TCRLA_Public/071009.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, October 9, 2007, Vol. 8, Issue 200

                          Headlines

A R G E N T I N A

ACTIVA COMERCIAL: Files for Reorganization Petition in Court
CURTIEMBRE ARGENTINA: Claims Verification Is Until Nov. 8
FIAT SPA: CEO Optimistic About Bus Production Deal in China
FRIGORIFICO INDUSTRIAL: Claims Verification Deadline Is Nov. 26
INDUPOL SRL: Trustee Filing General Report in Court Tomorrow

MANPA SA: Trustee Filing Individual Reports in Court Tomorrow
NETOIR SA: Trustee Filing General Report in Court Tomorrow
OLLEROS 1757: Proofs of Claim Verification Ends on Nov. 19
PIU NOVA: Trustee Verifies Proofs of Claim Until Dec. 10
RESPONSABILIDAD PATRONAL: Trustee Filing General Report Tomorrow

TECNIC LIMP: Proofs of Claim Verification Ends Tomorrow
TELEFONICA DE ARGENTINA: Launches Tres Arroyos Telecom Network
TEXTIL JAVERIM: Proofs of Claim Verification Deadline Is Nov. 28
SUNNY SRL: Proofs of Claim Verification Is Until Nov. 29
URBANO CLOTHES: Trustee Filing Individual Reports Tomorrow


B O L I V I A

INT'L PAPER: Completes Joint Venture Formation with Ilim


B R A Z I L

AMRO REAL: Barclays Withdraws Bid To Purchase Firm
AFFINIA GROUP: Closes Chassis Facility in Mishawaka, Indiana
COMPANHIA FORCA: S&P Witdraws B+ Corporate Credit Rating
DELPHI CORP: Posts US$100 Mil. Net Loss in Month Ended Aug. 31
GP INVESTMENTS: Fitch Assigns B/RR4 Rating on Perpetual Notes

GENESCO INC: Shareholders Vote to Approve Charter Amendment
GOL LINHAS: Announces Traffic Statistics for Sept. 2007
STEELCASE INC: Paying US$0.15 Per Share Quarterly Cash Dividend
TK ALUMINUM: Completes Sale of French & German Subsidiaries

* BRAZIL: Petrobras Buying Energisa's Usina Termeletrica


C A Y M A N   I S L A N D S

BEAR STEARNS FUNDS: Federal Prosecutors Probing Funds' Collapse
ENSEC HOME: Proofs of Claim Filing Deadline Is Nov. 1
EUROPEAN FINANCIAL: Proofs of Claim Filing Is Until Nov. 1
MASTR CI-8: Proofs of Claim Filing Ends on Nov. 1
ML CBO: Proofs of Claim Filing Deadline Is Nov. 1

PARMALAT SPA: Increases Share Capital by EUR43,148
PGI ENTREPRENEURS: Proofs of Claim Filing Deadline Is Nov. 1
REMARKABLE FUNDING: Proofs of Claim Filing Is Until Nov. 1
SAILFISH GLOBAL: Proofs of Claim Filing Deadline Is Nov. 1
SK-ACAM: Proofs of Claim Filing Ends on Nov. 1

TATI LTD: Proofs of Claim Filing Deadline Is Nov. 1
TRIO ASSET: Proofs of Claim Filing Is Until Nov. 1


C H I L E

AES GENER: OKs US$350MM Capital Raise To Fund Investment Plan
CONSTELLATION BRANDS: Earns US$72.1 Mil. in Qtr. Ended Aug. 31


C O L O M B I A

INTERCONEXION ELECTRICA: Okays Additional 53 Mil. Stock Offering
UNIFI INC: Elects Ronald L. Smith as Chief Financial Officer


C O S T A   R I C A

SAMSONITE CORP: S&P Holds BB- Corp. Credit Rating on Watch Neg.


D O M I N I C A N   R E P U B L I C

BANCO BHD: Acquires Republic Bank's Assets


E C U A D O R

PETROECUADOR: Holding Board Meeting on Natural Gas Projects
PETROECUADOR: Okays US$451-Million Fuel Import Budget Raise

* ECUADOR: Will Propose New Contract with Oil Firms


E L   S A L V A D O R

BIO-RAD LAB: Completes 77.7% Outstanding DiaMed Share Buy
EXIDE TECH: Closes US$91.7 Million Rights Offering


G U A T E M A L A

AFFILIATED COMPUTER: Inks US$130MM Deal with Alaskan Gov. Agency
BRITISH AIRWAYS: Traffic Figures Down 0.7% in September 2007


J A M A I C A

NATIONAL COMMERCIAL: Launches NCB Visa Credit Card for Companies


M E X I C O

ALERIS INTERNATIONAL: Earns US$34.9MM in Quarter Ended June 30
BAUSCH & LOMB: Moody's Assigns B2 Corp. Rating to WP Prism
CHAPARRAL STEEL: Gerdau Buy Cues S&P To Withdaw Credit Ratings
COLLINS & AIKMAN: Posts US$27,403,332 Net Loss in August 2007
CORPORACION DURANGO: Holders Tender US$377,450,950 of Sr. Notes

DURA AUTOMOTIVE: Incurs US$11.4 Million Net Loss in August 2007
FEDERAL-MOGUL: Posts Net Loss of US$10.4 Million in August 2007
GRUPO MEXICO: Gets Flak for Mining Disaster
INTERNATIONAL RECTIFIER: Picks Michael Briere as R&D's Exec. VP
RYERSON INC: Rhombus Merger Prices Offering of 8-1/4% Sr. Notes

TRIMAS CORPORATION: Announces North American Plant Closures


P A N A M A

CABLE & WIRLESS: Unit Launches 1MM-Byte-Per-Sec. ADSL Service
CHIQUITA BRANDS: Launches Nogales Distribution Center


P A R A G U A Y

TELECOM PERSONAL: Launches International Short Messaging Service


P E R U

GRUPO MEXICO: Southern Copper Strike Continues


P U E R T O   R I C O

AFC ENTERPRISES: Chief Marketing Officer Robert Calderin Resigns
DIRECTV: John Suranyi Quits as President for Sales & Service
FUNDACION INC: Hires Jose Oliveras as Labor Counsel
FUNDACION INC: Taps Rafael Torres as Special Counsel
FUNDACION INC: U.S. Trustee Appoints Committee

MEDIRECT LATINO: Inks Standstill Agreement with Shareholders


V E N E Z U E L A

ARVINMERITOR INC: Fitch Pares Issuer Default & Debt Ratings
CHRYSLER LLC: UAW Gives 72-Hour Deadline for Deal Closure
PETROLEOS DE VENEZUELA: Hiring More Workers Next Year
PETROLEOS DE VENEZUELA: Nat'l Assembly OKs 3 Joint Ventures
PETROLEOS DE VENEZUELA: Tries To Revive El Palito Units

* VENEZUELA: Has 100 Billion Barrels of Proven Oil Reserves
* BOND PRICING: For the Week Oct. 1 to Oct. 5
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


ACTIVA COMERCIAL: Files for Reorganization Petition in Court
------------------------------------------------------------
Activa Comercial SA has requested for reorganization approval
after failing to pay its liabilities since August 2006.

The reorganization petition, once approved by the court, will
allow Activa Comercial 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. 9 in Buenos Aires.  Clerk No. 18 assist in this
case.

The debtor can be reached at:

          Activa Comercial SA
          Soldado de la Independencia 1258
          Buenos Aires, Argentina


CURTIEMBRE ARGENTINA: Claims Verification Is Until Nov. 8
---------------------------------------------------------
Maria Cristina Angelico, the court-appointed trustee for
Curtiembre Argentina Italia S.A.'s bankruptcy proceeding,
verifies creditors' proofs of claim until Nov. 8, 2007.

Ms. Angelico will present the validated claims in court as
individual reports on Dec. 21, 2007.  The National Commercial
Court of First Instance in Mendoza 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 Curtiembre Argentina and its creditors.

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

A general report that contains an audit of Curtiembre
Argentina's accounting and banking records will be submitted in
court on March 10, 2008.

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Curtiembre Argentina Italia S.A.
       Carril Rodriguez Pena y Canal Pescara, Maipu
       Mendoza, Argentina

The trustee can be reached at:

       Maria Cristina Angelico
       Martinez de Rozas 1015, Ciudad de Mendoza
       Mendoza, Argentina


FIAT SPA: CEO Optimistic About Bus Production Deal in China
-----------------------------------------------------------
Fiat S.p.A. Chief Executive Officer Sergio Marchionne sees a
"good chance" for clinching a deal with Chinese carmaker SAIC on
production of buses in China, Reuters reported.

"I believe there is a good chance to clinch the accord," Mr.
Marchionne was quoted as saying.

In an interview with the company's CEO at the sideline of a
university event, the news agency gathered that the Italian auto
maker's truck division Iveco was studying broadening production
to buses with SAIC.

                       About Fiat SpA

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

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

                        *     *     *

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

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


FRIGORIFICO INDUSTRIAL: Claims Verification Deadline Is Nov. 26
---------------------------------------------------------------
Jorge Edmundo Sahade, the court-appointed trustee for
Frigorifico Industrial Pehuajo S.A.'s reorganization proceeding,
verifies creditors' proofs of claim until Nov. 26, 2007.

Mr. Sahade Industrial Pehuajo S.A.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 Frigorifico Industrial 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 Frigorifico
Industrial's accounting and banking records will be submitted in
court.

Infobae didn't state the reports submission deadlines.

The informative assembly will be held on Sept. 18, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

       Jorge Edmundo Sahade
       Avenida de Mayo 1324
       Buenos Aires, Argentina


INDUPOL SRL: Trustee Filing General Report in Court Tomorrow
------------------------------------------------------------
Arnaldo Giecco, the court-appointed trustee for Indupol S.R.L.'s
bankruptcy proceeding, will submit a general report that
containing an audit of the firm's accounting and banking records
in the National Commercial Court of First Instance in Buenos
Aires on Oct. 10, 2007.

Mr. Giecco verified creditors' proofs of claim until
July 2, 2007.  He also presented the validated claims in court
as individual reports on July 29, 2007.

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

The debtor can be reached at:

          Indupol S.R.L.
          Juan D. Peron 1143
          Buenos Aires, Argentina

The trustee can be reached at:

          Arnaldo Giecco
          Uruguay 1061
          Buenos Aires, Argentina


MANPA SA: Trustee Filing Individual Reports in Court Tomorrow
-------------------------------------------------------------
Miguel Angel Perez, the court-appointed trustee for Manpa S.A.'s
bankruptcy proceeding, will present the validated claims as
individual reports in the National Commercial Court of First
Instance in Buenos Aires on Oct. 10, 2007.

Mr. Perez verified creditors' proofs of claim until
Aug. 29, 2007.

A general report that contains an audit of Manpa's accounting
and banking records will be submitted in court on Nov. 22, 2007.

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

The trustee can be reached at:

          Miguel Angel Perez
          Roque Saenz Pena 651
          Buenos Aires, Argentina


NETOIR SA: Trustee Filing General Report in Court Tomorrow
----------------------------------------------------------
Maria del Carmen Amandule, the court-appointed trustee for
Netoir S.A.'s bankruptcy proceeding, will submit a general
report containing an audit of the firm's accounting and banking
records in the National Commercial Court of First Instance No. 8
in Buenos Aires on Oct. 10, 2007.

Ms. Amandule verified creditors' proofs of claim until
June 15, 2007.  She then presented the validated claims in court
as individual reports on Aug. 29, 2007.

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

Clerk No. 16 assists the court on this case.

The trustee can be reached at:

          Maria del Carmen Amandule
          24 de Noviembre 1226
          Buenos Aires, Argentina


OLLEROS 1757: Proofs of Claim Verification Ends on Nov. 19
----------------------------------------------------------
Ana Maria Calzada Percivale, the court-appointed trustee for
Olleros 1757 S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 19, 2007.

Ms. Percivale will present the validated claims in court as
individual reports on Feb. 7, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Olleros 1757 and its creditors.

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

A general report that contains an audit of Olleros 1757's
accounting and banking records will be submitted in court on
March 26, 2008.

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

The debtor can be reached at:

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

The trustee can be reached at:

       Ana Maria Calzada Percivale
       Sarmiento 2437
       Buenos Aires, 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


RESPONSABILIDAD PATRONAL: Trustee Filing General Report Tomorrow
----------------------------------------------------------------
Superintendencia de Seguros de la Nacion, the court-appointed
trustee for Responsabilidad Patronal ART S.A.'s bankruptcy
proceeding, will file a general report that containing an audit
of the firm's accounting and banking records in the National
Commercial Court of First Instance in La Matanza, Buenos Aires,
on Oct. 10, 2007.

Superintendencia de Seguros verified creditors' proofs of claim
until June 26, 2007.  The trustee also presented the validated
claims in court as individual reports on Aug. 28, 2007.

Superintendencia de Seguros is also in charge of administering
Responsabilidad Patronal's assets under court supervision and
will take part in their disposal to the extent established by
law.

The debtor can be reached at:

          Responsabilidad Patronal ART S.A.
          Avenida de Mayo 743
          Ramos Mejia, Partido de La Matanza
          Buenos Aires, Argentina

The trustee can be reached at:

          Superintendencia de Seguros de la Nacion
          Balcarce 298/300
          Buenos Aires, Argentina


TECNIC LIMP: Proofs of Claim Verification Ends Tomorrow
-------------------------------------------------------
Estudio Stolkiner y Asociados, the court-appointed trustee for
Tecnic Limp SA's reorganization proceeding, verifies creditors'
proofs of claim until Oct. 10, 2007.

Estudio Stolkiner will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of
Clerk No. 15, 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 Tecnic Limp 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 Tecnic Limp's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

The informative assembly will be held on Aug. 7, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

Estudio Stolkiner is also in charge of administering El Oro's
assets under court supervision and will take part in their
disposal to the extent established by law.

The debtor can be reached at:

         Tecnic Limp SA
         Laguna 761
         Buenos Aires, Argentina

The trustee can be reached at:

         Estudio Stolkiner y Asociados
         Avenida Cordoba 1367
         Buenos Aires, Argentina


TELEFONICA DE ARGENTINA: Launches Tres Arroyos Telecom Network
--------------------------------------------------------------
Telefonica de Argentina said in a statement that it has launched
a telecommunications network for Tres Arroyos, Buenos Aires.

Business News Americas relates that Tres Arroyos is the first
city in Buenos Aires with the infrastructure, which would make
it a "digital city."  The network provides these services:

          -- telephony switches,
          -- mobile lines,
          -- digital external plant, and
          -- broadband.

BNamericas notes that the new telecommunications platform
simplifies municipal administration by:

          -- interconnecting several municipal agencies,
          -- organizing traffic, and
          -- optimizing communications of security services.

According to BNamericas, the network required collaboration of
several Telefonica units like:

          -- mobile unit Movistar, which provided 50 mobile
             lines; and

          -- corporate and government product and services
            provider Telefonica Negocios, which supplied a data
            network with six interconnections points and
            Internet access.

Telefonica de Argentina provides consumer services in Tres
Arroyos, BNamericas states.

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

                        *     *     *

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


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 Martin 1009
       Buenos Aires, Argentina


SUNNY SRL: Proofs of Claim Verification Is Until Nov. 29
--------------------------------------------------------
Andrea Isabel Sita, the court-appointed trustee for The Sunny
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
until Nov. 29, 2007.

Ms. Sita will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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 The Sunny 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 The Sunny's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       The Sunny SRL
       Pacheco de Melo 2939
       Buenos Aires, Argentina

The trustee can be reached at:

       Andrea Isabel Sita
       Cramer 2175
       Buenos Aires, Argentina


URBANO CLOTHES: Trustee Filing Individual Reports Tomorrow
----------------------------------------------------------
Ernesto Oscar Puerta, the court-appointed trustee for Urbano
Clothes S.R.L.'s bankruptcy proceeding, will present the
validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
Oct. 10, 2007.

Mr. Puerta verified creditors' proofs of claim until
Aug. 29, 2007.

A general report that contains an audit of Urbano Clothes'
accounting and banking records will be submitted in court on
Nov. 28, 2007.

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

The trustee can be reached at:

        Ernesto Oscar Puerta
        Fragata Presidente Sarmiento 72
        Buenos Aires, Argentina




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


INT'L PAPER: Completes Joint Venture Formation with Ilim
--------------------------------------------------------
International Paper and Ilim Holding S.A. have completed the
previously announced formation of a 50:50 joint venture, the
largest foreign- domestic alliance in the Russian forest sector.
The joint venture will operate as Ilim Group.

