TCRLA_Public/071003.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

          Wednesday, October 3, 2007, Vol. 8, Issue 196

                          Headlines

A R G E N T I N A

ACXIOM CORP: S&P Puts BB Debt Ratings on Watch Negative
ACTIVE ARGENTINA: Seeks for Reorganization Approval from Court
ALITALIA SPA: New Sale Conditions May Spur OAO Aeroflot to Bid
ALITALIA SPA: Chairman Prato Says Carrier in Comatose State
CANON DE ESMERALDA: Claims Verification Deadline Is Today

CONGRESO SALUD: Trustee Verifies Proofs of Claim Until Nov. 12
DYNAMOTIVE ENERGY: Plans US$105-Mln Investment to Form Complexes
FILTERS SRL: Proofs of Claim Verification Deadline Is Dec. 3
FIRST CLUB: Seeks for Reorganization Okay in Buenos Aires Court
GRAN MANZANA: Proofs of Claim Verification Ends Today

KATEFA SRL: Proofs of Claim Verification Is Until Dec. 10
LIGANTEX SRL: Trustee Verifies Proofs of Claim Until Oct. 23
PACEY SA: Trustee Verifies Proofs of Claim Until Oct. 9
RADIO TAXI: Reorganization Proceeding Concluded
RIOJA PLASTIC: Proofs of Claim Verification Is Until Today

SUCRED Y ASOCIADOS: Proofs of Claim Verification Ends on Nov. 14
UDA SA: Proofs of Claim Verification Deadline Is Oct. 18
VALEANT PHARMA: Teams Up with ASCEND to Promote Migranal(R)
ARGENTINA: Third Joint Bond Issue Oversubscribed


B A H A M A S

COMPLETE RETREATS: Judge Shiff Approves Disclosure Statement
COMPLETE RETREATS: Plan Confirmation Hearing Set for Oct. 23


B A R B A D O S

CABLE & WIRELESS: Unit Launches Network Operations Center


B E R M U D A

CASAM MANAGED: Proofs of Claim Filing Deadline Is Today
LMC INVESTMENTS: Holding Final General Meeting Today
SEA CONTAINERS: Exclusive Plan-filing Period Extended to Dec. 21


B O L I V I A

* BOLIVIA: Hikes Up Gas Price Export to Brazil by 7.9%


B R A Z I L

COMPANHIA SIDERURGICA: Discussing Steel Project Plans with Gov't
COMPANHIA SIDERURGICA: Free-On-Board Exports Rise to US$678MM
COMVERSE TECH: Digitel Picks Real-Time Billing Solution
DELPHI CORP: Closes US$66-Mil. Sale of Catalyst Biz to Umicore
EUTELSAT COMMS: Skylogic Bags Contract with Spanish Province

FLEXTRONICS INT'L: Completes Acquisition of Solectron Corp.
GENERAL MOTORS: Credit Suisse Maintains Neutral Rating on Shares
PRIDE INTERNATIONAL: Morgan Keegan Keeps Market Perform Rating
RHODIA SA: Names Linda Balti as New Corporate Press Manager
SUL AMERICA: Fitch Upgrades Issuer Default Ratings to BB-

* BRAZIL: State Firm Revises Sales Deal with Brasil Ecodiesel
* BRAZIL: State Firm Discussing Exploration with KaxMunayGas


C A Y M A N   I S L A N D S

ANTHRACITE BALANCED (R-6): Final Shareholders Meeting Today
ANTHRACITE BALANCED (R-2): Final Shareholders Meeting Today
BRAZILIAN EQUITY: Sets Final Shareholders Meeting for Nov. 29
CABLE & WIRELESS: Launches New Billing Software in Caribbean
DFSCSA LTD: Proofs of Claim Filing Ends Today

DFSCSA LIMITED: Sets Final Shareholders Meeting Today
HEDGEFORUM BASSWOOD: Sets Final Shareholders Meeting for Nov. 29
HEDGEFORUM PAULSON: Sets Final Shareholders Meeting for Nov. 29
HEDGEFORUM VEGA: Will Hold Final Shareholders Meeting on Nov. 29
J-CASHING CORP: Will Hold Final Shareholders Meeting on Nov. 29

MIZUHO PREFERRED: Sets Final Shareholders Meeting for Nov. 29
OFFCO LIMITED: Will Hold Final Shareholders Meeting on Nov. 29
PGI MIDAS: Sets Final Shareholders Meeting for Nov. 29
PREFERRED CPO: Will Hold Final Shareholders Meeting on Nov. 29
PREFERRED TERM: Sets Final Shareholders Meeting for Nov. 29

PRETSL VII: Will Hold Final Shareholders Meeting on Nov. 29
PRINCIPAL PROTECTED (III): Final Shareholders Meeting ON Nov. 29
PRINCIPAL PROTECTED (IV): Final Shareholders Meeting on Nov. 29
PRINCIPAL PROTECTED (V): Final Shareholders Meeting on Nov. 29
PRINCIPAL PROTECTED (VII): Final Shareholders Meeting on Nov. 29

SILVER LUX: Will Hold Final Shareholders Meeting on Nov. 29


C H I L E

BCBG MAX: Founder Considering IPO or Partial Sale
HILTON HOTELS: Gets Consents for 7.430% Chilean Notes Due 2009
SHAW GROUP: Posts US$62 Million Net Loss in Qtr. Ended Feb. 28


C O L O M B I A

KNOLL INC: Completes Acquisition of Edelman Leather
QUEBECOR WORLD: Inks Amended US$750 Million Bank Credit Facility
QUEBECOR WORLD: Unit Calls for Redemption of US$370-Mil. Notes

* COLOMBIA: Selling 12.37% Stake in Banco Popular for COP91.4B


C O S T A   R I C A

SPECTRUM BRANDS: Fitch Puts B/RR1 Rating on US$225-Mln Sr. Loan


E C U A D O R

DEL MONTE: Moody's Affirms Corporate Family Rating at Ba3


E L   S A L V A D O R

SPECTRUM BRANDS: Closes US$225-Million Revolving Credit Facility


M E X I C O

AXTEL SAB: Effective Date for Stock Split Is Oct. 8
BENQ CORP: Mobile Unit's Employees to Get EU Financial Aid
CINRAM INT'L: Subsidiary Acquires Vision Worldwide Management
DURA AUTOMOTIVE: Amends Plan to Tweak Terms of Rights Offering
EMPRESAS ICA: Inks US$25-Million Contract with Hogalia Panama

GRUPO KUO: Fitch Rates US$200 Million Senior Notes at BB-
GRUPO KUO: S&P Assigns BB- Rating on US$375-Million Loan
GRUPO MEXICO: Court Lets San Martin Strike Continue
NUANCE COMM: Brings In Wes Hayden as Enterprise Unit President
QUAKER FABRIC: Wants University Mgmt. to Collect Receivables

X-RITE INC: Moody's Places Low B Ratings on US$415-Mln Loans
X-RITE CORP: S&P Affirms B+ Corporate Credit Rating


P A N A M A

BANCO GENERAL: Completes Merger with Banco Continental

* PANAMA: European Union to Invest in Canal Expansion


P E R U

ALCATEL-LUCENT: Inks Worldwide Reseller Pact with CloudShield
BANCO CONTINENTAL: Completes Merger with Banco General
QUEBECOR WORLD: Posts US$21.1 Mln Net Loss in Qtr. Ended June 30


P U E R T O   R I C O

CENTENNIAL COMM: Adds Messrs. Mueller & Sunu on Directors' Board
DORAL FIN'L: Pays Dividend on Three Series of Preferred Stock
ORIENTAL FINANCIAL: Keefe Upgrades Firm to Outperform
R&G FINANCIAL: Unit Obtains Notices on Mortgage Banking Status
WERNER LADDER: Confirmation Hearing Scheduled for Oct. 25

WERNER LADDER: Court OK's Panel's Amended Disclosure Statement
WERNER LADDER: IRS Won't Balk at Disallowance of Claim No. 1005


V E N E Z U E L A

NORTHWEST AIRLINES: Appoints Richard Hirst as Sr. Vice President
NORTHWEST AIRLINES: Moody's Puts Ba1 Rating on Class B Certs.
PETROLEOS DE VENEZUELA: Hikes Investments in Orinoco Oil Belt
PETROLEOS DE VENEZUELA: Says OPEC Hasn't Cut Output Ceiling
PETROLEOS DE VENEZUELA: Collective Pact Gets Finalized in Weeks

* VENEZUELA: Movilnet Installs 52 Base Stations
* VENEZUELA: Third Joint Bond Issue Oversubscribed
* Large Companies with Insolvent Balance Sheets


                            - - - - -

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


ACXIOM CORP: S&P Puts BB Debt Ratings on Watch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services' 'BB' corporate credit rating
on Little Rock, Ark.-based Acxiom Corp. remains on CreditWatch
with negative implications, where it was placed on May 17, 2007.
At the same time, S&P has also placed the 'BB' senior secured
debt ratings on CreditWatch with negative implications, because
the debt will no longer be refinanced as part of the LBO
financing.

The CreditWatch update follows the announcement that the US$3
billion buyout by private-equity firm Silver Lake and hedge fund
ValueAct Capital has been canceled. Additionally, the company's
chairman and Chief Executive Officer has announced his
retirement.  The company will receive US$65 million related to
the termination of the merger agreement, and it is expected to
be substantially more than any one-time expenses related to the
merger agreement.

"Our review will focus on Acxiom's operating performance,
business strategy, management succession plans, and financial
policy," said S&P's credit analyst Phil Schrank.

Although Acxiom's current debt levels are moderate for the
rating, in the two area, the company has exhibited a much more
aggressive financial policy and could continue to pursue ongoing
acquisitions and share repurchases.  Additionally, Acxiom's
dissident shareholder, ValueAct Capital Partners L.P., retains
its seat on Acxiom's board, and could continue to pursue a more
aggressive shareholder oriented agenda.

                        About Acxiom

Founded in 1969, Acxiom has locations throughout the United
States, in Europe particularly in France and Germany, and in
Australia and China in the Asia-Pacific region.  Acxiom has a
team of specialists with sales and business development
associates based in the largest Latin American markets: Brazil,
Argentina and Mexico.


ACTIVE ARGENTINA: Seeks for Reorganization Approval from Court
--------------------------------------------------------------
Active Argentina SA has requested for reorganization approval
after failing to pay its liabilities since May 2007.

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

The case is pending in the National Commercial Court of First
Instance No. 17 in Buenos Aires.  Clerk No. 33 assist in this
case.

The debtor can be reached at:

          Active Argentina SA
          Piedras 77
          Buenos Aires, Argentina


ALITALIA SPA: New Sale Conditions May Spur OAO Aeroflot to Bid
--------------------------------------------------------------
OAO Aeroflot would relaunch its bid to acquire the Italian
government's 49.9% stake in national carrier Alitalia S.p.A. if
the sale conditions are favorable, various reports say.

"We would be interested to at least see the conditions, and then
make a decision on whether it is interesting or not," Valery
Okulov, Aeroflot chief executive, was quoted by Bloomberg News
as saying.

Lev Koshlyakov, Aeroflot general manager, said the Russian
carrier may offer more than US$1 billion for Alitalia,
Marketwatch says citing a La Republica report.

"We're interested at a strategic level, not at a financial
level," Mr. Koshlyakov was quoted by La Republica as saying.
"If Aeroflot were to buy Alitalia it would replace a big chunk
of its management with more prepared staff."

As reported in the TCR-Europe on June 29, 2007, the consortium
of Aeroflot and Unicredito Italiano S.p.A. withdrew its bid for
Alitalia after it and its advisors were not allowed access to
"critical information with respect to the commercial and
operational aspects of Alitalia's business to confidently
formulate a well supported business proposal to successfully
restructure the Italian carrier."

                       About Alitalia

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

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


ALITALIA SPA: Chairman Prato Says Carrier in Comatose State
-----------------------------------------------------------
Alitalia S.p.A. chairman Maurizio Prato said the carrier is in
"comatose state" and may not survive further unless a new owner
takes over, various reports say.

"It is absolutely unrealistic to think that Alitalia might be
able to start again from scratch all by itself," Mr. Prato was
quoted by Bloomberg News as saying.

Mr. Prato told a Senate committee that Alitalia may post around
EUR400 million in losses, excluding extraordinary operations,
for 2007 and may not be able to repay more than EUR1 billion in
debts for the next three years, BBC relates.

"It's on life support and I'm very surprised by the almost
general state of denial," Mr. Prato commented, adding that
unions were not helpful in finding a solution for Alitalia.

"They negotiate, but then they overrule us and ask for a meeting
with the government," Mr. Prato said.

Mr. Prato, along with financial advisor Citigroup, has initiated
contacts with parties that had participated in the failed
auction for Italy's stake in Alitalia and with Asian firms.

AirOne S.p.A. has restarted talks, while Aeroflot and Deutsche
Lufthansa AG have expressed possible bids if sale conditions are
changed.

A senior government insider told the Financial Times that Italy
would remove conditions that caused the earlier auction to fail.

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

The chairman expects the first rounds of meeting to be complete
by early October and submit a list of possible buyers to
Alitalia's board by Oct. 10.  Mr. Prato will conduct a first
selection among potential buyers by the end of October before
starting an evaluation phase.

Alitalia has tapped Roland Berger as industrial adviser.

                      About Alitalia

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

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


CANON DE ESMERALDA: Claims Verification Deadline Is Today
---------------------------------------------------------
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


CONGRESO SALUD: Trustee Verifies Proofs of Claim Until Nov. 12
--------------------------------------------------------------
Estudio Roggiano y Asociados, the court-appointed trustee for
Congreso Salud SA's reorganization proceeding, verifies
creditors' proofs of claim until Nov. 12, 2007.

Estudio Roggiano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 17, 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 Congreso Salud 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 Congreso Salud's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

The informative assembly will be held on Sept. 29, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Congreso Salud SA
         Moreno 1355
         Buenos Aires, Argentina

The trustee can be reached at:

         Estudio Roggiano y Asociados
         Corrientes 2817
         Buenos Aires, Argentina


DYNAMOTIVE ENERGY: Plans US$105-Mln Investment to Form Complexes
----------------------------------------------------------------
Dynamotive Energy Systems Corporation has submitted documents to
the Government of Corrientes detailing plans to invest
approximately US$105 million to develop two self-contained
biofuel-to-electricity complexes in this northeastern province
of Argentina.

Each complex will be comprised of a 15.7-megawatt electricity-
generating station powered by the majority of the fuel output of
two 200-ton-per-day modular plants producing BioOil(R) biofuel
from wood waste and residues from nearby forests and other
biomass residue.  Excess BioOil produced at these facilities
will be sold into commercial and industrial fuel markets.

Dynamotive said sites for the two complexes -- to be located
approximately 500 miles from Buenos Aires, in Virasoro and Santa
Rosa -- are being secured by the Province of Corrientes.  The
company said the projects will proceed promptly once existing
10-year agreements-in-principle are finalized for the needed
supply and cost of the biomass raw materials, and for the
pricing structure of the electricity to be produced and
transmitted to nearby industry and communities from the
complexes.  Other similar projects are being planned for
additional locations in Corrientes, in Argentina, and elsewhere
in Latin America, Dynamotive said.

Development and construction of the complexes will be
implemented by Dynamotive, jointly with TECNA, a major Argentine
engineering firm, and financing will be provided by a group of
banks and other private sources.  When fully operational late
next year, the complexes will have available approximately
340,000 dry tons of biomass annually, providing opportunity for
further expansion.

The announcement was made in the city of Gobernador Virasoro by
Vice President Raul Parisi of Dynamotive Latinoamericana and
Governor Arturo Colombi of Corrientes Province, at a gathering
that included city and provincial officials, including Mayor
Rodolfo Fernandez and members of the provincial and local
cabinets.

Governor Colombi stated: "Dynamotive's proposed investment
reflects strong support for the progress we are making in
Corrientes toward economic growth and environmental protection,
two goals to which we are all committed."

Mr. Parisi of Dynamotive commented: "Working with the Governor,
the Mayor and other officials in developing these biomass-to-
energy facilities will provide us with an attractive business
opportunity, as well as foster progress in the region with
widespread positive impact on the provincial economies, the
local job market and the environment."

Andrew Kingston, chief executive officer of Dynamotive, said,
"We are moving forward with these projects in Argentina because
the need and the economics are compatible with our corporate
growth goals, and they reflect how Latin America is helping to
lead the biofuel revolution.  We are honored to be enabling this
major step toward sustainability and to provide opportunity for
economic growth in the region.  We look forward to developing
future plants here and elsewhere in Argentina and South
America."

Mr. Kingston continued, "Dynamotive's proprietary fast-pyrolysis
technology is a proven and cost-effective method of turning
agricultural and forest residues into renewable fuel and
electric power.  Furthermore, we have pioneered our technology
as a readily transportable series of modules that can create
such biofuel-to-electricity complexes virtually anywhere in the
world."

Dynamotive said a joint focus of the development of the
complexes is to tackle environmental issues arising from vast
stockpiles of decomposing wood waste and substantially increase
electricity-generating capacity in this forested region of
Argentina.

The above transactions are subject to negotiation of definitive
agreements and to securing sufficient capital.  Accordingly
there can be no certainty in respect of the Company's ultimate
participation rights in the project, nor of actual completion of
them at this time.

                       About BioOil(R)

BioOil(R) is an industrial fuel produced from cellulose waste
material.  When combusted it produces substantially less smog-
precursor nitrogen oxides emissions than conventional oil as
well as little or no sulfur oxide gases, which are a prime cause
of acid rain. BioOil(R) and BioOil Plus(TM) are price-
competitive replacements for heating oils #2 and #6 that are
widely used in industrial boilers and furnaces.  They have been
EcoLogo certified, having met stringent environmental criteria
for industrial fuels as measured by Environment Canada's
Environmental Choice Program.  BioOil(R) can be produced from a
variety of residue cellulosic biomass resources and is not
dependent on food-crop production.

                  About Dynamotive Energy

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider
headquartered in Vancouver, Canada, with offices in the USA, UK
and Argentina.  Its carbon/greenhouse gas neutral fast pyrolysis
technology uses medium temperatures and oxygen-less conditions
to turn dry waste biomass and energy crops into BioOil(TM) for
power and heat generation.  BioOil(TM) can be further converted
into vehicle fuels and chemicals.

                    Going Concern Doubt

BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of
Dynamotive Energy Systems Corp.'s consolidated financial
statements for the years ended Dec. 31, 2006, and 2005, in
accordance with Canadian reporting standards which do not permit
a reference to conditions and events casting substantial doubt
about the company's ability to continue as a going concern when
these are adequately disclosed in the financial statements.

Dynamotive Energy incurred a loss of US$14.3 million for the
year ended Dec. 31, 2006.  The company's ability to continue as
a going concern is dependent on achieving profitable operations,
commercializing its BioOil production technology and obtaining
the necessary financing in order to develop this technology.


FILTERS SRL: Proofs of Claim Verification Deadline Is Dec. 3
------------------------------------------------------------
Armando Gutman, the court-appointed trustee for Filters SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
Dec. 3, 2007.

Mr. Gutman will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, 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 Filters 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 Filters' accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The trustee can be reached at:

       Filters SRL
       Urquiza 885
       Buenos Aires, Argentina

The trustee can be reached at:

       Armando Gutman
       Esmeralda 625
       Buenos Aires, Argentina


FIRST CLUB: Seeks for Reorganization Okay in Buenos Aires Court
---------------------------------------------------------------
First Club S.A. has requested for reorganization approval after
failing to pay its liabilities since August 2006.

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

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

The debtor can be reached at:

          First Club S.A.
          Franklin 710
          Buenos Aires, Argentina


GRAN MANZANA: Proofs of Claim Verification Ends Today
-----------------------------------------------------
Norberto Aurelio Alvarez, the court-appointed trustee for Gran
Manzana S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Oct. 3, 2007.

Mr. Alvarez will present the validated claims in court as
individual reports on Nov. 15, 2007.  The National Commercial
Court of First Instance in San Nicolas, 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 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 on
Feb. 1, 2008.

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 trustee can be reached at:

        Norberto Aurelio Alvarez
        Rodriguez Pena 189
        Buenos Aires, Argentina


KATEFA SRL: Proofs of Claim Verification Is Until Dec. 10
---------------------------------------------------------
Norberto Bonesi, the court-appointed trustee for Katefa SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
Dec. 10, 2007.

Mr. Bonesi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 12 in Buenos Aires, with the assistance of Clerk
No. 23, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Katefa 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 Katefa's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Katefa SRL
       Avenida Alvarez Thomas 185
       Buenos Aires, Argentina

The trustee can be reached at:

       Norberto Bonesi
       Avenida Juan B. Justo 5096
       Buenos Aires, Argentina


LIGANTEX SRL: Trustee Verifies Proofs of Claim Until Oct. 23
------------------------------------------------------------
Silvia Marcela Aparicio, the court-appointed trustee for
Ligantex S.R.L.'s reorganization proceeding, verifies creditors'
proofs of claim until Oct. 23, 2007.

