TCRLA_Public/071114.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 14, 2007, Vol. 8, Issue 225

                          Headlines

A R G E N T I N A

ACTIVA COMERCIAL: Trustee Verifies Proofs of Claim Until Feb. 13
ALITALIA SPA: Bankruptcy Looms If Sale Fails, Says Minister
ALITALIA SPA: Bid Filing Bar Date Moved to Nov. 20
ASOCIACION MUTUAL: Proofs of Claim Verification Is Until Feb. 5
BANCO DE GALICIA: Earns ARS7.5 Million in Third Quarter 2007

BALLY TECH: Licenses Certicom for Next-Generation Casino Systems
CONSULTEX SA: Proofs of Claim Verification Deadline Is Feb. 11
DANA CORP: Gets Banks' Proposals for US$2-Billion Exit Financing
DELTA AIR: Wants To Walk Away from Eight Leases
DELTA AIR: Still in Talks To Settle Flight 5191 Lawsuits

FARMINTER: Trustee Verifies Proofs of Claim Por Via Incidental
FORD MOTOR: Defers Volvo Sale; Intends to Improve Performance
FORD MOTOR: Anticipates Jaguar & Land Rover Sale Talks in 2008
FORD MOTOR: Primary Stakeholder in Auto Fuel Cell Cooperation
GALVANI SA: Seeks for Reorganization Okay in Buenos Aires Court

HECTOR ANDRES: Proofs of Claim Verification Ends on Dec. 27
LOGISTICA Y SERVICIOS: Claims Verification Deadline Is on Feb. 1
MAR PATAGONICO: Proofs of Claim Verification Is Until Feb. 25
MARCOS MARTINI: Reorganization Proceeding Concluded
MEUCCI SRL: Trustee Verifies Proofs of Claim Until Nov. 23

SCALA DE ARGENTINA: Proofs of Claim Verification Ends on Feb. 8
SIMON CACHAN: Seeks for Reorganization Okay from Court
STAR MED: Proofs of Claim Verification Deadline Is Feb. 18
TELECOM ARGENTINA: Reports ARS614 Mil. Net Income in Third Qtr.


B A H A M A S

HARRAH'S ENT: Unit Lowers Conversion Price of US$375MM Sr. Notes


B R A Z I L

AAR CORP: Signs Merger Agreement to Acquire Summa Technology
AES TIETE: Reports US$141.1-Mil. Net Earnings in Third Quarter
BANCO DO BRASIL: Reports Third Quarter Income of US$761 Million
COMPANHIA ENERGETICA: Earns BRL50.9 Mln in Third Quarter of 2007
DELPHI CORP: Wants DIP Financing Maturity Date Extended

DELPHI CORP: Wants to Enter Into US$6.8 Billion Exit Financing
DELPHI CORP: Committee Says Disclosure Statement Is Inadequate
DELPHI CORP: Senior Noteholders Balk at Disclosure Statement
FIAT SPA: CEO Marchionne Confirms Talks with Daimler
FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output

FIDELITY NATIONAL: Completes US$5.3B Buy of Ceridian Corporation
FORD MOTOR: Unit Earns US$334 Million in Third Quarter of 2007
FORD MOTOR: New Labor Pact Gets Massive UAW Votes of Approval
GEOKINETICS INC: Posts US$1.5 Million Net Loss in Third Quarter
HAYES LEMMERZ: Selling Automotive Brake to Brembo for US$58 Mil.

JAPAN AIRLINES: To Begin JALCard Bidding in Mid-November
TAM SA: Net Income Up 2.4% to BRL48.5 million in Third Quarter
UTSTARCOM INC: Incurs US$55 Million Net Loss in Third Quarter
NOVELIS INC: Reports US$13-Mln Net Income in 2007 Second Quarter

* BRAZIL: Petroleo Brasileiro Acquiring 87.5% Stake in Nansei
* BRAZIL: Petrobras Launching Production at New Platforms


C A Y M A N   I S L A N D S

BOMBAY CO: DJM Realty To Dispose 335 Retail Store Leases in U.S.
CABLE & WIRELESS: Working w/ Innovative on Data Security Service
O'CONNOR EVT: Proofs of Claim Filing Is Until Nov. 29
O'CONNOR EUROPEAN: Proofs of Claim Filing Deadline Is Nov. 29
O'CONNOR GLOBAL: Proofs of Claim Filing Ends on Nov. 29

O'CONNOR GLOBAL FUNDAMENTAL: Claims Filing Deadline Is Nov. 29
O'CONNOR GLOBAL QUANTITATIVE: Claims Filing Ends on Nov. 29
UBS GLOBAL: Proofs of Claim Filing Deadline Is Nov. 29
UBS NEUTRAL: Proofs of Claim Filing Is Until Nov. 29
UBS NEUTRAL ALPHA: Proofs of Claim Filing Is Until Nov. 29


C H I L E

CONSTELLATION BRANDS: Buys Fortune Brands' Wine Biz for US$885MM
CONSTELLATION BRANDS: Fitch Affirms Post-Fortune Buyout Ratings


M E X I C O

ALERIS INT'L: Reports US$3.5 Million Net Income in Third Quarter
BANCO AUTOFIN: Moody's Assigns Low B Currency Ratings
BANCO INTERACCIONES: Moody's Puts Ba2 Rating on MXN700-Mln Notes
DURA AUTOMOTIVE: Asks Firm to Detail Purchase of Clients' Bonds
GRUPO SENDA: Net Income Up 258.4% to MXN47.4 Million in 3rd Qtr.

HILLMAN COS: Announces Cash Distribution on Preferred Securities
HIPOTECARIA SU: Terminates Cash Tender Offer of 8.50% Sr. Notes
OPEN TEXT: S&P Affirms BB- Corp. Credit Rating w/ Stable Outlook
RADIOSHACK CORP: Declares US$0.25 Per Common Share Dividend
STERIGENICS INT'L: S&P Affirms & Removes Ratings from Neg. Watch

VISTA GOLD: Posts US$2.2 Million Net Loss in Third Quarter 2007


P E R U

CONNACHER OIL: High Leverage Cues Moody's to Affirm B1 Ratings
IRON MOUNTAIN: High Debt Leverage Prompts S&P to Revise Outlook


P U E R T O   R I C O

WERNER LADDER: Trustee Wants Removal Period Extended to Mar. 4


V E N E Z U E L A

CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center
CHRYSLER LLC: To Donate US$150,000 to NextEnergy's Fuel Testings
PETROLEOS DE VENEZUELA: Hires 5,000 Ex-Private Firm Employees
PETROLEOS DE VENEZUELA: Will Use Cameron's Subsea Equipment


                         - - - - -


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


ACTIVA COMERCIAL: Trustee Verifies Proofs of Claim Until Feb. 13
----------------------------------------------------------------
Ruben L. Kwasniewsky, the court-appointed trustee for Activa
Comercial S.A.'s reorganization proceeding, verifies creditors'
proofs of claim until Feb. 13, 2008.

Mr. Kwasniewsky will present the validated claims in court as
individual reports on March 27, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Activa Comercial 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 Activa Comercial's
accounting and banking records will be submitted in court on
June 24, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Dec. 1, 2008.

The debtor can be reached at:

       Activa Comercial S.A.
       Soldado de la Independencia 1258
       Buenos Aires, Argentina

The trustee can be reached at:

       Ruben L. Kwasniewsky
       Montevideo 536
       Buenos Aires, Argentina


ALITALIA SPA: Bankruptcy Looms If Sale Fails, Says Minister
-----------------------------------------------------------
Italian Transport Minister Alessandro Bianchi has warned that
Alitalia S.p.A. may file for bankruptcy if the current attempt
to sell the government's 49.9% stake fails, The Associated Press
reports.

"If we're not able to sell Alitalia in an acceptable manner
within the next two to three months, we'd run the serious risk
of bankruptcy," Mr. Bianchi told AP.

AP notes that the remarks by Mr. Bianchi, whose ruling party had
previously ruled out liquidating Alitalia, means that the
carrier's bankruptcy could be the only option.

As previously reported in the TCR-Europe, Alitalia decided to
open talks, through the financial advisor Citi and industrial
advisor Roland Berger, with:

   -- OAO Aeroflot,
   -- Air France-KLM,
   -- AP Holding S.p.A.,
   -- Cordata Baldassarre,
   -- Deutsche Lufthansa AG,
   -- TPG Capital.

Alitalia, however, has concluded that Cordata Baldassarre's bid
is "no longer compatible" to its planned stake sale.

TPG Capital, meanwhile, has informed it was unable to finalize
an Italian-led consortium, but will continue to follow the
developments of the sale.

                       About Alitalia

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

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


ALITALIA SPA: Bid Filing Bar Date Moved to Nov. 20
--------------------------------------------------
Alitalia S.p.A. has moved the deadline for submission of binding
offers for the Italian government's 49.9% stake in the national
carrier to Nov. 20, 2007, Thomson Financial reports citing La
Repubblica as its source.

Trade union sources had told Thomson Financial that Alitalia had
set a Nov. 16, 2007, deadline for the offers, which would be
tackled by the carrier's board on Nov. 20, 2007.

La Repubblica notes that with the deferment, Alitalia chairman
Maurizio Prato may recommend to the Italian government the
carrier's potential buyer by Nov. 30, 2007.

Alitalia's board may also decide on the same day whether to
enter exclusive sale talks with the chosen bidder, a trade union
source told Thomson Financial.

As previously reported in the TCR-Europe, Alitalia decided to
open talks, through the financial advisor Citi and industrial
advisor Roland Berger, with:

   -- OAO Aeroflot,
   -- Air France-KLM,
   -- AP Holding S.p.A.,
   -- Cordata Baldassarre,
   -- Deutsche Lufthansa AG,
   -- TPG Capital.

