TCRLA_Public/071107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, November 7, 2007, Vol. 8, Issue 221

                          Headlines

A R G E N T I N A

BALLY TECH: S&P Lifts Corporate Credit & Sr. Debt Ratings to B+
BANCO DE LA PROVINCIA: Pays ARS45.0 Million of Central Bank Debt
BANCO HIPOTECARIO: Reports ARS102.1 Mil. Loss in Third Quarter
BANCO MACRO: Delays US$100-Million Bond Issue for Three Months
BANCO MERCANTIL: S&P Affirms B-/C Counterparty Credit Rating

FLOWER POWER: Seeks for Reorganization OK in Buenos Aires Court
FORD MOTOR: Reaches Tentative National Labor Agreement with UAW
FORD MOTOR: UAW Ford National Council Urges Pact Ratification
GUZMAR SRL: Trustee Verifies Proofs of Claim Until Nov. 16
INVERSIONES Y REPRESENTACIONES: Posts ARS30-Mil. Net Loss in 3Q

POLYMER GROUP: Proposes To Sell Class A Common Shares
RED HAT: Inks Broad Contributor Pact with Sun Microsystems
SUN MICROSYSTEMS: Earns US$89 Million in First Quarter of 2007
SUN MICROSYSTEMS: Inks Broad Contributor Pact with Red Hat


B A H A M A S

COMPLETE RETREATS: Confirmation Hearing Moved to Nov. 28


B E L I Z E

* BELIZE: Inks Oil Concessions Output Sharing Pact w/ Providence


B O L I V I A

INTERMEC TECH: Names Earl Thompson as VP for Printer & Media


B R A Z I L

BANCO BRADESCO: Earns BRL1.9 Billion in 2007 Third Quarter
BLOUNT INT'L: Sells Forestry Division for US$77.3 Million
BR MALLS: Unit Concludes US$175 Million Perpetual Bond Offer
BROWN SHOE: Names Joe Caro as Sr. VP & Chief Information Officer
CA INC: Appoints Marc Stoll as Senior Vice President

CA INC: Taps Pat Gnazzo as General Manager for Public Sector Biz
DELPHI CORP: Postpones Disclosure Statement Hearing
FORD MOTOR: October Sales Up 6% in Canada; Truck Sales Up 15%
FORD MOTOR: S&P Holds B Corporate Credit Rating on Watch
GERDAU AMERISTEEL: 110MM Share Offering To Bring in US$1.35B

GERDAU SA: Diaco Fine-Tuning Deal To Buy Compania Siderurgica

* BRAZIL: Awards Construction Support Ship Contract to Acergy
* BRAZIL: Petrobras Must Stop Encouraging Increased NatGas Usage
* BRAZIL: Petroleo Brasileiro Issues US$1 Bln. in Global Notes


C A Y M A N   I S L A N D S

ALERA PORTFOLIOS: Proofs of Claim Filing Deadline Is Nov. 15
ALUMINA ENTERPRISES: Proofs of Claim Filing Is Until Nov. 15
ASCENDANT STRUCTURED: Proofs of Claim Filing Ends on Nov. 15
AWE LTD.: Proofs of Claim Filing Deadline Is Nov. 15
BATTERY PARK: Proofs of Claim Filing Deadline Is Nov. 15

DE CAPITAL: Proofs of Claim Filing Is Until Nov. 15
GENNAKER II: Proofs of Claim Filing Deadline Is Nov. 15
HSBC TURKEY: Proofs of Claim Filing Is Until Nov. 15
LIBERTY HARBOUR: Proofs of Claim Filing Deadline Is Nov. 15
NEXT CAPITAL: Proofs of Claim Filing Is Until Nov. 15

ROCKRIDGE RE: Proofs of Claim Filing Deadline Is Nov. 15
TUSCANY CDO: Proofs of Claim Filing Deadline Is Nov. 15


C H I L E

ARAMARK CORP: Becomes Commissioning Agent in North Carolina
BOSTON SCIENTIFIC: Selling Surgery Units for US$750 Million


C O L O M B I A

BANCO DE BOGOTA: Subsidiary Inks Partnership w/ Global Emerging


E C U A D O R

DOLE FOOD: Court Jury Discounts Injury Claims of 6 Tellez Cases

* ECUADOR: Investing US$300 Mil. Yearly on Hydroelectric Plants


E L   S A L V A D O R

HERBALIFE LTD: Picks Edyta Kurek as VP for East Central Europe
PERRY ELLIS: Signs Licensing Deal with Quicksilver Europe


G U A T E M A L A

BANCO INDUSTRIAL: In Take Over Talks with Banpas
BRITISH AIRWAYS: JP Morgan Keeps Neutral Rating on Firm's Shares


J A M A I C A

NATIONAL COMMERCIAL: Offers Unsecured Credit to Small Companies
NATIONAL WATER: Tries To Restore Hospital Water Supply
NATIONAL WATER: Seeks 40% Increase in Water Tariffs

* JAMAICA: Issuing US$85-Million Bond To Fund 2007-2008 Budget


M E X I C O

ACCELLENT INC: Posts US$8.1 Mil. Net Loss in Qtr. Ended Sept. 30
CINRAM INT'L: Reports US$34.9 Million Net Earnings in Third Qtr.
DANA CORP: To Settle 7,500 Claims for US$2 Million
ICONIX BRAND: Signs Licensing Agreement with Elizabeth Arden
INNOPHOS HOLDINGS: Reports US$5.6 Mil. Third Quarter Net Income

NUANCE COMMS: Completes Vocada Acquisition
QUAKER FABRIC: Benesch Friedlander Okayed as Panel Local Counsel
QUAKER FABRIC: Committee Can Hire BDO Seidman as Accountants
QUAKER FABRIC: Committee Can Hire Shumaker Loop as Counsel
TRIMAS CORPORATION: Brian Campbell Joins Board of Directors


P A N A M A

STARTECH ENVIRONMENTAL: Asks Service Co. To Watch Short Selling


P A R A G U A Y

AGILENT TECH: Develops Genetic Analysis System w/ BioNanomatrix


P E R U

COMVERSE TECH: Delays Financial Filing Due to VSOE Evaluation


P U E R T O   R I C O

ALLIED WASTE: Unit Adds US$110MM Securitized Accounts Receivable
APARTMENT INVESTMENT: Paying US0$.60/Share Dividend on Nov. 30
APARTMENT INVESTMENT: Posts US$2.3 Mil. Third Quarter Net Loss
MUSICLAND HOLDING: Posts US$540,000 Net Loss in September 2007
MUSICLAND HOLDING: Posts US$159,000 Net Loss in August 2007

NBTY INC: Reports US$48 Mil. Net Income in Qtr. Ended Sept. 30
R&G FINANCIAL: Closes US$288-Million Crown Bank Stake Sale
R&G FINANCIAL: Completes Restatement of 2002-2004 Annual Reports
R&G FINANCIAL: Dividend Payments on Pref. Stock & Sec. Approved


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Refutes Reports of Lower Oil Production

* VENEZUELA: Hopes To Curb Inflation Through US$1.5 Bond Issue


                         - - - - -


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


BALLY TECH: S&P Lifts Corporate Credit & Sr. Debt Ratings to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit and senior secured debt ratings on Bally Technologies
Inc. to 'B+' from 'B-'.  Concurrently, S&P revised the
CreditWatch implications to positive from developing.

Since the ratings were initially placed on CreditWatch on
Sept. 9, 2005, several rating actions have occurred.

"Today's upgrade and revision of CreditWatch implications to
positive reflect the company's ability to complete filing all
outstanding financial reports," said S&P's credit analyst Guido
DeAscanis.  In addition, based on company announcements, Bally
Technologies has experienced positive operating momentum over
the past several quarters, and S&P expects this trend to
continue over the intermediate term.  Bally's is a manufacturer
and supplier of casino gaming machines and information systems.

S&P anticipates resolving the CreditWatch listing within the
next several weeks.  This process will cover a discussion with
management about Bally's operational and financial strategies,
including any material weaknesses related to financial
reporting.  Should this result in an upgrade, S&P expects that
it would be limited to one or two notches.

Headquartered in Las Vegas, Nevada, Bally Technologies, Inc.
(NYSE: BYI) -- http://www.BallyTech.com/-- designs,
manufactures, operates, and distributes advanced gaming devices,
systems, and technology solutions worldwide.  Bally's product
line includes reel-spinning slot machines, video slots, wide-
area progressives and Class II lottery and central determination
games and platforms.  Bally Technologies also offers an array of
casino management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China, and India.


BANCO DE LA PROVINCIA: Pays ARS45.0 Million of Central Bank Debt
----------------------------------------------------------------
Banco de la Provincia de Buenos Aires aka Bapro has paid some
ARS45.0 milllion of its central bank debt, the bank said in a
statement.

Business News Americas relates that the payment is the 45th
installment of the "matching repayment plan" the central bank
drafted in 2003.  The debt resulted from "massive liquidity
lines" the central bank provided to 24 banks due to the economic
and financial crisis in 2001 and 2002.

The banks have paid 92.4% of their original central bank debt
since 2005.  Bapro is the only bank still holding the remaining
ARS1.37 billion debt, BNamericas states.

Banco de la Provincia de Buenos Aires is Argentina's oldest
bank.  It is the fifth largest in terms of assets and third in
terms of deposits; by 2002 they were valued at US$3.51 billion
and US$1.57 billion, respectively.  That same year loans were
US$1.79 billion and equity US$311 million.  Banco de la
Provincia's focus is mainly on the province's small- and mid-
sized enterprises and the retail segment.  The bank has some 350
branches throughout Buenos Aires, which represents approximately
40% of Argentina's gross domestic product.

As reported in the Troubled Company Reporter-Latin America on
May 11, 2007, Moody's Investors Service confirmed that it raised
its bank financial strength rating on Banco de la Provincia de
Buenos Aires to E+ from E, in connection with the rating
agency's implementation of its refined joint default analysis
and updated BFSR methodologies for banks in Argentina.  Banco de
la Provincia's Local Currency Deposit Rating was downgraded to
Ba2 from Ba1.  Its Foreign Currency Deposit Rating is affirmed
at Caa1, with positive outlook.  The company's long term
Argentine National Scale Rating for Local Currency Deposits is
downgraded to Aa2.ar from Aaa.ar and its long term Foreign
Currency deposit rating in National Scale is affirmed at Ba1.ar.

Banco de la Provincia de Buenos Aires voluntarily liquidated its
New York Agency, under the provisions of Section (605)11 of the
New York State Banking Law.

The liquidation commenced on April 30, 2007.  Once the wind-up
process is completed, all business with the agency shall be
conducted from Banco de la Provincia de Buenos Aires's home
office and its offices abroad.


BANCO HIPOTECARIO: Reports ARS102.1 Mil. Loss in Third Quarter
--------------------------------------------------------------
Banco Hipotecario Sociedad Anonima has announced Third Quarter
2007 results.

Highlights:

   -- Posts ARS102.1 million of net loss for the quarter.  This
      negative figure for the quarter (first in the last sixteen
      quarters) was influenced by the repricing of certain
      financial assets affected by the international volatility
      experienced throughout the quarter.

   -- Losses for the quarter are mostly explained by the mark-
      to-market of Lebacs and Nobacs held as well as investments
      held in certain government bonds, corporate bonds and
      equity.  A significant portion of the assets exposed to
      market risk was reduced by the end of the quarter and the
      remainder has appreciated with respect to the quarter's
      closing prices.

   -- Financial income from lending to the private sector grew
      14.5% in the quarter and is 43.5% higher than revenues
      from interests from one year ago.

   -- Sound liquidity and equity ratios.  Equity ratio of 25.9%,
      and aggregate liquid assets accounting for 52% of its net
      financial liabilities.

   -- Continued business expansion.  The Bank opened 8 new
      branches and 33 new agencies in the first nine months of
      the year, totaling 94 points of sale (35 branches and 59
      service agencies).

   -- BH ranks tenth in terms of assets, fourth in terms of
      household financing and second in terms of net worth in
      the local financial system.

Headquartered in Buenos Aires, Argentina, Banco Hipotecario SA
-- http://www.hipotecario.com.ar-- is an Argentinean commercial
bank and specialty mortgage provider.  Banco Hipotecario'
business lines include credit lines for consumers, short-term
financing for exporting companies, factoring services, deposit
accounts, purchase and sale of foreign currency, custodial
services, safe deposit box rentals, payroll bank accounts,
securities brokerage services and sales of insurance through
authorized agents and companies.  The bank launched this new
series of products and services as an alternative to its
mortgage loans business, which as a result of the economic
crisis, came to a temporary halt in 2002.  In late 2003, and in
the light of the favorable trends shown by economic variables,
Banco Hipotecario started to offer new housing mortgage loans.
The bank's subsidiaries consist of BHN Sociedad de Inversion
Sociedad Anonima.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Moody's Investors Service assigned a Ba1 global
local currency debt rating to Banco Hipotecario's US$200 million
senior unsecured Argentine peso-linked notes, which are due in
2010.  Moody's also assigned a Aa1.ar local currency rating in
the Argentine national scale to the notes.  Moody's said the
outlooks on the ratings are stable.


BANCO MACRO: Delays US$100-Million Bond Issue for Three Months
--------------------------------------------------------------
Banco Macro said in a filing with the Argentine stock exchange
that it will postpone for three months its planned US$100-
million bond issue due 2014 due to financial turmoil in global
markets.

Banco Macro said in a statement, "Taking into account the
foreign capital market's current situation, the bank has again
decided to extend the period to present expressions of interest
until Feb. 1, 2008."

Business News Americas relates that Banco Macro had delayed the
subscription period ending to Nov. 1, 2007, from Oct. 31, 2007.

According to BNamericas, Banco Macro has the option to raise the
issue up to US$200 million.

Headquartered in Buenos Aires, Argentina, Banco Macro --
http://www.macro.com.ar/-- had consolidated assets of ARS16.8
billion (USUS$5.4 billion) and consolidated deposits of ARS11
billion (USUS$3.5 billion) as of March 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 5, 2007, Moody's Investors Service assigned a Ba1 global
local currency rating to Banco Macro S.A.'s USUS$100 million
senior unsecured Argentine peso-linked notes due 2012, issued
under Macro's existing US$400 million Medium-Term Note Program.


BANCO MERCANTIL: S&P Affirms B-/C Counterparty Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Banco Mercantil Santa Cruz S.A. to stable from negative,
following a similar change in the sovereign outlook on Bolivia,
reflecting the close linkage between the sovereign and financial
system credit quality in Bolivia.

At the same time, S&P affirmed its 'B-/C' local currency
counterparty credit, foreign currency counterparty credit, and
CD ratings on the bank.

"The outlook revision reflects the newly revised outlook on
Bolivia," said S&P's credit analyst Carina Lopez.

The stable outlook on the sovereign ratings reflects the
country's adherence to stable macroeconomic policy and
improvement in key economic and vulnerability indicators.
Political noise is likely to remain high over the coming months
as the Constituent Assembly aims to conclude its work.  However,
S&P expects the policy outlook to remain unchanged, with a
continued focus on a greater role for the state in the economy
amid macroeconomic policy implementation supportive of economic
stability.

The ratings on Banco Mercantil Santa Cruz are conditioned by the
country's still-high sovereign risk.  Nevertheless, despite the
frail operating environment, BM Santa Cruz has shown good
performance, and, at this point, the ratings remain constrained
by the sovereign's creditworthiness.

Banco Mercantil Santa Cruz is the resulting entity of the merger
between Bolivia's second biggest bank Banco Mercantil and Banco
Santa Cruz.


FLOWER POWER: Seeks for Reorganization OK in Buenos Aires Court
---------------------------------------------------------------
Flower Power S.A. has requested for reorganization approval
after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance in Buenos Aires.

The debtor can be reached at:

          Flower Power S.A.
          Honduras 4900
          Buenos Aires, Argentina


FORD MOTOR: Reaches Tentative National Labor Agreement with UAW
---------------------------------------------------------------
Ford Motor Company and the United Auto Workers union have
reached a tentative agreement on a four-year national labor
contract covering approximately 54,000 represented employees in
the United States, according to Joe Laymon, group vice
president, Human Resources and Labor Affairs, Ford Motor
Company.

"I'd like to take this opportunity to thank UAW President Ron
Gettelfinger, UAW Vice President Bob King and the entire UAW
national bargaining committee for all of their hard work and
professionalism over the past several months," Mr. Laymon said.
"I would also like to thank the Ford bargaining team for its
skill and dedication during this complex and challenging set of
negotiations."

The agreement is subject to ratification by UAW members.  It
includes a memorandum of understanding to establish an
independent retiree health care trust.  Following ratification,
implementation of the memorandum of understanding is subject to
approval by the courts and satisfactory review of accounting
treatment with the Securities and Exchange Commission.

Though the parties will not discuss the specifics of the
tentative agreement until after it becomes final, Ford believes
it is fair to its employees and retirees, and paves the way for
Ford to increase its competitiveness in the United States.

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

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

                        *     *     *

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

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

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

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


FORD MOTOR: UAW Ford National Council Urges Pact Ratification
-------------------------------------------------------------
The UAW Ford National Council -- made up of delegates from more
than 55 Ford facilities across the nation -- has voted to
unanimously recommend ratification of the United Auto Workers
union's 2007 tentative agreement with Ford Motor Co.

The Council met Monday to discuss the details of the proposed
agreement with the automaker.

According to a UAW Ford Report, the agreement protects thousands
of UAW Ford jobs and helps maintain U.S. manufacturing bases to
support the communities.  Ford has also agreed to insource more
than 1,500 UAW jobs and to evaluate an additional 1,700 jobs for
insourcing.

As a result of this agreement, several Ford manufacturing
facilities that were previously identified for closure by the
company will remain open.  UAW negotiators were able to bargain
one-year extensions for two plants -- Twin Cities Assembly and
Clevelanf Casting -- slated for closure.

Ford has promised to invest US$200 million in new technology and
equipment in UAW Ford stamping plants, US$20 million in tool and
die plants and investment commitments on powertrain operations.

Under the agreement, economic gains total US$12,904 for a
typical UAW Ford assembler during the four-year agreement.
Gains include a US$3,000 signing bonus, two 3% lump sums and one
4% lump sum.  The agreement also maintains cost of-living
protection formula.  A portion of COLA will be diverted to fund
active and retired health care.

Ford agreed to pay US$15.4 billion for retiree health care,
including US$13.2 billion to establish an independent Voluntary
Employee Beneficiary Association trust.  Ford also contributes
US$2.2 billion in pre-VEBA costs for retiree health care.

After a presentation on the proposed contract and a detailed
question-and-answer session, the council agreed that the
agreement covering tens of thousands of UAW Ford workers and
retirees and their families is worthy of their unanimous
support.

"We're very pleased with the tremendous support the Ford
National Council has given the proposed agreement," UAW
President Ron Gettelfinger said.  "We thank them for their
support of a proposed contract that protects jobs and health
care and provides real gains in economics and benefits."

The proposed agreement was reached Nov. 3 at 3:20 a.m. after a
marathon bargaining session.  UAW members at Ford local unions
will begin contract explanation and ratification meetings this
week; voting will conclude by Monday, Nov. 12.

"Our national negotiators worked some very long hours since July
and crafted an agreement that has a lot of benefits for both
sides," UAW Vice President Bob King, director of the UAW Ford
Department, said.  "This contract will protect our jobs while
helping the company to remain a word-class manufacturer with a
strong base of employment and production here in the United
States."

A full-text copy of the UAW Ford Report summarizing the UAW
agreement with Ford is available for free at
http://ResearchArchives.com/t/s?24d3

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

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

                        *     *     *

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

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

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

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


GUZMAR SRL: Trustee Verifies Proofs of Claim Until Nov. 16
----------------------------------------------------------
Maria Susana Gasparini, the court-appointed trustee for Guzmar
S.R.L.'s reorganization proceeding, verifies creditors' proofs
of claim until Nov. 16, 2007.

Ms. Gasparini will present the validated claims in court as
individual reports on Feb. 15, 2008.  The National Commercial
Court of First Instance in Rio Gallegos, Santa Cruz, 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 Guzmar 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 Guzmar's accounting
and banking records will be submitted in court on April 1, 2007.

The debtor can be reached at:

       Guzmar S.R.L.
       Avenida Roca 952, Rio Gallegos
       Santa Cruz, Argentina

The trustee can be reached at:

       Maria Susana Gasparini
       Entre Rios 231, Rio Gallegos
       Santa Cruz, Argentina


INVERSIONES Y REPRESENTACIONES: Posts ARS30-Mil. Net Loss in 3Q
---------------------------------------------------------------
Inversiones y Representaciones Sociedad Anonima has announces
its results for First quarter fiscal year 2008 ended on
Sept. 30, 2007.

Net income for the three-month period ended Sept. 30, 2007
showed a ARS30.0 million loss or ARS0.64 per GDS, while earnings
per diluted GDS totaled ARS0.57, compared with a gain of ARS15.6
million, or ARS0.36 per GDS (ARS0.31 per diluted GDS) for the
same period the previous year.

Operating income increased 7.6%, from ARS51.3 million in the
first three months of fiscal year 2007 to ARS55.2 million in the
same period of fiscal year 2008, mainly due to higher revenues.

Consolidated sales for the three-month period totaled ARS195.6
million, compared to ARS169.6 million recorded in the same
period the previous year.

Participation of the various segments in net sales was as:
sales and developments, ARS1.2 million; offices and other rental
properties, ARS20.7 million; shopping centers, ARS80.1 million;
hotels, ARS35.3 million; credit cards, ARS58.0 million; and
financial operations and others, ARS0.3 million.

EBITDA for the three-month period ended Sept. 30, 2006 was
ARS84.4 million, 17.7% higher than for the same period of the
previous fiscal year.