Ms. Aparicio will present the validated claims in court as
individual reports on Dec. 4, 2007.  The National Commercial
Court of First Instance in La Plata, 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 Ligantex 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 Ligantex's accounting
and banking records will be submitted in court on Feb. 22, 2008.

The informative assembly will be held on July 21, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

         Ligantex S.R.L.
         Calle 16, Numero 1628
         La Plata, Buenos Aires
         Argentina

The trustee can be reached at:

         Silvia Marcela Aparicio
         Calle 7, Numero 943
         La Plata, Buenos Aires
         Argentina


PACEY SA: Trustee Verifies Proofs of Claim Until Oct. 9
-------------------------------------------------------
Estudio Polito - Lagorio, the court-appointed trustee for Pacey
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim until Oct. 9, 2007.

Estudio Polito will present the validated claims in court as
individual reports on Nov. 7, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Pacey 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 Pacey's accounting
and banking records will be submitted in court on Dec. 19, 2007.

The informative assembly will be held on June 23, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

         Estudio Polito - Lagorio
         Avenida Corrientes 1515
         Buenos Aires, Argentina


RADIO TAXI: Reorganization Proceeding Concluded
-----------------------------------------------
Radio Taxi Sur S.R.L.'s reorganization proceeding has ended.
Data published by Infobae on its Web site indicated that the
process was concluded after the National Commercial Court of
First Instance in Buenos Aires approved the debt agreement
signed between the company and its creditors.

The debtor can be reached at:

           Radio Taxi Sur S.R.L.
           Subiria 5523
           Buenos Aires, Argentina


RIOJA PLASTIC: Proofs of Claim Verification Is Until Today
-----------------------------------------------------------
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


SUCRED Y ASOCIADOS: Proofs of Claim Verification Ends on Nov. 14
----------------------------------------------------------------
Francisco Marcelo Fabian, the court-appointed trustee for Sucred
y Asociados S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 14, 2007.

Mr. Fabian will present the validated claims in court as
individual reports on Dec. 28, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Sucred y Asociados 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 Sucred y Asociados'
accounting and banking records will be submitted in court on
Feb. 28, 2008.

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

The debtor can be reached at:

        Sucred y Asociados S.R.L.
        Estados Unidos 1790
        Buenos Aires, Argentina

The trustee can be reached at:

        Francisco Marcelo Fabian
        Uruguay 328
        Buenos Aires, Argentina


UDA SA: Proofs of Claim Verification Deadline Is Oct. 18
--------------------------------------------------------
Jorge Basile, the court-appointed trustee for Uda S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Oct. 18, 2007.

Mr. Basile will present the validated claims in court as
individual reports on Nov. 30, 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 Uda 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 Uda's accounting and
banking records will be submitted in court on Feb. 15, 2008.

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

The debtor can be reached at:

        Uda S.A.
        Avenida Cordoba 5393 Capital Federal
        Buenos Aires, Argentina

The trustee can be reached at:

        Jorge Basile
        J.E. Uriburu 782
        Buenos Aires, Argentina


VALEANT PHARMA: Teams Up with ASCEND to Promote Migranal(R)
-----------------------------------------------------------
Valeant Pharmaceuticals International has granted ASCEND
Therapeutics exclusive rights to deploy ASCEND's 50-person
specialty sales force to promote Valeant's Migranal(R)
(dihydroergotamine mesylate, USP) Nasal Spray to more than 5,500
OB/GYNEs in the United States.  Valeant will continue to market
Migranal to physicians outside the OB/GYN specialty area and
retain all other responsibilities for the product.

"We are pleased to announce the promotion of Migranal to OB/GYNs
with our partner ASCEND Therapeutics.  Of the more than 65
million people worldwide who have experienced a migraine within
the last 12 months, three-quarters of these patients are women.
Migranal provides physicians with a valuable treatment option
for patients with migraine headaches," said Wesley P. Wheeler,
president, North America and Research and Development at
Valeant.

"We are pleased to have the opportunity to promote a therapeutic
option to treat a condition so common among women often in the
early morning hours or during times of falling estrogen levels.
Migranal provides significant value to women and to our women's
health care franchise and will be integral as we continue to
build and foster our specialty in the OB/GYN community," said
Jay Bua, president of Ascend Therapeutics.

                    About Migranal Nasal

Migranal Nasal Spray is indicated for the acute treatment of
migraine headaches with or without aura.  Migranal Nasal Spray
is not intended for the prophylactic therapy of migraine or for
the management of hemiplegic or basilar migraine.

Migranal is a registered trademark of Valeant Pharmaceuticals
International or its related companies.  All other trademarks
are the trademarks or registered trademarks of their respective
owners.

                        About ASCEND

ASCEND Therapeutics -- http://www.ascendtherapeutics.com/-- is
a biopharmaceutical company focused on the use of transdermal
drug delivery technology to overcome therapeutic barriers and
raise the standard of care for certain chronic conditions.

                 About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com/-- is a global
specialty pharmaceutical company with US$823 million of 2005
revenues.  It has offices in Argentina, Singapore and Taiwan.

                        *     *     *

In January 2007, Moody's Investors Service confirmed the ratings
of Valeant, including the B2 Corporate Family Rating, and
concluded the rating review for possible downgrade, which was
first initiated on Oct. 23, 2006.  Valeant's rating outlook is
stable, Moody's said.


ARGENTINA: Third Joint Bond Issue Oversubscribed
------------------------------------------------
The third joint issuance of the so-called Bond of the South
between Argentina and Venezuela has received a large volume of
orders from local investors in the Venezuelan market, published
reports say.

The US$1.2 billion debt is 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.

Prensa Latina says that Venezuelan financial authorities
highlighted the success of the third issue.  Because of this,
the announcement of results for the awarding of the bonds will
be delayed.  The announcement was previously scheduled for
Oct. 1.

The local investors' response to the offering confirms
speculations by bond traders that demand for the dollar bonds
would be high.  As a result, the bolivar would be strengthened
in the parallel market, a previous report from Bloomberg said.

Demands for the bonds reached US$3 billion, more than twice of
what's been offered for sale.  The bonds' distribution will be
made in a "democratic" fashion, Venezuelan Finance Minister
Rodrigo Cabezas was quoted by Prensa Latina as saying.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


COMPLETE RETREATS: Judge Shiff Approves Disclosure Statement
------------------------------------------------------------
The Hon. Alan H. W. Shiff of the U.S. Bankruptcy Court for the
District of Connecticut approved on Aug. 31, 2007, the
disclosure statement explaining Complete Retreats, LLC, and its
debtor-affiliates' Modified Amended Plan of Liquidation.

Judge Shiff held that the Modified Disclosure Statement contains
adequate information within the meaning of Section 1125 of the
Bankruptcy Code.

Judge Shiff authorized the Debtors to send copies of the
Modified Plan and Disclosure Statement, and related documents to
claimants entitled to vote on the Plan and certain other notice
parties.  The Debtors are also permitted to make non-substantive
conforming changes to the Plan, the Disclosure Statement, and
related solicitation documents and forms prior to solicitation.

The Debtors are authorized to file a Plan Supplement up to and
including Sept. 27, 2007.

                       Modified Plan

The Modified Plan dated Aug. 30, 2007, is predicated upon
substantive consolidation of (i) the Debtors' estates, (ii) DR
Umbria, Ltd., a non-debtor Northern Irish limited company, which
is indirectly wholly owned by Complete Retreats, and (iii)
Retreats Europe, Ltd., a non-debtor United Kingdom limited
company, which is wholly owned by Preferred Retreats.

Substantive consolidation results in, among other things, (i)
pooling the assets of, and claims against, the consolidated
entities, (ii) satisfying liabilities from a common fund, (iii)
eliminating intercompany claims, and (iv) combining the
creditors of the consolidated entities for purposes of voting on
a plan.

Holders of Class 3 General Unsecured Claims will receive less
under the Modified Plan:

  (a) between 0 and 2% -- instead of 4.9% -- for former members
      or vendors who declined Ultimate Resort LLC's membership
      offer in the Ultimate Destination Club, and other general
      unsecured creditors; and

  (b) between 0 and 0.6% -- instead of 1.7% -- for Accepting
      Offerees.

Ultimate acquired substantially all of the Debtors' assets in
2006 for US$98,000,000 cash.

Roughly 645 of the Offerees with claims aggregating
approximately US$220,000,000 accepted New Membership Contracts
with Ultimate, including eight of the 11 members of the Official
Committee of Unsecured Creditors in the Debtors' cases.

More than 230 Former Members and General Unsecured Creditors
that were offered New Membership Contracts declined Ultimate's
offer, and their aggregate Claims are roughly US$130,000,000.

Accepting Offerees lose their bargained-for, contractual right
under their Membership Agreements with the Debtors to redeem the
amount of their deposit from the Debtors.

Under the Modified Plan, the Debtors estimate having roughly
US$400,000 of cash on hand on the Plan Effective Date.  The
Debtors anticipate that the sale of any remaining Assets should
generate between US$588,000 and US$6,500,000 in proceeds after
payment of any and all Allowed Convenience Class Claims, Allowed
Administrative Expense Claims, Allowed Priority Tax Claims,
Allowed Priority Non-Tax Claims, and Allowed Other Secured
Claims and without taking into account any potential proceeds
from a lawsuit relating to Private Retreats Belize, LLC's
prepetition sale transaction with Jeffrey Gram and Private
Island Management Limited, or any other Causes of Action or from
any insurance policies of the Debtors.

The Debtors could not estimate what the potential recoveries may
be on Causes of Action that may be pursued by the Liquidating
Trustee appointed under the Plan.

    TANNER & HALEY RESORTS
    Estimated Funds Remaining on Effective Date
    As of August 25, 2007

                                           Low          High
                                           ---          ----
    Total Cash Balance              US$450,000      US$450,000
    Deferred purchase price
       from Ultimate Resort       US$1,200,000    US$1,200,000
    Estimated net proceeds from
       the sale of fractionals      US$100,000      US$335,000
    Estimated return of Ableco
       contingency deposit           US$13,000       US$25,000
                                  ------------  ------------
    Total Available Funds Before
       Sale of Remaining Assets   US$1,763,000    US$2,010,000
                                  ------------  ------------
    Total Estimated Proceeds
       Net From Asset Sales      US$13,036,000   US$16,961,000
                                 -------------   -------------
    Total Funds Available        US$14,799,000   US$18,971,000
                                 -------------   -------------
    Estimated Costs Through
       Effective Date           (US$14,211,000) (US$12,385,000)
                                 --------------  --------------
    Estimated Proceeds               US$588,000    US$6,586,000

                   Disclosure Objections

Double AA Builders, The Multihull Company Luxury Catamaran
Charters, LLC, and Jeffrey Gram, Private Island Management and
Casa Olita objected to the First Amended Disclosure Statement
the Debtors filed on Aug. 16, 2007.

Double AA and Multihull complained that the Disclosure Statement
contains inadequate disclosure concerning the treatment of
general unsecured claims in Class 3.  They argued that the Plan
improperly classifies trade creditors with Former Members.

Double AA asserted unsecured nonpriority claims of US$577,915
plus 18% interest plus US$1,004 in fees and costs, against
Preferred Retreats, LLC and Towne Clubs, LLC, pursuant to a
default judgment Double AA procured against both Debtors in
prepetition litigation in Arizona.  Double AA furnished labor
and material on Towne Clubs' Abercrombie & Kent Towne Clubs
Demolition Project in Scottsdale, Arizona.  No objection has
been filed to Double AA's proofs of claim.

Multihull is a Declining Offeree of the New Membership Contracts
from Ultimate.  Multihull timely filed identical proofs of claim
for US$745,000 against Preferred Retreats and Private Retreats
Tortola, LLC.  No objection has been filed to the Multihull
Proofs of Claim.

Mr. Gram, et al., wanted the Debtors to provide more information
regarding the lawsuits involving Mr. Gram, et al., and the
Debtors; the proposed substantive consolidation; the termination
of Xroads Solutions Group, LLC's engagement and the subsequent
withdrawal of termination by the Debtors' board of directors;
the Debtors' liquidation analysis and alternatives to the Plan.

The Debtors filed the Modified Plan and Disclosure Statement to
address the objections.  The Debtors noted under the August 30
Modified Disclosure Statement that the Gram Defendants have
denied any liability and have asserted that they exercised their
rights under various agreements with the Debtors.

The Debtors also anticipated objections to the proposed
substantive consolidation.  To the extent the objections are not
resolved, or the Court does not overrule them, the Debtors said
they may withdraw the request for substantive consolidation of
some or of all of the Debtors and DR Umbria and Retreats Europe.

The Debtors reserved the right to modify the Plan or to convert
to Chapter 7 some or all of their cases if they are not allowed
substantively consolidation.

The Debtors also pointed out that their ability and that of the
Liquidating Trustee to collect significant proceeds from the
Causes of Action or asset sales is speculative.  The potential
for any increased recovery for holders of Allowed Class 3
General Unsecured Claims, the Debtors said, would decline in the
event that the Debtors or the Liquidating Trustee was not able
to collect significant proceeds from the Causes of Action or the
sales of the other Liquidating Trust Assets for any reason.

                  Solicitation Procedures

Judge Shiff also approved the Debtors' procedures for soliciting
and tabulating votes for their Modified First Amended Plan of
Liquidation.

Judge Shiff sets Aug. 23, 2007, as the record date for
determining which creditors are entitled to vote on the Plan and
to receive solicitation and other related forms.

All Ballots on the Plan must be received by Donlin, Recano &
Company, Inc., the Debtors' the Balloting Agent, on
Oct. 5, 2007.

The Court directs the Debtors to serve the Disclosure Statement
and the Plan on or before Sept. 6, 2007, to the notice parties.

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 32; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPLETE RETREATS: Plan Confirmation Hearing Set for Oct. 23
------------------------------------------------------------
The Honorable Alan H.W. Shiff of the U.S. Bankruptcy Court for
the District of Connecticut will hold a hearing to consider
confirmation of Complete Retreats LLC and its debtor-affiliates'
Modified Amended Plan of Liquidation on Oct. 23, 2007, at 2:00
p.m.

Objections, if any, to the confirmation of the Modified Plan are
due Oct. 5.

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 32; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


CABLE & WIRELESS: Unit Launches Network Operations Center
---------------------------------------------------------
Cable & Wireless' Barbados subsidiary has launched a
US$5-million network operations center in Barbados to monitor
its 14 units throughout the Caribbean, according to a report by
the Trinidad Guardian.

The Guardian notes that the center is in Wildey.  It will check
global interconnection and allow management of network resources
across the Caribbean.

Business News Americas relates that the center will have over 30
workers, who have undergone special training to monitor service.

Cable & Wireless Barbados' center will collaborate with its
Jamaican counterpart will collaborate to provide redundancy and
service continuity 24/7, The Guardian states.

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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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




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


CASAM MANAGED: Proofs of Claim Filing Deadline Is Today
--------------------------------------------------------
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 Today
----------------------------------------------------
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.


SEA CONTAINERS: Exclusive Plan-filing Period Extended to Dec. 21
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
extended Sea Containers Ltd.'s exclusive periods to file a
Chapter 11 plan through and including Dec. 21, 2007, and solicit
acceptances of that plan through and including Feb. 19, 2008.

Prior to the Court's entry of its order, the Official Committee
of Unsecured Creditors of Sea Containers Services Ltd. reserved
its right to seek termination of the exclusivity period prior to
its expiration, and the right to object to any future requests
for extensions of exclusivity.

"Although the SCSL Committee does not object per se to the
Debtors maintaining exclusivity at this time, the SCSL Committee
believes the circumstances may soon warrant a termination of
exclusivity," counsel for SCSL Committee, Evelyn J. Meltzer,
Esq., at Pepper Hamilton LLP, in Wilmington, Delaware, told the
Court.

As previously reported, Sea Containers informed Judge Carey that
these outstanding issues currently prevent them from filing a
confirmable Chapter 11 plan:

   (1) obtaining and analyzing information from the discovery
       process necessary to value the Debtors' interests in GE
       SeaCo SRL;

   (2) gaining better clarity on the validity of GE SeaCo's and
       GE Capital Corporation's significant claims against the
       estates, including determining whether to estimate the
       claims in the bankruptcy court pending an arbitrator's
       decision; and

   (3) reaching a global settlement among the Debtors, the
       Unsecured Committees of Sea Containers Ltd. and Sea
       Container Services Ltd. regarding various intercompany
       issues and pension and other claims asserted against SCL
       and SCSL.

                     About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
|US$62,400,718 and total liabilities of US$1,545,384,083.  (Sea
Containers Bankruptcy News, Issue No. 27; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)




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


* BOLIVIA: Hikes Up Gas Price Export to Brazil by 7.9%
------------------------------------------------------
Bolivia is increasing the price of gas shipped to Brazil by
7.9%, newswire Estado reports.

Bolivian state-run oil firm Yacimientos Petroliferos e Fiscales
Bolivianos' head Guillermo Aruquipa told Estado that the price
hike is part of regular quarterly adjustments, but will be the
highest increase ever.

Bernd Radowitz at Dow Jones Newswires relates that Yacimientos
Petroliferos has a contract with Brazilian state-owned oil
company Petroleo Brasileiro SA to export up to 30 million cubic
meters of gas per day to Brazil.  "The contract is adjusted
quarterly in accordance with a basket of combustion fuels."

According to Dow Jones, Brazil will pay US$4.5 per million
British thermal unit of Bolivia gas after the price increase.

Estado notes that Bolivia is increasing the price of gas
exported to Argentina to US$6 per million British thermal unit
from US$5.08.

Mr. Aruquipa told Dow Jones that the increase comes while
international oil prices are increasing.

Bolivia is having difficulties meeting demand for its gas, Dow
Jones states, citing Mr. Aruquipa.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                    Rating     Rating Date
                    ------     -----------
  Country Ceiling    B-       Jun. 17, 2004
  Long Term IDR      B-       Dec. 14, 2005
  Local Currency
  Long Term Issuer
  Default Rating     B-       Dec. 14, 2005




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


COMPANHIA SIDERURGICA: Discussing Steel Project Plans with Gov't
----------------------------------------------------------------
Companhia Siderurgica Nacional will discuss with Brazil's
Pernambuco state government plans for a new steel project,
Business News Americas reports, citing a government official.

BNamericas relates that Companhia Siderurgica head Benjamin
Steinbruch disclosed last month plans to construct a 4.5-
million-ton-per-year steel plant in northeast Brazil.  He didn't
state a specific location for the project.

A government official tied to the state economic development
department told BNamericas that Companhia Siderurgica has asked
to meet with Pernambuco governor Eduardo Campos to discuss the
project.

"The state will only report its position on the project after
the meeting," the official commented to BNamericas.

As reported in the Troubled Company Reporter-Latin America on
Sept. 25, 2007, the Rio Grande do Norte state development
secretary Marcelo Caetano Rosado said that the state wants to
host Companhia Siderurgica's planned new steel mill.

Mr. Rosado told BNamericas that the state will make all
necessary efforts to be able to host the project.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


COMPANHIA SIDERURGICA: Free-On-Board Exports Rise to US$678MM
-------------------------------------------------------------
Companhia Siderurgica Nacional's revenues from free-on-board
exports increased 63.3% to US$678 million in the first eight
months of 2007, compared to US$415 million in the same period in
2006, Business News Americas reports, citing the Brazilian
foreign trade ministry Secex.

Meanwhile, sales abroad by Brazilian steel producer
ArcelorMittal Belgo increased 2.2% to US$441 million through
August 2007, from August 2006.  Secex said that exports by
Espirito Santo state-based steel producer ArcelorMittal Tubarao
dropped 12% in value to US$727 million, compared to US$825
million, BNamericas states.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


COMVERSE TECH: Digitel Picks Real-Time Billing Solution
-------------------------------------------------------
Comverse Technology Inc.'s subsidiary, Comverse reported that
Corporacion Digitel, C.A., Venezuela's only GSM mobile operator,
will expand its use of Comverse Billing Solutions and deploy
Comverse's Real-Time Billing Solution for its prepaid
requirements.  Upon launch, Digitel will utilize Comverse
billing solutions to manage all of its subscribers, regardless
of payment type.

"In Digitel we devote ourselves to fulfill the customers' needs,
and by using Comverse solutions we remain leaders and the most
innovative mobile operator in the Venezuelan market," said
Federico Santarelli, Systems Vice President of Digitel.  "It was
this way of thinking, plus our past experience with Comverse's
Kenan(R) billing solution that led us to select the Comverse
Real-Time Billing Solution.  We believe that Comverse Real-Time
Billing will significantly increase our customer acquisition and
retention."

Comverse's Real-Time Billing solution serves as a strategic
marketing engine for mobile operators by offering advanced
personalization capabilities, a la carte service plan
customization and self-care to enable operators to increase
revenues, profitability and long-term loyalty from subscribers.
The solution brings new flexibility to the billing environment
with its extensible architecture.

"Digitel's selection of the Comverse Real-Time Billing solution
is a natural extension of their commitment to subscribers'
needs," said Ramesh Barasia, President of Comverse Americas.
"We are pleased to support Digitel to gain a sustainable
competitive edge and maneuver through the rapidly changing
Venezuelan telecom landscape.  Comverse's expansive reach in
Latin America reflects the interest in our cost-effective
solutions for service providers from various markets throughout
the region."

