TCRLA_Public/070928.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

          Friday, September 28, 2007, Vol. 8, Issue 193

                          Headlines

A R G E N T I N A

ACTIVE ARGENTINA: Seeks for Reorganization Approval
AMTRAK CONSTRUCCIONES: Claims Verification Deadline Is Today
ARNOLDO JOSE: Reorganization Proceeding Concluded
CENTRO TAXI: Trustee Filing Individual Reports on Oct. 1
CRIOLLA SOCIEDAD: Trustee Filing Individual Reports on Feb. 21

DELTA AIR: Wants Final Decree Entered Closing 17 Cases
DIXONS SA: Proofs of Claim Verification Deadline Is Oct. 11
EMPRESA CENTRAL: Proofs of Claim Verification Ends Today
FERVAZ SRL: Proofs of Claim Verification Is Until Dec. 11
FORD MOTOR: UAW-GM Deal Spurs S&P To Watch Credit Ratings

FUNDACION OVIDIO: Proofs of Claim Verification Is Until Today
GANADERA DEL SALADO: Proofs of Claim Verification Ends Oct. 1
INTER REDES: Trustee Filing Individual Reports on Oct. 1
LEPICA SRL: Proofs of Claim Verification Ends Oct. 1
MICROCOMP SA: Proofs of Claim Verification Is Until Oct. 1

PINNACLE ENTERTAINMENT: Morgan Joseph Reaffirms Buy Rating
OLLEROS MILENNIUM: Proofs of Claim Verification Ends Oct. 1
QUEBECOR MEDIA: S&P Assigns B Rating on US$450-Million Notes
QUEBECOR MEDIA: Moody's Rates Sr. Notes at B2 w/ Stable Outlook
RED HAT: Promotes Mark Cook & Paul Argiry as Vice Presidents

RED HAT: Reports US$18.2 Mil. Net Income in Qtr. Ended Aug. 31
RED HAT: JMP Securities Maintains Market Perform Rating
SAN ISIDRO: Proofs of Claim Verification Is Until Oct. 1
UNIVERSAL AVIATION: Final General Meeting Is Today
YACOPLAST SA: Proofs of Claim Verification Ends Today


B A H A M A S

BANK OF BARODA: Opens Representative Office in Australia


B E R M U D A

ANA SUB: Holds Final General Meeting Today
CHATHAM ATLANTIC: Final General Meeting Is Today
CHEVRON OVERSEAS: Holding Final General Meeting Today
GLASS IIP: Proofs of Claim Must be Filed Today
GLASS EQUITY: Proofs of Claim Filing Ends Today

GRAPE LIMITED: Holding Final General Meeting Today
SAH LIMITED: Proofs of Claim Filing Ends Monday
SCOTTISH RE: Names Terry Eleftheriou as Executive VP & CFO
UNOCAL BANGLADESH: Final General Meeting Is Today


B R A Z I L

ACTUANT CORP: Earns US$31.4 Million in 4th Quarter Ended Aug. 31
AMRO REAL: Bradesco Balks at Bank's Proposed Santander Purchase
BANCO NACIONAL: Investing BRL1.25 Bil. in Telemar Participacoes
FORD MOTOR: Four Firms Still On Track to Buy Jaguar & Land Rover
GENERAL MOTORS: Inks Tentative Pact on Labor Contract with UAW

GENERAL MOTORS: Canada Plants Reopened Due to Tentative UAW Pact
GENERAL MOTORS: Fitch Affirms & Removes IDR & Debt Ratings
GP INVESTMENTS: S&P Places B+ Rating on Proposed Bonds
GP INVESTMENTS: Fitch Expects B/RR4 Rating on Perpetual Notes
JBS SA: Moody's Confirms B1 Senior Unsecured Rating

MAGNA INTERNATIONAL: Buys 11.9 Mln Class A Shares for US$1.1 Bln

* BRAZIL: Invites Foreign Oil Companies to Explore for Oil
* BRAZIL: Won't Renegotiate Pacts with Foreign Oil Companies
* BRAZIL: State Firm Says Exxon Mobil May Sell LatAm Assets


C A Y M A N   I S L A N D S

ANTHRACITE BALANCED: Proofs of Claim Filing Deadline Is Oct. 1
ANTHRACITE BALANCED: Sets Final Shareholders Meeting for Oct. 1
ANTHRACITE MASTER: Proofs of Claim Filing Deadline Is Oct. 1
ANTHRACITE MASTER: Final Shareholders Meeting Is Oct. 1
CABLE & WIRELESS: Earns BBD371.2 Mil. in Year Ended March 31

MKP CREDIT (OFFSHORE): Proofs of Claim Filing Deadline Is Oct. 1
MKP CREDIT (MASTER): Proofs of Claim Filing Ends Oct. 1


C H I L E

PHELPS DODGE: Strong Earnings Cue Moody's to Revise Outlook


C O L O M B I A

BANCOLOMBIA: Completes Issuance of Ordinary Notes for COP1.5 Bln
ECOPETROL: Completes First Initial Public Offering
SOLUTIA INC: Poised to Emerge After Chapter 11 Settlement

* COLOMBIA: Telecom Firms File Lawsuit Against Trade Regulator


C O S T A   R I C A

ALCATEL-LUCENT: Partners w/ Telecom to Supply Routing Solution


D O M I N I C A N   R E P U B L I C

GENERAL CABLE: Moody's Puts B1 Rating on US$400MM Proposed Notes
GENERAL CABLE: S&P Puts B+ Rating on US$400-Mln Senior Notes


E C U A D O R

* ECUADOR: Suspending Ascendant Copper's Junin Mining Activity


E L   S A L V A D O R

* EL SALVADOR: State Firm Awarding El Chaparral Project Contract


G U A T E M A L A

ALCATEL-LUCENT SA: Acquires U.K.-Based Tamblin Limited
ALITALIA SPA: Chief to Name Possible Buyers This Month


M E X I C O

ATARI INCORPORATED: Deloitte & Touche Raises Going Concern Doubt
BRAVO! BRANDS: Voluntary Chapter 7 Case Summary
CHRYSLER LLC: UAW-GM Deal Prompts S&P To Watch Credit Ratings
EMPRESAS ICA: Discloses Share Placement of US$465 Million
FOAMEX INT'L: Selling Carpet Cushion Facilities for US$10 Mil.

GRUPO MEXICO: Will Shut Down Taxco Mine Due to Labor Problems
INTERNATIONAL RECTIFIER: Okays License Pact for DirectFET(R)
KANSAS CITY SOUTHERN: Improved Liquidity Cues S&P to Lift Rating
MERIDIAN AUTO: Wants Final Decree Entered Closing Ch. 11 Cases
MERIDIAN AUTOMOTIVE: Files Final Report on Fees Paid

RYERSON INC: S&P Affirms B+ Corporate Credit Rating
WENDY'S INTERNATIONAL: Fidelity Joins Three Others in Bidding


P E R U

FREEPORT-MCMORAN: Strong Earnings Cue Moody's to Revise Outlook


P U E R T O   R I C O

FIRSTBANK PEURTO RICO: Moody's Changes Outlook to Stable
NUTRITIONAL SOURCING: Court OKs FTI as Panel's Financial Advisor
NUTRITIONAL SOURCING: Court OKs Skadden Arps as Panel's Counsel


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Orinoco Joint Ventures Not Finalized
PETROLEOS DE VENEZUELA: Paradigm to Interpret Data for Cardon II
PETROLEOS DE VENEZUELA: Oil Sale to Dominican on Special Terms

* VENEZUELA: Carbones del Guasare Lifts Force Majeure on Exports
* VENEZUELA: Natural Gas Exports May be Delayed


                          - - - - -


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


ACTIVE ARGENTINA: Seeks for Reorganization Approval
---------------------------------------------------
Active Argentina S.A. has requested for reorganization approval
after failing to pay its liabilities since August 2006.

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

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

The debtor can be reached at:

          Active Argentina S.A.
          Piedras 77
          Buenos Aires, Argentina


AMTRAK CONSTRUCCIONES: Claims Verification Deadline Is Today
------------------------------------------------------------
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


ARNOLDO JOSE: Reorganization Proceeding Concluded
-------------------------------------------------
Arnoldo Jose Serio e Hijos S.H.'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 Mar del Plata, Buenos Aires, approved the debt
agreement signed between the company and its creditors.


CENTRO TAXI: Trustee Filing Individual Reports on Oct. 1
--------------------------------------------------------
The court-appointed trustee for Centro Taxi S.R.L.'s
reorganization proceeding, will file the validated proofs of
claim as individual reports in the National Commercial Court of
First Instance in San Miguel de Tucuman, Tucuman, on
Oct. 1, 2007.

The court 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 Centro Taxi 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 Centro Taxi's
accounting and banking records will be submitted in court on
Jan. 14, 2008.


CRIOLLA SOCIEDAD: Trustee Filing Individual Reports on Feb. 21
--------------------------------------------------------------
Maria Luisa Ledesma, the court-appointed trustee for Criolla
Sociedad Gerente de Fondos Comunes de Inversion 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. 21, 2008.

Ms. Ledesma verifies creditors' proofs of claim until
Dec. 5, 2007.  She will also submit a general report containing
an audit of Criolla Sociedad's accounting and banking records in
court on April 4, 2008.

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

The debtor can be reached at:

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

The trustee can be reached at:

         Maria Luisa Ledesma
         Avenida Cordoba 1351
         Buenos Aires, Argentina


DELTA AIR: Wants Final Decree Entered Closing 17 Cases
------------------------------------------------------
Pursuant to Section 350(a) of the Bankruptcy Code and Rule 3022
of the Federal Rules of Bankruptcy Procedure, Delta Airlines,
Inc., asks the U.S. Court to issue a final decree closing the
Chapter 11 cases of 17 reorganized debtor-affiliates, effective
Sept. 28, 2007:

   Debtor                                    Case No.
   ------                                    --------
   ASA Holdings, Inc.                        05-17946
   Comair Holdings, LLC                      05-17931
   Comair Services, Inc.                     05-17935
   Crown Rooms, Inc.                         05-17922
   DAL Aircraft Trading, Inc.                05-17941
   DAL Global Services, LLC                  05-17928
   DAL Moscow, Inc.                          05-17937
   Delta Airelite Business Jets, Inc.        05-17942
   Delta Benefits Management, Inc.           05-17945
   Delta Connection Academy, Inc.            05-17926
   Delta Corporate Identity, Inc.            05-17939
   Delta Loyalty Management Services, LLC    05-17932
   Delta Technology, LLc                     05-17927
   Delta Ventures III, LLc                   05-17936
   Epsilon Trading, LLC                      05-17943
   Kappa Capital Management, Inc.            05-17947
   Song, LLC                                 05-17921

Bankruptcy Rule 3022 provides that after an estate is fully
administered in a chapter 11 reorganization case, the court, on
its own motion or on motion of a party in interest, shall enter
a final decree closing the case.  The Advisory Note to
Bankruptcy Rule 3022 directs courts to apply six factors to
determine whether a bankruptcy case has been "fully
administered."

Timothy E. Graulich, Esq., at Davis, Polk & Wardwell, in New
York, tells the Court that the 17 estates meet each of the six
factors:

  (1) The Court's Order on April 25, 2007 confirming the
      Reorganized Debtors' Plan is final; notwithstanding it
      being subjected to a single appeal restricted to the
      narrow question of the scope of exculpation clauses in the
      Plan that are applicable to UMB Bank, N.A.;

  (2) Delta has established reserves of stock that will be
      distributed to the Creditors of Delta and Comair, Inc.
      which do not implicate the Fully Administered Cases;

  (3) Delta has distributed and transferred the cash, stock,
      notes and other property, to be disbursed following the
      confirmation of the Plan;

  (4) Pursuant to the Plan, the Reorganized Debtors have assumed
      management of the reorganized estates, with the election
      of a new Board of Directors;

  (5) One interim distribution to Creditors has been made and
      one to be contemplated in November 2007. The distributions
      are not being made out of the assets of the Fully
      Administered Cases' estates; and

  (6) All pending motions, contested matters, and adversary
      proceedings will be resolved using the pools of assets
      established by the Plan, and will not affect the Fully
      Administered Cases.

Mr. Graulich adds that the 17 reorganized debtor-affiliates'
cases are inactive and that the Debtors' bankruptcy cases are
substantively limited to Delta and Comair.

In addition, the closing will be cost-effective. Since there
will be no remaining administration required with respect to the
Fully Administered Cases, no U.S. Trustee fees will be incurred.

The request is frequently granted in large bankruptcy cases
where only a few of the cases need to remain open for purposes
of administering the estate, Mr. Graulich notes.  Pursuant to 28
U.S.C. Section 1930(a)(6), a debtor in a chapter 11 case must
pay the U.S. Trustee a quarterly payment for each bankruptcy
case that it administers.

Based in Atlanta, Georgia, Delta Air Lines Inc. (NYSE:DAL) --
http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier
across the Atlantic, offering daily flights to 328 destinations
in 56 countries on Delta, Song, Delta Shuttle, the Delta
Connection carriers and its worldwide partners.  Delta flies to
Argentina, Australia and the United Kingdom, among others.  The
company and 18 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represents
the Debtors in their restructuring efforts.  Timothy R. Coleman
at The Blackstone Group L.P. provides the Debtors with financial
advice.  Daniel H. Golden, Esq., and Lisa G. Beckerman, Esq., at
Akin Gump Strauss Hauer & Feld LLP, provide the Official
Committee of Unsecured Creditors with legal advice.  John
McKenna, Jr., at Houlihan Lokey Howard & Zukin Capital and James
S. Feltman at Mesirow Financial Consulting, LLC, serve as the
Committee's financial advisors.  As of June 30, 2005, the
company's balance sheet showed US$21.5 billion in assets and
US$28.5 billion in liabilities.

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.
On Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan. (Delta Bankruptcy News, Issue No. 79; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, Fitch Ratings upgraded and removed from Rating
Watch Positive these classes of Delta Air Lines Enhanced
Equipment Trust Certificate transactions:

Delta Air Lines Pass Through Certificates, Series 2000-1

-- Class A1 upgraded to 'BBB-' from 'B', removed from Rating
    Watch Positive;

-- Class A2 upgraded to 'BBB-' from 'B', removed from Rating
    Watch Positive;

-- Class B upgraded to 'BB-' from 'CCC', removed from Rating
    Watch Positive and the Distressed Recovery rating of 'DR1'
    is also removed.

Delta Air Lines Pass Through Certificates, Series 2001-1

-- Class A1 upgraded to 'BBB-' from 'B', removed from Rating
    Watch Positive;

-- Class A2 upgraded to 'BBB-' from 'B', removed from Rating
    Watch Positive;

-- Class B upgraded to 'BB-' from 'CCC', removed from Rating
    Watch Positive and 'DR1' is also removed.

Delta Air Lines European Enhanced Equipment Trust Certificates,
Series 2001-2

-- Class A upgraded to 'A+' from 'BBB-', removed from Rating
    Watch Positive;

-- Class B upgraded to 'B+' from 'CCC', removed from Rating
    Watch Positive and 'DR1' is also removed.

Delta Air Lines Pass Through Certificates, Series 2002-1

-- Class C upgraded to 'B+' from 'CC', removed from Rating
    Watch Positive and 'DR5' is also removed.

As reported in the Troubled Company Reporter on July 16, 2007,
Fitch Ratings has initiated coverage of Delta Air Lines Inc.
with the assignment of these debt ratings: issuer default rating
'B'; First-lien senior secured credit facilities 'BB/RR1'; and
Second-lien secured credit facility (Term Loan B) 'B/RR4'

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta
Air Lines Inc. (B/Stable/--), including raising the corporate
credit rating to 'B', with a stable outlook, from 'D', following
the airline's emergence from Chapter 11 bankruptcy proceedings.


DIXONS SA: Proofs of Claim Verification Deadline Is Oct. 11
-----------------------------------------------------------
Nelida Haydee Grumblatt de Nobile, the court-appointed trustee
for Dixons S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 11, 2007.

Ms. Grumblatt de Nobile will present the validated claims in
court as individual reports on Nov. 23, 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 Dixons 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 Dixons' accounting
and banking records will be submitted in court on Feb. 11, 2008.

Ms. Grumblatt de Nobile is also in charge of administering
Dixons' assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

       Dixons S.A.
       Serrano 505
       Buenos Aires, Argentina

The trustee can be reached at:

       Nelida Haydee Grumblatt de Nobile
       Felipe Vallese 1195
       Buenos Aires, Argentina


EMPRESA CENTRAL: Proofs of Claim Verification Ends Today
--------------------------------------------------------
Elisa Fernanda Nievas, the court-appointed trustee for Empresa
Central Alcorta S.R.L.'s reorganization proceeding, verifies
creditors' proofs of claim until Sept. 28, 2007.

Ms. Nievas will present the validated claims in court as
individual reports on Nov. 12, 2007.  The National Commercial
Court of First Instance in Villa Constitucion, Santa Fe, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Empresa Central 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 Empresa Central's
accounting and banking records will be submitted in court on
Dec. 31, 2007.

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

The debtor can be reached at:

         Empresa Central Alcorta S.R.L.
         9 de Julio Esquina Alvear, Alcorta
         Santa Fe, Argentina

The trustee can be reached at:

         Elisa Fernanda Nievas
         Sarmiento 1069, Villa Constitucion
         Santa Fe, Argentina


FERVAZ SRL: Proofs of Claim Verification Is Until Dec. 11
---------------------------------------------------------
Pablo Arturo Melaragni, the court-appointed trustee for Fervaz
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Dec. 11, 2007.

Mr. Melaragni will present the validated claims in court as
individual reports on Feb. 29, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Fervaz 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 Fervaz's accounting
and banking records will be submitted in court on
April 16, 2008.

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

The trustee can be reached at:

       Pablo Arturo Melaragni
       Viamonte 783
       Buenos Aires, Argentina


FORD MOTOR: UAW-GM Deal Spurs S&P To Watch Credit Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services has placed its long-term
corporate credit ratings on Ford Motor Co. and related entities
on CreditWatch with positive implications.  The short-term 'B-3'
ratings are not on CreditWatch.

"The CreditWatch action reflects today's announcement that
General Motors Corp. and its main union, the United Auto Workers
(UAW), have reached a tentative new labor contract that includes
an agreement designed to address the massive postretirement
employment benefit obligations associated with GM's UAW
population," said Standard & Poor's credit analyst Robert
Schulz. For now, there are few details about the specifics of
the health care agreement or other important aspects of the
contract such as wages, job security, and work rules.

