TCRLA_Public/071005.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, October 5, 2007, Vol. 8, Issue 198

                          Headlines

A R G E N T I N A

ALCRI PLUS: Proofs of Claim Verification Deadline Is Nov. 29
ALITALIA SPA: Net Debt Up EUR55 Million by Aug. 31, 2007
ALITALIA SPA: Board to Name Shortlisted Bidders on Oct. 8
ALITALIA SPA: Italy Vows to Welcome International Interests
ARGENTINA ROLLINGFORMING: Claims Verification Is Until Nov. 28

ARTE COLOR: Seeks for Reorganization Approval from Court
BIBLIOGRAFICA INTERNACIONAL: Seeks for Bankruptcy OK from Court
BUNGE LTD: Paying US$0.17 Per Share Quarterly Dividend
CHACRA LA LUZ: Trustee Verifies Claims Por Via Incidental
CONARBRAS SRL: Proofs of Claim Verification Is Until Oct. 16

CONGRESO SALUD: Trustee Filing Individual Reports on Dec. 26
COPEX SA: Trustee To File Individual Reports in Court on Dec. 5
CORPORACION DE LOS ANDES: Individual Reports Filing Is Feb. 22
DELTA AIR: Fitch Assigns Low B Ratings on Class B & C Certs.
EMPRESA DISTRIBUIDORA: S&P Affirms B Corporate Credit Rating

FORRAJERA CANALS: Trustee Verifies Claims Por Via Incidental
JOTA K: Trustee Filing General Reports in Court on Monday
LITEX TECHNOLOGHY: Proofs of Claim Verification Ends on Nov. 28
LOVE DENIM: Creditors Voting on Settlement Plan on Monday
MPM OBRAS: Proofs of Claim Verification Deadline Is Dec. 28

NEPILCOR SRL: Trustee Filing Individual Reports on Monday
PLANETOUT INC: Taps Dan Steimle as Interim Chief Fin'l Officer
POWER COLD: Creditors Voting on Settlement Plan on Monday
PRA INTERNATIONAL: Moody's Assigns B3 Corporate Family Rating
PRA INTERNATIONAL: S&P Assigns B Corporate Credit Rating

SCO GROUP: Taps Berger Singerman as General Counsel
SCO GROUP: Promotes Sandy Gupta to President of SCO Operations
SINDY SA: Trustee To File Individual Reports in Court on Monday
SYCIC SACIF: Seeks for Reorganization Okay from Court
TRANSPORTES D: Proofs of Claim Verification Ends on Dec. 26

TELEFONICA DE ARGENTINA: Parent Firm Won't Sell Vivo Stake
TELECOM ARGENTINA: Mobile Unit To be Main Cash Flow Generator

* ARGENTINA: Balks at BHP Billiton's Falklands Oil Stake
* ARGENTINA: Will Pay US$172 Million to Settle Sempra Dispute


B E R M U D A

GOODAERO LTD: Proofs of Claim Filing Deadline Is Oct. 29
GOODAERO LTD: Holding Final General Meeting on Nov. 7
GRYPHON SPECIAL: Holding Final General Meeting on Nov. 7
GRYPHON SPECIAL: Proofs of Claim Filing Deadline Is Oct. 19
REFCO INC: Former Directors Want Axis to Pay Defense Costs

REFCO INC: Axis Says Reimbursement Sought Isn't Part of Coverage
REFCO INC: Class Action Against Thomas H. Lee Partners Dismissed


B R A Z I L

AMERICAN TOWER: Posts US$20 Mln Net Loss in Qtr. Ended June 30
AUTOCAM CORP: Weak Performance Cues Moody's to Affirm B3 Rating
BRASIL TELECOM: Board Schedules Shareholders Meeting on Nov. 6
CAMARGO CORREA: Moody's Reviews Ba3 Ratings for Likely Downgrade
CONSTRUTORA NORBERTO: S&P Places BB Rating on US$300-Mil. Notes

DELPHI CORP: U.S. Trustee Adds SABIC to Creditors Committee
FLEXTRONICS INT'L: Solectron Global To Redeem 8% Senior Notes
FORD MOTOR: Ford Crossover Vehicles Sales Continue to Soar
GENERAL MOTORS: September 2007 Deliveries Up 4%
GOL LINHAS: Plans 20% Drop in Carbon Dioxide Emissions by 2012

GOL LINHAS: Inks Interline Pact with Air France
PRIDE INTERNATIONAL: Earns US$146.1 Mil. in Qtr. Ended June 30

* BRAZIL: Bear Stearns Downgrades State Firm to Peer Perform


C A Y M A N   I S L A N D S

ADMC ABSOLUTE: Proofs of Claims Filing Ends on Oct. 22
BEAR STEARNS FUNDS: Proofs of Claim Must be Filed by Oct. 28
BLACK DIAMOND: Sets Final Shareholders Meeting for Nov. 2
BLACK DIAMOND EUROPE: Sets Final Shareholders Meeting for Nov. 2
BLACK DIAMOND (CONVERTIBLE): Last Shareholders Meeting on Nov. 2

BLACK DIAMOND (OFFSHORE): Sets Nov. 2 Last Shareholders Meeting
BLACK DIAMOND (EUR): Sets Final Shareholders Meeting for Nov. 2
HARBOR 2006-2: Sets Final Shareholders Meeting for Nov. 15
HEDGEFORUM CAPITAL: Sets Final Shareholders Meeting for Nov. 29
LEINSTER LTD: Final Shareholders Meeting Is Set for Oct. 30

LEINSTER LTD: Proofs of Claim Must be Filed by Oct. 23
LMHS INSURANCE: Sets Final Shareholders Meeting for Nov. 5
MANSION LTD: Will Hold Final Shareholders Meeting on Nov. 3
MANSION LTD: Proofs of Claim Filing Deadline Is Nov. 5
MARINO LIMITED: Sets Final Shareholders Meeting for Oct. 30

MARINO LTD: Proofs of Claim Must be Filed by Oct. 23
PARMALAT SPA: Judge Doubts EUR2.1-Billion Claim Against Banks
PRINCIPAL PROTECTED: Sets Final Shareholders Meeting for Nov. 15
QUANTIVA WESTERN: Proofs of Claim Filing Deadline is Oct. 22
SLS BPI: Proofs of Claim Filing Deadline Is Oct. 22


C H I L E

LIBERTY GLOBAL: Hires Bob Leighton as Senior VP for Programming


D O M I N I C A N   R E P U B L I C

SMART MODULAR: Reports US$13.2 Mln Net Income in Fourth Qtr 2007


E C U A D O R

PETROECUADOR: Seguros Colonial To Cover Firm's Assets
G U A T E M A L A


ALCATEL-LUCENT: Board Affirms Support for CEO Patricia Russo
ALCATEL-LUCENT: Genesys Unit Names Paul Segre as Pres. & CEO


M E X I C O

ADVANCED MARKETING: Plan Confirmation Hearing Set for Nov. 15
ADVANCED MARKETING: Judge Sontchi Approves B&K Settlement Pact
ACXIOM CORP: Expects Improved Second Quarter Financial Results
ACXIOM CORP: Silver Lake & ValueAct Terminates Merger Deal
ALESTRA: Moody's Lifts Corporate Family Rating to B2 from Ca

BEARINGPOINT INC: Bags US$57.9-Mil. Deal for IT Support Services
BOWNE & CO: Earns US$15.7 Mil. in Second Quarter Ended June 30
CHALLENGER POWERBOATS: Teams Up with Renown Designer Group
CHRYSLER LLC: Reports 5% Drop in U.S. Sales for Sept. 2007
DURA AUTOMOTIVE: Gets Court Nod to Submit Plan to Creditors

EMPRESAS ICA: Enters Into US$20-Million Contract with PEMEX
GREENBRIER COS: Morgan Keegan Maintains Market Perform Rating
ICONIX BRAND: Closes US$231-Mil. Official Pillowtex Acquisition
MAZDA MOTOR: Unveils Dual-Fuel Car for Lease in Japan
MAZDA MOTOR: Releases Special "Prestige Edition" Roadster

MERIDIAN AUTOMOTIVE: Judge Walrath Closes Chapter 11 Cases
MERIDIAN AUTOMOTIVE: Claims Objection Deadline Extended to Dec.


N I C A R A G U A

SPECTRUM BRANDS: Amy Yoder Assumes Role as United President


P A R A G U A Y

TELECOM PERSONAL: Projects 14 Mil. Lines in Service by Year-End


P E R U

CLOROX CO: Prices US$750 Million 11.40% Senior Notes Offering


P U E R T O   R I C O

MUSICLAND HOLDING: Plan Confirmation Hearing Adjourned Sine Die
MUSICLAND HOLDING: Trade Creditors Appeal Complaint Dismissal


V E N E Z U E L A

ARVINMERITOR: Discloses Updated Financial Outlook
PETROLEOS DE VENEZUELA: Gov't OKs Joint Venture Pacts with Firms
PETROLEOS DE VENEZUELA: Inks Joint Project Study Pact with Galp

* VENEZUELA: ConocoPhillips Wants Amicable Settlement with Gov't
* VENEZUELA: To House Bank of the South


                            - - - - -

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


ALCRI PLUS: Proofs of Claim Verification Deadline Is Nov. 29
------------------------------------------------------------
J. Flores, the court-appointed trustee for Alcri Plus SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 29, 2007.

Mr. Flores will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 17 in Buenos Aires, with the assistance of Clerk
No. 33, 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 Alcri Plus 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 Alcri Plus'
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Alcri Plus SRL
       Paraguay 3795
       Buenos Aires, Argentina

The trustee can be reached at:

       J. Flores
       Araoz 1056
       Buenos Aires, Argentina


ALITALIA SPA: Net Debt Up EUR55 Million by Aug. 31, 2007
--------------------------------------------------------
The Alitalia Group's net debt as of Aug. 31, 2007, amounted to
EUR1.105 billion, showing an increase in net indebtedness of
EUR55 million compared to the situation on July 31, 2007.

This increase is mainly due to the typical seasonal effect as
observed in the previous years.

The net debt of the parent company Alitalia including short-term
net financial credits for subsidiaries on Aug. 31, 2007,
amounted to EUR1.093 million increasing EUR62 million (+6.0%)
compared to net debt as of July 31, 2007.

The Group's cash-to-hand and short-term financial credits as of
Aug. 31, 2007, at the Group level and for Alitalia, amounted to
EUR522 million and EUR534 million respectively.  It should be
noted that as of Aug. 31, 2007, there were several leasing
contracts at the Group level (referring almost entirely to fleet
aircraft mostly held by the parent company amounting to
EUR86 million) whose capital share, including lease closure
value, amounted to EUR100 million (of which EUR12 million
represent the current capital share falling due within 12 months
of the reference date, with EUR10 million held by the parent
company).

By comparison, the same figure as of July 31, 2007, amounted to
EUR100 million (of which EUR13 million falling due in the 12
months from the reference date.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During August 2007, repayments were made of medium/long-term
financing amounting to EUR14 million.

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Aug. 31, 2007, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Aug. 31, 2007,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to one
airport management company for disputed debts amounting to a
total of about EUR70 million as of Aug. 31, 2007.  Regarding
that, it should be pointed that during June 2007, it has been
formalized a transaction agreement, under implementation, which
settled the dispute.

In addition, regardless of the mentioned transaction agreement,
the decisions are still pending for the petitions filed by
Alitalia regarding:

   -- an injunction related to supposed different pricing
      policies has been issued by a carrier for EUR2.6 million;

   -- an other injunction has been issued by supplier of on-
      board movies by EUR1.2 million (2 decrees);

   -- a further injunction has been issued by an IT services
      supplier for about EUR812,000;

   -- an injunction has been issued by an Italian subsidiary of
      an air carrier Bankruptcy for EUR288,000;

   -- another injunction has been issued by a maintenance
      services supplier for EUR490,000;

   -- finally, there are injunctions issued by suppliers for a
      total of around EUR371,000 (13 decrees).

There are no other injunction orders or executive actions
undertaken by creditors notified as of Aug. 31, 2007, nor are
there any threats by suppliers to suspend operations.

Compared to the management figures as of June 30, 2007, the main
changes are due to:

   -- fair value in derivatives included with a positive value
      by EUR47 million;

   -- international accounting principles (IAS/IFRS) application
      on the medium/long-term indebtedness with a positive
      effect by about EUR51 million;

   -- negative effects of reclassifying certain assets for
      EUR49 million.

                       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, EUR168 million in 2005, and
EUR625.6 million in 2006.


ALITALIA SPA: Board to Name Shortlisted Bidders on Oct. 8
---------------------------------------------------------
Alitalia S.p.A.'s board of directors will meet Oct. 8, 2007, to
decide on a shortlist of possible buyers for the Italian
government's 49.9% in the carrier, Thomson Financial reports
citing sources closed to consortia preparing offer proposals.

Antonio Baldassarre, lawyer for one the interested consortia,
told Thomson Financial that potential bidders were given until
this time to submit their offers.

Thomson Financial suggests the shortlist of bidders might
include Air France-KLM, Deutsche Lufthansa AG and AirOne S.p.A.

Mr. Baldassarre revealed that his client consortium includes
local and foreign companies from the industrial and financial
sectors.  He added the consortium has sourced up to EUR3 billion
in funds to acquire Italy's stake and for further investments.

Mr. Baldassarre said the consortium plans to relaunch Alitalia's
international, long-range routes based on hubs at Fiumicino,
Rome and Malpensa, Milan airports.

                       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, EUR168 million in 2005, and
EUR625.6 million in 2006.


ALITALIA SPA: Italy Vows to Welcome International Interests
-----------------------------------------------------------
The Italian government will not refuse offers from foreign firms
interested in acquiring its 49.9% stake in Alitalia S.p.A.,
various reports say, citing Prime Minister Romano Prodi.

"I'm not looking at whether the bidder is Italian or foreign,"
Mr. Prodi was quoted by Bloomberg News as saying.  "I want
Alitalia to be managed by a strong partner."

Mr. Prodi, Thomson Financial relates, denied rumors that
international interest for Alitalia is lacking.

As previously reported, foreign firms Deutsche Lufthansa AG, OAO
Aeroflot and TPG Capital said they might launch bids if the
Italian government changes the sale conditions.  Air France-KLM,
meanwhile, said it would listen if Alitalia make an approach.
Mr. Prodi, La Stampa says, is reportedly backing Air France-KLM.

AirOne S.p.A., backed by Intesa Sanpaolo S.p.A., has restarted
talks to acquire Italy's stake in Alitalia.  According to
Finanza & Mercati, AirOne chief Carlo Toto has financial
commitments from Lehman Brothers, Nomura and Banca Monte dei
Paschi di Siena S.p.A.

Mr. Toto is also persuading local businessmen to join his
consortium, Thomson Financial adds.

                       About Alitalia

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

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.


ARGENTINA ROLLINGFORMING: Claims Verification Is Until Nov. 28
--------------------------------------------------------------
Jose Maria Colace, the court-appointed trustee for Argentina
Rollingforming SA's bankruptcy proceeding, verifies
creditors' proofs of claim until Nov. 28, 2007.

Mr. Colace will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 10 in Buenos Aires, with the assistance of Clerk
No. 19, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Argentina Rollingforming
and its creditors.

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

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

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Argentina Rollingforming SA
       Luppi 1570
       Buenos Aires, Argentina

The trustee can be reached at:

       Jose Maria Colace
       Bernardo de Irigoyen 330
       Buenos Aires, Argentina


ARTE COLOR: Seeks for Reorganization Approval from Court
--------------------------------------------------------
Arte Color RM S.R.L. has requested for reorganization approval
after failing to pay its liabilities since August 2006.

The reorganization petition, once approved by the court, will
allow Arte Color 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:

          Arte Color RM S.R.L.
          Talcahuano 750
          Buenos Aires, Argentina


BIBLIOGRAFICA INTERNACIONAL: Seeks for Bankruptcy OK from Court
---------------------------------------------------------------
The National Commercial Court of First Instance in Buenos
Aires is studying the merits of Bibliografica Internacional
S.A.'s request to enter bankruptcy protection.

Bibliografica Internacional filed a "Quiebra Decretada" petition
following cessation of debt payments.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

The debtor can be reached at:

         Bibliografica Internacional S.A.
         Bogota 256 P.B.
         Buenos Aires, Argentina


BUNGE LTD: Paying US$0.17 Per Share Quarterly Dividend
------------------------------------------------------
Bunge Limited has declared a regular quarterly cash dividend of
US$0.17 per common share.  The dividend is payable on
Nov. 30, 2007, to shareholders of record on Nov. 16, 2007.

The company also declared a quarterly cash dividend of
US$1.21875 per share on its 4.875% cumulative convertible
perpetual preference shares.  The dividend is payable on
Dec. 1, 2007, to shareholders of record on Nov. 15, 2007.

Headquartered in White Plains, New York, Bunge is a global
agribusiness company with operations primarily in commodity
grain processing and fertilizer production.  It has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 12, 2006, Moody's Investors Service confirmed the Baa2
senior unsecured ratings for Bunge Limited and guaranteed
subsidiaries.

Moody's also assigned a Ba1 rating to a new US$690 million issue
by Bunge Limited of perpetual preferred stock.

The outlook on all ratings is negative.

Ratings assigned and confirmed:

* Bunge Limited

  -- US$690 million perpetual preferred stock at Ba1

* Bunge Limited Finance Corp.

  -- Senior unsecured at Baa2 under full guarantee of Bunge Ltd

* Bunge Master Trust

  -- Senior unsecured at Baa2 under full guarantee of Bunge Ltd


CHACRA LA LUZ: Trustee Verifies Claims Por Via Incidental
---------------------------------------------------------
The court-appointed trustee for Chacra La Luz S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim "por
via incidental."

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Mar del 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 Chacra La Luz 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 Chacra La Luz's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

The trustee is also in charge of administering Chacra La Luz's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

       Chacra La Luz S.R.L.
       Acevedo 5555, Mar del Plata
       Buenos Aires, Argentina


CONARBRAS SRL: Proofs of Claim Verification Is Until Oct. 16
------------------------------------------------------------
Maria Ines Palermo, the court-appointed trustee for Conarbras
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Oct. 16, 2007.

Ms. Palermo will present the validated claims in court as
individual reports on Feb. 4, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Conarbras 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 Conarbras' accounting
and banking records will be submitted in court March 17, 2008.

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

The trustee can be reached at:

       Maria Ines Palermo
       Avenida Santa Fe 3444
       Buenos Aires, Argentina


CONGRESO SALUD: Trustee Filing Individual Reports on Dec. 26
------------------------------------------------------------
Estudio Roggiano y Asociados, the court-appointed trustee for
Congreso Salud S.A.'s bankruptcy proceeding, will present
creditors' validated claims as individual reports in the
National Commercial Court of First Instance in Buenos Aires on
Dec. 26, 2007.

The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Congreso Salud and its creditors.

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

Estudio Roggiano verifies creditors' proofs of claim until
Nov. 12, 2007.

Estudio Roggiano will also submit to court a general report
containing an audit of Congreso Salud's accounting and
banking records on March 10, 2008.

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

The trustee can be reached at:

         Estudio Roggiano y Asociados
         Avenida Corrientes 2817
         Buenos Aires, Argentina


COPEX SA: Trustee To File Individual Reports in Court on Dec. 5
---------------------------------------------------------------
Hector Ricardo Martinez, the court-appointed trustee for Copex
S.A.'s bankruptcy proceeding, will present creditors' validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on Dec. 5, 2007.

The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Copex and its creditors.

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

Mr. Martinez verifies creditors' proofs of claim until
Oct. 24, 2007.

Mr. Martinez will also submit to court a general report
containing an audit of Copex's accounting and banking records on
Feb. 21, 2008.

The debtor can be reached at:

         Copex S.A.
         Bartolome Mitre 797
         Buenos Aires, Argentina

The trustee can be reached at:

         Hector Ricardo Martinez
         Avenida Independencia 2251
         Buenos Aires, Argentina


CORPORACION DE LOS ANDES: Individual Reports Filing Is Feb. 22
--------------------------------------------------------------
Estudio Belli, Inafuko y Asociados -- the court-appointed
trustee for Corporacion de los Andes SA's reorganization
proceeding -- will present creditors' validated claims as
individual reports in the National Commercial Court of First
Instance in Buenos Aires on Feb. 22, 2008.

The court will determine if the verified claims are admissible,
taking into account the trustee's opinion and the objections and
challenges raised by Corporacion de los Andes and its creditors.

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

Estudio Belli verifies creditors' proofs of claim until
Dec. 6, 2007.

Estudio Belli will also submit to court a general report
containing an audit of Corporacion de los Andes' accounting and
banking records on April 4, 2008.