                       About Digitel

Digitel -- http://www.digitel.com.ve/-- is the only GSM network
operator in Venezuela and is one of the most innovative
telecommunication companies of the country.  Digitel provides
access to public, fixed and mobile phone systems and the
Internet; allowing people in the most remote areas of the
country to have access to communication and the newest
technology, reducing the technological gap.

                 About Comverse Technology

Comverse Technology, Inc., -- http://www.cmvt.com/-- (Pink
Sheets: CMVT.PK) through its Comverse, Inc. subsidiary, provides
software and systems enabling network-based multimedia enhanced
communication and billing services.  The company's Total
Communication portfolio includes value-added messaging,
personalized data and content-based services, and real-time
converged billing solutions.  Over 500 communication and content
service providers in more than 130 countries use Comverse
products to generate revenues, strengthen customer loyalty and
improve operational efficiency.  Other Comverse Technology
subsidiaries include: Verint Systems (VRNT.PK), which provides
analytic software-based solutions for communications
interception, networked video security and business
intelligence; and Ulticom (ULCM.PK), which provides service
enabling signaling software for wireline, wireless and Internet
communications.

In Latin America, Comverse has operations in Argentina, Brazil,
Mexico and Peru.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.


DELPHI CORP: Closes US$66-Mil. Sale of Catalyst Biz to Umicore
--------------------------------------------------------------
Delphi Corporation and certain of its affiliates have completed
the sale of the company's original equipment and aftermarket
catalyst business to Umicore for approximately US$66 million,
subject to post-closing adjustments, Delphi officials disclosed
yesterday.

As reported in the Troubled Company Reporter on June 7, 2007,
Delphi selected Umicore as the lead bidder, and received
bankruptcy court approval on June 26, 2007, to proceed with the
competitive bidding process for the sale of the catalyst
business.  On Aug. 8, 2007, in accordance with bidding
procedures approved by the bankruptcy court, Delphi conducted an
auction and selected Umicore as the successful bidder.  On
Aug. 16, 2007, Delphi received approval from the bankruptcy
court to proceed with the sale of assets related to the catalyst
business to Umicore.

Although the company has sold its catalyst business, it will
continue to provide full engine management systems, including
air and fuel management, combustion and valvetrain technology,
and exhaust systems technology through its gas EMS product
business unit.

Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single supplier of vehicle
electronics, transportation components, integrated systems and
modules, and other electronic technology.  The company's
technology and products are present in more than 75 million
vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Mar. 31, 2007, the Debtors' balance sheet showed
US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  The Court has set a hearing on October 3
to consider the adequacy of the Disclosure Statement.


EUTELSAT COMMS: Skylogic Bags Contract with Spanish Province
------------------------------------------------------------
Skylogic, the broadband affiliate of Eutelsat Communications has
been awarded a contract by the Diputacion Provincial de Zaragoza
to bring full broadband amenities to 120 communities in the
region of Saragossa in northern Spain.  Following a public
competitive tender Skylogic's D-STAR service was selected as the
satellite component of an extensive regional broadband programme
called Zaragoza Internet Provincial (ZIP).

The Zaragoza Internet Provincial programme was initiated to
facilitate access to new technologies for all municipalities in
the province and to provide citizens in all communities with
free broadband access to public service amenities and on-line
documentation.

Saragossa is the first region in Spain to initiate a universal
broadband programme mobilising multiple access technologies
including satellite.  Each Town Hall is equipped with Skylogic's
D-STAR two-way broadband system, which comprises a 96 cm antenna
and an indoor unit the size of DVD player.  The terminals
communicate through a satellite connection on Eutelsat's
ATLANTIC BIRD(TM) 1 satellite to Skylogic's teleport in Turin,
which has direct access to the Internet backbone.  The D-STAR
terminals are also connected to Wi-Fi hot spots in a number of
villages in order to extend Internet connectivity.

As part of a far-reaching information and education campaign, a
demonstration bus equipped with a D-STAR antenna, 16 PCs and
trained staff also toured the province to teach basic e-mail,
Internet and other ICT skills to the local population.

Juan Antonio Sanchez Quero, Manager of New Technologies at the
Diputacion Provincial de Zaragoza commented:  "A communication
link is now available to thousands of people who can benefit
from Internet access for e-mails, web-surfing and government
applications.  Satellite connectivity and Skylogic's D-STAR
product have enabled us to complete a universal broadband
programme without discriminating citizens located in rural
environments."

"We are very pleased to have won the confidence of the
Diputacion Provincial de Zaragoza," commented Arduino
Patacchini, Chairman of Skylogic.  "By deploying satellite and
terrestrial broadband technologies adapted to the location of
each community, the Saragossa region is demonstrating the most
efficient and cost-effective route for developing ICT skills for
all citizens throughout the region."

                       About Skylogic

Based in Turin, northwest Italy, Skylogic --
http://www.skylogic.com--operates one of the world's leading
satellite broadband IP platforms. Its operational centre,
SkyPark, is equipped to offer a complete range of broadband
services including content distribution, IP videostreaming,
business TV, maritime applications, teleconferencing, remote
control of installations, telemedicine, e-learning and Voice
over IP.  The teleport is connected by fibre to the Internet
exchange point in Turin and uses capacity on satellites in
Eutelsat's fleet in order to serve users in Europe, Asia, the
Americas and Africa. Skylogic's customers include businesses,
multinationals, government agencies and aid organisations.

                       About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The Group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  One of
its worldwide operations is located in Brazil.  The Group is one
of the world's three leading satellite operators in terms of
revenues.  Its satellites are used for broadcasting nearly 1,800
TV and 900 radio stations to more than 120 million cable and
satellite homes.  The Group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
Technology sectors, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Eutelsat Communications S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                            Debt       LGD      Loss-Given
   Debt Issue               Rating     Rating   Default
   ----------               -------    ------  ----------
   Senior Unsecured
   Bank Credit Facility      Ba3        LGD4       55%


FLEXTRONICS INT'L: Completes Acquisition of Solectron Corp.
-----------------------------------------------------------
Flextronics International Ltd. has completed its acquisition of
Solectron Corporation creating the most diversified and premier
global provider of advanced design and vertically integrated
electronics manufacturing services (EMS).

As a result of this acquisition, Flextronics has the broadest
worldwide EMS capabilities, from design resources to end-to-end
vertically integrated global supply chain services, which
enhance its ability to design, build, and ship products for its
customers.  By adding Solectron's resources and unique skill
sets, Flextronics now provides more value to customers by
leveraging the combined global economies of scale in
manufacturing, logistics, procurement, design, engineering and
ODM services along an even broader selection of products.

Operating in 35 countries, with a workforce of approximately
200,000 employees, including approximately 3,500 design
engineers, the combined company's annual revenues exceeds US$30
billion across seven well-diversified customer market segments
and four major business units.

Effective as of the close of trading today, trading in
Solectron's common stock will cease. Solectron's common stock
will subsequently be delisted from the New York Stock Exchange
and deregistered with the U.S. Securities and Exchange
Commission.

Mike McNamara, chief executive officer of Flextronics, said,
"Solectron is an extremely important strategic addition to
Flextronics and this combination transforms the landscape of our
industry.  By joining forces, our increased scale enables us to
extend our market segment reach, increase our vertical
integration opportunities and better serve the needs of our
combined customers, employees and shareholders.  Solectron's
strength in the high-end computing and telecom segments is an
invaluable addition to Flextronics's existing capabilities and
the combined company is a market leader in most product
segments.  We are now a larger, more competitive company and
more capable of delivering supply chain solutions that fulfill
our customers' increasingly complex requirements.  The combined
company is clearly more diversified and formidable than either
company on its own, and Flextronics is better positioned to
increase shareholder value through greater cash flow and
earnings." Mr. McNamara added,  "We are thrilled to add
Solectron's employees, customers, shareholders and suppliers to
our organization."

As part of the acquisition agreement, Flextronics has agreed to
appoint two individuals designated by Solectron and approved by
Flextronics to the board of directors of Flextronics.  In
connection with the appointment of these two new directors,
which is expected to occur in the December 2007 quarter, Michael
Marks and Richard Sharp intend to simultaneously retire as
directors of Flextronics.  Upon Mr. Marks's retirement, Ray
Bingham will assume the role of Chairman of the Flextronics
Board.

                    Merger Consideration

Pursuant to the terms of the definitive 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, and Flextronics
previously announced preliminary election results.  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 pursuant to the merger.

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, Flextronics will report second quarter
results on Oct. 23, 2007 at 1:30 pm PDT.  Additionally,
Flextronics will host its annual analyst and investor meeting on
Tuesday, Nov. 6, 2007 in New York City to present the company's
strategy and vision, the expected impact from the Solectron
acquisition along with the combined company's financial
expectations.

Both events will be broadcast via the Internet and may be
accessed by logging on to the company's website at
http://www.flextronics.com/ Additional information in the form
of slide presentations may also be found on the company's site.
Replays of the broadcasts will remain available on
the company's website afterwards.

               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.


GENERAL MOTORS: Credit Suisse Maintains Neutral Rating on Shares
----------------------------------------------------------------
Credit Suisse analyst C. Ceraso has kept his "neutral" rating on
General Motors's shares, Newratings.com reports.

Newratings.com relates that the target price for General Motors'
shares was set at US$31.

The analyst said in a research note that General Motors will
transfer its retiree healthcare responsibility to the union-
managed VEBA trust.  VEBA would be formed as part of General
Motors' new four-year labor contract with the United Auto
Workers.

The UAW disagrees with General Motors on the funding for the
trust, Newratings.com notes, citing the analyst.

The deal would be "accretive to General Motors' cash flow by
US$2.5 billion" yearly.  It would also boost earnings,
Newratings.com states, citing Credit Suisse.

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.


PRIDE INTERNATIONAL: Morgan Keegan Keeps Market Perform Rating
--------------------------------------------------------------
Morgan Keegan analysts have kept their "market perform" rating
on Pride International Inc.'s shares, Newratings.com reports.

The analysts said in a research note that Pride International
issued its revised fleet update, highlighting five idle US Gulf
jack ups and lower-than-anticipated day rates for two Pemex jack
ups, the Pride California and the Pride Nevada.

According to Newratings.com, Morgan Keegan said that Pride
International finalized an asset divestiture in August 2007,
including its Latin American land drilling and work over rig
fleet, along with exploration and production assets.

The earnings per share estimates for 2007 and 2008 were
decreased to US$2.80 from US$2.97, and to US$3.77 from US$4.19,
respectively, Newratings.com states.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 4, 2007, Fitch Ratings has affirmed Pride International
Inc.'s Issuer Default Rating at 'BB' in addition to affirming
the ratings on Pride International's senior secured revolving
credit facility, senior unsecured notes and their convertible
senior notes.  The Rating Outlook is Stable.  Fitch maintains
the following ratings for Pride International:

  -- Issuer Default Rating (IDR) at 'BB';
  -- Senior unsecured at 'BB';
  -- Senior secured bank facility at 'BBB-';
  -- Senior convertible notes at 'BB'.

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2.
Moody's said the outlook is stable.

Pride Ratings Affirmed:

-- Ba1 CFR and Probability of Default Rating;

-- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

-- US$500 million Senior Secured Credit Facility rated Baa2
    (LGD2, 13%);

-- Speculative Grade Liquidity Rating -- SGL-2;

-- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

-- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

-- Preferred Shelf rated Ba2 (LGD6, 97%)


RHODIA SA: Names Linda Balti as New Corporate Press Manager
-----------------------------------------------------------
Rhodia S.A. appointed Linda Balti as corporate press manager on
Sept. 25, 2007.

Ms. Balti will report to Rita Hillig, head of Rhodia media
relations.

Rhodia's announcement followed the appointment of Marc Chollet
as group strategy vice president and member of the executive
committee on Sept. 18, 2007.

Mr. Chollet succeeded Yves Boisdron, who left Rhodia on
retirement.  Mr. Chollet will report to Jean-Pierre Clamadieu,
Rhodia's CEO.

Mr. Chollet, an engineer from the Paris-Grignon National
Agronomical Institute, began his career with Lesieur Alimentaire
in 1990 working in the International Department, of which he
subsequently became Director in 1995. He was appointed Director
of International Development, member of the Management Board of
the Consumer Good Division of the Eridania Beghin-Say Group.

In 2003, Mr. Chollet joined the Rohm & Haas Group to take up the
position of Vice-President Europe/Asia responsible for Agrofresh
in Agrochemicals.   He was then appointed General Manager Europe
of the Group's Plastic Additives Division. He most recently
served as President (France) of Rohm & Haas Trading and Sales
Director of the Paint and Coating Division for Europe.

                       About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.

                        *     *     *

As reported on April 26, 2007, Fitch Ratings affirmed Rhodia
S.A.'s Issuer Default Rating at BB- and revised the Outlook to
Positive from Stable.  Fitch has assigned Rhodia SA's proposed
issue of up to EUR595.125 million bonds convertible and/or
exchangeable for new and/or existing shares an expected 'BB-'
rating.

As reported on April 23, 2007, Moody's Investors Service
upgraded Rhodia S.A. corporate family rating to Ba3 and assigned
Probability-of-Default rating for the group at Ba3; Moody's also
upgraded senior secured notes at Rhodia S.A. to B1 and assigned
LGD assessment at LGD4 (69%).  The proposed convertible notes
are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

At the same time, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Rhodia to BB- from B+, and
its long- term debt rating on the group to B from B-.  Standard
& Poor's also assigned its B senior unsecured debt rating to
Rhodia's proposed new bond, which will be used for refinancing
purposes.


SUL AMERICA: Fitch Upgrades Issuer Default Ratings to BB-
---------------------------------------------------------
Fitch takes these rating actions on Sul America S.A., the
holding company controlling the Sul America Seguros insurance
group activities:

-- Foreign and local currency Issuer Default ratings upgraded
    to 'BB-' from 'B+'.

-- Short-term foreign and local currency IDRs affirmed at 'B'.

-- SASA's senior notes upgraded to 'B+/RR5' from 'B/RR5'

The Rating Outlook is Stable.

The ratings actions reflect SAS's consistent enhancement of its
operational performance, due mainly to the improved underwriting
and pricing policies adopted since 2004 on the main segments of
its portfolio, especially health and automobiles, accounting for
54% and 27% respectively of the consolidated premiums at H107.
In addition, the company's decision in 2004 to no longer
underwrite individual health plans and shift to other products
has substantially benefited the company's performance given the
impact of price control and coverage improvements on existing
plans profitability.

The SAS's high financial leverage has been declining since 2005,
from 76% to 41% at H107, through greater cash generation, which
is also evidenced by the evolution of its combined ratio,
adjusted by non-recurring effects, from 102.5% in 2005 to 99.8%
at H107 and its operational ratio, from 100.5% in 2005 to 91% at
H107.  Eurobond issuance of US$200 million in February 2007 due
in 2012 was a key factor to reduce its refinancing risk,
stretching the maturity of its debt profile and reducing debt
service impacts on the company's financial results (which
represented 8% of the gross premiums written, adjusted by non-
recurring effects, at H107 versus 2% in 2005).

Going forward, Fitch believes that SAS will benefit from its
established franchise in Brazil, as well as the good scenario
Fitch expects for the insurance industry.  The review of
underwriting policies and greater control over losses tends to
contribute positively on the insurer's performance and to the
development of its activities in a more competitive environment.
The expected capitalization to be made thanks a current IPO
process that could result in an approximately BRL800 million
capital infusion during the last quarter of the year should
strength its profile, allowing to grow business, improve
indebtedness profile and to comply more easily with the new
minimum solvency limits valid for 2008.

The ratings are still limited by high leverage ratios than its
peers, and that the company remains more concentrated and
dependent on premiums in the health and auto portfolios.

SAS is a traditional insurance group in Brazil, still active in
practically all insurance segments, with total insurance
premiums of BRL3.6 billion for the H107, ranking as the second
largest insurance group by total premiums with a total market
share of 15% according to Superintendency of Private Insurance -
Susep and National Health Agency.

Controlled by the Larragoiti family, SAS is directly and
indirectly 51% owned by this family, other minorities
shareholders, and 49% by the ING Group, a leading global banking
and insurance group located in the Netherlands, with a strong
franchise in a number of other countries.  Although SAS benefits
from the name, brand and operational synergies with the ING
Group - exchanging methodologies, policies and expertise -
according to Fitch's support criteria, does not provide any
uplift to SASA's ratings.  SAS has established several joint
ventures and operational agreements to increase market
penetration and to diversify business lines.

Fitch's National ratings provide a relative measure of
creditworthiness for rated entities in countries with relatively
low international sovereign ratings and where there is demand
for such ratings.  The best risk within a country is rated 'AAA'
and other credits are rated only relative to this risk.
National ratings are designed for use mainly by local investors
in local markets and are signified by the addition of an
identifier for the country concerned, such as 'AAA(bra)' for
National ratings in Brazil.  Specific letter grades are not
therefore internationally comparable.

Sul America is the largest independent insurance company in
Brazil and the second in terms of premiums written, holding a
strong position in number of policies issued and 6 million
clients.  Sul America's main businesses maintain a robust market
position as the second largest in the industry in October 2006:
the auto and health sectors hold a 16% and 38% market share,
respectively.  With a change of its business focus from market
share to profitability, one of the positive changes in the
company brought by the joint-venture with ING Brazil, improved
underwriting procedures helped to grow profitability on most of
the insurance lines, and at the same time market share was
maintained in 2005 and 2006 for most of the business lines.


* BRAZIL: State Firm Revises Sales Deal with Brasil Ecodiesel
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA and
biodiesel producer Brasil Ecodiesel have revised their sales
deal, Brasil Ecodiesel said in a statement.

Business News Americas relates that under the deal, Petroleo
Brasileiro will purchase and pick up biodiesel from Brasil
Ecodiesel.

The new deal indicates that Petroleo Brasileiro would be
penalized once it fails to collect biodiesel from Brasil
Ecodiesel, as the biofuels producer has limited storage
capacity, BNamericas notes.  Brasil Ecodiesel would alos face
penalties if it fails to produce enough biodiesel to meet its
commitments with Petroleo Brasileiro.

Brasil Ecodiesel explained to BNamericas, "The purpose of the
change is to align the company's biodiesel supply with the
development of the biodiesel market."

Brokerage Ativa Corretora said in a note to investors that the
new deal is good for Brasil Ecodiesel.  It will make fuel sales
steadier.

A stricter deal with Petroleo Brasileiro will help Brasil
Ecodiesel report better operational results, BNamericas states,
citing Ativa Corretora.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: State Firm Discussing Exploration with KaxMunayGas
------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA's head
Jose Sergio Gabrielli said in a statement that he will discuss
exploration and production technology and biofuels with
Kazakhstan's national oil company KazMunayGas president Uzakbay
Karabalin.

Business News Americas relates that Mr. Gabrielli's meeting with
Mr. Karabalin is part of the official visit of Kazakhstan's
presidential entourage in Brazil.

Kazakhstan expressed interest in using ethanol as fuel.  It ,
produces over one million barrels per day of oil, BNamericas
states.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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




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


ANTHRACITE BALANCED (R-6): Final Shareholders Meeting Today
-----------------------------------------------------------
Anthracite Balanced Company (R-6) Ltd. will hold its final
shareholders meeting on Oct. 3, 2007, at 10:00 a.m., at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


ANTHRACITE BALANCED (R-2): Final Shareholders Meeting Today
-----------------------------------------------------------
Anthracite Balanced Company (R-2) Ltd. will hold its final
shareholders meeting on Oct. 3, 2007, at 10:00 a.m., at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


BRAZILIAN EQUITY: Sets Final Shareholders Meeting for Nov. 29
-------------------------------------------------------------
Brazilian Equity Investments III Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


CABLE & WIRELESS: Launches New Billing Software in Caribbean
------------------------------------------------------------
Cable & Wireless has installed Comverse's Real-Time Billing
Solution to support its mobile subscribers in 13 Caribbean
islands, Cellular-News reports, citing Comverse.

Cable & Wireless Americas & Caribbean Chief Commercial Officer
Paul Hamburger told Cellular-News, "Comverse Billing has meant
great things for our mobile customers.  This includes improved
general service reliability, which is our paramount concern. It
has also enabled us to offer innovative services we know our
customers want, from easy international roaming, to real-time
rewards for usage and flexible billing programs that give
customers optimal value together with controlled spending."

                  About Comverse Technology

Comverse Technology, Inc. (CTI) designs, develops, manufactures,
markets and supports software, systems and related services for
multimedia communication and information processing
applications.  CTI's products are used in a range of
applications by wireless and wireline telecommunications network
operators and service providers, call centers, and other
government, public and commercial organizations worldwide.
CTI's subsidiary Comverse, Inc. (Comverse) provides
telecommunications software, systems and related services to
telecommunications service providers that enable voice and data
value-added services and real-time billing of communication
services.  Through its subsidiary, Verint Systems Inc., it
provides analytic software-based solutions for communications
interception, networked video security and business
intelligence.  Through its subsidiary Ulticom, Inc., service
enabling signaling software for wireline, wireless and Internet
communications are provided.

