TCRLA_Public/071002.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, October 2, 2007, Vol. 8, Issue 195

                          Headlines

A R G E N T I N A

AVAYA INC: Stockholders Approve Silver Lake Merger Agreement
CANON DE ESMERALDA: Claims Verification Deadline Is Tomorrow
EMERGENCIAS SUNCHALES: Claims Verification Deadline Is Today
FIAT SPA: Sells 1.83% Equity Stake in Mediobanca for EUR118 Mil.
GETTY IMAGES: S&P Lifts Corporate Credit Rating to BB from B+

GRAN MANZANA: Proofs of Claim Verification Deadline Is Tomorrow
OLLEROS 1757: Proofs of Claim Verification Is Until Today
QUEBECOR MEDIA: Prices US$700 Mil. of 7.75% Sr. Notes Offering
RIOJA PLASTIC: Proofs of Claim Verification Is Until Tomorrow
SCO GROUP: Names Ken Nielsen as Interim Chief Financial Officer

TYSON FOODS: John Tyson To Continue as Board Chairman


B A H A M A S

TUPPERWARE BRANDS: Inks New Credit Deal with Lower Interest Rate


B E R M U D A

CASAM MANAGED: Proofs of Claim Filing Ends Oct. 3
LMC INVESTMENTS: Holding Final General Meeting Tomorrow
SCOTTISH RE: To Restate Basic Earnings Per Ordinary Share


B R A Z I L

CEMIG: AES Intends to Pursue Return of Investment Value
DRESSER-RAND INC: Hires Mark Mai as VP, Gen. Counsel & Secretary
EL PASO: Completes US$879.1-Million Peoples Energy Acquisition
FERRO CORP: Names Todd Nelson as Chief Information Officer
FORD MOTOR: Terra Firma Eyes Jaguar & Land Rover Brands

GENERAL MOTORS: National Council Supports 2007 Tentative Pact
REMY INTERNATIONAL: Moody's Confirms Corp. Family Rating at Ca
TRW AUTOMOTIVE: Fitch Affirms Issuer Default Rating at BB


C A Y M A N   I S L A N D S

BLACK DIAMOND EUROPE: Proofs of Claim Filing Is Until Oct. 29
BLACK DIAMOND EUROPE (II): Proofs of Claim Filing Ends Oct. 29
BLACK DIAMOND (CONVERTIBLE): Proofs of Claim Filing Ends Oct. 29
BLACK DIAMOND (EUR): Proofs of Claim Filing Ends Oct. 29
BLACK DIAMOND (OFFSHORE): Proofs of Claim Filing Ends Oct. 29

BOMBAY COMPANY: Bankruptcy Court Approves US$115MM DIP Financing
FORMENTARA LTD: Sets Final Shareholders Meeting for Oct. 31
GG EQUITY: Will Hold Final Shareholders Meeting on Oct. 22
GLOBAL ADVANTAGE: Sets Final Shareholders Meeting for Oct. 31
GLOBAL ADVANTAGE MASTER: Final Shareholders Meeting on Oct. 31

HARRISON CLO: Will Hold Final Shareholders Meeting on Oct. 19
LADANG NAGA: Will Hold Final Shareholders Meeting on Oct. 24
PARMALAT SPA: Ex-CEO Tanzi May Face Tax Fraud Charges in Milan
SERONO 92: Will Hold Final Shareholders Meeting on Oct. 31
SERONO ATLANTIC: Sets Final Shareholders Meeting for Oct. 31

SERONO INT'L: Will Hold Final Shareholders Meeting on Oct. 31
SIRIOS OVERSEAS: Sets Final Shareholders Meeting for Oct. 19
SOJACAPITAL INC: Will Hold Final Shareholders Meeting on Oct. 19
TANZANITE FINANCE: Proofs of Claim Filing Ends on Oct. 22
TANZANITE FINANCE: Sets Final Shareholders Meeting for Oct. 22

TCIF BLUE: Sets Final Shareholders Meeting for Oct. 31


C H I L E

AES CORP: Intends to Pursue Return of Investment Value in CEMIG


C O L O M B I A

CUMMINS INC: Inks Pact to Form Diesel Engine Joint Venture


D O M I N I C A N   R E P U B L I C

AFFILIATED COMPUTER: Bags Seven-Year US$111 Mil. Medicaid Deal


E C U A D O R

DEL MONTE: Gets Board Nod to Repurchase US$200 Million of Shares
DEL MONTE: Paying US$0.04 Per Share Dividend on Nov. 1


G U A T E M A L A

BRITISH AIRWAYS: Orders Airbus & Boeing Long-Haul Aircraft


M E X I C O

BEARINGPOINT: Hires Messrs. Cuviello & Freeman for Defense Team
BALLY TOTAL: Emerges from Chapter 11 & Closes Harbinger Deal
CORPORACION DURANGO: Extends Cash Tender Offer Period to Oct. 5
DANA CORP: Appaloosa Reaffirms Investment Offer; Sends Final Bid
DANA CORP: Wants to Enter Into Mexican Partner Shake-Up Process

ELAMEX SA: Holders Tender 2,289,483 of Common Stock
FLEXTRONICS INC: Reports Election Results for Merger Terms
INNOPHOS HOLDINGS: Paying US$0.17 Per Share Quarterly Dividend
QUAKER FABRIC: To File Schedules of Assets & Debts by Oct. 15
QUAKER FABRIC: Court Approves Epiq Bankruptcy as Claims Agent

QUAKER FABRIC: Taps RAS Management as Liquidation Consultant
U.S. STEEL: Picks George Thompson as Tubular Unit's Gen. Manager
U.S. STEEL: Promotes Michael Meyes as General Manager
WENDY'S INTERNATIONAL: Cedar Enterprises Joins Bidding Race


N I C A R A G U A

SPECTRUM BRANDS: Selling Canadian Business Division to RoyCap


P A N A M A

TITAN PETROCHEMICALS: Unit Sells Oil Carrier for US$91 Million


P E R U

BANCO DE CREDITO: Fitch Puts BB+ Rating on US$160-Million Notes


P U E R T O   R I C O

AFC ENTERPRISES: Gets US$20MM in Damages Against Executive Risk
FERRELLGAS PARTNERS: Earns US$34.8 Million in Year Ended July 31
MYLAN LABS: Announces Extension of Tender Offers


V E N E Z U E L A

CA LA ELECTRICIDAD: S&P Ups Long-Term Corp. Credit Rating to BB-

* VENEZUELA: Swap Market Not Affected by Bond of the South Issue
* VENEZUELA: Grants US$100-Million Loan to Cuba


                            - - - - -

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


AVAYA INC: Stockholders Approve Silver Lake Merger Agreement
------------------------------------------------------------
Avaya Inc.'s stockholders voted Sept. 28 to adopt the merger
agreement providing for the company's acquisition by affiliates
of Silver Lake Partners and TPG, two private equity firms.

Avaya has also announced that all regulatory approvals required
to complete the transaction have been obtained, including the
receipt of clearance from the European Commission.

On June 4, 2007, Avaya entered into a definitive agreement with
an entity formed by Silver Lake Partners and TPG providing for
the acquisition of the company.  The transaction is expected to
be completed by the end of October 2007, subject to the
satisfaction or waiver of certain closing conditions.  Under the
terms of the merger agreement, Avaya stockholders will be
entitled to receive US$17.50 per share in cash for each share of
the company's common stock, without interest.

                         About Avaya

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Standard & Poor's Ratings Services has lowered its
corporate credit rating on Basking Ridge, New Jersey-based Avaya
Inc. two notches to 'B+', and placed the rating on CreditWatch
with negative implications.


CANON DE ESMERALDA: Claims Verification Deadline Is Tomorrow
------------------------------------------------------------
Juan Carlos Alcuaz, the court-appointed trustee for Canon de
Esmeralda S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 3, 2007.

Mr. Alcuaz will present the validated claims in court as
individual reports on Nov. 15, 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 Canon de Esmeralda 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 Canon de Esmeralda's
accounting and banking records will be submitted in court on
Feb. 1, 2008.

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

The trustee can be reached at:

        Juan Carlos Alcuaz
        Avenida Cordoba 1522
        Buenos Aires, Argentina


EMERGENCIAS SUNCHALES: Claims Verification Deadline Is Today
------------------------------------------------------------
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


FIAT SPA: Sells 1.83% Equity Stake in Mediobanca for EUR118 Mil.
----------------------------------------------------------------
Fiat S.p.A. sold its 1.83% equity stake in Mediobanca S.p.A. to
Goldman Sachs International on Sept. 20, 2007.

The transaction realized a gain of around EUR118 million for
Fiat.

The sale was settled on Sept. 26, 2007.

Goldman Sachs will place the shares with institutional
investors.

                       About Fiat SpA

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

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

                        *     *     *

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

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


GETTY IMAGES: S&P Lifts Corporate Credit Rating to BB from B+
-------------------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on
Getty Images Inc., including raising the corporate credit rating
to 'BB' from 'B+, and removed the ratings from CreditWatch.  The
outlook is negative.

"The rating action is based on the company becoming current on
required Securities and Exchange Commission filings and our
subsequent review with management," explained S&P's credit
analyst Tulip Lim.

S&P originally placed the ratings on CreditWatch with developing
implications on Dec. 4, 2006, after the company had received
notices from bondholders that the delay of its third-quarter
10-Q filing constituted an event of default.  Subsequently, the
CreditWatch was revised to positive from developing on
June 13, 2007, following the company's filing of its SEC 10-Q
forms for its first and third quarters, and its 2006 Form 10-K.
The outlook is negative because S&P is concerned about secular
pressures and believe financial policy may become more
aggressive.  As of June 30, 2007, Getty had US$385 million of
debt outstanding.

The ratings on Getty Images Inc. reflect its good competitive
position in the niche market for noncommissioned (or stock)
visual imagery, solid discretionary cash flow generation, and
low leverage.  These strengths are partially offset by risks
related to its limited business diversity, its reliance on sales
to the cyclical advertising and publishing industries, the trend
of organic revenue decline, and secular pressures related to the
unfavorable economics of digital migration.

Headquartered in Seattle, Washington, Getty Images, Inc. --
http://corporate.gettyimages.com/-- creates and distributes
visual content.  The company has corporate offices in Australia,
the United Kingdom and Argentina.


GRAN MANZANA: Proofs of Claim Verification Deadline Is Tomorrow
---------------------------------------------------------------
Norberto Alvarez, the court-appointed trustee for Gran Manzana
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
on Oct. 3, 2007.

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

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Gran Manzana SRL
         Bartolome Mitre 239
         Buenos Aires, Argentina

The trustee can be reached at:

         Norberto Alvarez
         Rodriguez Pena 189
         Buenos Aires, Argentina


OLLEROS 1757: Proofs of Claim Verification Is Until Today
---------------------------------------------------------
Ana Calzada Percivale, the court-appointed trustee for Olleros
1757 S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 2, 2007.

Ms. Percivale will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 21 in Buenos Aires, with the assistance of Clerk
No. 42, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Olleros 1757 and its
creditors.

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

A general report that contains an audit of Olleros 1757's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Ms. Percivale is also in charge of administering Olleros 1757's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

          Olleros 1757 S.A.
          Olleros 1737
          Buenos Aires, Argentina

The trustee can be reached at:

          Ana Calzada Percivale
          Sarmiento 2437
          Buenos Aires, Argentina


QUEBECOR MEDIA: Prices US$700 Mil. of 7.75% Sr. Notes Offering
--------------------------------------------------------------
Quebecor Media Inc. has priced its offering of US$700 million
aggregate principal amount of its senior notes.  The new senior
notes will be sold at a price of 93.75% of par, will carry a
coupon of 7.750% and will mature on March 15, 2016.

Quebecor Media intends to use the proceeds of this offering,
together with liquidity available to the company:

   a) to repay the senior bridge credit facility that it
      entered into to fund its acquisition of Osprey Media
      Income Fund;

   b) repay Sun Media Corporation's term B credit facility;

   c) settle the related currency and interest rate swaps; and

   d) pay the fees and expenses related to this offering.

Quebecor Media Inc., a subsidiary of Mortsel, Belgium-based,
Quebecor Inc. -- http://www.quebecor.com/-- owns operating
companies in numerous media-related businesses: Videotron Ltd.,
a cable operator in Quebec and a major Internet Service Provider
and provider of telephone and business telecommunications
services; Sun Media Corporation, Canada's chain of tabloids and
community newspapers; TVA Group Inc., operator of 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., 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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service rated Quebecor Media
Inc.'s US$700 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, QMI's Ba3 corporate family rating and stable ratings
outlook were affirmed.


RIOJA PLASTIC: Proofs of Claim Verification Is Until Tomorrow
-------------------------------------------------------------
Julio Cesar Capovilla, the court-appointed trustee for Rioja
Plastic S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 3, 2007.

Mr. Capovilla 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 Rioja Plastic 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 Rioja Plastic's
accounting and banking records will be submitted in court on
Dec. 28, 2007.

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

The trustee can be reached at:

        Julio Cesar Capovilla
        Avenida Corrientes 3859
        Buenos Aires, Argentina


SCO GROUP: Names Ken Nielsen as Interim Chief Financial Officer
---------------------------------------------------------------
The SCO Group Inc. has appointed Ken R. Nielsen as Chief
Financial Officer, effective Oct. 1, 2007.  Mr. Nielsen will
initially fill the position in an interim capacity and report to
Darl McBride, President and Chief Executive Officer for The SCO
Group.

"Over the past three years, SCO has focused on building a next-
level future for its UNIX platform with exciting new
applications and operating systems for its core enterprise
business and emerging mobile business," said Mr. McBride.  "Ken,
with his proven track record of consumer-based experiences, will
support the strategic direction and growth of our consumer- and
prosumer-driven mobility business.  He will also bring a wealth
of experience in SEC compliance to SCO, which will prove
invaluable as he directs our regulatory filings through the
Chapter 11 reorganization process."

Most recently, Mr. Nielsen was Chief Finance Officer at Forward
Foods, LLC where he developed systems and tools, which directly
increased cash flow for the business.  Before that, he worked
with Mrs. Fields' Companies, Inc. for six years, where his
strategic leadership led to improved year-over-year same store
sales and increased international revenue by 25%.  He also
streamlined the financial management and reporting
infrastructure of Mrs. Fields' 20 business entities while
ensuring that the company met all lender and SEC requirements.
Prior to that, he spent time in a number of senior positions
with Echopass, Ernst & Young, Sprint PCS and Price Waterhouse.

"The SCO Group has a unique opportunity to become a leading
applications provider for the mobile marketplace," said Ken
Nielsen, Chief Financial Officer for The SCO Group.  "As an avid
mobile user from my time with Sprint, I am eager to work
alongside Darl to drive this business forward, while supporting
the continued success of SCO's traditional UNIX business."

Mr. Nielsen replaces Bert Young who has left The SCO Group to
pursue new opportunities.

                     About The SCO Group

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 18, 2007, The SCO Group, Inc. has filed a voluntary
petition for reorganization under Chapter 11 of the United
States Bankruptcy Code.  SCO's subsidiary, SCO Operations, Inc.,
has also filed a petition for reorganization.  The Board of
Directors of The SCO Group have unanimously determined that
Chapter 11 reorganization is in the best long-term interest of
SCO and its subsidiaries, as well as its customers,
shareholders, and employees.


