---

        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

          Wednesday, October 24, 2007, Vol. 8, Issue 211

                          Headlines

A R G E N T I N A

ALITALIA SPA: Strike Against Downscale Plan Cancels 254 Flights
DINA SHEMESH: Proofs of Claim Verification Deadline Is Dec. 28
HIPERTCH SA: Trustee Filing Individual Reports on Dec. 14
FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Global Currency Rating
HIDROELECTRICA PIEDRA: Calls for Shareholders Meeting on Nov. 20

INVERSORA ELECTRICA: Fitch Arg Affirms CCC Rating on Notes
LOGISTICA DIGITAL: Seeks for Reorganization Approval from Court
MARSIL SRL: Trustee Verifies Proofs of Claim Until Nov. 18
OBRA SOCIAL: Proofs of Claim Verification Is Until Nov. 20
REDES URBANAS: Files for Bankruptcy Petition in Buenos Aires

SMOBY-MAJORETTE: Former Chairman and CEO Faces Probe
SMOBY-MAJORETTE: Exits Bankruptcy; Court Orders Receivership


B R A Z I L

BANCO BMC: Moody's Withdraws Ratings After Bradesco Acquisition
BANCO NACIONAL: Okays BRL124-Million Loan to Alusa
DELPHI CORP: November Hearing Set for ERISA Suit Settlement
DELPHI INC: Lead Plaintiffs Object to Disclosure Statement
EMBRATEL PARTICIPACOES: Launching Embratel IP for Companies

FORD MOTOR: Expresses Possible Expansion of Philippine Facility
GERDAU SA: Inks Letter of Intent for 49% Stake Buy at Corsa
HEXCEL CORP: Earns US$17.3 Million in 2007 Third Quarter
JAPAN AIRLINES: Three Firms Eye Credit Card Unit
REXAM PLC: To Build New Beverage Can Plant in Denmark

* BRAZIL: Petrobras Opens Fuel Distribution Feasibility Studies


C A Y M A N   I S L A N D S

ALEX LEASING: Holding Final Shareholders Meeting on Nov. 2
BEAR STEARNS FUNDS: BofA Seeks Clarification of Injunction Order
BEAR STEARNS FUNDS: Bankruptcy Appeal Assigned to Judge R. Sweet
BJK INC: Last Day To File Proofs of Claim Is Nov. 15
CAYMAN DFK: Will Hold Final Shareholders Meeting on Nov. 2

CBO HOLDINGS: Sets Final Shareholders Meeting for Nov. 2
CHIEN KUO: Creditors Have Until Nov. 16 To File Proofs of Claim
COMMERCIAL MORTGAGE: Holds Final Shareholders Meeting on Nov. 2
COPPER BEECH: Final Shareholders Meeting Is on Nov. 2
DCC II: Final Shareholders Meeting Is on Nov. 2

DENALI MANAGEMENT: Holding Final Shareholders Meeting on Nov. 2
DIAMOND FINANCIAL: Sets Final Shareholders Meeting for Nov. 2
FLEET FUNDING: Sets Final Shareholders Meeting for Nov. 2
KED INVESTMENTS: Creditors Must File Proofs of Claim by Nov. 15
KED INVESTMENTS: Sets Final Shareholders Meeting for Nov. 16

SLS BPI: Holding Final Shareholders Meeting on Nov. 2


C H I L E

COEUR D'ALENE: Appoints Officers in South America & Alaska


C O L O M B I A

AES CORP: Unit Says It Will Proceed with Brasiliana Stake Buy


D O M I N I C A N   R E P U B L I C

ALCATEL-LUCENT: To Broaden Unified Communication Offer w/ Sagem


E C U A D O R

INDUSTRIAS METALURGICAS: S&P Affirms B Corporate Credit Rating
PETROECUADOR: Esmeraldas Plant Operations Back to Normal


G U A T E M A L A

IMAX CORP: Signs Theatre Deal in Morocco with Al Amine


G U Y A N A

DIGICEL GROUP: Says Guyana Telephone Rip Off Int'l Call Clients


H O N D U R A S

* HONDURAS: Hondutel Opens Mobile Service in San Pedro Sula


M E X I C O

ADVANCED MICRO: Urges Rejection of TRC's Mini-Tender Offer
CROWN HOLDINGS: Sept. 30 Balance Sheet Upside-Down by US$386 Mln
GRUPO MEXICO: Issuing MXN1.10 A Share Dividend Starting Nov. 27
MOVIE GALLERY: Court Okays Kutak Rock as Local Counsel
MOVIE GALLERY: Hires Alvarez & Marsal as Restructuring Advisors

MOVIE GALLERY: Creditors Must File Proofs of Claim by Jan. 25
RYERSON INC: Platinum Completes US$2-Billion Purchase Deal


P A N A M A

BANCO LATINOAMERICANO: Earns US$14.8 Mil. in Qtr. Ended Sept. 30
CHIQUITA BRANDS: Panama Farmers Balk at Discount Policy

* PANAMA: Canal Expansion Creates More Work


P E R U

ALCATEL-LUCENT: Inks Partnership Deal w/ Spirent Communications


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes


V E N E Z U E L A

CHRYSLER LLC: UAW Leaders Urge Key Locals to Accept Labor Pact
CITGO PETROLEUM: Selling 4 Storage Terminals & Pipeline Stake

* LATIN AMERICA: Fitch Says Liquidity Profile of Firms Is Solid


                         - - - - -


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


ALITALIA SPA: Strike Against Downscale Plan Cancels 254 Flights
---------------------------------------------------------------
Employees at Alitalia S.p.A. staged on Oct. 22, 2007, an
industrial protest against the national carrier's plan to
downscale operations at Milan's Malpensa International Airport,
Reuters reports.

The four-hour strike spurred Alitalia to cancel 197 flights at
Malpensa and another 57 at the nearby Linate Airport, operator
SEA Aeroporti di Milano told Reuters.

As previously reported, Alitalia said it would "reposition the
activities of Milan Malpensa airport by focusing on specific
business segments."

The carrier said it may reconsider this option "if and when the
access regulations for Milan Linate airport were to be modified
concentrating the major part of air traffic from/to Lombardy on
Milan Malpensa, and if and when airport costs were reduced."

                        About Alitalia

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

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


DINA SHEMESH: Proofs of Claim Verification Deadline Is Dec. 28
--------------------------------------------------------------
Patricia Sandra Ferrari, the court-appointed trustee for Dina
Shemesh S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Dec. 28, 2007.

Ms. Ferrari will present the validated claims in court as
individual reports on March 12, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Dina Shemesh 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 Dina Shemesh's
accounting and banking records will be submitted in court on
April 24, 2008.

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

The trustee can be reached at:

       Patricia Sandra Ferrari
       Viamonte 1653
       Buenos Aires, Argentina


HIPERTCH SA: Trustee Filing Individual Reports on Dec. 14
---------------------------------------------------------
Beatriz Custodio, the court-appointed trustee for Hipertech
S.A.'s reorganization proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Buenos Aires on Dec. 14, 2007.

Ms. Custodio verifies creditors' proofs of claim until
Nov. 1, 2007.  She will file a general report containing an
audit of Hipertech's accounting and banking records in court
March 3, 2008.

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

The debtor can be reached at:

          Hipertech S.A.
          Deheza 1651
          Buenos Aires, Argentina

The trustee can be reached at:

          Beatriz Custodio
          Uruguay 229
          Buenos Aires, Argentina


FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Global Currency Rating
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Fixed Rate and Class A Floating Rate Debt Securities of
Fideicomiso Financiero Supervielle Personales III.

Moody's also assigned a rating of Aa1.ar (Argentine National
Scale) and of Ba2 (Global Scale, Local Currency) to the Class B
Floating Rate Debt Securities.  The certificates are not rated
by Moody's.

All Debt Securities and the Certificates were issued by Deutsche
Bank S.A. acting solely in its capacity as issuer and trustee.  
This issuance is not an obligation of Deutsche Bank S.A. and
therefore the rating assigned does not reflect the credit
quality of Deutsche Bank S.A.

The assigned ratings are based on the following factors:

   -- the credit quality of the securitized personal loans;

   -- the promise to investors, which is timely interest and
      ultimate principal before legal final maturity;

   -- initial credit enhancement provided through subordination
      of 56% for the Fixed Rate and Class A Floating Rate Debt
      Securities, and 15% for the Class B Floating Rate Debt
      Securities;

   -- the sound origination and servicing standards of Banco
      Supervielle S.A.;

   -- the ability of Deutsche Bank S.A. to act as trustee in
      this transaction;

   -- the availability of various reserve accounts; and

   -- the legal structure of the transaction.

                    The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of about
13,173 eligible loans denominated in Argentine pesos, bearing
floating and fixed interest rates, originated by Banco
Supervielle S.A., in an aggregate amount of ARS69,000,692.  
Moody's has assigned a local currency deposit rating of Aa2.ar
in the Argentine National Scale to Banco Supervielle.

The monthly loan installment of all securitized loans is
automatically deducted from the borrowers account.  At closing,
about 65.47% of the pool was constituted by personal loans
granted to employees of 1,146 companies that are paid their
monthly salaries through Banco Supervielle.  In this case, the
monthly loan installment is deducted directly from the account
where the borrower's salary is deposited.

                         Structure

Deutsche Bank S.A. (issuer and trustee) issued one class of
Fixed Rate Debt Securities, two classes of Floating Rate Debt
Securities (Class A and B) and one class of Certificates, all
denominated in Argentine pesos.

The Fixed Rate Debt Securities will bear a fixed interest rate
of 14%. Class A Floating Rate Debt Securities will bear a BADLAR
interest rate plus 444 basis points.  Class B Floating Rate Debt
Securities will bear a BADLAR interest rate plus 450 basis
points. Floating Rate Debt Securities' interest rate has a
ceiling of 24% p.a. and a floor of 14%.

Overall credit enhancement is comprised of:

   -- an aggregate 56% initial subordination for the Fixed Rate
      and Class A Floating Rate Debt Securities, 15% initial
      subordination for the Class B Floating Rate Debt
      Securities;

   -- various reserve funds; and

   -- excess spread.

Fixed Rate Debt Securities are expected to be paid off in four
months.  The payment of principal on the Class A Floating Rate
Debt Securities has a grace period of four months.  Class B
Floating Rate Debt Securities will not receive principal
payments until Fixed Rate and Class A Floating Rate securities
have been paid off.  The Certificates are entitled to receive
any remaining cash flow after Fixed Rate and Floating Rate Debt
Securities are paid in full.

Class B Floating Rate Debt Securities will pay interest on a
quarterly basis as long as Fixed Rate and Class A Floating Rate
Debt Securities are still outstanding.

Banco Supervielle is the originator and servicer in this
transaction.  On April 27, 2007, Moody's upgraded Supervielle's
national scale rating for deposits in local currency from Aa3.ar
to Aa2.ar. Supervielle's Bank Financial Strength Rating (BFSR)
was also upgraded to D- from E+.

Moody's Rating Actions on Supervielle:

   -- ARS13,110,000 in Fixed Rate Debt Securities of
      "Fideicomiso Financiero Supervielle Personales III", rated           
      Aaa.ar (Argentine National Scale) and Ba1 (Global Local
      Currency Scale);

   -- ARS17,250,000 in Class A Floating Rate Debt Securities of
      "Fideicomiso Financiero Supervielle Personales III", rated
      Aaa.ar (Argentine National Scale) and Ba1 (Global Local
      Currency Scale);

   -- ARS28,290,000 in Class B Floating Rate Debt Securities of
      "Fideicomiso Financiero Supervielle Personales III", rated
      Aa1.ar (Argentine National Scale) and Ba2 (Global Local
      Currency Scale);

   -- Fixed Rate Debt Securities, Assigned Ba1;

   -- Class A Floating Rate Debt Securities, Assigned Ba1; and

   -- Class B Floating Rate Debt Securities, Assigned Ba2.


HIDROELECTRICA PIEDRA: Calls for Shareholders Meeting on Nov. 20
----------------------------------------------------------------
Hidroelectrica Piedra del Aguila SA's directors have called for
an assembly of Class A shareholders for Nov. 20, 2007, at 11:00
a.m. for the first call, and at 12:00 noon for the second call.  
The assembly will be taking place at Tomas Edison 2701 in Buenos
Aires.

Headquartered in Buenos Aires, Argentina, Hidroelectrica Piedra
del Aguila S.A. is an electric power distributor.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Standard & Poor's Ratings Services assigned a 'B'
corporate credit rating to Argentina's 1,400 MW hydropower
generator Hidroelectrica Piedra del Aguila S.A. as well as a 'B'
rating to the upcoming 10-year fixed-rate bonds for up to US$200
million, due in four equal installments, beginning in 2014.  S&P
said the outlook is stable.

As reported on Jan. 31, 2007, Fitch Argentina Calificadora de
Riesgo assigned these ratings on Hidroelectrica Piedra del
Aguila S.A.'s debts:

   -- Obligaciones Negociables Series A for US$64,500,000, BB-
   -- Obligaciones Negociables Series B for US$35,600,000, BB-
   -- Obligaciones Negociables Series C for US$39,300,000, BB-
   -- Obligaciones Negociables Series D for US$22,800,000, BB-
   -- Obligaciones Negociables Simples for US$300,000,000, BB-
   -- Program of Obligaciones Negociables for US$300,000,000, B
   -- Class I under the US$300 million program for
      US$97,300,000, BB-
   -- Class II under the US$300 million program for
      US97,300,000, BB-
   -- Clase III under the US$300 illion program for
      US62,500,000, BB-


INVERSORA ELECTRICA: Fitch Arg Affirms CCC Rating on Notes
----------------------------------------------------------
Fitch Argentina has confirmed the CCC rating of Inversora
Electrica de Buenos Aires S.A. on:

   -- Obligaciones Negociables Series C for US$130.3 million;
      and

   -- Obligaciones Negociables Series D for US$4.7 million

In addition, the ordinary shares have been included in category
C.