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

The debtor can be reached at:

         Corporacion de los Andes SA
         Salguero 3078
         Buenos Aires, Argentina

The trustee can be reached at:

         Estudio Belli, Inafuku Asociados
         Santa Fe 96
         Buenos Aires, Argentina


DELTA AIR: Fitch Assigns Low B Ratings on Class B & C Certs.
------------------------------------------------------------
Moody's Investors Service assigned ratings of Baa1 to the Class
A, Ba2 to the Class B, and B1 to the Class C Certificates of the
Delta Air Lines Pass Through Certificates, Series 2007-1.  Each
Certificate will represent an interest in the assets of the
related Trust.  Property of the Trust will be Equipment Notes to
be issued by Delta Air Lines, 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.

Moody's affirmed all ratings of Delta, corporate family rating
at B2, and the outlook remains stable.

           General Structure of the 2007-1 EETCs

Proceeds from the sale of the Certificates will be used to
purchase Notes to finance 36 Boeing aircraft comprising 14 7
67-400ER, 11 737-800, 7 777-200ER and 4 767-300ER vintage
aircraft originally delivered to Delta between 1998 and 2002.
All of the Aircraft are operated by Delta.

The Certificates issued to finance the Aircraft do not represent
interests in and are not obligations of Delta.  However, the
amounts payable by Delta 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 Delta, that
the Notes will be entitled to the benefits of Section 1110 of
the U.S. Bankruptcy Code.  Under Section 1110 of the U.S.
Bankruptcy Code, if Delta fails to pay its obligations under the
Notes, the collateral trustee has the right to repossess any
Aircraft, which have been rejected by Delta.  The Class C
Certificates rank junior in priority to the Class B Certificates
and the Class B Certificates rank junior 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 (up to 18 months) in the event
Delta 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 Landesbank Hessen-Thringen Girozentrale, a
public law banking institution organized under the laws of
Germany (Helaba) 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 Certificate holders and is also the
controlling party following default.  There will be no liquidity
facility for the Class C Certificates.

             Cross Collateralization and Waterfall

The ratings reflect Moody's belief that all Certificates will
benefit from cross collateralization, which potentially enhances
recovery in the event of default.  This feature provides that
any proceeds from the sale of an Aircraft securing Notes will be
available for application to shortfalls with respect to
obligations due under Notes with respect to the other Aircraft
and held in the trusts at the time such proceeds are received.
In the absence of any such shortfall, excess proceeds will be
held as additional collateral for the benefit of the other
Notes.  It is the opinion of counsel that any cash collateral
held as a result of the cross collateralization of the Notes
would not be entitled to the benefits of Section 1110 of the
Bankruptcy Code.  Moody's believes despite the fact that 50% of
the aircraft are of a single aircraft family (Boeing 767),
expected recovery is enhanced because the collateral pool
comprises a significant number of aircraft and because, while
there is some correlation between the values of the widebody
aircraft types, there is sufficient diversity in values and
utility of the aircraft to produce a benefit given cross
collateralization.

         Collateral for the Delta Air Lines 2007-1 EETC

While there is some commonality between the 767-400ER,
777-200ER, 767-300ER and 737-800 as they are all long-range
commercial jet aircraft, there are some differences in terms of
their current and future usage and their expected valuations in
future years.  While the 767-300ER and 767-400ER are both
widebodies designed for long-range capability, the 767-300ER is
one of the most widely accepted aircraft among commercial
airlines while the -400ER has a very limited operator base (2
U.S. operators including Delta).  The 777-200ER, which is a
derivative of the 777-200 and has a range about 50% higher than
that aircraft model, is intended for long-haul routes and enjoys
good penetration in the widebody market.  The 737-800 is a next-
generation narrow-body replacement for the 737-400 with upgraded
systems, revised empennage, a larger wing, higher MTOW, greater
fuel capacity and range than the -400.  The 737-800 is the only
narrow body aircraft in the pool but enjoys a large operator
base as a result of its operational flexibility and medium range
efficiency.  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 in passenger
configuration would be greater than for other aircraft types for
several reasons.  First, widebody aircraft (which comprise
approximately 70% of the pool by number) would likely have less
operational flexibility than new, more efficient narrowbody
aircraft in a softer economic environment, and their use would
likely be discontinued sooner.  Second, these aircraft are at or
near their economic half lives and some models have been
superceded or are expected to be superceded by newer, more
efficient aircraft types, which is likely to moderate the
volatility of their value in an economic downturn.  Third, the
limited operator base for the 767-400ER and limited used market
activity increases their value uncertainty as well as their
volatility under less favorable economic conditions.  Finally,
the cost of modification of these aircraft to cargo
configuration is significant and potentially prohibitive.
Moody's believes lower loan to value ratios on the Certificates
mitigates the incremental volatility of these aircraft values.

                 Structural Considerations

The Aircraft are currently subject to liens under existing
financings. However, these existing liens will be released prior
to funding the Delta 2007-1 EETC. Nineteen of the Aircraft (the
2001-2 EETC Aircraft) are subject to separate indentures (the
2001-2 Indentures) under an enhanced equipment trust certificate
transaction entered into by Delta in December 2001.
Additionally, 12 of the aircraft are subject to a mortgage in
connection with a letter of credit facility that backs up
certain airport bond issues and an additional five aircraft are
subject to an indenture and security agreement in connection
with an aircraft loan facility, in each case entered into in
2003 (the Private Aircraft).  At the date of funding of the
Delta 2007-1 EETC, all the equipment notes issued under the
2001-2 Indentures will have been prepaid in order to obtain
release of the lien of the 2001-2 Indentures on the 2001-2 EETC
Aircraft.  Further, as of the date of funding the Delta 2007-1
EETC, the liens on the Private Aircraft will be released because
the applicable airport bonds will be redeemed and the aircraft
loan facility will be repaid.

Ratings assigned:

Delta Air Lines, Inc.'s Enhanced Equipment Trust Certificates
Series 2007-1

  -- Class A at Baa1
  -- Class B at Ba2
  -- Class C at B1

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan.


EMPRESA DISTRIBUIDORA: S&P Affirms B Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Argentina-based electricity distributor Empresa
Distribuidora y Comercializadora Norte S.A. (Edenor) following
the company's US$220 million 10-year 10.5% fixed-rate bond
issuance due 2017.  Proceeds are expected to be mostly applied
to prepay existing debt.  Edenor is the first Argentine
corporation to issue debt in the international markets after the
recent market turmoil.

The outlook remains positive, reflecting Edenor's improving cash
flow generation after the significant tariff increase for
nonresidential users retroactive to November 2005, coupled with
stronger liquidity and financial flexibility.  In addition, the
outlook incorporates Standard & Poor's expectations that the
global renegotiation of Edenor's concession contract will be
instituted in 2008, which could result in a further improvement
of its business and financial risk profiles.

The 'B' rating reflects Argentina's high political and
regulatory risk, decreasing generation capacity reserves in the
Argentine electric system, which could further impair mainly
large users' supply in 2008, and the company's relatively high
foreign exchange risk.  The ratings also incorporate EDENOR's
solid competitive position resulting from its exclusive
concession to distribute electricity in the north and northwest
of greater Buenos Aires, the projected significant improvement
of debt service coverage ratios resulting from the Acta Acuerdo
agreement-related increase in cash flow, and a favorable debt
maturity profiles.

Based in Buenos Aires, Argentina, Edenor is the largest
electricity distribution company in Argentina in terms of number
of customers and volume of energy sold.  Edenor commenced
operations in 1992, as a result of the privatization of the
previously state-owned SEGBA.  At that time, it was granted a
95-year concession to distribute electricity on an exclusive
basis in its concession area, the greater Buenos Aires
metropolitan area and northern portion of the City of Buenos
Aires.  EASA, which is controlled by Dolphin Energia S.A., is
Edenor's holding company.


FORRAJERA CANALS: Trustee Verifies Claims Por Via Incidental
------------------------------------------------------------
Luis A. Dominguez, the court-appointed trustee for Forrajera
Canals S.R.L.'s reorganization proceeding, verifies creditors'
proofs of claim "por via incidental."

Mr. Dominguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in La Carlota, Cordoba, 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 Forrajera Canals 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 Forrajera Canals'
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Forrajera Canals S.R.L.
       Santa Fe 18, Canals
       Cordoba, Argentina

The trustee can be reached at:

       Luis A. Dominguez
       Dean Funes 546, La Carlota
       Cordoba, Argentina


JOTA K: Trustee Filing General Reports in Court on Monday
---------------------------------------------------------
Susana Teresa Cormons, the court-appointed trustee for Jota K
S.R.L.'s bankruptcy proceeding, will file in the National
Commercial Court of First Instance in Rafaela, Santa Fe, a
general report containing an audit of the firm's accounting and
banking records in court on Oct. 8, 2007.

Ms. Cormons verified creditors' proofs of claim until
Aug. 23, 2007.  She then presented the validated claims in court
as individual reports on Sept. 10, 2007.

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

The debtor can be reached at:

          Jota K S.R.L.
          Octavio Zobboli 1370, Rafaela
          Santa Fe, Argentina

The trustee can be reached at:

          Susana Teresa Cormons
          Santa Fe 742, Rafaela
          Santa Fe, Argentina


LITEX TECHNOLOGHY: Proofs of Claim Verification Ends on Nov. 28
---------------------------------------------------------------
Raul Trejo, the court-appointed trustee for Litex Technologhy
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Nov. 28, 2007.

Mr. Trejo will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 26 in Buenos Aires, with the assistance of Clerk
No. 52, 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 Litex Technologhy 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 Litex Technologhy's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Litex Technologhy SA
       Humberto I 2630
       Buenos Aires, Argentina

The trustee can be reached at:

       Raul Trejo
       Avenida Corrientes 818
       Buenos Aires, Argentina


LOVE DENIM: Creditors Voting on Settlement Plan on Monday
---------------------------------------------------------
Love Denim SRL's creditors will vote on a settlement plan that
the company will lay on the table on Oct. 8, 2007

Carlos Daniel Brezinski, the court-appointed trustee for Love
Denim's reorganization proceeding, verified creditors' proofs of
claim until Feb. 26, 2007.  He presented the validated claims in
court as individual reports in a court in Buenos Aires on
April 11, 2007.  He also filed a general report containing an
audit of Love Denim's accounting and banking records on
May 28, 2007.

The debtor can be reached at:

          Love Denim SRL
          Esteban de Luca 2223
          Buenos Aires, Argentina

The trustee can be reached at:

          Carlos Daniel Brezinski
          Lambare 1140
          Buenos Aires, Argentina


MPM OBRAS: Proofs of Claim Verification Deadline Is Dec. 28
-----------------------------------------------------------
Maria Tynik, the court-appointed trustee for MPM Obras Civiles
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Dec. 28, 2007.

Ms. Tynik will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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 MPM Obras 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 MPM Obras' accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       MPM Obras Civiles SA
       Bauness 1904
       Buenos Aires, Argentina

The trustee can be reached at:

       Maria Tynik
       Avenida Rivadavia 10.444
       Buenos Aires, Argentina


NEPILCOR SRL: Trustee Filing Individual Reports on Monday
---------------------------------------------------------
Leonor Haydee Veiga, the court-appointed trustee for Nepilcor
S.R.L.'s bankruptcy proceeding, will present in the National
Commercial Court of First Instance in Buenos Aires the validated
claims as individual reports on Oct. 8, 2007

Ms. Veiga verified creditors' proofs of claim until
Aug. 27, 2007.  She will also file a general report that
contains an audit of Nepilcor's accounting and banking records
will be submitted in court on Nov. 20, 2007.

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

The trustee can be reached at:

          Leonor Haydee Veiga
          B. Mitre 1711
          Buenos Aires, Argentina


PLANETOUT INC: Taps Dan Steimle as Interim Chief Fin'l Officer
--------------------------------------------------------------
PlanetOut Inc. has announced that Dan E. Steimle has joined
PlanetOut's senior leadership team as interim chief financial
officer and senior vice president.

During his career Mr. Steimle has held a variety of chief
financial officer roles in both early and later stage public and
private companies, in a variety of industries.  He specializes
in strategic financial leadership, restructurings and turn-
arounds, mergers & acquisitions and developing finance
organizations.  Mr. Steimle has secured more than US$250 million
in private equity and debt capital for numerous private and
public companies.

Prior to joining PlanetOut, Mr. Steimle founded CSL Consulting
and served as interim chief financial officer for several early-
stage companies.  He began his career as an auditor for Arthur
Andersen and first entered the financial industry as division
controller for Cobe Laboratories.

"We're very excited about Dan joining our team and the breadth
of experience he brings," said Karen Magee, chief executive
officer, PlanetOut Inc.  "Dan is a skillful financial executive
with a superior background in accounting, compliance, and
raising capital with public and start-up companies.  We believe
that he will be a tremendous resource as we continue moving
toward our strategic and financial objectives."

As interim chief financial officer and a member of the company's
management team, Mr. Steimle will be responsible for managing
and directing the worldwide accounting, finance, tax, and
treasury functions of PlanetOut, as well as the company's
internal audit and control processes.

"I'm very excited about joining a company that has such a clear
vision of where it wants to go and how it plans to get there,"
Mr. Steimle said.  "I'm looking forward to assisting the company
in that endeavor."

Mr. Steimle holds a B.S. in Accounting from Ohio State
University and an MBA in Management/Marketing from the
University of Cincinnati.

Based in San Francisco, California, PlanetOut Inc. (Nasdaq:
LGBT) -- http://www.planetoutinc.com/-- is a media and
entertainment company exclusively serving the lesbian, gay,
bisexual and transgender community.  The company provides this
audience a wide variety of products and services including
online and print media properties, a travel marketing business
and other goods and services.  PlanetOut has additional offices
in New York, Los Angeles, Minneapolis, London and Buenos Aires.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 28, 2007, the company has experienced significant net losses
and expects to continue to incur losses in the future.  As of
Mar. 31, 2007, its accumulated deficit was approximately US$45.2
million.  Although the company had positive net income in the
year ended Dec. 31, 2005, it experienced a net loss of US$3.7
million for the year ended Dec. 31, 2006, and a net loss of
US$6.9 million for the quarter ended Mar. 31, 2007, and the
company may not be able to regain or sustain profitability in
the near future, causing its financial condition to suffer and
its stock price to decline.

At March 31, 2007, the company's balance sheet showed total
assets of US$88.8 million and total liabilities of US$44.1
million, resulting in a US$44.6 million stockholders' equity.
At Dec. 31, 2006, equity was US$51.1 million.


POWER COLD: Creditors Voting on Settlement Plan on Monday
---------------------------------------------------------
Power Cold SA's creditors will vote on a settlement plan that
the company will lay on the table on Oct. 8, 2007

Analia Fernanda Calvo, the court-appointed trustee for Power
Cold's reorganization proceeding, verified creditors' proofs of
claim until Feb. 13, 2007.  She presented in the National
Commercial Court of First Instance in Buenos Aires the validated
claims in court as individual reports on March 27, 2007.  She
also submitted to court a general report containing an audit of
the company's accounting and banking records on May 8, 2007.

The trustee can be reached at:

         Analia Fernanda Calvo
         Montevideo 589
         Buenos Aires, Argentina


PRA INTERNATIONAL: Moody's Assigns B3 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service assigned a B3 Corporate Family Rating
to PRA International.

Moody's also assigned a B1 rating to the "first-out" portion of
the proposed senior secured credit facility, including the
revolver, and a B3 rating to the "last-out" portion of the
credit facility.  The outlook for the ratings is stable.  This
is the first time Moody's has assigned ratings to PRA.

The ratings are principally constrained by:

   (1) the significant levels of leverage and resulting weak
       credit metrics;

   (2) the potential for near-term operating volatility as a
       result of the company's on-going turnaround as well as
       cancellation risk inherent in the global contract
       research organization industry;

   (3) the limited track record of free cash flow generation and

   (4) the company's small scale and relatively modest
       competitive position against several much larger
       companies.  The ratings are also constrained by Moody's
       concerns about the company's liquidity profile as well as
       the expectation for limited recoverability of assets in a
       bankruptcy scenario.

Despite the above concerns, Moody's acknowledges several
positive trends at the company.  These include:

   (1) a new management team with solid industry and turnaround
       experience;

   (2) good opportunities for growth and margin expansion upon
       successful execution of the strategy;

   (3) positive industry growth trends and

   (4) early signs of positive momentum in the company's
       turnaround.

All ratings are subject to review of final documentation.

Ratings assigned:

PRA International:

  -- US$30 million senior secured revolving credit facility due
     2013; B1, LGD3, 35%;

  -- US$55 million senior secured first-out term loan due 2014;
     B1, LGD3, 35%;

  -- US$85 million senior secured last-out term loan due 2014;
     B3, LGD5, 71%;

  -- Corporate Family Rating: B3;

  -- Probability of Default Rating: B2;

Pharmaceutical Research Associates Group, BV:

  -- US$10 million senior secured revolving credit facility due
     2013; B1, LGD3, 35%

  -- US$115 million senior secured first-out term loan due 2014;
     B1, LGD3, 35%

  -- The outlook for the ratings is stable.

Headquartered in Reston, Virginia, PRA International --
http://www.praintl.com/-- is a global contract research
organization that assists pharmaceutical and biotechnology
companies in developing drug compounds, biologics, and drug
delivery devices and gaining necessary regulatory approvals.
Clinical trials and related services are conducted from offices
located all over the world including Argentina, Australia,
Belgium, Poland, India, Taiwan, among others.

The company generated gross revenues of approximately US$382
million (including US$43 million of reimbursed expenses) for the
twelve months ended June 30, 2007.


PRA INTERNATIONAL: S&P Assigns B Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to pharmaceutical contract research organization
PRA International Inc.  The outlook is stable.

At the same time, Standard & Poor's Ratings Services assigned
its bank loan and recovery ratings to PRA's secured financing.
The company's proposed first-out credit facilities are rated
'BB-', with a recovery rating of '1', indicating the
expectations for very high (90%-100%) recovery in the event of
a payment default.  PRA is the borrower for the first-out credit
facilities, consisting of a US$30 million revolving credit
facility and a US$55 million term loan.  Pharmaceutical Research
Associates Group BV is the borrower for the other first-out
credit facilities, consisting of a US$10 million euro-
denominated revolving credit facility, a US$60 million euro-
denominated term loan, and a US$55 million term loan.

S&P also assigned its 'CCC+' bank loan rating to the company's
US$85 million last-out term loan, for which PRA is the borrower.
The recovery rating of '6' indicates the expectation for
negligible (0%-10%) recovery in the event of a payment default.

At the same time, S&P assigned its 'CCC+' rating to PRA's
US$170 million senior subordinated notes.

The proceeds of the term loans and notes are being used in
conjunction with approximately US$390 million of common equity
to finance the buyout of the company by sponsor Genstar Capital
LLC.  The buyout values the company at about US$750 million,
which represents a multiple of about 13x pro forma adjusted
EBITDA from the past 12 months.

"The rating reflects PRA's highly leveraged capital structure,
risks related to its continuing turnaround efforts, a somewhat
concentrated customer base, and the potential for earnings
volatility," said Standard & Poor's credit analyst Alain
Pelanne.  "These factors are offset partially by PRA's
recently improving results, its global footprint and therapeutic
expertise, and trends that support strong growth for the
industry."

Headquartered in Reston, Virginia, PRA International --
http://www.praintl.com/-- is a global contract research
organization that assists pharmaceutical and biotechnology
companies in developing drug compounds, biologics, and drug
delivery devices and gaining necessary regulatory approvals.
Clinical trials and related services are conducted from offices
located all over the world including Argentina, Australia,
Belgium, Poland, India, Taiwan, among others.

The company generated gross revenues of approximately US$382
million (including US$43 million of reimbursed expenses) for the
twelve months ended June 30, 2007.


SCO GROUP: Taps Berger Singerman as General Counsel
---------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the United States
Bankruptcy Court for the District of Delaware for authority to
employ Berger Singerman P.A. as their general counsel, nunc pro
tunc to Sept. 14, 2007.

Debtors selected the firm because the firm's attorneys are
qualified to practice in this Court and are qualified to advise
the Debtors on their relations with, and responsibilities to,
the creditors and other interested parties.

As the Debtors' general counsel, Berger Singerman will:

   a) advise the Debtors with respect to its powers and duties
      as debtors-in-possession and the continued management of
      their business operations;

   b) advise the Debtors with respect to their responsibilities
      in complying with the United States Trustee's Operating
      Guidelines and Reporting requirements and with the rules
      of the Court;

   c) prepare motions, pleadings, orders, applications,
      adversary proceedings, and other legal documents necessary
      in the administration of the cases;

   d) protect the interests of the Debtors in all matters
      pending before the Court; and

   e) represent the Debtors in negotiations with their creditors
      and in the preparation of a plan.

