TCRLA_Public/071106.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, November 6, 2007, Vol. 8, Issue 220

                          Headlines

A R G E N T I N A

ALCRI PLUS: Proofs of Claim Verification Deadline Is Nov. 29
AQUIPESOS SA: Proofs of Claim Verification Is Until Feb. 4, 2008
CLORCHEMICAL SA: Trustee Verifies Proofs of Claim Until Nov. 23
EMPRESA DISTRIBUIDORA: Closes US$34.7MM Discount Notes Buyback
FRIGORIFICO MAYOSOL: Trustee Filing General Report on Nov. 16

HIERROSTANDARD SA: Claims Verification Deadline Is Dec. 21
LOGISAT SA: Proofs of Claim Verification Ends on Feb. 4, 2008
PLANETOUT INC: Posts US$4.8 Million Third Quarter Net Loss
POLYMER GROUP: Incurs US$20.9 Million Third Quarter Net Loss
TENNECO AUTOMOTIVE: Moody's Holds B1 Corporate Family Rating

TENNECO INC: Commences Sale of US$250 Million Senior Notes
TENNECO INC: Commences Tender Offer for 10-1/4% US$230-Mln Notes
TENNECO INC: Fitch Rates New Senior Unsecured Notes at BB-
TENNECO INC: S&P Rates Proposed US$250MM Senior Notes at B+

* ARGENTINA: Uruguay Delays Botnia Mill Opening for a Week


B E R M U D A

AAF HOLDINGS: Proofs of Claim Filing Deadline Is Nov. 20


B O L I V I A

COEUR D'ALENE: Earns US$3.6 Million in Third Quarter of 2007
FRESH DEL MONTE: S&P Puts 'BB-' Rating Under Positive Watch
INTERMEC INC: Reports US$4.4 Mil. Net Income in 2007 Third Qtr.

* BOLIVIA: Stable Economy Cues S&P To Revise Outlook to Stable


B R A Z I L

EL PASO: Reports US$36.1 Million Net Income for Third Quarter
FERRO CORP: Initiates Next Step in European Restructuring
IWT TESORO: Court Approves Lowenstein Sandler as Panel's Counsel
GENERAL MOTORS: October 2007 Sales Increased by 3%
NRG ENERGY: Commences Offer To Purchase US$4.7 Billion of Notes

REALOGY CORP: S&P Lowers Corporate Credit Rating from B+ to B
SCO GROUP: Seeks Court OK to Hire Mesirow as Financial Advisor
SCO GROUP: U.S. Trustee Balks at Retention of Mesirow as Advisor
TELEMAR NORTE: Reports BRL637-Mil. Net Earnings in Third Quarter

* BRAZIL: IFC Launches First Domestic "Amazonia" Bonds
* BRAZIL: Wants To Overturn Court Injunction on NatGas Supply


C A Y M A N   I S L A N D S

CORLLETT LIMITED: Proofs of Claim Filing Deadline Is Nov. 15
EUFEX INVESTMENT: Proofs of Claim Filing Is Until Nov. 15
GLOBALSANTAFE CORP: Scheme Shareholders Meeting Is on Nov. 9
IRON MOUNTAIN: Proofs of Claim Filing Ends on Nov. 15
MUTUAL FUND: Proofs of Claim Filing Deadline Is Nov. 15

MUTUAL FUND BASKET: Proofs of Claim Filing Ends on Nov. 15
MUTUAL FUND BASKET MASTER: Proofs of Claim Filing Ends Nov. 15
MUTUAL FUND BASKET REFERENCE: Claims Filing Ends on Nov. 15
SAPIC-98 REFERENCE: Proofs of Claim Filing Deadline Is Nov. 15
SAPIC-98 REFERENCE FUND: Proofs of Claim Filing Ends on Nov. 15

SAPIC-98 REFERENCE FUND (43): Claims Filing Is Until Nov. 15
TRANSOCEAN INC: Holding Scheme Shareholders Meeting on Nov. 9


C H I L E

EMPRESAS IANSA: Fitch Affirms BB+ Rating on US$100-Million Notes
GMAC LLC: Unit Posts US$1.6 Bil. Net Loss in Third Quarter 2007
GMAC LLC: Moody's Downgrades Senior Unsecured Rating to Ba2
GMAC LLC: Lower Earnings Prospects Cue S&P To Put Neg. Outlook
METHANEX CORP: CEO Bruce Aitken to Buy 35,000 Additional Shares


C O L O M B I A

BANCOLOMBIA: To Sell COP262 Bln Mortgage Loans to Titularizadora
ECOPETROL SA: Fitch Affirms Foreign Issuer Default Rating at BB+


D O M I N I C A N   R E P U B L I C

CAP CANA: Fitch Affirms B Rating on US$250 Million Senior Notes


E C U A D O R

PETROECUADOR: Foreign Oil Cos. Have Until Nov. 7 To Settle Debts
PETROECUADOR: Governmentt To Scrap Off Oil-Saving Funds


E L   S A L V A D O R

INTERPUBLIC GROUP: Posts US$21.9 Million Net Loss in 3rd Quarter


G U A T E M A L A

AFFILIATED COMPUTER: Earns US$66.1 Mil. in Qtr. Ended Sept. 30
AFFILIATED COMPUTER: S&P Keeps Watch on BB Corp. Credit Rating
TECO ENERGY: Sells TECO Transport to Greenstreet for US$405 Mil.


H O N D U R A S

* HONDURAS: Secures US$300-Million Highway Project Loan from IDB


M E X I C O

ALLIS-CHALMERS: Earns US$13 Million in Quarter Ended Sept. 30
AMANCO HOLDING: Fitch Cuts & Withdraws Ratings
AVNET INC: Acquires ChannelWorx to Diversify Business in Market
INT'L RECTIFIER: Promotes Marc Rougee as Exec. VP for Operations
LIBBEY INC: Earns US$0.4 Million for Quarter Ended Sept. 30

MAZDA MOTOR: 2007 2nd Quarter Profit Rises 29% to JPY26.6 Bil.
QUAKER FABRIC: Can Hire RAS Management as Liquidation Consultant
QUAKER FABRIC: Files Schedules of Assets & Liabilities
QUAKER FABRIC: University Management to Collect Receivables
REMY WORLDWIDE: Taps Huron Consulting as Financial Consultant

WILLIAMS SCOTSMAN: Completes Merger with Ristretto Group


N I C A R A G U A

PERRY ELLIS: Signs Licensing Pact with Kellwood Company


P A N A M A

NEWLAND PROPERTIES: Fitch Assigns Preliminary BB Rating on Notes


P U E R T O   R I C O

GENESCO INC: Weak Performance Cues Moody's to Lower Ratings
MYLAN INC: Launches Offering of US$1.4 Billion Preferred Stock
MYLAN INC: Earns US$149.8 Million for Quarter Ended Sept. 30
PEP BOYS: Selling 34 Properties for US$166.2 Million
PULTE HOMES: S&P Downgrades Corporate Credit Rating to BB+


U R U G U A Y

NAVIOS MARITIME: Unit Files Amendment to Registration Statement

* URUGUAY: Botnia Pulp Mill Operations Delayed for a Week


V E N E Z U E L A

CHRYSLER LLC: Overall October 2007 U.S. Sales Down 9%
CHRYSLER LLC: Plans Product & Plant Changes in North America
CITGO PETROLEUM: Will Renovate Corpus Christi Unit Next Year
CMS ENERGY: Fitch Lifts Issuer Default Rating to BB+
CMS ENERGY: Posts US$100 Million Net Loss for Third Quarter 2007

HARVEST NATURAL: Chavez Inks Decree To Take Control of Harvest
HARVEST NATURAL: Says Petrodelta To be Operational in Few Months
PEABODY ENERGY: Completes Spin-Off of Patriot Coal Corporation
PETROLEOS DE VENEZUELA: Petrodelta Operational in Few Months
TIMKEN COMPANY: Board Declares US$0.17 Per Share Dividend

* VENEZUELA: Disallows Int'l Arbitration of Heavy-Crude Projects
* Large Companies with Insolvent Balance Sheets


                          - - - - -


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


ALCRI PLUS: Proofs of Claim Verification Deadline Is Nov. 29
------------------------------------------------------------
Juan Carlos Flores, the court-appointed trustee for Alcri Plus
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 29, 2007.

Mr. Flores will present the validated claims in court as
individual reports on Feb. 9, 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 Alcri Plus 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 Alcri Plus'
accounting and banking records will be submitted in court on
April 1, 2008.

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

The trustee can be reached at:

         Juan Carlos Flores
         Avenida Corrientes 1847
         Buenos Aires, Argentina


AQUIPESOS SA: Proofs of Claim Verification Is Until Feb. 4, 2008
----------------------------------------------------------------
Edgardo Borghi, the court-appointed trustee for Aquipesos S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 4, 2008.

Mr. Borghi will present the validated claims in court as
individual reports on March 14, 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 Aquipesos 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 Aquipesos' accounting
and banking records will be submitted in court on
April 30, 2008.

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

The trustee can be reached at:

         Edgardo Borghi
         Luis Viale 2176
         Buenos Aires, Argentina


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

Mr. Wulff will present the validated claims in court as
individual reports on Feb. 11, 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 Clorchemical and its creditors.

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

A general report that contains an audit of Clorchemical's
accounting and banking records will be submitted in court on
March 27, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Sept. 12, 2008.

The debtor can be reached at:

       Clorchemical S.A.
       Avenida Cordoba 1351
       Buenos Aires, Argentina

The trustee can be reached at:

       Carlos Enrique Wulff
       Virrey del Pino 2354
       Buenos Aires, Argentina


EMPRESA DISTRIBUIDORA: Closes US$34.7MM Discount Notes Buyback
--------------------------------------------------------------
Empresa Distribuidora y Comercializadora Norte S.A. has
completed the repurchase of US$34,726,342 principal amount of
Discount Notes due 2014, which includes US$24,500,000 of the
Tranche A Notes and US$10,226,342 of the Tranche B Notes.  In
addition, the company has completed the repurchase of
US$3,448,618 principal amount of Tranche B Par Notes due
December 2016.

Based in Buenos Aires, Argentina, Edenor is the largest
electricity distribution company in Argentina in terms of number
of customers and volume of energy sold.  Edenor commenced
operations in 1992, as a result of the privatization of the
previously state-owned SEGBA.  At that time, it was granted a
95-year concession to distribute electricity on an exclusive
basis in its concession area, the greater Buenos Aires
metropolitan area and northern portion of the City of Buenos
Aires.  EASA, which is controlled by Dolphin Energia S.A., is
Edenor's holding company.

                        *     *     *

As reported Jul 3, 2007, Moody's Investors Service assigned a B2
corporate family rating to Empresa Distribuidora Norte S.A
and to its US$250 million senior unsecured notes issuance due in
2017.  At the same time, Moody's upgraded Edenor's local
currency debt to B2 from B3 on its global scale and from Baa3.ar
to A1.ar on its national scale for Argentina.  Moody's said the
rating outlook is stable.

Also reported on Jul 3 was Standard & Poor's Ratings Services'
assignment of its single B rating to Edenor's 10-year bond for
up to US$250 million.  S&P said the outlook is positive.


FRIGORIFICO MAYOSOL: Trustee Filing General Report on Nov. 16
-------------------------------------------------------------
The court-appointed trustee for Frigorifico Mayosol S.A.C.I.'s
bankruptcy proceeding, will submit a general report containing
an audit of the company's accounting and banking records in the
National Commercial Court of First Instance in Buenos Aires on
Nov. 16, 2007.

Infobae didn't state the name of the trustee.

The trustee verified creditors' proofs of claim and presented
the validated claims in court as individual reports.

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


HIERROSTANDARD SA: Claims Verification Deadline Is Dec. 21
----------------------------------------------------------
Fernando Altare, the court-appointed trustee for Hierrostandard
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Dec. 21, 2007.

Mr. Altare 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 Hierrostandard 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 Hierrostandard's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Hierrostandard SA
         Lavalle 1390
         Buenos Aires, Argentina

The trustee can be reached at:

         Fernando Altare
         Piedras 153
         Buenos Aires, Argentina


LOGISAT SA: Proofs of Claim Verification Ends on Feb. 4, 2008
-------------------------------------------------------------
Marisa Gacio, the court-appointed trustee for Logisat S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 4, 2008.

Ms. Gacio will present the validated claims in court as
individual reports on March 14, 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 Logisat 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 Logisat's accounting
and banking records will be submitted in court on
April 30, 2008.

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

The trustee can be reached at:

         Marisa Gacio
         San Martin 793
         Buenos Aires, Argentina


PLANETOUT INC: Posts US$4.8 Million Third Quarter Net Loss
----------------------------------------------------------
PlanetOut Inc. has reported total revenue for the third quarter
of 2007 was US$13.7 million, a decrease of two percent compared
to US$14.0 million for the same period one year ago.

"During the third quarter we continued to make significant
progress in our efforts to solidify our balance sheet and
position the company for future growth," said Karen Magee, chief
executive officer, PlanetOut Inc.  "During the quarter we closed
our private placement financing for US$26.2 million dollars with
a group of new and existing institutional investors, and we took
major actions to simplify and focus the company, and reduce
expenses."

"During this challenging time of rebuilding the company, we are
making tough but necessary strategic decisions that we believe
will result in stronger, more successful businesses going
forward," Ms. Magee added.

                        Sale of RSVP

PlanetOut also announced that the closing of its planned sale of
assets of RSVP Productions, Inc. to Atlantis Events, Inc. has
not yet occurred, as a certain condition to closing that
transaction has not yet been satisfied.  "RSVP's operations
continue to function as usual and we are working to ensure that
the transaction closes as quickly as possible," said Ms. Magee.

                 Third-Quarter Financial Results

Revenue

Total revenue for the third quarter of 2007 was US$13.7 million,
a decrease of two percent compared to US$14.0 million for the
same period one year ago.

Advertising services revenue for the third quarter of 2007 was
US$7.3 million, up from US$6.4 million for the third quarter of
2006.

Subscription services revenue for the third quarter of 2007 was
US$5.4 million, down from US$5.8 million for the third quarter
of 2006.

Transaction services revenue for the third quarter of 2007 was
US$1.0 million, down from US$1.8 million for the same quarter a
year ago.

Adjusted EBITDA

Adjusted EBITDA for the third quarter of 2007 was US$0.9
million, down from US$1.4 million for the same quarter a year
ago.

Net Loss and Net Loss Per Share

GAAP net loss for the third quarter of 2007 was US$4.8 million,
or a loss of US$1.21 per basic and diluted share, compared with
a GAAP net loss of US$1.5 million for the same quarter a year
ago, or a loss of US$0.86 per basic and diluted share.

For the third quarter of 2007, Adjusted Net Loss was US$3.2
million, or a loss of US$0.83 per basic and diluted share, down
from Adjusted Net Income of US$0.0 million for the third quarter
of 2006, or US$0.03 per basic and diluted share.

                      Business Outlook

The following statements are based upon management's current
expectations.  These statements are forward-looking, and actual
results may differ materially.  The company undertakes no
obligation to update these statements.

For full year 2007, including the year-to-date results of its
discontinued operations, PlanetOut has reduced its previous
guidance and expects total revenue to be between US$69.0 million
and US$72.0 million and Adjusted EBITDA to be between US$9
million and US$11 million.

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

                        *     *     *

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

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


POLYMER GROUP: Incurs US$20.9 Million Third Quarter Net Loss
------------------------------------------------------------
Polymer Group, Inc. has reported results of operations for the
third quarter and nine-month period ended Sept. 29, 2007.

    Highlights included:

-- Sales for the quarter grew 3.1% to US$256.2 million over the
   third quarter of 2006 and were US$794.2 million, up 4.8%, for
   the first nine months compared to the prior year

-- Gross profit for the quarter was up 12.9% compared to the
   third quarter of 2006 to US$39.7 million.  For the first nine
   months, gross profit was US$130.0 million compared to
   US$114.8 million the prior year, representing a 13.3%
   increase

-- Adjusted EBITDA for the third quarter increased 13.3% over
   the third quarter of 2006 to US$28.8 million and 15.0% for
   the first nine months compared to the prior year period to
   US$92.6 million.

Net sales for the third quarter of 2007 were US$256.2 million,
up US$7.6 million or 3.1% compared to US$248.6 million in the
third quarter of 2006.  Sales increases during the quarter were
primarily driven by the impact of higher comparable selling
prices resulting from an improved mix of sales and price
increases to mitigate the effect of higher raw material costs as
well as foreign currency movement.  During the quarter, the
company successfully completed its previously announced
consolidation of the two United States plants into other
locations.  As a result of the plant closures and the company's
decision to exit certain lines of business with unacceptable
profit levels, volumes in those businesses were lower.
Additionally, the company began the reconfiguration of equipment
in its Benson, North Carolina plant to enable the production of
Spinlace(R) products in the fourth quarter which also resulted
in lower volumes as the prior product platforms were
discontinued.  Offsetting these impacts were higher volumes and
improved mix in the company's Asian operations as the plant in
Suzhou continued its ramp up during the quarter.  Volumes and
the mix of product sales in the Oriented Polymers segment
continue to remain depressed, primarily in Canada, due to poor
market conditions.

Gross profit increased US$4.5 million to US$39.7 million for the
third quarter, an increase of 12.9% over the prior year
comparable period.  Gross profit margin for the quarter also
improved to 15.5% of sales compared to a gross profit margin for
the third quarter of 2006 of 14.1%.  Significant contributors to
the company's profitability were the previously mentioned
improvement in profit mix and improvement in profitability at
the Mooresville, North Carolina and Suzhou, China locations,
which were operating at better rates compared to the prior year.
These improvements were partially offset by higher raw material
costs compared to the prior year.

The company reported an operating loss for the third quarter of
2007 of US$7.2 million primarily as a result of the recognition
of US$20.4 million of special charges resulting from the
previously announced plant consolidations and non-cash asset
impairment charges associated with certain Canadian operations
and the closure of its Neunkirchen, Germany site.  The after-tax
impact of the special charges was US$20.0 million, or US$1.03
per share.  SG&A was US$26.1 million during the quarter compared
to US$25.3 million for the third quarter of 2006.  As a percent
of sales, SG&A expenses were 10.2% in both periods.

Polymer Group reported a net loss for the third quarter of
US$20.9 million or US$1.08 per share compared to a net loss of
US$1.5 million, or US$0.08 per share, the prior year.

Polymer Group's chief executive officer, Veronica M. Hagen,
stated, "PGI continued to produce year-over-year improvement in
underlying performance.  Given the third quarter is seasonally
the company's weakest period, coupled with the impact of rising
raw material costs during the quarter, I am pleased with our
overall results and year-over-year growth."

For the nine months ended Sept. 29, 2007, sales were US$794.2
million, up US$36.5 million, or 4.8%, from the same period in
2006 driven primarily by volume increases in the Nonwovens
segment, the impact of passing through higher raw material
prices and favorable foreign currency translations.

The company's year-to-date gross profit was US$130.0 million
compared to US$114.8 million the prior year, an increase of
13.3%.  The gross profit margin for the first nine months was
16.4% compared to 15.1% the prior year as the company continued
to increase profitability through an improved profit mix and
better overall manufacturing costs.

Operating income in the first nine months of 2007 was US$17.4
million compared to US$13.0 million for the first nine months of
the previous year.  For the first nine months of 2007, the
company's operating income was negatively impacted by special
charges totaling US$30.2 million.  The after-tax impact of these
charges was US$29.8 million or US$1.54 per share.  For the first
nine months of 2006, operating income included US$16.7 million
of special charges, or US$14.0 million net of taxes, equal to
US$0.72 per share.  As a percent of sales, SG&A costs were 10.4%
compared to 11.0% for the first nine months of 2006.

The company recorded a net loss for the first nine months of
2007 of US$19.4 million or US$1.00 per share compared to a net
loss of US$15.7 million or US$0.81 per share for the same period
the prior year.

Adjusted EBITDA, a non-GAAP financial measure defined below, for
the third quarter was US$28.8 million, up 13.3% from US$25.4
million the prior year due to higher sales and improved profit
mix. For the first nine months, Adjusted EBITDA was US$92.6
million, up US$12.1 million, or 15.0% from US$80.5 million for
the first nine months of 2006.

Ms. Hagen stated, "The fundamentals of our business remain
strong.  The Nonwovens business continues to provide strong
underlying performance and we are successfully implementing our
key initiatives for 2007.  PGI completed the installation of our
new Spinlace(R) product capacity and start-up has initiated in
the fourth quarter.  The previously announced plant
consolidations were completed in the third quarter with both
plants closed and volume transitions underway.  The Suzhou,
China facility continues to improve its output and product mix,
and we continue to see success with the roll out of new product
platforms."

"Notwithstanding our expected improvement in top line results,
we expect the fourth quarter to be negatively impacted by
significant, rapid increases in our raw materials costs,
specifically polypropylene.  These cost increases are not
expected to be offset by sales price adjustments within the
fourth quarter due to the timing of price increases with our
customers under contract.  Although we expect an improvement in
operating profit in the fourth quarter over the third quarter
due to lower special charges, our gross profit is expected to be
relatively flat quarter-over-quarter."

"Despite the challenges in the fourth quarter, the company still
expects current strategic initiatives to produce strong growth
in 2008.  The line in Argentina is expected to begin start-up in
the first quarter of next year and the Spinlace(R) product
capacity expansion is expected to contribute significantly
during the year along with continued improvement in our Asian
operations.  The recently announced capacity expansion in Mexico
is expected to be complete in the second half of next year and
to begin ramping up in the fourth quarter.  We have organized
ourselves to capitalize on our global scope with the addition of
key global positions such as the role of chief operating officer
and vice presidents of global R&D and marketing.  As such, I am
encouraged by our strong fundamentals and capacity for growth
going forward," said Ms. Hagen.

                     About Polymer Group

Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC
Bulletin Board: POLGA/POLGB) develops, manufactures and markets
engineered materials.  The company operates 22 manufacturing
facilities in 10 countries throughout the world.  The company
has manufacturing offices in Argentina, China and France, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services said that its
'B-' corporate credit rating and other ratings on Intertape
Polymer Group Inc. remain on CreditWatch with negative
implications, following the company's recent announcement of a
proposed rights issue of up to US$90 million.


TENNECO AUTOMOTIVE: Moody's Holds B1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Tenneco
Automotive Inc. -- Corporate Family, B1. In a related action
Moody's assigned a B2 rating to Tenneco's new senior unsecured
note, and raised the rating on the remaining senior secured
second lien debt to Ba3.  The ratings were affirmed on the
first-lien senior secured credit facilities at Ba1, and on the
senior subordinated notes at B3.  The rating outlook was revised
to positive.

The new senior unsecured note will be used to finance Tenneco's
announced tender and consent of US$230 million of the
outstanding 10.25% senior secured second lien notes.  As part of
the consent, covenants within the 10.25% senior secured second
lien notes indenture will be amended to make them no more
restrictive than those that apply to Tenneco's senior
subordinated notes.  This amendment will provide the opportunity
for Tenneco to initiate an internal reorganization which will
better align the company's debt with its geographic cash
generation, and improve the tax efficiency of its inter-company
financing structure.  Modest interest savings will also be
achieved.

The affirmation of the B1 corporate family rating incorporates
Tenneco's progress in attaining growth and higher profits over
recent quarters through its emissions controls business, which
has resulted in generally improved credit metrics.  The
company's revenue diversity and product breadth should support
continued strong performance in the future.  These strengths are
balanced with increased working capital requirements to support
this growth; working capital needs have resulted in negative
free cash flow in the current year to date.  Moody's will look
for management to control working capital as growth continues in
2008.

With the redemption of a portion of the company's second lien
notes through the issuance of new senior unsecured debt,
Tenneco's capital structure will incorporate a greater element
of junior debt financing, which results in the upward revision
of the rating on the remaining senior secured second lien notes
under Moody's Loss Given Default Methodology.  The first lien
debt already receive maximum notching benefit under the
methodology and their rating is unaffected, although the LGD
assessment of 12% reflects the improved relative position in the
company's capital structure.

Tenneco's outlook change to positive reflects the improving
operating metrics over the past two quarters driven by the
strong growth in the emission control segment, combined with the
company's initiative of addressing its higher coupon debt and
tax structure inefficiencies.  These actions are expected to
improve the company's ability to use its geographic diversity to
reduce debt over the intermediate term.  Liquidity over the next
twelve months is expected to be good with availability of US$292
million under the US$550 million revolving credit and cash and
cash equivalents of US$203 million as of Sept. 30, 2007.

This rating was assigned:

   -- B2 (LGD4, 64%) rating to the new guaranteed senior
      unsecured notes due 2015

This rating was raised:

   -- Ba3 (LGD3, 32%) rating for the remaining 10.25%
      guaranteed senior secured second-lien notes due 2013

These ratings were affirmed:

   -- B1 Corporate Family rating;

   -- B1 Probability of Default rating;

   -- Ba1 (LGD2, 12%) rating for the US$550.0 million first lien
      senior secured revolving credit facility;

   -- Ba1 (LGD2, 12%) rating for the US$150 million first lien
      senior secured term loan A;

   -- Ba1 (LGD2, 12%) rating for the US$130 million first lien
      senior secured term loan B;

   -- B3 (LGD6, 92%) rating for the 8.625% guaranteed senior
      subordinated notes due November 2014

The last rating action was on March 2, 2007 when the company's
Corporate Family Rating was affirmed.

Future events that have potential to drive Tenneco's ratings
higher include the continuing improvement in profit levels from
higher emission control revenues; and higher levels of free cash
flow over the intermediate term resulting in debt reduction.
Consideration for a higher rating could arise if any combination
of these factors were to lead to EBIT/Interest coverage being
sustained at over 2x or a reduction in leverage consistently
below 4x.

Future events that have potential to drive Tenneco's outlook or
ratings lower include meaningful declines in North American OEM
production; the inability to manage working capital usage
supporting increased emission control sales resulting in
continuing negative free cash flow; or deteriorating liquidity.
Consideration for a lower outlook or rating could arise if any
combination of these factors were to increase leverage over 5x
or result in EBIT/Interest coverage approaching 1.5x times.

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.


TENNECO INC: Commences Sale of US$250 Million Senior Notes
----------------------------------------------------------
Tenneco Inc. has commenced an offering of US$250 million of
Senior Notes due 2015.  Tenneco plans to use the net proceeds of
the offering, together with cash on hand, to purchase up to
US$230 million of its outstanding US$475 million of 10-1/4
percent senior secured notes due 2013.  The offering is subject
to market and other conditions.

The notes will be general senior obligations of Tenneco and will
mature on Nov. 15, 2015, with interest payable semi-annually on
May 15 and November 15.  The notes will be guaranteed by each of
Tenneco's domestic restricted subsidiaries that also guarantee
Tenneco's senior credit facility. These guarantees will be
general senior obligations of the subsidiary guarantors.  The
notes and guarantees will not be secured by any assets of
Tenneco or the guarantors.

                        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.


TENNECO INC: Commences Tender Offer for 10-1/4% US$230-Mln Notes
----------------------------------------------------------------
Tenneco Inc. has commenced a cash tender offer for up to
US$230 million aggregate principal amount of 10-1/4% Senior
Secured Notes due 2013.

Tenneco is launching this tender offer and consent solicitation
as part of a transaction designed to reduce the company's
interest expense, extend the maturity of some of its debt and to
amend the indenture for the Notes to more closely align debt
covenants among the company's various tranches of notes.

The total consideration per US$1,000 principal amount of Notes
validly tendered and not withdrawn prior to 5:00 p.m., New York
City time, on Nov. 15, 2007, unless extended, will be calculated
based on the present value on the payment date of the sum of
US$1,051.25, the earliest redemption price for the Notes on
June 15, 2008, which is the earliest redemption date for the
Notes, plus interest payments through June 15, 2008, determined
using a discount factor equal to the yield on the price
determination date of the 5-1/8% U.S. Treasury Note due
June 30, 2008, plus a fixed spread of 50 basis points.

The price determination date will be 2:00 p.m., New York City
time, at least ten business days prior to the expiration date.
The payment date will be promptly after the expiration date.

The tender offer is scheduled to expire at midnight, New York
City time, on Nov. 30, 2007, unless extended.  Accrued and
unpaid interest to, the payment date will be paid on all Notes
tendered and accepted for payment.

The tender offer is for a maximum of US$230 million aggregate
principal amount of Notes.  In the event that the tender offer
is oversubscribed, tenders will be accepted on a pro rata basis.
Tenneco reserves the right, but is not obligated, to increase
the Maximum Tender Amount.

