TCRLA_Public/071015.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Monday, October 15, 2007, Vol. 8, Issue 204

                          Headlines

A R G E N T I N A

ALITAR SRL: Trustee Filing General Report in Court Tomorrow
CLORCHEMICAL SA: Trustee Verifies Proofs of Claim Until Nov. 23
DELTA AIR: Completes Sale of US$1.4-Billion Pass Through Certs.
ECOSISTEMA BIOTICO: Proofs of Claim Verification Ends on Nov. 30
FIDEICOMISO FINANCIERO: Moody's Puts B1 Rating on Securities

GRJB SA: Trustee Filing Individual Reports in Court Tomorrow
GARANTIZAR SGR: Moody's Affirms B1 Global Local Currency Rating
LODE SA: Proofs of Claim Verification Is Until Nov. 30
MATADERO Y FRIGORIFICO: Individual Reports Filing Is Tomorrow
MUNDI TOURS: Proofs of Claim Verification Ends on Dec. 17

PAMPA LIBRE: Trustee Filing General Report in Court Tomorrow
PARQUE HOTEL: Trustee Verifies Proofs of Claim Until Oct. 26
PLANETOUT INC: Will Sell RSVP Vacations to Atlantis Events
SABORES SALTENOS: Trustee Filing Individual Reports on Nov. 26
SUNDE RAFAEL: Trustee Filing Individual Reports Tomorrow

TECNIAGRO CUYO: Concludes Reorganization Proceeding
TELEFONICA DE ARGENTINA: Expects Investments to Reach ARS1.3 Bln
VAZQUEZ HNOS: Proofs of Claim Verification Deadline Is Nov. 13


B E R M U D A

AUGMENTATION INVESTMENTS: Wind-Up Petition Hearing Is on Oct. 19
COM TEL: Supreme Court To Hear Wind-Up Petition on Oct. 19
CONVERGENCE CAPITAL: Court Hearing Wind-Up Petition on Oct. 19
CONVERGENCE CAPITAL: Court Hearing Wind-Up Petition on Oct. 19
GAMMA CAPITAL: Supreme Court To Hear Wind-Up Petition on Oct. 19

FIRST NATIONAL: Hearing for Wind-Up Petition Is on Oct. 19
IPOC CAPITAL: Supreme Court To Hear Wind-Up Petition on Oct. 19
TELCO OVERSEAS: Court Hearing for Wind-Up Petition Is on Oct. 19


B R A Z I L

BANCO INDUSTRIAL: Raises BRL714MM from Initial Public Offering
BAUSCH & LOMB: Eyes US$630 Mil. Net Sales in Qtr. Ended Sept. 29
FORD MOTOR: Names Jim Farley VP of Marketing & Communications
REMY INT'L: Moody's Cuts Probability of Default Ratings to D
REMY INT'L: S&P Cuts Bank Loan & Floating Notes Ratings to D

SANYO ELECTRIC: Kyocera Offers JPY70 Billion for Handset Unit
TAM SA: Inks Codeshare Agreement with United Airlines
UAL CORP: Inks Codeshare Agreement with TAM SA
VERIFONE HOLDINGS: Works w/ POSitouch on Mobile Payment System

* BRAZIL: Petrobras Shipping 9MM Liters of Ethanol to Europe
* BRAZIL: Petrobras Launches Light Oil Production in Piranema


C A Y M A N   I S L A N D S

BOMBAY CO: Gets Initial Nod to Use Cash Collateral
BOMBAY CO: State Wants Bid Procedures Hearing Moved to Nov. 16
DIGICEL LTD: Launches Personal Broadband in Cayman Islands
ROKUMEI HOLDINGS: Proofs of Claim Filing Deadline Is Nov. 2
ROSFIN GP: Proofs of Claim Filing Ends on Nov. 2

SIRES LIMITED: Proofs of Claim Filing Is Until Nov. 2
SIRES 2000: Proofs of Claim Filing Deadline Is Nov. 2
TA FUNDING: Proofs of Claim Filing Ends on Nov. 2
TAURUSFIVE CDS: Proofs of Claim Filing Is Until Nov. 2
TCIP COMPANY: Proofs of Claim Filing Deadline Is Nov. 2

SPARTACUS FINANCE: Proofs of Claim Filing Deadline Is Nov. 2
SOLEIL FUNDING: Proofs of Claim Filing Deadline Is Nov. 2
SOVEREIGN INVESTMENT: Proofs of Claim Filing Is Until Nov. 2


C O L O M B I A

BANCOLOMBIA SA: Earns COP67 Million in September 2007
GMAC LLC: Financial Services Buys Equity Stake in GMAC India


E C U A D O R

PETROECUADOR: Reduces 2007 Investment Budget to US$154 Million


J A M A I C A

MAAX HOLDINGS: Adverse Market Conditions Affect Fin'l Results


M E X I C O

ARROW ELECTRONICS: Finalizes Assurance Support Deal w/ Intel
GENERAL MOTORS: New Labor Contract Protects UAW Jobs
INDUSTRIAS UNIDAS: Moody's Reviews Ratings for Likely Downgrade
ING9 SA: Moody's Cuts Global Currency Mutual Fund Rating to Ba2
ITRON INC: Provides Details on 2.50% Convertible Senior Notes

SANLUIS RASSINI: Fitch Assigns B- Issuer Default Ratings
SANLUIS RASSINI: Moody's Assigns B2 Rating on US$275MM Notes


N I C A R A G U A

* NICARAGUA: In Talks with World Bank for US$240-Million Funding


P U E R T O   R I C O

AFC ENTERPRISES: Names Cheryl Bachelder Chief Executive Officer
PULTE HOMES: Moody's Assigns Ba1 Corporate Family Ratings


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Reaches Bargaining Pact with Union

* VENEZUELA: Cantv Eyes US$4.4-Billion Investment for 2008-2013
* BOND PRICING: For the Week Oct. 8 to Oct. 12


                         - - - - -


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


ALITAR SRL: Trustee Filing General Report in Court Tomorrow
-----------------------------------------------------------
Amalia Mild, the court-appointed trustee for Alitar S.R.L.'s
bankruptcy proceeding, will submit a general report containing
an audit of the firm's accounting and banking records in the
National Commercial Court of First Instance in Buenos Aires on
Oct. 16, 2007.

Ms. Mild verified creditors' proofs of claim until July 5, 2007.
She presented the validated claims in court as individual
reports on Sept. 3, 2007.

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

The trustee can be reached at:

          Amalia Mild
          Lavalle 2024
          Buenos Aires, Argentina


CLORCHEMICAL SA: Trustee Verifies Proofs of Claim Until Nov. 23
---------------------------------------------------------------
Carlos Wulff, the court-appointed trustee for Clorchemical SA's
reorganization proceeding, verifies creditors' proofs of claim
until Nov. 23, 2007.

Mr. Wulff will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 19 in
Buenos Aires, with the assistance of Clerk No. 38, 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 Clorchemical 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 Clorchemical's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

The informative assembly will be held on Aug. 8, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly on Sept. 12, 2008.

The debtor can be reached at:

       Clorchemical SA
       Alberti 666
       Buenos Aires, Argentina

The trustee can be reached at:

       Carlos Wulff
       Virrey del Pino 2354
       Buenos Aires, Argentina


DELTA AIR: Completes Sale of US$1.4-Billion Pass Through Certs.
---------------------------------------------------------------
Delta Air Lines has closed the sale of US$1,409,877,000 of Delta
Air Lines, Inc. Pass Through Certificates, Series 2007-1.

The certificates were issued in three classes, comprised of
US$924,408,000 of Class A Certificates with an interest rate of
6.821% per annum, US$265,366,000 of Class B Certificates with an
interest rate of 8.021% per annum and US$220,103,000 of Class C
Certificates with an interest rate of 8.954% per annum.  The
certificates were sold in a private placement to qualified
institutional buyers under Rule 144A.

The funds from this transaction will be used to refinance nearly
US$1 billion of existing debt secured by aircraft, including
Delta's 2001-2 enhanced equipment trust certificates.

"This transaction, which refinances existing debt at lower rates
and generates additional liquidity on the same collateral base,
is a strong reflection of the market's continued confidence in
Delta's plan," said Edward H. Bastian, Delta's president and
chief financial officer.  "By taking advantage of available
opportunities to lower our costs and lessen immediate demands on
the company, we are strengthening Delta's position as a leader
in the airline industry."

These securities have not been registered under the Securities
Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.

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

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

                        *     *     *

As reported in the Troubled Company Reporter on July 16, 2007,
Fitch Ratings has initiated coverage of Delta Air Lines Inc.
with the assignment of these debt ratings: issuer default rating
'B'; First-lien senior secured credit facilities 'BB/RR1'; and
Second-lien secured credit facility (Term Loan B) 'B/RR4'

As reported in the Troubled Company Reporter on May 2, 2007,
Standard & Poor's Ratings Services raised its ratings on Delta
Air Lines Inc. (B/Stable/--), including raising the corporate
credit rating to 'B', with a stable outlook, from 'D', following
the airline's emergence from Chapter 11 bankruptcy proceedings.


ECOSISTEMA BIOTICO: Proofs of Claim Verification Ends on Nov. 30
----------------------------------------------------------------
Ruben Sarafian, the court-appointed trustee for Ecosistema
Biotico SA's bankruptcy proceeding, verifies creditors' proofs
of claim until Nov. 30, 2007.

Mr. Sarafian will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 20 in Buenos Aires, with the assistance of Clerk
No. 40, 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 Ecosistema Biotico 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 Ecosistema Biotico's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Ecosistema Biotico SA
       Acoyte 25
       Buenos Aires, Argentina

The trustee can be reached at:

       Ruben Sarafian
       Viamonte 1337
       Buenos Aires, Argentina


FIDEICOMISO FINANCIERO: Moody's Puts B1 Rating on Securities
------------------------------------------------------------
Moody's Latin America has assigned a rating of Aa3.ar (Argentine
National Scale) and of B1 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero SECUPYME XXVII issued
by Banco de Valores S.A. -- acting solely in its capacity as
Issuer and Trustee.

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantizar S.G.R., which is a
financial guarantor in Argentina.  Garantizar has a rating of
Aa3.ar and of B1.

The rating assigned to this transaction is primarily based on
the rating of Garantizar.  Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to this transaction.  The rating addresses the payment
of interest and principal on or before the legal final maturity
date of the securities.

                          Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in US dollars.  The rated securities
will bear a 7.0% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate
bills of exchange denominated in US dollars signed by
agricultural producers and guaranteed by Garantizar S.G.R.  The
bills of exchange will bear the same interest rate as the rated
securities.

Although the rated securities (and the bills of exchange) are
denominated in US dollars, they are payable in Argentine pesos
at the exchange rate published by Banco de la Nacion Argentina
as of the day prior to the date that the funds are initially
deposited into the Trust account.  As a result, the dollar is
used as a currency of reference and not as a mean of payment.
For that reason, the transaction is considered to be denominated
in local currency.

If, eight days before the final maturity date, the funds on
deposit in the trust account are not sufficient to make payments
to investors, the Trustee is obligated to request Garantizar to
make payment under the bills of exchange.  Garantizar, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors.  Interest on the securities will accrue up to the
date on which the funds are initially deposited by either
Garantizar, the exporter, or the individual producers into the
Trust account.

                       Rating Action

US$3,682,000 in Fixed Rate Debt Securities of "Fideicomiso
Financiero SECUPYME XXVII", rated Aa3.ar

Issuer: Fideicomiso Financiero SECUPYME XXVII

-- VRD, Assigned B1


GRJB SA: Trustee Filing Individual Reports in Court Tomorrow
------------------------------------------------------------
Eduardo Ruben Pronsky, the court-appointed trustee for G.R.J.B.
S.A.'s bankruptcy proceeding, will present the validated claims
as individual reports in the National Commercial Court of First
Instance in Buenos Aires on Oct. 16, 2007.

