TCRLA_Public/071008.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Monday, October 8, 2007, Vol. 8, Issue 199

                          Headlines

A R G E N T I N A

ALITALIA SPA: Aeroflot Denies Possible Rebid for Italy's Stake
ASOCIACION MUTUAL: Proofs of Claim Verification Ends on Nov. 26
ASOCIACION MUTUAL: Trustee Verifies Proofs of Claim Until Nov. 7
CEREALES ZUBILLAGA: Trustee Filing Individual Reports on Feb. 6
DST SRL: Proofs of Claim Verification Is Until Nov. 2

NUEVA FARMACIA: Proofs of Claim Verification Ends on Nov. 12
PESQUERA MAR: Holding Informative Assembly on April 11, 2008
PIU NOVA: Trustee Verifies Proofs of Claim Until Dec. 10
RADIO CHACABUCO: Proofs of Claim Verification Is Until Oct. 31
TECNOLOGIA EN MEDIO: Seeks for Reorganization Okay from Court

TELECOM PERSONAL: Launches 3G Services in Rosario
TEXTIL FULLTEX: Proofs of Claim Verification Deadline Is Nov. 7
TEXTIL JAVERIM: Proofs of Claim Verification Deadline Is Nov. 28
VADRA SRL: Proofs of Claim Verification Is Until Nov. 9


B A H A M A S

ISLE OF CAPRI: Brean Murray Reaffirms Buy Rating on Shares


B E L I Z E

INNOVATIVE COMM: Court Converts Prosser's Ch. 11 Case to Ch. 7


B E R M U D A

INTELSAT LTD: Inks Multi-Year Contract with Spanish Broadcasting
MORGAN STANLEY: Holding Final General Meeting on Oct. 9
PRIME GROUP: Final General Meeting Is Set for Oct. 9
SECURITISED TERM: Holding Final General Meeting Tomorrow


B O L I V I A

COEUR D'ALENE: RBC Capital Keeps Sector Perform Rating on Shares

* BOLIVIA: Launches Hydrocarbons Contract Tender


B R A Z I L

ALCATEL-LUCENT: Selected by Brasil Telecom to Deploy WiMAX
ALLISON TRANSMISSION: Moody's Affirms B2 Corp. Family Rating
ALLISON TRANSMISSION: S&P Assigns B- Rating on US$550-Mil. Notes
AMERICAN AIRLINES: Trade Union Balks at Contract Extension Talks
ASPEN TECH: 10-K Filing Delay Results to Nasdaq Listing Review

BANCO DAYCOVAL: Opportunity & Logica Sell 3.20 Million Shares
BANCO SOFISA: Moody's Assigns Ba2 Foreign Currency Ratings
BAUSCH & LOMB: Gets Consents for Non-Convertible Debt Securities
BAUSCH & LOMB: Names D. Bhattacharjee as Pres. for Asia Pacific
BAUSCH & LOMB: S&P Lowers Corporate Credit Rating to B+

DELTA AIR: Moody's Assigns Low B Ratings on Two Cert. Classes
DELTA AIR: S&P Rates US$220.1 Million Class C Certificates at B
EL PASO: Earns US$166 Million in Second Quarter Ended June 30
LYONDELL CHEMICAL: Board Declares Conditional Quarterly Dividend
SOLECTRON CORP: Agent Discloses Final Result of Exchange

* BRAZIL: Credit Suisse Maintains Outperform Rating on Shares
* BRAZIL: Petroleo Brasileiro Mulls on 3rd LNG Plant's Location
* STATE OF MINAS GERAIS: Moody's Upgrades Issuer Ratings to Ba3


C A Y M A N   I S L A N D S

ADMC ABSOLUTE: Proofs of Claim Filing Deadline Is Oct. 22
CORNICHE BOULEVARD: Proofs of Claim Filing Deadline Is Nov. 1
FALLINVEST CAPITAL: Proofs of Claim Filing Is Until Nov. 1
HALLIBURTON ENERGY: Proofs of Claim Filing Is Until Nov. 1
INT'L ADMINISTRATIVE: Proofs of Claim Filing Ends on Nov. 1

PARMALAT SPA: Settles Case vs. GKB AG for EUR20.75 Million
PARMALAT SPA: Settles Case vs. Calyon for EUR2.63 Million
PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures
QUANTIVA WESTERN: Proofs of Claim Must be Filed by Oct. 22
SLS BPI: Proofs of Claim Filing Ends on Oct. 22

SPRINGINVEST ACQUISITION: Proofs of Claim Filing Is Until Nov. 1
SUMMERINVEST FINANCE: Proofs of Claim Filing Ends on Nov. 1
WINTERINVEST PLANNING: Proofs of Claim Filing Is Until Nov. 1


C H I L E

CLAXSON INTERACTIVE: Closes Sale of Pay TV Networks to Turner
INGRAM MICRO: Distributes Two New Products with Kentrox


C O L O M B I A

AES CORP: Will Build US$25-Million Dock for Somerset Plant


C O S T A   R I C A

US AIRWAYS: To Reduce Pittsburgh Service In Early 2008


C U B A

NASH FINCH: Denies Default Under Senior Conv. Notes Indenture
NASH FINCH: Moody's May Cut B2 Rating After Review


D O M I N I C A N   R E P U B L I C

GENERAL CABLE: Amends Credit Agreement to Issue Additional Notes

* DOMINICAN REPUBLIC: Gets Full Access to Petrocaribe Fuel Quota


E C U A D O R

PETROECUADOR: Seeking Andean Dev't Corp. Funding for Oilfield

* ECUADOR: Will Take 99% of Windfall Oil Profits


J A M A I C A

* JAMAICA: S&P Places B Rating on US$150 Mil. Global Bond


M E X I C O

CORPORACION DURANGO: Fitch Assigns B+ Rating on US$520-Mln Notes
EMPRESAS ICA: Red de Carreteras Pays Gov't MXN44B for Concession
FOAMEX INT'L: Sells US$10 Mil. Carpet Facilities to Future Foam
GRUPO MEXICO: Copper Shortages Worsen as Peru Strike Continues
OPEN TEXT: HIT Entertainment Selects Artesia DAM Solution

HASBRO INC: Paying US$0.16 Per Share Dividend on Nov. 15
KANSAS CITY SOUTHERN: Inks Railway Project Pact with Tamaulipas
RYERSON INC: Senior Notes Remain Convertible Until Nov. 21
WENDY'S INT'L: Reports Preliminary September Same-Store Sales


P E R U

HERTZ CORP: Fitch Affirms BB Issuer Default & Debt Ratings
LEVI STRAUSS: Discloses Expiration of Consent Payment Deadline
LEVI STRAUSS: Selects Vanessa Castagna & Stephen Neal on Board

* PERU: Free Trade Pact Gets U.S. Congressional Finance Panel OK


P U E R T O   R I C O

AVNET INC: Inks US$600 Five-Year Senior Unsec. Credit Facility
CENTENNIAL COMM: Reports US$6.3 Mil. Net Income in First Quarter
FUNDACION INC: Taps Latimer Biaggi as Chapter 11 Counsel
SPANISH BROADCASTING: Moody's Cuts Corp. Family Rating to B2


T R I N I D A D  A N D  T O B A G O

HILTON HOTELS: Tender Offer Expiration Date Extended to Oct. 24


V E N E Z U E L A

ARVINMERITOR INC: Moody's Lowers Corporate Family Rating to B1
ARVINMERITOR: S&P Lowers Corporate Credit Rating to B+
CHRYSLER LLC: Intends to Close Assembly Plant in Illinois
INTERLINK GLOBAL: Dohan & Company Raises Going Concern Doubt
PETROLEOS DE VENEZUELA: Executes Contingency Plan for Oil Spills

PETROLEOS DE VENEZUELA: Shuts Down El Palito Refinery
PETROLEOS DE VENEZUELA: Union Complains on Negotiating Team

* VENEZUELA: Gov't-Run Mining Joint Ventures May be Inefficient
* VENEZUELA: Says OPEC Must Not Raise Oil Production by Dec.


                         - - - - -


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


ALITALIA SPA: Aeroflot Denies Possible Rebid for Italy's Stake
--------------------------------------------------------------
OAO Aeroflot will not relaunch its bid to acquire the Italian
government's 49.9% stake in Alitalia S.p.A., Business News
Europe reports citing general manager Lev Koshlyakov.

Mr. Koshlyakov was reacting to a La Republica report that quoted
him as saying that Russian carrier may offer more than US$1
billion for Alitalia.

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

As reported in the TCR-Europe on Oct. 2, 2007, Aeroflot said it
would relaunch its bid to acquire Italy's stake in Alitalia if
the sale conditions are favorable.

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

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

                       About Alitalia

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

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


ASOCIACION MUTUAL: Proofs of Claim Verification Ends on Nov. 26
---------------------------------------------------------------
Luis Juan Kuklis, the court-appointed trustee for Asociacion
Mutual Circulo del Poder Judicial de la Nacion's bankruptcy
proceeding, verifies creditors' proofs of claim until
Nov. 26, 2007.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

       Luis Juan Kuklis
       Lavalle 1619
       Buenos Aires, Argentina


ASOCIACION MUTUAL: Trustee Verifies Proofs of Claim Until Nov. 7
----------------------------------------------------------------
Hugo Daniel Pantaleo, the court-appointed trustee for Asociacion
Mutual Para El Personal de las Reparticiones del Estado's
reorganization proceeding, verifies creditors' proofs of claim
until Nov. 7, 2007.

Mr. Pantaleo will present the validated claims in court as
individual reports on Dec. 19, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Asociacion Mutual 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 Asociacion Mutual's
accounting and banking records will be submitted in court on
March 6, 2008.

The informative assembly will be held on July 2, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

         Hugo Daniel Pantaleo
         Avenida Corrientes 1450
         Buenos Aires, Argentina


CEREALES ZUBILLAGA: Trustee Filing Individual Reports on Feb. 6
---------------------------------------------------------------
Felipe Florio, the court-appointed trustee for Cereales
Zubillaga 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
Feb.6, 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 Cereales Zubillaga and its creditors.

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

Mr. Florio verifies creditors' proofs of claim until
Nov. 21, 2007.

Mr. Florio will also submit to court a general report containing
an audit of Cereales Zubillaga's accounting and banking records
on March 19, 2008.

The informative assembly will be held on Aug. 28, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

         Felipe Florio
         Uruguay 618
         Buenos Aires, Argentina


DST SRL: Proofs of Claim Verification Is Until Nov. 2
-----------------------------------------------------
Leon Sergio Fuks, the court-appointed trustee for DST S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 2, 2007.

Mr. Fuks will present the validated claims in court as
individual reports Dec. 21, 2007.  The National Commercial Court
of First Instance in Buenos Aires will determine if the verified
claims are admissible, taking into account the trustee's
opinion, and the objections and challenges that will be raised
by DST 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 DST's accounting and
banking records will be submitted in court on March 17, 2008.

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

The debtor can be reached at:

       DST S.R.L.
       Avenida Cabildo 2327
       Buenos Aires, Argentina

The trustee can be reached at:

       Leon Sergio Fuks
       Viamonte 1636
       Buenos Aires, Argentina


NUEVA FARMACIA: Proofs of Claim Verification Ends on Nov. 12
------------------------------------------------------------
Antonio Marchitelli, the court-appointed trustee for Nueva
Farmacia del Fosforo S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Nov. 12, 2007.

Mr. Marchitelli 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 Nueva Farmacia and its creditors.

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

A general report that contains an audit of Nueva Farmacia's
accounting and banking records will be submitted in court on
March 17, 2008.

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

The debtor can be reached at:

       Nueva Farmacia del Fosforo S.R.L.
       Montes de Oca 954
       Buenos Aires, Argentina

The trustee can be reached at:

       Antonio Marchitelli
       Jose Evaristo Uriburu 1054
       Buenos Aires, Argentina


PESQUERA MAR: Holding Informative Assembly on April 11, 2008
------------------------------------------------------------
Oscar Armando Farias' creditors will vote on Pesquera Mar del
Chubut S.R.L. company's completed settlement plan during an
informative assembly on June 10, 2008.

Mr. Farias, the court-appointed trustee for Agroimpulso
Cereales' reorganization proceeding, verified creditors' proofs
of claim until June 22, 2007.  He presented the validated claims
in court as individual reports on Aug. 17, 2007, and submitted a
general report containing an audit of the company's accounting
and banking records on Oct. 1, 2007.

The trustee can be reached at:

       Oscar Armando Farias
       Rivadavia 615, Comodoro Rivadavia
       Chubut, Argentina


PIU NOVA: Trustee Verifies Proofs of Claim Until Dec. 10
--------------------------------------------------------
Juan Carlos Caro, the court-appointed trustee for Piu Nova SA's
reorganization proceeding, verifies creditors' proofs of claim
until Dec. 10, 2007.

Mr. Caro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 14, 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 Piu Nova 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 Piu Nova's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Piu Nova SA
         F. Beiro 4294
         Buenos Aires, Argentina

The trustee can be reached at:

         Juan Carlos Caro
         Florida 470
         Buenos Aires, Argentina


RADIO CHACABUCO: Proofs of Claim Verification Is Until Oct. 31
--------------------------------------------------------------
Laura Adriana Fiscina, at Estudio Contable Giecco & Asoc., the
court-appointed trustee for Radio Chacabuco's bankruptcy
proceeding, verifies creditors' proofs of claim until
Oct. 31, 2007.

Ms. Fiscina will present the validated claims in court as
individual reports Dec. 17, 2007.  The National Commercial Court
of First Instance in Junin, 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 Radio Chacabuco 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 Radio Chacabuco's
accounting and banking records will be submitted in court on
March 6, 2008.

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

The trustee can be reached at:

       Laura Adriana Fiscina
       Estudio Contable Giecco & Asoc.
       Benito de Miguel 61, Junin
       Buenos Aires, Argentina


TECNOLOGIA EN MEDIO: Seeks for Reorganization Okay from Court
-------------------------------------------------------------
Tecnologia en Medio Ambiente S.A. has requested for
reorganization approval after failing to pay its liabilities
since November 2006.

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

The case is pending in the National Commercial Court of First
Instance No. 13 in Buenos Aires.  Clerk No. 25 assist in this
case.

The debtor can be reached at:

          Tecnologia en Medio Ambiente S.A.
          Virrey Cevallos 998
          Buenos Aires, Argentina


TELECOM PERSONAL: Launches 3G Services in Rosario
-------------------------------------------------
Telecom Personal said in a statement that it has launched 3G
services in Rosario, Argentina.

Business News Americas relates that Telecom Personal's 3G
services include:

          -- mobile broadband,
          -- videoconferencing,
          -- multimedia downloads,
          -- E-mail, and
          -- instant messaging.

According to Telecom Personal's statement, Rosario is its third
zone of coverage for the 3G service.

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Telecom Personal launched the services in
Cordoba.  It also started offering third generation services in
a limited area in Buenos Aires in May 2007.

Telecom Personal said in a statement that Telecom Personal would
invest some ARS500 million in 3G networks from 2007 to 2009.

Telecom Personal's marketing director Guillermo Rivaben told
BNamericas that the firm would have one million subscribers
using the 3G services in two years.

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.


TEXTIL FULLTEX: Proofs of Claim Verification Deadline Is Nov. 7
---------------------------------------------------------------
Guido Maria Salvadori, the court-appointed trustee for Textil
Fulltex S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Nov. 7, 2007.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

       Guido Maria Salvadori
       Junin 55
       Buenos Aires, Argentina


TEXTIL JAVERIM: Proofs of Claim Verification Deadline Is Nov. 28
----------------------------------------------------------------
Ricardo Sukiassian, the court-appointed trustee for Textil
Javerim SRL's bankruptcy proceeding, verifies creditors' proofs
of claim until Nov. 28, 2007.

Mr. Sukiassian will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 13 in Buenos Aires, with the assistance of Clerk
No. 25, 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 Textil Javerim 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 Textil Javerim's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Textil Javerim SRL
       Bacacay 3174
       Buenos Aires, Argentina

The trustee can be reached at:

       Ricardo Sukiassian
       San Martín 1009
       Buenos Aires, Argentina


VADRA SRL: Proofs of Claim Verification Is Until Nov. 9
-------------------------------------------------------
Zulma Gloria Ghigliano, the court-appointed trustee for Vadra
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 9, 2007.

Ms. Ghigliano will present the validated claims in court as
individual reports on Dec. 21, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Vadra 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 Vadra's accounting
and banking records will be submitted in court on
March 10, 2008.

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

The debtor can be reached at:

       Vadra S.R.L.
       San Martin 66
       Buenos Aires, Argentina

The trustee can be reached at:

       Zulma Gloria Ghigliano
       Pasaje Cipolletti 554
       Buenos Aires, Argentina




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B A H A M A S
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ISLE OF CAPRI: Brean Murray Reaffirms Buy Rating on Shares
----------------------------------------------------------
Brean Murray analyst Ryan L. Worst has reaffirmed his "buy"
rating on the Isle of Capri Casinos Inc.'s shares,
Newratings.com reports.

Newratings.com relates that the target price for the Isle of
Capri's shares was set at US$30.

Mr. Worst said in a research note that the win per day per slot
at Pompano Park increased 4% to US$221 in September 2007.

Mr. Worst told Newratings.com that the continued improvement in
win per day would lead to the addition of more slot machines by
Isle of Capri, "both of which would act as catalysts for the
company's share price."

The Isle of Capri continues to increase its management team,
asset quality and operations, Newratings.com states, citing
Brean Murray.

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida. The company also operates and has a 57.0% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Isle of Capri Casinos Inc. to negative from stable.  Ratings on
the company, including the 'BB-' corporate credit rating, were
affirmed.




===========
B E L I Z E
===========


INNOVATIVE COMM: Court Converts Prosser's Ch. 11 Case to Ch. 7
--------------------------------------------------------------
The Hon. Judith K. Fitzgerald of the U.S. Bankruptcy Court for
the Western District of Pennsylvania approved, Oct. 3, 2007, an
order converting Jeffrey Prosser's personal bankruptcy case from
Chapter 11 reorganization to Chapter 7 liquidation.  The court
has appointed an interim trustee to assemble and liquidate Mr.
Prosser's assets to satisfy creditors, including Rural Telephone
Finance Cooperative, which is a managed affiliate of National
Rural Utilities Cooperative Finance Corporation.

"We feel like the final roadblocks in the loan recovery process
are being removed," CFC and RTFC CFO Steven Lilly said.  "We are
pleased with the court's rulings and hope to continue making
progress in resolving this difficult situation."