The total consideration includes a consent payment of US$30 per
US$1,000 principal amount of Notes.  Only Notes that are
tendered on or prior to the Consent Date and that are accepted
for payment will receive the Consent Payment.  The company is
soliciting consents to conform certain covenants in the
indenture governing the Notes to make them no more restrictive
than comparable provisions applicable to the company's 8.625%
Senior Subordinated Notes due 2014, including with respect to
the incurrence of indebtedness and the absence of limitation on
issuances and transfers of restricted subsidiary stock and to
make other minor or related modifications.

The tender offer is conditioned on the satisfaction or waiver
prior to the acceptance date of customary conditions, including:

   (i) Tenneco having received from the offer and sale of new
       indebtedness, on terms and conditions acceptable to it
       in its sole discretion, funds sufficient to consummate
       the offer; and

  (ii) the receipt of the requisite consents required to
       implement the proposed amendments to the indenture from
       holders of the senior secured notes.

Copies of the Offer to Purchase and Consent Solicitation
Statement of the company may be obtained by contacting Global
Bondholder Services Corporation, the information agent for the
offer, at (212) 430-3774 (collect) or (866) 873-5600 (U.S.
toll-free).

Banc of America Securities LLC and Citi are the dealer managers
and solicitation agents for the tender offer and consent
solicitation.  Additional information concerning the tender
offer and consent solicitation may be obtained by contacting
Banc of America Securities LLC, High Yield Special Products, at
(704) 388-4813 (collect) or (888) 292-0070 (U.S. toll-free) and
Citi at (212) 723-6106 (collect) or (800) 558-3745 (toll-free).

                     About Tenneco Inc.

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.


TENNECO INC: Fitch Rates New Senior Unsecured Notes at BB-
----------------------------------------------------------
Fitch Ratings assigned a rating of 'BB-' to Tenneco Inc.'s new
senior unsecured notes due 2015.  The new notes replace a
portion of TEN's existing US$475 million in 10.25% senior
secured second-lien notes for which TEN is tendering.  The
rating outlook is positive.

   -- Issuer Default Rating 'BB-';
   -- Senior secured bank facility 'BB+';
   -- Senior secured second lien notes 'BB';
   -- Senior subordinated notes 'B'.

TEN's new US$250 million senior unsecured notes will improve the
company's maturity profile, and contains covenants on a par with
the company's senior subordinated notes.  TEN is also adjusting
and removing certain covenants from the remaining senior secured
second-lien notes.  The refinancing also reduces the overall
amount of secured debt, which in conjunction with covenant
changes, provides TEN with additional operating flexibility.

In addition, the company projects interest savings of about
US$4 million.  The new notes are the obligation of TEN and
guaranteed by certain domestic subsidiaries.  Concurrent with
the offering of the new notes due 2015, TEN will initiate a
series of steps designed to better align the company's capital
structure with its assets and cash flow, while also providing
certain tax benefits.

TEN faces the same headwinds as other suppliers including
pricing pressures, high raw material costs, lower production
volumes from U.S.-based OEM's, exposure to slow-selling SUV
products and limited free cash flow.  However, TEN has offset
these challenges with increased revenue from new business wins,
manufacturing efficiencies, working capital management, and a
geographically diverse customer base compared with other North
American suppliers.  TEN's technology position and product
acceptance in the growing diesel emissions market augur well for
revenue performance over the near term.

The company's increasingly technology-driven product portfolio
and margin performance in a difficult industry environment
provide comfort that new business wins and revenue growth will
also produce longer-term earnings growth.  However, costs and
investments related to new product launches and growth
initiatives will limit free cash flow over the short term.  The
Positive Outlook is based on expectations of moderate, but
continuing de-leveraging over the intermediate term through
continued growth in operating earnings from a diversified global
customer base.  Concerns include total debt levels, industry
margin pressures, U.S. production volumes in an uncertain
economic environment, and stresses from second-tier and third-
tier suppliers.

TEN retains healthy liquidity, with US$203 million in cash and
marketable securities at Sept. 30, 2007.  In addition, TEN has
US$292 million of unused borrowing capacity available on its
US$680 million revolver.  The company also has a US$100 million
US securitization facility (of which US$94 million was
outstanding), and US$55 million outstanding under its
uncommitted European receivable facilities.

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.


TENNECO INC: S&P Rates Proposed US$250MM Senior Notes at B+
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to
Tenneco Inc.'s proposed US$250 million senior unsecured notes
due 2015.  The rating is one notch below the corporate credit
rating, reflecting the unsecured nature of the proposed new
debt in Tenneco's capital structure, which consists mainly of
secured debt.  The company will use the proceeds to tender for
US$230 million of its 10.25% secured second-lien notes due 2013.

At the same time, because the tender will substantially reduce
the outstanding principal on the 10.25% senior secured notes,
S&P raised the ratings on that issue to 'BB' from 'BB-', and
revised the recovery rating to '2' from '4', reflecting the
expected improvement in recovery resulting from the pending
reduction in outstanding principal.  S&P also affirmed the 'BB-'
corporate credit rating and stable outlook and withdrew the
short-term rating of 'B-1'.

"The ratings on Tenneco reflect a weak business profile and
aggressive financial profile," said Standard & Poor's credit
analyst Lawrence Orlowski.  Although 2007 free cash flow
generation will likely be negative, S&P do not view this as a
trend.  Tenneco's credit measures have been stable.  The company
benefits from good diversity among its customers, business
platforms, and regions of operation.  However, Tenneco is still
exposed to the risks of declining vehicle production by its
largest customers, General Motors Corp. and Ford Motor Co.

The outlook is stable.  Revenue growth was solid in the third
quarter of 2007 because of new business launches, but investment
to support this growth contributed to negative free cash flow.
Still, S&P expect credit measures to remain consistent with the
rating despite industry conditions that include production cuts
by some customers and raw-material price pressures.  In the
longer term, S&P could revise the outlook to positive if
industry conditions stabilize and the company uses free cash
flow to reduce debt.  Alternatively, S&P could revise the
outlook to negative if severe industry challenges cause cash
flow to remain negative.

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.


* ARGENTINA: Uruguay Delays Botnia Mill Opening for a Week
----------------------------------------------------------
A pulp mill owned by the Oy Metsa-Botnia AB consortium, which is
made up of a group of Finnish investors,located at the river
bordering Uruguay and Argentina, has gotten regulatory approval
from the Uruguayan Environment Minister Mariano Arana to start
operating after the Ibero-Summit in Chile is concluded, various
reports say.

The US$1.2 billion mill is expected to create 600 jobs and boost
Uruguay's exports by 15%, the Associated Press says.  Reuters
adds that the mill's output is projected at 3,000 tons of pulp
per day.

The mill, the biggest-ever project in Uruguay's history, has
been the subject of a two-year dispute between the neighboring
countries.  The Argentine government and environmental groups
are protesting the mill's alleged adverse effect on marine life
at their river border.  Uruguay argued that studies have
confirmed the safety of the river habitat and measures have been
taken to ensure that the mill won't pollute the river.

Argentina also claims Uruguay violated the 1975 Statute of the
River Uruguay, which states that all issues concerning the river
must be agreed upon by the two nations.  The matter has been
brought to the International Court of Justice at The Hague.  A
preliminary ruling was issued in favor of Uruguay, resulting to
the completion of the mill's construction.

Analysts quoted by Prensa Latina are all in agreement that this
latest development will provoke another series of protests from
Argentina.

                      Spain's Mediation

King Carlos of Spain has been facilitating a mediation talk
between Argentina and Uruguay.  A conciliatory talk during the
Ibero summit, attended by the Spanish sovereign in Chile this
week, is expected to produce positive results.

The mill has been ready to start operations since October but
postponed the launching in consideration of Argentina's
elections.  The additional week-long delay is in response to a
request from Spain's monarch, Merco Press says, citing Uruguay's
environment minister.

The Buenos Aires Herald applauds Uruguay's decision to postpone
the mill's operations until after the conference.  The report
suggests that Uruguay can use the delay as an opportunity to
make Spain look good, and to afford Argentina a face-saving
formula of joint monitoring.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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


AAF HOLDINGS: Proofs of Claim Filing Deadline Is Nov. 20
--------------------------------------------------------
AAF Holdings Limited's creditors are given until Nov. 20, 2007,
to prove their claims to Chan Sek Kwan Rays, 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.

AAF Holdings' shareholder agreed on Oct. 31, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Chan Sek Kwan Rays
         Units E&F
         12.F, Seabright Plaza
         9-23 Shell Street, North Point
         Hong Kong




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


COEUR D'ALENE: Earns US$3.6 Million in Third Quarter of 2007
------------------------------------------------------------
Coeur d'Alene Mines Corporation reported 2007 third quarter
revenue of US$52.9 million compared to US$50.6 million during
last year's third quarter.  Quarterly net income totaled US$3.6
million for the third quarter of 2007, compared to net income of
US$18.4 million for the third quarter of 2006. Included in the
third quarter results for 2007 are expenses of US$2.5 million
associated with the cessation of mining activities at the
Rochester mine during the third quarter.

In terms of production levels, Coeur produced 2.7 million ounces
of silver and 20,500 ounces of gold during the third quarter and
8.3 million ounces of silver and 70,500 ounces of gold through
the first nine months of the year.  Coeur produced 3.3 million
ounces of silver and 30,000 ounces of gold during the third
quarter of 2006 and 9.4 million ounces of silver and 84,500
ounces of gold during the first nine months of 2006.

In commenting on the Company's performance, Dennis E. Wheeler,
Chairman, President and Chief Executive Officer, said, "During
the recent quarter, we made substantial progress on all of the
company's strategic initiatives that we believe will result in
Coeur becoming the world's undisputed leader in silver.  The San
Bartolome silver mine in Bolivia, the world's largest pure
silver mine under construction, remains on schedule for a
February 2008 production start up.

"In Australia, both Broken Hill and Endeavor continue to deliver
improved results in 2007.  Cash costs remain consistently low
and we are nearing complete payback of our investments made just
2 years ago.  The company expects to continue receiving silver
production from Endeavor for at the least the next 15 years and
from Broken Hill for the next 7 years," Mr. Wheeler continued.

"The Bolnisi Gold NL and Palmarejo Silver and Gold Corporation
merger transaction is expected to close in mid-December
following the Coeur shareholder vote on December 3, 2007.
Construction is progressing at the Palmarejo project under
Coeur's management.  We believe the Palmarejo project is the
largest and highest quality silver-gold project currently under
development in the world today.  Once Palmarejo is in production
in 2009, Coeur expects to produce nearly 29 million ounces of
silver-a 142% increase over current levels-at industry-low cash
costs below US$1.75 per ounce-a 55% reduction from current
levels."

            Update on Strategic Growth Initiatives

Bolnisi and Palmarejo Transactions

On May 3, 2007, Coeur, Bolnisi Gold NL, and Palmarejo Silver and
Gold Corporation announced the companies had entered into
agreements to merge.  Coeur has commenced mailing of the proxy
materials to its shareholders, will hold a shareholder meeting
on Dec. 3, 2007, and expects to close these transactions in mid-
December.  The record date for this shareholder vote is
Oct. 19, 2007.  The Bolnisi and Palmarejo shareholder meetings
are scheduled to be held on Dec. 3.

The Palmarejo Project is expected to be the largest and highest
quality silver-gold project currently being built in the world
today.  The mine is expected to begin production in the first
quarter of 2009 at an average annual rate of production of 10.4
million ounces of silver and 115,000 ounces of gold, which will
nearly double Coeur's current production profile.  Once in
production, cash costs at Palmarejo are projected to average
negative US$0.41 per ounce of silver (after gold by-product
credits), which will result in a 55% reduction in Coeur's
companywide projected cash costs to an industry-low of US$1.75
per ounce of silver.  Capital costs to place the project into
production are estimated to be approximately US$200 million.

When combined with Coeur's production from its existing
operations and expected production from San Bartolome, the
combined companies expect to produce nearly 29 million ounces of
silver in 2009, making Coeur the largest primary silver producer
in the world.  The combined companies also expect to produce
approximately 200,000 ounces of gold, which will allow Coeur to
maintain its current revenue split between silver and gold of
two-thirds/one-third, respectively.  Compared with current
production levels, Coeur is anticipating increases of 142% and
65% in silver and gold production, respectively, between 2007
and 2009.

Palmarejo Silver and Gold and Bolnisi Gold announced substantial
mineral resource increases at the Palmarejo project during the
third quarter.  Mineral resources at the Guadalupe deposit,
located seven kilometers from the main Palmarejo project area,
more than doubled to 39 million ounces of silver (3.8 million
indicated ounces; 35.1 million inferred ounces) and nearly
400,000 ounces of gold (49,000 indicated ounces; 345,000
inferred ounces).

In total, the current Palmarejo mineral resource stands at 150
million ounces of silver resources (88.7 million measured and
indicated ounces; 61.4 million inferred ounces) and 1.7 million
ounces of gold resources (987,000 measured and indicated ounces;
719,000 inferred ounces).

Also during the third quarter, Coeur announced the appointment
of Stuart Mathews as Interim Project Manager for the Palmarejo
Project and he is expected to be named General Manager at
Palmarejo once the transaction is completed.  Mr. Mathews has a
Master's Degree in Geology from the University of Canterbury,
Christchurch, New Zealand, and has worked in a number of senior
geology, project development and management positions at major
mines and mining projects throughout Australia, New Zealand,
South America and Mexico.

San Bartolome Silver Project (Bolivia)

San Bartolome is expected to initially produce an annualized
rate of approximately 6 to 9 million ounces of silver per year,
which will increase Coeur's total silver production by
approximately 75% over current levels.  Construction activities
continue with over two million man-hours worked without a lost-
time accident.  Recent tax legislation has been passed by
Bolivia's House and is currently in the Senate, which would
result in a 50% effective tax rate.  Coeur considers this
proposed tax package to be acceptable and believes it would not
materially impact the project's existing financial metrics.

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

Kensington Gold Project (Alaska)

At Kensington, the mill and related surface facilities are now
100% complete, as is the nearly two-and-a-half mile underground
tunnel connecting the Kensington and the Jualin properties,
where the mill and processing facilities are located.
Contractors from Kake Tribal/Redpath Native Corporation joint
venture, along with Coeur Alaska, completed the final 6,800 feet
of tunneling over the past year.


The Company is continuing to review its options to resolve the
Kensington litigation relating to the tailings disposal facility
to enable the mine to proceed to production.  As announced by
the Mayor of Juneau, Bruce Botelho, the parties met in Juneau on
October 2nd and October 15th and plan to hold further meetings
next month.  In addition, the City and Borough of Juneau has
agreed to sponsor a third party facilitator to meet with the
parties to work toward a desirable outcome.

The Kensington Mine is expected to produce 150,000 ounces of
gold per year in its initial years at an estimated cash cost of
US$310 per ounce of gold, with an expected 10-15 year mine life
based on current mineral inventory.  The mine has 1.35 million
ounces of proven and probable gold mineral reserves.

On Oct. 18, Coeur announced the appointment of Tom Henderson as
General Manager for Coeur Alaska.  Mr. Henderson was Mine
Manager at Kensington for the past year and brings a total of
thirty years of mining operations experience to Coeur Alaska,
including management roles at the Grasberg Mine in Indonesia and
the Robinson Mine and Goldstrike mines in Nevada.

         Balance Sheet & Capital Investment Highlights

The Company had US$208.8 million in cash, equivalents and short
term investments as of Sept. 30, 2007.  Capital expenditures
during the third quarter of 2007 totaled US$57.3 million, most
of which was spent on the San Bartolome silver project.

Mr. Wheeler commented, "Our liquidity position remains very
strong, with US$209 million in cash, equivalents and short-term
investments.  Together with cash flow from operations, we expect
to complete the construction of the San Bartolome silver
project, the Palmarejo silver and gold project, and the
Kensington gold project without the need for additional outside
capital."

        3Q Production Highlights by Individual Property

Cerro Bayo (Chile)

Silver production increased 5% and gold production was
comparable to last year's third quarter; however, cash costs
during the third quarter were US$15.58 per ounce compared to
US$8.33 per ounce in the prior year's quarter.  Costs were
significantly higher due to increases in contract and outside
services, supplies, diesel, explosives, supervision and other
operating costs associated with the transition to bulk mining
methods.

Mr. Wheeler commented, "Clearly, we are disappointed with the
operating performance at Cerro Bayo.  We have made several
recent personnel changes that are expected to improve operating
performance.  Most importantly, we have hired Don Gray as the
new General Manager for Cerro Bayo.  Mr. Gray was most recently
Vice President and General Manager for Hecla at its La Camorra
operation in Venezuela.  Mr. Gray is a mining engineering
graduate of the University of Idaho with a Masters degree in
civil engineering from MIT.  He has 27 years of mining industry
experience, including 16 years with Hecla.  He has also worked
for Newmont, Exxon and Climax Molybdenum.

"In addition, we are conducting a full review of the mine
planning and scheduling processes.  We are also expanding the
exploration program to increase the number of higher-grade,
wider veins that will be mined going forward.  As previously
reported, these exploration efforts have already resulted in a
51% increase in Cerro Bayo's mineral reserves.  These reserve
additions represent higher-grade ounces that are located near
existing processing facilities, open in most directions, and are
already being incorporated in the operation's development and
mining plan."

Martha (Argentina)

Silver production was nearly 544,000 ounces in the third quarter
of 2007 compared to approximately 806,000 ounces in the third
quarter of 2006.  The decrease in silver production was
primarily due to a 35% decrease in silver ore grades.  This
reduction in grade contributed to higher cash costs per ounce in
the third quarter of US$8.33 per ounce compared to US$4.01 per
ounce in the third quarter of 2006.  Cash costs per ounce were
also impacted by increases in certain operating expenses,
including labor, royalties and export taxes.

Year-to-date, Martha has produced nearly 2.0 million ounces of
silver, which is comparable to the production levels achieved
during the first nine months of 2006.

Completion of a 240 tonnes per day, US$13.9 million stand-alone
mill at Martha is on schedule for a completion in December.  The
mill will support the Company's ongoing success in expanding the
mine's reserve and resource base and is expected to lower per
ounce cash costs.

Rochester (Nevada)

Mining operations ceased, as scheduled, during August as
Rochester entered its residual leaching phase, which is expected
to continue through 2011. During this phase, we expect to
experience continued low cash costs and generate substantial net
cash flow. As a result of this transition to processing-only
operations, cash costs declined 43% to US$0.65 per ounce of
silver, compared to US$1.14 per ounce in the previous year's
third quarter. Both silver and gold production were lower than
the previous year's third quarter due to this scheduled
transition.

Endeavor (Australia)

Silver production increased by 26% from the third quarter of
last year, with cash costs consistent at US$2.65 per ounce of
silver.  The mine continues to show production improvement since
last fall, as mine development accelerates into the fourth
quarter of 2007.  Year-to-date, silver production is up 51%
compared to the first nine months of 2006 to nearly 457,000
ounces.

Since acquiring the silver reserves and production from the
Endeavor mine in May of 2005, Coeur has recouped nearly 50% of
its initial investment from approximately 1.1 million payable
ounces of silver produced to date.  According to the terms of
the acquisition, Coeur will pay the remainder of the acquisition
price of approximately US$26.6 million, subject to certain
conditions and will be entitled to receive an additional 18.9
million payable silver ounces before reaching the agreed-upon
cap of 20.0 million payable ounces.  Coeur expects to continue
generating cash flow and silver production from Endeavor for at
least fifteen more years, making this transaction a high-return
investment for Coeur's shareholders.

Broken Hill (Australia)

Silver production was 427,000 ounces in the third quarter
compared to 587,000 ounces in the year-ago quarter.  Cash costs
of US$3.10 per ounce of silver were consistent with the year ago
period.  Broken Hill continues to steadily increase its
production rates each month since suffering a fatality on-site
in January, which caused the mine to be shut-down for
approximately six weeks as it reviewed its safety practices and
implemented safety training to all mine employees.

Since acquiring the silver reserves and production from the
historic Broken Hill mine in September of 2005, Coeur has
recouped over 75% of its initial investment from approximately
3.7 million payable ounces of silver produced to date.
According to the terms of the transaction, Coeur is entitled to
receive an additional 13.5 million ounces of silver production
before reaching the agreed upon cap of 17.2 million payable
ounces.  Based on current mining levels, Coeur expects to
continue generating cash flow from silver production from Broken
Hill for another seven years, producing a high return on
investment for Coeur's shareholders.

                Exploration Results Continuing at
                   South American Properties

Exploration results at the Company's aggressive drilling
programs at its Cerro Bayo and Martha Mines in southern Chile
and Argentina continued to return positive results in the third
quarter, a continuation of a exploration program that in the
first six months of the year have resulted in a 51% increase in
silver mineral reserves at Cerro Bay and a 25% increase in
silver mineral reserves at Martha through the first six months
of the year over last year's levels.

In addition to the positive drill results announced in September
at Cerro Bayo, drilling continues on the new Coigues Este area,
including two new veins, Dalila and Yasna, which brings the
total to five new veins now under exploration within
approximately one kilometer of the existing plant facilities.
Focus remains on the Dagny and Fabiola systems, plus new drill
holes on Dalila and Yasna with continued good results.

Drilling also began on a new target at Martha-the Isabel Oeste
vein.  This target is about one kilometer north of the Martha
mine, and southwest of the nearby Betty West structure
discovered last year.  So far on the new Isabel Oeste, the first
three drill holes intersected high-grade silver and gold in rock
types similar to the Martha mine.  Coeur's Martha mine staff is
currently planning a decline into the Betty West zone, and will
drive by the Isabel zone, which could be accessed by the Betty
West decline.

Drilling has also commenced at the Rochester mine at new high-
grade structures identified last quarter in the Rochester
deposit.  These structures extend below and between the
Rochester and Nevada Packard deposits.  In addition, at
Kensington in Alaska, drilling began recently on targets in the
Jualin area adjacent to the Kensington Mine.

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

                        *     *     *

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


FRESH DEL MONTE: S&P Puts 'BB-' Rating Under Positive Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' corporate
credit and other ratings on Cayman Islands-based Fresh Del Monte
Produce Inc. on CreditWatch with positive implications,
meaning that the ratings could be raised or affirmed following
the completion of S&P's review.  About US$359 million of total
debt was outstanding at Sept. 28, 2007.

The CreditWatch placement follows the company's announcement of
its proposed equity offering, net proceeds of which will be used
to repay debt outstanding under its credit facility, in addition
to continued strong operating performance year to date.  The
equity offering consists of 5 million of primary shares expected
to be issued by the company, and an additional 7 million shares
expected to be sold by IAT Group, an existing shareholder.  The
company will only receive proceeds from the primary offering,
which will be used for debt reduction.

For the nine months ended Sept. 28, 2007, Fresh Del Monte's
sales grew 1.6% due to higher banana and prepared food sales,
partially offset by lower other fresh produce sales as a result
of product rationalization.  Adjusted EBITDA more than doubled
because of cost saving and restructuring initiatives.  As a
result, credit measures have improved: for the 12 months ended
Sept. 28, 2007, lease- and pension-adjusted funds from
operations to debt was 42%, compared with 10% in the prior-year
period, and 6.5% at year-end 2006.  Adjusted total debt to
EBITDA was about 2x for the 12 months ended Sept. 28, 2007, an
improvement from 4.8x in the prior-year period and 5x at year-
end 2006.  Debt repayment from the equity offering will likely
further improve credit measures.

"We will review Fresh Del Monte's operating, strategic, and
financial plans before resolving the CreditWatch listing," said
Standard & Poor's credit analyst Alison Sullivan.

Based in the Cayman Islands, Fresh Del Monte Produce Inc. --
http://www.freshdelmonte.com/-- is one of the world's leading
vertically  integrated producers, marketers and distributors of
high-quality fresh and fresh-cut fruit and vegetables, as well
as a leading producer and distributor of prepared fruit and
vegetables, juices, beverages, snacks and desserts in Europe,
the Middle East and Africa.  Fresh Del Monte markets its
products worldwide under the Del Monte(R) brand, a symbol of
product quality, freshness and reliability since 1892.

Del Monte Fresh Produce Company has operations in Chile, Brazil,
France, Philippines, and Korea.


INTERMEC INC: Reports US$4.4 Mil. Net Income in 2007 Third Qtr.
---------------------------------------------------------------
Intermec reported 2007 third quarter revenues of US$206.0
million and net earnings from continuing operations of US$4.4
million compared to 2006 third quarter revenues of US$195.9
million and net earnings from continuing operations of US$3.4
million.  Including discontinued operations, net earnings for
the third quarter of 2007 was US$4.4 million compared to net
earnings of US$4.8 million in the prior year's third quarter.

As previously announced on July 19, 2007, Intermec Inc.'s Board
of Directors elected Patrick J. Byrne as President and CEO, and
as a Director of Intermec, Inc. Third quarter 2007 results
include senior management transition costs of US$3.1 million, or
US$0.03 per share.  The comparable quarter of 2006 included a
pension curtailment gain, which reduced selling, general and
administrative expenses by US$2.1 million, improving the diluted
earnings per share by US$0.02.

"We are encouraged by a significant increase in bookings and
international sales coupled with continued strong CN3 demand and
promising RFID momentum during the quarter," said Patrick J.
Byrne, President and CEO.

"Our focus going forward is to accelerate the Company's revenue
growth and gross margin expansion."

Third quarter 2007 revenues increased 5 percent compared to the
prior year's third quarter. Geographically during the third
quarter of 2007, North American revenues decreased 11 percent
compared to the third quarter of 2006.  Revenues in Europe, Mid-
East and Africa (EMEA) increased 44 percent compared to the same
prior-year period; while Asia Pacific (APAC) and Latin America,
increased 47 percent and decreased 20 percent, respectively.

The company's effective tax rate for the third quarter of 2007
was 16.2 percent; this rate includes benefits in the quarter
primarily as a result of certain changes in foreign and state
tax laws and for deferred taxes related to tax amortizable
goodwill.  The company's effective tax rate for the comparable
prior year's quarter was 37.2 percent.

The company's cash equivalents and short-term investments
increased US$25 million in the quarter, primarily as a result of
cash flows from operations.  The cash equivalents and short-term
investments position at the end of the third quarter totaled
US$214 million.

Revenues for the period are expected within a range of US$230
million to US$238 million.  Diluted EPS from continuing
operations are expected within a range of US$0.20 to US$0.25.

                    About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, Singapore and the United Kingdom.

                        *     *     *

Standard & Poor's Rating Services raised its ratings on Everett,
Washington-based Intermec Inc. to 'BB-' from 'B+'.  The upgrade
reflects expectations that Intermec will sustain current levels
of profitability and leverage.  S&P said the outlook is stable.


* BOLIVIA: Stable Economy Cues S&P To Revise Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
the Republic of Bolivia to stable from negative.

S&P also said that it affirmed its 'B-' long-term and 'C' short-
term credit ratings on the sovereign.

"The stable outlook reflects Bolivia's track record of adherence
to stable macroeconomic policy and improvement in key economic
and vulnerability indicators," noted S&P's credit analyst Lisa
Schineller.  "Political noise is likely to remain high over the
coming months as the Constituent Assembly aims to conclude its
work, but we expect the policy outlook to remain unchanged.  The
focus should remain on a greater role of the state in the
economy amid macroeconomic policy implementation supportive of
economic stability."

The Bolivian economy is performing better than it has in many
years, apart from an acceleration of inflation, which reached
more than 11% in October (year-on-year).  Real GDP growth is
projected at 4% in 2007 and 2008, the government is running a
fiscal surplus, and the country has a current account surplus.
Strong fiscal revenue flows, coming from both high prices on
hydrocarbons and the increase in the tax burden on foreign
companies operating in the sector, have not fully translated
into to increased expenditure.  Projected general government
fiscal surpluses of 3.2% of GDP in 2007 and 2.5% in 2008 compare
with a record 4.7% of GDP surplus in 2006.

Robust exports and remittances put Bolivia's current account on
track for another double-digit surplus of close to 11% of GDP
this year.  They have also supported significant international
reserve accumulation; reserves reached more than US$4.8 billion
in October.  Coupled with significant official debt relief, this
puts Bolivia in a net external creditor position, compared with
net external debt that averaged over 100% of current account
receipts in 2003-2005.

Risks to Bolivia's economic outlook include weaker global
growth, possible domestic energy shortages next year, and the
inability to foster higher rates of private investment given
political uncertainty and new rules in the hydrocarbon and
mining sectors.