Mr. Pronsky verified creditors' proofs of claim until
Sept. 4, 2007.  He will submit a general report containing an
audit of G.R.J.B.'s accounting and banking records will be
submitted in court on Nov. 27, 2007.

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

The debtor can be reached at:

        G.R.J.B. S.A.
        Avenida Rivadavia 2283
        Buenos Aires, Argentina

The trustee can be reached at:

        Eduardo Ruben Pronsky
        Parana 480
        Buenos Aires, Argentina


GARANTIZAR SGR: Moody's Affirms B1 Global Local Currency Rating
---------------------------------------------------------------
Moody's Latin America has affirmed the B1 global local-currency
and Aa3.ar national scale insurance financial strength ratings
of Garantizar SGR.  The affirmation followed the entry of
Interamerican Investment Corporation (IIC) -- member of the
Interamerican Development Bank--as shareholder and sponsor of
Garantizar SGR. Both ratings have a stable outlook.

This rating action follows Garantizar's announcement regarding
the capital contribution of IIC in Garantizar SGR.  This capital
injection represents a 13.4% stake in Garantizar SGR's capital
as of Sept. 30, 2007.

In Moody's view, the entry of IIC -- which has a very strong
credit profile with a Aa2 long-term issuer rating -- as a
shareholder will strengthen and diversify Garantizar's
ownership, which had been highly concentrated in the state-owned
bank Banco de La Nacion Argentina.  However, Moody's believes
that IIC's investment in Garantizar will remain limited at its
current level and that IIC will not provide any explicit support
or oversight to Garantizar, thus limiting the positive impact of
the investment by IIC and resulting in an affirmation of
Garantizar's ratings.

According to Moody's, Garantizar SGR's ratings reflect the
company's position as the largest financial guarantor in
Argentina, as well as its strong brand and sustained leadership
position. Garantizar also continues to benefit from the implied
support of some important state and province entities that
sponsor the financial guarantor.  These entities include stated-
owned banks, such as Banco de la Nacion Argentina and Banco de
la Ciudad de Buenos Aires, B.I.C.E., as well as the Province of
Santa Fe, that have demonstrated their powerful commitment to
promoting the reciprocal guarantee system that encourages small
and medium-sized companies in Argentina.

Offsetting these positive credit considerations are certain
credit risks inherent in Garantizar's investment portfolio and
the weak operating/sovereign environment of Argentina.

Commenting on factors that could contribute to a positive rating
action, Moody's cites these factors:

(1) a substantial increase in high quality investments (e.g.
     representing 30% of total cash and invested assets);

(2) a significant increase in shareholders' support (e.g.
     through guarantees, keep wells or other explicit forms of
     support); and/or

(3) continued and sustained improvement in profitability and
     sustained or reduced delinquency ratio levels.

Conversely, a rating downgrade of Garantizar could derive from
operational leverage above 2.5 its adjusted investments and/or a
deterioration of guarantee pool characteristics and
diversification.

Based in Buenos Aires, Garantizar SGR reported total assets of
ARS$243.4 million, outstanding guarantees of ARS$308.9 million
and shareholders' equity of ARS$211 million as of June 30, 2007.
During this first half of the year, Garantizar reported a net
profit of ARS$0.2 million, compared with the ARS$0.5 million of
net profit during the same period of 2006.


LODE SA: Proofs of Claim Verification Is Until Nov. 30
------------------------------------------------------
Abraham Elias Gutt, the court-appointed trustee for Lode SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 30, 2007.

Mr. Gutt 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 Lode 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 Lode's accounting and
banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Lode SA
       Avenida Independencia 1391
       Buenos Aires, Argentina

The trustee can be reached at:

       Abraham Elias Gutt
       Tucuman 1484
       Buenos Aires, Argentina


MATADERO Y FRIGORIFICO: Individual Reports Filing Is Tomorrow
-------------------------------------------------------------
Jessica A. Minc, the court-appointed trustee for Matadero y
Frigorifico San Jorge S.R.L.'s bankruptcy proceeding, will
present the validated claims as individual reports in the
National Commercial Court of First Instance in Buenos Aires on
Oct. 16, 2007.

Ms. Minc verified creditors' proofs of claim until
Sept. 3, 2007.  She will submit a general report containing an
audit of Matadero y Frigorifico's accounting and banking records
in court on Nov. 27, 2007.

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

The trustee can be reached at:

          Jessica A. Minc
          Avenida Santa Fe 2534
          Buenos Aires, Argentina


MUNDI TOURS: Proofs of Claim Verification Ends on Dec. 17
---------------------------------------------------------
Carlos Grela, the court-appointed trustee for Mundi Tours SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
Dec. 17, 2007.

Mr. Grela will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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 Mundi Tours 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 Mundi Tours'
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Mundi Tours SRL
       Lavalle 710
       Buenos Aires, Argentina

The trustee can be reached at:

       Carlos Grela
       Tucuman 1585
       Buenos Aires, Argentina


PAMPA LIBRE: Trustee Filing General Report in Court Tomorrow
------------------------------------------------------------
Eva Malvina Gords, the court-appointed trustee for Pampa Libre
S.A.'s reorganization proceeding, will submit a general report
containing an audit of the firm's accounting and banking records
in the National Commercial Court of First Instance in Mendoza
Aires on Oct. 16, 2007.

Ms. Gords verified creditors' proofs of claim until
July 10, 2007.  She presented the validated claims in court as
individual reports on Sept. 4, 2007.

On March 11, 2008, Pampa Libre's creditors will vote on a
settlement plan
that the company will lay on the table.

The trustee can be reached at:

          Eva Malvina Gords
          Avenida Callao 1121
          Buenos Aires, Argentina


PARQUE HOTEL: Trustee Verifies Proofs of Claim Until Oct. 26
------------------------------------------------------------
Lila Angelica Antonelli, the court-appointed trustee for Parque
Hotel S.R.L.'s reorganization proceeding, verifies
creditors' proofs of claim until Oct. 26, 2007.

Ms. Antonelli will present the validated claims in court as
individual reports on Dec. 10, 2007.  The National Commercial
Court of First Instance in Salta 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 Parque
Hotel 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 Parque Hotel's
accounting and banking records will be submitted in court on
Feb. 27, 2008.

The informative assembly will be held on Aug. 8, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The debtor can be reached at:

       Parque Hotel S.R.L.
       Dean Funes 165, Ciudad de Salta
       Salta, Argentina

The trustee can be reached at:

       Lila Angelica Antonelli
       Pasaje Cornejo Saravia 140, Ciudad de Salta
       Salta, Argentina


PLANETOUT INC: Will Sell RSVP Vacations to Atlantis Events
----------------------------------------------------------
PlanetOut Inc. has entered into a definitive agreement with
Atlantis Events, Inc. for Atlantis to acquire RSVP Vacations.
The transaction is subject to customary closing conditions and
is expected to close on or about Oct. 24, 2007.  The sale will
not affect RSVP's scheduled itinerary, nor will it affect
current passenger bookings.

"We are extremely pleased that RSVP will become part of the
Atlantis family," said Karen Magee, chief executive officer,
PlanetOut Inc.  "Atlantis plans to preserve RSVP's distinct
brand, enabling Atlantis to expand the audience it serves by
taking advantage of RSVP's unique positioning within the LGBT
community.  We believe this combination also will be a real
positive for RSVP's customers and business partners.  It really
is a perfect match and we're looking forward to expanding and
extending our marketing relationship with Atlantis."

"From a corporate perspective, we believe this transaction
demonstrates to our shareholders that we are continuing to
deliver on our commitment to leverage our strengths by
simplifying our business model and emphasizing our core
competencies," added Ms. Magee.  "We are focused on ensuring
that we are in the best position to realize our full potential
as the leading media and entertainment company exclusively
serving the LGBT market, while also strengthening our balance
sheet."

Ms. Magee also pointed out that the sale of RSVP reflects
PlanetOut's strategy of shifting its business to a model which
has advertising revenue at its core, and draws strength from the
company's powerful, iconic media brands.

"We're thrilled to bring Atlantis and RSVP together into the
same family for the first time," said Rich Campbell, chief
executive officer of Atlantis.  "The two companies are stronger
together than they are apart, and taken together demonstrate the
strength and vitality of the gay travel market."

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

                        *     *     *

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

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


SABORES SALTENOS: Trustee Filing Individual Reports on Nov. 26
--------------------------------------------------------------
Ester Socorro Tocanas, the court-appointed trustee for Sabores
Saltenos S.R.L.'s reorganization proceeding, will present the
validated claims as individual reports in the National
Commercial Court of First Instance in Salta on Nov. 26, 2007.

Ms. Tocanas verified creditors' proofs of claim on
Oct. 11, 2007.  She will file a general report containing an
audit of Sabores Saltenos' accounting and banking records in
court Feb. 12, 2008.

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

The debtor can be reached at:

          Sabores Saltenos S.R.L.
          Zuviria 919, Ciudad de Salta
          Salta, Argentina

The trustee can be reached at:

          Ester Socorro Tocanas
          Pueyrredon 775, Ciudad de Salta
          Salta, Argentina


SUNDE RAFAEL: Trustee Filing Individual Reports Tomorrow
--------------------------------------------------------
Diego Javier Suriani, the court-appointed trustee for Sunde
Rafael e Hijos S.H.'s bankruptcy proceeding, will present the
validated claims as individual reports in the National
Commercial Court of First Instance in San Nicolas, Buenos Aires,
on Oct. 16, 2007.

Mr. Suriani verified creditors' proofs of claim until
Sept. 3, 2007.  He will present a general report containing an
audit of Sunde Rafael's accounting and banking records in court
on Nov. 30, 2007.

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

The debtor can be reached at:

          Sunde Rafael e Hijos S.H.
          Santiago H. Perez 881, Arrecifes
          Buenos Aires, Argentina

The trustee can be reached at:

          Diego Javier Suriani
          J.B. Justo 277, San Nicolas
          Buenos Aires, Argentina


TECNIAGRO CUYO: Concludes Reorganization Proceeding
---------------------------------------------------
Tecniagro Cuyo S.R.L.'s reorganization proceeding has ended.
Data published by Infobae on its Web site indicated that the
process was concluded after the National Commercial Court of
First Instance in Mendoza approved the debt agreement signed
between the company and its creditors.


TELEFONICA DE ARGENTINA: Expects Investments to Reach ARS1.3 Bln
----------------------------------------------------------------
Telefonica de Argentina expects its investment to total ARS1.3
billion this year, Business News Americas reports.

According to BNamericas, investment in mobile telephony will be
ARS750 million in 2007.  The remainder will go to the fixed
business, mainly for broadband infrastructure.

Telefonica de Argentina's wholesale business director Jose Luis
Aiello told the press that the firm would increase its
investments in broadband and mobile telephony by up to 40% in
2008, compared to 2007.

"We're still planning the [2008] budget.  However, we expect to
continue investing significantly in these segments next year,"
Mr. Aiello commented to BNamericas.

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

                        *     *     *

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


VAZQUEZ HNOS: Proofs of Claim Verification Deadline Is Nov. 13
--------------------------------------------------------------
Adriana Mabel Guidobaldi, the court-appointed trustee for
Vazquez Hnos. y Bartolini S.A.C.I.F.I.A.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
Nov. 13, 2007.

Ms. Guidobaldi will present the validated claims in court as
individual reports on Dec. 27, 2008.  The National Commercial
Court of First Instance in San Nicolas, Buenos Aires will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Vazquez Hnos. 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 Vazquez Hnos.'s
accounting and banking records will be submitted in court on
March 13, 2008.

