TCRLA_Public/071012.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Friday, October 12, 2007, Vol. 8, Issue 203

                          Headlines

A R G E N T I N A

ACONSAC SA: Proofs of Claim Verification Deadline Is Dec. 11
AGUAS ARGENTINAS: Creditors Voting on Settlement Plan on Feb. 11
AVAYA INC: Signs IP Telephony Agreement with Bell Canada
BUSSINES MEDICAL: Proofs of Claim Verification Is Until Dec. 12
CAMUZZI GAS: Argentine State To Pay US$172 Mil. to Sempra Energy

CONSTRUCTORA MIR: Proofs of Claim Verification Is Until Nov. 19
DF CONSTRUCCIONES: Trustee Verifies Proofs of Claim Until Nov. 6
DISTRIBUIDORA DE PRODUCTOS: Claims Verification Ends on Nov. 28
JORGE KESHISHIAN: Reorganization Proceeding Concluded
MENDOCAP SRL: Trustee Filing Individual Reports on Oct. 15

MERAC SA: Trustee Filing Individual Reports in Court on Feb. 21
PREMECOL SC: Proofs of Claim Verification Deadline Is Dec. 13
ROCFE SRL: Trustee Filing General Report in Court on Oct. 15
SCO GROUP: Taps Pachulski Stang as Bankruptcy Co-Counsel
TENNECO INC: Wins North America Aftermarket Business in 3rd Qtr.

TYSON FOODS: Bill Lovette Steps Down as Sr. Group Vice President
WR GRACE: Court Refuses to Appoint Examiner for Tersigni Probe


B E R M U D A

ASPEN INSURANCE: Launches Casualty Insurance Unit in Dublin
BRUNSWICK RAIL: Will Hold Final General Meeting on Nov. 5
ELAN CORP: S&P Affirms B Corp. Credit Rating with Pos. Outlook


B O L I V I A

INT'L PAPER: Lower Land Sales Earnings to Impact 3rd Qtr Profits
INTERNATIONAL PAPER: Earns US$190 Million in Qtr. Ended June 30


B R A Z I L

ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan
ACXIOM INC: Gets US$65-Million Payment Over Axio Merger Pact
BANCO NACIONAL: Okays BRL2-Billion Financing for Telesp
BRASKEM SA: Controlling Unit Acquires 34 Mil. of Copesul Shares
CHRYSLER LLC: Reaches Tentative Agreement with UAW

COREL CORP: Incurs US$6.8 Million Net Loss in Qtr. Ended Aug. 31
GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified
GENERAL MOTORS: Launches Uzbekistan Car Venture With Uzavtoprom
ISA CAPITAL: S&P Affirms BB Rating on US$554-Mil. Senior Notes
JAPAN AIRLINES: Inks Business Partnership with AEON

PETROLEO BRASILEIRO: Wins Pipeline Insulation Deal to Aspen
REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand
UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007


C A Y M A N   I S L A N D S

AI (EURO): Proofs of Claim Filing Is Until Nov. 2
BANK OF AYUDHYA: Sells Off 12.11% Ownership in Construction Firm
CAYMAN DFK: Proofs of Claim Filing Deadline Is Nov. 2
CBO HOLDINGS: Proofs of Claim Filing Is Until Nov. 2
COMMERCIAL MORTGAGE: Proofs of Claim Filing Deadline Is Nov. 2

CONOCOPHILLIPS BAO: Proofs of Claim Filing Ends on Nov. 2
CONOCOPHILLIPS BLOCK: Proofs of Claim Filing Deadline Is Nov. 2
CONOCOPHILLIPS GULF: Proofs of Claims Filing Ends on Nov. 2
CONOCOPHILLIPS NZ: Proofs of Claim Filing Deadline Is Nov. 2
CONOCOPHILLIPS Z&M: Proofs of Claim Filing Is Until Nov. 2

COPPER BEECH: Proofs of Claim Filing Ends on Nov. 2
DCC II: Proofs of Claim Filing Deadline Is Nov. 2
DENALI MANAGEMENT: Proofs of Claim Filing Deadline Is Nov. 2
DIAMOND FINANCIAL: Proofs of Claim Filing Is Until Nov. 2
FLEET FUNDING I: Proofs of Claim Filing Ends on Nov. 2

FLEET FUNDING II: Proofs of Claim Filing Deadline Is Nov. 2
FOURTH SHARE: Proofs of Claim Filing Is Until Nov. 2
FRIENDSHIP INVESTMENT: Proofs of Claim Filing Is Until Nov. 2
GALLERIA II: Proofs of Claim Filing Deadline Is Nov. 2
TCW GEM: Proofs of Claim Filing Is Until Nov. 2

TETHYS FINANCIAL: Proofs of Claim Filing Deadline Is Nov. 2


C H I L E

SHAW GROUP: Earns US$54.6 Million in Third Quarter Ended May 31


C O L O M B I A

SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17
SOLUTIA INC: Named as Co-Defendant in US$685-Mln Cancer Lawsuits


C U B A

* CUBA: Trade with Russia Increases by 60% This Year


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Obtains US$10.5-Million Financing from IMF
* DOMINICAN REPUBLIC: Implementing Fuel Savings Plan


G U A T E M A L A

ALCATEL-LUCENT: Grabs NTT Comm. Deal for Service Routers Supply


J A M A I C A

AIR JAMAICA: Losing Revenue If It Won't Act on Code Share Pact
SUGAR COMPANY: Asset Privatization Deadline Is June 2008

* JAMAICA: Meeting with Guyana To Resolve Trade Dispute


M E X I C O

DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal
EMPRESAS ICA: Underwriters Exercise Option for 11.7-Mln Shares
GREENBRIER COS: To Construct 11,900 Tank Cars for GE Equipment
HIPOTECARIA SU: Initiates Cash Purchase Offer on 8.50% Sr. Notes
HOST HOTELS: Net Income Up to US$97 Mil. in Third Quarter 2007

REMY WORLDWIDE: Receives Court Approval on First-Day Motions
SANLUIS CORP: Rep Uno Commences Cash Tender Offer on 8.00% Notes


N I C A R A G U A

* NICARAGUA: Invests US$60 Million to Repair & Construct Ports


P A N A M A

AES CORP: Prices US$500 Million of 7.75% Senior Unsecured Notes
AES CORP: Fitch Assigns BB/RR1 Rating on US$2 Billion Sr. Notes
AES CORP: Moody's Affirms Corporate Family Rating at B1


P E R U

LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779.3 Mil.


P U E R T O   R I C O

ADVANCED MEDICAL: Moody's Lowers Corporate Family Rating to B2


T R I N I D A D   &   T O B A G O

REPUBLIC BANK: Fitch Affirms & Withdraws Low B Ratings


V E N E Z U E L A

PEABODY ENERGY: Board Selects Gregory H. Boyce as Chairman & CEO
PETROLEOS DE VENEZUELA: Completing Sucre NatGas Plant in 2013

* VENEZUELA: Local Bond Sale Attracts Few Investors
* VENEZUELA: To Fund Overhaul of Ports in Nicaragua

                            - - - - -

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


ACONSAC SA: Proofs of Claim Verification Deadline Is Dec. 11
------------------------------------------------------------
Maria Lilia Orazi, the court-appointed trustee for Aconsac SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Dec. 11, 2007.

Ms. Orazi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, 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 Aconsac 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 Aconsac's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Aconsac SA
       14 de Septiembre de 1888 No. 914
       Buenos Aires, Argentina

The trustee can be reached at:

       Maria Lilia Orazi
       Tucuman 1484
       Buenos Aires, Argentina


AGUAS ARGENTINAS: Creditors Voting on Settlement Plan on Feb. 11
----------------------------------------------------------------
Aguas Argentinas S.A.'s creditors will vote on a settlement plan
that the company will lay on the table on Feb. 11, 2008.

Bilenca, Ghiglione y Sabor Contadores Publicos, Anzoategui,
Petrocelli y Asociados, Emilio Giacumbo and Rafael Hernandez --
the court-appointed trustee for Aguas Argentinas' reorganization
proceeding, verified creditors' proofs of claim until
Aug. 21, 2006.  The trustee presented the validated claims in
court as individual reports as well as a general report
containing an audit of Farminter's accounting and banking
records.

The debtor can be reached at:

         Aguas Argentinas S.A.
         Talcahuano 718
         Buenos Aires, Argentina

The trustee can be reached at:

         Bilenca, Ghiglione y Sabor Contadores Publicos
         Lavalle 1675
         Buenos Aires, Argentina

              -- or --

         Anzoategui, Petrocelli y Asociados
         Peru 440
         Buenos Aires, Argentina

              -- or --

         Emilio Giacumbo
         Rafael Hernandez
         Corrientes 1250
         Buenos Aires, Argentina


AVAYA INC: Signs IP Telephony Agreement with Bell Canada
--------------------------------------------------------
Bell Canada has entered into an agreement on the standardization
of the IP communication product line designed and manufactured
by Avaya Inc.

"This agreement clearly demonstrates Bell's position as leader
in IP telephony technology," said Stephane Boisvert, President
of the Enterprise Group, Bell Canada.  "We will now be able to
assume the design, sale and servicing of an IP solution using
Avaya technology.  This is good news for our customers because
Bell will be a single point of contact for the purchase and
servicing of these products."

In Canada, Bell is the largest participant in the Avaya
BusinessPartner program, earning status as an Avaya Certified
Platinum member.  Worldwide, Avaya's contact centre solutions
hold approximately 40% market share -- far ahead of the
competition, and the company's IP Telephony solutions account
for more than 25 percent of the market.

The standardization of Avaya products will allow Bell Canada to
facilitate the migration of its customers who currently use
Avaya DEFINITY(R) Servers, INTUITY(TM) AUDIX(R), or Octel(R)
250/350 voice and messaging platforms -- by far the most widely
used traditional voice systems -- to Avaya IP-based
communications solutions, which include telephony, messaging,
conferencing, video and collaboration solutions that are
accessible across a variety of devices.  Bell will offer the
full range of award-winning solutions, including Avaya Quick
Edition, Avaya IP Office, Avaya Distributed Office and Avaya
Communication Manager, effectively meeting the needs all sizes
and types of enterprise customers.

Bell is the first major service provider in Canada to
standardize the full portfolio of Avaya IP Telephony solutions.
Furthermore, this is the first time Bell Canada has standardized
a full product line in over 13 years, which bears witness to the
tremendous value that Avaya products bring to Bell's s offer.

"With Bell standardizing on Avaya IP Telephony solutions,
customers have a consistent, quality experience," said Mario
Belanger, President, Avaya Canada.  "Through its commitment to
certification and the continuous development of their support
and technical expertise, Canadian companies will have access to
consistent delivery of superior customer service."

                     About Bell Canada

Bell Canada International Inc. (NEX:BI.H) -- http://www.bci.ca/
-- is operating under a court supervised Plan of Arrangement,
pursuant to which BCI intends to monetize its assets in an
orderly fashion and resolve outstanding claims against it in an
expeditious manner with the ultimate objective of distributing
the net proceeds to its shareholders and dissolving the company.

                         About Avaya

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

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

                        *     *     *

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


BUSSINES MEDICAL: Proofs of Claim Verification Is Until Dec. 12
---------------------------------------------------------------
Analia Fernanda Calvo, the court-appointed trustee for Bussines
Medical Group S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Dec. 12, 2007.

Ms. Calvo will present the validated claims in court as
individual reports on Feb. 25, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Bussines Medical 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 Bussines Medical's
accounting and banking records will be submitted in court on
April 7, 2008.

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

The trustee can be reached at:

       Analia Fernanda Calvo
       Montevideo 589
       Buenos Aires, Argentina


CAMUZZI GAS: Argentine State To Pay US$172 Mil. to Sempra Energy
----------------------------------------------------------------
Camuzzi Gas Pampeana SA has clarified that the protection taken
by the Argentine government in order to avoid paying a
compensation to the company agreed at the ICSID is still not
functioning.

The Argentine State, under ICSID decision, must pay US$172
million to the American company Sempra Energy, shareholder of
Camuzzi Gas del Sur and Camuzzi Gas Pampeana, for the freezing
of the rates and the pesofication on the concession contract.

According to government sources, the decision will not have
Argentina as in the renegotiation of the two distributors there
exist a part, which favors the State in relation to this
situation.

The company asserted that the renegotiating process is still in
the works.

Camuzzi Gas Pampeana SA serves most of the province of Buenos
Aires -- excluding the city of Buenos Aires and the greater
metropolitan area of Buenos Aires -- and the Province of La
Pampa, encompassing primary industrial and residential areas.
The company operates a 3,500-kilometer pipeline network and a
17,600-kilometer distribution network.

                        *    *    *

As reported in the Troubled Company Reporter on April 17, 2006,
Moody's Investors Service assigned a B2 global local currency
rating and an A2.ar national scale rating to Camuzzi Gas
Pampeana's issue of up to ARS75 millions senior unsecured Class
3 notes with a stable outlook.


CONSTRUCTORA MIR: Proofs of Claim Verification Is Until Nov. 19
---------------------------------------------------------------
Monica Graciela Aquim, the court-appointed trustee for
Constructora MIR SA's bankruptcy proceeding, verifies creditors'
proofs of claim until Nov. 19, 2007.

Ms. Aquim will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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 Constructora Mir 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 Constructora Mir's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Constructora Mir SA
       Loyola 220
       Buenos Aires, Argentina

The trustee can be reached at:

       Monica Graciela Aquim
       Uruguay 662
       Buenos Aires, Argentina


DF CONSTRUCCIONES: Trustee Verifies Proofs of Claim Until Nov. 6
----------------------------------------------------------------
Juan E. Cavalieri, the court-appointed trustee for D.F.
Construcciones S.R.L.'s reorganization proceeding, verifies
creditors' proofs of claim until Nov. 6, 2007.

Mr. Cavalieri will present the validated claims in court as
individual reports on Dec. 19, 2007.  The National Commercial
Court of First Instance in Quilmes, 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 D.F. Construcciones 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 D.F. Construcciones'
accounting and banking records will be submitted in court on
March 6, 2008.

The informative assembly will be held on Aug. 25, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

       D.F. Construcciones S.R.L.
       Calle 148, Numero 750
       Berazategui, Buenos Aires
       Argentina

The trustee can be reached at:

       Juan E. Cavalieri
       San Martin 528, Quilmes
       Buenos Aires, Argentina


DISTRIBUIDORA DE PRODUCTOS: Claims Verification Ends on Nov. 28
---------------------------------------------------------------
Graciela del Marmol, the court-appointed trustee for
Distribuidora de Productos del Mar Bahia Mar del Plata S.R.L.'s
reorganization proceeding, verifies creditors' proofs of claim
until Nov. 28, 2007.

Ms. del Marmol will present the validated claims in court as
individual reports on Feb. 12, 2008.  The National Commercial
Court of First Instance in Mar del Plata, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Distribuidora de Productos' 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 Distribuidora de
Productos' accounting and banking records will be submitted in
court on March 28, 2008.

The informative assembly will be held on July 30, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

       Distribuidora de Productos del Mar Bahia Mar del Plata
       Juramento 2951, Mar del Plata
       Buenos Aires, Argentina

The trustee can be reached at:

       Graciela del Marmol
       Rawson 2272, Mar del Plata
       Buenos Aires, Argentina


JORGE KESHISHIAN: Reorganization Proceeding Concluded
-----------------------------------------------------
Jorge Keshishian S.A.'s reorganization proceeding has ended.
Data published by Infobae on its Web site indicated that the
process was concluded after the National Commercial Court of
First Instance in San Isidro, Buenos Aires, approved the debt
agreement signed between the company and its creditors.


MENDOCAP SRL: Trustee Filing Individual Reports on Oct. 15
----------------------------------------------------------
Iria Lourdes Navarro, the court-appointed trustee for Mendocap
S.R.L.'s reorganization proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on Oct. 15, 2007.

Ms. Navarro verified creditors' proofs of claim on
Sept. 3, 2007.  She will file a general report containing an
audit of Mendocap's accounting and banking records in court.

Infobae didn't state the general report submission date.

The debtor can be reached at:

          Mendocap S.R.L.
          Espejo Oeste 768, La Colonia
          Departamento Junin, Mendoza
          Argentina

The trustee can be reached at:

          Iria Lourdes Navarro
          Almirante Brown 355, San Martin
          Mendoza, Argentina


MERAC SA: Trustee Filing Individual Reports in Court on Feb. 21
---------------------------------------------------------------
Ernesto Oscar Higueras, the court-appointed trustee for Merac
S.A.'s bankruptcy proceeding, will present the validated claims
as individual reports the National Commercial Court of First
Instance in Buenos Aires on Feb. 21, 2008.

Mr. Higueras verifies creditors' proofs of claim on
Dec. 5, 2007.  He will submit a general report containing an
audit of Merac's accounting and banking records will be
submitted in court on April 30, 2008.

