TCRLA_Public/071001.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, October 1, 2007, Vol. 8, Issue 194

                          Headlines

A R G E N T I N A

ACETOGEN GAS: Proofs of Claim Verification Deadline Is Oct. 8
ALITALIA SPA: Lufthansa to Bid If Italy Changes Sale Conditions
ARGENTINA DIRECT: Proofs of Claim Verification Ends on Nov. 14
AUTO OMBU: Proofs of Claim Verification Is Until Tomorrow
BIOMET INC: Inks Deferred Prosection Pact with USAO

CANELY Y SOL: Reorganization Proceeding Concluded
CANIMAR SA: Proofs of Claim Verification Deadline Is Dec. 7
CORPORACION DE LOS ANDES: Claims Verification Ends on Dec. 6
DAN CAR: Trustee To File Individual Reports in Court on Oct. 11
EMERGENCIAS SUNCHALES: Claims Verification Is Until Tomorrow

ESCALA SUR: Proofs of Claim Verification Deadline Is Tomorrow
GRADEA SA: Proofs of Claim Verification Deadline Is Nov. 28
JOTAESE SA: Proofs of Claim Verification Deadline Is Oct. 22
LPG ARGENTINA: Proofs of Claim Verification Ends on Nov. 19
NUEVA BELGRANO: Proofs of Claim Verification Deadline Is Oct. 15

PETROLEOS DE VENEZUELA: Eyes Exxon Mobil's Argentine Unit
QUEBECOR MEDIA: Puts B2 Rating on US$450MM Sr. Unsecured Notes
REJAJET SA: Proofs of Claim Verification Deadline Is Nov. 26
TERCER MILENIO: Proofs of Claim Verification Is Until Feb. 4
ZEOX SA: Trustee Filing Individual Reports in Court Tomorrow


B A H A M A S

METROPOLITAN BANK: Has US$80 Mil. Collaterized Debt Obligation


B E R M U D A

CASAM MANAGED: Proofs of Claim Filing Deadline Is Oct. 3
LMC INVESTMENTS: Holding Final General Meeting on Oct. 3
WARNER CHILCOTT: Unit Files Infringement Suit Against Barr Lab


B R A Z I L

AVNET INC: Will Acquire Acal plc's IT Solution Division
BRASIL TELECOM: Launches Internet Protocol Television Service
CHAPARRAL STEEL: Moody's Withdraws Firm's Ratings
FLEXTRONICS INT'L: Stockholders OK Closing of Solectron Purchase
GENERAL CABLE: Earns US$62.9 Million in Quarter Ended June 29

GENERAL CABLE: Prices US$415 Million of Senior Convertible Notes
GERDAU AMERISTEEL: Moody's Confirms Ba1 Corporate Family Rating
GERDAU SA: Moody's Confirms Ba1 Corporate Family Rating
JABIL CIRCUIT: Net Income Rises to US$3.1 Bil. in Fourth Quarter
JBS SA: Moody's Confirms B1 Senior Unsecured Rating

LYONDELL CHEMICAL: To Hold Shareholders Meeting on Nov. 20


C A Y M A N   I S L A N D S

ANTHRACITE BALANCED (R-6): Final Shareholders Meeting on Oct. 3
ANTHRACITE BALANCED (R-2): Final Shareholders Meeting on Oct. 3
BEAR STEARNS: Punk Ziegel Puts Market Perform Rating on Shares
BOMBAY COMPANY: Court Approves Haynes & Boone as Counsel
BOMBAY CO: Provides Update on US$115 Million GE DIP Financing

BOMBAY COMPANY: U.S. Trustee Appoints 7-Member Creditors Panel
YANKEE CHARLIE: Sets Final Shareholders Meeting for Oct. 2
DALTON JAPAN: Proofs of Claim Filing Deadline Is Oct. 3
DALTON JAPAN (MASTER): Proofs of Claim Filing Is Until Oct. 3
DFSCSA LTD: Proofs of Claim Filing Ends on Oct. 3

DFSCSA LIMITED: Sets Final Shareholders Meeting for Oct. 3
GLG GLOBAL: Proofs of Claim Filing Is Until Oct. 3
GLG MANGOUSTA: Proofs of Claim Filing Ends on Oct. 3
GLG MMI: Proofs of Claim Filing Deadline Is Oct. 3
INCREMENTAL LEVERAGED: Proofs of Claim Filing Is Until Oct. 3

NIKKEI REMITTANCE: Final Shareholders Meeting Is on Oct. 3
NORTH STARS: Proofs of Claim Filing Ends on Oct. 3
PET-HOC: Proofs of Claim Must be Filed by Oct. 3
TANZANITE FINANCE: Final Shareholders Meeting Is on Oct. 3
TANZANITE FINANCE: Proofs of Claim Filing Deadline Is Oct. 3

TRILLION BRIGHT: Proofs of Claim Filing Ends on Oct. 3


C H I L E

PHELPS DODGE: Moody's Revises Outlook to Positive
SCIENTIFIC GAMES: To Shut Down Facility in San Antonio, Texas


C O L O M B I A

BANCOLOMBIA: Sells COP400-Billion Bonds in Local Market
BRIGHTPOINT INC: Subsidiary Signs Distribution Deal with Sonim
GRAN TIERRA: Net After Royalty Output Is 2,034 Barrels Per Day


C O S T A   R I C A

US AIRWAYS: Flight Attendants' Labor Issues Still Unresolved
US AIRWAYS: Pilots Protest on Pay Discrimination
US AIRWAYS: Pilots Urge Management to Finalize Airline Merger


D O M I N I C A N   R E P U B L I C

SERVICEMASTER CO: Ernie Mrozek To Step Down as CFO by Feb. 29


E L   S A L V A D O R

HANESBRANDS INC: Lee Chaden to Quit as Exec. Chairman on Dec. 29


G U A T E M A L A

BRITISH AIRWAYS: Dresdner Kleinwort Maintains Buy Rating
BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Shares

* GUATEMALA: Obtains US$100-Million Financing from IDB


H O N D U R A S

SOLERA HOLDINGS: Completes Equity Investment in Audatex Japan


M E X I C O

ADVANCED MARKETING: Court Approves Joint Disclosure Statement
DURA AUTOMOTIVE: Disclosure Statement Hearing Moved to Oct. 3
GRUPO SENDA: Fitch Puts B+ Rating on US$15MM Sr. Secured Notes
GRUPO SENDA: S&P Puts B+ Sr. Unsecured Rating on US$150MM Notes
ITRON INC: Partners with T&TEC to Carry Advanced Metering System

MAXCOM: Eyes US$180 Million from Initial Public Offerings
QUAKER FABRIC: Court OKs Wilmer Cutler as Bankruptcy Counsel
QUAKER FABRIC: Court OKs Young Conaway as Bankruptcy Co-Counsel
RYERSON INC: Moody's Withdrawing Ratings, To Assign New Ones
WILLIAMS SCOTSMAN: Unveils Redemption of 8-1/2% Senior Notes


P A N A M A

GRUPO IUSACELL: May Bid for Mobile License in Panama


P E R U

FREEPORT-MCMORAN: Declares Quarterly Cash Dividends on Stocks
FREEPORT-MCMORAN: Moody's Revises Outlook to Positive
FREEPORT MCMORAN: Reduces Phelps Dodge-Related Debt by 50%


P U E R T O   R I C O

CHATTEM INC: Earns US$16.3 Million in 3rd Quarter Ended Aug. 31
FIRSTBANK PUERTO RICO: Moody's Revises Outlook to Stable
FOOT LOCKER: Moody's Downgrades Corporate Family Rating to Ba2
GAMESTOP CORP: S&P Raises Unsecured Debt Ratings to BB from BB-
GENERAL CABLE: Moody's Puts B1 Rating on US$400 Mil. Sr. Notes

NUTRITIONAL SOURCING: Gets Nod to Sell Stores for US$139 Million
TOYS "R" US: Aug. 4 Balance Sheet Upside-Down by US$710 Million


V E N E Z U E L A

CHRYSLER LLC: S&P Puts Corporate Credit Rating on CreditWatch
PETROLEOS DE VENEZUELA: Facing Serious Problems in 2008
PETROLEOS DE VENEZUELA: North America Is Still Natural Market

* BOND PRICING: For the Week Sept. 24 to Sept. 28


                         - - - - -


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


ACETOGEN GAS: Proofs of Claim Verification Deadline Is Oct. 8
-------------------------------------------------------------
Adriana Raquel Esnaola, the court-appointed trustee for Acetogen
Gas S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 8, 2007.

Ms. Esnaola 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 Acetogen
Gas 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 Acetogen Gas'
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

       Adriana Raquel Esnaola
       Parana 489
       Buenos Aires, Argentina


ALITALIA SPA: Lufthansa to Bid If Italy Changes Sale Conditions
---------------------------------------------------------------
Deutsche Lufthansa AG might bid for the Italy's 49.9% stake in
Alitalia S.p.A. if the government changes the sale conditions,
Agenzia Giornalistica Italia reports.

"Alitalia continues to be an interesting company for us, we are
watching closely, but the conditions imposed by government
haven't changed so why would we change our minds now?" Lufthansa
spokesman Stefanie Stotz told AGI.

Mr. Stotz added to AGI dismissed reports that Lufthansa is
eyeing Alitalia as "speculations."  The spokesman, however, said
the German carrier will "continue to keep a close eye on the
dossier."

Mr. Stotz told AGI that Lufthansa is not interested in acquiring
the Malpensa airport slots that Alitalia discarded.

"We already are connected well in the north of Italy with Air
Dolomiti, our company for 100%, which performs very well."

Headquartered in Cologne Germany, Deutsche Lufthansa AG --
http://konzern.lufthansa.com/-- is a globally operating
aviation group with around 400 companies and subsidiaries.

                       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.

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.


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

Mr. Ayuso will present the validated claims in court as
individual reports on Dec. 28, 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 Argentina Direct and its creditors.

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

A general report that contains an audit of Argentina Direct's
accounting and banking records will be submitted in court on
March 13, 2008.

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

The debtor can be reached at:

         Argentina Direct SA
         Corrientes 3140
         Buenos Aires, Argentina

The trustee can be reached at:

         Carlos Ayuso
         Tucuman 1455
         Buenos Aires, Argentina


AUTO OMBU: Proofs of Claim Verification Is Until Tomorrow
---------------------------------------------------------
Mirta Aurora Lopez, the court-appointed trustee for Auto Ombu
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 2, 2007.

Ms. Lopez will present the validated claims in court as
individual reports on Nov. 14, 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 Auto Ombu 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 Auto Ombu's
accounting and banking records will be submitted in court on
Dec. 27, 2007.

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

The trustee can be reached at:

          Mirta Aurora Lopez
          Avenida Corrientes 2335 Capital Federal
          Buenos Aires, Argentina


BIOMET INC: Inks Deferred Prosection Pact with USAO
---------------------------------------------------
Biomet Inc. has entered into a Deferred Prosecution Agreement
with the United States Attorney's Office for the District of New
Jersey -- USAO.  The agreement concludes the government's
investigation into whether consulting agreements between the
largest orthopedic manufacturers and orthopedic surgeons who use
joint reconstruction and replacement products may have violated
the federal Anti-Kickback Statute.

Through the DPA, the USAO agrees not to prosecute the Company in
connection with this matter, provided that the Company satisfies
its obligations under the agreement over the next 18 months.
The DPA calls for the appointment of an independent monitor to
review the Company's compliance with the DPA, particularly in
relation to the Company's consulting agreements.

The company has, at the same time, reached an agreement with the
United States to settle civil and administrative claims relating
to this matter for a payment of US$26,949,120, without any
admission of liability or wrongdoing by the company.  Finally,
the company has entered into a Corporate Integrity Agreement
with the Office of the Inspector General of the U.S. Department
of Health and Human Services.

The financial settlement to be paid by Biomet is the lowest
among the four investigated companies that agreed to a civil
settlement, on both an absolute basis and as a percentage of
U.S. total joint sales.  This resolution reflects the company's
full cooperation throughout the investigation.

The DPA acknowledges that the Company did not engage in any
conduct that adversely affected patient health or patient care,
and the Settlement Agreement is not an admission of improper
conduct on Biomet's part.

Biomet's President and Chief Executive Officer, Jeffrey R.
Binder, stated: "Biomet has long been committed to upholding the
highest standards of ethical and legal conduct and, in fact, was
among the first orthopedic companies to establish a voluntary
internal compliance program in 1999.  We fully intend to work
with the independent monitor, the Department of Justice and the
Office of Inspector General to institute and review additional
healthcare compliance practices and procedures.  Moving forward,
we are very confident in our ability to compete successfully on
a level playing field, given the quality of our products and
service."

                        About Biomet

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, Moody's Investors Service has assigned final
debt ratings to Biomet, Inc. (B2 Corporate Family Rating) in
conjunction with the close of the leveraged buy-out transaction
by a consortium of equity sponsors.  Moody's said the rating
outlook is negative.


CANELY Y SOL: Reorganization Proceeding Concluded
-------------------------------------------------
Canela y Sol S.A.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process
was concluded after the National Commercial Court of First
Instance in Mendoza approved the debt agreement signed between
the company and its creditors.


CANIMAR SA: Proofs of Claim Verification Deadline Is Dec. 7
-----------------------------------------------------------
Ernesto Luparelli, the court-appointed trustee for Canimar SA's
reorganization proceeding, verifies creditors' proofs of claim
until Dec. 7, 2007.

Mr. Luparelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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 Canimar 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 Canimar's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

The informative assembly will be held on Aug. 14, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Canimar SA
         Alicia Moreau de Justo 1050
         Buenos Aires, Argentina

The trustee can be reached at:

         Ernesto Luparelli
         Paraguay 2067
         Buenos Aires, Argentina


CORPORACION DE LOS ANDES: Claims Verification Ends on Dec. 6
------------------------------------------------------------
Estudio Belli, Inafuku Asociados -- the court-appointed trustee
for Corporacion de los Andes SA's reorganization proceeding --
verifies creditors' proofs of claim until Dec. 6, 2007.

Estudio Belli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 2, 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 Corporacion de los Andes
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 Corporacion de los
Andes' accounting and banking records will be submitted in
court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Corporacion de los Andes SA
         Salguero 3078
         Buenos Aires, Argentina

The trustee can be reached at:

         Estudio Belli, Inafuku Asociados
         Santa Fe 960
         Buenos Aires, Argentina


DAN CAR: Trustee To File Individual Reports in Court on Oct. 11
---------------------------------------------------------------
Teresa Zulema Marin, the court-appointed trustee for Dan Car
S.R.L.'s bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Santa Fe on Oct. 11, 2007.

Ms. Marin verified creditors' proofs of claim until
Aug. 30, 2007.  She will also submit a general report containing
an audit of Dan Car's accounting and banking records in court on
Nov. 23, 2007.

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

The debtor can be reached at:

         Dan Car S.R.L.
         Avenida R.S. Pena, San Jenaro Norte
         Santa Fe, Argentina

The trustee can be reached at:

         Teresa Zulema Marin
         Pasaje Quiroga 1458, Ciudad de Santa Fe
         Santa Fe, Argentina


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

Ms. Valienk will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Rafaela, Santa Fe, will determine if the verified
claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised
by Emergencias Sunchales and its creditors.

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

A general report that contains an audit of Emergencias
Sunchales' accounting and banking records will be submitted in
court.  Infobae didn't state the reports submission deadlines.

The debtor can be reached at:

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

The trustee can be reached at:

         Alicia Valienk
         Victor Manuel 502, Rafaela
         Santa Fe, Argentina


ESCALA SUR: Proofs of Claim Verification Deadline Is Tomorrow
-------------------------------------------------------------
Oscar Chapiro, the court-appointed trustee for Escala Sur SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Oct. 2, 2007.

Mr. Chapiro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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 Escala Sur 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 Escala Sur's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

          Escala Sur SA
          Alsina 1433
          Buenos Aires, Argentina

The trustee can be reached at:

          Oscar Chapiro
          V. del Pino 1739
          Buenos Aires, Argentina


GRADEA SA: Proofs of Claim Verification Deadline Is Nov. 28
-----------------------------------------------------------
Felipe Florio, the court-appointed trustee for Gradea SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 28, 2007.

Mr. Florio will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 4, 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 Gradea 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 Gradea's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Gradea SA
       Llavallol 3373
       Buenos Aires, Argentina

The trustee can be reached at:

       Felipe Florio
       Uruguay 618
       Buenos Aires, Argentina


JOTAESE SA: Proofs of Claim Verification Deadline Is Oct. 22
------------------------------------------------------------
Aldo Bassagayseteguy, the court-appointed trustee for Jotaese
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 22, 2007.

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

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

          Jotaese S.A.
          Avenida Libertador 437, Moreno
          Buenos Aires, Argentina

The trustee can be reached at:

          Aldo Bassagayseteguy
          Calle 11 Nro. 848, Mercedes
          Buenos Aires, Argentina


LPG ARGENTINA: Proofs of Claim Verification Ends on Nov. 19
-----------------------------------------------------------
Gustavo Pagliere, the court-appointed trustee for LPG Argentina
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Nov. 19, 2007.

Mr. Pagliere will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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 LPG Argentina 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 LPG Argentina's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       LPG Argentina SA
       Paraguay 1178
       Buenos Aires, Argentina

The trustee can be reached at:

       Gustavo Pagliere
       Tucuman 1424
       Buenos Aires, Argentina


NUEVA BELGRANO: Proofs of Claim Verification Deadline Is Oct. 15
----------------------------------------------------------------
Eduardo Victor Facciuto, the court-appointed trustee for Nueva
Belgrano S.C.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 15, 2007.

Mr. Facciuto will present the validated claims in court as
individual reports on Nov. 26, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Nueva Belgrano 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 Nueva Belgrano's
accounting and banking records will be submitted in court on
Feb. 12, 2008.

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

          Eduardo Victor Facciuto
          Arevalo 3070
          Buenos Aires, Argentina


PETROLEOS DE VENEZUELA: Eyes Exxon Mobil's Argentine Unit
---------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's
exploration and production vice president Luis Vierma confirmed
in reports that the firm is keen on purchasing U.S. oil company
ExxonMobil's Esso service station unit in Argentina.

According to published reports in August 2007, Exxon Mobil
wanted to sell Esso, which has a 12% market share of Argentina's
downstream fuel supply.

Business News Americas relates that the sale would consist:

          -- 90 directly operated gas stations,
          -- a 500-station franchise,
          -- a refinery, and
          -- gas fields in Salta and Neuquen.

Investment bank JPMorgan is reportedly brokering the deal, which
is valued at US$200 million, 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.


QUEBECOR MEDIA: Puts B2 Rating on US$450MM Sr. Unsecured Notes
--------------------------------------------------------------
Moody's Investors Service 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 Quebecor Media's
earlier acquisition of Osprey Media Income Fund, a publicly
traded publisher of community newspapers and magazines for an
aggregate purchase price of approximately CDN$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 Quebecor Media's
waterfall of debts to be adjusted and necessitates ratings
adjustments on certain existing instruments.

Downgrades:

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

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

          -- 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 Quebecor Media'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.


REJAJET SA: Proofs of Claim Verification Deadline Is Nov. 26
------------------------------------------------------------
Eduardo Caggiano, the court-appointed trustee for Rejajet SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 26, 2007.

Mr. Caggiano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 46, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Rejajet 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 Rejajet's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Rejajet SA
       Maipu 216
       Buenos Aires, Argentina

The trustee can be reached at:

       Eduardo Caggiano
       Cramer 2175
       Buenos Aires, Argentina


TERCER MILENIO: Proofs of Claim Verification Is Until Feb. 4
------------------------------------------------------------
Ana Maria Pazos, the court-appointed trustee for Tercer Milenio
Producciones SA's bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 4, 2008.