The tentative agreement ends the nationwide strike at GM that
began earlier this week.  The chances of a prolonged and
widespread strike at GM, Ford, or Chrysler LLC are now largely
averted, although we had always considered such a scenario
unlikely because it would be catastrophic to everyone involved.
GM's UAW members still need to approve the agreement, and
ratification votes should occur this weekend.

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.


FUNDACION OVIDIO: Proofs of Claim Verification Is Until Today
-------------------------------------------------------------
Marcos Javier Driussi, the court-appointed trustee for Fundacion
Ovidio Salinas' bankruptcy proceeding, verifies creditors'
proofs of claim until Sept. 28, 2007.

Mr. Driussi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Dolores, 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 Fundacion Ovidio 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 Fundacion Ovidio's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Fundacion Ovidio Salinas
       Chiczza 2440, San Bernardo
       Buenos Aires, Argentina

The trustee can be reached at:

       Marcos Javier Driussi
       Lara 48, Dolores
       Buenos Aires, Argentina


GANADERA DEL SALADO: Proofs of Claim Verification Ends Oct. 1
-------------------------------------------------------------
Silvia Beatriz Giambone, the court-appointed trustee for
Ganadera del Salado S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Oct. 1, 2007.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

       Silvia Beatriz Giambone
       Roque Saenz Pena 651
       Buenos Aires, Argentina


INTER REDES: Trustee Filing Individual Reports on Oct. 1
--------------------------------------------------------
Adriana Beatriz Benzer, the court-appointed trustee for Inter
Redes S.A.'s reorganization proceeding, will present the
validated claims in National Commercial Court of First Instance
in Buenos Aires as individual reports on Oct. 1, 2007.

Ms. Benzer verifies creditors' proofs of claim until
Aug. 20, 2007.

The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Inter Redes 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 Inter Redes'
accounting and banking records will follow on Nov. 12, 2007.

On May 14, 2008, Inter Redes' creditors will vote on a
settlement plan that the company will lay on the table.

The trustee can be reached at:

          Adriana Beatriz Benzer
          Suipacha 576
          Buenos Aires, Argentina


LEPICA SRL: Proofs of Claim Verification Ends Oct. 1
----------------------------------------------------
Carlos Alberto Llorca, the court-appointed trustee for Lepica
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 1, 2007.

Mr. Llorca will present the validated claims in court as
individual reports on Nov. 12, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Lepica 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 Lepica's accounting
and banking records will be submitted in court on Nov. 26, 2007.

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

The trustee can be reached at:

         Carlos Alberto Llorca
         Carlos Pellegrini 385
         Buenos Aires, Argentina


MICROCOMP SA: Proofs of Claim Verification Is Until Oct. 1
----------------------------------------------------------
Norma Elida Fistzen, the court-appointed trustee Microcomp
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim until Oct. 1, 2007.

Ms. Fistzen will present the validated claims in court as
individual reports on Nov. 12, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Microcomp 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 Microcomp's
accounting and banking records will be submitted in court on
Dec. 26, 2007.

The informative assembly will be held on June 10, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

        Microcomp S.A.
        Donado 2544
        Buenos Aires, Argentina

The trustee can be reached at:

        Norma Elida Fistzen
        Viamonte 1446
        Buenos Aires, Argentina


PINNACLE ENTERTAINMENT: Morgan Joseph Reaffirms Buy Rating
----------------------------------------------------------
Morgan Joseph analysts have reaffirmed their "buy" rating on
Pinnacle Entertainment Inc.'s shares, Newratings.com reports.

According to Newratings.com, the target price for Pinnacle
Entertainment's shares was set at US$36.

The analysts said in a research note that the decrease at
Belterra and Bossier City are offsetting L'Auberge's better-
than-expected performance.

The analysts told Newratings.com that the estimates for interest
expenses were raised on account of a change in the expected
timing of some cash outlays for Pinnacle Entertainment's
expansion projects.

The earnings per share estimates for fiscal year 2007 and fiscal
year 2008 were decreased to US$0.81 from US$0.83, and to US$0.75
from US$0.77, respectively, Newratings.com states.

Headquartered in Las Vegas, Nevada, Pinnacle Entertainment Inc.
(NYSE: PNK) -- http://www.pnkinc.com/-- owns and operates
casinos in Nevada, Louisiana, Indiana and Argentina, owns a
hotel in Missouri, receives lease income from two card club
casinos in The Los Angeles metropolitan area, has been licensed
to operate a small casino in the Bahamas, and owns a casino site
and has significant insurance claims related to a hurricane-
damaged casino previously operated in Biloxi, Mississippi.
Pinnacle opened a major casino resort in Lake Charles, Louisiana
in May 2005 and a new replacement casino in Neuquen, Argentina
in July 2005.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services assigned its 'B-' rating to
Pinnacle Entertainment Inc.'s proposed US$350 million senior
subordinated notes due 2015.

On June 1, 2007, the Troubled Company Reporter related that
Fitch Ratings assigned a rating of 'B-/(Recovery Rating) RR5' to
the company's US$350 million senior subordinated notes due 2015.
The company's credit ratings were: (i) Issuer Default Rating of
'B'; (ii) Bank facility at 'BB/RR1'; (iii) Senior Subordinated
notes at 'B-/RR5'.  Fitch said the rating outlook was stable.


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

Mr. del Potro will present the validated claims in court as
individual reports on Nov. 13, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Olleros Milennium and its creditors.

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

A general report that contains an audit of Olleros Milennium's
accounting and banking records will be submitted in court on
Dec. 26, 2007.

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

The debtor can be reached at:

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

The trustee can be reached at:

         Nestor Rodolfo del Potro
         Avenida Corrientes 1291
         Buenos Aires, Argentina


QUEBECOR MEDIA: S&P Assigns B Rating on US$450-Million Notes
------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B' debt
rating to Montreal, Que.-based Quebecor Media Inc.'s proposed
US$450 million 7.75% senior unsecured notes due 2016.
The notes are rated two notches below the 'BB-' long-term
corporate credit rating, reflecting their junior position in the
company's debt capital structure with debt at wholly owned
subsidiaries, Videotron Ltee and Sun Media Corp.
(both rated BB-/Stable/--), ranking ahead of the proposed notes.
The ratings and outlook on all companies are unchanged.

"The proceeds from the notes will be used to refinance the C$420
million bridge loan and related fees to fund the acquisition of
Osprey Media Income Fund, a leading publisher of newspapers,
magazines, and specialty publications in Ontario," said Standard
& Poor's credit analyst Madhav Hari.

The debt-financed acquisition closed on Aug. 8, 2007, at C$8.45
per unit, representing an equity value of C$414 million, and a
total purchase price of C$576 million, including the assumption
of debt outstanding. Although the Osprey acquisition results in
weaker credit protection metrics on a pro forma basis, credit
measures remain consistent with the rating category given pro
forma adjusted debt leverage (debt to EBITDA) of about 4 times.

The acquisition of Osprey's 20 daily and 34 nondaily community
newspapers will position Quebecor Media as the largest newspaper
publisher in Canada and should improve Sun Media's newspaper
market position, which consists of eight paid urban dailies,
seven free commuter dailies, and 193 community newspapers and
specialty publications.  Although Osprey participates in the
challenging newspaper industry, it is somewhat insulated against
economic factors as its revenues are derived from the community
newspaper segment.  This segment relies less on customer
subscriptions and national advertising revenues, which tend to
be more volatile than local advertisers. Despite some
integration risk from the acquisition, Standard & Poor's expects
Quebecor Media will be able to effectively manage the
integration process, which should take up to 12 months to
complete.

The stable outlook reflects our expectation that Quebecor
Media's operating assets will maintain their solid market
positions, that credit measures will be in line with the ratings
in the medium term, and that the company will successfully
manage the Osprey integration.  S&P could revise the outlook to
positive or raise the ratings if Quebecor Media improves its
financial risk profile and is able to sustain better operating
performance and stronger credit measures.  Alternatively, we
could revise the outlook to negative if the company fails to
meet expectations, resulting in the weakening of Quebecor
Media's operating performance and credit measures.

Quebecor Media Inc., a subsidiary of Quebecor Inc., owns
operating companies in numerous media-related businesses:
Videotron Ltd., the largest cable operator in Quebec and a major
Internet Service Provider and provider of telephone and business
telecommunications services; Sun Media Corporation, Canada's
largest national chain of tabloids and community newspapers; TVA
Group Inc., operator of the largest French-language general-
interest television network in Quebec, a number of specialty
channels, and the English-language general-interest station Sun
TV; Canoe Inc., operator of a network of English- and French-
language Internet properties in Canada; Nurun Inc., a major
interactive technologies and communications agency with offices
in Canada, the United States, Europe and Asia; companies engaged
in book publishing and magazine publishing; and companies
engaged in the production, distribution and retailing of
cultural products, namely Archambault Group Inc., the largest
chain of music stores in eastern Canada, TVA Films, and Le
SuperClub Videotron ltee, a chain of video and video game rental
and retail stores.

Headquartered in Montreal, Canada, the company has global
facilities in India, France and Argentina.


QUEBECOR MEDIA: Moody's Rates Sr. Notes at B2 w/ Stable Outlook
---------------------------------------------------------------
Moody's Investors Service has rated Quebecor Media Inc.'s US$450
million add-on senior unsecured note issue B2.  Ratings on the
underlying 7.75% senior unsecured notes due in March of 2016
were affirmed at the same B2 level.  At the same time, Quebecor
Media's Ba3 corporate family rating and stable ratings outlook
were affirmed.  The rating action was prompted by the Sept. 26
announcement of the new note issue.  Proceeds will be used to
repay a bridge loan that had been drawn to fund QMI's earlier
acquisition of Osprey Media Income Fund, a publicly traded
publisher of community newspapers and magazines for an aggregate
purchase price of approximately C$575 million (including assumed
debt).  The new note issue is neutral to the company's
consolidated debt profile and had been contemplated in the
prevailing Ba3 CFR.  Accordingly, the CFR and stable outlook are
affirmed.  However, the notes issue causes QMI's waterfall of
debts to be adjusted and necessitates ratings adjustments on
certain existing instruments.

Downgrades:

Issuer: Quebecor Media, Inc.

   -- Senior Secured Bank Credit Facility (unchanged at B1),
      Downgraded to LGD5-74 from LGD4-67

   -- Senior Unsecured Regular Bond/Debenture (unchanged at B2),
      Downgraded to LGD5-89 from LGD5-87

Issuer: Sun Media Corporation

   -- Senior Secured Bank Credit Facility (unchanged at Baa3),
      Downgraded to LGD1-07 from LGD1-04

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
      (LGD3-33) from Ba1 (LGD2-26)

Issuer: Videotron Ltee

   -- Senior Unsecured Regular Bond/Debenture, Downgraded to Ba2
      (LGD3-33) from Ba1 (LGD2-26)

Withdrawals:

Issuer: Quebecor Media, Inc.

   -- Senior Unsecured Regular Bond/Debenture, Withdrawn
      (cancelled two-tranche issue), previously rated B2
      (LGD5-87)

Other important rating influences include expectations of
continued top-line and cash flow growth resulting from robust
activity at Quebecor Media's cable subsidiary Videotron Ltee.
In turn, this results from the successful bundled deployment of
its cable telephony product, and is expected to be the key
driver behind improved cash generation over the next several
quarters (subsequently, saturation will cause growth to return
to more normal levels).  In addition, capital expenditures on
new printing presses at QMI's Sun Media Corporation newspaper
subsidiary are largely complete.  The related cash drain should
be replaced by margin gains as cost savings from more efficient
presses are internalized.  It is also noted that QMI's
consolidated operations are strengthened by the diversity
contributed by its smaller entertainment, broadcasting and
Internet portal operations, particularly TVA Inc., the largest
French broadcaster in North America.

There are several factors that provide offsetting influences,
the first of which is the company's desire to grow more quickly
than organic expansion will facilitate.  The Osprey transaction
is manifestation of this.  In addition, Quebecor Media has
indicated that it wants to be a consolidator in the newspaper
segment and has also discussed being a potential bidder in the
pending Canadian radio spectrum auction.  Should the company be
a successful bidder, even should the CRTC mandate things such as
incumbent tower sharing and roaming so as to provide new
entrants with the best possible opportunity for success, it is
likely that significant cash flow will be required to be
allocated for several years in order to build a credible
business.  In addition, Videotron has ongoing network capital
expenditure requirements that will consume cash flow, and income
tax is expected to provide meaningful leakage within two years.
Lastly, Quebecor Media has shareholders that expect cash
returns, and it is expected that cash dividends will be declared
should cash flow be available.  The confluence of these
influences offsets the positive momentum provided by Videotron's
results and causes the ratings outlook to remain stable.

Quebecor Media Inc., a subsidiary of Quebecor Inc., owns
operating companies in numerous media-related businesses:
Videotron Ltd., the largest cable operator in Quebec and a major
Internet Service Provider and provider of telephone and business
telecommunications services; Sun Media Corporation, Canada's
largest national chain of tabloids and community newspapers; TVA
Group Inc., operator of the largest French-language general-
interest television network in Quebec, a number of specialty
channels, and the English-language general-interest station Sun
TV; Canoe Inc., operator of a network of English- and French-
language Internet properties in Canada; Nurun Inc., a major
interactive technologies and communications agency with offices
in Canada, the United States, Europe and Asia; companies engaged
in book publishing and magazine publishing; and companies
engaged in the production, distribution and retailing of
cultural products, namely Archambault Group Inc., the largest
chain of music stores in eastern Canada, TVA Films, and Le
SuperClub Videotron ltee, a chain of video and video game rental
and retail stores.

Headquartered in Montreal, Canada, the company has global
facilities in India, France and Argentina.


RED HAT: Promotes Mark Cook & Paul Argiry as Vice Presidents
------------------------------------------------------------
Red Hat Inc. has promoted Mark E. Cook to Vice President,
Finance and Controller and appointed Paul Argiry as Vice
President and Treasurer.  Both will report to Executive Vice
President and Chief Financial Officer, Charlie Peters.

With over 30 years of financial experience, Mr. Cook joined Red
Hat as Treasurer in November 2004 and later was promoted to Vice
President and Treasurer.  Prior to joining Red Hat, Mr. Cook
served as Director of Finance at Cluett American Corp., with
responsibilities for treasury and other financial functions.
Mr. Cook served as Treasurer of the multi-national textile
company, Guilford Mills, Inc.  Previously, Mr. Cook also held a
number of financial positions at Worthington Industries, Inc.,
Blount International, Inc. and RJR Nabisco, Inc.

Mr. Argiry brings over 15 years of diversified financial
experience including public accounting, mergers and
acquisitions, corporate finance and treasury.  He is now
responsible for leading Red Hat's treasury function, including
corporate treasury, payroll, credit and collections and
facilities.  Prior to this role, Mr. Argiry was the Senior
Director of Corporate Finance and Treasury at Jabil Circuit,
Inc., a NYSE-listed electronic manufacturing services company
based in St. Petersburg, Florida.  Mr. Argiry also served as
Director of Finance for Mergers and Acquisitions at Jabil and
worked in the audit division and transaction services group with
Price Waterhouse Coopers.

"We are pleased to have the talents of Mark Cook and Paul Argiry
in these very important positions for our Company," said Charlie
Peters, Executive Vice President and Chief Financial Officer of
Red Hat.  "We are confident that both bring strong experience to
our finance organization and will reinforce the financial
disciplines and strategies already in place."

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: Reports US$18.2 Mil. Net Income in Qtr. Ended Aug. 31
--------------------------------------------------------------
Red Hat Inc. earned US$18.2 million for the three months ended
Aug. 31, 2007, compared to US$16.2 million of net income for the
same period last year.

Total revenue for the quarter was US$127.3 million, an increase
of 28% from the year ago quarter and 7% from the prior quarter.
Subscription revenue was US$109.2 million, up 29% year-over-year
and 6% sequentially.

Other highlights of the quarter included the following:

   -- Red Hat continued to build its industry-leading ecosystem
      by surpassing the milestone of more than 3,000
      applications certified on Red Hat Enterprise Linux.

   -- Following three consecutive years of Red Hat being ranked
      first in value for enterprise software in the CIO Insight
      survey, Red Hat Japan was ranked the number one technology
      vendor in Japan that customers intend to conduct business
      with in the future according to the Nikkei Market Access
      survey.

   -- Red Hat released the beta version of the Red Hat Developer
      Studio, an integrated Eclipse-based set of open source
      development tools and runtime environment.

   -- Red Hat released JBoss Enterprise Application Platform
      4.2, an enterprise-ready platform on which to migrate
      legacy applications to an open source architecture.

"We are pleased to report another solid quarter of strong
revenues. I am particularly pleased with the steady improvement
in operating margin and operating cash flow.  These performance
improvements come at a time when we are continuing to invest
heavily in our processes and systems as we scale globally,"
stated Charlie Peters, Executive Vice President and Chief
Financial Officer of Red Hat.  "We continue to see robust demand
for our open source solutions and are encouraged by our market
position."

In addition, the company announced that its Board of Directors
had authorized the continuation of the Company's stock and
debenture repurchase program.  Under the program, the Company is
authorized to repurchase in aggregate up to US$250 million of
the company's common stock and in aggregate up to US$75 million
of the company's 0.5% Convertible Senior Debentures due 2024.

Repurchases of common stock and debentures may be effected, from
time to time, either on the open market or in privately
negotiated transactions, as applicable.  The timing and the
amount of any repurchases of common stock and debentures will be
determined by the Company's management based on an evaluation of
market conditions and other factors.  Repurchased common stock
will be available for use in connection with the Company's
equity compensation plans and for other corporate purposes.
Repurchased debentures will be retired and canceled.  The
repurchase program will be funded using the company's working
capital and may be suspended or discontinued at any time.  Red
Hat had approximately 193.9 million shares of common stock
outstanding as of Sept. 21, 2007.

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: JMP Securities Maintains Market Perform Rating
-------------------------------------------------------
JMP Securities analyst Denny C. Fish has kept his "market
perform" rating on Red Hat Inc.'s shares, Newratings.com
reports.

Mr. Fish said in a research note that Red Hat reported mixed
results for the fiscal second quarter 2008.  The firm disclosed
that its revenues surpassed consensus, while its earnings per
share were in-line with the consensus.

