TCRLA_Public/071031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, October 31, 2007, Vol. 8, Issue 216

                          Headlines

A R G E N T I N A

ALLIANZE ARGENTINA: Moody's Lifts Fin'l Strength Rating to Ba3
COMPANIA LATINOAMERICANA: Fitch Puts BB+ Rating on US$15MM Notes
ESTANCIA EL CALDEN: Claims Verification Deadline Is on March 12
INGENIERIA LICHTENSZTEIN: Claims Verification Ends on Dec. 21
METROVIAS: Fitch Argentina Puts Ordinary Shares in Category 3

REJAJET SA: Proofs of Claim Verification Deadline Is Nov. 26
SANIT SA: Proofs of Claim Verification Is Until Nov. 30
SOCIEDAD COMERCIAL: Federal Court Rejects Fraud Claim Case
TELECOM ARGENTINA: Selects RADCOM's Omni-Q to Monitor NGN Sites
TENNECO INC: Bags Development Deal for Diesel Treatment System

* MUNICIPALITY OF RIO: Moody's Rates Global Local Currency at B1


B A H A M A S

HARRAH'S ENTERTAINMENT: Paying US$0.40 Per Share Cash Dividend


B E R M U D A

BRUNSWICK REAL: Sets Final Shareholders Meeting for Dec. 3
JACQUES-CARTIER: Proofs of Claim Filing Ends on Nov. 14
JACQUES-CARTIER: Sets Final Shareholders Meeting for Dec. 4
OLMECA CABLE: Will Hold Final Shareholders Meeting on Dec. 4
OLMECA CABLE: Proofs of Claim Filing Deadline Is Nov. 14

SEEZ TRADING: Proofs of Claim Filing Is Until Nov. 14
SEEZ TRADING: Holding Final Shareholders Meeting on Dec. 4


B R A Z I L

BANCO INDUSTRIAL: Raises BRL822MM from Initial Public Offering
BANCO NACIONAL: Forms Credit Line for Degraded Area Restoration
BANCO NACIONAL: Granting BRL3.15 Billion in Loans to Telecoms
BAUSCH & LOMB: Moody's to Withdraw All Ba1 Ratings
CHRYSLER LLC: Names John Cataldo VP, Business Development Exec.

FORD MOTOR: UAW Talks Intensifies After Chrysler Ratifies Pact
GRUPO UNIALCO: S&P Assigns B Local & Foreign Currency CFR
SCO GROUP: Court OKs US$36-Mil. Sale of Unix to JGD Management
TAM SA: Commences Code-Share Flights with LAN Airlines
UNIALCO SA: Moody's Assigns Preliminary Low B Ratings

* BRAZIL: Petrobras Denies Acquisition Talks for Bolivian Assets


C A Y M A N   I S L A N D S

APPAREL BRANDS: Proofs of Claim Filing Ends on Nov. 6
ARIAS MELE: Proofs of Claim Verification Is Until Feb. 6
BABYLON ML: Proofs of Claim Filing Deadline Is Nov. 5
BANK OF INDIA: Second Quarter Profit Soars to INR4.25 Billion
CLARION OFFSHORE: Proofs of Claim Filing Ends on Nov. 6

FARMACIA DEL PASEO: Claims Verification Deadline Is Dec. 2
QUANTIVA INVESTMENT: Proofs of Claim Filing Ends on Nov. 6
TECH CHAIN: Proofs of Claim Filing Deadline Is Nov. 6


C H I L E

ALCATEL-LUCENT: Eyes One Million Broadband Subscribers in 2009


C O L O M B I A

BANCOLOMBIA SA: Board Grants Luis Montoya Leave to Sell Shares
BANCOLOMBIA: Unit Eyes US$7.5 Billion in Factoring Business
CASCADES INC: Reno De Medici Shareholders Okay Proposed Merger


C O S T A   R I C A

SAMSONITE CORP: S&P Withdraws BB- Corporate Credit Rating


D O M I N I C A N   R E P U B L I C

AES GENER: Inversiones Cachagua Sells 10.2% Stake in Firm
CAP CANA: Receives Consents To Pay US$35 Per US$1,000 Notes


E C U A D O R

FREEPORT-MCMORAN: UBS Maintains Buy Rating on Firm's Shares
PETROECUADOR: Awards 2 Napo Crude Short-Term Contracts


M E X I C O

CHRYSLER LLC: S&P Says Corp. Credit Rating Remains on Watch Pos.
COTT CORP: Posts US$5.8 Mil. Net Loss in Quarter Ended Sept. 29
HARMAN INT'L: Names Messrs. Einsmann & Caroll as Board Members
HOST HOTELS: Appoints Edward Walter as President & CEO
MEGA BRANDS: To Report Third Quarter 2007 Results on Nov. 9

MOVIE GALLERY: Notified by Ernst & Young of Accounting Issues
MOVIE GALLERY: Wants to Restrict Equity Trades to Protect NOLs
TIMKEN CO: Emergency Airlift Gets Dragline Back in Production
U.S. STEEL: Obtains Clearance for Stelco Inc. Acquisition


P A N A M A

CHIQUITA BRANDS: Says Restructuring May Save Up to US$80MM a Yr.


P E R U

BANCO DE CREDITO: Raimundo Morales Leaving CEO Post


P U E R T O   R I C O

COVENTRY HEALTH: Earns US$168.7 Mil. in Quarter Ended Sept. 30
HORIZON LINES: Paying US$0.11 Per Share Quarterly Dividend
MICRON TECHNOLOGY: Robert Bailey Joins Board of Directors
ONE TWO: Case Summary & 20 Largest Unsecured Creditors
PIER 1: Poor Operating Performance Cues S&P to Junk Rating

ORIENTAL FINANCIAL: Earns US$8.4 Mil. in Quarter Ended Sept. 30


T R I N I D A D   &   T O B A G O

HILTON HOTELS: Hires Christopher Nassetta as President & CEO
SUPERIOR ENERGY: Earns US$75.1 Million in Third Quarter 2007


U R U G U A Y

NAVIOS MARITIME: To Acquire Five Capesize Vessels for US$298 Mln


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Uses Neptune's Vessel To Drill Gas Wells
PETROLEOS DE VENEZUELA: Inks Orinoco Pact with Russia's TNK-BP

* MIF To Hold News Meeting on Nov. 6 in Miami, Florida
* Large Companies with Insolvent Balance Sheets


                            - - - - -

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


ALLIANZE ARGENTINA: Moody's Lifts Fin'l Strength Rating to Ba3
--------------------------------------------------------------
Moody's Latin America has upgraded the global local currency
insurance financial strength rating of Allianz Argentina
Compania de Seguros S.A. to Ba3 from B1.  The rating agency also
upgraded Allianz Argentina's IFS rating on the Argentine
national scale to Aa2.ar from Aa3.ar.  The outlook for the IFS
ratings is now stable.  This concludes the review for possible
upgrade of Allianz Argentina's IFS ratings initiated
on Sept. 28, 2007.

According to Moody's, the upgrade to Ba3 primarily reflects the
company's improving profitability metrics, its increasing scale
and greater diversification of its products, as well as its
strengthening franchise value in the local Argentine insurance
market.  Another major factor behind the ratings upgrade is the
support received from its ultimate parent company, Allianz SE,
both explicitly -- through increased risk sharing via
reinsurance contracts -- and implicitly -- through the recent
brand-name change to Allianz Argentina, from AGF Allianz
Argentina, which further consolidates and strengthens its
position in the Argentine property and casualty market.

Allianz Argentina has been reporting continued strong earnings
-- with returns on equity above 45% in each of the last four
fiscal years --, and it is expected to sustain high
profitability levels as management further strengthens its
underwriting discipline.  Although Allianz Argentina has some
degree of concentration in auto insurance, it has broadened its
product offerings, deepening its penetration in the hail and
credit insurance segments.

These improving fundamental credit strengths are mitigated
primarily by Argentina's poor operating environment, Allianz
Argentina's high concentration of investments in Argentine
sovereign assets (rated B3 global local currency) and the
company's recently increasing gross underwriting leverage.

Moody's last rating action on Allianz Argentina took place on
Sept. 28, 2007, when both the global local currency and the
national scale IFS ratings were placed on review for possible
upgrade.

Allianz Argentina is headquartered in Buenos Aires, Argentina.
On June 30, 2007, the company reported total assets of ARS291.9
million and shareholders' equity of ARS79.2 million.  For the
fiscal year, ended on June 30, 2007, Allianz Argentina posted
total gross written premiums of ARS297.7 million and net income
of ARS33.2 million.


COMPANIA LATINOAMERICANA: Fitch Puts BB+ Rating on US$15MM Notes
----------------------------------------------------------------
Fitch Argentina assigned these ratings on Compania
Latinoamericana de Infraestructura & Servicios S.A.'s debts:

   -- Obligaciones Negociables for US$15 million due 2008 at
      BB+;

   -- Obligaciones Negociables for US$100 million due 2012 at
      BB+;

Additionally, Fitch has retired the rate given to the
Obligaciones Negociables for up to US$120 million after they
were repurchased.

The rate is based on the positive outlook on its main line of
business, the history of the group, and the family, which
controls the local market.  The company has a great diversity of
generating funds.

The rate considers the fact that the company has a debt in
dollars and incomes in pesos, the certain risk associated to the
activity on the construction, the exposition to the public
sector as its main client, and the risk associated to the
renegotiation of the public services, specially of Metrovias.
In the latter case, there is a considerable degree of
uncertainty on the development of operations.  Nevertheless, it
is expected that the business on the transport will not demand
funds to Clisa.

There is also a positive perspective associated to the potential
of growth in the short and media term on the business of
construction and environmental engineering, mainly from the
strong need of investments in public infrastructure in Argentina
and new contracts for the environmental activity.

In May 2007, Clisa emitted Obligaciones Negociables for US$100
million, which were used for covering passives.  In July 2007,
the company made an anticipated cancel of ONs for US$120
million.  This issuance has resulted on a growth on the debt of
the company as part of the funds were used for covering other
debt.

Compania Latinoamericana de Infraestructura & Servicios S.A.
(Clisa) is the company under which the Roggio Group develops
activities in the construction area and in vital concessions
(Benito Roggio e Hijos SA), public transport of passengers
(Benito Roggio Transporte SA) and environmental engineering
(Benito Roggio Ambiental SA).  Roggio SA owns 97.53% of Clisa.


ESTANCIA EL CALDEN: Claims Verification Deadline Is on March 12
---------------------------------------------------------------
Alcira Tallone, the court-appointed trustee for Estancia El
Calden S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until March 12, 2008.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

       Alcira Tallone
       Uruguay 662
       Buenos Aires, Argentina


INGENIERIA LICHTENSZTEIN: Claims Verification Ends on Dec. 21
-------------------------------------------------------------
Mercedes del V. Giustti, the court-appointed trustee for
Ingenieria Lichtensztein S.R.L.'s bankruptcy proceeding,
verifies creditors' proofs of claim until Dec. 21, 2007.

Ms. del V. Giustti will present the validated claims in court as
individual reports on March 11, 2008.  The National Commercial
Court of First Instance in Cordoba 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 Ingenieria Lichtensztein 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 Ingenieria
Lichtensztein's accounting and banking records will be submitted
in court on May 8, 2008.

Ms. del V. Giustti is also in charge of administering Ingenieria
Lichtensztein's assets under court supervision and will take
part in their disposal to the extent established by law.

The debtor can be reached at:

       Ingenieria Lichtensztein S.R.L.
       Avenida Colon 2409, Bu Alberdi
       Ciudad de Cordoba, Cordoba
       Argentina


METROVIAS: Fitch Argentina Puts Ordinary Shares in Category 3
-------------------------------------------------------------
Fitch Argentina has placed the ordinary shares of Metrovias in
category 3.  The rate given to the shares is based on the
regular capacity of generating funds and the average price of
the shares in the market.

The credit feature of Metrovias is influenced by the uncertainty
associated to the redefinition of its concession contract.  Both
the evolution of the rentability, as well as the future capacity
of generating funds will depend in a great part on the
negotiations still to take place with the government of
Argentina.

The freezing of the rates, together with a growing structure of
costs, has resulted in a large pressure on the funds of
Metrovias.  A certain area of uncertainty is around the future
operations of the company.

In the last three years, the transported passengers have
increased in average of 5% per year, in line with a certain
increase on the economical activity.  During the 2006 exercise,
the results of the company were negatively affected by the
larger cost in the operations, mainly those associated with
salaries and sub-contracts of services and energy.  This
increase was compensated by adjustments in the costs resulted in
the analysed period.

In June 2007 the incomes of Metrovias declined 10% compared to
the previous period, mainly as result to lower incomes from
investment programs.  The amount of passengers transported
during the semester reached 136.85 million, which represented a
decline of 1.45% compared to the same period 2006.  This
decrease responds mainly to the forces adopted by several
employees of the company who interrupted some of the services.

Metrovias is in charge of trains and metro transport in Buenos
Aires, Argentina.  It holds the concession until Dec. 2017, in
order to exploit the tube sytems of Buenos Aires and the Urquiza
line -- train line of public passengers.  The main shareholder
of the company is Compania Latinoamericana de Infraestructura &
Servicios S.A., the holding infrastructure company of the Roggio
Group which, through Benito RoggioTransporte SA, holds 75% of
the shares; the remaining 25% is trading, since October 2005, at
the Buenos Aires stock market.

As reported on Aug. 8, 2006, the Comision Nacional Valores
placed on the ordinary shares of Metrovias, the tube and train
concession for the city of Buenos Aires, in category 4.

A category 4 status means low quality shares which stems from:

   i) average share trading and the issuer's low capacity to
      generate funds;

  ii) below average share trading and the issuer has a regular
      capacity to generate funds; or

iii) below average share trading and the issuer has a low
      capacity to generate funds.


REJAJET SA: Proofs of Claim Verification Deadline Is Nov. 26
------------------------------------------------------------
Eduardo Hugo Caggiano, the court-appointed trustee for Rejajet
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 26, 2007.

Mr. Caggiano will present the validated claims in court as
individual reports on Feb. 13, 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 Rejajet 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 Rejajet's accounting
and banking records will be submitted in court on
March 26, 2008.

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

The debtor can be reached at:

       Rejajet S.A.
       Maipu 216
       Buenos Aires, Argentina

The trustee can be reached at:

       Eduardo Hugo Caggiano
       Cramer 2175
       Buenos Aires, Argentina


SANIT SA: Proofs of Claim Verification Is Until Nov. 30
-------------------------------------------------------
Roberto Martino, the court-appointed trustee for Sanit S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Nov. 30, 2007.

Mr. Martino will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in La 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 Sanit 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 Sanit's accounting
and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The debtor can be reached at:

       Sanit S.A.
       Calle 15, Numero 1132
       La Plata, Buenos Aires
       Argentina

The trustee can be reached at:

       Roberto Martino
       Calle 43, Numero 845
       La Plata, Buenos Aires
       Argentina


SOCIEDAD COMERCIAL: Federal Court Rejects Fraud Claim Case
----------------------------------------------------------
A federal court in has suspended a case of fraud claim against
Sociedad Comercial del Plata and Compania General de
Combustibles.

The court has considered that there has not been any
irregularities on the agreements known as acuerdos preventivos
in SCP, and the one it used to control CGC, both which were
questioned by different entities.

The concursos were accepted in March 2004 and ratified in 2005.
Nevertheless, in March 6, the court which consolidated the
concursos heard a claim presented by creditors who wanted the
restructuring of the debt to be revised for possible
irregularities and frauds.

As a result of this, the company lead by Santiago Soldati, said
that if the acuerdo preventivo would not remain stable, SCP
could risk a cramdown, which included the offer of the company
to interested candidates.

The company had an exercise of 815.4 million pesos in the second
trimester of the present exercise.

Sociedad Comercial del Plata S.A.'s principal activities are
carried out through three business segments: petroleum and by-
products, entertainment, and other activities.  The petroleum
and by-products segment includes the production of petroleum,
natural gas, liquefied petroleum gas and gasoline, the
exploration and production of hydrocarbons, the operation of 26
service stations under the brand name PUMA, the processing of
crude petroleum and the distribution of fuel, lubricants,
turpentine, solvents, grease, asphalt, oil and other special
products, the manufacture of macroparaffin used in the
production of candles, matches, floor waxes and shines, carton
packaging, tires and lubricant oil and the transportation of
natural gas.  The entertainment segment includes the operation
of a theme park, a railway station for the theme park and a
casino.  Other activities include the development of single and
multi-family housing, hotels, restaurants, educational
establishments, among others.

At June 30, 2006, Sociedad Comercial's balance sheet showed
ARS733,842 million equity deficit compared with ARS100,013
million of positive shareholders equity at Dec. 31, 2005.


TELECOM ARGENTINA: Selects RADCOM's Omni-Q to Monitor NGN Sites
---------------------------------------------------------------
Telecom Argentina S.A. has selected RADCOM's Omni-Q service
management solution to monitor network performance and quality
of service on both their national and international NGN network
sites.

Telecom Argentina is the incumbent fixed-line operator of local
and long-distance services, particularly dominant in the
northern and southern parts of Argentina.  The company has been
revamping its infrastructure towards an NGN architecture, to
enable a reduction of operational expenses while maintaining a
high grade of services.  To meet these requirements, they
selected RADCOM's Omni-Q, a solution that offers an effective
combination of signaling service quality monitoring and
troubleshooting, together with advanced, in-depth media
analysis.

The Omni-Q solution provides the flexibility to cover both
legacy and NGN technologies, and further meets the needs of
Telecom Argentina's future IPTV service designs. The project was
awarded to Planex, RADCOM's local distributor in Argentina.