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

The debtor can be reached at:

       Vazquez Hnos. y Bartolini S.A.C.I.F.I.A.
       Puerto Nuevo s/n CC Numero 66, San Nicolas
       Buenos Aires, Argentina

The trustee can be reached at:

       Adriana Mabel Guidobaldi
       Avenida Alberdi 742, San Nicolas
       Buenos Aires, Argentina




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


AUGMENTATION INVESTMENTS: Wind-Up Petition Hearing Is on Oct. 19
----------------------------------------------------------------
The Supreme Court of Bermuda will hear Augmentation Investments
Limited's wind-up petition at on Oct. 19, 2007, at 9:30 a.m.

The Registrar of Companies presented Augmentation Investments'
petition on Jan. 11, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to the Attorney General's Chambers, stating the name and address
of the person or firm.  It must be signed by the person or firm
and must be served or sent not later than 6:00 p.m. on
Oct. 18, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attorney General's Chambers
          Global House
          Hamilton, Bermuda


COM TEL: Supreme Court To Hear Wind-Up Petition on Oct. 19
----------------------------------------------------------
The Supreme Court of Bermuda will hear Com Tel Eastern Limited's
wind-up petition at on Oct. 19, 2007, at 9:30 a.m.

The Registrar of Companies presented Com Tel's petition on
Jan. 11, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to the Attorney General's Chambers, stating the name and address
of the person or firm.  It must be signed by the person or firm
and must be served or sent not later than 6:00 p.m. on
Oct. 18, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attorney General's Chambers
          Global House
          Hamilton, Bermuda


CONVERGENCE CAPITAL: Court Hearing Wind-Up Petition on Oct. 19
--------------------------------------------------------------
The Supreme Court of Bermuda will hear Convergence Capital
Management Limited's wind-up petition at on Oct. 19, 2007, at
9:30 a.m.

The Registrar of Companies presented Convergence Capital's
petition on Jan. 11, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to the Attorney General's Chambers, stating the name and address
of the person or firm.  It must be signed by the person or firm
and must be served or sent not later than 6:00 p.m. on
Oct. 18, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attorney General's Chambers
          Global House
          Hamilton, Bermuda


CONVERGENCE CAPITAL: Court Hearing Wind-Up Petition on Oct. 19
--------------------------------------------------------------
The Supreme Court of Bermuda will hear Convergence Capital
Limited's wind-up petition at on Oct. 19, 2007, at 9:30 a.m.

The Registrar of Companies presented Convergence Capital's
petition on Jan. 11, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to the Attorney General's Chambers, stating the name and address
of the person or firm.  It must be signed by the person or firm
and must be served or sent not later than 6:00 p.m. on
Oct. 18, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attorney General's Chambers
          Global House
          Hamilton, Bermuda


GAMMA CAPITAL: Supreme Court To Hear Wind-Up Petition on Oct. 19
----------------------------------------------------------------
The Supreme Court of Bermuda will hear Gamma Capital Fund
Limited's wind-up petition at on Oct. 19, 2007, at 9:30 a.m.

The Registrar of Companies presented Gamma Capital's petition on
Jan. 11, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to the Attorney General's Chambers, stating the name and address
of the person or firm.  It must be signed by the person or firm
and must be served or sent not later than 6:00 p.m. on
Oct. 18, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attorney General's Chambers
          Global House
          Hamilton, Bermuda


FIRST NATIONAL: Hearing for Wind-Up Petition Is on Oct. 19
----------------------------------------------------------
The Supreme Court of Bermuda will hear First National
Telecommunications Fund Limited's wind-up petition at on
Oct. 19, 2007, at 9:30 a.m.

The Registrar of Companies presented First National's petition
on Jan. 11, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to the Attorney General's Chambers, stating the name and address
of the person or firm.  It must be signed by the person or firm
and must be served or sent not later than 6:00 p.m. on
Oct. 18, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attorney General's Chambers
          Global House
          Hamilton, Bermuda


IPOC CAPITAL: Supreme Court To Hear Wind-Up Petition on Oct. 19
---------------------------------------------------------------
The Supreme Court of Bermuda will hear IPOC Capital Partners
Limited's wind-up petition at on Oct. 19, 2007, at 9:30 a.m.

The Registrar of Companies presented IPOC Capital's petition on
Jan. 11, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to the Attorney General's Chambers, stating the name and address
of the person or firm.  It must be signed by the person or firm
and must be served or sent not later than 6:00 p.m. on
Oct. 18, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attorney General's Chambers
          Global House
          Hamilton, Bermuda


TELCO OVERSEAS: Court Hearing for Wind-Up Petition Is on Oct. 19
----------------------------------------------------------------
The Supreme Court of Bermuda will hear Telco Overseas Limited's
wind-up petition at on Oct. 19, 2007, at 9:30 a.m.

The Registrar of Companies presented Telco Overseas' petition on
Jan. 11, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to the Attorney General's Chambers, stating the name and address
of the person or firm.  It must be signed by the person or firm
and must be served or sent not later than 6:00 p.m. on
Oct. 18, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attorney General's Chambers
          Global House
          Hamilton, Bermuda




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


BANCO INDUSTRIAL: Raises BRL714MM from Initial Public Offering
--------------------------------------------------------------
Banco Industrial e Comercial said in a statement that its
initial public offering has brought in some BRL714 million.

Business News Americas relates that Banco Industrial sold over
62.1 million preferred shares for BRL11.50 each.  About 42.9
million shares went in the initial offering, while some 19.3
million were offered in the secondary offering.  Banco
Industrial could offer an additional 15% stake.

According to BNamericas, Banco Industrial had wanted to bring in
up to BRL14.50 per share.

BNamericas notes that Banco Industrial cleared nearly BRL697
million from the initial public offering after paying
commissions to:

          -- book runner UBS Pactual,
          -- BBI,
          -- Fator, and
          -- HSBC.

The shares will first be traded as units under the ticker symbol
BICB11.  Each unit will be equal to two preferred shares.  Banco
Industrial will then list shares individually on the Bovespa
stock exchange under the ticker symbol BICB4, BNamericas states.

                        *    *    *

As reported in the Troubled Company Reporter-Latin America on
March 1, 2007, Standard & Poor's Ratings Services assigned its
'B+' counter party credit rating to Banco Industrial e Comercial
SA.  S&P said the outlook was stable.


BAUSCH & LOMB: Eyes US$630 Mil. Net Sales in Qtr. Ended Sept. 29
----------------------------------------------------------------
Bausch & Lomb Inc. reported preliminary financial results for
the third quarter ended Sept. 29, 2007.  The company disclosed
projected net sales of between US$625 million and US$630 million
for the three months ended Sept. 29, 2007, compared to net sales
of US$577.3 million in the same period in the prior year.  That
would represent an increase of between 8% and 9% on a reported
basis, or approximately 5% growth in constant currency.

For the quarter ended Sept. 29, 2007, the company disclosed
estimated operating income of between US$63 million and
US$65 million, EBITDA of between US$95 million and US$97
million, and Adjusted EBITDA of between US$119 million and
US$121 million.  In the prior-year period we reported operating
income of US$30.1 million; EBITDA of US$61.8 million and
Adjusted EBITDA of US$84.9 million.

     Settlement of Material Intellectual Property Litigation

Effective Oct. 8, 2007, the company has settled the patent
infringement action against it entitled Rembrandt Vision
Technology, L.P. vs. Bausch & Lomb Incorporated, bearing case
number 2:05 CV 491, and pending in the Federal District Court
for the Eastern District of Texas (Marshall Division).

Under the settlement, the lawsuit against the company will be
dismissed with prejudice and Rembrandt agrees not to sue the
company under Rembrandt's oxygen permeability and tear-
wettability technology that it claims to be protected by a U.S.
Patent No. 5,712,327 entitled "Soft Gas Permeable Lens Having
Improved Clinical Performance."

The financial terms of the settlement, which are not material to
the company, have not been disclosed.

                     About Bausch & Lomb

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 9, 2007, Moody's Investors Service assigned a B2 Corporate
Family Rating to WP Prism LLC.  It is Moody's understanding that
at the close of the transaction, WP Prism LLC will merge into
Bausch & Lomb Incorporated, which will be the surviving entity.

As reported in the Troubled Company Reporter-Latin America on
Oct. 8, 2007, Standard & Poor's Ratings Services lowered it
corporate credit rating on Bausch & Lomb Inc. to 'B+' from 'BB+'
and removed all the ratings from CreditWatch where they were
placed on May 17, 2007, with negative implications.  S&P said
the outlook is stable.


FORD MOTOR: Names Jim Farley VP of Marketing & Communications
--------------------------------------------------------------
Ford Motor Company President and Chief Executive Officer Alan
Mulally has named Jim Farley as Group Vice President of
Marketing and Communications.

Beginning in mid-November 2007, Mr. Farley, will lead Ford's
drive to connect even more closely with customers through
integrated global marketing, advertising, digital
communications, brand development, product planning, research,
product communications and public relations.  The Chief
Marketing Office and global Communications staffs report to Mr.
Farley.

"We are thrilled to welcome one of the most successful and
talented leaders in the industry to the Ford Motor Company
team," said Mr. Mulally.  "Jim Farley is well known for
innovative marketing strategies that connect great products to
today's and tomorrow's customers.  Ford's quality and vehicles
are now on par with the best of the competition.  We look
forward to Jim's leadership to combine world-class marketing
with our world-class products worldwide."

Mr. Farley will be the company's most senior marketing leader
and will report directly to Mr. Mulally.

Mr. Farley says he is passionate about joining Ford in this
global leadership role and is eager to help lead the company's
transformation plan toward automotive leadership and profitable
growth.

"My connection with Ford goes way back to my first car, a 1966
Ford Mustang.  I bought it when I was 15, restored it and drove
it from California to Michigan. I am excited to make that trip
once again," said Mr. Farley.  "Ford is one of the world's most
admired companies because of its ability to develop iconic
products that connect with customers.  I look forward to
building on that strength by engaging customers and introducing
even more of them to the great family of Ford."

Prior to joining Ford, Mr. Farley was Group Vice President and
General Manager of Lexus, responsible for all sales, marketing
and customer satisfaction activities for Toyota's luxury brand.
Before leading Lexus, Mr. Farley served as group vice president
of Toyota Division marketing and was responsible for all Toyota
Division market planning, advertising, merchandising, sales
promotion, incentives and Internet activities.  Mr. Farley
joined Toyota in 1990 in the strategic-planning department.  He
served in several product and marketing positions, including
Lexus product planner, manager of Toyota truck product planning,
manager of the Toyota truck series team marketing and national
advertising manager.  He also was general manager of product
management for Toyota Europe.

One of Mr. Farley's most noted accomplishments is his
responsibility for the successful launch and rollout of Toyota's
new Scion brand.  As Scion corporate manager, Mr. Farley focused
on product development, sales planning, customer services,
logistics and distribution.  He later was promoted to vice
president of Scion and was responsible for all Scion activities.

Mr. Farley attended Georgetown University in Washington, D.C.,
where he earned a bachelor's degree in economics and computer
science, and the University of California, Los Angeles (UCLA),
where he completed his MBA with a focus in finance.

Mr. Farley and his wife, Lia, and their two children will be
moving to the Detroit area.

                       About Ford Motor

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

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

                        *     *     *

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

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

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

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


REMY INT'L: Moody's Cuts Probability of Default Ratings to D
------------------------------------------------------------
Moody's Investors Service has lowered the Probability of Default
Ratings of Remy International, Inc. to D from C/LD, and affirmed
the Corporate Family Rating at Ca, the second-priority senior
secured floating rate notes at B3, the senior unsecured notes at
Ca; and the senior subordinated notes at C.  The Probability of
Default rating of D reflects the filing for Chapter 11
protection by Remy pursuant to it previously announced
prepackaged plan of reorganization, which was supported by the
company's unsecured noteholders.  Subsequent to Remy's Chapter
11 filing, Moody's will withdraw the ratings of Remy
International, Inc.