JBoss' performance was short of the guidance during the fiscal
first half of 2008, Newratings.com says, citing Red Hat.

The earnings per share estimate for fiscal year 2008 was
decreased to US$0.71 from US$0.72.  Meanwhile, the earnings per
share estimate for fiscal year 2009 was increased by US$0.85 to
US$0.86, 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.


SAN ISIDRO: Proofs of Claim Verification Is Until Oct. 1
--------------------------------------------------------
Roque Alberto Pepe, the court-appointed trustee for San Isidro
Pizza S.R.L.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Oct. 1, 2007.

Mr. Pepe will present the validated claims in court as
individual reports on Nov. 13, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by San Isidro 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 San Isidro's
accounting and banking records will be submitted in court on
Dec. 26, 2007.

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

The trustee can be reached at:

          Roque Alberto Pepe
          Argentina 5785
          Buenos Aires, Argentina


UNIVERSAL AVIATION: Final General Meeting Is Today
--------------------------------------------------
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.


YACOPLAST SA: Proofs of Claim Verification Ends Today
-----------------------------------------------------
Estudio Carlen, Paulin, Sanzone, Suarez & Asoc., the court-
appointed trustee Yacoplast S.A.'s reorganization proceeding,
verifies creditors' proofs of claim on Sept. 28, 2007.

Estudio Carlen will present the validated claims in court as
individual reports on Nov. 12, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Yacoplast 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 Yacoplast's
accounting and banking records will be submitted in court on
Dec. 26, 2007.

The informative assembly will be held on July 4, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

        Estudio Carlen, Paulin, Sanzone, Suarez & Asoc.
        Uruguay 782
        Buenos Aires, Argentina




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


BANK OF BARODA: Opens Representative Office in Australia
--------------------------------------------------------
Bank of Baroda has opened a representative office in Sydney,
Australia.

According to myiris.com, the Australian office will provide
business advisory services to Indian and Australian corporates,
besides assisting Indian expatriates, students and local
community to effect remittances to and from India and rest of
the world through its 2,800 branches across the globe.

"We have to move from cricket to economy as Australia becomes an
important bilateral trading partner," The Economic Times quotes
Indian Minister of State for Finance Pawan Kumar Bansal as
saying.  "With many more Indian banks coming here and Australian
banks going to India, together we can charter the path of common
prosperity."

The bank is also planning to obtain a license from the
Australian Prudential Regulatory Authority for a full-fledged
branch in the future, Bank of Baroda's Chairman and Managing
Director Anil K. Khandelwal told The Times,

With the opening of the office, the bank overseas offices now
total 64, in 22 countries across six continents, worldwide,
myiris.com says.

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Bank of Baroda has branches in the Bahamas, Belgium, the Fiji
Islands, Mauritius, Republic of South Africa, Seychelles,
Singapore, Sultanate of Oman, United Arab Emirates, the United
Kingdom, and the United States of America.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: USD250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme. The agency also affirmed the bank's
Individual Rating of 'C/D'.  Fitch said the outlook on all
ratings is stable.




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


ANA SUB: Holds Final General Meeting Today
------------------------------------------
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.


CHATHAM ATLANTIC: Final General Meeting Is Today
------------------------------------------------
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: Holding Final General Meeting Today
-----------------------------------------------------
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.


GLASS IIP: Proofs of Claim Must be Filed Today
----------------------------------------------
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 Ends Today
-----------------------------------------------
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


GRAPE LIMITED: Holding Final General Meeting Today
--------------------------------------------------
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.


SAH LIMITED: Proofs of Claim Filing Ends Monday
-----------------------------------------------
Sah Ltd.'s creditors are given until Oct. 1, 2007, to prove
their claims to Marco Montarsolo, 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.

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

The liquidator can be reached at:

         Marco Montarsolo
         Sofia House, 1st Floor
         48 Church Street
         Hamilton, Bermuda


SCOTTISH RE: Names Terry Eleftheriou as Executive VP & CFO
----------------------------------------------------------
Scottish Re Group Limited has appointed Terry Eleftheriou as
Executive Vice President and Chief Financial Officer, effective
Nov. 12, 2007.  Mr. Eleftheriou will be based at the company's
Hamilton, Bermuda headquarters and will join the Company on
Oct. 1.  He will serve in a transition role until he assumes the
CFO position on Nov. 12.

Mr. Eleftheriou was most recently a group finance executive with
XL Capital where he was responsible for leading a number of
strategic global initiatives to transform and integrate finance
operations and enhance business processes and related controls.
He was also a member of XL's global Finance Executive Council
and Executive Management Group and worked closely with XL's
executive management team and Board of Directors.  Prior to
joining XL Capital in November 2003, Terry was the CFO of Sage
Insurance Group International and previously was the finance
leader for the retirement services segment of American General
Financial Group.  He also occupied a variety of leadership roles
spanning a 15-year career with Ernst & Young where he
specialized in providing assurance and advisory services to
insurance and financial services companies in North America,
Europe, and Asia.

Mr. Eleftheriou is a Fellow of the Institute of Chartered
Accountants in England and Wales and a member of the Connecticut
Society of Certified Public Accountants.  He holds a Bachelor of
Science in Economics from the City University in London,
England.

As Scottish Re's Chief Financial Officer, Mr. Eleftheriou will
lead the company's global finance function and will be
responsible for its financial operations, including accounting
and reporting, financial planning and analysis, taxation, audit,
and investor and rating agency relations.

In welcoming Mr. Eleftheriou to Scottish Re, George Zippel,
President and Chief Executive Officer, noted, "Terry is a proven
insurance financial executive who has led and managed change in
dynamic environments across the globe.  He will be a strong
business partner for me and the senior leadership team of
Scottish Re.  I'm confident Terry will have an immediate and
positive impact as we work to improve our financial, operating
and risk management disciplines and drive profitable growth."

Mr. Eleftheriou commented, "I'm excited to be joining Scottish
Re at this juncture in its development and look forward to
working with George Zippel and the rest of the team in re-
establishing the Company as a leader in the global life
reinsurance industry.  We will build on the existing
capabilities of the Company to deliver against the needs and
expectations of our various stakeholders in order to grow
shareholder value."

                      About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.

On June 30, 2007, Scottish Re reported total assets of US$13.6
billion and shareholder's equity of US$1.2 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Moody's Investors Service affirmed the ratings of
Scottish Re Group Limited, with the outlook changed to stable
from positive, including its Senior unsecured shelf of (P)Ba3;
its subordinate shelf of (P)B1; its junior subordinate shelf of
(P)B1; its preferred stock of B2; and its preferred stock shelf
of (P)B2.


UNOCAL BANGLADESH: Final General Meeting Is Today
-------------------------------------------------
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.




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


ACTUANT CORP: Earns US$31.4 Million in 4th Quarter Ended Aug. 31
----------------------------------------------------------------
Actuant Corporation reported fourth quarter fiscal 2007 net
earnings and EPS of US$31.4 million and US$1.00, respectively,
compared to prior year net earnings and EPS of US$25.2 million
and US$0.82, respectively.

Fiscal 2007 fourth quarter results include a US$1.1 million
charge covering a portion of the Company's previously announced
restructuring of its European Electrical business and a US$1.6
million benefit from the utilization of a foreign tax credit.
Fiscal 2006 fourth quarter results include a US$4.5 million
restructuring charge and a US$5.4 million income tax benefit
primarily related to the reversal of a tax valuation allowance
for net operating losses.  Excluding these items, fourth quarter
EPS increased 25% year-over-year from US$0.79 to US$0.99.

Net earnings and EPS for the year ended Aug. 31, 2007, were
US$105.0 million and US$3.38, respectively, compared to prior
year net earnings and EPS of US$92.6 million and US$3.01,
respectively.  Fiscal 2007 results include a US$4.5 million
charge related to European Electrical restructuring and a US$1.6
million benefit (US$0.05 per diluted share) from the utilization
of a foreign tax credit.  Fiscal 2006 results include a US$4.5
million restructuring charge and an US$8.0 million income tax
benefit primarily related to the reversal of a tax valuation
allowance for net operating losses.  Excluding these special
items, full year EPS increased 20% year-over-year from US$2.90
to US$3.47.

Robert Arzbaecher, President and CEO of Actuant commented, "We
are extremely pleased with our 2007 results, representing the
6th consecutive year of diluted earnings per share improvement
in excess of 15%, excluding special items.  Our team continues
to execute on the Actuant business model, leveraging organic
growth opportunities in our diverse, niche businesses.  In
addition to core growth, we acquired five businesses during the
fiscal year and completed a sixth in September, strengthening
our existing units.  Lastly, with our strong performance in the
second half of the year, we generated margin expansion and
record cash flow.  I am tremendously proud of what the Actuant
team has achieved and equally enthusiastic about our future
opportunities."

                     Consolidated Results

Fourth quarter sales increased 20% to US$390 million from US$325
million in the prior year, reflecting the combination of core
growth, business acquisitions and the weaker US dollar.
Excluding the impact of foreign currency rate changes (3%) and
acquisitions (11%), core sales growth was 6%.  All four business
segments contributed to the core growth with the Industrial and
Engineered Products segments generating double-digit
improvement.

Operating margins in the fourth quarter improved 50 basis
points, to 13.8% from 13.3% in the prior year, excluding
restructuring charges.  The increase is the result of higher
gross profit margins as well as tightly controlled selling,
administrative and engineering spending, partially offset by
higher acquisition related amortization expense.  These results
reflect the Company's continuous improvement initiatives
including strategic sourcing and Lean Enterprise Across
Discipline activities, as well as volume leverage.

Sales for the year ended Aug. 31, 2007, were US$1.46 billion,
21% higher than the US$1.20 billion in the comparable prior year
period.  Core sales increased 6% for the fiscal year, with
acquisitions and foreign currency rate changes contributing 11%
and 4%, respectively.

Fiscal 2007 fourth quarter Electrical segment sales increased
18% to US$132 million, reflecting 3% core sales growth,
favorable foreign currency exchange rate changes and the
acquisitions of Actown (August 2006) and BH Electronics (July
2007).  Electrical segment operating profit margin declined from
8.6% in the fourth quarter of fiscal 2006 to 8.2% in fiscal 2007
resulting from unfavorable sales and acquisition mix.  Partially
offsetting this was the benefit of higher volumes, most notably
in the professional electrical product line, along with the
benefit of continuous improvement initiatives across the
businesses.  The company is on track to substantially complete
the previously announced restructuring of its European
Electrical operations by the end of the second quarter of fiscal
2008.

Actuation Systems fourth quarter fiscal 2007 sales increased 4%
to US$104 million.  Core sales grew 1% in the quarter as
increased demand for the company's recreational vehicle (RV) and
truck actuation products outside of North America was partially
offset by declines in both the automotive and North American
truck markets.  The decline in North American truck was
anticipated due to the impact of emissions regulation changes,
while automotive sales declined due to new platform launches in
the prior year.  Operating profit margins improved 40 basis
points compared to last year due primarily to higher volumes and
the benefit of profit improvement actions.

Fiscal 2007 fourth quarter Engineered Products segment sales
more than doubled to US$33 million reflecting both 15% core
sales growth and the acquisition of Maxima in December 2006.
Operating profit margins improved 160 basis points to 14.9%, the
highest of the year, due to favorable acquisition mix and base
business expansion.

                     Financial Position

Fiscal year-end net debt (total debt of US$562 million less
US$87 million of cash) was US$475 million, a decrease of US$6
million from the beginning of the quarter.  Strong cash flow in
the quarter more than offset the US$30 million of cash used to
finance the BH Electronics acquisition, US$4 million of Senior
Notes issuance costs and US$11 million of capital expenditures.

Actuant used approximately US$163 million of cash during the
2007 fiscal year to fund acquisitions and US$31 million for
capital expenditures.  Despite this significant capital
deployment, net debt at year-end was only US$20 million higher
than the US$455 million at the beginning of the year.  Actuant
generated cash from operations of US$177 million in fiscal 2007,
approximately 45% higher than the prior year, reflecting record
earnings and effective working capital management.

                           Outlook

The company increased its fiscal year 2008 guidance to reflect
the BH Electronics and TK Simplex acquisitions, as well as its
current business, economic and foreign exchange rate outlooks.
Full year fiscal 2008 EPS is expected to be in the range of
US$3.80-3.95 (excluding European Electrical restructuring
charges) on sales of US$1.55-1.60 billion.  For the first
quarter, the Company expects sales to be in the US$390-400
million range, generating EPS of approximately US$0.93-0.97 per
diluted share.  Mr. Arzbaecher commented, "Actuant's strong
positions in niche markets, variable cost structure and ROIC
focus, as well as end market and geographic diversification,
should continue to reward shareholders in fiscal 2008."

                      About Actuant Corp.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's USUS$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed USUS$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


AMRO REAL: Bradesco Balks at Bank's Proposed Santander Purchase
---------------------------------------------------------------
Brazil's largest private sector bank Banco Bradesco will oppose
ABN Amro Real parent firm's potential merger with Santander in
Brazil with organic growth, financial daily Valor Economico
reports.

Business News Americas relates that Spanish bank Santander is
part of a three-way consortium getting closer to winning the
battle for Holland's ABN Amro.

BNamericas notes that UK's Barclays is also setting its sight on
ABN Amro.

Once the merger succeeds, Brazilian units Santander Banespa and
ABN Amro Real would become the second largest private sector
bank in terms of assets, according to BNamericas.

Banco Bradesco Chief Executive Officer told Valor Economico that
the bank aims to add 2.5 million new customers in 2007 and
launch 150 branches to support the organic growth process to
remain on top.  About 37 of the planned subsidiaries will be in
Rio de Janeiro.

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

                        *     *     *

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


BANCO NACIONAL: Investing BRL1.25 Bil. in Telemar Participacoes
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has pledged
to invest some BRL1.25 billion in local telecoms holding Telemar
Participacoes once the company has difficulty restructuring a
recent loan, according to a report by news service Agencia
Estado.

Banco Nacional holds a 25% stake in Telemar Participacoes.

Telemar Participacoes investor relations director Fabio
Schvartsman told Agencia Estado that the pledge was
"instrumental" in helping the firm get a BRL12.7-billion "bridge
loan from various banks, given the recent turbulence" in
international markets.  Due to market turbulence, the company
finds it very difficult to secure the bridge loan from:

          -- JPMorgan,
          -- ABN Amro,
          -- UBS,
          -- Citibank, and
          -- Banco do Brasil.

According to Business News Americas, the bridge loan is
necessary to fund the buyout of preferred shares in Telemar
Participacoes unit Tele Norte Leste Participacoes, aka Oi.  The
buyout tender is set for Oct. 11, 2007.  Telemar Participacoes
is using the bridge loan to raise its offer for Tele Norte Leste
Participacoes shares to BRL45 from BRL35.09.  Telemar
Participacoes will follow through on the offer once there is at
least 66% acceptance.

Mr. Schvartsman told BNamericas that without Banco Nacional's
cash injection, Telemar Participacoes wouldn't be able to
proceed with the buyout offer.

Meanwhile, Telemar Participacoes wants to list as a public
company and use the initial public offiering proceeds to
restructure the bridge loan, BNamericas relates, citing Mr.
Schvartsman.

Banco Nacional will "act on its guarantee" once Telemar
Participacoes has difficulty extending the repayment deadlines.
This grants Telemar Participacoes some freedom to wait until
market conditions are proper for the initial public offering,
Mr. Schvartsman told BNamericas.

                    About Participacoes

Telemar Participacoes S.A. is a communications services provider
in Region I of Brazil.  Through its subsidiaries, it offers an
integrated communications product package that includes
traditional fixed-line, mobile, broadband/Internet service
provider and other services to consumers, small and mid-size
business users, and government bodies.  It provides its
traditional fixed-line business, which includes local, long-
distance, public telephone and network services, in Region I
pursuant to concessions from the Brazilian government.  This
business is marketed under its Telemar brand name.  The
company's mobile telecommunications business is marketed in
Region I under its Oi brand name.  Its broadband services
business is marketed under its Velox brand name.  Its operating
area, Region I includes the States of Rio de Janeiro, Minas
Gerais, Espirito Santo, Bahia, Sergipe, Alagoas, Pernambuco,
Paraiba, Rio Grande do Norte, Ceara, Piaui, Maranhao, Para,
Amazonas, Roraima and Amapa.

                     About Banco Nacional

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

                        *     *     *

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


FORD MOTOR: Four Firms Still On Track to Buy Jaguar & Land Rover
----------------------------------------------------------------
Ford Motor Co.'s Jaguar and Land Rover still has four potential
buyers left after two Indian firms, Mahindra & Mahindra and
Cerberus, quit the buying race, Reuters reports, citing sources
familiar with the matter.

The four remaining suitors, according to Reuters' sources, are
One Equity Partners, Ripplewood, Tata Motors and TPG, but these
firms are yet to complete the due diligence.

The Troubled Company Reporter said June 13, 2007, that Ford
employed help from investment banks including Goldman Sachs,
HSBC and Morgan Stanley to explore the sale of its two British
luxury brands, which had lost US$12.6 billion last year.

In August, an International Herald Tribune report said Ford's
financial and legal advisers have begun preparing information to
facilitate due diligence for potential bidders of the two
marques as Ford hopes to reach a tentative deal by the end of
September.

Ford expects to finalize the sale deal by December or the early
stages of Fiscal Year 2008, Lewis Booth, EVP of Ford's European
units, said, according to Breaking News.ie.

                      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 Tentative Pact on Labor Contract with UAW
--------------------------------------------------------------
General Motors and the United Auto Workers union have reached a
tentative agreement on a new national labor contract, covering
approximately 74,000 represented employees.  The agreement is
subject to UAW member ratification.

The tentative agreement includes a memorandum of understanding
to establish an independent retiree health care trust, as well
as other changes to the national agreement.  Following
ratification, implementation of the memorandum of understanding
is subject to approval by the courts, and satisfactory review of
accounting treatment with the Securities and Exchange
Commission.

"There's no question this was one of the most complex and
difficult bargaining sessions in the history of the GM/UAW
relationship," said Rick Wagoner, GM Chairman and CEO.  "I'd
like to thank UAW President Ron Gettelfinger, UAW Vice President
Cal Rapson and their bargaining team for their leadership and
hard work in negotiating the agreement."