Innovative Communication Corporation and its parent companies,
Innovative Communication Corporation LLC and Emerging
Communications Inc., have been engaged in protracted bankruptcy
proceedings with National Rural Utilities Cooperative Finance
Corporation and its affiliate Rural Telephone Finance
Cooperative, which as of May 31, 2007, had US$493 million in
credit extended to ICC and an unsatisfied court judgment in
excess of US$524 million against ICC.  All loans have been on
non-accrual status since Feb. 1, 2005.  ICC has not made debt
service payments to RTFC since June 2005.  RTFC is the primary
secured lender to ICC.

The Court also cited the failure of ICC to honor pension
contribution obligations resulting in government liens on the
subsidiaries' property.  RTFC also holds an unsatisfied court
judgment of US$100 million against Jeffery Prosser, who has been
in control of ICC.

Rural Telephone Finance Cooperative is a not-for-profit finance
cooperative that serves the financial needs of the rural
telecommunications industry.  RTFC has approximately US$2
billion in credit outstanding to its rural telecommunications
members and their affiliates and is a managed affiliate of CFC.
Both CFC and RTFC are headquartered in Herndon, Virginia.

Based in Christiansted, St. Croix, U.S. Virgin Islands,
Innovative Communication Corporation is telecommunications and
media company with extensive holdings throughout the Caribbean
basin.  The company's operations are in Belize, British Virgin
Islands, Guadeloupe, Martinique, Saint-Martin, Sint Maarten,
U.S. Virgin Islands and France and include local, long distance
and cellular telephone companies, Internet access providers,
cable television companies, business systems, and The Virgin
Islands Daily News, a Pulitzer Prize-winning newspaper.

On Feb. 10, 2006, creditors Greenlight Capital Qualified, L.P.,
Greenlight Capital, L.P., and Greenlight Capital Offshore, Ltd.,
filed involuntary chapter 11 petition againsts Innovative
Communication Company LLC and Emerging Communications, Inc., and
Jeffrey J. Prosser, the company's principal (Bankr. D. Del. Case
Nos. 06-10133 through 06-10135).  The Greenlight creditors
disclosed US$18,780,614 in total claims.

On July 31, 2006, Innovative LLC, Emerging, and Mr. Prosser,
filed voluntary chapter 11 petitions (Bankr. D. V.I. Case Nos.
06-30007 through 06-30009).  Pursuant to Rule 1003-1 of the
Local Bankruptcy Rules of the District Court of the Virgin
Islands, Bankruptcy Division, Mr. Prosser, and Bobby Lubana,
were designated as the individuals who are the principal
operating officers of the alleged debtor.  On Dec. 14, 2006, the
Delaware Bankruptcy Court entered an order transferring the
venue of the involuntary bankruptcy cases transferring to the
U.S. District Court for the District of the Virgin Islands,
Bankruptcy Division.

On July 5, 2007, the Greenlight creditors filed an involuntary
chapter 11 petition against Innovative Communication Corporation
(Bankr. D. V.I. Case No. 07-30012).  The creditors disclosed
total aggregate claims of US$56,341,843.  Matthew J. Duensing,
Esq., and Richard H. Dollison, Esq., at Stryker, Duensing,
Casner & Dollison, and Matthew P. Ward, Esq., at Skadden Arps
Slate Meagher & Flom LLP, represent the creditors.

Stan Springel of Alvarez & Marsal, the Court-appointed chapter
11 trustee, is represented by Andrew Kamensky, Esq., Hunton &
Williams.




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


INTELSAT LTD: Inks Multi-Year Contract with Spanish Broadcasting
----------------------------------------------------------------
Intelsat Ltd. has signed a new multi-year contract with Spanish
Broadcasting System Inc. of Miami, Florida.  Under this
agreement, Spanish Broadcasting System will use Intelsat's
complete network of satellite, teleport and fiber for
distribution of its Mega TV network programming to cable
operators, direct-to-home providers, and free-to-air affiliates
throughout the continental United States, Alaska, Hawaii and
Puerto Rico.

SBS will transport its Mega TV content via fiber to one of
Intelsat's Miami video points-of-presence, from which the
content will be backhauled via fiber to Intelsat's Ellenwood,
Georgia Teleport for encoding, multiplexing and transmission on
Intelsat's Galaxy 13 satellite at 127.0 W.

"In the global society that we live in today, it's imperative
that we have a robust network in place that provides us with
strategic distribution points, in real time, allowing us to
seamlessly expand into new markets," said Cynthia Hudson-
Fernandez, Executive Vice President and Chief Creative Officer
of Mega TV.  "Mega TV is growing at a very fast pace, and our
requirements of key viewership access in the Americas, be it
DTH, cable or otherwise, could only be met through Intelsat."

"Intelsat's satellite, teleport and fiber network offers the
most comprehensive transmission platform in the industry today,"
said Carmen Gonzalez-Sanfeliu, Intelsat's Regional Vice
President, Latin America and the Caribbean.  "Across our network
we offer broadcasters the best video neighborhoods, resulting in
the most efficient programming distribution platform."

Intelsat, headquartered in Bermuda, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Moody's Investors placed the long-term debt
ratings of the Intelsat Ltd. group of companies on review for
possible downgrade.

Issuer: Intelsat (Bermuda), Ltd.

  -- Senior Unsecured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently B2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Intelsat Corporation

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Secured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B2

Issuer: Intelsat Holding Corporation

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Intelsat Intermediate Holding Company, Ltd.

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B3

Issuer: Intelsat Subsidiary Holding Co. Ltd.

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B2

Issuer: Intelsat, Ltd.

  -- Probability of Default Rating, Placed on Review for
     Possible Downgrade, currently B2

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Outlook Actions:

Issuer: Intelsat, Ltd.

  -- Outlook, Changed To Rating Under Review From Stable

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings
on Rating Watch Negative:

    -- Issuer Default Rating 'B';
    -- Senior unsecured notes 'CCC/RR6'.

Fitch also placed the ratings of Intelsat's subsidiaries on
Rating Watch Negative.

Fitch placed these ratings of Intelsat subsidiaries on Rating
Watch Negative:

Intelsat (Bermuda), Ltd.

    -- Issuer Default Rating 'B';
    -- Senior unsecured guaranteed notes 'BB-/RR2';
    -- Guaranteed Term Loan 'BB-/RR2';
    -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd. (Int Holdco)

    -- Issuer Default Rating 'B';
    -- Senior unsecured discount notes 'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco)

    -- Issuer Default Rating 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior unsecured notes 'BB-/RR2'.

Intelsat Corporation (f/k/a PanAmSat Corporation)

    -- Issuer Default Rating (IDR) 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior secured notes 'BB/RR1';
    -- Senior unsecured notes 'B/RR4'.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services lowered its
ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated
entities, including the corporate credit rating, which was
lowered to 'B+' from 'BB-'.  All ratings were immediately placed
on CreditWatch with negative implications.


MORGAN STANLEY: Holding Final General Meeting on Oct. 9
-------------------------------------------------------
Morgan Stanley Spectrum Offshore Corp. Ltd.'s final general
meeting is scheduled on Oct. 9, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


PRIME GROUP: Final General Meeting Is Set for Oct. 9
----------------------------------------------------
Prime Group Funding Ltd.'s final general meeting is scheduled on
Oct. 9, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


SECURITISED TERM: Holding Final General Meeting Tomorrow
--------------------------------------------------------
Securitised Term Assets Corp. Ltd.'s final general meeting is
scheduled on Oct. 9, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.




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


COEUR D'ALENE: RBC Capital Keeps Sector Perform Rating on Shares
----------------------------------------------------------------
RBC Capital Markets analysts have kept their "sector perform"
rating on Coeur d'Alene Mines Corp's shares, Newratings.com
reports.

Newratings.com relates that the target price for Coeur d'Alene
was decreased to US$4.50 from US$5.75.

The analysts said in a research note that the Palmarejo Project
would require higher-than-expected capex for underground mining.
Commencement of operations would be postponed until early-2009.

The analysts told Newratings.com that Coeur d'Alene's share
price would "continue to trade at a discount to that of its
peers in the near term on account of uncertainties surrounding
the company's projects in Bolivia and Alaska."

According to Newratings.com, the operating earnings per share
estimates for 2007 and 2008 were decreased to US$0.16 from
US$0.18, and to US$0.27 from US$0.32, respectively.

The operating earnings per share estimate for Coeur d'Alene's
shares for 2009 were increased to US$0.53 from US$0.51,
Newratings.com states.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.


* BOLIVIA: Launches Hydrocarbons Contract Tender
------------------------------------------------
Bolivian state-run hydrocarbons firm Yacimientos Petrolíferos
Fiscales Bolivianos has launched an international tender for a
contract to quantify and certify hydrocarbons reserves in the
nation, Business News Americas reports.

Yacimientos Petroliferos said in a statement that it will accept
and open offers on Oct. 30, 2007.  Deadline for inquiries is
Oct. 17, 2007.  A clarification meeting is set for
Oct. 18, 2007.

Yacimientos Petroliferos wants to award the contract in November
2007 and sign it in December 2007.  The winning bidder will be
given 195 days to present its report of reserves, BNamericas
states.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

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




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


ALCATEL-LUCENT: Selected by Brasil Telecom to Deploy WiMAX
------------------------------------------------------------
Alcatel-Lucent has been selected by Brasil Telecom to deploy the
first commercial WiMAX networks -- using the 802.16e-2005 (also
called Rev-e) standard -- in the cities of Sao Paulo, Curitiba
and Porto Alegre.

"WiMAX will enable us to distribute state-of-the-art services,
particularly in the rural and urban regions that today do not
have access to many of the services those in more urban areas
take for granted.  This network will enable us to fully meet our
customers' services requirements in Sao Paulo, Curitiba and
Porto Alegre, in addition to its surrounding region," said Mauro
Fukuda, Brasil Telecom Director of Technology and Architecture.
"We selected Alcatel-Lucent because its universal WiMAX solution
is available now and it is flexible, easy to deploy and
scalable, which will help our partners bring these services to
market more quickly."

Under the agreement, Alcatel-Lucent will provide its end-to-end
WiMAX solution, including base stations, wireless access
controllers, backbone links, Ethernet MXC 9500 links, IP
aggregation equipment, software and application platforms.  It
also will provide design and planning for end-to-end integration
of the network as well as provisioning services for Brasil
Telecom's network.

"With our complete and powerful WiMAX solution, Brasil Telecom's
network will benefit from the most advanced technologies in
terms of radio frequency management.  Our solution will enable
Brasil Telecom's professional and residential subscribers to
have fast, reliable connections to the Internet in fixed and
nomadic environments in areas with little or no DSL coverage,"
said Olivier Picard, President of Alcatel-Lucent's Europe and
South activities.  "This project underscores Alcatel-Lucent's
commitment to WiMAX as a key element of its universal broadband
access strategy, and expands the company's footprint in the
region."

Alcatel-Lucent's Universal WiMAX solution is designed to enable
rapid implementation of voice over IP and broadband services
such as mobile data, video streaming and virtual private network
(VPN) access in fixed, nomadic and mobile environments.  WiMAX
is a flexible technology that enables people to access high-
speed, high-quality broadband wireless services wherever they
are and wherever they go, providing truly "universal" wireless
broadband access.  Alcatel-Lucent's Open CPE (Customer Premises
Equipment) program will give Brasil Telecom access to the most
advanced end-user devices and to a large choice of devices for
its services.

Alcatel-Lucent's Universal WiMAX solution integrates the latest
technological innovations, such as "beam forming"(i) and
MIMO(ii).  "Beam forming" makes it possible for a service
provider to dramatically reduce the number of radio sites needed
to provide coverage -- in some instances by as much as 40
percent -- while reducing interferences and ensuring better
indoor penetration of the radio signal.  "MIMO" helps make radio
links more robust, nearly doubling the capacity delivered in
dense urban environments.

With more than 70 pilots and deployments across the world and 15
commercial contracts signed since the beginning of 2007, this
new project clearly underscores Alcatel-Lucent's leadership in
the WiMAX market.

                     About Brasil Telecom

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.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

Troubled Company Reporter-Asia Pacific reported on Sep. 19,
2007, that Standard & Poor's Ratings Services revised its
outlook on international equipment supplier Alcatel-Lucent and
related entity Lucent Technologies Inc. to stable from positive.
At the same time, the 'BB-' long-term corporate credit ratings
on the group were affirmed.  The 'B' short-term corporate credit
rating on Alcatel-Lucent and 'B-1' short-term rating on Lucent
Technologies were also affirmed.

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

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


ALLISON TRANSMISSION: Moody's Affirms B2 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Allison
Transmission, Inc., including the Caa1 (LGD5, 89%) rating
assigned to the company's proposed unsecured notes due 2015, the
company's B2 corporate family rating and the B1 rating assigned
to the company's senior secured bank facilities.  Allison is
issuing US$550 million of unsecured notes, due 2015, which
represents a reduction in the size of the issuance from the
original US$1.1 billion amount rated by Moody's on
July 18, 2007.  The proceeds from the current proposed offering
will be used to repay US$550 million of the outstanding amounts
under the company's US$1.1 billion bridge loan facility.  The
reduction in issuance, does not affect the assigned ratings.

The US$550 million note offering represents a partial permanent
refinancing of the US$1.1 billion bridge loan facility used to
finance the acquisition of Allison Transmission from General
Motors Corporation.

Allison Transmission is headquartered in Indianapolis, Indiana,
and has five international regional offices: Sliedrecht, The
Netherlands; Tokyo, Japan; Beijing, China; Singapore; and Sao
Paulo, Brazil.  Allison Transmission also has a presence in more
than 80 countries, which includes over 1,500 distributors and
dealers.  This support network provides service and technical
support worldwide to the division's 250 OEMs, and the many fleet
owners and operators, and end users.  Allison Transmission has a
workforce of over 4,000 salaried and hourly employees.


ALLISON TRANSMISSION: S&P Assigns B- Rating on US$550-Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services ahs assigned its 'B-' rating
to Allison Transmission Inc.'s proposed US$550 million senior
unsecured notes due 2015.  The company plans to sell the notes
privately under Rule 144A of the Securities Act of 1933, and
the notes will not have registration rights.  S&P expects
Allison to use the proceeds from the notes to repay a portion of
its US$1.1 billion bridge loan.

S&P also affirmed the 'B+' corporate credit rating on Allison.
The outlook is negative.

The Carlyle Group and Onex Corp. acquired Indianapolis, Indiana-
based Allison, a manufacturer of automatic transmissions for
commercial vehicles, in August from General Motors Corp. in an
LBO.  Following the transaction, Allison had about US$4.2
billion in outstanding debt, which the proposed notes offering
and expected bridge loan repayment should not affect.

"The ratings on Allison reflect its highly leveraged financial
profile, which more than offsets its leading market shares, good
end-market diversity, and high margins relative to those of
other automotive or commercial vehicle suppliers," said S&P's
credit analyst Gregg Lemos Stein.  The overall business risk
profile is weak, reflecting the cyclicality, high fixed costs,
customer concentration, and raw material price sensitivity of
the commercial vehicle supplier business.

The outlook is negative.  S&P expects the company's operating
performance to remain strong despite a near-term decline in
revenues and profitability resulting from the downturn in the
commercial-truck market.

Allison Transmission is headquartered in Indianapolis, Indiana,
and has five international regional offices: Sliedrecht, The
Netherlands; Tokyo, Japan; Beijing, China; Singapore; and Sao
Paulo, Brazil.  Allison Transmission also has a presence in more
than 80 countries, which includes over 1,500 distributors and
dealers.  This support network provides service and technical
support worldwide to the division's 250 OEMs, and the many fleet
owners and operators, and end users.  Allison Transmission has a
workforce of over 4,000 salaried and hourly employees.


AMERICAN AIRLINES: Trade Union Balks at Contract Extension Talks
----------------------------------------------------------------
The negotiations between American Airlines Inc. and the
Transport Workers Union on extending a contract, which expired
May this year ended Wednesday when the union decided to work on
an entirely new agreement, Dow Jones reports.

The union had been analyzing a reward scheme that the company
proposed for mechanics and ground workers that links pay
increases with the company's financial improvements, the
Troubled Company Reporter said on Sept. 21, 2007, citing the
Associated Press.  However, Union President James Little said in
a statement posted on the group's Web site that American
Airlines had failed to reward workers for the improvement in its
financial performance, resulting to the wearing away of
cooperation between the airline and the union.

American Airlines and the union had been on informal discussions
during the past couple of weeks and have decided to extend the
contract, Dow Jones says, citing company spokeswoman Sue Gordon.
However, both parties decided to start formal negotiations
starting Nov. 7, Ms. Gordon says, the report adds.

                About American Airlines Inc.

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.

American Airlines flies to Belgium, Brazil, Japan, among others.

                        *     *     *

American Airlines continues to carry Standard & Poor's Ratings
Services' B rating.


ASPEN TECH: 10-K Filing Delay Results to Nasdaq Listing Review
--------------------------------------------------------------
Aspen Technology has received a Nasdaq Staff Determination on
Oct. 1, indicating that the company fails to comply with the
filing requirements for continued listing set forth in
Marketplace Rule 4310(c)(14) as a result of its failure to file
timely with the U.S. Securities and Exchange Commission its
annual report on Form 10-K for the year ended June 30, 2007, and
that the company's securities are therefore subject to delisting
from The Nasdaq Global Market.  The company has requested a
hearing before a Nasdaq Listing Qualifications Panel to review
the Staff Determination. There can be no assurance that the
Panel will grant the company's request for continued listing.

The delay in AspenTech's filing of its Form 10-K is attributed
to the previously announced intention to restate certain
historical financial statements.  The company is working
diligently to complete its annual report on Form 10-K.

                    About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                        *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


BANCO DAYCOVAL: Opportunity & Logica Sell 3.20 Million Shares
-------------------------------------------------------------
Banco Daycoval said in a statement that Brazilian bank
Opportunity and asset management division Opportunity Logica
have sold some 3.20 million preferred shares -- 4.98% of non-
voting capital or 1.44% of all shares -- in the firm.

Business News Americas relates that Opportunity previously held
5.20% of preferred shares, or 1.50% of total capital.  Banco
Daycoval sold 55.9 million preferred shares for BRL17.00 apiece
and raised some BRL1.09 billion from its initial public offering
in June 2007.

According to BNamericas, US investment management firm Capital
Research and Management Company raised its stake in Banco
Daycoval after the initial public offering to 5.17% of preferred
shares from previous 1.86%.