Alitalia, however, has concluded that Cordata Baldassarre's bid
is "no longer compatible" to its planned stake sale.

TPG Capital, meanwhile, has informed it was unable to finalize
an Italian-led consortium, but will continue to follow the
developments of the sale.

                      About Alitalia

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

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


ASOCIACION MUTUAL: Proofs of Claim Verification Is Until Feb. 5
---------------------------------------------------------------
Roberto Eugenio Vogliotti, the court-appointed trustee for
Asociacion Mutual Interservicios' bankruptcy proceeding,
verifies creditors' proofs of claim until Feb. 5, 2008.

Mr. Vogliotti will present the validated claims in court as
individual reports on March 18, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Asociacion Mutual 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 Asociacion Mutual's
accounting and banking records will be submitted in court on
April 29, 2008.

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

The trustee can be reached at:

         Roberto Eugenio Vogliotti
         Avenida Cordoba 1309
         Buenos Aires, Argentina


BANCO DE GALICIA: Earns ARS7.5 Million in Third Quarter 2007
------------------------------------------------------------
Banco de Galicia told Business News Americas that its quarterly
net income decreased 14.8% to ARS7.5 million in the third
quarter 2007.

According to Banco de Galicia's statement, its net adjusted
profit increased 47.8% to ARS59.4 million in the third quarter
2007, from the same period last year.

BNamericas relates that Banco de Galicia lost some ARS34.7
million from the amortization of deferred losses from amparo
claims in the third quarter 2007.  It also lost about ARS17.2
million from the adjustment to the valuation of public sector
assets during the period.

The report says that Banco Galicia's adjusted net operating
income grew 60.3% to ARS448.9 million in the third quarter 2007,
compared to the same period last year.  Its net income from
services rose 44.5% to ARS248 million.  The net interest margin
improved to 4.86% in this year's third quarter, from 1.21% in
last year's third quarter.

BNamericas notes that Banco de Galicia's loans to the private
sector increased 39.9% to ARS11.6 billion as of Sept. 30, 2007,
compared to the same time last year.

According to BNamericas, Banco de Galicia's past-due loans as a
percentage of private sector loans declined to 3.87% in
September 2007, from 3.98% in September 2006.

Banco de Galicia's deposits increased 23.2% to ARS12.5 billion -
- equivalent to a 6.24% market share of total private sector
deposits -- in the 12 months ended September 2007, compared to
the same period last year, BNamericas states.

Headquartered in Buenos Aires, Argentina, Banco de Galicia y
Buenos Aires SA -- http://www.e-galicia.com/-- is an
Argentinean private bank that is engaged in commercial banking,
providing general banking services to large corporations, small
and medium-sized companies, agricultural and cattle farms and
individuals.  The company controls an extensive and diverse
network of subsidiaries, which include Banco Galicia Uruguay SA,
Galicia Capital Markets SA, Galicia Factoring y Leasing SA, Agro
Galicia SA, Galicia Administradora de Fondos SA, Galicia Valores
SA, Galicia Warrants SA, Net Investments SA, Sudamericana
Holding SA and Tarjetas Regionales SA.  Through its subsidiaries
the company offers accounting, investment and insurance
services, loans, checks and debit and credit cards.  It also
finances the development of real estate, acts as a fiduciary and
leases properties to interested parties.  It operates over 400
branches across the country and provides e-banking services to
customers via its Internet site.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2007, Banco de Galicia y Buenos Aires' Obligaciones
Negociables issued on Nov. 6, 2001, for the original amount of
US$12 million was rated D by the Argentine arm of Standard &
Poor's International Ratings.


BALLY TECH: Licenses Certicom for Next-Generation Casino Systems
----------------------------------------------------------------
Bally Technologies, Inc. has licensed Certicom Corp.'s Game
Guardian Server Based Gaming(TM) (SBG) security platform to
protect its next-generation casino systems.  Specifically, Bally
Technologies will use Certicom's Game Guardian SBG Certificate
Authority Server and Game Guardian SBG Client to enable secure,
authenticated connections between applications, gaming machines
and backend servers.

The Game Guardian SBG platform will be integrated into Bally
Technologies rapidly growing line of server-based gaming
solutions, allowing the company to perform security operations
and complex authentication demands in only a fraction of the
time of other commonly-used security schemes.  With Game
Guardian, Bally Technologies can easily submit software upgrades
to existing casinos without the undue burden of new hardware or
entirely new infrastructure to deploy.

Certicom's Game Guardian platform ensures the strongest level of
security through leading-edge cryptography, including Elliptic
Curve Cryptography.  In 2005, the NSA recommended ECC as the
public-key crypto-system to protect classified and unclassified
government communications.  Known as Suite B, these
recommendations are part of an initiative to upgrade the
security infrastructure of government communications to meet
present and future security needs.  ECC is used in a growing
number of sectors ranging from networking, consumer electronics,
wireless devices and semiconductors to government and financial
services.

Server based gaming is the next wave of casino technology that
is gaining tremendous interest, offering users a much more
dynamic and interactive gaming experience.  Because it is
centrally managed through a single console, casino owners can
use a main computer to instantly control and connect all the
machines on a casino floor, while tailoring each one to a
player's preference.  It offers players a way to play the games
they want at any location without having to switch machines. It
also saves casino owners money on personnel and staffing costs.

"Bally Technologies prides itself on being a leading innovator
in the next generation of gaming systems.  As the gaming
industry migrates toward networked-based systems and GSA-
protocol standards, network security becomes an ever-increasing
concern," said Bally Technologies' Vice President of Advanced
Product Development, Robert Crowder.  "We are pleased to partner
with Certicom, utilizing Game Guardian security algorithms to
protect the sensitive data moving through casino-floor networks
and gaming machines."

Certicom's Game Guardian SBG Certificate Authority Server is a
turnkey product that provides sub-root certificate authority
services for Bally Technologies' entire casino operator network.
The Certificate Authority Server issues digital certificates
used to create digital signatures and public-private key pairs.
It guarantees that the individual granted the unique certificate
is who he or she claims to be, so that users and relying parties
can trust the information in Certicom's certificates.  The Game
Guardian Certificate Authority Server is a highly customized and
high performance Gaming Certificate Authority 'end-to-end'
security solution, which also follows the rigorous security
standards set out by the Gaming Regulatory Agencies worldwide.

"We are pleased that Bally Technologies has selected our Game
Guardian security platform as it rolls out its next generation
casino gaming systems," said Certicom President and Chief
Executive Officer Bernard W. Crotty.  "The capabilities in our
Game Guardian platform will enable a complete new gaming
experience and our secure protocols allow casinos everywhere to
take advantage of all the benefits associated with server-based
gaming, for instance, increased efficiency to changing games on
the fly for customers.  Game Guardian has the potential to
become the gold standard of security in the gaming industry."

                        About Certicom

Certicom -- http://www.certicom.com-- protects the value of
content, applications and devices with government-approved
security. Adopted by the National Security Agency (NSA) for
government communications, Elliptic Curve Cryptography (ECC)
provides the most security per bit of any known public-key
scheme.  As the global leader in ECC, Certicom security
offerings are currently licensed to more than 300 customers
including General Dynamics, Motorola, Oracle, Research In Motion
and Unisys. Founded in 1985, Certicom's corporate offices are in
Mississauga, Ontario, Canada with worldwide sales and marketing
headquarters in Reston, Virginia and offices in the U.S.,
Canada, Europe and China.

                  About Bally Technologies Inc.

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, Mississippi.  The company's South
American operations are located in Argentina.  The company also
has operations in Macau, China, and India.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, 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.


CONSULTEX SA: Proofs of Claim Verification Deadline Is Feb. 11
--------------------------------------------------------------
Carlos Daniel Brezinski, the court-appointed trustee for
Consultex S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 11, 2008.

Mr. Brezinski will present the validated claims in court as
individual reports on March 24, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Consultex 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 Consultex's
accounting and banking records will be submitted in court on
May 6, 2008.

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

The trustee can be reached at:

         Carlos Daniel Brezinski
         Lambare 1140
         Buenos Aires, Argentina


DANA CORP: Gets Banks' Proposals for US$2-Billion Exit Financing
----------------------------------------------------------------
Dana Corp. and its debtor-affiliates have received proposals
from 10 financial institutions in connection with the exit
financing contemplated in their joint plan of reorganization and
the bankruptcy court-approved Disclosure Statement.  The Debtors
are seeking a US$2 billion loan to exit Chapter 11 by the end of
2007.

Dana has sought permission from the U.S. Bankruptcy Court for
the Southern District of New York to enter into and perform
under a commitment letter and a fee letter, which allows the
payment of commitment fees and reimbursement of out-of-pocket
expenses.  Dana, however, has yet to identify the lenders or
financial institutions that will syndicate or provide the loan.

Corinne Ball, Esq., at Jones Day, in New York, told the Court
that the Debtors, with the assistance of Miller Buckfire & Co.,
LLC, and AlixPartners, LLP, their financial advisors, are still
in the process of selecting and negotiating the optimal
financing package from proposals submitted by more than 10
financial institutions.

"The Debtors need to proceed expeditiously to stay on target to
emerge from chapter 11 by the end of 2007 and anticipate that
they will be in a position to file the Commitment Letter with
the Court on or about November 16, 2007," Ms. Ball says.

The Debtors have asked the Court to hold a hearing on
Nov. 28, 2007, to consider approval of the Commitment Letter.
Objections are due Nov. 21, 2007, at 4:00 p.m.  The Debtors said
that in any event, they will file the Commitment Letter with the
Court at least three business days prior to the scheduled
hearing.