The national agreement paves the way for GM to significantly
improve its manufacturing competitiveness, providing the basis
for maintaining and strengthening its core manufacturing base in
the United States.

"This agreement helps us close the fundamental competitive gaps
that exist in our business," Wagoner said.  "The projected
competitive improvements in this agreement will allow us to
maintain a strong manufacturing presence in the United States
along with significant future investments."

                    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.


GENERAL MOTORS: Canada Plants Reopened Due to Tentative UAW Pact
----------------------------------------------------------------
General Motors Corp.'s Canada plants reopened Wednesday as a
result of the company's tentative agreement with the United Auto
Workers union, Reuters reports citing GM Canada public relations
director Stew Low.

As reported in yesterday's Troubled Company Reporter, the
automaker's Car Plant 1 and Car Plant 2 in Oshawa, Ontario
closed Tuesday while its transmission plant in Windsor, Ontario
closed Monday.

                    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.


GENERAL MOTORS: Fitch Affirms & Removes IDR & Debt Ratings
----------------------------------------------------------
Fitch Ratings has affirmed and removed the Issuer Default Rating
and debt ratings of General Motors from Rating Watch Negative
following the announcement that GM has reached an agreement on a
new contract with the United Auto Workers (UAW).  Fitch
currently rates GM as:

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

The Rating Outlook is Negative.

Fitch will review the terms of the new agreement, but does not
anticipate an Outlook revision or rating change as a result of
the contract alone.  Any change in the Rating Outlook is not
expected until a clear path to positive free cash flow is
established, and Fitch estimates that the full removal of
retiree health care costs will be insufficient in itself to
accomplish this.  The ability to achieve positive free cash flow
will also hinge upon GM's ability to stabilize volume and
revenues in North America, and to establish further improvement
in its fixed cost structure through restructuring actions and
labor outsourcing.

The contract has yet to be ratified, which could remain a
hurdle.  Failure to ratify the contract, which would send the
parties back to the negotiating table, would likely result in
another Rating Watch Negative placement.  Terms of the contract
that Fitch will be focusing on include:

-- The funding amount, structure and timetable of an
    independent VEBA trust to remove retiree healthcare
    liabilities from the balance sheet;

-- The terms of any contingent funding requirements for GM
    related to the VEBA trust;

-- Changes to job classifications and wage rates - effectively
    the establishment of a two-tier wage scale through greater
    flexibility in labor outsourcing to parts manufacturers
    and/or other third-party suppliers;

-- Changes to health care costs for retirees and existing
    workers;

-- Risks associated with any changes to pension obligations
    from wage rates, or to pension benefits paid;

-- The flexibility to downsize manufacturing and personnel
    costs in response to cyclical market conditions or product
    performance;

-- Commitments by GM to maintain employment levels (including
    the terms of any job banks) or product programs at U.S.
    manufacturing operations;

-- The cost of payments to workers for ratification, and the
    costs of any subsequent buyout packages;

-- GM's liquidity position following the financing of VEBA and
    other costs related to the terms of the contract.

A subsequent review of the Rating Outlook or rating will
encompass the impact of these contract terms in the context of
additional rating factors listed below:

-- GM's liquidity buffer and ability to finance large working
    capital requirements, economic and product cycles and
    restructuring actions over the next several years;

-- Fitch's Recovery Rating analysis estimates that further
    plant closings and restructuring actions, beyond what is
    currently contemplated, will be needed to restore North
    American operations to viable operating margins in the
    absence of an upturn in revenue performance;

-- GM's liquidity over the past several years has been boosted
    by numerous asset sales that have reduced asset protection
    for debt holders and GM's earnings capacity.  Asset sales
    have included a controlling interest in GMAC, Allison
    Transmission, its electro-motive division and shareholdings
    in Suzuki and Fuji Heavy Industries.  Proceeds have been
    used to finance operating losses, substantial costs related
    to Delphi, the funding of an independent VEBA related to an
    earlier healthcare agreement with the UAW, and a price
    adjustment related to the sale of GMAC, all of which have
    reduced available liquidity;

-- Despite the potential removal of health care liabilities,
    GM's balance sheet has added significant incremental debt
    over the past several years, and the potential absence of
    free cash flow available over the near term will preclude
    significant debt reduction from existing levels;

-- Ongoing heavy costs related to its agreement with Delphi,
    and any additional costs required to assist in Delphi's
    emergence from bankruptcy;

-- The impact of local labor agreements on GM's fixed cost
    structure;

-- GM's North American revenue performance, which will remain
    under pressure for at least the next twelve months due to
    deteriorating economic conditions, the impact of a
    recessionary housing market on pickup sales, and weak
    performance across a number of GM's product segments;

-- Strong performance of GM's international operations, and the
    ability of those operations to contribute to the servicing
    of consolidated liabilities.

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.


GP INVESTMENTS: S&P Places B+ Rating on Proposed Bonds
------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+' rating
to the proposed additional issuance of perpetual bonds by GP
Investments Ltd. (GP; B+/Stable/--).  The additional issuance
has the same characteristics as the notes issued in January
2007, except for the pledge of the shares of GP Private Equity,
Ltd., which were released in June 2007.

GP's investment policy includes preference for larger companies,
primarily located in Brazil and, to a lesser extent in other
Latin American countries. We expect the investment portfolio to
have significant concentration in the medium-to-long term.  The
company has certain policies on maximum concentration; however,
this compares unfavorably with global private equity businesses.
On the positive side, the investments exclude start-up
companies, which reduce uncertainty in the investment process.

Liquidity and leverage are potential risk factors to the rating
because of the intrinsic risks to the private equity activity,
and require close monitoring. GP partially mitigated the
liquidity risk by using a coupon-payment reserve to cover an 18-
month period of interest on the perpetual notes. GP also intends
to keep minimum cash reserves to cover operating expenses during
the preoperating phase. We view this as a key feature because
recurring revenues were not sufficient to cover fixed costs in
2006, a situation that we expect to improve only after 2007,
with the inflow of additional management fees.

The stable outlook on GP's rating reflects our expectations that
GP will maintain strong investment concentration during the next
years, requiring disciplined liquidity management. The outlook
also incorporates our expectation that recurring revenues will
be sufficient to cover fixed costs after 2007. The rating may be
lowered or the outlook revised to negative if the company
increases its total debt beyond $250 million or has worse-than-
expected liquidity indicators. We expect the company to maintain
cash reserves that are sufficient to cover both financial and
operational costs.

GP Investments - http://www.gpinvestments.com/-- is a leading
private equity player in Brazil.  The GP Investments' activities
consist of its core private equity business and its asset
management business, and its mission is to generate higher than
average long-term return to its investors and shareholders.
Since its inception in 1993, GP Investments raised more than
US$1.5 billion from Brazilian and international investors, and
acquired more than thirty-five companies in ten different
sectors.  On May 2006, GP Investments concluded its Initial
Public Offering -- IPO, becoming the first listed private equity
company in Brazil.


GP INVESTMENTS: Fitch Expects B/RR4 Rating on Perpetual Notes
-------------------------------------------------------------
Fitch Ratings expects to assign a 'B/RR4' rating to GP
Investments Ltd extension of the 2007 senior perpetual notes
program.  The Rating Outlook is Positive.

On July 25, 2007, Fitch revised the Rating Outlook of GP's IDR
'B' and its original US$150 million perpetual notes issuance to
Positive from Stable given the significant expected increase in
assets under management and its positive effects over GP's
recurrent income.  Resolution of the Positive Outlook will
depend on the ability of GP to sustain the expected increase in
recurring income and keep an adequate control of its expenses,
while a successful deployment of new investments will also be
monitored.  The need for a significantly more diversified
investment portfolio, a further increase of recurrent income to
cover operating expenses, and a more developed valuation
methodology, are key to sustain an improvement of GP's rating
going forward.

The perpetual notes will have no fixed final maturity date and
will be repaid only in the event that the Issuer redeems the
notes or upon acceleration due to an event of default.  The
notes will be general unsubordinated obligations of GP and will
rank pari passu with the company's unsubordinated indebtedness.
The obligations of GP under the notes will be supported by an
18-month coupon payment reserve, which will be deposited in a
trustee.  The rating of the issuance recognizes the liquidity
implicit in the coupon reserve, augmented by substantial cash
currently on hand, nevertheless, the concern is that the latter
is intended to be used for investments, and its availability at
any point during the life of the debt instrument is difficult to
predict.

GP's ratings are supported by adequate leverage levels, the
franchise of the company and the experience of the management
team which bodes well for positive prospects going forward.
Also, the significant increase in the size of its portfolio of
managed investments results in a positive trend on its recurrent
income.  The ratings are constrained, however, by the
concentrated nature of the current and intended investment
portfolio (by country and by individual investment size), the
uncertainty related to the maturation period of the investment
portfolio, and GP's timing and ability to realize investment
gains.

GP Investments - http://www.gpinvestments.com/-- is a leading
private equity player in Brazil.  The GP Investments' activities
consist of its core private equity business and its asset
management business, and its mission is to generate higher than
average long-term return to its investors and shareholders.
Since its inception in 1993, GP Investments raised more than
US$1.5 billion from Brazilian and international investors, and
acquired more than thirty-five companies in ten different
sectors.  On May 2006, GP Investments concluded its Initial
Public Offering -- IPO, becoming the first listed private equity
company in Brazil.


JBS SA: Moody's Confirms B1 Senior Unsecured Rating
---------------------------------------------------
Moody's Investors Service has confirmed Brazilian meat processor
JBS S.A.'s B1 global local currency corporate family rating and
its B1 senior unsecured rating.  The rating outlook is negative.
This action concludes the review for downgrade Moody's initiated
on May 29, 2007, following the company's announced signing of a
definitive agreement to acquire US-based meat processor Swift &
Company for approximately US$1.4 billion.

"The confirmation of JBS's B1 rating with a negative outlook
recognizes among other factors the execution and operational
challenges JBS will face to turn Swift's beef U.S. operations
around, as well as Swift's overall higher and more volatile
cost-structure which will result in significantly lower margins
for JBS overall", said Moody's AVP-Analyst Soummo Mukherjee.
"These risks are, however, partly mitigated by the approximate
US$950 million equity contribution to fund this transaction,
resulting in a pro-forma leverage (Debt/EBITDA) of 3.7 times, as
well as the company's improved scale, geographic diversification
of sales and raw materials", added Mr. Mukherjee.

After several changes to the financing structure to acquire
Swift, JBS ended up contributing a total of USD 950 million in
equity to fund the Swift transaction and reducing total Swift
debt by approximately US$430 million, bringing the company's
Debt/EBITDA to 7.1 times from 10.5 times at the end of FYE 2007
(according to Moody's standard definitions and adjustments).
US$155 million came from J&F, a holding controlled by JBS'
family members, while another US$583 million was raised in
equity and subscribed by Brazilian development bank, BNDES and
US$212 million was subscribed by other minority shareholders.
Moody's regards as positive the fact that BNDES, rated A1
(global local currency), is now a strategic shareholder in JBS
with a 12.95% ownership.  BNDES has a track record for
supporting its equity investments, a source of cheap financing
for local currency debt and considered a lender of last resort
to troubled credits in Brazil.

Swift is the largest acquisition that JBS has ever made, which
poses significant execution challenges in the successful
implementation of the turnaround process at Swift by JBS
executives.  While JBS's management is experienced in the
Brazilian and, more recently, in the Argentinean market, JBS has
no prior experience operating in the US and Australian markets;
nor does it have experience operating in the pork business,
which accounts for approximately 22% of Swift's revenues.  Given
the different protein production and processing dynamics, the
differing retail and food service business practices, as well as
consumer marketing, taste and purchasing preferences, the
current B1 rating does not incorporate a significant improvement
in cash flow generation or operating margins at Swift due to
JBS' new initiatives aimed at reducing costs.

Swift's efficiency and profitability profile is weak.  Swift's
margins are low, even for a protein processor reflecting the
overall industry challenges as well as historically weak
operating performance in its US beef business.  EBITA margin has
fallen consistently since fiscal 2003's modest 2.1%, given the
challenges in the beef industry over this time frame.  Fiscal
2007 profitability has been impacted by the December 2006 raid
on Swift's operations by the U.S. Immigration and Customs
Enforcement Agency, which disrupted the company's operations.
After a six to seven hour suspension of operations on
Dec. 12, Swift resumed production at all facilities, at reduced
output levels.  Over the near term, beef output levels are
expected to be below and operating costs above historical levels
-- at least through the summer of 2007 -- due to the fallout
from this event.

Moody's analyzes JBS's operations in the context of the Rating
Methodology for Global Natural Product Processors -- Protein and
Agriculture.  Using the 22 rating factors cited in this
methodology JBS's rating based on the last three years of
Swift's and JBS's results yield a B1 rating, the same level as
its actual rating.  JBS's overall operating margins and cash
flow metrics will be negatively impacted by Swift's overall
lower margins.  JBS's EBITDA margin and FFO/Debt of 18 % and
21%, respectively for last twelve months ended in June 30, 2007,
will drop to approximately 4% and 11% with the inclusion of
Swift, immediately after the transaction.  However, the combined
group benefits from higher qualitative scores in terms of
improved size, scale, geographic sales and raw materials
diversification, as well as improved market share worldwide,
help support the B1 rating for JBS after the acquisition of
Swift.

The negative rating outlook on JBS' ratings reflect the expected
significant operating challenges it faces in successfully
turning around Swift's US beef operations while keeping the
other businesses (Brazil, Argentina, US pork and Australia beef)
on track and without disruptions.  Furthermore, the negative
outlook reflects some concern with the refinancing risk
associated with the loan and credit agreements totaling US$750
million at Swift Holdings that mature over the coming 12 months.

Outlook Actions:

   -- Outlook, Changed To Negative From Rating Under Review

Confirmations:

    -- Corporate Family Rating, Confirmed at B1
    -- Senior Unsecured Regular Bond/Debenture, Confirmed at B1

Stabilization of the rating outlook would require more stable
operating performance at Swift, and require evidence that the
transition to its new senior management team has occurred
without operational disruptions, loss of market share or
negative earnings impact.  Quantitatively, it would require last
twelve months Debt/EBITDA to be below 3.5 times, EBITA/Interest
to be above 1.5 times and RCF / Net Debt above 15%, all on a
consistent basis.  All credit metrics are according to Moody's
standard adjustments and definitions.

JBS's ratings could be lowered should operating performance at
Swift fail to rebound as expected, should Swift's market share
erode, or should the company fail to address its debt maturities
in a timely manner and the company's financial flexibility
become limited.  Quantitatively, negative rating pressure would
arise should LTM Debt/EBITDA likely be sustained above 4 times,
EBIT/Interest approach 1.0 or RCF/Net Debt fall below 10%.

Headquartered in Sao Paulo, Brazil, JBS is the third largest
beef company in the world in terms of cattle slaughtering
capacity and the largest beef processor and exporter in Brazil,
Argentina and Latin America.  With operations in Brazil and
Argentina, JBS produces, prepares, packages and delivers fresh,
chilled and processed beef and beef by-products to customers
both in Brazil and abroad.


MAGNA INTERNATIONAL: Buys 11.9 Mln Class A Shares for US$1.1 Bln
----------------------------------------------------------------
Magna International Inc. reported 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 confirmed that it has purchased
for cancellation 11,908,944 Class A Subordinate Voting Shares,
representing 9.2% of its 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 on Sept. 25, 2007.  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.

Headquartered in Ontario, Canada, Magna International Inc. (TSX:
MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a an
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 on Sept. 24, 2007,
Magna International Inc.'s plan of arrangement and agreements
relating to the strategic investment in Magna by Open Joint
Stock Company Russian Machines became effective on
Sept. 20, 2007.


* BRAZIL: Invites Foreign Oil Companies to Explore for Oil
----------------------------------------------------------
The Brazilian government is set to become a net oil exporter by
offering licenses to foreign oil companies in order to expand
production and reserves.

Brazil aims to boost production to 2.7 million barrels per day
by 2012 from its current level of 1.8 million barrels per day,
The Financial Times reports.

Nelson Narciso, head of the country's hydrocarbons regulator,
told oil executives in London, that investors would find a
stable operating environment in his country for long-term
development, the FT relates.

The November licensing round will offer 98,000 sq. km in 313
areas, the FT says.  Mr. Narciso said that about 40% of the new
licenses are for areas with high potential.

Oil experts, according to the FT, see Brazil as a largely
unexplored area with high potential.  However, exploration costs
in the region would be high and could cause investors to think
twice before investing.

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: Won't Renegotiate Pacts with Foreign Oil Companies
------------------------------------------------------------
Brazil's National Petroleum Agency director Newton Monteiro told
Reuters that the government won't renegotiate its oil contracts
with foreign companies.

Brazil needed foreign investors to increase its oil output in
the coming years, Reuters says, citing Mr. Monteiro.  According
to him, the state-run oil firm Petroleo Brasileiro SA is a large
company but it can't handle everything.

"So it's necessary to have different companies with more
investment and people to get to our reserves and place our
country in a comfortable position," Mr. Monteiro commented to
Reuters.

Mr. Monteiro told Reuters that Brazil wouldn't follow the lead
of Venezuelan President Hugo Chavez in renegotiating oil
contracts to increase the state's share of oil revenues.  He
said that President Chavez, who has good relationship with the
Brazilian government, is merely a neighbor and that the decision
he made "has no reception in Brazil."

Meanwhile, Brazil is seeking to auction off 312 oil and gas
blocks on from Nov. 27 to Nov. 28, Reuters relates.

About 50 energy firms showed some interest, including BP and
Exxon, Reuters states, citing Mr. Monteiro.

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: State Firm Says Exxon Mobil May Sell LatAm Assets
-----------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's
international department head Nestor Cervero told Business News
Americas that U.S. oil company Exxon Mobil is keen on selling
its assets in Mercosur nations as well as in Chile.

Mercosur countries include Argentina, Brazil, Paraguay, and
Uruguay.

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2007, Exxon Mobil reportedly plans to sell its
Argentine assets US$200 million, which include hundreds of
service stations and a plant.  Exxon Mobil allegedly wants to
sell its stake "as Argentine government policies to keep fuel
prices down have squeezed profit margins."  Petroleo Brasileiro
SA is the most likely candidate to purchase Exxon Mobil's
Argentine subsidiary Esso.