To form the joint venture, International Paper purchased 50
percent of Ilim Holding, S.A., for approximately US$620 million.
The deal received approval from the Russian Federal Antimonopoly
Service in June and the partners signed a definitive agreement
for the deal in August.

"The formation of this 50:50 joint venture is a real strategic
milestone for International Paper," said International Paper
Chairman and Chief Executive Officer John Faraci.  "Both parties
bring important strengths and expertise to the JV, and we are
very positive about the future success of this new partnership."

"We are very pleased to begin our partnership with Ilim and work
together to continue to grow this business," said International
Paper Senior Vice President and President of IP Europe Mary
Laschinger.  "We believe the joint venture has all the
ingredients needed for success: good management, talented, hard-
working employees, a solid asset base with improvement
potential, and strong supply positions in high-growth markets."

Chairman of Ilim Group Zakhar Smushkin said, "Today we are
opening a new page in the history of Ilim Group and the entire
Russian pulp and paper industry.  We have formed an alliance
that is unprecedented in our sector and will become the center
of dynamic growth of the entire Russian forest products
industry.  This is a response to global market challenges and
the appeals from the Russian President and the government of the
Russian Federation.  The company's products will be able to meet
the demand of the growing Russian market for high-quality paper
and packaging products and also resolve the import replacement
problem.  In five years' time, every fourth sheet of paper and
every third corrugated box in the Russian market will be
produced by our company."

A key element of the joint venture strategy is a long-term
investment program in which the joint venture will invest,
through cash from operations and additional debt, approximately
US$1.5 billion in Ilim's four mills over approximately five
years.  This unprecedented investment in the Russian pulp and
paper industry will upgrade equipment, increase production
capacity and allow for new high-value uncoated paper, pulp and
corrugated packaging product development.

The pulp and paper mill that International Paper currently owns
and operates in Svetogorsk, in Russia's Leningrad region, will
not be owned by the joint venture and will continue to operate
as part of IP's European Papers business.  Similarly, Ilim
Pulp's wood products enterprises will not be integrated into the
joint venture; instead they will be combined to create Russia's
largest wood products holding company.

            Board of Directors and Management Team

The joint venture has formed a new board of directors, which
includes four members each from Ilim and International Paper.
Board members from International Paper are: Ms. Mary Laschinger,
senior vice president and president, IP Europe; Cato Ealy,
senior vice president, corporate development; Richard Phillips,
retired senior vice president, technology; Dwight Van Inwegen,
chief financial officer, IP Europe.  Ilim is represented by the
current Ilim Pulp shareholders, Boris Zingarevich, Mikhail
Zingarevich, and Leonid Erukhimovich, as well as Mr. Zakhar
Smushkin, who will also chair the board of directors.

Paul Herbert, former International Paper senior vice president,
has been named the joint venture's chief executive officer.
Ilim Group's full management team is as follows:

-- Sergey Kostylev, deputy Chief Executive Officer (formerly of
    Ilim)

-- Alexandr Pozdnyakov, deputy CEO, managing director, Ilim
    West (formerly of Ilim)

-- Brian McDonald, deputy CEO, managing director, Ilim East
    (formerly of International Paper)

-- Yuri Aivazov, deputy CEO, managing director, corrugated box
    business (formerly of Ilim)

-- Alexandr Emdin, deputy CEO, chief financial officer
    (formerly of Ilim)

-- John Rankin, deputy CEO, managing director, manufacturing
    and investments (formerly of International Paper)

-- Yuri Masiyansky, chief administration and human resources
    director (formerly of Ilim)

-- Alexandr Bass, chief managing director, supply chain
    (formerly of Ilim)

-- Viktor Atamanov, managing director, strategic planning and
    marketing (formerly of Ilim)

-- Alexei Lomko, general counsel and central legal (formerly of
    Ilim)

-- Alexandr Khromov, managing director, security (formerly of
    Ilim)

-- Elena Konnova, public relations director (formerly of Ilim)

-- Dmitry Chuiko, government relations director (formerly of
    Ilim)

-- Igor Tyukov, board of directors administration officer
   (formerly of Ilim)

                      About Ilim Group

Ilim Group -- http://www.ilimgroup.com/-- was registered in St.
Petersburg on Sept. 27, 2006.  In 2007, the Group was joined by
Kotlas Pulp and Paper Mill, Bratsk Pulp and Containerboard Mill
and Ust-Ilimsk Pulp and Paper Mill as the mills were converted
to a single share.  On July 2, Ilim Group started its activities
as a unified company. Production assets of the Group are
structured on the production and geographical basis and include
the following business units:  "Ilim West" (North-Western Pulp
and Paper Production), "Ilim East" (Siberian Pulp and Paper
Production) and Corrugated Packaging. Business unit Ilim West
includes Koryazhma Branch of Ilim Group (Arkhangelsk region), as
well as timber suppliers, regional service companies in
Arkhangelsk region and St. Petersburg Cartonboard and Printing
Mill (Leningrad region), its distributor PetroBoardTrading and
Alt Papier.  Business unit Ilim East includes Bratsk and Ust-
Ilimsk Branches of Ilim Group, as well as regional logging
companies and service companies.  Corrugated Packaging business
unit includes corrugated plant Ilim Gofropak and Ilim Gofra,
whose aim is to implement the Group's projects to establish new
corrugated board plants.  The company also includes centralized
service providers to the Group's branches and subsidiaries.

                   About International Paper

Based in Stamford, Connecticut, International Paper Co. (NYSE:
IP) -- http://www.internationalpaper.com/-- is in the forest
products industry for more than 100 years.  The company is
currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela.  These businesses
are complemented by an extensive North American merchant
distribution system.  International Paper is committed to
environmental, economic and social sustainability, and has a
long-standing policy of using no wood from endangered forests.

                        *     *     *

International Paper Co. carries Moody's Investors Service's Ba1
senior subordinate rating and Ba2 Preferred Stock rating.




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


AMRO REAL: Barclays Withdraws Bid To Purchase Firm
--------------------------------------------------
Business News Americas reports that UK bank Barclays has
withdrawn its bid to buy ABN Amro Real.

According to ABN Amro's statement, Barclays' decision paved the
way for Spain's Santander to take over ABN Amro.

Barclays had offered EUR62.2 billion in cash and shares for ABN
Amro.  Meanwhile, the Royal Bank of Scotland "enlisted Santander
and Belgium's Fortis and countered with a mostly cash offer of
EUR70.5 billion."  Santander will be paying EUR12 billion to
hold on to ABN Amro.  The Royal Bank's offer expires on Oct. 30,
BNamericas states.

ABN Amro Real specializes in commercial banking, capital
markets, corporate banking, asset management, and trade finance.
Its more than 22,000 employees assist over five million clients
throughout five thousand different points of sales.  In 1999,
the bank merged with Brazil's Banco Real.  The regional office
for Latin America and the Caribbean is located in Brazil.

                        *     *     *

On Aug. 23, 2007, Moody's Investors Service upgraded Banco ABN
AMRO Real S.A.'s long-term foreign currency deposits to Ba2.
Moody's said the rating outlook was stable.


AFFINIA GROUP: Closes Chassis Facility in Mishawaka, Indiana
------------------------------------------------------------
Affinia Group Inc. is closing its chassis products manufacturing
and packaging facility in Mishawaka, Indiana.   Production and
packaging will be consolidated into its Oklahoma City facility.
The distribution of the product will continue out of the
McHenry, Illinois master distribution center.  The transition
will begin immediately and is expected to be complete by
mid-2008.

"The consolidation of the Mishawaka chassis manufacturing and
packaging into Oklahoma City is another important step in
Affinia's transformation plan.  The competitive landscape is
constantly changing, and like many companies we continue to
evaluate every aspect of our business to adapt to current market
conditions," said John R. Washbish, President of Affinia's Under
Vehicle Group.

"This closure in no way reflects on the talents or dedication of
the 192 hard-working people of Mishawaka.  We deeply regret the
impact on the lives of our employees and their families.  We
will work closely with them and provide all the help we can,
including the option of transfers to Oklahoma City, as well as
local placement and career assistance wherever possible," said
Mr. Washbish.

                     About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  Its South American operation is located in Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Moody's Investors Service has upgraded Affinia Group Inc.'s
Corporate Family Rating to B2 from B3 and revised the outlook to
stable from negative.


COMPANHIA FORCA: S&P Witdraws B+ Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+'
corporate credit rating on Companhia For‡a e Luz Cataguazes-
Leopoldina, at the company's request.  At the time of the
withdrawal, the outlook is positive.

Companhia Forca e Luz Cataguazes-Leopoldina is a Brazil-based
company that is mainly engaged in the power generation and
distribution business.  The Company supplies energy for over
1,900,000 consumers in four Brazilian states: Minas Gerais, Rio
de Janeiro, Sergipe and Paraiba, with a total area of 91,180
square kilometers.  The company, along with CENF-Companhia de
Eletricidade de Nova Friburgo, Energipe-Empresa Energica de
Sergipe S.A., CELB-Companhia Energica da Borborema and Saelpa-
Sociedade de Eletrifica da Para, are all subsidiaries of the
Sistema Cataguazes-Leopoldina Group, which is involved in the
generation and distribution of electricity.  The Group operates
with five distributors, one thermoelectric power station and 14
small hydroelectric power plants, a total of 137,000 kilowatts
of generating capacity.


DELPHI CORP: Posts US$100 Mil. Net Loss in Month Ended Aug. 31
--------------------------------------------------------------
                    Delphi Corporation, et al.
               Unaudited Consolidated Balance Sheet
                       As of Aug. 31, 2007
                          (In Millions)

                              ASSETS

Current assets:
   Cash and cash equivalents                             US$20
   Restricted cash                                         138
   Accounts receivable, net:
      General Motors and affiliates                      1,545
      Other third parties                                  972
      Non-Debtor affiliates                                367
   Notes receivable from non-Debtor affiliates             292
   Inventories, net:
      Productive material, work-in-process & supplies      862
      Finished goods                                       249
   Other current assets                                    226
                                                      --------
      TOTAL CURRENT ASSETS                               4,671

Long-term assets:
   Property, net                                         1,819
   Investment in affiliates                                362
   Investments in non-Debtor affiliates                  3,936
   Goodwill                                                152
   Other intangible assets                                  28
   Other                                                   301
                                                      --------
      TOTAL LONG-TERM ASSETS                             6,598
                                                      --------
TOTAL ASSETS                                         US$11,269
                                                      ========

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities not subject to compromise:
   Debtor-in-possession financing                     US$3,105
   Accounts payable                                      1,261
   Accounts payable to non-Debtor affiliates               623
   Accrued liabilities                                     763
   Notes payable to non-Debtor affiliates                  131
                                                      --------
   TOTAL CURRENT LIABILITIES                             5,883

Long-term liabilities not subject to compromise:
   Employee benefit plan obligations and other             707

Liabilities subject to compromise                       18,216
                                                      --------
   TOTAL LIABILITIES                                    24,806

Stockholders' deficit:
   Common stock                                              6
   Additional paid-in capital                            2,779
   Accumulated deficit                                 (13,534)
   Accumulated other comprehensive loss                 (2,736)
   Treasury stock, at cost (3.2 million shares)            (52)
                                                      --------
   TOTAL STOCKHOLDERS' DEFICIT                         (13,537)
                                                      --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT          US$11,269
                                                      ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                    Month Ended Aug. 31, 2007
                          (In Millions)

Net sales:
   General Motors and affiliates                        US$925
   Other customers                                         554
   Non-Debtor affiliates                                   45
                                                      --------
Total net sales                                          1,524
                                                      --------
Operating expenses:
   Cost of sales                                         1,463
   Long-lived asset impairment charges                       -
   Securities & ERISA litigation charge                     21
   Depreciation and amortization                            41
   Selling, general and administrative                      93
                                                      --------
Total operating expenses                                 1,618
                                                      --------
Operating loss                                             (94)

Interest expense                                           (24)
Loss on extinguishment of debt                               -
Other (expense) income, net                                 16

Reorganization items                                       (14)
Income tax benefit (expense)                                 -
Equity income from non-consolidated affiliates               1
Equity income from non-Debtor affiliates                    15
                                                      --------
NET LOSS                                               (US$100)
                                                      ========


                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                    Month Ended Aug. 31, 2007
                          (In Millions)

Cash flows from operating activities:
   Net loss                                            (US$100)
   Adjustments to reconcile net loss
    to net cash provided by operating activities:
    Depreciation and amortization                           41
    Deferred income taxes                                   (1)
    Pension and other postretirement benefit expenses       78
    Equity income from unconsolidated affiliates            (1)
    Equity income from non-Debtor affiliates               (15)
    Reorganization items                                    14
    Securities & ERISA litigation charges                   21
   Changes in operating assets and liabilities:
    Accounts receivable, net                               (84)
    Inventories, net                                        17
    Other assets                                             8
    Accounts payable, accrued and other long-term debts    (98)
    U.S. employee special attrition program                (14)
    Other postretirement benefit payments                  (20)
    Pension contributions                                   (1)
    Payments for reorganization items                      (11)
    Other                                                   (2)
                                                      --------
Net cash used in operating activities                     (168)

Cash flows from investing activities:
   Capital expenditures                                    (22)
   Increase in restricted cash                             (28)
   Other                                                     4
                                                      --------
Net cash used in investing activities                      (46)

Cash flows from financing activities:
   Net proceeds from DIP facility                           75
   Net repayments of borrowings under other debt pacts     131
   Other                                                    (2)
                                                      --------
Net cash used in financing activities                      204
                                                      --------
Decrease in cash and cash equivalents                      (10)
Cash and cash equivalents at beginning of period            30
                                                      --------
Cash and cash equivalents at end of period               US$20
                                                      ========

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan. (Delphi Bankruptcy News, Issue No. 87
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


GP INVESTMENTS: Fitch Assigns B/RR4 Rating on Perpetual Notes
-------------------------------------------------------------
Fitch Ratings has assigned a 'B/RR4' rating to GP Investments
Ltd's extension of its 2007 senior perpetual notes program for
US$40 million.  The Rating Outlook is Positive.

On July 25, 2007, Fitch revised the Rating Outlook of GP's
Issuer Default Rating of 'B' and its original US$150 million
perpetual notes issuance to Positive from Stable given the
significant expected increase in assets under management and its
positive effects on GP's recurrent income. Resolution of the
Positive Outlook will depend on the ability of GP to sustain the
expected increase in recurring income and keep adequate control
of its expenses, while a successful deployment of new
investments will also be monitored.  The need for a
significantly more diversified investment portfolio, a further
increase of recurrent income to cover operating expenses, and a
more developed valuation methodology, are key to sustain an
improvement in GP's rating going forward.

The perpetual notes have no fixed final maturity date and will
be repaid only in the event that the issuer redeems the notes or
upon acceleration due to an event of default.  The notes are
general unsubordinated obligations of GP and rank pari passu
with the company's unsubordinated indebtedness.  The obligations
of GP under the notes are supported by an 18-month coupon
payment reserve, which will be deposited in a trustee.  The
rating of the issuance recognizes the liquidity implicit in the
coupon reserve, augmented by substantial cash currently on hand;
nevertheless, the concern is that the latter is intended to be
used for investments, and its availability at any point during
the life of the debt instrument is difficult to predict.

GP's ratings are supported by adequate leverage levels, the
franchise of the company and the experience of the management
team, which augurs well for positive prospects going forward.
Also, the significant increase in the size of its portfolio of
managed investments results in a positive trend on its recurrent
income.  The ratings are constrained, however, by the
concentrated nature of the current and intended investment
portfolio, the uncertainty related to the maturation period of
the investment portfolio, and GP's timing and ability to realize
investment gains.

GP Investments - http://www.gpinvestments.com/-- is a leading
private equity player in Brazil.  The GP Investments' activities
consist of its core private equity business and its asset
management business, and its mission is to generate higher than
average long-term return to its investors and shareholders.
Since its inception in 1993, GP Investments raised more than
US$1.5 billion from Brazilian and international investors, and
acquired more than thirty-five companies in ten different
sectors.  On May 2006, GP Investments concluded its Initial
Public Offering -- IPO, becoming the first listed private equity
company in Brazil.


GENESCO INC: Shareholders Vote to Approve Charter Amendment
-----------------------------------------------------------
Genesco Inc.'s shareholders had voted at its reconvened special
meeting of shareholders to approve and adopt a charter amendment
that permits the redemption of Genesco's Employees' Subordinated
Convertible Preferred Stock following the completion of the
merger of Genesco with a wholly-owned subsidiary of The Finish
Line, Inc., which was approved by Genesco's shareholders at the
initially convened meeting on Sept. 17, 2007.