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

The debtor can be reached at:

         Merac SA
         Salvador Maria del Carril 2540
         Buenos Aires, Argentina

The trustee can be reached at:

         Ernesto Higueras
         Sanchez de Loria 1944
         Buenos Aires, Argentina


PREMECOL SC: Proofs of Claim Verification Deadline Is Dec. 13
-------------------------------------------------------------
Pablo Melarani, the court-appointed trustee for Premecol SC's
bankruptcy proceeding, verifies creditors' proofs of claim until
Dec. 13, 2007.

Mr. Melarani will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 16 in Buenos Aires, with the assistance of Clerk
No. 31, 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 Premecol 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 Premecol's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Premecol SC
       Lambare 989
       Buenos Aires, Argentina

The trustee can be reached at:

       Pablo Melarani
       Viamonte 783
       Buenos Aires, Argentina


ROCFE SRL: Trustee Filing General Report in Court on Oct. 15
------------------------------------------------------------
Liliana Beatriz Rodriguez, the court-appointed trustee for Rocfe
S.R.L.'s bankruptcy proceeding, will present a general report
containing an audit of the firm's accounting and banking records
in the National Commercial Court of First Instance in Buenos
Aires on Oct. 15, 2007.

Ms. Rodriguez verified creditors' proofs of claim until
July 4, 2007.  She presented the validated claims in court as
individual reports on Aug. 31, 2007.

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

The debtor can be reached at:

          Rocfe S.R.L.
          Moreno 1353
          Buenos Aires, Argentina

The trustee can be reached at:

          Liliana Beatriz Rodriguez
          San Martin 66
          Buenos Aires, Argentina


SCO GROUP: Taps Pachulski Stang as Bankruptcy Co-Counsel
--------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the United States
Bankruptcy Court for the District of Delaware for authority to
employ Pachulski Stang Ziehl & Jones LLP as their bankruptcy
co-counsel, nunc pro tunc to Sept 14, 2007.

Pachulski Stang is expected to:

   a) provide legal advise with respect to the Debtors' powers
      and duties as debtors in possession in the continued
      operation of their business and management of their
      property;

   b) prepare on behalf of the Debtors necessary applications,
      motions, answers, orders, reports, and other legal papers;

   c) appear in Court on behalf of the Debtors and in order to
      protect the interests of the Debtors before the Court;

   d) prepare and pursue confirmation of a plan and approval of
      a disclosure statement; and

   e) perform all other legal services for the Debtors that may
      be necessary and proper in these proceedings.

The firm's professionals and their billing rates are:

   Professional                     Hourly Rate
   ------------                     -----------
   Laura Davis Jones, Esq.            US$750
   James E. O'Neill, Esq.             US$475
   Rachel L. Werkheiser, Esq.         US$375
   Lynzy Oberholzer                   US$175

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

Ms. Jones can be reached at:

     Laura Davis Jones, Esq.
     Pachulski Stang Ziehl & Jones LLP
     919 North market Street, 17th Floor
     P.O. Box 8705
     Wilmington, Delaware, 19899-8705
     Tel: (302) 652-4100
     Fax: (302) 652-4400
     http://www.pszjlaw.com/

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate filed for Chapter 11 protection on
Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337).  James
E. O'Neill, Esq. and Laura Davis Jones, Esq. of Pachulski,
Stang, Ziehl & Jones LLP represent the Debtors in their
restructuring efforts.  No Official Committee of Unsecured
Creditors has been appointed to date in this case.  As of
Sept. 10, 2007, the Debtors' reported total assets of
US$14,800,000 and total debts of US$7,500,000.


TENNECO INC: Wins North America Aftermarket Business in 3rd Qtr.
----------------------------------------------------------------
Tenneco has won new aftermarket business in the third quarter,
which in total will generate nearly US$11 million in incremental
revenue.  The contracts include new ride control business with
an affiliate of one of Tenneco's largest customers in North
America.  This new business was previously serviced by a
competitor.  In addition, the company won business with four new
customers for ride and/or emission control products.

"Tenneco's powerful and well-known brands coupled with our
strong distribution capabilities distinguish us in this market,"
said Neal Yanos, senior vice president & general manager, North
American original equipment ride control and aftermarket.  "We
are pleased to win new business and look forward to serving
these customers with Tenneco's premium Monroe(R) and Walker(R)
products and outstanding marketing support."

Tenneco anticipates taking a US$5 million charge in the third
quarter for customer changeover costs, expenses incurred to
replace competitors' products in retail outlets with Tenneco
products.

The Monroe ride control products will be produced primarily at
Tenneco's facility in Paragould, Arkansas and the Walker exhaust
products at its Harrisonburg, Virginia facility.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Walker(R), Gillet(TM) and Clevite(R)Elastomer brand names.
Among its products are Sensa-Trac(R) and Monroe Reflex(R) shocks
and struts, Rancho(R) shock absorbers, Walker(R) Quiet-Flow(R)
mufflers, Dynomax(R) performance exhaust products, and
Clevite(R)Elastomer noise, vibration and harshness control
components.

The company has operations in Argentina, Japan, and Germany.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 17, 2007, Fitch Ratings has affirmed these ratings of
Tenneco, Inc:

  -- Issuer Default Rating at 'BB-';
  -- Senior secured revolver at 'BB+';
  -- Senior secured term loan A at 'BB+';
  -- Senior secured tranche B-1 LC/revolver 'BB+';
  -- Senior secured second lien notes 'BB';
  -- Senior subordinated notes at 'B'.

Fitch said the rating outlook remains positive.


TYSON FOODS: Bill Lovette Steps Down as Sr. Group Vice President
----------------------------------------------------------------
Tyson Foods Inc. has disclosed that Bill Lovette, Senior Group
Vice President of Poultry and Prepared Foods, is leaving the
company and his position will not be filled.

Tyson Foods is implementing immediate changes in the senior
management of its poultry and fresh meats operations, which are
designed to improve the efficiency and effectiveness of the
company's business structure.

Due to Mr. Lovette's departure three executives who have been
reporting to Mr. Lovette will now report directly to President
and CEO Richard L. Bond.  They include Donnie King, Group Vice
President of Poultry and Prepared Foods Operations; Bernard
Leonard, Group Vice President of Food Service; and Scott McNair,
Group Vice President of Consumer Products.

"After serving this great company for many years, I believe it's
best for my family and me to chase some dreams we've had for a
long time," Mr. Lovette said. "I also believe this provides
Tyson the opportunity to allow some great management talent to
take additional roles and responsibilities."

"We appreciate the 25 years of service Bill has given to Tyson
Foods and the many contributions he has made to the success of
our company," said Mr. Bond.  "While we will miss his steady
leadership, we realize he's ready to pursue new opportunities."

The leadership of Tyson's beef and pork business is also being
restructured.  James Lochner will continue managing Tyson's beef
and pork business as Senior Group Vice President of Tyson Fresh
Meats but will leave Tyson headquarters in Springdale to return
to Dakota Dunes, South Dakota, where Tyson Fresh Meats is based.
Mr. Lochner will also continue to oversee Tyson's Commodity
Trading and Risk Management Group.

Noel White, a long-time member of the Tyson Fresh Meats
leadership team, has been named Senior Vice President of Pork
Margin Management.  This will enable him to focus solely on the
more effective management of the company's pork business.  He
will continue to report to Mr. Lochner.

Chris Daniel, previously Senior Vice President of Specialty
Products, is now Senior Vice President of Beef Margin Management
and will oversee the buying and selling side of the company's
beef business.  He will also report to Mr. Lochner.  Many of Mr.
Daniel's management duties in Specialty Products are being
shifted to Jeff Webster, who will now be Senior Vice President
of the newly created Tyson Renewable Products Division.  This
means Webster will continue to oversee the company's renewable
energy unit and report to Bond and will now also manage the
production and sale of most specialty products made primarily
from poultry by-products.

Read DuPriest, Group Director of Strategy, will assume Webster's
responsibilities in managing corporate strategy and development
and will report to Chief Financial Officer Wade Miquelon.

Dan Brooks, an operations executive with Tyson Fresh Meats, will
now be Senior Vice President of Beef Production Operations.  His
duties will include overseeing the company's nine North American
beef plants and managing the company's hides and tanning
facilities.  Meanwhile, Jim Schmitz, another Tyson Fresh Meats
executive, is now Vice President of Pork Production Operations
and will oversee the company's six pork plants.

Messrs. Brooks and Schmitz will report to Lochner, as will Jerry
Holbrook, a long-time sales and marketing executive with Tyson
Fresh Meats, who will now serve as Vice President of Fresh Meats
Field Sales.

"These changes are designed to help us make the best use of our
talent in addressing the continuing challenges of the beef and
pork business," according to Mr. Bond. "Tyson Fresh Meats has
significantly improved its performance over the past year,
especially given the market factors outside our control.
However, we believe there is even more progress to be made."

As publicly reported in September, Tyson is in the midst of a
new initiative called FAST, which stands for focus, agility,
simplify and trust.  The goal is to place greater emphasis on
value-added activities and encourage faster decision making.
The evaluation phase of this initiative is nearing completion
and company officials expect to begin implementing recommended
changes over the next few weeks.  These changes will involve
modifying and reducing some layers of management and giving Team
Members more decision-making authority.

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

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

                        *     *     *

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


WR GRACE: Court Refuses to Appoint Examiner for Tersigni Probe
--------------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware refused to appoint a Court examiner to
probe on the bills paid by W.R. Grace & Co. and its debtor
affiliates to L. Tersigni Consulting until the Office of the
U.S. Trustee for Region 3 can explain why it took them 17 months
to inform the Court of the investigation initiated by the
Department of Justice on Loreto Tersigni and the Tersigni firm,
Bloomberg News reports.

At a Sept. 24, 2007, hearing, Judge Fitzgerald noted that the
U.S. Trustee's office was made aware of the Tersigni billing
problems back in April 2006.

Judge Fitzgerald asked David M. Klauder, Esq., counsel to the
U.S. Trustee, at the hearing, whether an investigation has been
conducted with respect to Mr. Tersigni and whether that
investigation has been completed or is still ongoing.

Mr. Klauder, however, refused to answer Judge Fitzgerald's
questions and said that he was "instructed" not to comment about
the matter.  Mr. Klauder said that he has "stuff [he's] not
permitted to divulge in open court . . ."

"What I'm trying to find out is, why on earth I am not being
permitted to be given information concerning matters that affect
the administration of these estates, from the entity that is
charged with supervising the administration of these estates,"
Judge Fitzgerald stated.

The Court acknowledged that the U.S. Trustee is charged under
the Bankruptcy Code with the task of "watch dogging" and
monitoring entities under bankruptcy.  "It appears that the
watchdog needs watchdogging," Judge Fitzgerald said.

Mr. Klauder told the Court that the intent for the U.S.
Trustee's request was for an examiner to ultimately determine
what causes of action exist for Grace with respect to the
alleged fraudulent billing practices of the Tersigni firm.

The Tersigni firm was retained by the Official Committee of
Asbestos Personal Injury Claimants in Grace's bankruptcy case as
its financial advisors in 2003.

Judge Fitzgerald, during the hearing, expressed her concern on
the additional expense Grace will likely incur if an examiner is
appointed.

A continued hearing for Oct. 25 and 26, 2007, has been set for
the examiner request.  The judge further instructed Mr. Klauder
to "find someone" permitted to comment on the Tersigni issues.

                       About W.R. Grace

Headquartered in Columbia, Md., W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica
products, especially construction chemicals and building
materials, and container products globally , including
Argentina, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
James H.M. Sprayregen, Esq., at Kirkland & Ellis, and Laura
Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones &
Weintraub, P.C., represent the Debtors in their restructuring
efforts.  The Debtors hired Blackstone Group, L.P., for
financial advice.  PricewaterhouseCoopers LLP is the Debtors'
accountant.

Stroock & Stroock & Lavan LLP represent the Official Committee
of Unsecured Creditors.  The Creditors Committee tapped Capstone
Corporate Recovery LLC for financial advice.  David T. Austern,
the legal representative of future asbestos personal injury
claimants, is represented by Orrick Herrington & Sutcliffe LLP
and Phillips Goldman & Spence, PA.  Anderson Kill & Olick, P.C.,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan, to represent it.
Lexecon, LLP, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

At Dec. 31, 2006, the W.R. Grace's balance sheet showed total
assets of US$3,620,400,000 and total debts of US$4,189,100,000.
(W.R. Grace Bankruptcy News, Issue No. 140; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)




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


ASPEN INSURANCE: Launches Casualty Insurance Unit in Dublin
-----------------------------------------------------------
Aspen Insurance Holdings Limited has entered the Global Excess
Casualty insurance market and is establishing a dedicated
underwriting unit based in Dublin.  The unit will focus on
construction and global risk managed programmes.  A notification
has been made to the UK Financial Services Authority under a
European passport, to establish a branch in Dublin.  Aspen
anticipates commencing underwriting by late November, subject to
meeting the necessary regulatory requirements.

The team will be led by Bob Patten, who has more than 15 years
of experience underwriting Excess Casualty.  Bob joins Aspen on
Nov. 15, 2007.

Aspen anticipates that within three years the Dublin branch will
generate gross written premiums of around US$70 million and
employ up to 10 staff.

Commenting on the announcement, Chris O'Kane, Chief Executive
Officer of Aspen Insurance Holdings said: "The opening of the
Dublin office reflects Aspen's strategy of continuing to
selectively diversify our business portfolio and complements our
existing operations in specialty casualty insurance within our
Specialty Lines segment.  I am delighted to welcome Bob and our
new underwriting colleagues to Aspen."

                About Aspen Insurance UK Limited

Aspen Insurance UK Limited -- http://www.aspen-re.com/-- trades
under the names of Aspen Insurance and Aspen Re, writing a range
of specialty insurance and reinsurance lines.  Aspen Re is a
wholly owned subsidiary of Aspen Insurance Holdings Limited.

                 About Aspen Insurance Holdings

Headquartered in Hamilton, Bermuda, Aspen Insurance Holdings
Limited (NYSE: AHL) (BSX: AHL BH) is the holding company of the
Aspen Group the principal operating entities of which are Aspen
Insurance UK Limited and Aspen Insurance Limited, both rated A2
for insurance financial strength.  At the end of September 2006,
Aspen Group reported net income of US$259 million and
shareholders' equity of US$2.3 billion.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba1 rating to the US$200
million Perpetual Non-Cumulative Preference Shares issued by
Aspen Insurance Holdings Limited, the existing perpetual "PIERS"
of which were rated Ba1 by Moody's.


BRUNSWICK RAIL: Will Hold Final General Meeting on Nov. 5
---------------------------------------------------------
Brunswick Rail Estate Limited's final general meeting is
scheduled on Nov. 5, 2007, at 2:00 p.m., at:

       Leman Management Limited
       Wessex House, 2nd floor
       45 Reid Street, Hamilton HM 12
       Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


ELAN CORP: S&P Affirms B Corp. Credit Rating with Pos. Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Elan Corp. PLC to positive from stable and affirmed the ratings
on the company and its subsidiaries, including the 'B' corporate
credit rating.

The outlook revision reflects the increasing sales of Dublin,
Ireland-based Elan's key product, the multiple sclerosis
treatment, Tysabri.  Although continued losses and negative cash
flow remain concerns, S&P believes that the current sales
momentum of Tysabri will enable Elan to turn profitable and cash
flow positive in the near-to-intermediate term.  Elan Corp. has
sufficient cash on hand to fund its operations until that point,
and while the company remains highly leveraged, it does not face
any major debt maturities until 2011.

"The ratings on Elan reflect the company's high debt leverage,
continued losses and negative cash flow, and heavy reliance on
the sales of Tysabri," said S&P's credit analyst Arthur Wong.
"These are offset somewhat by the growth potential of Tysabri in
an multiple sclerosis market, adequate liquidity in the form of
significant on-hand cash, and the lack of significant debt
maturities until 2011."

Elan Corp. specializes in the development and marketing of
treatments for pain, central nervous system ailments, infectious
diseases, and autoimmune problems.

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.  The company has locations in Bermuda and
Japan.




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


INT'L PAPER: Lower Land Sales Earnings to Impact 3rd Qtr Profits
----------------------------------------------------------------
International Paper disclosed Tuesday that third-quarter
earnings will be less than analysts' consensus estimates due to
lower land sales than previously estimated in the quarter.

While the company previously estimated that third-quarter land
sales earnings would be approximately US$110 million to
US$140 million, it now expects third-quarter land sales earnings
of approximately US$100 million and full-year 2007 land sales
earnings in the range of US$450 million to US$500 million.

Separately, the company announced that fourth-quarter earnings
from its recently completed 50:50 joint venture with Ilim Group
will be included in International Paper's first-quarter 2008
financial statements; thereafter, the company will continue to
report the joint venture results on a one-quarter lag.

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.

                        *     *     *

In December 2005, Moody's Investors Service placed International
Paper Co.'s senior subordinate rating at 'Ba1'.  Moody's said
the rating still holds to date with a stable outlook.


INTERNATIONAL PAPER: Earns US$190 Million in Qtr. Ended June 30
---------------------------------------------------------------
International Paper reported second-quarter 2007 net earnings of
US$190 million compared with net earnings of US$83 million in
the second quarter of 2006.