Mr. Cervero didn't confirm to BNamericas whether Petroleo
Brasileiro is interested in the Argentine asset.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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




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


ANTHRACITE BALANCED: Proofs of Claim Filing Deadline Is Oct. 1
--------------------------------------------------------------
Anthracite Balanced Company (14) Ltd.'s creditors are given
until Oct. 1, 2007, to prove their claims to Scott Aitken and
Connan Hill, 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.

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

The liquidators can be reached at:

       Scott Aitken
       Connan Hill
       P.O. Box 1109
       George Town, Grand Cayman
       Cayman Islands
       Telephone: (345) 949-7755
       Fax: (345) 949-7634


ANTHRACITE BALANCED: Sets Final Shareholders Meeting for Oct. 1
---------------------------------------------------------------
Anthracite Balanced Company (14) Ltd. will hold its final
shareholders meeting on Oct. 1, 2007, at 10:00 a.m., at:

          P.O. Box 1109
          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 liquidators can be reached at:

         Scott Aitken
         Connan Hill
         P.O. Box 1109
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 949-7755
         Fax: (345) 949-7634


ANTHRACITE MASTER: Proofs of Claim Filing Deadline Is Oct. 1
------------------------------------------------------------
Anthracite Master Company (3) Ltd.'s creditors are given until
Oct. 1, 2007, to prove their claims to Scott Aitken and Connan
Hill, 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.

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

The liquidators can be reached at:

       Scott Aitken
       Connan Hill
       P.O. Box 1109
       George Town, Grand Cayman
       Cayman Islands
       Telephone: (345) 949-7755
       Fax: (345) 949-7634


ANTHRACITE MASTER: Final Shareholders Meeting Is Oct. 1
-------------------------------------------------------
Anthracite Master Company (3) Ltd. will hold its final
shareholders meeting on Oct. 1, 2007, at 10:00 a.m., at:

          P.O. Box 1109
          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 liquidators can be reached at:

         Scott Aitken
         Connan Hill
         P.O. Box 1109
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 949-7755
         Fax: (345) 949-7634


CABLE & WIRELESS: Earns BBD371.2 Mil. in Year Ended March 31
------------------------------------------------------------
Cable and Wireless' Barbados unit earned some BBD371.2 million
in the 2006/2007 financial year ended March 31, the Caribbean
Broadcasting Corp. reports.

According to the Caribbean Broadcasting, Cable & Wireless'
profit for the 2006/2007 period was about 4% higher compared to
the previous year's results, mainly due to a 15% boost in cell
phone subscribers and 73% increase in broadband clients.  This
helped "compensate for the downward trend on the traditional
line of business."

The breakdown of the revenue indicates that about BBD112 million
came from international sources, BBD256 million from domestic
operations and BBD2.3 million from information systems activity,
Cable & Wireless said in its yearly report.

The profit after tax was BBD80.9 million, the Caribbean
Broadcasting states.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


MKP CREDIT (OFFSHORE): Proofs of Claim Filing Deadline Is Oct. 1
----------------------------------------------------------------
MKP Credit III Offshore Ltd.'s creditors are given until
Oct. 1, 2007, to prove their claims to Peter D. Anderson and
William E.J. Walmsley, 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.

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

The liquidator can be reached at:

       Peter D. Anderson
       Tel: (345) 949-7576
       Fax: (345) 949-8295
       P. O. Box 897
       George Town, Grand Cayman KY1-1103
       Cayman Islands


MKP CREDIT (MASTER): Proofs of Claim Filing Ends Oct. 1
-------------------------------------------------------
MKP Credit III Master Fund Ltd.'s creditors are given until
Oct. 1, 2007, to prove their claims to Peter D. Anderson and
William E.J. Walmsley, 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.

MKP Credit's shareholders agreed on Aug. 2, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Peter D. Anderson
       Tel: (345) 949-7576
       Fax: (345) 949-8295
       P. O. Box 897
       George Town, Grand Cayman KY1-1103
       Cayman Islands




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


PHELPS DODGE: Strong Earnings Cue Moody's to Revise Outlook
-----------------------------------------------------------
Moody's Investors Service has revised Freeport-McMoRan Copper &
Gold Inc.'s and Phelps Dodge's outlooks to positive and affirmed
all of Freeport's and Phelps Dodge's other ratings.  The ratings
reflect the overall probability of default of Freeport, to which
Moody's assigns a PDR of Ba2.  The change in outlook reflects
the very strong earnings and cash flow of Freeport in the
current metals market, Freeport's use of free cash flow to
reduce debt since the acquisition of Phelps Dodge, and Moody's
assumption that free cash flow will be sufficient to permit
repayment of much of the company's US$2.45 billion Term Loan A
over the next two to three quarters.

The Ba2 corporate family rating reflects Freeport's high debt
level of approximately US$11.3 billion, including Moody's
adjustments, the high concentration in copper and resultant
variability in earnings and cash flow, significant capital
expenditures, and a high level of reliance on the Grasberg mine
in Indonesia.  The Ba2 rating favorably considers the company's
leading positions in copper and molybdenum, a significant amount
of gold production, the low cost, long-life reserves at PT-FI,
and improved operating and political diversity.

Outlook Actions:

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

   -- Corporate Family Rating: Ba2

   -- Probability of Default Rating: Ba2

   -- US$0.5 billion Senior Secured Revolving Credit facility,
      Baa2, LGD1, 2%

   -- US$1.0 billion Senior Secured Revolving Credit Facility,
      Baa3, LGD2, 17%

   -- US$2.45 billion Senior Secured Term Loan A, Baa3, LGD2,
      17%

   -- US$339.7 million 6.875% Senior Secured Notes due 2014,
      Baa3, LGD2, 17%

   -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%

Issuer: Phelps Dodge Corporation

   -- US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3,
      36%

   -- US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3,
      36%

   -- US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3,
      36%

   -- US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3,
      36%

Moody's last rating action on Freeport was to assign a Baa3
rating to its Term Loan A and upgrade the Phelps Dodge notes to
Ba1 in July 2007.

Phelps Dodge Corp. (NYSE: PD) http://www.phelpsdodge.com/-- is
one of the world's leading producers of copper and molybdenum
and is the largest producer of molybdenum-based chemicals and
continuous-cast copper rod.  The company employs 15,000 people
worldwide.  Phelps Dodge has mining operations in Chile, Peru,
Colombia, Venezuela and Ecuador, among others.




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


BANCOLOMBIA: Completes Issuance of Ordinary Notes for COP1.5 Bln
----------------------------------------------------------------
Bancolombia S.A. has completed the issuance of Ordinary Notes
for an aggregate principal amount of COP400 billion, which is
the first of multiple and successive issuances of global
Ordinary Notes which are limited to an aggregate principal
amount of one trillion five hundred billion pesos
(COP1,500,000,000,000).  The subscription for today's offering
was for COP747.3 billion, equivalent to 1.87 times the size of
the offering.

The Ordinary Notes are issued in registered form (a la orden)
and negotiable in the secondary market and have the following
terms:

      Aggregate
   Principal Amount      Maturity
        COP              (Months)          Coupon Rate
   ----------------      ---------         -----------
    139,848,000,000           18        DTF +  1.99%  T.A.
     91,000,000,000           24        DTF +  2.20%  T.A.
    107,400,000,000           60        DTF +  2.68%  T.A.
     61,752,000,000            60       IPC +  6.10%  E.A.

All of the proceeds from the offering will be used for general
corporate purposes of Bancolombia, including all the business
and operational transactions available to banking institutions
in accordance with the terms and requirements established by
applicable law.

The Ordinary Notes were rated AAA by Duff & Phelps of Colombia.

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.


ECOPETROL: Completes First Initial Public Offering
--------------------------------------------------
Colombia's state-owned oil company, Ecopetrol S.A., has raised
COP6.6 trilllion (US$3.3 billion) in the first round of its
initial public offering, Guillermo Parra-Bernal at Bloomberg
News reports.

The sale process, the first in a three-round series, was
launched by the government in order to raise funds that would
help ease the country's deficit and spur investments in
exploration and production.  Colombia is Latin America's
fifth-largest oil exporter with 1.5 billion barrels of proven
oil reserves.

The first phase is designed to transfer a 10.1% ownership to
retired Ecopetrol employees, pension funds, unions, and
cooperatives.  The second round of the sale process will
commence after the sold shares will start trading in November,
and still aimed at Colombian investors.  Reuters says the next
sale would be for 9.9% stake in Ecopetrol.  The third round will
be for international investors and will be launched by August
2008 in the United States.

Response from local investors was high, thrice that of what the
company has expected.

"It was a positive surprise because it attracted three times
more investors than we initially estimated," David Cortes, who
oversees about US$120 million in emerging market debt for
Bulltick LLC in Miami, told Bloomberg.  "This underscores the
great degree of investor confidence in Colombia."

Colombia's sale of Ecopetrol's stake is modelled after Brazil's
Petroleo Brasileiro, where it sold shares a decade ago, a move
that made it a net oil exporter, the same report says.

"We are bucking a trend in Latin America," Colombian President
Alvaro Uribe was quoted by Bloomberg as saying while in New York
attending the United Nations General Assembly.  "The tendency in
Latin America is for state energy monopolies and what we did in
Colombia wasn't easy. It's a big achievement."

Juan Pablo Cordoba, president of the Colombian Stock Exchange,
told Bloomberg in an interview that the IPO signals that the
government has chosen "to have more modern markets and
mechanisms to redistribute wealth across its citizens in an
orderly, market-friendly manner."

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006
and has 330,000 barrels a day of refining capacity, according to
the company's Web site.  In 2005 it produced about 60 percent of
Colombia's daily output.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Fitch Ratings upgraded the foreign currency
Issuer Default Ratings of Ecopetrol to 'BB+' from 'BB'.  The
rating action followed the upgrade of The Republic of Colombia's
foreign currency Issuer Default Ratings to 'BB+' from 'BB'.


SOLUTIA INC: Poised to Emerge After Chapter 11 Settlement
---------------------------------------------------------
Solutia Inc. has secured the support of all of the major
constituents in its Chapter 11 cases for a consensual plan of
reorganization.

"I am extremely pleased to announce that we have reached a
comprehensive settlement with all of the major constituents in
our bankruptcy case that will form the basis for a revised
consensual plan of reorganization that will be filed within the
next few days," said Jeffry N. Quinn, chairman, president and
chief executive officer of Solutia Inc.  "The revised plan will
position Solutia to emerge from bankruptcy by the end of this
year as a financially healthy organization well-positioned to
create significant value for its stakeholders."

"The revised plan will provide for US$250 million of new
investment in reorganized Solutia through a backstopped rights
offering to certain creditors, as well as a reallocation of the
legacy liabilities that Solutia assumed when it was spun off.
Importantly, it also will provide for a resolution of all the
litigation between the settling parties including a potential
appeal by our noteholders, the adversary proceeding filed by our
current equity holders against Monsanto and Pharmacia, and
related objections to the Monsanto and Pharmacia claims."

The settlement and revised plan is supported by the Ad Hoc
Committee of Solutia Noteholders, the Official Committee of
Equity Security Holders, the Official Committee of Unsecured
Creditors, Monsanto Company, Pharmacia Corporation, the Official
Committee of Retirees, and the Ad Hoc Committee of Trade
Creditors.  As part of the settlement, the following parties
executed agreements earlier this month in support of the
settlement and revised plan of reorganization: Monsanto,
noteholders controlling at least US$300.1 million in principal
amount of the 2027/2037 notes, the official committee of general
unsecured creditors, the official committee of equity security
holders, the ad hoc trade committee, and Solutia.  The support
agreements became effective on Sept. 6, 2007.

Solutia will update its disclosure statement and plan of
reorganization to reflect the terms of the settlement, and
anticipates filing these documents with the U.S. Bankruptcy
Court for the Southern District of New York promptly.  An
Oct. 10, 2007 court date has been set seeking approval of the
disclosure statement.  Once approved, the disclosure statement
will be sent to Solutia's creditors and equity interest holders
for voting purposes.  Following the voting process, the court
will hold a hearing to approve or "confirm" the plan.

"Since beginning the chapter 11 process, we have concentrated on
the implementation of a reorganization strategy focused on
enhancing our financial and operating performance, changing our
portfolio so that it consists of high potential businesses, and
achieving a reallocation of legacy liabilities.  I am pleased to
say that the men and women of Solutia have been very successful
in executing this strategy and, as a result, we are able to
provide enhanced recoveries for all creditor constituencies,
including current equity holders," added Quinn.  "The revised
plan also situates us well to deliver the fourth component of
our strategy for rehabilitating our company -- exiting
bankruptcy with a competitive capital structure."

James M. Sullivan, chief financial officer of Solutia, noted,
"Despite the recent turbulence in the debt capital markets, I am
confident that Solutia will be able to secure the necessary exit
financing package to consummate the revised plan.  We have
improved our earnings, reduced our risk profile, gained the
infusion of new money investment through the rights offering,
and will propose a capital structure with moderate leverage.  We
are moving forward in earnest with the exit financing process
and plan to put financing in place consistent with our emergence
timeframe."

             Major Terms Underlying Settlement and
                       Reorganization Plan

(1) US$250 Million of New Investment

The revised plan will provide for US$250 million of new
investment in reorganized Solutia.  This investment will be in
the form of a rights offering to the noteholders and general
unsecured creditors, who will be given the opportunity to
purchase shares of the new common stock on a pro rata basis at a
33.3% discount to the implied equity value.  The rights offering
will be backstopped by a group of Solutia's creditors (i.e. they
will purchase any shares not bought by other creditors).  For
this commitment they will receive a fee of 2.50% and an
allocation of 15% of the rights offering.

The US$250 million generated as a result of the rights offering
will be used as follows: US$175 million will be set aside in a
Voluntary Employees' Beneficiary Association Retiree Trust to
fund the retiree welfare benefits for those pre-spin retirees
whom receive these benefits from Solutia; and US$75 million will
be used by Solutia to pay for other legacy liabilities being
retained by the company.

(2) Relief from Tort Litigation and Environmental Remediation
    Liabilities

Consistent with Solutia and Monsanto's prior agreement, the
settlement provides that Monsanto will take on financial
responsibilities in the areas of tort litigation and
environmental remediation.

  -- Monsanto will be financially responsible for all
     current and future tort litigation costs arising from
     Pharmacia's chemical business prior to the Solutia
     spinoff.  This includes litigation arising from
     exposure to PCBs and other chemicals.

  -- Monsanto will accept financial responsibility for
     environmental remediation and clean-up obligations at
     all sites for which Solutia was required to assume
     responsibility at the spinoff but which were never
     owned or operated by Solutia.  Solutia will remain
     responsible for the environmental liabilities at sites
     that it presently owns or operates.

  -- Solutia and Monsanto will share financial responsibility
     with respect to two sites. Under this cost-sharing
     arrangement the first US$50 million of post-emergence
     remediation and cleanup costs will be funded by the
     proceeds of the rights offering described above.  Upon
     emergence, Solutia would be responsible for the funding of
     these sites up to an agreed amount.  Thereafter, if needed,
     Monsanto and Solutia would share responsibility equally.

(3) Current Equity Holders New Common Stock Purchase Option

Under the revised plan, in addition to other considerations,
current equity holders that own at least a specified number of
shares of Solutia common stock will receive rights to purchase,
at the time of the company's emergence from bankruptcy, a pro
rata share of up to 17% of the new common stock for US$175
million which is at a discount from the implied equity value
under the revised plan.  The proceeds from the sale of this
equity will fund a cash payment to Monsanto of up to US$175
million.  Any portion of the 17% of the new common stock that is
not purchased by current equity holders will be distributed to
Monsanto under the revised plan.

(4) Settlement of Litigation and Claims Objection

Each of the settling parties has agreed to stay all pending
litigation relating to Solutia's chapter 11 cases until the
effective date of the plan, at which time this litigation will
be dismissed.  This includes objections to the disclosure
statement and plan of reorganization filed by the noteholders
and the equity security holders, the adversary proceeding filed
by the equity security holders against Monsanto and Pharmacia,
objections to the claims filed in the case by Monsanto and
Pharmacia, and the noteholders' appeal of the decision in the
litigation related to the secured or unsecured nature of their
claims.

(5) Composition of Board of Directors

Under the revised plan, reorganized Solutia's Board of Directors
will be comprised of nine members, including: Jeffry N. Quinn,
Solutia's chairman, president and chief executive officer; J.
Patrick Mulcahy, a current director of Solutia; one director
designated by each of Monsanto, the general unsecured creditors
and the noteholders; and four directors designated by a five-
person search committee consisting of Mr. Quinn, two
representatives from the noteholders and one representative each
from the general unsecured creditors and the ad hoc trade
creditors.  Solutia has engaged the services of Spencer Stuart,
a global search firm, to begin the process of helping identify
and recommend highly qualified board candidates.

(6) Anticipated Creditor Recoveries and Equity Ownership

Assuming full subscription to the rights offering by the
participating parties (including the backstop parties), a full
exercise of the new common stock purchase option, and an
estimated general unsecured claims pool of US$342 million, the
following creditors and equity security holders will receive the
following distributions:

      -- General Unsecured Creditors will receive their pro
         rata  share of 31.4% of the new common stock,
         resulting in a recovery of 80.6 cents on the dollar.

      -- Noteholders will receive their pro rata share of
         43.8% of the new common stock, resulting in a
         recovery of 88.4 cents on the dollar.

      -- Monsanto will receive up to US$175 million in cash.
         Any shares of new common stock not purchased by
         current equity holders pursuant to the new common
         stock purchase option will be distributed to Monsanto
         and the cash distribution reduced accordingly.

      -- Equity Security Holders will receive their pro rate
         share of 1% of the new common stock and pursuant to
         the new common stock purchase option, holders that own
         at least a specified number of shares of Solutia
         common stock will receive rights to purchase a pro
         rata share of up to 17% of the new common stock.

         Assuming the new common stock purchase option is
         fully exercised, current equity security holders will
         own up to 18% of the new common stock.

         Additionally, current equity security holders will
         have the following rights:  i) holders who own at
         least a specified number of shares of Solutia common
         stock will receive their pro rata share of five-year
         warrants to purchase 7.5% of the common stock; and ii)
         holders who own at least a specified number of shares
         of Solutia common stock will receive the right to
         participate in a buy out for cash of  general
         unsecured claims of less than US$100,000 for an amount
         equal to 52.35% of the allowed amount of such claims,
         subject to election of each general unsecured creditor
         to sell their claim.