                          Highlights

-- Net results for the three-month period ended Sept. 30, 2007
   showed a ARS30.0 million loss compared to a ARS15.6 million
   profit recorded in the same period of fiscal year 2007.
   Rather than a deficiency in operating performance, this
   result reflects the increase in financial expenses and
   results from related company Banco Hipotecario, which did not
   record operating losses either, but rather valuation
   differences resulting from its holdings of certain portfolio
   securities recorded at lower market values.

-- Operating income increased 7.6%, from ARS51.3 million in the
   first three months of fiscal year 2007 to ARS55.2 million in
   the same period of fiscal year 2008, driven by a 15.3%
   increase in revenues, from ARS169.6 million to ARS195.6
   million.  The slower rate of growth of operating income
   compared to revenues was motivated by the review made in the
   acceleration of depreciation rates of fixed assets at the
   closing of fiscal year 2007.  EBITDA amounted to ARS84.4
   million, 17.7% up from the figure recorded in the same period
   of the previous fiscal year, evidencing improved operating
   efficiency.

-- The participation of the different segments in net revenues
   was: sales and developments, ARS1.2 million; offices and
   other lease properties, ARS20.7 million; shopping centers,
   ARS80.1 million; hotels ARS35.3 million; credit cards,
   ARS58.0 million; and financial and other transactions, ARS0.3
   million.

-- The office buildings continue to have full occupancy rates,
   reaching 99.1% during the first three months of fiscal year
   2008 compared to 96.1% in the first three months of the
   previous fiscal year.  Revenues keep rising as a result of
   the addition of new space and the renewal of lease agreements
   at prices more aligned with current market conditions.
   During this quarter IRSA added 15,822 square meters of the
   Building known as Torre BankBoston.

-- The shopping center business continues to grow, as evidenced
   by the year on year increase in revenues from ARS60.8
   million to Ps 80.1 million.  IRSA are also making progress in
   the works on Av. Gral. Paz and Panamericana Highway and the
   startup of the Neuquen project.

-- The Hotels segment has grown from ARS28.6 million to ARS
   35.3 million as a result of the year on year average increase
   in rates from ARS470 to ARS537 and average occupancy rates
   from 68% to 74%.  EBITDA ratios have remained stable in the
   region at 23%.

-- In the Credit Card segment, although revenues increased by
   44%, the EBITDA-revenue ratio fell from 28% to 14% as a
   result of higher financing charges and operating expenses.

-- The Sales and Development segment recorded operating losses
   due to the few transactions closed.  In this quarter, the
   company entered into an agreement with Cyrela Brazil Realty
   to boost business in this segment.

-- After year-end, financial indebtedness of US$ 39 million was
   repaid, and the holders of outstanding Convertible Notes and
   Warrants have exercised the majority of their holdings of
   these securities.

-- On Oct. 10, 2007, the Shareholders' Meeting approved a stock
   capital increase of up to ARS280 million par value through
   the issuance of up to 280 million new shares of common stock.

                         About IRSA

Created in 1943, Inversiones y Representaciones S.A. aka IRSA
(NYSE: IRS) (BCBA: IRSA) is a leading company with activities in
the business of offices, commercial centers and hotels.  It is
the only company in the industry whose shares are listed on the
Bolsa de Comercio de Buenos Aires and The New York Stock
Exchange.  Through its subsidiaries, IRSA manages an expanding
top portfolio of shopping centers and office buildings,
primarily in Buenos Aires.  The company also develops
residential subdivisions and apartments (specializing in high-
rises and loft-style conversions) and owns three luxury hotels.
Additionally, IRSA owns a 11.8% stake in Banco Hipotecario,
Argentina's largest mortgage supplier in the country which
shareholder's equity amounted to ARS2,247.6 million.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 16, 2007,
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Argentina-based real estate company IRSA
Inversiones y Representaciones SA.  S&P also assigned a 'B+'
rating to an issuance of US$150 million 10-year bullet bonds.
S&P said the outlook is stable.


POLYMER GROUP: Proposes To Sell Class A Common Shares
-----------------------------------------------------
Polymer Group, Inc., and selling stockholders consisting
primarily MatlinPatterson Global Opportunities Partners, L.P.
and certain of its affiliates, propose to sell 5,455,000 shares
of the company's Class A Common Stock, consisting of 3,636,000
shares proposed to be sold by the company and 1,819,000 shares
to be sold by the selling shareholders.

Polymer Group will not receive any proceeds from the sale of the
shares by the selling stockholders.  The company intends to use
the proceeds of the shares sold by the company to repay debt
under its existing senior secured credit facility.

Additionally, the company announced that upon the pricing of the
offering, it expects that its Class A Common Stock will be
listed on the New York Stock Exchange and will trade under the
ticker symbol "PGO."

The offering is being made through an underwriting syndicate led
by J.P. Morgan Securities Inc. and Citigroup Global Markets,
Inc.  The other co- managing underwriters are Deutsche Bank
Securities Inc., Robert W. Baird & Co. Incorporated and KeyBanc
Capital Markets Inc.

                     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.


RED HAT: Inks Broad Contributor Pact with Sun Microsystems
----------------------------------------------------------
Red Hat Inc. has signed an agreement with Sun Microsystems to
advance open source Java(TM) software.  Red Hat has signed Sun's
broad contributor agreement that covers participation in all
Sun-led open source projects by all Red Hat engineers.

In addition, Red Hat has signed Sun's OpenJDK Community TCK
License Agreement.  This agreement gives the company access to
the test suite that determines whether an implementation of the
Java Platform Standard Edition (Java SE) platform that is
derived from the OpenJDK project complies with the Java SE 6
specification.

Red Hat is the first major software vendor to license the Java
SE Technology Compatibility Kit (TCK), in support of Java SE
compatibility.  To help foster innovation and advancement of the
Java technology ecosystem, Red Hat will also share its
developers' contributions with Sun as part of the OpenJDK
community.  These agreements pave the way for Red Hat to create
a fully compatible, open source Java Development Kit (JDK) for
Red Hat Enterprise Linux, including the Java Runtime Environment
(JRE).

As a contributor, Red Hat will have full access to the OpenJDK
code base as well as the Java SE 6 TCK to eventually deliver a
JRE for Red Hat Enterprise Linux that would significantly
enhance Java software applications.  Red Hat customers will
benefit from a highly optimized, accelerated runtime for JBoss
Enterprise Middleware in a Linux environment.

"Red Hat fully supports Sun's courageous decision to open source
Java technology.  After more than 10 years of continuous
leadership, the Java technology ecosystem will enter an era of
accelerated innovation and benefit from extreme pervasiveness on
a wide range of environments," said Sacha Labourey, CTO of
JBoss, a division of Red Hat.  "Through these strategic
agreements, Red Hat commits to contribute to the Java platform
and distribute a compatible, open source Java software
implementation."

One of the first benefits of this agreement is tighter alignment
with the IcedTea project, which brings together Fedora and
JBoss.org technologies in a Linux environment.  IcedTea provides
Free Software alternatives for the few remaining proprietary
sections in the OpenJDK project.

Earlier this month, Red Hat Middleware LLC division was re-
elected by program members of the Java Community Process to the
Executive Committee for the Standard/Enterprise Edition.  Red
Hat will serve as a voting member for three years, helping guide
the evolution of Java technologies.  The company currently leads
the Web Beans Expert Group and has made significant
contributions in the past to specifications such as Enterprise
JavaBeans 3.0.

"Sun welcomes Red Hat to the OpenJDK community," said Rich
Green, executive vice president, Software at Sun Microsystems.
"It is a vote of confidence to have Red Hat, a leader in open
source, engaging with the community on such a broad scale.  When
we open-sourced our Java software implementation, we hoped to
see just this kind of collaboration between the GNU/Linux world
and the Java technology ecosystem.  It is gratifying to see the
promise of open-source Java technology coming true with Red
Hat's leadership."

                   About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

                        About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has revised
its outlook on Red Hat Inc. to positive from stable and affirmed
the ratings, including the 'B+' corporate credit rating.


SUN MICROSYSTEMS: Earns US$89 Million in First Quarter of 2007
--------------------------------------------------------------
Sun Microsystems Inc. reported financial results for its fiscal
first quarter, which ended Sept. 30, 2007.

Revenues for the first quarter of fiscal 2008 were US$3.219
billion, an increase of approximately 1% as compared with
US$3.189 billion for the first quarter of fiscal 2007.  Total
gross margin as a percent of revenues was 48.5, an increase of
5.0 percentage points, as compared with the first quarter of
fiscal 2007.

Net income for the first quarter of fiscal 2008 on a GAAP basis
was US$89 million as compared with a net loss of US$56 million
for the first quarter of fiscal 2007.  GAAP net income for the
first quarter of fiscal 2008 includes a US$113 million
restructuring charge.

Cash generated from operations for the first quarter of fiscal
2008 was US$574 million, and cash and marketable debt securities
balance at the end of the quarter was US$5.193 billion.

"We showed continued execution and operating discipline and
delivered a very solid first quarter with continued revenue
growth, profitability and gross margin expansion," said Jonathan
Schwartz, CEO of Sun Microsystems.  "We saw particular strength
in our high-end systems lineup, good growth in our subscription-
based identity management software offerings, and even more
adoption and momentum behind the award-winning open source
SolarisTM 10 Operating System and our virtualization offerings.
Growth remains our top priority for fiscal 2008 as we look to
capitalize on our UltraSPARC(R) T2 servers, delivering
outstanding Solaris and Linux performance with extreme energy
efficiency."

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                        *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


SUN MICROSYSTEMS: Inks Broad Contributor Pact with Red Hat
----------------------------------------------------------
Red Hat Inc. has signed an agreement with Sun Microsystems to
advance open source Java(TM) software.  Red Hat has signed Sun's
broad contributor agreement that covers participation in all
Sun-led open source projects by all Red Hat engineers.

In addition, Red Hat has signed Sun's OpenJDK Community TCK
License Agreement.  This agreement gives the company access to
the test suite that determines whether an implementation of the
Java Platform Standard Edition (Java SE) platform that is
derived from the OpenJDK project complies with the Java SE 6
specification.

Red Hat is the first major software vendor to license the Java
SE Technology Compatibility Kit (TCK), in support of Java SE
compatibility.  To help foster innovation and advancement of the
Java technology ecosystem, Red Hat will also share its
developers' contributions with Sun as part of the OpenJDK
community.  These agreements pave the way for Red Hat to create
a fully compatible, open source Java Development Kit (JDK) for
Red Hat Enterprise Linux, including the Java Runtime Environment
(JRE).

As a contributor, Red Hat will have full access to the OpenJDK
code base as well as the Java SE 6 TCK to eventually deliver a
JRE for Red Hat Enterprise Linux that would significantly
enhance Java software applications.  Red Hat customers will
benefit from a highly optimized, accelerated runtime for JBoss
Enterprise Middleware in a Linux environment.

"Red Hat fully supports Sun's courageous decision to open source
Java technology.  After more than 10 years of continuous
leadership, the Java technology ecosystem will enter an era of
accelerated innovation and benefit from extreme pervasiveness on
a wide range of environments," said Sacha Labourey, CTO of
JBoss, a division of Red Hat.  "Through these strategic
agreements, Red Hat commits to contribute to the Java platform
and distribute a compatible, open source Java software
implementation."

One of the first benefits of this agreement is tighter alignment
with the IcedTea project, which brings together Fedora and
JBoss.org technologies in a Linux environment.  IcedTea provides
Free Software alternatives for the few remaining proprietary
sections in the OpenJDK project.

Earlier this month, Red Hat Middleware LLC division was re-
elected by program members of the Java Community Process to the
Executive Committee for the Standard/Enterprise Edition.  Red
Hat will serve as a voting member for three years, helping guide
the evolution of Java technologies.  The company currently leads
the Web Beans Expert Group and has made significant
contributions in the past to specifications such as Enterprise
JavaBeans 3.0.

"Sun welcomes Red Hat to the OpenJDK community," said Rich
Green, executive vice president, Software at Sun Microsystems.
"It is a vote of confidence to have Red Hat, a leader in open
source, engaging with the community on such a broad scale.  When
we open-sourced our Java software implementation, we hoped to
see just this kind of collaboration between the GNU/Linux world
and the Java technology ecosystem.  It is gratifying to see the
promise of open-source Java technology coming true with Red
Hat's leadership."

                        About Red Hat

Headquartered in Raleigh, North Carolina Red Hat, Inc. --
http://www.redhat.com/-- is an open source and Linux provider.
Red Hat provides operating system software along with
middleware, applications and management solutions.  Red Hat also
offers support, training, and consulting services to its
customers worldwide and through top-tier partnerships.

The company has offices in Singapore, Germany, and Argentina,
among others.

                   About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                        *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.




=============
B A H A M A S
=============


COMPLETE RETREATS: Confirmation Hearing Moved to Nov. 28
--------------------------------------------------------
At the status conference held Oct. 16, 2007, the U.S. Bankruptcy
Court for the District of Connecticut adjourned the hearing to
consider Complete Retreats, LLC, and its debtor-affiliates'
Modified First Amended Plan of Liquidation originally scheduled
to Nov. 28, 2007, at 10:00 a.m. (Prevailing Eastern Time).

A full-text copy of the Debtors' First Amended Joint Plan of
Liquidation is available for free at:

              http://ResearchArchives.com/t/s?22ba

A full-text copy of the First Amended Disclosure Statement is
available for free at http://ResearchArchives.com/t/s?22bb

Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses.  In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members.

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of US$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No. 35; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




===========
B E L I Z E
===========


* BELIZE: Inks Oil Concessions Output Sharing Pact w/ Providence
----------------------------------------------------------------
The Belizean government has signed an oil concessions production
sharing accord with U.S. firm Providence Energy Group's local
unit, Providence Energy Belize, Business News Americas reports.

According to Providence Energy Belize's statement, the
production sharing agreement involves 531 square miles of near
and offshore concessions.  The accord extends up to eight years
for exploration.  The contract maintains that every discovered
oilfield has a 25-year contractual life.

Providence Energy Group Chief Executive Officer Scott Bayless
commented to BNamericas, "They [the concessions] are
strategically positioned in southern Belize where we believe a
major oil migration path extends from southern Mexico and the
subduction zone, through Guatemala, into Belize."

A Providence Energy Group official told BNamericas that the
Belizean subsidiary "was granted concessions for block 11, as
well as near and offshore portions of block 12."

"The company [Providence Energy Belize] plans to conduct
gravity, magnetic and seismic surveys over our concession blocks
throughout 2008-2009.  We are aggressively working to put
together a data room to invite and host potential strategic
partners, joint ventures, and farm-in opportunities," the
official commented to BNamericas.

                   About Providence Energy

Providence Energy Corporation is a distributor and marketer of
natural gas, heating oil, and petroleum products as well as a
marketer of electricity and energy services in the US.  The
company organizes its activities into two major operations.  The
company's regulated operations consists primarily of natural gas
sales and distribution to residential, commercial, and
industrial customers.  Its non-regulated operations consists of
heating oil, motor oil, and gas commodity sales to residential,
commercial, and industrial customers and other energy management
projects, which include project development fees.  The company
is the parent of two wholly-owned natural gas distribution
utilities, The Providence Gas Company and North Attleboro Gas
Company

                       *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 22, 2007, Standard & Poor's Ratings Services raised its
long- and short-term foreign currency sovereign credit ratings
on Belize to 'B' from 'SD' following the completion of the
government's debt restructuring.  At the same time, Standard &
Poor's raised its long-term local currency sovereign credit
rating on Belize to 'B' from 'CCC+' and its short-term local
currency sovereign rating to 'B' from 'C'.  The outlooks on both
the long-term foreign and local currency sovereign credit
ratings are stable.  Standard & Poor's also assigned its 'B'
rating to Belize's new US$546.8 million step-up bonds due
Feb. 20, 2029, issued at the conclusion of the debt exchange.
These bonds bear the interest of 4.25% for the first three
years, 6% for years four to five, and 8.5% thereafter, and start
amortizing in 2019.




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


INTERMEC TECH: Names Earl Thompson as VP for Printer & Media
------------------------------------------------------------
Intermec Technologies Inc. has appointed Earl Thompson as Vice
President and General Manager, Printer & Media.

Thompson is an accomplished executive with twenty-four years of
successful domestic and international business experience, with
P&L oversight, marketing, product development, business
development, and strategic planning involving both start-up and
growth organizations.

Thompson was most recently at Agilent Technologies, where he was
vice president and general manager of the Wireless Division
located in Spokane, WA.  Thompson's previous assignments include
assignments in Hong Kong, Beijing and Amsterdam.  He holds an
MBA from Gonzaga University and earned a Bachelor of Science in
Electrical Engineering from Washington State University.

"Our Printer and Media offerings are strategically significant
to our growth and margin expansion initiatives, said Patrick J.
Byrne, President and CEO."  "I'm confident that Earl will be an
outstanding addition to our management team, he has the right
experience and dedication to drive our Printer and Media
strategy, product development, operational efficiencies and
marketing efforts."

                     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.




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


BANCO BRADESCO: Earns BRL1.9 Billion in 2007 Third Quarter
----------------------------------------------------------
Banco Bradesco SA has reported BRL1.9 billion (US$1 billion,
EUR690 million) for the three months ended Sept. 30, 2007,
compared with BRL1.6 billion (US$889 million, EUR614 million) in
the same period in 2006.  Comparable figures were not
immediately available on a per share basis.

The company's revenue rose 7.3% to BRL10.3 billion (US$5.7
billion, EUR3.9 billion) in the third quarter of 2007, up from
BRL9.6 billion (US$5.3 billion, EUR3.7 billion) in 2006 third
quarter.

Bradesco's credit portfolio rose 27% for the quarter compared
with a year ago, rising to BRL140 billion (US$77.8 billion,
EUR53.7 billion) as Brazil's economy continued to expand with
declining interest rates and a strengthening local currency.

Profits for Bradesco, rose 19% in the third quarter, boosted by
a big increase in its loan portfolio amid strong consumer
demand.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Standard & Poor's Ratings Services maintained the
'BB+' ratings on both of Banco Bradesco SA's foreign and local
currency counterparty credit rating, however it changed the
ratings outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-


BLOUNT INT'L: Sells Forestry Division for US$77.3 Million
---------------------------------------------------------
Blount International, Inc. has closed the sale of its Forestry
Division to Caterpillar Forest Products Inc., a wholly owned
subsidiary of Caterpillar Inc.  Blount received consideration of
US$77.3 million for the sale.  Proceeds received upon completion
of the transaction are subject to certain post-closing
adjustments and will be utilized to reduce debt and pay
applicable taxes and transaction fees.

Blount's Forestry Division manufactures and distributes purpose-
built timber harvesting equipment, industrial tractors and
loaders.  The Forestry Division's products are distributed under
the Prentice, Caterpillar and CTR brand names through a network
of equipment dealers that possess leading market positions in
most areas in which they compete.  The Forestry Division
represents approximately 20% and 6% of Blount's revenue and
operating income, respectively.

Since March 2003, Blount and Caterpillar have participated in an
alliance under which Blount manufactures and sells certain
forestry equipment using Caterpillar brand names and provides
marketing and product support for Caterpillar forestry dealers
worldwide.

Blount's Chairman and Chief Executive Officer James Osterman
said, "We will utilize the proceeds from the sale of the
Forestry Division to reduce debt and further sharpen our long-
term focus on growing our Outdoor Products Segment."

The company will recognize a gain on the sale from this
transaction in the fourth quarter of this year.  It is estimated
that the gain on sale will be between US$10 million and US$12
million (US$0.21 and US$0.25 per diluted share).  Net cash
proceeds after payment of taxes and fees are estimated to be
between US$46 million and US$48 million in the fourth quarter.

                  About Blount International

Blount International Inc. (NYSE: BLT) -- http://www.blount.com/
-- is a diversified international company operating in two
principal business segments: Outdoor Products and Industrial and
Power Equipment.

Blount manufactures its products in the United States, Canada,
China, and Brazil, and sells them in more than 100 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 1, 2007, Blount International Inc.'s balance sheet at
Mar. 31, 2007, showed US$447.6 million in total assets and
US$545.9 million in total liabilities, resulting in a US$98.4
million total stockholders' deficit.


BR MALLS: Unit Concludes US$175 Million Perpetual Bond Offer
------------------------------------------------------------
BR MALLS Participacoes S.A subsidiary BRMalls International
Finance Limited concluded a perpetual bond offer in the total
amount of US$175 million subject to quarter interest payment of
9.750% p.y.  The bonds have not been nor shall be registered
under the U.S. Securities Act of 1933, as modified, or the
Securities Act, and were only offered to institutional qualified
investors under the Rule 144/A and to non American investors
outside the United States, except in the jurisdictions where
such offer is prohibited, in accordance to Reg S.  The bonds
will be listed in Luxembourg EuroMTF.

BRMalls Participacoes S.A intends to use the proceeds to: (i)
develop, incorporate and manage new shopping malls, (ii) acquire
additional interests in the shopping malls in ownership
portfolio, (iii) acquire malls owned by third parties, (iv)
expand existing malls in ownership portfolio and (v) repayment
of debt.

                       About BR Malls

BR Malls Participacoes SA is an integrated Shopping Mall company
in Brazil.  The company has stakes in 11 Shopping Centers, 10 of
them in operation and one under construction, totalizing 505,000
square meters of Gross Commercial Area and 396,900 square meters
of Gross Leaseable Area and approximate 2.2 thousand stores.
The company provides management, consulting and leasing services
for 37 Shopping Centers, Commercial and Business Centers,
totalizing 981,000 square meters of Gross Commercial Area, with
approximate 4,100 stores.  The company's portfolio of shopping
centers has been strategically diversified in its geographic
positioning and in its penetration of income segments.  The
company's principal subsidiaries consist of ECISA Engenharia and
ECISA Participacoes, Egec, Dacom, Sisa, Egec Par and GS, Nattca,
SPE Indianapolis, Deico and other companies.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 24, 2007, Standard & Poor's Ratings Services assigned its
'BB-' long-term corporate credit rating to BR Malls
Participacoes S.A.  S&P said the outlook is stable.  The
company's total debt amounted to US$91 million in March 2007.