                      About Finish Line

Headquartered in Indianapolis, Indiana, The Finish Line Inc.
(Nasdaq: FINL) -- http://www.finishline.com/-- is a mall-based
specialty retailer operating under the Finish Line, Man Alive
and Paiva brand names.  The company currently operates 697
Finish Line stores in 47 states and online, 95 Man Alive stores
in 19 states and online and 15 Paiva stores in 10 states and
online.

                      About Genesco Inc.

Based in Nashville, Tennessee, Genesco Inc. (NYSE: GCO) --
http://www.genesco.com/-- is a specialty retailer of footwear,
headwear and accessories in more than 1,900 retail stores in the
U.S. and Canada, principally under the names Journeys, Journeys
Kidz, Shi by Journeys, Johnston & Murphy, Underground Station,
Hatworld, Lids, Hat Zone, Cap Factory, Head Quarters and Cap
Connection.  The company also sells footwear at wholesale under
its Johnston & Murphy brand and under the licensed Dockers.

                        *     *     *

As reported in the Troubled Company Reporter on June 4, 2007,
Standard & Poor's Ratings Services said that its ratings on
specialty Genesco Inc. remain on CreditWatch with developing
implications, following the announcement that it has rejected
Foot Locker Inc.'s conditional bid to acquire Genesco for
approximately US$1.3 billion (US$51.00 per share) in cash.

In April 2007, S&P placed its ratings, including the 'BB-'
corporate credit rating, on Genesco Inc. on CreditWatch with
developing implications after Foot Locker launched its bid for
Genesco.

The Foot Locker deal also prompted Moody's Investors Service to
place the ratings of Genesco on review for possible downgrade.
Affected ratings include the company's "Ba3" corporate family
rating.


GOL LINHAS: Announces Traffic Statistics for Sept. 2007
-------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazil's GOL Transportes Aereos S.A. and VRG Linhas Aereas S.A.,
today released preliminary passenger statistics for the month of
September 2007.  Consolidated domestic passenger traffic for
September 2007 increased 21% and capacity increased 49% year-
over-year.  Domestic consolidated load factor for the month was
62%, and in the international market consolidated load factor
was 59%.  GOL's total consolidated load factor for the month of
September was 61%.  Average fares increased 1% versus September
2006.

GTA's domestic passenger traffic for September 2007 was 1,351mm
and capacity was 2,106mm.  International passenger traffic was
167mm and capacity was 284mm.  VRG's domestic passenger traffic
for September 2007 was 87mm and capacity was 218mm.
International passenger traffic (RPK) was 175mm and capacity was
299mm.

                      September       September
Operating Data         2007 *          2006 *       Change (%)
Total System
ASK (mm) (1)           2,907.4         1,728.3         68.2%
RPK (mm) (2)           1,779.8         1,305.5         26.3%
Load Factor (3)           61.2%           75.5%    -14.3 p.p.
Domestic Market
ASK (mm) (1)           2,323.9         1,562.3         48.7%
RPK (mm) (2)           1,437.4         1,185.5         21.2%
Load Factor (3)           61.9%           75.9%    -14.0 p.p.
International Market
ASK (mm) (1)             583.5           166.0        251.5%
RPK (mm) (2)             342.4           120.0        185.3%
Load Factor (3)           58.7%           72.3%    -13.6 p.p.

(*)  September 2007 - preliminary data; final data for
      September 2006.

(1) Available seat kilometers represents the aircraft seating
     capacity multiplied by the number of kilometers the seats
     are flown.

(2) Revenue passenger kilometers represents the numbers of
     kilometers flown by revenue passengers.

(3) Load factor represents the percentage of aircraft seating
     capacity that is actually utilized (calculated by dividing
     revenue passenger kilometers by available seat
     kilometers).

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

                        *     *     *

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


STEELCASE INC: Paying US$0.15 Per Share Quarterly Cash Dividend
---------------------------------------------------------------
The Board of Directors of Steelcase Inc. has declared a
quarterly cash dividend of US$0.15 per share to be paid on or
before Oct. 24, 2007, to shareholders of record as of
Oct. 15, 2007.

                       About Steelcase

Headquartered in Grand Rapids, Michigan, Steelcase, Inc., (NYSE:
SCS) -- http://www.steelcase.com/-- designs and manufactures
architecture, furniture and technology products.  Founded in
1912, Steelcase serves customers through a network of more than
800 independent dealers and approximately 13,000 employees
worldwide, including, Brazil and Mexico in Latin America.

                        *     *     *

As reported in the Troubled Company Reporter on July 2, 2007,
Moody's Investors Service upgraded the ratings of Steelcase to
investment grade (Baa3) from Ba1 following continued operating
performance improvements.  At the same time, the Ba1 corporate
family rating and Ba1 probability of default ratings were
withdrawn as these ratings are not applicable for investment
grade issuers.  The loss-given-default assessments were also
withdrawn.


TK ALUMINUM: Completes Sale of French & German Subsidiaries
-----------------------------------------------------------
Teksid Luxembourg S.a r.l., S.C.A. has completed the previously
announced sale of its equity interests in TK Aluminum-France
S.A.S. and Teksid Deutschland GmbH to Bavariaring 0906 GmbH, an
affiliate of BAVARIA Industriekapital AG.  TK France is the
parent of Teksid France S.A.S., Fonderie du Poitou Aluminium
S.A.S., Fonderie Aluminium Cleon S.A.S. and Metaltemple S.A.S.
and such subsidiaries were indirectly sold to Bavariaring as
part of the transaction.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                        *     *     *

As reported on May 9, 2007, Moody's Investors Service confirmed
the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid
Aluminum Luxembourg Sarl SCA with a stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


* BRAZIL: Petrobras Buying Energisa's Usina Termeletrica
--------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA said in a
statement that the company has signed a deal to acquire the
87-megawatt Usina Termeletrica Juiz de Fora thermo plant from
power firm Energisa.

Business News Americas relates that the BRL204-million deal
includes the right to market the power to Energisa's units.

Petroleo Brasileiro told BNamericas, "The acquisition is
important to increase the synergy among Petrobras' [Petroleo
Brasileiro] assets in the electric energy area.  It also
represents one of the actions the company is deploying to
consolidate itself as an integrated energy company."

According to BNamericas, the Usina Termeletrica acquisition
still awaits regulatory authorization.

The Minas Gerais-based natural gas fired plant has a sales
agreement through 2022, BNamericas states.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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




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


BEAR STEARNS FUNDS: Federal Prosecutors Probing Funds' Collapse
---------------------------------------------------------------
The U.S. Attorney's office in Brooklyn, New York, has launched a
criminal investigation into Bear Stearns High-Grade Structured
Credit Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund,
Ltd., The Wall Street Journal said, citing people familiar with
the matter.

The U.S. Attorney's office, according to the Journal, asked for
information related to the Funds, whose collapse cost
approximately US$1,600,000,000.  The Journal said the
nvestigation is still in its early stages and no subpoenas have
been issued yet.

Bear Stearns Cos. is also already under an investigation by the
U.S. Securities and Exchange Commission, the Journal related.

Christopher Clark, Esq., at Dewey & LeBouef, LLP, a defense
attorney not involved in the case, told the Journal that
criminal probes into the trading practices of hedge funds are
rare and cases are difficult to prove.

"It's a tough case to make unless they have turned up some sort
of malfeasance," the Journal quoted Mr. Clark as saying.  "The
law assumes the investors are sophisticated and understand the
risks.  This was clearly a high-risk investment strategy."

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

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

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


ENSEC HOME: Proofs of Claim Filing Deadline Is Nov. 1
-----------------------------------------------------
Ensec Home Finance Pool I, Ltd.'s creditors are given until
Nov. 1, 2007, to prove their claims to Helen Allen and Jan
Neveril, 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.

Ensec Home's shareholders agreed on Sept. 20, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


EUROPEAN FINANCIAL: Proofs of Claim Filing Is Until Nov. 1
----------------------------------------------------------
European Financial Investments Fund Limited's creditors are
given until Nov. 1, 2007, to prove their claims to Guy Major and
Maxine Rawlins, 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.

European Financial's shareholder agreed on Sept. 27, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

          Guy Major
          Maxine Rawlins
          Maples Finance Limited
          P.O. Box 1093, George Town
          Grand Cayman, Cayman Islands


MASTR CI-8: Proofs of Claim Filing Ends on Nov. 1
-------------------------------------------------
Mastr CI-8's creditors are given until Nov. 1, 2007, to prove
their claims to Suzan Merren and Giles Kerley, 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.

Mastr CI-8's shareholders agreed 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:

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


ML CBO: Proofs of Claim Filing Deadline Is Nov. 1
-------------------------------------------------
ML CBO VII (Cayman) Ltd.'s creditors are given until
Nov. 1, 2007, to prove their claims to Suzan Merren and Richard
Gordon, 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.

ML CBO's shareholder agreed on Sept. 20, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


PARMALAT SPA: Increases Share Capital by EUR43,148
--------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by EUR43,148
to EUR1,651,997,435 from EUR1,651,954,287.  The share capital
increase is due to the exercise of 43,148 warrants.

The latest status of the share allotment is:

   -- 35,255,275 shares representing approximately 2.1% of the
      share capital are still in a deposit account c/o
      Parmalat S.p.A., of which:

      -- 13,567,303 or 0.8% of the share capital, registered
         in the name of individually identified commercial
         creditors, are still deposited in the intermediary
         account of Parmalat S.p.A. centrally managed by
         Monte Titoli (compared with 13,568,574 shares as at
         Sept. 3, 2007);

      -- 21,687,972 or 1.3% of the share capital registered
         in the name of the Foundation, called Fondazione
         Creditori Parmalat, of which:

         -- 120,000 shares representing the initial share
            capital of Parmalat S.p.A. (unchanged); and

         -- 21,567,972 or 1.3% of the share capital that
            pertain to currently undisclosed creditors
            (compared with 21,904,437 shares as at
            Sept. 3, 2007).

                       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.


PGI ENTREPRENEURS: Proofs of Claim Filing Deadline Is Nov. 1
------------------------------------------------------------
PGI Entrepreneurs Midas (Cayman) Ltd.'s creditors are given
until Nov. 1, 2007, to prove their claims to Emile Small and
Richard Gordon, 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.

PGI Entrepreneurs' shareholders agreed on Sept. 29, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


REMARKABLE FUNDING: Proofs of Claim Filing Is Until Nov. 1
----------------------------------------------------------
Remarkable Funding Corporation's creditors are given until
Nov. 1, 2007, to prove their claims to Suzan Merren and Giles
Kerley, 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.

Remarkable Funding's shareholders agreed 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:

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


SAILFISH GLOBAL: Proofs of Claim Filing Deadline Is Nov. 1
----------------------------------------------------------
Sailfish Global Equity Fund (G3), Ltd.'s creditors are given
until Nov. 1, 2007, to prove their claims to Jan Neveril and
Richard Gordon, 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.

Sailfish Global's shareholders agreed on Aug. 28, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


SK-ACAM: Proofs of Claim Filing Ends on Nov. 1
----------------------------------------------
SK-ACAM Ltd.'s creditors are given until Nov. 1, 2007, to prove
their claims to Helen Allen and Joshua Grant, 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.

SK-ACAM's shareholder agreed on Sept. 11, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

       Helen Allen and Joshua Grant
       Maples Finance Limited
       P.O. Box 1093, George Town
       Grand Cayman, Cayman Islands


TATI LTD: Proofs of Claim Filing Deadline Is Nov. 1
---------------------------------------------------
Tati Ltd.'s creditors are given until Nov. 1, 2007, to prove
their claims to Buchanan Limited, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

Tati's shareholders agreed on Sept. 20, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Buchanan Limited
       Attention: Francine Jennings
       P.O. Box 1170, Grand Cayman KY1-1102
       Cayman Islands
       Telephone: (345) 949-0355
       Fax: (345) 949-0360


TRIO ASSET: Proofs of Claim Filing Is Until Nov. 1
--------------------------------------------------
Trio Asset Funding Corporation's creditors are given until
Nov. 1, 2007, to prove their claims to Guy Major and Emile
Small, 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.

Trio Asset's shareholders agreed 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:

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




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


AES GENER: OKs US$350MM Capital Raise To Fund Investment Plan
-------------------------------------------------------------
AES Gener's general manager Felipe Ceron told Dow Jones
Newswires that the firm's shareholders have authorized a US$350-
million capital increase to finance an investment plan.

Mr. Ceron commented to the press, "This capital increase that's
just been approved, as well as a US$400 million bond issue being
registered, will be used to finance the investment plan and
refinance some of our passives."

Dow Jones notes that AES Gener has a US$2.4-billion, five-year
investment plan that includes the construction of several coal-
fired and hydroelectric generators.  The firm initially planned
a US$300-million capital increase.  However, majority
shareholder AES proposed raising it to US$350 million.

AES Gener wants to conduct part of the capital raise later this
year and the remainder early next year, Dow Jones states, citing
Mr. Ceron.

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *     *     *

On June 16, 2006, Fitch Ratings upgraded the local and foreign
currency Issuer Default Ratings of AES Gener SA to 'BB+' from
'BB'.  Fitch also upgraded Gener's senior unsecured debt rating,
which consists of US$400 million senior notes due 2014, to
'BB+'.  Fitch revised Gener's rating outlook to positive from
stable.


CONSTELLATION BRANDS: Earns US$72.1 Mil. in Qtr. Ended Aug. 31
--------------------------------------------------------------
Constellation Brands Inc. has reported results of operations for
its second quarter ended Aug. 31, 2007.

The company reported net income of US$72.1 million on net sales
of US$892.6 million for the quarter ended Aug. 31, 2007,
compared with net income of US$68.4 million on net sales of
US$1.42 billion for the prior year second quarter.

"We have substantially completed our previously announced U.S.
wine distributor inventory reduction initiative during the
second quarter," stated Rob Sands, Constellation Brands
president and chief executive officer.  "For the quarter, we
delivered solid cash flow and reduced our debt by more than $200
million from first quarter levels.  As anticipated, both the
U.S. wine distributor inventory reduction and the lingering
softness in our U.K. business impacted our overall performance.
However, we believe the distributor inventory initiative, as
well as our ongoing efforts to improve performance in the U.K.,
will better position us for long-term growth."

The reported consolidated net sales decrease of 37% primarily
reflects the benefits of the SVEDKA Vodka acquisition, more than
offset by the impact of reporting the Crown Imports and Matthew
Clark wholesale business joint ventures under the equity method.

"Our Canadian business turned in a solid performance for the
quarter, driven by very good results from Jackson-Triggs,
Sawmill Creek, Inniskillin and new products," explained Sands.
"Our premium U.S. wine portfolio continues to deliver solid
marketplace performance with brands such as Woodbridge by Robert
Mondavi, Kim Crawford, Nobilo, Estancia, Toasted Head and Simi.

"SVEDKA continued to be a stellar performer and maintained an
excellent growth rate in the second quarter," said Sands.
"SVEDKA's growing appeal validates our point of view about
continued U.S. consumer interest in, and demand for, premium
spirits.  Additionally, our 99 Schnapps family, Ridgemont
Reserve 1792 bourbon, Meukow cognac and recently launched
products turned in solid performances."

Operating income decreased to US$117.2 million for the second
quarter ended Aug. 31, 2007, from US$181.3 million for the
second quarter ended Aug. 31, 2006.  Equity in earnings of
equity method investees rose to US$80.1 million from US$200,000
for the same period last year.

The decrease in operating income and the increase in equity
earnings for second quarter 2008 were primarily due to the
impact of reporting US$78.8 million of equity earnings from the
Crown Imports joint venture under the equity method.  "Our Crown
Imports joint venture is gaining traction and we look for
continued growth as we strive to maximize the long-term
potential for Corona and the other brands in the joint venture's
leading imported beer portfolio in the U.S.," stated Sands.

For the second quarter, acquisition-related integration costs,
restructuring and related charges and unusual items totaled
US$8.0 million, compared with US$53.9 million for the prior
year.  Net income was also impacted by interest expense, which
increased 20% to US$86.7 million for second quarter 2008,
primarily due to the financing of the SVEDKA acquisition and
US$500 million of share repurchases.  Due to strong free cash
flow generated during the quarter, total debt decreased by more
than US$200 million from first quarter levels.