      -- Retirees will receive the benefits provided for under
         the terms of the settlement between Solutia and its
         retirees, which was previously announced and is not
         being altered by the settlement currently announced.
         In accordance with that settlement, the retirees, as
         a class, will receive 2% of the new common stock.
         This stock will be deposited into a VEBA trust that
         will be used to pay retiree welfare benefits.  This
         is in addition to the US$175 million from the rights
         offering that will also be deposited into the VEBA
         trust.

      -- Backstop Parties (the backstoppers of the rights
         offering) will own 4.7% of the new common stock.

                  General Plan Assumptions

Solutia will be an independent, publicly traded company listed
on a national exchange.  The enterprise value of reorganized
Solutia is currently estimated to be approximately US$2.85
billion, with corresponding implied reorganization equity value
of approximately US$1.2 billion.  In total, 59.75 million common
shares will be issued and allocated upon emergence, exclusive of
an anticipated management incentive plan to be approved as part
of the revised plan of reorganization.

"This settlement is the result of difficult negotiations that
lead to compromise.  A tremendous amount of hard work by all of
the various constituents has gone into this reorganization
process and I want to thank everyone who has been involved,"
stated Mr. Quinn.

                     About Solutia Inc.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007, and is set to continue on Oct. 10, 2007.


* COLOMBIA: Telecom Firms File Lawsuit Against Trade Regulator
--------------------------------------------------------------
Published reports say that 10 fixed line operators have sued
Colombian trade and industry regulator Superintendencia de
Industria y Comercio for failing to intervene in 1998 when
complaints were made that fixed to mobile rates were being
unfairly charged.

Municipally owned firms EPM UNE and ETB and small private
companies demand that the regulator be held responsible for
losses they suffered due to unreasonable interconnection rates
mobile companies were charging their fixed line counterparts,
the press says, citing a document filed with the Cundinamarca
department's state tribunal.

According to the reports, the fixed line telecom companies
claimed that they have informed the telecoms regulator Comision
de Regulacion de Telecomunicaciones of the situation since
November 1998.

Comision de Regulacion then asked Superintendencia de Industria
to conduct a probe on the claims, reporters state.  However, the
trade and industry regulator failed to do so.

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




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


ALCATEL-LUCENT: Partners w/ Telecom to Supply Routing Solution
--------------------------------------------------------------
Alcatel-Lucent signed MOU with Telecom Corporation of New
Zealand to supply IP/MPLS switching and routing products to
support Telecom's delivery of next-generation residential
services.

The Alcatel-Lucent 7750 Service Router was selected as it offers
flexible delivery of multi-service residential services, and
integrates seamlessly with Telecom's existing operational
support systems via Alcatel-Lucent's Connected Partner Program.
This program facilitates interworking between Alcatel-Lucent and
third-party software vendors, which simplifies the integration
process and eliminates the need for local customization.  The
7750 SR complements Telecom New Zealand's deployment of 7450
Ethernet Service Switch over the last 18 months.

"With Alcatel-Lucent's converged, all-IP, multi-service
residential infrastructure, Telecom New Zealand can continue to
enhance broadband experiences for its customers," said Greg
Patchell, Group Technology Officer, Telecom New Zealand.

Telecom's migration to an open standards DHCP/IP based network
is aimed at increasing the functionality, resilience and
capacity for its Next Generation Telecom initiative, delivering
advanced residential services to wholesale and retail customers
throughout New Zealand.

The solution will also give Telecom operational flexibility;
providing Telecom with several network structure options, to
adapt easily to the changing market dynamics of the New Zealand
telecommunications environment.

Network management will be handled by the Alcatel-Lucent 5620
Service Aware Manager, which automates tasks while supporting
the introduction and administration of new services.

"Alcatel-Lucent is the leader in triple play solutions and this
win reinforces the strength of our end-to-end offering.  Our
solution gives Telecom New Zealand the service flexibility,
continuity and richness that are critical to delivering customer
satisfaction," said Frederic Rose, President of Alcatel-Lucent's
activities in Asia Pacific.

Over 180 service providers in more than 70 countries around the
world have selected the Alcatel-Lucent IP portfolio as key
elements of their IP transformation, including massive, multi-
year projects at AT&T, BT, Cable & Wireless, Telef˘nica and
Telstra.  According to Ovum-RHK, Alcatel-Lucent was #2 in the
IP/MPLS Edge market segment in Q2 2007, with 21% market share.

                    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, 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.

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.




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


GENERAL CABLE: Moody's Puts B1 Rating on US$400MM Proposed Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a rating of B1 to the
proposed US$400 million senior unsecured convertible notes of
General Cable Corporation.  Concurrently, Moody's confirmed all
other ratings for this issuer, concluding a review initiated on
Sept. 12, 2007.  Following this rating action, the rating
outlook is stable.

The proceeds of the new US$400 million senior unsecured
convertible notes together with a draw under the company's
asset-based revolver and cash on hand will be utilized to
acquire the capital stock of Phelps Dodge International
Corporation, a division of Phelps Dodge Corporation, from
Freeport-McMoRan Copper & Gold Inc.

Moody's took these rating actions:

Assigned these ratings:

-- US$400 million senior unsecured convertible notes due 2012,
    at B1 (LGD4, 64%)

Confirmed ratings:

-- US$355 million senior unsecured convertible notes due 2013,
    at B1 (to LGD4, 64% from LGD4, 63%)

-- US$125 million senior unsecured floating rate notes due
    2015, B1 (to LGD4, 64% from LGD4, 63%)

-- US$200 million senior unsecured notes due 2017, B1 (to LGD4,
    64% from LGD4, 63%)

-- Corporate Family Rating, at Ba3

-- Probability of Default Rating, at Ba3

-- The outlook is stable.

The assignment of a B1 rating to the proposed senior unsecured
convertible notes and the confirmation of the Corporate Family
Rating at Ba3 continues to reflect the company's moderate
leverage; good interest coverage; low cost operations; leading
market position in the wire & cable industry and highly
diversified end markets and customer base after giving effect to
the acquisition of PDIC. For the year ended Dec. 31, 2006, PDIC
reported revenues of approximately US$1.2 billion and operating
earnings of roughly US$68 million.  The combined entity is
considered to be strongly positioned in the Ba3 rating category.

The stable outlook reflects Moody's expectation that the company
will continue to grow volume, particularly in the electric
utility and electrical infrastructure segments as a result of
strong demand for its products.  Moody's also anticipates that
the company will reduce leverage to pre-acquisition levels well
before the end of 2009.

The ratings could come under upward rating pressure if total
debt to EBITDA fall below 2.5 times on a sustained basis or if
demand for the company's products lead to a sustained level of
free cash flow to total debt in excess of 10%.  Downgrade
pressure could occur if the company incurs major integration
problems with respect to the PDIC acquisition.  The ratings
could also be impaired if total debt to EBITDA increases above
3.7 times or if EBIT to interest expense declines below 2.3
times on a sustained basis.

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


GENERAL CABLE: S&P Puts B+ Rating on US$400-Mln Senior Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
unsecured debt rating to Highland Heights, Ky.-based General
Cable Corp.'s proposed US$400 million offering of senior
convertible notes due 2012.  The rating agency also affirmed the
'BB-' corporate credit rating.  The outlook is stable.

The funds will be used to partially fund the acquisition of the
global wire and cable business of Freeport-McMoRan Copper & Gold
Inc. (which operates as Phelps Dodge International Corp.) for
US$735 million, subject to certain adjustments.

"The ratings on General Cable reflect a cyclical operating
profile, driven by fluctuating market demand and volatility in
raw material pricing that can affect working capital
requirements and cash flow," said Standard & Poor's credit
analyst Bruce Hyman.  "These factors are offset somewhat by the
company's leading position in a global market for wire and
cables -- especially in the energy transmission and distribution
market -- and leverage that is moderate for the rating."

The proposed acquisition will contribute approximately US$1.4
billion in revenues at current metal prices and is expected to
be accretive to earnings in the first full year.  Standard &
Poor's estimates that the acquired business generated
approximately US$90 million in EBITDA in 2006, or about 6.4% of
sales.  Pro forma for the increased debt levels used to fund the
acquisition, debt to EBITDA rises somewhat, but is still
moderate for the rating, at less than 3.5.

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.




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


* ECUADOR: Suspending Ascendant Copper's Junin Mining Activity
--------------------------------------------------------------
Ecuadorian Oil and Mines Minister Galo Chiriboga has ordered
Ascendant Copper to cease mining activity at its Junin project,
Reuters reports.

According to Reuters, Ascendant Copper is exploring for copper
at the Junin project, which includes three concessions in
northern Ecuador.

Reuters relates that the suspension could lead to the
termination of Ascendant Copper's concessions.

Ascendant Copper breached mining regulations, Reuters says,
citing Minister Chiriboga.  According to him, the government is
reviewing other mine projects for similar irregularities.

Minister Chiriboga commented to the press, "We will see how the
facts evolve, but eventually this could lead to a revocation."

Authorities asked the firm in 2006 to suspend mining activity in
the area to prevent conflict with anti-mining activists who
argue the project is an environmental hazard, Reuters relates.

However, the suspension could be lifted once Ascendant Copper
renegotiates its project plans with local communities and
authorities, Reuters notes, citing Minister Chiriboga.

Minister Chiriboga told Reuters, "For those concessions that
have violated legal and constitutional regulations... we will
apply the law and that will be our mining industry policy."

A group of academics reviewing concessions will issue a report
next week on their findings, Reuters states, citing Minister
Chiriboga.

                        *     *     *

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-'.




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


* EL SALVADOR: State Firm Awarding El Chaparral Project Contract
----------------------------------------------------------------
A spokesperson of El Salvador's state-owned power firm CEL told
Business News Americas that the company would award in November
a contract for the construction of the 65.7-megawatt El
Chaparral hydro project.

According to BNamericas, the contract includes the construction
of power plant and dam in the lower zone of the Torola river
basin spanning these municipalities:

          -- San Luis de La Reina,
          -- Carolina, and
          -- San Antonio del Mosco in San Miguel department.

BNamericas relates that the Constructor Chaparral consortium and
Italian company Astaldi presented proposals for the US$140-
million project in May 2007.

The official told BNamericas that CEL is still analyzing offers.
Contract signing will be in November.

BNamericas notes that the Central American Bank for Economic
Integration will help fund the Chaparral project.

The project will help lessen CO2 emissions by 116,000 tons per
year by substituting thermo turbines, BNamericas states, citing
CEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 27, 2007, Standard & Poor's Ratings Services affirmed its
'BB+' long- and 'B' short-term sovereign credit ratings on the
Republic of El Salvador.  S&P said the outlook remains stable.




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


ALCATEL-LUCENT SA: Acquires U.K.-Based Tamblin Limited
------------------------------------------------------
Alcatel-Lucent S.A. has acquired U.K.-based Tamblin Limited, a
privately held software company that provides applications and
tool kits that will enhance Alcatel-Lucent's solution for
enabling IPTV users to easily find, connect and interact with
brands and entertainment they care about.

As the traction of IPTV services continues to take hold in all
regions, service providers are looking for ways to differentiate
their service packages, add revenue generating applications,
increase the stickiness of the services and get more value out
of their IP based network infrastructure.

Service providers can use Alcatel-Lucent's interactive TV
applications, now enhanced by the Tamblin software with their
existing IPTV middleware to offer their subscribers a unique TV
experience that lets them interact with their favorite brands
and entertainment services.

The Tamblin solutions have been recognized for the ease with
which brands and broadcasters can develop interactive TV
advertising campaigns and track usage. Broadcasters can create
one campaign that runs across multiple operators.

"Interactivity is doubly attractive to brands and advertisers
because it is based on an action of some kind that can provide a
metric on which to measure advertising", as Eden Zoller and
Vincent Poulbere, Principal Analysts at Ovum, wrote in their
recent report "Interactive Mobile Services."

Tamblin's 13 person staff will join Alcatel-Lucent's convergence
business activities within its multimedia and payment team.

"The experienced and talented team at Tamblin have developed a
powerful set of applications and tools that are being used by
clients such as the BBC, BskyB, ITV, Channel Five and Central
Office of Information.  We look forward to leveraging their
expertise and integrating them into a wider team dedicated to
identifying ways to help IPTV service providers deliver a
unique, interactive TV experience for their subscribers," said
Marc Rouanne, President of Alcatel-Lucent's convergence business
activities.

"We are delighted to join Alcatel-Lucent," said Stuart Waite,
CEO of Tamblin.  "We have the opportunity to bring our media and
broadcast clients together with the outstanding Alcatel-Lucent
IPTV operator customers to deliver leading interactive TV
services to the market."

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
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.

                        *     *     *

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


ALITALIA SPA: Chief to Name Possible Buyers This Month
------------------------------------------------------
Alitalia S.p.A. Chairman Maurizio Prato will name possible
bidders for the Italian government's 49.9& stake in the national
carrier by the end of September, Alessandro Torello writes for
Bloomberg News, citing Lombardy region chief Roberto Formigoni.

Mr. Formigoni said that by the end of the month, Mr. Prato "will
have defined with certainty the relations with potential
buyers."

As reported in the TCR-Europe on Sept. 13, 2007, Mr. Prato plans
to complete the sale of Italy's stake in the troubled carrier by
December 2007.

Mr. Prato told Il Sole 24 Ore that advisor Citigroup has
initiated contacts with parties that had participated in the
failed auction for Italy's stake in Alitalia and with Asian
firms.

The chairman expects the first rounds of meeting to be complete
by end of September or early October, Il Sole relates.  Mr.
Prato said he will conduct a first selection among potential
buyers by the end of October before starting an evaluation
phase.

Meanwhile, Italian deputy prime minister Francesco Rutelli
called on local investors to form a consortium to prevent
foreign firms from acquiring Alitalia, La Stampa reports.

Mr. Rutelli expressed support to a possible bid by Italian
airline AirOne S.p.A., saying it was the most sensible solution
for the flag carrier, La Stampa relates.

Pierluigi Bersani, Italy's economic development minister, also
expressed support to an Italian acquisition, but noted that the
final decision lies on Alitalia's owners and prime minister
Romano Prodi, who is reportedly backing Air France-KLM, La
Stampa adds.

                       About Alitalia

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

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




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


ATARI INCORPORATED: Deloitte & Touche Raises Going Concern Doubt
----------------------------------------------------------------
New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari Incorporated's ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended March 31, 2007.  The auditing firm
pointed to the company's significant operating losses.

The company posted a US$69,711,000 net loss on US$122,285,000 of
total revenues for the year ended March 31, 2007, as compared
with a US$68,986,000 net loss on US$206,796,000 of total revenue
in the prior year.  The company also posted an operating loss of
US$77,644,000 in fiscal 2007 as compared to a US$62,977,000 in
the prior year.

At March 31, 2007, the company's balance sheet showed
US$42,819,000 in total assets and US$39,725,000 in total
liabilities, resulting in a US$3,094,000 stockholders' equity.

During fiscal 2006 and 2007, the company sold a number of
intellectual properties and development facilities in order to
obtain cash to fund its operations.  During 2007, the company
raised approximately US$35,000,000 through the sale of the
rights to its Driver games and certain other intellectual
property, and the sale of its Reflections and Shiny studios.  By
the end of fiscal 2007, the company did not own any development
studios.

The company said that its ability to deliver products on time
depends in good part on developers' ability to meet completion
schedules.  Further, its expected releases in fiscal 2008 are
even fewer than its releases in fiscal 2007.

In addition, most of the company's releases for fiscal 2008 are
focused on the holiday season.  As a result its cash needs have
become more seasonal and it faces significant cash requirements
to fund the working capital needs during the second quarter of
its fiscal year.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?239c

                         About Atari

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) -
http://www.atari.com/-- together with its subsidiaries,
publishes, develops, and distributes video game software in
North America.  It offers games for various platforms.  Its
portfolio of games includes action, adventure, strategy, role-
playing, and racing.  Atari distributes its video game software
in the United States, Canada, and Mexico through mass merchants,
retail outlets, online outlets, specialty retailers, and
distributors.  The company founded in 1992, was formerly known
as Infogrames Inc. and GT Interactive Software Corp.  It changed
its name to Atari Incorporated in 2003 and is a subsidiary of
France-based Infogrames Entertainment SA.


BRAVO! BRANDS: Voluntary Chapter 7 Case Summary
-----------------------------------------------
Debtor: Bravo! Brands, Inc.
        fka China Peregrine Food Corporation
        fka China Premium Food Corporation
        fka Bravo! Foods International Corporation
        11300 U.S. Highway 1 Suite 400
        North Palm Beach, FL 33408

Bankruptcy Case No.: 07-17840

Type of business: Formerly known as Bravo Foods International
                  Corp., develops, brands, markets, distributes
                  and sells flavored milk products throughout
                  the 50 United States, Mexico and Puerto Rico.
                  See http://www.bravobrands.com

Chapter 7 Petition Date: September 21, 2007

Court: Southern District of Florida (West Palm Beach)

Judge: Paul G. Hyman, Jr.

Debtor's Counsel: Eric A. Rosen, Esq.
                  2925 P.G.A. Boulevard Suite 103
                  Palm Beach Gardens, FL 33410

Quarterly Financial Condition as of March 2007:

   Total Assets: $7,600,000

   Total Debts: $50,320,000

The Debtor did not file a list of its largest unsecured
creditors.


CHRYSLER LLC: UAW-GM Deal Prompts S&P To Watch Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said today that it placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

"The CreditWatch action reflects today's announcement that
General Motors Corp. (GM) and its main union, the United Auto
Workers (UAW), have reached a tentative new labor contract that
includes an agreement designed to address the massive
postretirement employment benefit obligations (OPEB)
associated with GM's UAW population," said Standard & Poor's
credit analyst Robert Schulz.  For now, there are few details
about the specifics of the health care agreement or other
important aspects of the contract such as wages, job security,
and work rules.

Today's tentative agreement ends the nationwide strike at GM
that began earlier this week. The chances of a prolonged and
widespread strike at GM, Chrysler, or Ford Motor Co. are now
largely averted, although we had always considered such a
scenario unlikely because it would be catastrophic to everyone
involved.  GM's UAW members still need to approve the agreement,
and ratification votes should occur this weekend.

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

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


EMPRESAS ICA: Discloses Share Placement of US$465 Million
---------------------------------------------------------
Empresas ICA, S.A. de C.V. announced that the offering price for
its shares and Ordinary Participation Certificates was fixed at
MXN65.00 per share or CPO.  The offering price for the American
Depositary Shares (ADSs) is US$23.76 per ADS.  Each CPO
represents one share; each ADS represents 4 CPOs.