Ms. Pazos will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, 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 Tercer Milenio 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 Tercer Milenio's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Tercer Milenio Producciones SA
       Paraguay 1855
       Buenos Aires, Argentina

The trustee can be reached at:

       Ana Maria Pazos
       Maipu 374
       Buenos Aires, Argentina


ZEOX SA: Trustee Filing Individual Reports in Court Tomorrow
------------------------------------------------------------
Natalio Kinsbrunner, the court-appointed trustee for Zeox S.A.'s
bankruptcy proceeding, will present creditors' validated claims
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on Oct. 2, 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 Zeox and its creditors.

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

Mr. Kinsbrunner verifies creditors' proofs of claim until
Aug. 21, 2007.

Mr. Kinsbrunner will also submit to court a general report
containing an audit of Zeox's accounting and banking records on
Nov. 13, 2007.

The trustee can be reached at:

         Natalio Kinsbrunner
         Marcelo T. de Alvear 1671
         Buenos Aires, Argentina




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


METROPOLITAN BANK: Has US$80 Mil. Collaterized Debt Obligation
--------------------------------------------------------------
Metropolitan Bank & Trust Co. has a collaterized debt obligation
of US$80 million in the United States, but economists say it
will not have a major effect on the banking system, ABS-CBN News
reports.

Metrobank, along with the Rizal Commercial Banking Corp. and
Banco de Oro-Equitable PCI, make up a total exposure in CDOs of
US$175 million, Sunlife Financial's chief investment officer,
Michael Manuel, revealed in an economic and political briefing
by the Ateneo Center for Economic Research and Development.

RCBC has an exposure of US$60 million, while BDO-EPCI has
US$35 million, the article reveals.

According to Bangko Sentral ng Pilipinas Governor Amando M.
Tetangco, a handful of banks have CDO exposures but are not in a
critical situation.

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

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

                        *     *     *

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

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

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

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

   * Short-term rating 'B,'

   * Support rating '3.

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




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


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

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

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

The liquidator can be reached at:

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


LMC INVESTMENTS: Holding Final General Meeting on Oct. 3
--------------------------------------------------------
L.M.C. Investments Ltd.'s final general meeting is scheduled on
Oct. 3, 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.


WARNER CHILCOTT: Unit Files Infringement Suit Against Barr Lab
--------------------------------------------------------------
Warner Chilcott Limited's subsidiary, Warner Chilcott Company,
Inc., has filed a lawsuit against Barr Laboratories, Inc. in the
District Court for the District of New Jersey for infringement
of the Company's U.S. Patent No. 6,667,050 which covers FEMCON
FE, the first and only oral contraceptive that offers women the
option of chewing their daily tablet.

The lawsuit is in response to Barr's submission of an
Abbreviated New Drug Application to the U. S. Food and Drug
Administration requesting approval to manufacture and sell a
generic version of FEMCON FE prior to the expiration in 2019 of
the 050 Patent.  Subject to the prior resolution of the matter
before the court, the Company's lawsuit results in a stay of FDA
approval of Barr's ANDA for 30 months from the date of the
Company's receipt of Barr's notice.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Moody's Investors Service raised the speculative-
grade liquidity rating for Warner Chilcott Company, Inc. (a
subsidiary of Warner Chilcott Limited) to SGL-1 from SGL-2,
indicating very good liquidity.  The Corporate Family Rating is
B2, with a positive rating outlook.




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


AVNET INC: Will Acquire Acal plc's IT Solution Division
-------------------------------------------------------
Avnet Inc. has reached a definitive agreement with Acal plc for
Avnet to acquire the IT Solutions division of Acal plc.  Acal IT
Solutions is a leading value-added distributor for Storage Area
Networking, Secure Networking and Electronic Document Management
products and services, with operations in the United Kingdom,
the Netherlands, Belgium, Germany, France and Sweden.  The
closing of the transaction is subject to approval by Acal
shareholders and EU merger control clearance.

With the acquisition, Avnet gains an additional 2000 Acal
resellers and system integrators as well as 180 employees
experienced in the design and installation of complex solutions
addressing storage networking and document management
requirements.  Acal IT Solutions markets a portfolio of storage
networking, networking and fibre channel products from leading
suppliers including Brocade, Cisco, Emulex, Juniper and Qlogic
and document management solutions from Canon, Fujitsu and Kodak,
among others.  Its Headway Technology Group is positioned to
meet the increasing requirements of document management and
storage with a portfolio of products including document capture
software, scanners, optical, CD and DVD storage hardware and
software and tape backup solutions.  In addition, the
acquisition of Acal will bring to Avnet a value-added services
unit providing network infrastructure planning and
implementation and training as well as technical support.  In
the fiscal year ended March 31, 2007, Acal IT Solutions revenue
was approximately US$200 million.  Acal IT Solutions will be
integrated into Avnet Technology Solutions' EMEA business.

Dick Borsboom, president of Avnet Technology Solutions EMEA,
commented, "The acquisition of Acal's IT Solutions business will
significantly expand our product line by adding complementary
products in high growth segments including Storage Area
Networking, wired and wireless networking and security, and
document management.  In addition, Acal IT Solutions brings a
suite of professional services that will enhance our ability to
deliver solutions and services that meet the increasingly
complex requirements of the combined customer base.  We are
excited about the opportunities this transaction will provide to
deepen our engagement with our reseller partners and accelerate
the growth of Technology Solutions in Europe."

The transaction will also provide Avnet Technology Solutions
EMEA with access to a new market segment through the Headway
Technology Group.  The group specializes in the design and
installation of document imaging solutions that include high-
quality document scanners, optical character recognition tools
and highly sophisticated hardware and software to manage the
data easily.

Mr. Borsboom added, "While document management and imaging
started out as separate markets, they are now migrating to
enterprise content management solutions as enterprises seek to
automate, or virtualize, their business processes.  This suite
of products and services offers significant opportunities for
cross selling because we can expand the range of opportunities
we can address with a complete solution."

                         About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden, Brazil, Mexico and Puerto Rico.

                        *     *     *

The Troubled Company Reporter on March 6, 2007, reported that
Moody's Investors Service affirmed the Ba1 corporate family and
long-term debt ratings of Avnet, Inc. and revised the outlook to
positive from stable.


BRASIL TELECOM: Launches Internet Protocol Television Service
-------------------------------------------------------------
Published reports say that Brasil Telecom has launched Videon,
the first commercial Internet protocol television service in
Brazil.

Business News Americas relates that Brasil Telecom will offer
these types of package:

          -- a fixed monthly package with up to 500 hours of
             Programs, and

          -- a pay-per-view option.

According to BNamericas, Videon will initially be available in
Brasilia.  The firm will then extend Videon to the main state
capitals and cities where it has a presence.

Brasil Telecom's business development deputy director Carlos
Watanabe commented to BNamericas, "We decided to launch IPTV
[Internet protocol television] initially in Brasilia because we
want to see how our subscribers react to this new offering
before we decide to launch the service in other cities."

Mr. Watanabe told BNamericas that Brasil Telecom was interested
in launching the service as a way of adding television to its
portfolio of services.

"Technically we are ready to offer TV broadcasting services,
however, we are not allowed yet because of regulations," Mr.
Watanabe explained to BNamericas.  "We believe that IPTV could
be an important revenue generator for the company in the
future."

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

To date, Brasil Telecom carries Moody's Investors Service's Ba1
senior unsecured and credit default swap ratings.


CHAPARRAL STEEL: Moody's Withdraws Firm's Ratings
-------------------------------------------------
Moody's Investors Service has withdrawn all ratings for
Chaparral Steel Company as all its rated debt will be retired.

Meanwhile, Moody's confirmed the Ba1 corporate family ratings of
Gerdau S.A. and Gerdau Ameristeel Corporation.  In addition,
Moody's confirmed the Ba1 corporate family rating of the
Brazilian operations of Gerdau, represented by Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Gerdau Comercial de Acos S.A.  The outlook for all ratings is
stable.

The rating actions conclude the respective reviews started on
July 11, 2007, in relation to the announcement that Ameristeel
had signed a merger agreement to acquire all of Chaparral
Steel's outstanding shares for some US$4.2 billion in cash.

These ratings are confirmed:

Issuer: Gerdau S.A.

        -- Ba1 Global Local Currency Corporate Family Rating;
           and

        -- US$600-million Senior Unsecured Guaranteed Perpetual
           Notes: Ba1 Foreign Currency Rating

Issuer: Gerdau Brazil

        -- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

        -- Ba1 Probability of Default Rating;

        -- Ba1 Corporate Family Rating; and

        -- US$405-million Senior Unsecured Regular Bond: Ba1,
           LGD4 59%

Issuer: Jacksonville Economic Development Comm.

        -- US$23-million Senior Unsecured Revenue Bonds
           guaranteed by Gerdau Ameristeel: Ba1, LGD4 59%

Outlook for all ratings: stable

Chaparral Steel's acquisition, which closed on Sept. 14, 2007,
was financed with the proceeds from a US$2,750-million
syndicated term loan and a US$1,150-million bridge loan (both
not rated) issued by GNA Partners, Delaware, and jointly and
severally guaranteed by Gerdau S.A., Gerdau Ameristeel Corp.,
and by the Brazilian operating subsidiaries collectively known
as Gerdau Brazil.  Moody's expects the bridge loan to be
replaced with long-term debt shortly once market conditions are
more favorable.

In spite of the significant amount of debt added to Gerdau's
consolidated balance sheet, overall credit metrics and liquidity
position pro forma for Chaparral Steel remain supportive of its
current Ba1 rating.  Although Gross Debt to EBITDA will peak at
about 2.4x pro forma including twelve months of Chaparral
operations, in line with its history of prudent financial
management and considering the current up cycle of the industry,
Moody's would expect a gradual deleveraging of Gerdau's balance
sheet over the near term.  Gerdau's liquidity position remains
solid based on the maintenance of a hefty cash balance, its
available committed liquidity facilities, and ample access to
export-related loans.  In spite of the increased capex in 2007
and 2008 associated with the Acominas plant expansion program,
debt protection metrics are expected to remain strong.

The acquisition of Chaparral Steel expands the product portfolio
of Ameristeel with structural steel, and improves its
operational diversity and geographic coverage in North America,
where it is now the second largest long products producer.
Notwithstanding the fact that Chaparral Steel is by far the
largest acquisition ever made by Gerdau, associated integration
risk is somewhat mitigated by the experience of Gerdau with
several acquisitions made in North America over the past several
years, including successful negotiations with the local unions
and operational improvements that include the increased reliance
on the scrap purchase model employed in Brazil.  Ameristeel's
operating costs are believed to be competitive with other North
American minimill-based long products companies.

Moody's believes that Gerdau will continue to play an active
role in the ongoing consolidation of the global steel industry
and pursue opportunistic acquisitions.  While acquisitions made
so far have contributed to improved business profile of Gerdau,
we note that the event risk associated with the group's
acquisitive strategy is a constraining factor to the rating.

Cross default provisions under existing debt agreements provide
significant incentive for Gerdau to support its subsidiaries and
justify Moody's view of similar credit risk for the rated Group
entities.  The group's exposure to commodity products,
concentration of EBITDA generation in countries with erratic
demand for long steel, and the need for further of operational
efficiency in North America are also constraining factors to
Gerdau's ratings.

The stable outlook reflects Moody's view that Gerdau will
maintain prudent financial management and a comfortable
liquidity position, will continue to focus on the improvement of
its cost structure, as well as successfully integrate Chaparral
into its North American assets.

A positive impact on the ratings could result from the
successful integration of Chaparral combined with a moderate
decline in leverage as measured by Net Debt (considering a
minimum cash equivalent position of US$1.5 billion) to EBITDA
below 1.8x on a sustained basis simultaneously with the
maintenance of strong credit fundamentals that include efficient
cost management and adequate liquidity levels.

The ratings could be under pressure if Net Debt (considering a
minimum cash equivalent position of US$1.5 billion) EBITDA grew
beyond 2.2x for an extended time period.  Also, a sharp
deterioration in the group's liquidity position or unsuccessful
acquisitions could have an adverse impact on the rating.  For
the rated unsecured bonds, a substantial increase in the level
of secured debt of the guarantors could lead to a downgrade of
the respective ratings.

                  About Chaparral Steel Company

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


FLEXTRONICS INT'L: Stockholders OK Closing of Solectron Purchase
----------------------------------------------------------------
Flextronics International Ltd.'s and Solectron Corporation's
stockholders have approved the completion of Flextronics's
proposed acquisition of Solectron.  Solectron stockholders, at a
special meeting of Solectron stockholders, voted to adopt the
Agreement and Plan of Merger, dated as of June 4, 2007.
Flextronics shareholders, at the Flextronics Annual General
Meeting, approved the issuance of Flextronics ordinary shares in
the acquisition of Solectron.

As previously announced and subject to customary closing
conditions, Flextronics expects to complete its acquisition of
Solectron on Oct. 1, 2007.

Headquartered in Singapore, Flextronics International Ltd.
(NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an
Electronics Manufacturing Services provider focused on
delivering design, engineering and manufacturing services to
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile OEMs.  Flextronics helps
customers design, build, ship, and service electronics products
through a network of facilities in over 30 countries on four
continents.

The company has operations in Brazil and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 24, 2007, Moody's Investors Service assigned a provisional
(P)Ba1 rating to Flextronics International Ltd.'s proposed
US$2.5 billion unsecured term loan that will be used to finance
the cash consideration portion of the pending acquisition of
Solectron Corporation.  This provisional rating assumes a
corporate family rating of Ba1.

In addition, the rating for the proposed term loan reflect both
the overall probability of default of the company, to which
Moody's assumes a PDR of Ba1, and a loss given default of LGD 4.
All of the company's ratings remain under review for possible
downgrade pending consummation of the company's merger with
Solectron, which is expected to close in October 2007.  It is
likely that if the transaction closes as contemplated, the CFR
will be affirmed at Ba1.


GENERAL CABLE: Earns US$62.9 Million in Quarter Ended June 29
-------------------------------------------------------------
General Cable Corporation reported net income of US$62.9 million
for the second quarter ended June 29, 2007, compared to net
income of US$41.5 million in the second quarter of 2006.

Revenues were US$1.17 billion compared to US$987.1 million in
the prior year, an increase of 19.0%.

Net sales for the second quarter of 2007 were US$1.17 billion,
an increase of US$171.5 million or 17.0% compared to second
quarter net sales of US$1.00 billion on a metal adjusted basis.
Without the impact of acquisitions and changes in foreign
exchange rates, organic revenue growth was approximately 8.0% in
the second quarter of 2007 compared to 2006, on the continuing
strength of the company's global electrical infrastructure and
electric utility businesses.  Revenues from recent acquisitions
contributed US$55.9 million in the second quarter.

During the second quarter of 2006 the company benefited from the
forward purchase of a small portion of its copper requirements
due to concerns over supply tightness and the timing of certain
customer shipments.  The company estimated the incremental
operating profit realized in the second quarter of 2006 was
about US$8.5 million.  Without this impact, operating earnings
in the second quarter of 2006 were US$61.9 million.  Second
quarter 2007 operating income was US$103.0 million compared to
adjusted operating income of US$61.9 million in the second
quarter of 2006, an increase of US$41.1 million or 66.0%.
Operating margin was 8.8% in the second quarter of 2007, an
increase of approximately 260 basis points from the adjusted
operating margin percentage of 6.2% in the second quarter of
2006 on a metal-adjusted basis.  "Electrical infrastructure,
networking and utility businesses in North America as well as
Silec in France and our operations in Portugal led the way in
margin improvement," said Gregory B. Kenny, president and chief
executive officer of General Cable.

                Third Quarter 2007 Outlook

"The weaker housing market in Spain, Oceania, and the United
States continues to be offset by strong infrastructure project
demand and opportunities in new markets, underscoring the
importance of the company's product and geographic
diversification over the last several years.  In North America,
a couple of large transmission projects have been pushed out
from the middle of 2007 until the first half of 2008.  To give
you a sense of size and scale, the total transmission cable
required for just one of these projects would represent a
significant percentage of the company's annual transmission
cable manufacturing capacity.  Given the nature of these and
other large scale projects, I expect timing volatility for both
overhead and underground high voltage transmission systems as
well as submarine projects will continue to make short term
forecasting a bit more difficult.  Versus the second quarter,
the company will fully absorb facility vacation shutdowns and
maintenance typically scheduled for the July and August
timeframe as well as the normal seasonality of many of our
markets.  Therefore, for the third quarter of 2007, we expect to
report revenues of approximately US$1.1 billion and earnings per
share in the range of US$0.85 to US$0.90, again up nicely from
the prior year," Kenny said.

At June 29, 2007, the company's consolidated balance sheet
showed US$2.68 billion in total assets, US$2.13 billion in total
liabilities, and US$551.9 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 29, 2007, are available
for free at http://researcharchives.com/t/s?23bd

                      About General Cable

Headquartered in Highland Heights, Kentucky, General Cable
Corporation (NYSE: BGC) -- http://www.generalcable.com/--
develops, designs, manufactures, markets and distributes copper,
aluminum and fiber optic wire and cable products for the energy,
industrial, and communications markets.

                        *     *     *

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


GENERAL CABLE: Prices US$415 Million of Senior Convertible Notes
----------------------------------------------------------------
General Cable Corporation has entered into an agreement to sell
US$415 million in aggregate principal amount of its 1.0% Senior
Convertible Notes due 2012.  In addition, the company has
granted to the initial purchaser an option to purchase up to an
additional US$60 million in principal amount of the Notes on the
same terms and conditions as those sold in this offering.

Interest on the Notes will be paid semiannually on Oct. 15 and
April 15 at a rate of 1.0% per year.  The Notes will be
convertible into the Company's common stock at a conversion rate
of 11.9142 shares per US$1,000 principal amount of Notes.  This
conversion is equivalent to an initial conversion price of
approximately US$83.93 per share.  This represents a 27.5%
premium to US$65.83 per share, which was the last reported sale
price of the company's common stock on the New York Stock
Exchange on Sep. 26, 2007.

Prior to Oct. 15, 2012, holders may convert their Notes under
certain circumstances. On and after Oct. 15, 2012, the notes
will be convertible at any time prior to the close of business
on the business day before the stated maturity date of the
notes.  Upon conversion of a note, if the conversion value is
US$1,000 or less, holders will receive an amount in cash in lieu
of common stock equal to the lesser of US$1,000 or the
conversion value of the number of shares of common stock equal
to the conversion rate.  If the conversion value exceeds
US$1,000, in addition to this cash payment, holders will
receive, at the company's election, cash or common stock or a
combination of cash and common stock for the excess amount.

The Notes will be general unsecured obligations of the company,
and will be guaranteed on an unsecured senior basis by certain
of the company's existing and future domestic subsidiaries.

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

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

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

                        *     *     *

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


GERDAU AMERISTEEL: Moody's Confirms Ba1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed the Ba1 corporate family
ratings of Gerdau Ameristeel Corporation and Gerdau S.A.  The
ratings agency also confirmed the Ba1 corporate family rating of
the Brazilian operations of Gerdau, represented by Gerdau
Acominas S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais
S.A., and Gerdau Comercial de Acos S.A.  Meanwhile, the ratings
for Chaparral Steel Company were withdrawn as all its rated debt
will be retired.  The outlook for all ratings is stable.