The rate given to the notes shows the high level of debt of
IEBA, its weak capacity of repayment and the delays on the
financial commitments with EDEA creditors, the latter being the
operative company and only generator of funds.  EDEA has got
enough fo covering its financial needs, though this will depend
on future rates to be faced, from the year 2009, of payments of
capital.  Because the capacity of distribution of utilities of
EDEA will not be enough for covering the interests of IEBA, the
latter will depend on the financial assistant of its main
shareholder to face commitments.

On June 15, 2007, IEBA was able to reach the homologation of its
concurso preventivo, therefore being able to emit new ONs Serie
C and D and new ordinary shares as part of paying its debt in
concurso.  The process of exchange between the ONs Serie A and B
and the new Ons Serie C and ordinary shares will be done between
Oct 8, 2007 and Nov. 8, 2007.

EDEA has completed the reestructuring of its debt in
March 28, 2007, and was able to extend the dues of capital until
the year 2013.  The agreement includes the distribution of
utilities and emission of funds to IEBA in case there are
exceedings in cash.

Inversora Electrica de Buenos Aires S.A. was created on June
1997.  It holds a majority stake at Empresa Distribuidora de
Energia Atlantica S.A.  Empresa Distribuidora holds the
electricity distribution concession for 95 years in the east
region of the Province of Buenos Aires since the privatization
of ESEBA.  The main shareholder of IEBA is BAECO (Buenos Aires
Energy Company) holding 96% of the shares, which it bought on
April 28, 2005, from United Utilities International Limited
-- holding 45% in the company.  Also, BAECO is controlled by
Camuzzi Argentina SA.


LOGISTICA DIGITAL: Seeks for Reorganization Approval from Court
---------------------------------------------------------------
Logistica Digital S.A. has filed for a reorganization petition
after failing to pay its liabilities since Oct. 9, 2005.

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

The case is pending in the National Commercial Court of First
Instance No. 21 in Buenos Aires.  Clerk No. 41 assist in this
case.

The debtor can be reached at:

          Logistica Digital S.A.
          Avenida Lastra 3543
          Buenos Aires, Argentina


MARSIL SRL: Trustee Verifies Proofs of Claim Until Nov. 18
----------------------------------------------------------
Estudio Contable del Dr. Drzewko, Sukiassan y Toytoyndjian, the
court-appointed trustee for Marsil S.R.L.'s reorganization
proceeding, verifies creditors' proofs of claim until
Nov. 18, 2007.

Estudio Contable will present the validated claims in court as
individual reports on Feb. 13, 2008.  The National Commercial
Court of First Instance in La Matanza, 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 Marsil 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 Marsil's accounting
and banking records will be submitted in court on
March 28, 2008.

The debtor can be reached at:

       Marsil S.R.L.
       Avenida Rivadavia 14.340, Ramos Mejia
       Partido de La Matanza, Buenos Aires
       Argentina

The trustee can be reached at:

       Estudio Contable del Dr. Drzewko,
       Sukiassan y Toytoyndjian
       Avenida Comisionado J. Indart 2423, San Justo
       Buenos Aires, Argentina

                -- or --

       Estudio Contable del Dr. Drzewko,
       Sukiassan y Toytoyndjian
       Santander 1387, Ramos Mejia
       Buenos Aires, Argentina


OBRA SOCIAL: Proofs of Claim Verification Is Until Nov. 20
----------------------------------------------------------
Carlos Armando Masola, the court-appointed trustee for Obra
Social de Baneros y Afines del Partido de General Pueyrredon's
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 20, 2007.

Mr. Masola will present the validated claims in court as
individual reports on Feb. 7, 2008.  The National Commercial
Court of First Instance in Mar del Plata, Buenos Aires, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Obra Social 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 Obra Social's
accounting and banking records will be submitted in court on
March 20, 2008.

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

The debtor can be reached at:

        Obra Social de Baneros y
        Afines del Partido de General Pueyrredon
        Don Bosco 2545, Mar del Plata
        Buenos Aires, Argentina

The trustee can be reached at:

       Carlos Armando Masola
       Rawson 2434, Mar del Plata
       Buenos Aires, Argentina


REDES URBANAS: Files for Bankruptcy Petition in Buenos Aires
------------------------------------------------------------
The National Commercial Court of First Instance No. 21 in Buenos
Aires is studying the merits of Redes Urbanas Com SRL's request
to enter bankruptcy protection.

Redes Urbanas filed a "Quiebra Decretada" petition following
cessation of debt payments to Cooperativa de Credito del Milenio
Ltda.

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

Clerk No. 41 assists the court in this case.

The debtor can be reached at:

         Redes Urbanas Com SRL
         Avenida Cabildo 2327
         Buenos Aires, Argentina


SMOBY-MAJORETTE: Former Chairman and CEO Faces Probe
----------------------------------------------------
Jean-Christophe Breuil, the former chairman and CEO of French
toymaker Smoby-Majorette, is to undergo investigation for
allegedly misappropriating funds via foreign dummy companies,
the Financial Times reports, citing Les Echos as its source.

Meanwhile, Les Echos revealed Marius Millet, the chairman of the
Lons-le-Saunier commercial court, is among those eyeing to
acquire Smoby Engineering and Mob, the company's two
subsidiaries.  The successful buyer is set to be announced next
week.

The Commercial Court of Lons-le-Saunier placed Smoby-Majorette
under receivership on Oct. 9, 2007, ending the company's
bankruptcy protection, Financial Times Ltd. reports citing La
Tribune as its source.

According to La Tribune's Julieta Garnier, the court blamed
Smoby's buyer, MGA Entertainment, for failing to revive the
company.  MGA's debt restructuring negotiation with Smoby's
creditor banks fell through and it failed to pay the EUR11
million it pledged to invest in Smoby.

MGA is considering an appeal against the court's decision.

Deutsche Bank, which submitted a rival bid, said that it was
stunned at MGA's behavior and failure to keep its promises,
FT relates.

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,  
development, production and distribution of toys for children
from birth to age 10.  Its toy collection includes over 2,000
products divided into groups for specific age ranges.  Its
products are marketed under such brand names as Smoby, Berchet,
Ecoiffier, Majorette, Solido, Smoby Engineering and Mob.  The
Company's principal subsidiaries include Ecoiffier, which
focuses on the design and production of toys, and Mob, which is
a producer of plastic packaging.  Smoby has a presence in over
90 countries globally, with commercial and/or industrial
operations in South America, Asia and throughout Europe.  The
Company's products are sold worldwide through a network of 18
subsidiaries, with 65% of sales generated outside of France.
Its Latin America operations are found in Argentina, Brazil and
Mexico.


SMOBY-MAJORETTE: Exits Bankruptcy; Court Orders Receivership
------------------------------------------------------------
The Commercial Court of Lons-le-Saunier placed Smoby-Majorette
under receivership on Oct. 9, 2007, ending the company's
bankruptcy protection, Financial Times Ltd. reports citing La
Tribune as its source.

According to La Tribune's Julieta Garnier, the court blamed
Smoby's buyer, MGA Entertainment, for failing to revive the
company.  MGA is considering an appeal against the court's
decision.

As reported in the TCR-Europe on Oct. 10, 2007, MGA's debt
restructuring negotiation with Smoby's creditor banks fell
through and it failed to pay the EUR11 million it pledged to
invest in Smoby.

Deutsche Bank, which submitted a rival bid, said that it was
stunned at MGA's behavior and failure to keep its promises,
Financial Times relates.

                           About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,  
development, production and distribution of toys for children
from birth to age 10.  Smoby has a presence in over 90 countries
globally, with commercial and/or industrial operations in South
America, Asia and throughout Europe.  The Company's products are
sold worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.

The Commercial Court of Lons-le-Saunier opened bankruptcy
proceedings against Smoby on March 19, 2007, upon the Debtor's
request.  Smoby was hoping to snag an investor who will inject
fresh capital yet remain a minority, as the company grapples
with a EUR330-million debt.  The company reported a net loss of
EUR15.87 million for the year ended March 31, 2006, compared
with a net profit of EUR1.56 million in 2005.  Its Latin
America operations are found in Argentina, Brazil and Mexico.




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


BANCO BMC: Moody's Withdraws Ratings After Bradesco Acquisition
---------------------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Banco BMC S.A.  The rating action reflects the acquisition of
Banco BMC by Banco Bradesco S.A. in August 2007 and its
integration into Banco Bradesco's operating platform.

These ratings were withdrawn:

    -- B- bank financial strength rating, with stable outlook;

    -- Global Local Currency Deposit Ratings: A1 for long-term
       and Prime-1 for short-term, with stable outlook;

    -- foreign currency deposit Ratings: Ba2 for long-term and
       Not Prime for short-term, with stable outlook; and

    -- Brazilian National Scale Ratings: Aaa.br for long-term
       and BR-1 for short-term, with stable outlook.

Banco BMC has no rated foreign currency debt outstanding.

Moody's action doesn't reflect a change in Banco BMC's
creditworthiness.

Banco BMC S.A. is headquartered in Sao Paulo, Bazil and had
total assets of BRL2.3 billion and equity of BRL317 million as
of June 30, 2007.


BANCO NACIONAL: Okays BRL124-Million Loan to Alusa
--------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has authorized a BRL124-million loan to
Brazilian engineering group Alusa for the firm's Santa Catarina
transmission line project.

Business News Americas relates that Alusa, through its specific
purposes firm Sistema de Transmissao Catarinense, will construct
and run the 230-kilovolt, 195-kilometer Barra Grande-Lages-Rio
do Sul transmission line.

The BRL124-million loan accounts for 74% of the investment in
the line, BNamericas states, citing Banco Nacional.

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

                        *     *     *

Banco Nacional currently carries a Ba2 foreign long-term bank
deposit rating from Moody's, and a BB+ long-term foreign issuer
credit rating from Standards and Poor's.  The ratings were
assigned in August and May 2007, respectively.


DELPHI CORP: November Hearing Set for ERISA Suit Settlement
-----------------------------------------------------------
A fairness hearing on a US$47,000,000 settlement of a litigation
filed against Delphi Corp. over an alleged violation of the
Employees Retirement Income Security Act is set Nov. 13, 2007.

The Delphi ERISA Consolidated Complaint was filed in the United
States District Court for the Eastern District of Michigan on
behalf of Plaintiffs and a class of all persons who were
participants in or beneficiaries of the following Delphi-
sponsored, defined-contribution plans:

     (1) the Delphi Savings-Stock Purchase Program for Salaried
         Employees in the United States;

     (2) the Delphi Personal Savings Plan for Hourly-Rate
         Employees in the United States;

     (3) the ASEC Manufacturing Savings Plan; and

     (4) the Delphi Mechatronic Systems Savings-Stock Purchase
         Program from May 28, 1999, to Nov. 1, 2005, and whose
         accounts included investments in Delphi or General
         Motors (GM) common stock.

Plaintiffs allege that during the Class Period, the Defendants
breached their fiduciary duties to Plaintiffs and the Class
members by:

   * failing to prudently and loyally manage the Plans' assets;

   * failing to act in accordance with Plan documents and ERISA;

   * failing to monitor fiduciaries;

   * failing to disclose to and inform the other fiduciaries of
     the Plans of information which the other fiduciaries
     reasonably needed to know to fulfill their fiduciary duties
     to Plan participants and beneficiaries; and

   * breaching their obligations as co-fiduciaries.

The Defendants in the case are:

   -- the Delphi Corporation Board of Directors' Executive
      Committee and its members;

   -- the Investment Policy Committee and its members; and

   -- J.T. Battenberg III, Robert H. Brust, Alan S. Dawes, Susan
      A. McLaughlin, and John D. Opie (collectively, the Delphi
      Officer and Director Defendants),

   -- General Motors Investment Management Company (GMIMCo), and

   -- State Street Bank & Trust Company.

Not all claims are against every Defendant.

                      Settlement Update

On Aug. 31, 2007, Plaintiffs filed their motion for preliminary
approval of a Settlement between the Named ERISA Plaintiffs and
Defendants Delphi, ASEC Manufacturing, Delphi Mechatronic
Systems, the Delphi Corporation Board of Directors Executive
Committee and its members, the Investment Policy Committee and
its members, and the Delphi Director and Officer Defendants.

Claims asserted against State Street are not a part of the
Settlement.  Plaintiffs continue to litigate their claims
against State Street.

On Sept. 5, 2007, the Court issued an order granting preliminary
approval of the Settlement. At the Fairness Hearing, to be held
on Nov. 13, 2007 at 9:30 a.m., the Court will decide, among
other things:

   -- whether to approve the Settlement;

   -- whether to dismiss with prejudice the litigation against
      Settling Defendants pursuant to the terms of the
      Settlement Stipulations;

   -- whether the Notice and the Publication Notice and the
      means of disseminating same were satisfactory and complied
      with applicable law;

   -- whether to bar all Barred Claims against the Releasee
      Parties by any Barred Person;

   -- whether to establish a reserve of 25% of the Gross
      Settlement Fund for a potential award of attorneys' fees
      and expenses; and

   -- whether to grant each Named Plaintiff a case
      contribution award of up to US$5,000 payable from the
      Gross Settlement Fund.

As part of the Settlement, the Settling Defendants agree to pay
US$47,000,000, consisting of Approximately US$22,500,000 in cash
to be paid from available insurance policies, and an "allowed
interest" in the Delphi Corporation Chapter 11 case that counsel
expect to be valued at US$24,500,000.

After payment of and establishment of reserves for any taxes and
Court-approved costs, attorneys' fees, and expenses, including
any Court-approved compensation to be paid to the Named
Plaintiffs, the Settlement proceeds will be paid to the Plans
and, after payment of implementation expenses, the remaining
amount will be allocated to the Plan accounts of members of the
Settlement Class according to a Plan of Allocation to be
approved by the Court.  If necessary, a Plan account will be
created for those members of the Settlement Class who no longer
have Plan accounts.