The firm's professionals billing rate are:

     Professional                     Hourly Rate
     ------------                     -----------
     Paul Steven Singerman, Esq.        US$475
     Arthur J. Spector, Esq.            US$450

     Associate Attorneys            US$250 - US$370
     Legal Assistants/Paralegals     US$75 - US$160

The firm disclosed that on Sept. 4, 2007, and Sept. 12, 2007,
Berger Singerman received retainers of US$50,000 and US$375,000,
respectively, in connection with Debtors' chapter 11 cases.

Arthur J. Spector, Esq., a shareholder of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors and their estate, and that the firm is a "disinterested
person" as that term is defined under Section 101(14) of the
Bankruptcy Code.

Mr. Spector can be reached at:

   Arthur J. Spector, Esq.
   Berger Singerman P.A.
   350 E. Las Olas Boulevard, Suite 1000
   Fort Lauderdale, Florida 33301
   Tel.: (954) 713-7511
   http://www.bergersingerman.com/

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

The company and its affiliate filed for Chapter 11 protection on
Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337).  As of
Sept. 10, 2007, the Debtors' reported total assets of
US$14,800,000 and total debts of US$7,500,000.


SCO GROUP: Promotes Sandy Gupta to President of SCO Operations
--------------------------------------------------------------
The SCO Group, Inc. has promoted Sandy Gupta to President of SCO
Operations Inc., effective immediately.  Mr. Gupta will continue
to report to Darl McBride, President and CEO of The SCO Group.

"With Sandy's extensive UNIX technical background and vision for
our SCO Mobile products, he will be able to laser-focus on
product deliverables and customer needs," Mr. McBride said.  "We
have a number of key technologies coming out in the next couple
of quarters that will drive value for our customers; Sandy's
focus will be a win-win for them.  Those expanding their IT
infrastructure into the mobile space will see a solid solution
in SCO Mobile Server, with its UNIX technology backbone.
Customers simply needing updated core SCO UNIX technology will
have greater capabilities as well as future mobile plug and play
functionality."

The SCO Group entered the high-growth mobile market several
years ago and according to IDC's 2007 Worldwide Mobile
Middleware Forecast it has recently moved into the leadership
quadrant with other mobile technology leaders.

Most recently, Sandy Gupta was Chief Technology Officer and
General Manager for The SCO Group.  Prior to that, he held a
number of senior positions, including VP of SCO Engineering and
Senior Director of UNIX Engineering while working for the SCO
Murray Hill office in New Jersey.  Mr. Gupta joined SCO in 1996
with the ISV engineering group.  During this time, Mr. Gupta
worked with strategic ISV partners -- including Progress,
Oracle, Computer Associates and others -- on their ports to SCO
UNIX platforms.  Mr. Gupta then moved to the SCO UK escalations
group and led the 24x7 enterprise escalations engineering team.
He also led the SCO eCommerce and Web Services initiative in
2003.

Before joining SCO, Mr. Gupta worked for Fujitsu ICL in the
United Kingdom. During this engagement, Mr. Gupta contributed
tremendous effort to the core kernel team at ICL that oversaw
the reference port and device driver development of UNIX System
V on the SPARC platform. Prior to this experience, Gupta started
his career as an intern scientist at Indian Space and Research
Organization.

"After having worked at SCO for over a decade, I am thrilled to
better serve our customers and partners in this new capacity,"
Mr. Gupta said.  "As our primary focus, we will strengthen and
expand our UNIX product offerings to our partners and
reinvigorate our channels in doing so.  The SCO UNIX partner and
customer ecosystem has also represented a great channel to
launch SCO Mobile products and services complementary to the
core UNIX products."

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

The company and its affiliate filed for Chapter 11 protection on
Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337).  As of
Sept. 10, 2007, the Debtors' reported total assets of
US$14,800,000 and total debts of US$7,500,000.


SINDY SA: Trustee To File Individual Reports in Court on Monday
---------------------------------------------------------------
Nelida Haydee Grumblatt de Nobile, the court-appointed trustee
for Sindy S.A.'s bankruptcy proceeding, will present in the
National Commercial Court of First Instance in Buenos Aires the
validated claims as individual reports on Oct. 8, 2007.

Ms. Grumblatt de Nobile verified creditors' proofs of claim
until Aug. 24, 2007.  She will also submit a general report that
contains an audit of Sindy's accounting and banking records will
be submitted in court on Nov. 21, 2007.

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

The debtor can be reached at:

          Sindy S.A.
          Avenida Pueyrredon 480
          Buenos Aires, Argentina

The trustee can be reached at:

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


SYCIC SACIF: Seeks for Reorganization Okay from Court
-----------------------------------------------------
Sycic S.A.C.I.F. E I. has requested for reorganization approval
after failing to pay its liabilities since August 2006.

The reorganization petition, once approved by the court, will
allow Sycic 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:

          Sycic S.A.C.I.F. E I.
          Uruguay 362
          Buenos Aires, Argentina


TRANSPORTES D: Proofs of Claim Verification Ends on Dec. 26
-----------------------------------------------------------
Luis Di Cesare, the court-appointed trustee for Transportes D
Marco SRL's bankruptcy proceeding, verifies creditors' proofs of
claim until Dec. 26, 2007.

Mr. Di Cesare will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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 Transportes D 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 Transportes D's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Transportes D Marco SRL
       Catamarca 732
       Buenos Aires, Argentina

The trustee can be reached at:

       Luis Di Cesare
       Viamonte 1336
       Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Parent Firm Won't Sell Vivo Stake
----------------------------------------------------------
Antonio Viana-Baptista, Telefonica de Argentina's Spanish parent
firm Telefonica's general manager, told Dow Jones Newswires that
the company isn't keen on selling its 50% stake in Brazil's Vivo
Participacoes to Portugal Telecom.

According to published reports, Portugal Telecom Chief Executive
Henrique Granadeiro said that the firm has to grow to avoid
being vulnerable to a takeover.  Mr. Granadeiro said that the
company is interested in buying Telefonica's Vivo Participacoes
stake.

Mr. Viana-Baptista commented to Dow Jones, "In fact, we would
still like to buy Portugal Telecom's (50%) stake in Vivo."

Telefonica Chairperson Cesar Alierta told the Financial Times
that the firm had offered EUR3 billion for Portugal Telecom's
stake in Vivo Participacoes.

Telefonica's ties with Portugal Telecom has been "strained"
since the Spanish firm supported a takeover bid for the
Portuguese company to get full control of Vivo Participacoes,
Dow Jones states, citing sources.

                 About Vivo Participacoes

Vivo Participacoes S.A. (Vivo), formerly known as Telesp Celular
Participacoes S.A., (TCP), is a provider of cellular
telecommunications services in Brazil, through its subsidiary,
Vivo S.A.  Vivo provides cellular telecommunications services
using global system for mobile communications (GSM)/enhanced
data for GSM evolution (EDGE), code division multiple access
(CDMA) and time division multiple access (TDMA) in the frequency
of 850 megahertz.  In February 2006, Tele Leste Celular
Participacoes S.A. (TLE), Tele Sudeste Celular Participacoes
S.A. (TSD) and Celular CRT Participacoes S.A. (Celular CRT)
merged with and into TCP, with TCP as the surviving company.
Upon the completion of the merger, TCP was renamed Vivo
Participacoes S.A. and became the holding company of Tele Centro
Oeste Celular Participacoes (TCO) and Global Telecom S.A. (GT),
and of the remaining subsidiaries of TLE, TSD and Celular CRT.

                  About Portugal Telecom

Portugal Telecom, SGPS, SA, is engaged in the provision of a
range of telecommunications and multimedia services in Portugal
and other countries, including Brazil.  Its activity covers all
segments of the telecommunications sector, including fixed,
mobile, multimedia, data and corporate solutions.  Portugal
Telecom offers a range of mobile services, multimedia services
(such as pay television, Internet access and portal services),
data and business solutions (such as data communications,
business-to-business, e-commerce and data and networking
solutions) and wireline telephone services for retail and
wholesale customers.  The company operates through four business
segments: Wireline (including retail, wholesale and data and
corporate), Domestic Mobile (Telecomunicacoes Moveis Nacionais,
SA (TMN)), Brazilian Mobile (Brasilcel NV (Vivo)) and Multimedia
(including pay television and cable Internet, audiovisuals
distribution and cinematographic exhibition).

                     About Telefonica

Telefonica, S.A., together with its subsidiaries and investees
(Telefonica Group), operates mainly in the telecommunications,
media and entertainment industries.  The Telefonica Group is
also involved in the media and contact center activities through
investments in Telefonica de Contenidos and Atento.  The company
operates through three segments: Telefonica Spain, Telefonica
Europe and Telefonica Latin America.  Telefonica Spain oversees
the wireline and wireless telephony, broadband and data
businesses in Spain.  Telefonica Latin America oversees the same
businesses in Latin America.  Telefonica Europe oversees the
wireline, wireless, broadband and data businesses in the United
Kingdom, Germany, the Isle of Man, Ireland, the Czech Republic
and the Slovak Republic.

               About Telefonica de Argentina

Headquartered in Buenos Aires, Argentina, Telefonica de
Argentina SA -- http://www.telefonica.com.ar/-- provides
telecommunication services, which include telephony business
both in Spain and Latin America, mobile communications
businesses, directories and guides businesses, Internet, data
and corporate services, audiovisual production and broadcasting,
broadband and Business-to-Business e-commerce activities.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 22, 2007,
Moody's Latin America changed the rating outlook to positive
from stable for Telefonica de Argentina's foreign currency
rating of B2 and for the Aa3.ar (national scale rating).  The
rating action was taken in conjunction with Moody's outlook
change to positive from stable for Argentina's B2 foreign
currency ceiling for bonds and notes on Jan. 16, 2007.
Telefonica de Argentina's foreign currency rating continues to
be constrained by Argentina's B2 ceiling.


TELECOM ARGENTINA: Mobile Unit To be Main Cash Flow Generator
-------------------------------------------------------------
The mobile business will be the main cash flow generator for
Telecom Argentina in the medium and long term, Business News
Americas reports, citing Argentine equity fund management firm
Capital Markets Argentina analyst Carolina Kiernan.

Capital Markets' estimates indicate that the mobile telephony
sector will be 62% of Telecom Argentina's sales by 2010,
BNamericas says, citing Ms. Kiernan.  Telecom Argentina's main
challenge in the mobile business is "to stabilize its margins in
a very competitive segment with a need for large investments to
expand its GSM infrastructure in order to meet growing demand."

Ms. Kiernan commented to BNamericas, "The company is making
important investments to maintain its market share and to be
ready for fixed-mobile convergence.  We are also expecting value
added services to have a more prominent role in the company's
ARPU, after the launch of 3G service last May."

BNamericas relates that Capital Markets expects Telecom
Argentina's fixed line business to increase at moderate rates,
reaching 4.1 million lines in service by year-end.  Capital
Market's previous forecast was 4.3 million lines.

Broadband services are the key in Telecom Argentina's strategy
for the segment as fixed telephony tariffs remain frozen.  The
segment is entering a declining phase after reaching maturity,
BNamericas states, citing Mr. Kieran.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.


* ARGENTINA: Balks at BHP Billiton's Falklands Oil Stake
--------------------------------------------------------
The Argentine government is to file a formal protest against BHP
Billiton's acquisition of a 40% interest in 14 offshore
exploration and production licenses in the East Falkland Basin,
published reports say.

Forbes says BHP Billion inked the exploration and production
contract Tuesday with Falkland Oil and Gas Limited for US$10
million.

The area surrounding the Falkland Islands has been subject to a
long-standing dispute between Argentina and Great Britain.

The Financial Times says that the South American nation
considers BHP Billiton's acquisition as a "fresh slap in the
face" after Britain confirmed that it might ask for approval
from the United Nations to extend its territorial claims on the
Atlantic Ocean floor 350 miles from the islands.  Britain
current territorial limit is at 200 miles.

The Argentine government will also send "dissuasion notes" to
BHP and its partners explaining that they would be dipping their
fingers on disputed territories, the FT says.

According to the Times Online, the project involves a drilling
program of two to four wells that will cost US$100 million,
which BHP will largely fund.  This project, the same report
adds, signals renewed interest to Falklands explorations after
other oil majors were unsuccessful in finding significant
deposits.

Falkland Oil said it has conducted promising seismic studies
that point to "significant petroleum potential," the FT relates.
The company believes there could be as much as 10 billion
barrels of oil under its 10 most prolific licences, but industry
sources say the estimate is highly optimistic.

Meanwhile, a British embassy spokesperson in Buenos Aires was
quoted by the FT as saying that his country "has no doubt about
the sovereignty of the Falkland Islands and surrounding maritime
areas. The Falkland Islands government is entitled to develop a
hydrocarbons industry within its economic exclusion zone and on
its continental shelf, and we would support this."

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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


* ARGENTINA: Will Pay US$172 Million to Settle Sempra Dispute
-------------------------------------------------------------
Argentina is directed to pay US$172 million to Sempra Energy for
covering investment losses caused by a 2002 freeze on natural
gas prices in the country, San Diego reports.

According to the report, International Centre for Settlement of
Investment Disputes in Washington has awarded Sempra the sum.
The company owns the largest U.S. natural gas utility.

Argentina froze utility prices in an effort to limit inflation
after the country defaulted on debt and devalued its currency.

Sempra said in an interview with San Diego that it resulted to
significant losses in its investments in Argentine gas-
distribution companies.

Javade Chaudhri, Sempra's general counsel, told San Diego: "We
hope that the government of Argentina will honor its legal
obligations as we seek immediate enforcement of the award."

                        *     *     *

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


GOODAERO LTD: Proofs of Claim Filing Deadline Is Oct. 29
--------------------------------------------------------
GoodAero Ltd.'s creditors are given until Oct. 29, 2007, to
prove their claims to Nicholas Hoskins, 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.

GoodAero's shareholders agreed on Sept. 28, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Nicholas Hoskins
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda


GOODAERO LTD: Holding Final General Meeting on Nov. 7
-----------------------------------------------------
GoodAero Ltd.'s final general meeting is scheduled on
Nov. 7, 2007, at 10:00 a.m., at:

       Wakefield Quin, Chancery Hall
       52 Reid 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.


GRYPHON SPECIAL: Holding Final General Meeting on Nov. 7
--------------------------------------------------------
Gryphon Special Situations Offshore Fund, Ltd.'s final general
meeting is scheduled on Nov. 7, 2007, at 9:00 a.m., at:

            Canon's Court, 22 Victoria 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.


GRYPHON SPECIAL: Proofs of Claim Filing Deadline Is Oct. 19
-----------------------------------------------------------
Gryphon Special Situations Offshore Fund, Ltd.'s creditors are
given until Oct. 19, 2007, to prove their claims to Jennifer Y.
Fraser, 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.

Gryphon Special's shareholders agreed on Oct. 2, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


REFCO INC: Former Directors Want Axis to Pay Defense Costs
----------------------------------------------------------
Leo R. Breitman, Nathan Gantcher, David V. Harkins, Scott L.
Jaeckel, Thomas H. Lee, Ronald L. O'Kelley, and Scott A. Schoen,
former directors of Refco, Inc., ask the U.S. Bankruptcy Court
for the Southern District of New York to issue a declaratory
judgment requiring Axis Reinsurance Company to advance defense
costs to them, as incurred, pursuant to the terms of the excess
directors and officers liability insurance policy issued by Axis
to Refco.

The "tower" of D&O Insurance Policies consists of a primary
policy and five excess policies, issued by The U.S. Specialty
Insurance Company, Lexington Insurance Company, Axis, as
primary, first excess, and second excess policies.

The Directors, as well as other former Refco officers and
directors, have been named as defendants in various civil and
criminal proceedings relating to Refco's collapse.

Michael F. Walsh, Esq., at Weil, Gotshal & Manges, LLP, in New
York, reminds the Court that the Directors have requested
advancement of their defense costs, in accordance with the terms
of the Axis Policy, which Axis has refused to do.

According to Mr. Walsh, Axis had sought a declaration that the
claims asserted by the Insureds were not covered by the Axis
Policy.  The Court dismissed the complaint, stating that the
issues determining coverage overlap the factual issues to be
adjudicated, and directed Axis to make the advancement to the
Insureds, but not including the Directors.

Mr. Walsh discloses that the Insureds have already exhausted the
primary and first excess D&O Policies, and are incurring costs
as the litigation proceeds towards trial.

Accordingly, the Directors ask the Court to require Axis to
advance defense costs, in accordance with the Axis Policy, and
to award their reasonable attorneys' fees and expenses in
connection with the Action, as well as the adversary proceeding
commenced by Axis against Refco.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.  Refco has
operations in Bermuda.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.

Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.  (Refco Bankruptcy News, Issue No. 69; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


REFCO INC: Axis Says Reimbursement Sought Isn't Part of Coverage
----------------------------------------------------------------
In response to the Declaratory Judgment Motion filed by former
directors of Refco, Inc., Wayne E. Borgeest, Esq., at Kaufman
Borgeest & Ryan LLP, in Valhalla, New York, states, behalf of
Axis Reinsurance Company, that the Axis Policy entitles
reimbursement to the Insureds, only when the covered defense
costs have been established.

Mr. Borgeest tells the Hon. Robert Drain of the U.S. Bankruptcy
Court for the Southern District of New York that Axis intends to
litigate the coverage issue, to determine that those costs
sought to be advanced by the Insured Parties are not covered by
the Axis Policy.

The Axis Policy, Mr. Borgeest explains, does not cover claims
arising from circumstances, transactions, or events on which any
Insured Party has knowledge and information.

Mr. Borgeest asserts that Axis had determined, through Refco's
filings in the Securities and Exchange Commission, as well as
the Examiner's Report, that the Insured Parties did have
relevant knowledge and information on the issues being
litigated.

Axis thus seeks summary judgment against all the insured
parties, and a declaration that, to the extent that the Court
orders the advancement of the defense costs, and later
determines that those costs are not covered by the Axis Policy,
the Debtors will repay the non-covered costs.

In response, the Directors insist that the Court should enter a
summary judgment in their favor, and against Axis.  The
Directors maintain that the Debtors have paid all premiums, and
the Directors, as well as other insured parties, have performed
all terms and conditions with respect to the Axis Policy.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.  Refco has
operations in Bermuda.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.

Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.  (Refco Bankruptcy News, Issue No. 69; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)


REFCO INC: Class Action Against Thomas H. Lee Partners Dismissed
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
has dismissed the securities class action lawsuit commenced by
brokerage customers of Refco Capital Markets, Ltd., against
Thomas H. Lee Partners, controlling owner of Refco, Inc., and
Grant Thornton LLP, auditor of RCM.

"The complaint must be dismissed because it fails sufficiently
to allege deceptive conduct," District Judge Gerard E. Lynch
said in his 27-page opinion, entered Sept. 13, 2007.

Judge Lynch said that the RCM Customers Plaintiffs failed to
explain how T.H. Lee and the other defendants "created a false
impression" about the handling of customer assets.  The judge
found that the suit needed more details about the agreements
between RCM and its brokerage clients.

Judge Lynch did not rule on the merits of the case, saying that
the RCM Customers Plaintiffs did not allege enough facts to go
forward.

The Opinion addresses certain motions to dismiss filed by
defendants Tone N. Grant, Joseph J. Murphy, William M. Sexton,
Gerald M. Sherer, Philip Silverman, Robert C. Trosten, Phillip
R. Bennett, Grant Thornton and the THL Defendants.

Judge Lynch has granted leave to replead as to all defendants,
except Messrs. Silverman, Sexton, Murphy and Sherer.  The clerk
of the District Court will mark the case closed as to those
defendants.

As previously reported, the RCM Customers Plaintiffs, as
represented by Kirby, McInerney & Squire, LLP, entrusted, at any
time from October 17, 2000, to October 17, 2005, securities to
RCM and/or Refco Securities, LLC, directly or indirectly, as
custodian and broker for safe-keeping, and continued to hold
positions with RCM on the Petition Date or thereafter.

The Complaint charges Refco, 14 of Refco's senior officers and
directors, Refco's controlling shareholders, Refco's auditor,
and 19 financial institutions that underwrote the company's
common stock and bond offerings with violations of Sections10(b)
and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5
promulgated thereunder.

In the lawsuit against Thomas H. Lee, and Grant Thornton, the
RCM Customers Plaintiffs asserted that the "brokerage secretly
sold their securities and 'diverted' the proceeds to other Refco
entities," according to Bloomberg News.