TYSON FOODS: John Tyson To Continue as Board Chairman
-----------------------------------------------------
Tyson Foods Inc. reported that John Tyson will continue as the
company's Chairman of the Board but has made the decision to
serve in a non-executive capacity.

Building on the succession planning started last year when the
duties of CEO were turned over to Richard L. "Dick" Bond, Mr.
Tyson will discontinue his remaining responsibilities as an
executive officer of the company.  This includes having senior
executives who have been reporting to him, including the
company's General Counsel and the Senior Vice President of
External Relations, now report to the CEO.

As part of the change in responsibilities, Mr. Tyson will
provide advisory services to the company under the terms of a
new contract, which takes effect today.  This replaces, four
months early, his previous contract that was scheduled to expire
in February 2008 as well as the commitment to enter into a ten
year senior executive employment agreement, and enables the
company to begin the new fiscal year under this revised
organizational structure.  The new contract makes some
adjustments in Mr. Tyson's compensation, which Tyson Foods
officials believe are both favorable to and in the best
interests of the company.

"The decision to relinquish my duties as an executive officer is
part of the evolution of the company's succession planning,"
said Mr. Tyson.  "I have full confidence in Dick Bond and the
rest of the management team to continue to move this company
forward.  As Chairman of the Board of Tyson Foods I will remain
involved in overseeing the strategic direction of the company."

"I thank John for his leadership and the foundation he's
established as Chairman," said Mr. Bond.  "I personally
appreciate the support he's given me as CEO and look forward to
continuing to work with him as Chairman of our Board.  Because
of the hard work of the entire Tyson team, the company returned
to profitability in fiscal 2007, which ends this week, and we
look forward to even more improvement in the year ahead."

Mr. Tyson joined the company's board of directors in 1984.
After serving in various executive capacities, Mr. Tyson became
Chairman in 1998.  He served as Chairman, President and CEO
beginning in 2000 and served as Chairman and CEO from 2001 to
2006.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service upgraded the
speculative grade liquidity rating of Tyson Foods Inc. to SGL-2
(good liquidity) from SGL-3 (adequate liquidity) based on the
company's stronger cash flow generating ability given its cost
cutting measures and improving protein markets.  Tyson's other
ratings, including its Ba1 corporate family rating and Ba1
probability of default rating, were affirmed.  Moody's said the
rating outlook is negative.




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


TUPPERWARE BRANDS: Inks New Credit Deal with Lower Interest Rate
----------------------------------------------------------------
Tupperware Brands has entered into a new secured agreement with
improved terms with a group of banks.  The new credit agreement
includes a US$200 million revolving facility and US$600 million
in term loans, replacing the current agreement that also had a
US$200 million revolving facility and US$601 million of term
loans outstanding as of the end of the company's second quarter.
Similar to the previous agreement, it provides for floating rate
borrowings but at a lower interest rate spread and with lower
commitment fees.  The company estimates that the improved terms
will result in lower cash interest expense of approximately
US$20 million over the agreement's five-year term, in comparison
with interest that would have been incurred under the previous
agreement.  Other terms, including the debt covenants under the
new agreement are comparable with the previous agreement.

In connection with the termination of the company's previous
credit agreement, in its third quarter ending Sept. 29, 2007, it
will record one- time costs of about US$10 million, for the
write off of deferred debt costs and the termination of
floating-to-fixed interest rate swaps.

J.P. Morgan Securities Inc. was the sole book runner and agent.
J.P. Morgan Securities Inc. and Key Bank N.A. were the joint
lead arrangers.

Tupperware Brands Corporation -- http://www.tupperware.com/--
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through theTupperware
brand and beauty and personal care products through its Avroy
Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.  Tupperware reported revenues of USUS$1.8
billion for the twelve months ended June 2007.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's Investors Service assigned a Ba1 rating
to Tupperware Brands Corporation proposed senior secured credit
facilities, consisting of a US$200 million revolving credit
facility and a US$550 million term loan A, both due 2012.

Moody's also affirmed the company's Ba2 corporate family rating
and Ba3 probability of default rating, and changed the outlook
to positive from stable.  The company will primarily use
proceeds from the new credit facility to refinance the existing
credit facility.  The transaction is not expected to increase
pro forma debt levels.  These ratings are subject to review of
final documentation.

Ratings assigned:

   -- US$200 million senior secured revolving credit facility
      due 2012 at Ba1 (LGD2, 22%);

   -- US$550 million senior secured term loan A due 2012 to Ba1
     (LGD2, 22%).

Ratings affirmed:

   -- Corporate family rating at Ba2;
   -- Probability of default rating at Ba3.

Ratings to be withdrawn at closing of new credit facilities:

   -- US$200 million senior secured revolving credit facility
      due 2010 at Ba1 (LGD2, 25%);

   -- US$601 million senior secured term loan due 2012 to Ba1
      (LGD2, 25%).




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


CASAM MANAGED: Proofs of Claim Filing Ends 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 Tomorrow
-------------------------------------------------------
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.


SCOTTISH RE: To Restate Basic Earnings Per Ordinary Share
---------------------------------------------------------
Scottish Re Group Limited filed a Form 8-K with the U.S.
Securities and Exchange Commission indicating that on
Sept. 12, 2007, the company received correspondence from the
agency providing several comments to certain of the company's
public filings.  The comments in the SEC's letter predominately
relate to disclosure matters the company believes will not
result in material changes, if any, to previously reported net
income or shareholders' equity.  The company has not yet
responded to the SEC's letter and therefore, not withstanding
the foregoing, cannot provide any guarantee the SEC will concur
with the company's approach to responding to any of the SEC's
comments.

The Form 8-K goes on to say that in conducting the review
necessary to respond to the SEC's letter, the company determined
it is required to restate basic earnings per ordinary share and
diluted earnings per ordinary share for the three months and six
months ended June 30, 2007, as reported in its Form 10-Q for
such period which was filed on Aug. 14, 2007.  The Form 8-K
further goes on to say the calculation of earnings per share for
such periods included in the Form 10-Q filed on Aug. 14, 2007
should no longer be relied upon and that the company intends to
file an amended Form 10-Q for the quarter ended June 30, 2007.

The requirement to restate the company's basic earnings per
ordinary share and diluted earnings per ordinary share arose
from the company's failure to deduct US$120.8 million
attributable to the beneficial conversion feature of the
Convertible Cumulative Participating Preferred Shares issued on
May 7, 2007 in calculating net loss available to ordinary
shareholders for the purposes of earnings per share, in
accordance with EITF Topic D-98.  The impact of this change is a
reduction in basic income per ordinary share of US$1.46 to a
basic loss per ordinary share of US$(0.30) for the three months
ended June 30, 2007, and a reduction in basic income per
ordinary share of US$0.98 to a basic loss per ordinary share of
US$(0.84) for the six months ended June 30, 2007.  The further
impact of this change is a reduction in diluted income per
ordinary share of US$0.63 to a diluted loss per ordinary share
of US$(0.30) for the three months ended June 30, 2007, and a
reduction in diluted income per ordinary share of US$0.58 to a
diluted loss per ordinary share of US$(0.84) for the six months
ended June 30, 2007.

The US$120.8 million deduction is a one-time, non-cash, deemed
dividend and does not have an effect on net income,
comprehensive income or cash flows for the three and six months
ended June 30, 2007, nor will it have an impact on total
shareholders' equity as of June 30, 2007.

The company continues to communicate with the SEC and to conduct
the review necessary to respond appropriately to all of the
comments in the SEC's letter.

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

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

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.




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


CEMIG: AES Intends to Pursue Return of Investment Value
-------------------------------------------------------
Southern Electric Brasil Participacoes, Ltda. (SEB) intends to
pursue a restoration of the value of its investment in Companhia
Energetica de Minas Gerais -- Cemig, by all legal means.

In September 1999, a state appellate court in Minas Gerais,
Brazil, granted temporary injunction suspending the
effectiveness of a shareholders' agreement between SEB and the
state of Minas Gerais concerning CEMIG, an integrated utility in
Minas Gerais.

The Company's investment in CEMIG is through SEB.

This shareholders' agreement granted SEB certain rights and
powers in respect of CEMIG (Special Rights).

In March 2000, a lower state court in Minas Gerais held the
shareholders' agreement invalid where it purported to grant SEB
the Special Rights and enjoined the exercise of the Special
Rights.

In August 2001, the state appellate court denied an appeal of
the decision and extended the injunction.

In October 2001, SEB filed appeals against the state appellate
court's decision with the Federal Superior Court and the Supreme
Court of Justice.

The state appellate court denied access of these appeals to the
higher courts, and in August 2002 SEB filed interlocutory
appeals against such denial with the Federal Superior Court and
the Supreme Court of Justice.

In December 2004, the Federal Superior Court declined to hear
SEB's appeal.

The Supreme Court of Justice is considering whether to hear
SEB's appeal.

                          About AES Corp.

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

AES is part of the Southern Electric Brasil Participacoes Ltda.
consortium, which holds 33% of Cemig.

                            About CEMIG

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                        *     *     *

As reported on March 8, 2007, Moody's Investors Service assigned
corporate family ratings of Ba2 on its global scale and Aa3.br
on its Brazilian national scale to Companhia Energetica de Minas
Gerais aka CEMIG.  The rating action triggered the upgrade of
CEMIG's outstanding debentures due in 2009 and 2011, and of the
BRL250 million 2014 senior unsecured guaranteed debentures of
its wholly owned subsidiary, Cemig Distribuicao S.A. to Ba2 from
B1 on the global scale and to Aa3.br from Baa2.br on the
Brazilian national scale, concluding the review process
initiated on Aug. 8, 2006.


DRESSER-RAND INC: Hires Mark Mai as VP, Gen. Counsel & Secretary
----------------------------------------------------------------
Dresser-Rand Group Inc. has announced that Mark F. Mai will be
appointed Vice President, General Counsel and Secretary of
Dresser-Rand effective Oct. 1, 2007.

In this role, Mr. Mai will have responsibility for the worldwide
legal function, and will also serve as secretary to the Board of
Directors.  He will manage all aspects of Dresser-Rand's
internal legal staff, as well as any matters that require
external legal counsel, and will be involved in an advisory
capacity for all aspects of the business that have regulatory
compliance obligations.

Mr. Mai is joining Dresser-Rand from Cooper Industries, where he
most recently served as Associate General Counsel since 2003.
From 2000 to 2003 he was a partner at Thompson & Knight, LLP in
Austin, Texas, heading up that office's corporate and securities
section.  He had worked for Cooper Industries prior to joining
Thompson & Knight, holding positions such as Associate General
Counsel overseeing all litigation matters, Senior Counsel
responsible for advising several operating divisions, and
Corporate Counsel responsible for executing Cooper's merger and
acquisition strategy. Mr. Mai started his career at Baker,
Brown, Sharman & Parker in Houston specializing in corporate and
securities law.

He received his JD from the University of Texas Law School and
his BBA with a concentration in Finance from The University of
Notre Dame.

Vincent R. Volpe, Jr., Dresser-Rand's President and Chief
Executive Officer, said, "Mark's strong legal background and
corporate experience make him an excellent fit for Dresser-Rand.
I look forward to Mark's contributions as a key member of our
leadership team."

                   About Dresser-Rand Group

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


EL PASO: Completes US$879.1-Million Peoples Energy Acquisition
--------------------------------------------------------------
El Paso Corporation has completed the previously announced
acquisition of Peoples Energy Production Company through its
indirect wholly owned subsidiary, El Paso E&P Company, L.P.  The
total purchase price was US$879.1 million in cash, which
reflected customary closing adjustments.

"We're pleased with the rapid completion of this acquisition,
and we are also very pleased that many of the Peoples employees
have chosen to join Team El Paso," said Brent Smolik, president
of El Paso Exploration and Production Company.  "The Peoples
properties are an excellent strategic and operational fit for
our company.  In combination with our existing portfolio, they
will improve the predictability of our future performance and
add meaningfully to our inventory of future drilling projects."

Headquartered in Houston, Texas, El Paso Corporation (NYSE:EP)
-- http://www.elpaso.com/-- is an energy company that provides
natural gas and related energy products.  The company owns North
America's interstate pipeline system, which has approximately
55,500 miles of pipe.  It also owns approximately 470 billion
cubic feet of storage capacity and a liquefied natural gas
import facility with 806 million cubic feet of daily base load
send out capacity.  El Paso's exploration and production
business is focused on the exploration for and the acquisition,
development and production of natural gas, oil and natural gas
liquids in the United States, Brazil and Egypt.  It operates in
three business segments: Pipelines, Exploration and Production
and Marketing.  It also has a Power segment, which holds its
remaining interests in international power plants in Brazil,
Asia and Central America.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Fitch Ratings affirmed the ratings of El Paso
Corporation and its core pipeline subsidiaries, and assigned a
senior unsecured rating of 'BB+' to the company's proposed
offering of US$1.275 billion of senior unsecured notes due in
2014 and 2017.  Fitch said the rating outlook is stable.


FERRO CORP: Names Todd Nelson as Chief Information Officer
----------------------------------------------------------
Ferro Corporation disclosed that Todd Nelson has joined the
Company as Chief Information Officer.

Mr. Nelson has more than 22 years of information technology and
management experience.  He most recently was Vice President of
Information Systems for the Noveon business unit of Lubrizol
Corporation, a global US$4 billion specialty chemical company,
and simultaneously served as VP, Corporate Infrastructure, for
Lubrizol.  In management roles at B.F. Goodrich Company, Mr.
Nelson headed several significant projects, including management
of the IT integration of several acquisitions that included
multiple manufacturing locations around the world.  His
experience also includes five years at Price Waterhouse LLP,
where he was a principle IT consultant serving major
pharmaceutical and chemical company clients.  Additionally, he
was an MRP Project Manager with Sani Dairy, a division of Penn
Traffic Company, and held IT roles with the Penn Traffic Company
for more than five years.

Mr. Nelson graduated from the Rochester Institute of Technology
with a Bachelor of Science degree in Accounting.  He also holds
a MBA in Accounting from Saint Bonaventure University Graduate
School.

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

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

                        *     *     *

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


FORD MOTOR: Terra Firma Eyes Jaguar & Land Rover Brands
-------------------------------------------------------
Terra Firma Capital Partners Limited has joined the bid for Ford
Motor Company's Jaguar and Land Rover brands as Guy Hands,
Terra's head, requested Thursday for Ford's sale documents and
started to accomplish due diligence for the bid, the Financial
Times reports, citing people familiar with the matter.

Ford, according to the report, expects indicative bids this
month.  The carmaker seeks to finalize the sale deal by December
or early next year.

As reported in the Troubled Company Reporter on Sept. 27, 2007,
Ford's British Marques still has four potential buyers left
after two Indian firms, Mahindra & Mahindra and Cerberus, quit
the buying race.  Citing Reuters, the TCR further names the four
remaining suitors as Ripplewood Holdings LLC, Tata Motors
Limited, TPG Capital L.P. also known as Texas Pacific Group, and
One Equity Partners, but these firms are yet to complete the due
diligence.

                      About Terra Firma

Terra Firma -- http://www.terrafirma.com/-- is a London-based
investment firm and has about 70 in-house investment
professionals.  Since 1994, Terra Firma has invested
approximately EUR11 billion, mainly in Europe.

                      About Ford Motor

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

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

                        *     *     *

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

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

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

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


GENERAL MOTORS: National Council Supports 2007 Tentative Pact
-------------------------------------------------------------
The UAW GM National Council -- made up of presidents and
bargaining chairs from more than 80 General Motors Corp.
facilities across the nation -- has voted to unanimously
recommend ratification of the 2007 tentative agreement with GM.