Any payments to the Plans are subject to certain conditions and
limitations set forth in the Settlement Stipulation.  Until the
Delphi ERISA Action has been concluded and fully and finally
resolved with respect to all Barred Persons, there will be no
distribution from the Net Settlement Fund that would cause the
balance remaining in the Net Settlement Fund to be less than the
aggregate of Named Plaintiffs' claims for potential damages with
respect to all claims against Barred Persons that have not been
concluded and fully and finally resolved.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  


DELPHI INC: Lead Plaintiffs Object to Disclosure Statement
----------------------------------------------------------
Teachers' Retirement System of Oklahoma, Public Employees'
Retirement System of Mississippi, Raiffeisen Kapitalanlage-
Gesellschaft m.b.H., and Stichting Pensioenfonds ABP, the Lead
Plaintiffs in the consolidated securities class action entitled
In re Delphi Corp. Securities Litigation, Master Case No.
05-md-1725 (GER) (E.D.Mich.), relate that although the Debtors'
Disclosure Statement addresses several of their concerns, it
does not address all of them.

The Lead Plaintiffs are, and represent, creditors, equity
holders and parties-in-interest in the Debtors' Chapter 11 cases
who bought certain of the Debtors' common stock and debt
securities between March 7, 2000, and March 3, 2005.  The Lead
Plaintiffs contend that the Debtors, certain of the Debtors'
current and former directors and officers, and certain other
parties concealed and misrepresented the Debtors' true financial
condition before and during the Class Period.  The Lead
Plaintiffs and the putative class assert damages in excess of
US$1,000,000,000, Michael S. Etkin, Esq., at Lowenstein Sandler
PC, in New York, notes.

Over the course of several months in 2007, the Lead Plaintiffs,
the Debtors and other parties to the Securities Litigation, with
the assistance of a special master appointed by the U.S.
District Court for the Eastern District of Michigan, conducted
discussions and negotiations regarding a settlement of the
Securities Litigation, Mr. Etkin relates.  On Aug. 31, 2007,
those discussions resulted in an agreement resolving the
Securities Litigation as to the Debtors and certain other
defendants.

Contemporaneous with resolving the Securities Litigation, the
Debtors prepared their Disclosure Statement and Joint Plan of
Reorganization.  The Lead Plaintiffs, Mr. Etkin says, have
provided the Debtors with numerous comments, several of which
have been incorporated into the Disclosure Statement and Plan.

The parties have not yet been able to reach agreement on two of
the Lead Plaintiffs' proposed revisions to the Disclosure
Statement and Plan involving third party releases and certain
conditions to the effectiveness of the Plan, Mr. Etkin informs
Judge Drain.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.


EMBRATEL PARTICIPACOES: Launching Embratel IP for Companies
-----------------------------------------------------------
Embratel Participacoes will launch Embratel IP -- a converged
data, video and voice service for companies -- next year, news
service Valor Economico reports.

Business News Americas relates that Embratel Participacoes will
still determine the cost of Embratel IP.  

The price would be accessible to small firms, Embratel
Participacoes' corporate marketing director Paulo Pessoa assured
BNamericas.

Mr. Pessoa commented to BNamericas, "Instead of using a PABX, a
router and a software house, companies will only need to
contract Embratel."

BNamericas notes that Embratel IP will technically be quadruple
play.  It will include mobile telephony.

Embratel Participacoes would enter into accords with major
mobile operators to provide the service, BNamericas states,
citing Mr. Pessoa.

Embratel Participacoes SA offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt -- B2.


FORD MOTOR: Expresses Possible Expansion of Philippine Facility
---------------------------------------------------------------
Ford Motor Co. could expand up to 7% its production facility in
the Philippines if there is sustained local economic growth and
if regional integration opened up more markets in Southeast
Asia, the Philippine Daily Inquirer reports.

However, Ford's vice-president for the governmental affairs in
Asia-Pacific and Africa, Lian Benham, told the Inquirer that
Ford is continually studying expansion opportunities in the
country.  Mr. Benham said "the ASEAN market is still largely
untapped," indicating a possible future for its Philippine
operations.  However, Mr. Benham said that the company has to
come up first with a competitive situation to make it a
"feasible reality."

The Ford official described the Philippine government's efforts
to improve the country's competitiveness as "heartening."  Mr.
Benham added that Ford is "fully committed to the Philippines,
which is a very key hub for Ford in the Asian region."

Mr. Benham, who was in the Philippines on a three-day visit as
part of the US-ASEAN Busines Council business mission, said that
despite optimism on the Philippine market, investors are greatly
concerned about the smuggling and high cost of power in the
country.  He also said that the strict implementation of the ban
imposed on the importation of used vehicles was crucial to the
expansion of the domestic vehicle market.

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.


GERDAU SA: Inks Letter of Intent for 49% Stake Buy at Corsa
-----------------------------------------------------------
Gerdau S.A. disclosed that the group has signed a letter of
intent for the acquisition of a 49% stake in the capital stock
of the holding company Corsa Controladora, S.A. de C.V., with
its registered offices in Mexico City, Mexico.  The company
holds 100% of the capital stock of Aceros Corsa, S.A. de C.V.
and of their distributors.

Aceros Corsa, located in the city of Tlalnepantla, in the
metropolitan region of Mexico City, is a long steel mini-mill
producer (light commercial profiles) with an installed capacity
of 150 thousand tons of crude steel and 300 thousand tons of
rolled products annually.

The Gerdau Group and Corsa Controladora's shareholders have also
signed a commitment to implement a project for the production of
structural profiles in Mexico.  The project, which estimates
US$400 million in investment, contemplates an annual installed
capacity of 700 thousand tons of crude steel and rolled
products.  The mill will begin its operations in 2010.

Gerdau is to disburse US$100.5 million in this transaction.  The
agreement is subject to approval by the Mexican anti-trust
authorities and the operation is expected to be concluded before
the end of the year.

This association is part of the Gerdau Group's growth strategy
for the Americas, expanding its presence in Mexico, which is the
third largest market for steel products on the American
continent.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude  
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

As reported on Oct 1, 2007, Moody's Investors Service confirmed
the Ba1 corporate family ratings of Gerdau S.A. and Gerdau
Ameristeel Corporation.  The ratings agency also confirmed the
Ba1 corporate family rating of the Brazilian operations of
Gerdau, represented by Gerdau Acominas S.A., Gerdau Acos Longos
S.A., Gerdau Acos Especiais S.A., and Gerdau Comercial de Acos
S.A.  Meanwhile, the ratings for Chaparral Steel Company were
withdrawn as all its rated debt will be retired.  Moody's said
the outlook for all ratings is stable.


HEXCEL CORP: Earns US$17.3 Million in 2007 Third Quarter
--------------------------------------------------------
Hexcel Corporation reported net income of US$17.3 million for
the third quarter of 2007, compared to net income of US$15.7
million in last year.

Net sales from continuing operations in the quarter were
US$281.1 million, 11.4% higher than the US$252.3 million
reported for the third quarter of 2006.  Related operating
income for the third quarter was US$30.2 million compared to
US$23.9 million for the same period last year.

Chief Executive Officer David E. Berges commented, "The third
quarter saw continued strong sales to most of the commercial
aerospace market.  Sales to Boeing, regional aircraft builders
and for engines and nacelles were up significantly for the third
quarter in a row.  Airbus sales were again down for the quarter,
but only slightly as the impact of the A380 delay began a year
ago.  The first A380 has been delivered to Singapore Airlines
and based on the current recovery schedule we expect favorable
year-over-year sales comparisons going forward.  We are
encouraged that two new customers have recently committed to add
the A380 to their fleet and hope to see renewed interest as this
groundbreaking aircraft enters active service."

"We generated nice year-over-year improvements in both gross
margin and operating margin, and we still expect to meet our
margin guidance targets for the year.  With new aerospace
programs, higher build rates, new product qualifications, new
process developments and facilities underway, these are exciting
times for us.  The employees of Hexcel recognize the tremendous
opportunities in front of them, and are working relentlessly to
turn these opportunities into a more profitable future."

As previously disclosed, the company completed the sale of EBGI
to JPS Industries for an initial cash purchase price of US$62.5
million plus up to US$12.5 million of additional payments
dependent upon future sales of the Ballistics product line.  Any
additional payments will be recorded as income when earned.

                        Income Taxes

The company's effective income tax rate for the third quarter
2007 was 29.5% as compared to 22.0% for the third quarter of
2006.  The 2006 provision included the reversal of US$3.6
million of the valuation allowance against the company's U.S.
deferred tax assets related to capital losses.  The year to date
tax rate is now 38.1%.  The reduction in the third quarter rate
as compared to the 42.3% in the first half of 2007 primarily
reflects a favorable audit settlement, including the release of
US$1.1 million of FIN 48 reserves.  Gerdau expects its rate for
the full year to be approximately 39%.

                    Total Debt, Net of Cash

Total debt, net of cash, of US$293.2 million as of
Sept. 30, 2007 decreased by US$93.4 million from US$386.6
million as of Dec. 31, 2006.  The year-to-date results include
US$84.0 million of proceeds from the sale of the discontinued
operations.  The US$15.0 million liability recorded in the
second quarter for the settlement of the Zylon matter is
expected to be paid in the fourth quarter.

                      About Hexcel Corp.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced   
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


JAPAN AIRLINES: Three Firms Eye Credit Card Unit
------------------------------------------------
Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial
Group Inc. and Credit Saison Co. are eyeing Japan Airlines
Corp.'s credit card unit, JALCard Inc., Bloomberg News reports,
citing five people familiar with the matter.

JAL asked local and overseas firms last week to submit
acquisition proposals by Oct. 31, the sources, who refused to be
identified, told Bloomberg.

According to the sources, Credit Saison plans to tie up with
Mizuho Financial Group Inc. to buy a stake in JALCard, which has
2 million cardholders.

Bloomberg notes that JAL President Haruka Nishimatsu is selling
businesses not related to aviation in order to cut the carrier's
debt by 12% this fiscal year.  The cardholders spend an average
of JPY860,000 a year, making them attractive to the Japanese
banks, which face increasing competition from Citigroup Inc. and
HSBC Holdings PLC.

"JALCard has high-income customers," Bloomberg quotes Credit
Suisse Group analyst Osuke Itazaki as saying.  "A sale of the
unit would give Japan Airlines funds to either pay down debt or
buy new planes."

JAL has appointed Mizuho Securities Co. as financial adviser to
the transaction, the sources said.  The airline hasn't decided
on whether to sell the entire unit and has asked potential
bidders for proposals on the size of the stake and possible
future cooperation, they further relayed to Bloomberg.

According to the report, JAL spokesman Stephen Pearlman, Mizuho
spokeswoman Masako Shiono, Mitsubishi UFJ's spokesman Takashi
Miwa, Credit Saison's spokesman Akira Miyashita and Sumitomo
Mitsui spokesman Tetsu Morishima all declined comment regarding
the bidding for JALCard.

                     About Japan Airlines

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

                        *     *     *

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

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

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


REXAM PLC: To Build New Beverage Can Plant in Denmark
-----------------------------------------------------
Rexam Plc disclosed plans to build a greenfield aluminium
beverage can plant in Fredericia, Denmark.

The new facility, which is the first of its kind in Denmark,
represents a capital investment of some GBP78 million (EUR112
million) spread over three years, two thirds of which will be
incurred in 2008.  The plant is expected to be operational
during the first half of 2009 and is being built in response to
strong growth in the region and increasing customer demand.  It
will initially have a capacity of 1.2 billion cans and produce
33cl and 50cl cans.

Due to this strong growth, the European beverage can industry
overall is running at very high utilization rates.  The new
plant supports Rexam's capacity needs and will help to optimize
its supply of beverage cans to the Northern European market.

"This is a significant investment for our customers and for
Rexam," Leslie Van de Walle, Chief Executive Officer, Rexam,
commented.  "The European beverage can market, excluding
Germany, has grown annually by 8% in recent years and is
anticipated to continue to grow at a similar rate over the next
three years fuelled, among others things, by strong growth in
the Nordic region.  Our new plant will enable us to capture
growth, better serve our customers and further consolidate our
global leadership position in beverage cans." Mr. Van De Walle
added.

Headquartered in London, England, Rexam Plc --
http://www.rexam.com/-- is a global consumer packaging company  
and a beverage can maker.  Rexam serves the beverage, beauty,
pharmaceuticals and food markets with around 100 manufacturing
operations in more than 20 countries, including Brazil and
Indonesia and generated revenues of GBP3.7 billion.

                         *   *   *

In June 2007, Moody's Investors Service assigned a provisional
(P)Ba2 rating to the proposed issuance of capital securities by
Rexam Plc rated Baa3 for senior unsecured debt.

The assigned rating and the basket designation will be subject
to satisfactory final documentation.  Moody's said the outlook
for the ratings is stable.


* BRAZIL: Petrobras Opens Fuel Distribution Feasibility Studies
---------------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasileiro SA will
conduct feasibility studies for a fuel distribution hub in Juiz
de Fora, Minas Gerais, Business News Americas reports.

According to Petroleo Brasileiro's statement, Petroleo
Brasileiro signed a memorandum of understanding with Juiz de
Fora mayor Carlos Alberto Bejani for the studies.

The studies would last until the end of March 2007.  Once the
project was found feasible, Juiz de Fora would construct the
infrastructure before Petroleo Brasileiro deploys the fuel
distribution unit, BNamericas states.

                        *     *     *

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


ALEX LEASING: Holding Final Shareholders Meeting on Nov. 2
----------------------------------------------------------
Alex Leasing Limited will hold its final shareholders meeting on
Nov. 2, 2007, at the registered office of the company.

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of to the date of the final winding-up
      on Nov. 2, 2007; and

   2) authorizing the liquidator of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

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

The liquidators can be reached at:

          John Cullinane
          Derrie Boggess
          c/o Walkers SPV Limited
          Walker House, 87 Mary Street
          George Town, Grand Cayman KY1-9002
          Cayman Islands


BEAR STEARNS FUNDS: BofA Seeks Clarification of Injunction Order
----------------------------------------------------------------
Bank of America, N.A., and each of Bear Stearns High-Grade
Structured Credit Strategies Master Fund, Ltd., and Bear Stearns
High-Grade Structured Credit Strategies Enhanced Leverage Master
Fund, Ltd., entered into various derivative transactions,
including without limitation interest rate, total return, credit
spread, credit default and credit index swap transactions,
pursuant to International Swaps and Derivatives Association,
Inc., Master Agreements, dated Nov. 4, 2003, and
July 31, 2006.