                   About Cable & Wireless

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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


DFSCSA LTD: Proofs of Claim Filing Ends Today
---------------------------------------------
DFSCSA Ltd.'s creditors are given until Oct. 3, 2007, to prove
their claims to Piccadilly Cayman Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

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

The liquidator can be reached at:

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


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

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


HEDGEFORUM BASSWOOD: Sets Final Shareholders Meeting for Nov. 29
----------------------------------------------------------------
Hedgeforum Basswood Opportunity Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


HEDGEFORUM PAULSON: Sets Final Shareholders Meeting for Nov. 29
---------------------------------------------------------------
Hedgeforum Paulson Advantage Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


HEDGEFORUM VEGA: Will Hold Final Shareholders Meeting on Nov. 29
----------------------------------------------------------------
Hedgeforum Vega Select Ltd. will hold its final shareholders
meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


J-CASHING CORP: Will Hold Final Shareholders Meeting on Nov. 29
---------------------------------------------------------------
J-Cashing Corporation will hold its final shareholders meeting
on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Giles Kerley
         Maples Finance Limited
         P.O. Box 1093
         George Town, Grand Cayman
         Cayman Islands


MIZUHO PREFERRED: Sets Final Shareholders Meeting for Nov. 29
-------------------------------------------------------------
Mizuho Preferred Capital (Cayman) 2 Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


OFFCO LIMITED: Will Hold Final Shareholders Meeting on Nov. 29
--------------------------------------------------------------
Offco Ltd. will hold its final shareholders meeting on
Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


PGI MIDAS: Sets Final Shareholders Meeting for Nov. 29
------------------------------------------------------
PGI Midas (Cayman) Ltd. will hold its final shareholders meeting
on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


PREFERRED CPO: Will Hold Final Shareholders Meeting on Nov. 29
--------------------------------------------------------------
Preferred CPO (Income Notes) Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


PREFERRED TERM: Sets Final Shareholders Meeting for Nov. 29
-----------------------------------------------------------
Preferred Term Securities III Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


PRETSL VII: Will Hold Final Shareholders Meeting on Nov. 29
-----------------------------------------------------------
Pretsl VII Combination Ltd. will hold its final shareholders
meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


PRINCIPAL PROTECTED (III): Final Shareholders Meeting ON Nov. 29
----------------------------------------------------------------
Principal Protected Pretsl III Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


PRINCIPAL PROTECTED (IV): Final Shareholders Meeting on Nov. 29
---------------------------------------------------------------
Principal Protected Pretsl IV 25 Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


PRINCIPAL PROTECTED (V): Final Shareholders Meeting on Nov. 29
--------------------------------------------------------------
Principal Protected Pretsl V Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


PRINCIPAL PROTECTED (VII): Final Shareholders Meeting on Nov. 29
----------------------------------------------------------------
Principal Protected Pretsl VII Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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


SILVER LUX: Will Hold Final Shareholders Meeting on Nov. 29
-----------------------------------------------------------
Silver Lux Inc. will hold its final shareholders meeting on
Nov. 29, 2007, at:

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

These agendas will be taken during the meeting:

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

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

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

The liquidator can be reached at:

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




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


BCBG MAX: Founder Considering IPO or Partial Sale
-------------------------------------------------
BCBG Max Azria Group Inc.'s founder, Max Azria, is considering
an initial public offering or a partial sale of the company to a
private equity firm to pool funds for expansion, Suzanne Kapner
writes for Fortune Magazine.

BCBG, according to the report, has signed an employment
agreement in principle with Efthimios Sotos, former chief
financial officer of the Jones Apparel Group, who will help
close a better deal for BCBG.

Both Messrs. Azria and Sotos were not available to comment on
the matter, Ms. Kapner relates.

                         About BCBG

Headquartered in Vernon, California, BCBG Max Azria Group, Inc.
-- http://www.bcbg.com/-- is an apparel retailer and
wholesaler.  It operates over 530 retail stores, 57 factory
stores, and 102 partnership shops in the United States primarily
under the BCBG and Max Rave nameplates.  In addition, it
distributes to over 400 wholesale doors under the BCBGMaxAzria,
TO THE MAX, Maxime, dorothee bis, Herve Leger, BCBGirls,
Parallel, and maxandcleo brand names.  Revenues for the LTM
period ended Sept. 30, 2006 were approximately US$645 million.

The company has international offices in Chile, Japan, Canada,
France and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 18, 2007, Moody's Investors Service downgraded the
corporate family rating of BCBG Maz Azria Group Inc. to B3 from
B1 and assigned a negative outlook.


HILTON HOTELS: Gets Consents for 7.430% Chilean Notes Due 2009
--------------------------------------------------------------
Hilton Hotels Corporation has received the requisite consents to
adopt all of the proposed amendments to the Indenture and the
related Officers' Certificates with respect to its outstanding
7.430% Chilean Inflation-Indexed (UF) Notes due 2009 and the CLP
Notes themselves pursuant to Hilton's previously announced
tender offers and consent solicitations for the CLP Notes and
for its 8.000% Quarterly Interest Bonds due 2031 and its 7.625%
Notes due 2008, 7.200% Notes due 2009, 8.250% Notes due 2011,
7.625% Notes due 2012 and 7.500% Notes due 2017.  On
Sept. 25, 2007, Hilton announced that it had received the
requisite consents with respect to all of the Securities other
than the CLP Notes and the Bonds.  Accordingly, as a result of
the receipt of the requisite consents with respect to the CLP
Notes, Hilton has now received the requisite consents in respect
of each series of Securities other than the Bonds.

Hilton also indicated that it is likely that the Bonds will be
called for redemption at US$25 per US$25 principal amount of
Bonds, plus accrued and unpaid interest, concurrent with the
completion of the Merger in the event that the requisite
consents are not obtained with respect to the Bonds.

Hilton's tender offers and consent solicitations for the
Securities are being made pursuant to the terms of Hilton's
Offer to Purchase and Consent Solicitation Statement dated
Sept. 12, 2007, and the related Consent and Letter of
Transmittal, as previously amended and as amended hereby.  The
tender offers and consent solicitations are being conducted in
connection with the previously announced merger agreement that
provides for the acquisition of Hilton by BH Hotels LLC, an
entity controlled by investment funds affiliated with The
Blackstone Group L.P.  The completion of the Merger is a
condition to the completion of the tender offers and consent
solicitations.  However, the completion of the tender offers and
consent solicitations is not a condition to completion of the
Merger.

It is expected that the Second Supplemental Indenture effecting
the Proposed Amendments with respect to the CLP Notes will be
executed promptly.  Hilton and the trustee under the indenture
previously entered into a supplemental indenture with respect to
the Proposed Amendments as they relate to Notes.  The Proposed
Amendments with respect to all of the Notes and the CLP Notes
will become operative immediately prior to the acceptance for
payment of such Securities pursuant to the tender offers
therefor.

Hilton also announced that it has extended the consent payment
deadline applicable to the Bonds.  Holders who wish to receive
the applicable total consideration for their Bonds must validly
tender and not validly withdraw their securities at or prior to
5:00 p.m., New York City time, on Oct. 9, 2007, unless extended
or earlier terminated.  Bonds tendered may be withdrawn at any
time prior to the Amended Consent Payment Deadline, but not
thereafter.

Except as described in this press release, the other terms of
the tender offers and consent solicitations for the Securities
as set forth in the Offer to Purchase and the Letter of
Transmittal, as previously amended, remain unchanged.  The
consent payment deadline applicable to the Consented Securities
has now passed and withdrawal rights with respect to such
Consented Securities have terminated.

Holders of the Consented Securities who have not already
tendered their Consented Securities may do so at any time at or
prior to the Offer Expiration Date, but such holders will only
be eligible to receive the applicable tender offer
consideration, which is an amount, paid in cash, equal to the
applicable total consideration less the applicable consent
payment, for their Consented Securities.

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

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

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

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

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

                        *     *     *

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

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

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


SHAW GROUP: Posts US$62 Million Net Loss in Qtr. Ended Feb. 28
--------------------------------------------------------------
The Shaw Group Inc. filed Sept. 28 its financial results for the
quarter ended Feb. 28, 2007, with the U.S. Securities and
Exchange Commission.

The company reported a US$62.5 million net loss on US$1.2
billion revenues for the quarter ended Feb. 28, 2007, compared
with a US$21.8 million net income on US$1.2 billion revenues for
the same quarter of 2006.

The company recognized an operating loss of US$41.5 million and
a net loss of US$62.6 million for the three months ended
Feb. 28, 2007.

In addition to the company's operating loss, Shaw's net income
also includes:

   * a US$44.5 million (US$26.7 million net of taxes) impairment
     of military housing privatization entities; and

   * a US$13.1 million (including tax expense of US$8.6 million)
     net income by our Investment in Westinghouse segment.

At Feb. 28, 2007, the company's balance sheet total assets of
US$3.5 billion and total liabilities of US$2.3 billion,
resulting in a US$1.2 billion stockholders' equity.

As of Feb. 28, 2007, and Aug. 31, 2006, the company had
restricted and escrowed cash of US$39.2 million and US$43.4
million, respectively, which consisted of:

   * US$30.3 million and US$40.2 million, respectively, in
     connection with a power project with which the company has
     joint authority with another party to the contract.  The
     project was substantially completed in 2006.  The company
     has reached tentative settlements on claims and disputed
     amounts with the owner and major subcontractors;

   * US$1.1 million in each period related to deposits
     designated to fund remediation costs associated with a sold
     property; and

   * The remaining US$7.8 million as of Feb. 28, 2007 and
     US$2.1 million as of Aug. 31, 2006 is related to escrow
     amounts contractually required by various other projects.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?23d6

                      About Shaw Group

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

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

                        *     *     *

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

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




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


KNOLL INC: Completes Acquisition of Edelman Leather
----------------------------------------------------
Knoll Inc. has completed the previously announced purchase of
Teddy and Arthur Edelman, Limited, purveyors of fine leathers to
the residential, hospitality, aviation and contract office
furniture markets.

Andrew B. Cogan, Knoll Chief Executive Officer, reiterated, "The
strategic acquisition of Edelman is consistent with our strategy
of building sales in our high design, high margin specialty
businesses, which appeal to both business buyers and consumers
worldwide.  Edelman's reputation in the design community for
unique leathers and its showroom network as well as its storied
history is highly complementary in terms of culture, customers,
markets and products."

Edelman Leather will continue to operate as an independent
company and will maintain its own headquarters and distribution
center in New Milford, Connecticut.  John Edelman will continue
to serve as President of Edelman Leather; John McPhee will
continue in his role as Edelman Leather's Chief Operating
Officer.  The business will operate under the name Edelman
Leather, LLC.

                      About Knoll Inc.

Headquartered in East Greenville, Pennsylvania, Knoll Inc.
(NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures
branded office furniture products and textiles, serves clients
worldwide.  It distributes its products through a network of
more than 300 dealerships and 100 showrooms and regional
offices.  The company has locations in Argentina, Australia,
Bahamas, Cayman Islands, China, Colombia, Denmark, Finland,
Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
Philippines, Poland, Portugal and Singapore, among others.

                        *     *     *

Knoll Inc. carries Moody's Investors Service's B1 Corporate
Family Rating and the company's US$200 million senior secured
revolver and US$250 million senior secured term loan carry
Moody's Ba2.  Moody's assigned an LGD2 rating to both loans,
suggesting note holders will experience a 27% loss in the event
of a default.


QUEBECOR WORLD: Inks Amended US$750 Million Bank Credit Facility
----------------------------------------------------------------
Quebecor World Inc. has agreed to new terms in its syndicated
bank credit facility.  The amendment includes modification of
the terms to provide financial flexibility through to maturity
of the agreement in January 2009.

As part of the new agreement, the company:

   -- has agreed to a US$750 million facility, of which a
      portion will be secured by a lien on assets;

   -- has committed to reduce the facility to US$500 million by
      July 1, 2008; and

   -- has agreed to certain restrictions on the use of proceeds
      and terms of repayment.

Quebecor World believes the modified credit facility, combined
with other financing initiatives currently underway, should
provide the company with the required liquidity to execute its
business plan.

                     About Quebecor World

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has about 29,000 employees working in more than 120
printing and related facilities in the U.S., Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the U.K.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating to 'B' from 'B+' ratings on
Quebecor World Inc.

Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


QUEBECOR WORLD: Unit Calls for Redemption of US$370-Mil. Notes
--------------------------------------------------------------
Quebecor World Capital Corporation, a wholly owned subsidiary of
Quebecor World Inc., calls for redemption of approximately
US$370 million of:

   -- all of its outstanding 8.42% Senior Notes, Series A, due
      July 15, 2010;

   -- 8.52% Senior Notes, Series B, due July 15, 2012;

   -- 8.54% Senior Notes, Series C, due Sept. 15, 2015; and

   -- 8.69% Senior Notes, Series D, due Sept. 15, 2020.

The redemption price includes 100% of the outstanding principal
amount of the Notes, plus the accrued and unpaid interest on the
Notes to the Redemption Date plus the applicable Make-Whole
Amount determined for the Redemption Date with respect to the
outstanding principal amount of the Notes.  The redemption will
take place on Oct. 29, 2007.

Quebecor World Capital Corporation is giving written notice of
the redemption to all Noteholders in whose name the Notes are
registered.

                     About Quebecor World

Headquartered in Montreal, Quebec, Quebecor World Inc. (TSX:
IQW) (NYSE: IQW) -- http://www.quebecorworld.com/-- provides
print solutions to publishers, retailers, catalogers and other
businesses with marketing and advertising activities.  Quebecor
World has about 29,000 employees working in more than 120
printing and related facilities in the U.S., Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the U.K.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating to 'B' from 'B+' ratings on
Quebecor World Inc.

Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.


* COLOMBIA: Selling 12.37% Stake in Banco Popular for COP91.4B
--------------------------------------------------------------
The Colombian government would sell its 12.37% stake in Banco
Popular in next year's first quarter, Business News Americas
reports, citing a finance ministry spokesperson.

The spokesperson told BNamericas that the government will sell
its 955,565,241 shares for a book value of COP91.4 billion.

BNamericas relates that the government hired local investment
banking firm Agora Corporate Consultants, which launched the due
diligence process on Banco Popular in August 2007.  Agora
Corporate will decide the terms of the sale as well as the final
price.

The spokesperson told BNamericas that Agora Corporate will
present its final report before Colombia's council of ministers
by November 2007.  It will then launch the tender process.

BNamericas notes that Colombian regulations call for the first
round of the bid to be open exclusively to:

          -- workers,
          -- pension funds,
          -- unions, and
          -- cooperatives.

The stake sale is part of a series of privatizations the
government has carried out, BNamericas states.

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




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


SPECTRUM BRANDS: Fitch Puts B/RR1 Rating on US$225-Mln Sr. Loan
---------------------------------------------------------------
Fitch Ratings has assigned a 'B/RR1' rating to Spectrum Brand's
new four-year, US$225 million senior secured asset-backed loan
facility priced at LIBOR +225 basis points.  The new facility
will replace the US$200 million LIBOR Term Loan B II that is
encompassed within the US$1.6 billion six-year Credit Agreement.
Specifically, the Term Loan B II facility will be repaid with
cash on hand reducing the company's total outstanding debt and
interest spread on the replacement by 175 basis points.  The
asset-backed loan, which can be increased to US$300 million, is
secured primarily by inventory and receivables and will be used
to fund working capital requirements.  Liens on the collateral
under the asset-backed loan will be senior in priority to liens
under the existing credit agreement.  Unused availability shall
be no less than US$25 million.

Fitch has also affirmed these ratings:

-- Issuer Default Rating at 'CCC';
-- US$1 billion term loan B at 'B/RR1';
-- EUR350 million term loan at 'B/RR1';
-- US$700 million 7.4% senior subordinated notes at 'CCC-/RR5';
-- US$2.9 million 8.5% senior subordinated notes at 'CCC-/RR5';
-- US$347 million 11.25% variable rate toggle senior
    subordinated notes at 'CCC-/RR5'.

The Rating Outlook is Negative.

The ratings reflect Spectrum's high leverage (Debt/EBITDA) of
11.7 times, weak operating performance, and low EBITDA interest
coverage of 1.2 for the last twelve months ending July 1, 2007.
Fitch recognizes that the metrics suffer from Home & Garden
being listed as a discontinued operation as that segment's
EBITDA is removed.  Management expects that Home & Garden will
generate US$50 million in EBITDA for 2007.  Pro-forma for this
amount, leverage remains high at around 10.  Spectrum has
approximately US$2.5 billion in annual revenues with no organic
growth since fiscal 2004, declining EBITDA, and US$2.6 billion
in debt derived mainly from three major acquisitions since 2003.
The acquisitions were made to lessen its dependence on
batteries.

The negative outlook encompasses not only the deterioration in
financial and credit protection measures, but also the fact that
the business profile of the company is uncertain.  The company
is focused on asset sales and debt reduction with a public goal
of leverage under 6.  To that end, Spectrum has two major
segments up for sale.  One of the segments is the previously
mentioned Home & Garden business which generated approximately
US$658 million in net sales and US$75 million of adjusted EBITDA
during the fiscal year ended Sept. 30, 2006.  In August 2007,
management announced that another segment is up for sale with
the goal to complete a transaction by the end of 2007.  It would
appear that if management meets its goal to sell either of these
two major assets, deliberate and positive strides could be made
to de-lever the business.

An additional concern however, is the potential for a poor
holiday season combined with the seasonal build-up of working
capital in the Home & Garden segment.  Barring major asset
sales, liquidity could be inadequate for the seasonal peak in
the February-April 2008 timeframe. Historically, poor
performance and the need for external sources of funds can be
seen in the negative trend in cash flow.  Free cash flow
(defined as cash flow from operations less capital expenditures
and dividends) last peaked at US$163 million in the fiscal year
ended Sept. 30, 2005, before declining to US$68 million in 2006.
Including the net cash used by discontinued operations, for the
last twelve months ended July 1, 2007 free cash flow was a
negative US$141 million.  The shortfall was funded by additional
debt.

While the next six months will be closely monitored, it is noted
that the new asset-backed loan facility provides a level of
financial flexibility.  Additionally, on Sept. 28, 2007 the
company announced that it had signed a definitive agreement to
sell the Canadian division of its Home & Garden business
segment.  The sale is expected to close by Oct. 31, 2007, and
the proceeds will be used to reduce debt.  This segment had
revenues of US$100 million but was not a profit contributor.
Most importantly from a liquidity standpoint, the sale of this
division will reduce peak 2008 borrowing needs by approximately
US$45 million.  The asset-backed loan, reduced working capital
needs from the Canadian division sales, and the fact that
management has done a good job in reducing the company's cost
base provides a level of comfort in the short term.

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.




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


DEL MONTE: Moody's Affirms Corporate Family Rating at Ba3
---------------------------------------------------------
Moody's Investors Service affirmed Del Monte Foods Company's Ba3
corporate family rating, Ba3 probability of default rating and
speculative grade liquidity rating of SGL-2, following the
company's announcement that its board had authorized the
repurchase of up to US$200 million of the company's stock over
the next 36 months.

"The affirmation was based on Moody's expectation that share
repurchases, if any, will not require material debt funding
given Del Monte's cash generation ability," said Elaine
Francolino, vice president-senior credit officer.  Moody's also
assumes that any share repurchases will not be done on an
accelerated basis.  The rating outlook remains stable.

Ratings affirmed:

   -- Corporate family rating at Ba3

   -- Probability of default rating at Ba3

   -- Senior secured revolving credit agreement, Term Loan A
      and Term Loan B at Ba2 (LGD3,33%)

   -- US$250 million 6.75% senior subordinated notes due 2015
      and US$450 million 8.625% senior subordinated notes due
      2012 at B2 (LGD5,84%)

   -- Speculative grade liquidity rating at SGL-2

Del Monte's Ba3 corporate family rating and Ba3 probability of
default rating incorporate several elements of the company's
overall business profile that are strong -- such as its market
shares, brand portfolio, and profit margin -- and consistent
with a low investment grade rating.  However, these elements are
more than offset by debt protection measures which generally
score in the B category and an increasingly aggressive financial
policy that is assessed at Ba.

The company's speculative grade liquidity rating of SGL-2 (good
liquidity) reflects the expectation that Del Monte will generate
relatively stable cash flow despite raw materials cost
pressures.  Moody's anticipates that the company's free cash
flow will fund its working capital, capital expenditures,
shareholder enhancement and scheduled debt payments over the
next 12 months.  However, the company may have to draw on its
revolving credit facility to cover seasonal working capital
swings on an interim basis during the May to October period when
inventory production typically peaks.

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.




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


SPECTRUM BRANDS: Closes US$225-Million Revolving Credit Facility
----------------------------------------------------------------
Spectrum Brands, Inc. has successfully closed a US$225 million
asset-based revolving credit facility with Goldman Sachs Credit
Partners L.P. and Wachovia Bank, National Association.  This
revolving credit facility, un-drawn at closing, is available to
finance seasonal working capital and other general corporate
needs.  Borrowings against the facility will bear an interest
rate of 225 basis points over LIBOR or 125 basis points over the
Base Rate as defined in the company's Senior Secured Credit
Facility.