Banco Daycoval's free float stood at 29% after the initial
public offering.  The Dayan family held on to 71% of total
capital and 100% of voting shares, BNamericas states.

Banco Daycoval, a Brazilian midsize bank, was founded in 1989.
It operates 15 branches concentrated in the south and southeast
of the country.  Its main business is commercial lending to
small and medium enterprises, with a diversified portfolio in
agribusiness, automotives, commerce, foods, financial services,
general services, manufacturing, and textiles.  Daycoval
established its trade finance department in 1995 to satisfy the
increasing demand for trade finance instruments.

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Standard & Poor's Ratings Services removed its
long-term counterparty credit rating on Banco Daycoval S.A. from
CreditWatch Positive, where it was placed on June 11, 2007, and
raised the rating to 'BB-'.  At the same time, S&P affirmed its
'B' short-term counterparty credit rating on the bank.  S&P said
the outlook is stable.


BANCO SOFISA: Moody's Assigns Ba2 Foreign Currency Ratings
----------------------------------------------------------
Moody's Investors Service assigned a bank financial strength
rating of D+ to Banco Sofisa S.A.  Moody's also assigned long-
and short-term local-currency deposit ratings of Ba1 and Not
Prime, as well as long- and short-term foreign currency deposit
ratings of Ba2 and Not Prime, respectively.  In addition, the
agency gave Brazilian national scale deposit ratings of Aa2.br
long term and BR-1 short term to Sofisa.  The outlook on all
these ratings is stable.

Moody's D+ bank financial strength rating for Banco Sofisa
reflects its traditional business focus as a middle-market
lender and a well-established operation, which have ensured a
track record of sound asset quality and profitability indicators
relative to those of its peers.  Moody's said that the rating
incorporates Sofisa's disciplined credit approval and monitoring
process -- one that is based on tight collateral controls and
that ensures the soundness of its operations.

Moody's ratings also reflect an agile operating structure and a
flexible business model, which could accommodate the intended
diversification and expansion initiatives into the consumer-
lending business.  Sofisa's policy of maintaining a low
leverage, and its superior corporate-governance practices are
positive rating factors, especially when compared to other
essentially family-managed mid-sized banks in Brazil.

Moody's, nevertheless, believes that harsh competition and
growing demands on performance --potentially dictated by the
bank's new pool of shareholders, following its IPO -- might
eventually tempt Sofisa's management to ease its rigid credit
policy in order to gain scale.

Moreover, the rating agency pointed out that Banco Sofisa's
margins could be pressured by competitive market conditions and
by declining domestic interest rates.  In that regard,
management's ability to control expansion costs, while tackling
both the high-yielding consumer finance business and a more
volatile corporate-credit market could ensure that profitability
ratios are preserved.

Sofisa's success in diversifying its business lines within the
limitations of scale and funding would be a positive rating
factor, as it translates into growth and earnings.  Conversely,
Sofisa's ratings might suffer from the effects of deteriorating
asset quality and weaker profitability -- both of which could
derive from overly aggressive lending practices in the face of
tougher competition.

Moody's Ba1 global local-currency deposit rating reflects
Sofisa's modest participation in the deposits market, and
translates, in Moody's view, into a low probability of
regulatory support. Frequent capitalizations by the controlling
shareholder -- the Burmaian family -- have demonstrated the
commitment and support to the bank's expansion strategy.

These ratings were assigned to Banco Sofisa S.A.:

-- Bank Financial Strength Rating: D+, with stable outlook.

-- Global Local-Currency Rating: Ba1 long-term local-currency
    deposit rating and Not Prime short-term local-currency
    deposit rating, with stable outlooks.

-- Foreign Currency Deposit Rating: Ba2 long-term foreign-
    currency deposit rating and Not Prime short-term foreign-
    currency deposit rating, with stable outlooks.

-- Brazilian National Scale Deposit Ratings: Aa2.br long-term
    deposit rating and BR-1 short-term deposit rating, with
    stable outlooks.

Established in 1961, Banco Sofisa is headquartered in Sao Paulo,
Brazil.  Banco Sofisa S.A. offers commercial and retail banking
products primarily to small and medium-size companies.  As of
June 2007, the bank had total assets of approximately BRL3.44
billion (US$1.79 billion) and equity of BRL821.5 million (US$427
million).


BAUSCH & LOMB: Gets Consents for Non-Convertible Debt Securities
----------------------------------------------------------------
Bausch & Lomb has received tenders and consents representing a
majority of each of its outstanding 6.95% Senior Notes due 2007,
5.90% Senior Notes due 2008, 6.56% Medium-Term Notes due 2026
and 7.125% Debentures due 2028, all pursuant to its previously
announced cash tender offers and consent solicitations for the
Debt Securities.

As of 5:00 p.m., New York City time, on Oct. 3, 2007, the
company had received tenders and consents in respect of the
following principal amounts of Debt Securities: US$72,769,000
(or approximately 54.63% of the aggregate principal amount) of
the 6.95% Senior Notes due 2007, US$49,250,000 (or approximately
98.50% of the aggregate principal amount) of the 5.90% Senior
Notes due 2008, US$342,000 (or approximately 81.24% of the
aggregate principal amount) of the 6.56% Medium-Term Notes due
2026 and US$53,638,000 (or approximately 80.74% of the aggregate
principal amount) of the 7.125% Debentures due 2028.

As a result of the receipt of the requisite consents for each
series of Debt Securities, the company expects to enter promptly
into a supplemental indenture incorporating the proposed
amendments, which eliminate or make less restrictive
substantially all of the restrictive covenants, as well as
certain events of default and related provisions in the
indentures governing the Debt Securities.  The supplemental
indenture will become operative upon acceptance and payment by
the Company of the tendered Debt Securities.

The Consent Payment Deadline with respect to the tender offers
and consent solicitations has now passed and withdrawal rights
have terminated.  Holders of Debt Securities who have not
already tendered their Debt Securities may do so at any time at
or prior to 8:00 a.m., New York City time, on Oct. 19, 2007,
unless extended or earlier terminated by the company, but such
holders will only be eligible to receive the applicable tender
offer price, which is an amount equal to the applicable purchase
price less the applicable consent payment, for their Debt
Securities, or US$980 per US$1,000 principal amount of Debt
Securities tendered and accepted for payment.

In each case, holders whose Debt Securities are accepted for
payment in the tender offers will receive accrued and unpaid
interest in respect of such purchased Debt Securities to, but
not including, the applicable settlement date.

The tender offers and consent solicitations are being made
pursuant to the terms and conditions set forth in the company's
Offer to Purchase and Consent Solicitation Statement for the
Debt Securities dated Sept. 19, 2007, and the related Letter of
Transmittal and Consent.  The tender offers and consent
solicitations are subject to the satisfaction of certain
conditions, including closing of the proposed merger between the
Company and an affiliate of Warburg Pincus LLC.  Further details
about the terms and conditions of the tender offers and consent
solicitations are set forth in the Offer to Purchase.

Citigroup Global Markets Inc., Banc of America Securities LLC,
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities
Inc. are acting as dealer managers for the tender offers and
consent solicitations.  Questions regarding the transaction may
be directed to Citigroup Global Markets Inc. by telephone at
(800) 558-3745 (toll-free), Banc of America Securities LLC by
telephone at (888) 628-8536 (toll-free) for the Debt Securities
and (888) 583-8900 x2200 (toll-free) for the Convertible
Securities, Credit Suisse Securities (USA) LLC by telephone at
(212) 325-7596 (collect) or J.P. Morgan Securities Inc. by
telephone at (212) 270-1477 (collect).

Global Bondholder Services is the information agent for the
tender offers and consent solicitations.  Requests for
documentation should be directed to Global Bondholder Services
at (866) 540-1500 (toll-free).

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


BAUSCH & LOMB: Names D. Bhattacharjee as Pres. for Asia Pacific
---------------------------------------------------------------
Bausch & Lomb has named Dipankar Bhattacharjee corporate vice
president and president for Asia Pacific Region.  Mr.
Bhattacharjee was most recently vice president for commercial
operations, Asia Pacific.  Prior to that, he was vice president
of commercial operations for Greece, Italy, South Africa and
Turkey, and head of distributor operations for the Europe,
Middle East and Africa Region.

Mr. Bhattacharjee joined the company in 1993 as national sales
manager for Bausch & Lomb India.  Earlier, he held various sales
and management positions with Nestle and Bank of America.

Mr. Bhattacharjee holds a Master of Management Studies from
Jamnalal Bajaj Institute of Management Studies at the University
of Bombay, India, and a Bachelor's degree in Economics, with
honors, from St. Stephen's College, University of Delhi, India.
He will be based at Bausch & Lomb's Asia Pacific headquarters in
Hong Kong.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico.  In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on July 12, 2007,
Standard & Poor's Ratings Services said its 'BB+' corporate
credit and senior secured ratings on Bausch & Lomb Inc. remain
on CreditWatch with negative implications in light of the
July 5, 2007 acquisition bid by Advanced Medical Optics Inc.

As reported in the Troubled Company Reporter on May 18, 2007,
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

Ratings subject to review for possible downgrade include the
company's Ba1 Corporate Family rating and Ba1 Probability of
Default rating.

In addition, the Warburg Pincus deal prompted Fitch to maintain
its Negative Rating Watch on the company.  Fitch also warned
that the transaction would significantly increase leverage and
likely result in a multiple-notch downgrade, including an Issuer
Default Rating of no higher than 'BB-'.


BAUSCH & LOMB: S&P Lowers Corporate Credit Rating to B+
---------------------------------------------------------
Standard & Poor's Ratings Services has lowered it corporate
credit rating on Bausch & Lomb Inc. to 'B+' from 'BB+' and
removed all the ratings from CreditWatch where they were placed
on May 17, 2007, with negative implications.  The outlook is
stable.  This action reflects the expectation that Bausch &
Lomb's merger with Warburg Pincus, to be financed with US$1.9
billion of common equity and US$3.2 billion of debt, will be
consummated, resulting in debt leverage of about 7.

At the same time, S&P assigned its bank loan and recovery
ratings to Bausch & Lomb's proposed US$2.475 billion secured
financing, comprising a US$1.1 billion U.S. term loan, a US$300
million delayed draw term loan, a US$500 million revolving
credit facility, and a euro-denominated Bausch & Lomb B.V. term
loan in an amount about equivalent to US$575 million.  The
senior secured credit facilities are rated 'BB-' (one notch
above the corporate credit rating on the company), with a
recovery rating of '2', indicating the expectation for
substantial (70%-90%) recovery in the event of a payment
default.

S&P also assigned its 'B-' rating to the company's proposed
US$400 million senior unsecured notes, US$175 million senior
pay-in-kind toggle notes, and US$175 million senior subordinated
notes.

Outstanding debt ratings are affirmed.  Per the tender offer
underway, S&P expects that outstanding debt will be repaid with
the proceeds of the proposed debt financing.  At that time, the
ratings on the retired debt will be withdrawn.

"The rating on Bausch & Lomb reflects the strength of the
company's product offerings in multiple segments of the vision
care industry, recurring sales of several core products, and its
geographic and customer diversity," said S&P's credit analyst
Cheryl Richer.  "However, very high debt leverage resulting from
the acquisition drives the company's non-investment grade
rating."  Business concerns include formidable competitors and
the continuous pressure to innovate.  Lens care sales are
rebounding gradually in the aftermath of the May 2006 global
recall of ReNu with MoistureLoc multipurpose lens care solution.

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. "In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.


DELTA AIR: Moody's Assigns Low B Ratings on Two Cert. Classes
-------------------------------------------------------------
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 14 767-
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-Thüringen Girozentrale, a
public law banking institution organized under the laws of
Germany 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 about 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 are subject to separate 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.  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

Delta Air Lines Inc., a major airline that provides scheduled
passenger service throughout North America, the Caribbean, Latin
America, Europe, Africa and Asia, is headquartered in Atlanta,
Georgia.


DELTA AIR: S&P Rates US$220.1 Million Class C Certificates at B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'A-'
rating to Delta Air Lines Inc.'s (B/Stable/--) US$924.4 million
series 2007-1 class A pass-through certificates, its preliminary
'BBB-' rating to the US$265.4 million class B certificates, and
its preliminary 'B' rating to the US$220.1 million class C
certificates.  The expected maturity for the class A and class B
certificates is Aug. 10, 2022, and for the class C certificates
Aug. 10, 2014.  The final legal maturities will be 18 months
after the expected maturities for the class A and class B
certificates only.  The certificates, totaling about US$1.4
billion, are issued pursuant to Rule 144a and have registration
rights.  S&P will assign final ratings upon conclusion of a
legal review of the documentation.

"The preliminary ratings are based on Delta's credit quality,
substantial collateral coverage by aircraft that are important
to the airline's operations [particularly the international
operations], and on legal and structural protections available
to the pass-through certificates," said Standard & Poor's credit
analyst Philip Baggaley.  Proceeds of the offering are being
used to refinance 11 B737-800, 4 B767-300ER, 14 B767-400ER, and
7 B777-200ER aircraft originally delivered to Delta over
1998-2002.

The pass-through certificates are a form of enhanced equipment
trust certificate, and benefit from legal protections afforded
under Section 1110 of the federal bankruptcy code and, in the
case of the class A and class B certificates, by liquidity
facilities provided by Landesbank Hessen-Thueringen Girozentrale
(A/Positive/A-1).  Standard & Poor's criteria for rating EETCs
start with the airline's corporate credit rating and add credit
for:

     -- The likelihood that the airline would continue to make
        payments in bankruptcy in order to maintain control of
        the aircraft, and

     -- If that is not the case, credit for the possibility
        that full payment could be achieved through
        repossession and sale of the planes or restructuring
        of the obligations with the bankrupt airline.

The planes in this transaction are considered important to
Delta's operations.  The widebody planes (all except the
B737-800s) support Delta's international operations, which are
growing rapidly as part of strategic changes initiated in the
airline's bankruptcy reorganization.  However, widebody aircraft
tend to be somewhat less liquid in the resale market than
narrowbodies, and are more expensive to reconfigure for a new
operator because of the costly premium seats and in-flight
entertainment systems installed on planes in international
service.  The only narrowbody in the collateral pool, the
B737-800, is a medium-sized narrowbody and the most popular of
the new-technology B737 family.

The 'B' corporate credit rating on Delta reflects risks
associated with participation in the price-competitive,
cyclical, and capital-intensive airline industry; on its below-
average, albeit improving, revenue generation; and on its
significant intermediate-term debt and capital spending
commitments.  The rating also incorporates the reduced debt load
and operating costs achieved in Chapter 11, and a trend of
rapidly improving earnings and cash flow. Delta, the third-
largest U.S. airline, emerged from bankruptcy protection
April 30, 2007.

The stable outlook on the long-term rating incorporates
expectations of improving earnings and credit measures, though
not necessarily at the levels forecast in Delta's disclosure
statement.  S&P could revise the outlook to positive if the
company is able to continue to deliver improving performance in
line with projections shown in its bankruptcy disclosure
statement.  S&P consider an outlook revision to negative less
likely, barring external shocks to the aviation industry that
cause materially weaker performance by Delta.


EL PASO: Earns US$166 Million in Second Quarter Ended June 30
-------------------------------------------------------------
El Paso Corporation reported net income of US$166 million on
operating revenues of US$1.20 billion for the second quarter
ended June 30, 2007, compared with net income of US$141 million
on operating revenues of US$1.09 billion for the same period
last year.

Second quarter 2007 results from continuing operations include a
US$55 million after-tax charge related to early debt retirement
costs.  Results also include a US$6 million after-tax gain
related to the mark-to-market impact of derivatives intended to
manage price risk on natural gas and oil production.  Second
quarter 2006 results include a comparable US$17 million after-
tax mark-to-market gain.

"This quarter demonstrates El Paso's ability to turn
opportunities into results," said Doug Foshee, El Paso's
president and chief executive officer.  "The E&P business
performed very well, generating a significant increase in
production and earnings as well as establishing a clear path to
reaching our full-year goals. Our pipeline business continues to
grow as we develop our deep inventory of expansion projects such
as the Cypress pipeline project, which was completed in the
second quarter, on time and on budget."

For the six months ended June 30, 2007, El Paso reported net
income of US$795 million, compared with US$506 million for the
first six months of 2006.  Results for 2007 include US$674
million of earnings, which relate primarily to the gain on the
sale of ANR and related assets.  Results for 2007 also include a
US$184 million after-tax charge related to early debt retirement
costs and a US$50 million mark-to-market loss on production-
related derivatives. During the same period in 2006, production-
related derivatives generated a US$121 million mark-to-market
after-tax gain, and earnings from discontinued operations were
US$71 million.

At June 30, 2007, the company's consolidated balance sheet
showed US$22.82 billion in total assets, US$17.93 billion in
total liabilities, US$21 million in securities of subsidiaries,
and US$4.87 billion in total stockholders' equity.

The company's consolidated balance sheet at June 30, 2007,
further showed strained liquidity with US$1.99 billion in total
current assets available to pay US$2.72 billion in total current
liabilities.

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?2403

                  About El Paso Corporation

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

                        *     *     *

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


LYONDELL CHEMICAL: Board Declares Conditional Quarterly Dividend
----------------------------------------------------------------
On Oct. 4, 2007, Lyondell Chemical Company's Board of Directors
declared a conditional quarterly dividend of US$0.225 per share
of common stock to stockholders of record as of the close of
business at 5 p.m. EST on Nov. 26, 2007.

On July 17, 2007, Basell and Lyondell entered into a definitive
merger agreement that would result in each holder of Lyondell
common stock receiving US$48 per share in cash merger
consideration and Lyondell becoming a wholly owned subsidiary of
Basell.  A special meeting of Lyondell shareholders has been
called for Nov. 20, 2007 to vote on the merger proposal.  While
the closing date of the merger has yet to be determined, we are
working toward a completion date in the fourth quarter of 2007,
although there can be no assurance regarding the exact timing.

The dividend will be payable on Dec. 17, 2007 only if the merger
has not closed on or prior to the Record Date.  If the closing
of the merger occurs after the Record Date, the dividend will be
paid on the Payment Date to persons who were holders of record
on the Record Date, even if the closing were to occur before the
Payment Date.  If the merger closes on or prior to the Record
Date, Lyondell shareholders will receive the merger
consideration, but no dividend will be paid.