The RCM Customers Plaintiffs will advise the District Court by
Oct. 8, 2007, as to whether they intend to file an amended
complaint.  If so, the parties are directed to meet and confer
regarding a schedule for the filing of an amended complaint and
subsequent motions to dismiss, and to submit a stipulated
schedule, or competing proposed schedules, to the District Court
by Oct. 22.

Counsel to the RCM Customers Plaintiffs told Bloomberg News that
it is "likely" that a new complaint will be filed.

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.  Refco has
operations in Bermuda.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On June 5, 2006, three more affiliates filed for chapter 11
protection namely: Westminster-Refco Management LLC, Refco
Managed Futures LLC, and Lind-Waldock Securities LLC.

Refco Commodity Management, Inc., another affiliate, filed for
bankruptcy on Oct. 16, 2006.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its Direct and Indirect Subsidiaries,
including Refco Capital Markets, Ltd., and Refco F/X Associates,
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.  (Refco Bankruptcy News, Issue No. 69; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)




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


AMERICAN TOWER: Posts US$20 Mln Net Loss in Qtr. Ended June 30
--------------------------------------------------------------
American Tower Corporation reported a net loss of US$20.0
million   for the second quarter ended June 30, 2007, compared
with net income of US$7.7 million for the same period last year.
The net loss for the quarter ended June 30, 2007, reflects
income from continuing operations of US$12.0 million, offset by
a US$32.0 million loss from discontinued operations, net related
to the Verestar bankruptcy proceedings.

Operating income increased to US$93.3 million and income from
continuing operations increased to US$12.0 million.  Income from
continuing operations includes a US$28.9 million pre-tax loss on
retirement of long-term obligations related to the refinancing
of certain of the company's outstanding indebtedness and an
US$8.1 million pre-tax gain on the termination of related
interest rate swaps.

Total revenues increased 10% to US$358.4 million and rental and
management segment revenues increased 10% to US$350.8 million.

Jim Taiclet, American Tower's chief executive officer stated,
"We again experienced strong operational results in the second
quarter as demonstrated by our 10% and 12% tower revenue and
Adjusted EBITDA growth, respectively.  Tower leasing activity
continues to reflect our customers' efforts to expand and
improve their network quality and coverage, the deployment of
new technologies, and the coverage and capacity expansion of
relatively newer entrants into the wireless space.  We believe
these underlying trends that are driving the current levels of
demand for tower space are sustainable as telephony, data, and
entertainment services continue to migrate from wired to
wireless.

"Meanwhile, our focus internally continues to be to provide
highly responsive customer service while pursuing operational
initiatives to improve our cycle time, quality and efficiency,
as evidenced by our industry leading Adjusted EBITDA margins and
other operating metrics.  In addition, we are confident that our
solid financial position provides us with the flexibility to
pursue strategic opportunities to expand our scale, both
internationally as well as in the US."

Cash provided by operating activities increased to US$210.8
million, which includes approximately US$80.0 million received
in connection with the company's previously disclosed federal
income tax refund.

Free Cash Flow increased to US$174.6 million, consisting of
US$210.8 million of cash provided by operating activities, less
US$36.1 million of payments for purchases of property and
equipment and construction activities, including US$15.2 million
of discretionary capital spending.  The company completed the
construction of 22 towers and the installation of 5 in-building
systems during the quarter and spent approximately US$10.5
million on ground lease purchases.

At June 30, 2007, the company's consolidated balance sheet
showed US$8.38 billion in total assets, US$4.74 billion in total
liabilities, US$3.5 million in minority interest, and US$3.64
billion in total stockholders' equity.

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

                  Stock Repurchase Program

During the quarter ended June 30, 2007, the company repurchased
a total of 10.2 million shares of its Class A common stock for
approximately $414 million.  As of July 26, 2007, the company
had repurchased pursuant to its publicly announced stock
repurchase programs an aggregate of 38.5 million shares of its
Class A common stock for approximately $1.43 billion since
November 2005, which includes the repurchase of 2.7 million
shares of its Class A common stock for approximately $119
million subsequent to June 30, 2007.  The company expects to
complete the remaining $822 million of stock repurchases
pursuant to its current $1.5 billion stock repurchase program by
the end of February 2008.

               Verestar Bankruptcy Proceeding

The company agreed in September 2006 to mediate the bankruptcy
proceedings and related litigation of its Verestar subsidiary,
which filed for protection under the federal bankruptcy laws in
December 2003.  In July 2007, the company participated in
mediation with the creditors' committee, and the parties reached
an agreement on terms for a proposed settlement in which the
company would pay $32.0 million and the parties would agree to a
mutual release of all claims existing prior to the execution of
the settlement agreement.  The company has recorded an estimated
liability associated with the Verestar bankruptcy proceedings in
an amount equal to the proposed settlement amount, which is
reflected in loss from discontinued operations, net for the
three and six months ended June 30, 2007.

                     About American Tower

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

                        *     *     *

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


AUTOCAM CORP: Weak Performance Cues Moody's to Affirm B3 Rating
---------------------------------------------------------------
Moody's Investors Service affirmed Autocam Corporation's
Corporate Family Rating of B3 and changed its outlook to
negative from stable.  The rating action considers the company's
continuing weak performance, despite the benefits of recent
operational and financial restructuring initiatives, and the
potential for financial metrics to remain below expectations
into the first half of 2008.

Since implementing a debt restructuring in February 2007,
Autocam has been pursuing operational changes designed to reduce
costs and enhance earnings and cash flow generation.  However,
the company is behind schedule in restructuring its operations,
particularly with respect to its French unit where the launch of
several new products has required incremental staffing and
caused other operating inefficiencies.  The company anticipates
that restructuring initiatives will improve performance in the
French operations over the coming months and facilitate stronger
results.  However, in the absence of such improvement the
ratings would be subject to downgrade, leading to the outlook
revision to negative.

Despite a nearly 50% reduction in debt achieved through the
February debt restructuring, Autocam's leverage remains high and
interest coverage is less than one time due to operating margins
that are meaningfully lower than originally anticipated.  Free
cash flow has also been negative as seasonal working capital use
of cash has coincided with low earnings and ongoing
restructuring payments.  The weak operating results have eroded
the cushion in the calculation of the company's financial
covenants under its bank credit facility, and absent operating
improvements it may become necessary for the company to
negotiate waivers or amendments in order to continue to have
access to the revolver and maintain sufficient liquidity over
the near term.

The negative outlook considers the company's weak financial
performance and the potential for the rating to be downgraded in
the absence of a near term improvement in financial metrics.
The rating would also be subject to downgrade if persistent
negative free cash flow or covenant violations under the bank
facility were to result in any erosion of the company's
liquidity profile.

The rating outlook could be stabilized if restructuring
initiatives being pursued facilitate an improvement in margins
and cash flow and support interest coverage being sustained
above 1.

Autocam Corporation, headquartered in Kentwood, Michigan, is a
manufacturer of extremely close tolerance precision-machined,
metal alloy components, sub-assemblies, primarily for
performance and safety critical automotive applications.
Revenues in 2005 were approximately US$350 million from
operations in North America, Europe and Brazil.


BRASIL TELECOM: Board Schedules Shareholders Meeting on Nov. 6
--------------------------------------------------------------
Brasil Telecom S.A. will hold an Extraordinary Shareholders'
Meeting on Nov. 6, 2007 at 3:00 p.m., to discuss the approval of
the company's Stock Option Plan proposed by the Board in place
of the one approved at the Extraordinary Shareholders' Meeting
held on April 28, 2000.

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

                        *     *     *

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


CAMARGO CORREA: Moody's Reviews Ba3 Ratings for Likely Downgrade
----------------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the Ba3 global local currency corporate family rating
of Camargo Correa Cimento S.A. and the Ba3 foreign currency
rating of the US$150 million Senior Unsecured Notes due 2015
issued by Caue Finance Limited and fully and unconditionally
guaranteed by Camargo Correa.  Simultaneously, Moody's also
placed under review for possible downgrade the Ba3 global local
currency rating and Aa2.ar national scale rating of Loma Negra's
US$100 million senior unsecured notes due 2013, which are
guaranteed by Camargo Correa.  Finally, Loma Negra's B2
corporate family rating was placed under review for possible
upgrade.

Ratings placed under review for possible downgrade:

Issuer: Camargo Correa Cimento S.A.

-- Ba3 Global Local Currency Corporate Family Rating

Issuer: Caue Finance Limited

-- US$150 million Senior Unsecured Notes due 2015 fully and
    unconditionally guaranteed by Camargo Correa Cimento S.A.:
    Ba3 foreign currency rating

Issuer: Loma Negra

-- US$100 million Senior Unsecured Notes due 2013 guaranteed by
    Camargo Correa Cimento S.A.: Ba3 global local currency;
    Aa2.ar Argentinean national scale

Rating placed under review for possible upgrade:

Issuer: Loma Negra

-- B2 Global Local Currency Corporate Family Rating

The review for downgrade for Camargo Correa was prompted by the
company's fragile liquidity and ongoing deterioration in its
operating margins, with uncertain prospects for a significant
recovery in 2008.  The prolonged depression in the Brazilian
cement market and intense competition in the southeast region of
the country has translated into a continuous weakening of
Camargo Correa's stand-alone EBITDA margin to 13% in the last 12
months as of June 30, 2007, down from 18.8% in 2006 and 26.2% in
2005, on an adjusted basis.  Camargo Correa has relied primarily
on dividends up-streamed from its Argentine subsidiary Loma
Negra and received from minority equity investments in Usiminas
and Itausa to meet its financial obligations.

The recently announced acquisition by Camargo Correa of 50% of
CBC -- Companhia Brasileira de Concreto for BRL 133 million in
cash was in large part funded with dividends and an inter-
company loan from Loma Negra, Camargo Correa's cash-rich
Argentine subsidiary.

The placement of Loma Negra's ratings under review for possible
upgrade consider the company's improved debt protection metrics
and liquidity position supported by strong operating margins and
cash flows over the past years.  The improved performance of
Loma Negra reflects the strong performance of the Argentine
economy following the economic crisis in 2001.  Loma Negra's
Total Adjusted Debt to EBITDA ratio declined to 1.5 LTM
May 31, 2007, from 5.6 in fiscal year 2003, while cash and
marketable securities of ARS329 million at May 31, 2007, equal
to more than 350% of short term debt obligations. .

The review of Camargo Correa's ratings will focus primarily on
its ability to meet short-term financial obligations from its
internal cash flow going forward, and the willingness and
ability of Loma Negra and the Camargo Correa group (not rated)
to support Camargo Correa.  In addition, the review of Caue's
guaranteed notes rating will consider the level of structural
subordination of the notes to debt at Loma Negra, considering
that this subsidiary now represents more than half of CCC's
consolidated cash flow.

The review of Loma Negra's ratings will focus on the
sustainability of its credit metrics over time, given its
exposure to potential volatility in the Argentine economy, and
its expected level of retained cash flow in the future, given a
likely increase in dividend payments to Camargo Correa.

Camargo is one of the largest private industrial conglomerates
in Brazil.  The company has controlling interests in cement,
engineering and construction, textiles, and footwear and
sportswear manufacturing.  The company's domestic cement
subsidiary, Camargo Correa Cimentos S.A., is the fifth largest
cement producer in Brazil in terms of revenues.  Loma Negra is
the leading cement producer in Argentina with a 46% market
share.  The company owns the second largest infrastructure
developer in Brazil, which also provides project consulting
services.  Sao Paolo Alpargatas S.A. is one of the largest
Brazilian manufacturers and exporters of footwear.  Santista
Textil S.A. is the leading Brazilian exporter of denim and
twills.  Camargo also has equity interests in the energy,
transportation and steel businesses including a 33% equity stake
in VBC Participacoes S.A. (which indirectly owns 37.7% of CPFL
Energia S.A., the largest privately held power company in
Brazil), various minority stakes in hydroelectric plants, and
equity interests in highways concessions through a minority
stake in Compahia de Concessoeas Rodoviarias.  The company is
controlled by the Camargo family through their direct holdings
in Participacoes Morro Vermelho, which in turn owns 100% of
Camargo.


CONSTRUTORA NORBERTO: S&P Places BB Rating on US$300-Mil. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
corporate credit rating on Construtora Norberto Odebrecht to
'BB' from 'BB-'.  At the same time, S&P assigned its 'BB' issue
rating to the proposed US$300 million, 10-year MTNs to be issued
by Odebrecht Finance Ltd. and unconditionally and irrevocably
guaranteed by CNO.  The outlook was revised to stable from
positive.

"The upgrade reflects CNO's capacity to report improvements in
credit metrics while maintaining strong revenue and backlog
growth, in addition to improving its debt profile.  Given its
solid track record in Brazil and abroad, CNO has been able to
reap the benefits of infrastructure projects in its main
markets, which, in the past few months, has resulted in a
significant boost in backlog and improved geographic and product
diversification in its project portfolio.  S&P expects backlog
to reach almost US$12 billion by year-end 2007.  The rating also
shows CNO's improved debt profile after the payment of
approximately US$190 million of debt (CNO prepaid most of its
US$150 million MTNs due in 2009)," said S&P's credit analyst
Eduardo Chehab.

The rating demonstrates the company's exposure to the
competitive, volatile, and cyclical E&C business; some backlog
concentration in public works in economically and politically
volatile countries (although projects are budgeted and usually
prefunded); and a potentially more aggressive cash flow to the
controlling shareholder.  These risks are partly offset by CNO's
strong operational track record, the geographic and business
diversification of its backlog, stronger margin stability,
adequate financial liquidity, and consistent cash flow
protection measures.

The stable outlook reflects S&P's expectation that the company
will be able to maintain improving credit metrics (funds from
operations-to-total debt consolidating at about 25%) even when
posting robust revenue and backlog growth, and potentially
supporting part of Odebrecht S.A's diversification efforts.
S&Ps expect CNO to maintain moderate debt levels, relying on
advances from customers to maintain strong liquidity.

S&P does not expect further improvements in the rating during
the medium term, as S&P expect some pressure for investments
(either at CNO or ODB).  S&P would need to see more improvements
in the company's business profile, based on CNO's longer track
record and backlog consolidation at the current levels.  On the
other hand, a backlog deterioration could foreshadow a reversal
in current trends.  Along with adverse changes in profitability
trends and cash generation, the outlook could be revised or the
rating could be lowered.

Construtora Norberto is a Latin American engineering and
construction company fully owned by the Odebrecht Group, one of
the 10 largest Brazilian private groups.  Construtora Norberto
is the world's largest builder of hydroelectric plants, of
sanitary and storm sewers, water treatment and desalination
plants, transmission lines and aqueducts.  The Group's main
businesses are heavy engineering and construction based in Rio
de Janeiro, Brazil, and Braskem S.A., its
chemicals/petrochemicals company, based in Sao Paulo, Brazil.


DELPHI CORP: U.S. Trustee Adds SABIC to Creditors Committee
-----------------------------------------------------------
Diana G. Adams, the U.S. Trustee for Region 2, has appointed
SABIC Innovative Plastics as a member of the Official Committee
of Unsecured Creditors of Delphi Corp. and its debtor-
affiliates.  Electronic Data Systems Corp. and General Electric
Company are no longer Committee members.

The Creditors Committee now consists of:

  1. SABIC Innovative Plastics
     9930 Kincey Avenue
     Huntersville, North Carolina
     Attention: Valerie Venable
     Tel: (704) 992-5075

  2. Tyco Electronics Corporation
     60 Columbia Road
     Morristown, New Jersey
     Attention: MaryAnn Brereton
     Tel: (973) 656-8365

  3. IUE-CWA
     2360 W. Dorothy Lane, Suite 201
     Dayton, Ohio
     Attention: Lauren Aspland
     Tel: (937) 294-7813

  4. Capital Research and Management Company
     11100 Santa Monica Blvd., 15th Floor
     Los Angeles, California
     Attention: Michelle Robson
     Tel: (310) 996-6140

  5. Wilmington Trust Company, as Indenture Trustee
     Rodney Square North, 1100 North Market Street
     Wilmington, Delaware
     Attention: Steven M. Cimalore
     Tel: (302) 636-6058

  6. Freescale Semiconductor, Inc.
     6501 William Cannon Drive West, MD: OE16
     Austin, Texas
     Attention: Richard Lee Chambers, III
     Tel: (512) 895-6357

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.

(Delphi Bankruptcy News, Issue No. 87 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FLEXTRONICS INT'L: Solectron Global To Redeem 8% Senior Notes
-------------------------------------------------------------
Flextronics International Ltd. has announced that, in connection
with ITS previously-announced acquisition of Solectron
Corporation on Oct. 1, 2007, Solectron Global Finance Ltd.
notified holders of its outstanding 8.00% Senior Subordinated
Notes due 2016 (8% Notes) that it is exercising its right to
redeem the 8% Notes prior to maturity pursuant to the optional
redemption procedures provided for under the indenture governing
the 8% Notes.  The 8% Notes will be redeemed at 100% of the
principal amount of the 8% Notes, plus (i) accrued and unpaid
interest to, but not including, the date of redemption, and (ii)
the make-whole premium provided for under the indenture.  The
redemption date will be Oct. 31, 2007.  Separately, Solectron
Global Finance Ltd. has notified holders of the 8% Notes that it
will repurchase any 8% Notes delivered for repurchase pursuant
to a change of control offer to repurchase at a price of 101% of
their aggregate principal amount, plus accrued and unpaid
interest to the date of repurchase.  Solectron Global Finance
Ltd. will repurchase all 8% Notes tendered pursuant to this
offer on Oct. 31, 2007.  Any 8% Notes that are not repurchased
pursuant to the repurchase offer will be redeemed on
Oct. 31, 2007.

U.S. Bank National Association is acting as the paying agent for
the repurchase offer for the 8% Notes and the redemption agent
for the redemption.

As a result of Flextronics's acquisition of Solectron,
Flextronics intends to deliver notice on Oct. 31, 2007 of a
change in control purchase offer for all of Solectron's
outstanding 0.50% Convertible Senior Notes due 2034 and
Solectron's 0.50% Convertible Senior Notes Series B due 2034 in
accordance with the procedures set forth in the indentures
governing the Convertible Notes.  It is expected that any
Convertible Notes tendered pursuant to these change of control
purchase offers will be repurchased on or about Dec. 14, 2007.
All Convertible Notes tendered will be repurchased at a price
equal to 100% of their outstanding principal amount, plus
accrued and unpaid interest to, but excluding, the date of
repurchase.

                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
Oct. 4, 2007, Fitch Ratings has completed its review of
Flextronics International Ltd. following the company's
acquisition of Solectron Corp. and resolved Flextronics' Rating
Watch Negative status by affirming these ratings:

  -- Issuer Default Rating at 'BB+';
  -- Senior unsecured credit facility at 'BB+'.

Fitch also rated Flextronics' new senior unsecured Term B loan
at 'BB+'.  Additionally, Fitch has downgraded the rating on
Flextronics' senior subordinated notes from 'BB' to 'BB-'.
Fitch said the rating outlook is negative.


FORD MOTOR: Ford Crossover Vehicles Sales Continue to Soar
----------------------------------------------------------
Demand continues to grow for Ford Motor Company's all-new and
redesigned crossover vehicles, even as overall sales declined in
September.

Total September sales were 189,863, down 21 percent compared
with a year ago.  Sales to daily rental companies were down 62
percent and sales to individual retail customers were down 15
percent.

Ford, Lincoln and Mercury's all-new and redesigned crossover
utility sales were up 96 percent in September and up 52 percent
year-to-date - the largest increase of any major manufacturer.

"We continue to be encouraged by customers' strong response to
our new products, which we're launching with high quality," said
Mark Fields, president, The Americas.  "Demand for our new
crossovers continues to grow and contributes to our efforts to
stabilize U.S. retail market share."

In September, Ford Edge sales were 11,632 and Lincoln MKX sales
were 3,805. Both new crossovers achieved their highest retail
sales month to date.  The Edge and Lincoln MKX were introduced
in December 2006 and already are among the best sellers in the
mid-size and premium CUV segments.

Sales for the redesigned 2008 model Ford Escape and Mercury
Mariner crossovers were higher in September.  Escape sales were
11,132, up 10 percent, and Mariner sales were 2,699, up 4
percent.

The Lincoln brand posted its 12th month in a row of higher
retail sales.  In September, total Lincoln sales were up 33
percent (retail up 40 percent).  Year-to-date, total Lincoln
sales were up 15 percent (retail up 17 percent).  Lincoln's
rebound reflects the new Lincoln MKX crossover, the new Lincoln
MKZ sedan (up 25 percent in September) and the redesigned
Navigator (up 38 percent in September).