Concurrently, the company used US$200 million in cash on hand to
pay down the US$200 million Dollar Term B II Facility under its
Senior Secured Credit Facility.

                    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.




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


AXTEL SAB: Effective Date for Stock Split Is Oct. 8
---------------------------------------------------
Axtel S.A.B. de C.V. has announced that with the intention of
increasing the stock's liquidity by establishing a share price
more appropriate to the Mexican stock market, and as disclosed
on Sept. 4, 2007, the company will distribute three new shares
in exchange for each of its existing shares, effective
Oct. 8, 2007.

Accordingly, additional Ordinary Participation Certificates, or
CPOs, and American Depositary Shares, or ADSs, will be issued to
represent the increase in the respective underlying securities.
As of the effective date, investors will own three CPOs for each
CPO they currently own and ADS holders will also own three ADSs
for each ADS they currently possess.

CPO and ADS holders are not required to take any action as the
exchange and cancellation of shares, distribution of additional
CPO's and receipts representing ADSs will be carried out via the
respective depositary institutions.

Effective Oct. 8, 2007, the company's outstanding capital stock
will consist of 96,636,627 Series A shares and 8,672,716,596
outstanding Series B shares.   Each CPO will continue to
represent a financial interest in seven Series B shares and each
ADS will continue representing seven CPOs.

Axtel, listed on the Mexican Stock Exchange since December 2005,
reported MXN5,943 million in revenue during the first six months
of 2007, and 844,000 lines in service as of June 30, 2007.

Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. was
formerly known as Axtel SA DE CV.  The company's principal
activity is providing local and long-distance domestic and
international telephony, data and Internet services, virtual
private networks and value added services. Services include
different access technologies such as fixed wireless telephony,
point-to-point and point-to-multi point radio links, and copper
and fiber optic connections.  Basic services are divided into 5
categories such as voice, conference call, data, Internet and
bundles.  It offers basic telecommunications infrastructure in
Mexico through an intelligent network that provides extensive
coverage to all markets.  It currently operates in Mexico City,
Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San
Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana,
La Laguna, Veracruz and Chihuahua.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Standard & Poor's ratings services said that it
revised its outlook on Axtel S.A.B. de C.V. to stable from
negative.  At the same time, affirmed 'BB-' corporate credit and
senior unsecured debt ratings on Axtel and its notes due 2013
and 2017.


BENQ CORP: Mobile Unit's Employees to Get EU Financial Aid
----------------------------------------------------------
The European Commission has approved BenQ Mobile GmbH & Co.'s
application for assistance under the European Globalisation
Adjustment Fund, subject to the European Parliament and the
Council's decision.

The Commission has approved the application along with that of
Finnish mobile phone manufacturer Perlos Corporation.

Employment, Social Affairs and Equal Opportunities Commissioner
Vladimir Spidla said, "I am happy to put these applications
forward because they will help over 4,000 redundant workers back
into employment.  The EGF is being used as it was designed to --
to respond to the impact of structural change on dynamic global
markets."

Both applications are made against a general trend towards
delocalizing production for mobile phones and accessories,
mostly to Asia.  This is not only because it is cheaper to make
mobile phones there, but also because of the proximity of
technology partners and a fast-growing consumer market.

The BenQ application concerns two German plants of the Taiwanese
mobile phone manufacturer BenQ.  In December 2006, BenQ withdrew
financial support from the two subsidiary companies, resulting
in about 3,300 workers being made redundant in three production
sites in Munich, Kamp-Lintfort and Bocholt.  The contribution
requested from the EGF in the BenQ application is EUR12.8
million.

The Perlos application relates to redundancies in two Finnish
production plants of Perlos, a manufacturer of mobile phone
accessories.  In this case, some 1,000 redundancies were caused
by the decision to discontinue production activities in Finland
and to close down two Perlos factories located in Joensuu and
Kontiolahti, in the Northern Karelia region, by September 2007.
The contribution requested from the EGF in the Perlos
application is EUR2 million.

The EGF may give a financial contribution in cases where more
than 1,000 workers in an enterprise or a regional sector are
made redundant due to major structural changes in world trade
patterns leading to substantially increased imports into the EU
or a rapid decline in EU market shares.

The EGF was established by the European Parliament and the
Council at the end of 2006 to provide help for people who have
lost their jobs due to the impact of globalisation. Commission
President Jos‚ Manuel Barroso proposed the idea in 2005 to
create an instrument of solidarity to help workers affected by
redundancies resulting from changes in world trade patterns find
their way back into work.

The first two EGF applications concern the French car sector and
relate to suppliers of Peugeot-Citroen and Renault,
respectively.  The Commission is also currently examining
applications for EGF assistance from the Italian and Maltese
governments.  In total, there are now eight formal applications
for assistance from the EGF.

                        About Perlos

Headquartered in Helsinki, Finland, Perlos Corporation is a
worldwide product design and manufacturing partner for the
telecommunications and electronics industries.  It operates in
more than ten countries in Asia, Europe and the Americas.

                         About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.  The firm has
operations in Mexico.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter-Asia Pacific reported on
Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CINRAM INT'L: Subsidiary Acquires Vision Worldwide Management
-------------------------------------------------------------
Cinram International Income Fund's indirect, wholly-owned
subsidiary, Cinram International Inc., has acquired
substantially all of the assets of Vision Worldwide Management,
LLC, a provider of outsourced Vendor Management Inventory (VMI)
services to the home entertainment industry.

"VMI and category management services are mission critical
elements of today's supply chain environment," said Cinram chief
executive officer Dave Rubenstein.  "Vision's solutions
represent a great fit with Cinram's logistic platform.  By
leveraging the systems and applications that Vision has
developed over the last decade, we will be able to deepen our
customer relationships and widen the breadth of our supply chain
offering to garner new business in the telecommunications, video
games and home entertainment industries."

Vision Worldwide Management, LLC is a privately-held company
based in Detroit, Michigan, with offices in Europe and
affiliated operations in Australia.  Under the terms of the
agreement, Cinram, through its operating subsidiaries, will
acquire Vision Worldwide's North American and European assets,
including its proprietary VMI systems and its existing contracts
for US$10 million in cash consideration.

Vision's solutions streamline processes by integrating point-of-
sale collection and processing procedures with a full array of
Electronic Data Interchange management services, which allows
customers to derive perpetual inventory levels, model stocking,
replenishment, store and product performance reporting as well
as other available analytical information and trending. Their
category management solutions encompass category-wide
forecasting, product mix analysis and recommendation,
replenishment, returns and all levels of vendor and/or product
performance reporting.  Vision also offers demand planning
software and detailed retail database management, including
store inventory and shipment history.

"Vision's team brings together a unique mix of information
technology, product distribution, retail operations, and
merchandising expertise which has been the cornerstone of its
success in the past, and which we expect will be an integral
part of Cinram's success going forward," concluded Mr.
Rubenstein.

                  About Cinram International

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world.  The company has sales offices in Mexico.

                        *     *     *

Cintram International Income Fund carries Moody's B1 long-term
corporate family and bank loan debt rating.  Moody's said the
ratings outlook is stable.


DURA AUTOMOTIVE: Amends Plan to Tweak Terms of Rights Offering
--------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor-affiliates amended
their Joint Plan of Reorganization and accompanying disclosure
statement to:

    (i) address Pacificor LLC's requirement that Dura become a
        privately held company once it exits Chapter 11 and

   (ii) provide additional information and update parties-in-
        interest on company developments since filing their
        original plan on Aug. 22, 2007.

Pacificor, as backstop party, is entitled to buy unsold of
shares of the 39.3% to 42.6% of shares in Reorganized Dura to be
issued in a rights offering available to holders of 8.625%
senior unsecured notes due April 2012, which rights offering is
expected to raise US$140,000,000 to US$160,000,000.  As a
substantial holder of the senior notes, Pacificor will get a
share of the 57.4% to 60.7% of the reorganized company allotted
to that class of debt under the proposed reorganization plan.

The Associated Press says that Pacificor hasn't explained why it
wants Dura to be private held.  Private-equity investors,
however, according to AP, prefer to take positions in companies
that are outside the purview of securities regulators.

The amendment to the Amended Backstop Rights Purchase Agreement
dated as of August 13, 2007, between Dura and Pacificor, and the
Amended Plan, submitted to the Court on September 28, 2007,
specifically provide that the Reorganized Debtors will be a
private company not required to register the new common stock
under Section 12 of the Securities Exchange Act of 1934.  If the
proposal is approved by the Court at the hearing scheduled for
Oct. 3, 2007, Dura will not be required to issue public
financial statements once it's out of bankruptcy.

Dura has warned that if the changes are not approved, it would
unlikely be able to find and negotiate an alternative backstop
or other transaction in sufficient time to permit it to exit
Chapter 11 prior to Dec. 31, 2007, when the US$185,000,000
debtor-in-possession term-loan facility and the US$115,000,000
revolving credit facility arranged by Goldman Sachs Capital
Partners L.P., and General Electric Capital Corporation are set
to expire.

Companies are generally exempt from U.S. Securities and Exchange
Commission rules if they have fewer than 300 shareholders.  In
that light, Dura grouped into to subclasses senior notes claims
aggregating US$418,700,000, which holders are expected to
recover 55 cents on the dollar on their claims:

   (i) Holders of claims for US$75,000 or less in Senior Notes
       principal amount -- Class 3B Senior Notes Claims -- will
       receive the cash equivalent to its pro rata share of the
       distribution of the new stock, the price of which is set
       at US$10 a share; and

  (ii) Holders of claims that exceed US$75,000 in Senior Notes
       principal amount -- Class 3A senior Notes Claims -- will
       receive its pro rata distribution of the new stock and
       will have the option to purchase shares in the rights
       offering.  These holders were previously allowed to
       purchase shares under the Original Plan

The Plan and the Backstop Deal have contemplated that holders of
the 9% subordinated notes due 2009, which are owed in excess of
US$535,600,000, holders of US$56,907,500 aggregate principal
amount of its 7 1/2% Convertible Subordinated Debentures due
March 31, 2028, and holders of the existing common stock of Dura
will receive zero recovery on their claims and interests, and
will not be entitled to participate in the rights offering.

The absolute priority rule under 11 U.S.C. Sec.
1129(b)(2)(B)(ii) provides that holders of claims that are
junior in rank to a certain class of claims will receive take
nothing under a Chapter 11 plan unless the claimants in the
senior class are paid in full.  The 9% Noteholders and holders
of other debentures subordinated by the 8-5/8% Notes, led by
U.S. Bank Trust National Association, and HSBC Bank USA,
National Association, have vigorously opposed the Backstop Deal,
which terms were incorporated in the Reorganization Plan.  The
9% Noteholders, however, failed to obtained support from the
Bankruptcy Court and have appealed the Bankruptcy Court Judge
Kevin J. Carey's order approving the Original Backstop Deal
before the U.S. District Court for the District of Delaware.

                     Recent Developments

The Amended Plan and the August 13 Backstop Deal have gained
support from the Official Committee of Unsecured Creditors in
Dura's case.  The Creditors Committee's support is conditioned,
among other things, to the reimbursement of the reasonable fees
and expenses of U.S. Bank Trust National Association, the
trustee under the Subordinated Notes, and The First National
Bank of Chicago, the trustee under the Subordinated Indentures.
The disclosure statement detailing the terms of the Amended Plan
did not, however, state whether the trustees are supporting the
Plan.

As part of their postpetition business plan and operational
restructuring efforts, the Debtors announced that they will exit
certain unprofitable business lines:

   (i) On Sept. 23, 2007, the Debtors signed an asset purchase
       agreement with Advanced Closure Systems, LLC, to sell
       their hinges and latches business for US$3,500,000,
       subject to higher or better offers.  As part of the sale
       process, ACS negotiated and successfully resolved a
       collective bargaining agreement with the hinges and
       latches business' unionized work force.  Additionally,
       ACS has agreed to assume the majority of the pension
       obligation related to the business.

  (ii) On August 27, the Debtors closed the sale of Atwood
       Mobile Products, Inc.'s assets to Atwood Acquisition Co.,
       LLC, for US$160,200,000 aggregate cash consideration.
       The proceeds of the sale were used to pay down a portion
       of the funds owed under the DIP Term Loan and the DIP
       Revolver.  As of Aug. 31, 2007, the outstanding balance
       of the DIP Term Loan was US$104,200,000, and there were
       no borrowings outstanding under the DIP Revolver.

(iii) The Debtors plan to cease all operations in all three
       facilities in Canada by Dec. 31, 2007:

        -- The Debtors intend to cease their seat-adjuster
           business located in Bracebridge, Ontario, by October
           and completely close the facility by December 31.
           Manufacturing operations are being relocated to the
           Debtors' facilities in Gordonsville, Tennessee, and
           Stockton, Illinois;

        -- The Debtors closed their Brantford, Ontario facility
           on May 31.  The operations previously located at
           Brantford were relocated to other plants in order to
           facilitate better customer service, lower freight
           costs and improve plant capacity utilization.  The
           Debtors have contracted to sell the Brantford
           facility real estate and improvements to Mareddy
           Corporation for CN$1,050,000, subject to seller
           financing of CN$800,000 for a period of six months;
           and

        -- The Debtors are in the process of winding up the
           Stratford, Ontario facility, which together with the
           Brantford facility, was operated by their North
           American Shifter Systems and Cables sub-division, and
           are soliciting purchasers for the real estate and
           improvements.  The Debtors' efforts to sell the
           Stratford facility remain unsuccessful.

               Disclosure Statement Hearing

The Debtors need to obtain the Court's approval of the
Disclosure Statement explaining the terms of their Chapter 11
Plan before they could begin soliciting votes for their Plan and
proceed with the rights offering.

The Debtors' representative will present at the hearing
scheduled on Oct. 3, 2007, at 2:00 p.m. that the Disclosure
Statement contains "adequate information" necessary for holders
of eligible decision about whether to vote to accept or reject
the Plan, as required by Section 1125(b) of the Bankruptcy Code.

                    About DURA Automotive

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

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

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

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.   (Dura Automotive Bankruptcy News, Issue No. 31
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


EMPRESAS ICA: Inks US$25-Million Contract with Hogalia Panama
-------------------------------------------------------------
Empresas ICA, S.A.B. de C.V. has signed a US$25 million contract
with Hogalia Panama Co. Inc., the Panamanian subsidiary of
Spanish developer Grupo Mall, for the construction of the
foundations for the Faros de Panama mixed-use complex. With 84
stories and a height of 346 meters (1,135 feet), it will be the
tallest building in Latin America.

The fixed price contract for the construction of the foundations
will be executed over six months.  The foundations will have a
depth of up to seven meters, and will require 6,900 tons of
reinforced steel and 71,000 cubic meters of concrete,
circumscribed by screen-type walls.  The foundations will
support a 84 story, 346m central tower with apartments and a
five-star hotel, and two 73 story, 290m apartment towers.  The
500,000 square meter complex will also include a casino,
shopping mall, parking, and other facilities.  Grupo Mall will
use the latest bioclimatic technology in the development of this
residential complex, with an emphasis on the design and
application of sustainable energy technologies, using local
materials, and adapting to the climate and reducing the
building's environmental impact.

Jorge Aguirre Quintana, ICA's Vice President for civil
construction, noted, "We are very proud to participate with
Group Mall in the construction of this landmark project.  I am
confident that ICA's experience in urban construction and
specialized foundation works will contribute to the success of
this project."

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

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

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


GRUPO KUO: Fitch Rates US$200 Million Senior Notes at BB-
---------------------------------------------------------
Fitch rates Grupo KUO, S.A.B. de C.V.'s, formerly DESC, S.A.B.
de C.V., proposed US$200 million senior notes due 2017
'BB-/RR3'.  The Recovery Rating 'RR3' incorporates the
expectation of an above average recovery in the event of
default.  Proceeds from the proposed issue would be used to
refinance existing indebtedness.

Fitch also maintains these ratings for KUO:

-- International scale local and foreign currency Issuer
    Default Rating, 'B+';

-- International scale IFC B Loan Participations, 'BB-/RR3';

-- National scale senior unsecured rating, 'BBB(mex)';

-- National scale partial guaranteed Certificados Bursatiles
    due 2010, 'AA(mex)'.

The Rating Outlook is stable.

The ratings for KUO are based in its diversified revenue stream,
hard currency generation (with 42.7% of revenues during 2006
earned from direct and indirect exports and generated by
subsidiaries located outside of Mexico), and joint ventures and
strategic alliances with international industry leaders.
Although KUO's revenue base enjoys diversification, the company
is exposed to significant volatility in demand and input
commodity prices in its petrochemical, automotive parts and food
operations.

During the first half of 2007 the company has faced a
challenging operating environment, characterized by higher raw
material and energy costs (butadiene, styrene, steel, natural
gas) that haven't been fully transferred to customer prices.
KUO has been implementing several initiatives in order to
compensate this situation, among others, price negotiations with
customers and suppliers, plant modernizations and capacity
increases.

KUO has continued to reduce debt levels through divestitures and
internally generated cash.  On March 29, 2007 the company
concluded the spin-off of its real estate business (DINE) which
translated in a net debt reduction of approximately US$90
million.  With this, Total Debt to EBITDA for the last twelve
months ended in June 30, 2007, improved to 3.2 times compared
with 3.5 at the end of 2006.  KUO has maintained a strict
control on cost containment initiatives and working capital
management in order to continue strengthening its financial
position.

KUO's strategy is based in a dynamic business portfolio, which
is focused in the highest value contribution operations.  In
this sense, in May 2007 KUO announced that it had reached an
agreement with Grupo Herdez, a leading food processor and
distributor in Mexico and North America, to form a joint
venture, which will carry all the branded products of KUO's
consumer division and Herdez's wholly-owned brands.  The
potential annual revenues of the new entity could reach US$500
million.  Additionally, the joint venture with Spanish group CIE
Automotive has been adding new platforms and contracts, which
would translate into growing exports and profitability.

KUO's liquidity is good and has been successfully accessing the
capital markets in the past.  At June 30, 2007 the company had
cash and equivalents of US$63 million and total debt of US$482
million, of which only 16% was short term.  KUO's financial plan
contemplates the refinancing of its current debt structure,
which includes the proposed US$200 million notes and dual
currency senior unsecured credit facilities of up to US$175
million, in order to replace the current syndicated loans and
the local certificados bursatiles issuances.  Upon successful
completion of this process, KUO would benefit from lower
refinancing risk, improved financial cost and extended debt
maturities.

Grupo KUO is one of the most important industrial and commercial
groups in Mexico, with annual sales of approximately US$1.8
billion and close to 10,500 employees.  Grupo KUO holds a market
leading position in Chemicals, Consumption Goods and Automobile
Spare Parts.


GRUPO KUO: S&P Assigns BB- Rating on US$375-Million Loan
--------------------------------------------------------
Standard & Poor's Rating Services has assigned its 'BB-' senior
unsecured debt rating to Grupo KUO S.A.B. de C.V.'s proposed
US$200 million, fixed-rate notes due 2017 and the proposed
US$175 million term-loan facility due 2012.  At the same time,
S&P affirmed its 'BB-' long-term corporate credit rating on KUO.
The outlook is stable.

"The ratings assigned to the proposed issues consider the
guarantee of its restricted subsidiaries avoiding structural
subordination between parent-subsidiary creditors.  Furthermore,
proceeds will be used to refinance the existing senior-secured
credit facility, eliminating subordination between unsecured and
secured debt," said S&P's credit analyst Laura Martinez.

The ratings on KUO are limited by still-low margins, relatively
high leverage, and the difficult raw material pricing
environment, mainly in the chemical business.  The ratings are
supported by the company's focus on maintaining only profitable
and value-added operations, its diversified portfolio, and the
continued implementation of cost reduction and efficiency
programs.

The stable outlook reflects S&P's expectation that KUO will
continue to implement its cost reduction and efficiency
programs, which would lead to improved operating and financial
performance and incorporates the success of refinancing debt.  A
significant and consistent improvement in the company's key
financial ratios, particularly a total debt-to-EBITDA ratio near
2.0 and a stronger business profile, which includes improved
operating margins, could lead to a positive rating action. If
the company's profitability deteriorates or new debt is
incurred, especially short-term debt, the ratings could be
lowered.

Grupo KUO is one of the most important industrial and commercial
groups in Mexico, with annual sales of approximately US$1.8
billion and close to 10,500 employees.  Grupo KUO holds a market
leading position in Chemicals, Consumption Goods and Automobile
Spare Parts.


GRUPO MEXICO: Court Lets San Martin Strike Continue
---------------------------------------------------
A Mexican court has ruled that miners at Grupo Mexico's San
Martin copper, zinc and silver mine can continue protesting "for
the time being," Reuters reports.

Reuters relates that 3,000 miners at San Martin, Cananea and
Taxco launched demonstrations against Grupo Mexico in July 2007,
defying a government order to go back to work and vowing to keep
the mines closed until pay and conditions improve.