Earnings from continuing operations and before special items in
the second quarter of 2007 were US$223 million, compared with
US$145 million in the second quarter a year ago.

Quarterly net sales were US$5.3 billion, down slightly from
US$5.7 billion in the second quarter of 2006, primarily
reflecting 2006 sales from the U.S. coated papers business,
which was sold in August 2006.

Industry segment operating profits rose to US$572 million for
the 2007 second quarter versus US$552 million in the second
quarter of 2006.  The increase reflects continued strong average
price realizations and solid manufacturing operations.

"We had a solid second quarter, our best since 2000," said
International Paper chairman and chief executive officer John
Faraci.  "We're seeing continued margin expansion quarter-to-
quarter, because of solid operations improvement, improved
pricing and stable volumes.  In our business outside North
America, demand for papers and packaging continues to grow.
Earnings were impacted somewhat by higher raw material costs,
planned maintenance outage costs, and expenses at our Pensacola,
Fla., mill related to maintenance and the conversion of a paper
machine to lightweight linerboard production; however, those
factors were offset by ongoing results of profit-improvement
initiatives."

Commenting on the third quarter of 2007, Faraci said, "We expect
somewhat stronger earnings from continuing operations, with
continued cost reduction and pricing improvement in some
markets, including pulp and packaging, as well as higher land
sales.  Input costs will remain high, but we anticipate
continued operations improvement and cost reduction across our
global manufacturing base, as well as lower mill maintenance
shutdown expenses in the quarter."

The effective tax rate from continuing operations and before
special items for the second quarter of 2007 was 29%, compared
with a tax rate of 34% in the second quarter of 2006.  The 2007
second-quarter rate includes US$7 million of benefits related to
tax audit settlements and other matters during the quarter.

                     Discontinued Operations

Discontinued operations for the 2007 second quarter include pre-
tax charges of US$11 million for adjustments related to the
previously sold wood products and beverage packaging businesses,
and the second-quarter operating losses of these businesses.

Discontinued operations for the 2006 second quarter included a
US$16 million pre-tax charge to reduce the carrying value of the
kraft papers business to its estimated fair value, and the
second-quarter operating results of the kraft papers, wood
products, beverage packaging and Brazilian coated papers
businesses.

                         Special Items

Special items in the second quarter of 2007 consisted of a
US$26 million pre-tax charge for organizational restructuring
programs associated with the company's transformation plan,
including US$17 million of accelerated depreciation expense for
long-lived assets being removed from service, and a pre-tax gain
of US$1 million, for adjustments to estimated losses on sales of
businesses previously sold.

Special items in the second quarter of 2006 included a pre-tax
charge of US$53 million consisting of US$49 million for
severance and other charges associated with the company's
transformation plan and a US$4 million pre-tax charge for legal
settlements, a pre-tax credit of US$62 million for gains on
sales of U.S. forestlands included in the transformation plan,
and a pre-tax loss of US$137 million on sales and impairments of
businesses held for sale.

                        Balance Sheet

At June 30, 2007, the company's consolidated balance sheet
showed US$23.15 billion in total assets, US$15.31 billion in
total liabilities, US$242 million in minority interest, and
US$7.60 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended June 30, 2007, are available
for free at http://researcharchives.com/t/s?2429

                   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.

                        *     *     *

In December 2005, Moody's Investors Service placed International
Paper Co.'s senior subordinate rating at 'Ba1'.  The rating
still holds to date with a stable outlook.




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


ACTUANT CORP: Andrew Lampereur Adopts Prearranged Trading Plan
--------------------------------------------------------------
Actuant Corporation's Executive Vice President and Chief
Financial Officer Andrew Lampereur has adopted a prearranged
trading plan in accordance with guidelines specified by Rule
10b5-1 under the Securities Exchange Act of 1934 and the
company's policies with respect to insider sales.

Rule 10b5-1 allows officers and directors of public companies,
at a time when they are not aware of material nonpublic
information, to adopt predetermined plans for selling shares of
company stock.  Under his 10b5-1 plan, Mr. Lampereur will
exercise stock options and sell up to 20,800 shares of Actuant
common stock.  The underlying options were granted in 1998 and
must be exercised in the next twelve months or they become
invalid.  These options represent approximately 7% of Mr.
Lampereur's total share holdings in either Actuant stock or
stock options.  These transactions may take place from time-to-
time after Oct. 10, 2007, subject to certain 10b5-1 plan
criteria, including certain minimum price levels and daily
volume activity.

                      About Actuant Corp.

Headquartered in Butler, Wis., Actuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, Brazil, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 6, 2007, Moody's Investors Service assigned a Ba2 (LGD3,
43%) rating to Actuant Corporation's USUS$250 million senior
unsecured notes and affirmed the company's Ba2 Corporate Family
Rating.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Actuant Corp.'s proposed USUS$250 million senior unsecured notes
due 2017.  The proceeds from the notes will be principally used
to repay a portion of borrowings under the company's senior
credit facility due 2009.


ACXIOM INC: Gets US$65-Million Payment Over Axio Merger Pact
------------------------------------------------------------
Acxiom Inc. has received full payment of the US$65 million
settlement amount related to its recently terminated Merger
Agreement with Axio Holdings LLC and Axio Acquisition Corp.

The company also reported that the US$65 million settlement is
significantly greater than the one-time expenses related to the
terminated agreement and that the Merger Agreement did not
include a US$111 million termination fee.

The Merger Agreement provided that, in the event all conditions
to the closing of the merger transaction contemplated by the
Merger Agreement were satisfied but the required debt financing
for the transaction was not available, the company would have
been entitled to a break up fee of US$66.75 million.  In other
circumstances in which Axio failed to close the proposed
transaction in breach of the Merger Agreement, the Company was
entitled to seek damages up to a limit of US$111.25 million, but
was not entitled to compel Axio to close the proposed
transaction by seeking to specifically enforce the Merger
Agreement.

In the event that a settlement agreement had not been reached,
the Company would have had to pursue litigation in order to
receive any compensation for damages.

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P also placed the
'BB' senior secured debt ratings on CreditWatch with negative
implications, because the debt will no longer be refinanced as
part of the LBO financing.


BANCO NACIONAL: Okays BRL2-Billion Financing for Telesp
-------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has authorized BRL2 billion in financing for
Spanish telecom operator Telefonica's Sao Paulo fixed line
operator Telesp.

Business News Americas relates Telesp would use the funding to
purchase locally manufactured equipment to boost and upgrade its
infrastructure.

According to BNamericas, Banco Nacional will fully fund the
acquisition of products developed with locally developed
technology.

Telesp would launch new products including satellite television
services and Internet protocol television.  It will also
concentrate on the migration of dial-up accounts to ADSL,
BNamericas states.

                        About Telesp

Telecomunicacoes de Sao Paulo S.A., aka Telesp, provides fixed-
line telecommunications services in the State of Sao Paulo.  The
services offered by the Company include local services,
including installation, monthly subscription, measured service
and public telephones; intraregional, interregional and
international long-distance services; multimedia services, and
network services, including interconnection and the leasing of
facilities, as well as other services.  The company provides
interconnection services to cellular service providers and other
fixed telecommunications companies through the use of its
network.  It provides multimedia communication services, such as
audio, video, data, voice and other sounds, images, texts and
other information.

                     About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                        *     *     *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
changed the ratings outlook to Positive from Stable on Banco
Nacional de Desenvolvimento Economico e Social SA's BB Foreign
currency counterparty credit rating and BB+ Local currency
counterparty credit rating.


BRASKEM SA: Controlling Unit Acquires 34 Mil. of Copesul Shares
---------------------------------------------------------------
Braskem S.A. and its controlling company EDSP58 Participacoes
S.A., and Copesul -- Companhia Petroquimica do Sul, in
compliance with the provisions of CVM Ruling 358/02, has
disclosed to the market that in the auction for Public Tender
Offer for the Acquisition of Copesul shares carried out on this
date through the electronic trading system of the Sao Paulo
Stock Exchange -- Bovespa, the Offeror acquired 34,040,927
common shares of Copesul, representing more than two thirds of
the outstanding shares.

Since more than two thirds of the outstanding shares were
acquired, after verification that the rules applicable to the
OPA have been complied with, the Brazilian Securities Commission
will delist Copesul as a publicly held company within fifteen
days counted from the receipt of the statements regarding the
auction's results.

During the period of three months as from the date of the
auction, the shareholders owning Copesul outstanding shares may
sell their shares to the Offeror for the same price offered in
the OPA, adjusted up to the date of actual payment, as per the
OPA Notice published on Aug. 14, 2007.

Moreover, considering that less than 5% of the total shares
remain outstanding, Copesul's board of directors will call a
general shareholders' meeting to resolve on the redemption of
such shares for the price offered in the OPA, pursuant to
article 4, paragraph 5 of Law 6404/76.

According to Ruling 361/02, Bovespa has a period of 4 business
days to forward to CVM the final statements referring to the
auction.

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 26, 2007, Fitch Ratings has affirmed its BB+ ratings on
Braskem S.A. and Braskem International following the
announcement by Braskem, Petrobras and the Ultra Group that they
have reached an agreement to acquire the Ipiranga Group's
petrochemical, refining and fuel distribution assets.

Fitch also affirmed these ratings:

Braskem S.A.

   -- Foreign currency issuer default rating at 'BB+';
   -- Local currency issuer default rating at 'BB+';;
   -- Senior unsecured notes 2008, 2014 at 'BB+';
   -- Senior unsecured Perpetual Bonds at 'BB+';
   -- Senior unsecured notes 2017 at 'BB+';
   -- National rating at 'AA (bra)';
   -- Debentures 12th Issuance at 'AA (bra)'; and
   -- Debentures 13th Issuance at 'AA (bra)'.

Braskem International

   -- Senior unsecured notes 2015 at 'BB+'.


CHRYSLER LLC: Reaches Tentative Agreement with UAW
--------------------------------------------------
Chrysler LLC and the United Auto Workers have reached a
tentative agreement on a new national labor contract, covering
approximately 45,000 represented employees.  The agreement is
subject to UAW member ratification.

The tentative agreement includes a memorandum of understanding
to establish an independent retiree health care trust, as well
as other changes to the national agreement.  Following
ratification, implementation of the memorandum of understanding
is subject to approval by the courts and satisfactory review of
accounting treatment with the Securities Exchange Commission.

The national agreement is consistent with the economic pattern,
and balances the needs of our employees and company by providing
a framework to improve our long-term manufacturing
competitiveness.  At this time, specifics of the agreement is
pending a ratification vote -- an internal UAW process.

                     About Chrysler LLC

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

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

                        *     *     *

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

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

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

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


COREL CORP: Incurs US$6.8 Million Net Loss in Qtr. Ended Aug. 31
----------------------------------------------------------------
Corel Corporation has posted a US$6.8 million net loss for the
three months ended Aug. 31, 2007, compared to net income of
US$5.5 millionfore the same period in 2006.  GAAP net loss for
the third quarter of 2007 includes a non-cash, one-time US$5.0
million tax expense relating to the establishment of a valuation
allowance against deferred tax assets acquired through the
acquisition of InterVideo Inc.

Revenues in the third quarter of fiscal 2007 were US$60.4
million, an increase of 46 percent over revenues of US$41.3
million in the third quarter fiscal 2006.

Non-GAAP adjusted net income for the third quarter fiscal 2007
was US$8.1 million, compared to non-GAAP adjusted net income for
the third quarter of fiscal 2006 of US$9.2 millio.  Non-GAAP
adjusted EBITDA in the third quarter of 2007 was US$13.5
million, compared to US$12.4 million in the third quarter of
fiscal 2006.

"Corel delivered another solid financial quarter, driven by our
ability to successfully identify, acquire and integrate
complementary companies and products," said David Dobson, CEO of
Corel Corporation.  "We were especially pleased with the
performance of our Graphics and Productivity products where we
experienced double digit year over year growth for CorelDraw
Graphics Suite, WinZip, Painter, Designer and iGrafx.  These
results demonstrate the strong foundation that we derive from
our diverse revenue mix across product categories, distribution
channels and geographies."

               Fourth Quarter Fiscal 2007 Guidance

Corel provided guidance for the fourth quarter ending
Nov. 30, 2007.  The Company currently expects:

   -- Revenue in the range of US$66 million to US$70 million

   -- GAAP net income in the range of US$3.0 million to US$5.0
      million and non-GAAP adjusted net income in the range of
      US$11.5 million to US$13.5 million.

                     Fiscal 2007 Guidance

Resulting guidance for the year ending Nov. 30, 2007 is as
follows:

   -- Revenue in the range of US$244 million to US$248 million

   -- GAAP net loss of US$(13.3) million to US$(11.3) million
      and non-GAAP adjusted net income of US$32 million to US$34
      million.

                   About Corel Corporation

Ottawa, Ontario-based Corel Corp. (NASDAQ: CREL) (TSX: CRE)
-- http://www.corel.com/-- is a packaged software company with
an estimated installed base of over 40 million users.  The
Company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The Company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 7, 2006,
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit and senior secured debt ratings on Canada-based
packaged software company, Corel Corp.


GENERAL MOTORS: GM-UAW 2007 National Labor Agreement Ratified
-------------------------------------------------------------
General Motors Corp. confirmed that its UAW-represented
employees have ratified the GM-UAW 2007 national labor
agreement.

As reported in the Troubled Company Reporter on Sept. 27, 2007,
GM and the UAW reached a tentative agreement on Sept. 26, after
more than two months of bargaining.  The new four-year agreement
covers approximately 74,000 hourly employees located in more
than 80 U.S. facilities.

"We are very pleased that our UAW-represented employees have
ratified the new labor contract," Rick Wagoner, GM CEO and
Chairman of the Board, said.  "I especially thank UAW President
Ron Gettelfinger and Vice President Cal Rapson, as well as the
members of the GM and UAW negotiating teams, for their hard work
in reaching an innovative agreement that effectively addresses
the needs of our employees and retirees, while providing a basis
for improved competitiveness that will support future U.S.
investments."

GM intends to file a current report on Form 8-K with the
Securities and Exchange Commission within the next four business
days that will outline the key terms of the healthcare
agreement.  In addition, an analyst and media conference call is
scheduled for Oct. 15, 2007 at 9:30 a.m. Eastern Daylight Time.

                    About General Motors

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

                        *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


GENERAL MOTORS: Launches Uzbekistan Car Venture With Uzavtoprom
---------------------------------------------------------------
General Motors Corp. has signed an agreement with Uzbek state
auto company Uzavtoprom for a joint venture to produce and sell
cars in Uzbekistan, Reuters reports, citing a statement released
by Uzavtoprom as its source.

The deal is based on an existing car plant in Uzbekistan with
annual production capacity of 250,000 Chevrolet cars.  GM would
hold a 25 percent in the venture with a possibility to raise it
to 40 percent, but the statement did not say how much the deal
is worth, Reuters relates.

Uzavtoprom set up the plant in eastern Uzbekistan in 1996
together with South Korean company Daewoo Motor.  Uzavtoprom has
been looking for a strategic partner in the project since the
Korean firm went bankrupt during a financial crisis in the late
1990s, Reuters states.

                      About General Motors

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

                         *     *     *

As reported in the Troubled Company Reporter on May 28, 2007,
Standard & Poor's Ratings Services placed General Motors Corp.'s
corporate credit rating at B/Negative/B-3.

At the same time, Moody's Investors Service affirmed GM's B3
Corporate Family Rating and B3 Probability of Default Rating,
and maintained its SGL-3 Speculative Grade Liquidity Rating.
The rating outlook remains negative, according to Moody's.


ISA CAPITAL: S&P Affirms BB Rating on US$554-Mil. Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB+'
corporate credit rating on ISA Capital do Brasil S.A.  In
addition, S&P affirmed the 'BB' rating on the company's US$554
million senior unsecured notes in two tranches.  The outlook is
stable.

ISA Capital is a special-purpose financing entity that issued
the bonds and on-lent the funds to Interconexión Electrica S.A.
E.S.P., a Colombia-based transmission company which used the
debt to finance the acquisition of Companhia de Transmissao de
Energia Elétrica Paulista in 2006.  The notes are rated one
notch lower than the corporate credit rating due to their
structural subordination between parent-subsidiary creditors.

The rating affirmation reflects the challenges that ISA Capital
faces in operating in Brazil's economic and political
environment, the risk of foreign exchange since the cash flow
generation is in reais, and the refinancing risk associated with
the bullet structure payment corresponding to the notes
principal amortization.

The partly offsetting factors are stable regulatory environment
for the transmission companies in Brazil for the past 10 years,
the company's satisfactory business risk profile, a strong cash
flow generation, and a structure that includes a debt-service
reserve account covering six months of interest payments.

ISA Capital do Brasil, is a pure holding company organized under
the laws of Brazil formed on April 28, 2006.  The company's
revenues and principal sources of cash are derived from
dividends and other distributions in respect of shares in CTEEP.
The company owns 89.4% of CTEEP's total issued and outstanding
common stock representing 37.46% of CTEEP's total capital stock.
Interconexion Electrica SA ESP, an electricity transmission
company controlled by the government of Colombia, owns 99.99% of
ISA Capital do Brasil SA.   CTEEP is the largest electricity
transmission company in the State of Sao Paulo and the largest
privately owned transmission company in Brazil.