BROWN SHOE: Names Joe Caro as Sr. VP & Chief Information Officer
----------------------------------------------------------------
Brown Shoe Company, Inc. has appointed Joe Caro as Senior Vice
President and Chief Information Officer, effective immediately.
In this newly created role, he is responsible for aligning Brown
Shoe's technology strategy with the company's growth plans and
managing a team of technology specialists worldwide.  Mr. Caro
will also play a key role in managing and enhancing technology
for Brown Shoe.

"Our IT infrastructure is critical to serving our customers,
operating efficiently and implementing our plans for growth,"
said Brown Shoe Chief Talent Officer Doug Koch.  "Joe's talent
and experience will add value to our existing framework and
strengthen our platform as we build for the future."

Mr. Caro has a broad range of technology experience and a
successful track record in leveraging technology for business
growth.  He comes to Brown Shoe from CitiGroup, where he served
as Senior Vice President and Chief Technology Officer for the
CitiFinancial International division.  In that role, he was
responsible for developing and managing technology for the
international consumer lending business.  Prior to that, he held
positions with MasterCard (Vice President, Internet Technology
Solutions), Edward Jones (Director, Banking and Online Brokerage
Technology) and Accenture.

Mr. Caro earned a Bachelor of Business Administration degree
from Marshall University and an MBA from Indiana University. He
also serves on the College of Directors for Visitation Academy
in St. Louis.

                      About Brown Shoe

Headquartered in St. Louis, Missouri, Brown Shoe Company, Inc.
-- http://www.brownshoe.com/-- is a US$2.3 billion footwear
company with global operations including Brazil, Italy, China,
Hong Kong, and Taiwan.  The company operates the 900+ store
Famous Footwear chain, which sells brand name shoes for the
family.  It also operates 300+ specialty retail stores in the
U.S. and Canada under the Naturalizer, FX LaSalle and Via Spiga
names, and Shoes.com, the company's e-commerce subsidiary.
Brown Shoe, through its Wholesale divisions, owns and markets
leading footwear brands including Via Spiga, Naturalizer,
LifeStride, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, Bass and Carlos by Carlos Santana for adults,
and Barbie and Disney character footwear for children.

                        *     *     *

As reported in the Troubled Company Reporter on Apr. 3, 2007,
Moody's Investors Service changed the outlook of Brown Shoe
Company, Inc., to positive from stable and affirmed its Ba3
corporate family rating on the company.  Ratings that were
affirmed also include the company's Probability-of-default
rating at Ba3; US$150 Million guaranteed senior unsecured notes
due 2012 at B1, LGD5, 72%; and Speculative Grade Liquidity
Rating at SGL-2.


CA INC: Appoints Marc Stoll as Senior Vice President
----------------------------------------------------
CA Inc. has named Marc Stoll as its senior vice president and
corporate controller, reporting to CA Executive Vice President
and Chief Financial Officer Nancy Cooper.

In addition, Robert Cirabisi, who has served as corporate
controller since July 2005, has been named chief risk officer
and interim head of internal audit, reporting to CA Executive
Vice President, Global Risk and Compliance, and Chief Compliance
Officer Kenneth Handal.

"Marc's focus as corporate controller will be on enhancing the
corporate financial strategy, planning and analysis, and
financial controls for the company worldwide," said Mr. Cooper.

"In his new role, Bob will help to further develop CA's
enterprise risk program." Mr. Handal said.  "Bob will be
leveraging more than seven years of experience at CA in both
finance and investor relations to help the company identify and
manage its most important risks."

Mr. Stoll brings more than fourteen years of experience in the
technology industry to the position of corporate controller.
Since joining CA in 2004, Mr. Stoll has held senior vice
president positions in finance and has had responsibilities for
financial planning and analysis, treasury, tax, business
development and strategic finance.  Prior to joining CA, Mr.
Stoll was vice president of equity research for the technology
sector at Julius Baer Investment Management.  Previously, he
worked at Compaq Computer Corporation progressing from
engineering, to business planning and strategy to the position
of finance manager for Compaq's venture group.  He also served
as a manager of information technology integration at DTE
Energy.

Mr. Stoll earned a Bachelor of Science degree in electrical
engineering, cum laude, from Michigan Technological University
and a master of business administration degree from the
University of Chicago, Graduate School of Business.  He also
attended the graduate school of business international exchange
program at Hong Kong University of Science and Technology.

Mr. Cirabisi joined CA in 2000 in finance before becoming vice
president of investor relations in 2002, and senior vice
president and chief accounting officer in July 2004.  He became
corporate controller in July 2005.  He also served as interim
CFO for three months in 2006.  A Certified Public Accountant,
Mr. Cirabisi has accumulated more than 13 years of public
accounting experience at major U.S. accounting firms.  He earned
a bachelor's degree in public accounting from Hofstra
University.

                          About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.


CA INC: Taps Pat Gnazzo as General Manager for Public Sector Biz
----------------------------------------------------------------
CA Inc. has appointed Pat Gnazzo as its senior vice president
and general manager for its U.S. Public Sector business,
effective immediately.  In this newly created position, Gnazzo
heads up all operations for CA's Federal, State and Local
business including management, administration, and regulatory
matters, as well as government relations.  He reports to George
Fischer, executive vice president and general manager of
Worldwide Sales, and will be located in the Washington D.C.
area.

"Our public sector business continues to be one of the highest
growth areas for CA," said Mr. Fischer.  "Working in partnership
with Mark Thompson, head of North American Sales, Pat will help
us create a best-in-class process to shape and build this very
important and growing market segment.  He understands government
and his expertise in compliance, combined with his deep
knowledge of CA solutions, uniquely positions him to design an
integrated approach to manage projects and contracts that best
address the needs of our government customers."

Mr. Gnazzo was previously senior vice president, business
practices and chief risk and compliance officer for CA.  He
joined the company in 2005 to create its compliance, ethics and
risk program, as well as oversee its government regulatory
compliance, records and information management, business
continuity and privacy programs.

Prior to CA, Mr. Gnazzo held significant positions at United
Technologies Corporation, including chief compliance officer;
vice president for contracts and deputy general counsel at Pratt
Whitney, a division of UTC; vice president and government
liaison, president of United Technologies International; and
vice president for government contracts and compliance.  Mr.
Gnazzo joined UTC in 1981 after serving as the associate general
counsel, chief trial attorney, and director of the U.S.
Department of the Navy's litigation division.

He also has served on the board of directors of the Ethics and
Compliance Officers Association, is former chairman of the
Defense Industry Initiative's working group, and is a frequent
lecturer on ethics and compliance.  Mr. Gnazzo is on the Board
of the Ethics Research Center, Procurement Round Table and on
the Board of Advisors of the National Contract Management
Association.

CA works with 95 percent of U.S. federal agencies and numerous
state and local governments.  CA builds the solutions to better
manage, govern and secure IT to help manage the cost of
government, meet the needs of constituents and serve citizens
effectively.

                          About CA

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.


DELPHI CORP: Postpones Disclosure Statement Hearing
---------------------------------------------------
Delphi Corp. has asked the U.S. Bankruptcy Court for the
Southern District of New York to adjourn until later this month
a hearing currently scheduled for Nov. 8 to consider potential
amendments to its Joint Plan of Reorganization and related
Disclosure Statement as well as a proposed amendment to the
Company's Investment Agreement.

The purpose of the adjournment is to continue discussions with
Delphi's Statutory Committees, both of which filed objections on
Nov. 2 to the Disclosure Statement and Investment Agreement
amendment approval motions, and other stakeholders, some of
which also filed objections.

The adjournment is also required because Delphi does not
currently believe that all of the conditions to the
effectiveness of the Investment Agreement amendment will be
satisfied prior to the scheduled commencement of the Nov. 8
hearing.

Delphi continues to expect that it will emerge from chapter 11
during the first quarter of 2008.

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

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

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

(Delphi Bankruptcy News, Issue No. 94; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


FORD MOTOR: October Sales Up 6% in Canada; Truck Sales Up 15%
-------------------------------------------------------------
Last month, Ford Motor Company of Canada, Ltd., saw overall
sales increase 6.2% to 16,902 units.  Total truck sales were up
15.1% at 13,020 units and car sales of 3,882 units mark a 15.7%
decline compared to last October.

Building on its strong sales in October, Ford of Canada
disclosed it will launch new, money-saving offers this month on
most of its 2007 and 2008 models to encourage buyers to shop in
Canada.

"We hear what people are saying -- they prefer to purchase in
Canada," Bill Osborne, president and CEO, Ford Motor Company of
Canada, Limited, said.  "Our sales numbers show that consumers
continue to buy in Ford showrooms across Canada.  To build on
that momentum, we'll have some exciting news about great offers
coming in November."

From the sporty Ford Escape in the small utility segment, to the
rugged F-Series work trucks, to the versatile Ford Ranger, Ford
of Canada's full spectrum of trucks, saw significant sales
increases in October.  Ford cars were not to be left behind,
with the Ford Focus, led by the newly-redesigned 2008 model, and
Ford Mustang registering sales increases this month of 17.1% and
14.3% respectively.

"With new models like the 2008 Ford Focus featuring the
industry-exclusive Sync technology hitting showrooms now, we are
confident that we can keep growing sales with our competitive
offers," Mr. Osborne said.

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

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


FORD MOTOR: S&P Holds B Corporate Credit Rating on Watch
--------------------------------------------------------
Standard & Poor's Ratings Services' 'B' long-term corporate
credit rating on Ford Motor Co. and Ford Motor Credit Co.
remains on CreditWatch with positive implications, following the
agreement between Ford and the United Auto Workers of a new
labor contract.  Ford's UAW workers are expected to vote on
ratification of the contract in the coming days, and S&P expects
the required approval level to be obtained.  The ratings were
placed on CreditWatch on Sept. 26, 2007, based on S&P's belief
that Ford would reach a deal similar to the one General Motors
Corp. reached with the UAW on that date.  Ford Motor's 'B-3'
short-term rating was not on CreditWatch.

"We expect to view the new Ford contract as favorable compared
with past agreements, and similar to the recent GM and Chrysler
LLC contracts in many ways," said S&P's credit analyst Robert
Schulz, "but Ford's challenges in turning around its North
American auto operations remain substantial."  The new contract
is reported to contain many of the same features as the General
Motors contract, including a new VEBA trust designed to take
responsibility for postretirement health care expenses and a
lower-tier wage structure for new hires.

The main focus of S&P's analysis in resolving the CreditWatch
listing will be the effect of the new contract on Ford's
liquidity in the next several months, as well as prospects for
Ford's cash flow and liquidity during the next two years.  S&P
will view the new contract in light of Ford's multiyear plan to
return its North American operations to profitability, and S&P
will weigh the costs and benefits of the new contract over time,
given the company's workforce and retiree demographics.  All
three Michigan-based automakers are facing a range of challenges
unrelated to their new contracts, including slowing United
States light-vehicle sales and shifts away from what had been
their most profitable vehicle segments in recent years.

                         About Ford

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

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


GERDAU AMERISTEEL: 110MM Share Offering To Bring in US$1.35B
------------------------------------------------------------
Gerdau Ameristeel said in a statement that an offering of 110
million common shares by Gerdau Ameristeel would bring in
US$1.35 billion gross proceeds.

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Gerdau Ameristeel's registration statement became
effective under the U.S. Securities Act of 1933 and that it has
obtained a receipt for a final prospectus from the securities
regulatory authorities in each of the provinces and territories
of Canada in connection with a proposed offering of 110 million
of its common shares.  Gerdau currently owns approximately 66.5%
of the outstanding common shares of Gerdau Ameristeel, and has
agreed to purchase approximately 73 million of the common shares
from Gerdau Ameristeel in the proposed offering.  Immediately
after closing of the offering, Gerdau S.A. will hold
approximately 66.5% or 276.4 million common shares of Gerdau
Ameristeel and intends to hold these common shares for
investment purposes only.  Approximately 37 million common
shares will be distributed to the public through an underwriting
syndicate.  The common shares are being sold in the United
States and Canada at a price of US$12.25 per share.

Net proceeds from the offering will be used to partially pay
loans related to Gerdau Ameristeel's US$4.22-billion acquisition
of US firm Chaparral Steel that closed in September 2007,
Business News Americas relates.

Headquartered in Tampa, Florida, Gerdau Ameristeel Corporation
(NYSE: GNA; TSX: GNA.TO) -- http://www.ameristeel.com/-- is a
mini-mill steel producer in North America.  Through its
vertically integrated network of 17 mini-mills, 17 scrap
recycling facilities and 52 downstream operations, Gerdau
Ameristeel serves customers throughout North America.  The
company's products are sold to steel service centers, steel
fabricators, or directly to original equipment manufactures for
use in a variety of industries, including construction, cellular
and electrical transmission, automotive, mining and equipment
manufacturing.

                        *     *     *

As reported in the Troubled Company Reporter on Oct 1, 2007,
Moody's Investors Service confirmed these ratings on Gerdau
Ameristeel Corporation: (i) 'Ba1' probability of default rating;
(ii) 'Ba1' corporate family rating; and (iii) 'Ba1', LGD4 59%
US$405 million senior unsecured regular bond.  Moody's said the
outlook for all ratings is stable.


GERDAU SA: Diaco Fine-Tuning Deal To Buy Compania Siderurgica
-------------------------------------------------------------
Grupo Gerdau, through its Colombian unit Diaco, is fine-tuning
the details of a deal to buy Compania Siderurgica de la Sabana,
aka Comsisa, Business News Americas reports, citing an official
of Grupo Saber, which owns 50% of Comsisa.

Comsisa's sales and industry manager Yovany Sanabria commented
to BNamericas, "As active players and half owners of Comsisa, we
are selling the plant that manufactures rods and bars.  We are
also forming a strategic alliance in which Gerdau has promised
to supply 7,000 tons per month of bars to our sales branch,
Codiacero."

Mr. Sanabria told BNamericas that with the accord, Diaco's
Colombian production will grow by 780,000 tons of bars produced
at Comsisa.  He didn't mention the cost involved or a deadline.

Comsisa will concentrate on a program to process flat products
which would be ready at the end of the first half of 2008,
BNamericas states, citing Mr. Sanabria.

                        About Comsisa

The Comsisa plant is in Tocancipa in the Cundinamarca
department.  The plant started operations in May 2006 after a
US$40-million investment.  It is fueled by scrap and produces
bars, coils and steel rods.  While Grupo Saber owns 50% of
Comsisa, the Aceros Boyaca-Procesos consortium holds the other
50%.

                       About Gerdau SA

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

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


* BRAZIL: Awards Construction Support Ship Contract to Acergy
-------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA has
"awarded Norwegian oil engineering services company Acergy a
US$140-million contract for the Acergy Harrier construction
support ship," Business News Americas reports.

Acergy said in a statement that the contract lasts for three
years.  It includes an option for an additional three years and
entails the supply of saturation diving services to water depths
of 300 meters for new construction work and inspection,
maintenance and repair work.

                        About Acergy

Acergy is a Norwegian seabed-to-surface engineering and
construction contractor for the offshore oil and gas industry.
It plans, designs, builds, installs, commissions and maintains
oil and gas exploration and extraction facilities throughout the
world.  It runs projects in the major offshore exploration and
production regions, including the North Sea, West Africa, the
Gulf of Mexico and Asia.

                        *     *     *

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


* BRAZIL: Petrobras Must Stop Encouraging Increased NatGas Usage
----------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA head Jose
Sergio Gabrielli told Globonews TV that the country must stop
encouraging increased consumption of natural gas.

Mr. Gabrielli commented to Globonews TV, "We don't think the
current natural gas price in Brazil is in line with alternative
fuel prices.  This encourages natural gas consumption at a time
when it should not be encouraged."

Business News Americas relates that Petroleo Brasileiro cut
natural gas supplies to distributors CEG in Rio de Janeiro and
Comgas in Sao Paulo last week to feed thermo plants.

According to BNamericas, Petroleo Brasileiro's decision affected
natural gas-intensive industries in Rio de Janeiro and Sao Paulo
and gas-fueled cars.  However, a Rio de Janeiro court ordered
the redirecting of natural gas supplies to the state.

The report says that Brazil needs better natural gas regulations
to make contracts more flexible and let Petroleo Brasileio
supply thermo plants and industrial consumers without problems.

Mr. Gabrielli told BNamericas, "The natural gas market is not an
over-the-counter market: you cannot go to a supermarket to
purchase natural gas.  It needs a pipeline, it takes planning,
it involves making production expansions feasible and it takes
distribution mechanisms."

Petroleo Brasileiro is negotiating with gas distributors for
several kinds of supply contracts.  It wants a combination of
company contracts to include a set amount of supply and more
flexible contracts, BNamericas states, citing Mr. Gabrielli.

                        *     *     *

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: Petroleo Brasileiro Issues US$1 Bln. in Global Notes
--------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a
statement that it has issued US$1 billion in global notes due
2018.

Petroleo Brasileiro commented to Business News Americas, "This
bond offering forms part of Petrobras' [Petroleo Brasileiro]
ongoing efforts to access long-term debt capital markets,
refinance prepayments of maturing debt and reduce the cost of
capital."

BNamericas relates that the notes have a 5.875% per annum coupon
and offer a yield to maturity of 6.059%.

Petroleo Brasileiro told BNamericas that interests on the notes
will be paid on March 1 and Sept. 1 of each year, starting in
2008.

Citigroup Global Markets and UBS Securities are the bookrunners
for the offer, BNamericas notes.  Bank Itau Europa assisted in
managing the bond sale.

                        *     *     *

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


ALERA PORTFOLIOS: Proofs of Claim Filing Deadline Is Nov. 15
------------------------------------------------------------
Alera Portfolios SPC's creditors are given until Nov. 15, 2007,
to prove their claims to Jan Neveril and Richard Gordon, 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.

Alera Portfolios' shareholders agreed on Oct. 4, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


ALUMINA ENTERPRISES: Proofs of Claim Filing Is Until Nov. 15
------------------------------------------------------------
Alumina Enterprises Ltd.'s creditors are given until
Nov. 15, 2007, to prove their claims to Phillip Hinds and
Richard Gordon, 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.

Alumina Enterprises' shareholder agreed on Sept. 24, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


ASCENDANT STRUCTURED: Proofs of Claim Filing Ends on Nov. 15
------------------------------------------------------------
Ascendant Structured Credit Opportunity Master Fund, Ltd.'s
creditors are given until Nov. 15, 2007, to prove their claims
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.

Ascendant Structured's shareholder agreed on Oct. 4, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


AWE LTD.: Proofs of Claim Filing Deadline Is Nov. 15
----------------------------------------------------
Awe, Ltd.'s creditors are given until Nov. 15, 2007, to prove
their claims to Helen Allen and Sarah Kennedy, 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.

Awe's shareholders agreed on Sept. 27, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

             Helen Allen
             Sarah Kennedy
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


BATTERY PARK: Proofs of Claim Filing Deadline Is Nov. 15
--------------------------------------------------------
Battery Park Emerging Sovereign Opportunity Master Fund, Ltd.'s
creditors are given until Nov. 15, 2007, to prove their claims
to Stuart K. Sybersma and Ian A. N. Wight, 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.

Battery Park's shareholders agreed on Oct. 1, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

              Stuart K. Sybersma
              Ian A. N. Wight
              Attention: Jessica Turnbull
              Deloitte
              P.O. Box 1787, George Town
              Grand Cayman, Cayman Islands
              Telephone: (345) 949 7500
              Fax: (345) 949 8258


DE CAPITAL: Proofs of Claim Filing Is Until Nov. 15
---------------------------------------------------
De Capital (Cayman) Limited's creditors are given until
Nov. 15, 2007, to prove their claims to Joshua Grant and Daniel
Rewalt, 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.

De Capital's shareholder agreed on Oct. 5, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


GENNAKER II: Proofs of Claim Filing Deadline Is Nov. 15
-------------------------------------------------------
Gennaker II CDO Limited's creditors are given until
Nov. 15, 2007, to prove their claims to Helen Allen and Jan
Neveril, 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.

Gennaker II's shareholders agreed on Sept. 26, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

             Helen Allen
             Jan Neveril
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


HSBC TURKEY: Proofs of Claim Filing Is Until Nov. 15
----------------------------------------------------
HSBC Turkey Finance (No. 1) Limited's creditors are given until
Nov. 15, 2007, to prove their claims to Guy Major 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.

HSBC Turkey's shareholder agreed on Sept. 25, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


LIBERTY HARBOUR: Proofs of Claim Filing Deadline Is Nov. 15
-----------------------------------------------------------
Liberty Harbour CDO Ltd. 2006-1's creditors are given until
Nov. 15, 2007, to prove their claims to Helen Allen and Jan
Neveril, 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.

Liberty Harbour's shareholders agreed on Sept. 26, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

              Helen Allen
              Jan Neveril
              Maples Finance Limited
              P.O. Box 1093, George Town
              Grand Cayman, Cayman Islands


NEXT CAPITAL: Proofs of Claim Filing Is Until Nov. 15
-----------------------------------------------------
Next Capital Holdings, Inc.'s creditors are given until
Nov. 15, 2007, to prove their claims to Richard Gordon and Jan
Neveril, 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.

Next Capital's shareholders agreed on Sept. 27, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


ROCKRIDGE RE: Proofs of Claim Filing Deadline Is Nov. 15
--------------------------------------------------------
Rockridge Re Holdings, Ltd.'s creditors are given until
Nov. 15, 2007, to prove their claims to Richard Gordon and Jan
Neveril, 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.