                     About Lyondell Chemical

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

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

                        *     *     *

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

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

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

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

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


SOLECTRON CORP: Agent Discloses Final Result of Exchange
--------------------------------------------------------
Computershare Shareholders Services Inc., the exchange agent for
the transaction, reported final results for the elections made
by Solectron Corporation stockholders regarding the form
of merger consideration they will receive in the merger with
Flextronics International Ltd.  Computershare has calculated
that of the 918,438,865 shares of Solectron common stock
outstanding as of the effective time of the merger:

   -- 725,108,506 of the outstanding Solectron shares have
      submitted valid elections to receive Flextronics
      ordinary shares;

   -- 81,440,695 of the outstanding Solectron shares have
      submitted valid elections to receive cash; and

   -- 111,889,664 of the outstanding Solectron shares did not
      submit valid elections.

Pursuant to the terms of the merger agreement, Solectron
stockholders were entitled to elect to receive either 0.3450 of
a Flextronics ordinary share or $3.89 in cash for each share of
Solectron common stock, subject to proration due to minimum and
maximum limits on the amount of stock consideration and cash
consideration.  The election deadline expired at 5:00 p.m., EDT,
on Sept. 27, 2007.

Based on the election results and the terms of the merger
agreement:

   -- Solectron stockholders who elected to receive stock
      consideration will receive Flextronics ordinary shares
      with respect to approximately 88.66% of their Solectron
      shares and cash with respect to approximately 11.34% of
      their Solectron shares;

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

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

Flextronics will pay approximately US$1.07 billion in cash and
issue approximately 221.8 million Flextronics ordinary shares
pursuant to the merger.  No fractional Flextronics ordinary
shares will be issued.  Instead, each Solectron stockholder that
would otherwise be entitled to receive Flextronics fractional
shares will receive an amount in cash based on US$11.42 per
Flextronics ordinary share, the average of the per share closing
prices of Flextronics ordinary shares reported on the NASDAQ
Global Select Market during the five consecutive trading days
ending on the trading day immediately preceding the closing date
of the merger.

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

                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.

                  About Solectron Corporation

Headquartered in Milpitas, California, Solectron Corp. (NYSE:
SLR) -- http://www.solectron.com/-- provides a full range of
worldwide manufacturing and integrated supply chain services to
the world's premier high-tech electronics companies.
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.
The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.
It had sales from continuing operations of US$10.6 billion in
fiscal 2006.

                        *     *     *

Moody's Investors Service upgraded Solectron's convertible
senior notes and senior subordinated notes to Ba2 from B3 and
withdrew Solectron's B1 corporate family, B1 probability-of-
default and SGL-1 speculative grade liquidity ratings.


* BRAZIL: Credit Suisse Maintains Outperform Rating on Shares
-------------------------------------------------------------
Credit Suisse analyst E. Leite has kept his "outperform" rating
on Brazilian state-run oil firm Petroleo Brasileiro SA's shares,
Newratings.com states.

Newratings.com relates that the target price for Petroleo
Brasileiro's shares was increased to US$96 from US$80.

Mr. Leite said in a research note that oil prices rose again due
to the decreasing "confidence in the supply prospects and since
demand growth has not slowed as yet."

Credit Suisse told Newratings.com that the "WTI oil deck
estimates for 2008-2010" were increased to US$70/bbl from
US$62.5/bbl.  "The upward revision in the target price partly
reflects a shift in the base year."

The earnings per share estimates for 2008-2010 were increased by
an average of 23%, Newratings.com states.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: Petroleo Brasileiro Mulls on 3rd LNG Plant's Location
---------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA's gas and
energy director Maria das Gracas Foster told the press that the
company hasn't decided whether to construct its third liquefied
natural gas regasification plant in the southern part of Brazil.

Published reports say that the plant would be constructed in
southern Brazil.

Mr. Foster commented to Business News Americas, "To build a LNG
[liquefied natural gas] regasification plant in [southern
Brazil's] Parana or Santa Catarina states is a possibility, as
those states have important ports nearby.  Our studies are
taking into account economic aspects as well as synergies this
plant would give us."

Meanwhile, Petroleo Brasileiro will begin operations of its two
floating liquefied natural regasification units in Rio de
Janeiro and Ceara in May next year, the press says, citing Mr.
Foster.

According to BNamericas, the first liquefied natural gas supply
vessel will arrive in Brazil in April 2008, while the second
will be in April 2009.

"LNG will make us more comfortable with natural gas supply.  LNG
is a supplementary source for us, as Petrobras [Petroleo
Brasileiro] still has the agreement to purchase up to 30 million
cubic meters per day from Bolivia," Mr. Foster told BNamericas.

                  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.


* STATE OF MINAS GERAIS: Moody's Upgrades Issuer Ratings to Ba3
---------------------------------------------------------------
Moody's upgrades the global domestic and foreign currency issuer
ratings of the State of Minas Gerais, Brazil, to Ba3 from B1.
The rating outlook is stable.  The upgrade reflects continued
improvement in the state's financial performance and
expectations that fiscal progress will continue to be made over
the medium term.  The rating also incorporates the state's
sizeable, but declining debt burden.  Budgetary challenges
facing the state include considerable expenditure rigidity
related to personnel and debt service costs.

The implementation of budgetary reforms has been of key
importance to the state's improved performance.  The
modernization of tax collection systems, reduced expenditures
through centralized purchasing and improved expenditure controls
have all contributed to better fiscal performance over the
period of 2003-2006.

Operating surpluses have increased each year since the state
achieved a surplus in 2003 and have averaged 7.5% of revenues
over this period.  When capital expenditures are included, the
state has also maintained a financing surplus, albeit narrow
(total revenues before borrowing minus total expenditures before
debt amortization) since 2003.  The state achieved this
improvement while also increasing capital expenditures, which is
of critical importance to the state's economic growth.

Minas Gerais' debt burden is sizeable but has eased in recent
years with growth in state revenues. The stock of debt has
continued to grow despite fiscal improvements and minimal new
borrowing due to the impact of inflation indexing and
capitalization of debt service amounts in excess of limits
established by the federal government.  In recent years,
increases due to debt capitalization have been offset by the
beneficial effects on the stock of debt of low inflation and the
appreciation of the Brazilian currency.

Over the next three years the state's borrowing will increase
with new loans from multi-lateral institutions; the debt burden,
however, is expected to maintain a downward trajectory as
revenue growth should exceed the pace of growth in debt.

The rating is supported by Minas' relatively large and diverse
economic base--the state is the third largest in the country by
GDP and the second by population--that amply supports the
state's sizeable own-source tax revenues.

Moody's also notes that the ratings reflect a national operating
environment that is characterized by low GDP per capita, high
economic volatility and a low ranking on the World Bank's
Government Effectiveness Index, suggesting a relatively high
level of systemic risk as reflected in Brazil's Ba1 rating.

Minas Gerais' ratings and stable outlook also reflect the
application of Moody's Joint Default Analysis methodology which
incorporates a low likelihood of extraordinary support from the
federal government (Ba1, stable) should the state approach a
default situation.




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


ADMC ABSOLUTE: Proofs of Claim Filing Deadline Is 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


CORNICHE BOULEVARD: Proofs of Claim Filing Deadline Is Nov. 1
-------------------------------------------------------------
Corniche Boulevard, Limited's creditors are given until
Nov. 1, 2007, to prove their claims to Linburgh Martin and Jeff
Arkley, 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.

Corniche Boulevard's shareholder decided on Sept. 13, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


FALLINVEST CAPITAL: Proofs of Claim Filing Is Until Nov. 1
----------------------------------------------------------
Fallinvest Capital Limited's creditors are given until
Nov. 1, 2007, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Fallinvest Capital's shareholders decided on Sept. 13, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Westport Services Ltd.
       Attention: Bonnie Willkom
       P.O. Box 1111, Grand Cayman KY1-1102
       Cayman Islands
       Telephone: (345) 949-5122
       Fax: (345) 949-7920


HALLIBURTON ENERGY: Proofs of Claim Filing Is Until Nov. 1
-----------------------------------------------------------
Halliburton Energy Development (Kazakhstan) Limited's creditors
are given until Nov. 1, 2007, to prove their claims to Brent
Savage, 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.

Halliburton Energy's shareholder decided to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Brent Savage
       2101 City West Blvd.
       Bldg. 2, Suite 1803A
       Houston, Texas 77042
       USA


INT'L ADMINISTRATIVE: Proofs of Claim Filing Ends on Nov. 1
-----------------------------------------------------------
International Administrative Services, Ltd.'s creditors are
given until Nov. 1, 2007, to prove their claims to Brent Savage,
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.

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

The liquidator can be reached at:

       Brent Savage
       2101 City West Blvd.
       Bldg. 2, Suite 1803A
       Houston, Texas 77042
       USA


PARMALAT SPA: Settles Case vs. GKB AG for EUR20.75 Million
----------------------------------------------------------
Parmalat S.p.A. disclosed that the action for restitution and
damage compensation filed against Graubuendner Kantonalbank AG
was settled out of court in consideration of the payment of
EUR20.75 million by GKB.

This settlement agreement applies to challenges raised by
Parmalat with regard to payments made by the Parmalat Group
before December 2003 within the context of financial
transactions executed by Parmalat now in Extraordinary
Administration and various parties in Italy and abroad through
the conduit of a former GKB employee and to damage claims
arising from GKB's alleged involvement in financial transactions
to which Bank of America was also a party.

Parmalat has agreed to desist from the action it filed before
the Court of Parma and from any other action against GKB, but
the parties reserve the right to continue pursuing legal and any
other actions against any other party who is not covered by the
abovementioned settlement agreement.

Both parties have expressed their satisfaction with this
settlement.

                       About Parmalat

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.


PARMALAT SPA: Settles Case vs. Calyon for EUR2.63 Million
---------------------------------------------------------
Parmalat S.p.A communicates that the revocatory action filed by
Parmalat against Calyon -- now Credit Agricole Indosuez S.A. --
has been settled with the commitment of Calyon to pay to
Parmalat the amount of around EUR2.63 million and with the
renounce to the right to file claims with Parmalat bankruptcy
and, finally, with the set off of the expenses.

                       About Parmalat

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.

                       About Parmalat

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.


PARMALAT SPA: Plans Expansion Via Acquisitions & Joint Ventures
---------------------------------------------------------------
Parmalat S.p.A. said that is ready to expand its dairy business
through acquisitions and joint ventures, with approximately
EUR570,000,000 in cash to finance the transactions, AFX News
reported, citing a report from Il Sole 24 Ore based on documents
produced during the Sept. 14, 2007, presentation of the
company's first half results to financial analysts.

Pursuant to the documents, Parmalat's expansion strategy will
enable it to "increase scale, improve mix and gain (a) position
in emerging markets."

"Today we have extraordinary income coming from litigations, but
we have to look at the phase when we will only have our
operational income," Dr. Enrico Bondi, Extraordinary
Administrator of Parmalat Finanziaria S.p.A., et al., told
analysts, according to AFX News.

For the period ending June 30, 2007, Parmalat made
EUR278,300,000 from settlements, helping the company reach the
end of the first half with net cash of EUR570,200,000, AFX News
disclosed.

"We are looking at developing countries.  A good opportunity
could be sub-Saharan Africa and other emerging markets," Dr.
Bondi told analysts, according to AFX News.

Dr. Bondi, however, noted that any settlement should:

   (i) preserve Parmalat's strong financial structure;

  (ii) avoid dilutive impacts in terms of valuation and
       profitability; and

(iii) preserve the company's capacity to distribute a dividend.

"I hope to be able to do something respecting these guidelines,
otherwise I think it will be difficult [to do anything]," Dr.
Bondi said, according to AFX News.

Dr. Bondi added that Parmalat is in the "study process," and the
"timing for any transaction is difficult to forecast."

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 $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.  (Parmalat Lumber Bankruptcy News, Issue
No. 91; http://bankrupt.com/newsstand/or 215/945-7000).


QUANTIVA WESTERN: Proofs of Claim Must be Filed by Oct. 22
----------------------------------------------------------
The Quantiva Western European Fund Limited's creditors are given
until Oct. 22, 2007, to prove their claims to 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 shareholder 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

             -- or --

       c/o Sumitra Devi
       P.O. Box 2499, George Town
       Grand Cayman KY1-1104, Cayman Islands
       Telephone: (345) 946 0820
       Fax: (345) 946 0864


SLS BPI: Proofs of Claim Filing Ends on 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


SPRINGINVEST ACQUISITION: Proofs of Claim Filing Is Until Nov. 1
----------------------------------------------------------------
Springinvest Acquisition Limited's creditors are given until
Nov. 1, 2007, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Springinvest Acquisition's shareholder decided on
Sept. 13, 2007, to place the company into voluntary liquidation
under The Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Westport Services Ltd.
       Attention: Bonnie Willkom
       P.O. Box 1111, Grand Cayman KY1-1102
       Cayman Islands
       Telephone: (345) 949-5122
       Fax: (345) 949-7920


SUMMERINVEST FINANCE: Proofs of Claim Filing Ends on Nov. 1
-----------------------------------------------------------
Summerinvest Finance Limited's creditors are given until
Nov. 1, 2007, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Summerinvest Finance's shareholders decided on Sept. 13, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Westport Services Ltd.
       Attention: Bonnie Willkom
       P.O. Box 1111, Grand Cayman KY1-1102
       Cayman Islands
       Telephone: (345) 949-5122
       Fax: (345) 949-7920


WINTERINVEST PLANNING: Proofs of Claim Filing Is Until Nov. 1
-------------------------------------------------------------
Winterinvest Planning Limited's creditors are given until
Nov. 1, 2007, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Winterinvest Planning's shareholders decided on Sept. 13, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Westport Services Ltd.
       Attention: Bonnie Willkom
       P.O. Box 1111, Grand Cayman KY1-1102
       Cayman Islands
       Telephone: (345) 949-5122
       Fax: (345) 949-7920




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


CLAXSON INTERACTIVE: Closes Sale of Pay TV Networks to Turner
-------------------------------------------------------------
Claxson Interactive Group Inc. announced that, after obtaining
the relevant anti-trust approval and the completion of other
pre-closing conditions, has closed the sale of its seven Basic
Pay TV Networks and related businesses to Turner Broadcasting
System, Inc.

The Pay TV Networks acquired by Turner include Space, I.Sat,
Retro, MuchMusic, HTV, Infinito and Fashion TV.  In addition,
Turner assumes sales representation for Claxson and third party-
owned networks in Latin America, and will provide related
technical services to these networks.

"We are very happy about the completion of this pending
transaction with TBS and look forward to working with Turner to
grow our remaining networks together," said Roberto Vivo,
Claxson's Chairman & CEO.  "We have successfully completed the
sale of our two major assets and paid off our financial debt.
We will now turn our focus on completing our going private
transaction or otherwise seek alternative strategic initiatives
with the liquidity achieved."

Claxson will maintain its interest in Playboy TV Latin America,
Digital Latin America, DMX Latin America and the Broadband and
Internet business of its wholly owned subsidiary ESDC.

The total purchase price for the Pay TV Network business sold to
Turner was US$234 million and Claxson expects to maintain the
net proceeds from the transaction, after deducting transaction
expenses and amounts to be held in escrow, in liquid funds in
order to complete its going private initiative or seek
alternative strategic opportunities.

Headquartered in Buenos Aires, Argentina, and Miami, Florida,
Claxson Interactive Group Inc. (Pink Sheets: XSONF) has a
presence in the United States and all key Ibero-American
countries, including Mexico, Chile, Brazil, Spain and Portugal.
Claxson's principal shareholders are the Cisneros Group of
Companies and funds affiliated with Hicks, Muse, Tate & Furst
Inc.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 4, 2007, Claxson Interactive Group Inc.'s obligaciones
negociables for US$44,400,000 is rated BB by Fitch Argentina.
The rating action was based on the company's balance sheet at
Sept. 30, 2006.


INGRAM MICRO: Distributes Two New Products with Kentrox
---------------------------------------------------------
Ingram Micro Inc. has announced it is offering two new products
for distribution with Kentrox(R).  With this agreement, Ingram
Micro will distribute the W1100 and W1120 Wireless WAN Gateways
from Kentrox.  The gateways provide reliable access to wireless
data services for businesses and are designed for easy setup and
operation.  Popular applications include wireless back up for
real time access to information as well as primary access for
mobile and temporary work locations.

"We are pleased to expand our distribution agreement with
Kentrox to include the W1100 and W1120 Wireless WAN Gateways,"
said Ken Bast, vice president, vendor management, Ingram Micro.
"With this new agreement, Ingram Micro will now be able to offer
more products to the Mobile worker division linecard and expand
offerings to customers looking for kiosk connectivity and
temporary work locations, such as construction sites."

"Our longstanding relationship with Ingram Micro has served both
companies well," states Brenda Gemmell, director of sales and
marketing at Kentrox.  "Providing Ingram Micro's resellers
access to latest wireless data technologies will ensure
continued success."

The W1100 and W1120 are immediately available for purchase
through Ingram Micro.  Kentrox and Ingram Micro also provide
services to meet a variety of business needs including, support
plans, onsite and remote technical support, access to free
software upgrades, onsite and telephone installation and product
technical training.

                        About Kentrox

Kentrox -- http://www.kentrox.com-- is a leading supplier of
infrastructure solutions to wireless carriers and enterprises.
The Kentrox wireless infrastructure solutions include the W1100
Wireless WAN Gateway for back up and cell site management and
CrossPATH for cell site aggregation of today's networks with the
option of migrating to packet-based technologies in the future.
The W1100 is cost effective with a full set of features to
support the networking needs of carriers and enterprises.
Kentrox has deployed more than 125,000 products in wireless
networks worldwide.  The company is based in Hillsboro, Oregon
and can be contacted at 800 733 5511, +1 503 643 1681, via email
at info@kentrox.com, or visit the company website.

                   About Ingram Micro Inc.

Headquartered in Santa Ana, California, Ingram Micro Inc. (NYSE:
IM) -- http://www.ingrammicro.com/-- together with its
subsidiaries, distributes information technology products and
supply chain solutions worldwide.  Its IT products include
peripherals, networking, software, and systems.  The company has
Latin America operations in Brazil, Chile and Mexico.

                        *     *     *

Ingram Micro Inc. continues to carry Moody's Ba1 long-term
corporate family and probability-of-default ratings.




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


AES CORP: Will Build US$25-Million Dock for Somerset Plant
----------------------------------------------------------
Bill Michelmore at the Buffalo News reports that the AES Corp.
will construct a US$25-million dock reaching into Lake Ontario.

According to the Buffalo News, the 3,200-foot-long pier will
receive ships carrying coal and limestone to supply AES' power
plant in Somerset in the Niagara County.  The dock will be made
available to other Western New York firms that want to use
freighters to import cargo through the Great Lakes.