According to Ms. Ball, the Commitment Documents will contain
customary terms and conditions found in similar types of
financing, and will generally provide for an Exit Facility
consisting of:

   (a) Up to US$2 billion senior credit facility, which will
       consist of:

         -- US$650 million asset-based revolving credit facility
            with a sublimit for letters of credit to be
            determined; and

         -- US$1.35 billion term loan.

   (b) Maturity is expected to be between five to seven years.

   (c) The collateral securing the exit facility is
       substantially all of the Debtors' assets, including a
       pledge of 65% of the stock of each of the Debtors'
       foreign subsidiaries.

   (d) The interest rate and fees are still to be negotiated
       but will be consistent with market rates used in similar
       financing type.

   (e) The Exit Facility will contain affirmative and negative
       covenants, representations and warranties and events of
       default customary for similar types of financings.

   (f) The Revolver will be undrawn at closing.  The proceeds
       of the Term Loan will be used at closing to repay
       existing claims against the Debtors pursuant to the
       Plan, including repaying in full the DIP Credit
       Agreement, and any excess proceeds will remain on the
       balance sheet of the Reorganized Debtors.

                     About Dana Corporation

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 has facilities in China in the Asia-Pacific, Argentina in
the Latin American regions and Italy in Europe.

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

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. On Oct. 23, 2007, the Court approved the adequacy
of the Disclosure Statement explaining their Plan. The Court has
set Dec. 10, 2007, to consider confirmation of the Plan. (Dana
Corporation Bankruptcy News, Issue No. 60; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DELTA AIR: Wants To Walk Away from Eight Leases
-----------------------------------------------
Delta Air Lines, Inc., and its debtor affiliates inform the U.S.
Bankruptcy Court for the and parties-in-interest that they
intend to reject certain lease agreements relating to aircraft
bearing Tail Nos. N716CA, N785CA, N796CA, N178DN, N180DN,
N181DN, N681DA and N682DA.

The aircraft agreements include various participation
agreements, lease agreements, trust indentures, security
agreements, and tax indemnity agreements with U.S. Bank Trust
National Association, First Union National Bank, Wells Fargo
Equipment Finance, Inc., First Security Bank of New Mexico,
National Association, as owner participant, U.S. Bank Trust
National Association, State Street Bank and Trust Company,
Export Development Corporation, Comair, Inc., Wells Fargo
Equipment Finance, Inc., Cranford Aircraft Commercial Leasing
Corporation, Wells Fargo Bank Northwest, Nations Bank of South
Carolina, Bank of New York, AT&T Credit Corporation, Trust
Company Bank, Nations Bank of Georgia, Walt Disney Pictures and
Television, ABN AMRO Bank N.V., and Atlanta Agency, Mandarin-1
Corporation, Mandarin-2 Corporation and Credit Suisse Leasing
92A, L.P.

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan. (Delta Bankruptcy News, Issue No. 83; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


DELTA AIR: Still in Talks To Settle Flight 5191 Lawsuits
--------------------------------------------------------
Delta Air Lines and its wholly owned subsidiary Comair continue
to pursue settlement negotiations of lawsuits filed arising out
of the crash of Comair Flight 5191 in 2006.

In a regulatory filing with the U.S. Securities and Exchange
Commission dated April 27, 2007, Edward H. Bastian, executive
vice president and chief financial officer, disclosed that Delta
and Comair entered into a settlement wherein one case was
dismissed with prejudice.  The filing did not provide details
about the case.

In addition, Mr. Bastian related, Comair has filed an action in
the U.S. District Court for the Eastern District of Kentucky
against the United States (based on the actions of the Federal
Aviation Administration), the Lexington Airport Board and
certain other Lexington airport defendants, seeking to apportion
potential liability for damages arising from the accident among
all responsible parties.

Comair Flight 5191 crashed on Aug. 27, 2006, shortly after take-
off in a field near the Blue Grass Airport in Lexington,
Kentucky.  All 47 passengers and two members of the flight crew
died in the accident.  The third crew member survived with
severe injuries.

Lawsuits arising out of the accident have been filed against,
Comair, on behalf of at least 38 of the passengers, including a
number of lawsuits that also name Delta as a defendant.
Additional lawsuits are anticipated, Mr. Bastian said.  These
lawsuits, which are in preliminary stages, generally assert
claims for wrongful death and related personal injuries, and
seek unspecified damages, including punitive damages in most
cases.

According to Mr. Bastian, all but four of the lawsuits filed to
date have been filed either in the U.S. District Court for the
Eastern District of Kentucky, or in state court in Fayette
County, Kentucky.  One lawsuit has been filed in the U.S.
District Court for the Northern District of New York, one
lawsuit has been filed in state court in Broward County, Florida
and two lawsuits have been filed in the U.S. District Court for
the District of Kansas.

The federal court in New York has ordered the case filed there
to be transferred to the federal court in Kentucky. Delta's
motion is pending in federal court in Florida to transfer the
case filed in Florida to the federal court in Kentucky.  "We are
also seeking to transfer the lawsuits filed in Kansas to the
federal court in Kentucky," Mr. Bastian said.  Those matters
pending in the Eastern District of Kentucky have been
consolidated as "In Re Air Crash at Lexington, Kentucky,
Aug. 27, 2006, Master File No. 5:06-CV-316." (Corporate
Litigation Reporter, June 8, 2007)

As of Oct. 30, 2007, settlements have been reached with the
families of 15 of the 47 passengers.

Lawsuits are still pending in the U.S. District Court for the
Eastern District of Kentucky and in state court in Fayette
County, Kentucky.

The FAA, named as a third-party defendant in the passenger
actions by Comair, has removed all the cases pending in state
court to federal court.

The settled cases have been dismissed with prejudice.

Comair has also filed third party complaints against Lexington
Airport Board and certain other Lexington airport defendants in
each of the pending passenger lawsuits.  These actions seek to
apportion liability for damages arising from this accident among
all responsible parties.

During 2006, the Company recorded a long-term liability with a
corresponding long-term receivable from its insurance carriers
relating to the Comair Flight 5191 accident.

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

The Debtors filed a chapter 11 plan of reorganization and
disclosure statement explaining that plan on Dec. 19, 2007.  On
Jan. 19, 2007, they filed revisions to the plan and disclosure
statement, and submitted further revisions to the plan on
Feb. 2, 2007.  On Feb. 7, 2007, the Court approved the Debtors'
disclosure statement.  In April 2007, the Court confirmed the
Debtors' plan. (Delta Bankruptcy News, Issue No. 83; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)


FARMINTER: Trustee Verifies Proofs of Claim Por Via Incidental
--------------------------------------------------------------
The court-appointed trustee for Farminter S.A.'s bankruptcy
proceeding, verifies creditors' proofs of claim por via
incidental.

The trustee will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Buenos Aires will determine if the verified claims
are admissible, taking into account the trustee's opinion, and
the objections and challenges that will be raised by Farminter
and its creditors.

Infobae didn't state the name of the trustee and the deadline
for the submission of individual reports.

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 Farminter's
accounting and banking records will be submitted in court on
March 19, 2008.

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

The debtor can be reached at:

         Farminter SA
         Avenida Santa Fe 1531
         Buenos Aires, Argentina


FORD MOTOR: Defers Volvo Sale; Intends to Improve Performance
-------------------------------------------------------------
Ford Motor Company has been conducting a strategic review of
Swedish unit Volvo, a Premier Automotive Group brand, and has
developed a plan.  The first priority of the plan is to improve
financial performance at Volvo.  The plan also includes:

   * enhancing Volvo's position as a global producer of premium
     vehicles;

   * establishing appropriate business arrangements between
     Volvo and Ford-brand operations to allow Volvo to operate
     on a more stand-alone basis in the absence of the PAG
     structure; and,

   * continuing to achieve synergies between Ford-brand
     operations and Volvo in areas such as product development
     and purchasing.

The Premier Automotive Group, which includes Volvo, Jaguar and
Land Rover brands, reported a pre-tax loss of US$97 million for
the third quarter, compared with a pre-tax loss of US$508
million for the same period in 2006.  The third-quarter 2007
result reflected a loss at Volvo, partially offset by a small
profit at the combined Jaguar and Land Rover operation.  The
year-over-year improvement was primarily explained by cost
reductions across all brands, including the non-recurrence of
adverse 2006 adjustments to warranty reserves.  Higher volumes
and higher net pricing were partially offset by the effect of
the continued weakening of the U.S. dollar against key European
currencies.  Third-quarter 2007 revenue was US$7.4 billion,
compared with US$6.5 billion a year ago.

"Our third quarter performance is very encouraging," Ford
President and Chief Executive Officer Alan Mulally said.  "We
can see our plan taking hold with significant improvement
continuing in our core Automotive operations.  We remain
committed to executing the four priorities of our plan --
restructuring the business to operate profitably, accelerating
the development of new products that our customers want and
value, funding our plan and improving our balance sheet, and
working even more effectively together as one Ford team,
leveraging our global assets."

As reported in the Troubled Company Reporter on July 17, 2007,
citing the Wall Street Journal, Ford was mulling over the sale
of its Volvo unit in an effort to boost U.S. operations.

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-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services said its '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.  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's 'B-3' short-
term rating was not on CreditWatch.


FORD MOTOR: Anticipates Jaguar & Land Rover Sale Talks in 2008
--------------------------------------------------------------
Ford Motor Company continues to explore in greater detail the
potential sale of its Premier Automotive Group brands, Jaguar
and Land Rover, with interested parties and anticipates these
discussions will culminate in an agreement no later than early
next year.

As reported in the Troubled Company Reporter on June 13, 2007,
the company employed help from investment banks including
Goldman Sachs, HSBC and Morgan Stanley to explore the sale of
its Jaguar and Land Rover brands.