Pablo Fraire, Telecom Argentina Project Manager and Engineering
Networks Manager, commented, "We are very pleased to be working
with RADCOM and have been impressed by the capabilities of their
Omni-Q solution.  The complete view of our network and services
that Omni-Q provides gives us great confidence in our ability to
guarantee our customers the highest quality of service."

"Telecom Argentina's selection of our Omni-Q monitoring solution
is an important achievement for us in the South American telecom
market," said Hanan Klainer, RADCOM's VP Sales.  "There is huge
potential in that region for future development and sales, and
RADCOM's expertise in VoIP monitoring, including voice quality
analysis, offers service providers a reliable end-to-end
solution that provides comprehensive coverage of all protocols
and technologies, including VoIP, SS7 and Sigtran, in one
solution."

"This sale demonstrates Telecom Argentina's confidence in the
Omni-Q solution and in Planex's ability to provide world-class
support," said Gabriel Vega, Director of Operations at Planex.
"Working together with RADCOM, we look forward to further
developing our relationship with Telecom Argentina and expanding
RADCOM's penetration of our South American customer base."

                        About RADCOM

RADCOM -- http://www.RADCOM.com-- develops, manufactures,
markets and supports innovative network test and service
monitoring solutions for communications service providers and
equipment vendors.  The company specializes in Next Generation
Cellular as well as Voice, Data and Video over IP networks.  Its
solutions are used in the development and installation of
network equipment and in the maintenance of operational
networks.  The company's products facilitate fault management,
network service performance monitoring and analysis,
troubleshooting and pre-mediation.  RADCOM's shares are listed
on both the Nasdaq Global Market and the Tel Aviv Stock Exchange
under the symbol RDCM.

                   About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
Southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct. 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.


TENNECO INC: Bags Development Deal for Diesel Treatment System
--------------------------------------------------------------
Tenneco Inc. has been awarded its first development contract for
a completely integrated selective catalyst reduction diesel
aftertreatment system featuring its recently cquired ELIM-
NOx(TM) technology.  The development contract is between
Tenneco's venture in Shanghai and a major Chinese commercial
vehicle engine manufacturer.

The ELIM-NOx(TM) system is designed to reduce Nitrogen Oxides
emissions by 70% to 90% using current selective catalyst
reduction technology.  Selective catalyst reduction is the
process of removing NOx through a chemical reaction and is a
leading technology for helping diesel engine and vehicle
manufacturers meet the NOx emissions standards.

Tenneco will work with the Chinese engine manufacturer to
develop a complete selective catalyst reduction system with the
ELIM-NOx injector system for truck and bus engines currently
scheduled to launch in China in 2011.

"We are proud to showcase our innovative ELIM-NOx(TM) technology
in the growing Chinese commercial vehicle market, an area of
significant opportunity for us," said Gregg Sherrill, Tenneco
Chairman and Chief Executive Officer.  "We are well-positioned
with our advanced hot-end emission control technologies and
diesel aftertreatment capabilities to help engine manufacturers
and OEMs worldwide meet increasingly stringent emissions
standards.  We look forward to supporting our newest customer to
meet the upcoming Euro-4 regulations in China."

ELIM-NOx is one of the few proven high-performance systems for
urea and hydrocarbon injection.  The ELIM-NOx(TM) injector
system and "self-learn" monitoring device are unique.  The
injector system is capable of providing rapid, uniform
dispersion of urea without the use of steam or compressed air,
reducing overall system lifecycle cost.  The "self-learn"
monitoring device significantly reduces vehicle development time
and costs with the use of sensors to measure NOx, exhaust
temperature and other engine parameters.

                        About Tenneco

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

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

                        *     *     *

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

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

Fitch said the rating outlook remains positive.


* MUNICIPALITY OF RIO: Moody's Rates Global Local Currency at B1
----------------------------------------------------------------
Moody's has assigned issuer ratings of Aa3.ar (Argentina
National Scale) and B1 (Global Scale, Local Currency) to the
Municipality of Rio Cuarto, Argentina.  The rating outlook is
stable.

The ratings reflect the municipality's ability to generate a
high level of own-source revenue, positive operating results
which have been sufficient to fund increasing capital
investments and a debt level which, while high, carries a
manageable debt service cost.

"The Municipality of Rio Cuarto has achieved positive operating
results over the last five years, and current revenues exceeded
current spending by nearly 20% in 2005 and 16% in 2006," said
Moody's Associate Analyst Patricio Esnaola.  "These positive
results allowed the municipality to cover its capital investment
requirements without borrowing."

Own-source revenues are the municipality's primary revenue
source, representing nearly 72% of the total for the period
2002-2006.  In 2006, 68% of total revenue came from own sources,
and the same level is expected in 2007.

Mr. Esnaola noted that the municipality's debt, US$84.7 million
at year-end 2006, is equivalent to 74% of that year's revenue, a
relatively heavy burden.  Around 70% of the total debt consists
of foreign-currency loans obtained from multilateral
organizations through the national government, and now owed to
the national government.  Payment on these loans is awaiting
agreement on payment terms and conditions among the
municipality, the Province of Cordoba and the national
government.

The ratings are constrained by the operating environment for
regional and local governments in Argentina, which is
characterized by a GDP per capita that is high for a developing
country, very high GDP volatility, and a very low ranking on the
World Bank's Government Effectiveness Index, indicating a high
level of systemic risk.  This environment is joined to an
institutional framework under which regional and local
governments carry significant responsibility for public services
while nearly all rely heavily on federal transfers, suggesting a
low level of fiscal flexibility in relation to revenue.

The ratings also reflect the application of Moody's Joint
Default Analysis rating methodology for regional and local
governments, and rely on two principal inputs: a baseline credit
assessment of 14 on a scale of 1 to 21, in which 1 represents
the lowest credit risk, and a low likelihood that the provincial
government would provide extraordinary support to prevent an
imminent default by the municipality.




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B A H A M A S
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HARRAH'S ENTERTAINMENT: Paying US$0.40 Per Share Cash Dividend
--------------------------------------------------------------
The board of directors of Harrah's Entertainment, Inc. has
declared a regular quarterly cash dividend of US$0.40 per share,
payable Nov. 21, 2007, to stockholders of record as of the close
of business on Nov. 8, 2007.  Harrah's shares will begin trading
ex-dividend on Nov. 6, 2007.

                  About Harrah's Entertainment

Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc.
(NYSE: HET) -- http://www.harrahs.com/-- has grown through
development of new properties, expansions and acquisitions, and
now owns or manages casino resorts on four continents and hosts
over 100 million visitors per year.  The company's properties
operate under the Harrah's, Caesars and Horseshoe brand names;
Harrah's also owns the London Clubs International family of
casinos and the World Series of Poker. Harrah's also owns the
London Clubs International family of casinos.  In January, it
signed a joint venture agreement with Baha Mar Resorts Ltd. to
operate a resort in Bahamas.

                        *     *     *

Standard & Poor's placed Harrah's Entertainment Inc.'s long term
foreign and local issuer credit ratings at "BB" in December
2006, which still hold this date.




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


BRUNSWICK REAL: Sets Final Shareholders Meeting for Dec. 3
----------------------------------------------------------
Brunswick Real Estate Limited will hold its final shareholders
meeting on Dec. 3, 2007, at:

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

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


JACQUES-CARTIER: Proofs of Claim Filing Ends on Nov. 14
-------------------------------------------------------
Jacques-Cartier Reinsurance Company Limited's creditors are
given until Nov. 14, 2007, to prove their claims to Jennifer Y.
Fraser, 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.

Jacques-Cartier's shareholders agreed on Oct. 25, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


JACQUES-CARTIER: Sets Final Shareholders Meeting for Dec. 4
-----------------------------------------------------------
Jacques-Cartier Reinsurance Company Limited will hold its final
shareholders meeting on Dec. 4, 2007, at 9:00 a.m.:

         Canon's Court
         22 Victoria Street, Hamilton
         Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


OLMECA CABLE: Will Hold Final Shareholders Meeting on Dec. 4
------------------------------------------------------------
Olmeca Cable Investments, Ltd., will hold its final shareholders
meeting on Dec. 4, 2007, at 11:00 a.m.:

         Canon's Court
         22 Victoria Street, Hamilton
         Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.


OLMECA CABLE: Proofs of Claim Filing Deadline Is Nov. 14
--------------------------------------------------------
Olmeca Cable Investments, Ltd.'s creditors are given until
Nov. 14, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Olmeca Cable's shareholders agreed on Oct. 25, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


SEEZ TRADING: Proofs of Claim Filing Is Until Nov. 14
-----------------------------------------------------
Seez Trading Corp. Ltd.'s creditors are given until
Nov. 14, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Seez Trading's shareholders agreed on Oct. 25, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court, 22 Victoria Street
         Hamilton, Bermuda


SEEZ TRADING: Holding Final Shareholders Meeting on Dec. 4
----------------------------------------------------------
Seez Trading Corp. Ltd. will hold its final shareholders meeting
on Dec. 4, 2007, at 10:00 a.m.:

         Canon's Court
         22 Victoria Street, Hamilton
         Bermuda

These matters will be taken up during the meeting:

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

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

    -- passing of a resolution dissolving the company.




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


BANCO INDUSTRIAL: Raises BRL822MM from Initial Public Offering
--------------------------------------------------------------
Banco Industrial e Comercial said in a statement that it has
raised a total of BRL822 million from its initial public
offering after selling an additional lot of shares.

Business News Americas relates that Banco Industrial raised
about BRL714 million from a primary and secondary share offering
earlier in October 2007.

Banco Industrial started trading its shares on the Bovespa stock
exchange on Oct. 15, 2007, BNamericas states.

                        *     *     *

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


BANCO NACIONAL: Forms Credit Line for Degraded Area Restoration
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social President
Luciano Coutinho, opened last week, the works of the workshop
"Rehabilitation of Central Areas."  The purpose of this meeting
was to discuss the possibilities of creating a macro and
institutional model making viable the investments in urban
infrastructure, property preservation and restoration of degrade
areas at urban centers and port forefronts.  On his speech, Mr.
Coutinho announced the creation, until December, of a financing
line for the reurbanization of such areas that, as he reminded,
"originated the big cities during the colonial period."

The event, which was held at BNDES auditorium, from 9:30 a.m. to
6:30 p.m., was coordinated by the Social Inclusion area
director, Elvio Gaspar, and was attended by the minister of
Cities, M rcio Fortes de Almeida; the president of the National
Historical and Artistic Property Institute [Iphan/MinC], Luiz
Fernando de Almeida; a representative of Federal Historical
Property, Eliane Hiradi; and Ant“nio Maur¡cio Ferreira Neto,
representative of minister Pedro Brito, of Special Secretariat
of Ports.

The president of BNDES said that the "genetics of those
historical centers with great value should be respected", and he
also highlighted the touristic and economic potential that those
areas reserve.  In his opinion, they may today be revitalized,
joining services and cultural activities, generating economic
value, but paying attention to the social aspects.

"Many times the opportunities are created without considering
the need of a social remuneration.  We need to accomplish this
investment", he said, and subsequently announced: "BNDES offers
itself as a lever, a supplier of funds, a key to move the
projects that we need to stimulate. Consequently, the value
hidden at those areas will be captured and expanded. I would
like to have this credit line structured by the end of current
year, to be offered to the ministry and to the cities", he
concluded.

After the opening ceremony, there was a presentation of Case
Studies related to projects to the downtown areas of historical
centers in Sao Luis do Maranhao, Recife/Olinda, Salvador, Rio de
Janeiro and Santos.  The group concluded that despite the need
of considering each case individually, it is necessary to think
of a macro model that helps to make those projects viable.

For the representative of the minister of Ports, Antonio
Mauricio, events like the one held by the Bank conduct, finally,
to the composition of "an agenda to structure the restoration of
areas that deal with questions like those linked to dwelling, as
well as sanitation of port installations.  That's why it is so
important that we are benefited with this line idealized by
BNDES", he said.

Luiz Fernando de Almeida, of IPHAN, highlighted that the process
of change that moves the cities places an economic challenge
beside the need of historical preservation.  "The challenge is
to restore the public power investment capacity, jointly with
the real estate boom, at the same time preserving and respecting
the historical property."

Minister Marcio Fortes took advantage to narrate the work that
has been made for some years, towards trying to establish a
single plan, respecting the characteristics of each city.  Mr.
Fortes reminded the participation of director Elvio Gaspar in
the group that has been trying, before the city hall and the
state, standardize a proposal contemplating both the private
initiative (landowners, which may be the Marine and those
trading in warehouses), as well as the public power.

"It is a problem much more complex than it looks, because it
goes through land that needs to be transferred to a single
administrator.  We will have to conciliate government versus
enterprises' policies, playing with the historical property and
social aspects.  Those places need to be inhabited. It doesn't
help to reform the spaces only with intelligent buildings and by
weekends they are empty," he summarized.

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.


BANCO NACIONAL: Granting BRL3.15 Billion in Loans to Telecoms
-------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA would
authorize some BRL3.15 billion in loans to the telecommunication
sector in 2007, Brazilian news daily O Estado do S Paulo
reports.

Banco Nacional told Agencia Estado in August 2007 that it would
lend some BRL2.4 billion this year.

According to O Estado, the BRL3.15-billion loan is the largest
amount since the BRL3.23 billion granted in 2000.

O Estado relates that the financing will go mainly toward
network modernization for long-term projects like 3G
communications auctions that would be awarded on Dec. 18, 2007.

Banco Nacional telecoms department head Alan Fischler told O
Estado, "Growth in investments and loans is to be expected next
year."

Business News Americas notes that the total of loans granted
this year is twice greater than the loans Banco Nacional granted
in 2004 and 2005 combined.

Top investments include those of Brazil's largest mobile
operator Vivo, which wants to complete the GSM overlay on its
GSM network, BNamericas states.

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.


BAUSCH & LOMB: Moody's to Withdraw All Ba1 Ratings
--------------------------------------------------
Moody's Investors Service has confirmed and will withdraw Bausch
& Lomb Incorporated's Ba1 Corporate Family Rating, Ba1
Probability of Default Rating and Ba1 ratings on certain
existing senior unsecured notes.  The rating outlook was revised
to stable and will be withdrawn.

The Ba1 rating on US$60.4 million senior unsecured notes due
Nov. 15, 2007 remains on review for possible downgrade and is
expected to be withdrawn upon the maturity of the notes.

These ratings for Bausch & Lomb Incorporated (Oldco) were
confirmed and will be withdrawn:

-- Ba1 Corporate Family Rating;

-- Ba1 Probability of Default Rating;

-- Ba1 rating (LGD4/52%) on Senior Unsecured Notes due 2008;

-- Ba1 rating (LGD4/52%) on Floating Rate Convertible Notes
    due 2023;

-- Ba1 rating (LGD4/52%) on Medium Term Notes due 2026;

-- Ba1 rating (LGD4/52%) on Debentures due 2028; and

-- Ba1 rating (LGD4/52%) on a Medium Term Note Program.

This Bausch & Lomb Incorporated (Oldco) rating will remain on
review for downgrade and will be withdrawn upon maturity:

-- Ba1 rating (LGD4/52%) on Senior Unsecured Notes due 2007.

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


CHRYSLER LLC: Names John Cataldo VP, Business Development Exec.
---------------------------------------------------------------
Chrysler LLC has named L. John Cataldo Vice President - Business
Development and Mergers & Acquisitions.  In this newly created
position, Mr. Cataldo will be responsible for leading all major
business development activities globally, including alliances,
partnerships, joint ventures and key multi-region, product-
related programs.

Mr. Cataldo joins Chrysler after 13 years with General Electric
Company as a GE Energy Business General Manager - Strategy,
Marketing and Commercial Operations and formerly, Leader -
Business Development, GE Energy Services and Manager - GE
Corporate Business Development.  Mr. Cataldo is a former officer
and pilot with the U.S. Air Force.

He will be based in Auburn Hills, Michigan, and report to Vice
Chairman and President Tom LaSorda.  The appointment takes
effect immediately.

                     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.


FORD MOTOR: UAW Talks Intensifies After Chrysler Ratifies Pact
--------------------------------------------------------------
The United Auto Workers union is now intent on labor talks with
Ford Motor Company after Chrysler LLC ratified its four-year
labor contract with the union over the weekend, several papers
report.

According to Poornima Gupta of Reuters citing a source familiar
with the discussions, Ford and the UAW have reached a new set of
terms for a labor contract, cutting thousands of jobs under a
buyout program.

If Ford could bargain cost savings from the UAW under their new
contract, the carmaker is likely change its plans on closing six
plants and displacing workers, Dee-Ann Durbin of The Associated
Press writes.

Sources say that among the Big Three automakers in the U.S.,
Ford has been slated by the UAW to be last in the line for labor
talks because Ford has been struggling financially.  At
June 30, 2007, the company's balance sheet showed total assets
of US$279.2 billion, total liabilities of US$279.9 billion, and
minority interests of US$1.2 billion, resulting in a US$1.9
billion stockholders' deficit.

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.


GRUPO UNIALCO: S&P Assigns B Local & Foreign Currency CFR
---------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B' local
and foreign currency corporate credit rating to Brazil-based
sugar-cane processor Grupo Unialco.  At the same time, S&P
assigned its 'B' rating to Unialco's wholly owned subsidiary,
Unialco Finance Ltd.'s US$150 million senior unsecured long-term
bond.  The outlook on Unialco's corporate credit rating is
stable.