Rockridge Re's shareholders agreed on Oct. 3, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


TUSCANY CDO: Proofs of Claim Filing Deadline Is Nov. 15
-------------------------------------------------------
Tuscany CDO, Limited's creditors are given until Nov. 15, 2007,
to prove their claims to Hugh Thompson and Jan Neveril, 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.

Tuscany CDO's shareholders agreed on Sept. 28, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

              Hugh Thompson
              Jan Neveril
              Maples Finance Limited
              P.O. Box 1093, George Town
              Grand Cayman, Cayman Islands




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


ARAMARK CORP: Becomes Commissioning Agent in North Carolina
-----------------------------------------------------------
ARAMARK Corp. is now licensed to perform building commissioning
services throughout the state of North Carolina.  As a
commissioning agent, ARAMARK works with architects and
construction teams to verify that new construction facilities
comply with an institution's specifications and goals.  This, in
turn, can help reduce short-term and long-term facility
management costs.

"This announcement allows us to bring valuable facility services
to this region that we have long provided to institutions across
the country," said Ron Mesaros, associate vice president of
technical services for ARAMARK.  "Many clients have already
experienced how ARAMARK's building commissioning can better
ensure their facilities deliver on their quality and cost
expectations.  We are looking forward to providing our full
portfolio of technical services to North Carolina's institutions
and businesses."

In addition to building commissioning, ARAMARK offers
comprehensive facility services and technical services for
higher education institutions, school districts, health care
institutions, and businesses throughout the United States.  Its
portfolio includes energy management program development,
utility procurement analysis and strategies, and utility master
planning.  The company also provides central plant and utility
infrastructure management, electrical and power distribution
management, and building management, as well as building
commissioning and construction management.  The company
maintains more than 1.6 billion square feet of facility space
worldwide.

ARAMARK currently serves several businesses in North Carolina,
including the University of North Carolina, Elon University,
Wake Forest University, North Carolina Baptist Hospital,
Carolinas HealthCare System, and Rizzo Conference Center.  The
company has approximately 6,000 employees in the state.

Headquartered in Philadelphia, Pennsylvania, Aramark Corp.
(NYSE: RMK) -- http://www.aramark.com/-- is a professional
services organization, providing food services, facilities
management, hospitality services, and uniforms and career
apparel to health care institutions, universities and school
districts, stadiums and arenas, businesses, prisons, senior
living facilities, parks and resorts, correctional institutions,
conference centers, convention centers, and public safety
professionals around the world.  Aramark has approximately
240,000 employees serving clients in 20 countries, including
Belgium, Czech Republic, Germany, Ireland, UK, Mexico, Brazil,
Chile, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2007,
Standard & Poor's Ratings Services revised its outlook on
Philadelphia, Pennsylvaniabased ARAMARK Corp. to stable from
negative.  At the same time, Standard & Poor's affirmed its
ratings on ARAMARK, including the 'B+' corporate credit rating.


BOSTON SCIENTIFIC: Selling Surgery Units for US$750 Million
-----------------------------------------------------------
Boston Scientific Corporation has signed a definitive agreement
for the sale of its Cardiac Surgery and Vascular Surgery
businesses to the Getinge Group, a global provider of healthcare
equipment and systems.  The transaction will be for a cash price
of US$750 million and is expected to close within the next 45-90
days, subject to regulatory approvals and customary conditions.
The company announced its intent to sell the Cardiac Surgery and
Vascular Surgery businesses on Aug. 16, as part of its plan to
divest non- strategic assets and increase shareholder value.

Boston Scientific acquired the Cardiac Surgery business in April
2006 as part of the Guidant transaction.  The Cardiac Surgery
business is a leading developer of medical technologies designed
for use in surgical cardiac procedures, including beating-heart
bypass surgery systems and endoscopic vessel harvesting for
coronary bypass surgery.  The business employs approximately 450
people.  Boston Scientific acquired the Vascular Surgery
business in 1995.  The Vascular Surgery business develops
synthetic grafts and patches used to surgically treat vascular
disease, including the repair of abdominal aortic aneurysms and
peripheral vascular anatomy.  The business has approximately 250
employees.  The combined revenues of the two businesses in 2006
were approximately US$275 million.

"Working with the talented employees of the Cardiac Surgery and
Vascular Surgery businesses, our goal is to drive growth and
bring new technologies to these markets, ultimately benefiting
cardiac and vascular surgeons and their patients," said Johan
Malmquist, President and Chief Executive Officer of the Getinge
Group of Stockholm, Sweden.  "We are excited to complement our
existing portfolio with these valuable businesses, each of which
brings leading market positions and impressive product lines."

"This transaction completes a previously announced element of
our plan to divest non-strategic assets, focus on our core
businesses and increase shareholder value," said Jim Tobin,
President and Chief Executive Officer of Boston Scientific.
"We deeply appreciate the contributions our Cardiac Surgery and
Vascular Surgery employees have made to Boston Scientific, our
customers and their patients.  We know they will continue to
serve customers and patients well going forward."

                         About Getinge

The Getinge Group is a leading global provider of equipment and
systems to customers within health care, extended care and
pharmaceutical industries/laboratories.  The Group reported pro
forma revenues of approximately US$2.2 billion in 2006.  The
Group comprises three business areas: Medical Systems (systems
for surgery and intensive care), Infection Control (system
equipment for disinfection and sterilization) and Extended Care
(care ergonomics).  The group currently maintains leading
positions within the majority of the company's product lines.

                   About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Natick, Massachussetts-based Boston Scientific Corp.
(including the 'BB+' corporate credit rating) and removed them
from CreditWatch, where they were placed with negative
implications Aug. 3, 2007.




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


BANCO DE BOGOTA: Subsidiary Inks Partnership w/ Global Emerging
---------------------------------------------------------------
The Global Emerging Markets Group and Fiduciaria Bogota S.A.,
the trust services and asset management subsidiary of Banco de
Bogota and part of the largest banking group in Colombia, have
signed an LOI to form a partnership and jointly raise and
sponsor a US$220 million private equity fund.  The fund will
make growth and expansion capital placements by acquiring either
control or minority interests in small/mid-sized concerns based
in Colombia.  The fund will make investments across industry
sectors and has been dubbed The GEM-Fidubogota Colombia Private
Equity Fund.

"We believe that the significant economic and social progress
made in Colombia, coupled with an opportunity-filled investment
environment and a lack of country specific private equity funds,
will provide investors with opportunities.  We are excited to
announce the launch of the fund," said Julio Marquez, Managing
Director of The Global Emerging Markets Group and head of its
Latin America Practice in New York.

"Fidubogota's partnership with GEM marks an important milestone
in our growth path and we believe that the time is right to
introduce the alternative investments asset class to the
country," added Martha Juliana Silva de Ricaurte, President of
Fidubogota.

The GEM-Fidubogota Colombia Private Equity Fund has engaged
Colombia-based Juan Pablo Ospina to act as fund manager and
oversee day-to-day operations.  Previously, Mr. Ospina was the
Director General of SEAF Colombia, where he structured one of
the first private equity funds in the country.  Julio Marquez,
Javier Saade and Chris Brown, all Managing Directors of The
Global Emerging Markets Group, along with Fidubogota and Juan
Pablo Ospina will be the general partners of the fund.

                    About Global Emerging

Global Emerging Markets Group -- http://gemny.com/-- founded in
1991, is a US$2.7 billion alternative investment group that
manages a diverse set of investment vehicles focused on emerging
markets across the world.  The group has completed over 200
investments in 29 countries.  GEM's investment vehicles provide
the group and its investors with a diversified portfolio of
asset classes that span the global private investing spectrum.

                  About Fiduciaria Bogota

Fidubogota, founded in 1991, is the US$4 billion trust services
and asset management subsidiary of Banco de Bogota. Banco de
Bogota is part of Grupo Aval, the largest financial group in
Colombia. Fidubogota manages 14 retail mutual funds, separately
managed accounts, institutional pension funds and provides trust
and fiduciary services to corporations, endowments, governments,
and other institutional clients in Colombia.

Banco de Bogota, founded in 1870, is the second largest bank in
Colombia.  Grupo Aval holds majority stakes in Banco de Bogota
and two other large banks in the country.

                   About Banco de Bogota

Headquartered in Santa Fe de Bogota, Colombia, Banco de Bogota
-- http://www.bancodebogota.com-- is a private national bank
involved in all activities associated with a commercial banking
institution as regulated by Colombian law.  On a national level,
it also operates through subsidiaries: Corporacion Financiera
Colombiana S.A., an investment bank; Almacenes Generales de
Deposito "Almaviva S.A.", a products supply logistics company;
Sociedad Fiduciaria Bogota "Fidubogota S.A." and Fiduciaria del
Comercio "Fiducomercio S.A.", trust and portfolio investment
companies; Leasing Bogot  S.A., a leasing company; Valores
Bogot  S.A., a provider of brokerage services; and Fondos de
Pensiones y Cesantias Porvenir, a pensions and suspensions
administrator. The Bank operates 275 offices, five corporate
service centers and a banking attention center.  The company
also has affiliates in Panama, Nassau, Miami, and New York.

As reported on June 27, 2007, Moody's Investors Service changed
the outlook to positive from stable on its Ba3 long-term foreign
currency deposit ratings for Bancolombia, S.A and Banco de
Bogota, S.A. following a similar action on Colombia's foreign
currency deposit ceilings.  Additionally, Moody's changed the
outlook to positive from stable on Bancolombia's Ba1 foreign
currency subordinated bonds following a similar action on the
sovereign bond ceiling.  Bancolombia's bond rating remains
constrained and does not pierce the ceiling.  The banks'
financial strength ratings remain unaffected by this action.




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


DOLE FOOD: Court Jury Discounts Injury Claims of 6 Tellez Cases
---------------------------------------------------------------
Dole Food Company Inc. is pleased by the Los Angeles Superior
Court jury verdict in the Tellez case against six of the
plaintiffs.  The jury found that six of the 12 plaintiffs did
not even suffer any injury as a result of their alleged exposure
to the agricultural chemical DBCP on independent banana farms in
Nicaragua nearly 30 years ago.  The jury awarded a total of
approximately US$2.5 million in compensatory damages against
Dole to the remaining six plaintiffs, who claimed they were made
sterile by DBCP.  Dole plans to appeal these six verdicts.  The
jury also found against Dow Chemical Company on these six cases.

"We are happy with the jury's findings as they relate to six of
the twelve hand-picked plaintiffs.  These verdicts send a strong
message that false testimony does not stand up in a court of
law.  Dole has always believed that there is no scientific basis
to support these alleged injuries," said C. Michael Carter,
Dole's executive vice president and general counsel.  "However,
the six verdicts against Dole are flat wrong and the result of
junk science, raw emotional appeals and false testimony.  These
six men were not injured by DBCP or Dole, and it is unjust for
them to be awarded money from us. We are appealing to set the
record straight."

The Facts:

   -- All the independent scientific research demonstrates that,
      to be possibly injured, a man would have to be exposed to
      hundreds of times the amount of DBCP that an agricultural
      worker could possibly receive.  The only possible injury
      caused by exposure to DBCP is male sterility, and even
      that effect can occur only at very high levels of exposure
      over extended periods of time.

   -- Some of the plaintiffs claimed to have been made sterile
      by DBCP even though they were still fertile after they
      left work on the farm.

   -- Some of the other plaintiffs were sterile before they came
      to work on the farm.

   -- Other plaintiffs had become sterile through common causes
      like serious alcoholism and sexually transmitted diseases.

Dole believes there is no reliable scientific basis for alleged
injuries from the agricultural field application of DBCP.

Nevertheless, Dole has consistently demonstrated its willingness
to compensate fairly those male banana workers who meet minimum
criteria consistent with reliable science, as an effort to
resolve disputed claims - scientific research indicates that
DBCP does not have any harmful effects in women.  As in
Honduras, where Dole, worker unions and the Government of
Honduras have implemented a successful worker program to deal
with DBCP claims, Dole is committed to finding a prompt
resolution to DBCP claims in Nicaragua, and is prepared to
discuss a structured worker program with science-based criteria.

Dole is prepared to litigate cases anywhere in the world where
there is a fair and independent judicial process and where
resolution cannot be reached.  Dole will not be intimidated by
ugly accusations, fraudulent claims, junk science, or threats
from U.S. trial lawyers, and is prepared to fully litigate each
and every case.

                       About Dole Food

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut! flowers
segment sources, imports and markets fresh-cut flowers, grown
mainly in Colombia and Ecuador, primarily to wholesale florists
and supermarkets in the U.S.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 31, 2007,
Moody's Investors Service downgraded Dole Food Company Inc.'s
corporate family rating to B2 from B1; probability of default
rating to B2 from B1; senior secured bank credit facilities to
Ba3 from Ba2; senior unsecured notes to Caa1 from B3; and
various shelf registrations to (P)Caa1 from (P)B3.  Moody's said
the outlook is stable.

On Dec. 11, Standard & Poor's Ratings Services lowered its
ratings on Dole Food Co. Inc. and Dole Holding Co. LLC,
including its corporate credit rating! , to 'B' from 'B+'.


* ECUADOR: Investing US$300 Mil. Yearly on Hydroelectric Plants
---------------------------------------------------------------
Ecuadorian power and renewable energy minister Aleksey Mosquera
told Business News Americas that the government will invest some
US$300 million yearly on the construction of new hydroelectric
plants.

According to BNamericas, the investments will be included i a
program to give the government more control over the Ecuadorian
power system.

Minister Mosquera told BNamericas that the money will "come from
the social security fund fed by block 15 oil revenues.  The fund
generates US$50 million a month."

The government says that investments would total US$3.5 billion.
Private firms that win the bidding for the construction of the
dams will help fund projects, BNamericas notes.

The report says that the project list includes eight projects
that will increase capacity by a total of 2.77 giga watts
through 2015.  The largest of those projects is 1.5-giga watt
Coca Codo Sinclair, which would require a US$1.59-billion
investment.  The other projects are:

          -- Sopladora,
          -- Minas Jubones,
          -- Toachi Pilaton,
          -- Chespi,
          -- Baeza,
          -- Quijos, and
          -- Ocana.

BNamericas relates that the first project would be completed in
four years.

According to the report, the Ecuadorian government wants hydro
to be powering the majority of the nation's grid five years from
now.  About of the country's installed capacity comes from
hydro.

Minister Mosquera commented to BNamericas, "We want to go back
to a situation similar to the 1990s, when 80% of power came from
hydroelectric plants.  Since most of country is covered by the
national grid, we'd have fuel left over for export."

BNamericas states that sales revenue from the plants will be
used to pay project contractors.  The government would then take
over the projects.  However, the government still faces a
problem with distributors, whose financial problems keep them
from making new investments.

The government will launch a program to help distributors
recover their financial health.  The government could make
capital injection into the firms, BNamericas reports, citing
Minister Mosquera.

As reported in the Troubled Company Reporter-Latin America on
Nov. 1, 2007, Fitch Ratings affirmed and removed from Rating
Watch Negative the long-term foreign currency Issuer Default
Rating of Ecuador at 'CCC', the country ceiling at 'B-' and the
short-term IDR at 'C'.  The Rating Outlook is Stable.

In addition, the following bond ratings were affirmed:

  -- Uncollateralized foreign currency bonds at 'CCC/RR4';
  -- Collateralized foreign currency Par and Discount Brady
     bonds at 'CCC+/RR3'.




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


HERBALIFE LTD: Picks Edyta Kurek as VP for East Central Europe
--------------------------------------------------------------
Herbalife Ltd. has hired Edyta Kurek as vice president, East
Central Europe, which includes Poland, Hungary, the Czech and
Slovak Republics, and the Baltic States of Latvia, Lithuania,
and Estonia. She will be based in Warsaw.

Ms. Kurek joins Herbalife from Oriflame, a direct-selling
cosmetics company, where she held the position of managing
director of their Polish operations since 2003. During that
time, she helped guide the business to become the company's
third largest country operation, with over 90,000 sales
consultants.

Fluent in Polish, English, and Russian, Kurek has a diverse
background, initially pursuing a career as a nuclear engineer
after graduating with a master's degree from the Moscow
University of Technology.  In 1995, she left the nuclear
industry and joined the fast developing fiber optic and cable
communications industry, initially in sales and marketing roles,
and later in country executive roles with Anixter and UPC.

Ms. Kurek joined Anixter, a world leader in communications
products, in 1996 and as country general manager, successfully
led the establishment and growth of their Russian business based
in Moscow.  In 1999, she returned to Poland as general manager
of Anixter Poland.  From Anixter, Kurek joined UPC Polska as
their Internet and new businesses director where she was
responsible for the successful launch of new satellite and cable
services in Poland.

Wynne Roberts, Herbalife's senior vice president for Europe,
Middle East Africa, says, "Edyta has a proven track record as a
sales and marketing focused executive across several markets in
Eastern Europe.  With passion for the direct sales industry,
combined her newly found passion for Herbalife products, she
will be a tremendous addition to our leadership team."

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


PERRY ELLIS: Signs Licensing Deal with Quicksilver Europe
---------------------------------------------------------
Perry Ellis International, Inc., and Quiksilver Europe, a
division of Quiksilver Inc., have entered into a mutual
agreement regarding a change in licensing rights for the
GOTCHA(R) brand in Europe.  As of Nov. 1, 2007, Perry Ellis
International will handle the development of Gotcha(R) brand in
Europe through its European operations located in Witham, Essex,
UK.

The Gotcha(R) brand has been developed by Quiksilver Europe
under a licensing agreement since 2000.  With Quiksilver
evolving towards a business model focusing on brands that are
globally owned and developed by Quiksilver, and Perry Ellis
International's increased capabilities in Europe, the mutual
decision was reached to finalize the change in licensing rights
for the GOTCHA(R) brand in Europe.  Perry Ellis Europe will
continue the momentum built by Quiksilver and will run all
aspects of the Gotcha(R) business for Europe, including design,
marketing, sales and distribution.

Quiksilver Europe will take orders, produce and ship the
Spring/Summer 2008 collection.  From Nov. 1, 2007, Perry Ellis
Europe will run all aspects of the Gotcha(R) business including
design, marketing, sales and distribution, starting with the
Fall/Winter 2008 collection.  Perry Ellis Europe has already in
hand the necessary staffing process to ensure a seamless
transition for the Gotcha(R) Europe business.

Perry Ellis International, through its wholly owned
subsidiaries, acquired the global rights for the Gotcha(R) brand
in late December 2005 and plans to operate the Gotcha(R) Europe
business by using Perry Ellis Europe's existing infrastructure
as well as expanding its existing resources.  Perry Ellis Europe
currently serves the ORIGINAL PENGUINr and FARAH(R) SPORTSWEAR
brands from its offices located in the town of Witham, Essex,
and its showroom in London, UK.  A new office is being
established in Southwest France that will merchandise and sell
the line in Europe.

                      About Quiksilver

Quiksilver Inc. (NYSE:ZQK) is the world's leading outdoor sports
lifestyle company, which designs, produces and distributes a
diversified mix of branded apparel, winter sports and golf
equipment, footwear, accessories and related products.  The
company's apparel and footwear brands represent a casual
lifestyle for young-minded people that connect with its board
riding culture and heritage, while its winter sports and golf
brands symbolize a long standing commitment to technical
expertise and competitive success on the mountains and on the
links.

The reputation of Quiksilver's brands is based on different
outdoor sports.  The Company's Quiksilver, Roxy, DC Shoes and
Hawk brands are synonymous with the heritage and culture of
surfing, skateboarding and snowboarding, and its beach and water
oriented swimwear brands include Raisins, Radio Fiji and
Leilani.  The Rossignol, Dynastar, Lange, Look and Kerma brands
are leaders in the alpine ski market, and the company makes
snowboarding equipment under its Rossignol, Dynastar, DC Shoes,
Roxy, Lib Technologies, Gnu and Bent Metal labels.

The company's products are sold in over 90 countries in a wide
range of distribution, including surf shops, ski shops,
skateboard shops, snowboard shops, its proprietary Boardriders
Club shops, other specialty stores and select department stores.
Quiksilver's corporate and Americas' headquarters are in
Huntington Beach, California, while its European headquarters
are in St. Jean de Luz and Voiron, France, and its Asia/Pacific
headquarters are in Torquay, Australia.

                      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.




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


BANCO INDUSTRIAL: In Take Over Talks with Banpas
------------------------------------------------
Guatemala's Banco Industrial is negotiating to take over
Honduran bank Banpas, Panamanian-Costa Rican daily Capital
Financiero reports.

Business News Americas relates that Banpas Chief Executive
Officer Roberto Bueso reportedly went before banking and
insurance regulator Comision Nacional de Bancos y Seguros to
confirm that negotiations had started with Banco Industrial; the
same were planned with Scotiabank.

Capital Financiero notes that Canada's Scotiabank is also in
talks to acquire Banpas.

Wachovia withdrew its bid for Banpas, BNamericas states, citing
Capital Financiero.

                      About Scotiabank

Scotiabank is one of Canada's largest banks and provides retail,
corporate, and investment banking services.  The bank claims to
be the most international of the Canadian banks with more than
2,000 offices worldwide.  The bank is considered a second-tier
bank among the international banks in Latin America, trailing
behind the Spanish and US banks in the region.

                   About Banco Industrial

Banco Industrial S.A. is the largest bank in Guatemala with
consolidated assets of approximately US$3.86 billion and equity
of US$327.4 million as of June 30, 2007.  Banco del Quetzal S.A.
reported US$232 million in assets and US$18 million in equity as
of June 30, 2007.  Grupo Financiero Banquetzal reported US$250
million in assets and US$21 million in equity as of
June 30, 2007.

As reported in the Troubled Company Reporter-Latin America on
Aug. 10, 2007, Moody's Investors Service affirmed the ratings of
Banco Industrial S.A. following the Guatemalan bank's
announcement that its shareholders have agreed to merge with
Banco del Quetzal (Grupo Financiero Banquetzal), the thirteenth
largest bank in Guatemala.  The transaction is still pending
approval from the Guatemalan banking regulator.