As reported in the Troubled Company Reporter-Latin America on
Sept. 28, 2007, Grupo Mexico said it would permanently close
down its Taxco silver and lead operation due to labor problems
and declining reserves.  The firm admitted that the drying up of
reserves was accentuated by the union, which since early 2006
has been impeding the entry of contract personnel to prepare new
mineral veins.

Meanwhile, Grupo Mexico lost half of its copper output in Mexico
with Cananea closed since July.  The protest has caused some
US$2.8 million losses per day, Reuters notes, citing Grupo
Mexico's Minera Mexico mining unit.  Minera Mexico said that it
had already had to declare force majeure with some copper
customers.

Another court ruling on the legality of a two-month-old strike
at the Cananea copper mine will be made later this week, Reuters
states, citing Grupo Mexico legal representative Cristina Rocha.

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

                        *     *     *

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


NUANCE COMM: Brings In Wes Hayden as Enterprise Unit President
--------------------------------------------------------------
Nuance Communications Inc. has appointed Wes Hayden as its
president of the Nuance Enterprise division, effective
immediately.  In this newly created position, Mr. Hayden will be
responsible for managing strategy operations, marketing,
professional services and engineering, for Nuance's Enterprise
products and solutions.  He will report to Paul Ricci, Nuance's
chairman and CEO.

Mr. Hayden joins Nuance from his role as president and CEO of
Genesys Telecommunications Laboratories, Inc., a subsidiary of
Alcatel-Lucent.  Mr. Hayden's previous experience includes
executive roles at Informix, Sun Microsystems, Digital Equipment
Corporation and Applied Data Research.

"Wes will be a tremendous asset to Nuance; his leadership,
vision, track-record and industry expertise make him an ideal
leader for our ambitious agenda," said Paul Ricci, chairman and
CEO of Nuance.  "Wes is widely respected as an executive with
solid enterprise-oriented solution skills and ability to foster
strong customer relationships.  With this appointment, we add
additional strength to our leadership team and enter 2008 with a
keen focus on aggressive growth and satisfying demand for Nuance
solutions around the world."

Mr. Hayden joins Nuance and its Enterprise division at a time
when the company has shifted its emphasis from point
technologies to integrated enterprise solutions that utilize
speech and are targeted at specific markets.  He is ideally
suited for this role, able to draw on a wealth of experience
having most recently led the transformation of Genesys into a
broader application and solution provider for the call center
industry.

"Nuance created a talent ensemble and solutions portfolio that
has the potential to serve the world's consumers," said Mr.
Hayden, president, Nuance Enterprise Division.  "Nuance's vision
for speech in the enterprise is more exciting today than ever
before and is embodied in the myriad breakthroughs it has
recently brought to customers and partners.  I am honored to
lead this organization, eager to work directly with our
customers and partners, embrace Nuance's global agenda and lead
the team to a dynamic, promising future."

Mr. Hayden holds and M.B.A. from the Kellogg Graduate School of
Management at Northwester University and a B.S. from the
University of Illinois, Champaign-Urbana.  He currently serves
on the Board of Trustees for the Glenkirk Foundation in
Northbrook, Illinois and on the Board of Directors of the
International Women's Democracy Center (IWDC) in Washington, DC.

In connection with the hiring of Mr. Hayden, Nuance made an
inducement grant of stock options and restricted stock in
accordance with NASDAQ Marketplace Rule 4350, with the approval
of the Compensation Committee of Nuance's Board of Directors.
Mr. Hayden received an option to purchase 100,000 shares of
Nuance common stock, with an exercise price equal to the fair
market value of Nuance common stock on the date of grant.  Mr.
Hayden also received awards of restricted stock in the amount of
415,000 shares.  The stock options and 315,000 of the restricted
shares are subject to time-based vesting, with opportunities to
accelerate the vesting of 300,000 restricted shares based on the
achievement of performance targets.  The remaining 100,000
shares of restricted stock are subject to performance-based
vesting.  The vesting of all stock options and shares of
restricted stock is subject to Mr. Hayden's continued employment
with Nuance.

                About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/--
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed US$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


QUAKER FABRIC: Wants University Mgmt. to Collect Receivables
------------------------------------------------------------
Quaker Fabric Corp. and Quaker Fabric Corporation of Fall River
ask The U.S. Bankruptcy Court for the District of Delaware for
authority to employ University Management Associates &
Consultant Corporation/Atwell, Curtis & Brooks, Ltd. to collect
their accounts receivable.

The Debtors relate to the Court that as of Aug. 14, 2007, their
accounts receivable have an aggregate face value of about
US$4.2 million and each of which has an individual face value of
about US$50,000.  The Debtors tell the Court that they need to
expedite and maximize the collection of their receivables.  The
Debtors further tell the Court that UMAC/ACB's help will result
in a faster and greater liquidation of the Debtors' assets.

The Debtors will pay UMAC/ACB on a weekly basis to a maximum
amount of US$210,000 in aggregate, subject to the Court's
approval.

To the best of the Debtors' knowledge, the firm does not hold or
represent any interest adverse to the Debtors or their estates
and is "disinterested" as the term is defined in the Bankruptcy
Code.

The firm can be reached at:

     Paul Rome, President
     University Management Associates & Consultants
     Corp./Atwell, Curtis & Brooks, Ltd.
     223 B Stiger Street, Suite 12
     P.O. Box 913
     Hackettstown, NJ 07840
     Tel: (908) 979-9007
     http://www.umacnj.com/
     http://www.acbltd.com/

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

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

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq. at Wilmer
Cutler Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at
Young Conaway Stargatt & Taylor LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions is the Debtors' claims
agent.  The Official Committee of Unsecured Creditors has
selected Shumaker, Loop & Kendrick, LLP, as its bankruptcy
counsel and Benesch, Friedlander, Coplan & Aronoff, LLP, as co-
counsel.  The Debtors' had total assets of US$155,243,945 and
total debts of US$60,407,158 as of June 2, 2007.


X-RITE INC: Moody's Places Low B Ratings on US$415-Mln Loans
------------------------------------------------------------
Moody's Investors Service has confirmed X-Rite, Inc.'s B1
corporate family rating, affirmed the speculative grade
liquidity rating of SGL-1 and revised the outlook to negative in
view of the additional leverage and integration risk associated
with the company's recently announced acquisition of Pantone,
Inc., the market leading color standards provider.  This
concludes the review for possible downgrade that was initiated
in August 2007.  Simultaneously, Moody's assigned ratings to X-
Rite's new bank credit facilities, which consist of a US$250
million first lien term loan (rated Ba3), US$40 million first
lien revolver (Ba3) (undrawn at closing) and US$125 million
second lien term loan (B3).  Net proceeds will be used to
refinance the existing credit facilities and fund X-Rite's
purchase of Pantone for US$180 million.  Once the refinancing is
completed, Moody's will withdraw ratings on the existing bank
credit facilities.  The assigned ratings are subject to review
of final documentation and no material change in the terms and
conditions of the transaction as advised to Moody's.

The confirmation recognizes the company's strong competitive
position with almost a 25% share of the US$1 billion global
colormetrics market. It also recognizes good internal execution
on achieving cost synergies related to the Amazys acquisition
ahead of schedule as X-Rite exceeded its target range for the
twelve months ended June 30, 2007.  The company has realized
US$16.8 million or 67% of the planned US$25 million acquisition
synergies, increasing Moody's confidence that the remaining
US$8.2 million of cost synergies should be attained at least by
year end 2008.  The confirmation also factors in total Pantone
synergies, estimated to be US$13.6 million resulting in additive
adjusted EBITDA from Pantone of approximately US$19.5 million
per annum.

The negative outlook reflects X-Rite's reduced financial
flexibility after nearly doubling gross debt to consummate the
acquisition resulting in pro forma debt to adjusted EBITDA of
5.3 (Moody's adjusted through June 30, 2007 on a post synergies
basis including expected cash outlays for restructuring and
integration expenses) compared to 3.8 (Moody's adjusted) at
present.  It also factors the risk associated with the
simultaneous integration of Pantone together with the ongoing
integration of Amazys.  Since Pantone is a small company and has
limited operational overlap with X-Rite, Moody's expects this
integration to be less involved compared to the Amazys
combination.  Nonetheless, management bandwidth will be
stretched and the dual track integration could act as a
distraction, diverting resources away from the technological
innovation and product development that is necessary to target
the faster growth emerging segments of the colormetrics market.
Moody's is also concerned that the total expected cash outlay
(roughly US$14 million) associated with the remaining
integration and consolidation of Amazys's manufacturing
activities and Pantone's integration over the next 12 -- 15
months, will negatively impact EBITDA and operating cash flow.

X-Rite's B1 CFR is constrained by the company's: (i) high
financial leverage and weak credit protection measures pro forma
for the Pantone acquisition; (ii) declining free cash flow
generation stemming from restructuring and integration costs
associated with the July 2006 Amazys acquisition, delayed
positive impact from acquisition cost synergies, one-time capex
related to X-Rite's new headquarters and rising working capital;
(iii) integration risk; (iv) exposure to consumer end markets;
(v) potentially increasing competition longer term; and (vi)
limited asset protection from a very small base of pro forma
tangible assets.  The rating also acknowledges the company's
increased scale and market leadership position in the niche
colormetrics industry as well expanded growth opportunities in
new and traditional markets afforded by the Pantone transaction.
It also recognizes the relatively stable competitive landscape
(notwithstanding potential threats from Internet-based color
management providers), mission-critical nature of its products
with high switching costs resulting in high stable gross margins
near 60%, historically consistent operating profitability,
propensity for positive free cash flow generation, large
installed customer base of 8,000 companies broadly diversified
across geographies and vertical markets and potential for
operating margin expansion via cost reductions and efficiency
improvements.

Moody's could stabilize the outlook upon accelerated achievement
of the planned cost synergies, higher than anticipated cost
synergies or reduced cash outlays resulting in EBITDA and free
cash flow generation above expected levels such that financial
leverage is reduced and total debt to EBITDA (Moody's adjusted)
is commensurate with the B1 rating.  In contrast, ratings could
experience downward pressure if: (i) expected cost synergies and
integration plans do not materialize as intended; (ii) the
company is unable to reduce leverage due to lower than expected
EBITDA, alternative uses of free cash flow other than debt
reduction, negative free cash flow generation or further
sizeable debt-funded acquisitions; or (iii) Moody's witnesses an
erosion in the company's competitive position or product
functionality due to under-investment in R&D, as evidenced by
below market revenue growth, diminished pricing power, gross
margin erosion or significant customer losses.

These new ratings/assessments were assigned:

-- US$40 million Senior Secured First Lien Revolver due 2012
    -- Ba3 (LGD-3, 32%)

-- US$250 million Senior Secured First Lien Term Loan due 2012
    -- Ba3 (LGD-3, 32%)

-- US$125 million Senior Secured Second Lien Term Loan due
    2013 -- B3 (LGD-5, 85%)

These ratings/assessments will be withdrawn upon closing of the
new credit facility:

-- US$40 million Senior Secured First Priority Revolver due
    2011 -- Ba3 (LGD-3, 34%)

-- US$120 million Senior Secured First Priority Term Loan due
    2012 -- Ba3 (LGD-3, 34%)

-- US$60 million Senior Secured Second Priority Term Loan due
    2013 -- B3 (LGD-5, 86%)

These ratings were confirmed:

-- Corporate Family Rating -- B1

-- Probability of Default Rating -- B1

This rating was affirmed:

-- Speculative Grade Liquidity Rating -- SGL-1

                         About X-Rite

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite is
global, with 21 offices throughout Europe, Asia, and the
Americas, serving customers in 100 countries.

The X-Rite Latin America sales team provides assistance to
customers in Mexico, Central and South America, and the
Caribbean.  X-Rite's sales team works together with highly
qualified local vendors and distributors to ensure the best
possible personalized customer assistance, offering a wide and
unparalleled array of products, support and repair services.


X-RITE CORP: S&P Affirms B+ Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+'
corporate credit rating on X-Rite Inc. and removed the rating
from CreditWatch where it was placed with negative implications
on Aug. 24, 2007, following the announcement that it planned to
acquire unrated Pantone Inc. for US$180 million as part of a
US$415 million refinancing.  The outlook is stable.

At the same time, S&P's assigned its bank loan and recovery
ratings to Grand Rapids, Mich.-based X-Rite's secured financing.
The first-lien facilities, consisting of a US$40 million five-
year revolving credit agreement and a US$250 million term loan,
are rated 'BB-' (one notch higher than the corporate credit
rating), with a recovery rating of '2', indicating the
expectation for substantial (70%-90%) recovery in the event of a
payment default.  S&P's also assigned its 'B' rating (one notch
lower than the corporate credit rating) to the company's US$125
million six-year second-lien term loan.  The '5' recovery rating
reflects the expectation for modest (10%-30%) recovery in the
event of a payment default.  S&P will withdraw its ratings on
the company's existing bank debt concurrent with the closing of
the financing.

"The ratings on X-Rite reflect its relatively narrow business
profile in two related niche markets, the challenge of executing
a second major integration in less than two years, and its high
leverage," said S&P's credit analyst Bruce Hyman.  "These
factors are offset partially by a leading position in its
markets, high barriers to entry, and success in integrating its
competitor, Amazys, since the acquisition."

Debt is substantial, US$375 million, or more than one year's
revenues, and pro forma debt to adjusted EBITDA was about 6.3 at
June 30, 2007.  Only modest acquisitions are expected in the
future, and the company is expected to use future free moderate
cash flows to repay term debt.  Deleveraging is more likely to
reflect EBITDA growth.

                        About X-Rite

Headquartered in Grandville, Michigan, X-Rite Incorporated
(Nasdaq: XRIT) -- http://www.xrite.com/-- offers color
measurement technology solutions comprised of hardware, software
and services for the verification and communication of color
data.  The company serves a broad range of industries, including
graphic arts, digital imaging, industrial and retail color
matching, and medical, among other industries.  X-Rite is
global, with 21 offices throughout Europe, Asia, and the
Americas, serving customers in 100 countries.

The X-Rite Latin America sales team provides assistance to
customers in Mexico, Central and South America, and the
Caribbean.  X-Rite's sales team works together with highly
qualified local vendors and distributors to ensure the best
possible personalized customer assistance, offering a wide and
unparalleled array of products, support and repair services.




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


BANCO GENERAL: Completes Merger with Banco Continental
------------------------------------------------------
Banco General has completed its merger with Banco Continental,
Panamanian news daily La Prensa reports.

Business News Americas relates that Banco General parent Empresa
General de Inversiones and Banco Continental parent Grupo
Financiero Continental Empresa disclosed in January 2007 the
merger of their operations into BG Financial Group.

According to La Prensa, Banco General has absorbed Banco
Continental.

The new bank is called Banco General, BNamericas states.

                  About Banco Continental

Headquartered in Lima, Peru, BBVA Banco Continental --
http://www.bbvabancocontinental.com-- is the second largest
commercial bank in Peru.  As of September 2006, had total loans
of US$3.6 billion and total deposits of US$4.1 billion.  It has
built an extensive network throughout the country with 215
branches, 342 ATMs and 2,868 employees.

                    About Banco General

Banco General is Panama's second largest private commercial bank
in terms of assets and deposits, with a domestic deposit market
share of 16.4% at June 2006.  Originally established as a
savings and loans institution in 1955 and historically focused
on mortgage lending, a few acquisitions and organic growth have
aided to diversify into commercial and consumer lending.  Banco
General is owned by Empresa General de Inversiones, a Panamanian
publicly traded company (end-2005 equity: US$515 million) with
additional interests in fuel distribution and plastic container
manufacturing.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 31, 2006, Fitch Ratings has affirmed the ratings assigned
to Panama's Banco General and its subsidiaries as:

   -- Foreign currency long-term Issuer Default rating at 'BBB';
   -- Foreign currency short-term rating at 'F3';
   -- Individual rating at 'C'; and
   -- Support rating at '5'.

Fitch said the rating outlook was stable.


* PANAMA: European Union to Invest in Canal Expansion
-----------------------------------------------------
The European Union has expressed its intention to help finance
the expansion of Panama's waterway.

EU Commissioner for External Relations Benita Ferrero-Waldner
said that the bloc wants to get involved in expanding the Panama
Canal through a EUR300 million (US$428 million) long-term credit
provided by the European Investment Bank, Prensa Latina said in
a report.

The Canal's expansion is expected to cost US$5.2 billion.  It
will include adding a third set of locks to allow passage to
bigger and heavier cargo vessels.  Alberto Aleman, the Panama
Canal's chief executive officer, have started talks with
European and American investors in July for the project's
funding.

The Panama Canal is a major ship canal that traverses the
Isthmus of Panama in Central America, connecting the Atlantic
and Pacific Oceans.  The expansion project is designed to allow
for an anticipated growth in traffic from 280 million PC/UMS
tons in 2005 to nearly 510 million PC/UMS tons in 2025; the
expanded canal will have a maximum sustainable capacity of
approximately 600 million PC/UMS tons per year.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  Fitch said the rating outlook is
stable.




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


ALCATEL-LUCENT: Inks Worldwide Reseller Pact with CloudShield
-------------------------------------------------------------
Alcatel-Lucent has signed a worldwide reseller agreement with
CloudShield Technologies Inc. targeted at solving unique
infrastructure security issues as service providers move to an
all IP based network.

Under this agreement, Alcatel-Lucent will resell CloudShield's
products and operate as a primary network integrator for service
providers around the world to develop applications using
CloudShield's packet programming capabilities.  CloudShield's
solutions are designed to inspect, analyze, control and secure
IP network services -- including voice, video and data -- at
multi-gigabit rates from a single, flexible and scalable
platform.

As carriers move to converged networks with multiple types of
traffic, such as VoIP and IPTV, it is more important than ever
to have solutions in place to inspect, analyze and control these
services.  Carriers will start to face customer satisfaction
issues if this is not handled appropriately.  Another important
aspect of this new traffic is how pricing and billing is
handled.  Carriers must be able to create systems to address
specific customer needs and to aggressively introduce new
services to the market.

"CloudShield brings a level of expertise in the service provider
security market that is unique in the industry today," said John
Meyer, president of Alcatel-Lucent's services activities.
"Their laser focus on multi-function content processing fits
very well with our experience in helping service providers
protect their infrastructure and services, and is perfectly
aligned with what our customers are demanding.  This partnership
with CloudShield allows us to deliver compelling solutions for
infrastructure security and control, combining the CloudShield
deep packet inspection platform with Alcatel-Lucent's customized
security applications and expertise as one of the industry's
largest global services teams."

Alcatel-Lucent security experts assess the customer's security
architecture and network traffic to identify vulnerabilities or
bandwidth problems.  Based upon this assessment, Alcatel-Lucent
experts provide a recommended architecture, along with security
policies, configurations and the customized security
application, which is then integrated and tested.  Alcatel-
Lucent can continue to work with the customer to fine-tune the
solutions as new services are introduced, and to manage the
evolving threat landscape.

"We are thrilled to be working with Alcatel-Lucent on a reseller
agreement and this opens the door to new business
opportunities," said Matt Jones, president and CEO at
CloudShield.  "With the combined expertise of our companies, we
have the opportunity to give service providers around the world
access to our leading capabilities and solutions."

CloudShield systems are currently deployed by some of the
largest network service providers in North America, South
America, Europe and Asia.

                     About CloudShield

CloudShield -- http://www.cloudshield.com/-- is a provider of
multi-gigabit, multi-function, programmable, deep packet
inspection platforms targeted at large network operators.  The
company's unique capabilities allow content inspection, service
control, and security applications to perform at true gigabit
speeds on even small packet sizes, and enable entirely new
classes of applications and revenue generating services.
Through its application partners, CloudShield has helped deliver
solutions to carriers in North America, Europe, and Asia as well
as several important federal government customers.

                    About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent S.A. --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and
Cambodia.

                        *     *     *

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

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

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


BANCO CONTINENTAL: Completes Merger with Banco General
------------------------------------------------------
Banco Continental has completed its merger with Banco General,
Panamanian news daily La Prensa reports.

Business News Americas relates that Banco General parent Empresa
General de Inversiones and Banco Continental parent Grupo
Financiero Continental Empresa disclosed in January 2007 the
merger of their operations into BG Financial Group.

According to La Prensa, Banco General has absorbed Banco
Continental.

The new bank is called Banco General, BNamericas states.

                     About Banco General

Banco General is Panama's second largest private commercial bank
in terms of assets and deposits, with a domestic deposit market
share of 16.4% at June 2006.  Originally established as a
savings and loans institution in 1955 and historically focused
on mortgage lending, a few acquisitions and organic growth have
aided to diversify into commercial and consumer lending.  Banco
General is owned by Empresa General de Inversiones, a Panamanian
publicly traded company (end-2005 equity: US$515 million) with
additional interests in fuel distribution and plastic container
manufacturing.

                     About Banco Continental

Headquartered in Lima, Peru, BBVA Banco Continental --
http://www.bbvabancocontinental.com-- is the second largest
commercial bank in Peru.  As of September 2006, had total loans
of US$3.6 billion and total deposits of US$4.1 billion.  It has
built an extensive network throughout the country with 215
branches, 342 ATMs and 2,868 employees.