Bank of America Securities, LLC, and each of the Foreign Debtors
also entered into repurchase and reverse repurchase transactions
pursuant to Master Repurchase Agreements, dated Dec. 5, 2003,
and July 28, 2006.

Due to the Foreign Debtors' financial conditions, the Bank of
America Entities exercised their contractual rights, within the
meaning of Section 561(a) of the Bankruptcy Code, to terminate
the Derivative Transactions, and to accelerate the repurchase
dates for all of the Repurchase Transactions, Jantra Van Roy,
Esq., at Zeichner Ellman & Krause, LLP, in New York, tells the
U.S. Bankruptcy Court for the Southern District of New York.

On June 18, 2007, the Foreign Debtors, its manager Bear Stearns
Asset Management, Inc., and the Bank of America Entities entered
into a termination and purchase agreement, which provided, among
other things, that:

   (a) the Foreign Debtors will sell to Bank of America
       Securities each of the securities subject to the
       Repurchase Transactions under each of the Repurchase
       Agreements;

   (b) BANA will pay to Bank of America Securities all amounts
       owing to the Debtors as a result of the termination of
       the Derivate Transactions; and

   (c) the Foreign Debtors will transfer to BANA all voting,
       consent, and direction rights that they are entitled as a
       holder of "Preference Shares," as the term is defined in
       the Private Placement Agency Agreement between Bank of
       America and the Debtors.

The TPA also provided that so long as BSAM is Collateral Manager
within the meaning of the Placement Agreement, BANA will have
consent rights over each asset purchase, asset sale, entry into
hedge transaction, or any other action BSAM may take.  BANA will
also have consent rights over any exercise by BSAM of any voting
power, discretionary power, or any other rights and powers that
the Collateral Manager has.

To effectuate the transfer of the rights, the Enhanced Fund, as
Issuer, issued to BANA a "Voting Share."  The Enhanced Fund and
LaSalle Bank National Association, as trustee, under an
indenture, dated May 24, 2007, also amended the Indenture to
provide that all of the voting, consent, approval and direction
rights of the Preference Shares and the Preference Shareholders
will be exercised solely by the Voting Shareholders.  

The transfer of rights caused BANA to be the holder of the
Enhanced Fund's sole outstanding Voting Share, Mr. Van Roy says.

Mr. Van Roy tells the Court that BANA wants to exercise its
Voting Right to consent to and vote in favor of further amending
the LaSalle Indenture and related documents to provide that:

   (1) no payment will be made to any Preference Shareholder
       unless and until the entire indebtedness on all of the
       Enhanced Fund's outstanding Secured Floating Rates Notes
       of various classes and seniority have been paid and
       discharged; and

   (2) all of the Enhanced Fund's discount current and future
       commercial paper notes outstanding, have been paid and
       discharged and no more CP Notes will be issued by the
       Enhanced Fund.

Aristotelis Alexandros Galatopoulos, Esq., at Maples and Calder,
in George Town, Cayman Islands, representing the Bank of America
Entities, relates that the Enhanced Fund has share capital of
US$950 divided into:

   -- 250 Ordinary Shares of a par value of $1 each,
   -- 60,000 Preference Shares of US$0.01 par value each; and
   -- 100 Voting Shares of US$1 par value each.

BANA retained Maples and Calder to give opinion on Cayman Island
laws.

Accordingly, BANA asks the U.S. Bankruptcy Court to determine
that the preliminary injunction order issued by the Hon. Burton
Lifland does not bar it from exercising its Voting Rights.  
In the alternative, BANA asks the Bankruptcy Court to modify
the Injunction Order to permit it to exercise its Voting Right.

Mr. Van Roy asserts that the Injunction Order does not bar
BANA's proposed exercise of voting rights because the exercise
is not barred by Cayman Islands law.

Mr. Van Roy points out that, on filing of a winding down
proceeding in the Cayman Islands, a stay prohibiting unsecured
creditors and investors from pursuing or commencing a "suit,
action, or proceeding" is effected pursuant to Section 101 of
the Cayman Islands Companies Law (2007 Revision) to enable an
insolvent company to avoid the inconvenience and expense of
litigation.

BANA's proposed exercise of its Voting Right does not constitute
a "suit, action, or proceeding," thus it is not stayed by Cayman
Islands law

Mr. Van Roy also noted that the joint official liquidators of
the Bear Stearns Funds have advised him that they believe that
BANA's exercise of its Voting rights would not violate the
Injunction Order.

                   About Bear Stearns Funds

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

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

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


BEAR STEARNS FUNDS: Bankruptcy Appeal Assigned to Judge R. Sweet
----------------------------------------------------------------
The appeal filed by Bear Stearns High-Grade Structured Credit
Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund,
Ltd., from the order of Judge Burton Lifland of the U.S.
Bankruptcy Court for the Southern District of New York denying
their request for protection under Chapter 15 of the Bankruptcy
Code is assigned to Judge Robert Sweet of the U.S. District
Court for the Southern District of New York (Foley Square).

In a letter to Judge Sweet, Fred S. Hodara, Esq., at Akin Gump
Strauss Hauer & Feld LLP, in New York, proposed a briefing
schedule, which provides for deadlines for the submission of any
amicus briefs relating to the Appeal:

   Nov. 7, 2007 -- Deadline for submission of Appellant's
                   opening brief and any amicus briefs in
                   support of the Appeal

   Nov. 8, 2007 -- Deadline for submission of amicus briefs,
                   if any, in opposition to the Appeals

  Dec. 12, 2007 -- Deadline for submission of Appellant's
                   reply to any amicus briefs submitted in
                   opposition to the Appeals

Mr. Hodara, on behalf of Simon Lovell Clayton Whicker and
Kristen Beighton at KPMG, the Bear Stearns Funds' official
liquidators, also proposed that any amicus briefs would be
required to be filed concurrently with the appropriate
application seeking leave from the District Court to file that
brief.

Mr. Hodara told Judge Sweet that the Funds' Appeal present an
unusual circumstance in that there is no appellee because the
matter on appeal was uncontested before the Bankruptcy Court.  
Judge Lifland's Decision has also received significant press
coverage both in the United States and outside the United
States, and sparked public commentary and discussion because of
its implications.

Mr. Hodara further said that the Appeal raised an issue of first
impression in the United States relating to the application of
Chapter 15.  Thus, Mr. Hodara believes that non-parties may
wish, subject to receiving leave from the District Court, to
submit amicus briefs in support of, and in opposition to, the
Appeals.

                  About Bear Stearns Funds

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

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

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than $100,000,000 each.  (Bear
Stearns Funds Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


BJK INC: Last Day To File Proofs of Claim Is Nov. 15
----------------------------------------------------
B.J.K. Inc.'s creditors are required to submit proofs of claim
by Nov. 15, 2007, to Kingsley G. Campbell, 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.

B.J.K. Inc.'s shareholders agreed on Sept. 21, 2007, to place
the company into voluntary liquidation under The Cayman Islands'
Companies Law (2007 Revision).

The liquidator can be reached at:

         Kingsley G. Campbell
         103 Ronan Avenue
         Toronto, Ontario
         Canada M4N 2Y2
         Tel: 416-481-0455


CAYMAN DFK: Will Hold Final Shareholders Meeting on Nov. 2
----------------------------------------------------------
Cayman DFK will hold its final shareholders meeting on
Nov. 2, 2007:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) giving explanation to the shareholders.

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

The liquidator can be reached at:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949-8244
          Fax: (345) 949-5223


CBO HOLDINGS: Sets Final Shareholders Meeting for Nov. 2
--------------------------------------------------------
CBO Holdings VI Ltd. will hold its final shareholders meeting on
Nov. 2, 2007:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) giving explanation to the shareholders.

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

The liquidator can be reached at:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949-8244
          Fax: (345) 949-5223


CHIEN KUO: Creditors Have Until Nov. 16 To File Proofs of Claim
---------------------------------------------------------------
Chien Kuo Group Holdings Limited's creditors are given until
Nov. 16, 2007, to submit proofs of claim to Richard L. Finlay at
Conyers Dill & Pearman, 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.

Chien Kuo's sole shareholder shareholders agreed on
Sept. 30, 2007, to place the company into voluntary liquidation
under The Cayman Islands' Companies Law (2007 Revision).    

The liquidator can be reached at:

        Richard L. Finlay
        Conyers Dill & Pearman
        P.O. Box 2681
        Cricket Square, Hutchins Drive
        Grand Cayman KY1-1111
        Cayman Islands

For inquiries, you may contact:

        Krysten Lumsden
        P.O. Box 2681 Georgetown
        Grand Cayman
        Tel: 345-945-3901
        Fax: 345-945-3902


COMMERCIAL MORTGAGE: Holds Final Shareholders Meeting on Nov. 2
---------------------------------------------------------------
Commercial Mortgage Company III-R2, Inc., will hold its final
shareholders meeting on Nov. 2, 2007:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) giving explanation to the shareholders.

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

The liquidator can be reached at:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949-8244
          Fax: (345) 949-5223


COPPER BEECH: Final Shareholders Meeting Is on Nov. 2
-----------------------------------------------------
Copper Beech Financial Corporation Limited will hold its final
shareholders meeting on Nov. 2, 2007:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) giving explanation to the shareholders.

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

The liquidator can be reached at:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949-8244
          Fax: (345) 949-5223


DCC II: Final Shareholders Meeting Is on Nov. 2
-----------------------------------------------
DCC II Company R, Inc., will hold its final shareholders meeting
on Nov. 2, 2007:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) giving explanation to the shareholders.

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

The liquidator can be reached at:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949-8244
          Fax: (345) 949-5223


DENALI MANAGEMENT: Holding Final Shareholders Meeting on Nov. 2
---------------------------------------------------------------
Denali Management GP will hold its final shareholders meeting on
Nov. 2, 2007:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) giving explanation to the shareholders.

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

The liquidator can be reached at:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949-8244
          Fax: (345) 949-5223


DIAMOND FINANCIAL: Sets Final Shareholders Meeting for Nov. 2
-------------------------------------------------------------
Diamond Financial Corporation Limited will hold its final
shareholders meeting on Nov. 2, 2007:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) giving explanation to the shareholders.

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

The liquidator can be reached at:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949-8244
          Fax: (345) 949-5223


FLEET FUNDING: Sets Final Shareholders Meeting for Nov. 2
---------------------------------------------------------
Fleet Funding I Limited will hold its final shareholders meeting
on Nov. 2, 2007:

          Deutsche Bank (Cayman) Limited
          Boundary Hall, Cricket Square
          Grand Cayman KY1-1104, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) giving explanation to the shareholders.

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

The liquidator can be reached at:

          David Dyer
          P.O. Box 1984
          Grand Cayman KY1-1104, Cayman Islands
          Telephone: (345) 949-8244
          Fax: (345) 949-5223


KED INVESTMENTS: Creditors Must File Proofs of Claim by Nov. 15
---------------------------------------------------------------
KED Investments IV Ltd.'s creditors are required to submit
proofs of claim by Nov. 15, 2007, to Stuart Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

KED Investments' shareholders agreed on Sept. 6, 2007,to place
the company into voluntary liquidation under The Cayman Islands'
Companies Law (2007 Revision).

The liquidator can be reached at:

         Stuart Corporate Services Ltd.
         4F, Cayman Financial Centre
         36A Dr. Roy's Drive, George Town
         P.O. Box 2510
         Grand Cayman, KY1-1104
         Cayman Islands
         Tel: 345-949-3344
         Fax: 345-949-2888


KED INVESTMENTS: Sets Final Shareholders Meeting for Nov. 16
------------------------------------------------------------
KED Investments IV Ltd. will hold its final shareholders meeting
on Nov. 16, 2007, at 9 a.m. to take up these matters:

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

   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

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

KED Investments' shareholders agreed on Sept. 6, 2007, to place
the company into voluntary liquidation under The Cayman Islands'
Companies Law (2007 Revision).

The liquidator can be reached at:

         Stuart Corporate Services Ltd.
         4F, Cayman Financial Centre
         36A Dr. Roy's Drive, George Town
         P.O. Box 2510
         Grand Cayman, KY1-1104
         Cayman Islands
         Tel: 345-949-3344
         Fax: 345-949-2888


SLS BPI: Holding Final Shareholders Meeting on Nov. 2
-----------------------------------------------------
SLS BPI Fund, Ltd., will hold its final shareholders meeting on
Nov. 2, 2007 at 9:00 a.m., at:

          Ogier
          Queensgate House, South Church Street
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

   1) accounting of the winding-up process and how the property
      has been disposed of to the date of the final winding-up
      on Nov. 2, 2007; and

   2) authorizing the liquidator of the company to retain the
      records of the company for a period of five years from the
      dissolution of the company, after which they may be
      destroyed.

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

The liquidator can be reached at:

          Ogier
          Attention: Julie O'Hara
          Attorneys, Queensgate House
          South Church Street, Grand Cayman
          Cayman Islands
          Telephone: (345) 949 9876
          Fax: (345) 949 1986




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


COEUR D'ALENE: Appoints Officers in South America & Alaska
----------------------------------------------------------
Coeur d'Alene Mines Corporation has appointed key personnel at
its growth projects, San Bartolome, Bolivia silver mine and
Kensington, Alaska gold mine.  Both mines are progressing toward
the operations and production phase of development.

"We are very pleased to announce that our San Bartolome silver
mine and Kensington gold mine have almost completed construction
and are moving toward the operations and production phase," said
Dennis E. Wheeler, Chairman, President and Chief Executive
Officer.  "In tandem with this, Coeur has significantly
strengthened its operations management team to secure the
company's position as it moves to its next level of strategic
growth.  Production at San Bartolom‚ remains on schedule to
begin producing nine million ounces of silver annually,
beginning in February.  Additionally, construction at Kensington
is over 90% complete and the process plant and ancillary
construction activities, including pre-operational testing, are
fully complete."