The rating actions conclude the respective reviews started on
July 11, 2007, in relation to the announcement that Ameristeel
had signed a merger agreement to acquire all of Chaparral
Steel's outstanding shares for some US$4.2 billion in cash.

These ratings are confirmed:

Issuer: Gerdau S.A.

        -- Ba1 Global Local Currency Corporate Family Rating;
           and

        -- US$600-million Senior Unsecured Guaranteed Perpetual
           Notes: Ba1 Foreign Currency Rating

Issuer: Gerdau Brazil

        -- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

        -- Ba1 Probability of Default Rating;

        -- Ba1 Corporate Family Rating; and

        -- US$405-million Senior Unsecured Regular Bond: Ba1,
           LGD4 59%

Issuer: Jacksonville Economic Development Comm.

        -- US$23-million Senior Unsecured Revenue Bonds
           guaranteed by Gerdau Ameristeel: Ba1, LGD4 59%

Outlook for all ratings: stable

Chaparral Steel's acquisition, which closed on Sept. 14, 2007,
was financed with the proceeds from a US$2,750-million
syndicated term loan and a US$1,150-million bridge loan (both
not rated) issued by GNA Partners, Delaware, and jointly and
severally guaranteed by Gerdau S.A., Gerdau Ameristeel Corp.,
and by the Brazilian operating subsidiaries collectively known
as Gerdau Brazil.  Moody's expects the bridge loan to be
replaced with long-term debt shortly once market conditions are
more favorable.

In spite of the significant amount of debt added to Gerdau's
consolidated balance sheet, overall credit metrics and liquidity
position pro forma for Chaparral Steel remain supportive of its
current Ba1 rating.  Although Gross Debt to EBITDA will peak at
about 2.4x pro forma including twelve months of Chaparral
operations, in line with its history of prudent financial
management and considering the current up cycle of the industry,
Moody's would expect a gradual deleveraging of Gerdau's balance
sheet over the near term.  Gerdau's liquidity position remains
solid based on the maintenance of a hefty cash balance, its
available committed liquidity facilities, and ample access to
export-related loans.  In spite of the increased capex in 2007
and 2008 associated with the Acominas plant expansion program,
debt protection metrics are expected to remain strong.

The acquisition of Chaparral Steel expands the product portfolio
of Ameristeel with structural steel, and improves its
operational diversity and geographic coverage in North America,
where it is now the second largest long products producer.
Notwithstanding the fact that Chaparral Steel is by far the
largest acquisition ever made by Gerdau, associated integration
risk is somewhat mitigated by the experience of Gerdau with
several acquisitions made in North America over the past several
years, including successful negotiations with the local unions
and operational improvements that include the increased reliance
on the scrap purchase model employed in Brazil.  Ameristeel's
operating costs are believed to be competitive with other North
American minimill-based long products companies.

Moody's believes that Gerdau will continue to play an active
role in the ongoing consolidation of the global steel industry
and pursue opportunistic acquisitions.  While acquisitions made
so far have contributed to improved business profile of Gerdau,
we note that the event risk associated with the group's
acquisitive strategy is a constraining factor to the rating.

Cross default provisions under existing debt agreements provide
significant incentive for Gerdau to support its subsidiaries and
justify Moody's view of similar credit risk for the rated Group
entities.  The group's exposure to commodity products,
concentration of EBITDA generation in countries with erratic
demand for long steel, and the need for further of operational
efficiency in North America are also constraining factors to
Gerdau's ratings.

The stable outlook reflects Moody's view that Gerdau will
maintain prudent financial management and a comfortable
liquidity position, will continue to focus on the improvement of
its cost structure, as well as successfully integrate Chaparral
into its North American assets.

A positive impact on the ratings could result from the
successful integration of Chaparral combined with a moderate
decline in leverage as measured by Net Debt (considering a
minimum cash equivalent position of US$1.5 billion) to EBITDA
below 1.8x on a sustained basis simultaneously with the
maintenance of strong credit fundamentals that include efficient
cost management and adequate liquidity levels.

The ratings could be under pressure if Net Debt (considering a
minimum cash equivalent position of USD 1.5 billion) / EBITDA
grew beyond 2.2x for an extended time period.  Also, a sharp
deterioration in the group's liquidity position or unsuccessful
acquisitions could have an adverse impact on the rating.  For
the rated unsecured bonds, a substantial increase in the level
of secured debt of the guarantors could lead to a downgrade of
the respective ratings.

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


GERDAU SA: Moody's Confirms Ba1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has confirmed the Ba1 corporate family
ratings of Gerdau S.A. and Gerdau Ameristeel Corporation.  The
ratings agency also confirmed the Ba1 corporate family rating of
the Brazilian operations of Gerdau, represented by Gerdau
Acominas S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais
S.A., and Gerdau Comercial de Acos S.A.  Meanwhile, the ratings
for Chaparral Steel Company were withdrawn as all its rated debt
will be retired.  The outlook for all ratings is stable.

The rating actions conclude the respective reviews started on
July 11, 2007, in relation to the announcement that Ameristeel
had signed a merger agreement to acquire all of Chaparral
Steel's outstanding shares for some US$4.2 billion in cash.

These ratings are confirmed:

Issuer: Gerdau S.A.

        -- Ba1 Global Local Currency Corporate Family Rating;
           and

        -- US$600-million Senior Unsecured Guaranteed Perpetual
           Notes: Ba1 Foreign Currency Rating

Issuer: Gerdau Brazil

        -- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

        -- Ba1 Probability of Default Rating;

        -- Ba1 Corporate Family Rating; and

        -- US$405-million Senior Unsecured Regular Bond: Ba1,
           LGD4 59%

Issuer: Jacksonville Economic Development Comm.

        -- US$23-million Senior Unsecured Revenue Bonds
           guaranteed by Gerdau Ameristeel: Ba1, LGD4 59%

Outlook for all ratings: stable

Chaparral Steel's acquisition, which closed on Sept. 14, 2007,
was financed with the proceeds from a US$2,750-million
syndicated term loan and a US$1,150-million bridge loan (both
not rated) issued by GNA Partners, Delaware, and jointly and
severally guaranteed by Gerdau S.A., Gerdau Ameristeel Corp.,
and by the Brazilian operating subsidiaries collectively known
as Gerdau Brazil.  Moody's expects the bridge loan to be
replaced with long-term debt shortly once market conditions are
more favorable.

In spite of the significant amount of debt added to Gerdau's
consolidated balance sheet, overall credit metrics and liquidity
position pro forma for Chaparral Steel remain supportive of its
current Ba1 rating.  Although Gross Debt to EBITDA will peak at
about 2.4x pro forma including twelve months of Chaparral
operations, in line with its history of prudent financial
management and considering the current up cycle of the industry,
Moody's would expect a gradual deleveraging of Gerdau's balance
sheet over the near term.  Gerdau's liquidity position remains
solid based on the maintenance of a hefty cash balance, its
available committed liquidity facilities, and ample access to
export-related loans.  In spite of the increased capex in 2007
and 2008 associated with the Acominas plant expansion program,
debt protection metrics are expected to remain strong.

The acquisition of Chaparral Steel expands the product portfolio
of Ameristeel with structural steel, and improves its
operational diversity and geographic coverage in North America,
where it is now the second largest long products producer.
Notwithstanding the fact that Chaparral Steel is by far the
largest acquisition ever made by Gerdau, associated integration
risk is somewhat mitigated by the experience of Gerdau with
several acquisitions made in North America over the past several
years, including successful negotiations with the local unions
and operational improvements that include the increased reliance
on the scrap purchase model employed in Brazil.  Ameristeel's
operating costs are believed to be competitive with other North
American minimill-based long products companies.

Moody's believes that Gerdau will continue to play an active
role in the ongoing consolidation of the global steel industry
and pursue opportunistic acquisitions.  While acquisitions made
so far have contributed to improved business profile of Gerdau,
we note that the event risk associated with the group's
acquisitive strategy is a constraining factor to the rating.

Cross default provisions under existing debt agreements provide
significant incentive for Gerdau to support its subsidiaries and
justify Moody's view of similar credit risk for the rated Group
entities.  The group's exposure to commodity products,
concentration of EBITDA generation in countries with erratic
demand for long steel, and the need for further of operational
efficiency in North America are also constraining factors to
Gerdau's ratings.

The stable outlook reflects Moody's view that Gerdau will
maintain prudent financial management and a comfortable
liquidity position, will continue to focus on the improvement of
its cost structure, as well as successfully integrate Chaparral
into its North American assets.

A positive impact on the ratings could result from the
successful integration of Chaparral combined with a moderate
decline in leverage as measured by Net Debt (considering a
minimum cash equivalent position of US$1.5 billion) to EBITDA
below 1.8x on a sustained basis simultaneously with the
maintenance of strong credit fundamentals that include efficient
cost management and adequate liquidity levels.

The ratings could be under pressure if Net Debt (considering a
minimum cash equivalent position of USD 1.5 billion) / EBITDA
grew beyond 2.2x for an extended time period.  Also, a sharp
deterioration in the group's liquidity position or unsuccessful
acquisitions could have an adverse impact on the rating.  For
the rated unsecured bonds, a substantial increase in the level
of secured debt of the guarantors could lead to a downgrade of
the respective ratings.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.


JABIL CIRCUIT: Net Income Rises to US$3.1 Bil. in Fourth Quarter
----------------------------------------------------------------
Jabil Circuit Inc. reported its preliminary, unaudited financial
results for its fourth quarter and fiscal year ended
Aug. 31, 2007.

Net revenue for the fourth quarter of fiscal 2007 increased to
US$3.1 billion compared to US$3.0 billion for the same period of
fiscal 2006.

"Our sequential and year-over-year results for the quarter point
to a strengthening business.  Cash flow from operations was
outstanding and improving margins and a stronger balance sheet
position us to begin fiscal 2008 on solid footing," said
President and Chief Executive Officer Timothy L. Main.

GAAP operating income for the fourth quarter of fiscal 2007
increased to US$50.5 million compared to an operating loss of
US$7.6 million for the same period of fiscal 2006.  GAAP net
income for the fourth quarter of fiscal 2007 increased to
US$11.7 million compared to a loss of US$45.6 million for the
same period in fiscal 2006.  GAAP diluted earnings per share for
the fourth quarter of fiscal 2007 increased to US$0.06 compared
to a loss per share of US$0.22 for the same period of fiscal
2006.

Jabil's fourth quarter of fiscal 2007 core operating income
increased to US$103.8 million or 3.3% of net revenue compared to
US$90.2 million or 3.1% of net revenue for the fourth quarter of
fiscal 2006.  Core earnings decreased to US$59.9 million
compared to US$74.4 million for the fourth quarter of fiscal
2006.  Core earnings per share decreased to US$0.29 per diluted
share for the period compared to US$0.36 for the fourth quarter
of fiscal 2006.

                      Fiscal Year 2007

Net revenue for the fiscal year increased 20% to US$12.3 billion
compared to US$10.3 billion for fiscal 2006.

GAAP operating income for fiscal 2007 decreased 25% to US$181.9
million compared to US$241.8 million for fiscal 2006.  GAAP net
income for fiscal 2007 decreased 55% to US$73.2 million compared
to US$164.5 million for fiscal 2006.  GAAP diluted earnings per
share for fiscal 2007 decreased 55% to US$0.35 compared to
US$0.77 for fiscal 2006.

Jabil's fiscal 2007 core operating income decreased 15% to
US$331.6 million or 2.7% of net revenue compared to US$391.6
million or 3.8% of net revenue for fiscal 2006.  Core earnings
decreased 40% to US$196.2 million compared to US$324.4 million
for fiscal 2006.  Core earnings per share decreased 38% to
US$0.95 per diluted share for the period, compared to US$1.53
for fiscal 2006.

                      Business Update

"Our focus has been on making step-by-step improvements to our
business and our fourth quarter performance shows that we are on
the right path.  It is our intention to continue this deliberate
effort at improving financial performance while concentrating on
delivering the best customer solutions through our new
divisional structure," said President and C.E.O. Timothy L.
Main.

Jabil said it expects net revenue for its first fiscal quarter
of 2008 to be US$3.3 billion, with an estimated core operating
margin range of 3.3 to 3.7 %.  The company said its core
earnings per share are anticipated to be in a range of US$0.33
to US$0.37 per diluted share.  GAAP earnings per share are
estimated to be US$0.09 to US$0.13 per diluted share.

                     About Jabil Circuit

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

                        *     *     *

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


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."

After several changes to the financing structure to acquire
Swift, JBS ended up contributing a total of US$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 USD 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; and

        -- 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 x 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.

Headquartered in Greeley, Colorado, Swift & Company is one of
the world's leading beef and pork processing companies.  Its
largest business segments are domestic beef processing, domestic
pork processing and beef operations in Swift Australia.  Swift's
parent S&C Holdco 3 is owned by a limited partnership formed by
equity sponsors HM Capital Partners LLC (formerly Hicks Muse)
and Booth Creek Management Corporation.  Consolidated sales for
the twelve months ended Feb. 25, 2007, were approximately US$9.5
billion.


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

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.

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

                        *     *     *

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

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

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

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

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




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


ANTHRACITE BALANCED (R-6): Final Shareholders Meeting on Oct. 3
---------------------------------------------------------------
Anthracite Balanced Company (R-6) Ltd. will hold its final
shareholders meeting on Oct. 3, 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 1109GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7755
         Fax: (345) 949-7634


ANTHRACITE BALANCED (R-2): Final Shareholders Meeting on Oct. 3
---------------------------------------------------------------
Anthracite Balanced Company (R-2) Ltd. will hold its final
shareholders meeting on Oct. 3, 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 1109GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7755
         Fax: (345) 949-7634


BEAR STEARNS: Punk Ziegel Puts Market Perform Rating on Shares
--------------------------------------------------------------
Punk Ziegel & Co. analyst Richard X. Bove has upgraded his
rating on The Bear Stearns Companies' shares to "market perform"
from "sell," Newratings.com reports.

Newratings.com relates that the target price for Bear Stearns'
shares was increased to US$120 from US$96.

Mr. Bove said in a research note that the speculations of an
investment in Bear Stearns by a third party seem creditable.

Bear Stearns needs a third party investment due to an increase
in the cost of funding, continued weakness in its core mortgage
business and a need to diversify into new overseas markets,
Newratings.com states, citing Mr. Bove.

Headquartered in Grand Cayman, Cayman Islands, Bear Stearns
High-Grade Structured Credits and Strategies Enhanced Leverage
Master Fund, Ltd. are open-ended investment companies, which
sought high income and capital appreciation relative to the
London Interbank Offered Rate, and was designed for long-term
investors.  On July 30, 2007, the Funds filed for wounding up
petitions under the Companies Law (2007 Revision) of the Cayman
Islands.  Simon Lovell Clayton Whicker and Kristen Beighton, at
KPMG, were appointed joint provisional liquidators.  On
July 31, 2007, the joint liquidators filed for Chapter 15
petition in the U.S. Bankruptcy Court for the Southern District
of New York.  The case is under Honorable Burton R. Lifland.

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


BOMBAY COMPANY: Court Approves Haynes & Boone as Counsel
--------------------------------------------------------
The Bombay Company, Inc. and its debtor-affiliates obtained
permission from the U.S. Bankruptcy Court for the Northern
District of Texas to employ Haynes and Boone, L.L.P. as their
bankruptcy counsel.

Haynes and Boone will:

   a. advise the Debtors of their rights, powers and duties as
      debtors-in-possession under the Bankruptcy Code;

   b. perform all legal services for and on behalf of the
      Debtors that may be necessary or appropriate in the
      administration of these bankruptcy cases and the Debtors'
      businesses;

   c. advise the Debtors concerning, and assisting in, the
      negotiation and documentation of financing agreements and
      debt restructurings;

   d. counsel the Debtors in connection with the formulation,
      negotiation, and consummation of a possible sale of the
      Debtors' or their assets;

   e. review the nature and validity of agreements relating to
      the Debtors' interests in real and personal property and
      advising the Debtors of their corresponding rights and
      obligations;

   f. advise the Debtors concerning preference, avoidance,
      recovery, or other actions that they may take to collect
      and to recover property for the benefit of the estates and
      their creditors, whether or not arising under Chapter 5 of
      the Bankruptcy Code;

   g. prepare on behalf of the Debtors all necessary and
      appropriate applications, motions, pleadings, draft
      orders, notices, schedules, and other documents and
      reviewing all financial and other reports to be filed in
      these bankruptcy cases;

   h. advise the Debtors concerning, and preparing responses to,
      applications, motions, complaints, pleadings, notices, and
      other papers that may be filed and served in these
      bankruptcy cases;

   i. counsel the Debtors in connection with the formulation,
      negotiation, and promulgation of a plan of reorganization
      and related documents or other liquidation of the estates;

   j. work with and coordinate efforts among other professionals
      to attempt to preclude any duplication of effort among
      those professionals and to guide their efforts in the
      overall framework of Debtors' reorganization or
      liquidation; and

   k. work with professionals retained by other parties in
      interest in this bankruptcy case to attempt to structure a
      consensual plan of reorganization, liquidation, or other
      resolution for Debtors.

The Debtors will pay the firm based on these rates:

       Professional               Status       Hourly Rate
       ------------               ------       -----------
       Robert D. Albergotti, Esq. Partner        US$625
       John D. Penn, Esq.         Partner        US$500
       Ian T. Peck, Esq.          Associate      US$360
       Jason B. Binford, Esq.     Associate      US$280
       Kim Morzak                 Paralegal      US$195

The Debtors assure the Court that Haynes and Boone does not
represent or hold any interest adverse to the Debtors, their
estates, creditors, equity security holders, or affiliates.

The firm can be reached at:

             Robert Dew Albergotti, Esq.
             Haynes and Boone, L.L.P.
             901 Main Street, Suite 3100
             Dallas, TX 75202
             Tel: (214) 651-5000
             Fax: (214) 200-0350
             http://www.haynesboone.com/

Headquartered in Fort Worth, Texas, The Bombay Company, Inc.,
(OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.  The company and five of its debtor-affiliates filed
for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex.
Lead Case No. 07-44084).  As of May 5, 2007, the Debtors listed
total assets of US$239,400,000 and total debts of
US$173,400,000.


BOMBAY CO: Provides Update on US$115 Million GE DIP Financing
-------------------------------------------------------------
The Bombay Company, Inc. provided an update regarding the
US$115 million debtor-in-possession financing from GE Corporate
Lending and GE Canada Finance Holding Company related to its
voluntary petitions for reorganization under Chapter 11 of the
U.S. Bankruptcy Code.

While GE Corporate Lending and GE Canada Finance Holding Company
have expressed a willingness to provide the funding, the DIP
financing is contingent upon approval of the U.S. Bankruptcy
Court for the Northern District of Texas.

The company will be seek approval of the DIP financing tomorrow,
Sept. 25, 2007.

"We are confident in our business and in our restructuring plans
as outlined in our filing, and we expect our business will
continue to operate as usual," David B. Stewart, Chief Executive
Officer of the company, said.

Headquartered in Fort Worth, Texas, The Bombay Company, Inc.,
(OTC Bulletin Board: BBAO) http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.  The company and its debtor-affiliates filed for
Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Case
No. 07-44084).  Jason B. Binford, Esq., and Robert Dew
Albergotti, Esq., at Haynes & Boone, LLP, in Dallas, Texas,
represent the Debtors in their restructuring efforts.  As of
May 5, 2007, the Debtors listed total assets of US$239,400,000
and total debts of US$173,400,000.