Ratings lowered:

-- Probability of Default Rating, to D from C/LD;

Ratings affirmed:

-- US$125 million of guaranteed second-priority senior secured
    floating rate notes at B3 (LGD2, 12%)

-- US$145 million of 8.625% guaranteed senior unsecured notes
    at Ca (LGD4, 52%);

-- US$150 million of 9.375% guaranteed senior subordinated
    notes at C (LGD6, 99%);

-- US$165 million of 11% guaranteed senior subordinated notes
    at C (LGD6, 99%);

-- Corporate Family Rating, Ca;

The last rating action was on Sept. 28, 2007 when the ratings
were lowered.

The US$80 million senior secured term loan and the senior
secured asset based revolving credit facility are not rated by
Moody's.

Headquartered in Anderson, Indiana, Remy International Inc. --
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, Brazil
and Korea.


REMY INT'L: S&P Cuts Bank Loan & Floating Notes Ratings to D
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Remy International Inc.'s US$200 million first-priority bank
loan and US$125 million second-priority floating notes to 'D'
from 'CC'.

"The rating actions follow Remy's announcement that on Oct. 8 it
filed for voluntary bankruptcy proceedings for itself and its
domestic subsidiaries under Chapter 11 of the U.S. Bankruptcy
Code to seek confirmation of its previously announced plan of
reorganization (POR)," said S&Ps credit analyst Nancy Messer.
"We expected the Chapter 11 filing because the company had
previously reached an agreement with the majority of its
unsecured debt holders to undertake a capital restructuring
through a prepackaged POR."

As a critical part of the restructuring, Remy successfully
renegotiated certain material commercial agreements to improve
margins.

Headquartered in Anderson, Indiana, Remy International Inc. --
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, Brazil
and Korea.


SANYO ELECTRIC: Kyocera Offers JPY70 Billion for Handset Unit
-------------------------------------------------------------
Sanyo Electric Co., Ltd., has been offered JPY70 billion by
Kyocera Corp. for its loss-making mobile phone business, Reuters
reports, citing the Nikkei business daily.

Reportedly, both companies would likely reach a basic agreement
on the deal on Thursday and may make an announcement on the same
day.

Reuters states that the Nikkei reported last month that the deal
could be worth JPY50 billion and said that the JPY70 billion
offer could be lowered after Kyocera conducted due diligence.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


TAM SA: Inks Codeshare Agreement with United Airlines
-----------------------------------------------------
TAM SA has signed a codeshare agreement with United Airlines.
Both companies filed the application last week with the U.S.
Department of Transportation and Brazil's ANAC.

Following government approval, the agreement would also enable
customers from both airlines to earn and redeem frequent flyer
miles on the partner carrier.

The partnership will allow both companies to offer more flight
options to passengers wanting to travel between Brazil and the
United States.  United Mileage Plus members will be able to earn
and redeem miles on all TAM and TAM Mercosur operated flights,
and TAM's Fidelidade members will earn and redeem miles on
United, Ted and United Express operated flights.  The frequent
flyer benefits are expected to begin later this year.

This announcement follows the Memorandum of Understanding signed
by the carriers in Sao Paulo on May 21, 2007.

When the code-share flights start, it will be possible for TAM
passengers to acquire tickets for flights operated by United
Airlines between Brazil and the United States, departing Rio de
Janeiro and Sao Paulo for the cities of Chicago and Washington,
D.C..  Those flights will be commercialized by TAM with the JJ
code.  From Chicago and Washington, it will be possible for the
passenger to connect to 35 points in the USA, including cities
as Atlanta, Boston, Dallas, Denver, Las Vegas, Los Angeles, San
Francisco, Seattle, among others.

United Airlines will also start to market flights with its UA
code operated by TAM from Miami and New York to the cities of
Sao Paulo and Manaus, allowing passengers to connect to several
points in Brazil.

                       About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

At Dec. 31, 2006, the company's balance sheet showed total
assets of US$25,369,000,000 and total liabilities of
US$23,221,000,000.

                        About TAM SA

TAM SA -- http://www.tam.com.br/-- operates regular flights to
47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based airline
TAM S.A.  S&P's outlook is stable.


UAL CORP: Inks Codeshare Agreement with TAM SA
----------------------------------------------
TAM SA has signed a codeshare agreement with United Airlines.
Both companies filed the application last week with the U.S.
Department of Transportation and Brazil's ANAC.

Following government approval, the agreement would also enable
customers from both airlines to earn and redeem frequent flyer
miles on the partner carrier.

The partnership will allow both companies to offer more flight
options to passengers wanting to travel between Brazil and the
United States.  United Mileage Plus members will be able to earn
and redeem miles on all TAM and TAM Mercosur operated flights,
and TAM's Fidelidade members will earn and redeem miles on
United, Ted and United Express operated flights.  The frequent
flyer benefits are expected to begin later this year.

This announcement follows the Memorandum of Understanding signed
by the carriers in Sao Paulo on May 21, 2007.

When the code-share flights start, it will be possible for TAM
passengers to acquire tickets for flights operated by United
Airlines between Brazil and the United States, departing Rio de
Janeiro and Sao Paulo for the cities of Chicago and Washington,
D.C.  Those flights will be commercialized by TAM with the JJ
code.  From Chicago and Washington, it will be possible for the
passenger to connect to 35 points in the USA, including cities
as Atlanta, Boston, Dallas, Denver, Las Vegas, Los Angeles, San
Francisco, Seattle, among others.

United Airlines will also start to market flights with its UA
code operated by TAM from Miami and New York to the cities of
Sao Paulo and Manaus, allowing passengers to connect to several
points in Brazil.

                        About TAM SA

TAM SA -- http://www.tam.com.br/-- operates regular flights to
47 destinations throughout Brazil.  It serves 72 different
cities in the domestic market through regional alliances.
Additionally, it maintains code-share agreements with
international airline companies that allow passengers to travel
to a large number of destinations throughout the world.  TAM was
the first Brazilian airline company to launch a loyalty program.
The program has over 3.3 million subscribers and has awarded
more than 3.6 million tickets.

                       About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

At Dec. 31, 2006, the company's balance sheet showed total
assets of US$25,369,000,000 and total liabilities of
US$23,221,000,000.

                        *     *     *

As reported in the Troubled Company Reporter on May 3, 2007,
Fitch Ratings has affirmed the Issuer Default Ratings of UAL
Corp. and its principal operating subsidiary United Airlines
Inc. at B-.


VERIFONE HOLDINGS: Works w/ POSitouch on Mobile Payment System
--------------------------------------------------------------
VeriFone Holdings Inc. has entered into an agreement with
POSitouch to offer VeriFone's ON THE SPOT mobile electronic
payment systems with the POSitouch Point-of-Sale (POS) systems
to restaurant operators in North America.

The POSitouch system is focused solely on the hospitality
industry with technologically advanced solutions that have been
installed in more than 26,000 locations.  VeriFone will work
with POSitouch to market the enhanced restaurant solutions to
existing and new customers.

VeriFone's ON THE SPOT solutions feature the Vx 670, the
industry's smallest all-in-one handheld secure payment device
designed specifically for customer-facing operation in the
restaurant and hospitality environment.

The POSitouch fully integrated payment solution with ON THE SPOT
will allow restaurant operators to improve the customer
experience, increase efficiency and strengthen card holder data
security.  The integration allows quick and secure card
transactions at the table, carside or at delivery.

"Restaurant operators are under increasing pressure to improve
customer satisfaction as well as increase efficiency while
providing secure card transactions," said Win Platt, chief
operating officer for POSitouch.  "Our alliance with VeriFone
allows us to serve our customers' mobile payment needs with the
best technologies available today."

The POSitouch/VeriFone integrated solution greatly benefits the
restaurant operator.  Customer service, speed and restaurant
efficiency are enhanced as servers can close checks and process
transactions at the customer's table or car door without making
multiple trips to a wired, stationary POS to print checks and
run credit cards.  The technology also allows for PIN pad debit
card transactions, which are increasingly popular with
consumers.

"Integrating our ON THE SPOT solutions with POSitouch provides a
great value for restaurant owners, who can improve guest
satisfaction and streamline their operations by taking advantage
of pay-at-table and curbside payment functionality," said Paul
Rasori, VeriFone's vice president of global product marketing.
"This solution is PCI compliant and provides added security to
cardholders."

The POSitouch/VeriFone solution increases card data security
because the card remains in the customer's sight during the
transaction.  When the card leaves the table or the car, it is
susceptible to "skimming," the stealing of the customer's data,
which has become a common form of identity theft.

                       About POSitouch

POSitouch -- http://www.positouch.com/-- is an industry leading
POS and Back Office supplier to the hospitality industry. Its
solutions can be found in excess of 26,000 locations in both
Table Service and Quick Service.  POSitouch continues to be a
leader in innovated solutions, providing existing and new
clients alike the ability to leverage technology for a more
efficient and profitable operation.

                       About Verifone

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 29, 2006,
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.


* BRAZIL: Petrobras Shipping 9MM Liters of Ethanol to Europe
------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA, aka
Petrobras, said in a statement that it will export some nine
million liters of ethanol to Europe in November 2007.

Business News Americas relates that Petrobras bought the ethanol
from a group of producers.

Petrobras told BNamericas that it will ship the fuel from Suape
port in Pernambuco.  The firm didn't disclose the price or
specific destination of the ethanol.

Petrobras wants to lead ethanol transport and logistics in
Brazil, BNamericas states.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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


* BRAZIL: Petrobras Launches Light Oil Production in Piranema
-------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA has
started light oil production at the Piranema deep-water field
off the coast of Sergipe, Bernd Radowitz at Dow Jones Newswires
reports.

Petroleo Brasileiro said in a press statement that Piranema will
initially produce 10,000 barrels per day.  Output could reach
30,000 barrels a day of crude oil in 2008.

Dow Jones relates that Petroleo Brasileiro uses a round-shaped
floating production, storage and offloading vessel from
Norwegian firm Sevan Production AS.

The platform will first produce from six wells at a 1,090-meter
water depth.  Then the platform will be moved further south and
pump from three wells at a water depth of 1,560 meters, Dow
Jones states, citing Petroleo Brasileiro.

                  About Petroleo Brasileiro

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

                        *     *     *

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

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

                        *     *     *

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





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


BOMBAY CO: Gets Initial Nod to Use Cash Collateral
--------------------------------------------------
The United States Bankruptcy Court for the Northern District
of Texas gave Bombay Company Inc. and its debtor-affiliates
authority, on an interim basis, to use GE Corporate Lending and
GE Canada Finance Holding Company's cash collateral.

GE Corporate and GE Canada are the Debtors' DIP financing
lenders.

The Debtors say that it has insufficient source of working
capital to meet payroll and expenses obligations, thus, it needs
to use cash collateral to finance these obligations to preserve
the value of its estate.

As adequate protection, the Debtors grant the lenders priority
over any and all other administrative expenses, including
superiority administrative expenses claims.

Headquartered in Fort Worth, Texas, The Bombay Company, Inc.,
(OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.  The company and five of its debtor-affiliates filed
for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex.
Lead Case No. 07-44084).  Jeff P. Prostok, Esq., at Forshey &
Prostok, LLP, represents the Official Committee of Unsecured
Creditors.  As of May 5, 2007, the Debtors listed total assets
of US$239,400,000 and total debts of US$173,400,000.


BOMBAY CO: State Wants Bid Procedures Hearing Moved to Nov. 16
--------------------------------------------------------------
The State of Texas asks the United States Bankruptcy Court for
the Northern District of Texas to further extend the hearing on
Bombay Company Inc. and its debtor-affiliates' proposed asset
sale procedures, until Nov. 16, 2007.

On Sept. 20, 2007, the Debtors asked the Court for authority to
sell substantially all of their assets free and clear of all
liens and interests.