                   San Bartolome, Bolivia

At San Bartolome, Rick Irvine has been appointed General Manager
for the mine in Potosi, Bolivia.  Mr. Irvine recently joined
Coeur and Empresa Minera Manquiri, Coeur's Bolivian subsidiary.
He has 17 years of mining experience in Canada, Argentina,
Chile, Honduras, Nicaragua, as well as Bolivia.  Mr. Irvine was
most recently Operations Manager at the Manantial Espejo
development project in Argentina.  He was also previously Vice
President and Chief Operating Officer of Apogee Minerals.

As San Bartolomr moves toward its expected February 2008
startup, over 1,600 personnel on site at the project have
surpassed 2 million man-hours without a lost time accident.  All
major construction contracts have been awarded for the project,
with engineering 100% complete, and procurement of equipment and
materials 98% complete.

                     Kensington, Alaska

At Kensington -- Coeur's major gold project near Juneau, Alaska
-- Tom Henderson has been promoted to General Manager for Coeur
Alaska.  Mr. Henderson has been Mine Manager at Coeur's
Kensington Mine since beginning with the company in late 2006.  
Effective Nov. 1, Mr. Henderson will also become General Manager
of the Kensington as it moves toward its production phase.

Mr. Henderson was previously a mining manager at the Robinson
Mine in Ruth, Nevada, and also worked at the Goldstrike Mines in
Carlin, Nevada.  Mr. Henderson was also mine manager at the
Grasberg Mine, one of the world's largest mines located in
Indonesia.  Mr. Henderson brings a total of 29 years of mining
operations experience to his new position at Kensington.

Construction at Kensington is over 90% complete.  The process
plant and ancillary construction activities, including pre-
operational testing, are fully complete.  A supplemental
operations team remains focused on improving the process plant
control systems, as well as other minor activities including
sediment control, overall site maintenance, and weather
conditioning.

                Additional Personnel Changes

Bernie O'Leary was named Director of Technical Services, based
in Sydney Australia.  Mr. O'Leary succeeds Stuart Mathews, who
was promoted to lead the Palmarejo silver and gold project in
Chihuahua Mexico.  Mr. O'Leary brings with him 23 years of mine
production management and planning experience at small to large
mine operations in both New Zealand and Australia and, most
recently, was mining manager at Barrick's Cowal Gold Mine in
NSW, Australia.

Greg Blaylock was named to Manager of Mining for the Palmarejo
Project in Chihuahua, Mexico; Hector Figueroa was named to
Geology Manager at Palmarejo.

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

                        *     *     *

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




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


AES CORP: Unit Says It Will Proceed with Brasiliana Stake Buy
-------------------------------------------------------------
AES Brasil head Britaldo Soares told reporters that it is still
keen on buying a 49.9% stake in the Brasiliana holding firm from
Banco Nacional de Desenvolvimento Economico e Social SA.

As reported in the Troubled Company Reporter-Latin America on
Oct. 16, 2007, AES Corp. said that it could use up to US$600
million from the placement of senior unsecured notes to fund the
acquisition of the Brasiliana stake.  Banco Nacional, along with
AES, would hire an independent auditor to appraise Brasiliana's
value.  Banco Nacional wants to sell its 49.99% stake in
Brasiliana, where AES holds 50.01%.

Mr. Soares commented to BNamericas, "AES' main interest in
Brazil is its Brasiliana stake and we're interested in using our
option to purchase the shares we don't own."  He was referring
to AES' right of first refusal.

BNamericas states that these firms are also considering buying
the stake:

          -- EDB,
          -- Cemig, and
          -- CPFL Energia.

                    About Banco Nacional

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

                         About AES

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

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.




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


ALCATEL-LUCENT: To Broaden Unified Communication Offer w/ Sagem
--------------------------------------------------------------
Alcatel-Lucent and Sagem Communications have launched an
embedded version of Sagem-Interstar's Fax over IP server
technology XMediusFAX within the Alcatel-Lucent OmniTouch
Unified Communication suite.  The combined solution is aimed at
offering customers worldwide a Fax over IP solution fully
integrated into their communication environment.  Users can
easily send/receive faxes directly from their email client.
Faxes are easier to track, manage and archive.

For many industries, faxing is and remains a legally binding and
essential means of communication in business-to-business
exchanges.  The XMediusFax technology complements the OmniTouch
UC solution with simple, flexible and field-proven capabilities.
The T.38 FoIP technology is a globally accepted, secure, and
reliable way to quickly transmit faxes over IP networks and the
Internet.  Customers benefit from the advantages of a packaged
"ready to go" solution that features greater optimization
between fax, voice, email, calendaring, instant messaging and
collaboration.

The joint solution boosts employee productivity by providing
rapid fax delivery and an efficient means of fax broadcasting.
It streamlines workflow management and creates an audit trail
fully in line with security & regulatory requirements.  It also
reduces hardware and maintenance costs, as its full boardless
Fax over IP solution eliminates dedicated analog fax lines, as
well as specialized fax equipment, maintenance and supplies.
Additionally, both resellers and customers benefit from
simplified ordering and improved cost structure of an integrated
solution.

"Sagem-Interstar's FoIP platform is a simple and elegant
solution that is easily customizable for OEM integrations on
platforms such as Windows and Linux.  Our FoIP server, which
pioneered the boardless IP fax market, is the most widely-tested
and field-proven FoIP solution in the industry," said Patrick
Sevian, CEO Sagem Communications.  "Sagem Communications is
proud of having Alcatel-Lucent broadening its already leading
solution with our technology."

"At Alcatel-Lucent, we believe building the right relationships
and joint solutions to support our customers goals is critical
in today's market.  With Sagem, we are bringing our customers
the first IP Telephony offer with a fully integrated Fax over IP
and multimedia solution as part of our OmniTouch Unified
Communication suite." said Tom Burns, President of the Alcatel-
Lucent's Enterprise activities.  "By integrating simple yet
business critical tasks like faxing, which is still an essential
means of communication for many industries, we allow our
customers to leverage their investment in communications to
streamline the business processes."

                  About Sagem Communications

Sagem Communications is a major player in the fields of
communication, having acquired international positions thanks to
a high innovative potential.  The SAGEM products benefit from a
particular awareness in the following activities: printing
terminals, residential terminals, digital TV set-top boxes,
systems, electronic metering.

                     About Alcatel-Lucent

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

                        *     *     *

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

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

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




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


INDUSTRIAS METALURGICAS: S&P Affirms B Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Industrias Metalurgicas Pescarmona
S.A.I.C. y F, aka IMPSA.  The outlook remains stable.

Standard & Poor's also affirmed its senior unsecured debt rating
on IMPSA's issuance of US$225-million, seven-year, 11.25% fixed-
rate bonds, with final maturity in 2014.  According to S&P,
proceeds would be applied to redeem outstanding bonds for about
US$133.4 million, with final maturity in 2011 -- through a call
option at an exercise price of 85% of principal, according to
the original terms and conditions.  The remaining will be used
to prepay outstanding bank and financial debt.

As of July 31, 2007, IMPSA's total consolidated debt was about
US$320 million, of which about US$110 million was short-term.  
"Pro forma the US$225 million issuance, IMPSA's financial
profile will benefit from an expected extension in its debt
maturity profile," said Standard & Poor's credit analyst
Ezequiel Gomez Caceres.

The ratings on IMPSA reflect the company's high leverage and its
exposure to the volatility in the capital goods market and to
the fluctuations of the economic activity in the main countries
where IMPSA operates.  The rating also incorporates the
significant concentration of the company's backlog in a small
number of large-scale projects.  Those factors are partially
mitigated by IMPSA's adequate competitive position in the
hydropower generation turbines business and the crane
manufacturing industry, as well as certain geographic
diversification.  The rating also incorporates the expected
improvement in IMPSA's cash generation and financial profile,
resulting from the company's sizable backlog and a significant
extension of its debt maturity profile, based on the company's
refinancing process.

IMPSA benefits from a sizable backlog that grew significantly to
approximately US$1.7 billion as of July 2007 from US$825 million
in December 2006.  The growth stems from sustained economic
growth in most of the countries where the company operates and
the increasing search for new sources of renewable energy.  The
current backlog represents about 6.4x the sales of the fiscal
year ended Jan. 31, 2007.  Standard & Poor's expects this
significant backlog growth to result in a higher, more
predictable level of revenues and cash generation in the medium
term.  According to the projects schedule, Standard & Poor's
expects IMPSA's EBITDA generation to be about US$65 million in
fiscal 2007 and to increase significantly in 2008, reaching
approximately US$115 million to US$135 million in fiscal 2008
and 2009.  Standard & Poor's also expects EBITDA interest
coverage ratios to improve more than 3.5x in fiscal 2008 and
2009, from an estimated level of 2.0x in 2007.

Although Standard & Poor's expects IMPSA to maintain high debt
levels during fiscal 2007 (with a total debt-to-capitalization
ratio of about 75% and a total debt-to-EBTIDA ratio of
approximately 5.0x), the company's leverage should decrease
(when measured as total debt-to-EBITDA) to levels lower than
3.0x in fiscal 2008 and beyond, as a result of the expected
improvement in cash generation.  Although profitability in the
automobile parts and environmental engineering businesses has
showed some improvement in recent fiscal years, Standard &
Poor's believes that the hydroelectric turbine unit and the wind
power generation unit's growth potential are the main forces of
IMPSA's profitability and cash flow generation.

IMPSA is engaged in providing equipment mainly for hydroelectric
power generation and other renewable energies such as wind power
projects.  The company is also engaged in manufacturing and
selling port crane systems, as well as wire harnesses in Mercado
Comun del Sur.  IMPSA also offers waste collection and disposal
services in Argentina and Colombia.

The stable outlook reflects the expectations of higher cash
generation and a manageable debt maturity schedule.  It also
assumes the appropriate completion of IMPSA's main projects, as
well as a continual, adequate backlog in the future.  The
ratings could be raised if higher-than-expected growth is
recorded in backlog and income, which would allow a significant
improvement in credit metrics.  The ratings could be lowered if
operating performance is lower than expected.  

The Percarmona family owns 93.73% of Industrias Metalurgicas
Percarmona S.A.I.C. y F through Corporacion IMPSA S.A.  IMPSA is
engaged in providing integrated solutions for renewable energy,
including hydroelectric and wind power projects and associated
equipment, as well as in the Port Systems, auto parts and
environmental services industries.  IMPSA has a solid
international presence, marketing and distributing its products
and services from its branches and representation offices in
Argentina, Brazil, China, Colombia, Ecuador, USA, the
Philippines, India, Malaysia and Venezuela.


PETROECUADOR: Esmeraldas Plant Operations Back to Normal
--------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador said in a statement
that the Esmeraldas plant has returned to normal operations
after maintenance work was completed at the C-H1 furnace.

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2007, Petroindustrial, Petroecuador's subsidiary,
closed down the refinery Esmeraldas' crude unit 1 due to
scheduled maintenance.  Petroecuador's said that the unit would
be shut down for 17 days for maintenance works on the C-H1 oven.  
Descoque Decostre Tecnologia would conduct the works.

Petroecuador told BNamericas that the refinery's crude unit 1
will run at maximum capacity.  It would mean higher derivatives
production and lesser imports.

Ecuadorian President Rafael Correa promised that the government
would work to modernize Ecuador's plants to reduce fuel import
bills, which could exceed US$2 billion in 2007, BNamericas
states.

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




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


IMAX CORP: Signs Theatre Deal in Morocco with Al Amine
------------------------------------------------------
IMAX Corporation entered into an agreement with Al Amine
Investissement, a commercial retail developer in Morocco, to
install an IMAX(R) theatre in the city of Casablanca.  Scheduled
for installation in early 2009, the IMAX theatre will be an
anchor attraction at the new Morocco Mall, which is expected to
be the largest mall in the country.  The announcement marks
IMAX's first contract in Morocco.

Under the terms of the agreement, the developer is contracted to
install an IMAX MPX(R) theatre system, and both parties have
agreed to install IMAX's new digital theatre system instead if
it becomes available on or before the installation date.  IMAX's
digital theatre system is currently in the advanced stages of
development.

"Our entry into Morocco reflects the growing international
appeal of the IMAX brand, which currently has a presence in over
40 countries," said IMAX Co-CEO's and Co-Chairmen Richard L.
Gelfond and Bradley J. Wechsler.  "Al Amine Investissement is a
leading commercial developer in Morocco, and through our
partnership with them, we are looking forward to introducing the
IMAX brand to moviegoers in and around Casablanca."

"The IMAX Experience gives us the ability to offer a cinematic
experience that far exceeds any other in Morocco," said Selwa
Akhannouch, President and Director General, Groupe Aksal, a co-
owner of Al Amine Investissement.  "We believe the IMAX theatre
will be a perfect fit for our project in Casablanca because the
world-famous IMAX brand brings a prestigious image to our mall."

Emad Eldin Abdalla, Director General of Nesk Investment, which
is also a co-owner of Al Amine Investissement, added, "The new
IMAX theatre enables us to offer moviegoers a whole new way to
experience Hollywood movies.  Further, our new IMAX theatre will
deliver a cinematic experience that consumers can't get at home
-- and that will be good for all areas of our business at this
location."

The IMAX theatre will be capable of playing Hollywood event
films that have been digitally re-mastered into the unparalleled
image and sound quality of The IMAX Experience(R), as well as
original IMAX productions in 2D and IMAX(R) 3D.

                     About the Morocco Mall

Morocco Mall is the largest shopping mall project across North
Africa.  Taking advantage of a strategic location of 24.71 acres
along the ocean, the site promises to become a destination for
an anticipated 15 million visitors per year.  Only ten minutes
from the city centre of Casablanca, with five points of entry,
200 stores, 40 restaurants and several leisure and entertainment
venues, Morocco Mall will considerably increase the commercial
and leisure offering available to residents and tourists in
Casablanca.