These ratings were affirmed for Banco Industrial S.A.:

  -- Bank Financial Strength Rating: D, with stable outlook

  -- Global Local Currency Ratings: Baa3 long-term local
     currency deposit rating and Prime-3 short term local
     currency deposit rating, with stable outlook

  -- Foreign Currency Deposit Ratings: Ba3, long term foreign
     currency deposit rating and Not Prime short term foreign
     currency deposit rating, with positive outlook


BRITISH AIRWAYS: JP Morgan Keeps Neutral Rating on Firm's Shares
----------------------------------------------------------------
JP Morgan analyst Chris Avery has kept his "neutral" rating on
British Airways Plc's shares, Newratings.com reports.

Mr. Avery said in a research note that British Airways is
positive that it could achieve record EBIT margins of 10% in
this fiscal year.

Mr. Avery told Newratings.com that "British Airways' earnings
growth may be adversely affected in the upcoming fiscal year by
intensifying competition between the US and London and high oil
prices."

Adjusted earnings per share estimate for this year were
increased to 55.67 pounds from 53.95 pounds.  The adjusted
earnings per share estimate for 2009 was decreased to 44.97
pounds from 52.68 pounds, Newratings.com.

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in
particular.

British Airways Holidays Ltd. and British Airways Travel Shops
Ltd.  BA has offices in India and Guatemala.

                        *     *     *

As reported on Aug. 16, 2007, Moody's Investors Service upgraded
the senior unsecured rating of British Airways plc to Ba1, one
notch lower than the Corporate Family Rating (upgraded to Baa3,
stable outlook), reflecting the subordination of unsecured debt
to a substantial portion of secured debt.

The debt instruments affected by the rating action are:

  -- GBP100 million 10.875% senior unsecured notes due 2008 to
     Ba1 from Ba2;

  -- GBP250 million 7.25% senior unsecured notes due 2016 to
     Ba1 from Ba2;

  -- US$115 million 5.25% and US$85 million 7.625% senior
     unsecured industrial revenue notes due 2032 to Ba1 from
     Ba2;

  -- EUR300 million 6.75% perpetual guaranteed preferred
     securities to Ba2 from Ba3 issued by British Airways
     Finance (Jersey) L.P.




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


NATIONAL COMMERCIAL: Offers Unsecured Credit to Small Companies
---------------------------------------------------------------
The Associated Press reports that the National Commercial Bank
of Jamaica is offering unsecured credit or funding to small and
medium-sized enterprises with working capital "tied up in
outstanding receivables" from customers.

According to the AP, the National Commercial launched its new
product NCB Receivables Financing Facility.

The National Commercial told the AP that the product was in
response to requests from clients.

Bernadette Barrow, the National Commercial's assistant general
manager with responsibility for its small and medium-sized
enterprise division, commented to The Jamaica Gleaner, "There
are a lot of companies out there and access to credit is
needed."

"The product was developed out of response to their needs," Ms.
Barrow told the AP.

The AP notes that Ms. Barrow is hoping that NjCB Receivables
would be "the catalyst to conquer the rest of the small-business
market."

The report says that the National Commercial estimates that it
has a dominant 60% share of business from that segment.

Ms. Barrow told the AP, "We are going after 100%."

The AP relates that Ms. Barrow's "optimism rests on the relative
ease with which potential borrowers will be able to access the
current facility, set up as a revolving pool initially
capitalized at IS$500 million."

The National Commercial admitted to the AP "the facility is
risky."

The bank has sufficient "risk-management mechanisms to safeguard
against bad loans," the AP says, citing Ms. Barrow.  Emphasis on
authorized paying firms was "a type of insurance for loan
repayments."

The AP explains that borrowers have to convince the National
Commercial that their debtors would pay up.  Meanwhile, the bank
has its own list of approved companies.

The National Commercial told the AP that under the current
facility, it may increase the list on the recommendation of
borrowers.

The AP notes, "the NCB Receivables Financing Facility is being
offered through the retail banking division."  It will fund
small and medium enterprise working-capital requirements.  The
small companies provided a delivery or invoiced goods and
services to customers and are waiting for payment from approved
paying firms.

According to the report, "the facility offers unsecured or no
collateral for immediate cash to fill cash-flow gaps of up to
75% of the value of the business' receivables.  Loans range
between J$100,000 and J$10 million, or US$2,000, up to a maximum
of US$150,000."  Firms or individuals who are National
Commercial clients will be offered interest rates of 21% on
Jamaican currency loans and 11% on the US dollar funds.
Entities that aren't regular National Commercial clients will be
loaned at 100% basis points more, or 22% and 12%, respectively.

The National Commercial's loan offer to small and medium-sized
enterprises' is 11% above market rates for the local currency
loans, priced to indicate the level of risk the bank is taking,
the AP says.  Local commercial interest rates are "above 9.0% on
US currency and 11% on local currency."

Repayment is within 12 months.  The firm from which collections
are due must make its cheque payable to the National Commercial,
and "not to the company with which the business was transacted,"
the AP states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Standard & Poor's Rating Services affirmed its
'B/B' counterparty credit and CD ratings on National Commercial
Bank Jamaica Ltd.  S&P said the outlook is stable.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited:

          -- long-term foreign and local currency Issuer Default
             Ratings (IDR) at 'B+';

          -- short-term foreign and local currency rating at
             'B';

          -- individual at 'D';

          -- support at 4.

The Rating Outlook on the bank's ratings is stable, in line with
Fitch's view of the sovereign's creditworthiness.


NATIONAL WATER: Tries To Restore Hospital Water Supply
------------------------------------------------------
The National Water Commission told Radio Jamaica that it is
trying to restore water to the National Chest Hospital.

A "water main at the facility" has been broken since last week,
resulting to the lack of water, Radio Jamaica says, citing a
National Chest spokesperson.

Radio Jamaica relates that patients going home claimed they
couldn't stay in the hospital without water.

Hospital workers complained to Radio Jamaica that the situation
"is critical."

The National Water's corporate communications manager Charles
Buchanan told Radio Jamaica that the restoration work began on
the weekend.

Mr. Buchanan commented to Radio Jamaica, "The National Water
Commission is working to complete repairs to a nine inch
transmission line that has affected the supply of water to the
National Chest Hospital.  Work has been going on since the
weekend and we continued to work today and it is hoped that
those repairs will be completed during the course of the today
and normality be restored."

"The sections of the pipeline, has not only been broken but have
been undermined and the earth in the area where the pipe were,
has been eroded.  So is it taking some significant amount of
effort to get normally restored and we are hoping now the less,
despite the challenges to be able to complete that during the
course of the day," Mr. Buchanan told Radio Jamaica.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.


NATIONAL WATER: Seeks 40% Increase in Water Tariffs
---------------------------------------------------
The National Water Commission of Jamaica has applied to the
Office of Utilities Regulation for a 40% raise in water tariffs,
the regulator posted on its Web site.

The regulator told Business News Americas that it would have
public consultations across Jamaica to encourage consumers to
participate in the regulatory process and decision-making.

BNamericas relates that the last tariff increase was in 2003,
when the National Water applied for a 50% raise but the
regulator only allowed a 26% increase, which were valid until
the end of 2006.

The National Water then applied for an extension of the rates
and got the regulator's authorization for one more year,
BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 7, 2006,
the National Water Commission of Jamaica had been criticized for
failing to act promptly in cutting its losses.  For the fiscal
years 2002 and 2003, the water commission accumulated a net loss
of US$2.11 billion.  The deficit fell to US$1.86 billion the
following year, and to US$670 million in 2004 and 2005.


* JAMAICA: Issuing US$85-Million Bond To Fund 2007-2008 Budget
--------------------------------------------------------------
The Jamaican government will issue a fixed rate US$85-million
indexed bond on Friday, Radio Jamaica reports.

According to Radio Jamaica, the government seeks to raise US$6
billion to fund its budget for 2008 and 2009.

The bond will mature in five years, Radio Jamaica notes.  The
interest rate will be at 7.5% per annum.  "Principal and
interest will be paid in Jamaica dollars."

As reported in the Troubled Company Reporter-Latin America on
Oct. 16, 2007, Fitch Ratings affirmed Jamaica's ratings and the
Stable Outlook as:

  -- Foreign and local currency Issuer Default Ratings 'B+';
  -- Country ceiling 'BB-';
  -- Bond obligations 'B+/RR4'.




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


ACCELLENT INC: Posts US$8.1 Mil. Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Accellent Inc., Accellent Holdings Corp.'s wholly owned
subsidiary, disclosed its results for the three months ended
Sept. 30, 2007.

Net sales decreased 0.4% to US$119.4 million in the third
quarter of 2007 compared with US$119.9 million in the
corresponding period of 2006.  Sales were approximately the same
as last year for each of Accellent's target markets.  Sales were
negatively impacted 0.7% due to the previously disclosed ramp
down of a specific product line.  Sales improved 0.3% during the
third quarter of 2007 compared to the second quarter of 2007.

A net loss of US$8.1 million was recorded in the third quarter
of 2007 compared with a net loss of US$6.5 million in the
corresponding period of 2006.  The decrease in net income was
primarily attributable to lower gross margins caused by lower
prices, a less favorable product mix and higher manufacturing
costs.  The 2007 net loss includes a non-cash credit for
employee stock-based compensation of US$0.2 million compared to
a non-cash credit for employee stock-based compensation of
US$0.9 million in the same period of 2006.  The net loss in the
third quarter of 2006 included a charge for non-cash loss on
interest rate hedging instruments of US$4.3 million and a
restructuring charge of US$1.2 million.

Adjusted EBITDA for the three months ended September 30, 2007
was US$21.0 million or 17.6% of sales compared to Adjusted
EBITDA of US$25.7 million or 21.5% of sales in the corresponding
period of 2006.  Adjusted EBITDA declined due to the same
factors impacting our gross margins.

Accellent Inc., headquartered in Wilmington, Massachusetts,
-- http://www.accellent.com/--provides fully integrated
outsourced manufacturing and engineering services to the medical
device industry in the cardiology, endoscopy and orthopaedic
markets.  Accellent has broad capabilities in design &
engineering services, precision component fabrication, finished
device assembly and complete supply chain management.  These
capabilities enhance customers' speed to market and return on
investment by allowing companies to refocus internal resources
more efficiently.  The company generated revenues of USUS$487
million for the twelve months ended Sept. 30, 2006.  The company
has offices in Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 3, 2007, Standard & Poor's Ratings Services lowered its
corporate credit rating on Accellent Inc. to 'B' from 'B+'; the
outlook is stable.  This action reflects expectations of subpar
performance in the company's cardiovascular and orthopedics
divisions for the remainder of the year, reflecting weak end
markets and delayed product introductions in cardiovascular and
orthopedics, respectively.


CINRAM INT'L: Reports US$34.9 Million Net Earnings in Third Qtr.
----------------------------------------------------------------
Cinram International Income Fund has reported third quarter
revenue of US$485.1 million compared with US$477.2 million in
2006, and earnings before interest, taxes, and amortization
(EBITA), excluding unusual items, of US$66.7 million compared
with US$90.1 million in the third quarter of 2006.  The Fund
also announced a change in its distribution policy based on a
revised outlook for Cinram.  It is the Fund's intention to
suspend all distribution payments following the distribution for
the month of December 2007.  A distribution of CAD0.1625
(previously CAD0.2708) per unit has been declared for November
and is intended to be declared for December 2007.

"Over the last quarter we experienced a confluence of factors
that adversely affected our DVD business and reinforced the
merits of our diversification strategy into attractive, higher-
growth markets," said Cinram chief executive officer Dave
Rubenstein.  "These factors include general price erosion in the
DVD replication marketplace and volumes that fell short of
customers' forecasts.  The impact on our business outlook has
been compounded by revised pricing coupled with reduced
forecasts from certain of our studio customers and the
strengthening of the Canadian dollar.  Given Cinram's revised
business outlook and the continued volatility of capital
markets, the trustees determined that a suspension of the Fund's
distributions would be fiscally prudent and would increase our
ability to maintain a sufficient cushion with respect to our
debt covenants.  At the end of the quarter we had cash of US$46
million and substantial availability under our credit line."

                           Outlook

In order to help investors understand some of the circumstances
surrounding this change in the Fund's distribution policy,
Cinram is providing the following outlook.  For 2007, Cinram
expects to record consolidated revenue in the range of
US$1,900.0 million to US$1,950.0 million, and EBITA in the range
of US$275.0 to US$285.0 million.  Capital expenditures for 2007
are expected to be approximately US$100 million, in line with
planned capacity additions for standard DVD, high-definition
disc and related peripheral equipment, as well as major facility
expansions in its Huntsville, Alabama, location.

For 2008, Cinram expects its DVD pricing and CD and DVD volumes
to decline in line with industry trends.  However, the
contribution of Ditan and new handset distribution initiatives
should result in flat revenue and partially offset a decline in
EBITA margins.  For 2008, Cinram expects to have capital
expenditures of approximately US$80 million which includes the
following major items: US$30 million in maintenance capital
expenditures, US$30 million in wireless logistics, US$10 million
in high-definition discs, and US$4 million in printing.

"We have embarked on an aggressive strategic plan that is
already demonstrating significant success and is expected to
make a positive contribution to our bottom line going forward.
In April, we acquired Ditan, which has enabled us to
successfully benefit from cross-selling opportunities in the
games market and to augment our core business.  Ditan is now
well integrated into our operations, profitable and tracking
according to our expectations.  Further, our recent Motorola
North America and Europe distribution contract wins underscore
the potential for a new, complementary growth platform that
leverages existing core competencies and infrastructure to
diversify risk and accelerate growth.  We continue to pursue
additional opportunities in value-added logistics for the
telecommunications industry with attractive growth prospects,"
added Mr. Rubenstein.

                     Q3 2007 Performance

Third quarter revenue increased to US$485.1 million from
US$477.2 million in 2006 principally due to increased
distribution revenue, which was offset by lower DVD, CD and
printing sales.  During the third quarter, Cinram's DVD
manufacturing volume was up three per cent to 298.6 million,
while CD volume fell 14 per cent to 129.1 million.

EBITA, excluding unusual items, decreased to US$66.7 million
from US$90.1 million in the third quarter of 2006; however,
EBITA for the third quarter of 2006 benefited from a US$10
million credit to revenue related to the reversal of volume
rebates.  As a percentage of consolidated sales, EBITA margins
decreased to 14 per cent from 19 per cent in 2006.  Excluding
this adjustment, third quarter EBITA margins decreased to 14 per
cent from 17 per cent in 2006.

Net earnings for the third quarter increased to US$34.9 million
from US$15.4 million in 2006.  As a result of reduced
projections of income and the tax deductions available under
Cinram's existing corporate structure, Cinram recorded a tax
recovery provision of US$26.8 in the third quarter of 2007
relating to taxes paid in prior years.  Cash flow from
operations increased to US$36.6 million from US$31.6 million in
the third quarter of 2006, and Cinram generated distributable
cash of US$43.9 million in the third quarter, resulting in a
payout ratio of 103 per cent.  Cinram's distributable cash
calculation excludes changes in non-cash working capital from
the distributable cash amount due to the significant impact of
the seasonality of the business.

                   Year-To-Date Performance

For the nine months ended Sept. 30, 2007, Cinram recorded
revenue of US$1,304.9 million down from US$1,323.9 million in
2006, on lower CD, DVD and printing sales which were partially
offset by higher distribution revenue from Ditan and from
organic growth.  On a year-to-date basis, Cinram's CD volumes
decreased 17 per cent to 332.8 million units, while DVD volumes
were up three per cent to 813.5 million from 2006.

EBITA excluding unusual items for the nine months ended
Sept. 30, 2007, decreased to US$171.0 million from US$226.5
million in 2006.  In addition to the reversal of volume rebates
discussed above, lower prices for DVDs in addition to
disappointing margins in the printing and merchandising segments
all had a negative impact on EBITA in 2007.  Cinram recorded net
earnings of US$15.5 million in the nine months ended
Sept. 30, 2007, compared with a net loss of US$43.9 million in
2006, and cash flow from operations increased to US$179.4
million from US$158.2 million in 2006.  Year to date, Cinram
generated distributable cash of US$81.8 million in 2007,
resulting in a payout ratio of 159 per cent.

                       Product Revenue

Third quarter DVD revenue was down five per cent to US$226.3
million from US$237.4 million in 2006 as higher volumes were
offset by lower prices.  Year to date, DVD revenue decreased to
US$636.1 million as the three per cent increase in volume was
more than offset by lower prices.  Cinram recorded high-
definition disc revenue of US$5.2 million and US$11.3 million in
the quarter and nine months ended Sept. 30, 2007, up from US$1.6
million and US$2.8 million in the corresponding 2006 periods,
respectively.  The adoption of high-definition discs in 2007
continues to be hampered by the presence of two competing
formats, a situation that industry pundits expect to persist
into and beyond the 2008 holiday selling season.  This in turn
has lowered Cinram's expectations for high-definition disc
revenue for the remainder of 2007 and for 2008.

CD revenue was down 13 per cent in the third quarter to US$62.3
million from US$71.8 million in 2006 on a 14 per cent decline in
unit volume.  CD revenue fell 20 per cent on a year-to-date
basis to US$159.0 million from US$198.4 million in 2006 on a 17
per cent decline in unit volume, lower prices and the closure of
Cinram's CD manufacturing operations in France in the first half
of 2006. Printing revenue was down 10 per cent in the third
quarter and down three per cent on a year-to-date basis to
US$56.8 million and US$140.7 million, respectively.  In 2007,
Cinram's printing business has been negatively impacted by the
loss of CD-related business, a change in its revenue mix as well
as increasing competitive pressures.

Third quarter distribution revenue was up 45 per cent to US$95.5
million from US$66.1 million in 2006 as a result of the Ditan
acquisition and organic growth in the DVD distribution business.
For the nine months ended Sept. 30, 2007, distribution revenue
increased 22 per cent to US$250.1 million from US$205.6 million
in 2006.

Giant Merchandising's revenue was up nine per cent in the third
quarter to US$34.6 million from US$31.8 million, but fell three
per cent in the on a year-to-date basis to US$94.6 million from
US$97.1 million in 2006.

                       Geographic Revenue

Cinram recorded North American revenue of US$358.0 million in
the third quarter compared with US$360.4 million in 2006
principally as a result of lower DVD, CD and printing sales,
which were offset by a significant increase in distribution
revenue from the acquisition of Ditan.  On a year-to-date basis,
revenue from North America was down two per cent to US$964.2
million from US$980.9 million in 2006.  Revenue from North
America accounted for 74 per cent of both third quarter and
year-to-date 2007 consolidated revenue compared with 76 and 74
per cent in 2006, respectively.

European revenue was up nine per cent in the third quarter of
2007 to US$127.1 million from US$116.7 million in 2006, mainly
from stronger DVD sales.  In the nine months ended
Sept. 30, 2007, European revenue was down one per cent to
US$340.7 million from US$343.0 million in 2006 mainly on lower
CD sales, which were offset by organic growth in distribution
revenue.  European revenue represented 26 per cent of both third
quarter and year-to-date 2007 consolidated revenue compared with
24 and 26 per cent in 2006, respectively.

                  Other Financial Highlights

Third quarter gross profit decreased to US$77.9 million from
US$101.9 million due to lower pricing, the US$10 million credit
to revenue related to the reversal of volume rebates in the
comparable 2006 period, lower DVD prices, and lower operating
margins in the printing business.  On a year-to-date basis,
Cinram generated gross profit of US$201.2 million compared with
US$241.3 million in 2006.  Gross profit margins decreased to 16
and 15 per cent for the third quarter and nine months ended
Sept. 30, 2007, from 21 and 18 per cent in 2006, respectively.
Selling, general and administrative (SG&A) costs fell to US$43.1
million from US$48.1 million in the third quarter of 2006 on
reduced compensation expense and lower advisory fees.  Year to
date, Cinram recorded SG&A expenses of US$130.0 million compared
with US$124.8 million in 2006.

                  Balance Sheet & Liquidity

Cinram's cash and cash equivalent position decreased to US$46.2
million at quarter end from US$152.7 million at Dec. 31, 2006,
as it used US$47.4 million in cash to finance the acquisition of
Ditan Corporation and US$10.2 million for the acquisition of
Vision Worldwide Management.  Cinram also borrowed US$18.1
million under its revolving credit facility to finance working
capital requirements and the repurchase of units during the
third quarter of 2007.  With debt of US$684.7 million, excluding
unamortized transaction costs and capital lease obligations,
Cinram had a net debt position of US$638.5 million at
Sept. 30, 2007, compared with a net debt position of US$522.8
million at the end of 2006.  Working capital decreased to
US$123.2 million at Sept. 30, 2007, from US$282.5 million at
Dec. 31, 2006, as Cinram used funds to finance the acquisition
of Ditan, the purchase of capital equipment, debt repayments and
the repurchase of units.

                        Distributions

The intended suspension of distributions following the
distribution for December 2007 (to be paid in January 2008) may
have adverse tax consequences to certain U.S. investors.  The
Fund is actively exploring various options to address these
consequences and expects to be able to do so. Distribution of
CAD0.1625 (previously CAD0.2708) per unit has been declared for
November and is intended to be declared for December 2007 in
order to help address the tax consequences.  Investors that
could be affected by these tax consequences are advised to
consult with their tax advisors.

The Fund's Trustees declared a cash distribution of CAD0.1625
per unit for the month of November, payable on Dec. 15, 2007, to
unitholders of record at the close of business on Nov. 30, 2007.
Cinram International Limited Partnership also declared a cash
distribution of CAD0.1625 per Class B limited partnership unit
for the month of November, payable on Dec. 15, 2007, to
unitholders of record at the close of business on Nov. 30, 2007.