The State tells the Court that it needs more time to conduct
discovery about the Debtors' sale request and enforce the laws
which the Debtors seek to violate reasonable notice of the
proposed transaction.

According to the State, the Consumer Protection Division of the
Texas Attorney General's office did not receive the Debtors'
bankruptcy petition or the request prior to the hearing on the
bid procedures on Sept. 25 and Sept. 26, 2007.

In addition, the Stated asserts that the Debtors have neglected
to serve some regulatory authorities responsible for enforcing
violation of "GOB" sales laws in other states.

The State points out that the Debtors ask the Court to approve
the asset purchase agreement for the sale of its assets on an
extremely expedited basis.

Furthermore, the State notes that the Debtors also seek to waive
compliance with any state or local law on store closing and to
enjoin any action by any governmental authority to prevent
consumation of the store closing sales.

Headquartered in Fort Worth, Texas, The Bombay Company, Inc.,
(OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.  The company and five of its debtor-affiliates filed
for Chapter 11 protection on Sept. 20, 2007 (Bankr. N.D. Tex.
Lead Case No. 07-44084).  Jeff P. Prostok, Esq., at Forshey &
Prostok, LLP, represents the Official Committee of Unsecured
Creditors.  As of May 5, 2007, the Debtors listed total assets
of US$239,400,000 and total debts of US$173,400,000.


DIGICEL LTD: Launches Personal Broadband in Cayman Islands
----------------------------------------------------------
Digicel has launched its next-generation, personal broadband
service in the Cayman Islands.  The company's Personal Broadband
service employs standard based mobile WiMAX 802.16e technology
allowing users the freedom to connect anywhere they like.

With the launch of Digicel Broadband, the company is the first
telecommunications provider in The Cayman Islands to offer next-
generation Mobile WiMAX based on 802.16e technology.  Digicel
first made its foray into the competitive corporate space by
offering fixed Wireless Broadband Voice, Data and Internet
services to corporate customers in the Cayman market in December
2005 and in the Jamaican market in July 2006.

Digicel will continue Personal Broadband Services roll outs in
other markets deemed viable in the near future in addition to
building on its current fixed Wireless Broadband Voice, Data and
Internet service offerings to corporate customers in the Cayman
and Jamaican markets.

Digicel is leapfrogging the mainstream broadband space by
introducing a service that combines the quality of service and
speeds of a landline offering with the ultimate convenience of
wireless connectivity anywhere.  Customers can move the modem to
any location within Digicel's service area across the island and
access the Internet at no extra charge. Digicel Broadband
packages range in speed from 512kbps up to 4 mbps with simple,
competitive pricing.

"Digicel is one of just a few mobile operators in the world to
commercially launch an 802.16e ready network for personal
broadband service.  By choosing a standard-based technology,
Digicel is driving innovation.  As devices continue to evolve,
we will strive to ensure our customers have access to the best
services using cutting-edge technology," said Digicel Group CTO
Mario Assaad.

Mobile WiMAX technology delivers wireless broadband data speeds
with both Quality of Service and Class of Service that exceed
today's performance of 3G technology solutions and opens the
door to a new generation of consumer electronics devices.
Leading device manufacturers have announced plans to have WiMAX-
enabled devices such as laptops and PDAs in 2008.

To celebrate the Digicel Broadband launch in The Cayman Islands,
Digicel is offering a special promotion through Oct. 31, 2007
that makes it even easier for customers to sign up.  Customers
can receive a free self-install modem and one-month subscription
with no activation fee and no deposit.  Package prices begin at
just US29.95 per month.  Existing Digicel postpaid mobile
customers automatically receive discounted rates on all Digicel
Broadband packages.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- Proposed US$1.4 billion senior subordinated notes
      due 2015 assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings is stable.


ROKUMEI HOLDINGS: Proofs of Claim Filing Deadline Is Nov. 2
-----------------------------------------------------------
Rokumei Holdings 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.

Rokumei 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


ROSFIN GP: Proofs of Claim Filing Ends on Nov. 2
------------------------------------------------
Rosfin 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.

Rosfin GP'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


SIRES LIMITED: Proofs of Claim Filing Is Until Nov. 2
-----------------------------------------------------
Sires 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.

Sires Limited'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


SIRES 2000: Proofs of Claim Filing Deadline Is Nov. 2
-----------------------------------------------------
Sires 2000 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.

Sires 2000'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


TA FUNDING: Proofs of Claim Filing Ends on Nov. 2
-------------------------------------------------
TA Funding Corporation'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.

TA 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


TAURUSFIVE CDS: Proofs of Claim Filing Is Until Nov. 2
------------------------------------------------------
Taurusfive CDS'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.

Taurusfive CDS' 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


TCIP COMPANY: Proofs of Claim Filing Deadline Is Nov. 2
-------------------------------------------------------
TCIP 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.

TCIP Company'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


SPARTACUS FINANCE: Proofs of Claim Filing Deadline Is Nov. 2
------------------------------------------------------------
Spartacus Finance 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.

Spartacus Finance'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


SOLEIL FUNDING: Proofs of Claim Filing Deadline Is Nov. 2
---------------------------------------------------------
Soleil Funding Corporation'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.

Soleil 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


SOVEREIGN INVESTMENT: Proofs of Claim Filing Is Until Nov. 2
------------------------------------------------------------
Sovereign Investment Securities One 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.

Sovereign 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




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


BANCOLOMBIA SA: Earns COP67 Million in September 2007
-----------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of COL67.097
million during the past month of September.

During September, total net interest income, including
investment securities, amounted to COP173.530 million.
Additionally, total net fees and income from services totaled
COP55,684 million.

Total assets amounted to COP31.72 trillion, total deposits
totaled COP18.98 trillion and Bancolombia's total shareholders'
equity amounted to COP4.72 trillion.

Bancolombia's (unconsolidated) level of past due loans as a
percentage of total loans was 2.55% as of Sept. 30, 2007, and
the level of allowance for past due loans was 140.17% as of the
same date.

                       Market Share

According to ASOBANCARIA (Colombia's national banking
association), Bancolombia's market share of the Colombian
financial system as of September, 2007 was as follows:

   * 18.2% of total deposits,
   * 21.5% of total net loans,
   * 18.9% of total savings accounts,
   * 21.8% of total checking accounts and
   * 14.2% of total time deposits.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings downgraded and removed from Rating
Watch Negative Bancolombia's long-term and short-term local
currency Issuer Default Ratings and Individual rating:

  -- Individual rating to 'C/D' from 'C';
  -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
  -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirmed these ratings:

  -- Foreign currency long-term IDR at 'BB+';
  -- Foreign currency short-term rating at 'B'; and
  -- Support rating at '3'.

Fitch says the rating outlook is stable.


GMAC LLC: Financial Services Buys Equity Stake in GMAC India
------------------------------------------------------------
GMAC Financial Services, a subsidiary of GMAC LLC, has purchased
the 25.1% equity stake in GMAC Financial Services India Ltd.
from Nucleus Software Exports Limited, bringing ownership of
this automotive finance business to 100% subject to regulatory
approval.

"This transaction is a strategic decision and underlines GMAC's
commitment to the Indian market and desire to position our
business for the long term," Ruud Grin, regional vice president
for GMAC Asia Pacific, said.  "The Indian auto market is a key
area of growth and through whole ownership, GMAC will be better
positioned to continue to expand its automotive finance
business.  In addition, we value our relationship with General
Motors in this market, and will continue to support the sale of
GM products in the region."

In 2004, Nucleus Software Exports Limited, one of GMAC's key
international information technology suppliers, acquired 25.1%
of GMAC's Indian operation.

"Nucleus Software Exports Limited has been an excellent partner,
and GMAC's automotive International Operations will continue to
use Nucleus as one of its preferred information technology
providers," Mr. Grin said.

                           About GMAC

GMAC LLC -- http://www.gmacfs.com/formerly General Motors
Acceptance Corporation, is a global, diversified financial
services company that operates in approximately 40 countries in
automotive finance, real estate finance, insurance and other
commercial businesses.  GMAC was established in 1919 and
currently employs about 31,000 people worldwide.  Its Latin
American operations are located in Argentina, Brazil, Chile,
Colombia, Mexico and Venezuela.  At Dec. 31, 2006, GMAC held
more than US$287 billion in assets and earned net income for
2006 of US$2.1 billion on net revenue of US$18.2 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 19, 2007, Standard & Poor's Ratings Services affirmed its
'BB+/B-1' ratings on GMAC LLC.  The outlook remains developing.
At the same time, Standard & Poor's affirmed its ratings on GMAC
LLC's 100%-owned subsidiary, Residential Capital LLC or ResCap
(BBB/A-3).  S&P said ResCap's outlook remains negative.




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


PETROECUADOR: Reduces 2007 Investment Budget to US$154 Million
--------------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador's trade and finance
manager Miguel Teran told Dow Jones Newswires that the firm has
decreased by 30% its investment budget for this year to US$154
million, from the US$221-million budget it initially planned.

Mr. Teran commented to Dow Jones, "The serious situation that
Petroecuador is going through is due to the low level of
investment over the last 10 years."

Mr. Teran explained to Dow Jones that US$120 million has been
spent of the US$154-million budget.

Dow Jones relates that Mr. Teran met with members of the budget
committee in congress, which is preparing the preliminary report
on which next year's budget will be based.

Petroecuador will invest some US$452 million next year.  The
firm is seeking a US$1.5-billion loan from the Inter-American
Development Bank, of which the first US$500 million could arrive
in next year's first quarter.  The loan would be allocated for
the overhaul of Petroecuador's oil infrastructure as well as for
the financing of new exploration projects, Mr. Teran told Dow
Jones.

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





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


MAAX HOLDINGS: Adverse Market Conditions Affect Fin'l Results
-------------------------------------------------------------
MAAX Holdings Inc. said net sales for the second quarter of FY
2008 decreased 14.9% to US$109.9 million from net sales of
US$129.0 million for the second quarter ended Aug. 31, 2007.
Operating income for the second quarter of FY 2008 decreased by
US$4.4 million, or 72%, from US$6.1 million in the second
quarter of FY 2007 to US$1.7 million in the second quarter of FY
2008.

The results of our Bathroom sector continue to be affected by
softening market conditions, predominantly in the United States.
Net sales decreased by US$15.5 million, or 13.5%, compared to
the second quarter of fiscal 2007, to reach US$99.3 million.
This decrease is principally from the US market.  Consolidated
sales were favorably impacted by the stronger Canadian dollar.
Operating income for our Bathroom Sector decreased by US$3.9
million, or 63%, to US$2.3 million for the second quarter of
fiscal 2008.  The decrease in operating income is essentially
driven by a sales decline partly offset by a reduction in our
fixed expenses.

Sales at our SPA Sector are US$3.8 million or 26.2% lower than
the second quarter of FY 2007 and is a result of soft markets
conditions.  Operating loss of US$0.5 million compares to a loss
of US$0.1M in FY 2007 and is a result of sales volume shortfall.

                      Financial position

Free cash flow for the second quarter of FY 2008 was (US$1.6
million) compared with (US$1.4 million) for the same period last
year.  This decrease in cash flow is the result of capital
investment with lower cash from operation offset by a reduction
in working capital.  Total net debt of US$497.1 million at
Aug. 31, 2007 increased from May 31, 2007 levels of US$489.7
million due to the stronger Canadian US$ and the accretion under
the Senior Discount Notes.

     Unusual Items and Measures Not Consistent with GAAP

To facilitate understanding of second-quarter results, several
tables are attached to this news release as supplemental
disclosure.  The operating results of MAAX account for unusual
items affecting the comparability of its results.  To measure
its performance and that of its business sectors from one period
to the next, without the variations caused by special or unusual
items, management uses certain measures not consistent with U.S.
GAAP, such as operating income and free cash flow.  These
measures have no standardized meaning as prescribed by U.S. GAAP
and may not be comparable to similar measures presented by other
companies.  Accordingly, they should not be considered in
isolation.

