and quickly.  The suppliers placed on Rating Watch
Negative contain varying combinations of exposure to GM North
America and limited or negative free cash flow over the short
term.  In the event that the strike is settled within a short
time frame, each of the suppliers on Rating Watch Negative is
expected to return to their previously existing rating and
outlook.

Fitch anticipates that if the strike extends beyond a very short
term, further rating actions would follow, and the ratings and
outlook of other OEMs and suppliers could be reviewed.

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


CMS ENERGY: Deutsche Bank Reiterates Buy Rating on Firm's Shares
----------------------------------------------------------------
Deutsche Bank Securities analysts have reaffirmed their "buy"
rating on CMS Energy Corp.'s shares, Newratings.com reports.

According to Newratings.com, the target price for CMS Energy's
shares was decreased to US$21 from US$22.

The analysts said in a research note that CMS Energy's US$2.5-
billion capital investment program would to improve solid rate
base growth in 2008 to 2012.

The analysts told Newratings.com that CMS Energy's guidance
entails earnings per share growth of up to 6%, which seems
extremely conservative since it excludes accretion from the
reinvestment of surplus parent level cash flows.

The leftover 1,081 megawatts generated in the US at Enterprises
wouldn't produce significant earnings.  However, it has
considerable current market cash value, Newratings.com states,
citing Deutsche Bank.

Headquartered in Jackson, Michigan, CMS Energy Corp. (NYSE: CMS)
-- http://www.cmsenergy.com/-- is a company that has an
electric and natural gas utility, Consumers Energy, as its
primary business and also owns and operates independent power
generation businesses.  The company has offices in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Fitch placed the ratings of CMS Energy Corp. and
Consumers Energy Co., including CMS Energy Corp.'s 'BB-' Issuer
Default Rating and Consumer Energy Co.'s 'BB+' Issuer Default
Rating, on Rating Watch Positive.

The Rating Watch Positive reflects the continuing reduction of
business risk that resulted from the substantial completion of
the asset sale and restructuring program and the company's plan
to reduce parent debt by US$650 million using a portion of the
US$1.60 billion of proceeds from non-strategic asset sales that
closed in 2007.


* VENEZUELA: Alcasa's Output Declines to 15,233 Tons in August
--------------------------------------------------------------
An official of Venezuelan aluminum reducer Alcasa told Business
News Americas that the firm's production decreased 0.6% to
15,233 tons in August 2007, compared to August 2006.

BNamericas relates that Alcasa's output in July 2007 was 14,897
tons.

Alcasa's sales in August 2007 decreased to 14,361 tons, from
16,020 tons in July 2007.

Alcasa lowered its 2007 output goal to 170,000 tons from 180,000
tons, due to lack of investment that caused technological delays
on production lines 1 and 2 and a fire at the carbon anodes
plant, BNamericas states, citing the official.

Alcasa is an aluminum reducer in Puerto Ordaz, Venezuela.  It is
owned by state heavy industry holding CVG.

                        *     *     *

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: Cantv Installing Fiber Optic Cable with Colombia
-------------------------------------------------------------
Venezuelan state-run firm Cantv said in a statement that it has
started deploying with the Colombian municipal telecom ETB
almost 100 kilometers of fiber optic cabling crossing the
Venezuelan and Colombian border.

Business News Americas relates that the fiber optic
infrastructure will link San Cristobal in Venezuela with Cucuta
in Colombia.

According to BNamericas, Cantv provides ETB with Internet
connection services through its infrastructure in Venezuela.

Cantv told BNamericas that the cabling project is part of its
international expansion strategy.

BNamericas notes that through the fiber optic network, Cantv
will have a potential new revenue source.  The firm will be able
to resell international transport capacity to other Colombian
operators.  The infrastructure will boost telecommunications
service development in southwestern Venezuela.

The network would be completed by May 2008, BNamericas states,
citing Cantv.

                        *     *     *

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


                        ***********


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

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

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

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

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

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


           * * * End of Transmission * * *