The partnership of private equity firm Apollo Management LP and
Indian automaker Mahindra & Mahindra Ltd. is considering the
acquisition of Ford's Jaguar and Land Rover units, the Sunday
Times said without naming sources.  John Hutton, the U.K.
secretary of state for business and enterprise will assess the
bidders' offering pitch.

The Financial Times previously reported that Terra Firma Capital
Partners Limited joined the bid for Ford's Jaguar and Land Rover
brands as Guy Hands, Terra's head, requested for Ford's sale
documents and started to accomplish due diligence for the bid.
Citing Reuters, the TCR further names the four suitors as
Ripplewood Holdings LLC, Tata Motors Limited, TPG Capital L.P.
also known as Texas Pacific Group, and One Equity Partners, but
these firms are yet to complete the due diligence.

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-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services said its '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.  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's 'B-3' short-
term rating was not on CreditWatch.


FORD MOTOR: Primary Stakeholder in Auto Fuel Cell Cooperation
-------------------------------------------------------------
Ford Motor Company and Daimler AG are forming a new, privately-
held company that will focus on automotive fuel cell technology
and allow the two automakers to further expand their global
leading position in fuel cell technology.  With a share of
50.1%, Daimler AG will be the majority stakeholder in the new
company, Automotive Fuel Cell Cooperation.  Ford Motor Company
will hold a 30% stake and Ballard Power Systems the remaining
stake of 19.9% in AFCC.

"We have identified the future fields of activity and key
technologies for zero-emission mobility and we are investing
specifically in expanding our competencies in these fields," Dr.
Thomas Weber, member of the Board of Management of Daimler AG
with responsibility for Group Research as well as for
Development within Mercedes-Benz Cars, said.  "Our majority
stake and partnership with Ford in Automotive Fuel Cell
Cooperation is a logical step in this direction."

"The fuel cell remains one of the most viable solutions to
develop a sustainable, zero-emissions vehicle," Dr. Gerhard
Schmidt, Ford vice president for Research and Advanced
Engineering, said.  "The creation of the Automotive Fuel Cell
Cooperation is an investment in our future.  Fuel cells are the
technology of the future and we are happy to be working with a
great partner like Daimler to advance this technology.  Through
this partnership, we will work even harder to make fuel cell
technology even more reliable and affordable for the future."

The creation of AFCC will allow Daimler and Ford to concentrate
on automotive fuel cell technology while Ballard will emphasize
their future efforts on the marketing of non-automotive fuel
cell applications.

"Automotive Fuel Cell Cooperation will orient its activities
even more intensively to the specific requirements we make on
fuel cell stacks," Prof. Dr. Herbert Kohler, Vice President with
responsibility for Advanced Vehicle and Powertrain Engineering
and Chief Environmental Officer of the Daimler Group, said.
"With the newly founded company, we strengthen our leading
position in the field of fuel cell technology and go full steam
ahead in our preparations for the series production of fuel cell
cars."

Automotive Fuel Cell Cooperation will be managed by Daimler and
Ford with their collective 80.1% stake in the new company, while
Ballard will hold the remaining stake of 19.9%.  In return,
Daimler AG and Ford will retransfer their total stake in
Ballard.  The new company will employ approximately 150 people.

                  Fuel Cells at Daimler AG

A pioneer in fuel cell technology, Daimler introduced the
world's first fuel cell vehicle in 1994.  Today, the company has
more than 100 fuel cell vehicles on the road accumulating more
than 3.7 million kilometers (2.3 million miles) in everyday
operation with customers to date.

          Fuel Cells Part of a Broader Effort at Ford

Ford currently has a fleet of 30 hydrogen-powered Focus fuel
cell vehicles on the road as part of a worldwide, seven-city
program to conduct real world testing of fuel cell technology.
The 30-car fleet has accumulated more than 965,000 kilometers
(600,000 miles) since its inception in 2005.

Ford also is conducting tests with the world's first plug-in
hybrid electric vehicle, the Ford Edge with HySeries Drive.  The
Ford Edge with HySeries Drive uses a series electric drivetrain
with an onboard hydrogen fuel cell generator to give the vehicle
a range of 225 miles with zero emissions.

Ford currently offers gasoline-electric hybrids including the
Escape Hybrid and Mercury Mariner Hybrid.  The company will
begin production of hybrid versions of the Ford Fusion and
Mercury Milan in 2008.

                      About Daimler AG

Stuttgart, Germany-based, Daimler AG -- http://www.daimler.com/
-- supplies premium passenger cars as well as the world's
largest manufacturer of commercial vehicles.  With its strong
brands and its comprehensive portfolio of automobiles from
compact cars to heavy-duty engine trucks, Daimler, with 271,486
employees, is active in nearly all countries in the world.

                      About Ford Motor

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services said its '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.  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's 'B-3' short-
term rating was not on CreditWatch.


GALVANI SA: Seeks for Reorganization Okay in Buenos Aires Court
---------------------------------------------------------------
Galvani S.A. has requested for reorganization approval after
failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Galvani 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:

          Galvani S.A.
          Lavalle 1747
          Buenos Aires, Argentina


HECTOR ANDRES: Proofs of Claim Verification Ends on Dec. 27
-----------------------------------------------------------
Elsa Ester Andrade, the court-appointed trustee for Hector
Andres Garcia S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Dec. 27, 2007.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Elsa Ester Andrade
         Avenida Callao 449
         Buenos Aires, Argentina


LOGISTICA Y SERVICIOS: Claims Verification Deadline Is on Feb. 1
----------------------------------------------------------------
Roque Alberto Pepe, the court-appointed trustee for Logistica y
Servicios S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 1, 2008.

Mr. Pepe will present the validated claims in court as
individual reports on March 14, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Logistica y Servicios 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 Logistica y
Servicios' accounting and banking records will be submitted in
court on April 25, 2008.

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

The trustee can be reached at:

         Roque Alberto Pepe
         Avenida Argentina 5785
         Buenos Aires, Argentina


MAR PATAGONICO: Proofs of Claim Verification Is Until Feb. 25
-------------------------------------------------------------
Maria Elena Cappelletti, the court-appointed trustee for Mar
Patagonico S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 25, 2008.

Ms. Cappelletti will present the validated claims in court as
individual reports on April 7, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Mar Patagonico 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 Mar Patagonico's
accounting and banking records will be submitted in court on
May 20, 2008.

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

The trustee can be reached at:

         Maria Elena Cappelletti
         Pedro Goyena 1674
         Buenos Aires, Argentina


MARCOS MARTINI: Reorganization Proceeding Concluded
---------------------------------------------------
Marcos Martini S.A.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process
was concluded after the National Commercial Court of First
Instance in Moron, Buenos Aires, approved the debt agreement
signed between the company and its creditors.

The debtor can be reached at:

         Marcos Martini S.A.
         Luis Pasteur 2874
         Castelar Partido de Moron
         Argentina


MEUCCI SRL: Trustee Verifies Proofs of Claim Until Nov. 23
----------------------------------------------------------
Justa Ester Rostom, Edgardo Jose Marzo y Sergio Argiutua, the
court-appointed trustee for Meucci S.R.L.'s reorganization
proceeding, verifies creditors' proofs of claim until
Nov. 23, 2007.

The trustee will present the validated claims in court as
individual reports on Feb. 8, 2008.  The National Commercial
Court of First Instance in Parana, Entre Rios, 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 Meucci 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 Meucci's accounting
and banking records will be submitted in court on
March 21, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Aug. 21, 2008.

The debtor can be reached at:

       Meucci S.R.L.
       Concesion 102, Colonia Nueva de Villa Urquiza
       Departamento Parana, Entre Rios
       Argentina

The trustee can be reached at:

       Justa Ester Rostom, Edgardo Jose Marzo y Sergio Argiutua
       Presidente Peron 709, Parana
       Entre Rios, Argentina


SCALA DE ARGENTINA: Proofs of Claim Verification Ends on Feb. 8
---------------------------------------------------------------
Liliana Cecilia Bozzano, the court-appointed trustee for Scala
de Argentina S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 8, 2008.

Ms. Bozzano will present the validated claims in court as
individual reports on March 21, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Scala de Argentina 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 Scala de Argentina's
accounting and banking records will be submitted in court on
May 5, 2008.

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

The trustee can be reached at:

         Liliana Cecilia Bozzano
         Viamonte 1446
         Buenos Aires, Argentina


SIMON CACHAN: Seeks for Reorganization Okay from Court
------------------------------------------------------
Simon Cachan S.A. has requested for reorganization approval
after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Simon Cachan 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:

          Simon Cachan S.A.
          Beron de Astrada 2694
          Buenos Aires, Argentina


STAR MED: Proofs of Claim Verification Deadline Is Feb. 18
----------------------------------------------------------
Roberto Jose Gaztelu, the court-appointed trustee for Star Med
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 18, 2008.

Mr. Gaztelu will present the validated claims in court as
individual reports on March 31, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Star Med 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 Star Med's accounting
and banking records will be submitted in court on May 13, 2008.

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

The trustee can be reached at:

         Roberto Jose Gaztelu
         Uruguay 660
         Buenos Aires, Argentina


TELECOM ARGENTINA: Reports ARS614 Mil. Net Income in Third Qtr.
---------------------------------------------------------------
Telecom Argentina has announced a net income of ARS614 million
for the nine-month period ended Sept. 30, 2007.

     -- The Telecom Argentina Group maintained an important
        expansion of its business in the nine-month period ended
        Sept. 30, 2007.  Consolidated revenues grew 24% vs. the
        nine-month period ended Sept. 30, 2006, totalling
        ARS6,515 million.  Revenues generated by the Cellular
        and Internet & Data Transmission businesses increased
        37% and 19%, respectively.