JAPAN AIRLINES: Inks Business Partnership with AEON
---------------------------------------------------
Japan Airlines International Co., Ltd., Japan and Asia's biggest
air transport group, and AEON Co. Ltd., one of the largest
general retailers in Japan, have reached agreement to cooperate
on a wide range of business activities, the first of which is
the creation of two new cards by combining the JAL Group's
frequent flyer mileage card JMB Card, and AEON's WAON Card which
has both e-money and credit functions.

Called the JMB WAON Card and AEON JMB Card, the new cards will
enable cardholders to accumulate JMB mileage when purchasing
goods and services in AEON stores located throughout the length
and breadth of Japan.  Conversely cardholders will be able to
exchange JMB mileage for WAON e-money, which can be used to
purchase products and services at AEON stores.  The new cards
will be introduced in the Japanese domestic market from March
2008.  Up until March 2009 there will be no card issuance fee.
No annual card will be charged.

Cardholders can convert 200 yen into 1 JMB mile when using the
WAON e-money function.  Conversely, cardholders can convert from
a minimum of 10,000 JMB miles into an equivalent of 10,000 WAON
point.  When using the credit card function available on the
AEON JMB Card for every 1,000 yen spent 5 JMB miles can be
accumulated.

JAL and AEON will also cooperate in other ways to further
improve the quality of their products and services in order to
increase customer choice, convenience and satisfaction.  The
companies will work together to expand sales of their branded
products and services through each others sales channels.  The
companies are also looking at ways of jointly promoting and
developing products, for example the JAL Group's air travel
products.

The JAL Mileage Bank program now has some 20 million members
worldwide.  JMB Miles can be earned by flying on JAL or JMB
partner airlines.  Over the years the program has been expanded
to include mileage earnings not only from flights on JAL and its
JAL Group subsidiary airlines, but also from 12 international
partner carriers, and JMB Mile Partners including car and
cellular phone rental companies and over 8,700 hotels worldwide.
Since JAL became a fully-fledged member of oneworld, JMB members
can now earn and redeem mileage on eligible flights and fares
throughout the oneworld network.

Accumulated mileage can be exchanged for a wide range of
exciting awards entitling members to free travel on JAL and JMB
partner's air networks, international flight upgrades, and free
nights stay at numerous JMB partner hotels worldwide.  Miles can
also be exchanged for JAL coupon awards which in turn can be
used to make full or part payment for in-flight purchases, stays
at JAL Hotels and other purchases.

AEON Co Ltd is one of Asia largest retailers with over 17
million members signed up its credit card program.  The group
covers 23,000 stores in Japan including general merchandise
stores, supermarkets, drugstores, specialty stores, and shopping
mall developments.

AEON introduced the WAON electric money card to Japan in April
2007 which can be used to purchase products and services in over
11,000 stores throughout Japan. WAON e-money will be accepted at
all of AEON's group companies during 2008.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                        *     *     *

As reported on Feb. 9, 2007, that Standard & Poor's Ratings
Services affirmed its 'B+' long-term corporate credit and issue
ratings on Japan Airlines Corp. (B+/Negative/--) following the
company's announcement of its new medium-term management plan.
S&P said the outlook on the long-term corporate credit rating is
negative.

As reported on Oct. 10, 2006, that Moody's Investors Service
affirmed its Ba3 long-term debt ratings and issuer ratings for
both Japan Airlines International Co., Ltd and Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
planned restructuring of the Japan Airlines Corporation group on
Oct. 1, 2006, with the completion of the merger of JAL's two
operating subsidiaries, JAL International and Japan Airlines
Domestic.  JAL International will be the surviving company.
Moody's said the rating outlook is stable.

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the company, which is three notches lower than
investment grade.


PETROLEO BRASILEIRO: Wins Pipeline Insulation Deal to Aspen
-----------------------------------------------------------
Petroleo Brasileiro has awarded Aspen Aerogels a contract to
supply its advanced Spaceloft(TM) aerogel insulation for a 21-
kilometer, undersea natural gas pipeline being built by Technip
in Brazil.

The rigid pipeline will connect the Canapu field (1,700 meters
deep) to the Cidade de Vitoria floating production facility
(1,400 meters deep).  Technip will install the pipeline in the
fourth quarter of 2008 for Brazilian state-run oil company
Petrobras.

This will be the first pipeline in Brazil to use a pipe-in-pipe
design (production pipe surrounded by carrier pipe with
insulation in between).  Technip chose Spaceloft insulation
because it offers the lowest thermal conductivity while being
much thinner than other pipe insulations.  This means the outer
carrier pipe can be smaller, saving substantially on steel
weight over the 21-kilometer line.  Spaceloft comes in flexible
blanket form, which simplifies installation.  The insulation
will be installed at Technip's spoolbase in Mobile, Alabama.

"Aspen Aerogels' relationship with Technip has been based on
delivering performance and customer satisfaction, which will
continue on this exciting project," said Don Young, Aspen
Aerogels president and Chief Executive Officer.  "We look
forward to growing our new relationship with Petrobras in the
same way while supporting its future deep and ultra-deep
pipeline insulation needs."

Aspen Aerogels has extensive experience insulating oil and gas
pipelines and reservoirs operating between cryogenic
temperatures (for liquefied natural gas) and 650 degrees
Celsius.  This includes projects in West Africa, the Gulf of
Mexico, the North Sea and the Canadian Oil Sands.  The company
is finalizing new projects in the Middle East and Southeast
Asia.

                        About Technip

Technip ranks among the top five corporations in the field of
oil, gas and petrochemical engineering, construction and
services.  The Group is headquartered in Paris.  The Group's
main operations, engineering centers and business units are
located in France, Italy, Germany, the UK, Norway, Finland, the
Netherlands, the USA, Brazil, Abu-Dhabi, China, India, Malaysia
and Australia.

                  About Aspen Aerogels Inc.

Aspen Aerogels supplies nanotechnology-enabled aerogel
insulation products that are two to four times more effective
than traditional insulation materials.  Aspen Aerogels'
solutions deliver thermal and other benefits that enable
customers to conserve energy and save money in a variety of
industries. Visit http://www.aerogel.comfor details.

                       About Petrobras

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.

                        *     *     *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate      Ratings
  -------------           ------        ----      -------
  April  1, 2008      US$400,000,000    9%         BB+
  July   2, 2013      US$750,000,000    9.125%     BB+
  Sept. 15, 2014      US$650,000,000    7.75%      BB+
  Dec.  10, 2018      US$750,000,000    8.375%     BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


REALOGY CORP: Hires Sherry Chris to Lead Better Homes Brand
-----------------------------------------------------------
Realogy Corporation has appointed Sherry Chris as president and
CEO of the Better Homes and Gardens Real Estate brand.  This
news builds on Realogy's announcement that the company had
entered into a long-term licensing agreement with Meredith
Corporation to build a new, international residential real
estate franchise company under the Better Homes and Gardens Real
Estate brand.  The new brand will launch in the residential real
estate marketplace in July 2008.

Ms. Chris will be responsible for directing the platform, growth
and development of this new franchise system.  With more than 25
years of real estate sales, management and executive experience,
Ms. Chris most recently served as chief operating officer for
Coldwell Banker Real Estate LLC.  Ms. Chris will report to Alex
Perriello, president and CEO of the Realogy Franchise Group.

"Sherry is an exceptional real estate executive and business
leader, and I am pleased to have her energetic presence at the
helm as we embark upon this exciting opportunity," said Mr.
Perriello.  "We look forward to building and operating a new
world-class franchise system that will add significant value to
those residential real estate brokerage firms that will become
franchisees of Better Homes and Gardens Real Estate."

"This will be a brand that embodies the future of the real
estate industry while grounded in the tradition of the home,"
said Ms. Chris.  "The opportunity is tremendous.  Better Homes
and Gardens has a multi-media consumer brand presence that
already exists in millions of households.  Meanwhile, we have
the rare opportunity to build a new system from the ground up by
leveraging our expertise in real estate while benefiting from
the full support of Realogy and all of its resources."

Among the top priorities for the new brand during the next nine
months will be the development of a platform that incorporates
the best information technologies for both consumers and the
real estate professionals who affiliate with the brand.  Ms.
Chris plans to develop a new media-rich Web site that will
provide engaging and interactive content for a customer-base now
highly adept at using the Internet for its real estate needs.

"We will build the Better Homes and Gardens Real Estate brand
with an eye on innovation and a respect for tradition," said Ms.
Chris.  "Our innovation will be reflected in a contemporary,
high-quality service offering that addresses the needs of
today's consumer while providing franchisees with significant
competitive advantages.  As for tradition, the brand will
exemplify a full-service approach to the business that fosters
personal relationships to meet the needs of every generation of
homebuyers and sellers."

Previously, Ms. Chris served Coldwell Banker Real Estate LLC as
its chief operating officer beginning December 2006. In her
capacity as COO, Chris directed the company's operations,
education, mortgage and field services programs.  She also
focused on communication between Coldwell Banker(R) corporate
headquarters, regional offices and its nearly 4,000-office
affiliate network around the world.

Ms. Chris began her real estate career in 1980 holding positions
of increasing responsibility at several leading Canadian and
U.S. real estate companies including, Royal LePage Real Estate
Services, Ltd., Real Living and Prudential California Realty.

Well known in the real estate industry, Ms. Chris is currently
on the advisory board of several prominent organizations
including Trulia.com and Google Real Estate.  She has served as
chairman of the board of the Realty Alliance and also speaks
frequently at prominent industry events.

Ms. Chris earned her undergraduate and MBA degrees from the
University of Western Ontario.

Executive photo available upon request.

                      About Realogy Corp.

Headquartered in Parsippany, N.J., Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 13, 2007, Standard & Poor's Ratings Services lowered and
removed from CreditWatch Negative its issue-level rating on
Realogy Corp.'s previously senior unsecured notes that were part
of the company's capital structure prior to the April 2007 going
private acquisition of the company by Apollo Management L.P.


UTSTARCOM INC: Posts US$43 Million Net Loss in Third Qtr. 2007
--------------------------------------------------------------
UTStarcom Inc. has reported net sales for the third quarter 2006
were US$601 million.  Gross margins for the third quarter 2006
were 12.4% and net loss for the quarter was US$43 million, or a
loss of (US$0.36) per share.  The company also announced the
completion of the China sales investigation.

Net sales for the full year 2006 were US$2.5 billion.  Gross
margins for the full year 2006 were 15.7% and net loss for the
year was US$117.3 million, or a loss of (US$0.97) per share.

                      Restructuring Plan

On Oct. 2, 2007, the company's Board of Directors approved a
restructuring plan to reduce operating costs.  The initial phase
of this plan includes a worldwide reduction of approximately 11%
of the company's headcount, or approximately 700 employees.  The
workforce reduction will be based primarily in the United States
and China and, to a lesser degree, other international
locations.  Management expects the headcount reduction phase of
the restructuring plan will be completed in the fourth quarter
of 2007.  As such, the company expects to incur a restructuring
charge in the fourth quarter in connection with the headcount
reduction of approximately US$10 million.  As a result of these
headcount reductions, the company expects to realize annual cost
savings in salary and compensation-related expenses of
approximately US$21 million on an annualized basis.

"The restructuring plan is closely aligned with our overall
strategy of becoming a more focused and operationally efficient
company," said Peter Blackmore, chief operating officer of
UTStarcom. "Headcount reductions are always difficult; however,
they are essential as we strive to attain consistent
profitability and improve our cash flows.  We have already
started to implement the plan and expect to achieve the full
benefit by the first quarter of 2008."

                     About UTStarcom, Inc.

Headquartered in Alameda, Calif., UTStarcom Inc. (Nasdaq: UTSI)
-- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                        *     *     *

As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007 and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007 to the maturity date of the Notes, unless the Notes
are earlier repurchased or converted.




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


AI (EURO): Proofs of Claim Filing Is Until Nov. 2
-------------------------------------------------
AI (Euro), Ltd.'s creditors are given until Nov. 2, 2007, to
prove their claims to Richard L. Finlay, 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.

AI (Euro)'s shareholder agreed on Sept. 13, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Richard L. Finlay
         Attention: Krysten Lumsden
         Conyers Dill & Pearman, Cayman
         P.O. Box 2681, Cricket Square
         Hutchins Drive, Grand Cayman KY1-1111
         Cayman Islands
         Telephone: (345) 945 3901
         Fax: (345) 945 3902


BANK OF AYUDHYA: Sells Off 12.11% Ownership in Construction Firm
----------------------------------------------------------------
The Bank of Ayudhya PCL has sold 146,091,699 ordinary shares in
Namprasert Construction Co. Ltd. to Patarin Jaovisidha for a
price of THB900,000.

The shares represent the bank's 12.11% holding in NCC, which it
acquired through debt restructuring. The sale is in line with
the bank's drive to reduce investment in non-core businesses.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Bank of Ayudhya's subordinated debts carry Fitch Ratings
Services' BB+ rating.


CAYMAN DFK: Proofs of Claim Filing Deadline Is Nov. 2
-----------------------------------------------------
Cayman DFK's creditors are given until Nov. 2, 2007, to prove
their claims to David Dyer, 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.

Cayman DFK's shareholders agreed on Sept. 17, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


CBO HOLDINGS: Proofs of Claim Filing Is Until Nov. 2
----------------------------------------------------
CBO Holdings VI Ltd.'s creditors are given until Nov. 2, 2007,
to prove their claims to David Dyer, 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.

CBO Holdings' shareholders agreed on Sept. 17, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


COMMERCIAL MORTGAGE: Proofs of Claim Filing Deadline Is Nov. 2
--------------------------------------------------------------
Commercial Mortgage Company III-R2, Inc.'s creditors are given
until Nov. 2, 2007, to prove their claims to David Dyer, 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.

Commercial Mortgage' shareholders agreed on Sept. 17, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


CONOCOPHILLIPS BAO: Proofs of Claim Filing Ends on Nov. 2
---------------------------------------------------------
Conocophillips Bao Vang Ltd.'s creditors are given until
Nov. 2, 2007, to prove their claims to Trident Directors
(Cayman) Ltd., the company's liquidator, or be excluded from
receiving any distribution or payment.

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

Conocophillips Bao's shareholder agreed on Aug. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


CONOCOPHILLIPS BLOCK: Proofs of Claim Filing Deadline Is Nov. 2
---------------------------------------------------------------
Conocophillips Block 204 UK Exploration Ltd.'s creditors are
given until Nov. 2, 2007, to prove their claims to Trident
Directors (Cayman) Ltd., the company's liquidator, or be
excluded from receiving any distribution or payment.

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

Conocophillips Block's shareholder agreed on Aug. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


CONOCOPHILLIPS GULF: Proofs of Claims Filing Ends on Nov. 2
-----------------------------------------------------------
Conocophillips Gulf Of Paria Ltd.'s creditors are given until
Nov. 2, 2007, to prove their claims to Trident Directors
(Cayman) Ltd., the company's liquidator, or be excluded from
receiving any distribution or payment.

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

Conocophillips Gulf's shareholder agreed on Aug. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


CONOCOPHILLIPS NZ: Proofs of Claim Filing Deadline Is Nov. 2
------------------------------------------------------------
Conocophillips NZ Exploration Limited's creditors are given
until Nov. 2, 2007, to prove their claims to Trident Directors
(Cayman) Ltd., the company's liquidator, or be excluded from
receiving any distribution or payment.

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

Conocophillips NZ's shareholder agreed on Aug. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


CONOCOPHILLIPS Z&M: Proofs of Claim Filing Is Until Nov. 2
----------------------------------------------------------
Conocophillips Z&M Ltd.'s creditors are given until
Nov. 2, 2007, to prove their claims to Trident Directors
(Cayman) Ltd., the company's liquidator, or be excluded from
receiving any distribution or payment.

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

Conocophillips Z&M's shareholder agreed on Aug. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


COPPER BEECH: Proofs of Claim Filing Ends on Nov. 2
---------------------------------------------------
Copper Beech Financial Corporation Limited's creditors are given
until Nov. 2, 2007, to prove their claims to David Dyer, 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.

Copper Beech's shareholders agreed on Sept. 17, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


DCC II: Proofs of Claim Filing Deadline Is Nov. 2
-------------------------------------------------
DCC II Company R, Inc.'s creditors are given until Nov. 2, 2007,
to prove their claims to David Dyer, 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.

DCC II's shareholders agreed on Sept. 17, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


DENALI MANAGEMENT: Proofs of Claim Filing Deadline Is Nov. 2
------------------------------------------------------------
Denali Management GP's creditors are given until Nov. 2, 2007,
to prove their claims to David Dyer, 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.

Denali Management's shareholders agreed on Sept. 17, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


DIAMOND FINANCIAL: Proofs of Claim Filing Is Until Nov. 2
---------------------------------------------------------
Diamond Financial Corporation Limited's creditors are given
until Nov. 2, 2007, to prove their claims to David Dyer, 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.