AES' dock project manager Ron Reimann told the Buffalo News that
the firm's coal-fired electric generating station in Somerset
would use the unloading pier for 80 deliveries of coal and
limestone over nine months.  Then it will be opened up to other
companies.  Construction work for the dock in the Niagara County
would be launched in 2008.  The first shipment of coal and
limestone would arrive at the plant in 2009.

About 100 construction workers would be involved in the project,
which would also help retain over 150 union and management jobs
at the plant, the Buffalo News states, citing AES head Kevin
Pierce.  The project will bring global ship traffic to AES.

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

AES has been in Eastern Europe for over ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 22, 2007, Fitch Ratings has affirmed AES Corporation's
Issuer Default Rating at 'B+', and assigned a short-term IDR of
'B'.




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


US AIRWAYS: To Reduce Pittsburgh Service In Early 2008
------------------------------------------------------
US Airways plans to reduce mainline flying in January from 31 to
22 daily flights, focusing on customers' preferred destinations,
as the airline continues to maximize the financial stability of
its Pittsburgh operation.

As part of the new schedule, regional flying to smaller cities
is expected to be reduced from 77 to 46 daily flights.  Most of
the expected reductions for smaller cities reflect decisions
that the Company expect to be made by independent regional
carriers that develop their own plans and schedules.  These
carriers have not finalized their schedules so the overall level
of Express flying may change.

With the reduced schedule, US Airways' flight crew base will
close and approximately 500 pilots and flight attendants will
now bid for trips that originate from other domiciles within the
US Airways system.  Also with the new schedule, US Airways
mainline airport agents and ramp employees will take over
customer service and ground-handling duties for 350 US Airways
Express employees at wholly owned carrier PSA Airlines, Inc.
Those Express employees, along with about 100 US Airways
mainline airport employees, will be offered jobs elsewhere
throughout the US Airways system.

"We've worked very carefully over the past two years to make the
right decisions at Pittsburgh for our customers and the airline
as a whole, always mindful of the impact those decisions may
have on our employees," said Doug Parker, US Airways chairman
and CEO.  "Unfortunately our ability to operate profitably from
Pittsburgh has been sharply eroded over the past few years and
the hub lost more than $40 million over the past 12 months
alone.  We need to acknowledge the economic realities of today
and move forward so that our Pittsburgh service provides a
positive contribution to our system as a whole.  Even after
these flight reductions, US Airways will still fly more flights
to more cities from Pittsburgh than any other airline.

"This was a very difficult decision, primarily because of the
impact it has on an outstanding group of US Airways and PSA
employees.  We are committed to ensuring that all affected
employees are treated fairly and compassionately.  We are
offering jobs elsewhere on the US Airways system to all affected
ground employees, and those who choose not to accept such a move
will be offered severance pay," Parker said.

The airline reaffirmed its commitment to build a new 600-
employee Operations Control Center at Pittsburgh, and the
airline will continue to employ 730 mechanics at its heavy
maintenance base at the Pittsburgh airport.  "US Airways has a
proud history in Pittsburgh and will continue to be a major
employer in the area," Parker said.

The airline's reduced schedule takes effect Jan. 6, 2008.

                         Customers

Customers will continue to fly to the most popular destinations
from Pittsburgh, including larger East and West Coast business
markets like Los Angeles, San Francisco, New York, Washington,
D.C., and Raleigh-Durham, and US Airways hubs in Philadelphia,
Charlotte, N.C. and Phoenix.  Non-stop service to Florida will
also continue.  The expected reductions for smaller cities
reflect decisions that USAir expects to be made by independent
regional carriers to reduce flying.  About half of the expected
reductions will be made by regional carriers that operate as
independent franchises.

                          Employees

There will be no pilot or flight attendant furloughs as a result
of the flight reduction, but the closing of a crew base means
pilots and flight attendants who live in Pittsburgh and fly
trips that originate in Pittsburgh will now bid for schedules
that originate in other bases, including Charlotte,
Philadelphia, New York LaGuardia, Boston and Washington, D.C.
The airline expects that most, if not all, Pittsburgh-based
pilots and flight attendants will continue to live in Pittsburgh
and commute to these other bases to fly their schedules.

The US Airways mainline ground jobs will be eliminated and those
employees will be offered jobs elsewhere throughout US Airways'
system.  Approximately 350 employees of US Airways' wholly owned
subsidiary PSA, which operates as US Airways Express, will also
be offered jobs elsewhere in the airline's system or be placed
on furlough.

The airline will continue to be a major employer in Pittsburgh
with approximately 1,800 jobs remaining in the area as part of
the airline's heavy maintenance base, operations control center
and remaining airport personnel.

                         Facilities

As of Oct. 3, 2007, the airline leases 29 gates and with the new
schedule, its gate usage requirements will be lower.  US Airways
will meet with PIT airport officials in the near future to
discuss its current and future space requirements.  The airline
will maintain its frequent flyer club, heavy base maintenance
operation and operations control center in Pittsburgh.

                    Increased Competition

Dan Onorato, Allegheny County Executive says US Airways'
announcement was a "direct result of increased competition and
the addition of 13 low-cost carriers at Pittsburgh International
Airport," The Associated Press reports.

"The other airlines at Pittsburgh International Airport have
been growing, and origination passenger traffic is up by 11%,"
said Glenn R. Mahone, chairman of the Allegheny County Airport
Authority, according to the AP.  "We expect that other airlines,
as they have done in the past, will fill in the gaps left by US
Airways changes."

New York-based airline consultant Robert W. Mann, however,
believes that US Airways' decision to pull out of regional
markets served by Pittsburgh International may signal its plans
for elsewhere, says the report.

                      About US Airways

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

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

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

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

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

                        *     *     *

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




=======
C U B A
=======


NASH FINCH: Denies Default Under Senior Conv. Notes Indenture
-------------------------------------------------------------
Nash Finch Company received a purported notice of default, last
month, that was subsequently reissued on Sept. 27, 2007, to
correct a procedural defect in the initial notice, from certain
hedge funds who are beneficial owners purporting to hold at
least 25% of the aggregate principal amount of its Senior
Subordinated Convertible Notes due 2035.  The hedge funds
alleged in the notice that Nash Finch was in breach of Section
4.08(a)(5) of the Indenture governing the Notes, which provides
for an adjustment of the conversion rate on the Notes in the
event of an increase in the amount of certain cash dividends to
holders of Nash Finch's common stock.

Nash Finch believes it made all required adjustments to the
conversion rate on the Notes after it increased the quarterly
dividends paid to shareholders from US$0.135 to US$0.18 per
share and, accordingly, does not believe that a default has
occurred under the Indenture.

On Sept. 26, 2007, Nash Finch filed a petition, asking the
Hennepin County District Court to determine that Nash Finch
properly adjusted the conversion rate on the Notes after Nash
Finch increased the amount of the dividends it paid to its
shareholders.

However, to avoid any uncertainty, Nash Finch has asked the
Trustee to execute a supplemental indenture clarifying the
company's obligations with respect to such increases in its
quarterly dividends.

The Indenture trustee has filed an action in the Hennepin County
District Court, in Minneapolis, Minnesota, for an order
determining its obligations with respect to the supplemental
indenture.  Nash Finch has filed its own action in the same
court, seeking a determination that the supplemental indenture
is proper and should be executed, and that regardless of whether
the supplemental indenture is executed, no default has occurred
under the Indenture.

Under the terms of the Indenture, if a default has occurred,
Nash Finch would have 30 days from the date of receipt of a
valid notice of default to cure.

Nash Finch has asked the Court to toll the 30-day cure period
while the Court determines whether the Indenture trustee must
execute the supplemental indenture and whether Nash Finch
adjusted the conversion rate in accordance with the requirements
of the Indenture.  If the Court determines the hedge fund's
assertion to be correct, Nash Finch would cure the default by
making an upward adjustment in the conversion rate of 0.4307
shares per US$1,000 bond.

"In consultation with our legal and financial advisors, Nash
Finch determined that it made all required adjustments to the
conversion rate on the Notes, and therefore we are confident
that no event of default has occurred," Bob Dimond, Executive
Vice President and CFO of Nash Finch, said.  "We are
disappointed that this small group of noteholders has chosen to
pursue this path -- it appears to be nothing more than an
opportunistic attempt to achieve financial gain that is well
beyond what they are due."

Headquartered in Minneapolis, Minnesota, Nash Finch Company
(NASDAQ:NAFC) -- http://www.nashfinch.com/-- distributes food
products.  Nash Finch's core business, food distribution, serves
independent retailers and military commissaries in 31 states,
the District of Columbia, Europe, Cuba, Puerto Rico, the Azores
and Egypt.  The Company also owns and operates a base of retail
stores, primarily supermarkets under the Econofoods(R), Family
Thrift Center(R) and Sun Mart(R) trade names.


NASH FINCH: Moody's May Cut B2 Rating After Review
--------------------------------------------------
Moody's Investors Service placed the ratings of Nash Finch (CFR
of B2) under review for possible downgrade.

This follows the issuance on Sept. 27 by certain hedge funds of
a default notice, claiming that Nash Finch was in breach of a
covenant within its senior subordinated convertible notes due
2035.  Specifically, the notice claims that the company was in
breach of section 4.08(a)(5) of the indenture, which provides
for an adjustment in the conversion rate on the notes in the
event Nash Finch increases its dividend.

Nash Finch believes it made all required adjustments to the
conversion rates on the notes following a recent dividend
increase, and is disputing the claim that a default has
occurred.  The company has filed a petition in Hennepin County
District Court in Minnesota asking the court to determine that
Nash Finch has properly adjusted the conversion rate on the
Notes.

Yesterday a Minnesota court issued a temporary restraining order
enjoining the note holders from accelerating the debt, and
extending the cure period (during which Nash Finch can rectify
the default should it be required to do so) until ten days
following the court's final ruling on the merits of the case.

While there is no immediate effect on the cash position or
liabilities of the company, the notice of default raises the
risk that -- if the case is not dismissed or if the default is
not cured quickly after the court's final ruling -- that the
notes could be put back to the company or that cross default
provision in the company's bank credit facilities could be
triggered.

In the event that the issue is resolved in Nash Finch's favor
with no adverse effect on the credit or liquidity of the
company, Moody's expects that it would confirm the company's
existing ratings.  Moody's notes that the company has stated in
their press release should the court rule in the hedge fund's
favor, they would cure the default by adjusting the conversion
rate.

Ratings placed under review for possible downgrade:

   -- Corporate family rating at B2
   -- Probability of default rating at B2
   -- US$125 million senior secured revovling credit at B2
   -- US$175 million senior secured term loan B at B2
   -- US$322 million convertible senior subordinated notes due
      2035 at Caa1

Nash Finch is one of the leading food distribution companies in
the United States.  Nash Finch's core business, food
distribution, serves independent retailers and military
commissaries in 31 states, the District of Columbia, Europe,
Cuba, Puerto Rico, the Azores and Egypt.  The company also owns
and operates a base of retail stores, primarily supermarkets
under the Econofoods, Family Thrift Center, and Sun Mart trade
names.




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


GENERAL CABLE: Amends Credit Agreement to Issue Additional Notes
----------------------------------------------------------------
General Cable Corporation and its subsidiary, General Cable
Industries Inc. entered on Sept. 21, 2007, into a Third
Amendment to its Second Amended and Restated Credit Agreement,
dated as of as of Nov. 23, 2005, to permit the issuance of an
additional US$475,000,000 of convertible notes.

The credit agreement was entered among Industries, as borrower,
the company and the other guarantors, Merrill Lynch Capital, a
division of Merrill Lynch Business Financial Services Inc., as
administrative agent, collateral agent and joint lead arranger,
National City Business Credit Inc., as syndication agent, Bank
of America N.A., as documentation agent, UBS Securities LLC, as
joint lead arranger, and the lenders thereto.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service has assigned a rating of
B1 to the proposed US$400 million senior unsecured convertible
notes of General Cable Corporation.

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


* DOMINICAN REPUBLIC: Gets Full Access to Petrocaribe Fuel Quota
----------------------------------------------------------------
Dominican Republic is having full access to the fuel import
quota under the Petrocaribe deal, after receiving only 70%, El
Universal reports.

According to Dominican Secretary of Treasury Vicente Bengoa, the
Dominican Republic may import 50,000 bpd of fuel in accordance
with the agreement once some steps are completed.  Formerly,
about 30,000 bpd had been taken, El Universal adds.

El Universal says that during Mr. Bengoa's meeting with
Venezuelan Minister of Energy and Petroleum CEO of state-run oil
holding Petroleos de Venezuela (Pdvsa) Rafael Ramirez, in
Caracas, he reported that his country would import the fuel
under a funding facility of 40%.

The Dominican government, Mr. Bengoa commented, that as an
immediate alternative, could buy in Venezuela all the fuel
consumed in the country to cash in on the deal.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.




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


PETROECUADOR: Seeking Andean Dev't Corp. Funding for Oilfield
-------------------------------------------------------------
Petroecuador, Ecuador's state-run oil firm, said in a statement
that its board has authorized plans to seek funding from the
Andean Development Corporation for its Panacocha oilfield
project.

Business News Americas relates that the Petroecuador board
declared in August 2007 that the firm would be responsible for
Panacocha's output and development through its block 15 unit.

According to BNamericas, block 15 Unit Manager Wilson Pastor is
authorized to present the project to the economy and finance
ministry to seek US$150-million financing from the Andean
Development.

BNamericas notes that the oilfield's development will need a
US$150-million investment, of which Petroecuador has US$20
million for the initial phase.

The oilfield would start production in 2009, at almost 5,000
barrels per day, while peak output of 22,000 barrels per day
would be in the third year of development and second year of
production.  Total production for the block's 18-year operation
could reach 68.3 million barrels, BNamericas states.

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.


* ECUADOR: Will Take 99% of Windfall Oil Profits
------------------------------------------------
Oilweek reports that Ecuadorian President Rafael Correa has
decreed that the government take 99% of windfall oil profits,
which had previously been split with foreign oil firms.

According to Oilweek, a bill was passed in 2006 that stipulated
that the oil companies and the Ecuadorian government get 50% of
profits each whenever the prices on international oil markets
surpassed the prices set in existing contracts.

Oilweek notes that these oil firms have contracts to operate in
Ecuador:

          -- Brazil's state-run Petroleo Brasileiro SA,
          -- Spanish-Argentine company Repsol YPF, and
          -- France's Perenco S.A.

Ecuadorian former energy minister Fernando Santos told Oilweek
that the decree will mean firms will have to operate at a loss.
According to him, those companies wouldn't accept that.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Fitch Ratings downgraded the long-term foreign currency Issuer
Default Rating of Ecuador to 'CCC' from 'B-', indicating that
default is a real possibility in the near term.

In addition, these ratings were downgraded:

  -- Uncollateralized foreign currency bonds to
     'CCC/RR4' from 'B-/RR4';

  -- Collateralized foreign currency Par and Discount
     Brady bonds to 'CCC+/RR3' from 'B/RR3'; and

  -- Short-term foreign currency IDR to 'C' from 'B'.

Fitch also affirmed the Country ceiling rating at 'B-'.




=============
J A M A I C A
=============


* JAMAICA: S&P Places B Rating on US$150 Mil. Global Bond
---------------------------------------------------------
Standard & Poor's Ratings Services said that the US$150 million
increase to Jamaica's US$350 million Global Bond first launched
in March 2007 carries the same 'B' rating.  The US$500 million
in bonds now outstanding under this program mature on
March 15, 2039 (with principal amortizing in three equal
installments in 2037, 2038, and 2039), and carry a fixed coupon
rate of 8%.  These two international issuances now fully cover
the government of Jamaica's external financing needs for the
current fiscal year 2007-2008 (ending March 31, 2008), hence
providing the government with significant relief from the direct
challenges of the continuously tight international liquidity
environment.

"The US$150 million reopening of the 2039 bond is the first
issuance of the new Jamaica Labour Party government, which came
to power following the general elections on Sept. 3, 2007," said
S&P's credit analyst Olga Kalinina.  "The JLP's program of
ongoing fiscal prudence and debt reduction, growth stimulation
through the unwavering partnership with public and private
sectors, and social agenda enjoy firm support both within
Jamaica and externally, as evidenced by strong investor interest
in this substantially oversubscribed bond," she added.

At the same time, the 'B' long- and short-term sovereign credit
ratings on Jamaica continue to be constrained by one of the
highest levels of government debt among speculative-grade
sovereigns (estimated at 134% of GDP in 2007), limited fiscal
flexibility (the general government deficit is projected at 7.5%
of GDP this year), and external vulnerabilities.  "The ratings
are supported by the island's political stability (a marked
contrast to the situation in most similarly rated peers) and the
government's firm commitment to address the country's fiscal,
economic, and social needs," Ms. Kalinina concluded.




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


CORPORACION DURANGO: Fitch Assigns B+ Rating on US$520-Mln Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating to the US$520 million,
10.5% notes due in 2017 of Corporacion Durango, S.A. de C.V.'s.
In conjunction with this issue rating, Fitch has assigns a
Recovery Rating of 'RR3' to the notes, which is consistent with
an anticipated recovery of 50%-70% in the event of a default.
The expectation of an above average recovery in the event of
default has resulted in the notes being notched up one level
from the company's 'B' foreign currency Issuer Default Rating.
The Rating Outlook is Stable.

Durango's credit ratings are supported by the company's leading
business positions in corrugated boxes, containerboard and
newsprint within Mexico.  Further considered in the company's
ratings are its operations in New Mexico, Texas and Arizona,
which complement the company's focus on manufacturers based in
Mexico and aide in its collection of recycled paper.

Balanced against these strengths are the company's high leverage
and the cyclical nature of the paper and packaging industries.
While market conditions are generally considered favorable for
Durango at this moment, a sudden downturn in the industry would
squeeze the company's debt service ability and could forestall
its debt reduction efforts.  Further considered in Durango's
credit ratings is the amount of money the company uses to
finance sales to its Mexican clients. Historically, downturns in
Mexico's economy have resulted in the growth of the days
receivables are outstanding for Durango and has put pressure on
the company's cash flow from operations.  In recent years
Durango has made strides to reduce its reliance upon the
purchase of recycled fiber in the U.S. -- mainly old corrugated
containers.  Nevertheless, the company still imports nearly one-
third of its recycled fiber requirements.  If prices for
recycled fiber in the U.S. move sharply upward due to purchases
by the Chinese, as happened in 2002, the company may not be able
to pass price increases to its clients and its margins would be
squeezed.