The Council met Friday for four hours to discuss the details of
the proposed agreement with the automaker.

After asking numerous questions of the United Auto Workers union
President Ron Gettelfinger, UAW Vice President Cal Rapson, and
the UAW GM National Negotiating Committee, the council came to
one conclusion: The proposed agreement forged after a two-day
strike by 73,000 UAW members is very much worth supporting.

"We're very pleased to report that it was unanimously supported
and endorsed by our national council members," Mr. Gettelfinger
said at a news conference after the meeting.

The proposed contract was explained further at regional
leadership meetings on Saturday and local union meetings and
ratification votes will follow beginning Sunday.  Ratification
votes are expected to conclude by Oct. 10, 2007.

The proposed contract came about Sept. 26, 2007, at 3:05 a.m.
after a marathon bargaining session while thousands of UAW GM
members showed their solidarity on the picket line.  Asked
whether a unanimous vote from the council was the goal of the
meeting, Mr. Gettelfinger, flanked by UAW Vice President Cal
Rapson and the rest of the UAW GM National Negotiating
Committee, said what was most important was explaining the
critical details of the contract language so that everyone
understood it.

But, he added, the committee was gratified by the unanimous show
of support.

"We have to say we all feel pretty good since we did get it,"
Mr. Gettelfinger said.

Mr. Gettelfinger held off on the majority of the details of the
contract, preferring to allow UAW presidents and bargaining
chairs to explain it to the membership.  But, in response to
media questions about the new Voluntary Employee Beneficiary
Association fund that has been in the news so much, he said he
wanted to assure retirees that their health care was secure in
the near and long-term future.

"Health care is in a crisis in this country," Mr. Gettelfinger
said.  "Our retirees will be protected under this VEBA."

           GM Regularly Scheduled Production Resumes

As a result of the tentative agreement, all GM North America
manufacturing plants resumed regularly scheduled production
operations beginning second shift Wednesday, Sept. 26, 2007.

Production at the GM Powertrain Windsor Transmission plant in
Canada went down on Sept. 24, 2007, due to the strike in the US.
The plant resumed production beginning first shift on
Sept. 27, 2007.

                    About General Motors

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

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Fitch Ratings has affirmed and removed the Issuer Default Rating
and debt ratings of General Motors from Rating Watch Negative
following the announcement that GM has reached an agreement on a
new contract with the United Auto Workers.   Fitch currently
rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior
unsecured 'B-/RR5'.  GM's Rating Outlook is Negative.

As reported in Troubled Company Reporter on Sept. 26, 2007,
Moody's Investors Service is maintaining its current ratings of
General Motors Corporation -- B3 Corporate Family, Caa1 senior
unsecured and Ba3 senior secured, and Negative Outlook following
the announcement of a strike against the company by the United
Auto Workers Union.

Following the decision of the United Auto Workers union to go
out on strike against General Motors Corp., Fitch Ratings placed
General Motors Corporation's 'B' issuer default rating, 'BB/RR1'
senior secured debt rating; and 'B-/RR5' senior unsecured debt
rating on Rating Watch Negative.


REMY INTERNATIONAL: Moody's Confirms Corp. Family Rating at Ca
--------------------------------------------------------------
Moody's Investors Service has lowered the Probability of Default
Ratings of Remy International, Inc. to C/LD from Ca/LD, and
confirmed the Corporate Family Rating at Ca.  In a related
action, Moody's raised the ratings on the second-priority senior
secured floating rate notes, to B3 from Caa3; confirmed the
rating on the senior unsecured notes at Ca; and confirmed the
ratings of the senior subordinated notes at C.  The outlook is
negative.  The Probability of Default rating of C/LD reflects
the expectation that Remy will file for Chapter 11 shortly after
the Oct. 1, 2007 deadline for the solicitation of votes for a
prepackaged plan of reorganization from Remy's unsecured
noteholders.  The raised rating on the second priority senior
secured floating rating rate notes reflects an increased
certainty within the LGD Methodology of a higher recovery
contemplated by a consensual financial restructuring previously
agreed upon by approximately 80% of the unsecured noteholders
and the company.

As part of the unsecured noteholder Plan Support Agreement, the
consenting noteholders have agreed, subject to certain
conditions, to backstop a rights offering of new preferred stock
to be issued under the prepackaged plan of reorganization that
will provide approximately US$85 million of new capital to fund
the prepackaged plan of reorganization and the company's post-
emergence operations.

The prepackaged plan includes full cash repayment of the second
priority senior secured floating rate notes.  The superior
recovery for this security results in the rating upgrade.
Recovery for the remaining instruments will be at levels
consistent with the current ratings: the company's existing 8 5-
8% senior unsecured notes will be exchanged for US$100 million
of new third-lien payment-in-kind notes and approximately US$55
million in cash which includes a US$10 million consent fee; and
the existing senior subordinated notes will be converted into
100% of the common equity of the reorganized company.

Upon the company's filing of it prepackaged Chapter 11, Moody's
will lower the Probability of Default Rating to D and withdraw
the ratings.

Ratings lowered:

-- Probability of Default Rating, to C/LD from Ca/LD;

Ratings raised:

-- US$125 million of guaranteed second-priority senior secured
    floating rate notes, to B3 (LGD2, 12%) from Caa3 (LGD3,
    49%);

Ratings confirmed:

-- US$145 million of 8.625% guaranteed senior unsecured notes
    at Ca (LGD4, 52%);

-- US$150 million of 9.375% guaranteed senior subordinated
    notes at C (LGD6, 99%);

-- US$165 million of 11% guaranteed senior subordinated notes
    at C (LGD6, 99%);

-- Corporate Family Rating, Ca;

The last rating action was on May 17, 2007 when the ratings were
lowered.

The US$80 million senior secured term loan and the senior
secured asset based revolving credit facility are not rated by
Moody's.

Headquartered in Anderson, Indiana, Remy International Inc. --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Brazil
and Korea.


TRW AUTOMOTIVE: Fitch Affirms Issuer Default Rating at BB
---------------------------------------------------------
Fitch Ratings has affirmed the following ratings on TRW
Automotive Holdings Corp. and TRW Automotive Inc.:

TRW Automotive Holdings Corp.

-- Issuer Default Rating at 'BB'.

TRW Automotive Inc.

-- Issuer Default Rating at 'BB';
-- Senior secured revolving credit facility at 'BB+';
-- Senior secured term loan A facility at 'BB+';
-- Senior secured term loan B facility at 'BB+';
-- Senior unsecured notes at 'BB-'.

Fitch's rating actions affect approximately US$3 billion in
total debt.  The Rating Outlook is Stable.

Fitch's ratings reflect TRW's relatively diverse customer base,
global manufacturing presence, the company's technology-driven
products and healthy liquidity.  A substantial book of business
outside of North America and continued healthy demand for safety
related products partially offsets significant declines in North
American OEM customers' volumes as well as industry cost
challenges.  While the company's margins have declined versus
year-ago results, profitability remains above average for an
automotive supplier but is at the low end of the credit
category.

The Stable Rating Outlook is based on TRW's healthy liquidity
position, which should provide the company with a buffer if
industry fundamentals were to erode materially.  In addition,
current credit market conditions should have little direct
impact on TRW's liquidity as the company refinanced its bonds in
March and its bank facility in May.

Rating concerns include debt levels, margin pressures from price
competition and raw materials, customers' production volumes,
the potential for increased capital expenditures as customers
reduce product cycle times and the risk of work stoppages due to
a financially stressed base of suppliers other than TRW.  In
addition, Fitch expects the company to generate limited free
cash flow through at least 2008, enabling only modest debt
reduction.

For 2005 and 2006, TRW's Free Cash Flow was US$9 million and
US$54 million, respectively.  Given recent margin erosion, the
working capital investment of a growing business and average
annual capital expenditure increases of approximately 4%, Fitch
believes TRW's ability to generate Free Cash Flow is limited
through at least 2008.  Even though 4% average annual growth in
capital expenditures is on par for TRW, capital investment may
be subject to increase as D3 customers could succeed in reducing
product development cycle times.  While this has been a stated
objective of the D3 for many years with only limited success
relative to the leaps that Japanese competitors have produced
(Japanese product life cycles average about 4 years while the D3
average about 6 years), the D3's objective to deliver quality
new products more frequently may come to fruition.  However,
since the company has significant exposure to Toyota, Honda and
Nissan, TRW already has experience with more advanced product
development cycle times.

Including the premiums from the recent refinancing, Total
Adjusted Debt levels have increased slightly versus Fitch's
previous expectations.  In addition, both coverage and leverage
metrics are at the lower end of the rating category.  Trailing
twelve-month free cash flow was -US$157 million, largely due to
working capital investment.  TRW's Total Adjusted Debt levels
over the same period increased by US$134 million.  However, the
company successfully refinanced its entire capital structure in
the first half of 2007.  Because of the refinancing, but also
due to lower Operating EBITDA margin, coverage ratios have
improved modestly while leverage ticked slightly higher.  Given
Fitch's limited Free Cash Flow expectations, debt reduction over
the next 18 months is likely to be only modest.

In March of this year, TRW Automotive Inc. replaced its existing
senior unsecured and senior subordinated debt with new senior
unsecured notes.  TRW also replaced US$2.5 billion in existing
bank facilities with the same amount in new facilities.  The new
bank lines closed on May 9, 2007.  The new capital structure
provides TRW with a lower cost of capital, extended maturities,
and loosened covenants providing greater financial flexibility.

At the end of the second quarter of 2007, TRW had approximately
US$1.4 billion of committed availability, including US$1.1
billion under its US$1.4 billion revolver and US$300 million in
committed securitization programs.  Under TRW's U.S.
securitization facility, all US$209 million of receivables were
eligible and available for funding and there was US$127 million
outstanding at the end of the quarter.  In addition,
approximately EUR122 million of its EUR155 million programs and
all of the GBP25 million program were available under the
European facilities.  As of June 29, TRW had nothing outstanding
on any of its European A/R programs. Including the cash and
marketable securities balance of US$284 million, total liquidity
at the end of the second quarter of 2007 was approximately
US$1.7 billion.

As of June 29, the company had US$1.3 billion in secured bank
debt, US$1.5 billion in senior unsecured notes, and US$0.2
billion in short term debt, stub debt after tender offers and
capital leases, all totaled equaling US$3 billion of debt which
is nearly unchanged from the year ago period.  TRW has no major
maturities until 2012.  The company was well within its
financial covenants at the end of the second quarter.

TRW has one of the more diverse customer bases in the Fitch
supplier universe.  The company supplies more than 40 major
vehicle manufacturers and 250 nameplates and holds leading
positions in all of its primary product categories.  In 2006,
sales to customers other than Ford and General Motors accounted
for 74.3% of total revenue.  Only 14.6% and 11.1% of the
company's 2006 revenue was attributable to Ford and General
Motor's, respectively.  Revenue attributable to North America
was only about one-third of TRW's total in 2006.  Europe
accounted for 57% while Asia and South America represented 7%
and 3% of 2006 revenue, respectively.

Demand remains strong for components and systems relating to
safety and fuel economy.  Consumer advocacy groups, the National
Highway Transportation and Safety Administration and other
industry groups as well as government legislation spur demand
for TRW's safety related products.  Higher gasoline prices and
clean air legislation creates demand for the company's engine
components.  As a result, the company's revenue has grown since
2001 while Ford and GM unit volumes have suffered significant
declines.

TRW does not provide a booked new business sales number as
several of its peers do but the company does guide to 4% long
term annualized sales growth. By comparison, the compound
annualized growth rate of TRW's sales was 6.1% over the last 5
years.  Automotive suppliers generally have some degree of
revenue visibility given the nature of the business, e.g. long-
term contracts, long product lead times and the tendency of the
automakers to use the incumbent suppliers of a current vehicle
program for the successor program.  Assuming the normal price
reductions of the industry at around 3%, plus vehicle program
attrition, TRW's 4% long-term revenue growth guidance implies
that the company benefits from a consistent, significant book of
new business.  Fitch views annualized revenue growth of 4% as
reasonable for TRW.  Fitch expects to see sales growth continue
due to increasing penetration of foreign automakers, demand for
products that address safety and emissions legislation, higher
sales of complete modules and TRW's product innovation.

                    About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries, including Brazil, China, Germany
and Italy.  TRW Automotive products include integrated vehicle
control and driver assist systems, braking systems, steering
systems, suspension systems, occupant safety systems (seat belts
and airbags), electronics, engine components, fastening systems
and aftermarket replacement parts and services.




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


BLACK DIAMOND EUROPE: Proofs of Claim Filing Is Until Oct. 29
-------------------------------------------------------------
Black Diamond Europe Ltd.'s creditors are given until
Oct. 29, 2007, to prove their claims to Peter D. Anderson and
William E.J. Walmsley, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


BLACK DIAMOND EUROPE (II): Proofs of Claim Filing Ends Oct. 29
--------------------------------------------------------------
Black Diamond Europe II Ltd.'s creditors are given until
Oct. 29, 2007, to prove their claims to Peter D. Anderson and
William E.J. Walmsley, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


BLACK DIAMOND (CONVERTIBLE): Proofs of Claim Filing Ends Oct. 29
----------------------------------------------------------------
Black Diamond Europe Convertible II Ltd.'s creditors are given
until Oct. 29, 2007, to prove their claims to Peter D. Anderson
and William E.J. Walmsley, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


BLACK DIAMOND (EUR): Proofs of Claim Filing Ends Oct. 29
--------------------------------------------------------
Black Diamond Europe (Eur) Ltd.'s creditors are given until
Oct. 29, 2007, to prove their claims to Peter D. Anderson and
William E.J. Walmsley, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


BLACK DIAMOND (OFFSHORE): Proofs of Claim Filing Ends Oct. 29
-------------------------------------------------------------
Black Diamond Europe Offshore Ltd.'s creditors are given until
Oct. 29, 2007, to prove their claims to Peter D. Anderson and
William E.J. Walmsley, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

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

The liquidator can be reached at:

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


BOMBAY COMPANY: Bankruptcy Court Approves US$115MM DIP Financing
----------------------------------------------------------------
The Bombay Company, Inc., has obtained approval from the U.S.
Bankruptcy Court for the Northern District of Texas for the
US$115 million debtor-in-possession financing, which has been
secured from GE Corporate Lending and GE Canada Finance Holding
Company.  The DIP financing is related to Bombay's
reorganization, which was reported in the Troubled Company
Reporter on Sept. 21, 2007.

"We are proceeding with the restructuring plans as outlined in
our filings last week, and we continue to operate our business
as usual during this process," 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 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.