     -- The Cellular customer base reached 11.7 million (+35%),
        broadband subscribers totalled 677,000 (+81%), while
        fixed lines in service increased 3% to 4.2 million.

     -- Operating Profit before Depreciation and Amortization
        reached ARS2,252 million (+30% vs. the nine-month period
        ended Sept. 30, 2006), equivalent to 35% of net
        revenues.  Operating Profit increased by 78%, totalling
        ARS1,201 million.

     -- Net Income reached ARS614 million, which includes
        results for discontinued operations by ARS102 million.

     -- Net Debt declined to ARS2,516 million (-ARS1.261 million
        vs. September, 2006), primarily as a result of the cash
        flow generated by operations.  The ratio of Net Debt to
        OPBDA declined from 1.6 as of the end of the nine-month
        period ended Sept. 30, 2006, to 0.8.

During the nine-month period ended Sept. 30, 2007, Consolidated
Net Revenues increased 24% (+ARS1,273 million vs. the nine-month
period ended Sept. 30, 2006) to ARS6,515 million, mainly fuelled
by the cellular and broadband businesses.

Moreover, OPBDA increased by 30% (+ARS522 million) to ARS2,252
million (35% of Consolidated Net Revenues, +200 bps).

                     Company Activities

Net Revenues

The evolution in Consolidated Net Revenues by reportable segment
was:

   Voice, Data Transmission & Internet

   Revenues generated by these services amounted to ARS2,420
   million, +8% vs. the nine-month period ended Sept. 30, 2006.

   Voice

   Total Revenues for this service reached ARS1,910 million
   (+5%).  Monthly Charges and Supplementary Services increased
   by ARS22 million or 4%, to ARS555 million, as lines in
   service grew by 2%.

   Revenues generated by traffic (Local Measured Service,
   Domestic Long Distance and International Telephony) totalled
   ARS905 million, with an increase of 4% vs. the nine-month
   period ended Sept. 30, 2006.

   Interconnection revenues amounted to ARS273 million (+20%),
   mainly fuelled by higher cellular traffic.

   Other & Public Telephony

   Other revenues reached ARS177 million, decreasing by 7%
   mainly due to the decline in traffic.

   Internet and Data Transmission

   Mainly due to the increase in broadband connections, Internet
   continues to deliver revenue growth to the wireline business.
   During the nine-month period ended Sept. 30, 2007, revenues
   from this business grew 22% vs. the nine-month period ended
   Sept. 30, 2006, to ARS384 million.

   Moreover, Telecom's ADSL subscribers reached 677,000
   (+302,000 or +81% vs. the nine-month period ended
   Sept. 30, 2006).  Therefore, lines with ADSL connection
   accounted for approximately 16% of Telecom's lines in
   service.

   Telecom confirms its market approach, based on delivering
   higher velocity solutions, allowing its customers to access
   increasingly complex multimedia content as well as new value-
   added services. Telecom Argentina recently announced a
   significant improvement of its Broadband portfolio, by
   automatically upgrading its Arnet 640 K customers to Arnet 1
   Mb product with no additional charge. In addition, Telecom
   launched the Arnet 20 Mb product, the fastest connection
   available in the Argentine market.

   Revenues generated by Data transmission amounted to ARS126
   million, (+12% vs. the nine-month period ended
   Sept. 30, 2006).  The company continues to work actively in
   the corporate accounts, public sector and the SME segment,
   positioning itself as an integrated provider of
   communications and connectivity solutions.

   Cellular Telephony

   The Cellular Telephony business generated revenues of
   ARS4,095 million in the nine-month period ended
   Sept. 30, 2007.

   Telecom Personal in Argentina

   As of Sept. 30, 2007, Personal's subscribers reached 10.2
   million (+2.5 million or +32% vs. the nine-month period ended
   Sept. 30, 2006).  Approximately 67% of the overall subscriber
   base was prepaid and 33% was postpaid. By the end of the
   nine-month period ended Sept. 30, 2007, subscribers with GSM
   technology represented 96% of the total subscriber
   base.

   Total voice traffic increased by 33% vs. the nine-month
   period ended Sept. 30, 2006, while outgoing SMS traffic
   increased from an average of 508 million messages per month
   to an average of 839 million (+65%).  Moreover, the Average
   Monthly Revenue per User (ARPU) remained stable at ARS38,
   when compared to the nine-month period ended Sept. 30, 2006.
   Value-Added Services accounted for 27% of ARPU.

   Revenues totalled ARS3,799 million (+ARS1,051 million or +38%
   vs. the nine-month period ended Sept. 30, 2006).  Service
   revenues increased by 43%, while handset sales grew 9% in the
   period, totalling ARS401 million.

   Reconfirming its strong focus on technological innovation,
   Personal continued the expansion of its 3G services to
   Cordoba and Rosario cities, therefore becoming the first 3G
   operation outside Buenos Aires.

   In terms of products and services, should be mentioned the
   launch of "Servicio de Localizacion Movil", a business
   application developed for sales forces, and "Navegador
   Personal", incorporating satellite navigation facilities into
   existing BlackBerry services.  In addition, Personal is the
   first Latin American operator to provide international
   roaming in 3G.

   Finally, Personal continued to expand its commercial network,
   by inaugurating the country's largest customer care center in
   Cordoba.

                           Nucleo

Personal's controlled subsidiary that operates in Paraguay,
generated revenues equivalent to ARS296 million (+21% vs. the
nine-month period ended Sept. 30, 2006).

By the end of the quarter, the subscriber base reached
approximately 1.5 million, +58% vs. the nine-month period ended
Sept. 30, 2006. Prepaid and Postpaid customers represented 89%
and 11%, respectively, while GSM subscribers represented 85% of
the overall subscriber base.

                Consolidated Operating Costs

The Cost of Services Provided, Administrative Expenses and
Selling Expenses totaled ARS5,314 million in the nine-month
period ended Sept. 30, 2007, which represents an increase of
ARS747 million or +16% vs. the nine-month period ended
Sept. 30, 2006, with these breakdown:

     -- Salaries and Social Security Contributions: ARS712
        million (+18%), affected by wage adjustments and a minor
        headcount increase in the cellular business.

     -- Taxes: ARS467 million (+23%), in line with the general
        evolution of the business.

     -- Agents and Prepaid Card Commissions: US$508 million,
        (+39%), due to the expansion in terms of subscribers and
        traffic.

     -- Advertising: ARS199 million (+38%), to support
        commercial activity in cellular and internet.

     -- Cost of cellular handsets: increased to ARS597 million
        (-9%) as a consequence of fewer handset sales, in the
        context of an increasingly penetrated market and
        decreased in the migration process of TDMA to GSM
        handsets.

     -- TLRD and Roaming: ARS544 million (+44%) due to increased
        traffic among cellular operators.

     -- Depreciation of Fixed and Intangible Assets: ARS1,051
        million, stable when compared to the nine-month period
        ended Sept. 30, 2006. Telecom Argentina totalled ARS626
        million and Telecom Personal US$425 million (-13% y
        +26%) respectively.

         Consolidated Financial and Holding Results

Financial and Holding Results resulted in a loss of ARS323
million, as compared to the ARS413 million loss registered in
the nine-month period ended Sept. 30, 2006.  This improvement is
mainly due to lower net interest expenses by ARS138 million.

                          Net Debt

As of Sept. 30, 2007, Net Debt (Loans before the effect of NPV
valuation, minus Cash, Banks, Current Investments and Other
credits derived from derivative Investments) amounted to
ARS2,516 million, a reduction of ARS1.261 million as compared to
Sept. 2006.  Interest accrued on the company's debt totalled
ARS227 million.

During October 2007 Telecom Argentina performed a prepayment on
its outstanding Notes equivalent to the remaining 26% of the
mandatory amortization scheduled for April, 2010 and 73.6% of
the mandatory amortization scheduled for October, 2010.

               Consolidated Capital Expenditures

A total amount of ARS981 million invested in fixed and
intangibles assets was allocated to the cellular business
(ARS426 million) and the Voice, Data and Internet businesses
(ARS555 million).

Main Capex projects in the Voice, Data and Internet Businesses
relates to the expansion of ADSL services and the upgrade of the
network for services of a new generation, while in the cellular
business improvement of the network (capacity, coverage and 3G),
and the launch of new and innovative value added services were
areas of focus.

                   Commercial Initiatives

In concern with the massive market, the company lounged for the
first time in the country, the SMS (Short Message Service) for
fixed lines, performance that showed the beginning of some
innovations that Telecom would offer to its residential clients
and which would change the way of communicating at home.

Telecom is the parent company of a leading telecommunications
group in Argentina, where it offers directly or through its
controlled subsidiaries local and long distance fixed-line
telephony, cellular, data transmission and Internet services,
among others services.  Additionally, through a controlled
subsidiary, the Telecom Group offers cellular services in
Paraguay.  The company commenced operations on Nov. 8, 1990,
upon the Argentine government's transfer of the
telecommunications system in the northern region of Argentina.

Nortel Inversora S.A., which acquired the majority of the
company from the Argentine government, holds 54.74% of Telecom's
common stock.  Nortel is a holding company where the common
stock (approximately 68% of capital stock) is owned by Sofora
Telecomunicaciones S.A..  Additionally, Nortel capital stock is
comprised of preferred shares that are held by minority
shareholders.

As of Sept. 30, 2007, Telecom had 984,380,978 shares
outstanding.