"We're building a strong foundation for future growth at
Lincoln," said Mr. Fields.  "This is the early phase of an
aggressive plan to restore Lincoln as America's choice for
luxury vehicles."

Land Rover's September sales were 4,190, up 21 percent,
reflecting the addition of the all-new LR2 crossover. Land Rover
sales were up 8 percent year-to-date.

                      About Ford Motor

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

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

                        *     *     *

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

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

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

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


GENERAL MOTORS: September 2007 Deliveries Up 4%
-----------------------------------------------
General Motors Corp. dealers in the United States delivered
337,640 vehicles in September, up 4% compared with a year ago.
The company's 255,274 retail deliveries were up more than 7%.

For the second consecutive month GM bucked industry trends, led
by brisk retail sales of full-size trucks, mid-utility
crossovers, the Cadillac CTS and Chevrolet Cobalt.

"Our market share performance of more than 25% over the last
quarter demonstrates strong consumer acceptance of our new
products and the continued progress we've made in our North
America turnaround strategy," Mark LaNeve, GM North America vice
president, Vehicle Sales, Service and Marketing, said.  "Our
industry-leading truck lineup continued its strong performance,
and we were particularly pleased by our performance in passenger
cars, led by the fuel-efficient Chevy Cobalt and all-new
Cadillac CTS.  The CTS had its best-ever September performance
with more than 5,400 vehicles sold, a testament to the power of
the all-new model."

The company continues transforming its North American business
with overall incentive spending flat compared with a year ago.
September inventories were down about 100,000 vehicles to
approximately 900,000 vehicles.  Fleet deliveries were down, as
planned, by more than 6%.

"Our retail share, which has been stable for two years, improved
in Q3 with all three months solid from a share standpoint," Mr.
LaNeve added.  "For the second consecutive month, we posted good
retail volume despite a challenging industry.  To build on that
retail strength, we're gearing up for the all-new Chevrolet
Malibu launch later this month and are encouraging folks to try
our pickups and SUVs as part of the Truck Month sales event."

Cadillac CTS total sales surged ahead 74%, compared with year-
ago performance, due to the strength of the all-new CTS, now in
showrooms.  GMC Acadia, Saturn OUTLOOK and Buick Enclave
together had total sales of nearly 13,000 vehicles, pushing the
significant increase in GM's mid-crossover segment.  Total sales
of the fuel-efficient Cobalt were up more than 35% compared with
last September.

Other vehicles with retail sales increases, compared with year-
ago levels, include: Chevrolet Aveo, Impala, Silverado, Tahoe,
Suburban, HHR and Equinox; Saturn AURA and VUE; GMC Sierra,
Yukon and Yukon XL; Cadillac Escalade; Pontiac G5, G6 and
Torrent; Buick Lucerne and Saab 9-3.

An increasing number of consumers cite warranty coverage as a
reason for buying a new GM vehicle.  GM's 5 Year/100,000 Mile
Powertrain Limited Warranty continues to be a better choice for
customers.  GM's coverage focuses on the complete ownership
experience and includes other provisions that competitors do not
offer, including transferability to the next owner, more
complete coverage of parts, and coverage for new and certified
used vehicles.  In addition, GM offers superior complementary
programs, such as courtesy transportation and roadside
assistance.

"GM provides the best coverage in the industry and takes care of
the vehicle and the owner like no other vehicle manufacturer,"
Mr. LaNeve added.

                   Certified Used Vehicles

September 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,118
vehicles, down 10.5% from last September.  Total year-to-date
certified GM sales are 402,191 vehicles, up 2% from the same
period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used vehicle brand, posted 36,206 sales,
down 9% from last September.  There was one less selling day
than last September.  Year-to-date sales for GM Certified Used
Vehicles are 353,600 vehicles, up 4% from the same period in
2006.

Cadillac Certified Pre-Owned Vehicles posted September sales of
3,038 vehicles, down 20% from last September.  Saturn Certified
Pre-Owned Vehicles sold 1,173 vehicles in September, down 21%.
Saab Certified Pre-Owned Vehicles sold 564 vehicles, down 26%,
and HUMMER Certified Pre-Owned Vehicles sold 137 vehicles, up
22%.

"Through September, GM Certified Used Vehicles continues to lead
the manufacturer-certified category, with year-to-date sales up
4% from last year's industry-leading annual sales results," Mr.
LaNeve said.  "GM Certified customers enjoy the certified
segment's broadest selection of vehicles from the largest dealer
network, backed by a fully transferable 5-year/100,000-mile
powertrain limited warranty, the best coverage of any full-line
automaker."

   GM North America September and 3rd Quarter 2007 Production

In September, GM North America produced 323,000 vehicles
(118,000 cars and 205,000 trucks).  This is down 64,000 units or
16% compared with September 2006 when the region produced
387,000 vehicles (161,000 cars and 226,000 trucks).  Production
totals include joint venture production of 15,000 vehicles in
September 2007 and 22,000 vehicles in September 2006.

GM North America built 1.020 million vehicles (367,000 cars and
653,000 trucks) in the third-quarter of 2007.  This is down
30,000 vehicles or 3% compared with third-quarter of 2006 when
the region produced 1.050 million vehicles (417,000 cars and
633,000 trucks).  The third-quarter 2007 production decline
versus last month's guidance is largely due to the recent UAW
work stoppage in the U.S. Additionally, GM North America's 2007
fourth-quarter production forecast is unchanged at 1 million
vehicles (334,000 cars and 666,000 trucks).  In the fourth-
quarter of 2006 the region produced 1.107 million vehicles
(446,000 cars and 661,000 trucks).

                     About General Motors

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

                        *     *     *

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

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

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


GOL LINHAS: Plans 20% Drop in Carbon Dioxide Emissions by 2012
--------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazil's low-cost airlines GOL Transportes Aereos S.A. and VRG
Linhas Aereas S.A., plans a 20% reduction in carbon dioxide
emissions per ASK by 2012.  Between January 2004 and December
2006, GOL reduced carbon dioxide emissions by 6 percent per ASK
as the Company added a number of modern aircraft with new
engines that burn less fuel and run more efficiently to its
fleet.  By maintaining one of the youngest and most modern
fleets in South America, GOL' fuel burn efficiency, and
therefore carbon emission rate, is one of the lowest in the
world.

"While the Intergovernmental Panel on Climate Change estimates
airlines are responsible for two percent of total worldwide
carbon dioxide emissions, it is extremely important that we do
all we can to reduce our impact on the environment," says
Fernando Rockert de Magalhaes, Executive Vice President-
Technical of GOL.  "This 20 percent reduction in GOL's emissions
per ASK represents almost 750 million kilograms of carbon
dioxide -- a figure that' equal to what would be absorbed by
approximately 4.3 million trees over 25 years."

Supporting the global initiative to reduce pollutants and
improve the environment is an important part of GOL's daily
operations.  In 2006, the company saved approximately 163 tons
of paper through its paperless ticket policy, collected 8,500
kilos of plastic for recycling, planted 15,000 trees as part of
its reforestation program, and saved another 123 from processing
through its recycling program.

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

                        *     *     *

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


GOL LINHAS: Inks Interline Pact with Air France
-----------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazil' low-cost airlines GOL Transportes Aereos S.A. and VRG
Linhas Aereas S.A., has entered into an interline agreement with
Air France.  Since Sept. 4, passengers traveling on Air France
can purchase tickets for all 58 destinations served by GOL in
Brazil and South America.

Air France will be able to sell tickets on GOL flights.
Passengers have the added convenience of having their luggage
checked through to their final destination, eliminating the need
to retrieve it upon arrival in Brazil.  GOL will honor Air
France's baggage allowance policy.

Fares under this agreement account for all legs of the flight,
including both Air France and GOL routes.  In addition to this
agreement with Air France, GOL has interline agreements with
Aerolineas Argentinas, Continental Airlines, Delta Air Lines and
VRG Linhas Aereas.  GOL has also operated a code-share agreement
with Panama-based Copa Airlines since August 2005.

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

                        *     *     *

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


PRIDE INTERNATIONAL: Earns US$146.1 Mil. in Qtr. Ended June 30
--------------------------------------------------------------
Pride International Inc. reported a 115% improvement in net
income for the second quarter of 2007, to US$146.1 million,
compared to net income of US$67.8 million for the corresponding
three months in 2006.  Second quarter 2007 results included
gains totaling US$8.8 million resulting primarily from the sale
of a land rig located in Russia.  Revenues for the second
quarter of 2007 totaled US$791.2 million, compared to revenues
of US$616.5 million during the second quarter of 2006.

For the six months ended June 30, 2007, net income was
US$247.8 million, on revenues of US$1.50 billion.  The results
compared to net income of US$138.3 million, on revenues of
US$1.18 billion for the comparable six months in 2006.  Results
for the six months ended June 30, 2006, include after-tax gains
totaling US$19.0 million relating to the sale of assets.

Louis A. Raspino, president and chief executive officer of Pride
International Inc., stated, "Our record second quarter results
were driven by strong operating performance with our fleet of
deepwater and midwater floaters combined with continued average
daily revenue improvements from contract rollovers.  Following
the excellent operating results of first quarter 2007, we
continued in the second quarter with excellent utilization,
uptime, cost control, and shipyard performance, while achieving
21% and 36% average daily revenue increases in our deepwater and
midwater fleets, respectively."

Raspino added, "Partially offsetting these results was our U.S.
Gulf jackup fleet, which experienced lower utilization and lower
average daily revenues in the quarter due to reduced activity,
combined with an increase in out-of-service time as we prepared
to relocate the Pride Oklahoma and Pride Mississippi to the
stronger market in Mexico.

"From a macro perspective, strong global demand for energy is
fueling our customers' continued growth in E&P spending,
particularly in the deepwater.  As part of our stated strategy
to further grow our significant deepwater presence, we recently
committed to the construction of an ultra-deepwater drillship
and acquired a second ultra-deepwater drillship in the early
stages of construction.  When combined with the acquisitions of
our partners' interest in two deepwater joint ventures, we have
now invested or committed over US$2 billion toward our deepwater
growth strategy.  We are confident that the favorable conditions
in the deepwater sector will persist for quite some time,
producing attractive opportunities for deepwater drilling rigs,
especially ultra-deepwater rigs of the caliber we are adding to
our fleet," said Raspino.

Capital expenditures for the six months ended June 30, 2007,
were US$207 million.  Since the close of the second quarter, the
company made initial capital expenditures of approximately
US$210 million related to the commitment to construct an ultra-
deepwater drillship and the acquisition of another ultra-
deepwater drillship in the early stages of construction.  As a
result of these drillship projects, the company has revised its
expected 2007 capital expenditures to an estimated US$790
million.  Total debt at June 30, 2007 was US$1.29 billion,
resulting in a debt-to-total-capitalization ratio of
approximately 31%.

At June 30, 2007, the company's consolidated balance sheet
showed US$5.30 in total assets, US$2.03 billion in total
liabilities, US$333.2 million in deferred income taxes, US$30.7
million in minority interest, and US$2.91 billion in total
stockholders' equity.

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

                  About Pride International

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%)


* BRAZIL: Bear Stearns Downgrades State Firm to Peer Perform
------------------------------------------------------------
Bear Stearns analysts have downgraded Brazilian state-owned oil
firm Petroleo Brasileiro SA's shares to "peer perform,"
Newratings.com reports.

The analysts said in a research note that the downgrade in the
rating is based on valuation.

Petroleo Brasileiro would have substantial success in
exploration.  However, the firm's equity returns would be under
pressure due to continued rise in capex, Newratings.com states,
citing the analysts.

                  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
===========================


ADMC ABSOLUTE: Proofs of Claims Filing Ends on Oct. 22
------------------------------------------------------
ADMC Absolute Return Strategies Offshore, Ltd.'s creditors are
given until Oct. 22, 2007, to prove their claims Roberta G.
Boyle, 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.

ADMC Absolute's shareholder agreed on Sept. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Roberta G. Boyle
       50 Main Street, 3rd Floor, White Plains
       New York 10606, U.S.A.

             -- or --

       c/o Ogier
       Attention: Colin J. MacKay
       Queensgate House, South Church Street
       P.O. Box 1234, Grand Cayman KY1-1108
       Cayman Islands
       Telephone: (345) 949 9876
       Fax: (345) 945 8604


BEAR STEARNS FUNDS: Proofs of Claim Must be Filed by Oct. 28
------------------------------------------------------------
Bear Stearns High-Grade Structured Credit Strategies Enhanced
Leverage Master Fund, Ltd. and Bear Stearns High-Grade
Structured Credit Strategies Master Fund Ltd.'s creditors are
given until Oct. 28, 2007, to prove their claims to Simon
Whicker, 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.

Bear Stearns' shareholders agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

       Simon Whicker
       Attention: Russell Crumpler
       P.O. Box 493, George Town
       Grand Cayman KY1-1106, Cayman Islands
       Telephone: (345) 914 4377
       Fax: (345) 949 7164

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.

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


BLACK DIAMOND: Sets Final Shareholders Meeting for Nov. 2
---------------------------------------------------------
Black Diamond Europe II Ltd. will hold its final shareholders
meeting on Nov. 2, 2007, at 10:00 a.m., at:

         One Capital Place, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

   2) 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:

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


BLACK DIAMOND EUROPE: Sets Final Shareholders Meeting for Nov. 2
----------------------------------------------------------------
Black Diamond Europe Ltd. will hold its final shareholders
meeting on Nov. 2, 2007, at 10:00 a.m., at:

         One Capital Place, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

   2) 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:

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


BLACK DIAMOND (CONVERTIBLE): Last Shareholders Meeting on Nov. 2
----------------------------------------------------------------
Black Diamond Europe Convertible II Ltd. will hold its final
shareholders meeting on Nov. 2, 2007, at 10:00 a.m., at:

         One Capital Place, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

   2) 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:

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


BLACK DIAMOND (OFFSHORE): Sets Nov. 2 Last Shareholders Meeting
---------------------------------------------------------------
Black Diamond Europe Offshore Ltd. will hold its final
shareholders meeting on Nov. 2, 2007, at 10:00 a.m., at:

         One Capital Place, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

   2) 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:

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


BLACK DIAMOND (EUR): Sets Final Shareholders Meeting for Nov. 2
---------------------------------------------------------------
Black Diamond Europe (EUR) Ltd. will hold its final shareholders
meeting on Nov. 2, 2007, at 10:00 a.m., at:

         One Capital Place, George Town
         Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

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

   2) 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:

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


HARBOR 2006-2: Sets Final Shareholders Meeting for Nov. 15
----------------------------------------------------------
Harbor 2006-2 Ltd. will hold its final shareholders meeting on
Nov. 15, 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:

         Martin Couch
         Sarah Kennedy
         Maples Finance Limited
         P.O. Box 1093
         George Town, Grand Cayman
         Cayman Islands


HEDGEFORUM CAPITAL: Sets Final Shareholders Meeting for Nov. 29
---------------------------------------------------------------
Hedgeforum Capital 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


LEINSTER LTD: Final Shareholders Meeting Is Set for Oct. 30
-----------------------------------------------------------
Leinster Limited will hold its final shareholders meeting on
Oct. 30, 2007, at 10:00 a.m. at:

          PricewaterhouseCoopers
          Strathvale House, 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 and how the property has
      been disposed of to the date of final winding up on
      Oct. 30, 2007; and

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

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

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Julia Wright
         P.O. Box 258, George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 914 8605
         Fax: (345) 945 4237


LEINSTER LTD: Proofs of Claim Must be Filed by Oct. 23
------------------------------------------------------
Leinster Limited's creditors are given until Oct. 23, 2007, to
prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

Marino's shareholder agreed on Sept. 14, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       David A.K. Walker
       Lawrence Edwards
       Attention: Julia Wright
       PwC Corporate Finance & Recovery (Cayman) Limited
       P.O. Box 258, George Town
       Grand Cayman, Cayman Islands
       Telephone: (345) 914 8605
       Fax: (345) 945 4237


LMHS INSURANCE: Sets Final Shareholders Meeting for Nov. 5
----------------------------------------------------------
LMHS Insurance Company Ltd. will hold its final shareholders
meeting on Nov. 5, 2007, at 10:00 a.m., at:

         2rd Floor, Governors Square
         Building 4, 43 Lime Tree Bay Avenue
         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 two 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:

         Seamus Tivnan
         Nick Gale
         Marsh Management Services Cayman Ltd.
         Governors Square, Building 4
         2nd Floor, 23 Lime Tree Bay Avenue
         P.O. Box 1051
         Grand Cayman KY1-1102
         Cayman Islands


MANSION LTD: Will Hold Final Shareholders Meeting on Nov. 3
-----------------------------------------------------------
Mansion Ltd. will hold its final shareholders meeting on
Nov. 3, 2007, at 12:00 noon, at:

         3rd Floor, Piccadilly Center
         Elgin Avenue 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:

         Paolo Giacomelli
         MBT Trustees Ltd.
         P.O. Box 30622
         SMB, Grand Cayman
         Telephone: 945-8859
         Fax: 949-9793/4


MANSION LTD: Proofs of Claim Filing Deadline Is Nov. 5
------------------------------------------------------
Mansion Ltd.'s creditors are given until Nov. 5, 2007, to prove
their claims to Paolo Giacomelli, 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.

Mansion Ltd.'s shareholders agreed on July 3, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Paolo Giacomelli
       P.O. Box 30622
       S.M.B., Grand Cayman
       Cayman Islands
       Telephone: 945-8859
       Fax: 949-9793/4


MARINO LIMITED: Sets Final Shareholders Meeting for Oct. 30
-----------------------------------------------------------
Marino Limited will hold its final shareholders meeting on
Oct. 30, 2007, at:

          PricewaterhouseCoopers
          Strathvale House, 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 and how the property has
      been disposed of to the date of final winding up on
      Oct. 30, 2007; and

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

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

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Julia Wright
         P.O. Box 258, George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 914 8605
         Fax: (345) 945 4237


MARINO LTD: Proofs of Claim Must be Filed by Oct. 23
----------------------------------------------------
Marino Limited's creditors are given until Oct. 23, 2007, to
prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

Marino's shareholder agreed on Sept. 14, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       David A.K. Walker
       Lawrence Edwards
       Attention: Julia Wright
       PwC Corporate Finance & Recovery (Cayman) Limited
       P.O. Box 258, George Town
       Grand Cayman, Cayman Islands
       Telephone: (345) 914 8605
       Fax: (345) 945 4237


PARMALAT SPA: Judge Doubts EUR2.1-Billion Claim Against Banks
-------------------------------------------------------------
Parma-based Judge Giampaolo Fabbrizzi has expressed doubts on
the validity of Parmalat S.p.A.'s EUR2.1 billion damages claim
against creditor banks Deutsche Bank, JP Morgan, Credit Suisse,
UBS, Banca Akros and Merrill Lynch, Il Sole 24 reports.

Parmalat alleged that the banks contributed to its collapse.
However, Judge Fabbrizzi noted that Parmalat would find it
difficult to claim damages for an occurrence to which it had
itself contributed.

The banks' lawyers have argued that Parmalat chief executive
Enrico Bondi cannot sue for "abusive recourse to credit," citing
a ruling in a separate case.

The court will hear the case Nov. 26, 2008.

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

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

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

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

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

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


PRINCIPAL PROTECTED: Sets Final Shareholders Meeting for Nov. 15
----------------------------------------------------------------
Principal Protected Pretsl Ltd. will hold its final shareholders
meeting on Nov. 15, 2007, at 11:30 a.m., 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


QUANTIVA WESTERN: Proofs of Claim Filing Deadline is Oct. 22
------------------------------------------------------------
The Quantiva Western European Fund Limited's creditors are given
until Oct. 22, 2007, to prove their claims Christopher D.
Johnson and Russell Smith, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

The Quantiva Western's shareholders agreed on Sept. 19, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       Christopher D. Johnson
       Russell Smith
       Chris Johnson Associates Ltd.
       Elizabethan Square, George Town
       Grand Cayman, Cayman Islands
       Telephone: (345) 946 0820
       Fax: (345) 946 0864

             -- or --

       Sumitra Devi
       P.O. Box 2499, George Town
       Grand Cayman KY1-1104, Cayman Islands


SLS BPI: Proofs of Claim Filing Deadline Is Oct. 22
---------------------------------------------------
SLS BPI Fund, Ltd.'s creditors are given until Oct. 22, 2007, to
prove their claims Steve Rohlfing, 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.

SLS BPI's shareholder agreed on Sept. 5, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Steve Rohlfing
       140 West 57th Street, Suite 7B
       New York, NY 10019
       U.S.A.