During 2006, Durango generated US$114 million of operating
EBITDA and US$77 million of funds from operations.  These
figures are improvements from US$73 million of EBITDA and US$40
million of operational funds in 2005 and were driven by
increased sales volumes and higher prices.  Durango had US$554
million of debt as of Dec. 31, 2006.  Its total debt-to-EBITDA
ratio for 2006 was 4.8 times and its Funds-to-Leverage ratio was
7.2.

Durango reduced its total debt by US$93 million in 2006.  The
company also purchased land and an industrial facility in
Tizayuca, Mexico, for US$10 million.  In conjunction with this
acquisition, the company entered an agreement to lease equipment
at this site, which that has an installed capacity of 200,000
tons of linerboard per year and 100,000 tons of corrugated
boxes.  Sources of cash for the debt reduction and acquisition,
in addition to US$61 million of free cash flow, were a US$30
million equity infusion by the Rincon family and a reduction in
the company's cash balance to US$43 million at the end of 2006
from US$66 million at the end of the prior year.

The Rincon family owns 80.4% of the company, while the rest is
publicly held.  The family is actively involved in the day-to-
day operations of the company with several members of the family
in key business positions.  Shares representing 28% of the
company's stock have been pledged to Banamex by the Rincon
family and Administradora Corporativa y Mercantil, S.A. de C.V.,
a company owned and controlled by the Rincon family, to secure a
loan made by Banamex to Administradora Corporativa.  According
to terms of the pledge agreement, Banamex may sell these shares
if the price of Durango's stock meets or exceeds the peso
equivalent of US$1.50 on the Mexican Stock Exchange, regardless
of whether or not an event of default has occurred.  At US$1.50
per share, this would represent sales proceeds of US$46.5
million to Banamex.  It is possible that in the future the
Rincon family will use the free cash flow of Durango or its
balance sheet to raise the funds that are necessary to repay all
or a part of Administradora Corporativa's loan from Banamex,
thereby preventing the dilution of their ownership stake in
Durango.

                  About Corporacion Durango

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


EMPRESAS ICA: Red de Carreteras Pays Gov't MXN44B for Concession
----------------------------------------------------------------
Empresas ICA Sociedad Controladora, S.A. de C.V. said in a
statement that the Red de Carreteras de Occidente consortium,
where it has a 20% capital participation, has paid the Mexican
government for its 30-year concession on the first package of
federal highway re-concessions.

According to the Mexican national communications and transport
ministry's statement, works covered by the concession include:

          -- construction on the Encarnacion de Diaz-San Juan de
             los Lagos highway section,

          -- expansion of the Guadalajara-Zapotlanejo highway to
             six lanes,

          -- modernization of an access ramp to the Maravatio-
             Zapotlanejo highway, and

          -- re-pavement on the El Desperdicio-Lagos de Moreno
             route.

Empresas ICA said in a statement that the consortium paid the
government the full fee of MXN44.1 billion for the highway
concessions to construct, run, and maintain four highways
covering 558 kilometers in Michoacan, Jalisco, Guanajuato, and
Aguascalientes, and conduct MXN1.5 billion in expansion works.
The payment was made with money acquired from bank loans and
capital from the consortium members.

Business News Americas relates that Empresas ICA will use US$289
million for the concession from an authorized US$465-million
share offering on local and foreign markets.

Empresas ICA said in a statement that it doesn't plan on
consolidating the debt or income from the concession.

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

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

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


FOAMEX INT'L: Sells US$10 Mil. Carpet Facilities to Future Foam
---------------------------------------------------------------
Foamex International Inc. has sold its stand-alone carpet
cushion facilities to Future Foam Inc. for net proceeds of
approximately US$10 million.

The carpet cushion facilities are located in Fairless Hills,
Pennsylvania, Dallas, Texas and Orlando, Florida.  Foamex
intends to use the proceeds to either reinvest in its business
or to pay down debt.

The company intends to use the proceeds either to reinvest in
its business or to pay down debt.

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

"This transcation reflects our continuing effort to strengthen
Foamex," Jack Johnson, president and chief executive officer of
Foamex, said.  "The stand-alone carpet cushion facilities are
non-core components of ouroverall portfolio and the sale of
these facilities providesbetter value to our stockholders.  We
remain committed to thecarpet cushion business and will continue
to manufacture products for the carpet cushion and flooring
underlay market. The remaining capacity can consume all the
scrap foam we produce in our other foam operations."

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

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

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

At July 1, 2007, Foamex International Inc.'s balance sheet
showed total assets of US$566.2 million and total liabilities of
US$823.5 million, resulting to a total stockholders' deficit of
US$257.3 million.


GRUPO MEXICO: Copper Shortages Worsen as Peru Strike Continues
--------------------------------------------------------------
Grupo Mexico SA de CV's copper shortage woes will worsen as its
Peruvian unit's workers went on strike beginning Oct. 1.

Alex Emery at Bloomberg News reports that about 60% of Southern
Copper Corp.'s unionized workers in Peru stopped working at the
Ilo smelter, and Cuajone and Toquepala mines, over a pay
settlement.

Southern Copper's Cuajone and Toquepala mines together produce a
combined 370,000 tons of copper annually, while its Ilo smelter
processes 350,000 tons of copper each year.

The workers have rejected an 11.5% wage increase, or about
US$2.62 per day.  Southern Copper is offering an average US$1.30
per day increase, Mineweb says, citing Bloomberg.

As a result of the Peruvian strike, Grupo Mexico's output would
suffer a further cut.  The mining company is already faced with
striking workers at its Minera Mexico operations.  This latest
walkout is expected to lower production by 10%, Southern Copper
Chief Executive Oscar Gonzales told Reuters.

Copper prices have gone up to 30% in previous months as strikes
in Peru, Chile and Mexico affected output, according to
Bloomberg.

Traders are also concerned over a Nov. 5 nationwide strike in
Peru called by the National Federation of Mining, Metallurgy,
and Steel Workers Union.  Busines News Americas reported that 38
unions have committed to participate.

Bloomberg says copper futures for December delivery fell for the
first day in four, dropping 3.05 cents, or 0.8 percent, to
US$3.7330 a pound at 10:58 a.m. on the Comex division of the New
York Mercantile Exchange.  Copper price closed at US$8,180/ton
on Tuesday.

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

                        *     *     *

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


OPEN TEXT: HIT Entertainment Selects Artesia DAM Solution
---------------------------------------------------------
Open Text(TM) Corporation has announced that HIT Entertainment
has selected Open Text's Artesia Digital Asset Management
solution to manage a multitude of video, audio and graphics
files, and for its workflow capabilities.

With operations in the UK, U.S., Japan, Hong Kong and Canada and
program sales across more than 240 countries and territories,
HIT Entertainment focuses on home entertainment, publishing,
stage shows and live events.  HIT Entertainment's substantial
and continued success since its inception in 1989 has lead to
strong corporate growth and a series of acquisitions.  These
rapid changes required an internal re-assessment of HIT
Entertainment's workflow systems within its four key areas --
production, design and approval, consumer products and broadcast
distribution.  With Artesia DAM, HiT Entertainment will have
more control over its digital assets and workflow processes.

"The number of brands we have created and acquired over the past
few years and the increasing number of digital assets we produce
and distribute made streamlining our internal processes an
imperative," said Rob Weisstuch, Chief Information Officer of
HIT Entertainment.  "The Artesia Digital Asset Management
solution will allow us to more effectively search, access,
share, and distribute our content both internally and
externally."

With Artesia DAM, HIT Entertainment will be able to manage files
for video, audio, graphics, documents, designs, Flash, line art,
and still images within a secure, centralized repository.
Complex metadata will enable users to conduct powerful searches,
track and maintain versions, and customize views of the
intuitive user interface.

The DAM solution will also help to streamline various workflows
such as tape management and distribution, product development
approvals, design approvals, and publishing editorial approvals;
typically involving multiple tasks with stakeholders internal
and external to the organization. Email notifications, auditing
and thorough contacts management help to ensure a seamless
workflow for each asset produced.

A key focus for the implementation down the road will be to move
HIT to a tapeless working environment.  HIT's tape inventory
will be catalogued within the DAM environment in preparation to
ingest Broadcast quality video, while workflows providing the
ability to support tapeless delivery to HIT's content partners.

"Managing a variety of assets, whether they are video files or
graphics; and getting each through the appropriate approvals,
can be very time consuming without the proper solution in
place," said Scott Bowen, President of Open Text's Artesia
Digital Media Group.  "With Artesia DAM, HIT Entertainment will
have more control over all video and audio files; graphics and
images within a secure repository, while access to intuitive
workflow functionality will help to ensure that all productions
are reviewed and approved on time."

In addition to using the Artesia DAM Solution, HIT Entertainment
also uses web content management software from RedDot, Open
Text's Web Solutions Group, to support its global website
network.

                  About HIT Entertainment

HIT Entertainment -- http://www.hitentertainment.com-- is one
of the world's leading independent children's entertainment
producers and rights-owners. HIT's portfolio includes
properties, such as Barney(TM), Bob the Builder(TM), Thomas &
Friends(TM), Pingu(TM), Fireman Sam(TM), Angelina Ballerina(TM)
and Rainbow Magic(TM).  HIT Entertainment represents Fifi and
the Flowertots(TM) and Roary the Racing Car(TM) in North America
and Japan and acts as a worldwide representative for The Jim
Henson Company's portfolio of brands.  Launched in 1989, HIT
sells its shows to more than 240 countries worldwide, in over 40
different languages and has operations in the UK, US, Canada,
Hong Kong and Japan.

                      About Open Text

Headquartered in Waterloo, Ontario, Open Text Corp. (NASDAQ:
OTEX, TSX: OTC) -- http://www.opentext.com/-- provides
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.  It has
a field office in Mexico.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 18, 2006,
Moody's Investors Service assigned a first-time Ba3 rating to
the senior secured facilities and B1 rating to the corporate
family of Open Text Corp.


HASBRO INC: Paying US$0.16 Per Share Dividend on Nov. 15
--------------------------------------------------------
Hasbro Inc.'s Board of Directors has declared a quarterly cash
dividend of US$0.16 per common share.  The dividend will be
payable on Nov. 15, 2007, to shareholders of record at the close
of business on Nov. 1, 2007.

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, and Mexico, among others.

                        *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


KANSAS CITY SOUTHERN: Inks Railway Project Pact with Tamaulipas
---------------------------------------------------------------
Kansas City Southern Mexico's institutional relations deputy
director, Jaime Valdez, told Business News Americas that the
firm has signed a memorandum of understanding with Tamaulipas
for the construction of an international railway bridge to
neighboring US city Laredo.

The bridge will need a US$120-million investment, BNamericas
relates, citing Mr. Valdez.  It will handle 3,000 rail cars
daily, complementing the 1,700 car per day capacity of Kansas
City Southern Mexico's existing bridge to Laredo.

Mr. Valdez told BNamericas that Kansas City Southern Mexico is
seeking a funding for an executive project on the bridge's
construction.  Then the firm will take steps to launch the
actual works.

According to BNamericas, Mr. Valdez said that the Laredo bridge
will be part of Kansas City Southern Mexico's Transpacifico
corridor, running from western state Michoacan's Lazaro Cardenas
port, up to western state Colima's Manzanillo port, then into
Laredo.

Mr. Valdez told BNamericas that cargo to be moved along the
bridge -- from Mexico to US and vice-versa -- will include:

          -- steel,
          -- grain,
          -- electronics, and
          -- car parts.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the US,
Mexico and Panama.  Its primary U.S. holding includes KCSR,
serving the central and south central US.  Its international
holdings include Kansas City Southern de Mexico, serving
northeastern and central Mexico and the port cities of Lazaro
Cardenas, Tampico and Veracruz, and a 50% interest in
Panama Canal Railway Company, providing ocean-to-ocean freight
and passenger service along the Panama Canal.  KCS' North
American rail holdings and strategic alliances are primary
components of a NAFTA Railway system, linking the commercial and
industrial centers of the U.S., Canada and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 17, 2007, Fitch Ratings assigned a 'B+' foreign currency
rating and a Recovery Rating of 'RR4' to the US$165 million
senior notes due 2014 to be issued by Kansas City Southern de
Mexico, S.A. de C.V.  The new notes rank pari passu with KCSM's
existing senior unsecured obligations.

Fitch also maintained 'B+' foreign currency ratings and 'RR4'
recovery ratings on KCSM's other outstanding notes:

     -- US$178 million 12.50% senior notes due 2012;
     -- US$460 million 9.375% senior notes due 2012;
     -- US$175 million 7.625% senior notes due 2013.

The proceeds of the proposed new issuance will be used primarily
to pay off the company's outstanding US$178 million 12.50% notes
due 2012.

Fitch also maintained a 'B+' foreign and local currency Issuer
Default Rating for KCSM.  Fitch said the rating outlook for
these ratings was stable.


RYERSON INC: Senior Notes Remain Convertible Until Nov. 21
----------------------------------------------------------
Ryerson Inc.'s 3.50% Convertible Senior Notes due 2024 started
being convertible on Oct. 4, 2007, and will remain convertible
through Nov. 21, 2007, the date on which Ryerson's fundamental
change repurchase offer is expected to expire.

The date of expiration of the fundamental change repurchase
offer will be extended one day for each day after Oct. 19, 2007,
that the closing of the merger with an affiliate of Platinum
Equity LLC occurs.

Pursuant to the indenture, the merger will constitute a
"fundamental change."  Ryerson expects that the merger will
occur on Oct. 19, 2007, assuming that Ryerson's shareholders
approve the merger and that the other conditions to closing are
satisfied.

It is possible that the merger may occur at a later date, but it
will not occur prior to Oct. 19, 2007.

Ryerson is required pursuant to the indenture to make an offer
to repurchase the Notes at 100% of the principal amount of the
Notes, plus any accrued but unpaid interest, within 30 days of
the fundamental change date.  Ryerson expects to make the offer
on Oct. 22, 2007, the first business day after the merger.

Each US$1,000 principal amount of Notes may be exchanged for:

   a) US$1,000 in cash;

   b) a number of shares of Ryerson common stock having a value
      equal to the amount that 46.7880 shares of Ryerson common
      stock times the average closing stock price over the ten
      trading days prior to the conversion exceeds US$1,000; and

   c) additional shares, which are calculated based on the
      closing price on the actual closing date of the merger.

If the merger occurs on Oct. 19, 2007, each US$1,000 principal
amount of Notes would be convertible into 1.1026 additional
shares of Ryerson common stock.  The number of additional shares
to which holders of the Notes will be entitled will decrease for
each day after Oct. 19, 2007 that the merger is delayed.

For more information on notes conversion contact:

     Ryerson Inc.
     ATTN: Investor Relations
     2621 West 15th Place
     Chicago, IL 60608

                      About Ryerson Inc.

Headquartered in Chicago, Illinois, Ryerson Inc. (NYSE: RYI) --
http://www.ryerson.com/-- is a distributor and processor of
metals in North America.  The company services customers through
a network of service centers across the United States and in
Canada, Mexico, India, and China.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 28, 2007,
Standard & Poor's Ratings Services affirmed its ratings on
Ryerson Inc., including its 'B+' corporate credit rating.  S&P
removed all ratings from CreditWatch, where they had been placed
with negative implications on July 24, 2007, after the company
after it has agreed to be acquired by Platinum Equity for around
US$2 billion.


WENDY'S INT'L: Reports Preliminary September Same-Store Sales
-------------------------------------------------------------
Wendy's International, Inc. reported preliminary average same-
store sales for the third quarter of 2007, which ended on
Sept. 30.

Average same-store sales at U.S. company restaurants increased
0.2% for the quarter, compared to 4.1% during the same quarter a
year ago.  Year-to-date average same-store sales at U.S. company
restaurants are up 1.5%.

Average same-store sales at U.S. franchise restaurants increased
1.3% for the quarter, compared to 3.9% during the same quarter a
year ago.  Year-to-date average same-store sales at U.S.
franchise restaurants are up 1.8%.

"We are encouraged by another quarter of positive same-store
sales growth -- our fifth in a row -- as we continue to
successfully execute our strategic plan and the turnaround of
the Wendy's(R) business," said Chief Executive Officer and
President Kerrii Anderson.  "We are intensely focused on
improving restaurant operations and enhancing the overall
customer experience, and we look to accelerate our progress.

"We have initiatives in place to grow sales and profits at every
restaurant in the system," added Mr. Anderson.  "Our positive
performance is due to the accomplishments of our employees and
franchisees who focus every day on running great restaurants."

              Wendy's Third-Quarter Promotions

In July, Wendy's introduced its latest premium hamburger, the
Baconator(TM).  The Baconator features a half-pound of fresh,
never frozen beef, six strips of hickory-smoked bacon, topped
with American cheese, ketchup and mayonnaise.

Wendy's in August introduced limited-time offerings at the
local-market level, including its Chicken Cordon Bleu, Monterey
Ranch, and Wendy Melt premium sandwiches.

In September, the Company promoted its Super Value Menu(R),
featuring its Junior Bacon Cheeseburger and 5-piece Crispy
Chicken Nuggets, both quality-favorites among the younger,
price-sensitive consumer.

Additionally, Wendy's "Red Wig" marketing campaign continued to
break through with targeted younger customers who frequent
quick-service restaurants.

Wendy's to feature its Super Value Menu and Combo Choices in the
fourth quarter

In October, Wendy's continues to promote its Super Value Menu.
Also this month, the Company will promote its Combo Choices,
allowing customers to mix-and-match their favorite sandwich,
drink and choice of a side item.  Side items available in a
Wendy's Combo meal include fries, a baked potato, side salad,
Caesar side salad, chili, low-fat yogurt with granola, or
Mandarin oranges -- at no extra cost.

                     Wendy's Menu Expansion

The Company has completed the rollout of its new breakfast menu
to more than 750 restaurants, of which 40% are franchised
locations.  The Frescuit(TM), Wendy's top-selling breakfast
sandwich, is made with a "fresher biscuit" that's baked in the
restaurants daily.  In addition, breakfast values, including the
Sausage & Egg Burrito, and Wendy's new proprietary coffee --
Custom Bean(TM) by Folgers Gourmet Selections(TM) -- are proving
popular with Wendy's customers.