     (*) Employee Stock Ownership Program

For more information, please contact the Financial Planning &
Investor Relations Department:

Pedro Insussarry Mariano Martire Gaston Urbina   Ruth Fuhrmann
54-11-4968-3743  54-11-4968-3718 54-11-4968-6236 54-11-4968-4448

    Voice Mail: 54-11-4968-3628
    Fax: 54-11-4313-5842
    E-mail: relinver@ta.telecom.com.ar

    For information about Telecom Group services, visit:
    http://www.personal.com.ar
    http://www.personal.com.py
    http://www.arnet.com.ar

                   About Telecom Argentina

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

                        *     *     *

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




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


HARRAH'S ENT: Unit Lowers Conversion Price of US$375MM Sr. Notes
----------------------------------------------------------------
Harrah's Operating Company Inc., a subsidiary of Harrah's
Entertainment Inc., has adjusted the conversion price under its
outstanding US$375 million Floating Rate Contingent Convertible
Senior Notes due 2024, to US$65.24 from US$65.54, subject to
further adjustment as provided for in the governing indenture.

The adjustment has been made pursuant to the terms of the
indenture as a result of the cash dividend of US$0.40 per share
of Harrah's Entertainment common stock that was declared on
Oct. 29, 2007, and which will be payable Nov. 21, 2007, to
Harrah's Entertainment stockholders of record as of the close of
business on Nov 8, 2007.

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

                        *     *     *

Harrah's Entertainment Inc. continues to carry Standard & Poor's
"BB" long term foreign and local issuer credit ratings, which
were placed in December 2006.




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


AAR CORP: Signs Merger Agreement to Acquire Summa Technology
------------------------------------------------------------
AAR CORP. has signed a definitive merger agreement to acquire
Summa Technology, Inc., a provider of high-end sub-systems and
precision machining, fabrication, welding, engineering and test
services to both commercial and government customers.  Summa
Technology will operate as part of AAR's Structures and Systems
segment.

The consummation of the merger agreement remains subject to
Summa stockholders' approval, the expiration of the Hart-Scott-
Rodino anti-trust waiting period and other customary conditions.
The company expects the merger will be completed before the end
of November.  Stifel Nicolaus served as financial advisor to
Summa in connection with the merger agreement.

                         About Summa

Founded in 1987, Summa Technology, Inc. is headquartered in
Huntsville, Alabama with additional facilities in Cullman,
Alabama and Lebanon, Kentucky, totaling over 420,000 square feet
of manufacturing space.

                       About AAR Corp.

AAR Corp. (NYSE: AIR) -- http://www.aarcorp.com/-- provides
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.  In Latin America, the company has a sales office in
Rio de Janeiro, Brazil.

                        *     *     *

As reported on Oct. 18, 2006, Standard & Poor's Ratings Services
upgraded AAR Corp.'s corporate credit rating from 'BB-' to 'BB'.
S&P said the outlook is stable.

As reported on Dec. 5, 2006, that Moody's upgraded AAR's
corporate family rating and senior notes to Ba3 from B1, in
response to improving financial performance resulting from the
strong commercial and defense aviation supply and repair
environment.  Moody's said the ratings outlook is stable.


AES TIETE: Reports US$141.1-Mil. Net Earnings in Third Quarter
--------------------------------------------------------------
AES Tiete S.A. has announced its results for the third quarter
of 2007.

AES Tiete's Chief Financial Officer and Investor Relations
Director, Alexandre Innecco comments:  "In the third quarter of
2007, the Company posted EBITDA of BRL276.7 million and net
earnings of BRL141.1 million.  The stability in relation to the
results for the same period of the previous year mainly stemmed
from the balance between the increase in net revenues resulting
from the higher volume of energy sold in the CCEE/MRE and the
rise in the transmission charge (TUSDgeneration)."

The distribution of the entire net income for the quarter --
BRL141.1 million -- in the form of dividends was approved by the
AES Tiete Board of Directors on Nov. 12, 2007, reinforcing the
practice of compensating the shareholders that has been applied
by the company since 2006.

In a subsequent event, AES Tiete commemorated obtaining, in
October 2007, approval from the United Nations of its Clean
Development Methodology.  The proposal, a pioneering effort in
the world, will permit reforesting 5,700 km of bordering lands.
This effort crowns the environmentally sustainable practices of
AES Tiete over the past few years.

                      About AES Tiete

AES Tiete SA (Bovespa: GETI3 and GETI4; OTC: AESAY and AESYY) is
controlled by the Brasiliana holding company, which is a joint
venture between US-based AES Corp. and Brazil's National
Development Bank aka BNDES.  It is a ten-dam hydroelectric
generating company located in the State of Sao Paulo, Brazil.
The company has been granted the right to operate the dams
pursuant to a 30-year concession agreement.

                        *     *     *

In August 2006, Moody's Investors Service upgraded the foreign
currency rating for the senior secured certificates due 2016
issued by Tiete Certificates Grantor Trust to B1 from B3.  The
rating outlook is stable.  This rating action concludes the
review that was initiated on Jan. 17, 2006.


BANCO DO BRASIL: Reports Third Quarter Income of US$761 Million
---------------------------------------------------------------
Banco do Brasil SA, Latin America's largest bank, reported
US$761 million (BRL1.36 billion) of net income for the third
quarter, compared to the BRL907 million net income of the same
period last year, Bloomberg News reports, citing a filing with
the Comision Valores Nacional.  The company attributed the
increase to record low interest rates and high crop prices.

The bank's biggest borrowers are farmers, who are benefiting
from high sugar cane prices spurred by ethanol demands, the same
report adds.  Agribusiness lending grew 20%.

According to Bloomberg, Banco do Brasil posted one-time loss of
BRL218 million in the third quarter, including costs related to
an early retirement program designed to cut staff costs.

Banco do Brasil's credit portfolio rose 27% in the quarter from
a year earlier to BRL150.2 billion.  Individual loans increased
27%, while corporate lending rose 34%.

The bank reported total assets of BRL342.4 billion from BRL281.6
billion in September 2006, Bloomberg says.

                    About Banco do Brasil

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and over 7,000 points
of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

As reported on May 22, 2007, Standard & Poor's Ratings Services
raised its long-term foreign currency counterparty credit rating
on Brazilian government-related entity Banco do Brasil to 'BB+'
from 'BB', after Brazil's foreign currency sovereign credit
rating was upgraded to BB+.


COMPANHIA ENERGETICA: Earns BRL50.9 Mln in Third Quarter of 2007
----------------------------------------------------------------
Companhia Energetica de Sao Paulo, aka CESP, has announced its
results for the third quarter of 2007.  The financial and
operating information herein is presented pursuant to Brazilian
Corporate Law and comparisons are with the same period of 2006,
except where otherwise indicated.

                         Highlights

    * CESP's Net Income totaled BRL50.9 million in the third
      quarter of 2007, against a loss of BRL23.1 million in the
      same period of the previous year.

    * Adjusted EBITDA reached BRL395.6 million in the third
      quarter of 2007.

    * Energy Sales came to BRL679.9 million this quarter.

    * Net Operating Revenue stood at BRL567.0 million.

    * Revenue from Services totaled BRL229.5 million, a decrease
      of 9.1% compared to the third quarter of 2006, due to the
      increase in the provision for credit withholding under the
      Extraordinary Tariff Recomposition scheme and operational
      contingencies.

    * Net Debt decreased by 4.1% to BRL6.3 billion from BRL6.6
      billion in the second quarter of 2007.

    * The Financial Result was negative BRL246.5 million, versus
      the third quarter of 2006, due mainly to the Real
      appreciation against the US Dollar.

                         About CESP

Headquartered in Sao Paulo, Brazil, Companhia Energetica de Sao
Paulo (BOVESPA: CESP3, CESP5 and CESP6) is the country's third
largest power generator, majority owned by the State of Sao
Paulo.  CESP operates 6 hydroelectric plants with total
installed capacity of 7,456 MW and reported net revenues of
BRL1,983 million in the last twelve months through Sept. 30,
2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2007, Standard & Poor's Ratings Services has raised its
ratings on electricity generator Companhia Energetica de Sao
Paulo, including its corporate credit rating to 'B' from 'B-'.
At the same time, S&P raised its Brazil national scale ratings
on CESP to 'brBBB-' from 'brBB'.  S&P said the outlook remains
positive on both scales.


DELPHI CORP: Wants DIP Financing Maturity Date Extended
-------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to extend its
US$4,500,000,000 bankruptcy loan for five months to
June 28, 2008, with an option to further extend to
Sept. 30, 2008, to give it more time to exit Chapter 11
protection after changing the terms of its reorganization plan.

The Debtors had previously obtained Judge Drain's approval to
enter into a postpetition financing facility with JPMorgan Chase
Bank, N.A., the administrative agent for certain lenders.  The
DIP Facility, among other things, refinanced both the
US$2,000,000,000 first amended DIP credit facility arranged by
J.P. Morgan Securities Inc., Citigroup Global Markets, Inc., and
Deutsche Bank Securities Inc. in Nov. 21, 2005, and the
approximate US$2,500,000,000 outstanding on the US$2,825,000,000
credit facility obtained by the Debtors prior to filing for
bankruptcy.

The DIP facility consists of:

     Tranche   Commitment
     -------   ----------
       A       US$1,750,000,000 first priority revolving credit
               facility

       B       US$250,000,000 first priority term loan

       C       US$2,500,000,000 second priority term loan

The DIP Facility, on its current terms, matures on the date of
the earlier of (i) December 31, 2007 or (ii) the date of the
substantial consummation of a reorganization plan that is
confirmed pursuant to an order of the Court.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, tells the Court that the
maturity date of the existing credit facility must be extended
in light of the Debtors' timetable of emerging from bankruptcy
by the end of the first quarter of 2008.  Delphi had earlier
planned to emerge from Chapter 11 by the end of 2007.