At Aug. 31, 2007, the company's consolidated balance sheet
showed US$9.73 billion in total assets, US$6.54 billion in total
liabilities, and US$3.19 in total stockholders' equity.

                       Share Repurchases

During the second quarter, the company received an additional
900,000 shares under the accelerated share repurchase
transaction announced in May 2007, which completed the
transaction.  The company did not make any additional cash
payments in connection with receipt of these shares.  For the
first half of fiscal 2008, the company purchased 21.3 million
shares of its class A common stock through a combination of open
market repurchases and an accelerated share repurchase
transaction at an aggregate cost of US$500 million, or an
average of US$23.44 per share.

                  About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Chile, Australia and
New Zealand.  The company has more than 250 brands in its
portfolio, sales in approximately 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.

                        *     *     *

Constellation Brands Inc. still carries Fitch Ratings' BB-
Issuer Default Rating last placed on March 2, 2007.  Fitch said
the rating outlook is negative.




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


INTERCONEXION ELECTRICA: Okays Additional 53 Mil. Stock Offering
----------------------------------------------------------------
Colombian state transmission company Interconexion Electrica SA
said in a filing with the nation's financial regulator
Superfinanciera that its board has authorized a new stock
offering to put an additional 53 million shares in the firm on
the market.

Published reports say that once issued, about 324 million
shares, or 31.77% of Interconexion Electrica, will be held by
the private sector.

Business News Americas relates that Interconexion Electrica
cancelled the planned emission of 59.2 million shares in July
2007 due to unfavorable market conditions.

According to BNamericas, no date was set for the new share sale.

Interconexion Electrica was waiting for optimal market
conditions, the press says.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2007, Standard & Poor's Ratings Services raised its
foreign currency long-term corporate credit rating on
Interconexion Electrica S.A. E.S.P. to 'BB+' from 'BB' and
affirmed the 'BBB-' local currency rating on the company.  S&P
said the outlook is stable.


UNIFI INC: Elects Ronald L. Smith as Chief Financial Officer
------------------------------------------------------------
Unifi, Inc., has elected Ronald L. Smith as the company's Chief
Financial Officer effective Oct. 4, 2007.  Mr. Smith is
replacing William M. Lowe, Jr., who has left the company.

Mr. Smith, who last week was named the company's Vice President
of Finance and Treasurer, joined Unifi in November 1994 and has
held positions as Controller, Chief Accounting Officer and
Director of Business Development and Corporate Strategy.  He
most recently held the position of Treasurer and had additional
responsibility for Investor Relations.  Prior to joining Unifi,
Mr. Smith was with the accounting firm of Ernst and Young.  Mr.
Smith is a CPA and received his bachelor's degree in business
administration, with a major in accounting, from Wake Forest
University.

"We are pleased that Ron has accepted this opportunity to lead
the financial organization of our Company.  Ron brings a well-
rounded financial background to the executive team, and we are
confident in his abilities to execute our financial strategies
in the future," said Bill Jasper, President and Chief Executive
Officer of Unifi.  "We are excited to have a management team in
place at Unifi that is experienced, engaged and committed to
bringing the Company back to profitability as soon as possible,"
continued Mr. Jasper.

Headquartered in Greensboro, North Carolina, Unifi, Inc. --
http://www.unifi-inc.com/-- is a diversified producer and
processor of multi-filament polyester and nylon textured yarns
and related raw materials.  The Company adds value to the supply
chain and enhances consumer demand for its products through the
development and introduction of branded yarns that provide
unique performance, comfort and aesthetic advantages. Key Unifi
brands include, but not limited to: Sorbtek(R), A.M.Y.(R),
Mynx(TM) UV, Reflexx(R), MicroVista(R) and Satura(R).  Unifi's
yarns and brands are readily found in home furnishings, apparel,
legwear and sewing thread, as well as industrial, automotive,
military and medical applications.

The company operates in Latin America through its subsidiaries
UNIFI Latin America S.A. and UNIFI do Brasil Ltda, which are
headquartered in Colombia and Brazil, respectively.

                        *     *     *

As of Aug. 8, 2007, the company holds Moody's B3 long-term
corporate family rating and probability of default rating.  The
company's senior secured debt is also rated at Caa1.  Moody's
said the rating outlook is stable.




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


SAMSONITE CORP: S&P Holds BB- Corp. Credit Rating on Watch Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services' ratings on luggage
manufacturer Samsonite Corp., including the 'BB-' corporate
credit rating, would remain on CreditWatch with negative
implications, pending completion of the company's acquisition by
CVC Capital Partners, which is expected to close in the fourth
quarter of calendar 2007.  Samsonite had reported debt
outstanding of about US$553 million at July 31, 2007.

The company was initially placed on CreditWatch on July 5, 2007,
following the announcement that Samsonite had entered into a
written consent and voting agreement to be acquired by CVC
Capital Partners for about US$1.7 billion in cash, including the
assumption of debt.  Samsonite recently disclosed that total
funded debt outstanding at the close of the transaction is
expected to be about US$1.3 billion.  The transaction is still
subject to receipt of regulatory approval, as well as
satisfaction of other customary closing conditions.

Samsonite's pro forma capital structure has not yet been
finalized and details about the financing have not been
disclosed.  However, based on the company's expectation that
funded debt will total about US$1.3 billion at the close of the
transaction, S&P believes credit measures will weaken
substantially from current levels, including the potential for
leverage to be well over 8.

"As a result, we expect that Samsonite's ratings will be lowered
to the 'B' category," said S&P's credit analyst Christopher
Johnson.

To resolve the CreditWatch, S&P's will meet with management to
discuss the financing of the planned transaction and the
company's operating trends.  The company's expected very high
debt leverage and operating strategy after the transaction will
be key areas of focus.

Samsonite is a leading manufacturer, marketer and distributor of
luggage and travel-related products.  The company's owned and
licensed brands, which include Samsonite, American Tourister,
Sammies, Lacoste and Timberland, are sold globally through
external retailers and 284 company-owned stores.  Net sales for
the 12-month period ended Apr. 30, 2007 approached US$1.1
billion.  Executive offices are located in London, England.

The company has global locations in Aruba, Australia, Costa
Rica, Indonesia, India, Japan, and the United States among
others.




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


BANCO BHD: Acquires Republic Bank's Assets
------------------------------------------
Banco BHD told Dominican Today that it has acquired the Republic
Bank's assets for an undisclosed amount.

The Dominican Republic Monetary Board authorized the transaction
on Sept. 13, 2007, Dominican Today notes, citing Banco BHD.

Banco BHD told Dominican Today that the Republic Bank
acquisition is part of the bank's growth strategy and new
business that it is developing in the Dominican Republic.  This
would consolidate the bank's positioning in the country's
commercial banking market.

According to Banco BHD's press statement, the two banks "would
be transferring their business customer's accounts and would
also convert their operating systems.  Completion for these
processes was set for Oct. 8, 2007.

Banco BHD told Dominican Today that the Republic Bank is the
second operation it has held with Republic Bank in the Dominican
Republic.

Dominican Today relates that the previous operation was
conducted in September 2006 when Banco BHD acquired the Republic
Bank's business portfolio.

Banco BHD is a privately owned commercial bank in the Dominican
Republic and part of the BHD Group.  Having operated for over 30
years, it is a financial institution focused on serving
individuals and corporations of the Dominican Republic.  Banco
BHD deals in multiple currencies and has an international
department that handles large money transfers.  In 1998 it
acquired the insurance provider Compania de Seguros Palic and
has an alliance with Spanish Banco Sabadell.  The company has 60
branches located in the Dominican Republic, New York and the
Cayman Islands.

                        *     *     *

As reported on Oct. 27, 2006, Fitch Ratings affirmed these
Dominican Republic-based Banco BHD ratings: Long term foreign
and local currency Issuer Default Ratings at 'B'; Short-term at
'B'; Support at '5'; and Individual at 'D'.




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


PETROECUADOR: Holding Board Meeting on Natural Gas Projects
-----------------------------------------------------------
Ecuadorian state-owned oil firm Petroecuador chairperson and the
nation's mines and oil minister, Galo Chiriboga, told the press
that the company's board will hold a meeting in Guayaquil to
announce future natural gas projects.

Business News Americas relates that Minister Chiriboga didn't
disclose the date of the meeting, which will define details of a
planned tender for natural gas exploration and production in the
gulf of Guayaquil.

The Ecuadorian government wants to convert its energy matrix to
natural gas from liquefied petroleum gas, BNamericas says,
citing Minister Chiriboga.

BNamericas notes that the government said in September 2007 that
it would launch bidding for gas exploration and production in
the gulf next year.

A pilot project will be implemented to use gas that is flared in
public transport, BNamericas states, citing Minister Chiriboga.

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.


PETROECUADOR: Okays US$451-Million Fuel Import Budget Raise
-----------------------------------------------------------
Ecuador's state-owned oil firm Petroecuador said in a statement
that its board has authorized a US$451-million budget increase
for fuel imports.

Business News Americas relates that Petroecuador had planned
this year to spend US$2.19 billion on fuel imports.

Petroecuador told BNamericas that the budget raise is due to a
21% hike in demand, or 5.8 million barrels, and a 10% raise in
import prices.

The country shouldn't have to import basic fuels, BNamericas
notes, citing the Ecuadorian hydrocarbons industry association
head Rene Ortiz-Duran.  It already has four plants.  However,
these plants operated by Petroecuador are obsolete and cannot
produce what the country needs.

Ecuador's fuel bill would increase to US$2.5 billion in 2008,
BNamericas states, citing Mr. Ortiz-Duran.

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 Propose New Contract with Oil Firms
---------------------------------------------------
Ecuadorian President Rafael Correa told Reuters that the
government will propose a new type of contract to oil firms that
would keep all the crude produced and pay companies a service
fee to extract it.

President Correa commented to a weekend radio show in Ecuador,
"We will have a new type of contract for them as service
providers.  We are not going to be cheated again."

The report says that President Correa accuses foreign oil firms
of "cheating the state with unfair contracts that benefit them
disproportionally amid booming oil prices."

Reuters notes that firms Repsol and Petroleo Brasileiro SA have
contracts that let them keep part of the oil they extract.

According to Reuters, President Correa disclosed a decree this
week that increased to 99% from 50% the state's share in extra
oil revenues produced by foreign companies above a set benchmark
price agreed in their original contracts.

The decree is meant as a bargaining tool to renegotiate oil
contracts and increase the state participation in oil revenues,
Reuters says, citing Ecuadorian officials.

Once the firms reject the extra oil revenues hike, another issue
could be issued to take away their remaining 1% share in joint
ventures, President Correa told Reuters.

Reuters states that other oil companies to be affected by the
contract overhaul include:

          -- Andes Petroleum,
          -- Perenco, and
          -- City Oriente.

                        *     *     *

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-'.




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


BIO-RAD LAB: Completes 77.7% Outstanding DiaMed Share Buy
---------------------------------------------------------
Bio-Rad Laboratories Inc. completed the purchase of about 77.7%
of the outstanding shares of DiaMed Holding AG for about 477
million Swiss francs.  Bio-Rad entered into a definitive
agreement to acquire the shares in May 2007.

The transaction was subject to certain closing conditions,
including regulatory approvals.  DiaMed holds about 9.6% of its
out-standing shares as treasury shares.  Bio-Rad will conduct a
tender offer to acquire the remaining 12.7% outstanding shares
within the next 12 months.

"We are very pleased to have DiaMed join Bio-Rad," said Norman
Schwartz, Bio-Rad president and CEO.  "DiaMed has an exceptional
reputation for quality and customer care, and we believe the
company and its portfolio of products will fit in well with Bio-
Rad's current diagnostics business."

                        About DiaMed

Diamed -- http://www.diamed.ch/-- develops and manufactures
test systems aimed at providing laboratories with ease of use,
safety, and reliability.  The company is situated in Cressier
sur Morat, Switzerland, near Fribourg, between Bern and
Lausanne.  DiaMed haslocal manufacturing facilities in Brazil,
Tunisia and France.

                       About Bio-Rad

Headquartered in Hercules, California, Bio-Rad Laboratories,
Inc. (AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly US$1.3 billion in
2006.  Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.

                        *     *     *

In September 2006, Moody's placed the company's corporate family
rating at Ba2 and senior subordinate rating at Ba3.  These
ratings still hold true to date.  Moody's said the outlook is
stable.

In May 2003, Standard & Poor's placed the company's long-term
foreign and local issuer credit ratings at BB+.

Both ratings still hold true to date.


EXIDE TECH: Closes US$91.7 Million Rights Offering
--------------------------------------------------
Exide Technologies has completed its previously announced rights
offering.  Subscribers in the rights offering, including Tontine
Capital Partners, L.P. and affiliates, and Legg Mason Investment
Trust, Inc., subscribed for 11,060,478 shares of the company's
common stock, or approximately 79% of the 14 million shares
available, pursuant to their basic and applicable
oversubscription privileges.  Pursuant to the rights offering
and the transactions contemplated by the standby purchase
agreement, the Standby Purchasers were deemed to have exercised
the rights that were not exercised by the Company's other
shareholders, and subscribed for the remaining 2,939,522 shares
of common stock.  The rights offering generated aggregate gross
proceeds of US$91.7 million for the company.

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica,
Ecuador, El Salvador, Guatemala, Panama, Paraguay, Peru, Uruguay
and Venezuela.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.

                        *     *     *

Standard & Poor's Ratings Services, on April 2007, placed its
'CCC' corporate credit rating on Exide Technologies and all
related debt issue ratings on CreditWatch with positive
implications.  The CreditWatch listing reflects Exide's
gradually improving financial results, strengthened liquidity,
and prospects for further modest improvements in financial
metrics due in part to a better pricing environment.




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


AFFILIATED COMPUTER: Inks US$130MM Deal with Alaskan Gov. Agency
----------------------------------------------------------------
Affiliated Computer Services, Inc., has announced a new contract
with the Alaska Department of Health and Social Services to
design, develop, implement, and operate a new Medicaid
Management Information System (MMIS).  The contract has a length
of up to 10 years and a total value of US$130 million, if three
one-year options are exercised.

The contract also calls for ACS to provide a full range of
fiscal agent services, including claims processing, operations
call center support, decision support and healthcare analytics,
pharmacy support, and other operational support.

"The State of Alaska is extremely pleased with this alliance
with ACS as our new Medicaid Management Information System
contractor.  We believe this system will greatly enhance our
ability to efficiently provide quality healthcare to our State's
Medicaid recipients," said Bill Streur, deputy commissioner of
the Alaska Department of Health and Social Services.

ACS is replacing a computer system that has had to process an
escalating number of Medicaid claims for the state on technology
that has become obsolete.  The current MMIS system began
operating in 1987.  Since then, the number of Alaskans enrolled
in Medicaid has more than tripled, increasing from almost 41,600
in 1987 to about 132,000 in 2006.  Much of the claims processing
technology, however, remains the same as it was 20 years ago.

"ACS brings significant knowledge of Medicaid programs across
the country, and with this award we are delighted to be able to
add Alaska to the list of states we serve," said Christopher T.
Deelsnyder, ACS senior vice president and managing director,
Government Healthcare Solutions.  "By incorporating our advanced
technology and operational best practices, we will assist Alaska
with their healthcare program and improve operational efficiency
and responsiveness for the providers, recipients, and other
stakeholders."

The new MMIS will simplify electronic billing and payment for
doctors.  Every year, the system pays more than US$1 billion to
providers who bill medical assistance programs such as Medicaid,
the government assistance program for families with low incomes
and people with disabilities.

ACS will be providing Alaska with its innovative Health
Enterprise(TM) solution, the most sophisticated Medicaid system
in the healthcare market today.  This system is currently being
developed for use by the states of New Hampshire and North
Dakota.  Its web-based suite of technologies includes solutions
for administering the Medicaid enterprise.  At the core of
Health Enterprise is a set of applications and data analytics
used to support administration of the Medicaid enterprise, such
as member and provider management, waivers, managed care,
disease management, pharmacy programs, eligibility, claims
processing, and third-party liability.

ACS is partnering with Sierra Systems Group, Inc., a healthcare
industry leader in delivering world class business consulting,
technology and application change management solutions.  Sierra
Systems has extensive experience in assisting Alaskan agencies
adapt to, and adopt, new business process solutions.

                   About Affiliated Computer

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

                        *     *     *

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


BRITISH AIRWAYS: Traffic Figures Down 0.7% in September 2007
------------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
September 2007.