                         About Al Amine

Al Amine Investissement is jointly held by Aksal Group and Nesk
Investment, two large franchise and fashion operators in Morocco
who have contributed to the development of the Moroccan
commercial landscape.  Aksal and Nesk already have secured
relationships with renowned fashion giants such as Zara, Mango,
Massimo Dutti, Promod, La Vie En Rose, Aldo, Zara Home and
Stradivarius.  Aksal and Nesk are joining efforts to launch the
Morocco Mall.  Al Amine Investissement is committed to leading
the economic growth of Morocco into the 21st century.

                    About IMAX Corporation

Based in New York City and Toronto, Canada, IMAX Corporation
(NASDAQ:IMAX; TSX:IMX) -- http://www.imax.com/-- is an  
entertainment technology company, with emphasis on film and
digital imaging technologies including 3D, post-production and
digital projection.  IMAX is a fully-integrated, out-of-home
entertainment enterprise with activities ranging from the
design, leasing, marketing, maintenance, and operation of
IMAX(R) theatre systems to film development, production, post-
production and distribution of large-format films.  IMAX also
designs and manufactures cameras, projectors and consistently
commits significant funding to ongoing research and development.
IMAX has locations in Guatemala, India, Italy, among others.

At June 30, 2007, the company's balance sheet showed total
assets of US$220.2 million and total liabilities of US$284
million, resulting in a total shareholders' deficit of US$63.8
million.




===========
G U Y A N A
===========


DIGICEL GROUP: Says Guyana Telephone Rip Off Int'l Call Clients
---------------------------------------------------------------
Digicel Group Chief Executive Officer Dennis O'Brien told
Guyanese news daily Stabroek News that Guyana telecom incumbent
Guyana Telephone & Telegraph Co. has cheated on its telephony
subscribers' international calls.

Stabroek News relates Mr. O'Brien criticized Guyana Telephone's
monopoly of international long distance calls, prompting a sharp
response from the Guyanese telecom incumbent's chief executive
officer Joe Singh.

Guyana Telephone's monopoly on the long distance voice and data
telephony markets was scrutinized after the Americas II fiber
optic cable was damage in May 2007, according to Stabroek News.  
All of Guyana's long distance calls are "traditionally routed"
through the firm's network.  As an emergency measure, the
Guyanese government granted Digicel interim long distance
license to route communications from the country via satellite.

Mr. O'Brien commented to Stabroek News, "If you're a Digicel
customer in Jamaica and you're a Digicel customer in Guyana, in
Guyana you're paying 135% more than what you should be paying
for an international call and that is because GT&T are making
super profits from the people of Guyana and they won't give up
their international monopoly."

According to Business News Americas, Mr. O'Brien said he is
positive that Guyana is among the best locations in Latin
America and the Caribbean for investment due to a "progressive
government" and "reasonably good tax regime."  Telecoms
liberalization could bring 10,000 jobs in the information and
communication technology sector.

Mr. O'Brien was unaware that Guyana Telephone has "consistently
articulated its preparedness to work with [the] government to
realize sector liberalization," Mr. Singh told Stabroek News.  
High international calling rates were used to subsidize other
communications services.  According to Mr. Singh, it was unfair
to compare international calling rates in two countries as
different as Guyana and Jamaica.

BNamericas notes that Guyana Telephone disclosed in May 2007 its
willingness to launch talks with the Guyanese government to
surrender its exclusive control over international data and
voice telephony services, especially as its 20-year exclusivity
license comes up for renewal.  Guyana Telephone sent a letter to
Guyana's President Bharrat Jagdeo, saying that the firm and its
US parent Atlantic Tele-Network would also consider floating a
20% share of the company on the Guyanese stock exchange.

However, Guyana Prime Minister Samuel Hinds called off meetings
on two occasions due to a busy schedule, Stabroek News states.

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.




===============
H O N D U R A S
===============


* HONDURAS: Hondutel Opens Mobile Service in San Pedro Sula
-----------------------------------------------------------
Hondura's state-run telecom firm Hondutel has launched Sulatel,
its second quasi-mobile service based on the personal handyphone
system, in San Pedro Sula, Honduran news daily Capital
Financiero reports.

According to Business News Americas, Hondutel would sell some
100,000 lines using Sulatel in its first year of operations,
which would be a similar goal to that of Tegucel -- the
company's first personal handyphone system operation launched in
Tegucigalpa in July 2007.

Hondutel will launch a third operation in La Ceiba on Honduras'
northern coast in December 2007.  The firm would have national
coverage next year, BNamericas states.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


ADVANCED MICRO: Urges Rejection of TRC's Mini-Tender Offer
----------------------------------------------------------
Advanced Micro Devices Inc. cautions its stockholders to reject
the "mini-tender" offer by TRC Capital Corporation to purchase
up to 5 million shares of the company's common stock, which
represents approximately 0.90% of its outstanding shares.  

AMD related that TRC's unsolicited "mini-tender" offer of $13.25
per share was more than 5% below the US$14.02 per share closing
price of AMD stock on Oct. 10, 2007, the day before the "mini-
tender" offer was commenced and approximately 9% below the
US$14.55 per share closing price of AMD stock on Oct. 18, 2007.

AMD recommends against tendering shares in response to this
unsolicited below-market offer.  AMD does not in any way
recommend or endorse the TRC Capital Corporation "mini-tender"
offer, and AMD is in no way associated with TRC Capital
Corporation, the "mini-tender" offer or the offer documentation.

TRC Capital has a history of making "mini-tender" offers for the
shares of other companies for its profit.  These offers are
devised to seek less than 5% of a company's outstanding shares,
thereby avoiding many procedural and disclosure requirements of
the Securities and Exchange Commission because they are below
the SEC's threshold to provide such disclosure and procedural
protections for investors.

The SEC has issued an investor alert regarding these "mini-
tender" offers, noting that, "Some bidders make `mini-tender'
offers at below-market prices, hoping that they will catch
investors off guard if the investors do not compare the offer
price to the current market price."  Investors are urged to
consult with their broker or financial advisor on such matters.

AMD stockholders who have already tendered are advised that they
may withdraw their shares by providing the written notice
described in the TRC Capital Corporation offering documents
prior to the expiration of the offer currently scheduled for
12:01 a.m., New York City time, on Nov. 9, 2007.

               About Advanced Micro Devices Inc.

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:  
AMD) designs and manufactures microprocessors and other
semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.  The 'CCC+/RR6' rating also
applies to up to US$225 million of additional notes issued
within the next 30 days to cover over-allotments.  The 'BB-/RR2'
rating on AMD's US$1.69 billion Term Loan B due 2010 is affirmed
and withdrawn, as the company will use net proceeds from debt
issuance, as well as available cash, to fully repay the term
loan.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


CROWN HOLDINGS: Sept. 30 Balance Sheet Upside-Down by US$386 Mln
----------------------------------------------------------------
Crown Holdings Inc. disclosed financial results for the third
quarter and nine months ended Sept. 30, 2007.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$6.949 billion in total assets, US$7.335 billion in
total liabilities, resulting in a US$386 million total
shareholders' deficit.

Net income from continuing operations in the third quarter was
US$92 million, compared to US$86 million in the third quarter of
2006.  Included within net income from continuing operations,
the company recorded a net charge of US$5 million, which
reflects a net charge of US$8 million related to restructuring
actions offset by a net gain of US$3 million related to gains on
sales of assets.  The net charge of US$8 million for
restructuring relates primarily to a net US$7 million charge for
the closure and exit of operations of the company's bottle cap
operations in Indonesia.  Within the US$7 million charge, US$6
million is attributable to a non-cash reclassification of
cumulative translation adjustments to income from a separate
component of shareholders' equity.

Net sales in the third quarter rose to US$2.153 billion, up 7.6%
over the US$2.001 billion in the third quarter of 2006.  The
increase was primarily driven by higher sales unit volumes, the
pass-through of higher raw material costs and favorable foreign
currency translation.

Third quarter gross profit grew 19.6% to US$311 million over the
US$260 million in the 2006 third quarter.  As a percentage of
net sales, gross profit expanded to 14.4% in the third quarter
from 13.0% in the third quarter last year.  Stronger sales unit
volumes, increased operating efficiencies and greater
productivity drove the improvements.

Selling and administrative expense in the third quarter was
US$97 million compared to US$77 million in last year's third
quarter.  The increase is attributable to a higher accrual for
incentive compensation costs, foreign currency translation and
general inflationary increases.

Segment income, a non-GAAP measure defined by the company as
gross profit less selling and administrative expense, grew to
US$214 million in the third quarter, up 16.9% over the US$183
million in the 2006 third quarter.  Segment income as a
percentage of net sales expanded to 9.9% in the third quarter
over the 9.1% in the third quarter last year.

Commenting on the results, John W. Conway, chairman and chief
executive officer, stated, "Our improved third quarter
demonstrates the strength of Crown's diverse range of products,
customers and worldwide markets.  The results were fueled by
improved performance in virtually all of our businesses.  Global
volumes were firm reflecting the growing contribution of
emerging markets to our portfolio.  Importantly, we also gained
traction among brand managers who are actively looking for
unique and sustainable packaging solutions to distinguish their
products while increasing their ease of use for consumers.  Our
proprietary can shaping technologies, PealSeam(TM) ends and
enhanced finishes are setting industry standards for Brand-
Building Packaging(TM)."

Interest expense in the third quarter was US$79 million compared
to US$73 million in the third quarter of 2006.  The increase
reflects the impact of higher average short-term borrowing rates
and foreign currency translation.

                   Share Repurchase Program

The company repurchased 4,828,883 shares of common stock for
US$118 million during the third quarter, including 4,088,068
shares through an accelerated share repurchase program, which is
expected to be completed in November.  The number of common
shares outstanding as of Sept. 30, 2007, was 159,611,833, which
is approximately 3% lower than as at June 30, 2007.

                           Net Debt

Net debt, a non-GAAP measure defined by the company as total
debt less cash, increased by US$18 million from June 30,
primarily as the result of the repurchase of US$118 million of
common stock and US$55 million from foreign currency translation
offset by US$152 million of free cash flow, a non-GAAP measure
defined by the company as net cash provided by operating
activities less capital expenditures, in the third quarter.

                      Nine-Month Results

For the first nine months of 2007, net sales grew 10.4% to
US$5.9 billion over the US$5.3 billion in the first nine months
of 2006.  The increase reflects higher sales unit volumes, the
pass-through of higher raw material costs and foreign currency
translation.

The company reported net income from continuing operations of
US$196 million for the nine-month period ended Sept. 30, 2007,
over net income from continuing operations of US$172 million for
the same period in 2006.

In the first nine months of 2007, the company recorded a net
charge of US$1 million, reflecting a net charge of US$12 million
related to restructuring actions offset by a net gain of
US$11 million related to gains on sales of assets.  For the
first nine months of 2006, the company recorded a net charge to
net income from continuing operations of US$4 million related to
restructuring charges offset by a gain on sale of assets and
financial foreign exchange gains.

                    About Crown Holdings

Philadelphia-based Crown Holdings Inc. (NYSE: CCK) --
http://www.crowncork.com/-- through its affiliated companies,
supplies packaging products to consumer marketing companies
around the world.  In Latin America, the company has operations
in Mexico, and in South and Central America.   The company also
maintains operations in Europe, particularly in the United
Kingdom and France.  In the Asia-Pacific region, the company has
an office in Singapore.  Crown Holdings, Inc., through its
subsidiaries, is a leading supplier of packaging products to
consumer marketing companies around the world. World
headquarters are located in Philadelphia, Pennsylvania.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 10, 2007, Fitch Ratings affirmed Crown Holdings Inc.'s 'B+'
Issuer Default Rating.


GRUPO MEXICO: Issuing MXN1.10 A Share Dividend Starting Nov. 27
---------------------------------------------------------------
Grupo Mexico SA, de C.V., told Business News Americas that it
will issue a MXN1.10 per share dividend beginning Nov. 27, 2007,
to current shareholders of record.

BNamericas relates that Grupo Mexico ratified the dividend at
its management meeting on Oct. 19, 2007.

Grupo Mexico said in a filing with the Mexican stock exchange
that shareholders must present receipts corresponding to shares
in circulation to withdraw the dividend.

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

                        *     *     *

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


MOVIE GALLERY: Court Okays Kutak Rock as Local Counsel
------------------------------------------------------
Movie Gallery, Inc., and its debtor-affiliates obtained
permission from the U.S. Bankruptcy Court for the Eastern
District of Virginia to employ Kutak Rock, LLP as their local
counsel for the Richmond Bankruptcy Division of Virginia.

Kutak Rock will:

   (a) advise the Debtors with respect to their powers and
       duties as Debtors-In-Possession in the continued
       management and operation of their business and
       properties;

   (b) advise and consult on the conduct of the Chapter 11
       cases, including all of the legal and administrative
       requirements of operating in Chapter 11;
  
   (c) take all necessary action to protect and preserve the
       Debtors' estates, which includes:

       1) prosecuting actions on the Debtors' behalf;

       2) defending any action commenced against the Debtors;
          and

       3) representing the Debtors' interests in negotiations
          concerning all litigation in which the Debtors are
          involved, including objections to claims filed against
          the Debtors' estates;
      
   (d) prepare appropriate pleadings, including motions,
       applications, orders, reports and papers necessary or
       otherwise beneficial to the administration of the
       Debtors' estates;

   (e) act as conflicts counsel to the Debtors in connection
       with matters that cannot be appropriately handled by
       proposed Lead Counsel, Kirkland & Ellis, LLP, because of
       a conflict of interest or otherwise; and

   (f) perform all other necessary or otherwise beneficial
       legal services for the Debtors.

The firm will be paid based on its standard hourly rates:

   Designation                    Hourly Rate
   -----------                    -----------
   Partners                     US$190 - US$455
   Of Counsel                   US$160 - US$400
   Associates                   US$140 - US$265
   Paraprofessionals             US$60 - US$150

These Kutak Rock professionals are expected to provided services
to the Debtors:

   Professional                  Hourly Rate
   ------------                  -----------
   Michael A. Condyles, Esq.       US$340
   Loc Pfeiffer, Esq.              US$310
   Peter J. Barrett, Esq.          US$275
   Kimberly A. Pierro, Esq.        US$195
   Ronald A. Page, Jr., Esq.       US$195

In October 2007, the firm received a prepetition retainer fee of
US$125,000 from the Debtors, from which Kutak Rock drew
US$67,000, for application to the outstanding balance for the
legal services and expenses incurred.