As reported in the Troubled Company Reporter-Latin America on
March 12, 2007, Fitch Ratings revised BBVA - Banco Continental's
long-term foreign currency Issuer Default Rating Outlook to
Positive from Stable after the rating action that assigned a
Positive Outlook to Peru's sovereign ratings.  All other BBVA -
Banco Continental ratings remain unchanged as:

   -- Foreign currency long-term IDR 'BBB-', Outlook revised
      to Positive;

   -- Foreign currency short-term IDR 'F3';

   -- Local currency long-term IDR 'BBB', Outlook Stable;

   -- Local currency short-term IDR 'F3';

   -- Individual rating 'C/D'; and

   -- Support rating '2'.


QUEBECOR WORLD: Posts US$21.1 Mln Net Loss in Qtr. Ended June 30
----------------------------------------------------------------
Quebecor World Inc. reported a net loss from continuing
operations of US$21.1 million for the second quarter ended
June 30, 2007, compared to a net loss from continuing operations
of US$6.5 million for the same period ended June 30, 2006.

Including discontinued operations, net loss was US$21.1 million
for the quarter ended June 30, 2007, compared to a net loss of
US$7.2 million for the same period last year.

Second quarter 2007 results incorporate impairment of assets,
restructuring and other charges, net of taxes, of US$26.3
million compared to US$27.0 million in 2006.  Excluding
impairment of assets, restructuring and other charges, adjusted
operating income was US$33.9 million compared to US$50.4 million
during the second quarter last year.  The company attributes
this shortfall to temporary inefficiencies and volume reductions
caused by the retooling, restructuring, and press start-up
activity as well as market conditions.

Consolidated revenues for the quarter were US$1.36 billion
compared to US$1.45 billion in the second quarter of 2006.

"In North America, we are achieving significant improved
earnings in our business groups where the retooling and
restructuring is essentially complete, such as our Book and
Magazine Divisions", commented Wes Lucas, president and chief
executive officer, Quebecor World Inc.  "In addition, results
improved year-over-year in several business groups, such as
Targeted Marketing, Premedia, and Retail.  However, these
improved performances were offset by those divisions that are in
the middle of retooling and restructuring, such as the
significant new press start-ups and plant closures in the
Catalog and Directory Divisions, as well as the Canada Division.
These elements contributed to a slight net increase in the North
America adjusted EBITDA and adjusted EBIT margins in the
quarter.  In addition, we were pleased with our Latin America
division where we achieved sales growth adjusted for foreign
exchange of more than 8% and a three-fold increase in EBIT."

"However, as expected, the acceleration of our re-tooling
efforts and the challenging market conditions in some segments,
especially in Europe, negatively impacted our financial
results," added Mr. Lucas.   "In Europe, to meet the difficult
European market conditions, we successfully started-up what is
considered to be Europe's most advanced gravure printing
facility with state-of-the-art technology and low cost
automation in Charleroi, Belgium."

In the second quarter, restructuring activities included the
closure of the Phoenix, Ariz. facility, the announcement of the
shutdown of one of the Vancouver, B.C. facilities and the
installation of four new or relocated presses across the
platform.

In the second quarter, Quebecor World generated adjusted EBITDA
of US$114.0 million compared to US$130.6 million in the second
quarter of 2006.

During the quarter, the company redeemed all of its 6%
Convertible Senior Subordinated Notes due on Oct. 1, 2007, for a
redemption price of 100.6% of the outstanding principal amount
of the Notes, plus the accrued and unpaid interest.

For the first six months of 2007, Quebecor World reported a net
loss from continuing operations of US$59.2 million, compared to
2006's net loss from continuing operations of US$200,000 for the
same period.

Consolidated revenues for the first half of 2007 were
US$2.75 billion compared to US$2.92 billion in the same period
of 2006.

At June 30, 2007, the company's consolidated balance sheet
showed US$5.74 billion in total assets, US$3.46 billion in total
liabilities, US$351.1 million in future income taxes, US$164.3
million in preferred shares, US$1.2 million in minority
interest, and US$1.77 billion in total stockholders' equity.

The company's consolidated balance sheet at June 30, 2007,
further showed US$889.1 million in total current assets
available to pay US$1.096 billion in total current liabilities.

                     About Quebecor World

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating to 'B' from 'B+' ratings on
Quebecor World Inc.

Moody's Investors Service downgraded Quebecor World Inc.'s
corporate family rating to B3 from B2 and the senior unsecured
ratings for subsidiary companies, Quebecor World Capital
Corporation and Quebecor World Capital ULC, also to B3 from B2.




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


CENTENNIAL COMM: Adds Messrs. Mueller & Sunu on Directors' Board
----------------------------------------------------------------
Centennial Communications Corp. has expanded its board of
directors from nine members to ten members and appointed John J.
"Jack" Mueller and Paul H. Sunu as new directors.  The company
further stated that Robert D. Reid, a managing director of the
Blackstone Group, has resigned from Centennial's board of
directors.

Mr. Mueller is currently the chairman of Idearc Inc., a
directory publishing and information services business recently
spun out of Verizon Communications Inc. Prior to joining Idearc
in 2006, he was the president and chief executive officer of
Valor Communications Group, Inc.  Mr. Mueller has nearly three
decades of experience in the telecommunications industry, also
serving in various executive, operating and sales roles at
Cincinnati Bell Inc.

Mr. Sunu is currently the chief financial officer of Hawaiian
Telcom, the 10th largest telephone company in the United States.
Prior to joining Hawaiian Telcom in 2007, Mr. Sunu was a co-
founder, a member of the board of directors and chief financial
officer for Madison River Communications Corp.

"On behalf of our management team, I would like to thank Robert
for his many contributions to Centennial," said Michael J.
Small, Centennial's chief executive officer.  "I'm delighted to
expand our board and welcome Jack and Paul to the Centennial
family.  Their decades of experience and insight will be very
valuable in guiding Centennial as we grow our business in the
rapidly changing and evolving telecommunications industry."

Headquartered in Wall, New Jersey, Centennial Communications
Corp. (NASDAQ: CYCL) -- http://www.centennialwireless.com/--
provides regional wireless and integrated communications
services in the United States and the Puerto Rico with
approximately 1.1 million wireless subscribers and 387,500
access lines and equivalents.  The US business owns and operates
wireless networks in the Midwest and Southeast covering parts of
six states.  Centennial's Puerto Rico business owns and operates
wireless networks in Puerto Rico and the U.S. Virgin Islands and
provides facilities-based integrated voice, data and Internet
solutions.  Welsh, Carson, Anderson & Stowe and an affiliate of
the Blackstone Group are controlling shareholders of Centennial.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services raised its
ratings on Wall, New Jersey-based Centennial Communications
Corp., including the corporate credit rating, which was raised
to 'B' from 'B-'.

At Feb. 28, 2007, the company's balance sheet showed
US$1,393 million in total assets, US$2,482.8 million in total
liabilities, and US$3.9 million in minority interest in
subsidiaries, resulting in a US$1,093.7 million total
stockholders' deficit.


DORAL FIN'L: Pays Dividend on Three Series of Preferred Stock
-------------------------------------------------------------
Doral Financial Corporation has paid the regular monthly cash
dividend on the company's:

   * 7% Noncumulative Monthly Income Preferred Stock, Series A,

   * 8.35% Noncumulative Monthly Income Preferred Stock, Series
     B and

   * 7.25% Noncumulative Monthly Income Preferred Stock,
     Series C

in the amount of US$0.2917, US$0.173958, US$0.151042 per share,
respectively.  The dividend on each of the series was paid to
the record holders as of the close of business on Sept. 27, 2007
in the case of the Series A Preferred Stock, and to the record
holders as of the close of business on Sept. 15, 2007 in the
case of Series B and Series C Preferred Stock.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                       *     *     *

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive Outlook:

Doral Financial Corporation

-- Long-term Issuer Default Rating 'CCC';
-- Senior debt to 'CCC/RR4'';
-- Preferred stock to 'C/RR6';
-- Short-term Issuer Default Rating 'C';
-- Support '5';
-- Support Floor 'NF';
-- Individual 'E'.

Doral Bank

-- Long-term Issuer Default Rating 'B';
-- Long-term deposits B+;
-- Support '5';
-- Support Floor 'NF';
-- Individual 'D';
-- Short-term Issuer 'B';
-- Short-term deposit obligations 'B'.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service confirmed the B2 senior
debt rating of Doral Financial Corporation.  The rating had been
on review for possible downgrade since Jan. 5, 2007.  Moody's
said the rating outlook is stable.


ORIENTAL FINANCIAL: Keefe Upgrades Firm to Outperform
-----------------------------------------------------
Investment bank Keefe, Bruyette, & Woods said in a report that
it has upgraded Oriental Financial Group to outperform from
market perform, based on valuation and revised earnings outlook.

Keefe, Bruyette told Business News Americas that it was raising
its 2007 and 2008 earnings per share estimates for Oriental
Financial to indicate lower funding costs.  The bank would also
boost its target price for the firm to US$14 from US$12.

According to BNamericas, Keefe, Bruyette said that "recent
financial markets volatility and the 50-basis points interest
rate cut dictated by the US Fed has steepened the treasury yield
curve positively."  Short rates dropped more than long rates.

Keefe, Bruyette said in a report, "We believe that OFG [Oriental
Financial] should benefit in this declining rate environment due
to its liability sensitive balance sheet.  Most of OFG's earning
assets such as mortgage loans and mortgage-backed securities,
are long-term assets with fixed interest rates."

Oriental Financial Group Inc. (NYSE: OFG) --
http://www.OrientalOnline.com/-- is a diversified financial
holding company operating under U.S. and Puerto Rico banking
laws and regulations.  Oriental provides comprehensive financial
services to its clients throughout Puerto Rico and offers third
party pension plan administration through its wholly owned
subsidiary, Caribbean Pension Consultants, Inc.  The Group's
core businesses include a full range of mortgage, commercial and
consumer banking services offered through 24 financial centers
in Puerto Rico, as well as financial planning, trust, insurance,
investment brokerage and investment banking services.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 13, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' long-term
counterparty credit rating to Oriental Financial Group.  S&P
also assigned its 'BBB-' counterparty rating to Oriental's
principal operating subsidiary, Oriental Bank & Trust.  S&P said
the outlook for both entities was negative.


R&G FINANCIAL: Unit Obtains Notices on Mortgage Banking Status
--------------------------------------------------------------
R&G Mortgage Corporation, R&G Financial Corporation's subsidiary
has received a number of notices regarding the status of its
mortgage banking authorizations from certain of the government
agencies and government-sponsored entities with whom it has
mortgage business relationships, due to its lack of audited
financial statements:

   -- United States Department of Housing and Urban
      Development notified of the immediate withdrawal of its
      status as a HUD-FHA Title II approved lender.  R&G
      Mortgage has appealed this withdrawal to HUD.

   -- Government National Mortgage Association notified that it
      was withdrawing authority to act as a GNMA issuer and as
      a servicer of GNMA mortgage pools.

   -- GNMA is extending until Oct. 9, 2007, its authority to
      act as a servicer of GNMA mortgage pools.  However, the
      company cannot issue GNMA guaranteed mortgage-backed
      securities.

   -- Federal National Mortgage Association placed certain
      conditions and limitations on R&G Mortgage's selling and
      servicing relationship with FNMA.

FNMA also will requie R&G Mortgage to sell its servicing
portfolio to another FNMA-approved servicer if FNMA does not
approve the application which has been made by the company's
Puerto Rican banking subsidiary, R-G Premier Bank of Puerto
Rico, as a FNMA Seller/Servicer and the transfer of servicing to
R-G Premier.

FNMA servicing constituted approximately 2% of R&G Mortgage's
total servicing portfolio as of June 30, 2007.  R&G Mortgage
remains a Seller/Servicer with the Federal Home Loan Mortgage
Corporation.  FHLMC servicing amounts to approximately 40% of
R&G Mortgage's servicing portfolio as of June 30, 2007.

R&G Financial is taking steps to address the issues posed by the
foregoing actions of government agencies and GSEs.  R-G Premier
is seeking to obtain authorizations from the foregoing agencies
and GSEs.  R-G Premier has received approval from HUD to act as
a HUD-FHA approved Title II lender.  As a HUD-FHA approved
lender, R-G Premier will be able to offer FHA- insured loans by
R&G Mortgage.

R&G Financial anticipates that R-G Premier will apply to GNMA
for approval to become a GNMA Issuer/Servicer.  In addition, R-G
Premier has received approval from FHLMC to act as a FHLMC
Seller/Servicer and has applied to FNMA for authorization to
serve as a FNMA Seller/Servicer.

If R-G Premier obtains approvals from GNMA and FNMA, it is R&G
Financial's intent to have R&G Mortgage transfer its existing
servicing operations, including its servicing contracts and
rights, to R-G Premier.

This transfer will require regulatory approval from the Federal
Reserve and the FDIC and other approvals from GNMA, GSEs and
third parties.

While R-G Premier believes that it should be able to obtain all
approvals, no assurances can be given that R-G Premier will be
successful in obtaining GNMA and FNMA authorizations or the
required approvals for the transfer of the servicing rights or
the mortgage banking business.  If R&G Financial is not
successful in these efforts, such failure would have a material
adverse effect on R&G Financial.

                     Credit Facilities

R&G Financial has two principal short-term warehousing and
working capital credit facilities entered into by R&G Mortgage
with two financial institutions.  These facilities are fully and
unconditionally guaranteed by R&G Financial and are
collateralized with mortgage loans and servicing
rights.

One of these credit facilities consists of a credit agreement
that terminated on Sept. 30, 2007, pursuant to which amounts
borrowed are repayable at any time upon demand by the lender or
by the termination date.

Under this credit agreement, R&G Mortgage has US$59.8 million
outstanding under a warehousing facility and US$6.7 million
outstanding under a working capital facility.  The other credit
facility consists of two credit agreements that terminate on
Oct. 31, 2007, pursuant to which amounts borrowed are repayable
by the termination date.

Under these credit agreements, R&G Mortgage has US$36.8 million
outstanding under a warehousing facility and US$18.2 million
outstanding under a working capital facility.

Under the credit agreements for these facilities, R&G Mortgage
is required to maintain its mortgage banking licenses and is
subject to certain financial covenants.  In addition, both the
company and R&G Mortgage are required to deliver audited
financial statements to the lenders.

R&G Financial and R&G Mortgage have failed to comply with some
of these requirements, including delivery of audited financial
statements.  During the restatement process, R&G Mortgage has
obtained certain waivers of default and extensions of both of
these credit facilities.

At this time, R&G Mortgage has waivers of the defaults under the
credit agreements until their expiration dates.  The lenders
have continued making advances under the warehousing facilities,
but R&G Mortgage has agreed not to make any further draws under
the working capital facilities at this time.

R&G Mortgage is in the process of selling a mortgage loan
portfolio, and has indicated to the lenders that the proceeds of
the sale would be used to pay down a substantial portion of
these facilities.  R&G Mortgage expects to close this
transaction prior to Sept. 30, 2007, and would then renegotiate
with the lenders an extension of the credit facilities.

R&G Financial can give no assurance, however, that R&G
Mortgage will be able:

   -- to consummate the transaction by said dat;

   -- R&G Mortgage will be able to obtain extensions under
      either or both of the credit facilities;

   -- to obtain the further waiver the company would need if it
      is able to obtain an extension of the credit agreements.

If the lenders under either of the credit agreements cease
making advances under the warehousing facilities, accelerate or
demand payment of any outstanding amounts or fail to renew the
credit facilities beyond their termination dates, the
consequences would be material to the company's liquidity and
operating flexibility.

                     Impairment Charges

R&G Financial has experienced deterioration in certain of its
real estate-construction and development loans and has
reassessed a number of its lending relationships with developers
and homebuilders in the Central/North Florida area.

The housing market in the Central/North Florida area continues
to show weak demand for housing and high inventory levels which
are significantly affecting the financial position and
operations of many homebuilders and developers.

As a result, on Sept. 12, 2007, R&G Financial determined that it
would record a provision for loan and lease losses for the
quarter ending Sept. 30, 2007.  R&G Financial is in the loan
review process to determine the amount of the provision, but
cannot provide an estimate of the amount or a range of the
amount of such provision at this time.

The reduced liquidity in the secondary mortgage market has
impacted the market value of R&G Financial's mortgage loans
held-for-sale, held by R&G Mortgage.  As a result, on
Sept. 12, 2007, R&G Financial determined that it would record a
valuation allowance to its mortgage loans held-for-sale for the
quarter ending Sept. 30, 2007.

However, it cannot estimate the amount or a range of the amount
of the allowance.  These impairment charges do not affect R-G
Premier, which remains well capitalized as of Aug. 31, 2007.

                     About R&G Financial

Headquartered in San Juan, Puerto Rico, R&G Financial Corp.
(PNK: RGFC.PK) -- http://www.rgonline.com/-- is a financial
holding company with operations in Puerto Rico and the
United States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the company operated 37 bank branches
in Puerto Rico, 35 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 49 mortgage offices in Puerto Rico, including 37
facilities located within R-G Premier Bank's banking branches.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Fitch has downgraded the long-term issuer
default rating of R&G Financial Corporation to 'CCC' from 'BB-'.
Further, R&G has been placed on rating watch negative.  In
addition, the long-term IDR of R-G Premier Bank has been
downgraded to 'B' from 'BB-'.


WERNER LADDER: Confirmation Hearing Scheduled for Oct. 25
---------------------------------------------------------
The Hon. Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware set a hearing at 10:00 a.m., on
Oct. 25, 2007, to consider confirmation of the Second Amended
Liquidating Plan filed by the Official Committee of Unsecured
Creditors in the Chapter 11 cases of Werner Holding Co. (DE),
Inc., and its affiliates.

Any objection, comment or response to Plan confirmation must be
filed with the Court by October 15 at 4:00 p.m.

The Confirmation Hearing may be adjourned from time to time
without further notice to creditors and other parties-in-
interest.

                    About Werner Ladder

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates
filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del.
Case No. 06-10578).

The company has operations in Puerto Rico.

The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-
counsel.  Jefferies & Company serves as the Creditor Committee's
financial advisor.  At March 31, 2006, the Debtors reported
total assets of US$201,042,000 and total debts of
US$473,447,000.  On June 19, 2007, the Creditors Committee
submitted their own chapter 11 plan and disclosure statement
explaining that plan.  On Sept. 10, 2007, the Committee filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Disclosure Statement started on August 23
and was continued to Sept. 12.  The Debtors' exclusive period to
file a chapter 11 plan expired on June 30, 2007.

(Werner Ladder Bankruptcy News, Issue No. 41; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
(215/945-7000)


WERNER LADDER: Court OK's Panel's Amended Disclosure Statement
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
approved on Sept. 14, 2007, the Second Amended Disclosure
Statement with respect to the Second Amended Liquidating Plan
filed by the Official Committee of Unsecured Creditors in the
Chapter 11 cases of Werner Holding Co. (DE), Inc., and its
affiliates.

Bankruptcy Judge Kevin J. Carey ruled that the Disclosure
Statement contains adequate information within the meaning of
Section 1125 of the Bankruptcy Code.

The Committee delivered final, revised copies of its Second
Amended Plan and Disclosure Statement during the September 14
hearing.

A full-text copy of the Committee's Revised Plan is available at
no charge at http://ResearchArchives.com/t/s?236c

A full-text copy of the Committee's Revised Disclosure Statement
is available at no charge at
http://ResearchArchives.com/t/s?236d

Judge Carey also approved the procedures for solicitation and
tabulation of votes to accept or reject the Second Amended
Liquidating Plan, as well as procedures for filing Plan
confirmation objections.

Specifically, Judge Carey directed the Committee to mail, no
later than Sept. 19, a solicitation package containing:

  -- a written notice of the Disclosure Statement Order, the
     deadline for voting on the Plan, the Pan confirmation
     hearing date and the deadline and procedures for filing
     Plan confirmation objections;

  -- the Plan and Disclosure Statement in pdf format on a CD-
     ROM;

  -- the appropriate form of Ballots or Master Ballot and a
     ballot return envelope; and

  -- other information as the Court may direct or approve.

Solicitation Packages will be sent to the relevant broker, bank,
transfer agent, registrar, servicing agent, or other
intermediary holding claims for acting on behalf of holders of
10% senior Subordinated Notes due Nov. 15, 2007.  The
Intermediaries will forward the Package to the appropriate
Subordinated Noteholders prior to the voting deadline, as set by
the Court on Oct. 15 at 4:00 p.m.

Pursuant to Rule 3017 of the Federal Rules of Bankruptcy
Procedure, Judge Carey did not require the Committee to transmit
a Solicitation Package to Non-Voting Parties.  The Committee
will mail to each Non-Voting Party within Sept. 29.

The Court established September 12 as the record date to
determine creditors and interest holders entitled to receive the
Solicitation Package or the Non-Voting Creditor Notice and to
vote on the Plan.

Kurtzman Carson Consultants LLC will tabulate the ballots and
certify to the Court the balloting results.