In September 2007, passenger capacity, measured in Available
Seat-Kilometers, was 0.3% above September 2006.  Traffic,
measured in Revenue-Passenger-Kilometers, fell by 0.7%.  This
resulted in a passenger load factor down 0.8 points versus last
year, to 78.3%.  The decrease in traffic comprised a 6.6%
increase in premium traffic and a 2% reduction in non-premium
traffic.

Cargo, measured in Cargo-Ton-Kilometers, fell by 0.4%.

For the first half of the financial year, ASKs rose by 0.5%,
with RPKs down 0.7%.  This resulted in passenger load factor
down 0.9 points to 78.4%.  Premium traffic rose 2.5 %with non-
premium traffic falling by 1.3%.  Cargo-Ton-Kilometers fell by
1.5%.

                        Market Conditions

Market conditions are broadly unchanged.  The outlook for
longhaul premium travel continues to be encouraging.

                      Strategic Developments

British Airways ordered 12 Airbus A380 and 24 Boeing 787
aircraft with options for a further seven Airbus A380s and 18
Boeing 787s.  Both aircraft types will be powered by Rolls-Royce
engines.

The aircraft will be greener, quieter and more fuel efficient
with significantly lower carbon dioxide emissions and reduced
impact on local air quality.

The new aircraft will replace 34 of the airline's long-haul
fleet and will be delivered between 2010 and 2014.  The order,
including options, will give the airline the ability to grow its
capacity by up to 4% per year and the flexibility to tailor its
future capacity growth in line with market conditions.

Terminal 5 was formally handed over to British Airways and this
signaled the start of an intensive six month period of
operational readiness trials ahead of its opening on
March 27, 2008.  The trials include familiarization programs for
staff and over 70 separate proving trials.  These activities
will run in parallel to the final completions work that includes
fit-out, systems integration and finishing works.

The British Airways summer 2008 route network from March next
year includes daily flights to Dallas Fort Worth and double
daily flights to Houston from Heathrow airport.  Frequencies
from Heathrow to New York JFK increase from 51 to 55, to Seattle
from 10 to 13 and to Washington up from 21 to 24 flights per
week.  Flights from Gatwick to Orlando also increase from 7 to
10 flights per week.  Harare services will be re-routed via
Johannesburg with the airline's franchise Comair and services to
Detroit will be suspended.

Flights to Algiers will move from Gatwick to Heathrow and Warsaw
flights to Gatwick.  There will also be a new daily service
Gatwick to Genoa in Italy starting on April 4, 2008.

Earlier in the month British Airways flew the England rugby
squad to the Rugby World Cup in France.  The airline is the
official carrier of the team and re-named the aircraft "Hope and
Glory" in their honor.

The airline launched a new brand advertising campaign from
British Airways with a new television ad, followed by cinema,
radio, press and online.

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

                        *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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




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


NATIONAL COMMERCIAL: Launches NCB Visa Credit Card for Companies
----------------------------------------------------------------
Lavern Clarke at the Jamaica Gleaner reports that the National
Commercial Bank has launched the NCB Visa Business, a new credit
card for companies.

According to The Gleaner, the National Commercial already has
over 100,000 active credit-card subscriptions on the market.
However, demand for a new-type card that offers payment options
in foreign currency has led to its introduction of another.

The Gleaner relates that the new card is being sold as "a less
cumbersome source of cash-flow financing," to eliminate hours
spent at the bank "purchasing foreign-exchange drafts to cover
bills from overseas suppliers."

The report says that to qualify for the NCB Visa, the firm must:

          -- present three years of audited accounts or six
             months of bank statements,

          -- supply a copy of its certificate of incorporation
             and other documents to prove it is legally approved
             to conduct business, and

          -- be a registered taxpayer.

The National Commercial told The Gleaner that firms without
audited statements, including sole proprietors, they may present
in-house draft accounts.

The National Commercial's retail banking general manager
Courtney Campbell commented to The Gleaner, "We see NCB
[National Commercial] as the leading bank for businesses.  We
are the leading bank for SMEs [small and medium-sized
enterprises] in Jamaica."

According to the report, NCB Visa "is meant to leverage business
for the bank from that market segment."  The card has an
introductory rate of 17% interest for the first year.  There
will be no sign-up fee for those who acquire the card by March
2008.

Ms. Campbell told The Gleaner that the interest will be up to
19%.  Payment is on a 55-day cycle.  Credit utilized won't
attract interest until the 56th day of the transaction.

The Gleaner notes that "credit limits will be determined on an
individual basis, based on ability to pay.  Minimum payment on
credit utilized is 10% of the statement balance."  While firms
may not be foreign-exchange earners to qualify for the card,
they must repay in foreign currency, The Gleaner says, citing
Ms. Campbell.

National Commercial Bank group managing director Patrick Hylton
told The Gleaner that the bank was interested on adopting global
standards and services for clients, in recognition of changing
business environments.

The report says that the card's linkages with Visa gives it
acceptance at 29 million units worldwide, with travel accident
insurance coverage of up to US$250,000.

The insurance component of car rental fees is also waived.
However, this is limited to transactions in the US and Canada,
The Gleaner states, citing Ms. Campbell.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Standard & Poor's Rating Services affirmed its
'B/B' counterparty credit and CD ratings on National Commercial
Bank Jamaica Ltd.  S&P said the outlook is stable.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited:

          -- long-term foreign and local currency Issuer Default
             Ratings (IDR) at 'B+';

          -- short-term foreign and local currency rating at
             'B';

          -- individual at 'D';

          -- support at 4.

The Rating Outlook on the bank's ratings is stable, in line
with Fitch's view of the sovereign's creditworthiness.




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


ALERIS INTERNATIONAL: Earns US$34.9MM in Quarter Ended June 30
--------------------------------------------------------------
Aleris International Inc. reported net income of US$34.9 million
on revenues of US$1.6 billion for the second quarter ended
June 30, 2007, compared to net income of US$55.4 million on
revenues of US$1.0 billion for the second quarter of 2006.

Results for 2007 include losses from special items consisting of
US$19.5 million for the impact of recording previously acquired
assets at fair value, US$1.7 million of restructuring and other
charges, US$2.3 million of sponsor management fees, and US$1.1
million of charges for non-cash stock-based compensation, offset
by US$46.7 million of unrealized gains on derivative financial
instruments.

Results for 2006 include US$18.0 million of unrealized gains on
derivative financial instruments and a US$300,000 benefit from
restructuring, as well as unfavorable special items of
US$2.7 million for non-cash stock-based expense and US$500,000
for the impact of recording previously acquired assets at fair
value.

EBITDA excluding special items totaled US$104.6 million in the
second quarter of 2007 compared with US$102.7 million in the
same period last year.  Results were driven primarily by the
Corus Aluminum acquisition and ongoing companywide productivity
initiatives, partially offset by lower sales volumes in some of
the company's North American based businesses, as well as
US$23.7 million of losses on inventory hedges that were
established to reduce inventory exposure to fluctuations in the
London Metal Exchange.  The company expects to realize inventory
hedge gains in the third quarter 2007.

Free cash flow for the second quarter of 2007 was US$119.9
million compared with US$38.0 million in the second quarter of
2006.

Commenting on Aleris' second quarter results, Steven J.
Demetriou, chairman and chief executive officer, said, "We
continue to be pleased with the growth and development of Aleris
during the second quarter of 2007.  Though we were adversely
impacted by destocking in our distribution segment and
challenging housing and transportation segments in North
America, we continue to make progress on the integration of the
Corus Aluminum acquisition in Europe and cost reduction
improvements throughout our global operations which resulted in
record free cash flow during the quarter.  We now expect to
achieve US$65 million in synergies related to Corus, an increase
from our previous estimate of US$45 million."

Mr. Demetriou added, "Our strategic growth initiatives continued
with the completion of the acquisition of EKCO Products and the
announcement of the pending purchase of Wabash Alloys, which
produces aluminum casting alloys and molten metal throughout
North America.  We continue to focus on productivity and synergy
capture, which contributed US$31 million in savings during the
second quarter, as well as growing through the acquisition of
quality assets that we expect will provide excellent returns to
our stakeholders."

For the first half of 2007, Aleris reported revenues of
US$3.2 billion and a net loss of US$18.2 million.  The results
were significantly impacted by unfavorable special items
including US$86.2 million for the impact of recording previously
acquired assets at fair value, US$8.9 million of restructuring
and other charges, US$4.6 million of sponsor management fees,
and US$1.8 million of charges for non-cash stock-based
compensation, partially offset by unrealized gains of US$47.6
million on derivative financial instruments.

For the comparable 2006 period, Aleris reported revenues of
US$1.9 billion and net income of US$83.6 million.  The 2006
results included favorable special items of US$17.2 million for
unrealized gains on derivative financial instruments and
US$300,000 related to adjustments to reduce a restructuring
accrual, partially offset by charges of US$4.5 million for
stock-based compensation and US$1.6 million for the impact of
recording previously acquired assets at fair value.

EBITDA excluding special items of US$222.3 million for the first
half of 2007 represents a 23% increase compared with
US$181.1 million for the first half of 2006.  The increase were
primarily driven by the Corus Aluminum acquisition and
companywide productivity and synergy initiatives, offset
partially by lower sales volumes at some of the company's North
American based businesses, as well as US$27.0 million of losses
on inventory hedges that were established to reduce inventory
exposure to fluctuations in the LME.  Free cash flow for the
first half of 2007 was US$175.1 million compared with US$76.5
million for the first half of 2006.

Capital expenditures were US$47.5 million for the second quarter
of 2007, compared with US$14.8 million for the previous year's
second quarter.  The increase is primarily attributable to the
Corus Aluminum acquisition which accounted for US$31 million of
capital expenditures in the second quarter 2007.  Year-to-date
capital expenditures were US$92.2 million compared with US$25.8
million in the first half of 2006.

At June 30, 2007, the company's consolidated balance sheet
showed US$4.92 billion in total assets, US$4.07 in total
liabilities, and US$850.8 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2409

                    About Aleris International

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent US$105 million 9% senior notes
due 2014, which are an add-on to the company's existing $600
million 9% senior notes due 2014.


BAUSCH & LOMB: Moody's Assigns B2 Corp. Rating to WP Prism
----------------------------------------------------------
Moody's Investors Service assigned a B2 Corporate Family Rating
to WP Prism, LLC (merger sub).  It is Moody's understanding that
at the close of the transaction, WP Prism, LLC will merge into
Bausch & Lomb Incorporated (Newco - BOL), which will be the
surviving entity.  Concurrently, Moody's also assigned ratings
to the proposed senior secured credit facilities, proposed
senior unsecured notes, proposed senior unsecured PIK toggle
notes, and proposed senior subordinated notes.  Additionally,
Moody's assigned a B2 Probability of Default Rating and an SGL-2
Speculative Grade Liquidity Rating.  The outlook for the ratings
is stable.

Proceeds from the proposed credit facilities, proposed senior
unsecured notes, proposed senior unsecured PIK toggle notes, and
proposed senior subordinated notes, along with cash equity from
Warburg Pincus and some BOL existing cash, will be used to
complete the acquisition of BOL by WP for a total consideration
of US$4.7 billion including approximately US$785 million of
existing debt.

Moody's continued the review for possible downgrade of Bausch &
Lomb Incorporated's (Oldco) existing ratings with the
expectation that they will be withdrawn at the close of the
transaction if substantially all existing debt is paid.

The B2 Corporate Family Rating acknowledges the pro forma high
leverage, pro forma negative free cash flow for the ratings
horizon, litigation risk stemming from tax and product recall
matters, and the highly competitive industry.  Pro forma for the
Warburg Pincus transaction adjusted debt to EBITDA will be
approximately 7.0 times for the last twelve months ended
June 30, 2007.

Sidney Matti, Analyst, stated that, "Moody's does not expect
BOL's leverage to decline materially over the intermediate term
as the company continues to embark on smaller acquisitions as
well as incur costs associated with both tax and product
liability litigation."  Additionally, Moody's anticipates that
free cash flow to adjusted debt will remain negative over the
ratings horizon because of increased interest costs and weaker
operating performance stemming from the recall of the
MoistureLoc product in 2006.

The B2 Corporate Family Rating also considers BOL's strong brand
equity, geographic and product diversity and its relative size
within the eye care industry.  Moody's notes that BOL has a
significant presence outside the U.S. with over 55% of the
company's revenues being generated in foreign jurisdictions.
Additionally, the company has an extensive product portfolio
with a presence in the major segments of the eye care industry.
The geographic and product portfolio provides the company with
diversity to its revenues and operating performance.  At US$2.4
billion in revenues for the last twelve months ended
June 30, 2007, the company is one of the largest players within
the eye care industry.

The stable ratings outlook anticipates the company will continue
to experience improving operating performance driven by the
introduction of new products and growth within the eye care
segment driven by favorable demographic trends as well as the
adoption by end users of newer technology.  Additionally, the
rating outlook incorporates Moody's expectation that the company
will continue its acquisition strategy over the near term.
However, Moody's anticipates that the company will undertake
smaller acquisitions over the ratings horizon.

The SGL-2 speculative grade liquidity rating reflects a good
liquidity profile comprised of Moody's expectation for stable
cash flow generation coupled with cash on hand, availability
under the US$500 million proposed senior secured revolving
credit facility and the covenant-lite structure of the senior
secured credit facilities.

Ratings are subject to review of final documentation.

These ratings were assigned to Bausch & Lomb Incorporated
(Newco):

-- B2 Corporate Family Rating;

-- B2 Probability of Default Rating;

-- SGL-2 Speculative Grade Liquidity Rating;

-- B1 rating (LGD3/35%) on a US$500 million Senior Secured
    Revolver;

-- B1 rating (LGD3/35%) on a US$1,100 million U.S. Senior
    Secured Term Loan;

-- B1 rating (LGD3/35%) on a US$300 million Delayed Draw Term
    Loan;

-- Caa1 rating (LGD5/86%) on US$400 million Senior Unsecured
    Notes;

-- Caa1 rating (LGD5/86%) on US$175 million Senior Unsecured
    PIK Toggle Option Notes; and

-- Caa1 rating (LGD6/95%) on US$175 million Senior Subordinated
    Notes.

This rating was assigned to Bausch & Lomb, B.V.:

-- B1 rating (LGD3/35%) on a US$575 million European Senior
    Secured Term Loan.

These Bausch & Lomb Incorporated (Oldco) ratings remain on
review for possible downgrade and will be withdrawn at the close
of the transaction:

-- Ba1 Corporate Family Rating;

-- Ba1 Probability of Default Rating;

-- Ba1 rating on US$133.2 million Senior Unsecured Notes due
    2007;

-- Ba1 rating on US$50 million Senior Unsecured Notes due 2008;

-- Ba1 rating on US$160 million Senior Unsecured Convertible
    Notes due 2023;

-- Ba1 rating on US$0.4 million Senior Unsecured Debentures due
    2026; and

-- Ba1 rating on US$66.4 million Senior Unsecured Debentures
    due 2028.

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.


CHAPARRAL STEEL: Gerdau Buy Cues S&P To Withdaw Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its ratings on
Chaparral Steel Co., including its 'B+' corporate credit rating.

The action followed the completion of the acquisition of the
company by Gerdau Ameristeel Corp. (BB+/Watch Neg/--) and the
refinancing of the debt outstanding at Chaparral.