             -- or --

       c/o Ogier
       Attention: Julie O'Hara
       Queensgate House, South Church Street
       P.O. Box 1234, Grand Cayman KY1-1108
       Cayman Islands
       Telephone: (345) 949 9876
       Fax: (345) 949 1986




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


LIBERTY GLOBAL: Hires Bob Leighton as Senior VP for Programming
---------------------------------------------------------------
Liberty Global Inc. has appointed Bob Leighton as its Senior
Vice President, Programming.

In this new role, Mr. Leighton will be responsible for
coordinating and leveraging Liberty Global's programming
activities worldwide, including both channel carriage and
channel venture activities.

Mr. Leighton is a 28-year veteran of the television industry.
Most recently, he was a consultant on programming issues to
Liberty Global, as well as Comcast Cable.

Prior to this, Mr. Leighton was EVP, Programming for Starz
Encore Entertainment for 7 years.  At Starz, Mr. Leighton was
responsible for all programming functions for 13 channels,
including film acquisition, original program development,
production, on-air promotion, and technical operations.

Mr. Leighton earlier was at HBO for 17 years.  From 1991, he was
based in Eastern Europe for HBO and oversaw the earliest
development, launch and operation of various pay and basic cable
channels throughout the region.  Previous assignments at HBO
during the 1980's in New York included Director of Programming,
Cinemax and Director of Audience Research.  Mr. Leighton began
his television career at Young & Rubicam where he bought
advertising time on both broadcast networks and pioneer ad
supported cable channels.

"Bob Leighton has been at the forefront of the expansion of
television programming into new markets and new media his entire
career," said Mike Fries, President and CEO, Liberty Global,
Inc.  "Particularly given revolutionary changes now taking place
in video delivery, such as on-demand, we look forward to his
experience and leadership as we continue to leverage content
opportunities across our global footprint of 23 million
subscribers."

Mr. Leighton holds a B.A. from Harvard College and an M.B.A.
from Columbia University.

                      About Liberty Global

Headquartered in Englewood, Colorado, Liberty Global Inc. --
http://www.www.lgi.com/-- is an international broadband
communications provider of video, voice and Internet access
services, with consolidated broadband operations in 19
countries, primarily in Europe, Japan and Chile.

Through its indirect wholly owned subsidiary UGC Europe, Inc.,
and its wholly owned subsidiaries UPC Holding B.V. and Liberty
Global Switzerland, Inc., collectively Europe Broadband, Liberty
Global provides video, voice and Internet access services in 13
European countries.

Through Liberty Global's indirect controlling ownership interest
in Jupiter Telecommunications Co., Ltd., the Company provides
video, voice and Internet access services in Japan.  Through the
Company's indirect 80%-owned subsidiary VTR GlobalCom, S.A., it
provides video, voice and Internet access services in Chile.

                        *     *     *

As reported on April 2, Standard & Poor's Ratings Services
revised its outlook on international cable TV and broadband
provider Liberty Global Inc. to positive from stable.

The outlooks on related entities in the LGI group, including UPC
Broadband Holding and VTR GlobalCom S.A., were also revised to
positive from stable.  The ratings on LGI and its related
entities, including the 'B' long-term corporate credit rating on
LGI, were affirmed.




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


SMART MODULAR: Reports US$13.2 Mln Net Income in Fourth Qtr 2007
----------------------------------------------------------------
SMART Modular Technologies, Inc., has reported net sales for the
fourth quarter of fiscal 2007 were US$165.6 million, down 11%
compared to US$186.5 million for the third quarter of fiscal
2007, and down 16% compared to US$197.0 million for the fourth
quarter of fiscal 2006.  Net sales for the fiscal year ended
Aug. 31, 2007 were US$828.4 million, up 17% compared to US$707.4
million for fiscal year 2006.

Gross profit for the fourth quarter of fiscal 2007 was US$31.8
million, down 14% compared to US$36.9 million for the third
quarter of fiscal 2007, and down 5% compared to US$33.5 million
for the fourth quarter of fiscal 2006.  Gross profit for fiscal
year 2007 totaled US$147.8 million, up 17% compared to gross
profit of US$126.6 million for fiscal 2006.

GAAP net income for the fourth quarter of fiscal 2007 was
US$13.2 million, or US$0.21 per diluted share, compared to GAAP
net income of US$14.2 million, or US$0.22 per diluted share for
the third quarter of fiscal 2007, and US$15.7 million, or
US$0.25 per diluted share for the fourth quarter of
fiscal 2006. For fiscal year 2007, SMART reported GAAP net
income of US$55.9 million, or US$0.88 per diluted share,
compared to US$32.3 million, or US$0.55 per diluted share for
fiscal year 2006. Our fourth quarter and full fiscal 2007
results also included an approximately US$1.7 million
(approximately US$1.0 million, net of tax) benefit due to the
reversal of inventory reserve related to end-of-life inventory
disposed of at cost.  For the fourth quarter and full fiscal
year 2007 and 2006, non-GAAP financial results have been
adjusted to exclude various infrequent or unusual items.  Please
refer to the "Non-GAAP Information" below for further detail.

SMART ended the fourth quarter and fiscal year 2007 with
US$144.1 million in cash and cash equivalents, compared to
US$114.0 million in cash and cash equivalents at the end of the
third quarter of fiscal 2007.

"The fourth fiscal quarter was a challenging period for the
memory industry," observed Iain MacKenzie, President and Chief
Executive Officer of SMART.  "While our numbers declined from
last quarter, we delivered solid growth in net sales, gross
profit, and EPS for the full fiscal year 2007.

"The majority of our sales are DRAM-related, and our business
model is driven primarily by unit and density growth of DRAM
memory products sold to OEM customers.  The 65% decline in DRAM
average selling prices since the first quarter of fiscal 2007,
and in particular, an entire fourth fiscal quarter of depressed
DRAM ASPs weakened unit and density growth, which in turn
negatively impacted our financial results for the quarter.

"However, some signs that bode well for improved unit and
density growth of SMART products include a trend towards server
virtualization in the enterprise market, in which multiple
applications run on a single physical server, and the continued
growth in computing requirements.

"We continue to work towards diversifying into non-DRAM
businesses by broadening our flash, embedded systems and display
product offerings.  Earlier in the fiscal year, we introduced
our XceedUltra U100 solid state drive product family.  The
XceedUltra, which is the industry's first SSD with a next-
generation serial ATA (SATA) interface, utilizes our proprietary
controller technology to achieve sustained read speeds of
100MB/s and write speeds of 60MB/s. More recently, we introduced
our XceedLite product line of SATA SSDs, designed specifically
to support OEM demands for an industrialized version of the
secure digital form factor.  Both of these new product offerings
position SMART to capitalize on the transition occurring in the
enterprise, military, medical and industrial markets as
streaming video-on-demand, online transaction processing,
internet search, and other data-intensive storage applications
migrate from hard disk drives.  Our embedded systems and display
products reflect the results of our diversification efforts, and
our focus remains on kiosk, POS and digital signage
applications, where the markets are fragmented, and where we can
best leverage our engineering expertise and worldwide
manufacturing presence.

"We successfully closed fiscal year 2007 as a leader in high-end
OEM-focused memory products.  We believe the foundation of our
success is based on the depth of our engineering design
capabilities, customer-centric service, worldwide supply chain,
manufacturing and logistics, and the breadth of our product
portfolio. In spite of an increasingly challenging business
environment throughout the fiscal year, we remained disciplined
and focused, generating strong earnings while controlling costs.
As we move into fiscal 2008, we remain steadfast in our
objectives to cost-effectively deliver a diverse portfolio of
products and utilizing our global footprint and technology
expertise," concluded Mr. MacKenzie.

                       Business Outlook

The following statements are based upon management's current
expectations.  These statements are forward-looking, and actual
results may differ materially.  The company undertakes no
obligation to update these statements.

For the first quarter of fiscal 2008, SMART estimates net sales
will be in the range of US$165 to US$175 million, gross profit
will be in the range of US$32 to US$35 million, and diluted net
income per share will be in the range of US$0.17 to US$0.18.
The shares used in computing diluted net income per
ordinary share will be in the range of 63.6 million to 64.4
million.  SMART currently expects fiscal 2008 diluted net income
will be in the range of US$0.82 to US$0.86 per share.

                     About SMART Modular

SMART Modular Technologies (WWH) Inc. (Nasdaq: SMOD) --
http://www.smartm.com/-- designs, manufactures and supplies
electronic subsystems to original equipment manufacturers, or
OEMs.  SMART offers more than 500 standard and custom products
to OEMs engaged in the computer, industrial, networking, gaming,
telecommunications, and embedded application markets.

The company has design centers in California, South Korea and
Massachusetts.  Its manufacturing facilities are located in
California, Malaysia, Brazil, Dominican Republic and Puerto
Rico.

                        *     *     *

Moody's Investors Service assigned a B2 rating to SMART Modular
Technologies Inc.'s US$125 million senior secured second lien
notes due 2012 issued under Rule 144A.

Standard & Poor's Ratings Services assigned its B+ corporate
credit rating to Fremont, California-based SMART Modular
Technologies Inc.




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


PETROECUADOR: Seguros Colonial To Cover Firm's Assets
-----------------------------------------------------
Ecuadorian state-owned oil firm Petroecuador said in a statement
that it has awarded the contract to cover its assets and
installations to insurance company Seguros Colonial.

As reported in the Troubled Company Reporter-Latin America on
Sept. 21, 2007, Petroecuador said that it declared the insurance
tender to cover its assets and installations void for the third
time.  The firm had declared void two previous insurance tenders
in December 2006 and June 2007.

Business News Americas relates that Seguros Colonial holds the
current contract with Petroecuador.  That contract is effective
until Oct. 7, 2007.  The new contract will expire on
Oct. 7, 2009.

The Seguros Colonial bid was for US$36.8 million.  The other two
bids come from Asociacin La Unin-Bolvar -- who offered US$41.2
million -- and Panamericana del Ecuador, who offered US$37.2
million, Petroecuador said in a statement.

Petroecuador, according to published reports, is faced with
cash-problems.  The state-oil firm has no funds for maintenance,
has no funds to repair pumps in diesel, gasoline and natural gas
refineries, and has no capacity to pay suppliers and vendors.
The government refused to give the much-needed cash alleging
inefficiency and non-transparency in Petroecuador's dealings.




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


ALCATEL-LUCENT: Board Affirms Support for CEO Patricia Russo
------------------------------------------------------------
Alcatel-Lucent S.A. says that recent reports in the news
concerning a board meeting have led to mischaracterized
interpretations and erroneous speculations.

While clearly disappointed in the most recent changes in the
company's outlook, the Board supports [CEO] Patricia Russo and
the leadership team, and the efforts they are making to adapt
the company's plans in light of this year's developments.

The Board will review the plan to be developed by Management
during the next scheduled Board meeting on Oct. 30, 2007, prior
to the release of the third quarter results.

The Board reiterated its confidence in the strategic direction
taken with the merger of Alcatel-Lucent, the future potential of
the company and said it will continue to work with the company's
leadership team to enhance value for shareholders, employees and
customers worldwide.

La Tribune, citing people privy to the matter, reports that a
split between the company's U.S. and French board members may
force out Ms. Russo and chairman Serge Tchuruk.

Former French Finance Minister Thierry Breton has been floated
as a possible replacement, but U.S. board members are opposing a
French control of the company.

                     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.


ALCATEL-LUCENT: Genesys Unit Names Paul Segre as Pres. & CEO
------------------------------------------------------------
Genesys Telecommunications Laboratories, an Alcatel-Lucent S.A.
company, has appointed Paul Segre, its current Chief Operating
Officer, has been appointed as president and CEO.

As a key member of the current management team, Mr. Segre has
played a major role in shaping its growth strategy over the past
five years.

As COO, Mr. Segre has served as a key architect of Genesys
strategy to expand its market footprint by developing Dynamic
Contact Center technology to enable enterprise to adapt to fast-
changing customer service environments. He has also championed
its increased investment in IP and voice self-service offerings
that extend communications beyond the contact center.

Mr. Segre joined Genesys in 2002 as the CTO, responsible for
product strategy and development, so his experience spans both
the product creation capabilities as well as the sales and
operations execution of the company. Before joining Genesys, he
was Vice President and General Manager of Alcatel's (now
Alcatel-Lucent) Wireline Access business unit, the leading
provider of next-generation Digital Loop Carrier products.
Previously, he held the position of Vice President and General
Manager of the Advanced Products Division for DSC (formerly
Digital Switch Corporation) and held various senior management
positions at AT&T in network management and workforce
management.

"Paul Segre is the natural choice to take Genesys to the next
level.  His leadership skills and experience with Genesys'
people and technology, its partners and customers will benefit
the entire organization," said Hubert de Pesquidoux, President,
Alcatel-Lucent Enterprise Business Group.

Wes Hayden, Genesys' former CEO will join Nuance, as president
of a newly formed Enterprise Division.  As a result, Genesys and
Nuance expect to develop their existing partnership, in which
they jointly sell and implement customer service and speech
solutions.

"Genesys is just beginning to realize its full potential," Mr.
Segre said.  "Our core markets remain very healthy, with Genesys
expanding at more than twice the market growth rate.  And we are
gaining incredible traction for our strategy of creating a
unified platform for delivering rich customer experiences via
the web, voice or video across any device."

                     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.




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


ADVANCED MARKETING: Plan Confirmation Hearing Set for Nov. 15
-------------------------------------------------------------
The Honorable Christopher S. Sontchi of the U.S. Bankruptcy
Court for the District of Delaware has set a hearing on
Nov. 15, 2007, to consider confirmation of the Second Amended
Joint Plan of Liquidation filed by Advanced Marketing Services
Inc. and its debtor-affiliates and the Official Committee of
Unsecured Creditors.

Objections to the Plan, if any, must be submitted by November 6.

As reported in the Troubled Company Reporter on Sept. 28, 2007,
the Court had approved the Disclosure Statement describing the
Plan.  At the September 26 hearing, Judge Sontchi found that the
Disclosure Statement, as amended, contains "adequate
information" as required by Section 1125 of the Bankruptcy Code.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                   About Advanced Marketing

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

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

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


ADVANCED MARKETING: Judge Sontchi Approves B&K Settlement Pact
--------------------------------------------------------------
The Honorable Christopher S. Sontchi of the U.S. Bankruptcy
Court for the District of Delaware issued a final order
approving the settlement agreement between Advanced Marketing
Services, Inc., and Baker and Taylor, Inc.

Under the Settlement Agreement, Baker & Taylor will pay AMS
US$6,050,000, and deliver to the Debtor US$1,750,000 of specific
inventory.

Judge Sontchi has extended until Oct. 31, 2007, the terms of the
Transition Services Agreement, pursuant to which AMS will pay
Baker & Taylor US$4,250,000 as a one-time payment that nets all
amounts due to either party under the TSA through and including
October 31.

Baker & Taylor agreed to promptly pay AMS the net amount of
US$1,800,000 by wire transfer, consisting of the US$6,050,000
APA payment, less the US$4,250,000 TSA payment.

As reported in the Troubled Company Reporter on March 23, 2007,
Baker & Taylor, completed the acquisition of the wholesale
operations of Advanced Marketing.  Baker & Taylor's acquisition
includes Advanced Marketing assets through which it distributes
bestsellers, children's books, culinary titles, reference works,
and other books to membership warehouse clubs.  Baker & Taylor
also acquired Advanced Marketing's wholesale distribution
operations in the United Kingdom and in Mexico.

As reported in the Troubled Company Reporter on July 24, 2007,
the Debtors asked the Court to compel Baker & Taylor, Inc., to
pay the remaining US$6,216,222 due under their Asset Purchase
Agreement.

Under the agreement, the purchase price was to be paid in three
installments:

  -- on the closing date, US$20,000,000 plus certain additional
     sums, including 33.3% of the "Combined APG/AR Price";

  -- 30 days after the closing date, 33.3% of the Combined
     APG/AR Price; and

  -- 60 days after the Closing Date, 33.4% of the Combined
     APG/AR Price, minus US$1,000,000.

Pursuant to the terms of the APA, the amount of the Final
Payment should have been US$10,350,632.  However, B&T paid only
US$4,134,410 on May 18, 2007, leaving the US$6,200,000
shortfall.

AMS disclosed that it tried many times to persuade B&T to pay
what it owes, B&T continues to withhold the amount.

To justify its refusal to pay, B&T has relied on unfounded and
patently erroneous interpretations of the Purchase Agreement.
B&T has insisted it is entitled to US$2,043,969 held by AMS in
its ban account at the time of closing, on the ground that any
funds deposited in the account on or after 12:01 a.m. on
March 19, 2007, belong to B&T.

AMS contends B&T's position is false.  AMS points out the
Purchase Agreement provides that any cash in its bank accounts
prior to 2:00 p.m. on March 19, 2007, belongs to it.  The
parties did not agree to an earlier or later date, AMS says.

                  About Advanced Marketing

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

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

When the Debtors filed for protection from their creditors, they
listed estimated assets and debts of more than US$100 million.
(Advanced Marketing Bankruptcy News, Issue No. 20; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


ACXIOM CORP: Expects Improved Second Quarter Financial Results
--------------------------------------------------------------
Acxiom Corporation expects improved revenue, income from
operations and net income in its second fiscal quarter ended
Sept. 30, 2007 compared to its first fiscal quarter ended
June 30, 2007.

Acxiom's revenue in the first quarter was US$338.2 million; its
income from operations was US$4.1 million and its net income was
a loss of US$11.5 million.  The diluted loss per share of
US$0.15 included the impact of US$20.6 million, in unusual
expense items, net of income tax effect.

The unusual items in the first quarter included costs related to
the then-pending transaction with Silver Lake and ValueAct
Capital of US$15.1 million, which were non-deductible for tax
purposes, and US$5.5 million predominantly related to the write-
off of certain long-term assets related to an amended contract.
These items reduced first-quarter net income by approximately
US$18.5 million and diluted earnings per share by US$0.24.

"Our forecast for the second half of the fiscal year is for
improved results compared to the first half of the year,"
Charles D. Morgan, Acxiom Company Leader and Chairman of the
Board stated.  "Also, I should note that the US$65 million we
expect to receive related to the termination of the merger
agreement will be substantially more than any one-time expenses
related to the merger agreement."

"Acxiom is a leader in database marketing services and data
products," Mr. Morgan concluded.  "Our technology, solid
financial position, strong client relationships and dedicated
associates will ensure that we remain the market leader."

The company plans to disclose second quarter financial results
on Oct. 24, 2007.

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.

Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P 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.


ACXIOM CORP: Silver Lake & ValueAct Terminates Merger Deal
----------------------------------------------------------
Acxiom(R) Corporation has reached an agreement with Silver Lake
Partners and ValueAct Capital Partners LP to terminate the
acquisition of Acxiom by Axio Holdings, LLC, a company
controlled by Silver Lake and ValueAct Partners.  Acxiom, Silver
Lake and ValueAct Partners have signed a settlement agreement
pursuant to which Acxiom will receive US$65 million in cash to
terminate the merger agreement.

As reported in the Troubled Company on May 17, 2007, Silver Lake
and ValueAct Capital will acquire 100% of the outstanding equity
interests in the company in an all-cash transaction valued at
US$3 billion, including the assumption of approximately US$756
million of debt.

Under the terms of the agreement, Acxiom stockholders will
receive US$27.10 in cash for each outstanding share of stock.
This represents a premium of approximately 14% over the closing
share price on May 16, 2007, the last trading day before
disclosure of the agreement with Silver Lake and ValueAct
Capital with respect to the acquisition of the company and a
premium of approximately 20% per share over Acxiom's average
closing price per share during the 30 trading.

"Acxiom has been an industry leader for over three decades, and
we will continue to execute on our long-term strategy to remain
the market leader in database marketing, services and data
products," Charles Morgan, Acxiom Chairman and Company Leader
said.  "While I am disappointed that we could not conclude the
merger, we have renewed energy and remain focused and committed
to delivering value for our shareholders and clients."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, France, Germany, Australia and
China.

Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, 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.


ALESTRA: Moody's Lifts Corporate Family Rating to B2 from Ca
------------------------------------------------------------
Moody's Investors Service upgraded Alestra, S de R.L. de C.V.'s
issuer rating and corporate family rating to B2 from Ca.  These
ratings are not assigned to any specific debt issue.  Prompting
the upgrade are improvements in the company's financial profile.
Leverage has been reduced to 2.8 times debt to EBITDA and funds
from operations interest coverage was 4.4 times for the 12
months ending June 2007.