The Debtors do not owe Kutak Rock any postpetition amounts.

Mr. Condyles, Esq., a partner at Kutak Rock, has assured the
Court that Kutak Rock is a "disinterested person", as defined in
Section 104(14) of the Bankruptcy Code.  The firm does not hold
or represent any interests in the Debtors' estates, Mr. Condyles
says.

                     About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment  
specialty retailer.  It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, serve as the Debtors' local counsel.  The
Debtors' claims & balloting agent is Kutzman Carson Consultants
LLC.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  (Movie Gallery Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Hires Alvarez & Marsal as Restructuring Advisors
---------------------------------------------------------------
Movie Gallery, Inc. and its debtor-affiliates obtained authority
from the U.S. Bankruptcy Court for the Eastern District of
Virginia to employ Alvarez & Marsal North America, LLC, and
Alvarez & Marsal Business Consulting, LLC, as their advisors for
restructuring and business consulting matters in their Chapter
11 cases.

Pursuant to a restructuring engagement letter with the firm,  
the Debtors appointed William C. Kosturos, a managing director
of A&M North America, as chief restructuring officer for the
Debtors.  Certain of A&M North America's professionals have also
assumed office positions, and are coordinating closely with the
Debtors' senior management:

   Position                              Professionals
   --------                              -------------
   Senior Vice President for Finance     Kay Hong

   Treasurer                             Jon Goulding        

   Assistant Restructuring Officers      Michael Kang
                                         Eric Bradford
                                         David Charne
                                         Michael Arko
                                         Tanner MacDiarmid

Alvarez & Marsal will:

    -- identify cost reduction and operations improvement
       opportunities;

    -- lead the real estate downsizing initiative;

    -- perform accounting, finance and treasury functions and
       any other activities approved by the Debtors' chief
       financial officer and agreed to by Alvarez;

    -- perform treasury management and other related services;
       and

    -- perform other restructuring activities that are
       approved by the Debtors' chief executive officer or its
       Board of Directors, and agreed to by Alvarez.

                    Business Consulting Team

For the Business Consulting services, John Rossman was appointed
interim chief information officer reporting to the chief
financial officer.  Tracy Sennett from A&M Business Consulting
was appointed interim assistant chief information officer.

Mr. Rossman will devote half to three-quarters of his time to
the Debtors' projects, and his other duties include assignments
unrelated to the Debtors' Chapter 11 cases.

Based on these prepetition activities, Mr. Rossman and the other
A&M Business Consulting professionals have become familiar with
the Debtors' information technology infrastructure and are
integrated with the Debtors' information technology management
team.

Accordingly, the A&M Business Consulting Team will:

   (a) provide interim management to the information technology
       organization;

   (b) implement a "Phase 3 Information Technology Management"
       program and appropriate follow-up;

   (c) pursue information technology budget opportunities;

   (d) align information technology organization relative to
       enterprise planning initiatives;

   (e) develop source models for key information technology
       functions;

   (f) manage the information technology project portfolio and
       e-commerce initiative; and

   (g) pursue other information technology management activities
       as directed by the Debtors' management and agreed to by  
       Alvarez.

The Restructuring Team will be paid base on these standard
hourly rates:

      Designation                 Hourly Rate
      -----------                 -----------
      Managing Director         US$550 - US$675
      Director                  US$375 - US$550
      Associate                 US$275 - US$375
      Analyst                   US$175 - US$275

The Business Consulting Team will be paid based on these hourly
rates:

      Designation                 Hourly Rate
      -----------                 -----------
      Managing Director         US$400 - US$465
      Senior Director           US$350 - US$420
      Director                  US$290 - US$385
      Manager                   US$225 - US$310
      Consultant                US$180 - US$240

To date, the Debtors have paid prepetition amounts to Alvarez &
Marsal:

   * Restructuring payments for US$11,181,152; and
   * Business Consulting fees for US$2,237,365.

The Debtors do not owe any prepetition amounts to Alvarez
Restructuring or Alvarez Business Consulting.

Pursuant to Section 363 of the Bankruptcy Code, Alvarez and
Marsal may not be considered a "disinterested person" because
the Alvarez professionals have assumed senior management roles
with the Debtors in the past two years.

                      About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment  
specialty retailer.  It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, serve as the Debtors' local counsel.  The
Debtors' claims & balloting agent is Kutzman Carson Consultants
LLC.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  (Movie Gallery Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Creditors Must File Proofs of Claim by Jan. 25
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
set Jan. 25, 2008, as the deadline for all creditors holding
claims against Movie Gallery, Inc. and its debtor-affiliates, to
file their proofs of claims.

Additionally, the Court:

   (a) established the later of the general bar date and 30 days
       after a claimant is served with notice that the Debtors
       have amended their statements of financial affairs and
       schedules of assets and liabilities, as the bar date for
       filing a proof of claim with respect to that claim -- the
       amended schedule bar date;

   (c) established the latest of:

       1) the General Bar Date;

       2) 30 days after the date of the entry of any order
          authorizing the rejection of an executory contract or
          unexpired lease; and

       3) 30 days after the effective date of the rejection of
          the executory contract or unexpired lease as the bar
          date by which a proof of claim relating to the
          Debtors' rejection of the contract or lease must be
          filed -- the Rejection Bar Date;

   (d) established 180 days after the date of bankruptcy filing
       as the deadline for all governmental units to file a
       proof of claim in the Chapter 11 cases; and

   (e) approved the form and manner of the notice of
       commencement of the Debtors' Chapter 11 cases, and notice
       of the bar dates.

Rule 3003-1(A) of the Local Bankruptcy Rules for the U.S.
Bankruptcy Court for the Eastern District of Virginia provides
that a claims bar date should be set at a date 90 days after the
date first scheduled for the meeting of creditors under Section
341 of the Bankruptcy Code, which, in the Debtors' Chapter 11
cases, would likely be in or around March 2008, Richard M.
Cieri, Esq., at Kirkland & Ellis LLP, in New York, relates.

Mr. Cieri notes that Rule 3003-1(A) does not compel the Court to
set the general bar date at this time, but only provides a
default claims bar date in the event a party-in-interest does
not request a bar date by motion.  The Court retains discretion
to set the claims bar date on the date requested by the Debtors,
he adds.

The Debtors submit that as they are presently engaged in
constructive negotiations with their significant creditor
constituencies, the proposed general bar date will facilitate
these negotiations by removing uncertainty and "undue caution",
and avoid an otherwise expected increase in expenses incurred.

To adequately protect the interests of the Creditors and
parties-in-interest, the Debtors will:

   * serve the Notice of Commencement of their Chapter 11 cases
     on or before Oct. 24, 2007;

   * file their schedules on or before Nov. 30, 2007, and
     make the Schedules publicly available to the Creditors and
     other parties-in-interest, allowing the parties ample time
     to review and determine if there is a need to file a claim
     or attend the Creditors' meeting;

   * provide notice by publication of the approved General Bar
     Date in major newspapers, like the The Wall Street Journal,
     The New York Times and The Washington Post, to be published
     no less than 45 days before the earliest Bar Date.

            Parties Required to File Proofs of Claim

The bar dates will apply to claims held or to be asserted
against the Debtors -- whether secured or unsecured, priority or
nonpriority, contingent or noncontingent, liquidated or
unliquidated or disputed or undisputed -- including:

   (a) any claim that is listed in the schedules as
       "contingent," "unliquidated," "disputed" or any of their
       combinations, if the claimant desires to participate in
       any of the Chapter 11 cases or share the claim amount in
       any distribution;

   (b) any claim that is improperly classified in the Schedules
       or is listed in an incorrect amount if the claimant seeks
       to have the claim allowed in a classification or amount
       other than as set forth in the schedules;
      
   (c) any claim that is not listed in the applicable Schedules;
       and

   (d) any claim that is allowable under Section 503(b)(9) of
       the Bankruptcy Code as an administrative expense.

The Debtors submit that claims arising under Section 503(b)(9)
of the Bankruptcy Code are prepetition claims subject to the
general bar date without further order from the Court.

Mr. Cieri adds that out of an abundance of caution, the Debtors
ask the Court to set the general bar date as the deadline for
creditors to assert Section 503(b)(9) Claims, to permit an
expeditious determination of the claims and assist the Debtors
in formulating their Chapter 11 Plan or Plans.

The Debtors further propose that at present, claims need not be
filed by any entity, in the event that the claims, among other
things, are:

   -- made by any holder of the Debtors' equity securities,
      solely with respect to the holder's ownership interest in
      or possession of the equity securities; provided that (i)
      the claimant must file the claim on or prior to the
      general bar date, and (ii) the Debtors reserve all rights
      with respect to the claims including, inter alia, to
      assert that the claims are subject to subordination
      pursuant to Section 510(b) of the Bankruptcy Code; and

   -- are made by any holder of 11% Senior Notes or 9.625%
      Senior Subordinated Notes of the Debtors whose claim is
      limited exclusively to the repayment of principal,
      interest or other applicable fees and charges, provided
      that (i) the exclusion does not apply to the Indenture
      Trustee under the applicable indenture, (ii) each
      Indenture Trustee will be required to file one proof of
      claim on account of all of the Notes on or before the
      General Bar Date, and (iii) any Noteholder asserting a
      Claim, other than a Debt Claim, arising out of or relating
      to a Note must file a proof of claim on or before the
      General Bar Date.

Furthermore, a claimant must file separate proofs of claim, with
respect to claims against more than one Debtor, to which all
Debtors will be required to object otherwise.

                     About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment  
specialty retailer.  It operates over 4,600 stores in the United
States, Canada, and Mexico under the Movie Gallery, Hollywood
Entertainment, Game Crazy, and VHQ banners.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, serve as the Debtors' local counsel.  The
Debtors' claims & balloting agent is Kutzman Carson Consultants
LLC.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  (Movie Gallery Bankruptcy News, Issue
No. 2; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


RYERSON INC: Platinum Completes US$2-Billion Purchase Deal
----------------------------------------------------------
The affiliates of Platinum Equity LLC completed their
acquisition of Ryerson Inc. in a transaction valued at
approximately US$2 billion.

On July 24, 2007, Ryerson has entered into a merger agreement
with affiliates of Platinum Equity LLC to acquire all
outstanding shares of Ryerson common stock and Series A $2.40
Cumulative Convertible Preferred Stock for US$34.50 per share in
cash.

The cash purchase price per share of US$34.50 represents a 15%
premium over Ryerson's closing share price of US$30.01 on
Feb. 13, 2007, the day prior to the disclosure of the board's
review of strategic alternatives and a 45% premium over
Ryerson's closing share price of US$23.77 on Dec. 13, 2006, the
day that Harbinger Capital made a filing with the Securities and
Exchange Commission indicating it was considering taking a
number of actions regarding its investment in Ryerson.

Ryerson's board of directors has unanimously approved the merger
agreement and recommends approval of the transaction by
Ryerson's stockholders.

               About Rhombus Merger Corporation

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

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

                        *     *     *

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




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


BANCO LATINOAMERICANO: Earns US$14.8 Mil. in Qtr. Ended Sept. 30
----------------------------------------------------------------
Banco Latinoamericano de Exportaciones, S.A., earned US$14.8
million for the three months ended Sept. 30, 2007, a 32%
increased compared to US$11.2 million of net income for the same
period in 2006.

Jaime Rivera, Bladex's Chief Executive Officer, stated the
following regarding the quarter's results: "Bladex is benefiting
from underlying fundamentals in our markets that remain strong.  
Trade in Latin America continues growing at a healthy pace, with
industry and financial trends in the Region reflecting generally
improving macroeconomic conditions."

"Bladex's financial performance during the third quarter
represents, in my opinion, the strength of the Bank's business
model and franchise.  Despite, working in the midst of
significant volatility in many sectors of the financial markets,
Bladex was able to achieve solid results across most of our
businesses."

"The Commercial Division capitalized on increasing lending
spreads, rising credit demand, an expanded client base, and
solid portfolio quality, to post a 7% quarterly improvement in
operating income, placing it 23% ahead of 2006 year-to-date
results.  While it is too early to discern a trend, competitive
pressures in the Region's offshore credit business have
generally eased, while pricing levels have improved."

"The Treasury Division, coming off a record second quarter,
returned to a more normalized performance level, contributing
29% of the quarter's operating income.  Significantly, in spite
of market dislocations, the trading results from Bladex's
proprietary asset management activities were satisfactory.  With
four consecutive quarters of positive trading results, we
believe the medium-term economics of the business have been
established."

"Significantly as well, in light of both market conditions and
strong loan growth, the Bank further strengthened its ample
liquidity position while maintaining stability in the cost of
its funding.  We intend to carry an especially strong liquidity
position as long as volatile conditions in the market warrant
it."

"While we are satisfied with the success of the expansion and
diversification of the Bank's client base, as well as with the
results of transforming the Treasury Division into a revenue
center, we remain dissatisfied with both the trend and absolute
level of fee income.  While Bladex has plans to offset the
decline in the letter of credit and guarantee business, we
foresee the fees charged on third party asset management, a
business line we intend to deploy in the coming months, as
providing the most significant short-term source of incremental
fees."

"In summary terms, with net income through the end of the third
quarter running 54% ahead of 2006, Bladex believes that it
possesses the market and management momentum needed to continue
executing on all aspects of its strategy." Mr. Rivera,
concluded.

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex -- http://www.bladex.com-- is a  
supranational bank originally established by the Central Banks
of Latin American and Caribbean countries to promote trade
finance in the Region.  The bank's shareholders include central
banks and state-owned entities in 23 countries in the Region, as
well as Latin American and international commercial banks, along
with institutional and retail investors.  Through Dec. 31, 2005,
Bladex had disbursed accumulated credits of over USUS$135
billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 1, 2007, Moody's Investors Service has confirmed that it
raised its bank financial strength rating on Banco
Latinoamericano de Exportaciones, SA aka Bladex to D+ from D-,
in connection with the rating agency's implementation of its
refined joint default analysis and updated BFSR methodologies
for banks in Panama.