Trading of the newly issued ADSs and shares began
Sept. 26, 2006, on the New York Stock Exchange and the Mexican
Stock Exchange (Bolsa Mexicana de Valores).  Closing is expected
to take place on Sept. 28, 2007.

The registered public offering consisted of 78,260,872 shares,
constituting an offer size of approximately US$465 million,
excluding the over-allotment option.  All the shares have been
sold.  The international offering, in the United States and
outside Mexico, consisted of 46,956,522 shares in the form of
CPOs and ADSs.  The Mexican offering consisted of 31,304,350
ordinary shares.

The underwriters have a thirty-day option to purchase an
additional 11,739,128 shares (equivalent to US$70 million) to
cover over-allotments.  Of this total, 7,043,478 shares were
allocated to the international underwriters, and 4,695,650
shares were allocated to the Mexican underwriters.  The shares
being sold, including those subject to the over-allotment
option, total 90 million shares, and represent approximately
18.1% of ICA's total equity, after giving effect to the
offering.

Citigroup Global Markets, Inc. is the global coordinator and
bookrunner for the U.S. and international offering. Acciones y
Valores Banamex, S.A. de C.V., Casa de Bolsa, Integrante del
Grupo Financiero Banamex (ACCIVAL) and Casa de Bolsa Santander,
S.A. de C.V., Integrante de Grupo Financiero Santander, are the
joint bookrunners for the Mexican offering.

The prospectus for this offering may be obtained by contacting:

         Citigroup Global Markets, Inc.
         Brooklyn Army Terminal
         Attn: Prospectus Delivery Department
         140 58 th Street, Brooklyn, NY 11220

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

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

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Empresas ICA S.A.B.
de C.V.  S&P said the outlook is stable.


FOAMEX INT'L: Selling Carpet Cushion Facilities for US$10 Mil.
--------------------------------------------------------------
Foamex International Inc. has sold its stand-alone carpet
cushion facilities to Future Foam, Inc. for net proceeds of
approximately US$10 million.  The carpet cushion facilities are
located in Fairless Hills, Penn., Dallas, Tex. and Orlando, Fla.
Foamex intends to use the proceeds to either reinvest in its
business or to pay down debt.

Foamex will continue to offer prime polyurethane and rebond
carpet cushion and flooring underlay products through its
remaining carpet cushion facilities, which are integral
components at a number of its foam production facilities in the
Midwest and Western United States.

Commenting on the transaction, Jack Johnson, President and Chief
Executive Officer of Foamex, said: "Today's announcement
reflects our continuing effort to strengthen Foamex.  The stand-
alone carpet cushion facilities are non-core components of our
overall portfolio and the sale of these facilities provides
better value to our stockholders.  We remain committed to the
carpet cushion business and will continue to manufacture
products for the carpet cushion and flooring underlay market.
The remaining capacity can consume all the scrap foam we produce
in our other foam operations."

                 About Foamex International

Headquartered in Linwood, Pennsylvania, Foamex International
Inc. (FMXIQ.PK) -- http://www.foamex.com/-- produces cushioning
for bedding, furniture, carpet cushion and automotive markets.
The company also manufactures polymers for the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.  The
company's Latin American subsidiary is in Mexico.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through
05-12693).  Attorneys at Paul, Weiss, Rifkind, Wharton &
Garrison LLP, represent the Debtors in their restructuring
efforts.  Houlihan, Lokey, Howard and Zukin and O'Melveny &
Myers LLP are advising the ad hoc committee of Senior Secured
Noteholders.  Kenneth A. Rosen, Esq., and Sharon L. Levine,
Esq., at Lowenstein Sandler PC and Donald J. Detweiler, Esq., at
Saul Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.

On Feb. 2, 2007, the Court confirmed the Debtors' Second Amended
Joint Plan of Reorganization.  The Plan of Reorganization of
Foamex International Inc. has become effective and the company
has successfully emerged from chapter 11 bankruptcy protection
on Feb. 12, 2007.

As of July 1, 2007, the company reported total assets of
US$566.2 million, total liabilities of US$823.5 million, and
total stockholders' deficit of US$257.3 million.


GRUPO MEXICO: Will Shut Down Taxco Mine Due to Labor Problems
-------------------------------------------------------------
Grupo Mexico SA, de C.V., told Reuters that it will permanently
close down its Taxco silver and lead operation due to labor
problems and declining reserves.

Grupo Mexico SA said in a statement, "The drying up of reserves
was accentuated by the union, which since early 2006 has been
impeding the entry of contract personnel to prepare new mineral
veins."

The Taxco mine yielded 14,346 tons of zinc, 995,000 ounces of
silver and 2,119 ton of lead in 2006, Reuters says, citing Grupo
Mexico.  It represents less than 1% of the company's sales.

According to Reuters, miners at Grupo Mexico's Cananea copper
pit and smaller mines have been on protesting since July 2007.
The firm has had troubled relations with the mining union for
years.

Grupo Mexico is waiting for court rulings on the legality of the
strikes, Reuters states.

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

                        *     *     *

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


INTERNATIONAL RECTIFIER: Okays License Pact for DirectFET(R)
-----------------------------------------------------------
International Rectifier, IR(R) diclosed that Infineon
Technologies will license from International Rectifier its
patented advanced power management packaging technology,
DirectFET(R).

Designed for use in AC-DC and DC-DC power conversion
applications in computers, notebooks, telecommunications and
consumer electronics devices, the DirectFET power package is an
industry-first surface-mount power MOSFET packaging technology
for efficient topside cooling in an SO-8 footprint or smaller.
Compared to standard plastic discrete packages, DirectFET's
metal can construction enables dual-sided cooling to effectively
double the current handling capacity of high frequency DC-DC
buck converters.

Infineon will deploy the DirectFET power package technology with
its OptiMOS(R) 2 and OptiMOS 3 chip technology and expects to
sample the OptiMOS 2 in DirectFET packages starting early 2008.

Vice President of IR's Enterprise Power business unit, Tim
Phillips, said, "By deploying a unique dual-sided cooling
design, IR's DirectFET package technology is the preferred
solution to reduce energy losses while shrinking the design
footprint in advanced computing, consumer and communications
applications."

"We are continually developing leading-edge technology to save
energy and, through licensing agreements, we can broaden the
energy-saving impact made possible with such innovations as
DirectFET, as well as further expanding our presence in the
largest segment of the power management market," he added.

"With this agreement, Infineon continues to expand its power
semiconductor portfolio. Combining our successful OptiMOS chip
technology with various package options suited for a wide range
of applications, we enable power supply designers achieve energy
and cost-efficient solutions for a given application," said
Arunjai Mittal, Senior Vice President and General Manager of the
Power Management and Drives business unit at Infineon
Technologies.  "Providing OptiMOS 2 and OptiMOS 3 devices with
their excellent characteristics in a package with double-sided
cooling capability will further strengthen Infineon's position
in the power conversion market."

International Rectifier Corporation -- http://www.irf.com/--
(NYSE:IRF) is a world leader in power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.   Leading manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.  The company
has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services said that its
'BB' corporate credit rating on International Rectifier Corp.
remains on CreditWatch with negative implications.


KANSAS CITY SOUTHERN: Improved Liquidity Cues S&P to Lift Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Kansas
City Southern and its related entities, including raising the
corporate credit rating to 'B+' from 'B'.  The outlook is
developing.  The rating actions reflect the company's improved
financial profile.  The Kansas City, Mo.-based freight railroad
has about US$2.4 billion in lease-adjusted debt.

"The upgrade reflects Kansas City Southern's improved liquidity
position and operating performance," said Standard & Poor's
credit analyst Lisa Jenkins.

Ratings reflect Kansas City Southern's highly leveraged capital
structure and challenges associated with its integration of
Kansas City Southern de Mexico S. de R.L. de C.V., the Mexican
railroad it acquired in April 2005.  Offsetting these risks to
some extent are the favorable characteristics of the U.S.
freight railroad industry and the company's strategically
located rail network.  Positive industry conditions have enabled
Kansas City Southern to strengthen its financial profile and
liquidity position over the past year.  While the slowing U.S.
economy could temper volume gains over the near to intermediate
term, the company should still benefit from solid pricing
fundamentals and efficiency improvements and, as a result, S&P
expects further improvement in operating performance over time.

Kansas City Southern is a Class 1 U.S. freight railroad. It is
significantly smaller and less diversified than its peers, but
operates a very strategically located rail network in the south-
central U.S. and in Mexico.  The acquisition of KCSM in 2005
bolstered the company's strategic importance.  With its north-
south orientation, Kansas City Southern is very well positioned
to take advantage of NAFTA trade opportunities.  Kansas City
Southern had previously maintained a 49% voting interest in
KCSM.  Now that it owns 100% of the company, Kansas City
Southern is more fully integrating KCSR's operations with those
of KCSM and should achieve increased marketing and cost
synergies over time.  Although Kansas City Southern now
influences the management of day-to-day operations at KCSM, the
two companies have retained separate legal identities and are
continuing to finance their operations separately.

Kansas City Southern's funds from operations to debt (adjusted
for operating leases) is now in the upper-teen percentage area
(versus 8% in 2005) and adjusted debt to capital is in the mid-
50% area (compared with the low-60% area in 2005).  Although
debt levels are likely to remain relatively unchanged as a
result of ongoing investments in infrastructure and equipment,
S&P expect further improvement in operating metrics over the
near-to-intermediate term as the company benefits from some new
revenue opportunities, a continuing favorable pricing
environment, and efficiency gains.

If Kansas City Southern continues to bolster its liquidity
position and sustains its improved operating performance and
financial profile, S&P could raise ratings over the coming year.
If liquidity deteriorates, either as a result of operating
pressures, investment requirements, or early termination of the
credit facility, S&P will likely lower ratings.

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.


MERIDIAN AUTO: Wants Final Decree Entered Closing Ch. 11 Cases
--------------------------------------------------------------
Meridian Automotive Systems-Composites Operations, Inc., and its
eight debtor-affiliates ask the U.S. Bankruptcy Court for the
District of Delaware to enter a final decree closing their
Chapter 11 cases pursuant to Section 350 of the Bankruptcy Code
and Rule 3022 of the Federal Rules of Bankruptcy Procedures:

  Case No.   Debtor Entity
  --------   -------------
  05-11168   Meridian Automotive
             Systems-Composites Operations, Inc.

  05-11169   Meridian Automotive Systems, Inc.

  05-11170   Meridian Automotive
             Systems-Angola Operations, Inc.

  05-11171   Meridian Automotive
             Systems-Construction, Inc.

  05-11172   Meridian Automotive
             Systems-Detroit Operations, Inc.

  05-11173   Meridian Automotive
             Systems-Grand Rapids Operation Inc.

  05-11174   Meridian Automotive
             Systems-Heavy Truck Operations Inc.

  05-11175   Meridian Automotive
             Systems-Shreveport Operations, Inc.

  05-11176   Meridian Automotive
             Systems-Mexico Operations, LLC

On Dec. 6, 2006, the Court confirmed the Debtors' Fourth
Amended Joint Plan of Reorganization, and the Plan became
effective as of Dec. 29, 2006.

There are no deposit requirements in the Plan, Edmon L. Morton,
Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington,
Delaware, tells the Court.  The property required to be
transferred under the Plan has been substantially transferred
and the Reorganized Debtors have assumed the management of the
property dealt with by the Plan.

Distributions to be made pursuant to the Plan will be made by
The Meridian Automotive Systems, Inc., Litigation Trust, through
Ocean Ridge Capital Advisors, LLC, as litigation trustee,
Mr. Morton adds.

In addition, the Reorganized Debtors have no remaining motions,
contested matters or adversary proceedings before the Court
except for the avoidance actions asserted by the Litigation
Trustee, an appeal by Plastech Engineered Products, Inc., and a
request by the Reorganized Debtors to deem reclamation claims to
be general unsecured claims.

Mr. Morton asserts that the Reclamation Claims Motion will be
heard and determined by the time the Court hears the request to
close the Chapter 11 cases.  The Avoidance Actions and the
Plastech Appeal, on the other hand, will no longer require the
Court's intervention, Mr. Morton adds, thus, they should not
impede in the closing of the Cases.

Mr. Morton further asserts that Court can and should enter a
final decree closing the Cases but retain jurisdiction for the
limited purpose of adjudicating the Adversary Proceedings and,
to the extent necessary, resolving any issues that may arise
with respect to the Plastech Appeal.

Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and
other interior systems to automobile and truck manufacturers.
Meridian operates 22 plants in the United States, Canada and
Mexico, supplying Original Equipment Manufacturers and major
Tier One parts suppliers.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 26, 2005 (Bankr. D.
Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan,
Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan
Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S.
Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq.,
and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor,
LLP, represent the Debtors in their restructuring efforts.  Eric
E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also
hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti,
Biden & Balick, P.A., to prosecute an adversary proceeding
against Meridian's First Lien Lenders and Second Lien Lenders to
invalidate their liens.  When the Debtors filed for protection
from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.

The Hon. Mary Walrath has confirmed Meridian's Revised Fourth
Amended Reorganization Plan on Dec. 6, 2006.  The company
emerged from chapter 11 protection on Dec. 29, 2006. (Meridian
Bankruptcy News, Issue No. 56; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


MERIDIAN AUTOMOTIVE: Files Final Report on Fees Paid
----------------------------------------------------
Reorganized Meridian Automotive Systems Inc. and its debtor-
affiliates filed with the U.S. Bankruptcy Court for the District
of Delaware a final report, containing the break-down of the
results in their Chapter 11 cases.

Matthew K. Paroly, vice president and secretary of Meridian
Automotive Systems-Composites Operations, Inc., at al., signed
the report.

  Type of Payment                                Payment Amount
  ---------------                                --------------
  Chapter 11 Trustee's Compensation                         N/A

  Debtors' Attorneys' Fees
     Young Conaway Stargatt & Taylor LLP           US$1,318,851
     Sidley Austin, LLP                           US$10,340,006
  Debtors' Attorneys' Expenses
     Young Conaway Stargatt & Taylor LLP             US$371,740
     Sidley Austin, LLP                              US$350,658

  Debtors' Other Professionals' Fees
     Lazard Freres & Co., LLC                      US$5,296,210
     Gavin Anderson & Company                        US$165,910
     Foley & Lardner, LLP                            US$226,551
     BDO Seidman, LLP                                US$830,556
     Mercer Human Resources Consulting               US$237,287
     Seyfarth Shaw, LLP                              US$219,227
     PricewaterhouseCoopers, LLP                     US$102,780
     FTI Consulting, Inc.                          US$6,777,388
     Jeffrey J. Stegenga                             US$191,750

  Debtors' Other Professionals' Expenses
     Lazard Freres & Co., LLC                         US$96,810
     Gavin Anderson & Company                         US$19,536
     Foley & Lardner, LLP                             US$12,172
     Seyfarth Shaw, LLP                               US$15,917
     PricewaterhouseCoopers, LLP                       US$1,952
     FTI Consulting, Inc.                            US$575,056
     Jeffrey J. Stegenga                              US$13,873

  Chapter 11 Trustee's Expenses                           N/A
  Chapter 11 Trustee's Attorney's Expenses                N/A

  Official Committee of Unsecured
  Creditors' Attorneys' Fees
     Ashby & Geddes, P.A.                            US$311,700
     Ashby & Geddes, P.A. (Avoidance Action)         US$337,016
     Winston & Strawn, LLP                         US$1,863,755

  Creditors Committee's Attorneys' Expenses
     Ashby & Geddes, P.A.                            US$39,594
     Ashby & Geddes, P.A. (Avoidance Action)         US$32,690
     Winston & Strawn, LLP                           US$48,057

  Creditors Committee's
  Other Professionals' Fees
     Huron Consulting Services, LLC               US$1,386,175
     Sanchez Devanny Eseverri, S.C.                  US$10,812
     Peixoto E. Cury Advogados                       US$13,110
     Bifferato Gentilotti & Balick                    US$7,597

  Creditors Committee's
  Other Professionals' Expenses
     Huron Consulting Services, LLC                  US$20,791
     Sanchez Devanny Eseverri, S.C.                     US$699
     Peixoto E. Cury Advogados                          US$301
     Creditors Committee                              US$1,825
     Bifferato Gentilotti & Balick                      US$564

  Informal Committee of First Lien
  Secured Lenders Attorneys' Fees
     Hennigan Bennett & Dorman, LLP                 US$417,951

  Informal Committee of First Lien
  Secured Lenders Attorneys' Expenses
     Hennigan Bennett & Dorman, LLP                  US$23,375

  U.S. Trustee's Fees                                   US$573

Mr. Paroly says that no trustee or examiner was appointed in the
Chapter 11 cases, hence no fees were incurred for a trustee or
trustee's counsel.

Mr. Paroly adds that within 30 days after the date of the
hearing on the Reorganized Debtors' request for hearing on their
request for final decree closing their Chapter 11 cases, they
will have paid all required fees under 28 U.S.C. 1930.

Headquartered in Dearborn, Mich., Meridian Automotive Systems
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and
other interior systems to automobile and truck manufacturers.
Meridian operates 22 plants in the United States, Canada and
Mexico, supplying Original Equipment Manufacturers and major
Tier One parts suppliers.  The Company and its debtor-affiliates
filed for chapter 11 protection on April 26, 2005 (Bankr. D.
Del. Case Nos. 05-11168 through 05-11176).  James F. Conlan,
Esq., Larry J. Nyhan, Esq., Paul S. Caruso, Esq., and Bojan
Guzina, Esq., at Sidley Austin Brown & Wood LLP, and Robert S.
Brady, Esq., Edmon L. Morton, Esq., Edward J. Kosmowski, Esq.,
and Ian S. Fredericks, Esq., at Young Conaway Stargatt & Taylor,
LLP, represent the Debtors in their restructuring efforts.  Eric
E. Sagerman, Esq., at Winston & Strawn LLP represents the
Official Committee of Unsecured Creditors.  The Committee also
hired Ian Connor Bifferato, Esq., at Bifferato, Gentilotti,
Biden & Balick, P.A., to prosecute an adversary proceeding
against Meridian's First Lien Lenders and Second Lien Lenders to
invalidate their liens.  When the Debtors filed for protection
from their creditors, they listed US$530 million in total assets
and approximately US$815 million in total liabilities.