The ratings on Bolivia continue to be constrained by a
fragmented political landscape characterized by strong divisions
among regional, social, and ethnic lines.  Political tensions
are expected to remain high as the Constituent Assembly aims to
conclude its deliberations next month and present a draft
constitution.  Further delays in the Constituent Assembly
process cannot be discarded.  In any event, the most contentious
issues will likely be left for a national referendum in 2008,
which might also see early elections.

"Although political uncertainties will probably endure, we
expect that the Morales administration will maintain its
commitment to stable macroeconomic policies," Ms. Schineller
added.  "A reversal in such commitment would put downward
pressure on the ratings, as would signs that any reform to
the pension system would put payment of locally issued bonds at
risk.  The consolidation of a new political framework and signs
that somewhat less uncertainty attracts greater investment could
lead to positive momentum in the rating."




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


EL PASO: Reports US$36.1 Million Net Income for Third Quarter
-------------------------------------------------------------
These results has been released by El Paso Electric:

                           Overview

-- For the third quarter 2007, EE reported net income of US$36.1
   million, or US$0.79 basic and diluted earnings per share.  In
   the third quarter of 2006, EE had net income of US$27.1
   million, or US$0.57 and US$0.56 basic and diluted earnings
   per share, respectively.

-- For the nine months ended Sept. 30, 2007, EE reported net
   income of US$60.8 million, or US$1.33 and US$1.32 basic and
   diluted earnings per share, respectively.  Net income for the
   nine months ended Sept. 30, 2006 was US$51.6 million, or
   US$1.07 and US$1.06 basic and diluted earnings per share,
   respectively.

"The US$9.0 million increase in earnings in the third quarter of
2007 relative to the third quarter of 2006 was largely driven by
weather, as our base retail revenues in the quarter rebounded
from last year's levels, which were significantly suppressed by
record setting rains and inclement weather," said Ershel Redd,
President and Chief Executive Officer.  "Earnings were also
positively impacted in the quarter by capitalization of
financing costs associated with our significant infrastructure
investment program, by lower administrative and general expenses
and by repricing a portion of sales of power from Palo Verde
Unit 3, a repricing that will afford us an opportunity to
recover our cost of providing power from this unit.  We continue
to be challenged, however, by the increased costs of operating
the Palo Verde nuclear power station."

                        Third Quarter

Earnings for the quarter ended Sept. 30, 2007 when compared to
the same period last year were positively affected by:

-- A 6.6% increase in retail base revenues primarily due to a
   6.1% increase in retail kWh sales.  The kWh sales increase
   reflects a return to normal weather in 2007 after an
   unusually wet and mild summer in 2006.  KWh sales were also
   favorably impacted by a 2.4% increase in the average number
   of retail customers.

-- Decreased administrative and general expenses due to an
   increase in capitalized employee benefits, decreased workers
   compensation insurance expense, and a sales tax refund in
   2007.

-- An increase in the price of energy for Palo Verde Unit 3
   power sold to retail customers in New Mexico.  The New Mexico
   portion of Palo Verde Unit 3 is deregulated and the output
   sold to New Mexico retail customers is recovered as a
   purchased power cost through the New Mexico fuel adjustment
   clause.

-- Increased capitalized interest and allowance for funds used
   during construction in 2007 due to the re-application of SFAS
   No. 71 to Texas jurisdiction beginning Dec. 31, 2006 and
   increased construction work in progress and nuclear fuel
   subject to the allowance and capitalized interest in 2007.

-- Increased investment and interest income due to gains on the
   sale of securities held in the decommissioning trusts and
   interest earned on a Texas sales tax refund in 2007 with no
   comparable activity in 2006.

Earnings for the quarter ended Sept. 30, 2007, when compared to
the same period last year were negatively affected by:

-- Increased Palo Verde non-fuel O&M expenses in 2007 due to
   increased operating costs and Palo Verde Units 1 and 3
   maintenance costs.

-- Decreased off-system sales margins retained in 2007 due
   primarily to low market prices for power.

                          Year to Date

Earnings for the nine months ended Sept. 30, 2007, when compared
to the same period last year were positively affected by:

-- A 2.9% increase in retail base revenues in 2007 primarily due
   to a 2.8% increase in retail kWh sales.  KWh sales growth was
   primarily the result of a 2.5% increase in the average number
   of retail customers, as the weather-related revenue effects
   of each of the quarters tended to offset over the nine month
   period.

-- Decreased administrative and general expenses due to an
   increase in capitalized employee benefits, decreased workers
   compensation insurance expense, and a sales tax refund in
   2007.

-- An increase in the price of energy for Palo Verde Unit 3
   power sold to retail customers in New Mexico.  The New Mexico
   portion of Palo Verde Unit 3 is deregulated and the output
   sold to New Mexico retail customers is recovered as a
   purchased power cost through the New Mexico fuel adjustment
   clause.

-- Increased capitalized interest and allowance for funds used
   during construction in 2007 due to the re-application of SFAS
   No. 71 to Texas jurisdiction beginning Dec. 31, 2006, and
   increased construction work in progress and nuclear fuel
   subject to the allowance and capitalized interest in 2007.

-- Increased investment and interest income due to gains on the
   sale of securities held in the decommissioning trusts and
   interest income from the decommissioning trusts, and interest
   earned on a Texas sales tax refund in 2007 with no comparable
   activity in 2006.

-- Decreased O&M costs at the gas-fired generating plants due to
   a reduction in 2007 of unplanned and planned maintenance
   compared to  2006.

-- Increased off-system sales margins retained in 2007 due to
   increased MWh sales from greater availability from Palo Verde
   power in the first six months of 2007 partially offset by
   lower margins per MWh.

Earnings for the nine months ended Sept. 30, 2007, when compared
to the same period last year were negatively affected by:

-- Increased Palo Verde non-fuel O&M expenses in 2007 due to
   increased operations costs at all three units.

-- Decreased transmission wheeling revenues in 2007.

-- A reduction in income tax expense in 2006 to recognize the
   change in tax rates resulting from changes in the Texas
   franchise (income) tax law in May 2006 with no comparable
   change in tax law in 2007.  This adjustment was a non-cash
   change in the second quarter of 2006 affecting deferred
   income tax liabilities.

-- A fuel revenue adjustment recorded in 2006 based on a final
   order of the New Mexico Public Regulation Commission finding
   that the company could recover purchased power capacity cost
   through its New Mexico fuel adjustment clause with no
   comparable adjustment in 2007.

                    Key Earnings Drivers

Base revenues from retail electric customers, operations at Palo
Verde, and off-systems sales margins largely influence the
earnings.

                 Retail Non-fuel Base Revenues

Retail non-fuel base revenues increased by US$8.6 million, pre-
tax, or 6.6% in the third quarter of 2007 compared to the same
period in 2006 primarily due to increased kWh sales to
residential and small commercial and industrial customers.
Residential non-fuel base revenues increased by US$5.6 million,
pre-tax, or 10.2%, and small commercial and industrial revenues
increased US$3.2 million, pretax, or 7.1% in the third quarter
of 2007 compared to the same period in 2006.  KWh sales to
residential and small commercial and industrial customers
increased 11.1% and 5.6%, respectively, due to a return to
normal summer weather in 2007 after an unusually mild and wet
summer in 2006.  In addition, the average number of residential
customers increased 2.1% and the average number of small
commercial and industrial customers increased 6.2%.  Cooling
degree days in the third quarter of 2007 were 4% higher than the
10-year average and 23% higher than the third quarter of 2006.
Non-fuel base revenues from sales to public authorities
increased US$0.5 million or 2.8% and non-fuel base revenues from
large commercial and industrial customers decreased US$0.8
million or 7.3%.

Retail non-fuel base revenues for the nine months ended
Sept. 30, 2007, increased US$9.9 million, pre-tax, or 2.9%
largely due to a 2.5% increase in the average number of retail
customers served.  KWh sales to residential customers increased
5.6% in the nine-month period compared to the same period last
year largely as a result of a 2.3% increase in the average
number of residential customers served.  Colder winter weather
in the first quarter of 2007 also contributed to the increase in
sales.  Heating degree days increased 32% while cooling degree
days remained relatively unchanged for the nine-month period in
2007 compared to the same period last year.  Small commercial
and industrial non-fuel base revenues increased US$2.9 million
or 2.4% in the nine-month period ended Sept. 30, 2007 compared
to the same period in 2006 primarily due to a 1.5% increase in
kWh sales.  Other public authorities' non-fuel base revenues
increased US$0.8 million or 1.6% while large commercial and
industrial non-fuel base revenues decreased US$0.6 million or
2.1%.

                    Palo Verde Operations

Palo Verde operated at a capacity factor of 85.7% in the nine-
month period ended Sept. 30, 2007, compared to a capacity factor
of 69.0% in the nine-month period ended Sept. 30, 2006.
Generation at Palo Verde increased 24.3% in the nine months
ended Sept. 30, 2007, compared to the same period in 2006
primarily due to increased output from Palo Verde Unit 1.  Palo
Verde Unit 1 operated at a substantially reduced capacity factor
during the first quarter of 2006 and did not operate during the
second quarter of 2006 while repairs and modifications were made
to one of its shutdown cooling lines.  Palo Verde Unit 1 reached
full capacity on July 16, 2006.

Palo Verde operation and maintenance expenses increased US$4.7
million in the third quarter of 2007 compared to the third
quarter of 2006 and US$5.8 million for the nine months ended
Sept. 30, 2007, compared to the same period last year reflecting
increased operating costs primarily in response to an enhanced
inspection regimen imposed by the Nuclear Regulatory Commission.

For the quarter ended Sept. 30, 2007, retained margins from off-
system sales decreased approximately US$1.5 million, pre-tax,
over the corresponding period in 2006 due to lower market prices
for power.  As a result, the average retained margin per MWh
decreased US$6.18.  Also, in July 2007, El Paso began sharing
25% of New Mexico jurisdiction off-system sales margins with
customers pursuant to a rate settlement.

                   Capital and Liquidity

At Sept. 30, 2007, common stock equity comprised 47.9% of
permanent capitalization (common stock, long-term debt and the
current portion of long-term debt and financing obligations).

Cash flows from operations for the nine months ended Sept. 30,
2007 decreased to US$147.2 million from US$175.3 million in the
corresponding period in 2006 primarily due to reduced
collections of deferred fuel revenues in 2007.  In Texas, fuel
costs are recovered through a fixed fuel factor, which may be
adjusted twice a year.  In September 2007, El Paso completed the
recovery of US$53.6 million of fuel under-recoveries through a
fuel surcharge, which began in October 2005.  El Paso completed
the recovery in January 2007 of US$34 million of fuel under-
recoveries, including interest through the surcharge period,
through a fuel surcharge, which began in February 2006.  In the
nine-month periods ended Sept. 30, 2007, and Sept. 30, 2006, El
Paso collected US$22.9 million and US$43.1 million of deferred
fuel revenues in Texas through fuel surcharges, which increased
cash flow in those periods.  In the nine-month periods ended
Sept. 30, 2007, and Sept. 30, 2006, El Paso also under-collected
current fuel costs by US$12.9 million and US$1.5 million,
respectively.  At Sept. 30, 2007, El Paso had an under-recovered
fuel balance of US$22.7 million.  El Paso expects to seek
recovery of this balance by filing a request to institute a fuel
surcharge in January 2008, the next semi-annual period under
Texas regulation when El Paso can file for a fuel surcharge and
to change the fixed fuel recovery factor.

During the first nine months of 2007, the primary capital
requirements were for construction of electric utility plant,
nuclear fuel and the repurchase of common stock.  Capital
requirements for new electric plant were US$104.0 million for
the nine-month period ended Sept. 30, 2007, compared to US$65.5
for the nine month period ended Sept. 30, 2006.  El Paso
financed capital requirements for electric plant and common
stock repurchases with cash flows from operations.  At
Sept. 30, 2007, El Paso had a balance of US$34.9 million in cash
and temporary cash investments.

The capital requirements for nuclear fuel increased
substantially in 2007 as a result of increases in prices for
uranium concentrates and to increase inventory of nuclear fuel
feedstock.  El Paso finance its nuclear fuel inventory through a
trust that borrows under the US$200 million credit facility to
acquire and process the nuclear fuel.  In 2007, borrowings under
the credit facility for nuclear fuel increased US$40.5 million
to US$86.7 million as of Sept. 30, 2007, compared to an increase
of US$2.5 million in 2006 to US$44.4 million as of
Sept. 30, 2006.

During the first nine months of 2007, El Paso repurchased
1,344,338 shares of common stock at an aggregate cost of US$31.4
million including the repurchase of 755,238 shares of common
stock during the third quarter of 2007 at an aggregate cost of
US$17.4 million.  As of Sept. 30, 2007, no shares remain
available for repurchase under the currently authorized stock
repurchase program.

                    2007 Earnings Guidance

El Paso has revised its earnings guidance for 2007 to a range of
US$1.40 to US$1.60 per basic share from previous guidance of
US$1.25 to US$1.65 per basic share.  El Paso is providing
earnings guidance for 2008 of a range of US$1.60 to US$1.95 per
basic share.

                      About El Paso Corp.

Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP)
-- http://www.elpaso.com/-- is an energy company that provides
natural gas and related energy products.  The company owns North
America's interstate pipeline system, which has approximately
55,500 miles of pipe.  It also owns approximately 470 billion
cubic feet of storage capacity and a liquefied natural gas
import facility with 806 million cubic feet of daily base load
send out capacity.  El Paso's exploration and production
business is focused on the exploration for and the acquisition,
development and production of natural gas, oil and natural gas
liquids in the United States, Brazil and Egypt.  It operates in
three business segments: Pipelines, Exploration and Production
and Marketing.  It also has a Power segment, which holds its
remaining interests in international power plants in Brazil,
Asia and Central America.

                        *     *     *

Moody's Investor Services placed El Paso Corporation's
probability default and long term corporate family ratings at
"Ba3" in March 2007, which still holds to date.  Moody's said
the outlook is positive.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Fitch Ratings affirmed the ratings of El Paso
Corporation and its core pipeline subsidiaries, and assigned a
senior unsecured rating of 'BB+' to the company's proposed
offering of US$1.275 billion of senior unsecured notes due in
2014 and 2017.  Fitch said the rating outlook is stable.


FERRO CORP: Initiates Next Step in European Restructuring
---------------------------------------------------------
Ferro Corporation has initiated the next step in the
restructuring of its European manufacturing operations.  As a
result of the new initiative, the Company will discontinue
manufacturing porcelain enamel frit at its facility in
Rotterdam, The Netherlands, by the summer of 2008 and will
consolidate production at other European sites.  Employment at
the Rotterdam location will be reduced by 84 positions.  Ferro
will work closely with customers to ensure a high level of
customer support through the transition.

The Company expects to record a pre-tax charge in the third
quarter ended Sept. 30, 2007, of approximately US$5.9 million
for severance benefits related to the action, pursuant to an
agreement reached with workers' representatives, and asset
impairment and other costs.  The charge is expected to reduce
diluted earnings per share in the 2007 third quarter by
approximately 10 cents.  Previously, Ferro had estimated third
quarter earnings would be 17 to 22 cents per share.

Ferro expects to record future severance costs, accelerated
depreciation and other costs related to this manufacturing
consolidation of approximately US$17 million through the third
quarter of 2008, in addition to the charges announced today.

The consolidation of frit manufacturing is part of Ferro's
ongoing effort to reduce annual costs in its European
manufacturing operations by US$40 million to US$50 million by
the end of 2009.

                     About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's US$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


IWT TESORO: Court Approves Lowenstein Sandler as Panel's Counsel
----------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York gave the Official Committee of Unsecured Creditors in
IWT Tesoro Corporation and its debtor-affiliates' bankruptcy
cases, permission to retain Lowenstein Sandler PC as its
counsel.

As the Committee's counsel, Lowenstein Sandler is expect to:

   a. advise the Committee with respect to its duties and
      powers;

   b. assist the Committee in investigating the acts, conduct,
      assets, liabilities, and financial condition of the
      Debtors, the operation of the Debtors' business, potential
      claims, and any other matters relevant to the case or to
      the sale of assets or confirmation of a plan of
      reorganization or liquidation;

   c. assist the Committee in the formulation of a Plan;

   d. assist the Committee in requesting the appointment of a
      trustee or examiner should the action be deemed necessary;

   e. prepare necessary motions, applications, and other
      pleadings as may be appropriate and authorized by the
      Committee and appear in Court to prosecute pleadings; and

   f. perform other legal services as may be required and be in
      the interest of those represented by the Committee;

Lowenstein Sandler's professionals and their hourly rates are:

      Designation               Hourly Rate
      -----------               -----------
      Partner                  US$335-US$645
      Counsel                  US$265-US$425
      Associate                US$180-US$325
      Legal Assistant           US$75-US$175

John K. Sherwood, Esq., a member of the firm, assures the Court
that the firm does not hold any interest adverse to the Debtors'
estate and is a "disinterested person" as defined in Section
101(14) of the Bankruptcy Code.

Mr. Sherwood can be reached at:

      John K. Sherwood, Esq.
      Lowenstein Sandler PC
      1251 Avenue of the Americas, 18th Floor
      New York, New York 10020
      Tel: (212) 262-6700

I.W.T. Tesoro Corporation, fka Ponca Acquisition Company, --
http://www.iwttesoro.com/-- is headquartered in New York City.
The company and its subsidiaries distribute building materials,
specifically hard floor and wall coverings.  They are
wholesalers and do not sell directly to any end user.  Their
products consist of ceramic, porcelain and natural stone floor,
wall and decorative tile.  They import a majority of these
products from suppliers and manufacturers in Europe, South
America (Brazil), and the Near and Far East.  Their markets
include the United States and Canada.  They alsooffer private
label programs for branded retail sales customers, buying
groups, large homebuilders and home center store chains.

The Debtor and its debtor-affiliates, International Wholesale
Tile, Inc. and American Gres, Inc., filed for Chapter 11
bankruptcy protection on Sept. 6, 2007 (Bankr. S.D. NY Lead Case
No. 07-12841).  Dawn K. Arnold, Esq. and Jonathan S. Pasternak,
Esq. at Rattet, Pasternak & Gordon-Oliver, L.L.P. represent the
Debtors in their restructuring efforts.  The U.S. Trustee for
Region 2 has appointed an Official Committee of Unsecured
Creditors on this case.  As of June 30, 2007, the Debtors had
total assets of US$39,798,579 and total debts of US$47,940,983.


GENERAL MOTORS: October 2007 Sales Increased by 3%
--------------------------------------------------
General Motors Corp. dealers in the United States delivered
310,008 vehicles in October, 8,700 more vehicles when compared
with year-ago performance, outpacing an industry expected to
show a volume decline of about 4%.  For the third consecutive
month, on an unadjusted basis, total sales increased, with
October up 3%.  When adjusted for selling days, sales declined
1%.  It is anticipated that GM will see its fourth consecutive
month with market share above 24%.  Since August, market share
is up more than 1 point, to 25.1%, compared with the same three-
month period last year.

The month's 229,294 retail deliveries demonstrated solid
performance despite continuing industry softness.  Brisk retail
sales of full-size utilities, mid-utility crossovers, the
Cadillac CTS, and the Chevrolet Aveo, Cobalt and HHR led GM
retail sales.  The Saturn division showed yet another retail
sales increase, up 7%.

"Our strong market share performance and our ability to outpace
industry trends on volume demonstrates the consumer acceptance
of our new products," Mark LaNeve, GM North America vice
president, Vehicle Sales, Service and Marketing, said.  "Over
the past two years, our new products including the Chevrolet
Silverado, GMC Sierra, Cadillac CTS, full-size utilities, and
mid-crossovers have all gained retail share following launch.
Our committed dealer team has really stepped up to the plate,
pushing all of GM's brands above the industry average in the
recently released J.D. Power Customer Satisfaction Index."

Cadillac CTS total sales surged 75%, compared with year-ago
performance, due to the strength of the all-new CTS, now in
showrooms.  GMC Acadia, Saturn OUTLOOK and Buick Enclave
together had total sales of more than 12,800 vehicles, pushing a
more than 320% increase in GM's mid-crossover segment.
Additionally, Cadillac's SRX luxury crossover saw a total sales
increase of 37%.  Total sales of the fuel-efficient Chevrolet
Cobalt and Pontiac G5 were up 81%, Chevrolet Aveo was up 58% and
HHR was up 70% compared with last October.

Vehicles with retail sales increases, compared with year-ago
levels, include: Chevrolet Aveo, Cobalt, Tahoe, Suburban, and
HHR; Saturn ION; GMC Yukon and Yukon XL; Cadillac CTS and SRX;
Pontiac G5, Grand Prix and Vibe.

"Cadillac CTS and Buick Enclave have two of the fastest turn
rates in the industry," Mr. LaNeve added.  "And while it is
still very early, Malibu demand and customer feedback has been
sensational.  It's products like these that have enabled us to
buck recent industry trends."

                 Certified Used Vehicles Sales

October 2007 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 39,919
vehicles, down nearly 7% from last October.  Total year-to-date
certified GM sales are 442,110 vehicles, up 1% from the same
period last year.

GM Certified Used Vehicles, the industry's top-selling
manufacturer-certified used brand, posted 34,843 sales, down 6%
from last October.  Year-to-date sales for GM Certified Used
Vehicles are 388,442 vehicles, up 3% from the same period in
2006.

Cadillac Certified Pre-Owned Vehicles posted October sales of
3,255 vehicles, down 11% from last October.  Saturn Certified
Pre-Owned Vehicles sold 1,173 vehicles in October, down 9%.
Saab Certified Pre-Owned Vehicles sold 518 vehicles, down 13%,
and HUMMER Certified Pre-Owned Vehicles sold 130 vehicles, up
59%.

           GM North America October 2007 Production

In October, GM North America produced 423,000 vehicles (152,000
cars and 271,000 trucks).  This is down 5,000 units or 1%
compared to October 2006 when the region produced 428,000
vehicles (174,000 cars and 254,000 trucks).  (Production totals
include joint venture production of 18,000 vehicles in October
2007 and 19,000 vehicles in October 2006.)

Additionally, GM North America's 2007 fourth-quarter production
forecast is unchanged at 1 million vehicles (334,000 cars and
666,000 trucks).  In the fourth-quarter of 2006 the region
produced 1.107 million vehicles (446,000 cars and 661,000
trucks).

                    About General Motors

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

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  The outlook is stable.


NRG ENERGY: Commences Offer To Purchase US$4.7 Billion of Notes
---------------------------------------------------------------
NRG Energy Inc., in connection with the previously-announced
implementation of a new holding company structure to facilitate
its capital allocation plan, has commenced conditional cash
offers to purchase any and all of its US$4.7 billion of
outstanding senior notes at 101% of the principal amount, plus
accrued interest, as required by the indentures for its 7.25%
senior notes due 2014, 7.375% senior notes due 2016 and 7.375%
senior notes due 2017.  In addition to these contractually
required offers, NRG announced a concurrent alternative
solicitation of consents that will provide each investor with an
opportunity to forgo its right to require NRG to make the offers
to purchase with respect to its Notes.

The cash tender offers are expressly conditioned on the
consummation of a merger to implement the holding company
structure, as contemplated by the merger agreement dated
Nov. 2, 2007, among NRG Energy, Inc. and two newly formed
subsidiaries, NRG Holdings, Inc. (Holdco) and NRG Merger Sub,
Inc. Upon consummation of the merger, NRG Energy, Inc. will
remain the issuer of the Notes and will become a wholly owned
subsidiary of Holdco.  In the event that the merger is not
consummated for any reason, NRG will be under no obligation to
consummate the tender offers (although NRG reserves the right to
accept tenders and purchase tendered Notes even if the merger is
not consummated).

The concurrent alternative consent solicitation for each series
of Notes is not conditioned on receipt of consents representing
a minimum percentage of outstanding Notes of any series.  Each
holder of Notes that consents to forgo the requirement for the
tender offer with respect to its Notes will receive a minimum
consent fee of US$1.25 in cash per US$1,000 principal amount of
Notes upon consummation of the merger, whether or not any other
holders of Notes elect to consent.  Furthermore, in the event
that holders of a majority in aggregate principal amount of a
particular series of Notes consent to forgo the tender offer,
consenting holders of Notes of that series will receive upon
consummation of the merger a consent fee per US$1,000 principal
amount of Notes equal to US$1.25 divided by the percentage of
Notes of that series which consented.  In the event that a
majority of consents for a particular series of Notes are
received, NRG will not be obligated to purchase any Notes of
that series (although it reserves the right to do so) and will
have the option to terminate the tender offer for that series of
Notes in its discretion.

Notes may either be tendered into a tender offer for a
particular series or may be consented, but not both.  Notes of
any series that are tendered into a tender offer will not be
eligible to receive the consent payment, even if consents
representing a majority in aggregate principal amount of that
series are received, thereby eliminating the requirement for the
tender offer with respect to all outstanding Notes of that
series.  In addition, Notes that are neither tendered nor
consented will not be eligible to receive the consent payment
under any circumstances.

In connection with the transaction, Bank of America has provided
NRG Energy, Inc. with a US$4.2 billion senior unsecured debt
financing commitment, subject to customary conditions, to fund
the tender offers together with a portion of NRG's cash on hand.
In addition, as previously disclosed, the Company entered into a
new US$1 billion senior credit facility at Holdco on
June 8, 2007, as part of NRG's refinancing transaction.  NRG
intends to fund the Holdco facility upon consummation of the
merger and pay the proceeds to NRG Energy, Inc. as an equity
contribution.  NRG will use the net proceeds for the prepayment
of a portion of its existing Term B loan, resulting in a
reduction in debt at NRG Energy, Inc. but no change to the
Company's consolidated debt levels.  Upon completion, the
restricted payments capacity under the indentures governing the
Notes will increase by an amount equal to the equity
contribution.  As previously announced, in light of the
company's projected earnings and cash flow profile, the company
plans to target an annual return of capital to shareholders,
consisting of both fixed (dividend) and variable (share
repurchase) components, of approximately 3% per annum.

The tender offers are being made pursuant to the provisions of
the indentures governing the Notes that require NRG to make an
offer to repurchase Notes at a price of 101% of the principal
amount thereof, plus accrued interest, upon a "Change of
Control," as defined therein.  The holding company merger, if
completed, will constitute a "Change of Control" under the
indentures governing the Notes.  Conducting the tender offers as
described above will fulfill NRG's obligation with respect to
the change of the control provisions of the indentures governing
the Notes.  NRG will not have any obligation to make any other
offer as a consequence of implementing the holding company
structure pursuant to the merger agreement.  However, NRG
reserves the right, whether or not the tender offers or the
consent solicitations are consummated, to acquire Notes from
time to time in the future through open market purchases,
privately negotiated purchases, redemptions, tender offers or
otherwise, upon such terms and at such prices as NRG in its sole
discretion may determine.

The tender offers and the consent solicitations will expire at
9:00 a.m., New York City time, on Tuesday, Dec. 4, 2007, unless
extended.  NRG reserves the right, but is not obligated, to
extend the tender offers and the consent solicitations.  Tenders
may be withdrawn and consents may be revoked at any time prior
to expiration.

The complete terms of the tender offers and consent
solicitations are contained in the Notice of Conditional Offers
to Purchase and Concurrent Alternative Consent Solicitations
Statement dated Nov. 2, 2007, which is being sent to holders of
Notes.  Each tender offer or consent solicitation with respect
to a series of Notes is independent of the others.

Banc of America Securities LLC is the exclusive dealer manager
for the tender offers and solicitation agent for the consent
solicitations.  Questions regarding the tender offers and the
consent solicitations can be addressed to Banc of America
Securities LLC at (888) 292-0070 or (212) 847-5188.  Requests
for documents may be directed to MacKenzie Partners, Inc., the
information agent, at (800) 322-2885 or (212) 929-5500.

                      About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                        *     *     *

Standard & Poor's Ratings Services rates NRG Energy Inc.'s
US$4.7 billion unsecured bonds at 'B'.  In addition, Standard &
Poor's rates NRG Energy Inc.'s corporate credit rating at 'B+'.
S&P said the outlook is stable.


REALOGY CORP: S&P Lowers Corporate Credit Rating from B+ to B
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Realogy Corp.; the corporate credit rating was lowered to 'B'
from 'B+'.  The rating outlook is stable.

"The downgrade reflects S&P's expectation that the company will
experience lower than previously expected cash flow generation
and weakening credit measures over the intermediate term
resulting from a lengthening downturn in the U.S. residential
real estate market," said S&P's credit analyst Emile Courtney.