Constraining Alestra's ratings is its modest scale in relation
to significantly larger competitors, weaker growth prospects,
evidenced by a low level of capex vis-a-vis depreciation and as
a percentage of revenues, and the resulting uncertain future
operating and financial path of the company.  Mexico's highly
competitive business environment also puts a negative pressure
on Alestra's ratings.

Following the upgrade, Moody's will withdraw the ratings due to
business reasons.

Alestra is the third-largest, fixed-line telecom in Mexico with
a 3% revenues market share as of June 2007, following Telmex
(86%) and Axtel (8%).  The company provides bundled products
including voice, data and Internet services under the Alestra
and AT&T brands.  As of June 2007, last-twelve-months revenues
and EBITDA amounted to approximately US$431 million and US$127
million, respectively.


BEARINGPOINT INC: Bags US$57.9-Mil. Deal for IT Support Services
----------------------------------------------------------------
BearingPoint Inc. has been awarded a contract to provide
business transformation, Navy Marine Corps Intranet (NMCI), and
IT support services for the U.S. Navy's Naval Network Warfare
Command.  The contract is for one year with four annual options,
and has an award ceiling of US$57.9 million.

BearingPoint will assist NETWARCOM in meeting their mission to
deliver and operate a reliable, secure and battle-ready global
network to United States Fleet Forces.  BearingPoint's scope of
work under the contract will include development of broad
business transformation strategies, as well as a variety of IT
and consulting services including:

   -- Transitioning users from legacy networks to NMCI
   -- Supporting the reduction of legacy applications
   -- Developing account and file-share processes and policies
   -- Hardware and software technical refresh support
   -- Consultation on CIO-level initiatives including

Information Assurance, portfolio management through Cyber Asset
Reduction and Security tasks, and Next Generation Enterprise
Network strategies NMCI serves as the Department of the Navy's
connection to the Global Information Grid and provides a secure,
integrated means to conduct Network Centric Operations
throughout the Navy.

The move to shift all personnel to NMCI and eliminate costly,
less secure legacy IT systems is a high priority for Navy
leadership.

BearingPoint has provided support to the NETWARCOM's NMCI
program office since its inception in 1999, designing many of
the current NMCI processes and tools, including the Reliability
and Availability Prediction tool used for NMCI ordering.
BearingPoint has also been a major player in other Navy IT
efforts such as the Functional Area Manager process, server
consolidation IT and IT asset discovery.

"BearingPoint is pleased to continue its support of the Navy and
its mission," said Beth Smith, senior vice president of
BearingPoint's Navy sector and leader of its DoD Business
Systems practice.  "The move to newer, integrated IT systems is
designed to help reduce costs and provide better security.
NETWARCOM's efforts have an immediate positive effect on the
Navy."

BearingPoint's team of subcontractors for this effort will
include CACI, Lockheed Martin, Target Systems, and TKC
Technology Solutions.

                     About BearingPoint

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

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

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


BOWNE & CO: Earns US$15.7 Mil. in Second Quarter Ended June 30
--------------------------------------------------------------
Bowne & Co. Inc. reported net income of US$15.7 million in the
second quarter ended June 30, 2007, compared with net income of
US$6.2 million for the same period ended June 30, 2006.  Income
from continuing operations increased to US$15.8 million from
US$10.2 million reported in the 2006 period.

Revenue was US$261.9 million in the second quarter of 2007,
compared to US$260.3 million in 2006.  Gross margin improved to
38.2% from 36.0% in the second quarter of 2006.

Net income was US$26.4 million for the six months ended
June 30, 2007, compared to US$7.8 million reported in the 2006
period.  Income from continuing operations increased to US$25.9
million from US$11.6 million in 2006.

For the six months ended June 30, 2007, revenue was
US$473.5 million, up 2% from US$466.0 million reported in the
first six months of 2006.  Gross margin improved to 38.5% from
35.2% in the first half of 2006.

David J. Shea, Bowne chairman, president and chief executive
officer, stated, "We are pleased with our strong second quarter
and year-to-date performance.  These results reflect our ongoing
commitment to execute on our strategic initiatives and enhance
operating efficiencies.  The improvement in margins and
increased profitability are especially noteworthy, as well as
the significant growth in non-transactional revenue.  Year-to-
date total revenue from continuing operations is the highest
since 2000.  We are optimistic about the remainder of 2007 and
anticipate we will be in the upper end of the EPS guidance
previously provided."

John J. Walker, senior vice president and chief financial
officer, added, "Our commitment to improving operating
efficiencies and reducing our overall cost structure is
evidenced by the recent consolidation of our leased space at 55
Water Street in New York City.  This action will save the
company approximately US$50 million over the remaining 19-year
lease term."

Restructuring, integration and asset impairment charges totaled
US$7.9 and US$10.0 million for the 2007 second quarter and year-
to-date respectively, compared to US$6.1 and US$10.2 million in
the comparable 2006 periods.  Year-to-date 2007 charges include
facility exit costs and asset impairment charges of
approximately US$5.7 million related to the consolidation of the
company's leased space at 55 Water Street in New York City and
severance, integration and facility costs related to the
integration of the St Ives Financial business.

At June 30, 2007, the company's consolidated balance sheet
showed US$537.5 million in total assets, US$275.5 million in
total liabilities, and US$262.0 million in total stockholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?23f1

                          Cash Flow

For the six months ended June 30, 2007, cash and marketable
securities declined US$37.5 million from year-end 2006,
reflecting the funding of US$18.7 million in stock repurchases,
US$12.6 million for acquisitions, US$10.9 million in capital
expenditures, including US$2.9 million related to the
consolidation of the 55 Water Street facility, and the normally
high seasonal working capital usage in the period.

The company has no borrowings outstanding under its US$150
million five-year senior, unsecured revolving credit facility.

                    Share Repurchase Program

In the 2007 second quarter, the company spent US$5.7 million
repurchasing 333,980 shares of its common stock at an average
price per share of US$17.20.  During the six months ended
June 30, 2007, the company repurchased 1.2 million shares of its
common stock for US$18.7 million at an average price of
US$16.01.  From December 2004, the inception of the company's
share repurchase program, through June 30, 2007, Bowne has spent
approximately US$164.0 million to repurchase 11.0 million shares
at an average price per share of US$14.89.  As of Aug. 8, 2007,
US$29 million of its share repurchase authorization remained.

                    About Bowne & Co. Inc.

Headquartered in New York City, Bowne & Co. Inc. (NYSE: BNE)
-- http://www.bowne.com/ -- provides financial, marketing and
business communications services around the world.  Bowne has
3,200 employees in 60 offices around the globe.  The company's
Latin American offices are located in Argentina, Brazil and
Mexico.

                        *     *     *

Bowne & Co. Inc. still carries Moody's 'Ba3' corporate family
rating which was affirmed last January 2007.  The rating has a
positive outlook, Moody's says.


CHALLENGER POWERBOATS: Teams Up with Renown Designer Group
----------------------------------------------------------
Challenger Powerboats Inc. has engaged the services of Italian
design group Pininfarina to create two boats in its high
performance series.  The company unveiled illustrations of the
newly designed boats during its annual dealer meeting last week
and expects to have boats ready for delivery in early 2008.  The
redesigned boats will be 36-foot models.

Pininfarina, founded in 1930, is known for its cutting-edge,
unique designs, primarily of sports cars, most notably Ferrari
and Maserati.  They are also recognized for their designs of
yachts and private aircraft in the transportation industry, as
well as designs in the electronics, consumer, home and office,
sport, and architecture and interior industries.

Challenger's high performance boats are made with the patented
Duo Delta-Conic hull, a revolutionary design by world-renowned
marine designer Harry Schoell that combines two hulls in one to
enhance the boat's stability and deliver faster speeds, better
control and a softer ride.  Challenger's high performance Duo
Delta-Conic series of boats are used by professional offshore
racers in competition.

"We are delighted to operate in a state-of-the-art market," said
Paolo Pininfarina, President and CEO of Pininfarina Extra, the
division of the Pininfarina Group specializing in product and
interior design.  "This is the first engagement in the boat
sector developed by our American branch, Pininfarina Extra USA,
located in Fort Lauderdale (Florida), an office with an
extraordinary growing strength in sectors such as boat,
aviation, residential and hospitality. Offshore performance
boats present a perfect channel through which we can apply our
talent in creating exciting, breath-taking designs.
Challenger's high quality building standards and state of the
art design together with our design creativity will produce a
distinctive recreational cruiser for the luxury market."

Commenting on the soon to be unveiled Pininfarina designed
boats, Laurie Phillips, Challenger's president and CEO, stated,
"We are very excited about the concept Pininfarina's design
engineers developed for our boats.  The boat features are
engineered for elegant performance.  The combination of
Challenger's revolutionary hull design with Pininfarina's style
and sophistication makes for an unparalleled experience for its
prospective owners." Ms. Phillips added,  "We intend to limit
production of the two boats in 2008 to approximately 30.  We
plan to further develop our relationship with Pininfarina over
the next few years to deliver other distinctly engineered, high
performance boats for the discriminate market."

                   About Pininfarina Group

Headquartered in Turin, Italy, the Pininfarina Group employs
more than 3,000 employees throughout the world and has
operations in Italy, France, Germany, Sweden, United States,
Morocco and China.

                  About Challenger Powerboats

Based in Washington, Missouri, Challenger Powerboats Inc. (OTC
BB:CPWB.0B) -- http://www.challengerpowerboats.com/-- designs
and manufactures high performance 'go fast' offshore racing
boats, family sport cruisers, jet boats and water ski tow boats
under the brands 'Challenger Powerboats', 'Sugar Sand' and
'Gekko', which target the recreational boating market.  The
company's boats are sold through the company's dealer network in
the United States, Canada, Mexico, Europe, Australia, the Middle
East and Japan.

                     Going Concern Doubt

As reported in the Troubled Company Reporter on May 2, 2007,
Jaspers + Hall PC expressed substantial doubt about Challenger
Powerboats Inc.'s ability to continue as a going concern after
auditing the company's financial statements as of Dec. 31, 2006,
and 2005.  The auditing firm pointed to the company's recurring
losses from operations and its difficulties in generating
sufficient cash flow to meet its obligation and sustain its
operations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 28, 2007, Challenger Powerboats Inc. reported on
Aug. 21, 2007, its financial results for the second quarter
ended June 30, 2007.

The company's consolidated balance sheet at June 30, 2007,
showed US$7.4 million in total assets and US$28.1 million in
total liabilities, resulting in as US$20.7 million total
shareholders' deficit.

The company's net loss for the current second quarter decreased
to US$1.7 million, which compares to a net loss of US$3.7
million for the same period in 2006.


CHRYSLER LLC: Reports 5% Drop in U.S. Sales for Sept. 2007
----------------------------------------------------------
Chrysler LLC reported U.S. sales for September 2007 of 159,799
units; down 5% compared to September 2006 with 168,888 units
sold.  All sales figures are reported as unadjusted.

"With the overall industry down versus September 2006, Chrysler
retail sales remain strong," said Darryl Jackson, Vice President
- U.S. Sales.  "Our fleet sales continue to trend down more than
20% driving the overall sales decrease for the month.  This is
directly in line with our plan to reduce daily rental fleet
during the second half of the year."

Chrysler brand car sales were led by Sebring Sedan, which posted
sales of 4,418 units and Sebring Convertible which finished the
month with sales of 1,639 units.  Chrysler Aspen sales rose 8%
versus August 2007 with 3,875 units.

Jeep(R) brand sales were down 11% year-over-year with retail
sales up and fleet down driven by planned fleet reductions,
while Wrangler posted gains.  Jeep Wrangler and Wrangler
Unlimited posted sales of 8,605 units, up 71% versus September
2006.

Dodge brand sales increased 5% over last year led by Dodge Ram,
which posted a gain of 20%.  The all-new Dodge Nitro was up 2%
over August 2007.

"Our sell down on 2007 models is going very well and in October
we will continue to offer aggressive lease and retail payments
for our customers," said Michael Keegan, Vice President - Volume
Planning and Sales Operations.  "We will extend the 0% APR
offering for 60 months on more 2007 models through the end of
the month."

Chrysler finished the month with 450,733 units of inventory, or
a 71-day supply.  Inventory is down by 15% compared to September
2006 when it was at 533,220 units.

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

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

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

                        *     *     *

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

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

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


DURA AUTOMOTIVE: Gets Court Nod to Submit Plan to Creditors
-----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
approved DURA Automotive Systems Inc.'s Disclosure Statement,
solicitation procedures and creditor ballots.  In a hearing that
took place yesterday, Oct. 3, 2007, the U.S. Bankruptcy Court
for the District of Delaware determined that DURA's Disclosure
Statement contains the necessary information to enable creditors
to vote on DURA's Plan of Reorganization.

In addition, the Official Committee of Unsecured Creditors
supports confirmation of DURA's Plan and has filed a statement
urging creditors to vote to accept the Plan.

"This favorable Court decision and support from the Committee
for our plan to reorganize the Company, paves the way for DURA
to exit Chapter 11 this year as planned," said Larry Denton,
Chairman and Chief Executive Officer of Dura Automotive Systems.

"We are looking forward to completing the legal process and
focusing all of our resources on innovation and execution of our
financial and operational strategy to aggressively compete and
grow in the global automotive marketplace."

The Plan and Disclosure Statement provide details on how DURA
intends to treat claims against the Company and emerge from
Chapter 11 protection in the fourth quarter of 2007.  The
Court's approval of the Disclosure Statement enables DURA to
begin sending its Plan of Reorganization and Disclosure
Statement to creditors to obtain their vote on the Plan.  The
ruling allows DURA's balloting agent to soon begin distribution
of ballots and accompanying support materials to parties
eligible to vote to accept or reject the Plan.

The Court also set Nov. 26, 2007, as the hearing date for Plan
confirmation.  Once the Plan is confirmed and administrative
procedures are completed, DURA will officially emerge from
Chapter 11.

DURA was advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

                    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: Enters Into US$20-Million Contract with PEMEX
-----------------------------------------------------------
Empresas ICA and ICA Fluor, the industrial engineering company
jointly owned by Fluor Corporation and ICA, has signed two
contracts for the design and construction of two lightweight
offshore platforms, Yaxche-B and KAB-A, in the Gulf of Mexico.
The total combined value of the two contracts is approximately
US$20 million.  The new award was booked in the company's third
quarter 2007.

The contracts were awarded by PEMEX Exploration and Production
to ICA Fluor's subsidiary Industrias del Hierro (IH) which is
dedicated to the fabrication of modules and offshore platforms.
The scope of work for these contracts will include engineering,
procurement, construction, load out, and seabed fastening of the
offshore platforms.  The two lightweight platforms weigh
approximately 1,600 metric tons.  Yaxche-B is expected to be
completed by April 2008, and KAB-A by May 2008.

"Industrias del Hierro has successfully designed and constructed
11 platforms for PEMEX since 2003.  We are pleased that we can
continue to contribute to PEMEX's development of the offshore
fields in the Bay of Campeche," said Juan Carlos Santos, ICA
Fluor's Director General.

PEMEX Exploration and Production is a subsidiary of PEMEX,
Mexico's state-owned integrated oil and gas company.

                       About ICA Fluor

ICA Fluor is the leading industrial engineering company in
Mexico, dedicated to the engineering, procurement, construction
and maintenance of industrial facilities in the oil and gas,
chemical, petrochemical, automotive, electricity, mining and
telecommunication industries.

                      About Empresas ICA

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.


GREENBRIER COS: Morgan Keegan Maintains Market Perform Rating
-------------------------------------------------------------
Morgan Keegan analysts have kept their "market perform" rating
on Greenbrier Companies Inc's shares, Newratings.com reports.

The analysts said in a research note that the transportation
sector would still see an increase in demand that was forecasted
for the second half of 2007.

The earnings per share estimate for fiscal year 2008 was
decreased to US$2.18 from US$2.42 to show continued weakness in
the economic environment in the first six months of 2008,
Newratings.com states.

Headquartered in Lake Oswego, Ore., The Greenbrier Cos. (NYSE:
GBX) -- http://www.gbrx.com/-- supplies transportation
equipment and services to the railroad industry.  The company
builds new railroad freight cars in its manufacturing facilities
in the US, Canada, and Mexico and marine barges at its U.S.
facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 30 locations (post Meridian
acquisition) across North America.  Greenbrier builds new
railroad freight cars and refurbishes freight cars for the
European market through both its operations in Poland and
various subcontractor facilities throughout Europe.  Greenbrier
owns approximately 9,000 railcars, and performs management
services for approximately 136,000 railcars.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 30, 2007, Moody's Investors Service downgraded the ratings
of The Greenbrier Cos., Inc. -- corporate family to B1, senior
unsecured to B2 (LGD5, 72%) and the speculative grade liquidity
rating to SGL-3.  The outlook is now stable.  These rating
actions conclude the review for downgrade prompted by
Greenbrier's acquisition of Meridian Rail Holdings Corp in late
2006.

Downgrades:

   Issuer: Greenbrier Companies, Inc. (The)

     -- Probability of Default Rating, Downgraded to B1
        from Ba3

     -- Speculative Grade Liquidity Rating, Downgraded to SGL-3
        from SGL-2

     -- Corporate Family Rating, Downgraded to B1 from Ba3

     -- Senior Unsecured Convertible/Exchangeable Bond/
        Debenture, Downgraded to B2 72 - LGD5
        from B1 64 - LGD4

     -- Senior Unsecured Regular Bond/Debenture, Downgraded to
        a range of B2 72 - LGD5 from B1 64 - LGD4

Outlook Actions:

   Issuer: Greenbrier Companies, Inc. (The)

     Outlook, Changed To Stable From Rating Under Review


ICONIX BRAND: Closes US$231-Mil. Official Pillowtex Acquisition
---------------------------------------------------------------
Iconix Brand Group Inc. has closed acquisition of Official
Pillowtex, LLC, a licensing company that owns a large portfolio
of home brands including four primary brands, Cannon, Royal
Velvet, Fieldcrest and Charisma and numerous others home brands
including St. Mary's and Santa Cruz.  The purchase price for the
acquisition was approximately US$231 million in cash with
contingent payments of up to an additional US$15 million in cash
based upon the brands surpassing specific revenue targets.

Neil Cole, Chairman and Chief Executive Officer, Iconix, stated,
"We are pleased to acquire Pillowtex in a diversifying and
transformative acquisition for Iconix.  The home sector is a
natural progression for Iconix and we plan to infuse these
brands with our strategic and innovative marketing as we expand
them into new categories."

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON)
-- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Standard & Poor's Ratings Services revised its ratings outlook
on Iconix Brand Group Inc. to negative.  At the same time,
Standard & Poor's assigned its 'B-' debt rating to Iconix's then
proposed US$250 million convertible senior subordinated notes
due 2012.

As reported in the Troubled Company Reporter on June 18, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's then proposed US$250 million convertible senior
subordinated note offering.


MAZDA MOTOR: Unveils Dual-Fuel Car for Lease in Japan
-----------------------------------------------------
Mazda Motor Corp. said that it will begin offering in April an
advanced vehicle fueled by hydrogen or gasoline for lease in
Japan, the Wall Street Journal reports.

According to WSJ's Yoshio Takahashi, the Mazda5 minivan has an
electric motor powered by a generator.  A rotary engine that can
switch between hydrogen and gasoline drives the generator, and
when running on hydrogen emits only water.  With the dual-fuel
option, WSJ notes, drivers won't have to worry about getting to
one of the limited number of hydrogen stations if they are low
on fuel.

Mazda's existing hydrogen-gasoline car, released in Japan in
2006, is an RX-8 powered by just a rotary engine, Mr. Takahashi
writes.  Using an electric motor is more efficient, because it
doesn't lose energy through a transmission as with a regular
engine, WSJ cites Akihiro Kashiwagi of Mazda's program-
management division, as saying.

WSJ says that the leasing price for the Mazda5 hasn't been set
yet.  Mazda, the report notes, leases its eight RX-8 sports cars
to corporate or government customers for JPY420,000 a month.

                     About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended
Dec. 31, 2006, owing to an improved sales mix and favorable
foreign exchange rates.  Although the EBITDA margin of about 6%
remains lower than most of its Japanese peers, profitability is
steadily improving.  Mazda is now focusing on certain segments
instead of attempting to compete as a full-line producer.  The
company also has excellent product engineering capabilities.


MAZDA MOTOR: Releases Special "Prestige Edition" Roadster
---------------------------------------------------------
Mazda Motor Corporation announced the launch of the special
edition Mazda Roadster Prestige Edition for the Japanese
domestic market.  Mazda's two-seat lightweight open-top sports
car (known as the Mazda MX-5 in overseas markets) has been newly
outfitted with premium features including black genuine leather
seats and alloy wheels made by BBS Japan Co. Ltd.  The Prestige
Edition goes on sale from today at all Mazda and Mazda Anfini
dealerships throughout Japan.