             Unit Repurchase Program & Unit Data

The Fund repurchased 886,900 units during the third quarter and
1,313,200 units as at Oct. 31, 2007, under its normal course
issuer bid.

For the three-month period ended Sept. 30, 2007, the basic
weighted average number of units and exchangeable limited
partnership units outstanding was 57.9 million compared with
58.2 million units in the third quarter of 2006.  For the nine
months ended Sept. 30, 2007, the basic weighted average number
of units and exchangeable limited partnership units outstanding
was 58.2 million, compared with 57.7 million units in the prior
year.

                     Distributable Cash

Distributable cash is defined herein as adjusted cash flow from
operations less the sum of capital expenditures and debt
repayments and is a measure that is commonly reported and widely
used in the industry to assist in understanding and comparing
operating results.  Distributable cash is not a defined term
under GAAP.  Accordingly, this measure may not be comparable
with other issuers and should not be considered as a substitute
or alternative for net earnings or cash flow, in each case as
determined in accordance with GAAP.  Cinram excludes changes in
non-cash working capital from the distributable cash amount due
to the significant impact of the seasonality of the business.
Cinram believes this is the most meaningful presentation to
unitholders.

                  About Cinram International

Cinram International Inc. (TSX: CRW.UN) --
http://www.cinram.com/-- an indirect wholly owned subsidiary of
Cinram International Income Fund, provides pre-recorded
multimedia products and related logistics services.  With
facilities in North America and Europe, Cinram International
Inc. manufactures and distributes pre-recorded DVDs, VHS video
cassettes, audio CDs, audio cassettes and CD-ROMs for motion
picture studios, music labels, publishers and computer software
companies around the world.  The company has sales offices in
Mexico.

                        *     *     *

Cintram International Income Fund carries Moody's B1 long-term
corporate family and bank loan debt rating.  Moody's said the
ratings outlook is stable.


DANA CORP: To Settle 7,500 Claims for US$2 Million
--------------------------------------------------
Dana Corp. has agreed to pay a total of US$2 million to 7,500
personal injury claimants to resolve their lawsuits stemming
from asbestos-laden gaskets produced by the Company, The
Associated Press reports.

A court hearing on the proposed settlement is scheduled for
Nov. 15, 2007.

In papers filed on Oct. 26, 2007, with the U.S. Bankruptcy Court
in Manhattan, the Company called the settlement a "reasonable
and expedient way" to resolve the claims without litigation.

The company, which sought Chapter 11 bankruptcy protection in
March 2006, is trying to exit bankruptcy protection under a
reorganization plan that calls for unsecured creditors to
recover between 72 percent and 86 percent on their claims.

The Company has said asbestos-related personal-injury claims,
which totaled 150,000 as of June 30, 2007, will pass through its
bankruptcy unchanged.

However, the Company said many of the claimants have not become
sick.  According to court papers, about seven percent of the
asbestos claims filed against the Company allege mesothelioma or
cancer.

The company said it has pursued settlements to avoid further
litigation costs. The latest settlement, which will cost a
maximum US$2 million if all claimants can submit the required
proof to support their claims, will resolve about seven percent
of the mesothelioma claims and four percent of the cancer claims
filed against the Company.

Headquartered in Toledo, Ohio, Dana Corporation --
http://www.dana.com/ -- designs and manufactures products for
every major vehicle producer in the world, and supplies
drivetrain, chassis, structural, and engine technologies to
those companies.  Dana employs 46,000 people in 28 countries.
Dana is focused on being an essential partner to automotive,
commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.

Dana continues to close plants in North America, moving business
to other countries such as Mexico.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.


ICONIX BRAND: Signs Licensing Agreement with Elizabeth Arden
------------------------------------------------------------
Iconix Brand Group Inc. has entered into an exclusive global
licensing agreement with Elizabeth Arden, Inc., a global
prestige beauty products company, for the development, marketing
and distribution of men's and women's fragrance, cosmetics, and
skincare products for its leading lifestyle apparel brand
Rocawear(R).  The debut fragrance is planned to launch in the
fall of 2008.

Commenting on the new launch, Shawn 'Jay-Z' Carter, stated, "We
are excited to partner with an industry giant such as Elizabeth
Arden.  The combination of their expertise in fragrance and our
ability to affect popular culture will produce some incredible
products and breathe excitement into the category."

Neil Cole, Chairman and Chief Executive Officer, Iconix, stated,
"We are excited about the launch of the first ever Rocawear
fragrance next fall.  This is a significant step in the
evolution of the Rocawear brand and a large long-term growth
opportunity.  The excitement and advertising surrounding the
launch next fall will make Rocawear more visible than it has
ever been and benefit the entire brand franchise."

Iconix purchased the Rocawear brand in March of 2007.  Rocawear
is a dominant lifestyle brand with a wide range of customers and
categories including sportswear, footwear, outerwear, handbags,
belts, loungewear, big & tall, headwear, jewelry, sunglasses and
children's clothing.  Since its inception in 1999, its appeal
has expanded beyond national borders to become a brand of
international significance with annual retail sales of over
US$700 million.  Rocawear co-founder Shawn Carter spearheads all
product development, marketing and licensing for Rocawear.

"Elizabeth Arden and Iconix have a successful history together,
and we are thrilled to grow our relationship with this dynamic
collaboration," said E. Scott Beattie, Chairman and CEO of
Elizabeth Arden.

"The Rocawear name connects with the customer we want to
attract. Adding Rocawear to our lineup of lifestyle fragrance
brands allows us to further diversify our multi-dimensional
brand portfolio and expand our reach to a young, modern
consumer.  Elizabeth Arden's leadership in fragrance, coupled
with the creative involvement of Shawn 'Jay-Z' Carter and the
team at Rocawear and Iconix, will provide us with a strong
platform for success," added Beattie.

                   About Elizabeth Arden

Elizabeth Arden (Nasdaq: RDEN) is a global prestige beauty
products company.  The company's portfolio of brands includes
the Elizabeth Arden fragrance brands:  Red Door, Elizabeth Arden
5th Avenue, Elizabeth Arden green tea and Elizabeth Arden
Mediterranean; the Elizabeth Taylor fragrance brands: White
Diamonds and Elizabeth Taylor's Passion; the fragrance brands of
Britney Spears: curious Britney Spears, fantasy Britney Spears
and Britney Spears believe; the Mariah Carey fragrance M by
Mariah Carey; the Hilary Duff fragrance with Love ... Hilary
Duff; the Danielle Steel fragrance Danielle by Danielle Steel;
the lifestyle fragrances: Daytona 500, Design, Giorgio Beverly
Hills, the HUMMER(TM) Fragrance for Men, PS Fine Cologne for
Men, White Shoulders and Wings; and the designer fragrance
brands of Alfred Sung, Badgley Mischka, Bob Mackie, GANT,
Geoffrey Beene's Grey Flannel, Halston and Halston Z-14, and
Nanette Lepore; the Elizabeth Arden skin care lines, including
Ceramide, Intervene and PREVAGE(TM) anti-aging treatment
and the Elizabeth Arden color cosmetics line.

                        About Iconix

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON) -
- http://www.iconixbrand.com/-- owns fashion brands to retail
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter on June 20, 2007,
Standard & Poor's Ratings Services revised its ratings outlook
on Iconix Brand Group Inc. to negative.  At the same time,
Standard & Poor's assigned its 'B-' debt rating to Iconix's then
proposed US$250 million convertible senior subordinated notes
due 2012.

As reported in the Troubled Company Reporter on June 18, 2007,
Moody's Investors Service affirmed Iconix Brand Group Inc.'s
corporate family rating at B1 and assigned a B3 rating to the
company's then proposed US$250 million convertible senior
subordinated note offering.


INNOPHOS HOLDINGS: Reports US$5.6 Mil. Third Quarter Net Income
---------------------------------------------------------------
Innophos Holdings, Inc. has announced its financial results for
the third quarter of 2007.

                    Third Quarter Results

Net sales for the third quarter 2007 were US$146.4 million,
an increase of US$5.8 million, or 4.1%, as compared to
US$140.6 million for the same period in 2006.

Operating income for the third quarter 2007 was US$18.0
million, an increase of US$6.5 million, or 56.5%, as compared
to US$11.5 million for the comparable period in 2006.
Included in 2006 results were US$1.3 million of unusual
expenses related to various professional and sponsor fees.
There were no material unusual expenses in the third quarter
of 2007.

Depreciation and amortization, excluding deferred financing
amortization expense, for the third quarter 2007 was US$11.7
million, a decrease of US$0.6 million compared to US$12.3
million for the third quarter of 2006.

Net interest expense, including deferred financing
amortization expense, for the third quarter 2007 was US$9.3
million, a decrease of US$4.1 million compared to US$13.4
million for the comparable period in 2006.

Tax expense for the third quarter 2007 of US$3.2 million was
similar to the US$3.3 million for the same period in 2006.

Net income for the third quarter 2007 was US$5.6 million, an
increase of US$10.6 million compared to a net loss of US$5.0
million for the same period in 2006.

Diluted earnings per share for the third quarter 2007 were
US$0.26.  Innophos had 20.8 million shares issued and
outstanding at Sept. 30, 2007.

As of Sept. 30, 2007, Innophos had US$15.4 million of cash
and cash equivalents on hand.  Net debt at the end of the
third quarter 2007 was US$373.1 million, a decrease of
US$86.4 million versus US$459.5 million at Sept. 30, 2006.
Capital expenditures for the third quarter 2007 were US$11.0
million versus US$4.2 million in the same quarter of 2006.
This increased spending level was primarily due to the
company's Coatzacoalcos, Mexico cogeneration project, where
US$14.1 million of a US$16.1 million total budget had been
expended as of Sept. 30, 2007.  This project continues to be
on budget and schedule with full operation anticipated in the
first quarter 2008.

"We are proud to report our first ever positive net income
quarter, highlighted by continued improvement in our U.S. and
Mexican businesses," said Randy Gress, Chief Executive Officer
of Innophos.  "We believe we are well positioned in the
marketplace, and are making the right investments to further
improve our financial performance."

            Segment Results 3Q 2007 Versus 3Q 2006

United States

Net sales increased 0.7% for the quarter versus the same quarter
in the prior year due to favorable volume and mix effects upon
revenue, which exceeded slightly declining prices.  Operating
income increased by US$2.6 million from US$1.7 million in the
third quarter of 2006 to US$4.3 million in the third quarter of
2007.  Included in the company's third quarter 2006 results in
the U.S. were US$1.3 million of unusual expenses related to
various professional and sponsor fees.

Mexico

Net sales increased 11.0% for the quarter versus the same
quarter in the prior year due to higher prices, which exceeded
lower volume and mix effects upon revenue.  Volume was lower due
to timing of a GTSP (fertilizer co-product) export shipment that
was delayed into early October to optimize material handling.
Operating income increased by US$4.2 million year over year,
from US$9.1 million in the third quarter of 2006 to US$13.3
million in the third quarter of 2007.  This improvement was
primarily due to increased selling prices.

Canada

Net sales decreased 4.8% for the quarter versus the same quarter
in the prior year due primarily to volume and mix effects upon
revenue.  Operating income decreased US$0.3 million year over
year, from US$0.7 million in the third quarter of 2006 to US$0.4
million in the third quarter of 2007, due to higher operating
expenses.

                Coatzacoalcos Maintenance Outages
                  Performed During October 2007

In October, Coatzacoalcos had two planned shutdowns -- one
non-annual shutdown to maintain its sulfuric acid unit and to
perform scheduled cogeneration tie-in work, and one annual
maintenance shutdown of one train of its merchant green acid, or
MGA, unit.  During these outages, the facility also suffered
unplanned downtime in other production units due to a shortage
of sulfuric acid from our local suppliers, caused by terrorist
actions, which affected natural gas distribution and sulfur
production in Mexico, and from our international suppliers due
to tight international sulfuric acid markets.

We now expect the full cost of the outages to reduce fourth
quarter pre- tax operating income by up to US$9 - US$10 million,
which is up to US$4 to US$5 million worse than management's
expectations, due to higher raw material replacement costs,
expanded scope of maintenance and margin impact from
lost production.

All Coatzacoalcos production units have been up and running
under normal operating and supply availability conditions since
Oct. 30.

In other respects, management expects fourth quarter 2007
performance to be similar to that of the second and third
quarters, allowing for seasonal factors.

                  About Innophos Holdings, Inc.

Innophos Holdings, Inc. is the parent holding company of
Innophos Investments Holdings, Inc., which is also a holding
company that owns 100% of Innophos, Inc.  Innophos, Inc.
(including its subsidiaries) is the largest North American
manufacturer of specialty phosphate salts, acids and related
products serving a diverse range of customers across multiple
applications, geographies and channels.  Innophos offers a broad
suite of products used in a wide variety of food and beverage,
consumer products, pharmaceutical and industrial applications.
Headquartered in Cranbury, New Jersey, Innophos has plant
operations in the US, Canada and Mexico.  Its revenues for the
12 months ended Dec. 31, 2006 were roughly US$542 million.
Innophos publicly listed its shares in November 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Apr. 18, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Innophos Holdings, Inc., and a B3 rating to the
company's new US$66 million senior unsecured notes due 2012.
The new notes are being issued by Innophos Holdings, Inc. to
refinance US$61 million of debt of its subsidiary, Innophos
Investments Holdings, Inc.  The corporate family rating
assignment is being made to transfer the corporate family rating
to Innophos Holdings, Inc. from Innophos Investments Holdings,
Inc.  An SGL- 2 speculative grade liquidity rating and a stable
rating outlook were also assigned to Innophos.

This summarizes the ratings activity:

   Innophos Holdings, Inc.

Ratings assigned:

   -- Corporate family rating, B1

   -- Probability of default rating, B1

   -- Speculative grade liquidity rating, SGL-2

   -- US$66 million senior unsecured notes due 2012, B3,
      LGD6, 93%

   Innophos, Inc.

Ratings affirmed:

   -- US$50 million guaranteed senior secured revolver due 2009,
      Ba1, LGD2, 18%

   -- US$220 million guaranteed senior secured term loan B due
      2010, Ba1, LGD2, 18%

   -- US$190 million 8.875% guaranteed senior subordinated
      notes due 2014, B2, LGD5, 71%


NUANCE COMMS: Completes Vocada Acquisition
------------------------------------------
Nuance Communications Inc. has closed the acquisition of Vocada,
Inc., a leading provider of critical test result management
solutions.

The combination of Nuance and Vocada will broaden the
capabilities of the Dictaphone(R) Healthcare solutions, extend
the company's domain expertise within diagnostic specialties
(including radiology, lab, pathology and cardiology) and
accelerate revenue growth through software as a service (SaaS)
offerings.  In addition, these offerings will help healthcare
provider organizations comply with industry mandates associated
with the time in which critical test results are identified,
documented and communicated.

In connection with the acquisition of Vocada and in accordance
with NASDAQ Marketplace Rule 4350, Nuance will grant 280,899
shares of its common stock, in the form of stand-alone
restricted stock units, as an inducement that is material to 20
individuals entering into employment arrangements with Nuance.
The restricted stock units will be granted upon the approval of
the Compensation Committee of Nuance's Board of Directors.
140,415 of the restricted stock units vest over a three-year
period and 140,472 of the restricted stock units vest over a
three-year period, subject to the achievement of certain
performance-based objectives.

                      About Vocada Inc.

The Vocada critical test result management solution is the only
enterprise solution for communicating critical test results from
hospital diagnostic departments to ordering clinicians.  Using a
patented, hosted system, Veriphy(TM) automates and verifies
communication of critical test results in a real-time, assured
and trackable solution, simultaneously enhancing patient safety
and boosting clinical staff productivity.

                About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/--
provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed US$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


QUAKER FABRIC: Benesch Friedlander Okayed as Panel Local Counsel
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware permitted
the Official Committee of Unsecured Creditors in Quaker Fabric
Corp. and Quaker Fabric Corporation of Fall River's bankruptcy
cases to retain Benesch, Friedlander, Coplan & Aronoff LLP as
its local counsel, nunc pro tunc to Aug. 16, 2007.

Documents submitted to the Court did not disclose the firm's
expected services to the Committee.

Bradford J. Sandler, Esq., an attorney at Benesch Friedlander,
tells the Court that the firm's professionals bill:

      Designation                             Hourly Rate
      -----------                             -----------
      Partners                              US$375 - US$595
      Associates                            US$210 - US$270
      Paralegals                            US$145 - US$185
      Administrative Assistants             US$115 - US$120
      Document Clerks                       US$115 - US$120

Mr. Sandler assures the Court that the firm is "disinterested"
as that term is defined in Section 101(14) of the U.S.
Bankruptcy Code.

Mr. Sandler can be contacted at:

      Bradford J. Sandler, Esq.
      Benesch, Friedlander, Coplan & Aronoff, LLP
      222 Delaware Avenue, Suite 801
      Wilmington, DE 19801-1611
      Tel: (302) 442-7010
      Fax: (302) 442-7012
      http://www.bfca.com/

                    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: Committee Can Hire BDO Seidman as Accountants
------------------------------------------------------------
The Official Committee of Unsecured Creditors in Quaker Fabric
Corp. and Quaker Fabric Corporation of Fall River's bankruptcy
cases obtained permission from the U.S. Bankruptcy Court for the
District of Delaware to retain BDO Seidman LLP as its
accountants and financial advisors, nunc pro tunc to
Aug. 28, 2007.

BDO Seidman is expected to:

   a) analyze the financial operations of the Debtors before and
      after the bankruptcy filing, as necessary;

   b) analyze the financial ramifications of any proposed
      transactions for which the Debtors seek Court approval
      including financing, sale of all or a portion of the
      Debtors' assets, managaement compensation and employee
      incentive and severance plans;

   c) perform claims analysis for the Committee, as necessary;

   d) verify assets and liabilities and their values;

   e) assist the Committee in its review of monthly statements
      of operations to be submitted by the Debtors;

   f) assist the Committee in its evaluation of cash flow and
      other projections prepared by the Debtors;

   g) scrutinize cash disbursements on an on-going basis for the
      period subsequent to the commencement of this case;

   h) analyze transactions with insiders, related and affiliated
      companies;

   i) analyze transactions with the Debtors' financing
      institutions;

   j) analyze the Debtors' real property interests, including
      lease assumptions and rejections, and potential real
      property asset sales;

   k) attend meetings of creditors and conference with
      representatives of the creditor groups and their counsel;

   l) review the work performed by the Debtors' investment
      bankers, monitor the sale and liquidation of the Debtors
      and anaylze and evaluate bids received to determine the
      best alternative for unsecured creditors;

   m) attend auctions of the Debtors' assets;

   n) perform forensic investigating services, as requested by
      the Committee and counsel, regarding pre-bankruptcy
      activites of the Debtors in order to identify potential
      causes of action;

   o) assist the committee in its review of the financial
      aspects of a plan of reorganization to be submitted by the
      Debtors, or in arriving at a proposed reorganization plan;

   p) review of tax issues, as deemed necessary: and

   q) perform other necessary services as the Committee or its
      counsel may request from time to time.

Marlene Rabinowitz, a certified public accountant and partner at
BDO Seidman, tells the Court that the firm's professionals bill:

      Designation                       Hourly Rate
      -----------                       -----------
      Partners                        US$400 - US$775
      Directors & Senior Managers     US$300 - US$600
      Managers                        US$225 - US$375
      Seniors                         US$175 - US$275
      Staff                           US$125 - US$200

Ms. Rabinowitz assures the Court that the firm is
"disinterested" as that term is defined in Section 101(14) of
the U.S. Bankruptcy Code.

                    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: Committee Can Hire Shumaker Loop as Counsel
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized the Official Committee of Unsecured Creditors in
Quaker Fabric Corp. and Quaker Fabric Corporation of Fall
River's bankruptcy cases to retain Shumaker, Loop & Kendrick LLP
as its main counsel, nunc pro tunc to Aug. 16, 2007.

Shumaker Loop is expected to:

   a) advice with respect to the Committee's duties,
      responsibilities and powers in this case;

   b) investigate and anaylze the acts, conduct, and financial
      condition of the Debtors, their assets and liabilities,
      the operation of their business, and the desirability of
      continued business operations versus liquidation, the
      desirability of appointment of a trustee or examiner, or
      conversion of the cases under Chapter 7, and the
      feasibility of a Chapter 11 plan;

   c) consult, discuss, and negotiate with the trustee or
      debtor-in-possession, and other interested parties
      concerning the administration of the case, and the
      provisions of a Chapter 11 plan;

   d) investigate, analyze, and evaluate potential claims of the
      estate, including claims for recovery of avoidable
      transfer under the U.S. Bankruptcy Code;

   e) determine the desirability of post-bankruptcy filing
      financing arrangements proposed by the Debtors;

   f) determine the desirability of proposed sales of assets of
      the Debtors and distribution of any proceeds;

   g) represent the Committee at any hearings or conferences
      with regard to administration of the case, and prepare and
      file appropriate papers in connection;

   h) prepare and file motions, complaints, applications, and
      other pleadings and papers as may be appropriate to
      represent the Committee; and

   i) represent and assist the Committee with regard to any and
      all other matters relating to the administration of the
      cases, operation of the Debtors' business, and protection
      of the rights and positions of the unsecured creditors and
      the estate.

David H. Conaway, Esq., a partner at Shumaker Loop, tells the
Court that the firm's professionals bill:

      Professional                           Hourly Rate
      ------------                           -----------
      David H. Conaway, Esq.                    US$475
      David M. Grogan, Esq.                     US$405
      David A. Matthews, Esq.                   US$360

      Other partners                       US$270 - US$475
      Other associates                     US$195 - US$360
      Paraprofessionals                    US$125 - US$195

Mr. Conaway assures the Court that the firm is "disinterested"
as that term is defined in Section 101(14) of the U.S.
Bankruptcy Code.