S&P expects Realogy to have about US$6.3 billion in funded debt
and US$7.7 billion in lease-adjusted debt, including borrowings
related to accounts receivable securitizations, at the end of
2007.  While there is nothing stable about current transaction
and pricing trends in the U.S. residential real estate market,
S&P believes Realogy has available liquidity sources adequate to
withstand the current downturn in the cycle.  As a result, S&P
is unlikely to lower the rating further over the intermediate
term.

The 'B' rating reflects Realogy's highly leveraged capital
structure, thin expected EBITDA coverage of interest expense,
and reduced cash flow generating ability as a result of the
residential real estate downturn and the close of the US$9
billion LBO of the company by Apollo Management L.P. in April
2007.

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


SCO GROUP: Seeks Court OK to Hire Mesirow as Financial Advisor
--------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. ask the U.S.
Bankruptcy Court for the District of Delaware for permission to
employ Mesirow Financial Consulting LLC as their financial
advisor, nunc pro tunc to Sept. 14, 2007.

Mesirow will:

   a. assist in the preparation of or review of reports or
      filings as required by the Bankruptcy Court or the Office
      of the United States Trustee, including, but not limited
      to, schedules of assets and liabilities, statements of
      financial affairs and monthly operating reports;

   b. assist in the preparation of or review of the Debtors'
      financial information, including, but not limited to,
      analyses of cash receipts and disbursements, financial
      statement items and proposed transactions for which
      Bankruptcy Court approval is sought;

   c. assist with the analysis, tracking and reporting regarding
      cash collateral and any debtor-in-possession financing
      arrangements and budgets;

   d. assist with the implementation of bankruptcy accounting
      procedures as may be required by the Bankruptcy Code and
      generally accepted accounting principles;

   e. advise and assist regarding tax planning issues,
      including, but not limited to, assistance in estimating
      net operating loss carryforwards, international, state and
      local tax issues and the tax considerations of proposed
      plans of reorganizations;

   f. assist with identifying and implementing potential cost
      containment opportunities;

   g. assist with identifying and implementing asset
      redeployment opportunities;

   h. analyze assumption and rejection issues regarding
      executory contracts and leases;

   1. assist in the preparation and review of proposed business
      plans and the business and financial condition of the
      Debtors generally;

   j. assist in evaluating reorganization strategies and
      alternatives;

   k. review and critique of the Debtors' financial projections
      and assumptions;

   i. prepare enterprise, asset and liquidation valuations;

   m. assist in preparing documents necessary for confirmation;

   n. advise and assist to the Debtors in negotiations and
      meetings with the Creditors' Committee, the bank lenders
      and other parties-in-interest;

   o. advise and assist on the tax consequences of proposed
      plans of reorganization;

   p. assist with the claims resolution procedures, including,
      but not limited to, analyses of creditors' claims by type
      and entity;

   q. render litigation consulting services and expert witness
      testimony regarding confirmation issues, avoidance actions
      or other matters; and

   r. render other functions as requested by the Debtors or
      their counsel to assist the Debtors in these Chapter 11
      Cases.

The Debtors will pay Mesirow according to the firm's customary
hourly rates:

          Designation                         Hourly Rate
          -----------                         -----------
          Sr. Managing Director,            US$650 - US$690
            Managing Director and
            Director
          Sr. Vice-President                US$550 - US$620
          Vice President                    US$450 - US$520
          Senior Associate                  US$350 - US$420
          Associate                         US$190 - US$290
          Paraprofessional                      US$150

Mesirow will bill a fixed fee of US$35,000 for the preparation
of schedules of assets and liabilities and the statement of
financial affairs.  All other services, as requested by the
Debtors, and agreed to by Mesirow, will be billed at the normal
and customary rates listed above less a 10% discount to fees as
determined.

Prior to the bankruptcy filing, Mesirow received an advance
payment retainer of US$35,000 from the Debtors.  Of that
retainer, US$0 has been applied to fees and expenses incurred
prior to the bankruptcy filing.  The balance of this retainer
will be held by Mesirow and applied against postpetition fees
and expenses to the extent allowed by the Court.

To the best of the Debtors' knowledge, Mesirow is a
"disinterested person" as that term is defined in section
101(14) of the Bankrptcy Code as modified by section 11 07 (b)
of the Bankruptcy Code.

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 J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  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.


SCO GROUP: U.S. Trustee Balks at Retention of Mesirow as Advisor
----------------------------------------------------------------
Kelly Beaudin Stapleton, United States Trustee for Region 3 in
the chapter 11 cases of The SCO Group Inc. and SCO Operations
Inc. asks the U.S. Bankruptcy Court for the District of Delaware
to deny the retention of Mesirow Financial Consulting LLC as the
Debtors' financial advisor.

The U.S. Trustee has listed several grounds for its objections
against the Mesirow retention, including the possible non-
disinterestedness of the firm.  According to the U.S. Trustee,
the intent of Mesirow Financial Consulting's affiliated broker,
Mesirow Financial Inc., to purchase and sell the Debtors'
securities for its own account will disqualify Mesirow Financial
Consulting from employment by the Debtors by making the firm a
person that is not disinterested.

The U.S. Trustee suggests that Mesirow subsidiaries should not
agree to hold or trade securities issued by the Debtors for
their own account.

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 J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang  Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  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.


TELEMAR NORTE: Reports BRL637-Mil. Net Earnings in Third Quarter
----------------------------------------------------------------
Telemar Norte Leste recorded consolidated net earnings for the
quarter of BRL637 million, for the three months ended
Sept. 30, 2007, which were 135.9% higher than the figure for the
same period of last year and 36.1% up on that of the second
quarter of 2007.

The net earnings for the quarter of the parent company, TMAR,
came to BRL772 million (+41.7% on the 2Q07 and +105.3% on the
third quarter of 2006), making a total of BRL1,753 million for
the year to date (+66.0%).

                            Debt

The consolidated net debt was reduced by BRL880 million during
the quarter and is down by BRL2,431 million relatively to
September 2006, closing the quarter at BRL3,126 million.
Of the company's gross debt (BRL9,382 million), 9.74% is exposed
to foreign exchange rate variations involving the dollar/real
and the yen/real.  The average cost of the debt accumulated in
the year to date, net of the impact of currency hedging, was
92.8% of the CDI rate.

                   Depreciation/Amortization

Depreciation and amortization in the 3Q07 came to a total of
BRL658 million, representing an increase of 2.8% and a reduction
of 15.2% in comparison with 3Q06.  The increase in "Amortization
of the License/Deferred", under wireless services (TNL-PCS), is
the result of the amortization of Oi's license to use its blocks
radio frequencies blocks.

Headquartered in Rio de Janeiro, Brazil, Tele Norte Leste
Participacoes SA -- http://www.telemar.com.br-- is a provider
of fixed-line telecommunications services in South America.  The
company markets its services under its Telemar brand name.  Tele
Norte's subsidiaries include Telemar Norte Leste SA; TNL PCS SA;
Telemar Internet Ltda.; and Companhia AIX Participacoes SA.

As reported on April 27, 2007, Standard & Poor's placed on
CreditWatch with negative implications the 'BB+' corporate
credit rating on Tele Norte Leste Participacoes S.A.  The
creditwatch resulted from TmarPart's decision to buy out its
holding company's preferred shares.


* BRAZIL: IFC Launches First Domestic "Amazonia" Bonds
------------------------------------------------------
International Finance Corp., a member of the World Bank Group,
has launched its first Brazilian reals "Amazonia" bond issue in
the Brazilian domestic capital markets to help deepen local
markets and promote access to local currency financing for local
companies.

The proceeds of IFC's bond, for an amount of 200 million reais
(about US$111 million equivalent), will support Brazilian
businesses, which in turn help drive economic growth and create
jobs.

"We are delighted with the opportunity to contribute to Brazil's
domestic bond market through the Amaz“nia Bond," said Nina
Shapiro, IFC Vice President, Finance and Treasurer.  "The
Brazilian capital markets are quite sophisticated, but our bond
will add some credit diversity.  It will also facilitate further
expansion of the fixed-rate domestic bond markets, increasing
access to long-term, fixed-rate financing for private
companies."

The IFC reais bond marks the first domestic bond offering in
Brazil by a non-Brazilian issuer and should help pave the way
for future foreign issuers as well as further development of the
domestic fixed-rate bond market.  It also represents the first
fixed-rate domestic bond offering other than issuances by the
government and by BNDES, Brazil's state-owned development bank.

Farida Khambata, IFC Vice President for Latin America and the
Caribbean, Asia, and the Middle East and North Africa, noted,
"This bond issue is part of IFC's broader strategy to deepen
local capital markets in Brazil.  It builds on our earlier
efforts in this area, including support to Bovespa for Novo
Mercado, and, most recently, in launching its Sustainability
Index, the first of its kind in Latin America."

Since 1956, IFC has provided over US$8.7 billion to support
sustainable development of almost 200 private sector companies
in Brazil.  As of June 2007, the committed portfolio for IFC's
own account in the country totaled US$1.6 billion, the
Corporation's largest in Latin America and the Caribbean.

IFC Vice President Nina Shapiro also emphasized that, "The IFC
Amazonia Bond fits with the World Bank Group's goal to support
sustainable development of the private sector, which has proved
to be an effective engine of growth and development by creating
jobs and economic opportunities."

The Amazonia Bond carries a 11.96 percent rate and has a final
maturity date of Jan. 3, 2011.  Arrangers for the offering were
Banco ABN AMRO Real S.A. (Lead Arranger) and Banco Itau BBA S.A.
The issue was 2.5 times oversubscribed and achieved broad
distribution, with approximately 20 local investors
participating, including pension funds and mutual funds.

IFC's funding activities focus on two key goals: securing funds
to meet IFC's annual funding requirements on a long-term basis
as well as stimulating growth in emerging capital markets by
issuing bonds in local currencies. For the fiscal year ending
June 30, 2008, IFC has a planned borrowing program of up to US$5
billion equivalent.  IFC's long-term debt is rated triple-A by
both Standard & Poor's and Moody's Investors Service.

IFC has been the first, or among the first, nonresidents to
issue in many currencies.  These include Colombian pesos,
Peruvian soles, Chinese renminbi, CFA West Africa, Greek
drachmae, Hong Kong dollars, Malaysian ringgit, Moroccan dirham,
Singapore dollars, and Spanish pesetas in the domestic markets;
and Czech koruna, Philippine pesos, and Polish zloty in the
Eurobond markets.

                         About IFC

International Finance Corp. -- http://www.ifc.org/-- a member
of the World Bank Group, fosters sustainable economic growth in
developing countries by financing private sector investment,
mobilizing private capital in local and international financial
markets, and providing advisory and risk mitigation services to
businesses and governments.  IFC's vision is that poor people
have the opportunity to escape poverty and improve their lives.
In Fiscal Year 2007, IFC committed US$8.2 billion and mobilized
an additional US$3.9 billion through loan participations and
structured finance for 299 investments in 69 developing
countries.  IFC also provided advisory services in 97 countries.

                       IFC in Brazil

IFC's strategy in Brazil focuses on projects that promote access
to finance, including microfinance and financial markets
development.  IFC also supports export-oriented companies where
we can help improve corporate governance and set environmental
and social benchmarks, particularly in sensitive sectors such as
agribusiness.  Helping local companies become regional or global
players is at the core of IFC's strategy, as well as financing
the infrastructure sector, particularly ports, power, railways,
and roads.  IFC will continue partnering with key players to
promote sustainable practices in Brazil's private sector.

In fiscal year 2007 (June 2006-July 2007), Brazil received the
largest amount of IFC financing, in dollar value, among Latin
American countries.  During this period, IFC invested US$509
million in private sector projects in a range of industries,
from agribusiness and transportation to manufacturing and the
financial sector.  IFC's total committed portfolio in Brazil at
the end of June 2007 was US$1.6 billion.

                        *     *     *

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


* BRAZIL: Wants To Overturn Court Injunction on NatGas Supply
-------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA's gas and
energy director Maria das Gracas Foster told reporters that the
company will try to overturn the court injunction that forced it
to renew natural gas supplies to Rio de Janeiro, Brazil.

As reported in the Troubled Company Reporter-Latin America on
Nov. 2, 2007, Petroleo Brasileiro said that it temporarily
reduced natural gas supplies to Rio de Janeiro and Sao Paulo.
The firm lessened supplies to meet commitments with power
regulator Aneel to fuel thermoelectric plants.  Brazilian
increased thermo generation due to dry season.  Petroleo
Brasileiro reduced supplies to Rio de Janeiro natural gas
distributor CEG and Sao Paulo distributor Comgas.  Reports say
that the decline in natural gas supplies led to the decrease of
CEG's supplies by 1.3 million cubic meters per day from 7.6
million cubic meters per day and the decline of Comgas' supplies
by one million cubic meters per day from 15 million cubic meters
per day.

Business News Americas relates that a Rio de Janeiro state court
made Petroleo Brasileiro resume natural gas supplies to the
state.

Ms. Foster told BNamericas that Petroleo Brasileiro has the
legitimate right and obligation to file an appeal on the
injunction.  The firm has to respect the accord it has with
power regulator Aneel to supply thermo power plants.

BNamericas notes that Brazilian grid operator ONS asked Petroleo
Brasileiro to divert the natural gas supply to generators.

Ms. Foster explained to BNamericas, "People from ONS told us:
'Dispatch to thermo plants so that we can save water from hydro
plants.'"

BNamericas says that ONS wanted to boost thermo generation as
hydroelectricity has become more expensive.

Ms. Foster told BNamericas that due to the injunction in Rio de
Janeiro, Petroleo Brasileiro halted supplying sufficient natural
gas to run a 250-megawatt capacity generator.  The firm informed
CEG two weeks ago that thermo plants would have to be dispatched
and that it would need the natural gas.

However, Ms. Foster denied to BNamericas the risk of power
rationing in Brazil.

Ms. Foster told BNamericas, "There is no reason for nationwide
chaos.  There is no emergency situation."

The 250 megawatts of lost generation is not a major problem,
BNamericas says, citing Ms. Foster.

According to the report, Petroleo Brasileiro usually distributes
5.1 million cubic meters per day to CEG.  Before the supply
reduction, it was selling an additional 2.4 million cubic meters
per day to CEG.  Petroleo Brasileiro decreased the supply by 1.5
million cubic meters per day before the injunction.

Meanwhile, Petroleo Brasileiro usually sells 12 million cubic
meter per day to Comgas.  It recently was supplying Comgas an
additional two million cubic meters per day.  Petroleo
Brasileiro cut supply by one million cubic meters a day starting
Oct. 29, BNamericas states.

                          About CEG

CEG is a natural gas, liquefied petroleum gas and manufactured
gas distribution company that serves in Rio de Janeiro.  It has
571.447 clients and 2,246 kilometers of pipelines.  Spain's Gas
Natural SDG operates it.

                        About Comgas

Comgas Gas is an oil distribution company in Sao Paulo.  It has
over 3,400 kilometers of pipelines and serves over 385,000
clients.

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


CORLLETT LIMITED: Proofs of Claim Filing Deadline Is Nov. 15
------------------------------------------------------------
Corllett Limited's creditors are required to submit proofs of
claim by Nov. 15, 2007, to Warren Keens and John Sutlic, 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.

Corllett's shareholder decided on Oct. 5, 2007, to place the
company into voluntary liquidation under the Cayman Islands'
Companies Law (2007 Revision).

The liquidators can be reached at:

          Warren Keens
          John Sutlic
          Attention: Kim Charaman
          Close Brothers (Cayman) Limited
          Fourth Floor, Harbor Place
          P.O. Box 1034, Grand Cayman KY1-1102
          Cayman Islands
          Telephone: (345) 949 8455
          Fax: (345) 949 8499


EUFEX INVESTMENT: Proofs of Claim Filing Is Until Nov. 15
---------------------------------------------------------
Eufex Investment Funds SPC's creditors are required to submit
proofs of claim by Nov. 15, 2007, to dms Corporate Services
Ltd., the company's liquidator, or be excluded from receiving
any distribution or payment.

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

Eufex Investment's shareholder decided on Sept. 28, 2007, to
place the company into voluntary liquidation under the Cayman
Islands' Companies Law (2007 Revision).

The liquidator can be reached at:

          dms Corporate Services Ltd.
          Attention: Jenny Suto
          Ansbacher House
          P.O. Box 1344, Grand Cayman KY1-1208
          Cayman Islands
          Telephone: (345) 946 7665
          Fax: (345) 946 7666


GLOBALSANTAFE CORP: Scheme Shareholders Meeting Is on Nov. 9
------------------------------------------------------------
The holders of GlobalSantaFe Corporation's ordinary shares and
the holders of the firm's scheme shares will have a meeting in
the Grand Court of The Cayman Islands on Nov. 9, 2007, at 1:00
p.m. at:

           Grand Cayman Marriott Beach Resort
           Grand Cayman, Cayman Islands

The court ordered the meeting on Sept. 29, 2007, for the purpose
of considering and, if thought fit, approving, with or without
modification, a scheme of arrangement and amalgamation proposed
to be made between GlobalSantaFe, Transocean Worldwide Inc.,
Transocean Inc., and the holders of the scheme shares.

Ordinary shareholders can get a copy of the GlobalSantaFe Scheme
and a copy of an explanatory statement explaining the effect of
the Scheme from GlobalSantaFe's company secretary at:

          GlobalSantaFe Corporation
          15375 Memorial Drive, Houston
          Texas 77079-4101, USA
          http://www.globalsantafe.com

The holders of ordinary shares of GlobalSantaFe as of
Oct. 1, 2007, may vote in person at the GSF Court Meeting or
they may appoint one or more proxies, whether a member of
GlobalSantaFe or not, to attend and vote in their stead.

In the case of joint registered holders of a share, the vote of
each joint holder, whether in person or by proxy, shall be
required in order for the joint holders' vote to be counted.

Forms appointing proxies must be lodged, by post, with the share
registrar of GlobalSantaFe:

           Computershare Investor Services LLC
           P.O. Box 43078, Providence
           Rhode Island, 02940-3078, USA

The forms must be submitted no later than 1:00 p.m.  If forms
are not lodged by that time they may be handed to the
chairperson of the GSF Court Meeting at the meeting.  Proxies
may also be lodged by the Internet or telephone, in accordance
with the instructions set out in the form of proxy.  Proxies
submitted by the Internet or telephone must be received by 1:00
a.m., Central Time, on Nov. 9, 2007.

Jon A. Marshall, a director of GlobalSantaFe, has been appointed
as the chairperson of the GSF Court Meeting.  If he fails to
appear before the meeting, any director of GlobalSantaFe will
take his place as chairperson.  The chairperson will report the
results to the Grand Court.

The GSF Scheme will be subject to a subsequent application
seeking the sanction of the Grand Court, which will be heard on
Nov. 20, 2007, as soon thereafter as it may be heard.


IRON MOUNTAIN: Proofs of Claim Filing Ends on Nov. 15
-----------------------------------------------------
Iron Mountain Caribbean Holdings Limited's creditors are
required to submit proofs of claim by Nov. 15, 2007, to Richard
Gordon and Joshua Grant, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

Iron Mountain's shareholder decided on Sept. 20, 2007, to place
the company into voluntary liquidation under the Cayman Islands'
Companies Law (2007 Revision).

The liquidators can be reached at:

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


MUTUAL FUND: Proofs of Claim Filing Deadline Is Nov. 15
-------------------------------------------------------
Mutual Fund Basket Reference Fund (1-A) MCP Limited's creditors
are required to submit proofs of claim by Nov. 15, 2007, to
Peter D. Anderson and Alan Milgate, 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.

Mutual Fund's shareholder decided on Oct. 4, 2007, to place the
company into voluntary liquidation under the Cayman Islands'
Companies Law (2007 Revision).

The liquidators can be reached at:

          Peter D. Anderson
          Alan Milgate
          P. O. Box 897, Third Floor
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949 7576
          Fax: (345) 949 8295


MUTUAL FUND BASKET: Proofs of Claim Filing Ends on Nov. 15
----------------------------------------------------------
Mutual Fund Basket Reference Fund (1-aa) Limited's creditors are
required to submit proofs of claim by Nov. 15, 2007, to Peter D.
Anderson and Alan Milgate, 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.

Mutual Fund's shareholder decided on Oct. 4, 2007, to place the
company into voluntary liquidation under the Cayman Islands'
Companies Law (2007 Revision).

The liquidators can be reached at:

          Peter D. Anderson
          Alan Milgate
          P. O. Box 897, Third Floor
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949 7576
          Fax: (345) 949 8295


MUTUAL FUND BASKET MASTER: Proofs of Claim Filing Ends Nov. 15
--------------------------------------------------------------
Mutual Fund Basket Master Fund (8-U.S. Focus)'s creditors are
required to submit proofs of claim by Nov. 15, 2007, to Peter D.
Anderson and Alan Milgate, 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.

Mutual Fund's shareholder decided on Oct. 4, 2007, to place the
company into voluntary liquidation under the Cayman Islands'
Companies Law (2007 Revision).

The liquidators can be reached at:

          Peter D. Anderson
          Alan Milgate
          P. O. Box 897, Third Floor
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949 7576
          Fax: (345) 949 8295


MUTUAL FUND BASKET REFERENCE: Claims Filing Ends on Nov. 15
-----------------------------------------------------------
Mutual Fund Basket Reference Fund (A-2) Limited's creditors are
required to submit proofs of claim by Nov. 15, 2007, to Peter D.
Anderson and Alan Milgate, 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.

Mutual Fund's shareholder decided on Oct. 4, 2007, to place the
company into voluntary liquidation under the Cayman Islands'
Companies Law (2007 Revision).

The liquidators can be reached at:

          Peter D. Anderson
          Alan Milgate
          P. O. Box 897, Third Floor
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949 7576
          Fax: (345) 949 8295


SAPIC-98 REFERENCE: Proofs of Claim Filing Deadline Is Nov. 15
--------------------------------------------------------------
Sapic-98 Reference Fund (30) Limited's creditors are required to
submit proofs of claim by Nov. 15, 2007, to Peter D. Anderson
and Alan Milgate, 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.

Sapic-98 Reference's shareholder decided on Oct. 4, 2007, to
place the company into voluntary liquidation under the Cayman
Islands' Companies Law (2007 Revision).

The liquidators can be reached at:

          Peter D. Anderson
          Alan Milgate
          P. O. Box 897, Third Floor
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949 7576
          Fax: (345) 949 8295


SAPIC-98 REFERENCE FUND: Proofs of Claim Filing Ends on Nov. 15
---------------------------------------------------------------
Sapic-98 Reference Fund (37) Limited's creditors are required to
submit proofs of claim by Nov. 15, 2007, to Peter D. Anderson
and Alan Milgate, 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.

Sapic-98 Reference's shareholder decided on Oct. 4, 2007, to
place the company into voluntary liquidation under the Cayman
Islands' Companies Law (2007 Revision).

The liquidators can be reached at:

          Peter D. Anderson
          Alan Milgate
          P. O. Box 897, Third Floor
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949 7576
          Fax: (345) 949 8295


SAPIC-98 REFERENCE FUND (43): Claims Filing Is Until Nov. 15
------------------------------------------------------------
Sapic-98 Reference Fund (43) Limited's creditors are required to
submit proofs of claim by Nov. 15, 2007, to Peter D. Anderson
and Alan Milgate, 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.

Sapic-98 Reference's shareholder decided on Oct. 4, 2007, to
place the company into voluntary liquidation under the Cayman
Islands' Companies Law (2007 Revision).

The liquidators can be reached at:

          Peter D. Anderson
          Alan Milgate
          P. O. Box 897, Third Floor
          One Capital Place, George Town
          Grand Cayman KY1-1103, Cayman Islands
          Telephone: (345) 949 7576
          Fax: (345) 949 8295


TRANSOCEAN INC: Holding Scheme Shareholders Meeting on Nov. 9
-------------------------------------------------------------
The holders of Transocean Inc.'s ordinary shares and the holders
of the firm's scheme shares will have a meeting in the Grand
Court of The Cayman Islands on Nov. 9, 2007, at 1:00 p.m. at:

           Grand Cayman Marriott Beach Resort
           Grand Cayman, Cayman Islands

The court ordered the meeting on Sept. 29, 2007, for the purpose
of considering and, if thought fit, approving, with or without
modification, a scheme of arrangement proposed to be made
between Transocean and the holders of the Transocean Scheme
Shares.

Ordinary shareholders can get a copy of the scheme and the copy
of an explanatory statement explaining the effect of the
Transocean Scheme from Transocean's proxy solicitor in the US:

          D.F. King & Co., Inc
          48 Wall Street, 22nd Floor
          New York, NY, 10005
          USA

The holders of ordinary shares of Transocean as of Oct. 1, 2007,
may vote in person at the GSF Court Meeting or they may appoint
one or more proxies, whether a member of Transocean or not, to
attend and vote in their stead.

If shares are held in joint names, either the holder whose name
appears first in the Register of Members of Transocean or each
holder should sign, stating if he or she is the attorney,
executor, administrator, trustee or guardian.  If the signer is
a corporation, it must sign in the full corporate name by a duly
authorized officer.

Forms appointing proxies must be lodged, by post, to:

           Transocean Inc.
           c/o The Bank of New York Mellon
           Enclosing and Mailing Operations
           925 Patterson Plank Road
           Secaucus, New Jersey, 07094
           USA

The forms must be submitted no later than 1:00 p.m.  If forms
are not lodged by that time they may be handed to the
chairperson of the GSF Court Meeting at the meeting.  Proxies
may also be lodged by the Internet or telephone, in accordance
with the instructions set out in the form of proxy.  Proxies
submitted by the Internet or telephone must be received by 1:00
a.m., Central Time, on Nov. 9, 2007.

J. Michael Talbert, a director of Transocean, has been appointed
as the chairperson of the Transocean Scheme Meeting.  If he
fails to appear before the meeting, any director of Transocean
will take his place as chairperson.  The chairperson will report
the results to the Grand Court.

The Transocean Scheme will be subject to a subsequent
application seeking the sanction of the Grand Court, which will
be heard on Nov. 20, 2007, as soon thereafter as it may be
heard.




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


EMPRESAS IANSA: Fitch Affirms BB+ Rating on US$100-Million Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the Foreign and Local Currency Issuer
Default Ratings of Empresas Iansa S.A. and the US$100 million
senior unsecured notes due 2012 at 'BB+'.  Fitch has also
affirmed the national scale rating of Empresas Iansa at
'A-(ch)'.  The Rating Outlook for all the ratings is Stable.

Empresas Iansa's ratings are supported by the company's strong
business position as Chile's sole sugar producer, the existence
of price-protection mechanisms in the domestic sugar market and
the increasing efficiencies in its production process.  The
ratings also incorporate the company's manageable debt levels.
The ratings are constrained by the high volatility of
international sugar prices, the exposure of agricultural
businesses to weather conditions and the availability of raw
materials.

Empresas Iansa's credit protection measures deteriorated in
2007, reflecting lower EBITDA levels due to productivity
decreases in its sugar operations, and extraordinary costs in
its Iansafrut subsidiary.  Potential increases in debt levels
associated with the company's strong capital expenditure program
could further pressure credit ratios in the short-term.
However, Fitch expects that Iansa's operating cash flows should
benefit from improving sugar business fundamentals, as well as
from the incorporation in 2008 of EBITDA from new businesses.

A decrease in productivity during the 2005-2006 season,
attributed to delays in beet planting due to unseasonable rains,
led Empresas Iansa to import sugar to defend its market share,
affecting profitability.  This situation, coupled with higher
costs of Iansafrut, related to a staff restructuring aimed to
gain efficiencies, and higher provisions on receivables,
contributed to a 33% reduction in operating EBITDA during the
first nine months of 2007 when compared to the same period the
previous year.

After peaking in mid 2006, strong crops in Brazil and India have
contributed to a marked deterioration in sugar prices.  During
the first nine months of 2007, international sugar prices
averaged US$317 per ton, 27% below the US$437 mean recorded
during the same period in 2006.  Fitch believes sugar price
fundamentals should improve due to the widening gap in global
supply and demand as a result of increased boiethanol production
from sugar cane and expected decreases in European production as
a consequence of reduced subsidies.

For the last-twelve-months ended Sept. 30, 2007, Empresas Iansa
generated US$36 million in EBITDA and US$40 million in funds
from operations, compared to US$50 million and US$41 million in
2006, respectively.  During the LTM ended September, 2007, the
working capital decreased US$5 million, and Iansa financed US$25
million on capital expenditures and US$9 million on dividends,
resulting in a free cash flow of US$11 million.