BOMBAY COMPANY: U.S. Trustee Appoints 7-Member Creditors Panel
--------------------------------------------------------------
William T. Neary, the U.S. Trustee for Region 6, appointed seven
creditors to the Official Committee of Unsecured Creditors in
the Chapter 11 cases of The Bombay Company, Inc. and its debtor-
affiliates.

The Committee members are:

   1. Eric C. Cotton
      Developers Diversified Realty
      3300 Enterprise Parkway
      P.O. Box 228042
      Beachwood, OH 44122
      Tel: (216) 755-5500
      Fax: (216) 755-1500

   2. Wendy Finnegan
      Agent for Seko Worldwide, LLC
      Receivable Management Services
      307 International Circle
      Suite 270
      Hunt Valley, MD 21030
      Tel: (410) 773-4088
      Fax: (410) 773-4057

   3. Ronald M. Tucker
      Simon Property Group, Inc.
      225 W. Washington Street
      Indianapolis, IN 46204
      Tel: (317) 263-2346
      Fax: (317) 263-7901

   4. Richard Pollock
      Pollock Paper Company
      1 Pollock Paper
      Grand Prairie, TX 75050
      Tel: (972) 337-3801
      Fax: (972) 263-5081

   5. Mike Mandell
      Ryder Logistics & Transportation Solutions Worldwide
      11690 NW 105 Street
      Miami, FL 33178-1103
      Tel: (305) 500-4417
      Fax: (305) 500-3336

   6. James W. Grudus
      AT&T Services, Inc. - Legal Dept.
      One AT&T Way, Room #A218
      Bedminster, NJ 07921
      Tel: (908) 234-3318
      Fax: (832) 213-0157

   7. Samuel B. Garber
      General Growth Properties, Inc.
      110 N. Wacker Drive
      Chicago, IL 60606
      Tel: (312) 960-5079
      Fax: (312) 442-6373

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

Headquartered in Fort Worth, Texas, The Bombay Company, Inc.,
(OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.  The company and five of its debtor-affiliates filed
for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex.
Lead Case No. 07-44084).  As of May 5, 2007, the Debtors listed
total assets of US$239,400,000 and total debts of
US$173,400,000.


YANKEE CHARLIE: Sets Final Shareholders Meeting for Oct. 2
----------------------------------------------------------
Yankee Charlie Aviation Ltd. will hold its final shareholders
meeting on Oct. 2, 2007, at the office of the company.

These agendas will be taken during the meeting:

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

   2) authorizing the liquidators 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:

         Terry W.Carson
         Roy Welsby
         P.O. Box 1044
         George Town, Grand Cayman
         Cayman Islands
         Tel: (345) 949-8588
         Fax: (345) 949-7325


DALTON JAPAN: Proofs of Claim Filing Deadline Is Oct. 3
-------------------------------------------------------
Dalton Japan Absolute Return (Offshore Feeder) Fund's creditors
are given until Oct. 3, 2007, to prove their claims to James B.
Rosenwald III and Art Hebert, 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.

Dalton Japan's shareholders agreed on Aug. 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       James B. Rosenwald III
       Art Hebert
       Dalton Investments LLC
       Suite600, 12424 Wilshire Blvd
       Los Angeles, California 90025
       U.S.A.


DALTON JAPAN (MASTER): Proofs of Claim Filing Is Until Oct. 3
-------------------------------------------------------------
Dalton Japan Absolute Return (Master) Fund's creditors are given
until Oct. 3, 2007, to prove their claims to James B. Rosenwald
III and Art Hebert, 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.

Dalton Japan's shareholders agreed on Aug. 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       James B. Rosenwald III
       Art Hebert
       Dalton Investments LLC
       Suite600, 12424 Wilshire Blvd
       Los Angeles, California 90025
       U.S.A.


DFSCSA LTD: Proofs of Claim Filing Ends on Oct. 3
-------------------------------------------------
DFSCSA Ltd.'s creditors are given until Oct. 3, 2007, to prove
their claims to Piccadilly Cayman Limited, 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.

DFSCSA Ltd.'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 liquidator can be reached at:

       Ellen J. Christian
       Piccadilly Cayman Limited
       c/o BNP Paribas Bank & Trust Cayman Limited
       3rd Floor Royal Bank House
       Shedden Road
       George Town, Grand Cayman
       Cayman Islands
       Telephone: 345 945 9208
       Fax: 345 945 9210


DFSCSA LIMITED: Sets Final Shareholders Meeting for Oct. 3
----------------------------------------------------------
Dfscsa Ltd. will hold its final shareholders meeting on
Oct. 3, 2007, at 10:00 a.m., at:

          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Ellen J. Christian
         Piccadilly Cayman Limited
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Cayman Islands
         Telephone: 345 945 9208
         Fax: 345 945 9210


GLG GLOBAL: Proofs of Claim Filing Is Until Oct. 3
--------------------------------------------------
GLG Global Macro Fund.'s creditors are given until Oct. 3, 2007,
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.

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

The liquidator can be reached at:

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


GLG MANGOUSTA: Proofs of Claim Filing Ends on Oct. 3
----------------------------------------------------
GLG Mangousta Fund's creditors are given until Oct. 3, 2007, to
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.

GLG Mangousta's shareholders agreed on Aug. 4, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


GLG MMI: Proofs of Claim Filing Deadline Is Oct. 3
--------------------------------------------------
GLG MMI Star Index Fund.'s creditors are given until
Oct. 3, 2007, to prove their claims to Stuart K. Sybersma and
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.

GLG MMI's shareholders agreed on Aug. 4, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


INCREMENTAL LEVERAGED: Proofs of Claim Filing Is Until Oct. 3
-------------------------------------------------------------
Incremental Leveraged Fund's creditors are given until
Oct. 3, 2007, to prove their claims to Q&H Nominees 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.

Incremental Leveraged's shareholder agreed on Aug. 8, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


NIKKEI REMITTANCE: Final Shareholders Meeting Is on Oct. 3
----------------------------------------------------------
Nikkei Remittance Rights Finance Company will hold its final
shareholders meeting on Oct. 3, 2007, at 10:00 a.m., at:

          3rd Floor Royal Bank House
          Shedden Road, George Town
          Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Ellen J. Christian
         Piccadilly Cayman Limited
         c/o BNP Paribas Bank & Trust Cayman Limited
         3rd Floor Royal Bank House, Shedden Road
         George Town, Grand Cayman
         Cayman Islands
         Telephone: 345 945 9208
         Fax: 345 945 9210


NORTH STARS: Proofs of Claim Filing Ends on Oct. 3
--------------------------------------------------
North Stars Capital Corp.'s creditors are given until
Oct. 3, 2007, to prove their claims to Piccadilly Cayman
Limited, 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.

North Stars shareholders agreed on Aug. 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:

       Ellen J. Christian
       Piccadilly Cayman Limited
       c/o BNP Paribas Bank & Trust Cayman Limited
       3rd Floor Royal Bank House
       Shedden Road
       George Town, Grand Cayman
       Cayman Islands
       Telephone: 345 945 9208
       Fax: 345 945 9210


PET-HOC: Proofs of Claim Must be Filed by Oct. 3
------------------------------------------------
Pet-Hoc Inc.'s creditors are given until Oct. 3, 2007, to prove
their claims to Joseph A. Householder, 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.

Pet-Hoc Inc.'s shareholders agreed on Aug. 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Joseph A. Householder
       Attention: Joseph A. Householder
       101 Ash Street, HQ18, San Diego
       California 92101, USA
       Tel: 619-696-4576


TANZANITE FINANCE: Final Shareholders Meeting Is on Oct. 3
----------------------------------------------------------
Tanzanite Finance III Ltd. will hold its final shareholders
meeting on Oct. 3, 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 1109GT, Grand Cayman
         Cayman Islands
         Telephone: (345) 949-7755
         Fax: (345) 949-7634


TANZANITE FINANCE: Proofs of Claim Filing Deadline Is Oct. 3
------------------------------------------------------------
Tanzanite Finance III Ltd.'s creditors are given until
Oct. 3, 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.

Tanzanite Finance's shareholder agreed on Aug. 16, 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


TRILLION BRIGHT: Proofs of Claim Filing Ends on Oct. 3
------------------------------------------------------
Trillion Bright Holdings Ltd.'s creditors are given until
Oct. 3, 2007, to prove their claims to Frances Yung Ming Fong,
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.

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

The liquidator can be reached at:

       Frances Yung Ming Fong
       Trillion Bright Holdings Limited
       32nd Floor, CITIC Tower
       1 Tim Mei Avenue Central
       Hong Kong
       Tel: 2820 2235
       Fax: 2014 5696




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


PHELPS DODGE: Moody's Revises Outlook to Positive
-------------------------------------------------
Moody's Investors Service revised Freeport-McMoRan Copper & Gold
Inc.'s (Freeport) 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:

Issuer: Freeport-McMoRan Copper & Gold Inc.

        -- Outlook: Changed To Positive From Stable

Issuer: Phelps Dodge Corporation

        -- Outlook: Changed To Positive From Stable

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%; and

        -- 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%; and

        -- 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.

As reported in the Troubled Company Reporter-Latin America on
March 21, 2007, Freeport-McMoRan Copper & Gold Inc. has
completed its acquisition of Phelps Dodge Corp. (NYSE: PD),
creating the world's largest publicly traded copper company.


SCIENTIFIC GAMES: To Shut Down Facility in San Antonio, Texas
-------------------------------------------------------------
Scientific Games Corp. is planning to close its plant in San
Antonio, Texas, citing adequate production capacity in its other
plants worldwide.  The plant was acquired in May of 2007, as
part of Scientific Games' acquisition of Oberthur Gaming
Technologies.  The closing, which will affect approximately 350
jobs in the San Antonio metro area, will take place in stages
and is expected to be completed by the end of the year.

Some of the plant's technicians and managers will be offered the
opportunity to relocate to other Scientific Games operations.
For those employees not offered relocation or who elect not to
relocate, the company will be providing an industry standard
severance package, arrangements for continuity of health
insurance, and outplacement assistance to aid in their search
for new jobs.

"While we regret having to announce a plant closing, we are
taking this step as part of keeping our promise to customers to
bring efficiencies and best practices to them as part of this
acquisition, and doing so before the conclusion of the lease on
the San Antonio plant in May of next year.  We are confident
that this is a positive step forward for the business and our
customers in rationalizing our production operation to a single
site in the United States," said Michael Chambrello, President &
COO of Scientific Games.

Scientific Games Corp. -- http://www.scientificgames.com/--
is the leading integrated supplier of instant tickets, systems
and services to lotteries, and the leading supplier of wagering
systems and services to pari-mutuel operators.  The Company is
also a licensed pari-mutuel gaming operator in Connecticut and
the Netherlands and is a leading supplier of prepaid phone cards
to telephone companies.  The company has additional productions
and operating facilities located in Austria, Chile and the
United Kingdom.




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


BANCOLOMBIA: Sells COP400-Billion Bonds in Local Market
-------------------------------------------------------
Bancolombia said in a statement that it has sold bonds for
COP400 billion in the local market.

Business News Americas relates that investor demand was COP747
billion, or 1.87 times the size of the offering.

According to BNamericas, the issue was conducted in four
tranches:

          -- an 18-month issue for COP140 billion placed at a
             1.99% coupon;

          -- a 24-month, COP91-billion issue with a 2.2% coupon;

          -- a 5-year tranch for COP107 billion placed at 2.68%;
             And

          -- a 5-year tranch for COP61.8 billion placed at
             6.10%.

BNamericas states that Bancolombia's investment banking unit was
the lead coordinator and book-running manager for the
transaction.

The issuance is part of a larger COP1.5-trillion global ordinary
notes program, BNamericas notes.

"Proceeds will be used for general bank corporate purposes,"
Bancolombia told BNamericas.

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 is stable.


BRIGHTPOINT INC: Subsidiary Signs Distribution Deal with Sonim
--------------------------------------------------------------
Brightpoint Inc.'s subsidiary, Brightpoint Middle East FZE, has
been appointed as a distributor by Sonim Technologies Inc.
Pursuant to this agreement, Brightpoint will provide Sonim with
distribution services for Sonim products to be distributed in
the Middle East market.

                  About Sonim Technologies

Sonim Technologies Inc. -- http://www.sonimtech.com/-- enables
today's GPRS, UMTS & WiFi data networks to deliver high-
performance VoIP applications and services, specifically
optimized to meet the productivity objectives of mobile
enterprises.  Sonim's OMA PoC 1.0 server, client and handset
solutions represent the industry's only business class
implementation of the push-to-talk standard and form the basis
of an emerging suite of streaming IMS-compliant applications.
Sonim is headquartered in San Mateo, California, with offices in
Bangalore, London, Stockholm and Madrid.

                      About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                        *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


GRAN TIERRA: Net After Royalty Output Is 2,034 Barrels Per Day
--------------------------------------------------------------
Gran Tierra Energy's net after royalty production has averaged
2,034 barrels a day of oil since Sept. 10, 2007, due to recent
increased output from its two new Colombian oilfield
discoveries, Business News Americas reports.

According to Gran Tierra's statement, a new field development
program has been launched to allow for continued production
growth through 2008.

BNamericas relates that the first stage is being implemented at
the Costayaco field in the Chaza block in Colombia's Putumayo
basin.  Gran Tierra has a 50% working interest in Chaza and is
the operator of the block.

The report says that output with natural flow has averaged 1,748
barrels per day gross -- about 788 barrels a day net after
royalty -- since Sept. 10, 2007, from selected reservoir zones
in the Costayaco-1 discovery well.  Output is being transported
by truck to facilities.

The report says that two development wells are planned for
Costayaco, with drilling scheduled to start in the next quarter.
A new 3-D seismic acquisition program covering 70 square
kilometers has begun and would be completed in this year's
fourth quarter.  A second development drilling stage and
infrastructure construction will depend on results of these
initial wells.

Meanwhile, Gran Tierra is implementing a development program for
the Juanambu field in the Guayuyaco block in Putumayo,
BNamericas notes.  The firm has concluded early production
testing in the area and the application process for
commerciality is continuing.  A six-kilometer, six-inch flowline
is planned to transport oil from the Juanambu-1 discovery well
to infrastructure and should be operational in the fourth
quarter 2007.  A second development drilling stage and
infrastructure construction is being consider for next year.

Gran Tierra Energy President and Chief Executive Officer Dana
Coffield told BNamericas that the firm's work program focus is
now transitioning from exploration to development activities,
which are intended to continue production growth into 2008.

Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America.  The company currently holds
interests in producing and prospective properties in Argentina,
Colombia and Peru.

                        *     *     *

Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future.  The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and, as of Sept. 30, 2006, had an accumulated deficit of
US$4.1 million.




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


US AIRWAYS: Flight Attendants' Labor Issues Still Unresolved
------------------------------------------------------------
On Sept. 27, 2007, marks the two-year anniversary of the merger
between US Airways Group Inc. and America West Airlines Inc.,
yet flight attendants see no reason to celebrate.  Single
contract talks between management and flight attendants have
dragged on for over 19 months with simple non-economic issues
unresolved.  Both groups of flight attendants are represented by
the Association of Flight Attendants -- CWA.  A single working
agreement between US Airways and America West flight attendant
groups is necessary for the operational merger to be complete.

"Flight attendants have reached their limit in the level of
frustration with management over the status of contract
negotiations, as well as the operational and service failures
that have disrupted the travel plans of thousands of US Airways
passengers over the summer," Gary Richardson, America West, AFA-
CWA President, said.

"Since the financial merger of the two carriers was consummated,
US Airways has racked up nearly a billion dollars in profit, and
yet management refuses any meaningful improvements to wages or
benefits for flight attendants," Mike Flores, US Airways, AFA-
CWA President, said.  "The virtual merger and profits all
continue to be the result of employee concessions and give backs
and now is the time to recognize those sacrifices at the
bargaining table."

Flight attendants at America West have not seen raises or
workplace improvements in over four years.  US Airways flight
attendants continue to work under a concessionary agreement put
in place during the last bankruptcy, which eroded pay scales,
terminated pensions and slashed benefits.  Passengers have been
exposed to poor operations, short staffing, delays, and merger
related system failures.  Yet while employee and passenger
relations continue to decline, US Airways management has reaped
millions in bonuses.

On Oct. 16, 2007, flight attendants from twenty AFA-CWA carriers
across the nation and the world will descend on Phoenix,
Arizona, for informational picketing and protest activities in a
mass demonstration of solidarity and support for flight
attendants at US Airways.

For over 60 years, the Association of Flight Attendants
http://www.afanet.org/-- has been serving as the voice for
flight attendants in the workplace, in the aviation industry, in
the media and on Capitol Hill.  More than 55,000 flight
attendants at 20 airlines come together to form AFA-CWA, the
world's largest flight attendant union.  AFA is part of the
700,000-member strong Communications Workers of America, AFL-
CIO.

                      About US Airways

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) -
http://www.usairways.com/-- primary business activity is the
ownership of the common stock of US Airways, Inc., Allegheny
Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc.,
MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc.,
Material Services Company, Inc., and Airways Assurance Limited,
LLC.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

                        *     *     *

US Airways Group Inc.'s US$1.6 billion secured credit facility
due 2014, currently being syndicated carries, Standard & Poor's
Ratings Services 'B' rating.  That rating was assigned in March
2007.


US AIRWAYS: Pilots Protest on Pay Discrimination
------------------------------------------------
On the two-year anniversary of the merger of US Airways Group
Inc. and America West Ailines Inc., the US Airways pilots
rallied at Reagan National Airport to demand that management
provide them with the same wages as their America West
counterparts.  Both pilot groups, represented by the Air Line
Pilots Association, International, fly the same aircraft, routes
and passengers.

Currently, America West captains, on average, earn about $20,000
more a year than US Airways captains.  When the US
Airways/America West merger was completed, the US Airways pilots
expected management to provide pay parity, much like management
offered to the pilots last year during the proposed Delta
merger.  Now, two years after the US Airways/America West
merger, the US Airways pilots continue to labor under a post-
9/11 bankruptcy-enforced contract that leaves them with the
lowest-paid wages among the major carriers, even though
management has raised the wages of all of the airline's other
employee groups.

"Our pilots committed an astounding $6.8 billion to enable US
Airways to successfully reorganize," US Airways Master Executive
Council Chairman Captain Jack Stephan said.  "Our wages were
reduced by nearly fifty percent and our pensions were
terminated.  We agreed to more flexible schedules that separate
us from our families more each month and work us to the legal
maximum, which has caused fatigue among the pilot group.  While
we could rightfully expect to be treated much differently for
making truly heroic decisions, we simply ask that we be treated
the same as the America West pilots.  Instead, two years have
passed, and we're still waiting.  Even worse, we watch
management reward themselves with lucrative bonuses paid for by
the loss of our pensions.  We call that bankruptcy
profiteering."

In order to achieve pay parity, the US Airways pilots are
engaged in several lawful programs, such as a "Do Your Own Job"
campaign, which encourages pilots to focus solely on their
responsibilities and not cover for the myriad of operational
shortfalls until they are compensated accordingly.

The US Airways pilots also share their passengers' frustration
about the state of the airline's operations and are embarrassed
by the company's well-documented customer service problems.

"We've watched as management attempts to whitewash US Airways'
dismal operations and dismal employee relations," Capt. Stephan
added.  "It is apparent that management's attention to customer
service is indicative of how they treat their employees.  A
motivated and invested workforce may be in the distant future,
but for now, management will not see any degree of labor peace
until they treat employees like the integral part of the airline
that they are."