Diamond Financial's shareholders agreed on Sept. 17, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


FLEET FUNDING I: Proofs of Claim Filing Ends on Nov. 2
------------------------------------------------------
Fleet Funding I Limited's creditors are given until
Nov. 2, 2007, to prove their claims to David Dyer, 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.

Fleet Funding's shareholders agreed on Sept. 17, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


FLEET FUNDING II: Proofs of Claim Filing Deadline Is Nov. 2
-----------------------------------------------------------
Fleet Funding II Limited's creditors are given until
Nov. 2, 2007, to prove their claims to David Dyer, 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.

Fleet Funding's shareholders agreed on Sept. 17, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


FOURTH SHARE: Proofs of Claim Filing Is Until Nov. 2
----------------------------------------------------
The Fourth Share Holdings Company Limited's creditors are given
until Nov. 2, 2007, to prove their claims to David Dyer, 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.

The Fourth Share's shareholders agreed on Sept. 17, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


FRIENDSHIP INVESTMENT: Proofs of Claim Filing Is Until Nov. 2
-------------------------------------------------------------
Friendship Investment Corp.'s creditors are given until
Nov. 2, 2007, to prove their claims to David Dyer, 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.

Friendship Investment's shareholders agreed on Sept. 17, 2007,
to place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


GALLERIA II: Proofs of Claim Filing Deadline Is Nov. 2
------------------------------------------------------
Galleria II Limited's creditors are given until Nov. 2, 2007, to
prove their claims to David Dyer, 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.

Galleria II's shareholders agreed on Sept. 17, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


TCW GEM: Proofs of Claim Filing Is Until Nov. 2
-----------------------------------------------
TCW Gem Ligos I, Limited's creditors are given until
Nov. 2, 2007, to prove their claims to David Dyer, 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.

TCW Gem's shareholders agreed on Sept. 17, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands


TETHYS FINANCIAL: Proofs of Claim Filing Deadline Is Nov. 2
-----------------------------------------------------------
Tethys Financial GP's creditors are given until Nov. 2, 2007, to
prove their claims to David Dyer, 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.

Tethys Financial's shareholders agreed on Sept. 17, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         David Dyer
         Deutsche Bank (Cayman) Limited
         P.O. Box 1984, Boundary Hall
         Cricket Square, Grand Cayman KY1-1104
         Cayman Islands




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


SHAW GROUP: Earns US$54.6 Million in Third Quarter Ended May 31
---------------------------------------------------------------
The Shaw Group Inc. reported net income for the three months
ended May 31, 2007, of US$54.6 million.  The reported results
include US$5.7 million of net income related to Shaw's
investment in the Westinghouse segment.  Excluding the
Westinghouse segment, net income was US$48.9 million.

Earnings before interest expense, income taxes, depreciation and
amortization (EBITDA) for the third quarter of 2007 with the
Westinghouse segment was US$92.2 million, and US$74.2 million
excluding the Westinghouse segment.  In comparison for the three
months ended May 31, 2006, which was prior to the Westinghouse
investment, Shaw reported a net loss before interest expense,
taxes, depreciation and amortization of US$15.7 million and a
net loss of US$16.7 million.

Third quarter operating cash flow totaled US$131 million,
bringing the nine months' operating cash flow to US$285 million.
Revenues for third quarter 2007 were US$1.6 billion, compared to
US$1.2 billion in the corresponding 2006 period.

Shaw's backlog of unfilled orders at May 31, 2007, was a record
US$13.3 billion, up from approximately US$8 billion at
May 31, 2006.  Approximately US$5.6 billion, or 42 percent, of
the backlog is expected to be converted to revenues during the
next 12 months.  Shaw also expects its backlog to grow to
approximately US$14.3 billion at Aug. 31, 2007.

"Our business segments experienced strong revenue and profit
growth compared to 2006, with the exception of the Environmental
& Infrastructure Group, which executed significant amounts of
disaster relief and emergency response services in 2006," said
J.M. Bernhard Jr., Shaw's chairman, president and chief
executive officer.  "Our solid results were fueled by continued
strength in the global markets for power generation capacity and
petrochemicals processing."

"Our record backlog positions us well for fiscal 2008 and we
believe the global markets we serve will remain strong
throughout the year," said Bernhard.  "Our operating segments
are well positioned to benefit from this continued global
economic expansion and we continue to believe there will be
significant long-term growth in the developing nuclear power
markets."

"By filing our third quarter 10-Q with the SEC, we are 'current'
with the reporting of our fiscal 2007 financial results," Mr.
Bernhard said.  "Brian K. Ferraioli assumed the responsibility
of chief financial officer today, and together with our entire
financial reporting team, will continue improving our financial
reporting processes."

                      About Shaw Group

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

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

                        *     *     *

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

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




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


SOLUTIA INC: Disclosure Statement Hearing Continued to Oct. 17
--------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has adjourned the hearing to consider the approval of
Solutia Inc. and its debtor-affiliates' Disclosure Statement
describing their Second Amended Plan of Reorganization until
Oct. 17, 2007, at 2:30 p.m., in Courtroom 701.

As previously reported, the Debtors filed their Second Amended
Plan and related Second Amended Disclosure Statement in
July 2007.

Jeffry N. Quinn, chairman, president and chief executive officer
of Solutia, Inc., stated that the Second Amended Plan, among
other things, does not alter the material terms of the
reallocation of Legacy Liabilities set forth in:

  (a) the Debtors' original Plan of Reorganization, filed
      Feb. 14, 2006, or the First Amended Joint Plan of
      Reorganization, filed May 22, 2007;

  (b) the Relationship Agreement, which will be entered into
      between Solutia and Monsanto Company upon confirmation of
      the Plan; or

  (c) the Retiree Settlement Agreement, as amended among
      Solutia, the Official Committee of Unsecured Creditors,
      the Official Committee of Retirees and Monsanto.

The Second Amended Plan also contemplates the potential
distribution of warrants to equity holders who own above a
certain threshold of Solutia common stock.

Last week, Solutia announced that it has secured the full
support of the Ad Hoc Committee of Solutia Noteholders, the
Official Committee of Equity Security Holders, the Official
Committee of Unsecured Creditors, Monsanto Company, Pharmacia
Corporation, the Official Committee of Retirees, and the Ad Hoc
Committee of Trade Creditors for a comprehensive settlement and
consensual plan of reorganization in the Debtors' Chapter 11
cases.

The revised plan will position Solutia to emerge from bankruptcy
by the end of this year as a financially healthy organization
well-positioned to create significant value for its
stakeholders, said Mr. Quinn.

Mr. Quinn recently said in a press statement that the revised
plan will provide for about US$250,000,000 of new  investment in
reorganized Solutia through a backstopped rights offering to
certain creditors, as well as a reallocation of the legacy
liabilities that Solutia assumed when it was spun off.  It will
also provide for a resolution of all the litigation between the
settling parties including a potential appeal by Solutia
noteholders, the adversary proceeding filed by current equity
holders against Monsanto and Pharmacia, and related objections
to the Monsanto and Pharmacia claims.

Solutia will update its Plan and Disclosure Statement to reflect
the terms of the settlement, and anticipates filing the
documents with the Court within the next few days.

                      About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  Saflex is a registered trademark of Solutia Inc.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.

(Solutia Bankruptcy News, Issue No. 100; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SOLUTIA INC: Named as Co-Defendant in US$685-Mln Cancer Lawsuits
----------------------------------------------------------------
Solutia Inc. was named as co-defendant in 77 cancer lawsuits,
seeking US$685,000,000 in total damages, over Monsanto Company's
old plant in Nitro, Chris Dickerson at The West Virginia Record
reported.

The complaints, filed by Stuart Calwell, Esq., at The Calwell
Practice PLLC, in Charleston, West Virginia, in Putnam Circuit
Court, on Oct. 1, 2007, also list Monsanto, Pharmacia
Corporation, Akzo Nobel Inc., Flexsys America, and Apogee Coal
Company, as defendants.

According to the Complaints, the plaintiffs seek:

  (a) compensatory damages of US$5,000,000 each to compensate
      them for past, present and future medical bills and pain
      and suffering, as well as 'mental anguish and loss of
      enjoyment of life";

  (b) US$300,000,000 in total punitive damages; and

  (c) certification of the cases as a class action.

"We think the lawsuits have great merit," Mr. Dickerson quoted
Mr. Calwell as saying.  "The complaints speak for themselves."

Under each complaint, the "plaintiffs allege the same series of
occurrences involving the negligent and otherwise unlawful
release of dioxin from properties owned and/or controlled by the
defendants caused or significantly contributed to their cancer."

Mr. Calwell's complaints detail the history of Nitro, the Old
Monsanto plant, the Monsanto Company and the other defendant
companies which are successors, Mr. Dickerson reported.

"During the years that Monsanto was operating its
trichlorophenol plant, it adopted an unlawful practice of
disposing of dioxin waste materials by a continuous process of
open 'pit' burning," the Complaints state.  "This practice was
largely denied by Monsanto whose representatives characterized
the practice as an 'incineration process' when asked by
regulatory authorities.

"Further, the manufacturing process itself was dusty and
Monsanto's dust control was haphazard."

According to the Complaints, more than 3,000 pounds of a dioxin
was released into the Nitro air because of that.  Sampling
showed levels of 2,200 parts per trillion, while U.S.
Environmental Protection Agency standards require a level less
than 4 parts per trillion, Mr. Dickerson said.

Monsanto owned and operated the plant from 1934 to 2000,
according to the complaints.  The Nitro plant was operated by
Monsanto until 1995 when the plant merged with Akzo Nobel, a
Dutch company, and began operating as Flexsys America Inc.  In
1997, Monsanto renamed a subsidiary as Solutia Inc. and the
Nitro was distributed to Solutia.  The plant closed in 2004.

Specifically, the Complaints cite a 1949 incident in which a
safety disc failed at the plant, exposing workers to a chemical
cloud that caused 226 people to become ill, noted Mr. Dickerson.

The dioxin in question, known as 2,4,5 trichlorophenoxyacidic
acid or 2,4,5-T, was used by the military as part of the
herbicide "Agent Orange" in Vietnam.   The Complaints say
production of the dioxin "continued 7 days a week 365 days a
year from 1949 to approximately 1971 at the Monsanto Nitro
plant."

The Plaintiffs maintain that the Defendants knew or should have
known the Nitro plant site was contaminated and dangerous.
According to the Complaints, the Defendants "acted carelessly,
negligently, recklessly and/or deliberately," according to The
West Virginia Record.

"The proposed class is made up of persons with one or more
dioxin related cancers and who live or lived in the class
defined area ... for at least two years during the period 1949
to the present and/or have attended school in the class defined
area for at least two years and/or who have been employed in a
building in the class defined area for two years or more," the
Complaints state, adding that there are 12,503 residences in the
area, the paper said.

Earlier this year, nine families filed similar suits in Kanawha
Circuit Court, asserting that the former Monsanto Company is
responsible for personal injury and wrongful death by exposure
to the dioxins or furans produced at the plant, the paper noted.

Mr. Calwell told the paper that he has another pair of possible
class-action lawsuits about property damage stemming from dioxin
exposure in Nitro against Monsanto that are pending in Putnam
Circuit Court, which suits were filed in December 2004, and are
up for class certification later this month.

According to a June 29, 2007 progress report on the Nitro
facility, Solutia has indicated to the appropriate government
agencies that it would continue on-site remediation activities.
Demolition of the area began in June 2004 and was completed in
June 2005.  Solutia is presently evaluating the surface water
management program for the Nitro facility.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  Saflex is a registered trademark of Solutia Inc.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson,
Dunn & Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims
and noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff,
Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer &
Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Disclosure Statement hearing began on
July 10, 2007.

(Solutia Bankruptcy News, Issue No. 100; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)




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


* CUBA: Trade with Russia Increases by 60% This Year
----------------------------------------------------
Cuba's bilateral commerce with Russia has grown by 60% this
year, compared to last year, the Cuban News Agency reports,
citing sources from Cuba's Foreign Trade Ministry and the
Chamber of Commerce.

Cuba-Russia Business Committee head Alejandro Mustelier
commented to the Cuban news Agency, "Within a couple of years we
will be able to assess concrete commercial gains within both
countries."

Granma Internacional relates that the organization has 66
import/export companies.

The Cuban News Agency notes that trade between Cuba and Russia
include these sectors:

          -- transportation,
          -- telecommunications,
          -- biotechnology, and
          -- tourism.

The report says that Cuba trades these products with Russia:

          -- crude sugar,
          -- citrus fruits,
          -- cigars,
          -- rum,
          -- coffee,
          -- honey,
          -- liquors, and
          -- toiletries.

The Cuban News Agency relates that in exchange of the Cuban
goods, Russia supplies:

          -- fertilizers,
          -- pneumatics,
          -- footwear, and
          -- work clothes.

The trade would still increase substantially by year-end, the
Cuban News Agency states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Moody's Investors Service said that Cuba's Caa1
foreign-currency issuer rating reflects the debt moratorium that
has been in place for more than 15 years, leading to the
accumulation of principal and interest arrears.

Moody's assigned these ratings on Cuba:

      -- CC LT Foreign Bank Deposit, Caa2
      -- CC LT Foreign Currency Debt, Caa1
      -- CC ST Foreign Bank Deposit, NP
      -- CC ST Foreign Currency Debt, NP
      -- Issuer Rating, Caa1




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


* DOMINICAN REPUBLIC: Obtains US$10.5-Million Financing from IMF
----------------------------------------------------------------
The Inter-American Development Bank has approved a US$10.5
million loan will support a government program to strengthen the
Dominican Republic's internal revenue agency -- DGII.

The program will modernize the DGII, which is carrying out
reforms to increase its capacity to collect taxes.  It will also
reduce tax compliance costs by introducing new technologies and
simplified procedures for small and medium-size taxpayers.

The IDB, which has experience with tax reforms in several Latin
American countries, will support a reorganization of the DGII
and its human resources management, including the development of
career paths and a training system for the agency's staff.

The program will help increase the DGII's capacity to conduct
audits and invest in modernizing the agency's technology
platform and information management systems and strengthen
information technology security.

Additionally, the program will sponsor tax education campaigns
for new taxpayers and schoolchildren to raise awareness of the
importance of paying taxes to finance better social programs as
well as to publicize the DGII's new technological tools and
services.

The loan is for 20 years, with a four-year grace period and a
variable interest rate.

                        *     *     *

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


* DOMINICAN REPUBLIC: Implementing Fuel Savings Plan
----------------------------------------------------
Beata Lockwood at Caribbean Net News reports that the Dominican
Republic has set its eyes on the implementation of the National
Energy Contingency Plan, a fuel savings plan focused on Santo
Domingo and Santiago where the consumption of fuel is the
greatest.

According to Caribbean Net, Santo Domingo and Santiago have long
traffic jams in the morning and evening hours.  The government
wants to include staggering work, business and school hours to
the plant to ease the problem.

Caribbean Net relates that the government blames the high
consumption of gasoline on:

          -- the continual importing of large American-type
             vehicles with large engines, and

          -- the traditional Dominican "live for today"
             attitude.

The Dominican Republic is still seeking fuel alternatives.  In
the short term, gasoline will have to be conserved, Caribbean
Net states.

                        *     *     *

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




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


ALCATEL-LUCENT: Grabs NTT Comm. Deal for Service Routers Supply
---------------------------------------------------------------
Alcatel-Lucent was selected by NTT Communications, a wholly
owned subsidiary of the NTT Group in charge of long distance
calls, international services and data communication in Japan,
to supply IP service routers to support NTT Communications' IP-
VPN services.

Following a yearlong extensive test and evaluation process, NTT
Communications selected the Alcatel-Lucent 7750 Service Router
solution for its service-aware capabilities, unique non-stop
routing functionality, excellent stability and high level of
interoperability.  In addition, the Alcatel-Lucent 7750 SR is
compliant with IPv6 standards that have become mandatory in
Japan's telecommunications industry.  The Alcatel-Lucent
solution will allow NTT Communications to take advantage of the
reduced outage and maintenance time to bring down operation
costs.

NTT Communications selected Alcatel-Lucent because the Alcatel-
Lucent 7750 SR is the solution that allows carriers to provide
non-stop service to their customers with an extremely high level
of reliability.  Alcatel-Lucent's global experience and carrier-
class IP transformation solution will help NTT Communications
maximize its network's potential and deliver innovative and
differentiating services to satisfy end-users' current and
future needs.

"Alcatel-Lucent brings its worldwide experience and expertise in
major IP network and service transformation projects to this
partnership with NTT Communications," said Frederic Rose,
President of Alcatel-Lucent's Asia Pacific activities.
"Together, we are building the most reliable IP-VPN service to
satisfy a very demanding customer base.  It's an honor for us to
collaborate with NTT Communications in Japan."

This is the second commercial deployment of Alcatel-Lucent's
industry leading 7750 IP/MPLS Service Routers within a
subsidiary of the NTT Group.