Preliminary Third-Quarter Same-Store Sales Summary:


                3Q 2007    3Q 2006    2007 YTD
                -------    -------    --------
U.S. Company     0.2%        4.1%       1.5%
U.S. Franchise   1.3%        3.9%       1.8%

Monthly Same-Store Sales Summary for July, August and September:

                    July           Aug.          Sept.
                2007   2006     2007  2006    2007   2006
                -----------     ----------    -----------
U.S. Company    0.1%   3.6%     0.9%  4.7%   -0.2%   4.3%
U.S. Franchise  1.3%   3.2%     2.0%  4.5%    0.7%   4.2%

                 Third-Quarter Disclosure Plans

Management plans to release its 2007 third-quarter results after
the market closes on Oct. 25, 2007.  A conference call and
webcast to discuss the Company's results will be held at 8:00
a.m. ET on Oct. 26, 2007.  The dial-in number is (877) 572-6014
(U.S. and Canada) or (706) 679-4852 (International).  A
simultaneous webcast will also be available at
http://www.wendys-invest.com/ The call will also be archived at
that site.

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

                        *     *     *

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

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




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P E R U
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HERTZ CORP: Fitch Affirms BB Issuer Default & Debt Ratings
----------------------------------------------------------
Fitch Ratings has affirmed these ratings:

The Hertz Corporation

  -- Issuer Default Rating at 'BB';
  -- Senior secured revolving facility at 'BBB';
  -- Secured term facility at 'BBB-';
  -- Letter of credit facility at 'BBB-';
  -- Senior unsecured debt at 'BB-';
  -- Subordinated Debt at 'B+';

The Rating Outlook has been revised to Positive from Stable.

The affirmation of Hertz's ratings reflects:

  -- Strength of the company's market position in the airport
     car rental and commercial equipment markets and ability and
     experience in managing through cyclicality and seasonality
     inherent in car and equipment rental sectors;

  -- Ample liquidity to support growth;

  -- Limited financial flexibility as a primarily secured
     borrower;

  -- Weak capitalization/Lack of tangible equity.

The Positive Rating Outlook reflects the improvements in
operating performance, cash flow available to repay debt and
collateral coverage since being spun-off from the Ford Motor
Company in late 2005.

Key drivers for a ratings upgrade include the expectation that
management's strategy to grow revenue, improve operating
efficiency and offset rising fleet costs will continue to
generate sustainable operating performance improvement and
cashflow to further delever the company.

Further improvements in cash flow available for debt repayment
or strengthening of collateral coverage may result in upward
notching of individual ratings from their current levels
relative to Hertz's IDR, including equating the senior unsecured
debt rating with the IDR.

Negative rating factors include any significant operating cash
flow deterioration and weakening of the company's financial
profile resulting from either a cyclical downturn or exogenous
events that restrict or inhibit travel.

Fitch has also affirmed and withdrawn these ratings:

The Hertz Corporation

-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B';

Hertz Finance Centre Plc

-- Issuer Default Rating (IDR) at 'BB';
-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B';

Hertz Australia Pty

-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B';

Hertz Canada Ltd.

-- Short-term Issuer Rating at 'B';
-- Commercial paper at 'B'.

The commercial paper ratings have been withdrawn as no
commercial paper is expected to be outstanding.  Withdrawal of
the Hertz Finance Centre Plc ratings reflects full repayment of
debt.

Headquartered in Park Ridge, New Jersey, Hertz Corp. --
http://www.hertz.com/-- is a car rental company that operates
from approximately 7,600 locations in 145 countries worldwide.

Hertz also operates an equipment rental business, Hertz
Equipment Rental Corporation, offering a diverse line of
equipment, including tools and supplies, as well as new and used
equipment for sale, to customers ranging from major industrial
companies to local contractors and consumers through more than
360 branches in the United States, Canada, France, and Spain.

Hertz has operations in the Philippines, Hungary, and Peru,
among others.


LEVI STRAUSS: Discloses Expiration of Consent Payment Deadline
--------------------------------------------------------------
Levi Strauss & Co. disclosed that the consent payment deadline
in connection with the cash tender offer and related consent
solicitation for any and all outstanding US$525.0 million
aggregate principal amount of its 12.25% Senior Notes due 2012
was on Oct. 3, 2007, at 5 p.m., New York City time.  The company
was seeking consent to amend the indenture under which the Notes
were issued to eliminate or make less restrictive most of the
restrictive covenants, and certain related events of default,
contained in the indenture.  Adoption of the proposed amendments
requires the consent of holders of at least a majority of the
aggregate principal amount of the Notes.  As of the consent
payment deadline, the company had received tenders of Notes and
deliveries of related consents from holders of approximately
US$505.7 million aggregate principal amount (or 96.3%) of the
Notes.  Accordingly, the requisite consents to adopt the
proposed amendments have been received.

The proposed amendments will become operative when the company
initially accepts the Notes for purchase pursuant to the terms
of the offer, which will occur promptly following, and subject
to, the satisfaction or waiver of the conditions to the offer,
including the company's amendment of its senior secured
revolving credit facility to increase its line of credit
thereunder by an additional US$200.0 million to US$750.0
million, which shall include a US$250.0 million tranche that is
secured by certain U.S. trademarks associated with the Levi's(R)
brand upon terms and conditions satisfactory to the company. The
company expects to accept for purchase Notes tendered prior to
the consent payment deadline on Oct. 11, 2007.

The tender offer yield for the Notes tendered and accepted will
be 4.565% and was determined as of 10 a.m. New York City time,
on Oct. 3, 2007 by reference to a fixed spread of 50 basis
points over the yield of 4.065% of the 4.375% U.S. Treasury Note
due Dec. 31, 2007 (as reported by Bloomberg Government Pricing
Monitor on "Page PX3"), as described in the Offer to Purchase
and Consent Solicitation Statement, dated Sept. 19, 2007.
Assuming an initial payment date of Oct. 11, 2007, the total
consideration for each US$1,000 principal amount of Notes
validly tendered and not validly withdrawn prior to
Oct. 3, 2007, is US$1,073.99, which includes an early consent
payment of US$30.00 per US$1,000 principal amount of the Notes.

Notes tendered may no longer be withdrawn except as required by
law.  As previously announced, the tender offer will expire at
midnight, New York City time, on Oct. 17, 2007, unless extended
or earlier terminated by the company.  Holders of Notes tendered
after the consent payment deadline but prior to the expiration
of the tender offer will not be entitled to the consent payment
of US$30.00 per US$1,000 aggregate principal amount of Notes.

The company has retained Credit Suisse as dealer manager and
solicitation agent in connection with the tender offer and
consent solicitation.  Questions about the tender offer and
consent solicitation may be directed to Credit Suisse at 212-
325-4951 (collect).  Holders can request documents from D.F.
King & Co., Inc., the information agent and tender agent, at
888-887-0082 (U.S. toll free) or 212-269-5550 (collect).

Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss
& Co. -- http://www.levistrauss.com/-- is one of the world's
largest brand-name apparel marketers with sales in more than 110
countries.  The company market-leading apparel products are sold
under the Levi's(R), Dockers(R) and Levi Strauss Signature(R)
brands.

Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss.  Shares of company stock are not
publicly traded.  Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has it raised
its ratings on San Francisco-based apparel company Levi Strauss
& Co. by one notch, including its long-term corporate credit
rating to 'B+' from 'B'.  S&P said the outlook is stable.


LEVI STRAUSS: Selects Vanessa Castagna & Stephen Neal on Board
--------------------------------------------------------------
Levi Strauss & Co. has elected two additional members to its
board of directors: Vanessa Castagna, a seasoned retail
executive, and Stephen Neal, the chairman and chief executive
officer of Cooley Godward Kronish LLP.  The company also said
that Pat House, a current LS&CO. director, was stepping down
from LS&CO.'s board at the end of this year.

                      Vanessa Castagna

"Vanessa brings 34 years of retail experience, including senior
leadership positions at Mervyns, JCPenney and Wal-Mart," said
LS&CO.'s chairman Bob Haas.  "We will benefit from Vanessa's
perspectives on both the wholesale side of our business, which
represents the majority of our sales, as well as on our growing
retail operations around the world.  Vanessa's a seasoned leader
who will add tremendous value to our strategic discussions and
board deliberations."

Ms. Castagna most recently led Mervyns department stores as its
executive chairwoman of the board from 2005 until earlier this
year.  Prior to Mervyns, Ms. Castagna served as chairman and
chief executive officer of JCPenney Stores, Catalog and Internet
from 2002 through 2004.  She joined JCPenney in 1999 as chief
operating officer, and was both president and COO in 2001.  Ms.
Castagna's extensive retail career includes senior-level
merchandising positions at retail companies including Wal-Mart,
Marshall's and Target.  Ms. Castagna joined Lazarus, a division
of Federated Department Stores, in 1972, after she was graduated
from Purdue University in 1971.

"I have a deep and very positive connection to Levi Strauss &
Co. going back more than two decades," said Ms. Castagna.
"Levi's(R) is a legendary and enduring global brand, and I am
excited and honored about the opportunity to work with the
company's leadership team and board to help drive future growth
and shareholder value."

Ms. Castagna was listed for four consecutive years as one of
Fortune magazine's "50 Most Powerful Women in Business" and for
two years as one of Forbes magazines "100 Most Powerful Women."
Ms. Castagna is a fundraiser for the Children's Miracle Network
and the New York University Medical Center's Rusk Institute. She
is also involved with the Boys and Girls Clubs of America, the
American Cancer Society, the American Red Cross, the March of
Dimes and the United Way.

                        Stephen Neal

Stephen Neal is the chairman and chief executive officer of the
law firm Cooley Godward Kronish.  In addition to his extensive
experience as a trial lawyer on a broad range of corporate
issues, Mr. Neal has represented and advised numerous boards of
directors, special committees of boards and individual directors
on corporate governance and other legal matters.  His clients
have included many large and high profile companies, such as
General Motors, PG&E, PacifiCare Health Systems and USG
Corporation.

"In recent years, Steve Neal has provided invaluable advice to
LS&CO.'s board, and I am very pleased to welcome him now as a
director," said Mr. Haas.  "Steve is a highly respected attorney
with deep knowledge and broad experience in corporate
governance.  We look forward to benefiting from his seasoned
perspectives."

"Levi Strauss & Co. has a well-deserved corporate reputation for
doing business distinctly and responsibly for more than 150
years," said Mr. Neal.  "I have tremendous respect and
admiration for the Haas family and LS&CO., and look forward to
working closely with the board and contributing to the company's
future success."

Prior to joining Cooley Godward in 1995 and becoming CEO in
2001, Mr. Neal was with Kirkland & Ellis in Chicago.  He started
there in 1973 and was a partner from 1978 until 1995.  He
received his J.D. from Stanford in 1973 after attending Harvard
as an undergraduate.

                          Pat House

"At the same time we are adding two new directors, I am
disappointed to announce the departure of Pat House," said Mr.
Haas.  "Pat, one of our directors since 2003, has decided to
leave the board as of the end of this year.  She recently joined
the Symphony Technology Group as an advisory board member and,
coupled with her other professional and civic activities,
unfortunately will no longer have the necessary time to devote
to our business.  I want to thank Pat for her insights,
enthusiasm and commitment the past four years.  She has been a
great help during our business transformation."

Founded in 1853 by Bavarian immigrant Levi Strauss, Levi Strauss
& Co. -- http://www.levistrauss.com/-- is one of the world's
largest brand-name apparel marketers with sales in more than 110
countries.  The company market-leading apparel products are sold
under the Levi's(R), Dockers(R) and Levi Strauss Signature(R)
brands.

Levi Strauss & Co. is privately held by descendants of the
family of Levi Strauss.  Shares of company stock are not
publicly traded.  Shares of Levi Strauss Japan K.K., the
company's Japanese affiliate, are publicly traded in Japan.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has it raised
its ratings on San Francisco-based apparel company Levi Strauss
& Co. by one notch, including its long-term corporate credit
rating to 'B+' from 'B'.  S&P said the outlook is stable.


* PERU: Free Trade Pact Gets U.S. Congressional Finance Panel OK
----------------------------------------------------------------
The U.S. Congressional Senate Finance Committee has voted in
favor of the Free Trade Agreement with Peru.

According to Bloomberg News, the Finance Committee ratified the
agreement through a voice vote, under the so-called fast-track
rules, which is in effect for this accord.  This rule calls for
Congress to accept or reject the deal without filibuster or
amendment.

Living in Peru says the free trade accord has already gotten two
mock mark ups by U.S. representatives, the first official step
for congressional approval of the pact.

The accord was signed in April last year, and was ratified by
the Peruvian Congress early this year.  The pact underwent major
environmental and labor rule changes to answer concerns raised
by American Democrats in Congress.  One pertinent issue that was
remedied by the Peruvian Congerss is the hiring of non-union
contract workers in mines and other unionized industries.  The
revised pact limits the hiring of these workers.

Peru's Minister of Foreign Trade and Tourism, Mercedes Araoz,
says the next step in the trade pact's ratification is for the
U.S. House Committee on Ways and Means to set a date for when
they will officially vote on the pact, Living in Peru states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.




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


AVNET INC: Inks US$600 Five-Year Senior Unsec. Credit Facility
--------------------------------------------------------------
Avnet Inc. entered into a five-year senior unsecured credit
facility.  The facility provides for extensions of credits in
the aggregate amount of up to US$500 million with a US$100
million accordion feature allowing Avnet to increase its
borrowing capacity to up to US$600 million, subject to obtaining
commitments for the incremental capacity from existing or new
lenders.

The term of the facility expires on Sept. 26, 2012, which may be
extended at Avnet's election for up to two additional one-year
terms, subject to Avnet's satisfaction of certain conditions.
The facility effectively supersedes Avnet's existing credit
facility dated as of Oct. 13, 2005.

Bank of America N.A. will act as administrative agent, swing
line lender and letter of credit issuer; Banc of America
Securities LLC acted as joint lead arranger and sole book
manager; ABN AMRO Incorporated acted as Joint Lead Arranger, and
Credit Suisse First Boston, the Bank of Nova Scotia and BNP
Paribas acted as co-documentation agents.  A total of 18 lenders
participated in the facility.

"We appreciate the continued commitment from our long-term
banking partners and are pleased to welcome new lenders into our
bank group," Raymond Sadowski, Avnet's chief financial officer,
stated.  "The facility not only offers better terms and
conditions than the facility it supersedes but also extends
those terms an additional two years.  There was significant
demand for participation in the facility and this strong
sponsorship demonstrates confidence by the financial community
in Avnet's future and its solid financial condition."

                       About Avnet Inc

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

                        *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


CENTENNIAL COMM: Reports US$6.3 Mil. Net Income in First Quarter
----------------------------------------------------------------
Centennial Communications Corp. reported income from continuing
operations of US$6.3 million for the fiscal first quarter of
2008 as compared to a loss from continuing operations of US$0.3
million in the fiscal first quarter of 2007.  Consolidated
adjusted operating income from continuing operations for the
fiscal first quarter was US$100.0 million, as compared to
US$92.2 million for the prior-year quarter.

"Our U.S. wireless retail business continues to be one of the
best growth stories in the industry," said Michael J. Small,
Centennial's chief executive officer.  "We're adding and keeping
high-quality customers and driving strong ARPU by giving our
customers more value for their money."

Mr. Small continued, "In Puerto Rico, we're focused on
attracting and retaining high-value wireless customers and are
now attacking this US$3 billion telecom market from all sides
including large enterprise, small and medium business and
residential."

Centennial reported fiscal first-quarter consolidated revenue
from continuing operations of US$248.0 million, which included
US$137.6 million from U.S. wireless and US$110.4 million from
Puerto Rico operations.  Consolidated revenue from continuing
operations grew 10 percent versus the fiscal first quarter of
2007.  The company ended the quarter with 1,109,900 total
wireless subscribers, which compares to 1,041,500 for the year-
ago quarter and 1,101,000 for the previous quarter ended
May 31, 2007.  The company reported 439,300 total access lines
and equivalents at the end of the fiscal first quarter, which
compares to 369,000 for the year-ago quarter.

Other Highlights:

   -- The company will redeem the remaining US$20 million
      aggregate principal amount of its US$20 million
      outstanding 10-3/4 percent senior subordinated notes due
      Dec. 15, 2008.  The redemption will occur on or about
      Nov. 5, 2007 at face value with no prepayment penalties.

   -- On Sept. 18, 2007, Centennial announced that it completed
      the purchase of Islanet Communications, a provider of data
      and voice communications to business and residential
      customers in Puerto Rico.  Islanet also holds 2.5Ghz
      spectrum suitable for WiMAX technology in Puerto Rico.

   -- On Sept. 18, 2007, the company also announced that it
      entered into a definitive agreement to purchase 1900 MHz
      (PCS) wireless spectrum from Highland Cellular Holdings,
      Inc., covering an aggregate of approximately 400,000
      population equivalents in Lima and Findlay-Tiffin, Ohio.

      This targeted purchase is contiguous to Ft. Wayne, Indiana
      and improves the company's Midwest footprint, supporting
      already strong momentum in its U.S. wireless retail
      business.  The transaction is subject to customary closing
      conditions and is expected to close in the calendar fourth
      quarter of 2007.

    -- On Oct. 1, 2007, Centennial announced that it expanded
       its board of directors from nine members to ten members
       and appointed John J. "Jack" Mueller and Paul H. Sunu as
       new directors.  The company further stated that Robert D.
       Reid, a managing director of the Blackstone Group, has
       resigned from Centennial's board of directors.

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

                        *     *     *

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

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


FUNDACION INC: Taps Latimer Biaggi as Chapter 11 Counsel
--------------------------------------------------------
Fundacion Dr. Manuel de la Pila Iglesias, Inc., asks the U.S.
Bankruptcy Court for the District of Puerto Rico for authority
to employ Latimer, Biaggi, Rachid & Godreau as its bankruptcy
counsel.

Latimer Biaggi is expected to:

  a) provide Debtor advice concerning its chapter 11 case;
  b) represent the Debtor in any adversary proceeding; and
  c) give Debtor advice on other relevant matters.

F. David Godreau Zayas, Esq., at Latimer Biaggi, will bill the
Debtor US$200 per hour for his services.  Fundacion will also
pay the firm a US$20,000 retainer.

Latimer Biaggi assures the Court that it is disinterested as the
term is defined in Section 101(14) of the U.S. Bankruptcy Code.

Headquartered in Ponce, Puerto Rico, Fundacion Dr. Manuel de la
Pila Iglesias, Inc., dba Hospital Dr. Pila, dba Villa Ponce
Housing -- http://www.drpila.com/-- operates a hospital.  The
Debtor filed for chapter 11 protection on Aug. 9, 2007 (Bankr.
Case No. 07-04459 D. Puerto Rico).  When it filed for
bankruptcy, the Debtor reported US$55,930,498 in total assets
and US$53,455,603 in total debts.