Founded in 1931, Air Line Pilots Association, International --
http://www.alpa.org/-- is the collective bargaining agent for
the nearly 1,900 pilots at America West Airlines.  ALPA is the
world's largest pilot union, representing more than 60,000
pilots at 41 airlines in the United States and Canada.

                      About US Airways

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) -
http://www.usairways.com/-- primary business activity is the
ownership of the common stock of US Airways, Inc., Allegheny
Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc.,
MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc.,
Material Services Company, Inc., and Airways Assurance Limited,
LLC.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

                        *     *     *

US Airways Group Inc.'s US$1.6 billion secured credit facility
due 2014, currently being syndicated carries, Standard & Poor's
Ratings Services 'B' rating.  That rating was assigned in March
2007.


US AIRWAYS: Pilots Urge Management to Finalize Airline Merger
-------------------------------------------------------------
The corporate merger of US Airways Group Inc. and America West
Airlines Inc. was at one time met with critical acclaim by the
investment community, but is now alienating loyal customers with
its rock-bottom customer service, widespread mis-handling of
baggage, and lagging on-time performance.  Despite the fact that
it has been two years since the merger, US Airways management
has cashed in millions for themselves while the passengers,
investors and employees of the airline are suffering from a
half-finished merger.

This week, US Airways received a single FAA operating
certificate.  But rather than tackling the largest, most
difficult issues first, management has chosen to continually
delay the true operational merger of America West and US
Airways, while reaping the benefit of keeping the labor groups
separate to the detriment of the new airline and its passengers.

For two years, the pilots of America West and US Airways, who
are both represented by the Air Line Pilots Association,
International, have met with management to negotiate a fair,
single agreement that would bring them in line with each other,
and recognize the contributions and sacrifices each made to
ensure the viability of their respective airlines.  During this
time, the pilots have worked under separate, mediocre contracts
that were either negotiated in bankruptcy or under severe
government loan restrictions.  Management has taken advantage of
the pilots' sacrifices to fund their grand schemes for a bigger
airline and make billions of dollars for themselves and their
investors while keeping the pilots at bottom-of-the-barrel pay,
work rules and benefits.

In response to the protracted pace of negotiations, the US
Airways pilots recently launched an "Equal Pay for Equal Work"
campaign, and rallied at the Washington National Airport
yesterday, Sept. 27, 2007.  The America West pilots support the
efforts of their union brothers and sisters, and will continue
to work toward achieving parity and beyond within the joint
negotiations process.

"We are ready, willing and able to negotiate a fair contract
that benefits our pilots and our airline," Captain John
McIlvenna, chairman of the America West Master Executive
Council, said.  "From the beginning, we have stated that we will
not pay for this merger, but considering how long it took for
management to come to the table with their first economic
proposal, they have clearly not gotten this message.  It's time
for management to stop trying to divide labor and come to the
table with reasonable proposals that meet the needs of all US
Airways pilots.  Our pilots deserve a fair contract, and there
is no reason why we cannot have a tentative agreement negotiated
by the end of 2007.  Management has made millions on the backs
of labor and it is well past time for a return on our
investments."

As reported in the Troubled Company Reporter on March 1, 2007,
US Airways and America West units of ALPA, filed a lawsuit in
the U.S. District Court of Philadelphia demanding that US
Airways halt plans that attempt to illegally merge the airlines
until a single contract is reached between both pilot groups, as
is required under the Railway Labor Act and an agreement reached
by the parties in September 2005.

US Airways plans to eliminate America West's HP designator code
from reservation systems, which means that all flights will be
listed as a US Airways flight.  The code elimination is in
violation of the Transition Agreement negotiated with the two
pilot groups that promised that the two airlines would remain
separated until a single pilot collective bargaining agreement
is reached.

Prior to the merger, the two pilot groups negotiated a
Transition Agreement with management requiring three components
before the operational integration of the pilots could occur --
a single FAA operating certificate, a joint collective
bargaining agreement, and an integrated seniority list.  With
the single FAA operating certificate in place and a merged
seniority list complete, a single pilot contract will allow
management to complete the merger and capitalize on the yet
unrealized synergies, which would benefit the investors,
employees and passengers of the new US Airways.

The America West Airlines pilots' contract became amendable in
December 2006.  The US Airways pilots' contract becomes
amendable in December 2009.

Founded in 1931, Air Line Pilots Association, International --
http://www.alpa.org/-- is the collective bargaining agent for
the nearly 1,900 pilots at America West Airlines.  ALPA is the
world's largest pilot union, representing more than 60,000
pilots at 41 airlines in the United States and Canada.

                      About US Airways

Based in Tempe, Arizona, US Airways Group Inc.'s (NYSE: LCC) -
http://www.usairways.com/-- primary business activity is the
ownership of the common stock of US Airways, Inc., Allegheny
Airlines, Inc., Piedmont Airlines, Inc., PSA Airlines, Inc.,
MidAtlantic Airways, Inc., US Airways Leasing and Sales, Inc.,
Material Services Company, Inc., and Airways Assurance Limited,
LLC.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

Under a Chapter 11 plan declared effective on March 31, 2003,
USAir emerged from bankruptcy with the Retirement Systems of
Alabama taking a 40% equity stake in the deleveraged carrier in
exchange for US$240 million infusion of new capital.

US Airways and its subsidiaries filed another chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the Company's
second bankruptcy filing, it lists US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.

The Debtors' Chapter 11 plan for its second bankruptcy filing
became effective on Sept. 27, 2005.  The Debtors completed their
merger with America West on the same date.

                        *     *     *

US Airways Group Inc.'s US$1.6 billion secured credit facility
due 2014, currently being syndicated carries, Standard & Poor's
Ratings Services 'B' rating.  That rating was assigned in March
2007.




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


SERVICEMASTER CO: Ernie Mrozek To Step Down as CFO by Feb. 29
-------------------------------------------------------------
ServiceMaster Co. announced that Vice Chairman and Chief
Financial Officer Ernie Mrozek will transition out of his
current position by Feb. 29, 2008.  Mr. Mrozek currently has
responsibility for finance and accounting, strategic sourcing,
investor relations, and risk and safety.

As a result of Mr. Mrozek's decision, ServiceMaster will be
searching for a new Chief Financial Officer.  Mr. Mrozek has
agreed to remain with the company through February 2008 to help
ensure a smooth transition.

Mr. Mrozek has been based in the company's Downer's Grove,
Illinois, headquarters office, which was recently relocated to
Memphis.

"ServiceMaster is a great company with a bright future," Mr.
Mrozek said.  "I have been honored to work with so many talented
and dedicated people during the past 20 years.  While family
considerations prevent me from relocating to Memphis, I look
forward to working closely with CEO Pat Spainhour and the
leadership team to complete a smooth transition."

Mr. Spainhour said, "I know this was a very difficult decision
for Ernie.  Although everyone at ServiceMaster is saddened by
this news, we are grateful for Ernie's passion, leadership and
accomplishments throughout his many years of dedicated service.
We wish him the very best as he takes the next step in his
career."

Mr. Mrozek joined ServiceMaster in 1987 as Vice President of
Accounting.  He served in several leadership roles with the
company, including President and Chief Operating Officer.

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM)
currently serves residential and commercial customers through a
network of over 5,500 company-owned locations and franchised
licenses.  The company's brands include TruGreen, TruGreen
LandCare, Terminix, American Home Shield, InStar Services Group,
ServiceMaster Clean, Merry Maids, Furniture Medic, and
AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home
warranties, disaster response and reconstruction, cleaning and
disaster restoration, house cleaning, furniture repair, and home
inspection.  The company has operations in Australia, Chile,
China, Dominican Republic, Hong Kong, Indonesia, Japan, and the
United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Standard & Poor's Ratings Services has placed its
'B+' bank loan rating on Memphis, Tenn.-based The ServiceMaster
Co. on CreditWatch with developing implications.
ServiceMaster's other ratings, including its 'B' corporate
credit rating, have been affirmed.  S&P said the outlook
remained negative.




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


HANESBRANDS INC: Lee Chaden to Quit as Exec. Chairman on Dec. 29
----------------------------------------------------------------
Hanesbrands Inc. disclosed that Lee A. Chaden will retire from
the company on Dec. 29, 2007.  Mr. Chaden, who has served as
executive chairman since April 2006, will serve as nonexecutive
chairman of the board after his retirement.

Mr. Chaden joined the company in 1991 and served as chief
executive officer from 2004 until his appointment as executive
chairman to help prepare the organization for its September 2006
spinoff as an independent publicly traded company.  His
responsibilities included oversight of the creation and
recruitment of the board of directors.

"Lee Chaden has had a tremendous career at Hanesbrands and is
one of the finest, most knowledgeable and most respected
executives in the apparel industry," Hanesbrands Chief Executive
Officer Richard A. Noll said.  "I had the extreme pleasure and
honor of working side by side with Lee as we guided Hanesbrands
into independence and set the strategies for competitive
success.  Hanesbrands has benefited greatly from Lee's
leadership, passion, grace and insight.  Fortunately, Lee will
remain chairman of the Hanesbrands board of directors and will
continue to help guide the company in that role."

Mr. Chaden joined the organization in 1991 when Sara Lee
Corporation, which previously owned Hanesbrands as an operating
division, bought Playtex Apparel Inc. where Chaden served as
president of the company's North American business.  After
leading Playtex to significant sales and profit growth under
Sara Lee ownership, Chaden held several leadership positions
within the operating divisions of Sara Lee, including CEO of the
company's European apparel business.  Later, he held
corporatewide Sara Lee positions leading human resources and
then global marketing and sales before being appointed CEO of
the branded apparel division for the Americas and Asia, which
was spun off as Hanesbrands.

"Two years ago we were given the phenomenal opportunity to chart
our own course as an independent company," Mr. Chaden said.
"Rich and I wanted to develop a focused business strategy
designed for long-term success, organize and staff our company
to execute and take advantage of that strategy, and ensure that
this new company had the sound financial underpinnings required
to grow and compete from day one.  I believe we have achieved
those goals.

"The company is off to a great start, making significant
progress against our key objectives.  As CEO, Rich has clearly
demonstrated his exceptional business acumen and strong
leadership skills.  He is supported by a highly talented
management team and dedicated employees across the world, and we
have a highly engaged world-class board of directors.  I am
proud of this team's accomplishments, very grateful for having
had the opportunity to work with them in birthing this new
company, and delighted that I will continue in a role that can
contribute to the company's success."

                      Hanesbrands Inc.

Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets
innerwear, outerwear and hosiery apparel under consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size, barely
there and Wonderbra.  The company designs, manufactures, sources
and sells T-shirts, bras, panties, men's underwear, children's
underwear, socks, hosiery, casual wear and active wear.
Hanesbrands has approximately 50,000 employees in 24 countries,
Including Dominican Republic, El Salvador, Mexico, Puerto Rico,
India and
China.

                        *     *     *

Standard & Poor's Ratings Services affirmed Hanesbrands Inc.'s
B+ corporate family rating on December 2006.




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


BRITISH AIRWAYS: Dresdner Kleinwort Maintains Buy Rating
--------------------------------------------------------
Dresdner Kleinwort analysts have kept their "buy" rating on
British Airways Plc's shares, Newratings.com reports.

According to Newratings.com, the target price for British
Airways' shares was set at 600 pounds.

The analysts said in a research note that British Airways
disclosed its long-overdue order for long-haul aircraft.

The analysts told Newratings.com that the order comprised of
A380s and 787s.  It would result in 4% per annum capacity growth
between 2011 and 2014 and affords network flexibility for the
airline.

"Assuming the deals were struck at substantial discounts to the
list price," British Airways' capex for 2010-2014 would be 1.2
billion pounds per annum, Newratings.com states, citing Dresdner
Kleinwort.

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

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

                        *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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


BRITISH AIRWAYS: Panmure Gordon Maintains Buy Rating on Shares
--------------------------------------------------------------
Panmure Gordon analyst Gert Zonneveld has kept his "buy" rating
on British Airways' shares, Newratings.com reports.

According to Newratings.com, the target price for British
Airways' shares was set at 540 pounds.

Mr. Zonneveld said in a research note that British Airways
disclosed strong first quarter results.

Mr. Zonneveld told Newratings.com that British Airways placed
orders for 12 Airbus A380s and 24 Boeing 787s, and has options
for another seven A380s and 18 B787s.

The planes will be delivered between 2010 and 2014.  They would
let British Airways generate yearly growth of almost 4%,
Newratings.com states, citing Panmure Gordon.

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

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

                        *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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


* GUATEMALA: Obtains US$100-Million Financing from IDB
------------------------------------------------------
The Inter-American Development Bank has approved a US$100
million in loans to support Guatemala's public sector financial
management reforms, which seek to improve the efficiency and
increase the transparency of state spending and tax
administration.

On approving the new financing, which follows a US$100 million
loan approved in June 2006, the IDB's Board of Executive
Directors noted the progress made by Guatemala in such areas as
risk management in public policy, the decentralization of budget
execution and reducing value added tax evasion.

The new loans will assist Guatemala as it strengthens the
measures taken to improve fiscal management and expand the
reforms to more public sector agencies at the national and
municipal levels.  In terms of planning, the program will
support the adoption of a multi-year budget preparation
structure based on a strategic approach to public investment and
the analysis of risks associated with natural disasters and
other contingent liabilities.

The program will support actions to improve the efficiency of
the tax administration agency, with an emphasis on VAT
collection and customs management.  It will promote the
expansion of integrated financial management systems to agencies
in charge of health and education programs and municipalities.
It will also continue to support the development of the
Guatecompras government procurement systems.

In addition to loans, the IDB has approved technical cooperation
grants for financial management reform in Guatemala, including
strengthening of audits conducted by the Office of the
Comptroller General, training for staff in municipal planning
agencies and fighting tax evasion.

The new loans include a US$12.2-million, 40-year soft loan at a
fixed interest rate of 0.25% a year, a US$39 million, 20-year
loan at a variable interest rate and a US$48.8 million, 30-year
loan at a variable interest rate.

                        *     *     *

Fitch Ratings assigned these ratings on Guatemala:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    BB+      Feb. 22, 2006
   Long Term IDR      BB+      Feb. 22, 2006
   Short Term IDR     B        Feb. 22, 2006
   Local Currency
   Long Term Issuer
   Default Rating     BB+      Feb. 22, 2006

Fitch also rated Guatemala's senior unsecured bonds:

Maturity Date          Amount        Rate       Ratings
-------------          ------        ----       -------
Aug. 3, 2007        US$150,000,000     8.5%         BB+
Nov. 8, 2011        US$325,000,000    10.25%        BB+
Aug. 1, 2013        US$300,000,000     9.25%        BB+
Oct. 6, 2034        US$330,000,000     8.125%       BB+




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


SOLERA HOLDINGS: Completes Equity Investment in Audatex Japan
-------------------------------------------------------------
Solera Holdings Inc. has made an equity investment in Audatex
Japan, Ltd., its Tokyo, Japan-based licensee.  The companies
intend to share database and application development technology
that will position both organizations to deliver even greater
value to their customers given the significant changes taking
place in the global automotive market.

Significant changes, including the increasing number of
manufacturers and the rapid growth of new vehicle makes and
models in the global automotive market, are making the process
of settling auto claims even more complicated.  This is putting
greater demand on information providers to deliver expanded
database coverage and more comprehensive service offerings for
insurance companies, automobile manufacturers and their trading
partners.  Japanese auto manufacturers are becoming increasingly
critical players across the globe, and Toyota and Honda are now
among the top five manufacturers in the world.

"This investment strengthens Solera's ties not only with Audatex
Japan, but also with the leading Japanese auto manufacturers and
insurance carriers," explained Tony Aquila, Solera's founder,
chairman and CEO.  "Solera will utilize our global market
presence and databases and work closely with the Japanese
automobile manufacturers to help them better understand the
repairability, insurability and total cost of ownership of their
vehicles.  In addition, we will support our new Japanese
insurance carrier partners by offering standardized data across
multiple countries in which they do business."

"We are pleased with the commitment Solera has made to Audatex
Japan," explained Masuharu Nakamura, director of Audatex Japan
and retiring CEO.

"With our understanding of the Japanese and broader Asian
markets, along with Solera's application technology and trading
platform, we can offer our customers a solution that delivers
even greater value and is unparalleled in the industry."

                    About Solera Holdings

Solera Holdings Inc. (NYSE: SLH) -- http://www.solerainc.com/--
is a global provider of software and services to the automobile
insurance claims processing industry.  Solera has operations in
45 countries across 5 continents.  The Solera companies include
Audatex Holdings in the United States, Canada, and in more than
40 additional countries, Informex in Belgium, Sidexa in France,
ABZ in The Netherlands, Hollander serving the North American
recycling market, and IMS providing medical review services.

It has Latin America operations in Brazil, Colombia, Costa Rica,
Ecuador, El Salvador, Dominican Republic, Ecuador, El Salvador,
Guatemala, Honduras, Mexico, Nicaragua, Panama, Puerto Rico and
Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on May 22, 2007,
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and senior secured debt ratings on Solera Holdings.

At the same time, Standard & Poor's revised its outlook on
Solera to positive from negative, following the recent
completion of an initial public offering.  Pro forma for the
initial public offering, Solera's operating lease-adjusted
leverage has declined to below 5x from above 6.5x as of December
2006.




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


ADVANCED MARKETING: Court Approves Joint Disclosure Statement
-------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has approved the Disclosure Statement describing the Joint Plan
of Liquidation filed by Debtors Advanced Marketing Services
Inc., Publishers Group Incorporated and Publishers Group West
Incorporated, along with the Official Committee of Unsecured
Creditors.

At the Sept. 26, 2007 hearing, Judge Sontchi found that the
Disclosure Statement, as amended, contains "adequate
information" as required by Section 1125 of the Bankruptcy Code,
Bloomberg News reported.

Judge Sontchi said at the hearing that creditors whose debt is
not backed by collateral will be paid from US$0.29 to US$0.42,
according to Bloomberg.

Pursuant to the Court-approved Disclosure Statement, the
unsecured creditors, which are owed between US$29,000,000 and
US$36,000,000, and all others who receive only partial payment
of what they are owed, are allowed to vote on the Liquidating
Plan before the Court decides whether it should be confirmed.
In addition, secured creditors, whose debts are guaranteed by
collateral, will be paid in full.  Unsecured creditors of PGW
will be paid in full on debts up to US$11,000,000.

The funds to be used to pay AMS' debts will come from the sale
of most of the Debtor's assets to its competitor, Baker &
Taylor, Inc., according to Bloomberg.

Baker & Taylor agreed in March to buy the AMS assets for
US$20,000,000 in cash, plus an amount to be based on the value
of the AMS debts and book inventory.  Baker & Taylor has paid
US$57,800,000 under its original Asset Purchase Agreement with
AMS.

The Debtors and the Committee also delivered at the September 26
hearing a copy of their Second Amended Plan of Liquidation and
accompanying Disclosure Statement to add specific provisions
with respect to the Reclamation Claims and the 20 Day
Administrative Claims filed against AMS, which are allowed as
Administrative Claims pursuant to Sections 502 and 503 of the
Bankruptcy Code and Rule 9019 of the Federal Rules of Bankruptcy
Procedure.

A blacklined copy of the Second Amended Liquidating Plan is
available for free at http://researcharchives.com/t/s?23c4

A blacklined copy of the Second Amended Disclosure Statement is
available for free at http://researcharchives.com/t/s?23c5

The Second Amended Liquidating Plan provides that each of those
claims may be reduced dollar for dollar for returns of goods up
to a certain current amount reflecting the goods in possession
of the Debtors at or about the time of the report for each
claim.