As of Sept. 30, 2007, Empresas Iansa's financial debt totaled
US$118 million, an increase from the US$113 million recorded at
the end of 2006.  Short-term maturities equaled US$21 million.
An estimated US$19 million in cash and equivalent as of
September 2007, combined with Iansa's cash generation ability,
afford the necessary financial flexibility to meet these
maturities.

Empresas Iansa's credit protection measures are currently
pressured for the assigned rating categories.  During the LTM
ended Sept. 30, 2007, Iansa's Total Debt/EBITDA and
EBITDA/Interest Expense ratios were 3.3 times and 4.2,
respectively, compared to 2.3 and 5.2 in December 2006,
respectively.

Empresas Iansa's business strategy continues focused on its core
sugar business.  However, the company is expanding its other
product lines and has embarked on a diversification process in
Chile, expanding new businesses within the agro industrial
segment, such as vegetable oil for salmon industry and pet food.
Last December, the company acquired an oil processing plant for
US$3.5 million and is expected to add capacity through the
construction of new facilities.  Additionally, Iansa entered the
pet food business through the US$11.5 million acquisition of
assets and brands of Punto Futuro II.  These investments should
start contributing to EBITDA in 2008.  Additionally, on in its
concentrate juice business, Iansa's subsidiary Patagonia, would
double its revenues, after the merge with the Chilean company
Jucosa S.A., expected to take place before the end of this year.
Fitch will closely monitor potential additional financings
associated with any future investments and their impact on the
company's financial flexibility and credit profile.

Empresas Iansa enjoys one of the lowest cost structures
worldwide in sugar production and is the world's lowest cost
producer of sugar from beet.  The company also benefits from a
protective price band for the Chilean sugar market.  Over the
past several years, the company, working together with sugar
beet producers, has boosted yields of sugar beet production, and
has driven significant achievements, while projecting continued
yield gains in the future.  As a result, this program will help
the company over the next several years to face the declining
limits on the price band system, from 2008, according to
regulations passed in 2003.

Empresas Iansa S.A. is the sole producer of sugar and sugar by-
products in Chile.  The non-sugar businesses include the
production of frozen juice concentrate for the export market
under a joint venture with Cargill (Patagonia), the production
and sale of tomato paste in Peru (Icatom) and the production and
sale of frozen vegetables and fruits in Chile (Iansafrut).  ED&F
Man, a sugar distributor and trader based in the United Kingdom,
indirectly owns 22.8% of the company's equity.  The remaining
equity is owned by a group of Chilean pension funds and the
public.


GMAC LLC: Unit Posts US$1.6 Bil. Net Loss in Third Quarter 2007
---------------------------------------------------------------
GMAC Financial Services, a subsidiary of GMAC LLC reported a
third quarter 2007 net loss of US$1.6 billion, compared to a net
loss of US$173 million for the third quarter of 2006.

Results for the third quarter of 2007 were dominated by the
effects of the global dislocation in the mortgage and credit
markets on GMAC's real estate finance business, which more than
offset the continued strong performance in the company's
automotive finance and insurance businesses.  The third quarter
reported loss includes several significant non-cash items, such
as credit provisions and market-driven valuations.  The loss
also includes a US$455 million non-cash goodwill impairment
charge at Residential Capital, LLC, versus the third quarter
2006 results, which included an after-tax goodwill impairment
charge of US$695 million related to GMAC Commercial Finance.

Excluding the goodwill impairment charges, GMAC posted a third
quarter operating loss 1 of US$1.1 billion, compared to
operating income of US$522 million in the third quarter of 2006.
GMAC's third quarter operating income generated by automotive
finance,
insurance and other operations -- excluding ResCap -- amounted
to US$665 million, marking a 51% increase over the prior-year
period.  At ResCap, an operating loss of US$1.8 billion was
incurred in the third quarter of this year amid unprecedented
disruptions in the mortgage financing markets and adverse trends
in home price appreciation.  This compares with ResCap operating
income of US$83 million in the third quarter of 2006.

"The third quarter financial performance of ResCap is a major
disappointment," GMAC Chief Executive Officer Eric Feldstein
said.  "We are moving aggressively to restructure our real
estate finance business as weakness in the housing market and
mortgage industry continues to prevail."

As reported in the Troubled Company Reporter on Oct. 18, 2007,
ResCap is implementing a major restructuring of its business in
order to streamline operations and revise its cost structure to
enhance its flexibility.  The company is reducing its workforce
by about 25%, or approximately 3,000 employees, and
rationalizing numerous facilities.  This reduction in workforce
is in addition to the measures undertaken in the first half of
2007, in which 2,000 positions were eliminated.

"Successful execution of these plans will be essential to
restoring the mortgage business to profitability," Mr. Feldstein
continued.  "This is a top priority for GMAC." Liquidity and
Capital GMAC significantly strengthened its liquidity position
in the third quarter.  GMAC's consolidated cash and certain
marketable securities increased to US$28.8 billion as of
Sept. 30, 2007, up from US$17.5 billion at June 30, 2007. Of
these total balances, ResCap cash and certain marketable
securities increased from US$3.7 billion at the end of the
second quarter to US$6.5 billion on Sept. 30, 2007 -- including
US$2.2 billion held at GMAC Bank.

GMAC and ResCap took several important measures in the third
quarter to strengthen liquidity during the capital markets
turmoil.  In September, GMAC established a committed secured
funding facility with Citi to finance automotive, mortgage and
commercial finance assets of up to US$21.4 billion, replacing an
existing US$10 billion funding facility with the bank.  ResCap
and GMAC also established other committed secured funding
facilities totaling US$4.6 billion. Separately, GMAC executed
US$11 billion of whole loan sales and retail securitizations in
the quarter.

In the interest of strengthening GMAC's capital position, the
company's owners intend to convert a total of approximately
US$1.1 billion in preferred equity to common equity, effective
Nov. 1, 2007.  The conversion will not alter the FIM
Holdings/General Motors 51%/49% voting structure that has been
in place since Nov. 30, 2006.

In the third quarter, GMAC injected US$1 billion of equity into
ResCap to bolster the company's capital base.  As of
Sept. 30, 2007, ResCap's equity base stood at US$6.2 billion.

                           About GMAC

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

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 19, 2007,
Standard & Poor's Ratings Services placed its ratings on GMAC
LLC, including its 'BB+/B-1' counterparty credit rating, on
CreditWatch with negative implications.

Moody's Investors Service affirmed GMAC's ratings (Ba1 senior
unsecured, Not-Prime short-term), while maintaining its negative
rating outlook.


GMAC LLC: Moody's Downgrades Senior Unsecured Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service downgraded the senior, unsecured
rating of GMAC LLC to Ba2 from Ba1.  The downgrade is in
connection with a two-notch rating downgrade of Residential
Capital LLC, GMAC's wholly owned residential mortgage company,
to Ba3 from Ba1.  The outlook on GMAC's ratings remains
negative.

Moody's said the downgrade of GMAC's ratings reflects heightened
and continuing risks at ResCap that could negatively affect
GMAC's capitalization, liquidity profile, and profitability.

Affected ratings include:

   -- Senior Unsecured: to Ba2 from Ba1
   -- Preferred Stock: to B1 from Ba3

During the third quarter, GMAC injected US$1 billion into ResCap
to restore capital lost because of weakened performance.  The
impact of the injection on GMAC's stand-alone (excluding ResCap)
capital profile is minimized by GMAC's owners' conversion of
about US$1.1 billion of GMAC preferred stock into common
interests as well as by other intended capital management
initiatives.  On this occasion GMAC's capital position is
preserved by these actions.

However, Moody's believes that there exists a continuing
possibility that GMAC could be required to provide support to
ResCap that is not backed by a commensurate investment from
GMAC's owners.  In Moody's view, GMAC has insufficient capital
to provide support to ResCap without weakening its leverage
beyond levels that are appropriate for the current credit grade.

Moody's analyst Mark Wasden said, "GMAC's leverage, which
Moody's evaluates on a stand-alone basis net of GMAC's
investment in ResCap, is high relative to peers, despite some
improvement during 2007.  We think it is likely to remain high
in the intermediate term, given management's operating
tolerances regarding levels and uses of capital."

Moody's also said that an extension of support by GMAC to ResCap
that weakens GMAC's stand-alone credit profile, particularly its
capitalization, would indicate a weakening of the firm's resolve
to maintain operating and financial protocols that are distinct
and separate from ResCap's.  Should GMAC provide such support,
Moody's would likely equalize GMAC ratings with ResCap's
ratings.

GMAC's auto finance and insurance businesses have performed well
in 2007.  However, Moody's is concerned that ResCap's deepened
operating challenges now pose risks to GMAC's profitability and
liquidity for a longer period of time than previously
anticipated.  GMAC's borrowing costs have moved higher in tandem
with ResCap's, constraining the GMAC's profitability.

Additionally, investor appetite for aggregate GMAC and ResCap
credit exposure may undergo further contraction in light of
ResCap's impaired performance, which could challenge GMAC's
ability to efficiently access the capital markets and maintain
backup sources of liquidity.  Though GMAC has changed its
funding profile so that structured debt markets and whole loan
sale arrangements satisfy a substantial portion of its needs,
the firm has a continuing need for unsecured indebtedness given
the composition of its assets, in Moody's view.

A stabilization of ResCap's condition, together with a
continuation of improvements at GM, would lead to a
stabilization of Moody's rating outlook for GMAC.

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, residential mortgage financing, and auto
extended warranty and insurance products.  GMAC reported a
consolidated nine-month net loss of US$1.6 billion.

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


GMAC LLC: Lower Earnings Prospects Cue S&P To Put Neg. Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on GMAC
LLC from CreditWatch, where they were placed with negative
implications on Oct. 17, 2007.  At the same time, S&P affirmed
its 'BB+/B' long-term counterparty credit rating on GMAC LLC.
The outlook is negative.

"The action reflects the diminished earnings prospects of GMAC
LLC's 100%-owned affiliate, Residential Capital LLC
(BB+/Negative/B), and follows the company's announcement of a
third-quarter net loss of US$2.3 billion.  Residential Capital
LLC's loss resulted in a US$1.6 billion consolidated loss for
GMAC LLC.  Residential Capital LLC's loss was driven by credit-
and market-related charges and write-downs," said Standard &
Poor's credit analyst John K. Bartko.

In the past, Residential Capital LLC comprised as much as half
of GMAC LLC's earnings and was a positive ratings factor for
GMAC LLC.  Importantly, by affording GMAC LLC a substantial
earnings stream not tied to GMAC LLC's core automotive finance
business, Residential Capital LLC helped differentiate GMAC
LLC's credit profile from that of its 49% owner, General Motors
Corp. (GM; B/Stable/B-3).  However, Residential Capital LLC's
fortunes have turned, reflecting its exposure to the subprime
mortgage sector and current market turmoil.  Given its current
condition, Residential Capital LLC now weighs on GMAC LLC's
credit profile.

At this juncture, the ratings on GMAC LLC and the negative
outlook mirror those on Residential Capital LLC, though the
ratings are not structurally linked.  The ratings relationship
between GMAC LLC and Residential Capital LLC will be assessed as
the performance of each entity evolves.  S&P believe Residential
Capital LLC's stand-alone profile is weaker than that of its
parent, GMAC LLC, and factor into S&P's analysis parental
support for both entities.  S&P assume that additional support
would be extended if required.  Furthermore, with regard to the
relationship of the ratings on GMAC LLC with those on GM.  GMAC
LLC continues to benefit from its ownership structure, which
includes GM's 49% ownership stake and Cerberus Capital
Management's 51% ownership stake.  This structure essentially
limits GMAC LLC's direct exposure to GM, though a clear and high
correlation remains between the success of GM's auto business
and GMAC LLC's finance business.

As mentioned previously, GMAC LLC's business lines, other than
Residential Capital LLC, are performing well.  Therefore, the
negative outlook reflects Residential Capital LLC's weakened
condition.  Assuming a steady state for GMAC LLC's other
businesses, the outlook could be revised to stable if
Residential Capital LLC demonstrates a return to sustained
profitability.  A further downgrade of GMAC LLC would likely
come as a result of weakening liquidity or equity capital levels
at Residential Capital LLC.  In addition, a further downgrade of
GMAC LLC could occur should the company provide support to
Residential Capital LLC to such an extent that its own financial
condition is compromised.

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


METHANEX CORP: CEO Bruce Aitken to Buy 35,000 Additional Shares
---------------------------------------------------------------
Bruce Aitken, Methanex Corporation's president and chief
executive officer, plans to purchase about 35,000 additional
Methanex common shares.  The purchase will be funded by the
exercise of 164,000 Methanex stock options and is expected to
occur between Nov. 8, 2007, and the end of December 2007 through
the facilities of the Toronto Stock Exchange.

Methanex has in place Share Ownership Guidelines under which Mr.
Aitken is to hold Methanex common shares and share equivalents
having a value of at least five times his base salary.
Subsequent to this intended purchase, Mr. Aitken will hold
approximately 365,000 Methanex common shares or share
equivalents and will continue to substantially exceed the Share
Ownership Guidelines.

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged
in the production, distribution, and marketing of methanol.  The
company's stock also trate on foreign securities market of the
Santiago Stock Exchange in Chile under the trading symbol
"Methanex".  The company has locations in Belgium, Chile,
China, Japan, Trinidad and the United Kingdom, among others.

                          *     *     *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.




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


BANCOLOMBIA: To Sell COP262 Bln Mortgage Loans to Titularizadora
----------------------------------------------------------------
Bancolombia S.A. has intended to sell mortgage loans to
Titularizadora Colombiana S.A. amounting to approximately
COP262,931,204,384.27.  These mortgage loans will be secured by
Titularizadora through the issuance of TIPS Pesos E-5, a type of
mortgage-backed securities.

The purpose of this transaction is to continue the transfer of
Bancolombia's mortgage loans to the capital markets.

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.


ECOPETROL SA: Fitch Affirms Foreign Issuer Default Rating at BB+
----------------------------------------------------------------
Fitch Ratings has affirmed Ecopetrol S.A.'s foreign and local
currency issuer default ratings at 'BB+' and 'BBB-',
respectively.  The Outlook for all ratings is Stable.

Ecopetrol S.A.'s ratings are supported by the company's strong
financial profile, sizable and stable reserves, steady
production levels and a dominant domestic market share.  The
ratings also reflect Ecopetrol's vulnerability to fluctuations
in international commodity prices and tightening environmental
regulations requiring material investment in downstream
operations.  Fluctuations in energy prices are generally
mitigated by the company's hedging policy.

Ecopetrol's ratings are strongly linked with the credit profile
of the Republic of Colombia (local and foreign currency ratings
of 'BBB-' and 'BB+', respectively), the company's current
ultimate shareholder.  This connection is based on the Colombian
government ownership of the company. Ecopetrol's ongoing
capitalization process is expected to separate the company from
the government's budgetary process, therefore, giving the
company greater financial planning independency.  This is
considered positive for Ecopetrol's credit profile as the
company would be more competitive, independent and possibly more
productive.

Ecopetrol must participate in a competitive bid process to
acquire new exploratory blocks.  Since 2003, oil and gas
exploration and production became a more competitive business
for Ecopetrol, when the Colombian petroleum resources
administration was removed from the company and assigned to the
National Hydrocarbons Agency.  As a result, the company has to
increase its capital expenditures and enter into joint ventures
with other companies in order to develop future reserves and
increase crude production levels to remain competitive.  Before
this, the company had participation right in successful block.

Due to the aforementioned fundamental business change, Ecopetrol
established a capital expenditure program of approximately US$20
billion for the period 2007 - 2015, which is expected to average
approximately US$2.0 to US$2.5 billion per year.  Over the next
two to three years, the company plans to finance this capital
expenditure program using cash available estimated at
approximately US$4.4 billion after receiving proceeds from and
equity issuance of US$2.9 billion under an initial public
offering and US$1.5 billion of cash on hand as of June 30, 2007.
The company also plans to issue debt to finance the remaining
portion of its capital expenditures.  Fitch expects leverage as
measured by total debt to EBTIDA to range between 1.5 times and
2.0 over the medium term.

Ecopetrol is an integrated-oil company that is wholly owned by
the Colombian government.  The company's activities include
exploration for and production of crude oil and natural gas, as
well as refining, transportation, and marketing of crude oil,
natural gas and refined products.  Ecopetrol is Latin America's
fourth-largest integrated-oil concern.  Operations are organized
into Exploration & Production, Refining & Marketing,
Transportation, and International Commerce & Gas.  Ecopetrol
produced 385,000 barrels a day of oil and gas in 2006 and has
330,000 barrels a day of refining capacity, according to the
company's Web site.  In 2005 it produced about 60 percent of
Colombia's daily output.




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


CAP CANA: Fitch Affirms B Rating on US$250 Million Senior Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the 'B' rating on Cap Cana, S.A.'s
US$250 million senior secured notes.  In addition, Fitch has
assigned a preliminary rating of 'B-' to the expected issuance
of US$500 million in additional senior secured notes.  Fitch's
affirmation on the existing US$250 million notes contemplates a
change to the terms of certain covenants in the indenture
relating to the incurrence of additional debt.  It also reflects
the expected increase in Cap Cana's leverage after the proposed
US$500 million issuance of additional senior secured notes.

Cap Cana's principal activity is the development, construction,
operation and administration of a tourist and leisure resort
community project in the Dominican Republic.  When fully
developed, the project will be anchored by six championship golf
courses, the largest inland marina in the Caribbean, several
luxury hotels, more than 10,000 housing units, and numerous
sports facilities, along with high-end stores, restaurants,
spas, and entertainment complexes.

To date, Cap Cana has experienced tremendous success in terms of
sales of real estate properties and construction within the
project.  Accumulated investment in the project is now over
US$340 million and total sales revenue amounts to over US$1
billion.

Cap Cana's first golf course, Punta Espada, commenced operations
this past year and is scheduled to host a PGA Champions Tour
Event in 2008.  Cap Cana has also signed a licensing agreement
with Trump Marks Real Estate LLC to brand sales of certain real
estate properties.  Trump-branded sales of Farallon cliff-side
lots proceeded to total approximately US$289 million in one day.
Additionally, Cap Cana has signed a licensing and management
agreement with the Ritz-Carlton Hotel Company for the management
of a hotel expected to begin construction in 2008 and begin
operating in 2010.  Recently, Cap Cana has hired Parsons
International, one of the largest management, construction, and
engineering companies in the world as Project Manager.  A
material security package backs the notes in the event of a
corporate default.  Both the US$250 million issuance and the
proposed US$500 million issuance will be secured by a first-
priority mortgage over unencumbered real estate property, as
well as receivables related to the sale of individual property
units.  The specific real estate that will give rise to
receivables is clearly defined and completely separated between
the two issuances:

-- First-mortgage liens on land equal to a minimum of 200% of
   the outstanding debt secures the US$250 million issuance.
   The proposed new issuance will be backed 150% by first-
   mortgage liens.

-- Receivables arising from the sale of real estate properties
   will equal 125% of the outstanding debt from the US$250
   million issuance.  The notes expected to be issued will be
   backed by 120% in receivables.

Currently, the US$250 million issuance is fully collateralized
with approximately US$350 million in eligible receivables under
Trustee control.  Phase I products that could give rise to
eligible receivables to collateralize the US$250 million
issuance are nearly fully sold out.  Delivery on many of these
units will begin in early 2008, with this issuance expected to
be fully collateralized by post-construction receivables by the
end of 2008.

Phase II products, which will give rise to eligible receivables
backing the proposed issuance, include: sales at the Trump Condo
Hotel, condominium units at Las Iguanas, which will be adjacent
to a new Jack Nicklaus Signature course of the same name, and
certain residences within the Green Village development that
were not part of Phase I.  The structure backing these issuances
adds significant investor protections in two forms:

-- Cash flow controls that will reduce project execution risks.

-- Bond proceeds sized to the remaining construction costs will
   be held in escrow and only released upon the achievement of
   construction milestones.  Additionally, a 6-month debt
   service reserve will be fully funded from proceeds.

Major risks considered in the ratings of the two issuances by
Cap Cana remain two-fold.  First, sales of future units must be
realized in order to collateralize the transaction and generate
additional working capital and general liquidity for the
project.  Second, construction on individual units must be
completed.  Fitch believes these risks to be consistent with the
expected 'B-' rating on the new issuance and the current 'B'
rating on the outstanding notes.  The ratings differential is
explained by significantly different sales and construction risk
profiles between the issuances and a loosening of the
collateralization requirements for the new issuance. Independent
engineer reports were used to facilitate modeling assumptions,
which incorporated downside analysis regarding real estate
valuations as well as construction costs.

Fitch currently has a 'B' Long Term Issuer Default Rating for
the Dominican Republic with a Positive Outlook.

Cap Cana is located on the easternmost tip of the Dominican
Republic, and is a few minutes drive from Punta Cana
International Airport, which receives nonstop flights from large
metropolitan centers in Europe, Canada and the USA.  When fully
developed, Cap Cana is expected to have six championship golf
courses (three of which will be Nicklaus Signature courses, one
of which was recently completed); one of the largest inland
marinas in the Caribbean; several luxury hotels; over 10,000
housing units, including estate homes, villas and condominiums;
numerous sports facilities, including golf, beach and yacht
clubs; and a variety of high-end shops, restaurants, spas and
entertainment complexes.  Plans also include the development of
a large ecological preserve.




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


PETROECUADOR: Foreign Oil Cos. Have Until Nov. 7 To Settle Debts
----------------------------------------------------------------
Radio Habana Cuba reports that the Ecuadorian government has
given foreign oil firms to settle their debts with the state by
Nov. 7, or face possible revocation of their crude oil mining
contracts with state-run oil firm, Petroecuador.

Petroecuador told Reuters that the foreign oil companies want to
negotiate a plan to pay their debts.

According to Reuters, Petroecuador has threatened legal actions
over US$317 million in overdue fees against the companies.

Petroecuador head Carlos Preja commented to Reuters, "They have
approached us and they want a payment plan... all the
companies."

Reuters notes that Petroecuador said the debtors are:

          -- China's Andes Petroleum,
          -- Brazil's Petrobras,
          -- Spain's Repsol, and
          -- US firm City Oriente.

A City Oriente top official admitted to Reuters that it was
trying to reach a deal with the government to settle its debt.

Meanwhile, representatives from two unidentified debtor firms
denied to Reuters that their companies have debts with
Petroecuador.

Mr. Pareja told Radio Habana that the Contracts Administration
Board must produce a report indicating which firms have paid and
which have failed to comply with legal stipulations.

The debts total US$236 million, Radio Habana says, citing Mr.
Pareja.  Fixed payment period expired last Wednesday.

Mr. Pareja told Radio Habana that he would continue to reclaim
the money owed by firms who failed to comply with accords that
stipulate that 50% of their profits resulting from recent
increase in oil prices had to be surrendered to the state.  Some
companies approached Petroecuador to try to negotiate payment
plans.  However, this needed to be "fixed on paper."

Radio Habana relates that Mr. Pareja is positive that he would
receive a report within the next 24 hours that would say all the
firms are meeting deadlines according to plan.

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


PETROECUADOR: Governmentt To Scrap Off Oil-Saving Funds
-------------------------------------------------------
Reuters reports that Ecuadorian President Rafael Correa has
urged a government-controlled assembly to eliminate state-run
oil firm Petroecuador's oil-saving funds.

President Correa also wanted to ease the restrictions on central
bank reserves to increase public investment, Reuters relates.

President Correa told an Ecuadorian radio program, "These
funds... will have to be dissolved by the assembly.  The
(central bank) reserves have no use in a dollarized economy."

The funds would be used to increase national oil output, Reuters
says, citing President Correa.

President Correa didn't tell Reuters whether he wanted to
dissolve the four saving funds that gather over US$1 billion and
are alloted mainly for energy and infrastructure investment.

Meanwhile, the central bank told Reuters last week that its
dollar reserves increased to US$3.9 billion.

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.




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


INTERPUBLIC GROUP: Posts US$21.9 Million Net Loss in 3rd Quarter
----------------------------------------------------------------
Interpublic Group of Companies Inc. reported Thursday results of
its third quarter ended Sept. 30, 2007.  Third quarter 2007 net
loss was US$21.9 million and net loss applicable to common
stockholders was US$28.8 million, compared to net income of
US$3.7 million and net loss applicable to common stockholders of
US$8.2 million a year ago.

Year-to-date 2007 net loss was US$10.8 million and net loss
applicable to common stockholders was US$31.5 million, compared
to net loss of US$100.8 million and net loss applicable to
common stockholders of US$136.5 million in 2006.

Third quarter 2007 revenues were US$1.56 billion, compared to
US$1.45 billion the same period a year ago.  Nine months 2007
revenues were US$4.57 billion, compared to US$4.31 billion in
2006.

Organic revenue increased 5.7% compared to the third quarter of
2006, due to higher revenue from existing clients and net client
wins.  For the first nine months of 2007, organic revenue
increased 4.8% relative to 2006.

During the third quarter, operating expenses were US$1.51
billion in 2007, compared to US$1.43 billion last year.  For the
first nine months, operating expenses were US$4.50 billion this
year, compared to US$4.38 billion in 2006.

Operating income in the third quarter of 2007 was US$51.1
million, compared to US$20.9 million in 2006.  For the first
nine months of 2007, operating income was US$72.5 million,
compared to a loss of US$61.8 million in 2006.

Operating margin was 3.3% and 1.6% for three and nine months
ended Sept. 30, 2007, compared to 1.4% and (1.4%) for the three
and nine months ended Sept. 30, 2006, respectively.

"For the third quarter and year-to-date, our results showed
continued improvement in terms of both organic revenue growth
and operating performance.  We continue to see the benefits of
strategic actions taken in 2006 and 2007, as well as of the
financial systems and disciplines being put into place across
the organization," said Michael I. Roth, Interpublic's chairman
and chief executive officer.  "The increasingly competitive
client offerings at all of our companies give us confidence in
our future growth prospects.  We will continue to push for
double digit margins, but we expect to post operating margin of
between 8.5% and 9% in 2008 -- a dramatic improvement over the
negative 1.7% the company reported less than two years ago."

Net interest expense in the third quarter of 2007 decreased by
US$2.0 million compared to the same period in 2006.

Other income in the quarter was a loss of US$4.8 million
compared to income of US$22.6 million in 2006.  The third
quarter of 2006 was favorably impacted by a non-cash benefit on
the sale of a German advertising agency.

The tax provision in the third quarter of 2007 is US$35.8
million, compared to a provision of US$10.5 million in the same
period of 2006.  This provision includes losses incurred in non-
US jurisdictions that receive no tax benefit and the revaluation
of deferred tax assets due to tax law changes.

                        Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$11.66 billion in total assets, US$9.61 billion in
total liabilities, and US$2.05 billion in total shareholders'
equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?24b7

             Cash Flow from Operations and Total Debt

At Sept. 30, 2007, cash, cash equivalents and marketable
securities totaled US$1.53 billion, compared to US$1.96 billion
at the end of 2006 and US$1.48 billion at the end of the second
quarter of this year.  Cash flow from operations was US$119.2
million in the third quarter of 2007, as compared to cash used
of US$69.5 million in the prior year.  This was driven by an
improvement in working capital, as US$21.8 million was generated
for the third quarter of 2007 compared to a use of working
capital of US$83.0 million in the prior year.  Total debt of
US$2.32 billion as of Sept. 30, 2007, remained flat when
compared to the end of 2006 and the end of the second quarter of
this year.

                      About Interpublic

New York-based, Interpublic Group of Companies Inc. (NYSE:IPG)
-- http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies.  The Interpublic Group has over 43,000 employees
working in offices in more than 130 countries around the world,
including Argentina, Brazil, Barbados, Belize, Chile, Colombia,
Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala,
Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Puerto
Rico, Peru, Uruguay and Venezuela.

                        *     *     *

Interpublic Group of Companies Inc. still carries Fitch Ratings'
BB- Issuer Default Rating which was placed on May 10, 2007.
Fitch said the rating outlook is stable.




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


AFFILIATED COMPUTER: Earns US$66.1 Mil. in Qtr. Ended Sept. 30
--------------------------------------------------------------
Affiliated Computer Services Inc. reported Thursday results of
its first quarter fiscal year 2008 ended Set. 30, 2007.

The company reported net income of US$66.1 million for the first
quarter of fiscal 2008, compared with net income of US$61.4
million for the first quarter of fiscal 2007.

The compay reported revenues of US$1.49 billion, an 8% increase
compared to the prior year quarter.  The company's internal
revenue growth rate for the quarter was 6%.  First quarter
adjusted non-GAAP operating income was US$164 million, a 10%
increase over the prior year quarter adjusted non-GAAP operating
income.  Consolidated adjusted non-GAAP operating margins were
11.0%, a 30 basis point increase from the prior year quarter
adjusted non-GAAP operating margins.