                     About MAAX Holdings

MAAX Holdings, Inc. -- http://www.maax.com/-- is a manufacturer
of bathroom products and spas for the residential housing
market.  The company's products are available through plumbing
wholesalers, bath and spa specialty boutiques and home
improvement centers.  The company currently operates 24
manufacturing facilities and independent distribution centers
throughout North America and Europe.  The company has operations
in Jamaica and Puerto Rico.

MAAX Corp. is a subsidiary of Beauceland Corp., itself a wholly
owned subsidiary of MAAX Holdings, Inc.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 18, 2007,
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Quebec-based bathroom fixtures
manufacturer MAAX Holdings Inc. to 'CCC-' from 'CCC+'.

At the same time, Standard & Poor's lowered its rating on the
company's senior discount notes to 'CC' from 'CCC-'.  The long-
term corporate credit rating on MAAX's subsidiary, MAAX Corp.,
was also lowered to 'CCC-' from 'CCC+'.

In addition, Standard & Poor's withdrew its 'CCC+' bank loan
rating, with a recovery rating of '3', on MAAX Corp.'s  secured
bank facilities because they were repaid, and lowered the long-
term debt rating on the subsidiary's senior subordinated debt
notes to 'CC' from 'CCC-'.

S&P said the outlook is negative.




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


ARROW ELECTRONICS: Finalizes Assurance Support Deal w/ Intel
------------------------------------------------------------
Arrow Electronics, Inc. and Intel Corporation have finalized an
agreement in which Arrow will provide global supply assurance
support for a broad range of embedded controller products
recently discontinued by Intel.

The supply assurance program was developed in response to the
number of customers who were affected by this change in product
status.

The agreement covers over 250 individual part numbers, including
the ubiquitous 80C51 family as well as product families that
include the 80C188, 80C186, 80960, 80386, and 80486.  Automotive
Controller Area Network controllers were also included in the
agreement.

"This is a tremendous opportunity for Arrow to deliver on our
commitment of long-term support to the embedded customer by
leveraging our demonstrated expertise in supply assurance
programs and end-of-life products," said Robert Behn, vice
president of marketing for embedded computing at Arrow.

Customers interested in learning how they can obtain long-life
support for their embedded Intel controllers should contact
their local Arrow representative, Mr. Behn said.

                   About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc. --
http://www.arrow.com/-- provides products, services and
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                        *     *     *

As reported on March 30, 2007, Moody's affirmed Arrow
Electronics' senior preferred stock at Ba2 and senior
subordinated stock at Ba1.

Arrow Electronics carries Fitch's 'BB+' issuer default rating.
The company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  Fitch said the
rating outlook is positive.


GENERAL MOTORS: New Labor Contract Protects UAW Jobs
----------------------------------------------------
It took a two-day strike, extraordinary solidarity and more than
two months of tough bargaining for 73,000 United Auto Workers
union members at General Motors Corp. to bring home a new
contract with unprecedented product and investment commitments.

With the protection of U.S. manufacturing jobs at the top of the
union's bargaining agenda, UAW negotiators insisted on -- and
won -- solid pledges from GM to build specific products in
specific plants.

GM also agreed to a moratorium on outsourcing, a pledge to
insource more than 3,000 UAW jobs and a commitment to hire 3,000
temporary workers as permanent GM employees.

"For too many years, America has stood idly by while industries
moved overseas," UAW President Ron Gettelfinger said.  "U.S.
autoworkers made a decision.  We were fighting for U.S. auto
jobs.  We made progress at GM, and we're going to continue to
advocate for a strong U.S. manufacturing sector."

The tentative agreement, reached at 3:05 a.m. Sept. 26, 2007,
delivers solid economic gains for active and retired members,
despite repeated attempts by GM to impose harsh takeaways.

The new contract covers more than 73,000 active workers at GM
and more than 269,000 GM retirees and 69,000 surviving spouses.
It will expire on Sept. 14, 2011.

The agreement delivers substantial economic gains to active
workers, including a US$3,000 signing bonus, two 3% lump sums
and a 4% lump sum.  Projected economic gains for a typical UAW
GM assembler during the life of the agreement will total
US$13,056, including bonuses, lump sums, and projected gains
from cost-of-living allowances.

The contract also brings unprecedented job security with company
commitments to invest in new products for its existing U.S.
facilities, as well as a moratorium on plant closings and
outsourcing of work over the life of the agreement.  The UAW
also was able to secure a commitment to hire 3,000 temporary
workers into full-time, traditional employment.

The contract maintains comprehensive health care, with dental,
hearing and other benefits, and prescription drug coverage for
active workers.  In addition, GM will contribute more than
US$35 billion to secure long-term health care for UAW GM
retirees.  This includes a US$24.1 billion contribution to a new
Voluntary Employee Beneficiary Association, which will establish
an independent trust fund to pay retiree health benefits; up to
US$1.6 billion in additional contributions if needed to maintain
the solvency of the trust fund; a US$4.37 billion convertible
note issued by GM, and an estimated US$5.4 billion in direct
payments for retiree health care through Jan. 1, 2010, before
the new VEBA is operational.  Active workers will contribute to
the cost of retiree health care through COLA diversions, and
because resources that would have been used for a general wage
increase for active workers will instead be contributed to the
VEBA.  A portion of COLA payments will also be diverted to
defray the cost of health care for active workers.

Retired workers will have their health benefits secured by a
Voluntary Employee Beneficiary Association, prefunded by GM with
US$29.9 billion in cash and other assets.  The fund can only be
used to pay retiree health benefits, and will remain solvent for
decades regardless of the financial condition of GM.

For the first time, the UAW GM agreement will provide both an
increase in basic pension benefits for retirees and a lump-sum
payment in the first year of the agreement.  Basic pension
benefits are increased in each year of the agreement and
"30-and-out" benefits are enhanced for workers who retire under
the new agreement.  Current retirees will receive a US$700 lump-
sum payment in December, and a lump-sum payment based on years
of credited service for each of the other three years of the
agreement.  Surviving spouses will receive 65 percent of these
amounts.  The new contract provides that entry-level workers at
GM in non-core job classifications such as material movement,
general stores management and kitting and sequencing will be
paid under a new, lower wage and benefit structure.  These
provisions are intended to keep work in GM plants and to
encourage the possibility of future employment growth.

In recognition of the ongoing health care crisis in the United
States, the agreement also establishes the National Institute
for Health Care Reform, a joint labor-management effort to
improve the affordability, accessibility and accountability of
the U.S. health care system.  The Institute, with US$15 million
in initial funding from five annual US$3 million payments by GM,
will serve as a research and educational center dedicated to
improving the medical delivery system, including efforts to
expand access to quality health care for all Americans.

The proposed contract will also deliver benefits to current and
future retirees, with four lump-sum payments for current
retirees, and a raise in basic benefit rates, the 30-and-out
supplement, temporary and interim benefits for future retirees.

The company came into these talks looking to shred our contract
to pieces," UAW Vice President Cal Rapson, who directs the UAW
GM Department, said.  "But you can't tear apart a group that
stands together the way UAW members do."

The new agreement also requires contributions from active UAW
members to benefit retirees, and an adjustment in wage schedules
to encourage new hiring at GM.  Resources that would have gone
to a general wage increase for active workers will instead be
used to contribute to the VEBA to fund retiree health care
benefits, and GM will have the right to hire entry-level workers
at a lower wage rate for certain "non-core" operations.

"We're dealing with the realities of a highly competitive
industry that does not operate on a level playing field," Mr.
Rapson said.  "We've negotiated a realistic agreement that
protects existing manufacturing jobs, and also creates the
possibility for future growth."

                Member Ratification of the New CBA

As reported in yesterday's Troubled Company Reporter UAW members
voted to ratify a new collective bargaining agreement with GM.
The vote was 66% in favor of the four-year pact among production
workers, and 64% in favor among skilled trades workers.

As previously reported, the union reached a tentative agreement
with GM following a two-day strike against the company.  UAW
President Ron Gettelfinger praised the membership and local
union leadership for their solid support.

"We entered these negotiations with a clear mandate from our
membership," Mr. Gettelfinger said.  "With their help and
solidarity, we were able to achieve our goals.  We protected
jobs, wages and benefits for both active and retired General
Motors workers -- and we helped protect middle-class
manufacturing jobs in communities throughout the United States."

UAW Vice President Cal Rapson, who heads the union's UAW GM
Department, commended the work of the National Negotiating
Committee, led by Bill King of UAW Local 659.

"Our bargaining committee was truly top-notch," Mr. Rapson said.
"They knew the objectives; they resisted the company's repeated
attempts to take, take, take. They really proved their mettle
during these difficult negotiations."

                     About General Motors

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

                        *     *     *

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

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

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


INDUSTRIAS UNIDAS: Moody's Reviews Ratings for Likely Downgrade
---------------------------------------------------------------
Moody's Investors Service placed ratings on Industrias Unidas,
S.A. de C.V.'s and the US$200 million Gteed. Sr. Unsec. notes
due 2016 under review for possible downgrade.

These ratings were placed under review for possible downgrade:

-- Industrias Unidas, S.A. de C.V. Corporate Family Rating: B2
-- US$200 million of Gteed. Senior Unsecured Notes due 2016: B3

In the last few quarters, fluctuating copper prices and tumbling
new home starts mainly in the U.S. have impacted Iusa's
operating results.  Moody's is particularly concerned with
Iusa's liquidity position as cash from operations swings and the
narrow flexibility there is in committed credit lines may impact
the company's ability to meet medium term financial obligations,
despite certain flexibility in capital investments expenditures.
However, Moody's recognizes the company's historical ability to
pass on cost increases as well as its strong market position
both in Mexico and in the U.S. as positives for the ratings.

During the review period, Moody's will focus on expected
operating and cash flow results considering continued high
copper prices and deterioration in U.S. home starts as well as
on available sources of liquidity.

Industrias Unidas is one of Mexico's largest diversified
industrial groups, manufacturing a wide range of copper-based
and electrical products for the housing and electrical power
sectors mainly in Mexico and the U.S.  The company processes
over 230,000 of metric tons of copper per year.  As of June
2007, last twelve month revenues were in excess of US$2.3
billion.


ING9 SA: Moody's Cuts Global Currency Mutual Fund Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has downgraded its Mexican national
scale and global local currency mutual fund ratings assigned to
ING9, S.A. de C.V. Sociedad de Inversion en Instrumentos de
Deuda to reflect revised fund investment guidelines and the fact
that ING9 will invest mainly in the Templeton Global Bond Fund
in which ING will maintain a passive management and
administrative role in the fund.

The national scale rating was changed to A2.mx from Aa.mx while
Moody's global scale local currency mutual fund rating was
downgraded to Ba2 from Baa2.  ING9 market risk rating of MR4
remains unchanged.  ING9 is administrated by ING Investment
Management, S.A. de C.V., a subsidiary of ING Grupo Financiero
in Mexico.

"Since ING9 will invest primarily in Templeton Global Bond Fund,
advised by Franklin Templeton, the new credit ratings assigned
to ING9 reflect broader investment guidelines and Moody's
expectation that the fund will undertake a more dynamic
investment strategy," said Moody's Analyst Jose Angel Montano.
"We expect that the fund will pursue risk-adjusted yields across
multiple markets and conditions."

He said Moody's A2.mx rating indicates the above-average quality
relative to other domestic issuers and incorporates an
assessment of the underlying fund.  With more than two decades
of experience, Templeton Global Bond Fund has more than US$6
billion in assets under management and a well established track
record in managing global fixed-income mandates.