Over 180 service providers in more than 70 countries around the
world have selected the Alcatel-Lucent IP portfolio as key
elements of their IP transformation, including massive, multi-
year projects at AT&T, BT and Telstra.  According to Ovum RHK,
Alcatel-Lucent was #2 in the IP/MPLS Edge market segment in Q2
2007, with 21% market share, and is the fastest-growing edge
router vendor in the world.  Alcatel-Lucent recently introduced
the world's first comprehensive Service Routing Certification
Program to educate the next generation of IP networking
professionals.

                  About NTT Communications

NTT Communications Corporation provides information and
communications technology solutions worldwide with dedicated
professionals stationed in 21 countries.  Renowned as an
IPv6technologypioneer and managed service expert, NTT Com offers
diverse high-quality IP,Web-based, and managed network solutions
combining network management,security, ubiquitous, Web
portals/engines, and global services.  Its world-class Tier 1
Internet backbone and secure closed networks with over 98,000
MPLS ports, combined with the networks of partner companies
around the world, connect more than 200 countries. The company
earned non-consolidated revenues exceeding one trillion yen
(about US$1.2 billion) in fiscal 2006 ended March 31, 2007. NTT
Com started as a long-distance phone company in 1999 after the
reorganization of the NTT Group, and is the wholly-owned
subsidiary of NTT, one of the world's largest telecommunications
companies.  NTT is listed on the Tokyo, Osaka, Nagoya,Fukuoka,
Sapporo, London and New York stock exchanges.

                      About Alcatel-Lucent

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

                        *     *     *

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

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

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




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


AIR JAMAICA: Losing Revenue If It Won't Act on Code Share Pact
--------------------------------------------------------------
London-based Virgin Atlantic Airways told Ingrid Brown at The
Jamaica Observer that Air Jamaica stands to lose revenue if it
fails to sign off on the code share accord the previous Jamaican
administration negotiated with Virgin Atlantic in 2006.

Virgin Atlantic explained to The Observer, "We did a deal with
Air Jamaica and the previous government which was agreed on and
which is going ahead.  We have a permit from the then government
to fly and we will be flying."

According to The Observer, Virgin Atlantic set the launching of
its Kingston-Gatwick flight for Oct. 30, 2007.

Virgin Atlantic's communications director Paul Charles commented
to The Observer, "Everything is in place for our launch on Oct.
30 and we are going to fly with or without a code share deal in
place."

The Observer relates that Mr. Charles is in Jamaica to make sure
everything is ready for the Virgin Atlantic flight at the Norman
Manley International Airport.  According to him, the sale of the
Heathrow landing slot "is a done deal, with the slot exchanging
hands in July 2007."

However, Mr. Charles admitted to The Observer that the code
share pact had not yet been signed since it was negotiated after
the sale of the slot.  It was in the best interests of Air
Jamaica that the accord be signed as it would help to bring
much-needed revenue to Air Jamaica.

Mr. Charles told The Gleaner, "The code share agreement is a
second element to the deal which actually helps Air Jamaica,
because how a code share works is that Air Jamaica will be paid
per passenger they put onto our flights."

Under the code share agreement, Virgin Atlantic would pay a
percentage of the ticket cost for every passenger Air Jamaica
puts on a Virgin Atlantic plane, The Observer says, citing Mr.
Charles.  Virgin Atlantic is very hopeful that it would reach an
agreement with the government on the code share deal by the end
of this month.

Jamaican Transport and Works Minister Mike Henry denied to The
Observer that the code share pact is "a done deal."  He said
that he was still reviewing the agreement.  "I have a meeting
scheduled for this evening so when I am armed with the
information I will speak more on it," Minister Henry commented
to The Observer.

Minister Henry told the Business Observer that he is still
waiting for information requested from Air Jamaica.

The Observer asked Minister Henry about the revenue Air Jamaica
would lose from not signing the code share accord.  However, the
minister commented to The Observer that the airline has already
lost.  He explained, "Right now we are at a great loss for the
price they are offering for the slot."

The sale of the slot was the right deal to be done.  Air Jamaica
was losing millions from that route, The Observer says, citing
Mr. Charles.  If the code share deal isn't signed by the end of
October Virgin Atlantic already has contingency plans in place
as it is training local staff in customer service while its
check-in counter is already established at the airport.

                    About Virgin Atlantic

British and brash, Virgin Atlantic Airways is a leading player
in Sir Richard Branson's Virgin Group conglomerate.  From its
main hubs at London's Heathrow and Gatwick airports, the airline
serves about 30 destinations around the world with a fleet of
some 35 aircraft.  It extends its network via code-sharing
relationships with carriers such as Air China, Continental
Airlines, and Australia-based sister company Virgin Blue.
Virgin Group owns 51% of Virgin Atlantic, and Singapore Airlines
owns a 49% stake.

                     About Air Jamaica

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private
in 1994.  The Jamaican government does not plan to on Air
Jamaica permanently.

                        *     *     *

On July 21, 2006, Standard & Poor's Rating Services assigned B
long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, is based on the government's
unconditional guarantee of both principal and interest
payments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.


SUGAR COMPANY: Asset Privatization Deadline Is June 2008
--------------------------------------------------------
The Jamaica Gleaner reports that the Jamaican government has set
June 2008 as the deadline for the completion of the
privatization of the Sugar Company's assets.

The Gleaner relates that these are the factories that would be
divested:

          -- the Monymusk in Clarendon;
          -- Bernard Lodge in St. Catherine;
          -- Frome Estate in Westmoreland;
          -- Long Pond in Trelawny; and
          -- Duckensfield in St. Thomas.

The Cabinet will make a decision on the sugar factories'
divestment before March 31, 2008, to proceed with the
appropriate sale and lease accords and transfer of assets three
months after, The Gleaner says, citing Jamaican Prime Minister
Bruce Golding.  There must be a proper valuation of the six
sugar factories and over 30,000 hectares of land before the
divestment could occur.

The Gleaner notes that Delano Reid and Associates Limited will
determine the value the assets under a US$24-million contract
the National Contracts Commission endorsed in August 2007.

According to The Gleaner, the Sugar Company had accumulated
US$15.8-billion losses as of May 27, 2007.

Prime Minister Golding told The Gleaner that the US$15.8-billion
losses would increase to US$18 billion by the time the
divestment is completed.

The report says that these firms were prequalified to bid for
the sugar factories:

          -- Jamaica's Wray & Nephew and Energen,
          -- Trinidad's Angostura,
          -- Stirling Partners of the Bahamas,
          -- Brazil's Infinity Bio Energy and Coimex,
          -- India's Dhamphur, and
          -- Flo Sun of the United States.

The government is considering outright sale and 50-year leases
of the sugar factories, Prime Minister Golding told The Gleaner.

Sugar Company of Jamaica registered a net loss of almost US$1.1
billion for the financial year ended Sept. 30, 2005, 80% higher
than the US$600 million reported in the previous financial year.
Sugar Company blamed its financial deterioration to the
reduction in sugar cane production.  According to published
reports, the Jamaican government has taken responsibility for
the payment of the firm's debts.  Radio Jamaica has said that to
date, the five sugar factories have incurred J$3 billion in
debts.


* JAMAICA: Meeting with Guyana To Resolve Trade Dispute
-------------------------------------------------------
Caribbean 360 reports that Jamaican Industry, Commerce and
Investment Minister Karl Samuda will meet with Guyanese
Agriculture Minister Robert Persaud to resolve a trade impasse
between the two nations.

Jamaica told Caribbean 360 that it needs to bring in rice from
the US as Guyana has failed to supply its monthly requirements
since August 2007.

Supplies from Guyana have declined, Caribbean 360 says, citing
Jamaican importers.

Jamaica Rice Mills, which purchases 2,000 tons of rice a month,
told Caribbean 360 that it received about 1,930 tons in August,
and nothing else since then.

Geddes Grant, which also imports rice, complained to Caribbean
360 that they were getting two containers of rice per week
compared to the normal five.

Caribbean 360 relates that the Jamaican government statistics
indicate that in August about 4,223 tons of rice were shipped
from Guyana, compared to the usual 6,000 tons.

Guyana countered that it can and will supply the rice, Caribbean
360 notes.  The nation would provide some 10,000 tons more rice
this year, compared to the previous year.  According to the
country, it supplied 43,700 tons of rice to Jamaica last year
and will provide 54,000 tons in 2007.

The conflict could be "easily sorted out" if not for the new
Jamaican administration, Caribbean 360 says, citing Guyanese
president Bharrat Jagdeo.

President Jagdeo commented to Caribbean 360, "They (Jamaica)
said they asked around here before they took the decision to
import (from the US).  We have some differences in views on that
because on our side they are saying that they have the ability
to supply the Jamaican market."

Guyana must guarantee that the new government of Jamaica
understands the system, Caribbean 360 relates, citing President
Jagdeo.

"I thought that we had a (settlement) mechanism, but with a new
government, we need to ensure that they understand that the
Guyana Rice Development Board should be approached and should
say whether there is enough rice to supply the market or whether
we cannot supply at that point in time and therefore, we would
offer the waiver," President Jagdeo told Caribbean 360.

                        *     *     *

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

                        *     *     *

As reported on March 9, 2007, Standard & Poor's Ratings Services
affirmed its 'B' ratings on Jamaica's long-term and short-term
sovereign credit, with stable outlook.




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


DURA AUTOMOTIVE: Noteholders Appeal Amendment to Backstop Deal
--------------------------------------------------------------
Certain beneficial holders of senior subordinated notes due
May 2009, issued by Dura Operating Corp., took an appeal to the
U.S. District Court for Delaware from Bankruptcy Judge Kevin J.
Carey's order approving an amendment to the Amended Backstop
Rights Purchase Agreement, dated as of Aug. 13, 2007, between
DURA Automotive Systems, Inc., and Pacificor LLC.

The amendment provides that Pacificor's commitment to buy unsold
shares of reorganized DURA common stock is conditioned upon DURA
emerging as a private company once it exits Chapter 11.

Pacificor has committed to buy the unsold portion of the 39.3%
to 42.6% of DURA shares to be offered to holders of 8.625%
senior unsecured notes due April 2012.  As a substantial holder
of the senior notes, Pacificor will get a share of the 57.4% to
60.7% of the reorganized company allotted to that class of debt
under DURA's Joint Plan of Reorganization.

The 9% Noteholders, which will be paid nothing under the Plan,
have already appealed the first version of the Backstop
Agreement.  The Agreement and the rights offering, which is
expected to raise US$140,000,000 to US$160,000,000, are
incorporated in the Plan which will be sent for approval to
senior noteholders and certain general unsecured claimants until
Nov. 15, 2007.  The 9% Noteholders and owners of existing common
stock of DURA, which will also receive 0% recovery on their
interests, will not be entitled to vote on the Plan.

Should the District Court overturn the Bankruptcy Court's order
on the Backstop Agreement, the Debtors may not be able to
achieve its target of emerging from bankruptcy by the end of
2007.  DURA said that absent the Backstop Deal, the Plan will be
rendered infeasible.  DURA had also said that each month of
delay in its exit from Chapter 11 results in significant lost
new business awards.

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

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

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

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


EMPRESAS ICA: Underwriters Exercise Option for 11.7-Mln Shares
--------------------------------------------------------------
Empresas ICA S.A.B. de C.V. disclosed that the underwriters of
its equity offering exercised in full the over-allotment option
for an additional 11.7 million shares, equivalent to US$70
million.  The exercise price was MXN65.00 per share or Ordinary
Participation Certificate and US$23.76 per American Depositary
Share, which is identical to the price of the equity placement
on Sept. 25.  Each CPO represents one share; each ADS represents
four CPOs.

Of the 11,739,128 shares placed, 7,043,478 shares were allocated
to the international underwriters, and 4,695,650 shares were
allocated to the Mexican underwriters.

With the full exercise of the over-allotment option, ICA has
sold a total of 90 million shares, which represent approximately
18.1% of ICA's total equity, after giving effect to the
offering.  60% of the total offering (54 million shares) was
placed internationally, and forty percent (36 million shares)
was placed in Mexico.  The total gross proceeds were the
equivalent of US$535 million.

Citigroup Global Markets, Inc. is the global coordinator and
bookrunner for the U.S. and international offering.  Acciones y
Valores Banamex, S.A. de C.V., Casa de Bolsa, Integrante del
Grupo Financiero Banamex and Casa de Bolsa Santander, S.A. de
C.V., Integrante de Grupo Financiero Santander, are the joint
bookrunners for the Mexican offering.

The prospectus for this offering may be obtained by contacting:

          Citigroup Global Markets, Inc.
          Brooklyn Army Terminal
          Attn: Prospectus Delivery Department
          140 58 th Street
          Brooklyn, NY 11220

                     About Empresas ICA

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

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

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


GREENBRIER COS: To Construct 11,900 Tank Cars for GE Equipment
--------------------------------------------------------------
The Greenbrier Companies and the Rail Services division of GE
Equipment Services have entered into an agreement under which
Greenbrier will manufacture 11,900 tank cars and covered hopper
cars for Rail Services over an eight-year period.  As part of
the agreement, Greenbrier will install GE's proprietary
VeriWise(TM) RAIL fleet management technology on the railcars
during the manufacturing process.

The majority of the railcars will be tank cars, and the
agreement marks Greenbrier's entry into the tank car
manufacturing market in North America.  Initially, Greenbrier
will produce 30,000-gallon non-coiled, non-insulated tank cars,
which are used to transport ethanol, methanol and more than 60
other commodities.  Greenbrier plans to develop and produce
other general-purpose tank cars in coming years.  The agreement
provides for flexibility in car type mix to meet future market
needs and fluctuations.

Under the agreement, delivery of the first 3,400 railcars is
expected to commence in the third calendar quarter of 2008, with
completion expected by the first half of calendar 2011.
Deliveries beyond this first group of railcars are subject to
fulfillment of certain competitive conditions.

GE's VeriWise RAIL solution generates information about a
railcar's location and the environmental conditions inside it
for customers, who can use the information to enhance safety and
security, improve shipment delivery cycles and increase the
productivity of their fleet operations.

William A. Furman, president and chief executive officer of
Greenbrier, said, "We are gratified at the confidence GE Rail
Services, the largest operating lessor in North America, has
placed in us by selecting Greenbrier to supply its new freight
car needs.  Our recently formed joint venture facility,
Greenbrier-GIMSA, is expected to provide low capital cost access
to competitive tank car production.  This facility also has
additional space to expand production further, once we have
ramped up tank car production, should market conditions support
it.  We intend to capitalize both on our prior experience in
building tank cars in Europe and Canada and on GE Rail Services'
vast knowledge of tank cars, to help ensure the smooth start-up
of this new product line."

Jay Wileman, president and chief executive officer of GE
Equipment Services, Rail Services, said "GE is excited about the
opportunity to build our cutting-edge asset intelligence
technology into railcars with such a high-quality railcar
builder.  We look forward to working with Greenbrier."

                  About GE Equipment Services

GE's Equipment Services business is a global provider of
transport solutions for the world's supply chains. Offering a
full range of equipment leasing and intelligence-based asset
management and logistics services for manufacturers, retailers,
and shippers, Equipment Services enables the timely movement of
raw material and cargo for the global economy.

Its Rail Services -- http://www.ge.com/railservices/-- unit,
headquartered in Chicago, is a provider for all aspects of
railcar and intermodal fleet management.  The unit provides a
range of flexible leasing products as well as a full suite of
services, including Maintenance MAX(R), VeriWise RAIL and
VeriWise INTERMODAL asset intelligence, and the Repair Solutions
Program.  Offering one of the most diverse fleets in the
industry, Rail Services leases approximately 165,000 railroad
cars and 120,000 intermodal trailers, containers and chassis to
shippers and railroads in diverse markets across North America.

                       About Greenbrier

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

                        *     *     *

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

Downgrades:

Issuer: Greenbrier Companies, Inc. (The)

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

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

  -- Corporate Family Rating, Downgraded to B1 from Ba3

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

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

Outlook Actions:

Issuer: Greenbrier Companies, Inc. (The)

   -- Outlook, Changed To Stable From Rating Under Review


HIPOTECARIA SU: Initiates Cash Purchase Offer on 8.50% Sr. Notes
----------------------------------------------------------------
Hipotecaria Su Casita, S.A. de C.V., has commenced of its offer
to purchase for cash any and all of its outstanding 8.50% Senior
Notes due 2016 (CUSIP Nos. 433514AA4, P5159KCP9) (the Notes),
upon the terms and subject to the conditions set forth in the
Offer to Purchase and Consent Solicitation Statement and in the
related Consent and Letter of Transmittal.  The offer to
purchase Notes is referred to as the Tender Offer.  The
aggregate principal amount outstanding of the Notes as of
Oct. 10, 2007, is US$150 million.

The Tender Offer will expire at 12:00 midnight, New York City
time, on Tuesday, Nov. 6, 2007, unless extended or earlier
terminated.  Registered Notes Holders who validly tender, and do
not validly withdraw, their Notes prior to 5:00 p.m., New York
City time, on Oct. 23, 2007 will be eligible to receive the
Total Consideration, subject to the terms and conditions of the
Tender Offer.  Holders who validly tender, and do not validly
withdraw, their Notes after 5:00 p.m., New York City time, on
the Consent Date and prior to 12:00 midnight, New York City
time, on the Expiration Date will receive only the Offer Price,
and will not be eligible to receive the Total Consideration.