A schedule of the Reclamation Claims and their approved current
amounts is available at no charge at:

             http://researcharchives.com/t/s?23c6

Judge Sontchi has directed the creditors to submit their votes
on the Plan by Nov. 6.

Creditors whose claims are being objected to are not eligible to
vote unless such objections are resolved in their favor or, the
claims are temporarily allowed by the Court for the purpose of
voting to accept or reject the Plan.

The Plan Proponents believe that the Liquidating Plan is in the
best interests of the creditors and is fair and equitable, and,
accordingly, are encouraging the creditors to vote in favor of
the Plan.

The Court will convene a hearing on November 15 to consider
confirmation of the Plan.

Curtis R. Smith, Chief Executive Officer of AMS, stated in Court
filings that upon entry of the Plan Confirmation Order, the cash
and assets of the Deferred Compensation Trust will be
transferred to Reorganized AMS and will become property of the
AMS estate and avaiable for distribution to holders of Allowed
Unsecured Claims against AMS.  Individuals who contributed to
the Deferred Compensation Plan will be treated as holders of
Unsecured Claims against AMS.

William C. Sinnott of Random House Inc., Chairman of the
Creditors Committee, added that on or before the Plan's
substantial consummation, the Plan Proponents may file with the
Court certain agreements or other documents as may be necessary
or appropriate to effectuate and further evidence the terms and
conditions of the Plan.

                  About Advanced Marketing

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

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than US$100 million.

On Aug. 24, 2007, the Debtors and the Committee filed their
joint Plan and Disclosure Statement, which were twice amended in
September 2006.  The Court approved the Disclosure Statement
on Sept. 26, 2007, and scheduled the hearing to consider
confirmation of the Plan on Nov. 15, 2007.  (Advanced Marketing
Bankruptcy News, Issue No. 20; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Disclosure Statement Hearing Moved to Oct. 3
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware adjourned
to Oct. 3 the hearing to consider the adequacy of the Disclosure
Statement explaining the Plan of Reorganization filed by DURA
Automotive Systems Inc. and its debtor-affiliates.

The Debtors say that they intend to file a revised plan to
address some minor issues.

                    Overview of the Plan

As reported in the Troubled Company Reporter on Aug. 24, 2007,
DURA's Plan provides for these creditor recoveries:

   -- Cash payment in full of all allowed debtor-in-possession
      claims, administrative expenses, priority claims and
      second lien secured claims;

   -- Conversion of allowed senior notes and allowed general
      unsecured claims of more than US$75,000 into between 57.4%
      to 60.7% of reorganized DURA's new common stock; and

   -- Cash payment in lieu of an equity distribution of all
      allowed trade claims and allowed general unsecured claims
      of US$75,000 or less.

The Plan further provides that there will be no recoveries for
subordinated notes' and convertible preferred securities'
claims, nor will the Debtors common stock holders receive any
recoveries.

The Plan will be partly funded through exit financing that the
Debtors intends to procure prior to emergence.  Additional Plan
funding will come from a fully backstopped new money equity
investment of between US$140 million to US$160 million in
exchange for between 39.3% and 42.6% of Reorganized Dura's
common stock.  Senior notes claims holders that are accredited
investors will be eligible to subscribe for their pro rata
shares of the new money investment.

                         Objections

1. Second Lien Group

The Informal Group of Second Lien Lenders said that each member
should be treated as "impaired" under the Joint Plan of
Reorganization and should be entitled to vote on the Plan.

The current members of the Second Lien Group are Allstate
Investments LLC; Allstate Life Insurance Company; Merrill
Lynch Capital; PIMCO Floating Rate Strategy Fund; Silver Point
Capital, LLC; Blackport Capital Fund Ltd.; and Gradient
Partners, L.P.

Pursuant to a Credit Agreement dated May 3, 2005, certain of the
Debtors borrowed US$225,000,000 on a second lien basis.  The
Debtors propose to treat the "allowed claim" of the Second Lien
Lenders as "unimpaired" by paying the claim in full in cash on
the effective date of the Plan.

Laurie Selber Silverstein, Esq., at Potter Anderson & Corroon
LLP, in Wilmington, Delaware, noted that in accordance with the
Credit Agreement, "payment in full" of the Second Lien
Obligations would include (i) principal, (ii) professional fees,
(iii) the Prepayment Fee and (iv) accrued interest, calculated
either at the Default Rate or at the Base Rate.  The Plan,
however, proposes to pay items (i) and (ii) but does not propose
to pay the Prepayment Fee or interest at either the Default Rate
or the Base Rate.

The Plan treatment is based on agreements reached in connection
with the adequate protection arrangements set forth in the
Court's final order approving the Debtors' proposal to obtain
US$300,000,000 of DIP financing and use their prepetition
lenders' cash collateral.

The Second Lien Group does not dispute the adequate protection
arrangements.  "However, they are just that -- adequate
protection -- and they are not amendments to the Credit
Agreement, which amendments would have required the unanimous
consent of the Second Lien Lenders," Ms. Silverstein pointed
out.

By proposing to pay the Second Lien Obligations consistent with
the Final DIP Order rather than in accordance with the Credit
Agreement, the Plan does not "leave[] unaltered the legal,
equitable, and contractual rights" of the Second Lien Lenders
within the meaning of Section 1124 of the Bankruptcy Code,
Ms. Silverstein asserted.  "As a result, the Second Lien
Obligations are 'impaired,'" she said.

The Second Lien Group acceded that the Debtors will assert that
the issues it has raised is a confirmation issue because,
ultimately, the Court will decide the treatment of the Second
Lien Obligations.  The Second Lien Group, however, believes that
this is a Disclosure Statement issue because it will dictate
whether the Second Lien Lenders are entitled to vote on the
Plan.

Presumably the Second Lien Lenders as a class will vote in favor
of the Plan, just as the members of the Second Lien Group intend
to vote in favor of the Plan.  But the point is, all Second Lien
Lenders should be entitled to a vote to ensure that the class as
a whole accepts the impaired treatment proposed by the Plan,
not just the members of the Second Lien Group that negotiated
the Final DIP Order, Ms. Silverstein argued.  "The Second Lien
Group did not then and does not now purport to speak on behalf
of anyone other than its own members and it should not be the
Second Lien Group alone that determines whether the Plan
treatment is acceptable."

Accordingly, the Second Lien Group objected to the Disclosure
Statement because, in describing the Second Lien Obligations as
unimpaired, it denies the holders of the Second Lien Obligations
their right under the Bankruptcy Code to vote on the Plan and
decide for themselves whether to accept the proposed Plan
treatment of less than their full contractual entitlements.

2. U.S. Trustee

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
noted that the primary purpose of a disclosure statement, which
is mandated by Section 1125 of the Bankruptcy Code, is to give
creditors the adequate information necessary for them to decide
whether to accept a proposed plan.

William K. Harrington, trial attorney at the Office of the U.S.
Trustee, asserted that the Disclosure Statement explaining the
Debtors' Joint Plan of Reorganization should not be approved on
the grounds that it proposes a plan that, as drafted, is
currently unconfirmable as a matter of law because it contains
overbroad and impermissible release provisions.

The non-debtor releases, exculpation provision and injunction
provisions contained in the Plan are overbroad and are
impermissible, Mr. Harrington asserted, citing In re Zenith
Electronics Corp., 241 B.R. 92 (Bankr. D. Del. 1999),In re
Continental Airlines, 203 F.3d 203 (3d Cir. 2000), and In re
Genesis Health Ventures, Inc., 266 B.R. 591 (Bankr. D. Del.
2001).

In addition, the U.S. Trustee has concerns regarding the
Debtors' ability to provide sufficient evidence at the
confirmation hearing to justify their request for "limited"
substantive consolidation under applicable Third Circuit law.

Under applicable Third Circuit law, substantive consolidation is
prohibited unless the proponents can establish a prima facie
case.  Absent consent, in In re Owens Corning, 419 F.3d 195 (3d
Cir. 2005), the Third Circuit Court of Appeals held that when
substantive consolidation is sought the entity seeking the same
must prove "that (i) prepetition they disregarded separateness
so significantly their creditors relied on the breakdown of
entity borders and treated them as one legal entity, or (ii)
postpetition their assets and liabilities are so scrambled that
separating them is prohibitive and hurts all creditors."

Accordingly, the U.S. Trustee avers that the Debtors must be
held to their proof at the confirmation hearing with respect to
their request for "limited" substantive consolidation.

Courts have routinely held that a disclosure statement
accompanying an unconfirmable plan should not be approved
because solicitation of votes on an unconfirmable plan would be
a futile and wasteful effort, Mr. Harrington notes, citing In re
Cardinal Congregate I, 121 B.R. 760 (Bankr. S.D. Ohio 1990); and
In re McCall, 44 B.R. 242 (Bankr. E.D. Pa. 1984).

The U.S. Trustee, citing Atlanta West VI Ltd. Partnership, 91
B.R. 620 (Bankr. N.D. GA. 1988); and In re MacCall, 44 B.R. at
243, says that approval of a disclosure statement where the plan
cannot be confirmed as a matter of law would result in a waste
of judicial time and estate assets in a fruitless solicitation
and confirmation attempt.

3. 9% Noteholders

Thirteen beneficial holders of approximately US$95,000,000 in
face amount of 9% senior subordinated notes due May 2009, issued
by Dura Operating Corp., asked the Court to disapprove the
Disclosure Statement explaining the Debtors' Joint Plan of
Reorganization:

  * Thomas and Pattiann Kurak
  * J.W. Korth & Company
  * Charles T. Kurak
  * Tamara A. Kurak
  * Richard J. Thielen
  * Jeffrey S. Einstein
  * Jason A. Pieper
  * Jeffrey R. Werner
  * Curtis H. Werner
  * Donald L. Welker
  * Jeff Comfort
  * Daniel S. Hennum
  * Carl E. Kruger

The 9% Noteholders complained that the Disclosure Statement does
not provide creditors with adequate information to make an
informed decision as to the fairness and feasibility the Plan in
accordance with Section 1125 of the Bankruptcy Code.

Toby M. Daluz, Esq., at Ballard Spahr Andrews & Ingersoll, LLP,
in Wilmington, Delaware, contended that the Disclosure
Statement:

  -- fails to provide creditors with information sufficient to
     evaluate whether a substantive consolidation of the Debtors
     is permissible or in the best interests of creditors and
     does not inform creditors what distribution would be made
     to them if each of the Debtors were liquidated on a non-
     consolidated basis;

  -- fails to provide any information regarding the ability of
     Pacificor, LLC, to fund its obligations under the Backstop
     Rights Purchase Agreement;

  -- fails to adequately value the Debtors' interests in foreign
     non-debtor affiliates and subsidiaries, thereby preventing
     creditors from analyzing Pacificor's propriety in
     obtaining 42.4% of the New Common Stock in exchange for a
     US$160,000,000 purchase price;

  -- fails to provide a meaningful analysis of the value of the
     New Common Stock which will be distributed to unsecured
     creditors under the Plan;

  -- is silent as to the value and financial import of certain
     significant elements of the Plan, including the Management
     Equity Program and the Rights Offering, preventing
     creditors and the Court from assessing whether the Plan
     unfairly discriminates certain parties or otherwise fails
     to be fair and equitable; and

  -- does not state whether the Debtors have received a
     commitment or at least an expression of serious interest
     from any lender to provide US$400,000,000 in exit financing
     and does not describe the basic terms of the Exit Credit
     Facility.

"The Debtors are piggy-backing the liquidation analysis onto
their assertion that under the Plan, creditors fare better if
the Debtors are liquidated on a consolidated basis," Mr. Daluz
asserted.

"Based upon the vague and circular description of the Exit
Credit Facility contained in the Disclosure Statement, it
appears the Debtors have not obtained a commitment from anyone
to provide any portion of the US$400 in exit financing the
Debtors require," Mr. Daluz added.  In the absence of
information regarding the terms of the Exit Credit Facility,
creditors are unable to assess the feasibility of the Plan, he
maintains.

The 9% Noteholders also contended that the Plan is unconfirmable
because it renders the 9% Notes valueless without providing
creditors the basic financial information necessary to determine
the Debtors' market value.

The Plan, Mr. Daluz argued, improperly requires distribution to
the Senior Noteholders of New Common Stock to which the 9%
Noteholders are entitled under both the terms of the
Subordinated Notes Indentures and the provisions of the
Bankruptcy Code.  As a result, the Plan does not meet the fair
and equitable requirement for confirmation and unfairly
discriminates against the 9% Noteholders, he contended.

The Plan presently provides no safeguards or limitations upon
the use of the 10% of the Distribution Shares reserved for the
Management Equity Program, which creates the possibility that
the Management Incentive Program will be used to circumvent the
requirements for confirmation of the Plan under Section 1129 of
the Bankruptcy Code, Mr. Daluz pointed out.  "The Debtors should
be required to fully disclose the terms of the Management Equity
Program and establish proper safeguards so that the Debtors'
management does not receive 10% of the Distribution Shares on
account of nothing or, alternatively, on account of their
interests in, or claims against, the Debtors."

Herbert R. Benjamin and Mary Page also opposed the Debtors'
Joint Plan of Reorganization.  Mr. Benjamin contends that the
Debtors have misled people in thinking that all of the creditors
will be paid in full.  Ms. Page argues that it is unfair for the
Debtors not to handle retirement pay.

4. Riverside Claims, LLC

Riverside Claims, LLC, a holder of claims against Debtor Dura
Automotive Systems (Canada) Ltd., complained that the Disclosure
Statement explaining the terms of the Debtors' Joint Plan of
Reorganization lacks "adequate information" as that term is
defined under Section 1125 of the Bankruptcy Code.

Robyn J. Spalter, Esq., in New York, contended that the
Disclosure Statement does not provide accurate or adequate
information regarding the substantive consolidation legal
standard in the Third Circuit.  In addition, the Disclosure
Statement does not provide creditors with adequate information
to be able to evaluate the different treatment afforded
creditors with and without substantive consolidation.

"The discussion of the concept of substantive consolidation and
the law regarding same as contained in the Disclosure Statement
is, at best, misleading," Ms. Spalter argued.  Rather than
providing a conclusory statement, the Debtors should provide
information in the Disclosure Statement that allows creditors to
reach the conclusion that "the Plan, with its contemplated
limited substantive consolidation of the Debtors' estates, is
the best option currently available for the Debtors and their
creditors as a whole."

In order to analyze whether substantive consolidation is, as
Debtors allege, not harmful to Dura Canada creditors, the
Disclosure Statement needs to provide additional information on
Dura Canada's liabilities and its inter-Debtor claims, as well
as a claims analysis, Ms. Spalter asserted.

The Disclosure Statement, Ms. Spalter noted, only provides a
liquidation analysis assuming substantive consolidation despite
stating that a separate liquidation analysis has been prepared
for each of the Debtors.

Accordingly, Riverside Claims asked the Court to disapprove the
Disclosure Statement unless it is amended to provide adequate
information as required by Section 1125.

                   About DURA Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on
Sept. 30, 2007.


GRUPO SENDA: Fitch Puts B+ Rating on US$15MM Sr. Secured Notes
--------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating to Grupo Senda
Autotransporte, S.A., de C.V.'s (Grupo Senda) US$150-million
senior secured guaranteed notes and a Recovery Rating of 'RR4',
which is consistent with an anticipated recovery of 30%-50% in
the event of a default.  The notes, which mature in 2015, are
fully and unconditionally guaranteed by Grupo Senda's wholly
owned operating subsidiaries, which accounted for about 78% of
consolidated EBITDA during the last 12 months ended
June 30, 2007.  The proceeds of the issuance are expected to be
used to refinance debt.

The preliminary rating of Grupo Senda's notes reflect the
company's relatively high financial leverage and its solid
competitive position as a leading provider of intercity
passenger bus services in Mexico.  The rating also takes into
consideration the importance of the country's bus transportation
segment due to the price advantages of traveling by bus relative
to alternative means.

For the LTM ended June 30, 2007, Grupo Senda generated US$59
million of EBITDA, an increase from US$52 million in 2006.  The
company's funds from operations (FFO) increased at a similar
pace during this period to US$35 million from US$29 million.
Grupo Senda has used the increase in its cash flow plus a
reduction in capital expenditures to reduce its lease adjusted
total debt from US$256 million as of Dec. 31, 2006, to US$235
million as of June 30, 2007.  As of June 30, 2007, Grupo Senda
had US$11 million of cash, a slight increase from US$9 million
at the end of 2006.  The company has US$8 million of debt
falling due before year-end 2007.

July and December are typically the busiest months for the
transportation industry in Mexico.  Consequently, Grupo Senda
should generate more than US$35 million of EBITDA in the second
half of the year.  This should result in an improvement in the
company's total debt-to-EBITDA ratio of 4.0 times (x) for the
LTM ended June 30, 2007, to less than 3.6x for 2007.  Meanwhile,
the company net debt-to-EBITDA ratio should improve from 3.8x to
about 3.4x.

Compared with other passenger bus companies in Mexico, Grupo
Senda's business model allows it to operate more efficiently,
better adapt to market conditions and provide higher quality
standardized services and enhanced safety.  The model involves
hiring drivers and other workers that are directly employed by
the company.  In contrast, most of Mexico's other authorized bus
transportation companies are owner operated such that the bus
drivers typically own one or more of the buses they operate and
control shares of the company in proportion to the number of
buses owned.

The bus service market plays a significant role in the overall
passenger transportation sector in Mexico, accounting for
approximately 98% of the passenger tickets sold for intercity
travel in 2006.  Alternative means of transportation, such as by
airplane or personal car, are not economically viable for the
average traveler as approximately 93% of the Mexican population
earns less than US$700 per month.  In the future, low-cost
airlines will play a more important role in intercity
transportation.  Considerable growth in per capita incomes will
need to occur before this represents a major threat for Grupo
Senda, however, this will take time.  Like other bus companies,
Grupo Senda's buses use diesel fuel.  The price of diesel fuel
and gasoline is controlled by the Mexican government and is
below international prices.  Any unforeseen change in the
government's policy would squeeze Grupo Senda's margins and
would likely lead to a decline in ticket sales.

Grupo Senda is a holding company and a leading provider of
interstate passenger bus transportation and package delivery
services covering 15 states and more than 120 cities in
northeast and central Mexico and 12 destinations in the state of
Texas in the United States.  Its long-term Issuer Default Rating
(IDR) is 'B+'.  In 2006, approximately 81% of Grupo Senda's
revenues of about US$256 million were generated from its
passenger transportation segment for public intercity and
chartered bus services and 19% from its personnel division for
intracity transportation services to industrial facilities and
educational institutions.  The company employs more than 6,000
people and operates a fleet of more than 2,200 buses operates
under several subsidiaries and brands names and transported
about 53 million passengers in 2006.  The company's most
important subsidiary is TDN.  It was purchased in 2004 for
US$155 million.


GRUPO SENDA: S&P Puts B+ Sr. Unsecured Rating on US$150MM Notes
---------------------------------------------------------------
Standard & Poor's Rating Services has assigned its 'B+' long-
term corporate credit rating to Monterrey, Mexico-based Grupo
Senda S.A. de C.V.  In addition, the ratings agency also placed
its 'B+' senior unsecured debt rating to the company's proposed
US$150-million, fixed-rate notes due 2015.  The outlook is
positive.

"The rating on Senda reflects its high leverage in a very
competitive market; its debt increase from the Transportes del
Norte (TDN) acquisition; and its low organic growth and somewhat
small size," said Standard & Poor's credit analyst Jose
Coballasi.  These weaknesses are balanced by the company's
strong position in Northeastern and Central Mexico and its
average, young fleet life, resulting in strong operational
performance.  In addition, the rating includes the successful
issuance of the US$150-million bond that will alleviate
liquidity pressures, which incorporates substantial support from
most of its subsidiaries and the refinancing of Banorte's loan
with these proceeds.