He explained that the assessment of ING9 in light of its core
investment and security selection parameters reflects an
expected loss consistent with a credit rating of A.mx on Moody's
scale, which corresponds to an A on Mexican regulator Comision
Nacional Bancaria y de Valores homogeneous scale.

ING9 fund will reflect net asset value performance in Mexican
pesos of its underlying investments which have a US dollar-base
currency aligned with Moody's market risk rating of MR4,
denoting "high sensitivity" to market variability, and
consistent with the 5 volatility rating assigned by the CNBV's
homogeneous scale.

Moody's mutual fund ratings are opinions about the investment
quality of shares in mutual funds that principally invest in
short- and long-term fixed-income obligations.

The ratings incorporate Moody's assessment of the fund's
published investment objectives and policies, the
creditworthiness of the assets held by the fund, and its
management characteristics.  Moody's national scale ratings are
opinions about the relative creditworthiness of issuers in a
particular country and may be used in specific local capital
markets.

"Fund market risk ratings are opinions about the relative
sensitivity of a fund's net asset value to changes in market
environment" said Mr. Montano.  "In forming an opinion of a
fund's future price volatility, we consider risk elements that
may have an effect on a fund's net asset value, including
interest rate risk, prepayment and extension risk, liquidity and
concentration risk, currency and derivatives risk."

He said the ratings are not intended to consider prospective
performance of a fund with respect to price, appreciation or
yield."

ING Investment Management (Mexico), S.A. de C.V., is a
subsidiary of ING Grupo Financiero in Mexico.  ING Investment
Management manages approximately US$1.3 billion in total assets
and it is the 12th mutual fund operator in terms of AUM in
Mexico.


ITRON INC: Provides Details on 2.50% Convertible Senior Notes
-------------------------------------------------------------
Itron Inc. has disclosed information regarding its 2.50%
Convertible Senior Subordinated Notes Due 2026.

According to their terms, the Notes are convertible into cash
and common stock when the closing price of Itron common stock
exceeds US$78.19, which is one hundred and twenty percent (120%)
of the conversion price of US$65.16, for 20 or more trading days
in a period of 30 consecutive trading days prior to the end of a
quarter.  The Notes may be surrendered for conversion during any
business day prior to the last trading day of the quarter ended
Dec. 31, 2007.  The conversion feature became effective
Oct. 1, 2007.

In order to convert the Notes, a Holder must:

   (1) complete and sign the Conversion Notice, with appropriate
       signature guarantee, on the back of the Note,

   (2) surrender the Notes to a Conversion Agent,

   (3) furnish appropriate endorsements and transfer documents
       if required by the Registrar or Conversion Agent,

   (4) pay the amount of interest, if any, the Holder must pay
       as described below, and

   (5) pay any tax or duty if required pursuant to the
       Indenture.

A Holder may convert a portion of a Note if the portion is
US$1,000 principal amount or an integral multiple of US$1,000
principal amount.

If a Holder surrenders a Note for a conversion after the close
of business on the record date for the payment of an installment
of interest and prior to the related interest payment date, such
Security, when surrendered for conversion, must be accompanied
by payment of an amount equal to the interest thereon which the
registered Holder at the close of business on such record date
is to receive (other than overdue interest, if any, that has
accrued on such Note).

The Conversion Agent is located at:

         Deutsche Bank Trust Company Americas
         Attn: Trust & Securities Services
         60 Wall Street, 27th Floor
         Mail Stop: NYC60-2710
         New York, NY 10005

The company believes it is highly unlikely that holders would
choose to convert the Notes because the market value of the
Notes exceeds the amount that holders would receive upon
conversion.

                       About Itron Inc.

Headquartered in Liberty Lake, Washington, Itron Inc. (NASDAQ:
ITRI) -- http://www.itron.com/-- operates in two divisions: as
Itron in North America and as Actaris outside of North America.
The company provides metering, data collection and software
solutions, with nearly 8,000 utilities worldwide relying on iits
technology to optimize the delivery and use of energy and water.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France, Australia, The Netherlands, and the United Kingdom.

                        *     *     *

Itron Inc. carries to date Standard & Poor's Ratings Services'
B+ corporate credit rating.


SANLUIS RASSINI: Fitch Assigns B- Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has assigned a 'B-' local and foreign currency
Issuer Default Rating to Sanluis Rassini Autopartes, S.A. de
C.V.  In conjunction with this rating action, Fitch has assigned
a 'B' rating to the company's proposed US$275 million notes due
2017.  These notes have also been assigned a Recovery Rating of
'RR3', which incorporates the expectation of an above-average
recovery in the event of default.  The Rating Outlook is Stable.

The ratings for Sanluis Rassini Autopartes, a subsidiary of
Sanluis Corporacion, S.A.B. de C.V., are based on the company's
business position as leading producer of leaf springs suspension
components in the North American Free Trade Agreement market
(United States, Canada and Mexico combined) and Brazil, cost
competitive advantages and hard currency generation.  The
ratings also incorporate the company's high consolidated
financial leverage on a pro forma basis, industry cyclicality,
ongoing cost pressures, and the parent company's history of
financial default.  Sanluis Rassini Autopartes' business is
critically dependent on North America's automobile market and
the performance of the Big Three (General Motors Corp., Ford
Motor Co. and DaimlerChrysler) original equipment manufacturers,
although in recent years it has sought to diversify its client
base and expand sales to Asian and European OEMs.  The company
targets primarily the light truck market, which over the past 15
years has experienced robust growth and market share gains in
North America and at present accounts for approximately 54% of
the total automobile market.

The 'B' rating for the proposed issue incorporates the
expectation of higher recovery prospects given the current
backlog of contracts, where new platforms are replacing less
profitable ones.  Over the last couple of years, Sanluis Rassini
Autopartes, a near sole supplier in leaf springs, was able to
renegotiate its contracts with its main customers, allowing it
to establish raw materials cost increase pass-thrus and improve
pricing conditions.  Contracts are linked to the life of the
platforms granted to Sanluis Rassini Autopartes by OEMs, with an
estimated average life of six years.  The company's main drivers
for obtaining additional contracts are product development,
quality manufacturing and geographic proximity with main
customers.  Additionally, the company's low cost structure has
allowed it to face an adverse industry environment.  During the
last twelve 12 ended June 30, 2007, Sanluis Rassini Autopartes's
revenues grew 4.9% to US$542 million, compared to fiscal 2006,
and EBITDA margin improved to 12.3% vs. 11.8%, reflecting the
above-mentioned factors.

After the transaction, on a pro forma basis, the company's
leverage would be relatively high, with a projected total
consolidated debt to EBITDA of approximately 3.6 times in 2007,
and 4.5 at the SANLUIS level.  Leverage is expected to remain
high over the medium term but gradually improve as new platforms
come on line.  The proceeds from the proposed transaction would
be used to refinance bank debt of US$162.50 million at the
Sanluis Rassini Autopartes Group level, US$70 million of 8%
senior notes due 2010 at the Sanluis Co-Inter sub-holding
company level, non-restructured debt at the SANLUIS holding
company level with a face value of US$11.6 million, while
approximately US$25 million will be used for general corporate
purposes.  After completion of this transaction, the
consolidated debt structured would be simplified with the
majority of debt allocated at the subsidiary level, eliminating
structural subordination.  In addition, Sanluis' maturity
profile will be improved with the extension of the average life
of the consolidated debt.

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, S.A. de C.V., headquartered in Mexico City,
Mexico, is the leading manufacturer of leaf spring suspension
components for light trucks in the NAFTA region and in Brazil.
The company also operates a coil springs suspension component
business, which accounts for about 17% of sales.  For the 12
months ended June 30, 2007, sales and EBITDA reached about
US$542 million and US$67 million, respectively.


SANLUIS RASSINI: Moody's Assigns B2 Rating on US$275MM Notes
------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Sanluis
Rassini, S.A. de C.V.'s proposed US$275 million senior unsecured
notes due 2017.  Moody's also assigned a B2 foreign currency
corporate family rating to the company.  This is the first time
that Moody's has rated debt to be issued by Sanluis Rassini.
The rating outlook is stable.

Sanluis Rassini is the main operating subsidiary of Sanluis
Corporacion, S.A.B. de C.V., a privately controlled holding
company based in Mexico City, Mexico, which trades on the
Mexican stock exchange with an approximate 15% float.  The
company is the leading manufacturer of leaf spring suspension
components in the NAFTA region and Brazil and also operates a
coil spring suspensions business.  The Brazilian business is
operated through a 50:50 joint venture with the Japanese
suspension components manufacturer NHK and accounts for about
30% of EBITDA.

Proceeds from the proposed notes will primarily be used to
refinance all financial debt at the issuing entity Sanluis
Rassini, Sanluis Rassini's intermediate holding Sanluis Co-
Inter, S.A., its ultimate parent, Sanluis Corporacion, and for
general corporate purposes.

Ratings assigned are:

Sanluis Rassini, S.A. de C.V.

-- US$275 million senior unsecured notes due 2017, at B2
-- Foreign currency corporate family rating, at B2

The outlook for the notes and the corporate family rating is
stable.

Sanluis Rassini's B2 corporate family rating is supported by the
company's leading market position for leaf spring suspension
components in the NAFTA region and Brazil, the recovery of its
operating performance and credit metrics over the last two
years, and solid near term performance prospects as various
favorably priced supply agreements for new original equipment
manufacturer platforms are coming online in 2007 and 2008.
Credit positives also include the limited steel price exposure
because of cost pass-through contracts established with major
OEM clients in the NAFTA region, the benefits of fixed price
arrangements for key OEM platforms, and the largely dollar based
revenue stream, which provides a natural hedge for dollar costs
and liabilities.

Key credit weaknesses include the relatively high financial
leverage in light of the cyclicality of the automotive industry,
a highly competitive environment, and the company's limited
business diversification, evidenced by a narrow product focus on
leaf and coil spring suspension components, modest geographic
diversification, and a heavy exposure to the Big 3 U.S. OEMs
(GM, Ford and Chrysler), which have been losing market share and
continue to undergo challenging multi-year restructuring
programs.

The B2 rating of the proposed 2017 Notes is at the same level as
the corporate family rating because of the preponderance of the
senior unsecured debt class in Sanluis Rassini's capital
structure.  The notes will benefit from upstream guarantees by
all of Sanluis Rassini's operating subsidiaries, except for the
Brazilian joint venture, which will not carry a material amount
of debt.  Moody's expects the loss-making Brakes business,
currently still located under Sanluis Rassini, to become a
direct subsidiary of the intermediate holding SISA shortly after
to the notes' issuance.

The stable rating outlook reflects our expectation that the
company will be able to defend its dominant market positions for
leaf spring suspensions going forward, achieve solid earning
performance in 2007 and 2008, and maintain stable credit metrics
following the notes' issuance.

Sanluis Rassini, S.A. de C.V., headquartered in Mexico City,
Mexico, is the leading manufacturer of leaf spring suspension
components for light trucks in the NAFTA region and in Brazil.
The company also operates a coil springs suspension component
business, which accounts for about 17% of sales.  For the 12
months ended June 30, 2007, sales and EBITDA reached about
US$542 million and US$67 million, respectively.




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


* NICARAGUA: In Talks with World Bank for US$240-Million Funding
----------------------------------------------------------------
World Bank Group's Board of Executive Directors has discussed a
new Country Partnership Strategy for Nicaragua, with project and
investment loans and credits by the International Development
Association concessional lending arm of the World Bank to assist
the poorest countries and will total US$240 million for five
years from 2008 to 2012.

"With a record of sound macroeconomic policy, Nicaragua has the
potential and resources to grow its way out of poverty," said
Jane Armitage, Country Director for Nicaragua at the World Bank.
"Through this new strategy, our aim is help Nicaragua build a
stronger economy and improve social equity and opportunity for
all."