Mr. Conaway can be contacted at:

      David H. Conaway, Esq.
      First Citizens Bank Building
      128 South Tryon Street, Suite 1800
      Charlotte, North Carolina 28202-5013
      Tel: (704) 375-0057
      Fax: (704) 332-1197
      http://www.slk-law.com/

                    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.


TRIMAS CORPORATION: Brian Campbell Joins Board of Directors
-----------------------------------------------------------
TriMas Corporation has appointed that Brian P. Campbell to the
company's Board of Directors effective Nov. 1, 2007.

"It is truly an honor to have Brian P. Campbell join the panel
of board members for TriMas Corporation," commented Grant Beard,
President and Chief Executive Officer of TriMas Corporation.
"We are very pleased to have Brian as part of our board, as he
brings valuable business expertise and industry knowledge
developed during his successful career of leadership within
diversified industrial companies."

Mr. Campbell is currently the President and Chief Executive
Officer of Campbell Industries, Inc., a private investment
company based in Ann Arbor, Michigan.  Mr. Campbell was the
former Chairman of the Board, President and Chief Executive
Officer of Kaydon Corporation, a diversified industrial company,
prior to his retirement in April 2007.  From May 1986 to January
1998, Mr. Campbell was founder and President of TriMas
Corporation and held the position of President and co-Chief
Operating Officer of MascoTech, Inc. from January 1998 to
September 1998.  Mr. Campbell earned a BSC in Finance and MS in
Taxation from DePaul University and an MBA in Finance from
Northwestern University.

                        About TriMas

Headquartered in Bloomfield Hills, Mich., TriMas Corporation
(NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified
growth company of high-end, specialty niche businesses
manufacturing a variety of products for commercial, industrial
and consumer markets worldwide.  TriMas Corporation is organized
into five strategic business groups: Packaging Systems, Energy
Products, Industrial Specialties, RV & Trailer Products, and
Recreational Accessories.  TriMas Corporation has nearly 5,000
employees at 80 different facilities in 10 countries.  The
company has manufacturing facilities in Indiana, Mexico,
England, Germany, Italy, and China.

                        *     *     *

As reported on May 28, 2007, Standard & Poor's Ratings Services
raised its ratings on Bloomfield Hills, Michigan-based TriMas
Corp., including its corporate credit rating, which goes to 'B+'
from 'B'.

At the same time, all ratings were removed from CreditWatch,
where they were placed with positive implications on
Aug. 4, 2006, following the company's announcement that it had
filed a registration statement for an IPO.  S&P said the outlook
is stable.




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


STARTECH ENVIRONMENTAL: Asks Service Co. To Watch Short Selling
----------------------------------------------------------------
Startech Environmental Corp. has engaged the BUYINS.NET service
company to monitor, identify and report on any short selling
activity in the company's common shares.

Peter Scanlon, Startech Vice President and Chief Financial
Officer, said, "Our Quarterly Report, filed with the US SEC on
Sept. 14, shows Shareholders' Equity in excess of US$5 million
with approximately US$10 million in Cash on Hand, along with
Plasma Converter Systems Sales of approximately US$25 million.
In addition, it shows that the Company has also received
additional cash partial-payments of approximately US$3.5 million
for the Systems sold and being manufactured."

Mr. Scanlon added, "With production for the systems sold well
underway, the fact is that the Company has never before been as
strong as it is today, and getting stronger."

"After gathering all short sales in STHK over the past two
years, it is clear that nearly 1.5 million shares of STHK have
been shorted at the volume weighted average price of US$2.60.
Upon closer review, approximately 235,000 of the 1.35 million
shares shorted were shorted in the US$1.83 to US$1.92 range.
With the stock currently at approximately US$1.80, those shares
may begin squeezing where STHK trades above US$1.92," stated Tom
Ronk, BUYINS.NET's Chief Executive Officer.

                    About Short Selling

Steve Landa, Startech Vice President said, "Short selling is the
practice of borrowing stock, then selling it in hopes that the
price will go down and it can be bought back at a lower price,
thereby generating profit and allowing one to return like shares
for the borrowed ones.

"Naked shorting" refers to "shorting" a stock for sale without
first borrowing it.  The risk that one may not be able to then
acquire the shares needed to deliver on the sale is a
contributing factor to the controversy surrounding this
practice.  Naked short selling can have negative effects on
stocks, and could be used as a tool for illegal market
manipulation."

Mr. Landa added, "According to Wikipedia, naked short selling,
or naked shorting refers to the practice of selling a stock
short without first borrowing the shares or making an
affirmative determination that the shares can be borrowed.  In
the United States, the Securities and Exchange Commission issued
a regulation, known as 'Regulation SHO', addressing naked-short-
selling issues and concerns."

                        About BUYINS

BUYINS.NET -- http://www.buyins.net-- is the only source in the
U.S. for short sale time and sales information aggregated from
all 9 United States stock exchanges.

                       About Startech

Headquartered in Wilton, Connecticut, StarTech Environmental
Corporation (OTC BB: STHK.OB) -- http://startech.net/ --is an
environment and energy industry company engaged in the
production and sale of proprietary plasma processing equipment
known as the Plasma Converter System(TM).  The Plasma Converter
System safely and economically destroys wastes, no matter how
hazardous or lethal, and turns most into useful and valuable
products.  The company operates in Australia, and Panama.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Startech Environmental Corp. reported a net loss
of US$1,026,985 on revenue of US$191,976 for the second quarter
ended Apr. 30, 2007, compared with a net loss of US$4,620,815 on
revenue of US$111,464 for the same period ended Apr. 30, 2006.




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


AGILENT TECH: Develops Genetic Analysis System w/ BioNanomatrix
---------------------------------------------------------------
Agilent Technologies Inc. and BioNanomatrix Inc. have entered
into a collaboration to develop a new genetic analysis system
combining the two companies' technologies.  BioNanomatrix, which
develops breakthrough nanoscale whole genome imaging and
analytic platforms, will apply its innovative nanoscale single
molecule imaging technology to develop consumable chips and
reagents, while Agilent will develop the measurement
instrumentation platform for the system.

"This collaboration with Agilent provides us with the
opportunity to join forces with a global life sciences leader to
accelerate the development of our unique nanoscale whole genome
imaging technology," said Dr. Michael Boyce-Jacino, chief
executive officer of BioNanomatrix.  "We now have a partner with
strong life sciences expertise and capabilities committed to
working with us to develop key life-sciences applications, such
as assays for genotoxicity and cytogenetics, as well as
potentially DNA sequencing."

BioNanomatrix is developing pioneering technology that enables
nanoscale single molecule identification and analysis of the
entire genome, delivering single-molecule sensitivity in a
highly parallel format.  The company's patented analytic
platform based on this technology has the potential to provide
rapid, comprehensive and cost-effective ultra-high resolution
analyses of DNA.  The two companies intend to collaborate
closely in the development of an integrated system and
applications.

"BioNanomatrix's unique nanoscale whole genome imaging and
analysis technology, with sensitivity at the level of the single
molecule, has the potential to enable a number of important new
applications for life sciences research and clinical medicine,"
said Nick Roelofs, vice president and general manager of the
Life Sciences Solutions Unit at Agilent.  "We are committed to
continuing our leadership in developing important new
technologies and solutions for our customers, and we look
forward to collaborating with the BioNanomatrix team to enable
these powerful new capabilities to reach the marketplace."

Further details of the agreement were not disclosed.

                    About BioNanomatrix

BioNanomatrix -- http://www.BioNanomatrix.com/-- is developing
breakthrough nanoscale whole genome imaging and analytic
platforms for applications in clinical genetics, cancer
diagnostics and other biomedical applications.  The company is
applying its expertise in nanochips, nanodevices and nanosystems
to develop its patented platform technology to provide fast,
comprehensive, and low-cost analysis of genomic, epigenomic and
proteomic information with sensitivity at the single cell/single
molecule level.  BioNanomatrix's technologies are licensed
exclusively from Princeton University.  Founded as a spin-out of
Princeton University in 2003, the company is headquartered in
Philadelphia, Penn.

                     About Agilent Tech

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has assigned a Ba1
rating to Agilent Technologies, Inc.'s proposed offering of
US$500 million senior notes due 2017 and affirmed its existing
ratings and stable outlook.




=======
P E R U
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COMVERSE TECH: Delays Financial Filing Due to VSOE Evaluation
-------------------------------------------------------------
Comverse Technology Inc. announced that its previously stated
expectation to become current in its financial reports by the
end of its fiscal year 2007, ending Jan. 31, 2008, is likely to
be delayed as a result of an evaluation of its recognition of
revenue based on the application of Statement of Position (SOP)
97-2, Software Revenue Recognition, as amended and interpreted,
specifically relating to vendor specific objective evidence
(VSOE).  Any accounting errors identified as a result of this
evaluation are only expected to impact the timing of revenue
recognized and not to call into question the validity of the
underlying transactions or revenue.  Consequently, the company
believes that its aggregate revenue, inclusive of deferrals,
will not be impacted by any restatements caused by this issue.
Until the SOP 97-2 evaluation is complete, the company may not
be in a position to provide revenue and other income statement
information to investors.

Andre Dahan, President and Chief Executive Officer, Comverse
Technology, Inc., said, "The accounting issues related to the
application of VSOE include the evaluation of very complex
software revenue recognition standards, and the timing and
recognition of maintenance revenue, which we are committed to
getting right.  This area of review arose in connection with the
audit of our fiscal 2006 statements, and is not associated with
the investigations led by the Special Committee of our Board of
Directors, which are substantially complete.  Any restatements
resulting from this review is not a reflection on our business,
but an indication of our commitment to address any potential
accounting issues, correct them, and put them definitively
behind us.  We remain very optimistic about the strength of our
business and its prospects.  We are strong financially, hold
leadership positions in our major markets, and deliver high
value products and solutions to our customers.  We remain
focused on delivering value to our customers, and committed to
our objective to build and deliver a new Framework for
Profitable Growth at the company."

The SOP 97-2 VSOE related concerns arose in connection with the
audit of the company's financial statements for fiscal year 2006
(ended Jan. 31, 2007) by the company's independent registered
public accounting firm.  Such evaluation is not part of the
investigations conducted by the Special Committee of the
company's Board of Directors.  Included in this evaluation is a
determination of VSOE of fair value for the various elements of
the company's bundled hardware and software solutions and
associated services for earlier years as well.

The company cautions that its previously issued financial
statements and the revenue and selected consolidated financial
items disclosed in its press releases issued on March 22, 2007,
June 11, 2007, and Sept. 10, 2007, should no longer be relied
upon.  The company believes that its aggregate revenue,
inclusive of deferrals, will not be impacted by any restatements
caused by this issue.  It is not presently known if the
accounting review will identify additional or different issues
that could further impact the company's financial statements or
if the impact of these issues would be material.

In general, the presence of VSOE permits revenue to be allocated
among, and recognized upon the delivery of the contractual
arrangement's various elements.  Most of the company's sales
transactions are generated from complex contractual arrangements
with multiple elements requiring significant analysis with
respect to the facts surrounding the transactions, and
accounting analysis under highly technical accounting rules in
order to determine the appropriate period in which to record
revenue.  When a contract involves multiple elements, such as
sales of products that include maintenance, the company has
allocated the value of the total purchase to each item within
the purchase arrangement based on its determination of VSOE.  If
the company for accounting purposes is unable to determine the
fair value of an undelivered element, as defined by VSOE,
revenue for the entire arrangement is deferred until all
elements have been delivered.  Given the customized nature of
the company's products and services, and the complexity of its
contracts, VSOE can be difficult to establish.  For example,
many of the company's large customers receive maintenance as
part of a sale that also includes product.  The company has
historically determined that portion of the sale to be
classified and deferred as maintenance revenue based on VSOE.

As a result of this evaluation, the company may conclude that
insufficient evidence existed to support the company's prior
determination that VSOE existed for certain elements of its
contracts and would be required to restate its previously
reported revenues.  Generally, the absence of VSOE will result
in the recognition of revenue over longer periods of time.  Any
determination concerning the absence of VSOE is expected to
impact the timing of revenue recognized by the company and not
call into question the validity of the underlying transactions
or revenue.

                 About Comverse Technology

Comverse Technology, Inc., -- http://www.cmvt.com/-- (Pink
Sheets: CMVT.PK) through its Comverse, Inc. subsidiary, provides
software and systems enabling network-based multimedia enhanced
communication and billing services.  The company's Total
Communication portfolio includes value-added messaging,
personalized data and content-based services, and real-time
converged billing solutions.  Over 500 communication and content
service providers in more than 130 countries use Comverse
products to generate revenues, strengthen customer loyalty and
improve operational efficiency.  Other Comverse Technology
subsidiaries include: Verint Systems (VRNT.PK), which provides
analytic software-based solutions for communications
interception, networked video security and business
intelligence; and Ulticom (ULCM.PK), which provides service
enabling signaling software for wireline, wireless and Internet
communications.

In Latin America, Comverse has operations in Argentina, Brazil,
Mexico and Peru.

                        *     *     *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.




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


ALLIED WASTE: Unit Adds US$110MM Securitized Accounts Receivable
----------------------------------------------------------------
Allied Waste Industries Inc.'s wholly owned subsidiary, Allied
Waste Receivables Funding Incorporated, has increased its
securitized accounts receivable facility by US$100 million.
Total capacity for the facility is now US$400 million.  Proceeds
from borrowing under the increased facility were used to pay
down a portion of the company's higher interest rate term loan.

Wachovia Capital Markets, LLC is Agent. Funding is provided by
Variable Funding Capital Company, LLC and Atlantic Asset
Securitization, LLC.

              About Allied Waste Industries, Inc.

Headquartered in Scottsdale, Arizona, Allied Waste Industries
Inc. -- http://www.alliedwaste.com/and http://www.disposal.com/
-- (NYSE: AW) provides waste collection, transfer, recycling,
and disposal services for residential, commercial, and
industrial customers in over 100 major markets spanning 37
states and Puerto Rico.  The company has 24,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings has upgraded the following ratings
on Allied Waste Industries Inc. (NYSE: AW) and its Allied Waste
North America and Browning-Ferris Industries subsidiaries, as:

Allied Waste Industries Inc.

  -- Issuer Default Rating to 'B+' from 'B'.

Allied Waste North America

  -- IDR to 'B+' from 'B';
  -- Secured credit facility rating to 'BB+/RR1' from 'BB/RR1';
  -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.

Browning-Ferris Industries

  -- Senior secured notes rating to 'BB/RR2' from 'B+/RR3'.


APARTMENT INVESTMENT: Paying US0$.60/Share Dividend on Nov. 30
--------------------------------------------------------------
Apartment Investment and Management Company disclosed last week
that its Board of Directors declared a regular quarterly
dividend of US$0.60 per share on its Class A Common Stock for
the quarter ended Sept. 30, 2007.  The dividend is payable on
Nov. 30, 2007, to shareholders of record on Nov. 16, 2007.

Headquartered in Denver, Colorado, Apartment Investment and
Management Company (NYSE: AIV) -- http://www.aimco.com/-- is a
real estate investment trust that owns and operates a
geographically diversified portfolio of apartment communities
through 19 regional operating centers.  Aimco, through its
subsidiaries and affiliates, is the largest owner and operator
of apartment communities in the United States with 1,194
properties, including 206,217 apartment units, and serves
approximately 750,000 residents each year.  Aimco's properties
are located in 47 states, the District of Columbia and Puerto
Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Fitch Ratings affirmed Apartment Investment &
Management Company's US$823.5 million preferred stock at 'BB+'.
Fitch said the rating outlook is stable.


APARTMENT INVESTMENT: Posts US$2.3 Mil. Third Quarter Net Loss
--------------------------------------------------------------
Apartment Investment and Management Company reported Friday a
net loss of US$2.3 million for the third quarter ended
Sept. 30, 2007, compared with a net loss of US$24.9 million in
the third quarter of 2006.  The reduction in net loss in the
third quarter 2007 resulted from various items including: a
change in accounting for tax credit arrangements in the third
quarter 2006, which resulted in a non-recurring charge to
earnings of US$14.4 million, higher property net operating
income of US$3.9 million, and lower general and administrative
expenses of US$3.1 million.

Funds from Operations was US$80.2 million compared with
US$74.3 million in the third quarter 2006.

Adjusted funds from operations were US$55.9 million, compared
with US$57.6 million in the third quarter of 2006.  AFFO
includes deductions for capital replacement expenditures in the
third quarter 2007 and the third quarter 2006, respectively.

Chairman and chief executive officer Terry Considine comments:
"Aimco's property operations team achieved solid results with
same-store occupancy of 94.8%, year-over-year revenue growth of
4.2% and NOI growth of 4.9%.  Most of our markets performed well
and met our expectations; however, Florida was softer than we
had anticipated.  Our redevelopment team currently has 53
conventional projects underway and is on track to invest a total
of US$300 million dollars in conventional redevelopment projects
in 2007 and a similar amount next year."

                        Debt Activity

During the third quarter 2007, Aimco closed 59 property
loans generating gross proceeds of US$600.3 million at a
weighted average interest rate of 6.26%.  This included
refinancing US$297.6 million in existing mortgage loans,
reducing the average interest rate from 6.64% to 6.43%.  After
repayment of existing property debt, transaction costs and
distributions to limited partners, Aimco's share of net proceeds
was US$258.3 million.  At quarter-end, Aimco's corporate debt
balance was US$550.0 million, up from US$540.0 million at year-
end 2006, and carried a weighted average interest rate of 6.93%.
The balance on Aimco's revolving credit facility was US$75.0
million and total dry powder at quarter end was more than
US$600.0 million.

During the third quarter 2007, the company amended its corporate
credit agreement to increase its revolving debt capacity by
US$200.0 million with the same maturity and pricing terms as the
existing US$450.0 million revolving credit facility.  The
amendment also provided for an additional US$75.0 million term
loan that bears interest at a rate of LIBOR plus 1.375%, which
is 12.5 basis points less than the existing US$400.0 million
term loan.  The proceeds from the additional term loan were used
to repay outstanding revolving loans.

As of Sept. 30, 2007, Aimco had US$7.3 billion of consolidated
debt outstanding (excluding other borrowings), of which US$5.6
billion was fixed rate mortgage debt and US$1.7 billion was
floating rate debt.  The floating rate debt included US$550.0
million of corporate debt, US$704.6 million of tax-exempt bonds,
and US$485.5 million of other property loans.  In addition,
Aimco had US$100.0 million of floating rate preferred stock.
Other borrowings of US$65.0 million at quarter-end consisted
primarily of unsecured notes payable and obligations under sale
and leaseback arrangements accounted for as financings.

                        Balance Sheet

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$10.52 billion in total assets, US$8.08 billion in
total liabilities, and US$403 million in minority interests, and
US$2.04 billion in total shareholders' equity.

                  Repurchase of Common Stock

During the third quarter 2007, Aimco repurchased approximately
1.2 million shares of its Class A Common Stock at an average
price of US$41.71 per share for a total cost of US$49.1 million,
bringing year-to-date 2007 common stock repurchases to 3.4
million shares at an average price of US$51.27 per share for a
total cost of US$175.4 million.

                Redemption of Preferred Stock

On Sept. 30, 2007, Aimco redeemed the 1,904,762 outstanding
shares of its privately held 8.1% Class W Cumulative Convertible
Preferred Stock.  The aggregate redemption price of US$104.0
million included a redemption price per share of US$53.55 (102%
of the US$52.50 per share liquidation preference) plus
approximately US$1.06 per share of accumulated, accrued and
unpaid dividends through the redemption date.

                 About Apartment Investment

Headquartered in Denver, Colorado, Apartment Investment and
Management Company (NYSE: AIV) -- http://www.aimco.com/-- is a
real estate investment trust that owns and operates a
geographically diversified portfolio of apartment communities
through 19 regional operating centers.  Aimco, through its
subsidiaries and affiliates, is the largest owner and operator
of apartment communities in the United States with 1,194
properties, including 206,217 apartment units, and serves
approximately 750,000 residents each year.  Aimco's properties
are located in 47 states, the District of Columbia and Puerto
Rico.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2007,
Fitch Ratings affirmed Apartment Investment & Management
Company's US$823.5 million preferred stock at 'BB+'.  Fitch said
the rating outlook is stable.