"Our goals for 2008 are to show consistent and good growth in
revenue, operating income and earnings per share each quarter.
Our first quarter results demonstrate that we are accomplishing
our objectives," said Lynn Blodgett, ACS president and chief
executive officer.  "Our operational execution is excellent, our
financial discipline strong and systematic, and our focus on
cost reduction is organized and constant.  I am confident that
2008 will be a strong year for ACS."

Cash flow from operations during the first quarter was
approximately US$8 million.  This quarter's cash flow results
were impacted by the company's annual management incentive
compensation payments and the timing of accounts receivable
collections.  Capital expenditures and additions to intangible
assets were approximately US$75 million, or 5% of revenue.  Free
cash flow during the quarter was negative US$67 million.

The company's first quarter cash flow results also included
approximately US$41 million, or approximately 3% of revenues, of
interest paid on debt, cash paid related to legal and other
costs associated with the ongoing stock option investigations,
potential sale of the company and shareholder derivative
lawsuits, partially offset by cash interest income.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$6.08 billion in total assets, US$3.92 billion in total
liabilities, and US$2.16 billion in total shareholders' equity.

                  About Affiliated Computer

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

                        *     *     *

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


AFFILIATED COMPUTER: S&P Keeps Watch on BB Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services has kept its 'BB' corporate
credit and senior secured ratings on Affiliated Computer
Services Inc. on CreditWatch with negative implications, where
they were placed on March 20, 2007.

The company announced that five independent directors have
agreed to resign from ACS' board at the request of its chairman.
This follows the withdrawal of the US$6.2 billion buyout offer
by private equity firm Cerberus Capital Management.

"We will continue to monitor developments surrounding the
dispute within the company's board of directors," said S&P's
credit analyst Phil Schrank.  "Additionally, we will discuss
with management strategic alternatives to enhance shareholder
value."

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


TECO ENERGY: Sells TECO Transport to Greenstreet for US$405 Mil.
----------------------------------------------------------------
TECO Energy Inc. disclosed the execution of a definitive
agreement to sell TECO Transport Corporation to an investment
group led by an affiliate of Greenstreet Equity Partners, L.P.,
a Miami-based private equity firm founded by Steven Green, the
former U.S. Ambassador to Singapore, and Jeffrey Safchik, for a
purchase price of US$405 million in cash, subject to working
capital adjustment.  Net proceeds, taking into consideration
estimated transaction-related costs, including state and federal
taxes, are expected to be approximately US$370 million to US$380
million.

"T[he] announcement concludes the evaluation of strategic
alternatives for TECO Transport that we announced earlier this
year," Chairman and CEO Sherrill Hudson said.  "We are pleased
with the outcome and believe that it is in the best interest of
all concerned.  It is the best alternative for TECO Energy's
shareholders -- allowing us to accelerate our debt retirement
plan, strengthen our balance sheet and focus on our utility
businesses.  In addition, we hope the completion of this sale
will accelerate improvement of TECO Energy's credit ratings.  It
also puts TECO Transport Corporation in the hands of an investor
able to focus on and deploy the future capital needed to grow
this business."

The definitive agreement has various conditions that must be
satisfied prior to closing, and the parties anticipate closing
the transaction before the end of the year.  TECO Energy is the
guarantor of three TECO Transport leases, and the parties have
made various arrangements for dealing with these guarantees.
The transaction is not conditioned upon obtaining debt
financing.

Morgan Stanley & Co. Incorporated acted as TECO Energy's
financial advisor in connection with the transaction, and
Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel.
AMA Capital Partners LLC acted as the financial advisor to
Greenstreet Equity Partners, and Willkie Farr & Gallagher LLP
provided legal counsel.

TECO Energy, Inc. -- http://www.tecoenergy.com/-- is an
integrated energy-related holding company with regulated utility
businesses, complemented by a family of unregulated businesses.
Its principal subsidiary, Tampa Electric Company, is a regulated
utility with both electric and gas divisions (Tampa Electric and
Peoples Gas System).  Other subsidiaries are engaged in
waterborne transportation, coal and synthetic fuel production
and electric generation and distribution in Guatemala.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Fitch Ratings placed these TECO Energy, Inc.'s BB+
Issuer Default Rating and BB+ Senior Unsecured Debt rating on
Rating Watch Positive.




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


* HONDURAS: Secures US$300-Million Highway Project Loan from IDB
----------------------------------------------------------------
The Inter-American Development Bank has approved a US$30 million
loan to support the widening and improvement of CA-5 Norte, the
principal highway in Honduras.

CA-5 Norte links the capital city, Tegucigalpa, with Honduras'
main industrial area, San Pedro Sula, and the only deep-water
port in Central America, Puerto Cortes, on the Caribbean coast.
To the south, it leads to the Salvadoran port of Cutuco, on the
Pacific.

The new financing will complement a US$50 million loan approved
by the IDB in 2004 to finance work on key parts of CA-5 Norte.
Those projects, which are underway, also have financing from the
World Bank, the Central American Bank for Economic Integration,
the OPEC Fund and the U.S. Millennium Challenge Corporation.

The investments will turn 60% of CA-5 Norte into a four-lane
highway, while 17% will have a third climbing lane and 23% will
remain with two lanes.  The program, which will improve signage
along 350 kilometers of highways, has also set up a system to
collect data on accidents to pinpoint critical spots on the
Honduran road network.

The program has also strengthened the Honduran Public Works
Ministry's capacity for planning, environmental management and
contract administration.

CA-5 Norte is part of the Atlantic Corridor of the international
road network of Plan Puebla Panama, a regional integration
initiative sponsored by Central American countries and Mexico.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


ALLIS-CHALMERS: Earns US$13 Million in Quarter Ended Sept. 30
-------------------------------------------------------------
Allis-Chalmers Energy Inc. disclosed its financial results for
the three months ended Sept. 30, 2007.

Net income for the third quarter of 2007 increased 15.4% to
US$13.0 million compared to net income of US$11.3 million in the
third quarter of 2006.

Revenues for the third quarter of 2007 rose 70.4% to US$147.9
million compared to US$86.8 million for the third quarter of
2006.  Revenues increased in the third quarter of 2007 due to
acquisitions completed in 2006, investments in new capital
equipment and the opening of new operating locations.  The
acquisitions included DLS Drilling, Logistics & Services
Corporation, or DLS, our international drilling subsidiary in
Argentina, acquired in August 2006, and substantially all of the
assets of Oil & Gas Rental Services, Inc., or OGR, acquired in
December 2006.

Income from operations grew 61.1% to US$31.1 million for the
third quarter of 2007, from US$19.3 million in the third quarter
of 2006.  Adjusted EBITDA increased 78.2% to US$46.4 million for
the third quarter of 2007 compared to US$26.0 million in the
third quarter of 2006.

Weighted average shares of common stock outstanding on a diluted
basis increased 57.2% to 35.3 million shares for the third
quarter of 2007 compared to 22.5 million shares for the third
quarter of 2006, primarily due to the issuance of common stock
related to our 2006 acquisitions and the common stock offering
completed in January 2007.  The provision for income taxes for
the third quarter of 2007 was US$7.2 million, or 35.8% of net
income before income taxes, compared to US$3.1 million, or 21.7%
of net income before income taxes for the third quarter of 2006.

Micki Hidayatallah, Allis-Chalmers' Chairman and Chief Executive
Officer, stated, "Our results in the third quarter were
primarily affected by weaker Gulf of Mexico activity, including
the impact of the hurricane season, delays in the delivery of
coil tubing units and pre-election labor slow downs and strikes
in Argentina."

Mr. Hidayatallah also noted, "In spite of these challenges we
had Adjusted EBITDA of US$46.4 million in the third quarter and
Adjusted EBITDA of US$146.8 million for the nine month period
ended Sept. 30, 2007.  We believe the current levels of revenue
and EBITDA are sustainable in the fourth quarter of this year.
Next year we expect to see the benefits of our extensive capital
expenditure program in 2007, our proposed 2008 capital
expenditures, and from recent acquisitions in the Tubular
Services and Directional Drilling segments.  These factors,
together with increasing demand for energy in Argentina should
contribute to improved financial and operating performance."

                    About Allis-Chalmers

Allis-Chalmers Energy Inc. --http://www.alchenergy.com/--
(NYSE: ALY) is a Houston based multi-faceted oilfield services
company.  It provides services and equipment to oil and natural
gas exploration and production companies, domestically in Texas,
Louisiana, New Mexico, Colorado, Oklahoma, Mississippi, Utah,
Wyoming, Arkansas, Alabama, West Virginia, offshore in the Gulf
of Mexico, and internationally primarily in Argentina and
Mexico.  Allis-Chalmers provides rental services, international
drilling, directional drilling, tubular services, underbalanced
drilling, and production services.

                        *     *     *

As of June 2007, Allis-Chalmers Energy carries Moody's Investors
Service's B2 corporate family rating.


AMANCO HOLDING: Fitch Cuts & Withdraws Ratings
----------------------------------------------
Fitch Ratings has simultaneously downgraded and withdrawn the
foreign and local currency Issuer Default Ratings of Amanco
Holding Inc. y Subsidiarias to 'BB+' from 'BBB-' as well as the
company's national long-term rating to 'AA(pan)' from
'AA+(pan)'.  All ratings have a Stable Rating Outlook.  Fitch
will no longer provide ratings or analytical coverage of Amanco.

The downgrade reflects the direct and indirect leveraging
affects of the acquisition completed earlier this year of Amanco
by Mexichem, S.A. de C.V., a Mexican chemical and petrochemical
company, as well as the company's ongoing growth strategy.
Mexichem purchased Amanco and Petroquimica Colombiana, S.A for
approximately US$700 million, which was financed by a
combination of debt (US$540 million) and equity (US$160
million).  These acquisitions have increased consolidated pro
forma leverage to nearly 3.0 times.  Management has indicated
their leverage target of net debt to EBITDA is 2.0 and should be
achieved by year-end 2007.

Positively, the acquisition will improve the combined company's
competitive position by vertically integrating and Mexichem's
raw material production, polyvinylchloride resins, into Amanco's
pipe systems.  Additionally, the acquisition greatly adds to
Mexichem's geographically diversification throughout Latin
America and strategically positions them to take advantage of
strong growth fundamentals in the homebuilding sector, such as
Brazil.

Headquartered in Panama City, Panama, Amanco is a leader in
Latin America in the production and sale of PVC pipes used in
fluid conduction systems for hydrosanitation, irrigation and
deep-water wells.  Mexichem is the largest producer in Latin
America of polyvinylchloride (PVC) resins.  At June 2007,
Mexichem's LTM revenues and EBITDA were MXN14.0 billion and
MXN2.8 billion, respectively.  At June 30, 2007 debt was MXN9.5
billion; EBITDA results only include four months of Amanco.


AVNET INC: Acquires ChannelWorx to Diversify Business in Market
---------------------------------------------------------------
Avnet Inc. has acquired ChannelWorx Pty Ltd. of Australia.  A
Melbourne-based networking and security value-added distributor
established in 1989, ChannelWorx is known in the market as a
leader in security and networking.

ChannelWorx markets a portfolio of networking products from
leading suppliers including Juniper, Extreme Networks, Ironport,
and Avaya and software products from Google.  In the fiscal year
ended June 30, 2007, ChannelWorx revenue was approximately US$30
million.  ChannelWorx will be integrated into Avnet Technology
Solutions' Australia business.  In addition to gaining 300
resellers and systems integrators, the acquisition will bring
Avnet talented new employees with broad experience in storage
networking and solutions.

KP Tang, president of Avnet Technology Solutions, Asia Pacific,
noted that the acquisition is a significant step in diversifying
Avnet's business in the market: "Adding this strong line-up of
networking suppliers from ChannelWorx to our product offerings
moves us strategically into emerging and high-growth
technologies with incremental cross selling opportunities.  This
acquisition represents the opportunity to gain greater scale and
scope in the market and offer greater value to our reseller
partners in Australia."

The transaction will also provide Avnet Technology Solutions
Australia with a greater presence in Melbourne.  Gavin Lawless,
general manager of Avnet Technology Solutions Australia, added,
"Expanding both our geographic footprint and our technology
solutions offerings fits perfectly with our strategic growth
plan.  We are excited about the opportunities this acquisition
will provide to accelerate growth for our partners and for
Avnet."

                       About Avnet Inc

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                        *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


INT'L RECTIFIER: Promotes Marc Rougee as Exec. VP for Operations
----------------------------------------------------------------
International Rectifier Corporation has promoted Marc Rougee to
the company's leadership team.

Mr. Rougee has been promoted to executive vice president,
operations.  Mr. Rougee will report directly to Don Dancer, the
company's acting chief executive officer.  Mr. Rougee's
responsibilities include wafer fab and assembly operations and
planning and logistics.  He will also focus on improving
integrated sales and operations planning and inventory
management.  Mr. Rougee joined IR in 2003, when he was appointed
vice president and general manager of IR Newport Ltd. (Wales).
In this role he was responsible for integrating the Newport
acquisition and driving the ramp up of the facility.  He was
then promoted to vice president, worldwide wafer fab operations,
where he oversaw supply strategy, cost programs and integration
of the Epi operation in Mesa, Ariz.

With over 25 years of semiconductor industry experience,
Mr. Rougee previously held positions at Motorola, Silicon
Manufacturing Partners, and Chartered Semiconductor
Manufacturing.  He holds a Diplome d'Etudes Approfondies in
Electronics and Instrumentation from the Paris VI University,
and a MS in Physics from Ecole Superieure de Physique et Chimie
in Paris.

Don Dancer, IR's acting chief executive officer, said, "Marc has
a wealth of global semiconductor operations experience that he
brings to the senior management team.  He has a proven record in
planning, supply chain strategies and implementing a global
operations strategy that has led to increased efficiency and
greater productivity.  We believe Marc is a tremendous asset and
will contribute strongly to our strategic growth objectives."

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

                        *     *     *

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


LIBBEY INC: Earns US$0.4 Million for Quarter Ended Sept. 30
-----------------------------------------------------------
Libbey Inc. has announced sales increased 10.5 percent to
US$202.4 million from US$183.3 million in the third quarter of
2006.  Libbey reported net income of US$0.4 million, or US$0.03
per diluted share, for the third quarter ended Sept. 30, 2007,
compared to a net loss of US$3.3 million, or a loss of US$0.23
per diluted share, in the prior year quarter.

                    Third Quarter Results

For the quarter-ended Sept. 30, 2007, sales increased 10.5
percent to US$202.4 million from US$183.3 million in the year-
ago quarter.  The increase in sales was broad-based and included
a 27.3 percent increase in International sales, as shipments to
Royal Leerdam and Crisal glassware customers increased more than
14 percent and Libbey China had a full quarter of shipments.  In
addition, North American Glass sales increased 7.6 percent,
benefiting from more than a 9 percent increase in shipments to
the United States and Canadian foodservice and retail glassware
customers.   Shipments of Crisa glassware were up over 5
percent.  North American Other sales increased 5.7 percent on
the strength of increases of more than 7 percent in shipments of
World Tableware and Traex products.

The company reported income from operations of US$14.7 million
during the quarter, compared to income from operations of
US$10.8 million in the year-ago quarter.  Factors contributing
to the increase in income from operations were higher sales and
related margins, savings from the capacity realignment at Crisa
and higher production activity.  Partially offsetting these
improvements were US$1.0 million in increased natural gas costs.

Libbey reported that EBITDA, increased to US$28.0 million in the
third quarter of 2007, compared to EBITDA of US$20.2 million in
the year-ago quarter.  The increase in EBITDA was driven by
higher sales and production activity, a foreign currency
exchange rate gain of US$1.9 million and the savings realized
from the capacity realignment at Crisa in Mexico.

Interest expense increased US$1.4 million compared to the year-
ago period as a result of higher debt and higher average
interest rates.

The effective tax rate was -162 percent for the quarter and was
primarily driven by tax incentives and interest expense benefits
related to the refinancing completed on June 16, 2006.  Libbey
reported its net income was US$0.4 million, or US$0.03 per
diluted share, compared to a diluted loss per share of US$0.23
in the third quarter of 2006.

                     Nine-Month Results

For the nine months ended Sept. 30, 2007, sales increased 23.7
percent to US$589.0 million from US$476.1 million in the year-
ago period.  The increase in sales was primarily attributable to
the consolidation of the sales of Crisa, a 17 percent increase
in sales to export customers outside of North America and
increases of more than 5 percent in shipments to U.S. and
Canadian foodservice and retail glassware customers resulting in
28.7 percent growth in North American Glass.  International
sales grew 26.5 percent as sales for the first nine months of
2007 included Libbey China shipments and sales to Royal Leerdam
customers and Crisal customers each increased over 19 percent as
compared to the first nine months of 2006.  North American Other
sales increased 4.7 percent on the strength of higher sales of
World Tableware products.

Libbey reported income from operations of US$45.6 million during
the first nine months of 2007, compared to income from
operations of US$9.8 million during the year-ago period.
Adjusted income from operations, excluding special charges, was
US$45.6 million for the first nine months of 2007, compared to
US$24.9 million for the year-ago period.  Primary contributors
to the increase in adjusted income from operations were the
consolidation of Crisa, higher sales and related margins and
higher production activity.

For the first nine months of 2007, EBITDA, was US$81.3 million,
compared to EBITDA of US$36.5 million for the first nine months
of 2006 and a 16.6 percent increase over pro forma adjusted
EBITDA of US$69.7 million during the first nine months of 2006.

Interest expense increased US$19.6 million compared to the year-
ago period.  Contributing to the increase in interest expense
were higher debt and higher average interest rates resulting
from the refinancing completed on June 16, 2006.

The effective tax rate for the first nine months of 2007 was
-290 percent, primarily driven by tax incentives and interest
expense benefits related to the refinancing completed on
June 16, 2006.  The company recorded net income of US$2.6
million for the first nine months of 2007, or US$0.18 per
diluted share, compared to a net loss of US$12.4 million, or a
loss of US$0.87 per diluted share, in the year-ago period.

                          Cash Flow

Cash flow from operations during the third quarter of 2007
increased to US$11.4 million as compared to US$11.1 million in
the year-ago period, primarily as the result of the higher
earnings during the quarter.

Working capital, defined as inventories and accounts receivable
less accounts payable, increased by US$27.1 million from
US$195.9 million at Sept. 30, 2006, to US$223.0 million at
Sept. 30, 2007.  Key drivers of the higher working capital were
higher inventories and higher receivables, as the result of
seasonal working capital needs, higher sales and working capital
requirements of the new Libbey China operations.

Libbey reported that it had available capacity of US$105.0
million under its Asset Based Loan credit facility as of
Sept. 30, 2007, compared to availability of US$84.0 million at
June 30, 2007 and availability of US$39.5 million at
Sept. 30, 2006.

                      Outlook for 2007

John F. Meier, chairman and chief executive officer, commenting
on the quarter, said, "We are pleased with the strength of our
core business performance as shipments to U.S. and Canadian
foodservice and retail glassware customers were strong and sales
to European glassware customers were especially robust."  He
added,  "We expect fourth quarter sales to be in the range of
US$218 million to US$223 million, an increase of 2.2 to 4.5
percent compared to fourth quarter sales in 2006.  Earnings
before interest, taxes, depreciation and amortization (EBITDA)
are expected to be between US$25 million and US$28 million in
the fourth quarter of 2007, resulting in EBITDA for the full
year 2007 of approximately US$106 million to US$109 million on
projected sales of US$807 million to US$812 million."

Libbey announced that sales from its new Chinese production
facility to foodservice glassware customers within China were in
line with its expectations and that Libbey will be adding
manufacturing capacity to its existing facility in China.  The
additional capacity is expected to be available in March 2008.

                        About Libbey

Based in Toledo, Ohio, Libbey Inc. -- http://www.libbey.com/
-- operates glass tableware manufacturing plants in the United
States in Louisiana and Ohio, in Mexico, Portugal and the
Netherlands.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2006, In connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Consumer Products
sector, the rating agency confirmed its B2 Corporate Family
Rating for Libbey Glass Inc., and its B2 rating on the company's
US$306 million senior secured notes due 2011.  Additionally,
Moody's assigned an LGD3 rating to the notes, suggesting
noteholders will experience a 49% loss in the event of a
default.


MAZDA MOTOR: 2007 2nd Quarter Profit Rises 29% to JPY26.6 Bil.
--------------------------------------------------------------
Mazda Motor Corp.'s net income for the second quarter of fiscal
year ending March 31, 2008, rose 29% to JPY26.6 billion
(US$232 million) from JPY20.6 billion a year ago, helped by
demand in the U.S. and a weak yen, Bloomberg News reports.

According to the report, the company reiterated its full-year
net income forecast of JPY85 billion.

In the three months ended Sept. 30, the company said in its
statements that

Mazda exports about 80% of domestic production and is benefiting
from overseas sales as its home market shrinks, Bloomberg notes.
Demand for Hiroshima-based Mazda's CX-7 and CX-9 "crossover"
wagons and Mazda3 compact cars helped the company boost sales
8.2% in North America, offsetting a domestic decline.

The overseas production volume was below the figure for the same
month last year, down 4.3% on September 2006, mainly due to the
end of production of the second generation Mazda2 at the
Valencia plant in Spain and the end of Familia and Premacy
production in China since FAW Haima established its own original
brand, the company said in a statement.

                     First-Half Results

Mazda's first half consolidated sales revenue increased 9% year-
on-year to JPY1,656.2 billion.  This is attributable to strong
sales of the Mazda3 and the launch of the all-new Mazda2, which
led to an increase in unit sales volume, and the impact of the
depreciation of the Japanese yen on major currencies.

Consolidated operating profit increased 5% year-on-year to
JPY73.1 billion due to cost cutting initiatives and the impact
of the weaker yen, which offset increased investments in R&D and
capital equipment.  Consolidated ordinary profit was up 2% to
JPY57.6 billion and consolidated net income rose 7% to
JPY29.1 billion.  All profit levels increased when compared to
the results achieved in the first half of FY2006.

Consolidated cash flow for the first half of FY2007 was negative
JPY8.5 billion, consisting of an operating cash flow of
JPY40.3 billion less investments of JPY48.8 billion.  Net debt
was JPY287.5 billion, increased by JPY55.3 billion compared to
the FY2006 year-end figure.  Mazda will issue a dividend of JPY3
per share, its first interim dividend in 15 years.

                      About Mazda Motors

Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor
Corporation -- http://www.mazda.co.jp/-- together with its
subsidiaries and associates, is primarily involved in the
manufacture and distribution of automobiles.  The company
manufactures passenger cars and commercial vehicles.  Mazda
Motor distributes its products in both domestic and overseas
markets.  The company has 58 subsidiaries.  It has overseas
operations in the United States, Canada, Mexico, Germany,
Belgium, France, the United Kingdom, Switzerland, Portugal,
Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand,
Indonesia and China.  The Company has a global network.

                        *     *     *

As reported on April 27, 2007, Standard & Poor's Ratings
Services raised Mazda Motor Corp.'s long-term corporate credit
rating and the company's long-term senior unsecured debt to:

   * Corporate Credit Rating: BB /Stable/
   * Company's Long-term Senior Unsecured Debt: BB+

S&P's rating actions reflect Mazda's improved operational and
financial performance, and financial risk profile.  Mazda's
operating and financial performance has been improving over the
past several years due to the success of new products following
a shift in strategy.  The company continued to improve operating
and financial performance in the nine months ended Dec. 31,
2006, owing to an improved sales mix and favorable foreign
exchange rates.  Although the EBITDA margin of about 6% remains
lower than most of its Japanese peers, profitability is steadily
improving.  Mazda is now focusing on certain segments instead of
attempting to compete as a full-line producer.  The company also
has excellent product engineering capabilities.


QUAKER FABRIC: Can Hire RAS Management as Liquidation Consultant
----------------------------------------------------------------
Quaker Fabric Corp. and Quaker Fabric Corporation of Fall River
obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to hire RAS Management Advisors, Inc. as
their liquidation consultant.

RAS Management is expected to:

   a. review and assist the Debtor's in developing the Debtors'
      debtor-in-possession budget, revenue and cash flow
      projections and all other financial and accounting
      information;

   b. negotiate the sale prices and related terms and conditions
      of all sales of the Debtors' assets;

   c. negotiate with, and report to, the Debtors' significant
      creditors, including without limitation, trade creditors
      and banks (including lenders unders any debtor-in-
      possession credit arrangement);

   d. assist the Debtors in complying with the requirements of
      the Bankruptcy Code;

   e. assist the Debtors in developing and implementing a plan
      of liquidation; and

   f. assist the Debtors with cash management.

The Debtors will pay RAS for its services at its usual hourly
and daily rates:

        Designation        Daily Rates           Hourly Rate
        -----------       -------------          -----------
        Principal            US$4,250              US$425
        Consultants       US$2,400-US$2,900     US$240 - US$290
        Clerical                                    US$30

To the best of the Debtors' knowledge, RAS and all of its
associates of RAS are disinterested persons, and neither RAS nor
any associates of RAS hold any interest materially adverse to
the Debtors' estates.

The firm can be reached at:

     RAS Management Advisors, Inc.
     599 Ocean Avenue
     Newport, RI 02840
     Tel: (401) 846-5990
     Fax: (401) 846-5989

                     About Quaker Fabric

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
homefurnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
andindependent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq. at Wilmer
Cutler Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at
Young Conaway Stargatt & Taylor LLP are co-counsels to the
Debtors.   Epiq Bankruptcy Solutions is the Debtors' claims
agent.  The Official Committee of Unsecured Creditors has
selected Shumaker, Loop & Kendrick, LLP, as its bankruptcy
counsel and Benesch, Friedlander, Coplan & Aronoff, LLP, as co-
counsel.

The Debtors' latest schedules reflect total assets of
US$41,375,191 and total liabilities of US$54,435,354.


QUAKER FABRIC: Files Schedules of Assets & Liabilities
------------------------------------------------------
Quaker Fabric Corp. and Quaker Fabric Corporation of Fall River
filed with the U.S. Bankruptcy Court for the District of
Delaware, their schedules of assets and liabilities, disclosing:

     Name of Schedule               Assets         Liabilities
     ----------------             -----------      -----------
  A. Real Property              US$18,079,000
  B. Personal Property          US$23,296,191
  C. Property Claimed as
     Exempt
  D. Creditors Holding
     Secured Claims                              US$34,065,746
  E. Creditors Holding
     Unsecured Priority
     Claims                                         US$155,386
  F. Creditors Holding
     Unsecured Non-priority
     Claims                                      US$20,214,222
                                -------------    -------------
     TOTAL                      US$41,375,191    US$54,435,354

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
homefurnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
andindependent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq. at Wilmer
Cutler Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at
Young Conaway Stargatt & Taylor LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions is the Debtors' claims
agent.  The Official Committee of Unsecured Creditors has
selected Shumaker, Loop & Kendrick, LLP, as its bankruptcy
counsel and Benesch, Friedlander, Coplan & Aronoff, LLP, as co-
counsel.  The Debtors had total assets of US$155,243,945 and
total debts of US$60,407,158 as of June 2, 2007.


QUAKER FABRIC: University Management to Collect Receivables
-----------------------------------------------------------
Quaker Fabric Corp. and Quaker Fabric Corporation of Fall River
obtained permission from the U.S. Bankruptcy Court for the
District of Delaware to employ University Management Associates
& Consultant Corporation/Atwell, Curtis & Brooks, Ltd. to
collect their accounts receivable.

The Debtors related that as of Aug. 14, 2007, their accounts
receivable had an aggregate face value of about $4.2 million and
each of which has an individual face value of about $50,000.
The Debtors told the Court that they need to expedite and
maximize the collection of their receivables.  The Debtors
further related that UMAC/ACB's help would result in a faster
and greater liquidation of the Debtors' assets.

The Debtors are expected to pay UMAC/ACB on a weekly basis to a
maximum amount of $210,000 in aggregate.

To the best of the Debtors' knowledge, the firm does not hold or
represent any interest adverse to the Debtors or their estates
and is "disinterested" as the term is defined in Section 101(14)
of the Bankruptcy Code.