"The ratings on Unialco reflect the company's highly leveraged
financial risk profile, which is based on its proposed debt
increase, its weak cash flow generation and liquidity, and the
inherent risks in its commodity business, including the highly
volatile prices for sugar and ethanol," said S&P's credit
analyst Vivian Zietemann.  The ratings also incorporate the
seasonality of Unialco's operations and results and consequent
substantial working capital needs during the crop season.  In
addition, Unialco's challenge of growing and delivering the
strong operating efficiency and margins of its more consolidated
mills were also incorporated in the ratings.  These negative
factors are partly offset by Unialco's strong operational track
record, with competitive advantages in logistics and production,
as well as favorable climate and soil conditions for sugarcane
harvesting in the country, resulting in higher-than-average
margins and productivity yields.  Positive long-term market
fundamentals for sugar and ethanol producers globally also
partly compensate for the negative rating factors.

The rating on the notes reflects Unialco's credit quality
because they will be unconditionally and irrevocably guaranteed
by three of its main operating assets, including one of its
Greenfield projects.  S&P expects proceeds from the proposed
bonds to be used to refinance short-term debt (about 50% of the
total amount) and to finance the company's expansion plan.
Unialco's outstanding debt by fiscal year-end 2007
(Mar. 31, 2007) was about US$100 million, while cash and market
securities accounted for US$17 million.  Pro forma fiscal 2008,
S&P expects Unialco to report about US$230 million of total
debt.

The stable outlook reflects S&P's expectations that Unialco will
remain competitive with relatively higher-than-market average
EBITDA margins and operational efficiency.  It also incorporates
the fact that the company is subject to market volatility
related to its core business, and the company's capital
structure will remain constrained in the next five years because
S&P does not see Unialco significantly reducing debt in the
period.

The ratings could be lowered or the outlook could be revised to
negative if the company is less resilient to market swings,
presents lower EBITDA margins, stretches liquidity, and
especially if it incurs additional debt because there is limited
room for further debt increases.  A negative rating action could
potentially be triggered by an FFO-to-total debt ratio that is
consistently lower than 10% and a total debt-to-EBITDA ratio
that is higher than 5.0.

A positive rating action or outlook revision would depend on
Unialco consistently showing stronger credit metrics, resulting
from significant debt reduction, with an FFO-to-total debt ratio
in the high-teens range and a total debt-to-EBITDA ratio lower
than 3.5.

Headquartered in Sao Paulo, Brazil, Unialco S.A. Alcool e Acucar
is a sugar and an ethanol producer.  Unialco had revenues of
BRL298 million (US$155 million) for the fiscal year ending on
Mar. 31, 2007.  62% of revenues are from sugar and 38% from
ethanol, with 62% of sales to the export market.


SCO GROUP: Court OKs US$36-Mil. Sale of Unix to JGD Management
--------------------------------------------------------------
The SCO Group Inc. and its debtor-affiliates obtained approval
from the U.S. Bankruptcy Court for the District of Delaware to
publicly sell their Unix business to JGD Management Corp., dba
York Capital Management or to any successful bidder.

The Debtors and JGD have sign an asset purchase agreement which
provided that apart from the Unix business, the Debtor will sell
to JGD for a total consideration price of US$36 million certain
of their related claims in litigation, assumed liabilities and
the Debtors' cross-license and related agreements pertaining to
the Hipcheck product line and Me Inc.  The agreement also
provide financing to the Debtor, under Sections 363 and 364 of
the U.S. Bankruptcy Code.

JGD, pursuant to the agreement, will pay the Debtor the total
price in cash and non-cash components consisting of US$10
million cash payment, up to US$10 million in the form of a
litigation credit facility, up to US$10 million in the form of a
20% interest in JGD's collection of favorable judgment from
Linux litigation, and up to US$6 million in the form of a
revenue share agreement.  In addition, under the agreement, JGD
will post and earnest money deposit in the amount of 5% of the
purchase price.

The Debtors and JGD have agreed to a US$50,000 reimbursement of
JGD's purchase fees in connection with the consummation of the
deal.  If JGD is designated as a stalking horse bidder and is
unsuccessful in the bid, the Debtor will pay JGD a US$780,000
break-up fee, plus US$300,000 alternative transaction expense
reimbursement.

The Debtors' revenues have been declining over the past several
years and they do not have enough liquidity to sustain their
operations.  Hence, the Debtors must move quickly to realize the
best price for their assets.

The Court has scheduled a hearing on Nov. 6, 2007, at 11:00 a.m.
for considering approval of the asset purchase agreement and the
bidding procedures.  The deadline for filing objections is
Nov. 1, at 4:00 p.m.

The Debtors have asked the Court for approval of the
transactions contemplated by the asset purchase agreement no
later than Dec. 7, 2007.

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

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

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq., and Arthur
Spector, Esq., at Berger Singerman P.A., represent the Debtors.
James O'Neill Esq., and Laura Davis Jones, Esq., at Pachulski
Stang Ziehl & Jones LLP, is the Debtors' local counsel.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  An Official Committee of Unsecured Creditors
has yet to be appointed in these cases by the Office of the
United States Trustee.  The Debtors' exclusive period to file a
chapter 11 plan expires on March 12, 2008.  The Debtors'
schedules of assets and liabilities showed total assets of
US$9,549,519 and total liabilities of US$3,018,489.


TAM SA: Commences Code-Share Flights with LAN Airlines
------------------------------------------------------
TAM and the LAN alliance -- LAN Airlines, LAN Peru, LAN
Argentina and LAN Ecuador -- will commence a code-share flight
agreement on Nov. 5, beginning with LAN Airlines (Chile).  The
flights will be available to sell as of Oct. 31.  LAN Peru and
LAN Argentina will follow in the month of November.

The partnership, effective next week, will allow TAM to offer
its passengers flights to 14 cities in Chile, such as
Antofagasta, Calama, Concepcion, Iquique, La Serena, Puerto
Montt, Punta Arenas and Valdivia.  LAN clients will also be
eligible for Tam flights to 12 Brazilian cities, including Rio
de Janeiro, Salvador, Porto Alegre, Belo Horizonte,
Florianopolis, Brasilia, Recife, Manaus and Porto Seguro, among
others.

Code sharing will increase the number of seats available between
Sao Paulo and Santiago, as the two companies will operate with
shared codes on flights between Brazil and Chile.

In addition to the Sao Paulo-Lima route with LAN Peru, the
agreement will cover 11 other cities in Peru (Arequipa,
Chiclayo, Cuzco, Puerto Maldonado and Tarapoto, among others)
and nine Brazilian cities served by TAM (Rio de Janeiro, Porto
Alegre, Belo Horizonte, Curitiba, Salvador, Manaus,
Florianopolis, Foz do Iguacu and Porto Seguro).  The partnership
with LAN Argentina will allow for an increase in number of
flights between Brazil and Argentina for both countries'
customers, with flights leaving Sao Paulo, Rio de Janeiro, Porto
Alegre, Curitiba and Florianopolis.  Destinations operated by
TAM and LAN Argentina in their respective countries are also
being considered.  The code share agreement will include LAN
flights from Buenos Aires to Bariloche, Com. Rivadavia, El
Calafate Mendonza, Rio Gallegos, Salta and Ushuaia, in
Argentina; and TAM flights from Sao Paulo and Rio de Janeiro to
14 cities in Brazil.

Another benefit passengers will reap from the commercial
alliance between TAM and LAN is that trips will be completed
with just one ticket from start to finish, with luggage sent to
the final destination.  In November, passengers of either
company will be able to accumulate and redeem points through the
TAM Loyalty Program and miles with LANPASS on flights operated
by either company.

                          About LAN

LAN Airlines -- http://www.lan.com/-- is one of Latin America's
leading airlines.  LAN is integrated by LAN Airlines, LAN
Express, LAN Peru, LAN Ecuador, and LAN Argentina, as well as
LAN Cargo and its affiliates.  LAN Alliance serves 15
destinations in Chile, 12 in Peru, 10 in Argentina, two in
Ecuador, 15 destinations in other Latin American countries and
Caribbean, three in the United States two in Europe and four in
the South Pacific, in addition to 52 additional international
destinations through several code-share agreements.  Currently,
the LAN Alliance operates 68 passenger aircraft and
10 freighters.  LAN Airlines is a member of OneWorld(TM).  It
has bilateral commercial agreements with American
Airlines, British Airways, Iberia and Qantas and also with
Alaska Airlines, AeroMexico, TAM, Korean Air and JAL.

                        About TAM SA

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

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


UNIALCO SA: Moody's Assigns Preliminary Low B Ratings
-----------------------------------------------------
Moody's Investors Service has assigned a B2 global local
currency scale corporate family rating to Unialco S.A. Alcool e
Acucar and also a B2 foreign currency rating to its proposed
US$150 million senior unsecured notes issued by its Cayman
Island based offshore subsidiary, Unialco Finance Limited, with
an unconditional and irrevocable guarantee from Unialco S.A.
Alcool e Acucar, Alcoolvale S.A. Alcool e Acucar and Dourados
S.A. Alcool e Acucar.  The rating outlook is stable.  This is
the first time Moody's has rated Unialco.

"The B2 global local currency corporate family rating reflects
primarily Unialco's small size and scale, risks stemming from
having a high percentage of production and cash flow from a
single facility, the susceptibility of its earnings to currency
and sugar price volatility, its complex ownership structure and
its below average corporate governance and financial disclosure
standards, when compared to other globally rated peers," says
Moody's analyst Soummo Mukherjee.  "The B2 rating, however,
recognizes the company's competitive cost-structure, high
margins compared to its global and domestic peers, the overall
expected continued positive fundamentals for Brazilian sugar and
ethanol producers, the steps being taken to simplify the group's
legal structure and improve corporate governance, and the
company's historically solid debt protection metrics for the
rating category." he adds.

Unialco will use at least US$70 million of the net proceeds of
the proposed notes to repay a portion of existing short-term and
long-term debt, while the remainder of the proceeds will be used
to make investments in its production process, increase its
stake in subsidiaries and for general corporate and liquidity
purposes.  Moody's has reviewed preliminary draft legal
documentation for the transaction.  The rating assumes there
will be no material variation from the drafts reviewed and that
all legal agreements are legally valid, binding and enforceable.

With 5.0 million tons of crushing capacity and approximately
US$165 million of net revenues, Unialco is significantly smaller
in terms of net revenues than its international rated peers
Suedzucker (Baa2, US$7.3 billion), Tate & Lyle (Baa2, US$7.2
billion) and Tereos (Ba2, US$2.6 billion), as well as its
Brazilian peer Cosan (rated Ba2/sta, US$1.7 billion), which has
crushing capacity of 40 million tons and 19 mills.

The company currently has only two operating mills: Alcoolvale,
representing 38% (1.4 million tons) of Unialco's total crushed
sugarcane for the 2006/2007 harvest, and Unialco mill,
representing the remaining 62% (2.13 million tons) of the
company's total crushed sugarcane.  The concentration of
operations in these two plants increases exposure to accidents,
natural disasters, labor strikes, and other operational
incidents, such as equipment failures, fires, explosions, pipe
rupture, which could cause business interruptions and impact
cash flow unexpectedly.  Although Unialco is already investing
in two greenfields that will start operating in the harvest of
2007/2008 and 2008/2009, decreasing dependency on the Unialco
and Alcovale plants.

Unialco's small size, however, is partially mitigated by its
ability to report higher operating margins than most of its
peers.  Its EBITDA margin of 37% for its fiscal year ending in
Mar. 31, 2007 is higher than its international peers' and
compares favorably against its Brazilian peer, Cosan.  The
company benefits from the significant cost advantages of
operating in one of the highest yielding sugar cane regions of
the world.  Unialco further benefits from its relatively lower
transport costs, its tight control over its cost of production,
and the fact that 91% of its sugarcane is from its own or leased
land, with 25% coming from land belonging to its shareholders,
and only 9.4% coming from third-parties.

Unialco's earnings and cash flow are largely subject to the
volatility of sugar prices, the company's main input cost, with
price fluctuations that are influenced by numerous factors such
as weather, cyclicality, domestic and foreign trade policies and
supply and demand changes in the international markets that are
completely outside the company's control.

Moody's recognize, however, that two of Unialco's main cost
components, the land leases for its sugarcane production and the
price paid to suppliers for its purchased sugarcane, which
together account for approximately 67% of Unialco's combined
operating costs and expenses, are tied to the market price of
sugar.  Therefore, to the extent that sugar prices rise or drop,
so does the purchase price that Unialco pays for its sugarcane
or the rent expense associated with its land leases, moderating
to some degree the company's earnings volatility caused by sugar
prices.  Furthermore, Moody's notes that the company has adopted
a risk management framework that hedges some of its commodity
and currency exposure, thus mitigating the impact of changing
commodity input prices and foreign exchange rates.

At the end of June 2007, Unialco's total balance-sheet debt plus
refinanced taxes amounted to BRL 273.4 million, which includes
BRL121.2 million in short term debt.  Thus, the cash and cash
equivalent balance of approximately BRL26 million amounts to
21.5% of the company's total short-term debt and would be
insufficient to address its near-term maturities.  The company
is planning to use at least US$70 million of the proceeds from
its proposed US$150 million bond issuance to repay most of its
existing short-term debt, which will significantly improve the
company's debt maturity profile.

Unialco is a family-owned, privately held company that is not
subject to the corporate governance or financial reporting
practices of publicly-traded companies in Brazil, especially
compared to the ones adhering to the Bovespa's higher corporate
governance standards.  The fact that Unialco is audited by one
of the internationally recognized big four firms (KPMG) for the
last seven years and publishes annual cash flow statements is a
credit positive.  However, this is somewhat offset by the
company's lack of quarterly financial statements and conference
calls.

The Zancaner family comprises the controlling shareholders of
Unialco and together it controls approximately 79.5% of the
company.  The management team is comprised of a board of
directors with six members, but only one independent board
member.  However, Unialco's shift over the past few years from a
family-operated company to one managed by professionals with
significant experience in the sugar and ethanol industries is
positive.

Unialco's overall key credit metrics (i.e. FFO/Net Debt of 25%
and Debt / EBITDA of 3.7 times on a three year average and
according to Moody's standard adjustments and definitions) are
strong for its B2 rating.  However, the relatively strong credit
metrics for the B2 category do not offset the risks inherent in
the company's small size and concentration of production in two
mills.  The B2 rating reflects Moody's expectation that Unialco
will experience volatility in profitability, cash flow and
overall metrics.

The B2 foreign-currency rating assigned to the senior unsecured
notes is at the same level as the global local currency
corporate family rating because of Unialco's overall low level
of secured debt (approximately 10% of total adjusted debt) and
the guarantees from Unialco, which holds the majority of the
group's operating assets, and its other operating subsidiary,
Alcoolvale.  The notes will also have the guarantee from
Dourados, a new mill expected to start operating in 2009.

The stable outlook reflects Moody's expectation that Unialco
will not be materially impacted by currency or commodity price
fluctuations and that the outlook for Brazilian ethanol demand
and prices will not deteriorate sharply in the foreseeable
future, possibly as a result of lower than expected industry
exports to the international market.

Unialco's rating and/or outlook could come under downward
pressure if the company's operating performance were to
significantly deteriorate due to a stronger than expected Real
or commodity price fluctuations causing EBITA margin to drop
below 12%. Similarly, if Unialco's Debt/EBITDA were likely to
increase above 5.0 times or EBITA/Interest to fall below 1.0
time or CFO/Net Debt to be materially below 10%, downward rating
pressure would arise.

On the other hand, an upgrade for the ratings or outlook would
require reduced exposure of Unialco's production to any one
plant and overall improved financial disclosure and corporate
governance standards.  Quantitatively, Unialco's rating could
come under upward pressure if the company is able to reduce
Total Debt/EBITDA below 4.0 times, improve EBITA/Interest to
above 1.5 times, and CFO/Net Debt above 20%, all on a
sustainable basis.  All ratios are based on Moody's standard
analytic adjustments and definitions.

Headquartered in Sao Paulo, Brazil, Unialco S.A. Alcool e Acucar
is a sugar and an ethanol producer.  Unialco had revenues of
BRL298 million (US$155 million) for the fiscal year ending on
Mar. 31, 2007.  62% of revenues are from sugar and 38% from
ethanol, with 62% of sales to the export market.


* BRAZIL: Petrobras Denies Acquisition Talks for Bolivian Assets
----------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA's South
cone executive manager and Petrobras Energia's head Decio Oddone
has denied to Business News Americas negotiations on the
purchase of French oil company Total's Bolivian assets.

Published reports say that Brazil will disclose new gas
investments in Bolivia when Brazilian President Luiz Inacio Lula
da Silva meets his Bolivian counterpart Evo Morales.

President Lula's international affairs secretary Marco Aurelio
Garcia commented to Brazilian news daily Valor Economico,
"Petrobras will operate Total's gas fields in Bolivia."

Valor Economico relates that Petrobras will run Itau, one of
Bolivia's most important fields.

BNamericas notes that Petrobras operates the San Antonio and San
Alberto fields in Bolivia.

Mr. Oddone also denied to BNamericas that Petrobras is keen on
buying US oil company's ExxonMobil's Argentine unit Esso.

According to the Argentine press, ExxonMobil wanted to sell
Esso.

                         About Total

TOTAL S.A., together with its subsidiaries and affiliates, is an
integrated oil and gas company.  With operations in more than
130 countries, TOTAL engages in all aspects of the petroleum
industry, including upstream operations (oil and gas
exploration, development and production, liquefied natural gas,
and downstream operations (refining, marketing and the trading
and shipping of crude oil and petroleum products).  TOTAL also
produces base chemicals (petrochemicals and fertilizers),
cholorochemicals, intermediates, performance polymers and
specialty chemicals for the industrial and consumer markets.  In
addition, TOTAL has interests in the coal mining and power
generation sectors, as well as a financial interest in Sanofi-
Aventis.  TOTAL's worldwide operations are conducted through
three business segments: Upstream, Downstream and Chemicals.