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


COLLINS & AIKMAN: Posts US$27,403,332 Net Loss in August 2007
-------------------------------------------------------------
                   Collins & Aikman Corporation
                          Balance Sheet
                       As of Aug. 31, 2007

                              ASSETS

Cash                                            US$287,143,339
Accounts receivable-trade, net                     125,427,294
Other non-trade receivables                          7,397,507
Inventories, net                                    22,751,493
Tooling and molding, net-current                    26,671,312
Prepaids & other current assets                     20,317,945
Deferred tax assets-current                                  0
                                               ---------------
TOTAL CURRENT ASSETS                               489,708,890

Investments in subsidiaries                      2,479,293,518
Fixed assets, net                                  146,252,923
Goodwill, net                                       59,622,121
Deferred tax assets-long term                                0
Tooling and molding, net-long term                   1,515,939
Other noncurrent assets                             24,688,944
Intercompany accounts - net                         50,372,177
Prepetition intercompany - net                     633,676,975
                                               ---------------
TOTAL ASSETS                                  US$3,885,131,488
                                               ===============

                       LIABILITIES & EQUITY

Notes payable                                             US$0
Short term borrowings                                        0
Advance on receivables                                       0
Current portion-long term debt                     111,060,000
Current portion-capital leases                               0
Accounts payable                                    37,697,376
Accrued interest payable                           100,441,287
Accrued & other liabilities                         76,765,701
Income taxes payable                                 4,689,864
                                               ---------------
Total current liabilities                          330,654,228

Liabilities subject to compromise                2,402,845,272
Deferred income taxes                               30,472,400
                                               ---------------
Total liabilities                                2,763,971,900

Total equity                                    1,121,159,588
                                               ---------------
TOTAL LIABILITIES & EQUITY                    US$3,885,131,488
                                               ===============


                  Collins & Aikman Corporation
                        Income Statement
                   Month Ended Aug. 31, 2007

Net outside sales                                US$71,018,129
I/C Net sales                                       (4,227,509)
                                               ---------------
Total sales                                         66,790,620

Cost of Sales                                       72,709,138
                                               ---------------
Gross profit                                        (5,918,518)

Selling, general & administrative expenses           6,815,022
                                               ---------------
Operating income                                   (12,733,540)

Interest expenses, net                                7,096,668
Intercompany interest, net                          (3,513,622)
Preferred stock accretion                                    0
Miscellaneous (income)/expense                               0
Corporate allocation adjustment                              0
Commission income                                     (230,022)
Commission expense                                           0
Royalty income                                        (510,184)
Royalty expense                                              0
Joint Venture (Income)/Expense                               0
Minority interest in cons net income                         0
Dividend income                                              0
Discount/Income for Carcorp.                                 0
Gain/(Loss) early extinguishments of debt                    0
Discount/Premium on hedges                                   0
(Gain)/Loss on hedges                                        0
(Gain)/Loss on swaps                                         0
NAAIS Intercompany sales profit                              0
Loss on sale of receivables                                  0
Restructuring provision                            (18,193,018)
Asset Impairment                                    30,300,379
Foreign transactions - (Gain)/Loss                    (326,269)
Amort of discount on NPV of liabilities                      0
(Gain)/Loss on sale-leaseback transaction                    0
                                               ---------------
Income from continuing operations before taxes     (27,357,472)

Federal income tax                                           0
State income tax                                             0
Foreign income tax                                      30,670
                                               ---------------
Income from continuing operations                  (27,388,142)

Discontinued operations                                 15,190
Gain/Loss on sale of divisions                               0
Extraordinary items                                          0
Integration                                                  0
                                               ---------------
NET INCOME (LOSS)                               (US$27,403,332)
                                               ===============

Headquartered in Troy, Mich., Collins & Aikman Corporation --
http://www.collinsaikman.com/-- is a global leader in cockpit
modules and automotive floor and acoustic systems and is a
leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The company
operates in Latin America through its facilities in Mexico.  The
Company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No.
05-55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtors with investment banking services.  Michael
S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed US$3,196,700,000 in total assets and
US$2,856,600,000 in total debts.

On Aug. 30, 2006, the Debtors filed a Joint Chapter 11 Plan and
a Disclosure Statement explaining that plan.  On Dec. 22, 2006,
they filed an Amended Plan and on Jan. 22, 2007, filed a
modified Amended Plan.  On Jan. 25, 2007, the Court approved the
adequacy of the Disclosure Statement.  On July 18, 2007, the
Court confirmed the Debtors' Liquidation Plan.  The Debtors'
cases are set to be closed on Feb. 28, 2008.  (Collins & Aikman
Bankruptcy News, Issue No. 75; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


CORPORACION DURANGO: Holders Tender US$377,450,950 of Sr. Notes
---------------------------------------------------------------
Corporacion Durango, S.A.B. de C.V. has announced the results of
its cash tender offer for any and all of its outstanding Series
B Step Up Rate Senior Secured Guaranteed Notes Due 2012.  The
offer expired at 9:00 a.m., New York City time on Oct. 5, 2007.

Durango has been advised by the depositary that, as of the
Expiration Date of the offer, of the US$419,600,000 in aggregate
principal amount of Notes outstanding, US$377,450,950, or
approximately 90.0%, had been validly tendered and not validly
withdrawn pursuant to the offer, including US$357,679,987, or
approximately 85.2%, of the Notes that were tendered and not
withdrawn as of 5:00 p.m., New York City time, on the Early
Participation Date.  Durango has accepted for purchase all Notes
validly tendered and not validly withdrawn pursuant to the
offer.

On the settlement date, which is expected to be Oct. 5, 2007,
Durango will pay noteholders who validly tendered and did not
withdraw their Notes prior to or at 5:00 p.m., New York City
time, on July 5, 2007, the total consideration of 103.125% of
the principal amount of Notes, which includes an early tender
premium in the amount of 3.125% of the principal amount of
Notes, plus accrued and unpaid interest from the last interest
payment date to, but excluding, the settlement date (which is
expected to be approximately US$1.32 per US$1,000 principal
amount of Notes), for these Notes.  Durango will pay noteholders
who validly tendered their Notes after 5:00 p.m., New York City
time, on July 5, 2007, and did not withdraw their Notes prior to
or at 9:00 a.m. New York City time, on Oct. 5, 2007, the tender
offer consideration of 100% of the Notes, which does not include
the early tender premium, plus accrued and unpaid interest from
the last interest payment date to, but excluding, the settlement
date (which is expected to be approximately US$1.32 per US$1,000
principal amount of Notes), for these notes.

As a result of Durango acceptance of the tendered Notes, the
Supplemental Indenture and the First Amendment to the Common
Agreement have become effective.

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

                        About Durango

Corporacion Durango is the largest producer of containerboard in
Mexico through its division Grupo Industrial Durango, is the
largest Mexican national producer of newsprint through its
division Pipsamex, is the largest manufacturer of corrugated
containers in Mexico through its division Empresas Titan, is the
largest Mexican national company of wood products through its
division Ponderosa, is the Mexican paper company with the
largest industrial operations in the U.S. through its division
McKinley Paper and is also one of the largest manufacturers in
Mexico of uncoated free-sheet and multi-wall sacks.

                        *     *     *

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


DURA AUTOMOTIVE: Incurs US$11.4 Million Net Loss in August 2007
---------------------------------------------------------------
        Dura Automotive Systems, Inc., and Subsidiaries
        Condensed Unaudited Consolidated Balance Sheet
                      As of Aug. 26, 2007
                     (Dollars in thousands)

                             ASSETS

Current Assets:
  Cash and cash equivalents                          US$13,597
  Accounts receivable, net
     Trade                                             134,255
     Other                                              10,929
     Non-Debtor subsidiaries                            28,934
  Inventories                                           81,955
  Other current assets                                  37,163
                                                    ----------
     Total current assets                              306,803


Property, plant and equipment, net                     164,318
Goodwill, net                                          249,927
Notes receivable from Non-Debtors subsidiaries         184,198
Investment in Non-Debtors subsidiaries                 790,647
Other noncurrent assets                                 25,179
                                                    ----------
Total Assets                                      US$1,721,072
                                                    ==========

             LIABILITIES AND STOCKHOLDERS' INVESTMENT

Current liabilities:
  Debtors-in-possession financing                   US$249,130
  Accounts payable                                      54,525
  Accounts payable to Non-Debtors subsidiaries           1,377
  Accrued Liabilities                                   84,759
                                                    ----------
     Total current liabilities                         389,791

Long-term Liabilities:
  Notes Payable to Non-Debtors subsidiaries              8,812
  Other noncurrent liabilities                          60,742
Liabilities Subject to Compromise                    1,312,352
                                                    ----------
Total Liabilities                                    1,771,697

Stockholders' Investment                               (50,625)
                                                    ----------
Total Liabilities and Stockholders' Investment    US$1,721,072
                                                    ==========


       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statement of Operations
             For the Four Weeks Ended Aug. 26, 2007
                     (Dollars in thousands)

Total sales                                          US$83,342
Cost of sales                                           80,238
                                                    ----------
Gross (loss) profit                                      3,104

Selling, general and administrative expenses             5,627
Facility consolidation, asset impairment
  and other charges                                        452
Amortization expense                                        34
                                                    ----------
Operating (loss) income                                 (3,009)

Interest expense, net                                    3,749
                                                    ----------
Loss before reorganization items and income taxes       (6,758)

Reorganization items                                     4,637
                                                    ----------
Income before income taxes                             (11,395)

Provision for income taxes                                  12
                                                    ----------
Net Income (Loss)                                   (US$11,407)
                                                    ==========


       Dura Automotive Systems, Inc., and Subsidiaries
  Condensed Unaudited Consolidated Statements of Cash Flows
            For the Four Weeks Ended July 29, 2007
                     (Dollars in thousands)

Operating Activities:
Net Income (loss)                                   (US$11,407)
Adjustments to reconcile net loss to net cash used
  in operations activities:
     Depreciation, amortization & asset impairment       2,468
     Amortization of deferred financing fees               708
     (Gain)/Loss on sale of assets                          61
     Reorganization items                                4,637
Changes in other operating items:
  Accounts receivable                                  (14,749)
  Inventories                                            2,284)
  Other current asset                                      541
  Noncurrent assets                                        245
  Accounts payable                                       7,293
  Accrued liabilities                                   (1,163)
  Noncurrent liabilities                                  (227)
  Current intercompany transactions                      5,057
                                                    ----------
Net cash provided by operating activities               (4,249)

Investing Activities:
Purchases of property, plant & equipment                (1,332)
Proceeds from sales of assets
                                                    ----------
Net cash (used in) provided by
   investing activities                                 (1,332)

Financing Activities:
DIP borrowings                                          12,474
Payments on Prepetition Date                              (303)
                                                    ----------
Net cash provided by financing activities               12,171
Net Increase (Decrease) in Cash & Equivalents            6,590

Cash & Cash Equivalent, Beginning Balance                7,007
                                                    ----------
Cash & Cash Equivalent, Ending Balance               US$13,597
                                                    ==========

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

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

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

The Debtors' exclusive plan-filing period expired on
Sept. 30, 2007.  Confirmation hearing of the plan will begin on
Nov. 26, 2007.  (Dura Automotive Bankruptcy News, Issue No. 32
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


FEDERAL-MOGUL: Posts Net Loss of US$10.4 Million in August 2007
---------------------------------------------------------------
                Federal-Mogul Global, Inc., et al.
                     Unaudited Balance Sheet
                       As of Aug. 31, 2007
                          (In millions)

                              Assets

Cash and equivalents                                    US$52.3
Accounts receivable                                       599.8
Inventories                                               400.7
Deferred taxes                                            192.5
Prepaid expenses and other current assets                 108.2
                                                       --------
Total current assets                                    1,353.4

Summary of Unpaid Postpetition Debits                      24.8
Intercompany Loans Receivable (Payable)                 1,678.2
                                                       --------
Intercompany Balances                                   1,703.0

Property, plant and equipment                             766.4
Goodwill                                                  930.5
Other intangible assets                                   340.1
Insurance recoverable                                     880.2
Other non-current assets                                 521.2
                                                      --------
Total Assets                                        US$6,494.9
                                                      ========

               Liabilities and Shareholders' Equity

Short-term debt                                         US$708.1
Accounts payable                                         239.9
Accrued compensation                                      62.4
Restructuring and rationalization reserves                17.0
Current portion of asbestos liability                        -
Interest payable                                           3.8
Other accrued liabilities                                261.0
                                                      --------
Total current liabilities                              1,292.2

Long-term debt                                               -
Post-employment benefits                                 725.1
Other accrued liabilities                                546.5
Liabilities subject to compromise                      5,456.9

Shareholders' equity:
   Preferred stock                                     1,050.6
   Common stock                                          662.1
   Additional paid-in capital                          7,997.3
   Accumulated deficit                               (11,424.1)
   Accumulated other comprehensive income                188.4
   Other                                                     -
                                                      --------
Total Shareholders' Equity                            (1,525.7)
                                                      --------
Total Liabilities and Shareholders' Equity          US$6,494.9
                                                      ========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Operations
                For the Month Ended Aug. 31, 2007
                          (In millions)

Net sales                                             US$283.8
Cost of products sold                                    236.1
                                                      --------
Gross margin                                              47.6

Selling, general & administrative expenses               (44.6)
Amortization                                              (1.2)
Reorganization items                                      (4.2)
Interest income (expense), net                           (16.3)
Other income (expense), net                                8.4
                                                       --------
Earnings before Income Taxes                             (10.2)

Income Tax (Expense) Benefit                              (0.2)
                                                       --------
Earnings before cumulative effect of change
   in accounting principle                               (10.4)
                                                       --------
Net Earnings (loss)                                   (US$10.4)
                                                       ========


                Federal-Mogul Global, Inc., et al.
                Unaudited Statement of Cash Flows
                For the Month Ended Aug. 31, 2007
                          (In millions)

Cash Provided From (Used By) Operating Activities:
   Net earning (loss)                                 (US$10.4)
Adjustments to reconcile net earnings (loss)
to net cash:
   Depreciation and amortization                          15.1
   Adjustment of assets held for sale and
      other long-lived assets to fair value                  -
   Asbestos charge                                           -
   Summary of unpaid postpetition debits                     -
   Cumulative effect of change in acctg. principle           -
   Change in post-employment benefits                      0.4
   Decrease (increase) in accounts receivable             (3.6)
   Decrease (increase) in inventories                     11.9
   Increase (decrease) in accounts payable                (5.5)
   Change in other assets & other liabilities            (33.3)
   Change in restructuring charge                            -
   Refunds (payments) against asbestos liability             -
                                                       --------
Net Cash Provided From Operating Activities              (25.2)

Cash Provided From (Used By) Investing Activities:
   Expenditures for property, plant & equipment           (6.6)
   Proceeds from sale of property, plant & equipment         -
   Proceeds from sale of businesses                          -
   Business acquisitions, net of cash acquired               -
   Other                                                     -
                                                       --------
Net Cash Provided From (Used By) Investing Activities     (6.6)

Cash Provided From (Used By) Financing Activities:
   Increase (decrease) in debt                             25.1
   Sale of accounts receivable under securitization           -
   Dividends                                                  -
   Other                                                  (0.1)
                                                       --------
Net Cash Provided From Financing Activities               25.0

Increase (Decrease) in Cash and Equivalents               (6.8)

Cash and equivalents at beginning of period               59.1
                                                      --------
Cash and equivalents at end of period                  US$52.3
                                                      ========

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some US$6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On
July 28, 2004, the District Court approved the Disclosure
Statement.  The estimation hearing began on June 14, 2005.  The
Debtors submitted a Fourth Amended Plan and Disclosure Statement
on Nov. 21, 2006, and the Bankruptcy Court approved that
Disclosure Statement on Feb. 6, 2007.  The confirmation hearing
began on June 18, 2007.  The Court heard closing arguments
regarding confirmation of the Plan on Oct. 1 and 2, 2007.  The
Debtors proposed certain modifications to the Plan at the end of
closing arguments on Oct. 2.  The Debtors officially filed the
Plan Modifications, together with a revised Proposed Order
confirming the Plan, on Oct. 4.  (Federal-Mogul Bankruptcy News,
Issue No. 147; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


GRUPO MEXICO: Gets Flak for Mining Disaster
-------------------------------------------
Grupo Mexico SA de CV, nka Grupo Mexico SAB, was declared
negligent in a mining accident that resulted to the deaths of 65
miners, only two of whom were recovered, various reports say.

A congressional commission blamed the mining company for not
clearing gases and coal dust that led to the explosion on
Feb. 19, 2006.

"The disaster was caused in part by negligence and serious
omissions by the operators of the mine, given that they did not
comply in a timely way with measures demanded by labor
authorities," according to a summary of the report issued by the
lower house of Congress, as quoted by the Associated Press.

Salvador Rocha said in an interview with Bloomberg News said
that the company has not reviewed the Committee's report yet.

Grupo Mexico has denied that the mine's conditions were unsafe,
AP relates.  It insisted that the mine met safety standards.
The company added that it doesn't plan to reopen the mine to
recover the remaining bodies.  Rescue efforts were halted after
experts made the recommendation on account of the danger to the
rescuers over the mine's stability.

Further, the Committee's report recommended for the prosecution
of officials of Grupo Mexico and the federal and Coalhuila state
labor ministries.  The state officials were included because
"they did not ensure the implementation of the measures or order
the mine closed," the report adds, AP says.

Reuters relates that Grupo Mexico's executive were tried for
manslaughter in April but the process ended after one of the
defendants paid the victims' families US$16,500 each.

Also, Grupo Mexico said it paid each victim's family about
US$70,000 plus several monthly payments, Reuters says.