FORMENTARA LTD: Sets Final Shareholders Meeting for Oct. 31
-----------------------------------------------------------
Formentara Ltd. will hold its final shareholders meeting on
Oct. 31, 2007, at 10:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

         Cawsand Limited
         Cromer Limited
         Clifton House, 75 Fort Street
         P.O. Box 1350
         Grand Cayman KY1-1108
         Cayman Islands


GG EQUITY: Will Hold Final Shareholders Meeting on Oct. 22
----------------------------------------------------------
GG Equity Holdings Ltd. will hold its final shareholders
meeting on Oct. 22, 2007, at 10:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Westport Services Ltd.
         Attention: Patricia Tricarico
         P.O. Box 1111
         Grand Cayman KY1-1102
         Cayman Islands
         Telephone: 345 949 5122
         Fax: 345 949 7920


GLOBAL ADVANTAGE: Sets Final Shareholders Meeting for Oct. 31
-------------------------------------------------------------
The Global Advantage Fund Ltd. will hold its final shareholders
meeting on Oct. 31, 2007, at 9:00 a.m., at:

         4th Floor Harbour Place
         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 six years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

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


GLOBAL ADVANTAGE MASTER: Final Shareholders Meeting on Oct. 31
--------------------------------------------------------------
The Global Advantage Master Fund Ltd. will hold its final
shareholders meeting on Oct. 31, 2007, at 9:00 a.m., at:

         4th Floor Harbour Place
         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 six years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

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


HARRISON CLO: Will Hold Final Shareholders Meeting on Oct. 19
-------------------------------------------------------------
Harrison CLO Ltd. will hold its final shareholders meeting on
Oct. 19, 2007, at 9:30 a.m., at the office of the company.

These agendas will be taken during the meeting:

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

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


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

The liquidators can be reached at:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1 9002
         Cayman Islands


LADANG NAGA: Will Hold Final Shareholders Meeting on Oct. 24
------------------------------------------------------------
Ladang Naga SDN Bhd. will hold its final shareholders
meeting on Oct. 24, 2007, at 10:00 a.m., at:

         4th Floor Harbour Place
         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 six years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

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


PARMALAT SPA: Ex-CEO Tanzi May Face Tax Fraud Charges in Milan
--------------------------------------------------------------
Prosecutors in Milan, Italy, are considering the filing of tax
fraud charges against Parmalat S.p.A. founder and former CEO
Calisto Tanzi, Il Sole 24 Ore reports.

According to the report, the possible charges are related to
premiums from insurance contracts set by Parmalat and brokered
by Bank of America's Italian unit.  The premiums were passed
through Swiss bank accounts to avoid paying tax in Italy.

Mr. Tanzi, along with 15 former group executives and
accountants, is on trial in Milan on charges of market rigging,
false accounting and contravening local stock market laws.

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

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

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

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

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

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


SERONO 92: Will Hold Final Shareholders Meeting on Oct. 31
----------------------------------------------------------
Serono 92 Ltd. will hold its final shareholders meeting on
Oct. 31, 2007, at 9:00 a.m., at:

         4th Floor Harbour Place
         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 six years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

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


SERONO ATLANTIC: Sets Final Shareholders Meeting for Oct. 31
------------------------------------------------------------
Serono Atlantic Ltd. will hold its final shareholders meeting on
Oct. 31, 2007, at 10:00 a.m., at:

         4th Floor Harbour Place
         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 six years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

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


SERONO INT'L: Will Hold Final Shareholders Meeting on Oct. 31
-------------------------------------------------------------
Serono International Services Ltd. will hold its final
shareholders meeting on Oct. 31, 2007, at 9:00 a.m., at:

         4th Floor Harbour Place
         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 six years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

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


SIRIOS OVERSEAS: Sets Final Shareholders Meeting for Oct. 19
------------------------------------------------------------
Sirios Overseas Fund II Ltd. will hold its final shareholders
meeting on Oct. 19, 2007, at 9:00 a.m., at the office of the
company.

These agendas will be taken during the meeting:

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

   2) authorizing the liquidator to retain the records
      of the company for a period of 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:

         John Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1 9002
         Cayman Islands


SOJACAPITAL INC: Will Hold Final Shareholders Meeting on Oct. 19
----------------------------------------------------------------
Sojacapital Inc. will hold its final shareholders meeting on
Oct. 19, 2007, at 10:00 a.m., at:

          4th Floor, Century Yard
          Cricket Square, Elgin Avenue
          P.O. Box 32322
          Grand Cayman KY1-1209
          Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


TANZANITE FINANCE: Proofs of Claim Filing Ends on Oct. 22
---------------------------------------------------------
Tanzanite Finance II SPC Ltd.'s creditors are given until
Oct. 22, 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 shareholders agreed on Sept. 17, 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
       Tel: (345) 949-7755
       Fax: (345) 949-7634


TANZANITE FINANCE: Sets Final Shareholders Meeting for Oct. 22
--------------------------------------------------------------
Tanzanite Finance II SPC Ltd. will hold its final shareholders
meeting on Oct. 22, 2007, at 10:00 a.m., at:

         P.O. Box 1109
         George Town, Grand Cayman
         Cayman Islands

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


TCIF BLUE: Sets Final Shareholders Meeting for Oct. 31
------------------------------------------------------
TCIF Blue Fund will hold its final shareholders meeting on
Oct. 31, 2007, at 8:30 a.m., at:

         4th Floor Harbour Place
         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 six years from
      the dissolution of the company, after which they
      may be destroyed.

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

The liquidator can be reached at:

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




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


AES CORP: Intends to Pursue Return of Investment Value in CEMIG
---------------------------------------------------------------
Southern Electric Brasil Participacoes, Ltda. (SEB) intends to
pursue a restoration of the value of its investment in Companhia
Energetica de Minas Gerais by all legal means.

In September 1999, a state appellate court in Minas Gerais,
Brazil, granted temporary injunction suspending the
effectiveness of a shareholders' agreement between SEB and the
state of Minas Gerais concerning CEMIG, an integrated utility in
Minas Gerais.

This shareholders' agreement granted SEB certain rights and
powers in respect of CEMIG (Special RightS).

In March 2000, a lower state court in Minas Gerais held the
shareholders' agreement invalid where it purported to grant SEB
the Special Rights and enjoined the exercise of the Special
Rights.

In August 2001, the state appellate court denied an appeal of
the decision and extended the injunction.

In October 2001, SEB filed appeals against the state appellate
court's decision with the Federal Superior Court and the Supreme
Court of Justice.

The state appellate court denied access of these appeals to the
higher courts, and in August 2002 SEB filed interlocutory
appeals against such denial with the Federal Superior Court and
the Supreme Court of Justice.

In December 2004, the Federal Superior Court declined to hear
SEB's appeal.

The Supreme Court of Justice is considering whether to hear
SEB's appeal.

                            About CEMIG

Companhia Energetica de Minas Gerais -- http://www.cemig.com.br/
-- is one of the largest and most important electric energy
utilities in Brazil due to its strategic location, its technical
expertise and its market.  Cemig's concession area extends
throughout nearly 96.7% of the State of Minas Gerais, Brazil.
Cemig owns and operates 52 power plants, of which six are in
partnership with private enterprises, relying on a predominantly
hydroelectric energy matrix.  Electric energy is produced to
supply more than 17 million people living in the state's 774
municipalities.  In addition to those 52 plants, another three
are currently under construction.

Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).

                          About AES Corp.

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

AES is part of the Southern Electric Brasil Participacoes Ltda.
(SEB) consortium, which holds 33% of Cemig.

                        *     *     *

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

                        *     *     *

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

Fitch also took these rating actions:

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

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

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

In addition, Fitch affirmed these ratings:

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




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


CUMMINS INC: Inks Pact to Form Diesel Engine Joint Venture
----------------------------------------------------------
Cummins Inc. has signed a Memorandum of Understanding with
Vietnam Motors Industry Corp. (Vinamotor) to create a 50-50
joint venture to produce on-highway diesel engines in Vietnam.

The Memorandum of Understanding was reached Sept. 21 in Hanoi by
Cummins Chairman and CEO Tim Solso and Nguyen Van Khoa, Chairman
of Vinamotor.

The agreement was commemorated today at a signing ceremony in
New York City in the presence of Prime Minister Nguyen Tan Dung
of the Socialist Republic of Vietnam.  Chairman Nguyen
represented Vinamotor and Steve Chapman, Group Vice President
- Emerging Markets and Businesses represented Cummins.

Vinamotor, a government-owned company, is the largest commercial
vehicle producer in Vietnam, which currently has no local engine
production.  The MOU outlines the parameters of the joint
venture, which is contingent on the satisfactory results of a
feasibility study, which Cummins expects to be completed in
January 2008.

Financial terms of the deal have not been set and no timetable
for completing the joint venture agreement has been established.

Under the terms of the MOU, the joint venture would take a
phased approach to producing Cummins-designed engines in
Vietnam: Initially, engine kits will be imported for assembly
and distribution in Vietnam with local components ultimately
being used in production as the supply base in Vietnam develops.

"Vietnam is one of the fast-growing economies in Asia, and this
deal would position Cummins to capitalize on that growth," said
Mr. Solso.  "Cummins has a history of working well with local
partners, as our success in China and India has shown, and we
are excited about the prospects of teaming with Vinamotor to
bring Cummins' engine technology to Vietnam."

                        About Cummins

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

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

                        *     *     *

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

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




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


AFFILIATED COMPUTER: Bags Seven-Year US$111 Mil. Medicaid Deal
--------------------------------------------------------------
Affiliated Computer Services, Inc. has announced a seven-year,
US$111 million contract re-bid award with the Department of
Health, Medical Assistance Administration of the District of
Columbia to continue operating the District's Medicaid
Management Information System.

ACS has been the District's Medicaid fiscal agent since February
2001 and received Centers for Medicare & Medicaid Services
certification for the District's current MMIS system in 2004.
Under the renewed contract, ACS will provide, enhance and
implement a CMS-certified MMIS, and will provide services to
operate the enhanced MMIS and process District Medicaid claims.

"We are looking forward to the implementation of a state-of-the-
art, technologically advanced MMIS system that will be certified
by the Center for Medicare and Medicaid Services.  ACS is our
partner in this endeavor and the new system will advance claims
processing and data management for the District's Medicaid
program," said Robert T. Maruca, senior deputy director, Medical
Assistance Administration.

"We highly value the technical competence that ACS brings to our
MMIS operation and know that this new system will benefit the
District, our providers and our consumers.  We anticipate a
continued positive relationship with ACS as our new system is
being developed and implemented," said Mr. Maruca.

In addition to current contract responsibilities, ACS will
expand MMIS operations to include significant enhancements,
services, and system capabilities for web solutions for use by
providers and recipients.  These include a secure web portal; a
Clinical Case Management System; a new web-based Reporting Data
Mart; enhanced Surveillance & Utilization Review System,
Management and Administration Reporting System, and Third-Party
Liability with Operations; an enterprise rules engine; an
advanced, n-tier, thin-client architecture; a powerful IBM
Enterprise Server; and a DB2 relational database management
system that provides enhanced performance and reliability.

"Having provided innovative services to the District for more
than six years, ACS brings comprehensive, in-depth knowledge and
understanding of its Medicaid recipients and government
requirements," said Christopher T. Deelsnyder, ACS senior vice
president and managing director, Government Healthcare
Solutions.  "We will build on current and past experiences to
continue to offer cost-effective solutions that minimize risk,
provide flexibility, and adapt to the changing program needs."

                  About Affiliated Computer

Affiliated Computer Services Inc. (NYSE: ACS) --
http://www.AffiliatedComputer-inc.com/ -- provides business
process outsourcing and information technology solutions to
world-class commercial and government clients.  The company has
more than 58,000 employees supporting client operations in
nearly 100 countries.  The company has global operations in
Brazil, China, Dominican Republic, India, Guatemala, Ireland,
Philippines, Poland, and Singapore.

                        *     *     *

Affiliated Computer Services currently carries Fitch Ratings' BB
Issuer Default Rating.




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


DEL MONTE: Gets Board Nod to Repurchase US$200 Million of Shares
----------------------------------------------------------------
Del Monte Foods Company's Board of Directors has authorized the
company to repurchase up to US$200 million of the company's
common stock over the next 36 months.  Currently, the company
has approximately 202.5 million shares of common stock
outstanding.

"This share repurchase program is enabled by our strong cash
flow and reflects our confidence in Del Monte's long-term growth
prospects," said Richard G. Wolford, Chairman and CEO of Del
Monte Foods.  "Having an established share repurchase program
enhances our flexibility, including our ability to respond
opportunistically to marketplace changes.  We believe
repurchasing shares is consistent with both our disciplined
approach to capital allocation and commitment to returning value
to shareholders."

Repurchases of the company's common stock may be made from time
to time, through a variety of methods, including open market
purchases, privately negotiated transactions, and block
transactions.  Del Monte Foods Company has no obligation to
repurchase shares under the authorization, and the timing,
actual number and value of the shares which are repurchased will
be at the discretion of management and will depend on a number
of factors, including the price of the Company's common stock.
The company may suspend or discontinue repurchases at any time.

                       About Del Monte

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.

                        *     *     *

Standard & Poor's assigned 'BB-' Long-term Foreign and Local
Issuer Credit rating to Del Monte Foods Company.

Fitch Ratings rates Del Monte Foods Company's Issuer default
rating at 'BB-'.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2006, In connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors, and Agricultural Cooperative sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Del Monte
Corp.

Moody's also revised or confirmed its probability-of-default
ratings and assigned loss-given-default ratings on these loans
facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Revolving Credit
Facility Due 2011         Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan A Due 2011      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sub. Global
Notes Due 2012            B2       B2      LGD5       83%

Gtd. Sr. Sub. Global
Notes Due 2015            B2       B2      LGD5       83%


DEL MONTE: Paying US$0.04 Per Share Dividend on Nov. 1
------------------------------------------------------
Del Monte Foods Company's Board of Directors has declared a cash
dividend on its common stock of US$0.04 per share.  The dividend
is payable on Nov. 1, 2007, to stockholders of record as of the
close of business on Oct. 18, 2007.

                       About Del Monte

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.

                        *     *     *

Standard & Poor's assigned 'BB-' Long-term Foreign and Local
Issuer Credit rating to Del Monte Foods Company.

Fitch Ratings rates Del Monte Foods Company's Issuer default
rating at 'BB-'.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2006, In connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products,
Beverage, Toy, Natural Product Processors, Packaged Food
Processors, and Agricultural Cooperative sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Del Monte
Corp.

Moody's also revised or confirmed its probability-of-default
ratings and assigned loss-given-default ratings on these loans
facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
Gtd. Sr. Sec.
Revolving Credit
Facility Due 2011         Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan A Due 2011      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sec.
Term Loan B Due 2012      Ba3      Ba2     LGD2       29%

Gtd. Sr. Sub. Global
Notes Due 2012            B2       B2      LGD5       83%

Gtd. Sr. Sub. Global
Notes Due 2015            B2       B2      LGD5       83%




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


BRITISH AIRWAYS: Orders Airbus & Boeing Long-Haul Aircraft
----------------------------------------------------------
British Airways plc has placed an order for 12 Airbus A380 and
24 Boeing 787 aircraft with options for a further seven Airbus
A380s and 18 Boeing 787s.

The A380s will be powered by Rolls-Royce Trent 900 engines and
the B787s will be powered by Rolls-Royce Trent 1000 engines.
The engine order includes a lifetime maintenance contract.

The new aircraft will replace 20 of the airline's B747-400s and
its 14 longhaul B767 fleet and will be delivered between 2010
and 2014.  The order, including options, will give the airline
the ability to grow its capacity by up to 4% per year and the
flexibility to tailor its future capacity growth in line with
market conditions.

The aircraft will be greener, quieter and more fuel efficient
with significantly lower carbon dioxide emissions and reduced
impact on local air quality.  This was a key consideration in
the order.

"This is an exciting day for British Airways with our largest
fleet order since 1998.  It's great news for our business, our
customers and the environment," Willie Walsh, chief executive of
British Airways, said.