The Debtors and the DIP Lenders have negotiated and entered into
an amendment to DIP Credit Agreement.  The key modifications
achieved as a result of the amendments are:

                Current DIP              Amended And Restated
                Credit Agreement         DIP Credit Agreement
                ----------------         --------------------
Maturity Date   Earlier of               Earlier of
                (i) Dec. 31, 2007 and    (i) June 30, 2008, with
                (ii) substantial         option to further
                consummation of plan     extend to Sept. 30,
                                         2008 if Delphi pays an
                                         amount equal to 25
                                         basis points of the
                                         Tranche A commitment,
                                         the Tranche B loan, and
                                         the Tranche C loan and
                                         (ii) substantial
                                         consummation of plan

Add'l Interest  Tranche A               Prior to July 1, 2008
on JP Morgan's    Borrowings: 1.50%     Tranche A
Alternate       Tranche B                 Borrowings: 1.75%
Rate              Borrowings: 1.25%     Tranche B
                Tranche C                 Borrowings: 1.75%
                  Borrowings: 1.75%     Tranche C
                                          Borrowings: 2.25%

                                        From & after July 1,
                                          2008
                                        Tranche A
                                          Borrowings: 2.00%
                                        Tranche B
                                          Borrowings: 2.00%
                                        Tranche C
                                          Borrowings: 2.50%

Add'l Interest  Tranche A               Prior to July 1, 2008
on LIBOR          Borrowings: 2.50%     Tranche A
                Tranche B                 Borrowings: 2.75%
                  Borrowings: 2.25%     Tranche B
                Tranche C                 Borrowings: 2.75%
                  Borrowings: 2.75%     Tranche C
                                          Borrowings: 3.25%

                                        From & after July 1,
                                          2008
                                        Tranche A
                                          Borrowings: 3.00%
                                        Tranche B
                                          Borrowings: 3.00%
                                        Tranche C
                                          Borrowings: 3.50%

Global EBITDAR  For each rolling 12     For each rolling 12
Covenants       fiscal month period     fiscal month period
                ending on the last      ending on the last day
                day of the months       of the months Dec. 31,
                March 31, 2007          2007 through Aug. 31,
                through Nov. 30, 2007   2008 with a global
                with a global EBITDAR   EBITDAR ranging from
                ranging from            US$475,000,000 to
                US$130,000,000 to       US$500,000,000
                US$375,000,000

PBGC            -- None--               DIP Lenders consent to
Replacement                             consummation of
Liens                                   transactions authorized
                                        under DASHI Intercompany
                                        Transfer Order

The proposed Amended and Restated DIP Credit Agreement contains
fee provisions, including, among other things, certain
commitment fees and letter of credit fees.

Other fee provisions are contained in a separate fee letter,
which the parties have agreed would be kept confidential.  The
fee letter will be provided, upon request, to counsel to the
Statutory Committees and the U.S. Trustee and will be made
available to the Court for review.

The Debtors also propose that they be authorized, but not
directed, to perform, and take all actions necessary to make,
execute, and deliver the Amendment together with all other
documentation executed in connection therewith and to pay the
related fees.

A copy of the form of Amendment to the DIP Facility is available
for free at:

         DIP Lenders Consent to Intercompany Transfer

As previously reported, the Debtors obtained the Court's
approval (i) for Delphi Automotive Systems (Holding), Inc., to
effectuate the transfer funds accumulated from certain of its
global affiliates to Delphi Automotive Systems LLC; and (ii) use
the proceeds of the transfer, subject to the requisite consent
of the DIP Lenders.  In connection with the intercompany
transfer, the Debtors proposed to grant the U.S. Pension Benefit
Guaranty Corp., on account of unpaid contributions to certain
Delphi pension plans, adequate protection of its asserted
interests in the form of replacement liens in the amount of
US$255,000,000 upon certain DASHI assets already encumbered by
the Current DIP Facility.

As memorialized in the Amended and Restated DIP Credit
Agreement, the DIP Lenders have consented to the Intercompany
Transaction, including the use of proceeds and the granting of
the replacement liens to the PBGC.  In addition,

   -- In the event the Debtors accumulate any further funds from
      their global affiliates, the Debtors also negotiated a
      provision that should obviate the need for further consent
      by the DIP Lenders.  Specifically, they agreed that the
      replacement liens, and any additional liens, granted to
      the PBGC will be permitted but subject to and subordinate
      to the liens granted to the Agent for the benefit of the
      DIP Lenders and the liens granted to any "Setoff Claimant"
      set forth in the DIP Order.

   -- In connection with their consent to the PBGC Liens, the
      DIP Lenders required clarification that the PBGC will be
      treated like all other subordinated secured creditors
      under the DIP Order.

The Debtors also ask the Court to waive the 10-day stay period
under Rule 6004(g) of the Federal Rules of Bankruptcy Procedure
for the use, sale, or lease of property.  By waiving the 10-day
period, the Debtors will be able to consummate the Intercompany
Transaction, thereby allowing them to immediately take advantage
of the US$650,000,000 intercompany transfer.  By using these
funds, the Debtors will be able, among other things, to reduce
their interest expense on the Current DIP Facility.

Mr. Butler asserts that approval of the Amendment will allow the
Debtors to consummate the Intercompany Transaction, which, among
other things, will provide a definitive source of liquidity on
favorable terms to the Debtors and enable the Debtors to
maximize efficiencies.

                     About Delphi Corp.

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


DELPHI CORP: Wants to Enter Into US$6.8 Billion Exit Financing
--------------------------------------------------------------
Delphi Corp. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's permission to
enter into engagement and fee letters in connection with exit
financing arrangements to be organized by JPMorgan Securities
Inc., JPMorgan Chase Bank, N.A., and Citigroup Global Markets
Inc.

Exit financing is a necessary and integral component of the
Debtors' strategy for emergence from Chapter 11, John Wm.
Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP,
in Chicago, Illinois, relates.

The Debtors, Mr. Butler says, need to enter into exit financing
arrangements to:

   (a) satisfy certain claims arising in connection with the
       existing DIP financing;

   (b) make other payments required under the proposed Joint
       Plan of Reorganization; and

   (c) fund the Debtors' post-reorganization operations.

To ensure that exit financing arrangements are in place upon
their emergence from Chapter 11, the Debtors have obtained an
engagement letter from JPMorgan and Citigroup.  JPMorgan and
Citigroup have agreed to assemble a syndicate of lenders to
provide the Debtors with exit financing arrangements, Mr. Butler
tells the Court.

The Exit Financing Arrangements consists primarily of these
facilities:

   (a) a US$1,600,000,000 senior secured first lien asset-based
       revolving credit facility;

   (b) a US$3,700,000,000 senior secured first-lien term
       facility; and

   (c) a US$1,500,000,000 senior secured second-lien term
       facility, of which up to US$750,000,000 will be in the
       form of a note issued to General Motors Corp. in
       connection with the distributions contemplated under the
       Plan.

The Debtors, Mr. Butler relates, will negotiate and enter into
definitive credit documents with respect to the Exit Financing
Arrangements as soon as practicable.  The Exit Lenders'
obligation to fund the Exit Financing Arrangements under the
definitive documents will be contingent upon, among other
things, confirmation of the Plan, he clarifies.

As consideration for their commitments and agreements, the
Debtors propose to pay JPMorgan and Citigroup certain
nonrefundable fees and reimburse certain expenses pursuant to a
fee letter.

The Debtors have also agreed to indemnify JPMorgan and Citigroup
in certain circumstances and subject to certain conditions.

Mr. Butler notes that the payment of certain fees or expenses
may be required prior to the Debtors' emergence from Chapter 11.
No amount, however, will be payable upon entry of the proposed
order granting the Debtors' request, he assures the Court.
Moreover, no fees will be payable prior to JPMorgan and
Citigroup having completed syndication and the Debtors having
agreed to the terms of definitive documents.  In the event the
transactions contemplated in the Engagement Letter are not
completed, the Debtors will not be obligated to reimburse the
JPMorgan and Citigroup for expenses in excess of US$500,000, Mr.
Butler adds.

The Debtors' entry into the Exit Financing Arrangements,
Mr. Butler points out, is a condition to the effectiveness of
the Plan.  The Debtors, he avers, have conducted an expansive
and thorough investigation of available exit financing
alternatives and have eventually determined that the offer
presented by JPMorgan and Citigroup is the best one.

                 Redacted Engagement Letter

The Debtors subsequently obtained the Court's permission to file
the Engagement Letter in redacted form and the Fee Letter under
seal.

A redacted version of the Engagement Letter among the Debtors,
JPMorgan and Citigroup is available for free at:

              http://ResearchArchives.com/t/s?2533

Judge Drain directs the Debtors to serve unredacted copies of
the Engagement Letter and Fee Letter solely on (i) the U.S.
Trustee; (ii) counsel to the Statutory Committees; and (iii)
other parties as deemed appropriate by the Court.

The Engagement and Fee Letters contain highly sensitive and
confidential terms in connection with the relationship among the
Debtors, JPMorgan, and Citigroup, including terms related to
pricing, fees, and prepayment premium, if any, Mr. Butler
explains.  He points out that because the Engagement Letter
provides for a "best efforts" standard for JPMorgan and
Citigroup rather than a firm commitment to provide the Exit
Financing Arrangements on particular terms, full public
disclosure of the Engagement Letter could prejudice the Debtors'
ability to negotiate its terms with potential members of the
Syndicate Lenders that JPMorgan and Citigroup will endeavor to
assemble.

                     About Delphi Corp.

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


DELPHI CORP: Committee Says Disclosure Statement Is Inadequate
--------------------------------------------------------------
The Official Committee of Unsecured Creditors asks the U.S.
Bankruptcy Court for the Southern District of New York to deny
approval of the Disclosure Statement explaining Delphi
Corporation and its debtor-affiliates' Joint Chapter 11 Plan of
Reorganization.