The positive outlook reflects Senda's financial improvements
during first-half 2007, as well as the integration of TDN's
operations.  The rating could be raised if Senda reduces and
maintains its total-debt-to-EBITDA ratio to 3.0x in the medium
term and if Truimex Internacional's contributions increase.  The
outlook could be revised to stable if the company is not able to
improve its total debt-to-EBITDA ratio to 3.5x by year-end 2008;
if the average life of buses is longer than eight years; or if
there is a market disruption because of reduction in price or
demand, all of which would lead to lower-than-expected
profitability.


ITRON INC: Partners with T&TEC to Carry Advanced Metering System
----------------------------------------------------------------
Itron Inc. has signed a contract with the Trinidad & Tobago
Electricity Commission to deliver the largest and most
comprehensive advanced metering system in that region of the
world.  The deployment is expected to fundamentally transform
the way the utility conducts business and serves its customers,
said Doug Staker, vice president of the Itron International
Group.

Trinidad and Tobago is a twin island republic located in the
southern Caribbean, just off the coast of Venezuela.  Its
electricity company, T&TEC, will install 400,000 high-powered,
solid-state CENTRON(R) meters over 20 months as part of a fixed
network system.  T&TEC will be able to remotely read customers'
meters, thereby eliminating the need for access to private
property by meter readers.  Additionally, Itron's technology
will ensure that customers' bills will be based strictly on
accurate, actual reads rather than estimations.  The system will
also enable the utility to perform unscheduled on-demand reads
and collect interval data to support "time-of-use" billings in
the future.

Itron's advanced metering system provides positive outage and
restoration notification, which will improve outage management
and service to T&TEC's customers.  The utility will receive
immediate notification of interruptions to electricity service
in any specific area to facilitate faster restoration.
Additionally, T&TEC is implementing Itron's Revenue Protection
Suite, an analytic software tool that enables the utility to
identify likely instances of meter tampering on a near real-time
basis in order detect and deter energy theft.

"Trinidad and Tobago Electricity Commission wanted advanced
functionality, such as outage notification, hourly meter reads
and load profile data in order to better understand their
distribution system," said Staker.  "Itron is able to provide
all that capability in a turn-key solution, which includes the
metering and communication equipment, application software,
installation services and training of utility personnel.  When
fully installed, this system will deliver strong value to both
the utility and its customers."

                         About TTEC

The Trinidad & Tobago Electricity Commission, established in
January, 1946, serves more than 384,000 domestic, commercial and
industrial customers in five regional divisions with the
responsibility to manage the supply of power and energy to all
of the Republic of Trinidad & Tobago.  T&TEC is primarily a
transmission and distribution company, however it has a 51%
equity interest in the larger generation company in the country.

                      About Itron Inc.

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

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

                        *     *     *

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


MAXCOM: Eyes US$180 Million from Initial Public Offerings
---------------------------------------------------------
Maxcom Telecomunicaciones expects to raise US$180 million
through initial public offerings on the Mexico City Bolsa
Mexicana de Valores and New York Stock Exchange, news daily
Milenio reports.

Maxcom Telecomunicaciones told Milenio that it will use the
funds in expansion plans.  Its prospective initial public
offering would place some 260 million shares on the market at
MXN7.59 each for a total US$180 million.

Milenio relates that once the offer is made, Maxcom
Telecomunicaciones' principal investor Bank of America will own
48.06% of the firm.  Bank of America holds a 69.2% stake in
Maxcom Telecomunicaciones.

Maxcom Telecomunicaciones filed prospectus paperwork with the US
Securities and Exchange Commission in July 2007 to hold an
initial public offering in the US in an effort to raise some
US$175 million, Business News Americas states.

Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones,
SA de CV, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.  Maxcom Telecomunicaciones
launched commercial operations in May 1999 and is currently
offering Local, Long Distance and Internet & Data services in
greater metropolitan Mexico City, Puebla and Queretaro.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2006, Standard & Poor's Ratings Services assigned its
'B' long-term corporate credit rating to Mexico City-based
Maxcom Telecomunicaciones SA de CV.  S&P said the outlook is
stable.

At the same time, Standard & Poor's assigned its 'B' rating to
Maxcom's proposed transaction of up to US$200 million 144-A
senior unsecured notes maturing in 2016.  The notes will be
guaranteed by substantially all of Maxcom's subsidiaries.
Proceeds from the proposed offering of notes will be used to
refinance all the existing indebtedness, including vendor
financing, and to prefund approximately US$84 million of capital
expenditures for additional growth.


QUAKER FABRIC: Court OKs Wilmer Cutler as Bankruptcy Counsel
------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
gave Quaker Fabric Corp. and Quaker Fabric Corporation of Fall
River, permission to employ Wilmer Cutler Pickering Hale and
Dorr LLP as their bankruptcy counsel.

Debtors selected the firm because of its substantial experience
in the representation of debtors and debtors in possession under
the Bankruptcy Code and recognized expertise in the field of
debtor's protections and creditors' rights, and business
reorganizations under chapter 11, as well as all areas of the
law that typically arise in the context of a case under chapter
11.

As Debtor's general bankruptcy counsel, Wilmer Cutler will:

   a) advise the Debtors with respect to their powers and duties
      as debtors in possession and the continued management,
      operation, and wind down or liquidation of their
      businesses and properties;

   b) attend meetings and negotiate with representatives of
      creditors and other parties in interest and respond to
      creditor inquiries and advise and consult on the
      conduct of the Debtors' cases, including all of the legal
      and administrative requirements of operating in chapter
11;

   c) represent the Debtors in connection with any adversary
      proceedings or automatic stay litigation or contested
      matters or contested matters that may be commenced in or
      in connection with these proceedings and any other action
      necessary to protect and preserve the Debtors' estates;

   d) advise and represent the Debtors in connection with the
      assumption, assumption and assignment, or rejection of
      unexpired leases and executory contracts, any sales of
      assets outside the ordinary course of business, and the
      financing of their business;

   e) appear before the Court, any appellate courts, and the
      U.S. Trustee and protecting the interests of the Debtors
      before such courts and the U.S. Trustee;

   f) prepare necessary motions, applications, answers, orders,
      reports, and papers necessary to the administration of the
      estates;

   g) represent and advise the Debtors in connection with any
      claims asserted by or against any of the Debtors, and any
      objections thereto, including, without limitation, the
      negotiation, settlement and prosecution of such matters;

   h) negotiate and prepare on behalf of Debtors a plan or
      plans of liquidation or reorganization and all related
      documents and prosecuting the plan or plans through the
      confirmation process; and

  i) perform all other legal services for and provide all
     other legal advice to the Debtors which may be necessary
     and proper in these proceedings, including, without
     limitation, services or legal advice relating to applicable
     state and federal laws and securities, labor, commercial,
     corporate, and real estate laws.

The firm's professionals compensation rates are:

      Designation              Hourly Rate
      -----------              -----------
      Partners               US$500 - US$675
      Counsel                   US$540
      Associates             US$275 - US$455
      Paralegals                US$200

Since retaining the firm in June 2007, Debtors paid the firm
approximately US$366,514.29 for services performed and expenses
incurred.

John D. Sigel, Esq., a member of Wilmer Cutler, assured the
Court that the firm does not hold any interest adverse to the
Debtors' estate, and is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

Mr. Sigel can be reached at:

   John D. Sigel, Esq.
   Wilmer Cutler Pickering Hale and Dorr LLP
   60 State Street
   Boston, Massachusetts 02109
   Tel: (617) 526-6000
   Fax: (617) 526-5000
   http://www.wilmerhale.com/

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

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

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  The Debtors' balance sheet at
June 2, 2007 disclosed total assets of US$155,243,945 and total
debts of US$60,407,158.


QUAKER FABRIC: Court OKs Young Conaway as Bankruptcy Co-Counsel
---------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
gave Quaker Fabric Corp. and Quaker Fabric Corporation of Fall
River, permission to employ Young Conaway Stargatt & Taylor LLP
as bankruptcy co-counsel.

As Debtor's co-counsel, Young Conaway will:

a) provide legal advice with respect to the Debtors' powers
      and duties as debtors in possession in the continued
      operation of their business and management of their
      properties;

   b) prepare and pursue confirmation of a plan and approval of
      a disclosure statement;

   c) prepare on behalf of the Debtors necessary applications,
      motions, answers, orders, reports and other legal papers;

   d) appear in Court and to protect the interests of the
      Debtors before the Court; and

   e) perform all other legal services for the Debtos which may
      be necessary and proper in these proceedings.

The firm's professionals rates are:

      Professional                Designation    Hourly Rate
      ------------                -----------    -----------
      Joel A. Waite, Esq.           Attorney       US$525
      Joseph M. Barry, Esq.         Attorney       US$375
      Margaret B. Whiteman, Esq.    Attorney       US$275
      Dennis Mason                  Paralegal      US$190

On Aug. 16, 2007, the firm received US$100,000 in connection
with the planning and preparation of initial documents and its
proposed post-petition representation of the Debtors as well as
certain filing fees.  A part of the payment, US$39,568, has been
applied to outstanding balances existing as of Aug. 16, 2007.
The remainder will constitute a general retainer.

Joel A. Waite, Esq., a partner in the firm, assured the Court
that the firm does not hold any interest adverse to the Debtors'
estate, and ia a "disinterested person" as that term is defined
in Section 101(14) of the Bankruptcy Code.

Mr. Waite can be reached at:

   Joel A. Waite, Esq.
   Young Conaway Stargatt & Taylor LLP
   The Brandywine Building
   1000 West Street, 17th Floor
   P.O. Box 391
   Wilmington, Delaware 19899-0391
   Tel: (302) 571-6600
   Fax: (302) 571-1253
   http://www.youngconaway.com/

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

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

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  The Debtors' balance sheet at
June 2, 2007 disclosed total assets of US$155,243,945 and total
debts of US$60,407,158.


RYERSON INC: Moody's Withdrawing Ratings, To Assign New Ones
------------------------------------------------------------
Moody's Investors Service's ratings for Ryerson Inc. are being
withdrawn concurrent with the assignment of the new ratings,
concluding the review of Ryerson initiated on July 24, 2007.

Rhombus Merger Corporation (Rhombus), which is owned by funds
controlled by Platinum Equity, is buying Ryerson in a
transaction valued at approximately US$2 billion, including new
debt of US$1.41 billion and equity of US$500 million.  At the
consummation of the acquisition, Rhombus will be merged into
Ryerson Inc. and Ryerson will assume all obligations of Rhombus,
including all obligations with respect to its debt.  The
acquisition is expected to close in the fourth quarter of 2007.

Moody's assigned a B1 corporate family rating to Rhombus.
Moody's also assigned a B2 rating to the company's proposed
offering of senior secured notes and an SGL-2 speculative grade
liquidity rating.  The rating outlook is stable.

Moody's ratings positively reflect the company's size,
geographic, product and customer diversification, modest capex,
the countercyclical nature of its working capital investment,
which can be a source of cash for metal distributors in an
industry downturn, and favorable metals demand.  The ratings are
constrained by the company's low but relatively stable profit
margins, high leverage stemming from the Platinum Equity buyout,
and the sensitivity of the metals distribution business to
variations in demand for steel and other metals.  Given these
constraints, Moody's can envision several plausible scenarios
under which the company generates very little free cash flow
beyond the first six to twelve months after the acquisition
closes, thereby keeping leverage, as measured by debt to EBITDA,
around 4.5x (or 5.0x using Moody's adjustments for pensions and
operating leases) for an extended period.  Nevertheless, even in
the absence of material free cash flow, Moody's B1 corporate
family rating can accommodate a sustained 5.0x leverage for
Ryerson given its scale, diversity, and the lesser risk it faces
as a metals distributor rather than a primary metals producer.

While Moody's is assigning a stable outlook to Ryerson, the
outlook anticipates that the company will reduce its initial
debt in the first several quarters following the closing of the
acquisition, and then maintain that leverage in 2008, assuming
metal fundamentals remain relatively stable.  The company's new
owners state that they are committed to bringing initial debt
down and believe that debt repayment of more than US$200 million
can be accomplished by, for the most part, making further
reductions in working capital -- mostly inventory -- over the
next year.  Moody's believes a permanent reduction in debt is
critical for the B1 corporate family rating given the
unpredictable nature of the metals environment.  Therefore,
Moody's stable outlook is premised on Ryerson generating
sufficient free cash flow such that balance sheet debt drops to
around US$1.25 billion while generating "adjusted EBITDA" of at
least US$280 million.  If balance sheet leverage is not
approximately 4.5x (or 5.0x using Moody's adjustments) by the
time its first quarter 2008 results are published, then the
outlook or ratings may be lowered.

The following ratings were assigned to Rhombus Merger
Corporation (to be merged with and into Ryerson Inc.):

          -- B1 Corporate family rating;

          -- B1 Probability of default rating (PDR);

          -- B2 (LGD5, 75%) rating on US$150 million of senior
             secured floating rate notes due 2014;

          -- B2 (LGD5, 75%) rating on US$425 million of senior
             secured fixed rate notes due 2015; and

          -- SGL-2 speculative grade liquidity rating.

Prior to being acquired by Platinum Equity, Ryerson was a
publicly traded company with approximately US$876 million of
balance sheet debt as of June 30, 2007.

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.


WILLIAMS SCOTSMAN: Unveils Redemption of 8-1/2% Senior Notes
------------------------------------------------------------
Williams Scotsman International Inc.'s wholly-owned subsidiary,
Williams Scotsman, Inc., has elected to optionally redeem all of
its outstanding 8 1/2% Senior Notes Due 2015 (CUSIP Number
US96949VAK98).  The redemption date for the Notes will be
Oct. 31, 2007.

In accordance with the terms of the indenture governing the
Notes, the redemption of the Notes is conditional upon the
consummation of the previously announced merger of a subsidiary
of Ristretto Group S.a.r.l. with and into Williams Scotsman
International, Inc. In the event that the merger is not
consummated on or prior to the redemption date, the notice of
redemption will be automatically revoked with no further action
required on the part of Williams Scotsman, Inc. or the trustee
for the Notes.

The aggregate principal amount of the Notes being redeemed is
US$450,000,000.  The redemption price for the Notes is equal to:

     (i) 100% of the principal amount of the Notes plus
    (ii) a make-whole premium plus
   (iii) accrued and unpaid interest to the redemption date.

The make-whole premium will be calculated using a discount rate
equal to (a) the yield on certain U.S. treasury securities (as
determined at least two business days prior to the redemption
date) plus (b) 50 basis points.

Headquartered in Baltimore, Maryland, Williams Scotsman
International, Inc. (NASDAQ:WLSC) the parent company of Williams
Scotsman, Inc., provides mobile and modular space solutions for
the construction, education, commercial, healthcare and
government markets.  The company serves over 25,000 customers,
operating a fleet of over 100,000 modular space and storage
units that are leased through a network of 86 locations
throughout North America.  Williams Scotsman provides delivery,
installation, and other services, and sells new and used mobile
office products.  Williams Scotsman also manages large modular
building projects from concept to completion. Williams Scotsman
has operations in the United States, Canada, Mexico, and Spain.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service placed Williams
Scotsman's ratings on review for possible downgrade:

   -- Corporate Family at B1
   -- Senior Secured Credit Facility at B1
   -- Senior Unsecured Notes at B2

The review was prompted by Williams Scotsman's announcement that
it is to be acquired by the parent company of Algeco for
US$2.2 billion.




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


GRUPO IUSACELL: May Bid for Mobile License in Panama
----------------------------------------------------
Grupo Iusacell has expressed interest in bidding for a mobile
license in Panama, reporters say, citing sources at Panama's
public services regulator Asep.

Business News Americas relates that other possible bidders for
the license include:

          -- America Movil,
          -- France's Orange,
          -- Luxembourg's Millicom International Celular,
          -- Jamaica-based Digicel,
          -- US group Vitel,
          -- Vtel,
          -- Global Star,
          -- Clarocom,
          -- Cable Onda,
          -- Advanced Communication,
          -- Innovation Wireless,
          -- Torres Troncales, and
          -- Pan American Wireless.

According to the press, the Panamanian government expects to
raise at least US$36 million for each new 20-year concession
awarded.

BNamericas notes that Asep will sell bidding rules on
Oct. 21, 2007.  It will respond to consultations about the
prequalification process in November and December.  Asep will
accept prequalification applications from Jan. 28, 2008, and
would disclose prequalifiers on Feb. 27, 2008.  The auction will
begin with reception of financial offers on April 19, 2008.
Winners will be announced on May 21, 2008.

Incumbent mobile operators Cable & Wireless Panama and Movistar
Panama questioned whether their exclusivity ends after 10 years,
as marked by Oct. 23, 2007, or after 11 years, BNamericas
states.  The wording of their concession contracts is
"exclusivity until the 11th year."

Headquartered in Mexico City, Mexico, Grupo Iusacell, SA de CV
(BMV: CEL) -- http://www.iusacell.com-- is a wireless cellular
and PCS service provider in Mexico with a national footprint.
Independent of the negotiations towards the restructuring of its
debt, Grupo Iusacell reinforces its commitment with customers,
employees and suppliers and guarantees the highest quality
standards in its daily operations offering more and better voice
communication and data services through state-of-the-art
technology, including its new 3G network, throughout all of the
regions in which it operate.

As of Dec. 31, 2005, Grupo Iusacell's stockholders' deficit
widened to MXN2,076,000,000 from a deficit of MXN1,187,000,000
at Dec. 31, 2004.

Grupo Iusacell filed for bankruptcy protection on June 18 under
Mexican Law to prevent creditors from disrupting its debt
restructuring talks.  On July 14, 2006, Gramercy Emerging
Markets Fund, Pallmall LLC and Kapali LLC, owed an aggregate
amount of US$55,878,000 filed an Involuntary Chapter 11 Case
against Grupo Iusacell's operating subsidiary, Grupo Iusacell
Celular, SA de CV (Bankr. S.D.N.Y. Case No. 06-11599).  Alan M.
Field, Esq., at Manatt, Phelps & Phillips, LLP, represents the
petitioners.  Iusacell Celular then filed for bankruptcy
protection under Mexican Law on July 18, 2006.

The involuntary petition in the United States was dismissed in
December 2006.




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


FREEPORT-MCMORAN: Declares Quarterly Cash Dividends on Stocks
-------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has declared the following
quarterly cash dividends payable on Nov. 1, 2007, to holders of
record as of Oct. 15, 2007:

   -- US$0.3125 per share of FCX's Common Stock.

   -- US$1.6875 per share of FCX's 6_% Mandatory Convertible
      Preferred Stock (NYSE: FCXprM).

   -- US$13.75 per share of FCX's 5% Convertible Perpetual
      Preferred Stock.

                   About Freeport-McMoRan

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.

                        *     *     *

As reported in the Troubled Company Reporter- Asia Pacific
reported on July 16, 2007, that Fitch Ratings upgrades these
ratings of Freeport-McMoRan Copper & Gold Inc.

FCX

    -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
    -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
    -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
    -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

    -- US$500 million PT Freeport Indonesia/FCX Secured Bank
       Revolver at 'BBB-';

    -- Convertible Preferred Stock at 'B+'.

Fitch also assigns a rating of 'BB+' to FCX's new US$2.45
billion five-year term loan A.  Proceeds of the loan were used
to repay the US$2.45 billion remaining under the term loan due
March 2014.  The term loan amortizes at 10% per annum with the
remainder due at maturity.