"These aircraft set the gold standard when it comes to
environmental performance in the key areas of CO2 emissions,
local air quality and noise.  They will contribute significantly
to our target of improving fuel efficiency by 25% between 2005
and 2025.

"They are also much quieter than their predecessors, which is of
vital importance at Heathrow.  Both the A380 and B787 are rated
as producing a quarter of the noise level of the B747-400.

"These new aircraft will continue our commitment to deliver the
best travel experience to our customers.  This order builds upon
our recent investment in improving the customer experience
through Terminal 5, the new Club World cabin, inflight
entertainment system and ba.com."

The new aircraft types will enable the airline to strengthen
further its network strategy, complementing each other in the
longhaul fleet.  The A380 will be used to provide more capacity
for the airline's key high-density markets and maximize use of
scarce Heathrow slots.  The B787 will be used to start new
routes and increase frequencies in existing markets.

Both aircraft bring significant economic benefits with lower
costs per seat.  They are both long-range aircraft and bring
more flexibility in to the fleet as, unlike the B767 that they
replace, they can be flown across the airline's network.

British Airways will continue to consider the most suitable
aircraft to replace its remaining B747-400 aircraft and is
examining the B787-10, B777-300 ER and A350XWB.

The airline has arranged for a group of banks to provide US$1.5
billion of debt financing to cover all of the airline's firm
orders to the end of 2011.

The total list price for the firm orders is US$8.2 billion for
the airframe and engines.

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.




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


BEARINGPOINT: Hires Messrs. Cuviello & Freeman for Defense Team
---------------------------------------------------------------
BearingPoint Inc. reported that two high-ranking and well-
respected former U.S. Army generals have joined the firm's
Public Services unit to bolster BearingPoint's focus on
providing Mission Related Services to the Department of Defense.
As Senior Strategists for the firm's MRS Defense practice,
retired Army Lt. Gen. Peter M. Cuviello and retired Army Maj.
Gen. Carl H. Freeman will work to build, promote and deliver
BearingPoint expertise to meet ongoing and emerging needs in the
various service branches and defense agencies.

Mr. Cuviello, former Chief Information Officer for the Army,
will serve as Senior Strategist for BearingPoint's work within
the aerospace and defense sectors, focusing on network-enabled
operation support initiatives including the Department of
Defense Architecture Framework, battlespace and situational
awareness, IT security, and business intelligence.  Mr. Cuviello
brings more than 36 years of experience to BearingPoint.  He
oversaw the Army's US$5.6 billion IT budget, and between 2000-
2003 he transformed that service branch into a network-centric
and knowledge-based force, including leading the Army's
biometric security efforts and deploying Army Knowledge Online,
a portal that continues to serve 1.8 million users.  Prior to
joining BearingPoint, Mr. Cuviello served as vice president for
business strategies with Lockheed Martin's Savi Group, an asset
management and automated identification technology integrator.

Mr. Freeman has more than 35 years of military experience, and
as Senior Strategist for BearingPoint, he will focus on client
requirements to include logistics transformation, the Army's
RESET program as well as emerging joint interagency
requirements.  From 2000 to 2004, Mr. Freeman served as chairman
of the Inter-American Defense Board, the world's oldest
collective security organization, and as president of the Inter-
American Defense College located in Washington, D.C. A
multifunctional logistician, Mr. Freeman will help lead
BearingPoint's support to combatant commands as they address the
requirements of working in foreign countries alongside civilian
agencies, including USAID, the Department of Agriculture and
DHS.  Prior to joining BearingPoint, Mr. Freeman was an adjunct
professor at the Joint Special Operations University and a
private consultant.

"Pete and Carl both have tremendous experience that can augment
BearingPoint's existing capabilities and further enhance our
push to offer more Mission Related Services to our clients,"
said Mark Goulart, senior vice president of BearingPoint's
Department of Defense practice. "We're excited to have them on-
board, and I know they will drive incredible results for our
defense segment."

BearingPoint's Mission Related Services practice is committed to
serving the Department of Defense and helping it meet its
mission in supporting U.S. troops.  Staffed with highly skilled,
deeply experienced professionals, the practice has capabilities
in logistics, security, joint and inter-agency operations,
decision support systems, and weapon systems program acquisition
and management.  BearingPoint offers branch commands flexibility
and innovation -- backed by a record of helping defense and
other government clients undertake successful transformation
initiatives.

                     About BearingPoint

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

The company reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders deficit of
US$177.3 million as of Dec. 31, 2006.


BALLY TOTAL: Emerges from Chapter 11 & Closes Harbinger Deal
------------------------------------------------------------
Bally Total Fitness Corporation emerged from Chapter 11 on
Oct. 1, 2007, as a private company just over two months after
filing for bankruptcy protection on July 31.

The restructuring arrangements funded by Harbinger Capital
Partners Master Fund I, Ltd. and Harbinger Capital Partners
Special Situations Fund L.P. became effective upon emergence.

Harbinger invested approximately US$233.6 million in exchange
for 100% of the common equity of reorganized Bally.  In
addition:

   -- Senior Noteholders will receive new Senior Second Lien
      Notes bearing interest at 13% as well as a consent fee
      equal to 2% of the face value of their Notes.

   -- Subordinated Noteholders will receive a cash payment of
      US$123.5 million in the aggregate, with the remaining
      balance of the Subordinated Notes satisfied through the
      issuance of approximately US$200 million in new
      subordinated notes of reorganized Bally.  The annual
      interest rate payable under the new subordinated notes is
      15 5/8% as the payment-in-kind interest rate and 14% as
      the cash pay interest rate.

   -- Existing Bally shareholders and holders of certain equity-
      related claims will receive an aggregate distribution of
      US$16.5 million as soon as practicable after the Company
      can determine the maximum amount of the equity-related
      claims.  That determination cannot be made until after the
      Oct. 31, 2007, deadline for submission of proofs of claim
      for equity-related claims, and may require court approval.

   -- The Senior Noteholders will receive new Senior Second
      Lien Notes bearing at 13% as well as a consent fee equal
      to 2% of the face value of their Notes.

   -- Subordinated Noteholders will receive an immediate cash
      payment of US$123,500,000 in the aggregate, with the
      remaining balance of the Subordinated Notes to be
      satisfied through the issuance of approximately
      US$200,000,000 in new subordinated notes of reorganized
      Bally.   The annual interest rate payable under the new
      Subordinated notes will be 15-5/8% as the payment-in-kind
      interest rate, and 14% as the cash pay interest rate.

   -- Existing Bally shareholders and holders of certain
      equity-related claims will receive an aggregate
      distribution of US$16,500,000 as soon as practicable after
      the Company can determine the maximum amount of the
      equity-related claims.   That determination cannot be made
      until after the Oct. 31, 2007 deadline for submission
      of proofs of claim for equity-related claims, and may
      require court approval.

In conjunction with its emergence from Chapter 11, the Company
converted its debtor-in-possession facility to an exit credit
facility.  As previously reported, Morgan Stanley Senior
Funding, Inc., is the sole lead arranger and sole bookrunner for
the US$292 million super-priority secured DIP and senior secured
exit credit facilities.

Bally disclosed that funds, which had been deposited in respect
of subscriptions for notes, which were to be issued in the
rights offering associated with a noteholder sponsored
restructuring plan, which was not consummated, will be returned
promptly.

                  About Bally Total Fitness

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  Bally Total and
its affiliates filed for chapter 11 protection on July 31, 2007
(Bankr. S.D.N.Y. Case No. 07-12396) after obtaining requisite
number of votes in favor of their pre-packaged chapter 11 plan.
Joseph Furst, III, Esq. at Latham & Watkins, L.L.P. represents
the Debtors in their restructuring efforts.  As of
June 30, 2007, the Debtors had US$408,546,205 in total assets
and US$1,825,941,54627 in total liabilities.

The Debtors filed their Joint Prepackaged Plan & Disclosure
Statement on July 31, 2007.  On Aug. 13, 2007, they filed an
Amended Joint Prepackaged Plan and on Aug. 17 filed a Modified
Amended Prepackaged Plan.


CORPORACION DURANGO: Extends Cash Tender Offer Period to Oct. 5
---------------------------------------------------------------
Corporacion Durango, S.A.B. de C.V. has extended the period of
its cash tender offer for any and all of its outstanding Series
B Step Up Rate Senior Secured Guaranteed Notes Due 2012 (CUSIP
No. 21986MAK1) until 9:00 a.m., New York City time, on
Oct. 5, 2007.  All references to the "Expiration Date" in the
Offer to Purchase and Consent Solicitation Statement, dated
June 21, 2007, and the related Consent and Letter of Transmittal
shall be deemed to be references to the New Expiration Date, and
all references to "12:00 midnight, New York City time, on the
Expiration Date" in the Offer to Purchase and the Letter of
Transmittal shall be deemed to be references to 9:00 a.m., New
York City time, on the New Expiration Date.  The other terms and
conditions of the Tender Offer, as amended on Aug. 24, 2007 and
Sept. 26, 2007, remain unchanged.  Durango may further extend
the period of the Tender Offer at Durango's sole discretion.

The Expiration Date previously announced on Sept. 13, 2007 was
5:00 p.m., New York City time, on Sept. 28, 2007.  As of 5:00
p.m., New York City time, on Sept. 28, 2007, US$377,301,257 in
aggregate principal amount, or approximately 89.9%, of the
outstanding Notes had been tendered and not withdrawn pursuant
to the Tender Offer, including US$359,730,986 in aggregate
principal amount, or approximately 85.7%, of the Notes that were
tendered as of 5:00 p.m., New York City time, on the Early
Participation Date and not withdrawn.

Durango has retained Merrill Lynch, Pierce, Fenner & Smith
Incorporated to act as Dealer Manager for the Tender Offer and
Consent Solicitation, and Global Bondholder Services Corporation
to act as the depositary and information agent for the Tender
Offer and Consent Solicitation.

Any questions or requests for assistance regarding the Offer may
be made to the Dealer Manager and Solicitation Agent, Merrill
Lynch & Co., Attention: Liability Management Group at (888) 654-
8637 or (212) 449-4914.  Questions or requests for assistance or
additional copies of the Offer to Purchase and the related
Letter of Transmittal may be directed to the Information Agent,
Global Bondholder Services Corporation, toll free at (866) 794-
2200 (bankers and brokers call collect at (212) 430-3774).

This press release is for informational purposes only and is
neither an offer to purchase nor a solicitation of an offer to
sell the Notes.  The tender offer is only being made pursuant to
the Offer to Purchase and the related Letter of Transmittal.
The tender offer is not being made to holders of Notes in any
jurisdiction in which the making or acceptance thereof would not
be in compliance with the laws of such jurisdiction.  The tender
offer is not being made to any holders of Notes in Italy.  In
the United Kingdom, France and Belgium, the tender offer is
being made only to specified eligible holders of Notes, as set
forth in the Offer to Purchase.  Restrictions on the tender
offer may also apply in other jurisdictions.  The Offer is not
being made to, and tenders of Notes and Consents by Holders will
not be accepted from, any person in any jurisdiction that
requires that the Tender Offer or the Solicitation or the
distribution of the Offer Documents be made by a licensed broker
or dealer.

                        About Durango

Corporacion Durango, S.A. de C.V. (BMV: CODUSA), the largest
papermaker in Mexico, announced Tuesday that the First Federal
District Court in Durango, Mexico, has approved the company's
plan of reorganization and declared the termination of its
"Concurso Mercantil" proceeding.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 12, 2007, Fitch Ratings has assigned a 'B' foreign and
local currency issuer default rating to Corporacion Durango,
S.A. de C.V.'s. In conjunction with this rating action, Fitch
has assign a 'B+' rating to the company's proposed US$150
million amortizing five-year notes and its proposed US$370
million notes due in 2017.  These notes have also been assigned
a Recovery Rating of 'RR3', which is consistent with an
anticipated recovery of 50%-70% in the event of a default.


DANA CORP: Appaloosa Reaffirms Investment Offer; Sends Final Bid
----------------------------------------------------------------
Appaloosa Management, L.P., on Sept. 21, 2007, re-affirmed its
Investment offer, to replace the investment offer of
Centerbridge Capital Partners, L.P., and delivered to Dana Corp.
and its debtor-affiliates the Official Committee of Unsecured
Creditors a final investment proposal letter.

James Bolin, a partner at Appaloosa, stated, in the Sept. 21
Letter, that Appaloosa's Investment Offer is substantially
similar to Centerbridge's Proposal, with certain material
improvements and modifications.

The improvements and modifications are:

  (a) Appaloosa proposes to eliminate and waive the break-up fee
      described in the Centerbridge Proposal.

  (b) Appaloosa will enhance the conversion price from 0.83
      times Distributable Market Equity Value Per Share to 0.90
      times Distributable Market Equity Value Per Share.

  (c) In lieu of the limited Rule 144A offering contemplated by
      the Centerbridge Proposal, the right to purchase the
      Series B Preferred at par will be offered to all holders
      of allowed unsecured claims on a pro rata basis.  Any
      shares of Series B Preferred not purchased in the Series B
      Rights Offering will be purchased at par by Appaloosa and
      certain other entities, who will receive a guaranteed
      minimum of 40% of the Series B Preferred and a commitment
      fee of US$10,000,000 as consideration for their agreement
      to perform the foregoing Standby Purchaser obligations.

  (d) Appaloosa proposes to eliminate the ceiling/floor "collar"
      mechanism contained in the Centerbridge Proposal.

  (e) Most of Appaloosa's approval rights will be subject to
      being over-ridden by a 2/3 vote of common shareholders
      with the exception of certain specified protective
      approval rights, which are not subject to over-ride.  The
      approval rights not subject to over-ride relate to:

         -- issuance of securities that are senior to or on
            parity with the Series A Preferred;

         -- amendments to the Company's by-laws that materially
            change the rights of members of the Investor Group
            or Qualified Purchaser Transferees or the Company's
            shareholders generally, or to the Charter or
            Articles if the amendment would adversely impact
            Appaloosa's rights or investment; and

         -- other than the annual 4.0% dividends on the Series B
            Preferred, declaration and payment of dividends on
            stock that ranks junior to or on parity with the
            Series A Preferred.

  (f) Appaloosa will select three members of the Board of
      Directors, and the Creditors Committee will select the
      other three.  One director will be the chief executive
      officer, one director will be the new Executive Chairman,
      one director will be selected by the Standby Purchasers
      other than Appaloosa.  The initial Executive Chairman of
      the Board will be selected by a selection committee
      comprised of one Appaloosa representative and one
      representative of the Standby Purchasers.  The Executive
      Chairman will be approved by a majority vote of the
      Selection Committee.  Any successor Executive Chairman
      will be selected by the Nominating and Governance
      Committee of the Board, subject to the approval of
      Appaloosa.

  (g) All of Appaloosa's approval rights will continue until the
      earlier of (i) the date on which Appaloosa ceases to own
      Series A Preferred Shares having an aggregate liquidation
      preference of at least US$125,000,000, and (ii) the third
      anniversary of Appaloosa's investment.

  (h) Appaloosa proposes to include an additional closing
      condition to the effect that there will not have occurred
      any material strike or labor stoppage or slowdown at Dana
      Corp., General Motors, Chrysler, Ford Motor Company or
      any of their respective subsidiaries.