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.


INTERNATIONAL RECTIFIER: Picks Michael Briere as R&D's Exec. VP
---------------------------------------------------------------
International Rectifier Corporation has reported a new
organizational appointment to the company's leadership team.

Dr. Michael A. Briere previously Executive Vice President,
Research & Development for the company, has been appointed to
the role of Executive Vice President, Research & Development and
Chief Technology Officer.  In his new role, Dr. Briere will be
responsible for the company's technology and product development
strategies.

Dr. Briere joined International Rectifier in 2003 and most
recently served as the company's Executive Vice President,
Research & Development.  In that role, Dr. Briere led a team of
250 engineers and scientists on all aspects of International
Rectifier's research and development programs.  Prior to that
role, Dr. Briere served as the company's Vice President of
Integrated Circuit Development where he was responsible for the
company's global research and development of its wafer
fabrication processes, device design, and characterization.  He
also led the electronic design automation and test technologies
for integrated circuits used in power management applications.

Before joining International Rectifier, Dr. Briere was Founder,
President, and Chief Executive Officer of Picor Corporation, a
developer and marketer of innovative power IC designs and
systems.  A 20-year semiconductor industry veteran, Dr. Briere
previously held positions at IBM, the Hahn Meitner Institute of
Berlin, Lawrence Livermore National Laboratory, Cherry
Semiconductor, and ON Semiconductor.

Dr. Briere holds a BSEE and MS in Physics from Worcester
Polytechnic Institute, and a Doctorate in Solid State Physics
from the Technical University of Berlin.  He also served on the
IEEE subcommittee on power devices and ICs, the program
committee for the International Symposium for Power
Semiconductor Devices and ICs, and was a member of the Advisory
Board for the Center for Surfaces and Thin Films at the
University of Rhode Island, where he also served as an Adjunct
Associate Professor of Physics.

Don Dancer, International Rectifier's acting Chief Executive
Officer, said, "I am very pleased to have Mike Briere, a proven
industry veteran, spearhead the development and execution of
IR's next generation of products.  During this time of
transition, Mike has demonstrated consistent leadership and
dedication to IR's customers and employees.  I am confident that
his experience, technological expertise, and innovation will
continue to help propel IR forward."

Separately, the Nominating and Corporate Governance Committee of
the Board of Directors, chaired by Dr. James Plummer, engaged
Korn Ferry International to search for two additional
independent directors.  The search is geared toward further
enhancing the expertise, experience, and diversity of the board
of directors.

International Rectifier Corporation -- http://www.irf.com/--
(NYSE:IRF) is a world leader in power management technology.
IR's analog, digital, and mixed signal ICs, and other advanced
power management products, enable high performance computing and
save energy in a wide variety of business and consumer
applications.   Leading manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on IR's power management
solutions to power their next generation products.  The company
has manufacturing facilities in the U.S., Mexico, United
Kingdom, Germany and Italy; and has subsidiaries in Japan and
Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services said that its
'BB' corporate credit rating on International Rectifier Corp.
remains on CreditWatch with negative implications.


RYERSON INC: Rhombus Merger Prices Offering of 8-1/4% Sr. Notes
---------------------------------------------------------------
Rhombus Merger Corporation has priced its tender offer and
consent solicitation for the 8-1/4% Senior Notes due 2011 of
Ryerson Inc.

As of 5:00 p.m., New York City time, on Oct. 4, 2007, tenders
and consents received from holders of US$145.1 million in
aggregate principal amount of the Notes.  Accordingly, the
requisite consents to adopt the proposed amendments to the
indenture governing the Notes have been received.

Subject to the conditions of the Offer being satisfied or
waived, a supplemental indenture effecting the proposed
amendments dated Sept. 21, 2007, will be executed.

The total consideration for each US$1,000 principal amount of
Notes validly tendered and not withdrawn prior to the Consent
Payment Deadline is US$1,080.11, which includes a consent
payment of US$30 per US$1,000 principal amount of Notes validly
tendered and not withdrawn.

The total consideration was determined by reference to a fixed
spread of 50 basis points over the yield, based on the bid
price, of the 3.375% U.S. Treasury Note due Dec. 15, 2008, which
was calculated at 2:00 p.m., New York City time, on
Oct. 4, 2007.  The Reference Yield and the Offer Yield, as such
terms are used in the Offer to Purchase, are 4.062% and 4.562%.

The Purchaser's obligation to accept for purchase, and to pay
for, Notes validly tendered pursuant to the Offer is subject to
the satisfaction of certain conditions including:

   1) the consummation of the merger of Purchaser with and into
      Ryerson;

   2) concurrent financing; and

   3) certain other customary conditions.

Assuming all conditions to the Offer are satisfied or waived,
the company expects the initial payment date for the Offer to be
on or about Oct. 19, 2007, on which date the company will accept
for purchase all Notes tendered at least one business day prior
to such acceptance date.

Holders of such Notes will receive accrued and unpaid interest
on such Notes up to the initial payment date.  Holders of Notes
validly tendered on or after the initial payment date, but
before the Expiration Date, will receive accrued and unpaid
interest on the Notes up to the final payment date, which is
expected to be on or promptly after the Expiration Date.

The Offer is scheduled to expire at 8:00 a.m., New York City
time, on Oct. 22, 2007.

Holders tendering their Notes after the Consent Payment Deadline
but on or prior to the Expiration Date for the Offer and such
Notes are accepted for purchase will receive the Tender Offer
Consideration, but will not receive the Consent Payment.

The complete terms and conditions of the Offer are described in
the Offer to Purchase, copies of which may be obtained by
contacting Global Bondholder Services Corporation, the
information agent for the Offer, at (212) 430-3774 (collect) or
(866) 807-2200 (U.S. toll-free).

Banc of America Securities LLC is the exclusive dealer manager
and solicitation agent for the Offer.  Additional information
concerning the Offer may be obtained by contacting Banc of
America Securities LLC, High Yield Special Products, at (704)
388-9217 (collect) or (888) 292-0070 (U.S. toll-free).

                About Rhombus Merger Corporation

Rhombus Merger Corporation is a wholly owned subsidiary of
Rhombus Holding Corporation and is owned by funds controlled by
Platinum Equity.  Rhombus Merger was formed solely for the
purpose of merging with and into Ryerson, which will be the
surviving corporation of the merger and a wholly owned
subsidiary of Parent.

                      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.


TRIMAS CORPORATION: Announces North American Plant Closures
-----------------------------------------------------------
TriMas Corporation has announced that it is closing one of its
North American plants that manufactures trailer hitches and
related accessories for the automobile and light-duty truck
aftermarket.  The plant located in Huntsville, Ontario, Canada
has 163 employees and utilizes approximately 56,000 square feet
in the production of aftermarket trailer hitch products
distributed under the Cequent brand names.

"We regret having to close our Huntsville facility because of
the long-standing and excellent relationship we have had with
our employees and the Huntsville community," said Edward L.
Schwartz, Cequent Group President.  "The decision to close this
facility is the result of our improvements and the continued
rationalization of our available manufacturing and distribution
capacity to accelerate our cost competitiveness and to better
serve the needs of our customers.

"We have implemented a number of productivity initiatives and
operational improvements over the last two years that will allow
us to seamlessly consolidate the Huntsville plant operations
into our Goshen, Indiana facility, which has state-of-the art
automation and paint capabilities.  We have also been
aggressively expanding the sourcing of high-volume products
which no longer require North American manufacturing
capability," added Mr. Schwartz.

The Huntsville plant operations will be phased out by December
2007.  This action will eliminate 163 positions and is expected
to result in annual pre-tax savings in the range of US$2 to US$3
million.  TriMas will record an estimated pre-tax charge of
approximately US$11 million of which US$10 million will be
recognized in the fourth quarter of 2007, when management
approved this action.  The remaining amount will be recognized
in 2008.  Approximately US$4 million of the fourth quarter 2007
charge will represent non-cash charges related to accelerated
depreciation on property and equipment.

Headquartered in Bloomfield Hills, Mich., TriMas Corporation
(NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified
growth company of high-end, specialty niche businesses
manufacturing a variety of products for commercial, industrial
and consumer markets worldwide.  TriMas Corporation is organized
into five strategic business groups: Packaging Systems, Energy
Products, Industrial Specialties, RV & Trailer Products, and
Recreational Accessories.  TriMas Corporation has nearly 5,000
employees at 80 different facilities in 10 countries.  The
company has manufacturing facilities in Indiana, Mexico,
England, Germany, Italy, and China.

                          *    *    *

As reported on May 28, 2007, Standard & Poor's Ratings Services
raised its ratings on Bloomfield Hills, Michigan-based TriMas
Corp., including its corporate credit rating, which goes to 'B+'
from 'B'.

At the same time, all ratings were removed from CreditWatch,
where they were placed with positive implications on
Aug. 4, 2006, following the company's announcement that it had
filed a registration statement for an IPO.  S&P said the outlook
is stable.




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


CABLE & WIRLESS: Unit Launches 1MM-Byte-Per-Sec. ADSL Service
-------------------------------------------------------------
Published reports say that Cable & Wireless' Panamanian
subsidiary has launched a one-million-byte-per-second version of
its ADSL service.

According to the press, Cable & Wireless Panama invested some
US$30 million over the past three years in the service,
including market studies that showed 88% of its broadband
subscribers download up to six gigabytes a month when searching
the Internet.

Reporters note that the one-million-byte-per-second service is
priced for 6GB per month, which should equate to:

          -- 500 Web page views,
          -- delivery of 2,500 E-mails,
          -- downloading of 500 songs and five movie trailers,
          -- 90 hours of online games, and
          -- 500 outgoing E-mails with documents attached.

The new service lessened the cost of broadband by 60% for
subscribers to US$25 a month from US$80 per month.  Part of the
investment includes hiring Irving Saladino, the world's current
leading long jumper, to compare the service speed to his jumps,
Business News Americas relates.

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

                        *     *     *

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

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

* Issuer: Cable & Wireless Plc

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

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


CHIQUITA BRANDS: Launches Nogales Distribution Center
-----------------------------------------------------
Chiquita Brands International Inc. told The Produce News that it
has launched a new distribution center in Nogales, Arizona, to
serve retail and foodservice clients with the firm's fresh
fruits and vegetables.

According to The Produce News, the facility offers inventory
management and easier handling, loading, and unloading of
products.  It offers an expanded line of fresh vegetables and
fresh fruits.

"This upgraded facility allows us to expand our grower base,
strengthen our sales team and enhance our ability to offer the
highest quality produce delivered via an extremely efficient
supply chain, thus ensuring superior freshness for our retail
and foodservice customers," Chiquita Brands unit Chiquita Fresh
North America's Fresh Select vice president Fortunato Martinez
said in a statement.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Colombia, Panama and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.:

(i) corporate family rating at B3;
(ii) probability of default rating at B3;
(iii) US$250 million 7.5% senior unsecured notes due 2014 at
         Caa2(LGD5, 89%); and
(iv) US$225 million 8.875% senior unsecured notes due 2015
         at Caa2 (LGD5, 89%).

Moody's changed the rating outlook for Chiquita Brands to
negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.




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


TELECOM PERSONAL: Launches International Short Messaging Service
----------------------------------------------------------------
Telecom Personal said in a statement that it has launched an
international short messaging service that lets clients send and
receive short messages to over 90 countries.

Business News Americas relates that as a promotion for the first
60 days, users will be charged the cost of a small messaging
service locally.

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

                        *     *     *

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




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


GRUPO MEXICO: Southern Copper Strike Continues
----------------------------------------------
Southern Copper Corp., Grupo Mexico SA de CV's Peruvian unit,
said that it expects its workers to continue their strike until
Oct. 10, Bloomberg News reports.

The company awaits the workers' union's decision to allow the
Peruvian government to mediate on the conflict, the same report
says.

As previously reported, 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 Jorge Chavez, general undersecretary of the
workers' union at Toquepala mine, said they may let the
government step in and facilitate the negotiation to end the
wage increase dispute, Bloomberg relates.  Another union
representative, Roman More at the Cuajone mine, adds that
workers haven't agreed yet on which aspect the government should
be given right to mediate.

As a result of the strike at its Peruvian unit, Grupo Mexico's
output suffered 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.

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.




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


AFC ENTERPRISES: Chief Marketing Officer Robert Calderin Resigns
---------------------------------------------------------------
AFC Enterprises, Inc. has announced the resignation of Robert
Calderin as chief marketing officer to pursue another business
opportunity.  He will remain with the company through early
November to assist with the transition.

AFC Interim Chief Executive Officer Fred Beilstein stated, "Rob
has done an outstanding job and we thank him for his many
significant contributions to the Company since he joined us in
2005.  We wish him much success in the future."

                   About AFC Enterprises Inc.

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

                        *     *     *

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


DIRECTV: John Suranyi Quits as President for Sales & Service
------------------------------------------------------------
John Suranyi has resigned as president of DIRECTV Inc.'s Sales
and Service effective Oct. 5.

Michael Palkovic, formerly the company's chief financial
officer, has been appointed executive vice president of
Operations and will now oversee the company's home service and
installation network, call center operations, supply chain and
other related activities.  Patrick Doyle, the company's chief
accounting officer, has been appointed chief financial officer.
Messrs. Palkovic and Doyle along with Paul Guyardo, executive
vice president of Sales & Marketing and chief marketing officer,
will all report to Chase Carey, the company's president and CEO.

Mr. Suranyi joined DIRECTV in early 2004 and was appointed
president of Sales and Service in 2005.

"I want to thank John for all his efforts and contributions to
the company, and all of us at DIRECTV wish him well in his new
endeavors," said Mr. Carey.  "He has solidified our position as
the leader in customer satisfaction in the pay television
business, and we're looking forward to building on that base
going forward."

"I've enjoyed my time at DIRECTV and I'm very proud of what we
have accomplished over the past several years," said Mr.
Suranyi.  "While it has been rewarding to be part of this
company during a period of rapid change, I'm now looking forward
to new opportunities and leave the organization in good hands."

Mr. Palkovic has been with the company for more than ten years
and was appointed chief financial officer for DIRECTV in 2001,
and then for The DIRECTV Group, Inc., in 2005.  "With his unique
understanding of our business, Mike will hit the ground running
in his new role, and I'm confident we'll continue to improve our
customer experience under his leadership," said Mr. Carey.

Mr. Doyle has also been at the company for more than ten years
and has been chief accounting officer of the DIRECTV Group since
2003.  "Pat has been a key executive at DIRECTV and has
contributed to our growth and success.  He is ideally positioned
to provide financial expertise critical to our future," said Mr.
Carey.

                        About DirecTV

Headquartered in El Segundo, California, The DIRECTV Group, Inc.
(NYSE:DTV) -- http://www.directv.com/-- provides digital
television entertainment in the United States and Latin America.
It has two segments, DIRECTV U.S. and DIRECTV Latin America.
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.


FUNDACION INC: Brings In Jose Oliveras as Labor Counsel
-------------------------------------------------------
Fundacion Dr. Manuel de la Pila Iglesias, Inc., asks the U.S.
Bankruptcy Court for the District of Puerto Rico for permission
to employ Jose A. Oliveras Gonzalez Law Offices as its special
counsel.

Jose A. Oliveras will serve as legal represent for the Debtor
and Hospital Dr. Pila and Villa Ponce Resident Project in any
labor related proceeding before administrative agencies and
court proceedings and provide legal counsel as to the labor
agreements in the hospital.

The Debtor picks Jose A. Oliveras because of their long-standing
professional relationship with the Firm.  The Debtors do not
want to lose the knowledge and expertise the Firm has developed
over the past six years regarding their operations.

Jose A. Oliveras will bill the Debtor US$5,500 per month.

To the best of the Debtor's knowledge, Jose A. Oliveras holds no
interest adverse to the company or its estates.

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.


FUNDACION INC: Taps Rafael Torres as Special Counsel
----------------------------------------------------
Fundacion Dr. Manuel de la Pila Iglesias, Inc., asks the U.S.
Bankruptcy Court for the District of Puerto Rico for permission
to employ Rafael E. Torres Torres Law Offices as its special
counsel.

Mr. Torres will:

   a) represent the Debtor in any legal proceeding before
      administrative agencies or local courts;

   b) consult on corporate and other legal issues that may
      arise within the context of the hospital industry and
      related businesses administered by the Debtor;

   c) represent the hospital on CON proceedings before the
      Department of Health; and

   d) provide emergency consultations on matters related to the
      obtention of formal consents to treatment from parents or
      legal custodians of minors or mentally incompetent
      patients while requesting emergency medical treatment at
      the Hospital's Emergency Room or when admitted for
      hospitalization.