The Hon. Mary Walrath has confirmed Meridian's Revised Fourth
Amended Reorganization Plan on Dec. 6, 2006.  The company
emerged from chapter 11 protection on Dec. 29, 2006. (Meridian
Bankruptcy News, Issue No. 56; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


RYERSON INC: S&P Affirms B+ Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
Chicago, Ill.-based metals processor and distributor Ryerson
Inc., including its 'B+' corporate credit rating.  S&P removed
all ratings from CreditWatch, where they had been placed with
negative implications on July 24, 2007, after the company
announced that it had agreed to be acquired by Platinum Equity
for around US$2 billion.

S&P also assigned its 'B+' senior secured rating and '4'
recovery rating to Ryerson's proposed US$575 million senior
secured notes, comprised of US$150 million of floating-rate
senior secured notes due 2014 and US$425 million senior secured
notes due 2015.  The recovery rating indicates expectations of
average (30% to 50%) recovery in the event of a payment default.
The outlook is negative.

"The affirmation incorporates the prospects for debt repayment
as a result of improved operating results and inventory
management, due to a new information system, and further cash
generation from tighter inventory management and asset sales,"
said Standard & Poor's credit analyst Marie Shmaruk.  "Still, we
remain cautious about the company's heavy debt burden and its
ability to continue to generate and sustain further meaningful
cash flow from working capital improvement."

Pro forma for the transaction, Ryerson will have book debt of
around US$1.4 billion.  After adjustments for postretirement
benefits and operating leases, total debt will approximate
US$1.7 billion.

Also pro forma for the transaction, the company will have more
than US$300 million available under its US$1.35 billion
revolving credit facility due 2012 and US$35 million in cash.

"The ratings are predicated on the rapid and permanent reduction
of debt during the next 12 months to attain credit metrics more
in line with the rating, with debt to EBITDA in the 5.0x to 5.5x
range," Ms. Shmaruk said.  "A downgrade is possible if the
company does not make reasonable progress in meeting these
objectives or if end markets and operating performance
deteriorate.  We would change the outlook to stable if the
company achieves improved credit metrics that we believe are
sustainable for the longer term."

                        About Ryerson

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


WENDY'S INTERNATIONAL: Fidelity Joins Three Others in Bidding
-------------------------------------------------------------
Fidelity National Financial, Thomas H. Lee Partners LP, Oaktree
Capital Management LP, and Ares Management joined to make a bid
for Wendy's International Inc., The Wall Street Journal reports,
citing a person familiar with the matter.

It is not clear how much the Fidelity group has bid, WSJ
relates.

After Triarc Cos., more than a dozen parties have signed
confidentiality agreements and expressed interest in
participating in the sale process for Wendy's, another WSJ
source said.

As reported in the Troubled Company Reporter on Aug. 1, 2007,
Triarc chairman Nelson Peltz sent a letter asking the Wendy's
special committee working on the sale to consider his company's
purchase offer.  In his letter, Mr. Peltz dislosed that Triarc's
offer could range from $37.00 to $41.00 per share, which could
increase further depending on due diligence results.

Mr. Peltz also noted that Triarc, as a natural, strategic buyer
for Wendy's, should be encouraged to participate in the sale
process.

            Franchisees Want Say in Sale Proceedings

Wendy's franchisees have asked that they be included in talks
regarding the sale of the company, Bloomberg reported.

Bloomberg said that in a letter to the company signed by
representatives of more than 1,100 restaurants, the franchisees
asked to be included in discussions and said that ignoring them
could result in "a very public renunciation."

In response, Bloomberg added, Chairman James Pickett said that
although the franchisees are entitled to their opinions, the
idea that the company is not concerned with them is
"disappointing."

As of July 1, Wendy's had 4,661 franchisee-owned restaurants and
1,297 company-owned locations, Bloomberg said.

                  About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Moody's Investors Service lowered all ratings of
Wendy's International, Inc. and placed all ratings on review for
further possible downgrade.  Affected ratings include the
company's Ba2 corporate family rating which was lowered to Ba3
and its (P)B1 preferred stock shelf rating which was lowered to
(P)B2.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.  All ratings remain on
CreditWatch with negative implications, where they were placed
on April 26, 2007.




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


FREEPORT-MCMORAN: Strong Earnings Cue Moody's to Revise Outlook
---------------------------------------------------------------
Moody's Investors Service has revised Freeport-McMoRan Copper &
Gold Inc.'s and Phelps Dodge's outlooks to positive and affirmed
all of Freeport's and Phelps Dodge's other ratings.  The ratings
reflect the overall probability of default of Freeport, to which
Moody's assigns a PDR of Ba2.  The change in outlook reflects
the very strong earnings and cash flow of Freeport in the
current metals market, Freeport's use of free cash flow to
reduce debt since the acquisition of Phelps Dodge, and Moody's
assumption that free cash flow will be sufficient to permit
repayment of much of the company's US$2.45 billion Term Loan A
over the next two to three quarters.

The Ba2 corporate family rating reflects Freeport's high debt
level of approximately US$11.3 billion, including Moody's
adjustments, the high concentration in copper and resultant
variability in earnings and cash flow, significant capital
expenditures, and a high level of reliance on the Grasberg mine
in Indonesia.  The Ba2 rating favorably considers the company's
leading positions in copper and molybdenum, a significant amount
of gold production, the low cost, long-life reserves at PT-FI,
and improved operating and political diversity.

Outlook Actions:

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

   -- Corporate Family Rating: Ba2

   -- Probability of Default Rating: Ba2

   -- US$0.5 billion Senior Secured Revolving Credit facility,
      Baa2, LGD1, 2%

   -- US$1.0 billion Senior Secured Revolving Credit Facility,
      Baa3, LGD2, 17%

   -- US$2.45 billion Senior Secured Term Loan A, Baa3, LGD2,
      17%

   -- US$339.7 million 6.875% Senior Secured Notes due 2014,
      Baa3, LGD2, 17%

   -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%

Issuer: Phelps Dodge Corporation

   -- US$107.9 million 8.75% Senior Notes due 2011, Ba1, LGD3,
      36%

   -- US$115 million 7.125% Senior Notes due 2027, Ba1, LGD3,
      36%

   -- US$150 million 6.125% Senior Notes due 2034, Ba1, LGD3,
      36%

   -- US$193.8 million 9.50% Senior Notes due 2031, Ba1, LGD3,
      36%

Moody's last rating action on Freeport was to assign a Baa3
rating to its Term Loan A and upgrade the Phelps Dodge notes to
Ba1 in July 2007.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) --
http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.




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


FIRSTBANK PEURTO RICO: Moody's Changes Outlook to Stable
--------------------------------------------------------
Moody's Investors Service changed the rating outlook of
FirstBank Puerto Rico to stable from negative.  The bank is
rated D+ for financial strength and Ba1 for long-term deposits.
FirstBank is the primary operating subsidiary of First BanCorp
Puerto Rico, which is unrated.

The outlook change follows the filing of First BanCorp's first
and second quarter 10-Qs with the SEC.  The filings bring First
BanCorp current in its financial reporting requirements and
represent another step towards a full recovery from its
accounting and related problems.  Earlier, it reached an
agreement to settle an SEC investigation and shareholder
lawsuits, and it also completed the sale of a 10% stake in
itself to Scotiabank, which strengthened its capital position.
In addition, First BanCorp's corporate governance and internal
controls have improved, in Moody's view. Therefore, the
likelihood of a negative rating action has significantly
declined.

Although First BanCorp's management team has successfully
navigated a number of challenges, the company continues to
operate under two cease-and-desist orders with its banking
regulators that will take time to fully resolve.  Moreover, like
its Puerto Rican banking peers, First BanCorp has experienced
significant profitability and asset quality pressures as a
result of the island's economic slowdown.  Finally, through its
FirstBank Florida subsidiary, the company has some exposure to
the weakening South Florida commercial real estate markets.
Therefore, despite the progress made to date, Moody's does not
expect positive rating pressure to emerge until the company's
financial fundamentals strengthen as a result of improved
performance within the core banking business.

FirstBank Puerto Rico, headquartered in San Juan, Puerto Rico,
reported total assets of roughly US$19 billion at year-end 2005.
It is a subsidiary of First Bancorp.


NUTRITIONAL SOURCING: Court OKs FTI as Panel's Financial Advisor
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave the
Official Committee of Unsecured Creditors of Nutritional
Sourcing Corp. and its debtor-affiliates permission to retain
FTI Consulting Inc. as their financial advisors.

As reported in the Troubled Company Reporter on Sept. 20, 2007,
FTI is expected to:

   a. assist the Committee in the review of financial related
      disclosures required by the Court, including the schedules
      of assets and liabilities, the statement of financial
      affairs and monthly operating reports;

   b. assist the Committee with information and analyses
      required pursuant to the Debtors' debtor-in-possession
      financing including, the preparation for hearings
      regarding the use of cash collateral and DIP financing;

   c. assist with a review of the Debtors' short-term cash
      management procedures;

   d. assist with a review of critical employee benefit and
      vendor programs;

   e. assist with a review of the Debtors' performance of
      cost/benefit evaluations with respect to the affirmation
      or rejection of various executory contracts and leases;

   f. assist in the review of financial information distributed
      by the Debtors to creditors and others, including cash
      flow projections and budgets, cash receipts and
      disbursement analysis, analysis of various asset and
      liability accounts, and analysis of proposed transactions
      for which Court approval is sought;

   g. attend meetings and assist in discussions with the
      Debtors, potential investors, banks, other secured
      lenders, the Committee and any other official committees
      organized in the chapter 11 proceedings, the U.S. Trustee,
      other parties-in-interest and professionals hired, as
      requested;

   h. assist in the evaluation of the asset sale process and
      bids received;

   i. assist in the review and preparation of information and
      analysis necessary for the confirmation of a plan in the
      chapter 11 proceedings;

   j. assist in the evaluation and analysis of avoidance
      actions, including fraudulent conveyances and preferential
      transfers;

   k. render litigation advisory services with respect to
      accounting and tax matters, along with expert witness
      testimony on case related issues as required by the
      Committee; and

   l. render other general business consulting or other
      assistance as the Committee or its counsel may deem
      necessary that are consistent with the role of a financial
      advisor and not duplicative of services provided by other
      professionals in the proceeding.

The customary hourly rates of FTI are:

       Designation                          Hourly Rate
       -----------                          -----------
       Senior Managing Directors          US$615 - US$675
       Directors/Managing Directors       US$450 - US$590
       Consultants/Senior Consultants     US$225 - US$420
       Administration/Paraprofessionals    US$95 - US$180

The Committee assured the Court that FTI does not represent any
entity having adverse interest in the case and is therefore
eligible to represent the Committee.

The firm can be reached at:

       FTI Consulting Inc.
       3 Times Square, 11th Floor
       New York, NY 10036
       Tel: (212) 247-1010
       Fax: (212) 841-9350
       http://www.fticonsulting.com/

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


NUTRITIONAL SOURCING: Court OKs Skadden Arps as Panel's Counsel
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
gave the Official Committee of Unsecured Creditors of
Nutritional Sourcing Corp. and debtor-affiliates' bankruptcy
cases, authority to retain Skadden, Arps, Slate, Meagher & Flom
LLP as counsel.

The Official Committee of Unsecured Creditors selected Skadden,
Arps because of the law firm's familiarity with the Debtors'
cases and its extensive knowledge in the field of debtor's and
creditor's rights, and in other fields of law that may be
involved in Debtors' cases.

As the Committee's counsel, the firm is expected to:

  a) advise the Committee regarding its rights, powers and
     duties in these cases;

  b) assist and advise the Committee in its consultations with
     the Debtors regarding the administration of these cases;

  c) assist and advise the Committee in its consultations with
     the Debtors regarding the sale of assets;

  d) assist the Committee in analyzing claims of the Debtors'
     creditors and in negotiating with such creditors;

  e) assist with the Committee's investigation of the acts,
     conduct, assets, liabilities, and financial condition of
     the Debtors and of the operation of their businesses;

  f) assist the Committee in its analysis of, and negotiations
     with, the Debtors or any third party concerning matters
     related to, among other things, the terms of a chapter 11
     plan or plans for the Debtors;

  g) assist and advise the Committee as to its communications to
     the general creditor body regarding significant matters in
     these cases;

  h) represent the Committee at hearings and proceedings;

  i) review and analyze applications, orders, statements of
     operations and schedules filed with the Court and advise
     the Committee as to their propriety;

  j) assist the Committee in preparing pleadings and
     applications as may be necessary in furtherance of the
     Committee's interest and objectives; and

  k) perform such other services as may be required and are
     deemed to be in the interests of the Committee with the
     Committee's powers and duties as set forth in the
     Bankruptcy Code.

The firm's compensation rates are:

     Professional             Hourly Rate
     ------------             -----------
     Partners               US$680 - US$950
     Counsel                US$640 - US$765
     Associates             US$340 - US$625
     Legal Assistants       US$170 - US$265
     Support Staff          US$170 - US$265

Mr. Mark S. Cheni, Esq., a member of Skadden, Arps assured the
Court that his firm does not hold any interest adverse to the
Debtors' estate, and ia a "disinterested person" as that term is
defined in Sec. 101(14) of the Bankruptcy Code.

Mr. Poorman can be reached at:

          Mark S. Cheni, Esq.
          Skadden, Arps, Slate, Meagher & Flom LLP
          One Rodney Square
          P.O. Box 636
          Wilmington, Delaware 19899
          Tel: (302) 6512-3000
          http://www.skadden.com/

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




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


PETROLEOS DE VENEZUELA: Orinoco Joint Ventures Not Finalized
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's
Orinoco joint ventures are far from being finalized, Business
News Americas reports, citing former Shell Venezuela head
Alberto Quiros.

The joint ventures are:

          -- Petro Anzoategui (Petrozuata),
          -- Petro Cedeno (Sincor),
          -- Petro Piar (Ameriven), and
          -- Petro Monagas (Cerro Negro).

BNamericas relates that Petroleos de Venezuela mandated majority
control of all projects operating in Orinoco.  It now has an 80%
average share in the joint ventures.

Mr. Quiros told BNamericas that the national assembly already
approved the deals.

"The contracts are signed, but a lot of operational issues still
need to be addressed.  The private companies are continuing to
operate the blocks and I don't think PDVSA [Petroleos de
Venezuela] is in any rush to take over actual operations," Mr.
Quiros commented to BNamericas.

However, foreign operators aren't content with the situation,
Mr. Quiros told BNamericas.  Petroleos de Venezuela said it will
grant blocks in the Orinoco to many countries, but China,
Brazil, Russia and possibly Spain are the ones that have the
capacity.

According to BNamericas, projects for the extraction and
processing of heavy crude need major investment.

"Everyone's calculating reserves, but that's it.  The Chinese
still haven't started to invest much," Mr. Quiros commented to
BNamericas.

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

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


PETROLEOS DE VENEZUELA: Paradigm to Interpret Data for Cardon II
----------------------------------------------------------------
Hydrocarbons exploration and production software provider
Paradigm will process and interpret data acquired for Venezuelan
state-run oil firm Petroleos de Venezuela SA's Cardon II
exploration project, Business News Americas reports.

According to BNamericas, Norwegian company SCAN Geophysical unit
SCAN Geofisica awarded the contract to Paradigm.

Paradigm said in a statement that the contract includes:

          -- collection,
          -- processing, and
          -- interpretation of 2D and 3D seismic data to assist
             Petroleos de Venezuela with prospect generation for
             a previously unexplored 400-square-kilometer area
             off Venezuela's northwest coast.

Paradigm will help with quality assurance and control during the
data acquisition onboard SCAN's M/V Scan Resolution survey
vessel.  The processing and interpretation of the date will be
at Paradigm's technical center in Caracas, BNamericas states.

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

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


PETROLEOS DE VENEZUELA: Oil Sale to Dominican on Special Terms
--------------------------------------------------------------
The Dominican Republic's Treasury Department Secretary Vicente
Bengoa told Prensa Latina that his government will purchase all
of its crude needs from Petroleos de Venezuela SA once crude
prices would reach US$100 per barrel.

In an agreement signed with Petroleos de Venezuela, the
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.

              About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  As
reported on March 28, 2007, Standard & Poor's Ratings Services
assigned its 'BB-' senior unsecured long-term credit rating to
Petroleos de Venezuela S.A.'s US$2 billion notes due 2017, US$2
billion notes due 2027, and US$1 billion notes due 2037.


* VENEZUELA: Carbones del Guasare Lifts Force Majeure on Exports
----------------------------------------------------------------
Helcias Benaim -- the head of coal producer Carbones del
Guasare, which is controlled by state firm Carbozulia -- told
Reuters that the firm has lifted a force majeure on exports.

Mr. Benaim explained to Reuters that Carbones del Guasare
declared force majeure when transport workers transporting coal
launched a strike last week to demand higher pay.  The protest
lasted two days.  However, the firm didn't cancel its force
majeure until Sept. 24, 2007.

Carbones del Guasare's employees agreed to end a transport
strike, Reuters relates, citing Mr. Benaim.  Supplies have
resumed.

"The dispute itself has been resolved, the force majeure lifted
and we are operating normally," Mr. Benaim commented to Reuters.

                  About Carbones del Guasare

Carbones del Guasare, Venezuela's largest coal producer, is in
Zulia.  It is controlled by the state company Carbozulia.
Peabody Energy and Anglo American are its minority owners.  It
operates the Diablo mine.

                        *     *     *

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: Natural Gas Exports May be Delayed
-----------------------------------------------
An industry source told Business News Americas that Venezuela
wouldn't be able to start exporting natural gas before 2013 or
2014.

BNamericas relates that the source said Venezuela would begin
importing natural gas from Colombia with the launching of a
pipeline connecting the two nations on Oct. 12, 2007.  However,
but Colombian indigenous groups are continuing to hinder the
project's completion.

The pipeline will transport some 150 million cubic feet per day
from Colombia to Venezuela, BNamericas notes.  The line can
handle about 450 million cubic feet per day.  Flow will be
reversed to export natural gas from Venezuela to Colombia.

Venezuela wants to boost natural gas production to 11 billion
cubic feet a day by 2012, when the nation would start exporting
natural gas to Colombia, BNamericas states, citing Venezuelan
President Hugo Chavez.

                        *     *     *

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, and Pamella Ritah Jala, Editors.

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

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              * * * End of Transmission * * *