MUSICLAND HOLDING: Posts US$540,000 Net Loss in September 2007
--------------------------------------------------------------
                     Musicland Holding Corp.
                   Consolidated Balance Sheet
                     As of September 30, 2007

ASSETS
Current Assets
   Cash                                       US$12,108,000
   Letters of Credit/Other Deposits                 415,000
   Other
   Amounts due from TransWorld                            0
   Receivables from Sub-leases                      774,000
   Amounts due from GOB sales                             0
   Miscellaneous CC                                  29,000
   Vendors Credit due from services               1,541,000
                                                 ----------
   Total                                         14,867,000

Fixed Assets                                              0
Other assets
   Transport Logistic deposit                             0
   Insurance Deposits                             3,977,000
   Utility and Tax Deposits                               0
                                                 ----------
   TOTAL ASSETS                               US$18,844,000

Liabilities & Shareholders' deficit
Current liabilities
   Accounts payable
      Due to Transworld                                   0
      Due to Deluxe                                       0
      Expense accruals                            2,840,000
      Other accrued liabilities
      Insurance Reserve                           3,380,000
      5% Admin. Fee on Wachovia L/C                 250,000
      Miscellaneous                                  29,000

                                                 ----------
      Total                                       6,499,000
                                                 ----------

DIP financing                                             0
Other LT Liabilities                                      0
Liabilities subject to compromise               315,047,000
Shareholders' deficit                          (302,702,000)
                                                 ----------
      TOTAL LIABILITIES &
      SHAREHOLDERS' DEFICIT                   US$18,844,000


                       Musicland Holding Corp.
                      Statement of Operations
                For the Month Ended September 30, 2007


Merchandise revenue                                       0
Non-merchandise revenue                                   0
                                                -----------
   Net sales                                              0

Cost of good sold                                         0
                                                -----------
    Gross Profit                                          0

Store operating expenses
   Payroll                                                0
   Occupancy                                              0
   Other                                          (US$1,000)
   Store expenses                                         0
                                                 ----------
General & administrative                             (1,000)
                                                 ----------
EBITDA (Loss)                                        (1,000)

   Chapter 11 & related charges                    (360,000)
   Sale to Transworld                                     0
   Hilco 65                                               0
   Media Play Wind down                                   0
   Depreciation & Amortization                            0
                                                 ----------
      Operating income (Loss)                      (361,000)

   Interest income (expense)                         46,000
   Other non-operating charges                     (225,000)
                                                 ----------
          Earnings before Taxes                    (540,000)
                                                 ----------
   Income tax                                             0
                                                 ----------
      Net earnings (Loss)                       (US$540,000)


                     Musicland Holding Corp.
                     Statement of Cash Flow
                For the Month Ended September 30, 2007


Operating activities
   Net earnings (Loss)                          (US$540,000)
   Adjustments to reconcile net earnings (loss)
    to net cash provided by (used in)
    operating activities:                            32,000
        Loss on utility deposits write off

   Changes in operating assets & liabilities:             0
      Inventory                                           0
        Other current assets                              0
        Other Non-current Assets                          0
        Accounts payable                                  0
        Other accrued liabilities                         0

        Liabilities subject to compromise                 0
                                                 ----------
   Net cash provided by (used in)
      operating activities                         (508,000)
                                                 ----------

Investing activities
   Change in other long term asset/liabilities            0
   Retirement of fixed assets                             0
   Net cash provided by investing activities              0

Financing activities
   Distribution to Secured Creditors                      0
                                                 ----------
Increase/decrease in cash                          (508,000)
                                                 ----------
   Cash at the beginning of Period               12,606,000
                                                 ----------
   Cash at the end of Period                    US$12,108,000

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States and Puerto Rico.  The Debtor and
14 of its affiliates filed for chapter 11 protection on
Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).  James
H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T. Power, Esq.,
at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  At March 31, 2007, the Debtors disclosed
US$20,121,000 in total assets and US$321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  (Musicland Bankruptcy News, Issue No. 40;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


MUSICLAND HOLDING: Posts US$159,000 Net Loss in August 2007
-----------------------------------------------------------
                    Musicland Holding Corp.
                   Consolidated Balance Sheet
                     As of August 31, 2007

ASSETS
Current Assets
   Cash                                       US$12,616,000
   Letters of Credit/Other Deposits                 415,000
   Other
      Amounts due from TransWorld                         0
      Receivables from Sub-leases                   774,000
      Amounts due from GOB sales                          0
      Miscellaneous CC                               29,000
      Vendors Credit due from services            1,541,000
                                                 ----------
      Total                                      15,375,000

Fixed Assets                                              0
Other assets
   Transport Logistic deposit                             0
   Insurance Deposits                             3,977,000
   Utility and Tax Deposits                               0
                                                 ----------
      TOTAL ASSETS                            US$19,352,000

Liabilities & Shareholders' deficit
Current liabilities
   Accounts payable
      Due to Transworld                                   0
      Due to Deluxe                                       0
      Expense accruals                            2,840,000
   Other accrued liabilities
      Insurance Reserve                           3,380,000
      5% Admin. Fee on Wachovia L/C                 250,000
      Miscellaneous                                  29,000

                                                 ----------
     Total                                        6,499,000
                                                 ----------

DIP financing                                             0
Other LT Liabilities                                      0
Liabilities subject to compromise               315,047,000
Shareholders' deficit                          (302,194,000)
                                               ------------
     TOTAL LIABILITIES &
     SHAREHOLDERS' DEFICIT                    US$19,352,000


                      Musicland Holding Corp.
                     Statement of Operations
                 For the Month Ended August 31, 2007


Merchandise revenue                                       0
Non-merchandise revenue                                   0
                                                -----------
   Net sales                                              0

Cost of good sold                                         0
                                                -----------
   Gross Profit                                           0

Store operating expenses
   Payroll                                                0
   Occupancy                                              0
   Other                                          (US$2,000)
   Store expenses                                         0
                                                 ----------
General & administrative                             (2,000)
                                                 ----------
EBITDA (Loss)                                        (2,000)

   Chapter 11 & related charges                    (132,000)
   Sale to Transworld                                     0
   Hilco 65                                               0
   Media Play Wind down                                   0
   Depreciation & Amortization                            0
                                                 ----------
            Operating income (Loss)                (134,000)

   Interest income (expense)                         49,000
   Other non-operating charges                      (74,000)
                                                 ----------
            Earnings before Taxes                  (159,000)
                                                 ----------
   Income tax                                             0
                                                 ----------
            Net earnings (Loss)                 (US$159,000)


                     Musicland Holding Corp.
                     Statement of Cash Flow
                 For the Month Ended August 31, 2007


Operating activities
   Net earnings (Loss)                          (US$159,000)
   Cash                                          16,897,000
   Adjustments to reconcile net earnings (loss)
      to net cash provided by (used in)
      operating activities:                               0
          Loss on utility deposits write off
   Other Current Assets                             250,000
   Changes in operating assets & liabilities:             0
      Inventory                                           0
      Other current assets                                0
      Other Non-current Assets                            0
      Accounts payable                                    0
      Other accrued liabilities                           0
                                                          0
   Liabilities subject to compromise                      0
                                                 ----------
   Net cash provided by (used in)
         operating activities                        91,000
                                                 ----------

Investing activities
   Change in other long term asset/liabilities            0
   Retirement of fixed assets                             0
       Net cash                                           0

Financing activities
   Distribution to Secured Creditors                      0
                                                 ----------
Increase/decrease in cash                            91,000
                                                 ----------
   Cash at the beginning of Period               12,525,000
                                                 ----------
   Cash at the end of Period                  US$12,616,000

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States and Puerto Rico.  The Debtor and
14 of its affiliates filed for chapter 11 protection on
Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).  James
H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T. Power, Esq.,
at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  At March 31, 2007, the Debtors disclosed
US$20,121,000 in total assets and US$321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  (Musicland Bankruptcy News, Issue No. 40;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


NBTY INC: Reports US$48 Mil. Net Income in Qtr. Ended Sept. 30
--------------------------------------------------------------
NBTY Inc. has announced, for the fiscal fourth quarter ended
Sept. 30, 2007, net sales were US$496 million compared to net
sales of US$468 million for the fiscal fourth quarter ended
Sept. 30, 2006, an increase of US$29 million, or 6%.  Net income
for the fiscal fourth quarter ended Sept. 30, 2007 was US$48
million, or US$0.70 per diluted share, compared to net income of
US$38 million, or US$0.54 per diluted share for the fiscal
fourth quarter ended Sept. 30, 2006.

The rise in net income for the fiscal fourth quarter reflects
the aforementioned sales increase, gross profit improvement and
SG&A cost controls.  Net sales increased US$29 million; gross
profit increased to 52% in the fiscal fourth quarter 2007 from
49% in the fiscal fourth quarter 2006; and SG&A costs as a
percentage of sales decreased to 31.9% in the fiscal fourth
quarter 2007 from 32.5% in the fiscal fourth quarter 2006.

Adjusted EBITDA for the fiscal fourth quarter rose to US$87
million from US$70 million for the fiscal fourth quarter of
2006.

Results for the fiscal fourth quarter ended Sept. 30, 2007
include an impairment charge of approximately US$2 million,
after tax, or US$0.03 per diluted share, to reflect the current
fair market value of a building in Augusta, Georgia, which is
currently offered for sale.  Without this charge, earnings per
share for the fiscal fourth quarter of 2007 would have been
US$0.73 per diluted share.

For the fiscal year ended Sept. 30, 2007, net sales were US$2.0
billion, compared to net sales of US$1.9 billion for the prior
fiscal year, an increase of US$134 million, or 7%.  Net income
for the fiscal year ended Sept. 30, 2007 was US$208 million, or
US$3.00 per diluted share, compared to US$112 million, or
US$1.62 per diluted share, for the prior like period.

Adjusted EBITDA for fiscal 2007 rose to US$378 million from
US$249 million for fiscal 2006.  At Sept. 30, 2007, NBTY had
working capital of US$575 million, of which US$214 million
consisted of cash and short-term investments, and total assets
of US$1.5 billion.

NBTY purchased, in open market transactions, 716,000 shares of
its common stock; 421,000 shares were acquired in the fiscal
fourth quarter 2007 for approximately US$15 million and an
additional 295,000 shares were acquired in October 2007 for
approximately US$10 million.  These shares were
purchased under an existing publicly-announced authorization.

                  Fourth Quarter Operations

The Wholesale/US Nutrition division continues to generate
increased sales and significantly contributed to NBTY's overall
strong performance.  Net sales for the Wholesale/US Nutrition
division, which markets Nature's Bounty, Solgar, Osteo Bi-Flex,
Rexall, Ester-C and other brands, increased US$19 million, or
9%, to US$237 million from US$217 million for the prior like
quarter.

During the fiscal fourth quarter of 2007, gross profit for the
Wholesale/US Nutrition operation increased to 41% compared to
35% for the prior like quarter.  The company experienced higher
purchase prices of certain products including whey protein
during the fiscal fourth quarter 2007. The company anticipates
passing on these higher prices to customers in fiscal 2008.

The Wholesale/US Nutrition division utilizes valuable consumer
preference sales data generated by the company's Vitamin World
retail stores and Puritan's Pride Direct Response/E-Commerce
operations to empower its wholesale customers with this latest
data.  The Vitamin World stores are used as a laboratory for new
ideas and are an effective tool in determining and monitoring
consumer preferences.  This information, as well as scanned
sales data from the Vitamin World stores, is shared on a real
time basis with our wholesale customers to give them a
competitive advantage.

Net sales for the North American Retail division increased US$1
million, or 2%, to US$57 million from US$56 million for the
fiscal fourth quarter ended Sept. 30, 2006.  Vitamin World was
profitable for the current fiscal quarter.  However,
LeNaturiste, the company's Canadian retail chain, continued to
operate at a loss during this period. Same store sales for North
American Retail increased 5% for the fiscal fourth quarter of
2007.  The North American Retail division is operating under new
management who are focused on rationalizing SKU's, enhancing
visual merchandising and increasing customer traffic.  During
the fiscal fourth quarter of 2007, Vitamin World closed 3 under-
performing stores and LeNaturiste closed 5 stores.

European Retail net sales for the fiscal fourth quarter of 2007
increased US$13 million, or 9%, to US$155 million from US$142
million for the fiscal fourth quarter of 2006.  European retail
net sales in local currency increased 1% for the fiscal fourth
quarter of 2007.  European Retail division continues to operate
in a difficult environment.  During the fiscal fourth quarter,
the European Retail division opened 4 stores.  This division
anticipates opening 34 new stores during fiscal 2008 in high
street locations that have recently become available.

Net sales from Direct Response/E-Commerce operations for the
fiscal fourth quarter of 2007 decreased US$5 million, or 10%, to
US$47 million from US$52 million for the fiscal fourth quarter
of 2006.  The company is focused on maintaining its market share
in this segment; accordingly, prices were lowered in response to
a highly competitive environment.  More orders were received
than in the prior like period.  However, because of lowered
prices, the average order size at Puritan's Pride decreased to
US$62 from US$73.

Since Puritan's Pride varies its promotional strategy throughout
the fiscal year, the results for this division should be viewed
on an annual and not quarterly basis.

Online sales represent 40% of total Direct Response/E-Commerce
sales for this fiscal fourth quarter compared to 34% in the
prior like quarter.  This increase reflects on-going efforts to
garner greater online consumer sales and to capitalize on the
continuing surge in shopping via the web.  Puritan's Pride views
the Internet as the driver of future growth and continues to
incorporate new technologies to expand this business.  Puritan's
Pride remains the leader in the direct response and e-commerce
sectors and continues to increase the number of products
available via its catalog and web sites.

                  Operations for the Fiscal
                  Year Ended Sept. 30, 2007

Net sales for the Wholesale/US Nutrition division increased
US$92 million, or 10%, to US$977 million from US$885 million for
fiscal year 2006.  Gross profit for the Wholesale operation
increased to 41% compared to 32% for the prior like fiscal year,
reflecting in part more efficient supply chain management.

Net sales for the North American Retail division decreased US$11
million, or 5%, to US$223 million from US$234 million for fiscal
year 2006.  North American Retail same store sales increased 1%
for fiscal 2007.  At the end of fiscal 2007, the North American
Retail division operated a total of 537 stores, with 457 in the
US and 80 in Canada.

European Retail net sales for the fiscal year increased US$55
million, or 10%, to US$620 million for the fiscal year 2007 from
US$565 million for the fiscal year 2006.  European Retail same
store sales in local currency decreased 1% but increased 8% in
US dollars for fiscal 2007.

The European Retail business continues to leverage its premier
status, high street locations and brand awareness.  As of
Sept. 30, 2007, the European Retail business operated a total of
626 stores, comprised of 507 Holland & Barrett stores and 31 GNC
stores in the UK, 19 Nature's Way stores in Ireland, and 69
DeTuinen stores in the Netherlands.

Net sales from Direct Response/E-Commerce operations for the
fiscal year 2007 decreased US$2 million, or 1% to US$194 million
from US$196 million for the fiscal year 2006.  The decrease in
sales reflects the aforementioned lowering of prices to garner
greater market share in a highly competitive environment.

Online sales represent 38% of total Direct Response/E-Commerce
sales for this fiscal year 2007 compared to 33% for fiscal year
2006.

NBTY Chairman and Chief Executive Officer, Scott Rudolph, said:
"Our significant increases in revenue and profitability are
reflected in NBTY's ongoing initiatives to drive sales and
expand our premiere position as the leading nutritional
supplement company in the world.  Our growing financial strength
and expanding market position continue to play a vital role in
our ability to generate future growth and shareholder value."

                         About NBTY

Headquartered in Bohemia, New York, NBTY Inc. (NYSE: NTY) --
http://www.NBTY.com/-- manufactures, markets and distributes
nutritional supplements in the United States and throughout the
world.  As of Sept. 30, 2005, it operated 542 Vitamin World and
Nutrition Warehouse retail stores in the United States, Guam,
Puerto Rico, and the Virgin Islands.

                        *     *     *

NBTY Inc.'s 7-1/8% senior subordinated notes due 2015 carry
Moody's Investors Service's Ba3 rating and Standard & Poor's B+
rating.


R&G FINANCIAL: Closes US$288-Million Crown Bank Stake Sale
----------------------------------------------------------
R&G Financial Corporation completed the US$288 million sale of
all of the outstanding common stock of R-G Crown Bank FSB, its
Casselberry, Florida-based savings bank subsidiary, to Fifth
Third Financial Corporation, a subsidiary of Fifth Third Bancorp
on Nov. 2, 2007.

As reported in the Troubled Company Reporter on May 24, 2007,
the company sold R-G Crown.  The sale closing was subjected to:

     -- cancellation of R-G Crown's "cease and desist
        order,"

     -- its maintenance of financial statements in
        accordance with GAAP, and

     -- minimum tangible equity.

In connection with the transaction, Fifth Third also assumed the
approximately US$50 million of outstanding trust preferred
obligations of R&G Acquisition Holdings Corporation, a wholly
owned subsidiary of RGF and the direct parent of Crown.

The cash proceeds received by RGF in connection with the closing
was US$258.75 million, US$5 million of which will be held in a
third party escrow account for one year to cover possible
indemnification obligations, which because of certain
adjustments taken pursuant to the provisions of the Stock
Purchase Agreement dated May 20, 2007 among RGF, RAC, Crown and
Fifth Third, is less than the US$288 million.

In connection with the closing of the transactions contemplated
by the Stock Purchase Agreement, Fifth Third also acquired from
a company owned by Victor J. Galan, a director and the principal
shareholder of RGF and its former chairman of the board and
chief executive officer, certain real property upon which Crown
operated branch offices.

Immediately after the closing of the transactions, RAC used a
portion of the proceeds to redeem its US$150 million of
outstanding Series A preferred stock, and RGF repurchased all of
the outstanding warrants to purchase 8.75 million shares of RGF
common stock for nominal consideration.

                     About R&G Financial

Headquartered in San Juan, Puerto Rico, R&G Financial Corp.
(PNK: RGFC.PK) -- http://www.rgonline.com/-- is a financial
holding company with operations in Puerto Rico and the
United States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the company operated 37 bank branches
in Puerto Rico, 35 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 49 mortgage offices in Puerto Rico, including 37
facilities located within R-G Premier Bank's banking branches.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2007,
Fitch has downgraded the long-term issuer default rating of R&G
Financial Corporation to 'CCC' from 'BB-'.  Further, R&G has
been placed on rating watch negative.  In addition, the long-
term IDR of R-G Premier Bank has been downgraded to 'B' from
'BB-'.


R&G FINANCIAL: Completes Restatement of 2002-2004 Annual Reports
----------------------------------------------------------------
R&G Financial Corporation completed the restatement of its
consolidated financial statements for the years 2002 through
2004 and the filing of its amended Annual Report on Form 10-K/A
for the year ended Dec. 31, 2004, with the U.S. Securities and
Exchange Commission.

The 2004 10-K/A also discusses factors that have affected the
company's results of operations and financial condition for
periods subsequent to Dec. 31, 2004 and financial, operational
and legal difficulties currently affecting the Company.

"The completion of the restatement represents a significant step
forward for the company," Rolando Rodriguez, the company's chief
executive officer, said.  We continue to work diligently to
become current in our financial reporting and to address the
issues resulting from the restatement."

Headquartered in San Juan, Puerto Rico, R&G Financial Corp.
(PNK: RGFC.PK) -- http://www.rgonline.com/-- is a financial
holding company with operations in Puerto Rico and the
United States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the company operated 37 bank branches
in Puerto Rico, 35 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 49 mortgage offices in Puerto Rico, including 37
facilities located within R-G Premier Bank's banking branches.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2007,
Fitch has downgraded the long-term issuer default rating of R&G
Financial Corporation to 'CCC' from 'BB-'.  Further, R&G has
been placed on rating watch negative.  In addition, the long-
term IDR of R-G Premier Bank has been downgraded to 'B' from
'BB-'.


R&G FINANCIAL: Dividend Payments on Pref. Stock & Sec. Approved
---------------------------------------------------------------
R&G Financial Corporation has received authorization to make
November dividend payments on its series of preferred stock and
trust preferred securities.

RGF also has requested and received regulatory permission to pay
its dividend obligations for November on its four outstanding
series of preferred stock and on its trust preferred securities
issues which have payments due in November and the preferred
stock of RAC, from Oct. 1 through Nov. 2, 2007, at which time
the RAC preferred stock was redeemed in full in connection with
the acquisition of Crown by Fifth Third pursuant to the terms of
the Stock Purchase Agreement.

Regulatory approvals are necessary as a result of RGF's
agreements with the board of governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation and
Commissioner of Financial Institutions of the Commonwealth of
Puerto Rico.

Headquartered in San Juan, Puerto Rico, R&G Financial Corp.
(PNK: RGFC.PK) -- http://www.rgonline.com/-- is a financial
holding company with operations in Puerto Rico and the
United States, providing banking, mortgage banking, investments,
consumer finance and insurance through its wholly owned
subsidiaries, R-G Premier Bank, R-G Crown Bank, R&G Mortgage
Corporation, Puerto Rico's second largest mortgage banker, R-G
Investments Corporation, the company's Puerto Rico broker-
dealer, and R-G Insurance Corporation, its Puerto Rico insurance
agency.  At June 30, 2006, the company operated 37 bank branches
in Puerto Rico, 35 bank branches in the Orlando, Tampa/St.
Petersburg and Jacksonville, Florida and Augusta, Georgia
markets, and 49 mortgage offices in Puerto Rico, including 37
facilities located within R-G Premier Bank's banking branches.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 26, 2007,
Fitch has downgraded the long-term issuer default rating of R&G
Financial Corporation to 'CCC' from 'BB-'.  Further, R&G has
been placed on rating watch negative.  In addition, the long-
term IDR of R-G Premier Bank has been downgraded to 'B' from
'BB-'.




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


PETROLEOS DE VENEZUELA: Refutes Reports of Lower Oil Production
---------------------------------------------------------------
Venezuelan Energy and Oil Minister and Petroleos de Venezuela's
head, Rafael Ramirez, denied reports that there's been a drop in
oil production, Prensa Latina reports.

The energy minister told the National Assembly's Finance
Committee that current output is at 3.2 millions barrels per
day.  The company plans to increase daily output in 2008 to 3.6
million.

To support his statement, the energy minister pointed out that
Petroleos de Venezuela has allocated US$10 billion for
investments this year, compared to last year's US$6 billion.

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

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


* VENEZUELA: Hopes To Curb Inflation Through US$1.5 Bond Issue
--------------------------------------------------------------
The Venezuelan Finance Ministry is to issue bolivar and dollar-
denominated bonds in local and international markets, in a bid
to lower inflation in the country, AHN reports.  The issuance
will be in two parts: US$750 million will be issued in the local
market, while the other half will be for global investors.

ANH adds that the government will also be introducing a new
currency, which is the result of a planned 14% devaluation of
the bolivar, on Jan. 1, 2008.  It will trade at 2.15 per dollar.

Inflation in the country is posted at 17.2% in October, the
highest in a 15-month period.  The increase has been caused by
high consumer demand, food shortages, and lowering of the
currency in black market trading, Bloomberg News says.

The bolivar is trading at 4,850 to a dollar in the black market,
ANH says.  It was trading at 2,150 in 2005.

A Citigroup Inc. analyst, Tanya Reif, however, thinks that the
bond issue is too small to significantly lower inflation,
according to Bloomberg.


                        *     *     *

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-'.


                        ***********


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
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Information contained herein is obtained from sources believed
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