                  About Petroleo Brasileiro

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

                        *     *     *

As reported 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
===========================


APPAREL BRANDS: Proofs of Claim Filing Ends on Nov. 6
-----------------------------------------------------
Apparel Brands Holdings Co.'s creditors are required to submit
proofs of claim by Nov. 6, 2007, to Diego Munoz, 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.

Apparel Brands' shareholders agreed on Oct. 10, 2007, to place
the company into voluntary liquidation under The Cayman Islands'
Companies Law (2007 Revision).

The liquidator can be reached at:

         Diego Munoz
         Attention: Richard Addlestone
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


ARIAS MELE: Proofs of Claim Verification Is Until Feb. 6
--------------------------------------------------------
Magdalena de la Quintana, the court-appointed trustee for Arias
Mele & Asociados SA's bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 6, 2008.

Ms. de la Quintana will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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 Arias Mele 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 Arias Mele's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Ms. de la Quintana is also in charge of administering Arias
Mele's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

        Arias Mele & Asociados SA
        Franco 2654
        Buenos Aires, Argentina

The trustee can be reached at:

       Magdalena de la Quintana
       Cerrito 1136
       Buenos Aires, Argentina


BABYLON ML: Proofs of Claim Filing Deadline Is Nov. 5
-----------------------------------------------------
Babylon ML Ltd.'s creditors are required to submit proofs of
claim by Nov. 5, 2007, to Michael Pungello and Gabriel
Mairzadeh, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Babylon ML's shareholders agreed on Sept. 3, 2007, to place the
company into voluntary liquidation under The Cayman Islands'
Companies Law (2007 Revision).

The liquidators can be reached at:

         Gabriel Mairzadeh
         Michael Pungello
         Campbells
         4th Floor, Scotia Center
         P.O. Box 884, George Town
         Grand Cayman KY1-1103


BANK OF INDIA: Second Quarter Profit Soars to INR4.25 Billion
-------------------------------------------------------------
Bank of India's net profit more than doubled to INR4.25 billion
in the three months ended Sept. 30, 2007, compared to that
earned in the same quarter last year.

The bank's total income jumped 34.17% to INR35.04 billion, most
of which comes from interest earned or operating income
(INR29.75 billion).  Expenditures for the July-Sept. 2007 period
aggregated INR26.64 billion, up 25% fro the INR21.32 billion
incurred in the corresponding quarter in 2006.

A copy of the bank's financial results for the second quarter
ended Sept. 30, 2007, is available for free at :

       http://ResearchArchives.com/t/s?249f

Headquartered in Mumbai, India, Bank of India --
http://www.bankofindia.com-- 2628 branches in India spread over
all states/ union territories, including 93 specialized
branches.  The bank provides a range of financial products and
services, including numerous credit schemes, deposit schemes,
cash management services, credit/debit cards, deposit vaults and
corporate bonds.  It also extends finance to small and medium
enterprises and small-scale industries. It provides a variety of
loans, such as mortgage loans, educational loans, auto finance
loans, holiday loans, personal loans and home loans.  The bank
offers Internet banking services for both the retail and
corporate clients.

The bank operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                        *     *     *

Standard & Poor's Ratings Services assigned on March 26, 2007,
its 'BB' issue rating to the bank's Hybrid Tier I notes to be
issued by India's Bank of India (BOI; BBB-/Stable/A-3), acting
through its Jersey branch.  These notes are being issued under
the bank's US$1 billion medium-term notes program.


CLARION OFFSHORE: Proofs of Claim Filing Ends on Nov. 6
-------------------------------------------------------
Clarion Offshore Fund, Ltd.'s creditors are required to submit
proofs of claim by Nov. 6, 2007, to Christopher D. Johnson and
Russell Smith, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Clarion Offshore's shareholders agreed on April 2, 2007, to
place the company into voluntary liquidation under The Cayman
Islands' Companies Law (2007 Revision).

The liquidators can be reached at:

         Christopher D. Johnson
         Russell Smith
         Chris Johnson Associates Ltd.
         Elizabethan Square, George Town
         Grand Cayman, Cayman Islands

Contact for inquiries:

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


FARMACIA DEL PASEO: Claims Verification Deadline Is Dec. 2
----------------------------------------------------------
Liliana Oliveros Peralta, the court-appointed trustee for
Farmacia del Paseo SRL's bankruptcy proceeding, verifies
creditors' proofs of claim until Dec. 2, 2007.

Ms. Peralta will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, 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 Farmacia del Paseo 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 Farmacia del Paseo's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

        Farmacia del Paseo SRL
        Avenida Cabildo 1975
        Buenos Aires, Argentina

The trustee can be reached at:

       Liliana Oliveros Peralta
       Viamonte 1337
       Buenos Aires, Argentina


QUANTIVA INVESTMENT: Proofs of Claim Filing Ends on Nov. 6
----------------------------------------------------------
The Quantiva Investment Management Limited's creditors are
required to submit proofs of claim by Nov. 6, 2007, to
Christopher D. Johnson and Russell Smith, the company's
liquidators, or be excluded from receiving any distribution or
payment.

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

Quantiva Investment's shareholders agreed on Sept. 19, 2007, to
place the company into voluntary liquidation under The Cayman
Islands' Companies Law (2007 Revision).

The liquidators can be reached at:

          Christopher D. Johnson
          Russell Smith
          Chris Johnson Associates Ltd.
          Elizabethan Square, George Town
          Grand Cayman, Cayman Islands

Contact for inquiries:

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


TECH CHAIN: Proofs of Claim Filing Deadline Is Nov. 6
-----------------------------------------------------
Tech Chain Reaction Fund's creditors are required to submit
proofs of claim by Nov. 6, 2007, to Albert King Chung-Cheng, 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.

Tech Chain's shareholders agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
(2007 Revision).

The liquidator can be reached at:

          Albert King Chung-Cheng
          15F-9, No.6, Sinyi Road, Section 4
          Taipei 106, Taiwan




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


ALCATEL-LUCENT: Eyes One Million Broadband Subscribers in 2009
--------------------------------------------------------------
Mario Norero -- Alcatel-Lucent's area manager for operations in
Chile, Peru and Bolivia operations -- told Peruvian news daily
Gestion that Peru would have over one million broadband clients
by the end of 2009.

Business News Americas relates that the Peruvian government said
that broadband clients would total over one million at the end
of 2010.

Mr. Norero told BNamericas the goal would be reached earlier.
The broadband sector is enjoying a rapid growth rate and new
technologies like WiMax would be launched in Peru in 2008.

Mr. Norero commented to BNamericas, "WiMax will not only allow
expansion in the use of Internet but a reduction in the cost of
the connection for the final user."

According to BNamericas, Mr. Norero is positive that broadband
subscribers would reach 680,000 in Peru this year.  He said the
figure would increase by 40% to 700,000 by year-end, compared to
the end of 2006.

Gestion notes that about 60% of broadband connections are in
Lima.

Meanwhile, Alcatel-Lucent is negotiating WiMax services with
four Peruvian companies.  The firm would close at least one deal
in 2008, BNamericas relates.

ADSL technology would continue representing the highest growth
of broadband connections in Peru, despite future deployments of
WiMax technology, BNamericas says, citing Peruvian telecoms
consultancy DN Consultores analyst Guillermo Bustamante.  Cable
modem technology use would increase, particularly in the
provinces.

"There are several cable TV operators studying projects to
launch broadband services in many areas of the country," Mr.
Bustamanted told BNamericas.

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, China,
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 Sept. 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.




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


BANCOLOMBIA SA: Board Grants Luis Montoya Leave to Sell Shares
--------------------------------------------------------------
Bancolombia S.A.'s Board of Directors, in accordance with
internal procedures, authorized Luis Fernando Montoya Cusso,
Vice-President of Operations of Bancolombia, to give notice to
Fiduciaria Helm Trust S.A., for the sale of Mr. Montoya's units
in a share portfolio (Cartera Colectiva con Pacto de Permanencia
Acciones Sistema Valor Agregado) administrated by the company.
According to these procedures, Mr. Montoya will be permitted to
carry out the transaction once Bancolombia's financial results
for the third quarter of 2007 are disclosed to the market.  The
units represent approximately 4,900 of Bancolombia's shares.

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

                        *     *     *

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

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

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

In addition, Fitch affirmed these ratings:

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

Fitch says the rating outlook is stable.


BANCOLOMBIA: Unit Eyes US$7.5 Billion in Factoring Business
-----------------------------------------------------------
Factoring Bancolombia's commercial vice president Maria Camila
Munoz told Business News Americas that Colombia's factoring
business is largely untapped and could be as big as US$7.5
billion.

Ms. Munoz commented to BNamericas, "We believe local factoring
companies can reach 30% of the potential market."

The country's fast gross domestic product expansion spurred
demand from all kinds of firms for more working capital,
BNamericas says, citing Ms. Munoz.

According to BNamericas, the IMF said that Colombia's gross
domestic product would grow 6.6% this year, faster than any
country in the Latin American region.

Ms. Munoz told BNamericas that "weak and bureaucratic
regulations make the invoice-collecting process inefficient.
One of our short-term challenges is to bring the regulator,
business unions and other market agents together so the
factoring business in Colombia gets a kick-start.  We have a
positioning good enough to handle increased competition once
other players begin entering the market."

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

                        *     *     *

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

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

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

In addition, Fitch affirmed these ratings:

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

Fitch says the rating outlook is stable.


CASCADES INC: Reno De Medici Shareholders Okay Proposed Merger
--------------------------------------------------------------
Cascades Inc. has announced that Reno De Medici S.p.A.
shareholders have approved the proposed merger of Cascades
S.A.'s recycled boxboard business and Reno De Medici S.p.a. at
an extraordinary general meeting of shareholders held for that
purpose.  The transaction is expected to be completed at the
beginning of January 2008 and is subject to approval by the
appropriate competition authorities.

The planned combination will offer a unique portfolio of
production assets for all of Europe, presenting a combined
annual capacity of more that 1,100 kT.  This merger will thus
result in an operationally and financially stronger company that
will be better able to respond to the demands of global
customers.

                    About Reno De Medici SpA

Reno De Medici produces, transforms and markets cartonboard.
Reno De Medici employs more than 1,100 employees and conducts
its activities through subsidiaries based in Italy, France,
Spain and Germany.  Reno De Medici is listed on the Milan and
Madrid stock exchanges.

              About Cacades S.A. and Cascades Inc.

Cascades S.A. is a European division of Cascades Inc.  It
includes primarily 4 virgin and recycled manufacturing boxboard
mills in France, Germany and Sweden, a sheeting operation in
England and an overall active sales structure in Europe.

Headquartered in Kingsey Falls, Quebec, Cascades Inc. --
http://www.cascades.com/-- produces, transforms, and markets
packaging products, tissue paper and fine papers, composed
mainly of recycled fibres.  Cascades employs nearly 15,600 men
and women who work in some 140 modern and flexible production
units located in North America, in Europe and in Asia.  The
Cascades shares trade on the Toronto stock exchange under the
ticker symbol CAS.  The company has operations in Hong Kong,
Colombia, and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2007, Moody's Investors Service assigned a Ba3 (LGD5,
72%) rating to Cascades' Inc.'s new CND$100 million senior
unsecured revolving credit facility.

At the same time Moody's affirmed Cascades' Ba2 corporate family
rating, its probability of default rating of Ba2, its Baa3
senior secured ratings, and its Ba3 senior unsecured ratings.
The senior unsecured ratings of Ba3 reflect a loss given default
of LGD-5 (72%) and the senior secured ratings of Baa3 reflect a
loss given default of LGD-2 (18%).  The rating outlook is
stable.

Rating Assigned:

  -- CND$100 million senior unsecured revolver, Ba3, LGD5, 72%

Ratings Affirmed:

  -- Corporate Family Rating: Ba2

  -- PDR: Ba2

  -- CND$675 million Sr. Unsecured Notes due 2013, Ba3, LGD5,
     72%

  -- CND$250 million 6.75% Sr. Unsecured Notes due 2013, Ba3,
     LGD5, 72%




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


SAMSONITE CORP: S&P Withdraws BB- Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn all the ratings
on Samsonite Corp., including the 'BB-' corporate credit rating.
The company's existing rated debt was repaid following the
completion of its recent sale to CVC Capital Partners.  The
corporate credit rating has been withdrawn at Samsonite's
request.

Ratings Withdrawn:
                             To       From

Corporate Credit Rating     NR       BB-/Watch Neg/--
Senior Secured
Local Currency              NR       BB-/Watch Neg
Recovery Rating             NR       3

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

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




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


AES GENER: Inversiones Cachagua Sells 10.2% Stake in Firm
---------------------------------------------------------
News daily El Mercurio reports that Chilean investment group
Inversiones Cachagua has sold a 10.2% stake in AES Gener.

Business News Americas relates that Inversiones Cachagua had
controlled 91.2% of AES Gener.  It decided to sell 650 million
shares for a total of US$325 million on the Santiago stock
exchange.

Market sources told El Mercurio that the sale is due to AES
Gener parent company AES Corp.'s need for liquidity for the
development of its Costa Rican power projects and to boost the
company's shareholder base within Chile.

Juan Andres Camus -- a partner of Celfin Capital, which owns 4%
of AES Gener -- commented to BNamericas, "This operation, which
was carried out in a very short amount of time, shows the
liquidity and maturity of the Chilean market, and the
attractiveness and great potential that the energy sector has."

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

                        *     *     *

To date, AES Gener carries Moody's Ba2 long-term foreign bank
deposit rating with a stable outlook.  The firm also carries
Standard & Poor's BB+ long-term foreign issuer credit rating
with a positive outlook.


CAP CANA: Receives Consents To Pay US$35 Per US$1,000 Notes
-----------------------------------------------------------
Cap Cana S.A. has received consents from approximately 93.3% in
aggregate outstanding principal amount of its 9.265% Senior
Secured Notes due 2013.  The total consideration to be paid by
Cap Cana to each holder of Notes will be US$35.00 per US$1,000
of principal amount of Notes.

Cap Cana expects to incur short-term debt financing for working
capital purposes and long-term debt financing for continued
construction of the project.  Development of the project
continues ahead of schedule.

This press release does not represent an amendment to the
Solicitation or the Solicitation documents and is for
informational purposes only and is not a solicitation of consent
with respect to any securities of Cap Cana.  The Solicitation
was only made pursuant to the Solicitation documents, including
the Consent Solicitation Statement dated Oct. 15, 2007, and the
Amendment to the Consent Solicitation Statement dated
Oct. 25, 2007, that were distributed to holders of the Notes.
The Solicitation was not made to holders of Notes in any
jurisdiction in which the making or acceptance thereof would not
be in compliance with the securities, blue sky or other laws of
such jurisdiction.

                       About Cap Cana

Located on the Eastern Coast of the Dominican Republic, Cap Cana
is a tourism and real estate project in the Caribbean, spanning
over an area close to 75,000 square miles (120-million sq.
meters), around 3.5 miles (5.5 kilometers) of beaches, and a
series of cliffs bordering its coastline.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has upgraded Cap Cana,
S.A.'s senior secured debt rating to B2, from B3, and affirmed
the company's B3 corporate family rating.  Moody's said the
rating outlook is stable.




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


FREEPORT-MCMORAN: UBS Maintains Buy Rating on Firm's Shares
-----------------------------------------------------------
UBS analysts have kept their "buy" rating on Freeport-McMoRan's
shares, Newratings.com reports.

According to Newratings.com, the one-year target price was
increased to US$134 from US$130.

The analysts said in a research note that Freeport-McMoRan
released strong third quarter 2007 results, with adjusted
earnings per share ahead of the estimates and the consensus,
driven by better-than-anticipated copper and gold sales.

The analysts told Newratings.com that Freeport-McMoRan's net-
debt dropped to US$6.3 billion in the third quarter 2007.

The earnings per share estimates for 2007 and 2008 was increased
to US$10.50 from US$9.81 and to US$13.41 from US$13.00,
respectively, Newratings.com states.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America
reported on July 16, 2007, that Fitch Ratings upgrades these
ratings of Freeport-McMoRan Copper & Gold Inc.

FCX

    -- USUS$1 billion Secured Bank Revolver to 'BB+' from 'BB';
    -- 6.875% secured notes due 2014 to 'BB+' from 'BB';
    -- Unsecured notes due 2015 and 2017 to 'BB' from 'BB-';
    -- 7% convertible notes due 2011 to 'BB' from 'BB-'.

In addition, Fitch affirms these ratings on FCX:

    -- Issuer Default Rating at 'BB';

    -- USUS$500 million PT Freeport Indonesia/FCX Secured Bank
       Revolver at 'BBB-';

    -- Convertible Preferred Stock at 'B+'.

Fitch also assigns a rating of 'BB+' to FCX's new US$2.45
billion five-year term loan A.  Proceeds of the loan were used
to repay the US$2.45 billion remaining under the term loan due
March 2014.  The term loan amortizes at 10% per annum with the
remainder due at maturity.

Fitch said the rating outlook remains positive.

On March 29, 2007, Moody's Investors Service upgraded Freeport-
McMoRan Copper & Gold Inc.'s or Freeport's corporate family
rating to Ba2 from Ba3.

As reported in the Troubled Company Reporter on March 27, 2007,
Standard & Poor's Ratings Services assigned its 'B' preferred
stock rating to the proposed USUS$2.5 billion US6.75% mandatory
convertible preferred stock offering of Freeport-McMoRan
Copper & Gold Inc.


PETROECUADOR: Awards 2 Napo Crude Short-Term Contracts
------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador has awarded Shell
Trading and Mitsubishi short-term contracts for the sale of Napo
crude, Business News Americas reports.