The Total Consideration offered for Notes validly tendered and
not validly withdrawn pursuant to the Offer shall be 105.5% of
the principal amount of such Notes.  The Total Consideration
includes a Consent Payment of 3.0% of the principal amount of
such Notes.  The Total Consideration minus the Consent Payment
is referred to as the Offer Price.  In addition to the Total
Consideration or Offer Price, as applicable, Holders whose Notes
are purchased will also receive accrued and unpaid interest from
the last interest payment date preceding the Offer to, but not
including, the Settlement Date.  The Settlement Date is expected
to be on the first business day after the Expiration Date or
promptly thereafter.

Concurrently with the Tender Offer, the company is soliciting
Consents from Holders to proposed amendments to the indenture
dated as of Sept. 29, 2006 between the company, as issuer, and
The Bank of New York, as trustee, under which the Notes were
issued which, among other things, will eliminate certain
covenants and the related events of default contained therein
Proposals.  The Proposals would be effected through the
execution of a supplemental indenture (Supplemental Indenture)
which will be executed by the company on or promptly following
the date on which the Consents from Holders of at least a
majority in principal amount of the Notes then outstanding have
been obtained.  The solicitation of Consents in respect of the
Notes is referred to as the Consent Solicitation.  The Tender
Offer and Consent Solicitation are referred to collectively as
the Offer.  Holders who tender their Notes in the Tender Offer
will be deemed to have consented to the Proposals.

In connection with the Tender Offer, the company intends to
issue senior unsecured floating rate notes due 2012 in the form
of Certificados Bursatiles under applicable Mexican law, to be
registered and listed exclusively in Mexico through the Mexican
Stock Exchange.  The company intends to use the proceeds from
the offering of the New Notes Offering to consummate the Tender
Offer.  If the New Notes Offering is not consummated, or if the
New Notes Offering does not result in the receipt by the company
of proceeds at least equal to the Total Consideration or the
Offer Price, as applicable, with respect to all Notes validly
tendered and not validly withdrawn prior to the Expiration Date
from the issuance of the New Notes on terms and conditions
satisfactory to the company (Financing Condition), the company
will not be required to accept for payment, purchase or pay for
any tendered Notes, subject to Rule 14e-1(c) under the U.S.
Securities Exchange Act of 1934, as amended, and the company may
extend or terminate the Offer.

The obligation of the company to accept for payment and to pay
for any Notes validly tendered pursuant to the Tender Offer is
conditioned upon (1) the execution by the company and the
Trustee of the Supplemental Indenture implementing the proposed
amendments to the Indenture pursuant to the terms of the
Indenture following receipt of the Requisite Consents, (2) there
having been validly tendered and not validly withdrawn prior to
12:00 midnight, New York City time, on the Expiration Date, not
less than a majority in aggregate principal amount of the Notes
outstanding under the Indenture, excluding Notes owned by the
company or any of its affiliates, (3) the Financing Condition,
and (4) satisfaction of the other conditions to the Offer set
forth in the Offer to Purchase.

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

Any questions or requests for assistance regarding the Offer may
be made to the Dealer Manager and Solicitation Agent:

        Merrill Lynch & Co.
        Attn: Liability Management Group
        Tel: (888) 654-8637 or (212) 449-4914.

Questions or requests for assistance or additional copies of the
Offer to Purchase and the related Letter of Transmittal may be
directed to the Information Agent, Global Bondholder Services
Corporation, toll free at (866) 794-2200 (bankers and brokers
call collect at (212) 430-3774).

Hipotecaria Su Casita, S.A. de C.V. (HSC) is Mexico's second
largest specialized mortgage lending institution by market
share.  Its main function is to extend mortgage loans to low-
income individuals under the auspices of Sociedad Hipotecaria
Federal financing programs, and to provide construction
financing to developers of low-income housing.  It controls
approximately 18% of the mortgage market served by Sofoles,
based on total loan portfolio.  It has 107 offices in Mexico.
Hipotecaria Su Casita was established in 1994.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Hipotecaria Su Casita
S.A. de C.V. (HSC) to 'BB' from 'BB-'.  S&P said the outlook is
stable.  At the same time, S&P raised the rating on HSC's senior
unsecured notes to 'BB'.


HOST HOTELS: Net Income Up to US$97 Mil. in Third Quarter 2007
--------------------------------------------------------------
Host Hotels & Resorts Inc. has reported an increased net income
of US$57 million to US$97 million for the third quarter ended
Sept. 7, 2007.

Net income included a net gain of US$90 million, or US$.16
per diluted share, for year-to-date 2007 associated with gains
on hotel dispositions, partially offset by debt repayment or
refinancing costs.  By comparison, net income for year-to-date
2006 included a net gain of approximately US$347 million, or
US$.74 per diluted share associated with similar transactions,
as well as preferred stock redemptions and non-recurring costs
associated with the Starwood acquisition.

The company recorded total revenue increased US$96 million, or
8.6%, to US$1,206 million for the third quarter of 2007.

                     Operating Results

The company presents RevPAR for its comparable hotels plus the
Starwood portfolio acquired in April of 2006 due to the
significant contribution of these hotels to the company's
operations.  RevPAR for the comparable hotels plus the Starwood
portfolio, which includes the 24 hotels acquired from Starwood
in 2006 that we own as of Sept. 7, 2007, increased 7.2% for the
quarter and 7.0% year-to-date.  The comparable hotel plus the
Starwood portfolio RevPAR gains were driven by an increase in
average room rates of 5.1% for the quarter and 5.7% year-to-date
and increases in occupancy of 1.5 percentage points and .8
percentage points for the quarter and year-to-date periods,
respectively.  Comparable hotel RevPAR for the third quarter of
2007 (not including the Starwood portfolio) increased 6.7% and
year-to-date comparable hotel RevPAR increased 6.1% over results
for the same periods of 2006.  Comparable hotel adjusted
operating profit margins increased 1.4 percentage points and 0.7
percentage points for the third quarter and year-to- date 2007,
respectively.

                   European Joint Venture

On July 20, 2007, the company's joint venture based in Europe,
in which the company holds a 32.1% interest, purchased the 262-
room Renaissance Brussels Hotel, the 218-room Brussels Marriott
and the Marriott Executive Apartments comprised of 57
apartments.

                       Balance Sheet

As of Sept. 7, 2007, the company had approximately US$559
million of cash and cash equivalents.  Excluding amounts
necessary for working capital, the company intends to use its
remaining available funds to further invest in its portfolio,
acquire new properties or make further debt repayments.

In October 2007, the company intends to repay a US$190 million
mortgage secured by four of its properties.  The company
currently has US$600 million available under its line of credit.

                         Dividend

As previously announced, the company expects to declare a fixed
US$.20 per share common dividend each quarter, as well as a
special dividend in the fourth quarter of each year, the amount
of which will be based on the company's taxable income.  Based
on the company's 2007 guidance, the company expects that the
fourth quarter special dividend would be in the range of US$.15
to US$.25.

                       2007 Outlook

The company expects RevPAR for the comparable hotels plus the
Starwood portfolio to increase approximately 6.5% to 7.5% for
the full year.  The company expects its operating profit margins
under GAAP to increase approximately 50 basis points to 90 basis
points and its comparable hotel adjusted operating profit
margins to increase approximately 75 basis points to 100 basis
points.  Based upon these estimates, the company estimates that
full year 2007 guidance for Host Hotels & Resorts, Inc. and Host
Hotels & Resorts, L.P. would be:

Host Hotels & Resorts, Inc.

-- earnings per diluted share should be approximately US$1.33
    to US$1.37;

-- net income should be approximately US$725 million to US$747
    million; and

-- FFO per diluted share should be approximately US$1.81 to
    US$1.85 (including a charge of approximately US$.08 per
    diluted share for debt prepayment costs).

Host Hotels & Resorts, L.P.

-- net income should be approximately US$751 million to US$774
    million; and

-- Adjusted EBITDA should be approximately US$1,460 million to
    US$1,480 million.

                        2008 Outlook

The company is in the preliminary stages of its budget process
for 2008.  Accordingly, certain key items, including detailed
property-level operating budgets, have not been determined which
could significantly affect forecast results of operations.
However, based on preliminary discussions with the company's
operators and hotel general managers, as well as a review of
booking pace and other metrics, the company believes that
comparable hotel RevPAR for 2008, which will include the
Starwood portfolio, will increase approximately 5% to 7%.

Host Hotels & Resorts, Inc. -- http://www.hosthotels.com/--
(NYSE:HST) is a lodging real estate investment trust and owns
luxury and upper upscale hotels.  The company currently owns 121
properties with approximately 64,000 rooms, and also holds a
minority interest in a joint venture that owns seven hotels in
Europe with approximately 2,700 rooms.  Guided by a disciplined
approach to capital allocation and aggressive asset management,
the company partners with premium brands such as Marriott(R),
Ritz-Carlton(R), Westin(R), Sheraton(R), W(R), St. Regis(R), The
Luxury Collection(R), Hyatt(R), Fairmont(R), Four Seasons(R),
Hilton(R) and Swissotel(R) in the operation of properties in
over 50 major markets worldwide, including Mexico and Italy.

                        *     *     *

The company continues to carry Standard & Poor's Ratings
Services' BB corporate credit rating with a positive outlook.

As reported in the Troubled Company Reporter on May 7, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Host Hotels to positive from stable.  All ratings on the
company, including the 'BB' corporate credit rating, were
affirmed.


REMY WORLDWIDE: Receives Court Approval on First-Day Motions
------------------------------------------------------------
Remy Worldwide Holdings, Inc., has received Bankruptcy Court
approval of its first-day motions to, among other things, pay
employee wages and benefits without interruption and continue to
pay trade creditors and suppliers in the ordinary course of
business.

As reported in the Troubled Company Reporter on Oct. 10, 2007,
in response to the overwhelming support received from its
noteholders for its prepackaged plan of reorganization, the
Company filed voluntary petitions for itself and its domestic
subsidiaries under chapter 11 of the U.S. Bankruptcy Code to
seek confirmation of the plan.

                        DIP Facility

The Court also granted interim approval of US$160 million of
Remy's US$225 million debtor-in-possession facility, which was
provided by Barclays Capital who acted as sole lead arranger.
As previously reported, Barclays Capital had committed to
provide DIP financing for up to US$225 million and up to US$330
million of long-term exit financing.  Barclays Capital has
syndicated both the DIP and the exit facilities together to
coincide with Remy's prepackaged bankruptcy case.  The closing
of the DIP and exit loans are subject to certain closing
conditions, which are anticipated to be satisfied during the
Chapter 11 process.  A final DIP hearing has been scheduled for
Nov. 7, 2007.

"We are pleased with the swift approval of our "first-day
motions" which will enable Remy to operate without interruption
and continue to meet our normal business obligations during the
plan confirmation process," John Weber, Chief Executive Officer,
said.  "With our first-day motions approved, we will continue to
concentrate on running our business with the goal of emerging
from chapter 11 within the next 60 days."

The Court has scheduled a hearing to confirm Remy's prepackaged
plan of reorganization for Nov. 20, 2007.

                    About Remy Worldwide

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide components
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


SANLUIS CORP: Rep Uno Commences Cash Tender Offer on 8.00% Notes
----------------------------------------------------------------
SANLUIS Corporacion, S.A.B. de C.V.'s subsidiary Rep Uno, S.A.
de C.V. has commenced a cash tender offer for any and all
outstanding 8.00% Guaranteed Notes due 2010 issued by its
subsidiary SANLUIS Co-Inter S.A.  The tender offer is set forth
in an offer to purchase and consent solicitation statement dated
Oct. 10, 2007.

Rep Uno and SISA are also soliciting consents from the holders
of the SISA Notes to proposed amendments to the Indenture under
which the SISA Notes were issued.  The amendments will eliminate
substantially all of the restrictive covenants and certain of
the event of default provisions under the SISA Notes and the
related Indenture.  All holders that tender their SISA Notes
must also consent to the proposed amendments.

The tender offer will expire at 12:00 midnight, New York City
time, on Nov. 6, 2007, unless it is extended.  The right to
receive the early tender payment described below, the right to
withdraw tendered SISA Notes and the right to revoke consents
will expire at 5:00 p.m., New York City time, on Oct. 23, 2007,
unless extended.

The consideration for each US$1,000 original principal amount of
SISA Notes tendered and not validly withdrawn and accepted for
payment is (1) US$1,178.57 plus an amount equal to accrued
interest from, Mar. 15, 2007 to, but excluding, the settlement
date minus (2) an early tender payment of US$71.86.  The early
tender payment will be paid with respect to SISA Notes that have
been validly tendered and not validly withdrawn prior to the
early tender expiration date, if but only if such SISA Notes are
accepted for payment.

The tender offer is part of a refinancing that also includes an
offering of debt securities of SANLUIS' subsidiary SANLUIS
Rassini, S.A. de C.V. and the prepayment of all of the
outstanding debt of Rassini under its Restructured Credit
Agreement dated as of Dec. 31, 2002.  The tender offer price
will be paid from proceeds of the new offering.  The obligation
of Rep Uno to accept and pay for tendered SISA Notes is subject
to conditions, including a financing condition relating to the
completion of the new offering, a minimum tender condition
relating to the receipt of sufficient consents to amend the SISA
Notes Indenture, and other customary conditions.

Rep Uno is also offering to purchase any and all outstanding
8.875% Notes due 2008 and Euro Commercial Paper notes of SANLUIS
(SANLUIS Debt).  The consideration for each US$1,000 original
principal amount of SANLUIS Debt tendered and not validly
withdrawn and accepted for payment is US$450.  The consideration
for the tender and acceptance of SANLUIS Debt will not include
any payment for, or amount equal to, accrued interest thereon.

Rep Uno has retained Morgan Stanley & Co. Incorporated to serve
as dealer manager and solicitation agent for the tender offer
and consent solicitation, Global Bondholder Services Corporation
to serve as the information agent and The Bank of New York to
serve as the depositary.

Copies of the offer to purchase and related documents may be
obtained at no charge by contacting the information agent by
telephone at (212) 430-3774 for banks and brokers and
(866) 873-5600 for all others, or in writing at 65 Broadway,
Suite 723, New York, NY 10006.  These documents contain
important information, and holders should read them carefully
before making any decision.

Questions regarding the tender offer may be directed to: Morgan
Stanley & Co. Incorporated at (212) 761-5384 or (800) 624-1808
(U.S. toll free).

Headquartered in Mexico, Sanluis Corporacion S.A.B De C.V. is
formerly known as SANLUIS Corporacion S.A. de C.V.  The Group's
principal activities are manufacturing and selling automobile
suspension parts and brake components.  The Suspensions business
segment includes selling multi-leaf springs and parabolic leaf
springs, coil springs, torsion bars and stabilizing bars.  The
Brakes business segment includes selling rotors, disks, drums
and hubs for brake systems.  Clients include DaimlerChrysler,
Ford, General Motors, Agrale, Honda, Mitsubishi, Nissan, Scania,
Toyota, Volkswagen, Dana, Delphi, PBR, TRW, among others.  It
operates mainly in the United States and Canada markets.

SANLUIS-Rassini has 89% share of the NAFTA market (U.S., Mexico
and Canada) for light truck suspensions.  In the Brake division,
SANLUIS-Rassini has a 12% market share in the light truck and
automobile segment of the U.S. and Canada markets.  Its solid
and diversified client base includes General Motors, Ford Motor
Company, Daimler-Chrysler, Nissan, Volkswagen and Toyota.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Fitch Ratings has affirmed the foreign currency
and local currency issuer default ratings of SANLUIS
Corporacion, S.A.B. de C.V. at 'B-'.  In addition, Fitch has
affirmed its 'B-' issue rating and 'RR4' recovery rating on
SANLUIS' senior secured bank loans held by SANLUIS' operating
subsidiaries and its 'CCC+' issue rating and 'RR5' recovery
rating on the 8% senior unsecured notes due 2010 and on the
US$75 million 7% mandatory convertible debentures due 2011
issued by SANLUIS Co-Inter S.A., an intermediary holding
company.  Fitch said the rating outlook is stable.




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


* NICARAGUA: Invests US$60 Million to Repair & Construct Ports
--------------------------------------------------------------
The Nicaraguan government has invested US$60 million to overhaul
existing ports and construct new ones on the Pacific and
Atlantic shores in order to meet growing demand from the exports
sectors, published reports say.

El Universal relates that the state will likely get financial
assistance from Venezuela and domestic and foreign investors.

"We have made the decision to revamp our ports, particularly on
the Pacific," in order to meet an increase, particularly over
the last 12 months, in Nicaraguan exports bound for Central
America, the United States and Europe, El universal reports
citing Virgilio Silva, the chair of the Nicaraguan Ports
Authority.