Fitch said the rating outlook remains positive.

On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s or Freeport's corporate family
rating to Ba2 from Ba3.

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services assigned its 'B' preferred
stock rating to the proposed US$2.5 billion US6.75% mandatory
convertible preferred stock offering of Freeport-McMoRan
Copper & Gold Inc.


FREEPORT-MCMORAN: Moody's Revises Outlook to Positive
-----------------------------------------------------
Moody's Investors Service revised Freeport-McMoRan Copper & Gold
Inc.'s (Freeport) 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:

Issuer: Freeport-McMoRan Copper & Gold Inc.

        -- Outlook: Changed To Positive From Stable

Issuer: Phelps Dodge Corporation

        -- Outlook: Changed To Positive From Stable

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%; and

        -- 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%; and

        -- 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.


FREEPORT MCMORAN: Reduces Phelps Dodge-Related Debt by 50%
----------------------------------------------------------
Freeport McMoRan Copper & Gold Chief Executive Officer Richard
Adkerson told Business News Americas that the firm has decreased
the debt taken out for its acquisition of Phelps Dodge by 50% in
six months.

According to BNamericas, Mr. Adkerson said that copper and gold
prices coming in much higher than expected let Freeport McMoRan
cut its debt from the Phelps Dodge deal to about US$9.8 billion,
or US$7.7 billion net of cash, at the end of the first half.

BNamericas notes that Freeport McMoRan took out a US$17.5-
billion debt when it acquired Phelps Dodge in March 2007.  The
firm initially expected it would take over two years to reach
its current debt.

Mr. Adkerson told BNamericas that if price trends continue,
Freeport McMoRan would further decrease its debt to US$8.2
billion, or US$6.5 billion net of cash by year-end.

With current prices, the board will set out a dividend policy,
which would differ from that implemented by the firm before the
Phelps Dodge acquisition, BNamericas states, citing Mr.
Adkerson.

                    About Phelps Dodge

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.

                  About Freeport-McMoRan

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.

                        *     *     *

As reported in the Troubled Company Reporter- Asia Pacific
reported on July 16, 2007, that Fitch Ratings upgrades these
ratings of Freeport-McMoRan Copper & Gold Inc.

FCX

    -- US$1 billion Secured Bank Revolver to 'BB+' from 'BB';
    -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
    -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
    -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

    -- US$500 million PT Freeport Indonesia/FCX Secured Bank
       Revolver at 'BBB-';

    -- Convertible Preferred Stock at 'B+'.

Fitch also assigns a rating of 'BB+' to FCX's new US$2.45
billion five-year term loan A.  Proceeds of the loan were used
to repay the US$2.45 billion remaining under the term loan due
March 2014.  The term loan amortizes at 10% per annum with the
remainder due at maturity.

Fitch said the rating outlook remains positive.

On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s or Freeport's corporate family
rating to Ba2 from Ba3.

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services assigned its 'B' preferred
stock rating to the proposed US$2.5 billion US6.75% mandatory
convertible preferred stock offering of Freeport-McMoRan
Copper & Gold Inc.




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


CHATTEM INC: Earns US$16.3 Million in 3rd Quarter Ended Aug. 31
---------------------------------------------------------------
Chattem Inc. reported total revenues in the third fiscal quarter
ended Aug. 31, 2007, of US$109.0 million, a 51% increase
compared to total revenues of US$72.0 million in the prior year
quarter.  Revenue growth for both periods was driven by the five
brands acquired from Johnson & Johnson on Jan. 2, 2007, which
include ACT(R), Cortizone-10(R), Unisom(R), Balmex(R) and
Kaopectate(R), continued growth of the Gold Bond(R) franchise
and the strength of the Icy Hot(R) business.

Net income for the quarter rose to US$16.3 million, compared to
US$15.2 million for the prior year quarter.  Net income for the
third quarter of fiscal 2007 included a loss on early
extinguishment of debt and SFAS 123R employee stock option
expense.  Net income for the third quarter of fiscal 2006
included a net recovery related to the Dexatrim(R) litigation
settlement and SFAS 123R employee stock option expense.  As
adjusted to exclude these items, net income for the third
quarter of fiscal 2007 was US$17.5 million, compared to US$8.9
million for the prior year quarter.

"The third quarter proved to be another impressive quarter with
total revenues up 51%, adjusted earnings per share up 91% and
EBITDA up a significant 102%," said President and Chief
Operating Officer Bob Bosworth.  "We are very pleased with our
results for the quarter led by strong performances from our six
largest brands.  We have successfully integrated the acquired
brands and are well positioned to capitalize on the continued
strength of our business."

                    Fiscal 2007 Guidance

Based on the company's strong performance in the first nine
months, the successful integration of the acquired brands and
the continued strength of our key brands, the company currently
expects earnings per share for fiscal 2007 to be in the range of
US$3.15 to US$3.25 as compared to the earlier estimate of
US$3.00 to US$3.19, in each case excluding stock option expense
under SFAS 123R and loss on debt extinguishment.  Stock option
expense under SFAS 123R for fiscal 2007 is estimated to be
US$0.19 per share.

                    Fiscal 2008 Guidance

"With an innovative lineup of new products for fiscal 2008, the
ability to delever with strong operating cash flows and
continued gross margin improvement as we bring manufacturing of
certain of the acquired brands in house, we remain very
optimistic about the company's prospects for revenue and
earnings growth in fiscal 2008 and beyond," commented Chairman
and Chief Executive Officer Zan Guerry.  "We expect continued
strong sales growth in fiscal 2008 behind our new products and
record levels of planned advertising support for our key brands.
At the same time, we currently expect earnings per share to grow
rapidly to the guidance level of US$3.90 to US$4.10 per share,
excluding stock option expense under SFAS 123R and loss on debt
extinguishment, as we leverage our operating structure and
delever our balance sheet.  Stock option expense under SFAS 123R
for fiscal 2008 is estimated to be US$0.21 per share."

                       About Chattem

Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/-- is a
marketer and manufacturer of a broad portfolio of a broad
portfolio of branded over the counter healthcare products,
toiletries and dietary supplements.  The company's portfolio of
products includes well-recognized brands such as Icy Hot, Gold
Bond, Selsun Blue, ACT, Cortizone and Unisom.  Chattem conducts
a portion of its global business through subsidiaries in the
United Kingdom, Ireland, Canada, and Puerto Rico.

                        *     *     *

Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.


FIRSTBANK PUERTO RICO: Moody's Revises Outlook to Stable
--------------------------------------------------------
Moody's Investors Service has 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 Securities and Exchange
Commission.  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.


FOOT LOCKER: Moody's Downgrades Corporate Family Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Foot Locker,
Inc., corporate family rating to Ba2, with a negative outlook.
The downgrade was prompted by the company's weak results of the
first six months of 2007, which were primarily driven by
weakness in the athletic retail market in North America, and
resulted in a deterioration of Foot Locker's credit metrics.
Both credit metrics cited in Moody's credit opinion dated
July 10, 2006, fell below the level that prompt a downgrade.  It
is Moody's opinion that these weakened credit metrics are likely
to be sustained over at least the next twelve months.  The
downgrade also reflects Moody's opinion that the company's
financial policies, previously considered predictable and
conservative, have become more aggressive as evidenced by the
company's announcement that it was evaluating strategic
alternatives and Foot Locker's failed hostile bid to purchase
Genesco, which demonstrated an appetite for debt funded
acquisitions.  This concludes the review for possible downgrade
that was initiated on April 20, 2007.

These ratings are downgraded:

          -- Corporate family rating to Ba2 from Ba1;
          -- Probability of default rating to Ba2 from Ba1; and
          -- Senior unsecured notes to Ba2 (LGD4; 59%) from Ba1
             (LGD4; 60%).

The Ba2 corporate family rating reflects Foot Locker's weakened
credit metrics and its more aggressive financial policies.  In
the addition, the rating reflects the company's significant
business risk as a result of the company's narrow focus on
athletic footwear and apparel, which makes it highly susceptible
to changing fashion trends.  The company is also highly seasonal
with cash flow from operations generation being heavily reliant
on the fourth quarter holiday selling season.  Balancing these
significant risks is the company's global diversification,
credible market position, and profitability that is in line with
its peer group average.

The rating outlook is negative reflecting the ongoing challenges
of the year ahead which Moody's expects will likely cause credit
metric to weaken further, as well as Moody's expectation that
the company will possibly violate its fourth quarter financial
covenants.

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, Europe, Australia,
and New Zealand as of Feb. 3, 2007.


GAMESTOP CORP: S&P Raises Unsecured Debt Ratings to BB from BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit and senior unsecured debt ratings on Grapevine, Texas-
based GameStop Corp., a retailer of video game products and PC
entertainment software, to 'BB' from 'BB-'.  The rating change
is based on the company's ongoing improved performance, enhanced
cash flow protection measures, and continued debt reduction. The
latter reflects the imminent redemption of the remaining US$120
million of senior floating-rate notes.  The outlook is stable.

"The outlook is stable," said Standard & Poor's credit analyst
David Kuntz, "as we expect the company to perform well as it
enters the holiday season."  S&P would consider a revision to
positive if the company continues its debt reduction while
maintaining its improved operating performance, which would
result in an enhanced credit profile.

Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME)
-- http://www.gamestop.com/-- sells video games.  The company
operates 4,778 retail stores throughout the United States,
Austria, Australia, Canada, Denmark, Finland, Germany, Italy,
Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden,
Switzerland and the United Kingdom.  The company also owns
commerce-enabled Web properties, GameStop.com and ebgames.com,
and Game Informer(R) magazine, a leading video and computer game
publication.  GameStop sells the most popular new software,
hardware and game accessories for the PC and next generation
video game systems from Sony, Nintendo, and Microsoft.  In
addition, the company sells computer and video game magazines
and strategy guides, action figures, and other related
merchandise.


GENERAL CABLE: Moody's Puts B1 Rating on US$400 Mil. Sr. 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 assigned these ratings:

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

Moody's confirmed these 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; and

          -- 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 GCC 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.


NUTRITIONAL SOURCING: Gets Nod to Sell Stores for US$139 Million
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware,
on September 25, approved the sale of 22 stores and a
distribution center owned by Nutritional Sourcing Corp. to PS
Acquisition Inc. for US$139 million.

PS Acquisition's bid surpassed Supermercados Econo Inc.'s
US$137 million offer.  Supermercados Econo, as the stalking-
horse bidder, will receive a break up fee of US$4,185,000.

Under the approved asset purchase agreement, PS Acquisition will
purchase 21 stores for US$92 million.  PS Acquisition's designee
will purchase the remaining store and distribution center for
US$47 million.

Auction sale on the properties was held on Sept. 19, 2007, at
the offices of Pepper Hamilton LLP, Suite 5100, Hercules Plaza,
1313 Market Street, in Wilmington, Delaware.

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).  Michael Solow, Esq.,
Harold Israel, Esq., and Matthew J. Micheli, Esq. at Kaye
Scholer LLC, and David M. Fournier, Esq., David B. Stratton,
Esq., and James C. Carignan, Esq., at Pepper Hamilton LLP,
represent the Debtors.  Mark S. Chehi, Esq., and Kimberly A.
LaMaina, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
represent the Official Committee of Unsecured Creditors.  When
the Debtors filed for protection from their creditors, they
listed estimated assets and liabilities between US$1 million and
US$100 million.


TOYS "R" US: Aug. 4 Balance Sheet Upside-Down by US$710 Million
---------------------------------------------------------------
Toys "R" US Inc. filed its consolidated financial statements for
its second quarter ended Aug. 4, 2007.

The company reported total assets of US$8.22 billion, total
liabilities of US$8.80 billion, and minority interest of
US$130.0 million at Aug. 4, 2007, resulting in a US$710.0
million total shareholders' deficit.

Net loss was US$42.0 million in the three months ended
Aug. 4, 2007, a decrease from the US$111.0 million net loss
reported in the same period last year.

Consolidated net sales increased to US$2.60 billion for the
thirteen weeks ended Aug. 4, 2007, compared to US$2.43 billion
for the same period ended July 29, 2006, due to comparable store
net sales improvements at all of the company's divisions,
increased net sales from the opening of an additional 43 wholly-
owned stores worldwide since July 29, 2006, and benefits in
foreign currency translation.

The decrease in net loss mainly reflects increases in gross
margin of US$88.0 million as a result of increased overall net
sales, an increase in income tax benefit of US$43.0 million, net
gains on sales of properties of US$12.0 million primarily
related to the consummation of a lease termination agreement,
and decreased interest expense of US$9.0 million primarily due
to reduced borrowings and reduced amortization of deferred
financing costs.

                  Recall of Certain Products

During the second quarter of fiscal 2007, the company, along
with the company's vendors, issued recalls for certain products
that failed to meet the company's safety and quality standards.
These recalls have not had a material impact on the company's
condensed consolidated financial statements.

Full-text copies of the company's consolidated financial
statements for the quarter ended Aug. 4, 2007, are available for
free at http://researcharchives.com/t/s?23b9

                Liquidity and Capital Resources

At Aug. 4, 2007, the company had US$65.0 million in borrowings
outstanding, US$116.0 million of outstanding letters of credit,
and remaining availability of US$977.0 million under its US$2
billion secured revolving credit facility.  In addition, the
company had US$38.0 million in borrowings outstanding and
US$356.0 million of remaining availability under its multi-
currency revolving credit facilities.

                      About Toys "R" Us

Headquartered in Wayne, New Jersey, Toys "R" Us --
http://www.Toysrus.com/-- is a specialty toy retailer, which
sells merchandise through more than 1,500 stores, including 586
stores in the U.S. and 700 international stores, which include
licensed and franchised stores, and through its Internet site.
Babies "R" Us is a baby product specialty store chain, which
sells merchandise through 256 stores in the U.S. as well as on
the Internet.  The company has operations in Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 28, 2007,
Moody's Investors Service affirmed the 'B2' corporate family
rating and the 'B2' probability of default rating of Toys 'R' Us
Inc.  Moody's also affirmed the 'Caa1' rating of the company's
senior unsecured notes due 2011-2018.  Moody's said the outlook
is stable.




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


CHRYSLER LLC: S&P Puts Corporate Credit Rating on CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services has 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.

The tentative agreement ends the nationwide strike at GM that
began earlier this week.  The chances of a prolonged and
widespread strike at either GM, Chrysler, or Ford Motor Co. are
now largely averted, although S&P 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 was set to occur in the 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.

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

                        *     *     *

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

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

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


PETROLEOS DE VENEZUELA: Facing Serious Problems in 2008
-------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA will
face serious problems next year due to declining output,
Business News Americas reports, citing oil consultant and former
Shell Venezuela president Alberto Quiros.

Mr. Quiros commented to BNamericas, "Even if prices stay high,
things won't be as easy as they have been.  The company won't
totally collapse, but serious problems are going to start
becoming obvious next year."

Mr. Quiros told BNamericas that Petroleos de Venezuela's
problems are in the execution of current plans.

Petroleos de Venezuela has good ideas, Mr. Quiros admitted to
BNamericas.  "But it's a question of implementation.  Right now,
it's all talk."

According to BNamericas, Petroleos de Venezuela's biggest
problem is that it lacks the qualified workforce needed to
implement its many plans.

BNamericas notes that Petroleos de Venezuela is also being
increasingly used as a multi-purpose diplomacy tool by
Venezuelan President Hugo Chavez.  Venezuela sends discounted
oil to many Caribbean nations and has promised major investment
in countries like Argentina and Uruguay.

Mr. Quiros told BNamericas that corruption has also been an
ongoing problem within Petroleos de Venezuela.

"When PDVSA [Petroleos de Venezuela] was first nationalized, the
current executives simply took that stance that nothing more
than the shareholders in the company had changed.  It was a
business, but now it's a political institution.  Their
philosophy is changing.  There is no good news about PDVSA," 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: North America Is Still Natural Market
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's
exploration and production vice president Luis Vierma said in
the Fourth International Gas Conference in Puerto La Cruz,
Venezuela, that North America will remain as the natural market
for the firm, Business News Americas reports.

BNamericas relates that Mr. Vierma presented a global gas vision
for Petroleos de Venezuela during the conference.  According to
him, liquefied natural gas projects were viable in Venezuela.

Mr. Vierma told BNamericas that Venezuela didn't want to compete
with nations with larger reserves.  The country wants to
complement global supply.  Venezuela's close geographical
position to North America and Europe would make liquefied
natural projects feasible.

According to BNamericas, most major liquefied natural gas
producers -- the Middle East, Africa and Asia -- "are much
further away from where demand is drastically growing."
Petroleos de Venezuela will continue to keep its eyes on the
East.

Mr. Vierma commented to BNamericas, "We have to look at the
growth of new markets that have not been PDVSA's [Petroleos de
Venezuela] main markets, including China, India, Vietnam, the
Middle East and Latin America."

Mr. Vierma told BNamericas that Venezuela could follow Trinidad
& Tobago's model as a natural gas exporter.  Trinidad is now a
significant natural gas exporter due to Petroleos de Venezuela's
aid in the 1970s.  .

An analyst commented to BNamericas, "It's really interesting
that PDVSA thinks North America will remain its principle
market.  Venezuela's President Hugo Ch vez has been on an
ambitious campaign to send Venezuelan crude elsewhere."

Meanwhile, industry insiders told BNamericas that Venezuela
lacks the capacity to export gas.  According to one source, most
gas in Venezuela is associated with oil and is hard to export.
Another source said that Petroleos de Venezuela is exploring in
the wrong areas and has failed to develop blocks where there are
known reserves.

The increasing use of liquefied natural gas in the US will
continue to attract Petroleos de Venezuela, 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.


* BOND PRICING: For the Week Sept. 24 to Sept. 28
-------------------------------------------------

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

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      67.51
Argnt-Bocon PR13        2.000    3/15/24     ARS      71.33
Arg Boden               2.000    9/30/08     ARS      27.98
Argent-Par              0.630   12/31/38     ARS      44.19

BRAZIL
------
CESP                    9.750    1/15/15     BRL      57.33

CAYMAN ISLANDS
--------------
Vontobel Cayman         7.450   02/22/08     CHF      72.90
Vontobel Cayman         8.300   12/28/07     CHF      71.80
Vontobel Cayman         9.200   02/04/08     CHF      73.00
Vontobel Cayman         9.600   02/22/08     CHF      74.90
Vontobel Cayman        10.400   12/28/07     CHF      68.15
Vontobel Cayman        10.700   12/28/07     CHF      56.00
Vontobel Cayman        11.400   12/28/07     CHF      59.55
Vontobel Cayman        11.400   12/28/07     CHF      68.50
Vontobel Cayman        11.850   12/28/07     CHF      67.95
Vontobel Cayman        13.050   12/28/07     CHF      73.90
Vontobel Cayman        13.450   12/28/07     CHF      72.10
Vontobel Cayman        13.500   02/22/08     CHF      49.40
Vontobel Cayman        14.900   12/28/07     CHF      75.00
Vontobel Cayman        16.000   12/28/07     EUR      55.20
Vontobel Cayman        16.450   12/28/07     EUR      71.50
Vontobel Cayman        16.800   12/28/07     CHF      18.55
Vontobel Cayman        22.850   12/28/07     CHF      29.90

VENEZUELA
---------
Petroleos de Ven        5.250    4/12/17     US       73.50
Petroleos de Ven        5.375    4/12/27     US       62.82
Petroleos de Ven        5.500    4/12/37     US       60.92


                         ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
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members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
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              * * * End of Transmission * * *