BNamericas notes that Shell Trading offered a spot market price
discount of US$19.21, while Mitsubishi offered US$18.93.

Shell Trading and Mitsubishi will each get 720,000 barrels of
Napo crude, according to BNamericas.

Shell Trading will get the crude in December 2007.  Mitsubishi
will receive the crude in January, 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.




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


CHRYSLER LLC: S&P Says Corp. Credit Rating Remains on Watch Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services has said its corporate credit
ratings on Chrysler LLC and DaimlerChrysler Financial Services
Americas LLC remain on CreditWatch with positive implications,
following the United Auto Workers' narrow approval of the new
Chrysler-UAW labor contract.  The ratings were placed on
CreditWatch on Sept. 26, 2007, based on S&P's belief that
Chrysler would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date.

Chrysler and the UAW subsequently reached their own four-year
agreement as expected, and the UAW has now approved that
contract.

"We view the new contract as favorable to Chrysler compared with
past agreements," said S&P's credit analyst Robert Schulz, "and
we believe the contract will support the company's turnaround
plan in North America."  The new contract is reported to contain
many of the same features as the General Motors contract,
including a new VEBA trust designed to take responsibility for
postretirement health care expenses and a lower-tier wage
structure for new hires.

The main focus of S&P's analysis in resolving the CreditWatch
listing will be the effect of the new contract on Chrysler's
liquidity in the near term, as well as prospects for Chrysler's
cash flow and liquidity during the next two years.  S&P will
view the new contract in light of Chrysler's multiyear plan to
return its North American operations to profitability, and S&P
will weigh the costs and benefits of the new contract, given the
company's workforce and retiree demographics.

Over the next two years, all three Michigan-based automakers
will face a range of challenges unrelated to their new
contracts, including slowing U.S. light-vehicle sales and shifts
away from what had been their most profitable vehicle segments
in recent years.

                     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.


COTT CORP: Posts US$5.8 Mil. Net Loss in Quarter Ended Sept. 29
---------------------------------------------------------------
Cott Corporation disclosed results for the third quarter ended
Sept. 29, 2007.  Net loss in the third quarter was US$5.8
million, compared to net income of US$6.6 million in the third
quarter of 2006.

Revenues in the quarter were US$464.6 million, down 2.3% from
US$475.5 million in the third quarter of the prior fiscal year.
Excluding the impact of foreign exchange, revenues declined 5%
compared to the prior year period.  The revenue decline was
driven by North America.

Third quarter gross margin was 9.8%, compared to 13.0% in the
prior year third quarter.  The decline was the result of high
ingredient and packaging costs in the quarter, which were not
offset by sufficient price increases, higher operating costs
related to the transition of production out of recently closed
plants, and the impact of the voluntary product recall in the
U.K.

Third quarter volume was 309.9 million eight-ounce equivalent
cases, up 0.7% compared to the third quarter of 2006, with
international growth being partially offset by declines in North
America.  The North American volume decline was primarily due to
continued softness in the carbonated soft drink segment, the
impact of price increases and increased promotional activity by
national brands.  Also impacting volume was unseasonably wet
weather and a voluntary product recall related to the start-up
of a second aseptic line, both in the U.K.

Restructuring and asset impairment charges for the quarter
amounted to US$15.1 million pre-tax.  This related to the
previously announced closure of the plant in Wyomissing,
Pennsylvania and office consolidations.

"We are disappointed by our performance in the third quarter,"
Brent Willis, Cott's Chief Executive Officer, said.  "As a
result, we are focusing our efforts in North America on fewer,
more impactful initiatives, including our new water strategy,
selected new channel and product opportunities, and pricing
actions that should further the North American business unit
turnaround and reignite growth."

                   Year-to-Date Performance

On a year-to-date basis, volume was flat and revenue was down 1%
compared to the same period in the prior year.  North American
volume and revenue declines were partially offset by gains in
the International business unit, where there was continued
growth despite operational issues in the U.K.  When foreign
exchange is excluded, revenue for the first nine months of 2007
declined 3%.

Gross margin for the first nine months of 2007 was 11.6%
compared to 13.6% in 2006, primarily due to higher ingredient
and packaging costs.  SG&A expenses decreased in the first nine
months of the year to US$116.5 million, compared to US$129.4
million in the same period last year.

Year-to-date operating income was US$18.1 million, compared to
US$42.6 million in the first nine months of the prior year.

Restructuring, asset impairments and other charges in the period
were US$24.4 million due to the Wyomissing plant closure and
office consolidations, compared to US$15 million in the prior
year.

Cott recorded an income tax benefit of US$8.5 million for the
nine months of 2007, compared to a provision of US$4.4 million
for the nine months of 2006.

Net income in the first nine months of the year was
US$3.7 million, compared to US$12.1 million in the first nine
months of 2006.

At Sept. 29, 2007, the company's balance sheet showed total
assets of US$1.2 billion and total liabilities of US$721.0
million, resulting in a US$510.4 million.

                      About Cott Corp.

Headquartered in Toronto, Ontario, Cott Corporation (NYSE: COT;
TSX: BCB) -- http://www.cott.com/-- is a non-alcoholic beverage
company and a retailer brand beverage supplier.  The company
commercializes its business in over 60 countries worldwide, with
its principal markets being the United States, Canada, the
United Kingdom and Mexico.  Cott markets or supplies over 200
retailer and licensed brands, and company-owned brands including
Cott, Royal Crown, Vintage, Vess and So Clear.  Its products
include carbonated soft drinks, sparkling and flavoured mineral
waters, energy drinks, juices, juice drinks and smoothies,
ready-to-drink teas, and other non-carbonated beverages.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Standard & Poor's Ratings Services has lowered
its ratings on Cott Corp. by one notch, including its long-term
corporate credit rating to 'B' from 'B+'.  At the same time, S&P
removed the ratings from CreditWatch with negative implications,
where they were placed Oct. 2, 2007.  S&P said the outlook is
negative.


HARMAN INT'L: Names Messrs. Einsmann & Caroll as Board Members
--------------------------------------------------------------
Harman International Industries, Incorporated has appointed Dr.
Harald Einsmann and Brian F. Carroll to serve as members of the
company's Board of Directors.  In connection with these
appointments, the Board was expanded from five to seven members.

Dr. Einsmann currently serves as a director of Tesco Plc, the
Carlson Group, a provider of business and leisure travel, hotel,
restaurant, cruise and marketing services, Checkpoint Systems,
Inc., a provider of integrated system solutions for retail
security, labeling, and merchandising, and Rezidor Hotel Group
in Scandinavia.  From 2000 to 2006, Dr. Einsmann also served as
an Operating Partner and a member of the Board of
Directors/Investment Committee of EQT, a leading European
Private Equity Group sponsored by the Wallenberg group of
Scandinavia.  Prior to joining EQT, Dr. Einsmann held senior
management positions, as well as a seat on the Worldwide Board
at The Procter and Gamble Company.

Mr. Carroll has been a member of Kohlberg Kravis Roberts & Co.
L.P. since January 2006 and before that, an executive of KKR
since July 1999.  In addition, Mr. Carroll was an executive at
KKR from 1995 to 1997, at which time he left KKR to attend
business school at Stanford University.  Prior to joining KKR in
1995, Mr. Carroll was with Donaldson, Lufkin & Jenrette.  Mr.
Carroll is also a member of the board of directors of Rockwood
Specialties Group, Inc. and Sealy Corporation.

Sidney Harman, Executive Chairman, and Dinesh Paliwal, Chief
Executive Officer, commented: "We are delighted that Harald and
Brian are joining the Board.  Harald brings to the Board a
wealth of industry knowledge and leadership in the European
consumer goods marketplace.  We will benefit from his decades of
experience and from his international perspective.  Brian adds
financial expertise to our Board.  He has a thorough knowledge
of the Company, its operations and management team and of our
challenges and opportunities."

Headquartered in Washington, D.C., Harman International
Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes
audio systems through auto manufacturers, including
DaimlerChrysler, Toyota/Lexus, and General Motors.  Also the
company makes audio equipment, like studio monitors, amplifiers,
microphones, and mixing consoles for recording studios, cinemas,
touring performers, and others.  Harman Int'l has operations in
Japan, Mexico and France.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Standard & Poor's Ratings Services revised its
CreditWatch implications for the 'BB-' corporate credit rating
on Harman International Industries Inc. to positive from
developing.


HOST HOTELS: Appoints Edward Walter as President & CEO
------------------------------------------------------
Host Hotels & Resorts Inc.'s Board of Directors has appointed W.
Edward Walter as President and Chief Executive Officer effective
today.  Mr. Walter is currently Executive Vice President and
Chief Financial Officer, a position he has held since 2003.
Since he joined the company in 1996, he has served in various
senior management positions, including Chief Operating Officer.

The company has disclosed that Christopher J. Nassetta has
tendered his resignation as President and Chief Executive
Officer of Host Hotels to become President and Chief Executive
Officer of Hilton Hotels Corporation.  Mr. Nassetta will remain
at the company until the end of November to assist in the
transition of duties to the new chief executive officer.  The
Board of Directors, while expressing its regret at Mr. Chris
Nassetta's decision, thanks him for 12 years of outstanding
service during which the size of the company more than doubled,
the stockholder value was significantly enhanced, and the brand
diversification of the company's portfolio was substantially
improved.

Richard E. Marriott, Chairman of the Board said, "Ed Walter has
been involved in every area of the company's operations and has
been an integral part of each of our major transactions over the
last ten years, including our conversion to a REIT in 1998, the
restructuring of our balance sheet and, most recently, our
US$3.5 billion acquisition of hotels from Starwood.  The Board
is extremely pleased that Ed Walter will assume this
responsibility and knows that he will be successful in
implementing the company's Best In Class strategy as our new
CEO."

                  About Host Hotels & Resorts

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Fitch Ratings has upgraded these ratings of Host
Hotels & Resorts, Inc. and its principal operating subsidiary,
Host Hotels & Resorts, L.P.:

Host Hotels & Resorts, Inc.

-- Issuer Default Rating to 'BB+' from 'BB';
-- Preferred Stock to 'BB' from 'B+'.

Host Hotels & Resorts, L.P.

-- IDR to 'BB+' from 'BB';
-- Bank credit facility to 'BB+' from 'BB';
-- Senior unsecured notes to 'BB+' from 'BB';
-- Exchangeable senior unsecured debentures to 'BB+' from 'BB'.

Fitch's rating action affects approximately US$4.2 billion of
securities.  Fitch said the rating outlook is stable.


MEGA BRANDS: To Report Third Quarter 2007 Results on Nov. 9
-----------------------------------------------------------
MEGA Brands Inc. will report its financial results for the third
quarter ended Sept. 30, 2007, before markets open on
Nov. 9, 2007.

An analyst conference call will be held at 9:00 a.m. on
Nov. 9, 2007, to discuss the results. Participants may listen to
the call by dialing 1 (800) 732-9307.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 1, 2007, Moody's Investors Service downgraded the corporate
family rating of MEGA Brands, Inc. to B1 from Ba3 and affirmed
the speculative grade liquidity rating of SGL-3.  The outlook is
stable.  This concludes the review for downgrade initiated on
Apr. 19, 2007.

These ratings were downgraded:

MEGA Brands, Inc.

-- Corporate Family Rating to B1 from Ba3;

-- Probability of Default to B2 from B1;

-- US$120 million 5-year revolving credit facility maturing
    July 2010 to Ba3 (LGD 2, 26%) from Ba2 (LGD 2, 24%);

-- US$40 million, 5-year term loan A facility to Ba3 (LGD-2,
    26%) from Ba2 (LGD 2, 24%)

MEGA Brands Finco

-- US$260 million 7-year term loan B facility to Ba3 (LGD 2,
    26%) from Ba2 (LGD 2, 24%)


MOVIE GALLERY: Notified by Ernst & Young of Accounting Issues
-------------------------------------------------------------
Movie Gallery Inc. and its debtor-affiliates' external auditor,
Ernst & Young LLP, informed the Debtors on Oct. 13, 2007, of a
potential accounting issue with respect to the manner in which
the Debtors calculated and recorded its valuation allowance
against deferred tax assets at the end of fiscal 2005 in
connection with Movie Gallery's acquisition of Hollywood Video,
Thomas D. Johnson, Jr., executive vice president, chief
financial officer of Movie Gallery, disclosed in a regulatory
filing with the Securities and Exchange Commission.

In fiscal 2005, Mr. Johnson said, the Debtors may have
inappropriately netted the deferred tax liability related to the
Hollywood Video tradename against the Debtors' deferred tax
assets.  This possible accounting issue is still under review by
Ernst & Young to determine, in its opinion, whether or not an
accounting error occurred.

According to Mr. Johnson, Movie Gallery has not yet had a chance
to review Ernst & Young's findings given the very recent
notification of the potential issue.

If it is determined that an error did occur, Movie Gallery will
evaluate the materiality of the matter in accordance with
appropriate accounting pronouncements in determining whether a
restatement of its financial statements is necessary, Mr.
Johnson said.

"It should be noted, however, that even if the potential issue
is deemed to require restatement of previously issued financial
statements, the Company believes that this is solely a noncash
financial statement matter and, therefore, would have no impact
on the Company's financial covenants and ratios, cash flows, tax
returns or tax attributes (e.g., net operating losses)," he
added.

                     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 Kurtzman Carson Consultants
LLC.  The U.S. Trustee for Region 4 appointed an Official
Committee of Unsecured Creditors in the Debtors' bankruptcy
proceedings on October 18.

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. 4; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Wants to Restrict Equity Trades to Protect NOLs
--------------------------------------------------------------
The Honorable Douglas O. Tice of the U.S. Bankruptcy Court for
the Eastern District of Virginia approved the notification and
hearing procedures that must be satisfied before the trading or
transfer of common stock of Movie Gallery, Inc. and its debtor-
affiliates.

The Debtors proposed the trading procedures to protect and
preserve their valuable tax attributes, including net operating
loss carryforwards and certain other tax and business credits.

If no trading restrictions are imposed, the trading or transfers
could severely limit or even eliminate the Debtors' ability to
use their Tax Attributes including their NOLs, which could lead
to significant negative consequences for the Debtors, their
estates and the overall reorganization process, Richard M.
Cieri, Esq., at Kirkland & Ellis LLP, in New York, said.

As of the date of bankruptcy, the Debtors had NOLs of roughly
US$450,000,000 and total Tax Attributes, including NOLs, of
roughly US$485,000,000.  The Tax Attributes could translate into
potential future tax savings for the Debtors of US$195,000,000,
based on a combined federal and state income tax rate of roughly
40%.

"The NOLs are of significant value to the Debtors and their
estates because the Debtors can carry forward their NOLs to
offset their future taxable income for up to 20 taxable years,
thereby reducing their future aggregate tax obligations," Mr.
Cieri explained.  "Such NOLs may also be utilized by the Debtors
to offset any taxable income generated by transactions completed
during the chapter 11 cases."

According to Mr. Cieri, unrestricted trading of Common Stock
could adversely affect the Debtors' NOLs if:

   (a) too many 5% or greater blocks of Common Stock
       are created; or

   (b) too many shares are added to or sold from the blocks such
       that, together with previous trading by 5% shareholders
       during the preceding three-year period, an ownership
       change within the meaning of Section 382 of the Internal
       Revenue Code of 1986 is triggered prior to emergence and
       outside the context of a confirmed chapter 11 plan.

IRC Sections 39(a), 59(e), l72(b) and 904(c) permit corporations
to carry forward Tax Attributes to offset future taxable income
and tax liability, thereby significantly improving the
corporations' liquidity in the future.

IRC Section 382 limits the amount of taxable income that can be
offset by a corporation's NOLs in taxable years -- or a portion
thereof -- following an ownership change.  An "ownership change"
occurs if the percentage (by value) of the stock of a
corporation owned by one or more 5% shareholders has increased
by more than 50 percentage points over the lowest percentage of
stock owned by such shareholders at any time during the three-
year testing period ending on the date of the ownership change.

"The problem facing the Debtors. . . is that if too many equity
holders transfer their equity interests prior to the effective
date of a chapter 11 plan, such transfers may trigger an
ownership change," Mr. Cieri pointed out.

The trading procedures allow the Debtors to closely monitor
certain transfers of Common Stock so as to be in a position to
act expeditiously to prevent those transfers, if necessary, with
the purpose of preserving the NOLs, Mr. Cieri said.

The Debtors expect the trading procedures to directly affect six
entities that hold more than 1,500,000 shares of Common Stock
and parties who are interested in purchasing sufficient Common
Stock to result in that party becoming a holder of at least
1,500,000 shares.

Roughly 33,000,000 shares of Movie Gallery common stock are
outstanding as of Sept. 30, 2007.

Pursuant to the trading procedures, any entity who currently is
or becomes a Substantial Shareholder must submit a declaration
of that status on or before the later of (i) 40 days after the
date the Debtors circulate a notice of the Court's order
approving the trading procedures and (ii) 10 days after becoming
a Substantial Shareholder.

Prior to effectuating any transfer of Common Stock that would
result in an increase in the amount of Common Stock of which a
Substantial Shareholder has Beneficial Ownership or would result
in an entity becoming a Substantial Shareholder, the Substantial
Shareholder must file an advance written declaration of the
intended transfer of Common Stock.

Prior to effectuating any transfer of Common Stock that would
result in a decrease in the amount of Common Stock of which a
Substantial Shareholder has Beneficial Ownership or would result
in an entity ceasing to be a Substantial Shareholder, that
Substantial Shareholder must file an advance written declaration
of the intended transfer.