A full-text copy of Appaloosa's September 21 Letter is available
for free at http://ResearchArchives.com/t/s?23e0

Aside from the Investment Letter, Appaloosa also delivered to
the Debtors and the Creditors Committee drafts of:

  (1) an Amended Joint Plan of Reorganization, a copy of which
      is available for free at
      http://ResearchArchives.com/t/s?23e1

  (2) a Plan Support Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e2


  (3) an Investment Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e3

  (4) a Shareholders Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e4


  (5) Articles of Designation with Respect to Preferred Stock, a
      copy of which is available for free at:

                   http://ResearchArchives.com/t/s?23e5

  (6) a Series A Registration Rights Agreement, a copy of which
      is available for free at
      http://ResearchArchives.com/t/s?23e6

  (7) a Series B Registration Rights Agreement, a copy of which
      is available for free at
      http://ResearchArchives.com/t/s?23e6

  (8) a Market Maker Agreement, a copy of which is available for
      free at http://ResearchArchives.com/t/s?23e7

                       About Dana Corp.

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.  (Dana Corporation Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


DANA CORP: Wants to Reorganize Mexican Affiliate
------------------------------------------------
Dana Corp. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's approval to
restructure its Mexican affiliate.

In July 2006, Spicer S.A., de C.V., a Mexican joint venture
between Dana Corp. and DESC S.A. de C.V., was dissolved, and the
Debtors acquired 100% ownership of certain of the subsidiaries
of Spicer Mexico.

Since that acquisition, the Debtors determined, after
consultation with their U.S. and Mexican advisors, to take
several steps to optimize the tax and operational efficiencies
of their operations in Mexico, which will involve converting
certain of their operations into maquiladoras:

  (a) Dana Heavy Axle Mexico S.A. de C.V. operations in
      Monterrey, Mexico will be contributed into a non-debtor
      subsidiary known as Dana Ejes S.A. de C.V., which will
      subsequently be converted into a maquiladora;

  (b) A maquiladora will be created out of the current
      operations of Spicer Group members Ejes Tractivos S.A. de
      C.V., Autometales S.A. de C.V., and Dana de Mexico
      Corporacion S. de R.L. de C.V.;

  (c) Nondebtor Tecnologia de Mocion Controlada S.A. de C.V.
      will expand its existing maquiladora operations to include
      a new maquiladora to support the sealing business;

  (d) Dana will acquire additional equipment to expand the
      operations at DHAM's Toluca facility; and

  (e) Dana's ownership of certain Mexican Dana Companies will be
      transferred to Debtor Spicer Heavy Axle Holdings, Inc.,
      which will be renamed Dana Global Products, Inc.

A maquiladora, according to Corinne Ball, Esq., at Jones Day, in
New York, explains, is a Mexican corporation that operates under
a program developed by the Mexican Secretariat of Commerce and
Industrial Development that permits the Mexican corporation to:

  -- temporarily receive component parts and raw materials from
     a foreign company without being charged any import duties;

  -- convert the component parts and raw materials into finished
     goods;

  -- ship the finished goods to, or on behalf of, the foreign
     company; and

  -- charge the foreign company for the value added in Mexico
     plus a relatively modest government mandated mark-up.

After these transactions, the inventory, finished goods and
equipment for the Sealing Maquila will be owned by Debtor Dana
Global Products, Inc., which will also conduct all the future
purchasing of goods for the Sealing Maquila.

In addition, as part of the Debtors' strategy to expand low cost
manufacturing operations, the Toluca Facility requires
additional equipment to be able to expand production.  Dana
Heavy Axle Mexico does not currently have the cash to purchase
additional equipment for the Toluca Facility.  Instead, the
Debtors will transfer approximately US$2,500,000 in equipment
from their Glasgow, Kentucky, plant to the Toluca Facility, and
the Debtors will purchase approximately US$11,000,000 of
equipment from third party vendors for use at the Toluca
Facility.

Both the transferred and purchased equipment will be placed in
the name of Dana Holdings Mexico as an investment.

Dana Heavy Axle Mexico will purchase the equipment from Dana
Holdings Mexico by issuing a US$13,500,000 note in return for
the equipment.  Because the Debtors will indirectly own Dana
Holdings Mexico through DGPI, they will benefit from the note
held by Dana Holding Mexico and will thus be receiving
equivalent value on their investment in Dana Holdings Mexico.

Ms. Ball tells the Court that in connection with the Debtors'
emergence from bankruptcy, they are planning to rationalize the
holding structure of their international affiliates.  For
Mexican tax reasons, each of the maquiladoras to be formed must
be owned by a stable U.S. entity that can conduct the purchasing
of goods required to operate the maquiladoras on a going forward
basis -- that entity will be DGPI.

The Debtors will transfer their 100% ownership interest in Dana
Holdings Mexico and DHAM and almost 100% ownership interest in
Tecnologia de Mocion Controlada to DGPI in return for additional
stock to be issued by DGPI.

Because the Debtors own 100% of the stock of DGPI, they will
receive reasonably equivalent value for the transfer through the
increase in value of DGPI by the value of the shares of Dana
Holdings Mexico, DHAM and TMC, that are to be transferred to
DGPI.

The Debtors' Disclosure Statement explaining their Plan of
Reorganization provides that a critical part of their
restructuring plan has been to optimize their manufacturing
footprint so as to minimize costs, Ms. Ball notes.

A critical focus of these efforts is the movement to low cost
Manufacturing operations, a significant block of which are in
Mexico.  The various transactions involved in the Mexican
Affiliate Restructuring will allow the Debtors to increase their
production of low-cost goods in Mexico and provide a tax-
efficient structure for the production of those goods.

The Debtors project that the Mexican Affiliate Restructuring
will:

  -- generate approximately US$4,700,000 in annual tax savings
     over the current structure;

  -- provide more than US$12,000,000 in additional U.S. income
     annually; and

  -- facilitate labor savings for the Debtors as part of their
     manufacturing footprint optimization.

The Debtors also seek a waiver of any stay of the effectiveness
of the order approving the Restructuring Motion.

While the go-live date for the Mexican maquiladoras is
Nov. 1, 2007, the purchases of the assets and other activities
described in the step transactions must occur before that date,
and certain of those purchases can only occur after the transfer
of shares in DHAM, Dana Holdings Mexico and TMC are made to
Debtor DGPI, Ms. Ball says.  If the various asset sales and
share transfers cannot commence until the anticipated expiration
of the automatic stay on Oct. 29, 2007, the go-live date on the
maquiladoras will have to be delayed by an additional month
because it will be difficult to make the necessary accounting
changes in the middle of a month.

Delaying the project will cost the Debtors approximately
US$375,000 in lost tax savings and decrease income in the U.S.
by approximately US$1,000,000, Ms. Ball adds.

                      About Dana Corp.

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  The Court has set a hearing on Oct. 23, 2007, to
consider the adequacy of the Disclosure Statement explaining the
Debtors' Plan.  (Dana Corporation Bankruptcy News, Issue No. 55;
Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000 )


ELAMEX SA: Holders Tender 2,289,483 of Common Stock
---------------------------------------------------
ElaCap LLC and Elamex, S.A. de C.V., announced the results of
tender offer to purchase any and all shares of Class I common
stock of Elamex.  The initial offering period expired at 12:00
midnight, New York City time, on Sept. 27, 2007.  All validly
tendered shares have been accepted for payment in accordance
with the terms of the offer.  ElaCap also announced that a
subsequent offering period for all remaining shares of Elamex
has been initiated.

ElaCap has accepted for purchase 2,289,483 shares of Elamex at
US$2.00 per share.  Such shares were validly tendered and not
withdrawn.  The 2,289,483 shares represent 30.516% of Class I
common stock of Elamex and 78.893% of the approximately
2,902,000 outstanding shares held by holders not associated with
ElaCap.  As set forth in the offer, tendered shares may not now
be withdrawn.  ElaCap has also initiated a subsequent offering
period for all remaining untendered shares of Elamex. This
subsequent offering period will expire at 12:00 midnight, New
York City time, on Oct. 11, 2007.  ElaCap will continue to pay
US$2.00 per share.  The procedures for tendering shares are the
same as those described in the Offer to Purchase, except that
(i) the guaranteed delivery procedures may not be used during
the subsequent offering period, and (ii) shares tendered during
the subsequent offering period may not be withdrawn.  ElaCap
will promptly purchase and pay for any shares tendered during
the subsequent offering period.

Elamex, S.A. de C.V. (PINKSHEETS: ELAMF) and its subsidiaries
are a group of Companies in Mexico and the United States that
provide manufacturing, packaging and distribution services.  The
Company provides customized manufacturing services in the candy
and nut industry.  The Company's manufacturing machinery and
equipment are located in facilities in Ciudad Juarez, in Mexico,
and in El Paso, Texas in the United States.   The Company is a
subsidiary of Accel, S.A. de C.V., which owns approximately
57.7% of the Company's issued and outstanding common shares at
December 31, 2004.

                        Going Concern

Jorge Jaramillo El-as at Galaz, Yamazaki, Ruiz Urquiza, S.C.,
expressed substantial doubt about the company's ability to
continue as a going concern after auditing the company's Form
10-K filed on Jan. 13, 2006.  The auditor points to the
company's accumulated deficits and net losses for 2003 and 2004.

As of December 31, 2004 and 2003, the Joint Venture has an
accumulated deficit in excess of 100% of its total paid-in
capital.  Under Mexican law, this condition allows the Joint
Venture's partners, creditors or other interested parties to
force the Joint Venture into dissolution.

Initially, the Company had decided upon the sale of its stock.
However, as of September 2005, the Joint Venture's operations
were suspended, which resulted in the termination of a majority
of the Joint Venture's employees and the sale of the majority of
the Joint Venture's machinery and equipment.


FLEXTRONICS INC: Reports Election Results for Merger Terms
----------------------------------------------------------
Flextronics International Ltd. and Solectron Corporation has
announced preliminary results for the elections made by
Solectron stockholders regarding the form of merger
consideration they will receive in the pending acquisition of
Solectron by Flextronics.  Pursuant to the terms of the merger
agreement, Solectron stockholders were entitled to elect to
receive either 0.3450 of a Flextronics ordinary share or US$3.89
in cash for each share of Solectron common stock, subject to
proration due to minimum and maximum limits on the amount of
stock consideration and cash consideration.  The election
deadline expired at 5:00 p.m., EST, on Sept. 27, 2007.

The exchange agent for the transaction, Computershare
Shareholders Services, Inc., has calculated that of the
918,360,722 shares of Solectron common stock outstanding as of
Sept. 27, 2007:

*  634,188,636 of the outstanding Solectron shares, or 69.0%,
    have submitted valid elections to receive Flextronics
    ordinary shares;

*  78,459,142 of the outstanding Solectron shares, or 8.5%,
    have submitted valid elections to receive cash; and

*  205,712,944 of the outstanding Solectron shares, or 22.4%,
    did not submit valid elections or submitted elections that
    are subject to the guaranteed delivery procedure.

Based on the number of valid elections received by the election
deadline and subject to final determination:

*  Solectron stockholders who elected to receive stock
    consideration will receive Flextronics ordinary shares with
    respect to all of their Solectron shares;

*  Solectron stockholders who elected to receive cash
    consideration will receive cash with respect to all of
    their Solectron shares; and

*  Solectron stockholders that failed to submit a valid
    election will receive cash with respect to all of their
    Solectron shares.

The allocation of the consideration to be received by holders of
Solectron common stock may change based upon the elections that
were made subject to guaranteed delivery.  The final allocation
will be announced after the close of business on Oct. 2, 2007.

Flextronics expects to pay approximately US$1.07 billion in cash
and issue approximately 221.8 million Flextronics ordinary
shares upon consummation of the merger.  No fractional
Flextronics ordinary shares will be issued in the merger.
Instead, each Solectron stockholder that would otherwise be
entitled to receive Flextronics fractional shares will receive
an amount in cash based on the average of the per share closing
prices of Flextronics ordinary shares reported on the NASDAQ
Global Select Market during the five consecutive trading days
ending on the trading day immediately preceding the closing date
of the merger.

As provided by the merger agreement, exchangeable shares of
Solectron Global Services Canada Inc., other than exchangeable
shares owned by Solectron, any of its subsidiaries or their
affiliates, will be automatically exchanged for shares of
Solectron common stock, on a one-for-one basis, prior to the
effective time of the merger.  The merger agreement provides
that holders of exchangeable shares were entitled to elect to
receive the same consideration in the merger, and to participate
directly in the merger, as a holder of shares of Solectron
common stock.  Therefore, for all purposes above, references to
Solectron stockholders are intended to also include holders of
exchangeable shares.

Solectron stockholders with questions regarding individual
allocation results should contact Innisfree M&A Incorporated
toll free from within the United States and Canada at
877-825-8971.

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

                       About Solectron

Solectron Corporation -- http://www.solectron.com-- is one of
the world's largest providers of complete product lifecycle
services. Solectron Corp. offers collaborative design and new
product introduction, supply chain management, Lean
manufacturing and aftermarket services such as product warranty
repair and end-of-life support to leading customers worldwide.
Solectron Corp. works with the world's premier providers of
networking, telecommunications, computing, storage, consumer,
automotive, industrial, medical, self-service automation and
aerospace and defense products.  The company's industry-leading
Lean Six Sigma methodology (Solectron Production System(TM))
provides OEMs with quality, flexibility, innovation and cost
benefits that improve competitive advantage.  Based in Milpitas,
California, Solectron Corp. operates in more than 20 countries
on five continents and had sales from continuing operations of
US$10.6 billion in fiscal 2006.

                About Flextronics International

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.


INNOPHOS HOLDINGS: Paying US$0.17 Per Share Quarterly Dividend
--------------------------------------------------------------
Innophos Holdings, Inc.'s Board of Directors has declared a
dividend of US$0.17 per share of common stock.  The dividend
will be payable on Oct. 31, 2007 to stockholders of record as of
the close of business on Oct. 12, 2007.

Innophos Holdings, Inc. is the parent holding company of
Innophos Investments Holdings, Inc., which is also a holding
company that owns 100% of Innophos, Inc.  Innophos, Inc.
(including its subsidiaries) is the largest North American
manufacturer of specialty phosphate salts, acids and related
products serving a diverse range of customers across multiple
applications, geographies and channels.  Innophos offers a broad
suite of products used in a wide variety of food and beverage,
consumer products, pharmaceutical and industrial applications.
Headquartered in Cranbury, New Jersey, Innophos has plant
operations in the US, Canada and Mexico.  Its revenues for the
12 months ended Dec. 31, 2006 were roughly US$542 million.
Innophos publicly listed its shares in November 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 18, 2007, Moody's Investors Service assigned a B1
corporate family rating to Innophos Holdings, Inc., and a B3
rating to the company's new US$66 million senior unsecured notes
due 2012.  The new notes are being issued by Innophos Holdings,
Inc. to refinance US$61 million of debt of its subsidiary,
Innophos Investments Holdings, Inc.  The corporate family rating
assignment is being made to transfer the corporate family rating
to Innophos Holdings, Inc. from Innophos Investments Holdings,
Inc.  An SGL- 2 speculative grade liquidity rating and a stable
rating outlook were also assigned to Innophos.

This summarizes the ratings activity:

   Innophos Holdings, Inc.

Ratings assigned:

   -- Corporate family rating, B1

   -- Probability of default rating, B1

   -- Speculative grade liquidity rating, SGL-2

   -- US$66 million senior unsecured notes due 2012, B3,
      LGD6, 93%

   Innophos, Inc.