The Committee may object to any claim solely for Plan voting
purposes by filing a determination motion no later than 20 days
before the Voting Deadline.  The Court ruling on the
Determination Motion will be considered a ruling with respect to
the allowance of claims under Rule 3018.

Creditors seeking to have a claim temporarily allowed for
purposes of voting to accept or reject the Plan pursuant to Rule
3018 must file a motion no later than October 1.

                     About Werner Ladder

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates
filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del.
Case No. 06-10578).

The company has operations in Puerto Rico.

The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-
counsel.  Jefferies & Company serves as the Creditor Committee's
financial advisor.  At March 31, 2006, the Debtors reported
total assets of US$201,042,000 and total debts of
US$473,447,000.  On June 19, 2007, the Creditors Committee
submitted their own chapter 11 plan and disclosure statement
explaining that plan.  On Sept. 10, 2007, the Committee filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Disclosure Statement started on August 23
and was continued to Sept. 12.  The Debtors' exclusive period to
file a chapter 11 plan expired on June 30, 2007.

(Werner Ladder Bankruptcy News, Issue No. 41; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
(215/945-7000)


WERNER LADDER: IRS Won't Balk at Disallowance of Claim No. 1005
---------------------------------------------------------------
Charles H. Keen, Esq., as trial attorney of the United States
Department of Justice, Tax Division, in Washington, D.C.,
informs the U.S. Bankruptcy Court for the District of Delaware
that the department has no objection to the proposed
disallowance of Claim No. 1005 filed by the Internal Revenue
Service against the Debtors' estate.

The Official Committee of Unsecured Creditors previously sought
disallowance of 38 proofs of claim, aggregating $496,429, in
their Chapter 11 cases.  The Committee asserted that they were
either filed after the Dec. 12, 2006 Claims Bar Date for
prepetition claims, or after the July 9, 2007 Administrative
Claims Bar Date for holders seeking administrative expense claim
payments.

The Late-Filed Claims, according to the Committee, aggregating
US$496,429, include:

   Claimant                    Claim No.   Claim Amount
   --------                    ---------   ------------
   Jack D. Blair                  1030        US$2,500
   Cynthia R. Crowe               1027          11,133
   Depository Trust Company       1052         250,000
   Department of Treasury -       1005         232,796
    Internal Revenue Service

                    About Werner Ladder

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates
filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del.
Case No. 06-10578).

The company has operations in Puerto Rico.

The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-
counsel.  Jefferies & Company serves as the Creditor Committee's
financial advisor.  At March 31, 2006, the Debtors reported
total assets of US$201,042,000 and total debts of
US$473,447,000.  On June 19, 2007, the Creditors Committee
submitted their own chapter 11 plan and disclosure statement
explaining that plan.  On Sept. 10, 2007, the Committee filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Disclosure Statement started on August 23
and was continued to Sept. 12.  The Debtors' exclusive period to
file a chapter 11 plan expired on June 30, 2007.

(Werner Ladder Bankruptcy News, Issue No. 41; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
(215/945-7000)




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


NORTHWEST AIRLINES: Appoints Richard Hirst as Sr. Vice President
----------------------------------------------------------------
Northwest Airlines Corp. has named Richard B. Hirst as its
senior vice president - corporate affairs and administration.
The company also named Tammy L. Lee to vice president -
corporate communications, reporting to Mr. Hirst.

Mr. Hirst, whose appointment is effective Oct. 1, has been
serving as the interim head of Northwest's corporate
communications since July 30.  He will be responsible for the
airline's internal and external communications, along with other
corporate responsibilities, and will report to Douglas
Steenland, president and CEO.

Mr. Hirst first came to Northwest Airlines in 1990 as senior
vice president - general counsel and in 1994 assumed the post of
senior vice president - corporate affairs, which he held until
1999.  During this time Hirst was responsible for government
affairs and labor relations.

"We are pleased Ben is rejoining Northwest in this vital
corporate affairs position.  His extensive aviation experience
will be of great value to us," said Mr. Steenland.

Mr. Hirst graduated from Harvard Law School in 1972 and Harvard
College in 1969.

Ms. Lee, who will assume her duties effective Oct. 8, will have
responsibility for managing corporate communications activities
at Northwest.

"Tammy has a wealth of communications and airline experience,"
said Mr. Hirst.  "She will be a strong addition to our
communications team and we look forward to adding her creative
and collaborative leadership capabilities to the Northwest
team."

Ms. Lee has held a variety of leadership positions in
communications and corporate affairs.  She comes to Northwest
from Bernstein Global Management in Minneapolis where she served
as vice president. Ms. Lee has served as managing director -
corporate affairs for U.S. Airways and as vice president
marketing and corporate affairs for Sun Country Airlines. In
addition to her experience in the private sector, Ms. Lee was
the 2006 Independence Party candidate for Congress in
Minnesota's Fifth Congressional District.  Ms. Lee also served
as press secretary for U.S. Senator Byron Dorgan.

Ms. Lee earned an MBA in 2003 from the University of St. Thomas,
and bachelor's degree in mass communication and political
science in 1992 from Concordia College in Moorhead, Minn.

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/--
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts.  On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  On
May 21, 2007, the Court confirmed the Debtors' Plan.  The Plan
took effect May 31, 2007.


NORTHWEST AIRLINES: Moody's Puts Ba1 Rating on Class B Certs.
-------------------------------------------------------------
Moody's Investors Service has assigned ratings of A3 and Ba1 to
the Class A and Class B Certificates, respectively of the
Northwest Airlines Pass Through Certificates, Series 2007-1.
Each Certificate will represent 100% of the fractional undivided
interest in the assets of the corresponding Trust and related
Deposits.  Property of the Trust will be Equipment Notes to be
issued by Northwest Airlines, Inc., which will be secured by a
security interest in the aircraft being financed by this
transaction.  The Notes with respect to each aircraft will be
issued under a separate indenture with a separate loan trustee
for each indenture.

Moody's affirmed all ratings of Northwest, corporate family
rating at B1, and the outlook remains stable.

                  General Structure of the
               Northwest Airlines 2007-1 EETCs

Proceeds from the sale of the Certificates will be used to
purchase Notes to finance 27 new EMB-175 LR regional jet
aircraft manufactured by Embraer scheduled to be delivered from
January 2008 to December 2008.  All of the Aircraft will be
owned by Northwest and leased and operated by Compass Airlines,
Inc., a wholly owned subsidiary.

Proceeds from the Certificates initially will be held in escrow
and subsequently will be used by the trusts to acquire equipment
notes to be issued by Northwest on a full recourse basis.  The
proceeds of the offering of each class of Certificates will be
held in escrow by the Depository, Credit Suisse, New York Branch
to which Moody's has assigned a short term unsecured debt rating
of P-1, until the Aircraft are delivered.  The risk of the
difference between the coupon rate on the Certificates and the
investment rate on the cash held in escrow is borne by the
Depositary, which will hold the proceeds of the Certificate
offerings as interest-bearing deposits.

The Certificates issued to finance the Aircraft do not represent
interests in and are not obligations of Northwest.  However, the
underlying Notes will be full recourse obligations of Northwest,
and Northwest Airlines Corporation (NWA Corp.), the indirect
parent corporation of Northwest, will unconditionally guarantee
the payments by Northwest under each Note issued by Northwest.
The amounts payable by Northwest under the Notes will be
sufficient to pay in full all principal and interest on the
Certificates when due.  The Notes will be secured by a perfected
security interest in the Aircraft and it is the opinion of
counsel to Northwest, that the Notes will be entitled to the
benefits of Section 1110 of the U.S. Bankruptcy Code.  The Class
B Certificates rank junior in priority to the Class A
Certificates.

The Class A Certificates and Class B Certificates will each be
supported by a liquidity facility intended to pay up to three
semi-annual interest payments in the event Northwest defaults on
its obligations under the Notes.  The liquidity facilities will
not provide for payments of principal due.  The liquidity
provider for the Class A and Class B Certificates is Calyon,
acting through its New York Branch, which has a Moody's short-
term rating of P-1.  The liquidity provider has a priority claim
on proceeds from liquidation ahead of any of the Certificate
holders and is also the controlling party following default
under certain circumstances.

            Cross Collateralization and Waterfall

The ratings reflect Moody's belief that the Certificates derive
only modest benefit from the cross collateralization feature
included in the transaction.  This feature provides that any
proceeds from the exercise of remedies with respect to an
aircraft will be available to cover shortfalls then due under
the Notes issued with respect to the other aircraft, thus
potentially enhancing recovery in the event of default.
However, Moody's believes the fact that a single model of
aircraft (EMB-175 LR) is financed and that the collateral pool
comprises a modest number of aircraft indicates a lack of
critical diversity in utility of the aircraft to produce a more
significant benefit resulting from cross collateralization.

The rating on the Class A Certificates considers the credit
quality of Northwest as obligor under the Notes, the
unconditional payment guarantee provided by NWA Corp., the value
of the aircraft pledged as security for the Notes, the credit
support provided by the liquidity facility, and the additional
structural features of the transaction.  The rating on the Class
B Certificates reflects both the subordination of the interests
of the holders of the Class B Certificates to those of Class A
Certificate holders as well as a high peak loan-to-value ratio
which mitigates the expected recovery to holders of the Class B
Certificates.

                     Collateral for the
               Northwest Airlines 2007-1 EETC

While it has a very limited operator base at this time in its
own right primarily because of its recent introduction, the EMB-
175 LR has a long range and is part of the deep family of
Embraer regional jets, which enjoy broader acceptance.  Moody's
believes the values of the aircraft are supported by strong
current market conditions, which may be nearing the peak of the
demand cycle. Should a downturn in the demand for aircraft occur
in the future, Moody's believes the impact on the values of
these aircraft would be greater than for other larger aircraft
types for several reasons.  First, as fuel costs continue to
rise for airlines, operators may in the future decide the
operating efficiency gains associated with utilization of
regional jets is offset by the expense of higher flight
frequencies necessary to offset the lower capacity of the RJs.
Second, while the EMB-175 LR is a member of a larger regional
jet family, the proliferation of model variants manufactured by
Embraer may have dilutive effects on the future values of
specific models such as the EMB-175 LR that has a relatively
small operator base.  Moody's believes the loan to value ratios
on the Certificates mitigates the incremental volatility of EMB-
175 LR values.

Ratings assigned:

Northwest Airlines, Inc.'s Enhanced Equipment Trust Certificates
Series 2007-1:

  -- Class A at A3
  -- Class B at Ba1

                  About Northwest Airlines

Northwest Airlines Corp. (NYSE: NWA) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and about
1,400 daily departures.  Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most
extensive global networks.  Northwest and its travel partners
serve more than 1000 cities in excess of 160 countries on six
continents.  Northwest and its travel partners serve more than
1000 cities in excess of 160 countries on six continents,
including Italy, Spain, Japan, China, Venezuela and Argentina.

The company and 12 affiliates filed for chapter 11 protection on
Sept. 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).  Bruce
R. Zirinsky, Esq., and Gregory M. Petrick, Esq., at Cadwalader,
Wickersham & Taft LLP in New York, and Mark C. Ellenberg, Esq.,
at Cadwalader, Wickersham & Taft LLP in Washington represent the
Debtors in their restructuring efforts.  The Official Committee
of Unsecured Creditors has retained Akin Gump Strauss Hauer &
Feld LLP as its bankruptcy counsel in the Debtors' chapter 11
cases.

When the Debtors filed for bankruptcy, they listed US$14.4
billion in total assets and US$17.9 billion in total debts.  On
Jan. 12, 2007 the Debtors filed with the Court their Chapter 11
Plan.  On Feb. 15, 2007, they Debtors filed an Amended Plan &
Disclosure Statement.  The Court approved the adequacy of the
Debtors' Disclosure Statement on March 26, 2007.  On
May 21, 2007, the Court confirmed the Debtors' Plan.  The Plan
took effect May 31, 2007.


PETROLEOS DE VENEZUELA: Hikes Investments in Orinoco Oil Belt
-------------------------------------------------------------
Petroleos de Venezuela SA disclosed that domestic reserves reach
88 billion barrels, and may total 100 billion by the end of the
year, Prensa Latina states.

Most of the country's reserves are found in the Orinoco oil
strip.  Due to this, the Venezuelan government pours most oil
investments in the region, which contain rich reserves of heavy
and extra-heavy oil, the same report says.

After the migration of operating contracts into joint ventures,
Petroleos de Venezuela identifies these operations as its major
projects: Petrocedeno, Petroanzoategui, Petropiar, Petromonagas,
Sincor, Petrozuata, Ameriven, and Cerro Negro.

The government is also keen on increasing daily output from the
Orinoco fields in order to meet higher demands from major
industries like Russia and China.

In its bid to be free from the U.S. influence, President Hugo
Chavez has marked China as its major trading partner in the
future by building refineries in the Asian country.

                        *     *     *

As reported in the Troubled Company Reporter on
Nov. 20, 2006, Fitch Ratings affirmed Venezuela's long-term
foreign and localcurrency 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.


PETROLEOS DE VENEZUELA: Says OPEC Hasn't Cut Output Ceiling
-----------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA's
Corporacion Venezolana del Petroleo division head Eulogio del
Pino has denied to the press OPEC's reduction of Venezuela's
production ceiling.

Business News Americas relates that OPEC said last week that it
would increase global crude production by 500,000 barrels per
day.  However, documents posted on its Web site indicated that
Venezuela's production ceiling had been decreased to 2.5 million
barrels a day.  Venezuela's previous quota was 3.2 million
barrels daily.

According to BNamericas, the data was released without any other
announcement.  Industry analysts were surprised by the output
cut.

An industry source told BNamericas that Venezuela is producing
2.4 million barrels per day.  Petroleos de Venezuela is
contributing some 1.7 million barrels a day.

OPEC has apologized to Venezuela for disclosing the incorrect
information on a reduction, reporters say, citing Mr. del Pino.

BNamericas notes that the information on OPEC's Web site was
replaced with a version that doesn't list the new output
guidelines for any OPEC member nations.

Meanwhile, Petroleos de Venezuela told BNamericas that it
produces 3.07 million barrels per day:

          -- 1.44 million barrels a day from the eastern region,

          -- 79,000 barrels per day from the central-south
             region,

          -- 1.13 million barrels per day from the western
             region, and

          -- 418,000 barrels a day from the Orinoco belt.

Petroleos de Venezuela's production problems were due to the
laying off of over 20,000 officials during an oil strike and
subsequent coup in 2002, BNamericas says, citing insiders and
analysts.

A source told BNamericas that Petroleos de Venezuela lack
qualified workers.  However, production problems wouldn't affect
long-term operations.

The source commented to BNamericas, "A lot of the current
management is not qualified and will be gone within a few years.
We have an amazing group of new young people entering the
company, and as soon as enough time passes for them to learn the
ropes and rise within the company, things will get back to
normal.  There were a lot of causalities of war in the wake of
the oil strike.  A lot of qualified people who were not
necessarily political and involved directly with the strike were
fired.  But PDVSA [Petroleos de Venezuela] is the state's main
source of income.  And it was a matter of national security to
make sure [President Hugo] Chavez opponents were removed from
the company."

High oil prices would sustain Petroleos de Venezuela until more
qualified officials will be hired, BNamericas states, citing the
source.

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

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


PETROLEOS DE VENEZUELA: Collective Pact Gets Finalized in Weeks
---------------------------------------------------------------
Venezuelan energy minister and state-run oil firm Petroleos de
Venezuela SA's head Rafael Ramirez told Kiraz Janicke at
Venezuelanalysis.com that the collective contract for oil
employees would be finalized in two weeks.

According to Venezuelanalysis.com, the collective contract has
been under negotiation since April 2007.

Venezuelanalysis.com relates that about 150 employees from the
Puerto La Cruz oil plant, together with the Jose Industrial
Complex workers, were heading towards the offices of the
Venezuelan Oil Corporation in Urbaneja to present a document to
Minister Ramirez.

The report says that Minister Ramirez was meeting with a
negotiating commission of the United Oil Workers Federation of
Venezuela.

The protesters clashed with the Immediate Response Group -
Police Force of Anzoategui for three hours, Venezuelanalysis.com
notes.  About 40 employees were arrested and three were injured.

Petroleos de Venezuela condemned the violence in a statement and
called for a probe.  The firm said that it solicits an
"exhaustive investigation of the lamentable acts that occurred
in the morning of Sept. 27, adjacent to the administrative
offices of the Corporacion Venezolana de Petroleo, located in
municipality Urbaneja of the state of Anzoategui, where the
police confronted a group of workers they encountered, resulting
in injuries of a number of workers and one functionary of the
security force."

According to Petroleos de Venezuela's statement, the firm had
intervened to secure the immediate release of 22 oil employees
arrested by the police and were working to free the remaining
arrestees.  According to the company, it would assume all
medical costs for those injured.

The government and the oil sector aren't against the oil
employees, Venezuelanalysis.com relates, citing Minister
Ramirez.  It is orienting efforts to advance the interests of
oil workers in terms of social security, education, and housing.

Minister Ramirez commented to Venezuelanalysis.com, "We are
working for an agreement that is good for workers and good for
the state."

Meanwhile, the Federation of Workers UNT-Zulia said in a
statement, "We consider that this situation has been generated
by the intransigence of the state company PDVSA [Petroleos de
Venezuela] that has drawn out the discussion over the contract
for months, offered conditions below the aspirations of the
workers and arbitrarily imposed a junta [the FUTPV negotiating
commission] to discuss the contract without having been elected
by the workers."

Venezuelanalysis.com notes that the FUTPV is an attempt to bring
together the nation's oil employees who are divided into four
separate federations and hundreds of individual unions, into a
single united federation.  "However, the leadership is
provisional and elections have not taken place yet."

The Unitary Revolutionary Autonomous Class Current, which claims
to represent over 35,000 of the 60,000 oil workers, told
Venezuelanalysis.com that it doesn't recognize the legitimacy of
the FUTPV negotiating commission and is raising a separate set
of demands over the collective contract, including:

          -- a daily salary increase of VEB30,000,

          -- the full incorporation of employees from oil
             service firms nationalized in May 2007, and

         -- the equalization of payments for retired workers.

Venezuelanalysis.com says that the FUTPV's negotiating
commission presented a new document calling for:

          -- the renegotiation of the collective contract every
             two years instead of every three years, as what
             Petroleos de Venezuela proposed;

          -- a daily salary increase of VEB25,000;

          -- a 100% increase in pensions for retired workers;

          -- total coverage for funeral costs of oil workers;

          -- the incorporation of 5.5% disabled people into the
             workforce; and

          -- a boost to the electronic food card, a scheme that
             helps oil workers pay for food, to the value of
             VEB1.7 million per month.

Petroleos de Venezuela offered a VEB7,000 increase per day and
an additional raise of VEB1,000 the following year, according to
the report.

Venezuelanalysis.com states that Minister Ramirez agreed to:

          -- renegotiate the collective contract every two
             years,

          -- raise the retired oil workers' payments, and

          -- implement a massive plan of constructing housing
             for oil employees.

Minister Ramirez affirmed to Venezuelanalysis.com that Petroleos
de Venezuela would increase the monthly value of the food card
and ensured the payment of workplace insurance for workers in
the firms Petroleos de Venezuela took over in May 2007.

Other demands the employees raised were yet to be studied,
Venezuelanalysis.com says, citing Minister Ramirez.

The Anzoategui oil workers told Venezuelanalysis.com that they
will continue holding demonstrations in the streets.

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

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


* VENEZUELA: Movilnet Installs 52 Base Stations
-----------------------------------------------
Venezuela's nationalized mobile telephony operator Movilnet said
in a statement that it has installed 52 new code division
multiple access 1x base stations.

Business News Americas relates that code division multiple
access 1x serves as a base to offer 3G services.

Movilnet is the mobile unit of fixed line operator Cantv.  With
the new base stations, the firm now has over 1,200 base stations
across Venezuela, BNamericas notes.  Movilnet wants to
strengthen its presence in the south and central coastal
regions.

Since the Venezuelan government took over Movilnet on
May 22, 2007, the firm has invested around US$12 million in its
expansion program, BNamericas states.

                        *     *     *

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


* VENEZUELA: Third Joint Bond Issue Oversubscribed
--------------------------------------------------
The third joint issuance of the so-called Bond of the South
between Argentina and Venezuela has received a large volume of
orders from local investors in the Venezuelan market, according
to published reports.

The US$1.2 billion debt is 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.

Prensa Latina says that Venezuelan financial authorities
highlighted the success of the third issue.  Because of this,
the announcement of results for the awarding of the bonds will
be delayed.  The announcement was previously scheduled for Oct.
1.

The local investors response to the offering confirms
speculations by bond traders that demand for the dollar bonds
would be high.  As a result, the bolivar would be strengthened
in the parallel market, a previous report from Bloomberg said.

Demands for the bonds reached US$3 billion, more than twice of
what's been offered for sale.  The bonds' distribution will be
made in a "democratic" fashion, Venezuelan Finance Minister
Rodrigo Cabezas was quoted by Prensa Latina as saying.

                        *     *     *

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


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

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


                         ***********


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

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