The Debtors have 30 calendar days after receipt of a Declaration
of Proposed Transfer to object to any proposed transfer of
Common Stock on the grounds that the transfer might adversely
affect the Debtors' ability to utilize their Tax Attributes.  If
the Debtors file an objection, the transaction would not be
effective unless the objection is withdrawn by the Debtors or is
approved by a final Court order that becomes nonappealable.

If the Debtors do not object within the 30-day period, the
transaction could proceed solely as set forth in the Declaration
of Proposed Transfer.  Further transactions must be the subject
of additional notices in accordance with the procedures, with an
additional 30-day waiting period for each Declaration of
Proposed Transfer.

A "Substantial Shareholder" is any entity that has Beneficial
Ownership of at least 1,500,000 shares of Common Stock,
representing approximately 4.5% of all issued and outstanding
shares.

"Beneficial Ownership" of Common Stock includes direct and
indirect ownership -- that is, a holding company would be
considered to beneficially own all shares owned or acquired by
its subsidiaries -- ownership by that holder's family members
and entities acting in concert with the holder to make a
coordinated acquisition of stock and ownership of shares that
the holder has an option to acquire.

The Debtors will publish a copy of the Court Order in The Wall
Street Journal and the Washington Post, submit a copy of the
Order to Bloomberg Professional Service for potential
publication by Bloomberg, and submit a copy of the Order with
the Depository Trust Company for potential posting by the
Depository Trust Company.

The NOLs and Tax Credits are property of a debtor's estate and
are entitled to court protection, Mr. Cieri argued.  Courts have
uniformly held that a debtor's NOLs constitute property of the
estate under Section 541 of the Bankruptcy Code, Mr. Cieri
pointed out, citing In re Prudential Lines, Inc., 107 B.R. 832
(Bankr. S.D.N.Y. 1989), aff'd, 119 B.R. 430 (S.D.N.Y. 1990),
aff'd, 928 F.2d 565 (2d Cir. 1991), cert. denied 502 U.S. 821
(1991).

In Prudential Lines, the U.S. Bankruptcy Court for the Southern
District of New York enjoined a parent corporation from taking a
worthless stock deduction with respect to its wholly owned
debtor subsidiary on the grounds that allowing the parent to do
so would destroy its debtor-subsidiary's NOLs.  In issuing the
injunction, the Prudential Lines court held that the "debtor's
potential ability to utilize NOLs is property of an estate," and
that "the taking of a worthless stock deduction is an exercise
of control over a debtor's NOLs," and thus was properly subject
to the automatic stay provisions under the Bankruptcy Code.

Courts have granted protection with respect to non-NOL tax
credits in other cases, Mr. Cieri added, citing In re Delta Air
Lines, Inc., Case No. 05-17923 (Bankr. S.D.N.Y. Sept. 16, 2005).
The Delta court held that NOL and tax credit carryforwards are
property of the Debtors' estate.  The Delta court approved
notification procedures and restrictions on certain transfers of
claims against and interests in the debtors to protect, among
other things, US$346,000,000 in non-NOL tax credits.

                     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 Kurtzman Carson Consultants
LLC.  The U.S. Trustee for Region 4 appointed an Official
Committee of Unsecured Creditors in the Debtors' bankruptcy
proceedings on October 18.

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.
4; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


TIMKEN CO: Emergency Airlift Gets Dragline Back in Production
-------------------------------------------------------------
The Timken Company has returned a major coal-mining operation to
production in Australia's remote Bowen Basin in central
Queensland.  In cooperation with a distributor, Timken airlifted
two critical replacement bearing assemblies weighing more than
1,500 pounds within 24 hours to the isolated Rolleston coal mine
so that a dragline could be restarted.

The unusual weekend delivery in mid-2007 was facilitated by
Timken associates based at the company's Australian headquarters
in Ballarat, Victoria.  They acted after a late Saturday
emergency call from a branch manager at distributor Statewide
Bearings.  Because of advance planning, Timken had stocked extra
inventory specifically for the Rolleston mining operation.
Timken associates then had to tackle the logistics of airlifting
the heavy crates nearly 1,200 miles away.

"As part of our relationship with Statewide Bearings, we kept an
emergency stock of the bearing assemblies used by mining
draglines," said Peter A. Storey, managing director of Timken's
operations in Australia.  "However, getting the assemblies to
the mine required an exceptional logistical effort by Timken
associates, who had only inches to spare in loading the
oversized shipment.  Our associates also had to solve weight and
balance issues - all during a heavy storm. It's that kind of
extra effort that translates into extra value for both
distributors of Timken products and ultimately the companies
that use those products."

"We were confident we could depend on Timken to stock the
replacement assemblies," said Scott White, Mackay branch manager
for Statewide Bearings.  "Timken's extraordinary airlift clearly
demonstrated their determination to deliver extra value to us
and to our customers.  Timken's response sets them apart from
other bearing manufacturers."

                   About Statewide Bearings

Established in 1974, Statewide Bearings is headquartered in
Kewdale, Western Australia, and has distribution branches
strategically located around the country.  Ensuring quality
products and maintaining a close relationship with both
customers and suppliers are a major focus of the company.

                      About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's USUS$300
million Medium Term Notes, Series A.


U.S. STEEL: Obtains Clearance for Stelco Inc. Acquisition
---------------------------------------------------------
United States Steel Corporation has received approval of its
acquisition of Stelco Inc. from the Canadian Minister of
Industry under the Investment Canada Act.

In connection with the approval under the Investment Canada Act,
U.S. Steel has made commitments to the Minister of Industry that
highlight the net benefit to Canada that will arise from the
acquisition.  These include commitments relating to the funding
of Stelco's main pension plans, increases in production and
exports from Canada, significant capital expenditures at
Stelco's facilities, R&D and the endowment of a Priority Chair
in the Department of Materials Science and Engineering at
McMaster University to facilitate the continuing development of
steelmaking technology in Ontario, and the transfer of U. S.
Steel's operating experience and best practices to the Stelco
facilities.

Commenting on the approval, John P. Surma, U.S. Steel Chairman
and Chief Executive Officer, said, "We are pleased with this
news, which confirms that the Minister of Industry is satisfied
that U. S. Steel's acquisition of Stelco will be of net benefit
to Canada. U.S. Steel brings the financial strength, operating
experience and advanced research and technology capability that
are critical for the continued success of the Stelco facilities.
We look forward to realizing the benefits of combining our
operations with those of Stelco and to building on the unique
talents, commitment and expertise of Stelco's employees."

All regulatory clearances required to complete the acquisition
of Stelco have now been obtained.

                      About U.S. Steel

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has revised
its outlook on Pittsburgh, Pennsylvania-based United States
Steel Corp. to negative from stable and affirmed all ratings for
the steel producer, including its 'BB+' corporate credit rating.

The outlook revision follows the company's recent announcement
that it was acquiring Stelco Inc. (unrated), a Canadian
integrated steel producer, for approximately US$1.9 billion in
cash and assumed debt.




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


CHIQUITA BRANDS: Says Restructuring May Save Up to US$80MM a Yr.
----------------------------------------------------------------
Chiquita Brands International Inc. has outlined a restructuring
plan and management changes designed to accelerate its
previously announced strategy to become the global leader in
healthy, fresh foods.  This business restructuring is designed
to improve the company's profitability by consolidating
operations and simplifying its overhead structure to improve
efficiency, stimulate innovation and further enhance focus on
customers and consumers.

As a result of these changes, the company expects to generate
new, sustainable cost reductions of approximately US$60-80
million annually, beginning in 2008, after a one-time charge of
approximately US$25 million in the fourth quarter 2007 related
to severance costs and certain asset write-downs.  Realized
savings will improve profitability, and resulting additional
cash flow will be used primarily to reduce debt, consistent with
the company's previously announced target to achieve a debt-to-
capital ratio of 40%.

"Since 2005, market dynamics and the competitive landscape have
been rapidly changing, which has limited our profitability and
slowed the execution of our strategy," said Fernando Aguirre,
chairman and chief executive officer.  "While we have already
taken various actions to strengthen our balance sheet, improve
our risk profile, and diversify the company, we continue to
endure rising industry costs, punitive European banana import
regulations, and a slower-than-expected recovery in the value-
added salads category.  We began a major analysis in the summer
when we realized the effects of these negative forces were
impacting our profit plans longer than originally anticipated.
As a result of this analysis, we are taking several significant
broad-based actions across the business, which are designed to
improve our performance in areas we can more directly influence
and control."

Mr. Aguirre added, "The changes we are making will result in
fewer layers of management, better and faster decisions and
improved accountability.  Also, we will drive greater
integration and efficiency across business units and
geographies, resulting in one face to customers, one global
supply chain from seed to shelf, and one global innovation
program with targeted priorities and better execution.  Taken
together, I am confident these actions will strengthen our long-
term market position and enhance our ability to achieve
sustainable, profitable growth."

The US$60-US$80 million of annual cost savings are expected to
come primarily from two areas:

   (1) a simplification and reduction of the company's operating
       and corporate overhead structure, including the
       elimination of more than 160 management positions
       worldwide, or a 21% reduction at the three highest
       levels, and related reductions in administrative
       expenses; and

   (2) business model changes, including network optimization,
       as described below, and the planned exit from certain
       nonstrategic or unprofitable businesses.

All of these changes will be made in a manner designed to
maintain high-quality service to customers and consumers,
consistent with existing legal and contractual obligations,
while treating fairly all Chiquita employees throughout the
world who are impacted by the announced changes.

             Simplified Organizational Structure

Chiquita has simplified its organizational structure and
realigned it by geography, rather than product line.  In
addition, the company's product supply organization, innovation
efforts and certain corporate support functions have been
consolidated worldwide to drive greater network efficiency,
prioritize the development of higher-margin, value-added
products, and improve the company's market competitiveness.

The company announced the following changes in the roles and
responsibilities of senior management positions, all of which
will report directly to CEO Fernando Aguirre:

   a) Michel Loeb, President, Europe and Middle East

      Mr. Loeb will be responsible for all aspects of the
      company's operations throughout Europe and the Middle
      East, including bananas, other produce and diversified
      value-added products such as Just Fruit in a Bottle.
      Mr. Loeb joined Chiquita in 2004 and served most recently
      as president, Chiquita Fresh Group - Europe.  He has more
      than 25 years of senior management and consumer marketing
      expertise, including experience at S.C. Johnson & Son and
      Nestle.

   b) Brian W. Kocher, President, North America

      Mr. Kocher will be responsible for all aspects of the
      company's operations in North America, including value-
      added salads, bananas and other produce.  Mr. Kocher
      joined Chiquita in 2005 and served most recently as vice
      president, controller and chief accounting officer.  He
      brings more than 15 years of accounting, sales, finance
      and business process change expertise, including previous
      work experience at General Electric and Hill-Rom.

   c) Tanios Viviani, President, Global Innovation and Emerging
      Markets, and Chief Marketing Officer

      Mr. Viviani joined Chiquita in 2004 and has served since
      June 2005 as president of the Fresh Express Group.  In his
      new role, Viviani will be responsible for the company's
      consolidated innovation, research, quality and product
      development initiatives worldwide, as well as having
      profit-and-loss responsibilities over certain emerging
      markets, such as Asia.  He will also coordinate all
      marketing globally.  Before joining Chiquita, Mr. Viviani
      served for 16 years at Procter & Gamble in various general
      management, operations and new business development roles
      in the United States, Latin America and Asia.

   d) Waheed Zaman, Senior Vice President, Product Supply
      Organization

      In this role, Mr. Zaman will lead the company's end-to-end
      supply chain, driving excellence and efficiency in the
      company's global sourcing and processing operations.
      Mr. Zaman joined Chiquita in 2004 and served most recently
      as senior vice president, supply chain and procurement.
      Before coming to Chiquita, Mr. Zaman held a variety of
      senior-level information technology and business process
      improvement positions during his 15 years with Procter &
      Gamble.

    e) Kevin Holland, Senior Vice President, Chief People
       Officer

       Mr. Holland joined Chiquita in 2005 and has served most
       recently as senior vice president of human resources.  In
       this expanded role, Mr. Holland will be responsible for
       the execution of this restructuring effort.  He will
       continue to be responsible for human resources in
       addition to various corporate support functions
       worldwide, including information technology,
       communications, administrative services and security.
       Before joining Chiquita, Mr. Holland held various senior
       human resources roles at Coors, Kinko's, Gateway and
       Abbott Laboratories.

The roles and responsibilities of the following leaders who also
report to the CEO remain largely unchanged:

   -- Jeffrey M. Zalla, senior vice president and chief
      financial officer;

   -- James E. Thompson, senior vice president, general counsel
      and secretary; and

   -- Manuel Rodriguez, senior vice president, government and
      international affairs and corporate responsibility
      officer.

In conjunction with these organization changes, the president
and chief operating officer role at Chiquita Fresh Group has
been eliminated.  As a result, Bob Kistinger, who has served in
that capacity, has been appointed president, special
assignments.  Kistinger will serve in that role until the end of
the year, at which time he will be leaving the company to pursue
new opportunities.

"I wish to thank Bob for his many significant contributions and
for his dedication and loyalty to Chiquita for more than a
quarter century," Mr. Aguirre said.  "While we will certainly
miss the benefit of his extensive industry knowledge, Bob
developed a strong team of leaders in the company, several of
whom will take over the daily duties of his position."

                    Business Model Changes

Chiquita previously announced the downsizing of its operations
in Chile and the exit from certain unprofitable farm leases. The
company is making several additional structural changes that
will take place over the next several months:

   a) Network Optimization in North American Value-Added Salads

      The company's recent acquisition of the Verdelli Farms
      production facility in Harrisburg, Pa., will allow Fresh
      Express to rebalance its production and distribution
      network for value-added salads.  To optimize network
      efficiency, the company has decided to close its
      distribution center in Greencastle, Pa., and production
      facility in Carrollton, Ga., over the next several months.
      Closing these two facilities will reduce operating costs
      while further improving the freshness of products we
      supply to customers.  The company employs approximately
      240 people at Carrollton and 40 people at Greencastle.

   b) Exit from U.S. Fruit Bowl Business

      Chiquita has thoroughly reviewed its fresh-cut fruit
      business and has decided to focus on its line of healthy
      snacks, such as Chiquita Apple Bites, which have achieved
      market share leadership and wide acceptance from customers
      and consumers.  However, the company's line of fresh-cut
      fruit bowls will be discontinued over the next several
      months.  As a result, the company will convert facilities
      in Edgington, Ill., and Salinas, Calif., to focus on the
      production and distribution of value- added salads and
      healthy snacks.  This change will eliminate approximately
      130 full-time positions dedicated to fruit-bowl
      production.

   c) Closure of Bradenton, Fla., Distribution Facility

      In conjunction with the company's consolidation of its
      North American logistics operations, Chiquita will close
      its banana distribution facility in Bradenton by year end.
      Closing the Bradenton facility will reduce operating costs
      and is not expected to impact its current customers, which
      will continue to be served from the company's distribution
      center at Port Everglades, Fla. Chiquita employs 15 people
      at Bradenton.

   d) Exploring Strategic Alternatives for Atlanta AG

      Chiquita acquired full ownership of Atlanta AG in 2003 and
      executed a successful three-year cost-saving turnaround
      plan for this unit, which has annual revenues in excess of
      US$1 billion and leading market share in the fruit and
      vegetable distribution sector in Germany and Austria.
      During the past two years, however, various macro-level
      market influences, including changes in the E.U. Banana
      import regime, stiff price competition and consolidation
      of the retail sector, have combined to reduce Atlanta's
      profitability.  In addition, while Atlanta has significant
      strengths, management has determined that its commodity
      distribution business is not a strong fit with Chiquita's
      long-term strategy.  As a result, the company has launched
      a process to explore strategic alternatives for this unit,
      including a possible sale.  To assist with this effort,
      Chiquita has retained Taylor Companies, Inc., a
      Washington, D.C.-based investment bank specializing in
      synergistic mergers and acquisitions.  The company does
      not expect to disclose developments with respect to this
      process unless and until its board of directors has
      approved a definitive transaction.  There can be no
      assurance that these activities will ultimately lead to an
      agreement or a transaction.

          Updating Long-Term Growth Objectives in 2008

Mr. Aguirre concluded: "With these actions, we are taking a
major step forward to create a more positive future for
Chiquita.  Furthermore, these actions will strengthen our
corporate culture and help us become more innovative and
customer-focused.  This restructuring does not change our
strategic focus; rather, I am confident that by simplifying the
organization, consolidating operations and reducing costs, we
will improve our profitability and accelerate our ability to
achieve sustainable growth.  With these changes, however, we
will need to redefine our growth targets, since the negative
impacts of rising industry costs, the E.U. tariff regime and the
E. coli event have slowed down our strategic growth plan
considerably, such that reaching our goals will take us longer
than we originally estimated.  We expect to provide more
information about these long-term financial goals early in
2008."

                    About Chiquita Brands

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.




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BANCO DE CREDITO: Raimundo Morales Leaving CEO Post
---------------------------------------------------
Banco de Credito del Peru said in a filing with the Peruvian
securities regulator Conasev that its chief executive officer
Raimundo Morales will resign from his post effective
April 1, 2008.

According to the filing, Mr. Morales will also leave his chief
executive officer post in holding company Credicorp.

Business News Americas relates that Mr. Morales has held the
posts since Credicorp was formed in 1995.  He has been with
Banco de Credito for 27 years.

A generation change is needed in Banco de Credito's management
so the firm can maintain its leadership, Mr. Morales told
BNamericas.

BNamericas notes that Walter Bayly, the chief executive officer
of Banco de Credito and Credicorp, will be the firms' next chief
executive officer.

The report says that Banco de Credito changed its organizational
structure, which is now built around these divisions:

          -- retail banking,
          -- wholesale banking,
          -- planning, and
          -- finance and asset management.