The firm will bill the Debtor US$125 per hour for his services.

The firm 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.


FUNDACION INC: U.S. Trustee Appoints Committee
----------------------------------------------
Felicia S. Turner, the United States Trustee for Region 21,
pursuant to 11 U.S.C. Sec. 307 and 1102, and 28 U.S.C. Sec.
586(a), appoints a five-member Official Committee of Unsecured
Creditors in the Fundacion Dr. Manuel de la Pila Iglesias, Inc.,
dba Hospital Dr. Pila, dba Villa Ponce Housing's chapter 11
case:

     (1) Cesar Castillo, Inc.
         d/b/a Drogueria Castillo
         c/o Mr. Luis Vazquez, Director
         P.O. Box 191149
         San Juan, Puerto Rico 00919-1149
         Phone: 787-999-1616
         Fax: 787-999-1614
         E-Mail: lvazquez@cesarcastillo.com

     (2) Caribbean Emergency Physicians, PSC
         c/o Dr. Jesus M. Marin
         P.O. Box 363589
         San Juan, Puerto Rico 00936-3589
         Phone: 787-448-5763
         Fax: 787-651-5730

     (3) Ponce Diagnostic Radiologic Center, CSP
         c/o Dr. Ramiro Milan
         P.O. Box 1143
         Cotto Laurel, Puerto Rico 00780-1143
         Phone: 787-843-9320
         Fax: 787-843-9320

     (4) Rehabcare Group Management Services, Inc.
         c/o Phillip A. Martin, Esq.
         Fultz Maddox Hovious & Dickens, PLC
         2700 National City Tower
         Louisville, Kentucky 40202
         Phone: 502-588-2000
         Fax: 502-588-2020
         E-Mail: pmartin@fmhd.com

     (5) Baxter Sales & Distribution Corp.
         c/o Luis H. Leon Santiago
         Credit Supervisor
         P.O. Box 360002
         San Juan, Puerto Rico 00936-0002
         Phone: 787-792-5757
         Fax: 787-792-9093
         E-Mail: luis_leon_santiago@baxter.com

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

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).  F. David Godreau Zayas,
Esq., at Latimer, Biaggi, Rachid & Godreau represents the Debtor
in its restructuring efforts.  When the Debtor filed for
bankruptcy, it reported US$55,930,498 in total assets and
US$53,455,603 in total debts.


MEDIRECT LATINO: Inks Standstill Agreement with Shareholders
------------------------------------------------------------
MEDirect Latino Inc. entered into a standstill agreement by and
among Raymond Talarico and Debra L. Towsley, Granite Creek
FlexCap I L.P., a company lender, Ronald G. Williams and TBeck
Capital Inc., and Lyle J. Mortensen.

The standstill agreement relates to certain pending litigation
among the parties, and is intended to remain in effect from the
date of the standstill agreement through Oct. 7, 2007, unless
earlier terminated upon five days prior written notice by one of
the parties.

Pursuant to the standstill agreement:

   i. the parties agreed to refrain from taking certain actions
      with respect to the litigation or the other parties,

  ii. the company agreed not to initiate any action with
      respect to a bankruptcy, liquidation or other similar
      proceeding, and

iii. Talarico, Towsley, Granite Creek and the additional
      consenting shareholders each agreed to refrain from
      calling or encouraging others to call a meeting of the
      company's shareholders or soliciting a written consent of
      the company's shareholders.

In addition,

   i. Talarico and Towsley each agreed not to hold himself or
      herself out as officers of the company,

  ii. Mortensen agreed not to hold himself out as a director or
      authorized agent of the company,

iii. Williams agreed not to hold himself out as an authorized
      agent of the company, and

  iv. each of Talarico, Towsley, Mortensen, and Williams agreed
      not to take or attempt to take any action in which any of
      them purports to be an officer or authorized agent of the
      company.

Talarico and Towsley also agreed to assist the company with
respect to certain bank account and licensing matters.

                    About Medirect Latino

Headquartered in Pompano Beach, Florida, Medirect Latino Inc.
(Pink Sheets: MLTO) -- http://www.medirectlatino.org/ -- is an
early stage company.  It is a federally licensed, direct-to-
consumer, participating provider of Medicare Part B Benefits
primarily focused on supplying diabetic testing supplies to the
Hispanic Medicare-eligible community domestically and in Puerto
Rico.  The company also distributes 'quality of life' enhancing
products like walking assistance devices, to customers who have
circulatory and mobility related afflictions resulting from
diabetes.  The company also maintains offices in San Juan,
Puerto Rico.

The company was formerly known as Interaxx Digital Tools Inc.,
one of four stand alone companies resulting from a second joint
plan of reorganization filed under Chapter 11 of the bankruptcy
code.  The reorganization was treated as a reverse merger and
subsequently, Interaxx Digital changed its name to Medirect
Latino Inc. as the new operating entity.

                        *     *     *

Medirect Latino Inc. reported that as of March 31, 2007, it had
US$4,135,625 in total assets, US$6,892,428 in total liabilities,
and US$2,756,803 in total stockholders' deficit.  The company's
March 31 balance sheet also showed strained liquidity with total
current assets of US$2,971,280 and total current liabilities of
US$2,142,428.




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


ARVINMERITOR INC: Fitch Pares Issuer Default & Debt Ratings
-----------------------------------------------------------
Fitch Ratings has downgraded its ratings on ArvinMeritor as:

  -- Issuer Default Rating to 'BB-' from 'BB';
  -- Senior secured revolver to 'BB' from 'BB+'.
  -- Senior unsecured notes to 'B+' from 'BB-'.

The Rating Outlook is Negative.  Including the undrawn portion
of the secured revolver, approximately US$2.2 billion of debt is
affected by these actions.

Fitch's downgrade reflects continuing and expanded negative cash
flow, and the associated balance sheet erosion.  Fitch expects
negative free cash flow to persist through at least the first
half of ARM's fiscal 2008, and the timing and extent of a
reversion to positive free cash flow remains uncertain.
Improvement in operating performance will depend on the pace and
strength of a rebound in the truck market, as well as the
success of restructuring efforts in the low-margin light vehicle
systems segment.

For the last twelve months ended June 30, ARM's free cash flow
was negative US$334 million, including a non-recurring working
capital adjustment associated with a divestiture and a voluntary
pension contribution.  Negative cash flow was financed in part
by proceeds from asset sales.  The company also increased
utilization under an accounts receivable securitization
facility, increasing Total Adjusted Debt to US$1.8 billion at
the end of the fiscal third quarter from US$1.7 billion at
fiscal year-end Sept. 30, 2006.  Expectations of continued
weakness in operating performance caused ARM to obtain an
amendment to its Fixed Charge Coverage Ratio for the fiscal
fourth quarter, continuing through fiscal 2008.

The ability to return to positive free cash flow in 2008 remains
uncertain and any improvement in the balance sheet is expected
to be limited.  Further pressuring operating cash flow will be a
continued high level of restructuring outflows and higher
capital expenditures.  LTM capital expenditures were US$118
million, representing 1.5% of sales.  ARM's capital investment,
as a percent of revenues is one of the lowest among the
automotive suppliers covered by Fitch.  Given the company's
level of capital investment relative to its peers, Fitch is
concerned additional expenditures may be needed, potentially
constraining the company's ability to generate Free Cash Flow.
Incremental capital investment is likely needed to improve CVS
Europe operating efficiency, expand LVS overseas manufacturing,
fund incremental restructuring efforts, and to invest in
supplier parks required at automakers' facilities as well as a
reduction in new vehicle life cycles.  Financial support to
stressed Tier II and Tier III suppliers can also require capital
investment.

Weakness in the housing market could extend the current cyclical
trough and mute the expected upswing in Class 8 truck demand
ahead of more stringent 2010 diesel emission regulations.  In
addition, inefficiencies in CVS Europe operations have arisen
due to higher than expected demand.  ARM was unable to
capitalize on higher volumes and suffered higher costs for
premium freight, higher cost sources of supply and customer late
penalties.  Fitch expects inefficiencies to continue well into
fiscal 2008 and ARM is likely to increase investment to improve
operating flexibility.

ARM has demonstrated improvement in LVS profitability, although
margins remain modest.  Any improvement will be derived largely
from restructuring programs, as margins remain under pressure
from significant exposure to the Detroit Three, annual
contractual pricedowns, higher raw material costs and costs
related to a financially strained automotive supply base.

Cash flow has been impacted by a working capital outflow of
included in fiscal year-to-date discontinued operations cash
flow of negative US$118 million.  The company expects to recoup
about US$40 million in the first quarter of fiscal 2008 from
cash purchase price adjustments.  In addition, ARM made
substantial pension contributions during fiscal 2007, including
a significant discretionary payment to its UK plan.  With the
improved funded status, pension contributions will be reduced
going forward.

ARM maintains adequate liquidity and has no major debt
maturities until after 2010.  Fitch calculates, at the end of
the fiscal third quarter, liquidity was US$1.3 billion,
including US$870 million available under a revolving credit
facility, US$178 million in available securitization and US$284
million in cash and cash equivalents.  However, coverage and
leverage ratios have eroded.  For the LTM as of June 30,
Operating EBITDA to Gross Interest Expense was 2.8 times versus
2.9 at the end of fiscal 2006.  Over the same time period, Total
Debt to Operating EBITDA was 3.8 compared with 3.3, while Total
Adjusted Debt to Operating EBITDAR climbed to 4.9 from 4.0 at
fiscal year end, reflecting higher accounts receivable
financing.

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: UAW Gives 72-Hour Deadline for Deal Closure
---------------------------------------------------------
The United Auto Workers union gave Chrysler LLC 72 hours to
complete a contract patterned from General Motors Corp.'s
tentative agreement with the union, otherwise they will hold a
strike, the Associated Press reports, citing an inside source.

Both parties have resumed negotiations on Sunday, but more
details have to be ironed out, AP relates.

The talks, John Lippert of Bloomberg News says, started after
UAW President Ron Gettelfinger decided, on Friday, to forego
discussions with Ford Motor Co., instigating speculations that
Chrysler's two-month old owner, Cerberus Capital Management LP,
would be easier to handle than Ford, which was under
restructuring since last year.  As reported in the Troubled
Company Reporter on Oct. 4, 2007, Ford disclosed that total
September sales dropped 21% compared with a year ago.

As previously reported, GM and the UAW reached a tentative
agreement on a new national labor contract after more than
73,000 UAW union members throughout the United States went on
strike against GM.  The tentative agreement, covering
approximately 74,000 represented employees, includes a
memorandum of understanding to establish an independent retiree
health care trust, as well as other changes to the national
agreement.

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

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


PETROLEOS DE VENEZUELA: Hiring More Workers Next Year
-----------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA will
increase its work force by over a third in 2008, The Associated
Press reports, citing the nation's President Hugo Chavez.

President Chavez told the AP that Petroleos de Venezuela has
74,900 workers.  The firm will increase that to 101,590
employees next year.  The work force will continue increasing to
over 113,800 in 2009.

According to the AP, Petroleos de Venezuela saw a "rapid
expansion in its payroll amid high oil prices" as the Venezuelan
government assumed majority state control of oil projects
previously operated by foreign oil companies.

Meanwhile, Petroleos de Venezuela will increase tanker fleet,
partly by setting up a shipbuilding factory, the AP says, citing
President Chavez.  Venezuela will start manufacturing its own
oil drills. The firm will also gradually increase oil exports to
China by creating joint ventures that will eventually operate
three planned plants in China.

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: Nat'l Assembly OKs 3 Joint Ventures
-----------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that the nation's national assembly has authorized a
legislation that would officially create three Orinoco joint
companies.

Business News Americas relates that the three joint ventures
are:

          -- Petrocedeno, where France's Total and Norways's
             Statoil have interests;

          -- Petromonagas, where the UK's BP and Veba Oil & Gas
             Have stakes; and

          -- Petropiar, where US oil major Chevron holds shares.

According to BNamericas, Petroleos de Venezuela will have almost
an 80% interest in the three joint venture firms, which will be
able to directly export crude produced in their blocks.
Contracts are valid for 25 years.

BNamericas notes that the approved laws on the creation of the
joint ventures are awaiting Venezuelan President Hugo Chavez's
signature.

Formation of the joint venture firms will take a long time to
complete, BNamericas states, citing analysts.

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: Tries To Revive El Palito Units
-------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA told
Reuters that it has launched work to bring the catalytic cracker
and alkylation units back on line at its 135,000 barrels-per-day
El Palito plant after a power outage last week.

El Palito plant's general manager said in a statement that
technicians had to first check equipment and infrastructure
before Petroleos de Venezuela would proceed with restarting the
units.

According to Reuters, the El Palito plant encountered repeated
outages amid refinery problems over the last year.

El Palito had been running at its full capacity of 135,000
barrels per day until the units were taken off line, Petroleos
de Venezuela said in a statement.

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: Has 100 Billion Barrels of Proven Oil Reserves
-----------------------------------------------------------
Matthew Walter at Bloomberg News reports that the Venezuela said
its proven oil reserves have risen to 100 billion barrels.

The country's Faja del Orinoco region has 12.4 billion of
additional proven reserves; and the Carabobo blocks have 20.1
billion of proven crude reserves and more than 5 trillion cubic
feet of natural gas reserves, the government said in statement,
Bloomberg says.

Additionally, the statement says that in the Orinoco Magna
Reserve project, about 200 billion barrels of crude oil are yet
to be certified.  If this estimate would be proven, Venezuela
will have the biggest hydrocarbons reserves in the world,
Bloomberg states.

                        *     *     *

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


* BOND PRICING: For the Week Oct. 1 to Oct. 5
---------------------------------------------

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

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      66.82
Argnt-Bocon PR13        2.000    3/15/24     ARS      69.15
Arg Boden               2.000    9/30/08     ARS      28.25
Argent-Par              0.630   12/31/38     ARS      43.06

CAYMAN ISLANDS
--------------
Vontobel Cayman        10.400   12/28/07     CHF      61.35
Vontobel Cayman        10.700   12/28/07     CHF      56.00
Vontobel Cayman        11.400   12/28/07     CHF      68.35
Vontobel Cayman        11.400   12/28/07     CHF      69.90
Vontobel Cayman        11.650   12/28/07     CHF      72.30
Vontobel Cayman        11.850   12/28/07     CHF      65.35
Vontobel Cayman        13.050   12/28/07     CHF      68.90
Vontobel Cayman        13.150   10/25/07     CHF      71.20
Vontobel Cayman        13.350   12/28/07     CHF      61.55
Vontobel Cayman        13.450   12/28/07     CHF      66.75
Vontobel Cayman        13.500   02/22/08     CHF      53.60
Vontobel Cayman        14.900   12/28/07     CHF      35.45
Vontobel Cayman        16.000   12/28/07     EUR      49.80
Vontobel Cayman        16.450   12/28/07     EUR      73.50
Vontobel Cayman        16.800   12/28/07     CHF      13.55
Vontobel Cayman        17.700   12/28/07     EUR      74.70
Vontobel Cayman        22.850   12/28/07     CHF      26.50


JAMAICA
-------
Jamaica Govt. LRS       7.500   10/06/12     JMD      74.17

VENEZUELA
---------
Petroleos de Ven        5.250    4/12/17     US       73.80
Petroleos de Ven        5.375    4/12/27     US       63.65
Petroleos de Ven        5.500    4/12/37     US       61.57


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                               Total
                               Shareholders  Total
                               Equity        Assets
Company                 Ticker  (US$MM)       (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3     (20.56)      53.30
Kuala                    ARTE3     (33.57)      11.86
Chiarelli SA             CCHI3     (58.72)      36.44
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (757.32)     458.59
Angel Estrada            ESTR      (68.23)      68.97
Estrada-A                ESTR5     (68.23)      68.97
Bombril Holding          FPXE3  (1,064.31)      41.97
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (233.64)      33.23
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3     (22.20)     478.81
Minupar                  MNPR3     (27.02)     206.98
Telebras-CM RCPT         RCTB30   (139.38)     235.03
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (55.17)      51.93
Telebras SA              TELB3    (139.38)     235.03
Telebras-CM RCPT         TELE31   (139.38)     235.03
Telebras SA              TLBRON   (139.38)     235.03
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (155.34)   1,883.02
WIEST                    WISA3    (107.73)      92.66


                        ***********


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

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

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

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

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

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


           * * * End of Transmission * * *