Ratings affirmed:

   -- US$50 million guaranteed senior secured revolver due 2009,
      Ba1, LGD2, 18%

   -- US$220 million guaranteed senior secured term loan B due
      2010, Ba1, LGD2, 18%

   -- US$190 million 8.875% guaranteed senior subordinated
      notes due 2014, B2, LGD5, 71%


QUAKER FABRIC: To File Schedules of Assets & Debts by Oct. 15
-------------------------------------------------------------
Quaker Fabric Corporation and its debtor-affiliates obtained
authority from the U.S. Bankruptcy Court for the District of
Delaware to file their schedules of assets and liabilities and
statement of financial affairs until Oct. 15, 2007.

Since the August 16 petition date, the Debtors have performed
tasks critical to their asset sale and in maximizing value for
their creditors.  These have limited their time in preparing
their schedules and statements.

The extension to file schedules and statements is expected to
grant the Debtors additional time to:

   a) to consolidate the list of their creditors, taking into
      consideration the number, size of their creditors, the
      complexity of the Debtors' business, the geographic
      diversity, the limited staffing to gather, process and
      complete the schedules and statements; and

   b) finalize and enhance the accuracy of the schedules and
      statements while not prejudicing the rights of the other
      claimants and parties-in-interest.

Based in Fall River, Massachussetts, 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, 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 other international locations.

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


QUAKER FABRIC: Court Approves Epiq Bankruptcy as Claims Agent
-------------------------------------------------------------
Quaker Fabric Corporation and its debtor-affiliates obtained
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Epiq Bankruptcy Solutions LLC fka Bankruptcy
Services LLC as their claims, notice and balloting agent, nunc
pro tunc Aug. 16, 2007.

The Debtors tell the Court that they have thousands of creditors
amd other parties in interest that are expected to file proofs
of claim.  The Debtors submit that the engagement of an
independent third party to act as agent for the Court will
lessen the administrative and other burdens in noticing and
receiving, docketing and maintaining proofs of claims.

Epiq Bankruptcy specializes in providing consulting and data
processing services to chapter 11 debtors in connection with the
administration, reconciliation and negotiation of claims and
solicitation of votes to accpt or reject plans of
reorganization.

Epiq Bankruptcy is expected to:

   a) transmit certain notices (notice of commencement of these
      cases, and the bar date notice with proof of claim
      form, notice of objections to claims, notices of any
      hearings on the Debtors disclosure statement and the
      confirmation of the Debtors' Chapter 11 plan) to
      creditors and parties-in-interest;

   b) receive, docket, scan, maintain, photocopy and transmit
      proofs of claim filed against the Debtors;

   c) assist the Debtors in the distribution of the
      solicitation materials;

   d) receive, review and tabulate the ballots cast in
      accordance with the voting procedures approved by the
      Court; and

   e) perform other administrative tasks such as maintaining
      creditor list and mailing notices.

Daniel C. Mc Elhinney, Epiq Bankruptcy Solutions LLC's senior
vice president and director of operations, tells the Court that
a US$25,000 retainer fee will be applied to the final invoice of
the Debtors.

Mr. Mc Elhinney assures the court that Epiq Bankruptcy is
"disinterested" as that term is defined in Section 101(14) of
the bankruptcy Code.

Based in Fall River, Massachussetts, 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 other international locations.

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


QUAKER FABRIC: Taps RAS Management as Liquidation Consultant
------------------------------------------------------------
Quaker Fabric Corporation and Quaker Fabric Corporation of Fall
River ask the U.S. Bankruptcy Court for the District of Delaware
for authority to hire RAS Management Advisors, Inc. as their
liquidation consultant.

RAS Management will:

   a. review and assist the Debtor's in developing the Debtors'
      debtor-in-possession budget, revenue and cash flow
      projections and all other financial and accounting
      information;

   b. negotiate the sale prices and related terms and conditions
      of all sales of the Debtors' assets;

   c. negotiate with, and report to, the Debtors' significant
      creditors, including without limitation, trade creditors
      and banks (including lenders unders any debtor-in-
      possession credit arrangement);

   d. assist the Debtors in complying with the requirements of
      the Bankruptcy Code;

   e. assist the Debtors in developing and implementing a plan
      of liquidation; and

   f. assist the Debtors with cash management.

The Debtors' will pay RAS for its services at its usual hourly
and daily rates:

        Designation          Daily             Hourly
        -----------          -----             ------
        Principal           US$4,250           US$425
        Consultants     US$2,400-US$2,900   US$240-US$290
        Clerical                               US$30

To the best of the Debtors' knowledge, RAS and all of its
associates of RAS are disinterested persons, and neither RAS nor
any associates of RAS hold any interest materially adverse to
the Debtors' estates.

The firm can be reached at:

     RAS Management Advisors, Inc.
     599 Ocean Avenue, Newport, RI 02840
     Telephone (401) 846-5990
     Fax (401) 846-5989

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 other international locations.

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


U.S. STEEL: Picks George Thompson as Tubular Unit's Gen. Manager
----------------------------------------------------------------
United States Steel Corporation has appointed George H.
Thompson, Jr., as general manager-commercial in U. S. Steel's
tubular products organization.  He will replace W. Steven
Fowler, who has elected to retire.  Mr. Thompson will report to
Joseph Alvarado, vice president-tubular, and be based at the
company's tubular products headquarters in Dallas.  The
appointment will be effective Oct. 1.

In his new role, Mr. Thompson, a native of Pittsburgh, Penn.,
will oversee tubular product sales.  He began his career at U.
S. Steel in 1987 as a management associate in the tubular
products division at the company's headquarters and was promoted
to supervisor of business planning at Fairfield (Alabama)
Tubular Operations the next year.  From 1989 through 1999, he
progressed through increasingly responsible managerial positions
in sales and marketing for tubular and sheet products.  In 1999,
Thompson was appointed manager-national accounts and was
responsible for sales to all of the company's appliance
customers.  He was named director-commercial, tubular products
in 2004 before advancing to his most recent position, general
manager-service centers, electrical, agricultural & industrial
equipment, in September 2005.

Thompson graduated from Allegheny College in 1987 with a
bachelor's degree in political science.  He is currently a
member of the Metals Service Center Institute's Flat Roll
Council.

Mr. Thompson, his wife, Judy, and their two children will
relocate to the Dallas area.

                      About U.S. Steel

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has revised
its outlook on Pittsburgh, Pennsylvania-based United States
Steel Corp. to negative from stable and affirmed all ratings for
the steel producer, including its 'BB+' corporate credit rating.

The outlook revision follows the company's recent announcement
that it was acquiring Stelco Inc. (unrated), a Canadian
integrated steel producer, for approximately US$1.9 billion in
cash and assumed debt.


U.S. STEEL: Promotes Michael Meyes as General Manager
-----------------------------------------------------
United States Steel Corporation has promoted Michael N. Meyers
to the position of general manager-service centers, electrical,
agricultural & industrial equipment in the company's flat-roll
products commercial organization. Meyers will replace George H.
Thompson, Jr., who was appointed general manager-commercial in
U. S. Steel's tubular products organization, and will report to
Joseph R. Scherrbaum, vice president-sales.  The advancement
will be effective Oct. 1.

Mr. Meyers will be responsible for sales and service activities
for U. S. Steel's service center, electrical, agricultural and
industrial equipment customers and will be based in the
company's Chicago-area sales office.  A native of Pittsburgh,
Pennsylvania, Meyers began his career with U. S. Steel in 1974
as a commercial trainee in the company's Kansas City sales
office.  Over the next 19 years, Mr. Meyers advanced through
increasingly responsible positions in U. S. Steel's sales and
marketing organizations. After completing a two-year assignment
working on a re-engineering project, he accepted the position of
director of business development in Pittsburgh
in 1995.  Two years later, he was named director of marketing
for construction sales in Birmingham, Alabama.  Mr. Meyers
returned to Pittsburgh in 2003 when he was promoted to his most
recent post, director of industry marketing, where he was
responsible for customer- based marketing activities for U. S.
Steel's flat-rolled products.

Mr. Meyers earned bachelor's degrees in business and economics
from Lehigh University in 1974. He is active in the American
Iron and Steel Institute's market development efforts and is the
2007 chairman of its Construction Marketing Committee.  He is
also a member of the Steel Framing Alliance's board of
directors.

Mr. Meyers and his wife, Libby, plan to relocate to the Chicago
area.

                      About U.S. Steel

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has revised
its outlook on Pittsburgh, Pennsylvania-based United States
Steel Corp. to negative from stable and affirmed all ratings for
the steel producer, including its 'BB+' corporate credit rating.

The outlook revision follows the company's recent announcement
that it was acquiring Stelco Inc. (unrated), a Canadian
integrated steel producer, for approximately US$1.9 billion in
cash and assumed debt.


WENDY'S INTERNATIONAL: Cedar Enterprises Joins Bidding Race
-----------------------------------------------------------
Cedar Enterprises Inc., a Columbus, Ohio-based franchisee, which
owns 134 Wendy's restaurants, has entered the bidding war for
Wendy's International Inc. with Kelso & Co. and Oak Hill Capital
Partners, various papers report.

According to reports, J. David Karam, president of Cedar, whose
proposal was undisclosed, said he and his partners have been
invited by Wendy's to a second round of talks next month.

Citing the Wall Street Journal, the Troubled Company Reporter
reported on Sept. 27, 2007, that Fidelity National Financial,
Thomas H. Lee Partners LP, Oaktree Capital Management LP, and
Ares Management joined to make a bid for Wendy's International.

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

Triarc chairman Nelson Peltz sent a letter asking the Wendy's
special committee working on the sale to consider his company's
purchase offer.  In his letter, Mr. Peltz dislosed that Triarc's
offer could range from US$37 to US$41 per share, which could
increase further depending on due diligence results.

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

                        *     *     *

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

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




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


SPECTRUM BRANDS: Selling Canadian Business Division to RoyCap
-------------------------------------------------------------
Spectrum Brands Inc. has signed a definitive agreement to sell
the Canadian division of its Home & Garden business segment,
which operates under the name Nu-Gro, to a new company formed by
RoyCap Merchant Banking Group and Clarke Inc.  This division is
a leading supplier in the Canadian Home & Garden industry, with
Fiscal Year 2006 sales of approximately US$100 million across a
broad range of product categories, including fertilizer, grass
seed, controls and ice melt, under brand names such as CIL,
Wilson, and Alaskan Ice Melter.  The transaction is anticipated
to close by Oct. 31, 2007, subject to certain regulatory
approvals.  Financial terms were not disclosed.

Kent Hussey, Spectrum Brands' Chief Executive Officer,
commented, "The Canadian division of our Home & Garden business
segment is a valuable business that enjoys strong consumer
recognition, a national distribution network and a broad and
loyal customer base, and we are pleased to have found in the
RoyCap/Clarke partnership a buyer that is a good fit for this
asset.  Following the sale of this division, which was not a
profit contributor in our most recent fiscal year, Spectrum's
remaining U.S.-based Home & Garden business will be a more
sharply focused company with improved operating margins and
returns on invested capital."

Net proceeds from the sale will be utilized to reduce
outstanding debt, a key strategic priority for Spectrum Brands.
The company currently estimates that the sale will reduce FY
2008 peak seasonal borrowing needs by approximately US$45
million as a result of cash proceeds from the transaction and
the elimination of the working capital requirement for the
Canadian Home & Garden business in the 2008 lawn and garden
selling season.

National Bank Financial Inc. and Sutherland, Asbill & Brennan
LLP served as advisors to Spectrum Brands on the transaction.

                    About RoyCap Merchant

RoyCap Merchant Banking Group is a division of Royal Capital
Management Corp., a private Toronto based investment company.
RoyCap specializes in returning companies to sustainable, long-
term profitability by making value added investments and
combining hands-on restructuring expertise with a strong,
committed management team.

                     About Clarke Inc.

Clarke Inc. -- http://www.clarkeinc.com/-- is the Halifax-based
parent company of a number of wholly-owned operating companies
and divisions, and is an activist catalyst investor with a
diversified portfolio of strategic and opportunistic
investments.  Clarke's operating companies are in the
transportation services business.  From time to time, Clarke
also participates in joint ventures when they offer the
opportunity to create shareholder value.  Led by George Armoyan
and an entrepreneurial team of professionals focused on
uncovering and creating value, Clarke invests in undervalued
businesses and participates actively where necessary to enhance
performance and increase returns.  In 2006 alone, Clarke
delivered a shareholder return on investment, including
dividends, of 33%. Clarke's securities trade on the Toronto
Stock Exchange (CKI, CKI.DB, CKI.DB.A).

                   About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.

The company operates in 13 Latin American nations including El
Salvador, Guatemala, Costa Rica, Colombia and Nicaragua.

                        *     *     *

As reported in the Troubled Company Reporter on April 30, 2007,
Fitch Ratings affirmed the ratings of Spectrum Brands Inc.,
including its CCC issuer default rating, its CCC- rating of the
company's US$700 million 7-3/8% senior subordinated note due
2015 and its CCC- rating of the company's US$350 million 11.25%
Variable Rate Toggle Interest pay-in-kind Senior Subordinated
Note due 2013.  Fitch said the outlook remains negative.




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


TITAN PETROCHEMICALS: Unit Sells Oil Carrier for US$91 Million
--------------------------------------------------------------
Titan Petrochemicals' unit, Titan Virgo Co., has agreed to sell
a double-hulled "very large crude oil carrier" with a dead
weight of 299,993 tons for US$91 million, Infocast News reports.

The company said that the disposal enables it to realize value
in the vessel and strengthen the cash flow of it, which will be
available for deployment for its benefit, the news agency adds.

After the sale, Titan's transportation division will operate
seven very large crude carriers, and its fleet capacity
excluding the four VLCCs being used as floating storage, will
become approximately 2.13 million dwt.

Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/--
is an Asian integrated oil logistics, distribution and supply
services provider.  It was listed on the Hong Kong Stock
Exchange in 2002.  Headquartered in Hong Kong, its operations
are spread over Singapore, Malaysia and China. It also operates
in Russia and Panama.  It manages 25 tankers and has on-shore
storage facilities in Guangdong, Fujian and Shanghai.

Moody's Investors Service has downgraded the corporate family
rating of Titan Petrochemical Group Ltd ("Titan") from B1 to B2.
At the same time, Titan's unsecured bond rating is also lowered
to B3.  The outlook for both ratings is stable.

Standard & Poor's Ratings Services on Sept. 4, 2007, revised the
outlook on the rating on Titan Petrochemicals Group Ltd. To
negative from stable.  At the same time, it affirmed both the
'B+' long-term corporate credit rating on Titan and the  'B'
issue rating on the company's US$400 million guaranteed senior
unsecured notes due 2012.




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


BANCO DE CREDITO: Fitch Puts BB+ Rating on US$160-Million Notes
---------------------------------------------------------------
Based on the information currently in hand, Fitch Ratings has
assigned an expected rating of 'BB+' to the planned up to US$160
million PEN equivalent of subordinated notes to be issued by
Banco de Credito del Peru's Panamanian branch.  The notes will
be denominated in PEN.  Payments of interest and principal will
be settled in U.S. dollar at the then prevailing exchange rate,
provided that no legal or practical restrictions restrain the
issuer from acquiring and transferring USD.  Should payment in
USD be so restricted, settlement will be made in PEN.  The
rating is contingent upon receipt of final documents conforming
to information already received.  The rating is one notch below
BCP's long-term foreign and local currency Issuer Default
Ratings of 'BBB-' assigned on Oct. 13, 2006.  A final rating
will be issued upon review of final documentation.