The firm can be reached at:

     Paul Rome, President
     University Management Associates & Consultants
     Corp./Atwell, Curtis & Brooks, Ltd.
     223 B Stiger Street, Suite 12
     P.O. Box 913
     Hackettstown, NJ 07840
     Tel: (908) 979-9007
     http://www.umacnj.com/
     http://www.acbltd.com/

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
homefurnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
andindependent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq. at Wilmer
Cutler Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at
Young Conaway Stargatt & Taylor LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions is the Debtors' claims
agent.  The Official Committee of Unsecured Creditors has
selected Shumaker, Loop & Kendrick, LLP, as its bankruptcy
counsel and Benesch, Friedlander, Coplan & Aronoff, LLP, as co-
counsel.

The Debtors' latest schedules reflect total assets of
US$41,375,191 and total liabilities of US$54,435,354.


REMY WORLDWIDE: Taps Huron Consulting as Financial Consultant
-------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Huron Consulting Services LLC as their
financial consultants, nunc pro tunc Oct. 8, 2007.

Huron is a firm specializing in, among other things, the
provision of turnaround, crisis management and restructuring
services for public and private companies, lenders, equity
holders and impartial constituents.

As the Debtors' financial consultants, Huron will assist:

   (a) in a number of general accounting department and
       financial reporting matters including SEC reporting,
       preparation of and supporting notes to financial
       statements and acting as the Debtors' liaison with other
       professional firms for the implementation of fresh start
       reporting requirements and related implementation tasks;

   (b) in establishing operations and financial controls and
       maintaining financial and cash flow budgeting;

   (c) leadership with the financial function of the Debtors,
       including assisting the Debtors in strengthening their
       core competencies; and

   (d) with other matters as may be requested by the Debtors.

Huron has assigned one of its directors, Stuart Walker, to work
with the Debtors.  Mr. Walker has over 18 years of experience in
a wide range of financial advisory roles, including turnaround
and crisis manager, merger and acquisition advisor, and interim
chief financial officer, Kerry A. Shiba, the Debtors' senior
vice president and chief financial officer, relates.

Mr. Walker will lead any additional consultants from Huron as
may be necessary in the future.

Mr. Walker will be paid $13,000 per week, prorated on a daily
basis, for services he will render.

The Debtors will pay for services of the other Huron
professionals at these hourly rates:

      Advisory Services:

        Managing Director                 US$680 to US$600
        Director                          US$575 to US$500
        Manager                           US$475 to US$400
        Associates                        US$375 to US$300
        Analysts                          US$275 to US$200

     Project Execution/Support Services:

        Subject Matter Expert             US$300 to US$200
        Project Execution Team Leader     US$175 to US$125
        Project Professional              US$150 to US$105

The Debtors will also reimburse the firm for any necessary out-
of-pocket expenses it incurs.

Huron notes that it received US$24,204 from the Debtors for
professional services it performed and expenses it incurred
related to prepetition activities, through October 8, 2007.

Huron also received a US$100,000 retainer to cover services to
be performed and expenses to be incurred in connection with the
Chapter 11 cases.  After application of the retainer to satisfy
US$28,697 relating to prepetition professional services and
related expenses, Huron says it currently holds the excess
retainer amount of US$71,302 for application toward and payment
of postpetition fees and expenses allowed by the Court.  The
retainer will either be applied to Huron's final invoice or will
be refunded at the conclusion of the engagement.

Huron will be responsible for the overall management, hiring,
and compensation of all consultants to be provided to the
Debtors and will not be considered employees of the Debtors with
respect to benefits and other employment matters, Mr. Shiba
says.

The Debtors will provide Huron general indemnity.

Michael C. Sullivan, managing director of Huron, assures the
Court that his firm does not have an interest materially adverse
to the interest of the Debtors' estates and thus, is a
"disinterested person" as the term is defined under Section
101(14) of the Bankruptcy Code.

                    About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 5,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


WILLIAMS SCOTSMAN: Completes Merger with Ristretto Group
--------------------------------------------------------
Williams Scotsman International Inc. disclosed the consummation
of the merger of Ristretto Acquisition Corp., a wholly owned
subsidiary of Ristretto Group S.a.r.l. (the parent company of
Algeco), with and into Williams Scotsman, with Williams Scotsman
being the surviving corporation.  The merger was completed
pursuant to the Agreement and Plan of Merger, dated as of
July 18, 2007, by and among Ristretto Group, Ristretto
Acquisition, Ristretto Holdings SCA and Williams Scotsman.  As a
result of the merger, the former stockholders of Williams
Scotsman, are entitled to receive US$28.25 per share of Williams
Scotsman common stock in cash without interest.

It is expected that Gerry Holthaus, currently Chairman and Chief
Executive Officer of Williams Scotsman, will remain Chief
Executive Officer of Williams Scotsman and also become the
Chairman and Chief Executive Officer of Ristretto, Algeco's
parent company, upon completion of the acquisition, responsible
for all operations of the combined company.  Bruno Roqueplo will
remain Chief Executive Officer of Algeco, reporting to Gerry
Holthaus.

On Oct. 29, 2007, Williams Scotsman's stockholders voted to
adopt the Agreement and Plan of Merger by and among Ristretto
Group, Ristretto Acquisition, Ristretto Holdings and Williams
Scotsman International, Inc.

Williams Scotsman also disclosed that its wholly-owned
subsidiary, Williams Scotsman, Inc., has completed a redemption
of all of its outstanding 8-1/2% Senior Notes Due 2015 (CUSIP
Number US96949VAK98).  In accordance with the terms of the
indenture governing the notes, the outstanding aggregate
principal amount of US$450 million was redeemed for a total of
US$518 million in cash, which includes an early redemption
premium and accrued interest.

                        About Algeco

Algeco is the clear leader of the European space rental
industry.  The business operates the largest fleet of rental
accommodation and storage facilities in the world with a total
of approximately 175,000 units including portable restrooms.
Accommodation, storage, and welfare units are available to meet
a comprehensive range of requirements and can be tailored to
suit customer needs.  The group serves customers in;
Construction & Infrastructure, Industry, Services and
Administration.  Algeco operates in 13 countries; France, UK,
Spain, Germany, Portugal, Italy, Belgium, Poland, Czech,
Romania, Finland, Slovakia and Luxembourg.

                   About Williams Scotsman

Headquartered in Baltimore, Maryland, Williams Scotsman
International, Inc. (NASDAQ:WLSC) the parent company of Williams
Scotsman, Inc., provides mobile and modular space solutions for
the construction, education, commercial, healthcare and
government markets.  The company serves over 25,000 customers,
operating a fleet of over 100,000 modular space and storage
units that are leased through a network of 86 locations
throughout North America.  Williams Scotsman provides delivery,
installation, and other services, and sells new and used mobile
office products.  Williams Scotsman also manages large modular
building projects from concept to completion. Williams Scotsman
has operations in the United States, Canada, Mexico, and Spain.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 2, 2007, Moody's Investors Service withdrew all ratings on
Williams Scotsman, Inc. upon the announcement of the completion
of the merger of a subsidiary of Ristretto Group S.a.r.l. with
and into Williams Scotsman International Inc.  As a part of the
transaction, the company has fully redeemed the $450 million
8.5% Senior Notes due 2015.  In addition, the company's $650
million senior secured bank credit facility will be paid-off and
terminated.

Standard & Poor's Ratings Services removed its 'BB-' long-term
corporate credit and other ratings on Williams Scotsman Inc.
from CreditWatch with developing mplications and withdrew all
ratings on the company.  The rating action follows Williams
Scotsman's Oct. 31, 2007, merger with Ristretto Acquisition
Corp.

This concludes the Troubled Company Reporter's coverage of
Williams Scotsman until facts and circumstances, if any, emerge
that demonstrate financial or operational strain or difficulty
at a level sufficient to warrant renewed coverage.




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


PERRY ELLIS: Signs Licensing Pact with Kellwood Company
-------------------------------------------------------
Perry Ellis International Inc. and Kellwood Company have entered
into a licensing agreement for Kellwood Co.'s Kellwood
Distribution Division, the U.S. based marketing arm of Smart
Shirts Ltd., to market a men's dress shirt collection under the
Perry Ellis and Perry Ellis Portfolio brand names.

The new collection will combine Perry Ellis's neo-traditional,
modern classics design with Smart Shirts' proven ability to make
and deliver high quality dress shirts.  The new line will be
available at major department stores and specialty stores
throughout the United States for fall 2008.

"Perry Ellis has a track record of creating fashionable menswear
that marries innovative design with contemporary styling,"
stated Robert C. Skinner, Jr., chairman, president and chief
executive officer of Kellwood Company.  "Combining the brand
power and design excellence of Perry Ellis with Smart Shirts'
manufacturing expertise creates an exciting opportunity for
Kellwood in the men's apparel market."

"By blending our strengths and resources in this new
relationship, we can produce products that will meet and exceed
the expectations of both consumers and retailers," said Michael
Surella, president of Kellwood Distribution Division.  "We are
delighted with our new partnership and the opportunities it
provides."

"We are pleased to join with Kellwood and Smart Shirts to
maximize the Perry Ellis dress shirt business.  Smart Shirts is
one of the largest apparel manufacturers in the world, with
proven capabilities in production and design, which will enable
them to quickly deliver the newest trends and ideas to our
customers.  They exemplify quality and product excellence,
making them an industry leader and the obvious partner for the
iconic Perry Ellis dress shirt," said George Feldenkreis, chief
executive officer of Perry Ellis International.

                       About Kellwood

Kellwood (NYSE:KWD) -- http://www.kellwood.com/-- is a US$2
billion marketer of apparel and consumer soft goods, specializes
in branded as well as private label products, and markets to all
channels of distribution with product specific to a particular
channel.

                   About Smart Shirts Ltd.

Smart Shirts Ltd., a wholly owned subsidiary of Kellwood
Company, is headquartered in Hong Kong with approximately 15
international offices.  The division is a leading menswear
marketer, producing men's sportswear, dress and sport shirts,
sweaters and woven tops. License agreements include Axcess(R),
Claiborne(R), Concepts by Claiborne(R), Nautica(R) and O Oscar,
an Oscar de la Renta Company.

                      About Perry Ellis

Perry Ellis International Inc., based in Miami, Florida,
designs, sources, markets and licenses a portfolio of brands
including Perry Ellis, Jantzen, John Henry, Cubavera,
Munsingwear, Original Penguin and Farah.  The company also
operates 38 retail locations including 3 Original Penguin
locations.  The company has sourcing offices in Indonesia,
India, Korea, Thailand, Peru, Nicaragua, and El Salvador.

                        *     *     *

In October 2006, Moody's Investors Service's confirmed its B1
Corporate Family Rating for Perry Ellis International, Inc., and
its B3 rating on the company's USUS$150 million senior
subordinated notes.

Additionally, Moody's assigned an LGD5 rating to those bonds,
suggesting noteholders will experience a 78% loss in the event
of a default.




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


NEWLAND PROPERTIES: Fitch Assigns Preliminary BB Rating on Notes
----------------------------------------------------------------
Fitch Ratings has assigned a preliminary 'BB' rating to Newland
International Properties, Corp.'s senior secured notes.  Newland
Properties is developing the Trump Ocean Club International
Hotel & Tower, a multi-use tower located on the Punta Pacifica
Peninsula in Panama City, Panama.  Fitch currently rates Panama
'BB+' with a Stable Rating Outlook.

When fully developed, Trump Ocean Club expects to have luxury
accommodations for both permanent residents and tourists alike.
Plans call for 627 residential condo units, 369 hotel-condo
units, a casino, a pier facility, a yacht club, pool decks,
retail shops, gourmet restaurants, a fitness center and spa,
along with a parking garage of more than 1,400 spaces.  All unit
sales within the project benefit from a license agreement signed
by Newland with Trump International.  The target market for
sales focuses on upper-income buyers in the United States,
Canada, Europe and Latin America.

Proceeds from the US$220 million will be used to fund a
construction escrow account, fund a 6-month debt service reserve
account, and repay existing debt.  Final maturity of the notes
is 7 years with a 3.5 year interest-only period and semiannual
payments.

Credit's strengths for this issuance include:

-- Presales amounting to 65% of total expected units have
   already been recorded.  Purchasers pay 30% of the sale price
   at signing with the remaining 70% due in full upon delivery
   of the unit.

-- The development of Trump Ocean Club will be the singular
   focus of Newland and strict covenants are in place
   prohibiting dividends or cash releases to the developer.  The
   incurrence of additional debt will also be limited.  All cash
   collections and payments for operating expenses and
   construction, as well as debt service, will be highly
   regulated by the priority of payments waterfall clearly
   defined in the indenture.

-- A portion of bond proceeds will serve to fund a construction
   escrow account sized to cover the remainder of all remaining
   construction costs.  Draws from this Trustee controlled
   account can only occur after the independent engineer
   provides certification to that all work has been completed
   according to plan and that costs are within budget.  In
   addition, draws from the account must be backed by 125% in
   eligible receivables arising from the sale of units.

Development projects of this scope do contain various risks.
Construction risk represents one of the main risks in addition
to the liquidity concerns that could arise if sales velocity
decreases.  Sales at Trump Ocean Club also are correlated to
global real estate markets.  Fitch believes these risks to be
consistent with the preliminary rating level.  Independent
engineer reports and real estate appraisals were used to
facilitate modeling assumptions, which incorporated down side
analysis regarding property valuations as well as construction
costs.

Newland International Properties Corp. is organized under the
laws of the Republic of Panama.  Newland is a real estate
development company established to develop the "Trump Ocean Club
International Hotel & Tower" in Panama City, Panama.  Trump
Ocean Club is being developed as a multi-use luxury tower,
overlooking the Pacific Ocean, with luxury condominium
residences, a hotel condominium, a limited number of offices,
and premier leisure amenities.  Trump Ocean Club will be located
on the Punta Pacifica Peninsula in Panama City, on about 2.8
acres (11,200 square meters) of land, including about 295 lineal
feet (90 lineal meters) of oceanfront.




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


GENESCO INC: Weak Performance Cues Moody's to Lower Ratings
-----------------------------------------------------------
Moody's Investors Service downgraded Genesco Inc.'s corporate
family and probability of default ratings to B1 from Ba3 and
maintained the review for possible downgrade.  In addition,
Moody's downgraded the company's convertible senior subordinated
debentures to B2 from B1.

The downgrade reflects the company's weaker operating
performance over the first six months of 2007, which has
resulted in deterioration in credit metrics.  In addition, the
downgrade incorporates Moody's expectation that Genesco's
operating performance will continue to be constrained given the
difficult retail environment which makes it highly likely that
credit metrics will weaken further.  The review for possible
downgrade continues due to the disputed merger agreement with
the Finish Line Inc.  The outcome of the pending lawsuit
regarding the acquisition is uncertain.  However, should the
acquisition occur, it will result in a combined capital
structure with higher leverage and significantly weaker credit
metrics.  This action extends the review for possible downgrade
that was initiated on April 20, 2007.

These ratings are downgraded:

   -- Corporate family rating to B1 from Ba3;

   -- Probability of default rating to B1 from Ba3.

   -- US$86 million convertible senior subordinated debentures
      to B2 (LGD5; 73%) from B1 (LGD4; 68%).

Moody's does not rate Genesco's $200 million asset-based
revolving credit facility.

All ratings remain on review for further possible downgrade,
except the LGD assessment of the US$86 million convertible
senior subordinated debentures (LGD5; 73%), which is subject to
change.

The B1 corporate family rating incorporates the company's
current level of weakened credit metrics, as well as Moody's
expectation for a further deterioration in credit metrics.  The
rating is also constrained by both the company's very high
business risk given its narrow product niches and its high
seasonality, with substantially all of its cash flow from
operations being generated during the fourth quarter.

The rating also incorporates the company's national geographic
presence and its reasonable level of profitability, which is in
line with its industry peer group.  The rating is also supported
by the company's size and scale and its pragmatic financial
policies, which include a history of debt financed acquisitions
and adequate liquidity provided by both its internally generated
cash flow and its US$200 million asset based revolving credit
facility.

The review for possible further downgrade reflects the likely
impact of the current disputed merger agreement with Finish
Line.  The outcome of the pending litigation surrounding the
delay and financing of the pending acquisition of Genesco by
Finish Line is currently unknown.  However, should this
transaction be successful it will result in a higher level of
debt and significantly weaker credit metrics.

In addition, the ongoing review reflects the risk that the
ongoing legal battle is a distraction that which could possibly
curtail management's focus on the execution of strategies to
improve Genesco's operating performance.  If the lawsuit is
successful and the transaction closes, Moody's review will focus
on the combined company's capital structure and debt protection
measures post transaction; its financial policies and liquidity;
and its ability to manage its expected higher debt burden.
Should the lawsuit prove to be unsuccessful and the transaction
not close, the review will focus on Genesco's financial profile
and debt protection measures, its operating performance trend,
and liquidity.

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

Genesco has operations in Puerto Rico.


MYLAN INC: Launches Offering of US$1.4 Billion Preferred Stock
--------------------------------------------------------------
Mylan Inc. has launched an offering of approximately US$1.4
billion (1.4 million shares) of mandatory convertible preferred
stock and approximately 40 million shares of common stock
pursuant to a shelf registration statement previously filed with
the Securities and Exchange Commission. These offerings are
separate public offerings by means of separate prospectus
supplements and are not contingent on each other.  Mylan expects
to grant to the underwriters an option to purchase approximately
210,000 additional shares of preferred stock and approximately 6
million shares of common stock, in each case to cover
overallotments.

Mylan stated that the purpose of the offerings is in accordance
with its previously stated objectives. It will use the net
proceeds of the offerings to prepay a portion of the interim
loans that were borrowed to finance in part its acquisition of
Merck KGaA's generics business, which was completed on
Oct. 2, 2007, and related acquisition costs.

Merrill Lynch & Co. and Goldman, Sachs & Co. are acting as joint
book-running lead managers for the preferred stock and common
stock offerings.  Merrill Lynch & Co. is acting as sole global
coordinator for all financings for Mylan.  Co-managers for the
common stock offering are Citi, JPMorgan and Cowen and Company.
Co-managers for the preferred stock offering are Citi, JPMorgan,
Cowen and Company, Banc of America Securities LLC and Mitsubishi
UFJ Securities.

Copies of the preliminary prospectuses related to the offerings
may be obtained from Merrill Lynch & Co., 4 World Financial
Center, New York, NY 10080, Attention: Prospectus Department or
from Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004,
Attention: Prospectus Department.

                         About Mylan

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic
pharmaceuticals, transdermal technology and unit dose packaged
products.  Mylan operates through three principal subsidiaries:
Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier of unit dose
pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.  The company also has a production facility
in Puerto Rico.

                        *     *     *

Moody's Investor Services placed Mylan Laboratories Inc.'s
probability of default and long-term corporate family ratings at
"Ba1" in May 2007.


MYLAN INC: Earns US$149.8 Million for Quarter Ended Sept. 30
------------------------------------------------------------
Mylan Inc. has announced its financial results for the three and
six months ended Sept. 30, 2007.  For the three months, the
company reported GAAP diluted EPS of US$0.60 compared to
adjusted diluted cash EPS of US$0.31.  In the same prior year
period, GAAP diluted EPS and adjusted diluted cash EPS were
US$0.36 and US$0.39, respectively.  For the six months ended
Sept. 30, 2007, GAAP diluted EPS and adjusted diluted cash EPS
were US$0.91 and US$0.82, respectively, both records for the
first six months of any fiscal year.  For the six months ended
Sept. 30, 2006, GAAP and adjusted diluted cash EPS were US$0.71
and US$0.75, respectively.

Robert J. Coury, Mylan's Vice Chairman and Chief Executive
Officer, commented:  "This was an extremely exciting and dynamic
quarter for Mylan.  Not only did we complete the steps necessary
to close on our acquisition of Merck Generics, transforming
Mylan into a true global leader in generic and specialty
pharmaceuticals, but we were also able to deliver strong
quarterly and six month results.  Looking ahead, we expect that
our enhanced scale, geographic footprint, broad product
diversification, and vertical and horizontal integration will
result in both greater potential for growth and greater
stability in our results."

Mr. Coury continued, "I am very pleased to say that we continue
to make progress with our integration of Merck Generics and we
have been operating as one company since our closing on October
2.  Our employees around the world are working tirelessly to
leverage our collective assets and execute on all the
opportunities we identified within the new Mylan.  We are
confident in the power of the platform we have created and are
focused on executing on our strategy and delivering value for
our shareholders."

Mylan has provided adjusted diluted cash EPS which excludes
amortization expense, including that related to the acquisition
of Matrix, and a gain on a deal-contingent foreign currency
option contract which was entered into in order to mitigate
foreign currency risk associated with the Euro-denominated
purchase price related to the acquisition of Merck KGaA's
generic business (Merck Generics).  On Oct. 2, 2007, Mylan
announced it had completed its acquisition of Merck Generics.
Adjusted diluted cash EPS also excludes costs incurred with
respect to certain integration activities related to Merck
Generics in the current year.

Adjusted diluted cash earnings per share is a non-GAAP measure
and is provided in order to enhance investors' and other
readers' understanding and assessment of the company's financial
performance.  A reconciliation of adjusted diluted cash earnings
per share to GAAP diluted earnings per share for both periods
appears below.

Net earnings for the three months ended Sept. 30, 2007, were
US$149.8 million compared to US$77.5 million in the same prior
year period.  Net earnings for the six months ended
Sept. 30, 2007, were US$229.6 million compared to US$153.1
million in the same prior year period.

                       Financial Summary

Net revenues for the quarter ended Sept. 30, 2007, increased by
32% or US$114.6 million to US$472.4 million from US$357.8
million in the same prior year period.  Mylan Segment net
revenues increased by US$34.6 million, while the Matrix Segment
contributed net revenues of US$80.0 million.

This increase in the Mylan Segment was due primarily to products
launched subsequent to Sept. 30, 2006, which contributed net
revenues of US$66.2 million, primarily amlodipine and
oxybutynin.  Fentanyl, Mylan's AB-rated generic alternative to
Duragesic(R), continued to contribute significantly to the
quarterly results, accounting for 15% of Mylan Segment net
revenues despite the entrance into the market of additional
generic competition in August 2007.  As expected, this
additional competition had an unfavorable impact on fentanyl
pricing.

Gross profit for the three months ended Sept. 30, 2007,
increased by 13% or US$25.6 million to US$221.6 million from
US$196.1 million in the same prior year period, while margins
decreased to 46.5% from 53.5%.  Included in gross profit for the
three months ended Sept. 30, 2007 were purchase accounting
adjustments of approximately US$8.1 million, which consisted of
incremental amortization related to the intangible assets
associated with the Matrix acquisition.  Excluding such items,
gross margins were 48.2%.  A significant portion of gross profit
was comprised of fentanyl and new products.  The additional
competition on fentanyl and multiple generic market entrants for
amlodipine both had a negative impact on current quarter
margins.

Earnings from operations decreased US$42.7 million from the same
prior year period to US$91.9 million for the three months ended
Sept. 30, 2007.  The decrease in operating income was driven by
higher overall operating expenses.  Research and development
(R&D) expense increased 48% or US$10.9 million due primarily to
the addition of Matrix.  Selling, general and administrative
(SG&A) expenses for the quarter increased 93% or US$46.7 million
over the comparable period of the prior year.  This increase was
caused by the inclusion of Matrix in the current year, as well
as certain integration expenses incurred related to the
acquisition of Merck Generics, increased payroll and payroll
related costs and increased costs associated primarily with the
company's recent implementation of an ERP system.  Additionally,
the prior year included US$11.5 million with respect to the
favorable settlement of certain litigation.

Other income for the quarter ended Sept. 30, 2007, was US$166.8
million due primarily to a non-cash unrealized gain of US$142.5
million related to the company's deal-contingent foreign
currency option contract related to the Merck Generics
acquisition, as well as an increase in interest and dividend
income.

Interest expense for the current quarter was US$23.1 million
compared to US$10.4 million in the same prior year period.  The
increase is the result of additional debt incurred to fund a
portion of the Matrix acquisition, debt assumed in the Matrix
acquisition and the issuance of the Convertible Notes in March
of 2007.

Net revenues for the six months ended Sept. 30, 2007, increased
by 44% or US$308.6 million to US$1.0 billion from US$706.6
million in the same prior year period.  Mylan Segment net
revenues increased by US$137.2 million to US$843.8 million,
while the Matrix Segment had net revenues of US$171.4 million.

This increase in the Mylan Segment was due primarily to products
launched subsequent to Sept. 30, 2006, which contributed net
revenues of US$189.2 million, primarily amlodipine and
oxybutynin. Partially offsetting the increase from new products
was unfavorable pricing as a result of additional generic
competition on certain products in the portfolio, including
fentanyl, as well as pricing pressures resulting from the
continued consolidation among customers in the retail trade.

Gross profit for the six months ended Sept. 30, 2007, increased
by 35% or US$134.0 million to US$518.3 million from US$384.3
million in the same prior year period, while margins decreased
to 50.6% from 53.2%.  Included in gross profit for the six
months ended Sept. 30, 2007 were purchase accounting adjustments
of approximately US$23.0 million, which consisted of incremental
amortization related to the intangible assets and the
amortization of the inventory step-up associated with the Matrix
acquisition.  Excluding such items, gross margins were 52.9%,
which is consistent with the prior year.

Earnings from operations increased US$28.3 million from the same
prior year period to US$280.0 million for the six months ended
Sept. 30, 2007.  This increase is due to the higher gross
profit, partially offset by increased operating expenses.

Similar to the three months ended Sept. 30, 2007, the increase
in operating expenses is due to the inclusion of Matrix as well
as certain integration related expenses incurred related to the
acquisition of Merck Generics, increased payroll and payroll
related costs and increased consulting costs associated
primarily with the company's recent implementation of an ERP
system.

Other income for the six months ended Sept. 30, 2007, was
US$130.5 million due primarily to a gain of US$85.0 million
related to the company's deal-contingent foreign currency option
contract related to the Merck Generics acquisition and an
increase in interest and dividend income.  Interest expense for
the six months ended Sept. 30, 2007 was US$46.0 million.

                 Non-GAAP Financial Measures

Mylan is disclosing non-GAAP financial measures when providing
financial results.  Primarily due to the acquisition of Matrix
and the acquisition of Merck Generics, Mylan believes that an
evaluation of its ongoing operations would be difficult if the
disclosure of its financial results were limited to financial
measures prepared only in accordance with accounting principles
generally accepted in the United States (GAAP).  In addition to
disclosing its financial results determined in accordance with
GAAP, Mylan is disclosing non-GAAP results that exclude items
such as amortization expense and other costs directly associated
with acquisitions in order to enhance investors' and other
readers' understanding and assessment of the company's financial
performance because the company's management uses these measures
internally for forecasting, budgeting and measuring its
operating performance.  Whenever Mylan uses such a non-GAAP
measure, it will provide a reconciliation of non-GAAP financial
measures to the most closely applicable GAAP financial measure.
Investors and other readers are encouraged to review the related
GAAP financial measures and the reconciliation of non-GAAP
measures to their most closely applicable GAAP measure set forth
below and should consider non-GAAP measures only as a supplement
to, not as a substitute for or as a superior measure to,
measures of financial performance prepared in accordance with
GAAP.

                         About Mylan

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic
pharmaceuticals, transdermal technology and unit dose packaged
products.  Mylan operates through three principal subsidiaries:
Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier of unit dose
pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.  The company also has a production facility
in Puerto Rico.

                        *     *     *

Moody's Investor Services placed Mylan Laboratories Inc.'s
probability of default and long-term corporate family ratings at
"Ba1" in May 2007.


PEP BOYS: Selling 34 Properties for US$166.2 Million
----------------------------------------------------
The Pep Boys - Manny, Moe & Jack has agreed to sell, subject to
the satisfaction of certain closing conditions, 34 properties
for an aggregate purchase price of US$166.2 million.

Immediately following the consummation of such sales
transaction, the Company intends to lease such properties back
to be operated as Pep Boys stores, for a lease term of 15 years,
with four five-year options.

The sale is expected to close before the end of November.  The
company expects to utilize the sale proceeds to repay
indebtedness.

Chief Financial Officer Harry Yanowitz said, "We are pleased to
announce this transaction, which represents the first step in
our efforts to monetize our real estate assets and lighten our
balance sheet."

                       About Pep Boys

The Pep Boys - Manny, Moe & Jack (NYSE: PBY) --
http://pepboys.com/-- has 593 stores and more than 6,000
service bays in 36 states and Puerto Rico.  Along with its
vehicle repair and maintenance capabilities, the Company also
serves the commercial auto parts delivery market and is one of
the leading sellers of replacement tires in the United States.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' rating on
Pep Boys-Manny, Moe & Jack's term loan after the company
announced plans to increase the size of the facility by US$120
million to US$320 million.  Proceeds from the additional US$120
million term loan will be used to refinance its convertible
notes which mature in June 2007.  At the same time, the rating
on the US$357.5 million asset-based revolver was raised to 'B+'
from 'B' to properly realign its ratings with the term loan and
to reflect Standard & Poor's increased comfort with the
collateral and terms securing this facility.  The 'B-' corporate
credit and other ratings were affirmed; the outlook is negative.