According to the news, the majority of work will be done in the
leading Nicaraguan port on the Pacific coast, Corinto, located
150 kilometers northeast Managua, where ENAP is building three
new piers totalling US$36 million.  Venezuela will fund 80% of
the project.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                    Rating     Rating Date
                    ------     -----------
  Long Term          Caa1     June 30, 2003
  Senior Unsecured
  Debt                B3      June 30, 2003




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


AES CORP: Prices US$500 Million of 7.75% Senior Unsecured Notes
---------------------------------------------------------------
The AES Corporation has priced its previously announced private
placement of senior unsecured notes, consisting of US$500
million principal amount of 7.75% senior notes due 2015 and
US$1.5 billion principal amount of 8% senior notes due 2017.

The company intends to use the net proceeds from the sale of the
senior notes primarily to refinance a portion of its recourse
debt.  However, depending on the timing of the sources and uses
of parent-level funds, up to US$600 million of the net proceeds
may be used to support the company's near-term investment
requirements, such as the potential purchase of the Brazilian
National Development Bank's interest in Brasiliana and
anticipated investments in the Philippines, South Africa and
Northern Ireland, or for general corporate purposes.  As
previously disclosed in the company's Form 10-K/A dated
Aug. 7, 2007, AES has a right of first refusal under the
Brasiliana shareholders' agreement to acquire BNDES's interest
in Brasiliana.  BNDES has begun the process to sell its interest
in Brasiliana.  The Company may also use its internally-
generated free cash flow, additional financing transactions and
portfolio management transactions, including (but not limited
to) asset sales and subsidiary recapitalization transactions to
fund its investments and for the refinancing of its recourse
debt.

The senior notes will not be registered under the Securities Act
of 1933, or any state securities laws.  Therefore, the senior
notes may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act of 1933 and any applicable
securities laws.  This announcement is neither an offer to sell
nor a solicitation of an offer to buy the senior notes.

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


AES CORP: Fitch Assigns BB/RR1 Rating on US$2 Billion Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB/RR1' rating to AES
Corporation's US$2 billion issuance of senior unsecured notes
maturing 2015 and 2017.  AES' long-term Issuer Default Rating is
rated 'B+' by Fitch.  The Rating Outlook is Stable.  The
increase of the debt offer from US$500 million does not change
Fitch's view of the transaction as the pre-funding of growth
capital spending and debt refinancing at a time of uncertain
capital markets.

Fitch's rating is still based on its expectation that AES will
use the proceeds during the next six months to pay down debt and
to invest in several different generation projects.  The company
has US$415 million of debt maturing in 2008, and a variety of
debt with higher coupon rates than the new debt issued today.
In addition, the company has several projects nearing completion
that should create sufficient cash flows to offset the
additional incremental debt and interest expense and allow the
company to maintain relatively stable credit metrics.

The ratings of AES reflect the high degree of parent-company
recourse debt, the structural subordination of that debt to
project level debt, and the reliance on distributions from its
subsidiaries for parent-company debt service.  Offsetting, in
part, the company's financial risk is the solid base of utility
and contracted generation as well as the diversity of cash flow
sources.  The current Stable Rating Outlook reflects Fitch's
expectation that credit metrics will stay within parameters for
the current rating.

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


AES CORP: Moody's Affirms Corporate Family Rating at B1
-------------------------------------------------------
Moody's Investors Service today affirmed The AES Corporation's
Corporate Family Rating at B1 and the senior unsecured rating
assigned to its new senior unsecured notes offering at B1
following its upsizing to US$2 billion from US$500 million.  LGD
assessments are subject to change pending the final capital
structure.

The rating affirmation is predicated on AES using net proceeds
from the notes offering in excess of US$600 million to refinance
part of the company's approximate US$4.8 billion of existing
recourse debt.  Total recourse debt after the refinancing, which
Moody's expects to occur no later than year-end, is expected to
be approximately US$5.4 billion.  Failure by AES to complete the
refinancing within the above-referred timeframe would cause
Moody's to reconsider its assigned ratings.

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




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


LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779.3 Mil.
----------------------------------------------------------------
Levi Strauss & Co.'s balance sheet showed total assets of US$2.8
billion, total liabilities of US$3.6 billion, and total
stockholders' deficit of US$779.3 million for the three months
ended Aug. 26, 2007.

Net income for the third quarter increased 24 % to US$61 million
compared to US$49 million in the prior year.  Net income
benefited primarily from lower tax and interest expense.

Net revenues for the third quarter were US$1,051 million
compared to US$1,028 million for the same period last year, a
2% increase.  Net revenues would have been stable before the
benefit of favorable currency exchange rates.  The net revenue
performance reflects stronger sales in Europe and Asia,
partially offset by a decline in North America driven by lower
U.S. Levi Strauss Signature(R) and Dockers(R) sales.  The
Levi's(R) brand grew in each region as the brand's improved
product offerings performed well around the world.  Net revenues
also benefited from additional brand-dedicated retail stores
worldwide.

"The Levi's(R) brand is growing around the world and our
European business is performing very well," said John Anderson,
chief executive officer.  "Asia Pacific continued to grow with
strong performance again in the emerging markets.  North
America's lower revenue this quarter was disappointing, but I am
optimistic about the region's results for the year.  Our year-
to-date results put us on track to deliver modest revenue
growth, solid net income improvement and reduced debt for the
year."

                 Third-Quarter 2007 Results

Gross profit increased 3 % to US$486 million for the quarter
compared to US$473 million in the prior year period.  Gross
margin increased slightly to 46.3 % of net revenues compared to
46.0 % of net revenues in the same period last year.

Selling, general and administrative expenses for the quarter
increased 10 % to US$343 million from US$312 million in the 2006
period.  Higher SG&A expenses in the 2007 period were primarily
attributable to increased selling expense related to new
company-operated stores, a lower benefit-plan curtailment gain
compared to the 2006 period and changes in currency exchange
rates.  These were partially offset by lower administrative
costs in the 2007 period.

Operating income decreased 9 % to US$143 million compared to
US$158 million for the third quarter of 2006.  The lower
operating income reflects the lower net revenue in North America
and a lower benefit-plan curtailment gain in the 2007 period,
partially offset by lower corporate staff costs and expenses.

Interest expense decreased 12 % to US$53 million compared to
US$60 million for the prior year period.  The decrease is the
result of our debt refinancing and debt reduction actions taken
during 2006 and 2007, which resulted in lower debt levels and
lower average borrowing rates.

"Our margins remain healthy and our strong cash flow enables us
to reduce debt while continuing to invest in the future of the
business," said Hans Ploos van Amstel, chief financial officer.
"Overall, I'm pleased with our results.  While we have some
challenges ahead, we expect to deliver another solid fiscal
year."

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

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

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

                        *     *     *

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




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


ADVANCED MEDICAL: Moody's Lowers Corporate Family Rating to B2
--------------------------------------------------------------
Moody's Investors Service downgraded Advanced Medical Optics,
Inc.'s Corporate Family Rating and Probability of Default Rating
to B2 from B1.  The rating outlook was revised to stable.  These
rating actions conclude the review process for possible
downgrade, which began on May 29, 2007.

The downgrade of the company's Corporate Family Rating to B2
from B1 reflects Moody's view that the worldwide recall of the
Complete MoisturePlus multipurpose solution will cause
approximately US$160 million of incremental costs and several
months of lost revenues.

Sidney Matti, Analyst, stated that, "Over the intermediate term,
Advanced Medical Optics' operating performance will be muted
because of additional brand rebuilding costs, some collateral
damage to its products and litigation costs."  Moreover, the
company's cash flow generation will be hampered resulting in
debt levels higher than Moody's expectations.  Additionally, the
company's integration of IntraLase will continue to be a risk
factor.

Moody's notes that the company's other business segments
continue to experience revenue growth.  Advanced Medical
continues to have the leading position within the refractive
surgery space with over a 50% market share.

The stable ratings outlook anticipates the company will
successfully integrate IntraLase and experience continued
improved operating performance in the high single digits within
its existing businesses.  Additionally, the rating outlook
incorporates Moody's expectation that the company will continue
its acquisition strategy, albeit smaller in size, over the near
term.

These ratings were downgraded:

-- Corporate Family Rating to B2 from B1;

-- Probability of Default Rating to B2 from B1;

-- Senior Secured Revolver (LGD2/14%) due 2013 to Ba2 from
    Ba1;

-- Senior Secured Term Loan B (LGD2/14%) due 2014 to Ba2 from
    Ba1;

-- Senior Subordinated Notes (to LGD4/46% from LGD4/50%) due
    2017 to B2 from B1; and

-- Convertible Subordinated Notes (to LGD5/80% from LGD5/81%)
    due 2024 to Caa1 from B3.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets
ophthalmic surgical and contact lens care products.  Sales for
the twelve months ended June 24, 2005 were approximately US$921
million.  The company has operations in Germany, Japan, Ireland,
Puerto Rico and Brazil.




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


REPUBLIC BANK: Fitch Affirms & Withdraws Low B Ratings
------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
ratings of Republic Bank as:

-- Long-term foreign and local currency Issuer Default Rating
    at 'B';
-- Short Term IDR at 'B';
-- Short-term local currency at 'B';
-- Individual at 'E';
-- Support at '4';
-- National long-term at 'A+(dom)';
-- National short-term at 'F-1(dom)';

According to a recent announcement, Republic Bank is in the
process of winding-up operations in the Dominican Republic and
will be exiting that market.  As part of this process, Republic
Bank has agreed to sell the bulk of its loans and deposits to
Banco BHD; with the conclusion of this sale, Republic Bank's
balance sheet will not show any significant third party
liabilities and the current shareholders will follow a voluntary
dissolution of the bank.  As a result, Fitch will no longer
provide ratings or analytical coverage of this issuer.

As of June 2007, Republic Bank ranked 10th out of 13 commercial
banks, with around 1% market share by total assets.  Its parent,
Republic Bank Limited, with a long-term foreign currency IDR at
'BBB' is a leading bank in Trinidad and Tobago, with operations
also in Grenada, Guyana, Barbados, St. Lucia and the Cayman
Islands.  Republic Bank Ltd. offers a broad array of banking
services throughout the Caribbean.  At end-June 2007, Republic
Bank Ltd. managed assets of US$5,854 million and an equity of
US$719 million.

Republic Bank Limited is a leading bank in Trinidad & Tobago but
also has operations in Guyana, Grenada, Barbados, St. Lucia, and
the Cayman Islands, and offers banking services throughout the
Caribbean.  The group is engaged in retail banking, commercial
banking, merchant banking, trust services, mutual fund, and
investment management.  Republic Bank Limited's ratings are
supported by a well-established franchise in its primary market,
its consistent earnings power, and its relatively sound capital
base.




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


PEABODY ENERGY: Board Selects Gregory H. Boyce as Chairman & CEO
----------------------------------------------------------------
The Board of Directors of Peabody Energy has elected President
and Chief Executive Officer Gregory H. Boyce to the additional
role of Chairman, effective immediately.

Mr. Boyce succeeds Irl F. Engelhardt, who has resigned as
Chairman following a successful 28-year career with the company
to become Chairman of the Board of Patriot Coal Corporation,
Peabody's subsidiary that is expected to be spun off at the end
of October.

"Since Greg joined the company in late 2003 as Chief Operating
Officer and later was named Chief Executive Officer in early
2005, Peabody has set new financial records, more than doubled
its market value, expanded globally and been widely recognized
for safety, environmental and social responsibility
accomplishments," said Dr. Blanche M. Touhill, Chairman of
Peabody's Nominating and Corporate Governance Committee.
"Peabody is a leading world-class energy company that has an
extremely bright future with Greg at the helm.  We thank Irl for
his years of outstanding service and wish him the very best in
years to come."

"We are completing a dramatic transformation of the company with
major new projects at our flagship Powder River Basin
operations, new mines in Australia, expanded coal trading around
the world, and the planned spinoff of Patriot Coal," said Mr.
Boyce.  "I see significant opportunities to create shareholder
value as we leverage the industry's best people, assets and
strategies to capitalize on global energy demand, coal-fueled
generation, emerging markets for coal-to-gas and coal-to-liquids
and clean coal solutions."

Mr. Boyce has been a member of the Board of Directors and
Chairman of the Executive Committee of the Board since March
2005.  He joined Peabody in October 2003 as President and Chief
Operating Officer. He has extensive U.S. and international
management, operating and engineering experience.
Prior to joining Peabody, Mr. Boyce served as Chief Executive
Officer -- Energy for international mining company Rio Tinto in
London, with responsibility for a worldwide coal and uranium
portfolio. Prior to that, he was President and Chief Executive
Officer of Kennecott Energy Company and President of Kennecott
Minerals Company.  Mr. Boyce holds a Bachelor of Science Degree
in Mining Engineering from the University of Arizona, and
completed the Advanced Management Program from the Graduate
School of Business at Harvard University.

Mr. Boyce 's leadership positions include Vice Chairman of the
World Coal Institute.  He is a member of the National Coal
Council and was the Study Chair of NCC's 2006 report, "Coal:
America's Energy Future."  He is also Co-Chairman of the Coal-
Based Generation Stakeholders Group and a member of
the Coal Industry Advisory Board of the International Energy
Agency.  He is a Board member of the Business Roundtable, the
Center for Energy and Economic Development (CEED) and the
National Mining Association.  Mr. Boyce is a member of the Board
of Directors of the St. Louis Regional Chamber and
Growth Association and a member of Civic Progress in St. Louis.
He is a member of the Board of Trustees of St. Louis Children's
Hospital; the School of Engineering and Applied Science National
Council at Washington University in St. Louis; and the Advisory
Council of the University of Arizona's Department of Mining and
Geological Engineering.

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter on Mar 9, 2007,
Moody's Investors Service reported that, after the adoption of
final guidelines for preferred stock and hybrid securities
notching, it downgraded Peabody Energy Corporation's hybrid
instrument to Ba3.  Moody's placed the instrument on review for
downgrade.


PETROLEOS DE VENEZUELA: Completing Sucre NatGas Plant in 2013
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA would
concluded the construction of a natural liquefied gas plant in
Guiria, Sucre, by the end of 2013, Agencia Bolivariana de
Noticias reports, citing Felix Rodriguez, the head of the
company's PDVSA Gas unit.

Mr. Rodriguez told Agencia Bolivariana that the current
infrastructure works are 36% of progress, which let the national
oil industry to obtain its goals.  The works are for the
receipt, treatment, liquefaction, storage and shipping of 700
million cubic feet of natural gas.  This would lead to an output
of about 4.7 million metric tons of liquefied natural gas
yearly.

Mr. Rodriguez disclosed the business portfolio that Petroleos de
Venezuela develops in matter of gas, particularly the projects
on the Delta Caribbean West Plan, Agencia Bolivariana notes.

The plan includes projects like Mariscal Sucre, Deltan Platform,
Cigma and the gas pipelines engineering that will link Venezuela
to the nations of the South, through the Transoceanic
Transandean gas pipelines, as well as the Big Gas Pipeline of
the South, Mr. Rodriguez told Agencia Bolivariana.

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: Local Bond Sale Attracts Few Investors
---------------------------------------------------
The Venezuelan government, in its latest bond issuance, failed
to sell most of the US$235 million dollar-denominated debts to
local investors, Alex Kennedy at Bloomberg News reports.

The state only made US$13 million in sales of the 7.125% bonds
due 2013, to yield 9.14%, the same report says, citing a
statement from the central bank.

Juan Carlos Eraso, a trader at Caracas-based brokerage Global
Capital Valores, told Bloomberg that investors may have wanted a
higher yield on the bonds given the rising inflation in the
country.

The government has cancelled a debt issue in August due to high
yields demanded by investors.

Nelson Corrie, head trader at Caracas-based brokerage
Interacciones Mercado de Capitales, underscored that if the
government fails to sell the remaining bonds it would further
weaken the bolivar and hike up dollar demand, Bloomberg relates.

The bolivar fell 0.9% to 5,350 bolivars per U.S. dollar in
unregulated currency trading on Oct. 10 from 5,300 on Oct. 9,
traders were cited by Bloomberg as saying. The bolivar has
fallen 36% this year.

                        *     *     *

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


* VENEZUELA: To Fund Overhaul of Ports in Nicaragua
---------------------------------------------------
The Nicaraguan government has invested US$60 million to overhaul
existing ports and construct new ones on the Pacific and
Atlantic shores in order to meet growing demand from the exports
sectors, published reports say.

El Universal relates that the state will likely get financial
assistance from Venezuela and domestic and foreign investors.

"We have made the decision to revamp our ports, particularly on
the Pacific," in order to meet an increase, particularly over
the last 12 months, in Nicaraguan exports bound for Central
America, the United States and Europe, El universal reports
citing Virgilio Silva, the chair of the Nicaraguan Ports
Authority.

According to the news, the majority of work will be done in the
leading Nicaraguan port on the Pacific coast, Corinto, located
150 kilometers northeast Managua, where ENAP is building three
new piers totalling US$36 million.  Venezuela will fund 80% of
the project.

                        *     *     *

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


                         ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

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members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
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              * * * End of Transmission * * *