The unsecured subordinated notes will mature in 2022, and will
accrue interest at a fixed rate for the first 10 years of the
issue, after which interest will be reset semiannually to equal
150 basis points over the yield to maturity of Peru's 6.90%
sovereign bond 2037.  The notes may be redeemed by Banco de
Credito in 2017 -- or at any interest payment date thereafter -
with prior regulatory approval.  The notes may be redeemed at
anytime prior to year 10 upon regulatory events that may affect
their eligibility for regulatory capital consideration in Peru,
and/or upon tax events in Peru or Panama, which may change the
tax status of interest payments.  The notes are being issued by
BCP as subordinated notes under the laws of Peru and will be
governed by New York law.  Peruvian, Panamanian and New York
legislations consider the notes debt instruments.  While such
subordinated debt is considered regulatory capital under Peru's
current regulations, the lack of an interest deferral mechanism
leads to zero equity credit under Fitch's definition of capital.

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 37% of deposits, and boasts
total consolidated assets of about US$12.5 billion and equity of
US$889 million as of June 30, 2007.  It is the principal
operating company within Credicorp, Peru's largest financial
services company, which controls 97.24% of BCP; Credicorp is
widely held by local and foreign institutional shareholders.




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


AFC ENTERPRISES: Gets US$20MM in Damages Against Executive Risk
---------------------------------------------------------------
The federal court in Atlanta, Georgia, has returned a favorable
decision in a lawsuit against AFC Enterprises Inc.'s former
insurance carrier that provided liability coverage for its
directors and officers.   The company was awarded US$20 million
in damages representing the full limits of liability of the
policy and approximately US$4 million in pre-judgment interest.

The lawsuit against Executive Risk Indemnity Inc. involved the
carrier's attempt to rescind the directors and officers
liability policy for the 2003 policy year in which AFC disclosed
a restatement of its prior years' financial statements.

A portion of the award will be paid to the plaintiff class as
part of the settlement of the shareholder litigation, which was
disclosed in the 2003 financial restatement filing with the
Securities and Exchange Commission.

After payment of settlement amounts to the plaintiff class,
legal expenses and fees, the company expects to receive net
proceeds of US$9-US$10 million.  However, the decision may be
appealed, and therefore the timing of the company's receipt of
damages, is uncertain.

Given the inherent risks and uncertainties in litigation, the
company has not recognized any income related to this matter at
this time.

                   About AFC Enterprises Inc.

Headquartered in Atlanta, Georgia, AFC Enterprises Inc. --
http://www.afce.com/-- owns, operates and franchises Popeyes
Chicken & Biscuits quick service restaurants.  As of July 15,
2007, AFC owned and operated 61 restaurants and franchised 1,817
restaurants in 44 states, the District of Columbia, Puerto Rico,
Guam and 23 foreign countries.  The Popeyes concept features a
New Orleans Cajun-style menu, with regional items such as spicy
fried chicken pieces, chicken sandwiches and strips, fried
shrimp, jambalaya and red beans & rice.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Moody's Investors Service changed AFC
Enterprises Inc.'s rating outlook to stable from positive.
Concurrently, Moody's affirmed all the debt ratings of AFC,
including its B1 corporate family rating and probability of
default rating at B2, while upgrading the senior secured credit
facilities rating to Ba3 from B1.


FERRELLGAS PARTNERS: Earns US$34.8 Million in Year Ended July 31
----------------------------------------------------------------
Ferrellgas Partners, L.P. has reported nearly 40% increase in
net earnings and a gain of nearly 10% in Adjusted EBITDA for the
fiscal year ended July 31.  Net earnings for the fiscal year
rose to US$34.8 million and Adjusted EBITDA grew by more than
US$21 million to a record US$237.1 million, each as compared to
the prior year results.

"We are pleased with our strong fourth quarter performance,
achieving our earnings guidance for the fiscal year," said Steve
Wambold, President and Chief Operating Officer.  "These
anticipated, record financial results spotlight the significant
contributions realized from investments made in our retail
operating platform in recent years.  We will continue to find
opportunities to leverage our state-of-the-art logistics system,
continuing the positive momentum we've generated over the last
several years."

Gross profit for the fiscal year climbed to a record US$688.0
million, a US$24.2 million increase as compared to US$663.8
million achieved in fiscal 2006, reflecting improved margins
from improved customer visibility.  Propane sales for the fiscal
year were 805 million gallons, materially unchanged from the
prior year sales volume on Nationwide temperatures that were 6%
warmer than normal, while 6% cooler than in the prior fiscal
year.

Operating and general and administrative expenses for the fiscal
year were US$380.8 million and US$44.9 million, respectively,
compared to US$374.8 million and US$47.7 million, respectively,
while equipment lease expense was US$26.1 million, down from
US$27.3 in fiscal 2006.  Interest expense for the fiscal year
was US$88.0 million, up from US$84.2 million in fiscal 2006.

Net earnings for the fiscal year was negatively impacted with
the adoption by the Michigan legislature in July of a new
Michigan Business Tax that replaced the state's existing Single
Business Tax.  The financial impact of this change in taxation
was an obligation of the partnership to record a US$2.8 million
non-cash charge to its earnings in the fourth quarter to
establish a new state deferred income tax liability.  Currently
bills are being considered in the Michigan legislature that, if
passed, would reverse much of this deferred income tax/non-cash
impact to the partnership's financial statements.

For the fourth quarter, propane sales volumes and gross profit
were 123 million gallons and US$123.0 million, respectively.
Operating and general and administrative expenses were US$93.6
million and US$12.0 million, respectively.  Interest expense and
equipment lease expense were US$21.7 million and US$6.4 million,
respectively.  These results produced an expected Adjusted
EBITDA of US$10.8 million and a seasonal net loss of US$38.6
million for the fourth fiscal quarter.

Headquartered in Overland Park, Kansas, Ferrellgas Partners, LP
(NYSE: FGP) -- http://www.ferrellgas.com/-- through its
operating partnership, Ferrellgas, LP, is a propane marketer in
the United States.  Ferrellgas serves more than 1 million
customers in all 50 states, the District of Columbia, Puerto
Rico, and Canada, and has annual sales volumes approaching 1
billion retail gallons.  Ferrellgas employees indirectly own
more than 20 million common units of the partnership through an
employee stock ownership plan.

                        *     *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the broad energy midstream sector, encompassing
companies that engage in the extraction, treating, transmission,
distribution, and logistics for crude oil, natural gas, and
other hydrocarbon products, the rating agency affirmed its Ba3
corporate family rating on Ferrellgas Partners L.P.


MYLAN LABS: Announces Extension of Tender Offers
------------------------------------------------
Mylan Laboratories Inc. has extended the expiration time of each
of its previously announced cash tender offers and consent
solicitations for its 5.750% Senior Notes due 2010 (CUSIP No.
628530AE7) (the 2010 Notes) and 6.375% Senior Notes due 2015
(CUSIP Nos. 628530AF4, 628530AC1) (the 2015 Notes), which are
being conducted pursuant to the terms and subject to the
conditions described in the Offer to Purchase and Consent
Solicitation Statement and related Letter of Instructions dated
Aug. 31, 2007 (collectively, the Purchase Offer).  As a result
of the extensions, each of the tender offers will now expire at
10:00 a.m., New York City time, on Oct. 2, 2007, unless Mylan
chooses to again extend or to terminate any tender offer as
provided in the Offer to Purchase.

As previously announced, Mylan is making the tender offers in
connection with the consummation of its proposed acquisition of
Merck's generic pharmaceutical business pursuant to a Share
Purchase Agreement, dated May 12, 2007, between Mylan and Merck
Generics Holding GmbH, Merck S.A., Merck Internationale
Beteiligung GmbH and Merck KGaA, and certain financing
arrangements being entered into to fund such acquisition.  The
extensions have been made because the closing of the
Transaction, which is a condition to the tender offers, is now
expected to occur on Oct. 2, 2007.

As of 5:00 p.m., New York City time, on Sept. 27, 2007, Mylan
had received tenders of Notes and deliveries of related consents
for approximately US$147.5 million in aggregate principal amount
of the 2010 Notes, representing 98.31% of the outstanding 2010
Notes, and US$349.8 million in aggregate principal amount of the
2015 Notes, representing 99.94% of the outstanding 2015 Notes.
Notes tendered may not be withdrawn, and consents given may not
be revoked, unless the applicable tender offer is terminated
without any Notes being purchased.

Mylan's obligation to accept, and pay for, Notes of a series
validly tendered pursuant to a tender offer is conditioned upon
the satisfaction or waiver of various conditions, including
consummation of the Transaction and certain general conditions
described in the Offer to Purchase.

The complete terms and conditions of the tender offers and
consent solicitations are described in the Offer to Purchase,
copies of which may be obtained by contacting Global Bondholder
Services Corporation, the information agent for the tender
offers and consent solicitations, at (866) 804-2200 (toll-
free).  Questions regarding the tender offers and consent
solicitations may be directed to the Dealer Managers and
Solicitation Agents for the tender offers and consent
solicitations, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, which may be contacted at (212) 449-4914 (collect)
or (888) 654- 8637 (toll-free), and Citigroup Global Markets
Inc., which may be contacted at (212) 723-6106 (collect) or
(800) 558-3745 (toll-free).

This announcement is not an offer to purchase, a solicitation of
an offer to purchase or a solicitation of consents with respect
to any securities.  The tender offers and consent solicitations
are being made solely by Mylan's Offer to Purchase, as the same
may be amended or supplemented by Mylan.

                  About Mylan Laboratories

Mylan Laboratories Inc. (NYSE: MYL) -- http://www.mylan.com/--
is a global pharmaceutical company with market leading positions
in generic pharmaceuticals, transdermal technology and unit dose
packaged products.  Mylan operates through three principal
subsidiaries: Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier
of unit dose pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.  The company also has a production facility
in Puerto Rico.

                        *     *     *

Moody's Investor Services placed Mylan Laboratories Inc.'s
probability of default and long-term corporate family ratings at
"Ba1" in May 2007.




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


CA LA ELECTRICIDAD: S&P Ups Long-Term Corp. Credit Rating to BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
corporate credit rating on C.A. La Electricidad de Caracas to
'BB-' from 'B'.  The ratings were removed from CreditWatch with
developing implications, where they were placed originally on
Feb. 13, 2007.  The outlook is stable.

"The rating action follows S&P's review of EDC's operating and
financial prospects under its new ownership," said S&P's credit
analyst Patricia Calvo.  On May 15, 2007, Petroleos de Venezuela
S.A. (BB-/Stable/--) purchased 93.61% of EDC's capital stock.
On Feb. 8, 2007, the Bolivarian Republic of Venezuela (BB-
/Stable/B) through PDVSA and the AES Corp. (BB-/Stable/--)
signed a Memorandum of Understanding by which the former agreed
to purchase the latter's stake in EDC for US$739.2 million.  In
S&P's view, the ratings on PDVSA (and therefore the Bolivarian
Republic of Venezuela) and EDC are now tightly linked.   S&P
believes that EDC is a public policy-based institution that
plays a central role in meeting the government's political and
economic objectives, given de facto franchise to distribute
electricity in the Caracas metropolitan area, which is the
largest city in Venezuela and the nation's capital.

The original placement of the ratings on CreditWatch Developing
also reflected Venezuelan President Hugo Chavez's announcement
earlier in the year of his intention to nationalize the
country's electrical and telecommunications companies.  In S&P's
view, EDC's debt is not disadvantaged in any way as a result of
the nationalization process and S&P don't perceive a
significant deterioration in EDC's stand-alone creditworthiness
related to increased Venezuela country risk.

The ratings assigned to EDC also consider an incomplete and
untested regulatory regime.  Although the tariff regime was set
to be valid until 2002, the federal government did not provide a
definitive tariff system for the sector, so the 2001 Organic
Electric Service Law is still valid as a guideline.  The purpose
of the new regulatory framework is to instill efficiency,
transparency, and reliability in the power industry as a way to
attract private investment. However, due to several economic
adversities in Venezuela, those directives have not yet been
implemented in full, and the MEM continues to oversee the
electric sector's operations.  The rating is also constrained by
EDC's reliance on a single natural gas and fuel oil supplier
(government-owned PDVSA) to meet the fuel needs of its
generation assets, a risk that is partially mitigated by the
acquisition of 93.61% of the capital stock.  These factors are
partially mitigated by EDC's strong operations in its service
area, with residential and commercial clients representing 98.7%
of sales as of March 2007; high coverage ratios and low leverage
for its rating category; the most efficient operations among
electric utilities in Venezuela; the government's recent efforts
to reduce its accounts payable to EDC; and the group's
integration and synergy among its distribution, generation, and
commercialization operations.

EDC is a vertically integrated utility in Venezuela operating in
electricity distribution, transmission, and generation in the
capital city of Caracas and its metropolitan area.  It is the
largest private electric utility in the country and is owned by
PDVSA.  S&P expects support from the parent company to be a
meaningful credit factor for EDC.

The stable outlook reflects S&P's expectation that EDC will
continue to fulfill scheduled debt repayments and maintain
adequate ratios.  The ratings could be pressured downward if the
company's financial profile considerably deteriorates and if its
business strength suffers from potential changes in Venezuela's
economic and political situation.  In contrast, an upgrade would
require a sharp improvement in the political and regulatory
environment and an improvement in the rating on PDVSA.

C.A. La Electricidad De Caracas is a subsidiary of AES
Corporation and is engaged in providing electricity services.
The company primarily operates in Caracas.  It is headquartered
in Caracas, Venezuela and employs about 2600 people.


* VENEZUELA: Swap Market Not Affected by Bond of the South Issue
----------------------------------------------------------------
El Universal reports that the third issuance of US$1.2 billion
of the so-called Bond of the South didn't affect the Bolivar-
dollar exchange rate.

During the trading period, there was no difference in the
currency swap market, where the exchange rate was above VEB4,900
per US dollar, El Universal says.  There was no major impact
because corporate investors were imposed restrictions for
purchasing the Bond of the South III, traders told the same
paper.

The bonds sale closed Sept. 28.

According to El Universal, local investors showed high interest
in the Venezuelan-Argentina joint sovereign debt notes.  Traders
said that small investors showed the most interest in the bonds.

The same paper suggests that purchase orders would equal that of
the second issuance.  At that time, 300,000 orders were
recorded.

The sale was comprised of US$600 million of Argentina's 7% Boden
15 dollar bonds due October 2015, and US$600 million Venezuelan
7.125% dollar bonds due March 2015.

Sale allocation will be announced Oct. 1, and payment will be
made Oct. 4, El Universal says.

                        *     *     *

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


* VENEZUELA: Grants US$100-Million Loan to Cuba
-----------------------------------------------
The Venezuelan government, through its state-owned bank, has
approved a US$100 million loan to Cuba to improve its railroad
network and to reconstruct the transportation infrastructure
after a decade of economic crisis, El Universal reports, citing
Reuters.

"With this loan, railway lines will be fully recovered, to the
extent of taking them back to the original design conditions for
freight or passengers transportation," Cuban Minister of
Transportation, Jorge Luis Sierra, was quoted by daily newspaper
Granma as saying.

Venezuelan Bank for Economic and Social Development will release
the funding to Cuba's Banco Exterior, Granma says.

The Cuban transport minister notes that once the new
infrastructure are in place, travel speed would more than double
from the current 40 kilometers per hour.

                        *     *     *

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


                         ***********


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

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

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

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

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

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


           * * * End of Transmission * * *