BNamericas states that the divisions will be headed by:

          -- Pedro Rubio,
          -- Gianfranco Ferrari,
          -- Alvaro Correa, and
          -- Javier Maggiolo.

Banco de Credito del Peru is Peru's largest bank, with a
dominating market share of over 30% of deposits, and boasts
total consolidated assets of US$9.6 billion and equity of US$780
million as of June 30, 2006.  It is the principal operating
company within Credicorp, Peru's largest financial services
company, which controls 96.2% of Banco de Credito; Credicorp is
widely held by local and foreign institutional shareholders.

As reported in the Troubled Company Reporter-Latin America on
July 18, 2007, Moody's Investors Service upgraded the long-term
foreign currency deposit rating of Banco de Credito del Peru to
Ba3 from B1, following the same action on the sovereign ceiling
for foreign currency deposits.  Moody's also raised its rating
for Banco de Credito del Peru's Panama branch's foreign currency
subordinated notes maturing in 2021 to Ba1 from Ba2, based on
the upgrade of Peru's foreign currency bond ceiling.  Both
ratings had been placed on review for upgrade on March 8, 2007.
Both have stable outlooks.

The bank's financial strength rating was not affected by this
action.

These ratings were raised:

Banco de Credito del Peru:

  -- Long-term foreign currency deposit rating to Ba3 from B1,
     with stable outlook

Banco de Credito del Peru, Panama Branch:

  -- Long-term foreign currency subordinated notes to Ba1 from
     Ba2, with stable outlook.




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


COVENTRY HEALTH: Earns US$168.7 Mil. in Quarter Ended Sept. 30
--------------------------------------------------------------
Coventry Health Care Inc. reported operating results for the
third quarter ended Sept. 30, 2007.

The company reported net earnings of US$168.7 million on
operating revenues of US$2.52 billion for the quarter ended
Sept. 30, 2007.  This compares with net earnings of US$147.5
million on operating revenues of US$1.91 billion for the same
period last year.

"I am pleased to present another quarter of impressive top and
bottom line growth from our well-diversified portfolio of
businesses," said Dale B. Wolf, chief executive officer of
Coventry.  "Seeking and seizing organic and acquisition
opportunities should enable Coventry to grow operating revenue
by more than 25% in 2007 and approaching 30% in 2008.  This
positions us well for another year of steady and reliable
earnings growth in 2008."

                     Third Quarter Highlights

    * Revenues up 32.1% from the prior year quarter

    * Commercial group risk organic enrollment growth of 15,000
      members

    * Completed acquisition of certain group health insurance
      businesses from Mutual of Omaha on July 1, 2007

    * Completed acquisition of Florida Health Plan
      Administrators LLC, owner of Vista Healthplans, on
      Sept. 10, 2007

    * Expanded capacity and improved financing terms of the
      company's revolving credit facility

    * Placed US$400.0 million of 7-year senior notes at a coupon
      rate of 6.30%

    * Successfully renewed participation in the Medicare Part D
      program resulting in an expected net membership gain in
      2008

    * Year-to-date GAAP cash flows from operations were
      US$853.3 million, or 193% of net income.  For the quarter,
      cash flows from operations as adjusted for the timing of
      Medicare-related payments were 258% of net income.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$7.47 billion in total assets, US$4.33 billion in total
liabilities, and US$3.14 billion in total shareholders' equity.

                    About Coventry Health

Headquartered in Bethesda, Maryland, Coventry Health Care, Inc.
(NYSE: CVH) -- http://www.cvty.com/-- is a national managed
health care company operating health plans, insurance companies,
network rental/managed care and workers' compensation services
companies.  Coventry provides a full range of risk and fee-based
managed care products and services, including HMO, PPO, POS,
Medicare Advantage, Medicare Prescription Drug Plans, Medicaid,
Workers' Compensation services and Network Rental to a broad
cross section of individuals, employer and government-funded
groups, government agencies, and other insurance carriers and
administrators in all 50 states as well as the District of
Columbia and Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service assigned a Ba1 senior
unsecured debt rating to Coventry Health Care Inc.'s issuance of
US$300 million of new long term debt.  Moody's also assigned a
provisional senior unsecured debt rating of (P)Ba1 to Coventry's
shelf registration.  Moody's said the outlook on the ratings is
stable.


HORIZON LINES: Paying US$0.11 Per Share Quarterly Dividend
----------------------------------------------------------
Horizon Lines, Inc.'s Board of Directors has voted to declare a
cash dividend on its outstanding shares of common stock of
US$0.11 per share, payable on Dec. 15, 2007, to all stockholders
of record as of the close of business on Dec. 1, 2007.

                    About Horizon Lines

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizonlines.com/-- is a Jones Act
container shipping and integrated logistics company and is the
parent company of Horizon Lines Holding Corp. and Horizon Lines
LLC.  The company accounts for approximately 37% of total U.S.
marine container shipments from the continental U.S. to the
three non-contiguous Jones Act markets -- Alaska, Hawaii, and
Puerto Rico, and Guam.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Standard & Poor's Ratings Services assigned its
'B' rating to Horizon Lines Inc.'s (BB-/Stable--) proposed
USUS$300 million senior convertible notes offering due 2012.
Proceeds from the notes offering, combined with proceeds from a
planned new credit facility, will be used primarily to repay its
outstanding 9% senior notes due 2012 and its 11% senior discount
notes due 2013.  The company launched a tender offer for these
notes on July 17, 2007.  The tender offer expires on July 30,
2007.  The Charlotte, North Carolina-based shipping company
currently has about USUS$800 million of lease-adjusted debt.


MICRON TECHNOLOGY: Robert Bailey Joins Board of Directors
---------------------------------------------------------
Micron Technology Inc. has appointed Robert L. Bailey to the
company's Board of Directors, effective immediately.  Mr. Bailey
is the Chairman and Chief Executive Officer of PMC-Sierra, a
leading provider of broadband communications and storage
semiconductor technologies.

"We are extremely pleased to welcome Bob to our Board of
Directors," said Micron Chairman and CEO Steve Appleton.  "Bob
brings unique experience and strengths to our board, and we look
forward to his contributions."

Bailey has served as PMC's President and Chief Executive Officer
since July 1997.  He has been Chairman of the Board since May
2005 and was also Chairman from February 2000 until February
2003.  Mr. Bailey has been a director of PMC since October 1996.

Mr. Bailey has also served as President, Chief Executive Officer
and director of PMC-Sierra, Ltd., PMC's Canadian operating
subsidiary since December 1993.  Mr. Bailey was employed by
AT&T-Microelectronics from August 1989 to November 1993, where
he served as Vice President and General Manager, and by Texas
Instruments in management from June 1979 to August 1989.

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's USUS$1.1 billion convertible senior notes due
2014.


ONE TWO: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------
Debtor: ONE TWO FOR YOU INC
        P.O. Box 552
        Toa Baja, PR 00951-0552

Bankruptcy Case No.: 07-06195

Chapter 11 Petition Date: October 24, 2007

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Jaime Rodriguez Rodriguez, Esq.
                  Rodriguez & Asociados
                  P.O. Box 2477
                  Vega Baja, PR 00694
                  Tel: (787) 858-5324

Estimated Assets: US$100,000 to US$1 Million

Estimated Debts:  US$1 Million to US$100 Million

Debtor's list of its 20 Largest Unsecured Creditors:

   Entity                       Nature of Claim    Claim Amount
   ------                       ---------------    ------------
RG Premier Bank of PR           Credit line          US$198,532
P.O. Box 2510
Guaynabo, PR 00970-2510

LM Import & Export Inc          Business debt        US$148,353
4805 Northwest 165th Street
Hialeah, FL 33014

Dura-Kleen (USA) Inc.           Business debt        US$110,860
458 East 101st Street
Brooklyn, NY 11236

Ferrero Inc.                    Business debt        US$107,058

Department of Treasury          Taxes                 US$86,045

Ramallah Trading Co Inc         Business debt         US$77,222

J & R Worldwide Inc             Business debt         US$70,543

Golden Sheets Inc               Business debt         US$61,538

Forever Beautiful               Business debt         US$49,973

L P I Far East Inc              Business debt         US$45,062

Mohamad A. Mohamad              Business loan         US$44,863

S.S Dweck & Sons Inc            Business debt         US$42,290

Santa Real Realty Inc           Business debt         US$40,854

A.E.E                           Utility services      US$40,202

Alis Yuris                      Business debt         US$40,000

Las Piedras Realty Corp         Business debt         US$38,290

Better Home Plastics Corp.      Business debt         US$36,969

It's In The Bag LLC             Business debt         US$34,298

Home Dynamix LLC                Business debt         US$34,236

Capri S.E.                      Business debt         US$32,928


PIER 1: Poor Operating Performance Cues S&P to Junk Rating
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Pier 1 Imports Inc. to 'CCC+' from 'B-' and removed them from
CreditWatch, where they had been placed with negative
implications on Dec. 19, 2005.  The outlook is negative.

At the same time, S&P withdraws all its ratings on Pier 1 at the
company's request.

"The downgrade reflects the company's continued extremely poor
operating performance," said S&P's credit analyst Charles
Pinson-Rose.  While the company may have liquidity to fund
operations in fiscal 2008 and 2009, the significant negative
cash flows decrease the likelihood that the Fort Worth, Texas-
based company can maintain the various trade relationships
necessary to maintain operations.

Based in Fort Worth, Texas, Pier 1 Imports Inc. (NYSE:PIR) --
http://www.pier1.com/-- is a specialty retailer of imported
decorative home furnishings and gifts with Pier 1 Imports(R)
stores in 49 states, Puerto Rico, Canada, and Mexico, and Pier 1
kids(R) stores in the United States.


ORIENTAL FINANCIAL: Earns US$8.4 Mil. in Quarter Ended Sept. 30
---------------------------------------------------------------
Oriental Financial Group Inc. reported net income of US$8.4
million for the three months ended Sept. 30, 2007, compared to
net income of US$2.4 million for the same period in 2006.

For the third quarter, the Group reported income available to
common shareholders of US$7.3 million, sharply above income of
US$1.2 million, reported in the corresponding year ago quarter.
The results of operations for the third quarter improved 38.2%
compared to the preceding quarter, when the Group reported
income available to common shareholders of US$5.3 million.

Income available to common shareholders for the third quarter
represented a return on assets of 0.59% and a return on common
equity of 11.17%. Both ratios were well above the 0.20% and
1.69% in the corresponding year ago period, respectively, and
0.49% and 7.87% in the preceding quarter, respectively.

Third quarter net interest margin increased to 1.46%, up 69
basis points from the corresponding year ago period and up 6
basis points from the second quarter of 2007.  This is the third
consecutive quarter in which net interest margin has improved.
Book value per common share increased 13.6%, to US$11.35 as of
Sept. 30, 2007, from US$9.99 as of June 30, 2007.

                     Commentary & Outlook

Jose Rafael Fernandez, President and Chief Executive Officer,
commented, "The favorable results achieved in the second and
third quarters are a reflection of the strategies we have been
pursuing.  Three years ago, our management team began to
recognize weakening economic conditions in Puerto Rico.  On that
basis, we made a strategic decision to be a conservative lender,
particularly in light of the fact that interest rates and other
terms being offered by some of our competitors for commercial
and mortgage loans lacked, in our view, a sound business
rationale.  We restructured our investment portfolio and related
funding to improve margins, in line with what we correctly
anticipated would be a more positively sloped yield curve.  We
continue to be attentive to market opportunities that could
further improve the net interest margin.  We also strengthened
our management team, while moving successfully to contain non-
interest expenses.

"As a result, we saw continued significant improvement in net
interest income and operating efficiencies in the third quarter,
while we maintained our conservative stance with regard to
lending.  We also continued to build our franchise, aimed at
integrating the delivery of banking and financial services to
mid and high net worth clients.

"Oriental is well positioned, and we expect to continue to
benefit from our strategies in the foreseeable future.  Due to
our strong capital structure, we believe we will be able to take
strategic advantage of growth opportunities."

               Third Quarter 2007 Results Analysis

Interest income of US$74.9 million for the third quarter
increased 23.1% year over year and 5.8% quarter over quarter,
primarily as a result of a higher overall yield and higher
average balances of interest-earning assets.  At the same time,
interest expense of US$55.3 million increased at a slower pace
than interest income, mostly influenced by a lower average rate
on borrowings of 4.43% versus 5.04% in the year ago quarter and
4.51% in the preceding quarter.  As a result, net interest
income of US$19.7 million increased 119.5% year over year and
11.1% quarter over quarter.

Total banking and financial service revenues of US$6.7 million
for the third quarter were up 3.7% from the preceding quarter,
mainly due to a significant increase in mortgage banking
activities.  By strengthening Oriental's mortgage banking
operations during 2007, the Group has begun to securitize and
sell conforming mortgage loans in the secondary market on a more
consistent basis.

Non-interest expenses totaled US$16.5 million for the third
quarter, 5.5% lower than the preceding quarter, principally due
to effective cost control measures, as net interest income and
non-interest income continue to grow.

                    Balance Sheet Analysis

Total assets increased from US$5.3 billion as of June 30, 2007
to US$5.9 billion as of Sept. 30, 2007.  The increase was
primarily in the Group's investment portfolio, reflecting
management's strategy of supplementing the generally lower level
of loan originations with the purchase of high-quality
investments with a favorable spread.  Funding for the
acquisition of these investments was mainly provided through
repurchase agreements and advances from the Federal Home Loan
Bank of New York, enabling the Group to also reduce its balance
of higher cost brokered certificates of deposit from US$176.1
million as of June 30, 2007, to US$120.5 million as of
Sept. 30, 2007.

                       Credit Quality

Net credit losses in the third quarter remained relatively low
at less than US$1.0 million, or 0.32% of average loans
outstanding, similar to the preceding quarter, when net credit
losses averaged 0.31% of average loans outstanding.  At
Sept. 30, 2007, non-performing loans were US$61.5 million (5.10%
of total loans), compared to US$50.1 million (3.91% of total
loans) at June 30, 2007 and US$34.2 million (2.89% of total
loans) at Sept. 30, 2006.  The current level reflects an
increase of US$12.0 million from June 30, 2007 in non-performing
residential mortgage loans, attributable to the current slowdown
of the Puerto Rico economy.  As a result, the Group increased
its provision for loan losses to US$1.6 million in the third
quarter (162.9% of net credit losses) compared to US$1.4 million
in the preceding quarter (139.0% of net credit losses) and
US$0.9 million in the third quarter of 2006 (119.8% of net
credit losses).

"Since July 2007 Oriental owns the servicing rights for all its
outstanding mortgage loans and has contracted out the sub-
servicing to a single third party, enabling us to better monitor
our portfolio performance and to implement aggressive loss
mitigation measures," said Mr. Fern ndez.  "We anticipate these
actions will help reduce our level of non-performing residential
mortgage loans in the near future.  Ultimately, we do not expect
the increase in non-performing loans to translate into
significantly higher losses as these loans are generally well
collateralized with adequate loan-to-value ratios."

                           Capital

Stockholders' equity amounted to US$341.8 million at
Sept. 30, 2007, an increase of 9.0% compared to US$313.5 million
at June 30, 2007.  The Group comfortably exceeds regulatory
capital requirements.  At September 30, 2007, the Leverage
Capital Ratio was 6.79% (1.70 times the minimum of 4.00%), Tier
I Risk-Based Capital Ratio was 17.77% (4.44 times the minimum of
4.00%), and Total Risk-Based Capital Ratio was 18.19% (2.27
times the minimum of 8.00%).  During the third quarter, the
Group repurchased 413,826 shares of common stock at an average
price of US$9.01 per share and a total cost of US$3.7 million,
leaving approximately US$11.3 million available under the
Group's current stock repurchase program.

                    About Oriental Financial

Oriental Financial Group Inc. (NYSE: OFG) --
http://www.OrientalOnline.com/-- is a diversified financial
holding company operating under U.S. and Puerto Rico banking
laws and regulations.  Oriental provides comprehensive financial
services to its clients throughout Puerto Rico and offers third
party pension plan administration through its wholly owned
subsidiary, Caribbean Pension Consultants, Inc.  The Group's
core businesses include a full range of mortgage, commercial and
consumer banking services offered through 24 financial centers
in Puerto Rico, as well as financial planning, trust, insurance,
investment brokerage and investment banking services.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 13, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' long-term
counterparty credit rating to Oriental Financial Group.  S&P
also assigned its 'BBB-' counterparty rating to Oriental's
principal operating subsidiary, Oriental Bank & Trust.  S&P said
the outlook for both entities is negative.




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


HILTON HOTELS: Hires Christopher Nassetta as President & CEO
------------------------------------------------------------
Hilton Hotels Corporation has appointed Christopher J. Nassetta
as its President and Chief Executive Officer.  Mr. Nassetta
currently leads Host Hotels and Resorts, the largest owner of
luxury and upscale hotels in the world.  Mr. Nassetta joins
Hilton as the company moves into an exciting new phase of
growth, both in the U.S. and abroad.

The Blackstone Group's real estate and corporate private equity
funds completed the acquisition of Hilton on Oct. 24, 2007.
Blackstone views Hilton as an important strategic investment and
intends to invest in its properties and brands to enhance the
Company's growth.  As stated at the time of the initial
announcement in July, Blackstone has no intention of selling any
brands or major assets as a result of the transaction.

Jonathan Gray, Senior Managing Director, Blackstone said, "Our
goal with Hilton is to build the premier global hospitality
company.  We are confident that Chris will be a superb addition
to the already strong Hilton team.  Given his background
overseeing the world's largest hotel ownership company, Chris
understands the needs of hotel owners and is uniquely qualified
to lead Hilton.  I've known Chris personally for 15 years and
have worked successfully side-by-side with him in the past.
He's a man of the absolute highest integrity, who cares deeply
about people.  He has the energy, enthusiasm and experience to
lead Hilton, and it's with great pleasure that we welcome him to
the team."