SPANISH BROADCASTING: Moody's Cuts Corp. Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service downgraded Spanish Broadcasting
System, Inc.'s Corporate Family Rating to B2 from B1.  In
addition, Moody's downgraded Spanish Broadcasting's US$350
million first lien secured credit facility (US$25 million
secured revolver due 2010, US$325 million first lien secured
term loan due 2012) to B2 from B1 and 10 _% series B cumulative
exchangeable redeemable preferred stock to Caa1 from B3.  The
downgrade reflects the company's elevated debt to EBITDA
leverage, weaker EBITDA margin and free cash flow to debt ratio
due to start-up losses at MEGA TV.  In addition, the downgrade
also reflects the recent weakness in Spanish Broadcasting's
radio business as well as the overall radio industry.

Ratings/assessments downgraded:

Spanish Broadcasting System, Inc.

-- Corporate family rating -- from B1 to B2

-- Probability-of default rating -- from B1 to B2

-- Revolving credit facility due 2010 -- from B1 to B2 (LGD 3,
    47%)

-- Term loan facility due 2012 -- from B1 to B2 (LGD 3, 47%)

-- 10 _% series B cumulative exchangeable preferred stock --
    from B3 to Caa1 (LGD 6, 99%)

The outlook is stable.

Spanish Broadcasting's ratings reflect the substantial increase
in the company's debt to EBITDA leverage since the launch of
MEGA TV in 2006, recent weakness in the operating performance of
its radio segment, modest scale and significant revenue
concentration in the New York, Los Angeles and Miami markets.

The rating is supported by Spanish Broadcasting's large market
presence, favourable Hispanic demographic and economic trends
and expected above average growth rates for the Hispanic media
market and Moody's expectation that the company's credit metrics
will start to improve over the rating horizon on narrowing
losses at MEGA TV.

Spanish Broadcasting System Inc. (NasdaqGM: SBSA)--
http://www.spanishbroadcasting.com/-- is the largest publicly
traded Hispanic-controlled media and entertainment company in
the United States.  SBS owns and operates 20 radio stations
located in the top Hispanic markets of New York, Los Angeles,
Miami, Chicago, San Francisco and Puerto Rico.  The company also
owns and operates Mega TV, a television operation serving the
South Florida market, and occasionally produces live concerts
and events throughout the U.S. and Puerto Rico.  In addition,
the company operates http://LaMusica.com/a bilingual Spanish-
English online site providing content related to Latin music,
entertainment, news and culture.




===================================
T R I N I D A D  A N D  T O B A G O
===================================


HILTON HOTELS: Tender Offer Expiration Date Extended to Oct. 24
---------------------------------------------------------------
Hilton Hotels Corporation has extended the offer expiration date
and price determination date for its previously announced tender
offers for any and all of its:

    * 7.625% Notes due 2008,
    * 7.200% Notes due 2009,
    * 8.250% Notes due 2011,
    * 7.625% Notes due 2012 and
    * 7.500% Notes due 2017,
    * 7.430% Chilean Inflation-Indexed (UF) Notes due 2009 and
    * 8.000% Quarterly Interest Bonds due 2031

The offer expiration date will now be 8:00 a.m., New York City
time, on Oct. 24, 2007, unless extended or earlier terminated by
Hilton in its sole discretion.  As indicated in the Offer to
Purchase referred to below, it is expected that the Offer
Expiration Date will be extended as necessary to coincide with
the date that the Merger referred to below becomes effective. In
addition, Hilton announced that the price determination date
applicable to the tender offers for the Notes will now be 11:00
a.m., New York City time, on Oct. 19, 2007, unless extended or
earlier terminated by Hilton in its sole discretion.

Hilton announced that the changes to the offer expiration date
and the price determination date have no effect on the consent
payment deadline applicable to the Bonds, which deadline remains
5:00 p.m., New York City time, on Oct. 9, 2007, unless extended
or terminated by Hilton.  Hilton has previously indicated that
it is likely that the Bonds will be called for redemption at
US$25 per US$25 principal amount of Bonds, plus accrued and
unpaid interest, concurrent with the completion of the Merger in
the event that the requisite consents are not obtained with
respect to the Bonds.

Hilton further announced that holders of the CLP Notes who have
validly tendered their CLP Notes will receive CLP65,560.95 for
each CLP50,000 original principal amount payable in U.S. dollars
based on the Observed Exchange Rate, as defined in the Officer's
Certificate for the CLP Notes, which is published at or about
5:00 p.m. (Santiago, Chile time) on the second business day
prior to the Offer Expiration Date for the CLP Notes purchased
pursuant to the tender offer for such securities, namely
Oct. 22, 2007, if the tender offer for the CLP Notes is not
extended.

Holders of the Bonds must tender their securities at or prior to
the Consent Payment Deadline in order to be eligible to receive
the total consideration offered for the Bonds of US$25.125 per
US$25 principal amount.  Holders of the Bonds that are tendered
after the Consent Payment Deadline and at or prior to the Offer
Expiration Date will only be eligible to receive the tender
offer consideration offered for the Bonds of US$24.125 per US$25
principal amount.  Holders whose Bonds are accepted for payment
in the tender offer for the Bonds will also receive accrued and
unpaid interest in respect of such purchased Bonds from the last
interest payment date for such Bonds preceding the payment date
for purchased Bonds to, but not including, such payment date.

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

As of 5:00 p.m., New York City time, on Oct. 4, 2007, the
company had received tenders in respect of the following
principal amounts of Securities:

Series of Securities          Principal Amount Tendered
--------------------          -------------------------
7.625% Notes due 2008         US$361.6 million (approx. 90.4%)
7.200% Notes due 2009         US$122.2 million (approx. 61.1%)
8.250% Notes due 2011         US$289.3 million (approx. 96.4%)
7.625% Notes due 2012         US$369.3 million (approx. 98.5%)
7.500% Notes due 2017         US$139.0 million (approx. 69.5%)
7.430% Chilean
   Inflation-Indexed (UF)     CLP67.7 billion (100%)
   Notes due 2009
8.000% Quarterly Interest     US$91.4 million (approx. 45.7%)
   Bonds due 2031

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

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

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

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

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

                        *     *     *

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

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

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




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


ARVINMERITOR INC: Moody's Lowers Corporate Family Rating to B1
--------------------------------------------------------------
Moody's Investors Service has downgraded ArvinMeritor's
Corporate Family Rating to B1 from Ba3 and maintained the
outlook at stable.  Moody's also lowered its ratings on the
company's secured bank obligations (to Ba1, LGD-1, 8% from Baa3,
LGD-2, 13%) and unsecured notes (to B2, LGD-4, 63% from B1,
LGD-4, 63%).  The Probability of Default is changed to B1 from
Ba3, while the company's Speculative Grade Liquidity rating
remains SGL-2.  The outlook is stable.  These rating actions
follow the announcement by the company on October 3rd, that its
earnings per share for fiscal 2007 will be meaningfully lower
than anticipated.  ArvinMeritor's current expectation is for
full-year EPS to be approximately US$0.40 lower than its July
2007 expectation of US$0.75 - US$0.80.  This downward revision
is the result of severe adverse developments in the company's
fourth quarter ending Sept. 30.  These developments include:
lower than anticipated class 8 truck volumes in North America,
operational disruptions related to attempts to meet
significantly higher than expected demand in Europe, receivable
write-downs resulting from supplier reorganizations, and
weakness in the commercial vehicle aftermarket and trailer
markets.  Despite considerable progress that ArvinMeritor has
made in reducing aggregate indebtedness and strengthening its
cost structure since 2006, the significant erosion in the fourth
quarter's operating environment will likely result in the
company's credit metrics remaining more consistent with the B1
rating level through 2008.

Bruce Clark, senior vice president with Moody's said, "As a
result of the fourth quarter falloff, ArvinMeritor's credit
metrics will be very weak for fiscal 2007."  Mr. Clark further
noted, "Although these metrics should begin to recover somewhat
due to operational initiatives being undertaken and due to a
possible rebound in the class 8 truck market during the latter
half of 2008, the magnitude and timing of any improvement in
metrics is uncertain.  Fortunately, the company has a reasonable
degree of liquidity as it contends with these difficulties."

The stable outlook recognizes Moody's expectation that
ArvinMeritor's operating performance and credit metrics will
begin to recover following the very weak fourth quarter, and
that the company's liquidity position will remain sound as the
company attempts to transition through the current cyclical
trough in the commercial vehicle industry.

The SGL-2 Speculative Grade Liquidity rating represents good
liquidity over the next twelve months.  Moody's notes that the
company finished the end of the third quarter of fiscal 2007
with US$284 million of consolidated cash on the balance sheet.
External sources of liquidity include availability under its
US$900 million revolving credit facility with varying levels of
cushion under its financial covenants over the coming twelve
months.  The current liquidity rating also reflects the recent
short term credit line covenant relief granted to ArvinMeritor.
Moody's does acknowledge financing actions the company had taken
in 2006 to improve the company's liquidity profile including
lengthening the company's debt maturity schedule and room under
covenants which have been beneficial during the industry
downturn.

Ratings lowered:

ArvinMeritor, Inc.

  -- Corporate Family Rating to B1 from Ba3

  -- Senior Secured bank debt to Ba1, LGD-1, 8% from Baa3,
     LGD-2, 13%

  -- Senior Unsecured notes to B2, LGD-4, 63% from B1, LGD-4,
     63%

  -- Probability of Default to B1 from Ba3

  -- Shelf unsecured notes to (P)B2, LGD-4, 63% from (P)B1,
     LGD-4, 63%

Arvin International PLC

  -- Unsecured notes guaranteed by ArvinMeritor, Inc. to B2,
     LGD-4, 63% from B1, LGD-4, 64%

Ratings affirmed:

ArvinMeritor, Inc.

  -- Speculative Grade Liquidity rating, SGL-2

The last rating action was in February 2007 at which time
Moody's upgraded ArvinMeritor's bank debt to Baa3 and affirmed
the company's Corporate Family Rating of Ba3, Speculative Grade
Liquidity rating of SGL-2, and stable outlook.

The B1 Corporate Family rating reflects solid scores under the
Auto Supplier Methodology for the company's scale, market
position and diversification spread across two business
segments.  Nonetheless, key credit metrics of EBITA margin,
Debt/EBITDA and interest coverage constrain these qualitative
strengths and pull the overall rating into the B category.
Although a downturn in North American commercial vehicle
production volumes was anticipated in 2007, the degree of the
negative effect on the company's metrics has been meaningfully
larger than anticipated.

The Ba1 ratings on the bank obligations, three notches above the
Corporate Family Rating, flow from their perfected liens on
substantial assets at the borrower and guaranteeing subsidiaries
as well as a significant level of junior capital beneath their
claims.  Similarly, the B2 rating on the unsecured notes, one
level below the Corporate Family Rating, reflects their lower
priority as well as the benefits of up-streamed guarantees from
material domestic subsidiaries.

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.


ARVINMERITOR: S&P Lowers Corporate Credit Rating to B+
------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating and related ratings on ArvinMeritor Inc. to 'B+'
from 'BB-'.  The outlook is negative.  The company's short-term
rating of 'B-1' was withdrawn.

"The downgrade reflects ArvinMeritor's worse-than-expected
performance in the fourth quarter of fiscal 2007 and weaker
prospects for at least the first half of fiscal 2008," said
Standard & Poor's credit analyst Robert Schulz.  "We no longer
expect the company's already-weak credit measures to recover
sufficiently to maintain the previous rating."

The ratings on ArvinMeritor reflect the company's weak
profitability, which has recently kept cash generation negative,
along with the cyclical and competitive pricing pressures of the
capital-intensive automotive and heavy-vehicle component supply
industry.  Despite ArvinMeritor's leadership position in several
market segments, fair customer and platform diversity, and
ongoing restructuring efforts, margins remain pressured.  The
company will face challenges from the downturn in commercial
truck production and from production cuts by U.S.-based
automakers into fiscal 2008.

The outlook is negative.  S&P is concerned about how
profitability improvement will unfold during 2008, given
uncertainty about production among many automotive and heavy-
truck customers.  Still, S&P expects the company's financial
profile to eventually become consistent with the 'B+' rating.

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.


CHRYSLER LLC: Intends to Close Assembly Plant in Illinois
---------------------------------------------------------
Chrysler LLC, which has started contract negotiations with the
United Auto Workers union this week, plans to shutter an
assembly plant in Belvidere, Illinois, that produces the Dodge
Caliber, Jeep Compass and Jeep Patriot, Kevin Krolicki of
Reuters reports.

According to Mr. Krolicki, Chrysler spokeswoman Michele Tinson
said that the temporary shutdown was being done to adjust
inventory levels of the plant, which employs 3,400 workers.

As reported in the Troubled Company Reporter on Oct. 4, 2007,
Chrysler reported U.S. sales for September 2007 of 159,799
units; down 5% compared to September 2006 with 168,888 units
sold.  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.

                      About Chrysler LLC

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.

                        *     *     *

On Oct. 1, 2007, Standard & Poor's Ratings Services placed its
corporate credit ratings on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC on CreditWatch with positive
implications.

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.


INTERLINK GLOBAL: Dohan & Company Raises Going Concern Doubt
------------------------------------------------------------
Dohan and Company, CPAs, raised substantial doubt about
Interlink Global Corporation's ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2006.  The auditing firm
reported that the company has used, rather than provided, cash
from operating activities, has a working capital deficiency, and
incurred a loss for the year ended 2006.

The company posted a US$4,653,995 net loss on US$5,888,845 of
revenues for the year ended Dec. 31, 2006, as compared with a
US$1,617,836 net loss on US$13,388,489 of net sales in the prior
year.

At Dec. 31, 2006, the company's balance sheet showed
US$8,289,317 in total assets and US$8,135,068 in total
liabilities, resulting a US$168,258 stockholders' equity.

At Dec. 31, 2006, the company's balance sheet showed
US$1,313,413 in total current assets and US$3,936,745 in total
current liabilities, resulting a US$2,623,332 working capital
deficit.

A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?23ff

                   About Interlink Global

Interlink Global Corp. (PINK: ILKG) -- http://www.interlink-
global.com/ -- provides telecommunication services and Internet
access around the world.  It also hosts VoIP (Voice over
Internet Protocol) telephony services and Internet connectivity
in North America, Central America, and South America, as well as
the Caribbean, the European Union and Asia.  The company has
plans to expand into the Middle East, Eastern Europe, and the
Western Pacific.  The company has Latin America operations in
Mexico and Venezuela.


PETROLEOS DE VENEZUELA: Executes Contingency Plan for Oil Spills
----------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that managers at the Paraguana plant in Falcon have
implemented a national contingency plan for two oil spills in
the area of unknown origin.

Business News Americas relates that the spill affected beaches
in the area called El Malecon and Villa Marina.

Petroleos de Venezuela denied in a statement that the spills
result from any of its operations.

BNamericas notes that Petroleos de Venezuela named an
investigative body to determine the source of the spills.

According to BNamericas, Petroleos de Venezuela dispatched a
team of over 160 people in July 2007 to conduct a probe and
clean a separate spill of roughly 200 barrels of crude on the
coast of the Paria peninsula in Sucre.

That spill has now been cleaned, Petroleos de Venezuela told
BNamericas, while denying that the spill resulted from its
operations.

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: Shuts Down El Palito Refinery
-----------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said
in a statement that it has closed down its El Palito plant to
prevent damage resulting from a failure in the electrical system
that powers the refinery.

Petroleos de Venezuela told Business News Americas that the
temporary shutdown won't affect the supply of fuel to local or
national markets.  El Palito processes 135,000 barrels per day.

Petroleos de Venezuela expects the plant to restart soon.  The
firm is conducting a probe on the power failure causes,
BNamericas states.

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

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


PETROLEOS DE VENEZUELA: Union Complains on Negotiating Team
-----------------------------------------------------------
Venezuelan trade union Classist, Unitary, Revolutionary and
Autonomous Current, or C-cura, has complained to Patrick J.
O'Donoghue at Vheadline.com that state-owned oil firm Petroleos
de Venezuela SA didn't elect three of the union negotiating team
for the pay package.

Vheadline.com relates that C-cura claims "abnormality in the
negotiating process."

According to Vheadline.com, the trade unionists refused to
recognize the results of the negotiations and accused colleagues
of surrendering to Petroleos de Venezuela.

The decision to grant a VEB12,000-wage raise was taken "without
consulting the grassroots and came as a complete surprise,"
Vheadline.com 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.


* VENEZUELA: Gov't-Run Mining Joint Ventures May be Inefficient
---------------------------------------------------------------
The Venezuelan mining chamber Camiven told Business News
Americas that the government-controlled joint ventures that the
mining law reform bill proposed would be inefficient.

Under the reform bill, the joint ventures would be the only
companies able to operate in the mining sector, BNamericas
relates, citing Camiven.

Camiven head Gilberto Sanchez commented to BNamericas, "JVs
[Joint ventures] have always existed in Venezuela but the
private company has held the majority share.  In JVs controlled
by the government, the results have been very poor,
unfavorable."

BNamericas relates that deputy mining minister Ivan Hernandez
disclosed that the draft mining law reform bill looks at
eradicating mining concessions and replacing them with firms
where the government has majority share.

According to BNamericas, Mr. Sanchez doesn't believe that the
government is able to get the latest technology for the mining
sector.

Mr. Sanchez told BNamericas, "Oil generates millions [of
dollars] but the government doesn't move fast enough to get the
technology.  They approve a purchase now and it takes five years
to finalize and by then the equipment is obsolete."

The ministry of basic industries and mining will submit the
mining reform bill to the government in November 2007,
BNamericas states, citing Mr. Sanchez.

                        *     *     *

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: Says OPEC Must Not Raise Oil Production by Dec.
------------------------------------------------------------
Venezuelan Energy Minister Rafael Ramirez told Reuters that Opec
must not increase oil production again after next month.

Reuters reports that Opec agreed on September to a 500,000
barrels per day increase in output from Nov. 1.

Mr. Ramirez, during an energy conference in Lisbon, asserted
that oil markets remained unstable and that prices were set to
continue at current levels, Reuters says.

"We will have a price that remains close to where we are, and
probably with a floor of US$60 and above," Mr. Ramirez was
quoted by Reuters as saying.

When asked if there should be another output hike after
November, Mr. Ramirez responded with "No."  He added that the
supply was "more than sufficient" and that the price increased
for reasons other than supply, Reuters relates.

                        *     *     *

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


                          ***********


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

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

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

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           * * * End of Transmission * * *