The new strategy is closely aligned to the Governments
priorities and its evolving poverty reduction strategy
structured around four strategic objectives, which are:

    i) reactivating the economy, stimulating productivity and
       competitiveness;

   ii) human capital development - improving social equity and
       opportunity,

  iii) infrastructure and sustainable development;

   iv) strengthening governance and accountability by
       modernizing state institutions and promoting citizen
       participation.

Specifically, budgetary support and analytical work would
further public sector modernization, improve the investment
climate and ensure better targeting and quality of social sector
social spending.  Additionally, new investment operations are
planned in urban and rural water and sanitation programs, public
sector management, land administration and rural roads, and
small and medium enterprise development.

"Our aim is to make sure that Nicaragua receives continued
strong donor support from the International Development
Association and the donor community," said Joseph Owen, World
Bank Country Manager in Nicaragua.  "The Bank also intends to
support Nicaragua to cope with the emergency reconstruction
needs of the north Atlantic coast in the aftermath of hurricane
Felix with a credit of US$17 million.  I am confident that the
new partnership strategy will help to reduce poverty and create
wealth that is broadly shared by all citizens."

The Bank currently has a total of 11 projects in Nicaragua, for
US$214.6 million total net commitments, with US$4 million in
support by the Global Environment Facility.

The new strategy will also be supported by the International
Finance Corporation, the Bank's private sector arm.  IFC's
strategy aims to help accelerate private sector development and
help facilitate Nicaraguans to take advantage of globalization
and free trade agreements, supporting projects at both the
regional and country levels.

The news of this important announcement comes two weeks after
the Executive Board and the new President Robert Zoellick of the
World Bank Group took another crucial step with the decision to
contribute a record sum of US$3.5 billion of its own income to
grants and credits for the world's poorest countries while
completing the 15th replenishment of IDA.

This contribution is more than double the US$1.5 billion pledged
by the WBG for IDA 14 in 2005.  In Latin America, recipient
countries include Bolivia, Guyana, Haiti, Honduras and
Nicaragua.

                        *     *     *

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


AFC ENTERPRISES: Names Cheryl Bachelder Chief Executive Officer
---------------------------------------------------------------
AFC Enterprises, Inc. has named Cheryl A. Bachelder has been
named chief executive officer of AFC Enterprises and president
of its Popeyes(R) Chicken & Biscuits' brand.  Ms. Bachelder, a
current member of the AFC Board of Directors will replace
Frederick B. Beilstein, who held the position on an interim
basis.  In her new role, Ms. Bachelder will be responsible for
leading day-to-day domestic and international operations for AFC
and Popeyes.

"Cheryl is ideally suited to lead AFC and Popeyes.  She is a
highly regarded leader with a wealth of strategic and
operational experience, and an impressive record of
accomplishment from having held leadership positions at some of
our industry's most recognizable companies," said Frank Belatti,
AFC Enterprises chairman of the Board.  "Cheryl has been an
active member of our Board for the last year, has a passion for
the Popeyes business, and is committed to building strong
relationships with our franchisees.  We are very excited to
welcome her to the AFC executive team.  We have great confidence
in her ability to lead the Company into the future."

"I am delighted to join this talented management team to build a
great future for the Popeyes brand, our employees, all Popeyes
restaurant franchise owners, and those who invest in our
success," said Ms. Bachelder.  "In my year on the Board, I have
seen first hand the potential of this Company, and I look
forward to leading the organization towards that destination."

Ms. Bachelder joins AFC with extensive experience in brand-
building, operations and public company management. Her recent
focus has been Board service at AFC Enterprises since November
2006 and at True Value Corporation since July 2006.  From 2001
to 2003, she was the president and chief concept officer for KFC
Corporation in Louisville, Kentucky.  While at KFC, she was
responsible for leading their U.S. restaurants, including
operations and all other functional areas of the business.

From 1995 to 2000, Ms. Bachelder served as vice president,
Marketing and Product Development for Domino's Pizza, Inc.
During her tenure, she was the brand architect responsible for
contemporizing the restaurant chain during which time the chain
saw steady same-store sales growth for five years across all
units.

Prior to her restaurant experience, Ms. Bachelder served as
general manager of the LifeSavers Division of RJR Nabisco.  Her
early career years included brand management roles at The
Gillette Company and The Procter & Gamble Company.

Ms. Bachelder holds a Bachelor's of Science degree in Business
Administration and a Master's of Business Administration in
Finance and Marketing from the Kelley School of Business at
Indiana University.

                   About AFC Enterprises Inc.

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

                        *     *     *

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


PULTE HOMES: Moody's Assigns Ba1 Corporate Family Ratings
----------------------------------------------------------
Moody's Investors Service has lowered the ratings of Centex
Corporation, Lennar Corporation, and Pulte Homes, Inc.,
assigning each of the three companies corporate family ratings
of Ba1.  All three companies were also assigned negative ratings
outlooks and were taken off review for downgrade, where they had
been placed on Aug. 22, 2007.

The downgrades and negative ratings outlooks reflect:

1) Moody's does not see a sector recovery beginning before
    2009 at the earliest, with any recovery likely to be very
    measured at first, thus prolonging the companies'
    underperformance on key financial metrics vs. prior
    expectations.  Among the numerous negative factors
    overhanging the housing market, the key ones are:

    a. Elevated new and existing housing inventory levels

    b. Disruptions in the mortgage market

    c. Diminishing consumer homebuying confidence

    d. Affordability issues in key markets

    e. Declining home prices and increased buyer incentives
       being offered

    f. Lofty spec housing levels

    g. Rapidly declining orders and backlogs and high
       cancellation rates

2) While the recent quarterly releases for the three companies
    showed some improvement in actual inventory reduction (as
    opposed to reported inventory reduction, which is skewed by
    accounting charges), Moody's remains concerned that the
    pace of actual inventory reduction\u2014and thus of
    sustainable cash flow generation\u2014has been, remains,
    and will continue to stay below expectations.

3) Because of the rapidity of the decline in unit home
    deliveries and thus of revenues, the companies continue to
    struggle to keep pace by reducing controllable expenses,
    such as general and administrative expenses.  This has
    made, and will continue to make, it difficult for the
    companies to generate even minimal earnings before charges.

4) While the companies' desire to conserve cash to maintain
    and augment liquidity is understandable, liquidity also
    includes compliance with all covenants.  Moody's believes
    that it will be challenging for the three companies, as
    well as for much of the entire industry, to remain in
    compliance in the coming year with the debt leverage
    covenant.  Since Moody's believes that the denominator in
    the debt leverage test (which either consists of or
    includes tangible net worth) will remain under continued
    assault from impairment and option abandonment charges,
    compliance with the covenant may well hinge on substantial
    debt reduction.  In addition, Moody's notes that while the
    three companies may soon be operating at run rates of
    approximately half of their prior size, they continue to
    maintain debt burdens scaled to a substantially larger run
    rate.

Founded in 1950 and headquartered in Dallas, Texas, Centex
Corporation is one of the nation's leading home building
companies, operating in major U.S. markets in 25 states.
Revenues and net income for the trailing twelve-month period
ended June 30, 2007, were approximately US$11.2 billion and
US$20 million, respectively.

Founded in 1954 and headquartered in Miami, Florida, Lennar
Corporation is one of the largest homebuilders in the United
States, with revenues and net income for the trailing twelve
month period ended May 31, 2007, of US$14.1 billion and US$165
million, respectively.

Headquartered in Bloomfield Hills, Michigan, Pulte Homes, Inc.
is one of the country's largest homebuilders, with domestic
operations in 27 states and 52 markets, as well as in Puerto
Rico.  Revenues and net income for the trailing twelve-month
period ended June 30, 2007, were approximately US$11.8 billion
and US$411 million, respectively.




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


PETROLEOS DE VENEZUELA: Reaches Bargaining Pact with Union
----------------------------------------------------------
Petroleumworld.com reports that Venezuelan state-run oil firm
Petroleos de Venezuela SA has reached a 2007-2009 Oil Union
Bargaining Agreement with union workers.

According to Petroleumworld.com, the contract is "a step forward
in matters of social security" for hydrocarbon workers.  These
are some of the benefits under the agreement:

          -- a salary increase of VEB12,000 per day, for a
             minimum total paid per day of US$21;

          -- minimum pension for retirees of VEB1,000,000; and

          -- the TEA (pre-paid card for food and medicines)
             amount was increased to VEB950,000.

Petroleos de Venezuela Labor Relations Manager Luis Castillo
told Petroleum.world.com that under Clause 28 of the Union
Bargaining Agreement, the firm will offer assistance to workers
in all its different payrolls to purchase houses.

Petroleumworld.com relates that the housing plan will also grant
priority to building housing units for workers and residents of
the operating areas who don't have "a main dwelling."  Petroleos
de Venezuela will form a committee comprised of representatives
from the firm and from the workers.  These representatives will
collaborate with the community and the president to design
housing solutions that efficiently solve a problem that resulted
from capitalism.

The accord includes employees from the already-extinct operating
pacts and associations of the Orinoco Oil Belt that were
transferred to joint venture firms, Petroleumworld.com states.

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

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


* VENEZUELA: Cantv Eyes US$4.4-Billion Investment for 2008-2013
---------------------------------------------------------------
Venezuelan state-run firm Cantv's president Socorro Hernandez
told news portal Panorama Digital that the company's investment
for the 2008-2013 period would total US$4.4 billion.

Business News Americas relates that the US$4.4 billion
comprises:

          -- US$200 million for the transport network,
          -- US$1.37 billion in fixed line telephony, and
          -- US$2.8 billion in mobile telephony.

Mr. Hernandez told BNamericas that about 5.4 million homes will
benefit from fixed telephony services in Venezuela by 2010,
compared to the current three million.  Isolated areas with no
telephony infrastructure will be served using the Simon Bolivar
satellite, which would be fully operational in 2009.

Cantv would have some 19,600 kilometers of fiber optic backbone
deployed across Venezuela by 2010, BNamericas states, citing Mr.
Hernandez.

                        *     *     *

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


* BOND PRICING: For the Week Oct. 8 to Oct. 12
----------------------------------------------

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

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      66.42
Argnt-Bocon PR13        2.000    3/15/24     ARS      69.74
Arg Boden               2.000    9/30/08     ARS      28.36
Argent-Par              0.630   12/31/38     ARS      43.68

CAYMAN ISLANDS
--------------
Vontobel Cayman         7.450   02/22/08     CHF      74.50
Vontobel Cayman        10.250   12/28/07     CHF      70.50
Vontobel Cayman        10.400   12/28/07     CHF      55.40
Vontobel Cayman        10.700   12/28/07     CHF      56.00
Vontobel Cayman        11.400   12/28/07     CHF      64.75
Vontobel Cayman        11.400   12/28/07     CHF      68.90
Vontobel Cayman        11.650   12/28/07     CHF      70.50
Vontobel Cayman        11.850   12/28/07     CHF      65.35
Vontobel Cayman        13.050   12/28/07     CHF      69.10
Vontobel Cayman        13.150   10/25/07     CHF      69.00
Vontobel Cayman        13.350   12/28/07     CHF      59.95
Vontobel Cayman        13.450   12/28/07     CHF      66.35
Vontobel Cayman        13.500   02/22/08     CHF      53.40
Vontobel Cayman        14.900   12/28/07     CHF      31.25
Vontobel Cayman        16.000   12/28/07     EUR      51.20
Vontobel Cayman        16.800   12/28/07     CHF      10.75
Vontobel Cayman        17.700   12/28/07     EUR      74.90
Vontobel Cayman        22.850   12/28/07     CHF      24.70


JAMAICA
-------
Jamaica Govt. LRS       7.500   10/06/12     JMD      74.74

VENEZUELA
---------
Petroleos de Ven        5.250    4/12/17     US       74.17
Petroleos de Ven        5.375    4/12/27     US       64.07
Petroleos de Ven        5.500    4/12/37     US       62.10



                         ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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