PULTE HOMES: S&P Downgrades Corporate Credit Rating to BB+
----------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit and senior unsecured debt ratings on Pulte Homes Inc. to
'BB+' from 'BBB-'.  The outlook remains negative.  The ratings
affect approximately US$3.5 billion of senior unsecured notes.

"The downgrades follow recently reported weak results and
anticipate continued challenging market conditions," said credit
analyst James Fielding.  "As a consequence of fewer closings and
sharply lower gross margins, Pulte's EBITDA-based credit metrics
have weakened considerably.  Furthermore, we believe that
Pulte's larger land holdings and concentration in some of the
more troublesome housing markets will lead to further large
inventory impairments and will likely compel the company to seek
relief under the tangible net worth covenant governing its
unsecured line of credit."

Mr. Fielding added that despite the company's credit challenges,
Pulte is more conservatively leveraged than many of its peers,
reported a modest third quarter profit (before noncash charges),
and appears poised to generate considerable free cash flow in
its typically seasonally strong fourth quarter.

The negative outlook acknowledges S&P's expectation that
conditions will remain very challenging in Pulte's primary
housing markets through 2009.  S&P would revise its outlook to
stable if Pulte converts its comparably large backlog to cash,
successfully amends its net worth covenant, and improves
profitability.  However, S&P will lower the ratings further if
the company falls materially short of its cash flow generation
goals and/or continues to generate large impairments that
further erode its equity base.

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




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


NAVIOS MARITIME: Unit Files Amendment to Registration Statement
---------------------------------------------------------------
Navios Maritime Holdings Inc.'s wholly owned subsidiary, Navios
Maritime Partners L.P. has filed an amendment to its
registration statement with the U.S. Securities and Exchange
Commission for an initial public offering of its common units.
The initial public offering price is anticipated to be between
US$19.00 and US$21.00 per common unit.  The Offering is
currently expected to include 10,000,000 common units,
representing a 54.1% limited partner interest, and to increase
to 11,500,000 common units if the underwriters exercise in full
their over-allotment option.  The common units have been
approved for listing on the New York Stock Exchange, subject to
official notice of issuance, under the symbol "NMM."

Merrill Lynch & Co. and J.P. Morgan Securities Inc. will act as
joint book runners and representatives of the underwriters, who
will include Cantor Fitzgerald & Co., S. Goldman Advisors LLC
and DVB Capital Markets LLC.  A written prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, when
available, may be obtained from Merrill Lynch & Co., c/o Merrill
Lynch & Co., Prospectus Department, 4 World Financial Center,
New York, New York 10080, telephone: 212-449-1000 or from J.P.
Morgan Securities Inc. at National Statement Processing,
Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn
11245.

Navios Maritime Partners L.P., a Marshall Islands limited
partnership recently formed by Navios, will be an international
owner and operator of drybulk vessels.

              About Navios Maritime Holdings Inc.

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
Apr. 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, 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%


* URUGUAY: Botnia Pulp Mill Operations Delayed for a Week
---------------------------------------------------------
A pulp mill owned by the Oy Metsa-Botnia AB consortium, which is
made up of a group of Finnish investors, located at the river
bordering Uruguay and Argentina, has gotten regulatory approval
from the Uruguayan Environment Minister Mariano Arana to start
operating after the Ibero-Summit in Chile is concluded, various
reports say.

The US$1.2 billion mill is expected to create 600 jobs and boost
Uruguay's exports by 15%, the Associated Press says.  Reuters
adds that the mill's output is projected at 3,000 tons of pulp
per day.

The mill, the biggest-ever project in Uruguay's history, has
been the subject of a long-standing dispute between the
neighboring countries.  The Argentine government and
environmental groups are protesting the mills' alleged adverse
effect on marine life at their river border.  Uruguay argued
that studies have confirmed the safety of the river habitat and
measures have been taken to ensure that the mills won't pollute
the river.

Argentina also claims Uruguay violated the 1975 Statute of the
River Uruguay, which states that all issues concerning the river
must be agreed upon by the two nations.  The matter has been
brought to the International Court of Justice at The Hague.  A
preliminary ruling was issued in favor of Uruguay, resulting to
the completion of the mill's construction.

Analysts quoted by Prensa Latina are all in agreement that this
latest development will provoke another series of protests from
Argentina.

                     Spain's Mediation

King Carlos of Spain has been facilitating a mediation talk
between Argentina and Uruguay.  A conciliatory talk during the
Ibero summit, attended by the Spanish sovereign in Chile this
week, is expected to produce positive results.

The mill has been ready to start operations since October but
postponed the launching in consideration of Argentina's
elections.  The additional week-long delay is in response to a
request from Spain's monarch, Merco Press says, citing Uruguay's
environment minister.

The Buenos Aires Herald applauds Uruguay's decision to postpone
the mill's operations until after the conference.  The report
suggests that Uruguay can use the delay as an opportunity to
make Spain look good, and to afford Argentina a face-saving
formula of joint monitoring.

                        *     *     *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018, at 'B+'.




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


CHRYSLER LLC: Overall October 2007 U.S. Sales Down 9%
-----------------------------------------------------
Chrysler LLC reported U.S. sales for October 2007 of 145,316
units; down 9% compared to October 2006 with 159,586 units sold.

"Growing concerns about the housing slump are showing up in
consumers' expectations about future economic conditions as auto
sales for the month of October continue below trend levels,"
Darryl Jackson, Vice President - U.S. Sales, said.  "Today's
company announcement on product changes reflects our customer-
driven philosophy and current market conditions."

Chrysler brand car sales were led by Sebring Sedan, which posted
sales of 5,015 units, up 86% versus 2006 and Sebring
Convertible, which finished the month with sales of 1,856 units,
up 837% versus October 2006.  Chrysler Town & Country sales rose
26% to 12,177 units versus October 2006 with 9,668 units.

Jeep(R) brand sales were down 21% year-over-year, driven by
planned fleet reductions.  Jeep Wrangler and Wrangler Unlimited
posted sales of 9,354 units, up 8% versus October 2006.

Dodge brand car sales increased 18% over last year, aided by
steady sales of the Dodge Avenger with 6,268 units delivered.

"Given the competitive market, our approach is to provide
substantial value to our consumers by offering consumer cash and
lease cash on the majority of our 2008 models in November,"
Michael Keegan, Vice President - Volume Planning and Sales
Operations, said.  "We will also introduce 0% APR for 36 months
on 2008 models through the end of the month."

Chrysler finished the month with 469,426 units of inventory, or
an 84-day supply.  Inventory is down by 8% compared to October
2006 when it was at 508,724 units.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 31, 2007, Standard & Poor's Ratings Services 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.

As reported 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 the closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


CHRYSLER LLC: Plans Product & Plant Changes in North America
------------------------------------------------------------
Chrysler LLC disclosed that it would make volume-related
reductions at several of its North American assembly and
powertrain plants, and eliminate four products from its
line-up.

Shifts will be eliminated at five North American assembly plants
which, combined with other volume-related manufacturing actions,
will lead to a reduction of 8,500-10,000 additional hourly jobs
through 2008.

Additional actions include reductions of salaried employment by
1,000 and supplemental (contract) employment by 37%.  The
Company also plans to eliminate hourly and salaried overtime and
reduce purchased services due to reduction in volume.

The volume-related actions are in addition to 13,000 jobs
eliminated by the three-year Recovery and Transformation Plan
announced in February.  The objectives of the RTP remain the
same.

"The market situation has changed dramatically in the eight
months since Chrysler established the Recovery and
Transformation Plan as its blueprint," Bob Nardelli, Chairman
and Chief Executive Officer, said.  "Annual industry volume
(U.S. market) then was running at a 17.2 million clip.  Now, we
expect a seasonally adjusted annual volume for 2007 to be
significantly lower and carry over into 2008."

"We have to move now to adjust the way our company looks and
acts to reflect a smaller market," Tom LaSorda, Vice Chairman
and President, added.  "That means a cost base that is right-
sized and an appropriate level of plant utilization."

Mr. LaSorda added that third-shift operations at assembly plants
usually reflect a high demand after a product is launched.
Three of the five plants affected by this action are the result
of elimination of third shifts -- in Belvidere, Illinois;
Toledo, Ohio, and Brampton, Ontario.

In contract negotiations just concluded with the United Auto
Workers union, Chrysler committed to spending more than
US$15 billion on products, plants and engineering during the
life of the contract through 2011.

The company reported that it will eliminate four models through
2008, including Dodge Magnum, the convertible version of
Chrysler PT Cruiser, Chrysler Pacifica and Chrysler Crossfire.
In the same time frame, Chrysler will add two all-new products
to its portfolio: the Dodge Journey and Dodge Challenger, along
with two new hybrid models, the Chrysler Aspen and Dodge
Durango.

"These actions reflect our new customer-driven philosophy and
allow us to focus our resources on new, more profitable and
appealing products," Jim Press, Vice Chairman and President,
added.  "Further, these product actions are all in response to
dealer requests."

                   Manufacturing Actions

Chrysler will eliminate shifts at five assembly plants, and take
further volume-related actions at several other facilities.  It
will:

   * drop third-shift operations at Belvidere Assembly Plant in
     Illinois in the first quarter 2008.  Belvidere builds the
     Dodge Caliber, Jeep Patriot and Jeep Compass.

   * drop second-shift operations at its Jefferson North
     Assembly Plant in Detroit, Michigan, in the first quarter
     2008.  It's expected that the plant will return to two
     shifts in first quarter 2010 with the introduction of the
     next generation of sport-utility vehicles.  The addition
     of a third shift will remain an option, depending on
     market demand.  Jefferson North builds the Jeep Grand
     Cherokee and Jeep Commander.

   * drop third-shift operations at the Toledo North Assembly
     Plant in Ohio in the first quarter 2008.  Toledo North
     builds the Jeep Liberty and Dodge Nitro.

   * drop third-shift operations at Brampton Assembly Plant in
     Ontario in first quarter 2008.  Brampton will build the
     Chrysler 300, Dodge Charger and Dodge Challenger.  The
     Dodge Magnum will be discontinued.

   * drop second shift operations at Sterling Heights Assembly
     Plant in Michigan in first quarter 2008.  Sterling Heights
     builds the Dodge Avenger and Chrysler Sebring sedans and
     Chrysler Sebring Convertible.

   * in addition, Mack Avenue Engine Plant II in Detroit,
     Michigan, will return to a traditional two-shift/two-crew
     operation in the first quarter 2008 after operating on a
     three-crew, two-shift, 120-hour-per-week (3/2/120)
     schedule.  Mack II builds the 3.7-liter V-6 engine.

"I'm confident that we have the right team in place and a
business plan that doesn't need to be re-written," concluded Mr.
Nardelli.  "Like all good plans, the RTP has built-in
flexibility that allows us to stay one step ahead of market
change. And that is the way to long-term sustained
profitability."

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- produces Chrysler, Jeep(R), Dodge
and Mopar(R) brand vehicles and products.

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 31, 2007, Standard & Poor's Ratings Services 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.

As reported 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 the closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


CITGO PETROLEUM: Will Renovate Corpus Christi Unit Next Year
------------------------------------------------------------
Citgo Petroleum Corporation will begin a 45-day renovation on
the 45,000 barrel per day coking unit at the 156,000 barrel per
day Corpus Christi plant in January 2008, Reuters reports,
citing sources.

The sources told Reuters that two coking drums will be replaced
on the unit.  The coking drums lasted "past their design life."
They must be replaced for safety and reliability.

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

Petroleos de Venezuela is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical, and
coal industry, as well as planning, coordinating, supervising,
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2007, Fitch Ratings affirmed these CITGO Petroleum Corp.
ratings:

   -- Issuer Default Ratings at 'BB';
   -- US$1.15-billion senior secured credit facility at 'BBB-';
   -- US$700-million secured term-loan B at 'BBB-';
   -- Fixed-rate industrial revenue bonds at 'BBB-'.

Fitch says the rating outlook for Citgo Petroleum is stable.

                        *     *     *

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


CMS ENERGY: Fitch Lifts Issuer Default Rating to BB+
----------------------------------------------------
Fitch Ratings upgraded the ratings for CMS Energy Corp. and
Consumers Energy Co. as:

CMS Energy Corp.

   -- Issuer Default Rating to 'BB+' from 'BB-';
   -- Senior Secured Bank Loan to 'BBB-' from 'BB+';
   -- Senior Unsecured Debt to 'BB+' from 'BB-';
   -- Preferred Stock to 'BB' from 'B'.

CMS Energy Trust I

   -- Preferred Stock to 'BB' from 'B'.

Consumers Energy Co.

   -- IDR to 'BBB-' from 'BB+';
   -- Senior Secured Debt to 'BBB+' from 'BBB';
   -- Senior Unsecured Debt to 'BBB' from 'BBB-';
   -- Preferred Stock to 'BBB-' from 'BB+'.

Consumers Financing I

   -- Preferred Stock to 'BBB-' from 'BB+'.

The rating outlook on CMS and Consumers is stable and the Rating
Watch Positive designations have been removed.  CMS and
Consumers were originally placed on Rating Watch Positive on
Aug. 6, 2007.

The new ratings reflect CMS' reduced business risk profile as it
has exited its international businesses and continues to focus
on the utility operations at Consumers.  Favorably, the company
has used portions of the US$1.9 billion proceeds from asset
sales in 2007 to pay down parent company debt and infuse equity
into its utility subsidiary.  CMS has infused US$650 million of
equity into Consumers, and is expected to repay about US$650
million of consolidated debt by year-end 2007.

As a result, consolidated credit metrics and debt leverage are
forecasted to improve in 2008, despite the loss of earnings from
some of the divested assets.  Fitch projects that CMS'
consolidated funds flow interest ratio will improve from 2.9x in
2006 to 3.5x by 2009, and Debt to EBITDA will decline to 4.9x
from 9.9x in the same time period.

Due to improvement at CMS, the new ratings for Consumers are now
more reflective of the utility's standalone credit quality. The
company benefits from sound electric and gas operations, as well
as solid credit metrics, with stable and predictable cash flows.
Operating risk has been reduced with the sale of the Palisades
Nuclear facility earlier this year.  The upgrade considers the
significant capital expenditure program going forward, including
the pending purchase of the Zeeland gas-fired power plant and
plans to build a new 800MW coal plant in Michigan by 2015.
Fitch's rating assumes that the company will not embark on any
large capital investments without first attaining timely
recovery mechanisms for increased expenditures.

The Stable Outlook for CMS takes into account Fitch's
expectation that CMS will benefit from the relatively stable
cash flow generation at Consumers, reduce parent debt levels as
currently contemplated, and maintain a disciplined approach to
its re-established dividend policy.  The outlook for Consumers
reflects Fitch's assumption that the regulatory environment in
Michigan will continue to be relatively constructive, even with
the recent appointment of two new Commissioners, and that the
utility will receive a reasonable outcome to its pending
electric rate case.  Consumers filed for a US$157 million rate
increase in August 2007, with an 11.25% authorized return on
equity.  A final order is expected by the second quarter of
2008.

Headquartered in Jackson, Michigan, CMS Energy Corp. (NYSE: CMS)
-- http://www.cmsenergy.com/-- is a company that has an
electric and natural gas utility, Consumers Energy, as its
primary business and also owns and operates independent power
generation businesses.  The company has offices in Venezuela.


CMS ENERGY: Posts US$100 Million Net Loss for Third Quarter 2007
----------------------------------------------------------------
CMS Energy has reported net income of US$82 million, or US$0.34
per share, for the third quarter of 2007, compared to a reported
net loss of US$103 million, or US$0.47 per share, for the same
quarter of 2006.

The third quarter results include the recognition of US$49
million from a previously received insurance payment related to
a dispute in Argentina.  That payment was subject to certain
contingencies that have been removed, allowing the company to
recognize the proceeds in net income.

For the first nine months of 2007, CMS Energy reported a net
loss of US$100 million, or US$0.45 per share, compared to a net
loss of US$58 million, or US$0.26 per share, for the first nine
months of 2006.  The 2007 nine-month results include a loss of
US$242 million, or US$1.09 per share, primarily linked to sales
of the company's international businesses, including
discontinued operations.

The company's adjusted (non-Generally Accepted Accounting
Principles) third quarter net income, which excludes asset
impairment charges, the Argentina dispute insurance payment, and
other items, was US$32 million, or US$0.13 per share, compared
to adjusted net income of US$30 million, or US$0.13 per share,
for the third quarter of 2006.

For the first nine months of 2007, the company had adjusted net
income of US$142 million, or US$0.64 per share, compared to
adjusted net income of US$41 million, or US$0.18 per share for
the first nine months of 2006.  Without the adverse effect of
mark-to-market adjustments largely due to the company's former
interest in the Midland Cogeneration Venture and discontinued
operations primarily linked to sales of international
businesses, the 2006 adjusted nine-month results would have been
US$194 million, or US$0.88 per share, and the 2006 adjusted
third quarter results would have been US$70 million, or US$0.31
per share.

CMS Energy maintained its guidance for 2007 adjusted earnings of
about US$0.80 per share and 2008 adjusted earnings of about
US$1.20 per share.  CMS Energy anticipates that its 2007, and
possibly 2008, reported earnings will be lower than its adjusted
earnings because of the expected effects of asset sales and
other factors.  CMS Energy isn't providing reported earnings
guidance because of those uncertainties.

David Joos, CMS Energy's president and chief executive officer,
said the company has completed its international sales plan and
is continuing to implement its strategy of reducing debt and
investing in its Michigan utility, Consumers Energy.

"We plan to invest US$6 billion in the utility over the next
five years in energy efficiency, renewable energy, environmental
and customer service enhancements and new power generation and
are seeking changes to Michigan's electric deregulation law to
support these investments," Mr. Joos said.  "These major
investments will help us continue to provide safe, clean, and
reliable electric and natural gas service to our customers and
keep rates competitive."

                      About CMS Energy

Headquartered in Jackson, Michigan, CMS Energy Corp. (NYSE: CMS)
-- http://www.cmsenergy.com/-- is a company that has an
electric and natural gas utility, Consumers Energy, as its
primary business and also owns and operates independent power
generation businesses.  The company has offices in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 8, 2007, Fitch placed the ratings of CMS Energy Corp. and
Consumers Energy Co., including CMS Energy Corp.'s 'BB-' Issuer
Default Rating and Consumer Energy Co.'s 'BB+' Issuer Default
Rating, on Rating Watch Positive.

The Rating Watch Positive reflects the continuing reduction of
business risk that resulted from the substantial completion of
the asset sale and restructuring program and the company's plan
to reduce parent debt by US$650 million using a portion of the
US$1.60 billion of proceeds from non-strategic asset sales that
closed in 2007.


HARVEST NATURAL: Chavez Inks Decree To Take Control of Harvest
--------------------------------------------------------------
Venezuelan President Hugo Chavez has signed a decree to formally
take majority control of Harvest Natural Resources Inc.'s
operations in the country, Reuters reports.

Under a conversion contract, Harvest Vinccler, S.C.A., will
transfer its all of its rightst to Petrodelta SA.  Another
affiliate, HNR Finance B.V. will own 40% of the newly formed
Petrodelta, the remainder of which will be owned by state oil
firm Petroleos de Venezuela SA following the signing of the
agreement.

Reuters relates that Petrodelta will develop three new fields as
well as three fields operated by Harvest since 1992.  The fields
Uracoa, Tucupita and Bombal will be operated under a 20-year
grant from the Venezuelan government.

The action follows the nationalization drive during which Chavez
has overseen the takeover of operations owned by foreign oil
companies, utilities and telecommunications companies, Reuters
says.

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging.  Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, California, which operates the South Monagas Unit in
Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 7, 2007, Harvest Natural Resources said in a statement that
it incurred a US$6.5-million loss in the first quarter 2007,
compared to US$13.9-million earnings in the first quarter 2006.

On Dec. 7, 2004, Standard & Poor's Ratings Services withdrew its
single-B ratings on Harvest Natural Resources Inc.  Following
the redemption of the remaining US$85 million of its 2007, the
company has no rated obligations.


HARVEST NATURAL: Says Petrodelta To be Operational in Few Months
----------------------------------------------------------------
Harvest Natural Resources Chief Executive Officer James Edmiston
said in a conference call that Petrodelta, the firm's newly
formed joint venture with Venezuelan state-run oil firm
Petroleos de Venezuela SA, will be operational over the next few
months.

Business News Americas relates that Venezuela's President Hugo
Chavez signed on Oct. 25, 2007, an agreement with Harvest
Natural to create Petrodelta.  Petroleos de Venezuela has a 60%
stake in Petrodelta, while Harvest Natural's 80%-owned Harvest
Vinccler owns 40%.

Mr. Edmiston commented to BNamericas, "We are implanting the
transfer of all administrative and operational activities that
were previously managed by Harvest Vinccler during the
transition period."

Mr. Edmiston told BNamericas that Petrodelta will sign the
contract for the sale of hydrocarbons to Petroleos de Venezuela.

BNamericas notes that after the contract is signed, Petrodelta
will be able to invoice Petroleos de Venezuela for oil and gas
output dating back to 2006.  Petrodelta will then distribute a
dividend to shareholders, which include Harvest Natural.
Petrodelta will also invoice Petroleos de Venezuela for oil and
gas production on a monthly basis, instead of a quarterly basis.
Petroleos de Venezuela will be given two months to pay
Petrodelta.

Mr. Edmiston told BNamericas Petrodelta's short-term business
plan will seek to:

          -- boost oil and gas output,
          -- convert possible reserves to proven reserves,
          -- conduct new exploration, and
          -- increase "synergies" at all scales of the
             operation.

Petrodelta has two workover rigs and one drilling rig under
contract, BNamericas says, citing Mr. Edmiston.

According to BNamericas, Petrodelta is bidding for a second
drilling rig.  It will also start bidding for a third rig next
year.

The report says that oil output in the fourth quarter 2007 would
average 13,500 barrels per day.

Mr. Edmiston told BNamericas that Petrodelta wants to return to
the company's pre-conversion production of 30,000 barrels per
day.  Meanwhile, Harvest Harvest is looking for new
opportunities in and outside the country.  It is keen on
acquiring assets where current production remains a fraction of
the asset's potential.

"We expect further consolidation in the mixed companies to occur
in Venezuela and Petrodelta is well positioned to act as a
consolidator," Mr. Edmiston commented to BNamericas.

                  About Petroleos de Venezuela

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.

                    About Harvest Natural

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging.  Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, California, which operates the South Monagas Unit in
Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 7, 2007, Harvest Natural Resources said in a statement that
it incurred a US$6.5-million loss in the first quarter 2007,
compared to US$13.9-million earnings in the first quarter 2006.

On Dec. 7, 2004, Standard & Poor's Ratings Services withdrew its
single-B ratings on Harvest Natural Resources Inc.  Following
the redemption of the remaining US$85 million of its 2007, the
company has no rated obligations.


PEABODY ENERGY: Completes Spin-Off of Patriot Coal Corporation
--------------------------------------------------------------
Peabody Energy has completed the spin-off of coal assets and
operations in West Virginia and Kentucky to BTU shareholders.
The spin-off was accomplished on Oct. 31, 2007, through a
special dividend of all outstanding shares of Patriot Coal
Corporation, at a ratio of one share of Patriot Coal stock for
every 10 shares of Peabody held.  Patriot trades on the New York
Stock Exchange under the ticker symbol PCX and has 26.6 million
shares outstanding.

"Completing this spin-off was a key element in transforming our
business portfolio," said Peabody Chairman and Chief Executive
Officer Gregory H. Boyce.  "Peabody and Patriot will both
benefit by a distinct business focus and growth opportunities to
build shareholder value.  Peabody remains focused on high-
margin, high-growth markets by expanding globally and building
on our leading U.S. position in the Powder River Basin, Colorado
and the Midwest."

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

                        *     *     *

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


PETROLEOS DE VENEZUELA: Petrodelta Operational in Few Months
------------------------------------------------------------
Petrodelta, Venezuelan state-run oil firm Petroleos de Venezuela
SA's newly formed joint venture with Harvest Natural Resources,
will be operational over the next few months, Harvest Natural
Chief Executive Officer James Edmiston said in a conference
call.

Business News Americas relates that Venezuela's President Hugo
Chavez signed on Oct. 25, 2007, an agreement with Harvest
Natural to create Petrodelta.  Petroleos de Venezuela has a 60%
stake in Petrodelta, while Harvest Natural's 80%-owned Harvest
Vinccler owns 40%.

Mr. Edmiston commented to BNamericas, "We are implanting the
transfer of all administrative and operational activities that
were previously managed by Harvest Vinccler during the
transition period."

Mr. Edmiston told BNamericas that Petrodelta will sign the
contract for the sale of hydrocarbons to Petroleos de Venezuela.

BNamericas notes that after the contract is signed, Petrodelta
will be able to invoice Petroleos de Venezuela for oil and gas
output dating back to 2006.  Petrodelta will then distribute a
dividend to shareholders, which include Harvest Natural.
Petrodelta will also invoice Petroleos de Venezuela for oil and
gas production on a monthly basis, instead of a quarterly basis.
Petroleos de Venezuela will be given two months to pay
Petrodelta.

Mr. Edmiston told BNamericas Petrodelta's short-term business
plan will seek to:

          -- boost oil and gas output,
          -- convert possible reserves to proven reserves,
          -- conduct new exploration, and
          -- increase "synergies" at all scales of the
             operation.

Petrodelta has two workover rigs and one drilling rig under
contract, BNamericas says, citing Mr. Edmiston.

According to BNamericas, Petrodelta is bidding for a second
drilling rig.  It will also start bidding for a third rig next
year.

The report says that oil output in the fourth quarter 2007 would
average 13,500 barrels per day.

Mr. Edmiston told BNamericas that Petrodelta wants to return to
the company's pre-conversion production of 30,000 barrels per
day.  Meanwhile, Harvest Harvest is looking for new
opportunities in and outside the country.  It is keen on
acquiring assets where current production remains a fraction of
the asset's potential.

"We expect further consolidation in the mixed companies to occur
in Venezuela and Petrodelta is well positioned to act as a
consolidator," Mr. Edmiston commented to BNamericas.

                     About Harvest Natural

Harvest Natural Resources, Inc. -- http://www.harvestnr.com/--
is an international oil and gas company that seeks and develops
large resources in countries that others may perceive to be
challenging.  Its producing operations are conducted principally
through the company's 80% owned Venezuelan subsidiary, Harvest
Vinccler, California, which operates the South Monagas Unit in
Venezuela.

                  About Petroleos de Venezuela

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.


TIMKEN COMPANY: Board Declares US$0.17 Per Share Dividend
---------------------------------------------------------
The Timken Company's board of directors has declared a quarterly
cash dividend of 17 cents per share.  The dividend is payable on
Dec. 4, 2007, to shareholders of record as of Nov. 16, 2007.  It
will be the 342nd consecutive dividend paid on the common stock
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.


* VENEZUELA: Disallows Int'l Arbitration of Heavy-Crude Projects
----------------------------------------------------------------
Steven Bodzin at Bloomberg News reports that the Venezuelan
government will prohibit international arbitration in heavy-
crude ventures with Chevron Corp., BP Plc, Total SA, and Statoil
ASA.

The Official Gazette, as cited by Bloomberg, has published that
disputes involving the projects must be solved in Venezuelan
courts, as stated in the contracts governing the ventures.  All
controversies "will be clarified in accordance with the laws of
the Bolivarian Republic of Venezuela and before its
jurisdictional organizations," each contract states, according
to the record of government actions.

Foreign oil firms' assets in the Orinoco oil belt were seized
after they refused a revised joint venture contract with
Petroleos de Venezuela, which transfers majority stakes in the
projects to the state-owned energy company.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 22, 2007, Fitch Ratings revised the rating outlook on
Venezuela's long-term foreign and local currency Issuer Default
Ratings to Negative from Stable.  At the same time, the agency
affirmed the IDRs at 'BB-', the short-term foreign currency
rating at 'B', and the country ceiling at 'BB-'.


* 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    (240.65)      37.24
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     (59.33)      25.19
Telebras-CM RCPT         RCTB30   (149.58)     236.49
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (69.35)      50.29
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 * * *