Blackstone's strategy includes maintaining strong unit growth in
the U.S., where more than 20% of all hotel rooms currently under
construction carry a Hilton brand.  Blackstone will also invest
to accelerate the company's international growth, building on
recent agreements to expand the Hilton family of brands outside
of the U.S. through a series of strategic partnerships.  It was
only last year that Hilton merged with Hilton International, a
transaction, which created a new set of global opportunities for
the company.  Additionally, Blackstone intends to incorporate a
significant portion of its existing portfolio of luxury hotels
and resorts onto the Hilton platform, adding to the luxury
offerings available to Hilton customers.  Blackstone's holdings
include such upscale properties as The Boulders Resort and Spa
(Arizona), The El Conquistador Resort (Puerto Rico), and The
Boca Raton Resort and Club (Florida).

Chris Nassetta commented, "I am excited to join this great
company and am looking forward to working with Hilton's
franchisees, owners and team members to grow this already
impressive franchise.  Hilton has a powerful collection of
brands and we now have the opportunity to build on the strong
foundation that already exists to drive the company's growth,
particularly overseas, to create the pre-eminent lodging company
in the world.  I also look forward to working with Blackstone,
who I know from experience will be a terrific strategic partner
for Hilton going forward."

As President and CEO of Hilton, Mr. Nassetta will oversee
Hilton's extensive line of quality brands, including: Hilton,
Conrad, Doubletree, Embassy Suites, Hampton, Hilton Garden Inn,
Hilton Grand Vacations, Homewood Suites by Hilton, and The
Waldorf=Astoria Collection.  Mr. Nassetta intends to work
closely with the existing management team, including Thomas
Keltner, Chief Executive Officer - Americas and Global Brands,
and Ian Carter, Chief Executive Officer - Hilton International.
As previously announced, Stephen F. Bollenbach retired from the
company last week upon the completion of the transaction.
Additionally, Matthew J. Hart will step down as president and
chief operating officer but will serve as a member of Hilton's
Board of Directors.

                   About Christopher Nassetta

Christopher J. Nassetta will join Hilton Hotels Corp. from Host
Hotels & Resorts, where he has been President and Chief
Executive Officer since 2000.  Prior to joining Host, Mr.
Nassetta co-founded Bailey Capital Corporation in 1991, where he
was responsible for the operations of the real estate investment
and advisory firm. He also spent seven years serving as Chief
Development Officer and in various other positions with The
Oliver Carr Company.  Mr. Nassetta serves as a Director of
CoStar Group, Inc., is Second Vice Chair and serves on the Board
of Governors of National Association of Real Estate Investment
Trusts, is a member and chairman of The Real Estate Roundtable,
and is a member of the McIntire School of Commerce Advisory
Board for the University of Virginia.

Mr. Nassetta graduated from the University of Virginia McIntire
School of Commerce with a degree in finance and studied
international finance at the London School of Economics.

                       About Hilton Hotels

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 in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.


SUPERIOR ENERGY: Earns US$75.1 Million in Third Quarter 2007
------------------------------------------------------------
Superior Energy Services, Inc. reported net income of US$75.1
million on revenue of US$398.9 million, compared to net income
of US$55.2 million on revenue of US$290.5 million for the third
quarter of 2006.

The results include a non-recurring, after-tax gain of US$4.8
million (US$7.5 million pre-tax) from the sale of a business
within the Rentals Tools segment that the company does not
consider to be core to its operations.  The company's effective
income tax rate changed to 35.5% due to book and tax differences
on the gain from the asset sale.  The third quarter results
reflect the cumulative income tax rate adjustment.  Excluding
the gain and applying the new effective income tax rate of
35.5%, adjusted net income was US$69.2 million, or US$0.84
diluted adjusted earnings per share.

Factors impacting the quarter as compared to the most recent
quarter includes:

-- Numerous tropical systems in the Gulf of Mexico impacted
    results in the marine, well intervention and rental tools
    segments. The biggest impact from Gulf of Mexico, weather-
    related disruptions was to the company's liftboat activity.
    Marine segment revenue decreased 25% as a result of
    significantly lower utilization.

-- Approximately 54% of total revenue came from domestic land
    and international market areas. Increases in domestic land
    and international revenue more than offset a decrease in
    Gulf of Mexico revenue. Revenue from domestic land markets
    was approximately US$137 million, a 13% increase over the
    second quarter of 2007, and revenue from international
    markets was approximately US$78 million, a 2% increase over
    the most recent quarter. Gulf of Mexico revenue decreased
    7% sequentially to approximately US$183 million in the
    third quarter.

-- Well Intervention revenue increased 6% from the second
    quarter of 2007 primarily due to increased well control
    activity as well as higher coiled tubing, electric line and
    fishing services activity.

-- Revenue from the Rental Tools segment declined 4% from the
    second quarter, but was essentially unchanged when
    excluding the revenue contribution from the business that
    was sold in the third quarter.

-- Oil and Gas revenue increased 7% from the second quarter of
    2007 due to higher oil prices and increased oil and gas
    production.

Terence Hall, Chairman and Chief Executive Officer of Superior,
stated, "We had a very solid quarter as we grew adjusted
earnings per share by 24% over last year's third quarter.  The
impact of our geographic and product/service diversification was
evident this quarter as numerous tropical weather systems
disrupted Gulf of Mexico activity during the period and lower
activity affected various competitors in several different
market segments more than it did us.  The third quarter
represents the second consecutive quarter in the company's
history that more than 50% of our revenues were derived from
market areas outside the Gulf of Mexico.  We remain committed to
driving shareholder value by executing upon our integrated
growth strategy and we intend to continue our geographic
diversification strategy."

For the nine months ended Sept. 30, 2007, revenue was US$1,158.6
million and net income was US$209.2 million or US$2.53 diluted
earnings per share, as compared to revenues of US$774.7 million
and net income of US$126.1 million or US$1.55 diluted earnings
per share for the nine months ended Sept. 30, 2006.

               Well Intervention Group Segment

Third quarter revenue for the Well Intervention Group was a
record US$202.8 million, a 6% increase from the second quarter
of 2007 and a 66% increase from the third quarter of 2006.
Income from operations was US$47.6 million, or 23% of segment
revenue as compared to US$42.1 million, or 22% of segment
revenue, in the second quarter of 2007.  The primary drivers for
the sequential growth in revenue were increased well control
activity both internationally and in the U.S. as well as
increased domestic land revenue for coiled tubing and fishing
services.  Revenue from these activities more than offset Gulf
of Mexico-based revenue decreases for some of the company's
production-related services.  Gross profit and operating margins
improved sequentially as a result of business mix.

                    Rental Tools Segment

Revenue for the Rental Tools Segment was US$118.9 million, 4%
lower than the second quarter of 2007 and 21% higher than the
third quarter of 2006.  Income from operations was a record
US$51.4 million, or 43% of segment revenue, up from US$46.6
million, or 38% of segment revenue in the second quarter of
2007.  Revenue increased in domestic land and international
markets for drill pipe, stabilizers and specialty tubulars,
which was offset by a decrease in drill pipe rentals in the Gulf
of Mexico due to project delays.

                       Marine Segment

Superior's marine revenue was US$26.3 million, a 25% decrease
from the second quarter of 2007 and a 27% decrease from the
third quarter of 2006.  Income from operations was US$8.1
million, or 31% of segment revenue, down from US$15.2 million,
or 43% of segment revenue in the second quarter of 2007. Average
daily revenue in the third quarter was approximately US$286,000,
inclusive of subsistence revenue, as compared to US$386,000 per
day in the second quarter of 2007.  Average fleet utilization
was 62% as compared to 77% in the second quarter of 2007 and 78%
in the third quarter of 2006.

Tropical weather systems in the Gulf of Mexico resulted in
significant downtime for the company's liftboat fleet. During
the quarter, the liftboats incurred 198 idle days due to
weather, as compared to 13 idle days from weather in the second
quarter of 2007.

Liftboat activity has improved significantly in October with
utilization at approximately 75% and average daily revenue
exceeding US$329,000 per day.

                     Oil and Gas Segment

Oil and gas revenue was US$51.7 million, a 7% increase from
second quarter 2007 levels and a 35% increase over the third
quarter of 2006.  Income from operations was US$13.5 million, or
26% of segment revenue, up from US$11.9 million, or 25% of
segment revenue, in the second quarter of 2007. Third quarter
production was approximately 899,000 barrels of oil equivalent
(boe), or about 9,800 boe per day, up from approximately 875,000
boe, or 9,600 boe per day in the second quarter of 2007.

                    About Superior Energy

Superior Energy Services Inc. -- http://www.superiorenergy.com/
-- provides specialized oilfield services and equipment focused
on serving the production-related needs of oil and gas companies
primarily in the Gulf of Mexico and the drilling-related needs
of oil and gas companies in the Gulf of Mexico and select
international market areas.  The company uses its production
related assets to enhance, maintain and extend production and,
at the end of an offshore property's economic life, plug and
decommission wells.  Superior also owns and operates mature oil
and gas properties in the Gulf of Mexico.

The company has operations in the United States, Trinidad and
Tobago, Australia, the United Kingdom, and Venezuela, among
others.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 11, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to oilfield services firm SESI LLC's proposed
US$400 million exchangeable notes due 2026.  At the same time,
Standard & Poor's affirmed SESI's and parent Superior Energy
Services Inc.'s 'BB' corporate credit rating and 'BB-' rating on
the US$300 million senior unsecured notes.  S&P said the outlook
is stable.




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


NAVIOS MARITIME: To Acquire Five Capesize Vessels for US$298 Mln
----------------------------------------------------------------
Navios Maritime Holdings Inc. has agreed to purchase five new
Capesize vessels.  Three of the Capesize vessels are (i) a
Japanese-built vessel (180,000 dwt) with a purchase price of
US$104.0 million and (ii) two South Korean-built vessels
(172,000 dwt) with an average purchase price of US$97.0 million.
The acquisition of the two remaining Capesize vessels (172,000
dwt), for an aggregate purchase price of US$190.0 million, is
conditional upon the execution of definitive
documentation.

           Two New Long-Term Charters-out Contracts

Navios Maritime announced that it has entered into long-term
time charters- out for two of its Capesize vessels with average
charter periods of five years and average charter hire of
US$51,250 per day, net of commissions.  Navios has previously
announced the acquisition of these vessels and these two vessels
are not included in the acquisition announcement.

As a result of these charters, Navios Maritime has extended the
coverage of its core fleet to 100% for 2007, 91.6% for 2008,
54.0% for 2009 and 32.0% for 2010.

              Exercise Option for Navios Orbiter

In September 2007, Navios Maritime exercised its option to
acquire the Navios Orbiter, a 76,602 dwt Panamax vessel built in
2004 that is currently chartered-in on a long-term basis.  The
vessel's purchase price was approximately US$20.5 million and
market value is estimated at US$90 million.  Ownership is
expected some time in the first quarter of 2008.

                     About Navios Maritime

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW) --
http://www.navios.com/-- is a vertically integrated global
seaborne shipping company, specializing in the worldwide
carriage, trading, storing, and other related logistics of
international dry bulk cargo transportation.  The company also
owns and operates a port/storage facility in Uruguay and has in-
house technical ship management expertise.  It maintains offices
in Piraeus, Greece, South Norwalk, Connecticut and Montevideo,
Uruguay.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 5, 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa last week, the rating agency confirmed its B1 Corporate
Family Rating for Navios Maritime Holdings Inc.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

                                                    Projected
                          Old POD  New POD  LGD     Loss-Given
  Debt Issue              Rating   Rating   Rating  Default
  ----------              -------  -------  ------  ----------
  Senior Unsecured
  Regular Bond/
  Debenture Due 2014        B2       B3      LGD5     80%




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


PETROLEOS DE VENEZUELA: Uses Neptune's Vessel To Drill Gas Wells
----------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it will use Singapore-based Neptune Marine and
Drilling's Discoverer marine rig vessel to drill 21 offshore
natural gas wells in the next four years.

Business News Americas relates that Petroleos de Venezuela will
conduct the drilling for its Mariscal Sucre offshore natural gas
program.

According to BNamericas, Petroleos de Venezuela will invest
almost US$785 million in the four-year contract.  About US$234
million of the investment will go to the Venezuelan state as a
rental tax.

The report says that the Neptune Discoverer is working offshore
Vietnam.  It will leave Singapore in November 2007 and arrive in
Venezuela in February 2008.

BNamericas notes that Petroleos de Venezuela wanted to work with
Brazilian counterpart Petroleo Brasileiro SA on the Mariscal
Sucre program.  However, Petroleo Brasileiro said in September
2007 that it had not yet agreed an investment plan with the
Venezuelan firm.  Petroleo Brasileiro had wanted to liquefy the
gas and export it to Brazil.

According to Petroleos de Venezuela's statement, the Mariscal
Sucre plan has changed.  The program will now target Venezuela's
domestic market.

BNamericas states that the program calls for the development of
these blocks in Venezuela's Norte de Paria, including:

          --  Rio Caribe,
          -- Mejillones,
          -- Patao, and
          -- Dragon.

The fields could produce about 1.200 billion cubic feet per day
of natural gas, BNamericas states, citing Petroleos de Venezuel.
The firm would use the gas for domestic obligations.

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

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


PETROLEOS DE VENEZUELA: Inks Orinoco Pact with Russia's TNK-BP
--------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA has
signed an accord with Russian oil company TNK-BP Management for
reserve certification on the Orinoco heavy crude belt.

Business News Americas relates that TNK-BP Management will
collaborate with Petroleos de Venezuela in in studying and
certifying reserves on the Ayacucho 2 block.

According to BNamericas, the agreement was among the seven
signed between Russian and Venezuelan officials at the CIAN
intergovernmental commission.

All the energy accords with Russia involved Venezuela's Siembra
Petrolera plan of boosting output to 5.8 million barrels per day
by 2012, BNamericas notes, citing Venezuelan energy minister and
Petroleos de Venezuela head Rafael Ramirez.  Venezuela will
reach certified reserves of 235 billion barrels in 2009.

Minister Ramirez commented to BNamericas, "Russia will play an
important role in Venezuela's vision to diversity our markets.
They will have a larger presence in our country than they ever
had before."

Venezuela also signed with Russia an agreement for the purchase
of 20,000 tons of tubing to be used for infrastructure within
Venezuela's oil sector, Petroleos de Venezuela said in a
statement.

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

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


* MIF To Hold News Meeting on Nov. 6 in Miami, Florida
------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment
Fund will hold a news conference on Nov. 6 in Miami, Fla. to
present the results of a new study of remittances to Costa Rica,
El Salvador, Guatemala, Honduras, Nicaragua and Panama.

MIF Manager Donald F. Terry and pollster Sergio Bendixen, who
has carried out surveys for the IDB in several Latin American
and Caribbean countries, will speak at the news conference to be
held at 8:00 a.m. in the Hibiscus Isle Room of the
Intercontinental Hotel (100 Chopin Plaza), venue of the 41st
FELABAN Annual Assembly.

Messrs. Terry and Bendixen will present new estimates of the
amounts of money sent home by Central American migrants in 2007.
They will also discuss the results of the survey which looks at
aspects such as the country of origin of the remittances,
methods of money transfer most commonly used, spending
priorities, and participation in the formal financial system.

The MIF, an autonomous fund administered by the IDB, has been
studying remittances since the year 2000 to gauge the economic
impact of these flows stemming from Latin American and Caribbean
immigrants in North America, Europe and Asia.


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

                                    Total
                                Shareholders  Total
                                    Equity    Assets
Company                 Ticker      (US$MM)   (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3     (20.56)      53.30
Kuala                    ARTE3     (33.57)      11.86
Bombril                  BOBR3    (469.80)     408.60
Caf Brasilia             CAFE3    (845.35)      43.51
Chiarelli SA             CCHI3     (63.93)      50.64
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (757.32)     458.59
Marambaia                CTPC3      (1.38)      79.73
DTCOM-DIR To Co          DTCY3     (10.12)      10.44
Aco Altona               ESTR      (53.41)     105.08
Angel Estrada            ESTR      (68.23)      68.97
Estrela SA               ESTR3     (51.21)     103.60
Estrada-A                ESTR5     (68.23)      68.97
Bombril Holding          FPXE3  (1,064.31)      41.97
Fabrica Renaux           FTRX3      (5.55)     136.60
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (233.64)      33.23
Doc Imbituba             IMB13     (20.29)     202.35
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3    (199.10)     286.23
Minupar                  MNPR3     (39.46)     154.47
Recrusul                 RCSL3     (42.09)      27.79
Telebras-CM RCPT         RCTB30   (149.58)     236.49
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (55.17)      51.93
Semp Toshiba SA          SEMP3      (4.68)     153.68
Tecel S Jose             SJ0S3     (13.24)      71.56
Sansuy                   SNSY3     (53.26)     200.16
Teka                     TEKA3    (310.91)     545.92
Telebras SA              TELB3    (149.58)     236.49
Telebras-CM RCPT         TELE31   (149.58)     236.49
Telebras SA              TLBRON   (148.58)     236.49
TECTOY                   TOYB3     (49.81)      17.25
TEC TOY SA-PREF          TOYB5     (49.81)      17.25
TEC TOY SA-PF B          TOYB6     (49.81)      17.25
TECTOY SA                TOYBON    (49.81)      17.25
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (104.65)   1,975.79
WIEST                    WISA3    (107.73)      92.66



                         ***********


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

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

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

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

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

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


               * * * End of Transmission * * *