CHIQUITA BRANDS: Panama Farmers Balk at Discount Policy
-------------------------------------------------------
Panamanian banana growers working for Chiquita Brands
International Inc. criticized the company for its recently
applied discount policy, Prensa Latina reports.

The Puerto Armuelles town in the Chiqui province relies heavily
on banana export, having banana plantations surrounding it.

The current dispute is caused by Chiquita's application of
US$345,000 discount on the previously granted credit amount to
the Puerto Armuelles Service Cooperative, the association of
banana growers in the Chiqui province, Prensa Latina relates.  

Further, the farmers claim that Chiquita deducted payments for
an outstanding debt at the National Bank from the US$720,000
that the cooperative should have received for the sale of
144,000 boxes of banana, the same report adds.  Due to the
multiple discounts, the growers only earned US$5,901.

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

                        *     *     *

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

   (i) corporate family rating at B3;

  (ii) probability of default rating at B3;

(iii) US$250 million 7.5% senior unsecured notes due
       2014 at Caa2(LGD5, 89%); and

  (iv) US$225 million 8.875% senior unsecured notes due 2015 at
       Caa2 (LGD5, 89%).

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

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


* PANAMA: Canal Expansion Creates More Work
-------------------------------------------
The expansion of Panama's famous waterway has created 300 jobs
so far, although 42,000 is expected to be generated by the
project, Prensa Latina reports, citing government statistics.

Most of the new jobs involve dry excavation under Constructora
Urbana S.A.  La Prensa says the government estimates four or
five indirect jobs to be created per direct employer.

The Canal's US$5.25 billion expansion includes the construction
of a third wider and deeper lock.  The European Union has
committed to provide US$54 million over the next six years,
SeaNews says.  The financing is in addition to US$428 million of
credit provided by European banks.

Panama Canal Authority Deputy Administrator Jose Barrios told
Prensa Latina that bonds may be issued to generate more funds
for the project.  

Meanwhile, the Panama Canal posted earnings generated for fiscal
year ended Sept. 30, 2006, of US$1.7 bililon, almost US$206
million higher compared to the previous year.  The increase is
attributed to a 3.7% increase in crossings by 14,721 ships, The
Associated Press says.  More traffic from bigger cargo ships is
expected once the new locks are in place.  

The Panama Canal is a major ship canal that traverses the
Isthmus of Panama in Central America, connecting the Atlantic
and Pacific Oceans.  The expansion project is designed to allow
for an anticipated growth in traffic from 280 million PC/UMS
tons in 2005 to nearly 510 million PC/UMS tons in 2025; the
expanded canal will have a maximum sustainable capacity of
approximately 600 million PC/UMS tons per year.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.  
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  Fitch said the rating outlook is
stable.




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


ALCATEL-LUCENT: Inks Partnership Deal w/ Spirent Communications
---------------------------------------------------------------
Alcatel-Lucent has signed a formal partnership agreement with
Spirent Communications plc, a global provider of performance
analysis and service management solutions.  Under the Agreement,
Alcatel-Lucent will provide Triple Play testing solutions that
enhance operations of Alcatel-Lucent's global IP Transformation
Center.  The IPTC is the industry's only state-of-the-art
operation dedicated to the advancement of triple play, IPTV, IMS
and FMC deployment projects across the globe.

Alcatel-Lucent's IPTC develops, integrates, tests and conforms
end-to-end IP networking solutions towards sustained KPI's and
KQI's.  This helps operators and enterprises, faced with a
highly competitive environment, to transform their networks to a
full IP-based architecture.  Through this partnership, Alcatel-
Lucent and Spirent help advance the interoperability of
collaborative IP networking solutions up to end to end service
delivery.

"Shortening the IP transformation period and ensuring seamless
customer network migration is the prime objective of our global
IP Transformation Center," said H. Derrey, vice president of
Network Integration & Convergence - Wireline at Alcatel-Lucent.  
"Spirent's triple play and IPTV testing solutions coupled with
its professional services expertise make it an ideal partner to
help us meet the challenges of next generation networks and the
requirements of the IPTC."

Alcatel-Lucent's IPTC recently deployed Spirent TestCenter(TM)
along with the Spirent TestCenter GUI, which easily converts
test cases into automated scripts for around-the-clock testing.  
Alcatel-Lucent also uses Spirent TestCenter with the L4-7 Triple
Play bundled solutions to test with real H.264 video, real voice
using SIP, and real application data.

"The Alcatel-Lucent IPTC was developed as a showcase for Next
Generation Network (NGN) and IP transformation technologies and
services and plays an important role in the development efforts
for both Alcatel-Lucent and Spirent," said Rob Piconi, president
and chief operating officer of Spirent Communications.  "This
new partnership is a very positive step for Spirent TestCenter
and we are pleased to be a formal partner in what is proving to
be an accelerator for seamless network transformation in our
industry."

Spirent TestCenter delivers significant improvements in testing
productivity during every stage of product development and
service creation to accelerate time to market and reduce
operational and capital expenses.  The new platform was built on
the all-new Inspire Architecture(TM) in response to the market's
growing demand for a test system that improves time to market
and reduces product development costs while ensuring the highest
subscriber quality of experience.

                  About Spirent Communications

Spirent Communications plc -- http://www.spirent.com/-- is a  
leading communications technology company focused on delivering
innovative systems and services to meet the needs of customers
worldwide.  The company providesrperformance analysis and
service assurance solutions that enable the development and
deployment of next-generation networking technologies such as
broadband services, Internet telephony, 3G wireless and web
applications and security testing.  The Systems group develops
power control systems for specialist electrical vehicles in the
mobility and industrial markets.

                     About Alcatel-Lucent

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

                        *     *     *

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

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

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




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


HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes
------------------------------------------------------------
Hilton Hotels Corporation has determined the total consideration
in U.S. dollars to be paid pursuant to its cash tender offer and
related consent solicitation for its 7.430% Chilean Inflation-
Indexed Notes Due 2009.

The total consideration payable for the CLP Notes accepted for
payment that were validly tendered with consents and not validly
withdrawn at or prior to 5:00 p.m., New York City time, on
Oct. 1, 2007, will be approximately US$130.02 per CLP50,000
original principal amount of CLP Notes, representing the
conversion of the CLP total consideration of CLP65,560.95 per
CLP50,000 original principal amount of CLP Notes into U.S.
dollars at a rate of CLP504.25 for every US$1.00.  All of the
CLP Notes were validly tendered and not validly withdrawn prior
to the CLP Note Consent Payment Deadline and, accordingly, all
CLP Notes are eligible to receive the total consideration.

Holders whose CLP Notes are accepted for payment in the tender
offer will receive accrued and unpaid interest for such CLP
Notes from the last interest payment date to, but not including,
the payment date for the CLP Notes purchased in the tender
offer.

The applicable total consideration and tender offer
consideration to be paid in respect of securities purchased
pursuant to Hilton's cash tender offers and related consent
solicitations for its 7.625% Notes due 2008, 7.200% Notes due
2009, 8.250% Notes due 2011, 7.625% Notes due 2012, 7.500% Notes
due 2017 and 8.000% Quarterly Interest Bonds due 2031, announced
in Hilton's press release dated as of Oct. 19, 2007, remain
unchanged.

The tender offer for each issue of Securities will expire at
8:00 a.m., New York City time, on Oct. 24, 2007.  As indicated
in the Offer to Purchase, it is expected that the Offer
Expiration Date will be extended to coincide with the date that
the Merger becomes effective.

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

The tender offers and consent solicitations relating to the
Securities are made upon the terms and conditions set forth in
Hilton's Offer to Purchase and Consent Solicitation Statement
dated Sept. 12, 2007 and the related Consent and Letter of
Transmittal, as amended.  The tender offers and consent
solicitations are being conducted in connection with the
previously announced merger agreement that provides for the
acquisition of Hilton by BH Hotels LLC, an entity controlled by
investment funds affiliated with The Blackstone Group L.P.  The
tender offers and consent solicitations are subject to the
satisfaction of certain conditions, including the Merger having
occurred, or such Merger occurring substantially concurrent with
the Offer Expiration Date.  However, the completion of the
tender offers and consent solicitations is not a condition to
completion of the Merger.  Further details about the terms and
conditions of the tender offers and the consent solicitations
are set forth in the Offer to Purchase.

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

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

                        *     *     *

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

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




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


CHRYSLER LLC: UAW Leaders Urge Key Locals to Accept Labor Pact
--------------------------------------------------------------
United Auto Workers union leaders are trying to sweet talk
members at three Chrysler LLC plants in Indiana, Michigan and
Illinois, each employing more than 1,000 workers, to approve a
tentative labor contract between the union and the carmaker,
various sources say.

According to Josee Valcourt of the Wall Street Journal, lobbying
efforts are directed at:

   * members of a key local in Kokomo, Indiana, who are voting
     today, Oct. 23, 2007,

   * members of a key local in Sterling Heights, Michigan, who
     are voting on tomorrow, and

   * members of a small local in Belvidere, Illinois, voting
     later this week.

As reported in yesterday's Troubled Company Reporter, four large
union locals, representing a majority vote of Chrysler's 45,000
union members, rejected the United Auto Workers union's pact
with Chrysler LLC over the weekend.  Locals from Delaware,
Missouri and Ohio turned down the pact on Saturday while a
Detroit local with 2,200 UAW members, vetoed it on Sunday.

Union officials are expected to release the results later this
week, the AFP reports.

As previously reported, Bill Parker, Chair of the 2007 UAW
Chrysler National Negotiating Committee, who voted against the
new tentative labor agreement between Chrysler LLC and the
United Auto Workers union, released a minority report to the
members of the UAW Chrysler Council, urging the Council to
reject Chrysler's offer and let the Committee return to the
bargaining table.

The UAW Chrysler Council, which includes local union leaders
from Chrysler LLC facilities throughout the U.S., voted
overwhelmingly to recommend ratification of the tentative
agreement reached on Oct. 10, 2007.

Mr. Parker, however, disclosed that the National Negotiating
Committee had a split vote on the contract.

                     About Chrysler LLC

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

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

                        *     *     *

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

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche.  This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default.  S&P also assigned a 'B' rating to the
US$5 billion "second-out" first-lien term loan tranche.  This
rating, the same as the corporate credit rating, and the '3'
recovery rating indicate S&P's expectation for a meaningful
recovery in the event of payment default.

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


CITGO PETROLEUM: Selling 4 Storage Terminals & Pipeline Stake
-------------------------------------------------------------
Citgo Petroleum Corporation will sell four storage terminals in
Ohio and a stake in its Inland Pipeline to Marathon Oil Corp.,
Michael Erman at Reuters reports.

Marathon Oil didn't tell Reuters the value of the transaction,
but said that the purchase should help it supply transportation
fuels to the US Midwest.  The deal would be closed in the fourth
quarter of 2007.

Total capacity of the four terminals is 1.7 million barrels of
oil equivalent, while the pipeline carries around 52,000 barrels
per day, Reuters notes, citing Marathon Oil.

Citgo Petroleum has been closely watched for signals it might
sell off its plants as the war of words between the Venezuelan
and US governments escalate, Reuters states.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-
owned oil company of Venezuela.

Petroleos de Venezuela 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.

                        *     *     *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp. in Feb. 14, 2006.

Citgo Petroleum carries Fitch's BB- Issuer Default Rating.
Fitch also rates the company's US$1.15 billion senior secured
revolving credit facility maturing in 2010 at 'BB+', its US$700
million secured term-loan B maturing in 2012 at 'BB+', and its
senior secured notes at 'BB+'.


* LATIN AMERICA: Fitch Says Liquidity Profile of Firms Is Solid
---------------------------------------------------------------
Fitch Ratings released a special report Monday, titled "Latin
American Corporate Liquidity: Been There, Done That," which
examines Latin American corporates by country, Issuer Default
Rating and sector under the current market uncertainty.  
According to the study, the liquidity profile of most corporates
in the region is solid.

"Tremendous improvements have been made by Latin American
corporates in terms of liquidity since 2003," Joe Bormann, a
Senior Director in Fitch's Latin American Corporates Group,
said.  "The companies are better prepared than ever to handle a
liquidity crisis," he added.

The companies examined in this special report, in general,
exhibit low short-term debt, with an average of 17% of total
debt.  Cash in relation to short-term debt remains healthy, with
58% of the companies in the study having cash and marketable
securities in excess of short-term debt, and 80% of the
companies having at least six months of cash.

Latin American corporate issuers enjoyed an unprecedented period
of global liquidity during 2006 and the first half of 2007,
allowing many to access regional debt capital markets for the
first time. However, beginning in July 2007, the tides turned in
the liquidity cycle, as investors' sentiment waned on the heels
of widely reported weakness in the U.S. sub prime market.  Latin
American companies were affected as companies scaled back the
size of their bond issues and pulled deals from the market. In
total, Latin American cross border corporate bond issuance
activity fell from US$21.3 billion during the first half of 2007
to US$931 million in the last quarter.

"The key for the turnaround has been improved sovereign credit
profiles in Brazil, Mexico and Chile, as well as strong
corporate operating cash flows.  Additionally, due to the two
major liquidity squeezes they have already weathered in the past
decade, most treasurers and chief financial officers' have come
to realize the need to maintain strong balance sheets," said Mr.
Bormann.

Fitch looks at a number of qualitative and quantitative factors
when analyzing liquidity risk.

Qualitative factors analyzed by Fitch analysts include:

    -- consistency of management's approach to a defined capital
       structure,

    -- duration of lending relationships and their
       sustainability,

    -- diversity of funding sources,

    -- willingness and ability of management to monetize assets,
       and

    -- probability of an equity infusion by the shareholders
       during a period of market duress.

Quantitative ratios that Fitch carefully monitors on an ongoing
basis are:

    -- days of working capital,
    -- short term debt as a percentage of total debt,
    -- cash as a percentage of short-term debt, and
    -- cash and fund flow from operations as a percentage of
       short-term debt.


                         ***********


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

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

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

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

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

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


           * * * End of Transmission * * *