The Mazda Roadster Prestige Edition is based on the Roadster RS
RHT and Roadster VS RHT -- the premium grades of the Mazda
Roadster Power Retractable Hard Top range.  This new top-of-the-
range sports car appropriately features heated bucket seats with
black genuine leather upholstery, 17-inch aluminum alloy wheels
forged by BBS Japan Co. Ltd., stainless steel scuff plates and
front fog lights.  Additionally, a front strut tower bar (cowl
connecting type) and Mazda's Dynamic Stability Control (DSC)
system are specially added to the six-speed automatic
transmission model.

The manufacturer's suggested retail price (including consumption
tax) for the Mazda Roadster Prestige Edition is 2,950,000 yen
for the six-speed manual transmission model and 3,050,000 yen
for the six-speed automatic transmission model.  Sales will be
conducted on a made-to-order basis.

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


MERIDIAN AUTOMOTIVE: Judge Walrath Closes Chapter 11 Cases
----------------------------------------------------------
The Honorable Mary Walrath of the U.S. Bankruptcy Court for the
District of Delaware entered a final decree closing the Chapter
11 cases of Meridian Automotive Systems-Composites Operations,
Inc., and its eight debtor-affiliates:

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

  05-11169   Meridian Automotive Systems, Inc.

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

  05-11171   Meridian Automotive
             Systems-Construction, Inc.

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

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

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

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

  05-11176   Meridian Automotive
             Systems-Mexico Operations, LLC

Judge Walrath said the Reorganized Debtors may terminate the
services of The Trumbull Group without further Court order or
notice to any party other than Trumbull.  Trumbull will prepare
final claims register for the Bankruptcy Clerk's Office pursuant
to Rule 156(c) of the Judiciary and Judicial Procedures Code.

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

The Hon. Mary Walrath confirmed Meridian's Revised Fourth
Amended Reorganization Plan on Dec. 6, 2006.  The company
emerged from chapter 11 protection on Dec. 29, 2006. (Meridian
Bankruptcy News, Issue No. 57; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


MERIDIAN AUTOMOTIVE: Claims Objection Deadline Extended to Dec.
---------------------------------------------------------------
The Honorable Mary Walrath of the U.S. Bankruptcy Court for the
District of Delaware extends the deadline by which Reorganized
Meridian Automotive Systems Inc. and will file objections to
claims until Dec. 3, 2007.

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

The Hon. Mary Walrath confirmed Meridian's Revised Fourth
Amended Reorganization Plan on Dec. 6, 2006.  The company
emerged from chapter 11 protection on Dec. 29, 2006. (Meridian
Bankruptcy News, Issue No. 57; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)




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


SPECTRUM BRANDS: Amy Yoder Assumes Role as United President
-----------------------------------------------------------
Spectrum Brands Inc. disclosed that Amy J. Yoder will assume the
title of President, United Industries, effective immediately.
In addition, the company named Anthony L. Genito to the position
of Executive Vice President and Chief Financial Officer.  Both
Ms. Yoder and Mr. Genito will continue their current reporting
relationship to Chief Executive Officer Kent J. Hussey.

"Amy is an outstanding executive who during her short tenure
with Spectrum Brands has been instrumental in setting our Home &
Garden division on the path to improved operating performance
and profitable growth," said Mr. Hussey.  "Her track record of
driving change, combined with her expertise in the home and
garden industry, will benefit the organization as we execute
against our growth strategy for this business.  We're pleased to
recognize her contributions with this well-earned promotion."

"Tony has played a key leadership role in Spectrum Brands'
finance organization since joining the company three years ago,"
continued Hussey.  "His new role as Executive Vice President
recognizes his broader role in the strategic planning and
operational oversight of the company.  We are very pleased to
have the benefit of his expertise and leadership as we continue
to address opportunities for value creation."

Ms. Yoder, who most recently served as Executive Vice President,
Home & Garden, joined Spectrum Brands in March of 2007.  She
previously served as Vice President and General Manager of
Chemtura Corporation's Consumer Products Division.  Her
background includes more than 15 years experience in the
consumer products and agribusiness industries in a variety of
leadership positions with Chemtura, Nufarm Americas, United Agri
Products, Monsanto and E.I. DuPont de Nemours.

Mr. Genito has over 27 years of management, finance and
operational experience, and most recently served as the
company's Senior Vice President and Chief Financial Officer.  He
joined Spectrum Brands in 2004 as Vice President, Finance. Prior
to joining the company, Mr. Genito was vice president - global
supply chain/global quality operations with Schering-Plough
Corporation, culminating twelve years with that company in
various financial positions of increasing responsibility.  He
began his career with Deloitte & Touche.

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 on the Troubled Company Reporter-Latin America on
Oct. 3, 2007, 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.

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'.

Fitch said the rating outlook is negative.




===============
P A R A G U A Y
===============


TELECOM PERSONAL: Projects 14 Mil. Lines in Service by Year-End
---------------------------------------------------------------
Telecom Personal would have 14 million lines in service by year-
end, compared to 9.6 million at the end of 2006, Business News
Americas reports, citing Argentine equity fund management firm
Capital Markets Argentina analyst Carolina Kiernan.

Ms. Kiernan told BNamericas "the mobile business will be the
main cash flow generator for Telecom Personal's parent firm
Telecom Argentina in the medium and long term."

Capital Markets' estimates indicate that the mobile telephony
sector will be 62% of Telecom Argentina's sales by 2010,
BNamericas says, citing Ms. Kiernan.  Telecom Argentina's main
challenge in the mobile business is "to stabilize its margins in
a very competitive segment with a need for large investments to
expand its GSM infrastructure in order to meet growing demand."

Ms. Kiernan commented to BNamericas, "The company is making
important investments to maintain its market share and to be
ready for fixed-mobile convergence.  We are also expecting value
added services to have a more prominent role in the company's
ARPU, after the launch of 3G service last May."

BNamericas relates that Capital Markets expects Telecom
Argentina's fixed line business to increase at moderate rates,
reaching 4.1 million lines in service by year-end.  Capital
Market's previous forecast was 4.3 million lines.

Broadband services are the key in Telecom Argentina's strategy
for the segment as fixed telephony tariffs remain frozen.  The
segment is entering a declining phase after reaching maturity,
BNamericas states, citing Mr. Kieran.

Telecom Personal is the wireless provider of Telecom Argentina
SA, providing services in Argentina and Paraguay over a GSM
network.  The company has 7.7 million users, with an estimated
30% market share in Argentina and a customer mix of 66% prepaid
and 34% postpaid as of June 30, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, Fitch Ratings affirmed Telecom Personal SA's
foreign and local currency Issuer Default Rating at 'B', and the
senior unsecured at 'B/RR4', and revised the Rating Outlook of
the international scale IDRs to Positive from Stable.
Approximately US$200 million in debt is affected by the rating
action.  Fitch has also upgraded the national scale rating of
Personal to 'A(arg)' from 'BBB+(arg)' with a stable rating
outlook.




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


CLOROX CO: Prices US$750 Million 11.40% Senior Notes Offering
-------------------------------------------------------------
The Clorox Company has priced the offering of US$750 million
aggregate principal amount of its senior notes in an
underwritten registered public offering.  The senior notes
consist of US$400 million aggregate principal amount of 5.95%
senior notes due 2017, and US$350 million aggregate principal
amount of 5.45% senior notes due 2012.  The offering was made
pursuant to an effective shelf registration statement filed by
The Clorox Company with the U.S. Securities and Exchange
Commission on Oct. 3, 2007.  The offering is expected to close
on Oct. 9, 2007, subject to customary closing conditions.

J.P. Morgan Securities Inc., Citigroup Global Markets Inc. and
Goldman, Sachs & Co. acted as joint lead book-running managers.
Clorox has filed a prospectus supplement and an accompanying
prospectus with the Securities and Exchange Commission in
connection with the offering of the senior notes.

Copies of these materials are available by contacting:

          J.P Morgan Securities Inc.
          270 Park Ave.
          New York NY 10017
          Tel: (212) 834-4533

          Citigroup Global Markets Inc.
          388 Greenwich St.
          New York, NY 10013,
          Tel. (877) 858-5407

               -- or --

          Goldman, Sachs & Co.
          85 Broad St.
          New York, NY 10004
          Tel: (866) 471-2526

Electronic copies of the prospectus supplement and accompanying
prospectus are available at http://www.sec.gov/

Clorox intends to use the net proceeds from the offering to
retire commercial paper issued in connection with its repurchase
of its common stock under an accelerated stock repurchase
agreement entered into on Aug. 10, 2007.

                     About Clorox Company

Headquartered in Oakland, California, The Clorox Company
(NYSE: CLX) -- http://www.thecloroxcompany.com/-- provides
household cleaning products and reaches beyond bleach.  Although
best known for bleach (leader worldwide), Clorox makes laundry
and cleaning items (Formula 409, Pine-Sol, Tilex), cat litter
(Fresh Step), car care products (Armor All, STP), the Brita
water-filtration system (in North America), and charcoal
briquettes (Kingsford).

In Latin America, Clorox has manufacturing facilities in Costa
Rica, Dominican Republic, Panama, Peru and Colombia, among
others.

At Dec. 31, 2006, Clorox's balance sheet showed total assets of
US$3,624 million and total liabilities of US$3,657 million
resulting in a stockholders' deficit of US$33 million.  The
company reported a stockholders' deficit of US$156 million at
June 30, 2006.




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


MUSICLAND HOLDING: Plan Confirmation Hearing Adjourned Sine Die
---------------------------------------------------------------
The hearing to consider confirmation of Musicland Holding Corp.
and its debtor-affiliates' Second Amended Joint Plan of
Liquidation has been further adjourned to a date yet to be
specified by the U.S. Bankruptcy Court for the Southern District
of New York, Andrea L. Johnson, Esq., at Kirkland & Ellis LLP,
in New York, notifies all parties-in-interest.

Hearing on certain of the Debtors' Objection to Claims; the pre-
trial conference in the Media Play, Inc., v. Hob-Lob, LP
adversary proceeding; Wachovia's motion to compel trade
creditors to file a verified statement; and the Official
Committee of Unsecured Creditors' application for an order
authorizing discovery will also be covered on the same date.

                   About Musicland Holding

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products.  It has operation in Puerto Rico.  The Debtor and 14
of its affiliates filed for chapter 11 protection on Jan. 12,
2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).  James H.M.
Sprayregen, Esq., at Kirkland & Ellis, represents the Debtors in
their restructuring efforts.   Mark T. Power, Esq., at Hahn &
Hessen LLP, represents the Official Committee of Unsecured
Creditors.  At March 31, 2007, the Debtors disclosed
US$20,121,000 in total assets and US$321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  (Musicland Bankruptcy News, Issue No. 39;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MUSICLAND HOLDING: Trade Creditors Appeal Complaint Dismissal
-------------------------------------------------------------
Seven secured trade creditors ask the U.S. District Court for
the Southern District of New York to determine whether the
Bankruptcy Court erred in dismissing their complaint wherein
they seek to recover US$25,000,000, alleged to be wrongfully
paid to Harris Bank N.A. and its putative agent, Wachovia Bank,
N.A.

The Trade Creditors are:

  * Buena Vista Home Entertainment, Inc.,
  * Cargill Financial Services International, Inc.,
  * Hain Capital Group, LLC,
  * Paramount Pictures Corporation,
  * Twentieth Century Fox Home Entertainment LLC,
  * UBS Willow Fund, LLC, and
  * Varde Investment Partners, L.P.

As previously reported, the Hon. Stuart M. Bernstein of the U.S.
Bankruptcy Court for the Southern District of New York dismissed
the Trade Creditors' Complaint ruling that Wachovia Bank did not
breach the Intercreditor Agreement between Bank of New York, in
its capacity as agent for the Trade Creditors, and Wachovia, as
agent for the Revolving Lenders.

The Court ruled that Wachovia did not tortuously interfere with
the Trade Creditor's contractual rights or participate in the
conversion of the Trade Creditors' collateral, and that Harris
N.A. was not unjustly enriched with the repayment of the
US$25,000,000 supplemental Term Loan.

The Trade Creditors supplied Musicland Holding Corp. and its
debtor-affiliates, on credit, music CDs, DVDs, and similar and
related merchandise for sale at the Debtors' retail stores.  To
induce the Trade Creditors to continue supplying inventory, the
Debtors entered into a security agreement with the Trade
Creditors in November 2003.  Concurrent with the Security
Agreement, the Intercreditor Agreement was entered into among
Bank of New York and Wachovia.

                   About Musicland Holding

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products.  It has operation in Puerto Rico.  The Debtor and 14
of its affiliates filed for chapter 11 protection on
Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).  James
H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T. Power, Esq.,
at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  At March 31, 2007, the Debtors disclosed
US$20,121,000 in total assets and US$321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  (Musicland Bankruptcy News, Issue No. 39;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


ARVINMERITOR: Discloses Updated Financial Outlook
-------------------------------------------------
ArvinMeritor Inc.'s Senior Vice President, Strategic
Initiatives, and Treasurer, Mary Lehmann, told investors at the
Deutsche Bank Leveraged Finance Conference in Scottsdale, Ariz.,
that ArvinMeritor is revising its forecast for diluted earnings
per share from continuing operations.

Jim Donlon, executive vice president and chief financial
officer, who also attended the conference, said, "In North
America, we are encountering a weaker than anticipated economic
environment in our Commercial Vehicle Systems business group
resulting from decreased freight volumes largely due to the
decline in housing construction.  Our customers expect the
housing recession to delay the recovery cycle for North America
commercial vehicle production into the 2008 calendar year.  In
addition, we are incurring premium freight and labor
inefficiencies mainly in Europe, associated with unanticipated
demand for higher production of truck parts, which is creating
capacity issues for the entire supply chain.

"We anticipate that the company's earnings for the fourth
quarter of fiscal year 2007 will be negatively impacted by
approximately US$0.20 per diluted share due to the combination
of these market conditions," he continued.  "In addition, we
will also report non-recurring items in the fourth quarter
related to suppliers in financial distress, and tax law changes
in Germany, which will require a write-down of the value of
certain deferred tax assets.  We expect these items to reduce
our earnings per share for the fourth fiscal quarter of 2007 by
approximately an additional US$0.20 per share."

                  Fiscal Year 2008 Outlook

"In fiscal year 2008, we anticipate the current soft market
conditions will continue in the short term with recovery later
in the year resulting in a range of US$1.40 to US$1.60 earnings
per share from continuing operations before special items for
fiscal year 2008," Mr. Donlon said.

"While we continue to be challenged by market conditions, we are
encouraged by the results we are seeing from our Performance
Plus profit improvement program.  As previously reported, we
expect to deliver cost improvements of US$75 million in 2008."

"We also are pleased by our Performance Plus growth initiatives,
including ArvinMeritor being sourced as the supplier on 55
percent of the MRAP vehicles awarded thus far, with additional
potential upside as new awards are announced, and our
arrangement with Chery Motors in China that will ramp up to
anticipated sales of US$150 million annually by 2010.  In
addition, our pension and retiree medical costs will decrease,
largely because of improved funding and modifications to plan
benefits.  We anticipate that these savings, combined with our
aggressive internal programs to reduce SG&A costs, will help to
mitigate the soft market conditions in fiscal year 2008."

To continue to maintain financial flexibility, the company has
amended its revolving credit facility to modify certain
covenants through the third quarter of fiscal year 2008.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, following the decision of the United Auto
Workers union to go out on strike against General Motors Corp.,
Fitch Ratings has placed ArvinMeritor Inc.'s Issuer Default
Ratings and securities ratings on Rating Watch Negative:

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

As of Sept. 10, 2007, ArvinMeritor's US$175 million Convertible
Senior Unsecured Notes is rated by Dominion Bond Rating Service
at BB.  DBRS also said that the trend is stable.

The company also carries Moody's Investors Service's Ba3
corporate family rating.


PETROLEOS DE VENEZUELA: Gov't OKs Joint Venture Pacts with Firms
----------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's jont
venture contracts with foreign oil companies in the Orinoco has
received authorization from the nation's national assembly, the
Associated Press reports.

According to the AP, the contracts let the joint ventures export
crude and other products.  They also require payments from
minority partners Total SA, Statoil ASA and BP PLC to get the
mixed companies operating.

Dow Jones Newswires relates that as agreed, Total and Statoil
will pay US$130 million.  BP unit Veba Oil & Gas Cerro Negro
will pay US$50 million.  Meanwhile, the deal signed with Chevron
Corp. "doesn't include a monetary contribution clause."

The money will be subtracted from the compensation Venezuela
owes the firms for taking majority stakes in the heavy crude
"upgraders," the AP states.

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

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


PETROLEOS DE VENEZUELA: Inks Joint Project Study Pact with Galp
---------------------------------------------------------------
Tara Malhotra at the Oil Marketer reports that Venezuelan state-
run oil firm Petroleos de Venezuela SA has signed a memorandum
of understanding with Portuguese company Galp Energia to study
the development of joint projects in the energy sector.

The memorandum also covers the establishment of forms of
cooperation between Petroleos de Venezuela and Galp Energy,
including the possibility to develop exploration, production and
oil and gas procurement operations, the Oil Marketer notes.

The Oil Marketer relates that under the accord, information and
experience relating to the development of the energy sectors in
Venezuela and Portugal will be shared.  Specialists will also be
exchanged to provide technical assistance for the execution of
studies and projects in the energy sectors.

Under the agreement, business opportunities will also be
identified, letting Petroleos de Venezuela strengthen its
presence in Europe and promote joint cooperation, maximizing
synergies between the operations of Petroleos de Venezuela and
other European oil firms, the Oil Marketer states.

                     About Galp Energia

Galp Energia, SGPS, SA is the holding company for the Galp
Energia Group, a Portugal-based oil and gas group. The Group has
six principal business segments: Exploration and Production;
Refining and Marketing; Natural Gas Supply and Transport;
Natural Gas Distribution; Power, including Galp Energia's
interests in the production and sale of electrical and thermal
energy, and International, which includes the Group's interests
in Brazil and Africa. Galp Energia consists of more than 100
companies, engaged in a wide range of activities related to
natural gas supply and oil and gas exploration, production and
refining. The Group is headquartered in Lisbon, Portugal.

                 About Petroleos de Venezuela

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

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


* VENEZUELA: ConocoPhillips Wants Amicable Settlement with Gov't
----------------------------------------------------------------
ConocoPhillips Chief Executive James Mulva told Dow Jones
Newswires that the firm continues to seek an amicable settlement
with the Venezuelan government over compensation for the
company's stake in an oil project.

Dow Jones relates that ConocoPhillips surrendered its Venezuelan
ventures in June 2007, taking a US$4.5-billion charge.

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, the Venezuelan government would pay "market
value" compensation to ConocoPhillips for the crude-oil project
the company abandoned earlier this year.

Mr. Mulva told Dow Jones that he met with Venezuela Oil Minister
Rafael Ramirez "every several weeks."  He commented during a
press conference, "I just feel encouraged that we continue good
discussions with the minister and the ministry people, and we
expect to be doing this over the next several weeks or months."

                    About ConocoPhillips

Headquartered in Houston, Texas, USA, ConocoPhillips is an
international, integrated energy company.  The company's
business is organized into six segments.  Exploration and
Production segment primarily explores for, produces and markets
crude oil, natural gas and natural gas liquids on a worldwide
basis.  Midstream segment gathers, processes and markets natural
gas produced by ConocoPhillips and others, and fractionates and
markets natural gas liquids, primarily in the United States and
Trinidad.  Refining and Marketing segment purchases, refines,
markets and transports crude oil and petroleum products, mainly
in the United States, Europe and Asia.  LUKOIL Investment
segment consists of its equity investment in the ordinary shares
of OAO LUKOIL (LUKOIL).  The Chemicals segment manufactures and
markets petrochemicals and plastics on a worldwide basis.
Emerging Businesses segment includes the development of new
technologies and businesses outside the company's normal scope
of operations.

                        *     *     *

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: To House Bank of the South
---------------------------------------
Prensa Latina reports that the soon-to-be established Bank of
the South will be headquartered in Caracas, Venezuela.

The bank, advocated by Venezuelan President Hugo Chavez, will be
established to rival the services offered by the International
Monetary Fund and the World Bank, on much lower rates and better
financing conditions.

The Venezuelan leader announced that finance ministers of the
bank's future member countries were convened to meet in coming
days to define the technical details.  Ecuador, Argentina,
Bolivia, and Brazil have committed to take part in the project.

                        *     *     *

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 outlook on the ratings remains stable.


                         ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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           * * * End of Transmission * * *