As reported in yesterday's Troubled Company Reporter, the Court
agreed to continue until Nov. 29 the hearing to consider the
adequacy of the Disclosure Statement at the request of the
Debtors and the Official Committee of Equity Security Holders.

The Committee argues that the Disclosure Statement fails to
provide adequate information concerning matters that are
important to the Debtors' creditors in their evaluation of
whether to vote for or against the Plan.

The Plan, as currently drafted, ceases the accrual of
postpetition interest to General Unsecured Claims other than
TOPrS Claims on Dec. 31, 2007, even though it will not have been
confirmed by that date, Robert J. Rosenberg, Esq., at Latham &
Watkins LLP, in New York, points out.

The EPCA Amendment, Mr. Rosenberg notes, requires the Debtors to
issue additional  Direct Subscription Shares to the Appaloosa
Plan Investors without the Investors' payment of any additional
consideration.  The issuance of the additional shares will
materially reduce the conversion price of the preferred shares
and dilute the value of the common stock to be distributed to
holders of General Unsecured Claims, he contends.

The Creditors Committee and the Debtors are continuing to
discuss potential resolutions, Mr. Rosenberg relates.  He
informs the Court that absent acceptable resolution; the
Creditors Committee will not support the Plan.

                     About Delphi Corp.

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


DELPHI CORP: Senior Noteholders Balk at Disclosure Statement
------------------------------------------------------------
Eight holders of Senior Notes in Delphi Corp. asks the United
States Bankruptcy Court for the Southern District of New York to
disapprove the Disclosure Statement explaining the Debtors'
Joint Chapter 11 Plan of Reorganization.

The eight Senior Noteholders are:

   * Caspian Capital Advisors, LLC,
   * Castlerigg Master Investments Ltd.,
   * Davidson Kempner Capital Management LLC,
   * Elliott Associates, L.P.,
   * Gradient Partners, L.P.,
   * Sailfish Capital Partners, LLC,
   * Whitebox Advisors, LLC, and
   * Wilmington Trust Company, as indenture trustee.

As reported in yesterday's Troubled Company Reporter, the Court
agreed to continue until Nov. 29 the hearing to consider the
adequacy of the Disclosure Statement at the request of the
Debtors and the Official Committee of Equity Security Holders.

the Senior Noteholders contend that the Court should not approve
the Disclosure Statement and allow the Debtors to solicit
acceptances of the Plan because the Plan contains a patently non
confirmable classification scheme

The Senior Noteholders, among other things, complain that the
Plan:

    -- groups dissimilar claims in the same class in violation
       of Section 1122(a) of the Bankruptcy Code; and

    -- provides different treatment to claims classified
       together within a single class in violation of Section
       1123(a)(4) of the Bankruptcy Code.

Class 1C of the Plan contains the claims of the Senior
Noteholders and holders of the subordinated TOPrS Claims, Allan
S. Brilliant, Esq., at Goodwin Procter LLP, in New York, notes,
on behalf of Caspian, et al.  Mr. Brilliant points out that
TOPrS claimholders, although classified in the same class with
the Senior Noteholders and other General Unsecured Creditors, do
not receive the same distribution as the other Claims in Class
1C.

The Plan is also unconfirmable because it does not enforce the
subordination agreement between the Senior Notes and TOPrS
Claims thereby violating Section 510(a) of the Bankruptcy Code,
Mr. Brilliant asserts.

The Disclosure Statement, Mr. Brilliant contends, does not
contain adequate information on many critical issues as required
by Section 1125(a) of the Bankruptcy Code regarding a number of
topics, including:

   (a) the value of the distributions that will be made to
       creditors;

   (b) the valuation of the New Common Stock;

   (c) the likelihood of the Debtors obtaining exit financing
       and the consequences if the Debtors do not obtain exit
       financing before the hearing to consider confirmation of
       the Plan or the Effective Date of the Plan;

   (d) the factors required for the Debtors' substantive
       consolidation and the effect it has on various creditor
       groups;

   (e) the costs, benefits and effects of the settlement of the
       GM Claim;

   (f) the releases provided to non-Debtor parties under the
       Plan; and

   (g) the impact, on the recoveries paid to General Unsecured
       Creditors, of the Debtors' attempts to provide a recovery
       to otherwise subordinated creditors under the MDL
       Settlements.

The Senior Noteholders therefore ask the Court to disapprove the
Disclosure Statement.

Wilmington Trust also asks the Court to direct the Debtors to
reclassify the Senior Notes and the TOPrS Claims in different
classes.

The Disclosure Statement must clearly and concisely inform the
holders of the Senior Debt of the actual value of their recovery
under the Plan, Edward M. Fox, Esq., at Kirkpatrick & Lockhart
Preston Gates Ellis LLP, in New York, maintains, on Wilmington
Trust's behalf.  "Valuation euphemisms such as 'negotiated plan
value' or 'deemed value' are not acceptable.  Rather, the
Debtors must indicate the value of recoveries on a fully diluted
basis based on the range of value estimated by the Debtors
investment banker and financial advisor, Rothschild [Inc.], with
particular emphasis on its mid-point valuation," Mr. Fox
asserts.  The Debtors should also explain why substantive
consolidation of their assets and liabilities is necessary and
appropriate while consolidation of the 42 Debtors is not, he
adds.

                     About Delphi Corp.

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


FIAT SPA: CEO Marchionne Confirms Talks with Daimler
----------------------------------------------------
Fiat S.p.A. CEO Sergio Marchionne confirmed that the company is
in talks with Daimler AG following speculations that Daimler
could seek a partner to work on the next generation of Mercedes-
Benz A-Class and B-Class compact cars, Gianni Montani writes for
Reuters.

"We're not just talking with Daimler about engines, we're
talking about everything," Mr. Marchionne was quoted by Reuters
as saying.

According to the report, Fiat disclosed in October 2007, that it
was in contact with automakers, particularly Mercedes-Benz,
about a possible alliance.

In June 2007, Fiat signed a EUR2.4 billion agreement with
Daimler to supply truck engines as part of a strategic
agreement.

                     About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Italian industrial
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,
Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIAT SPA: Turk Traktor Joint Venture Reaches 500,000 Unit Output
----------------------------------------------------------------
The Turk Traktor plant, a 50-50 joint venture between Case New
Holland of the Fiat Group and the Koc Group, reached the goal of
500,000 tractors manufactured on Nov. 9, 2007.

Zafer Caglayan, the Turkish Minister of Industry,  Mustafa Koc
and Buelent Bulgurlu, the chairman and the CEO of Koc Group and
Sergio Marchionne, CEO of Fiat, attended the ceremony during
which, the tractor was presented to the Ministry of Agriculture.

The Turk Traktor factory in Ankara employs around 1,200 people.
The plant manufactures approximately 20,000 tractors, engines,
transmissions, and axles each year.  More than a third of the
output is exported through Case New Holland's global network.
Case New Holland leads the Turkish tractor market with a share
of over one third.  Its share of the combines market exceeds two
thirds and it holds approximately 50% of the cotton harvester
market.

The industrial cooperation between Fiat and the Koc Group in the
agricultural Sector dates back to 1963; originally set up as a
technical cooperation, it became a shareholder cooperation
starting from 1967.

In addition to the Turk Traktor joint venture, Fiat and the Koc
Group collaborate in other industrial and commercial initiatives
aimed at the manufacturing and sale of automobiles and
components.

The joint venture has an in-house R&D center and a sales network
made up by 130 dealers and 400 customer assistance centers.
All products manufactured by the joint venture are already
compliant with the new emission (Tier II), noise and safety
limits that will become effective in Turkey on Jan. 1, 2008.

"The Koc Group is a key industrial partner for Fiat and it has
made a major contribution to the development of the Fiat Group
presence in Turkey.  We are very proud to have contributed to
the growth of Turkey's industry and the modernization of its
agriculture," Sergio Marchionne CEO of Fiat Group and Chairman
of Case New Holland, said.

Case New Holland - http://www.cnh.com/-- is a world leader in
the agricultural and construction equipment businesses.
Supported by about 11,500 dealers in 160 countries, CNH brings
together the knowledge and heritage of its Case and New Holland
brand families with the strength and resources of its worldwide
commercial, industrial, product support and finance
organizations. CNH Global N.V., whose stock is listed at the New
York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary
of Fiat S.p.A. (FIA.MI).

                      About Fiat S.p.A

Headquartered in Turin, Italy, Fiat S.p.A.
-- http://www.fiatgroup.com/-- is one of the largest industrial
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As reported on Aug. 8, Standard & Poor's Ratings Services raised
its long-term corporate credit rating on Italian industrial
group Fiat S.p.A. to 'BB' from 'BB-'.  At the same time,
Standard & Poor's affirmed its 'B' short-term rating on Fiat.
S&P said the outlook is stable.

"The upgrade reflects Fiat's strong debt reduction achievements,
positive trends in the auto sector, and improvements in the
group's profitability and cash generation," said Standard &
Poor's credit analyst Nicolas Baudouin.

As reported in TCR-Europe on Aug. 7, Fitch Ratings changed Fiat
S.p.A.'s Outlook to Positive from Stable.  Its Issuer Default
rating and senior unsecured rating are affirmed at BB-.  The
Short-term rating is affirmed at B. Around EUR6 billion of debt
is affected by this rating action.

The Outlook change is underpinned by the consistent improvement
of the group's financial profile, the pick-up in Fiat Auto's
market shares and earnings since late 2005 and positive
expectations for the CNH and Iveco divisions.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FIDELITY NATIONAL: Completes US$5.3B Buy of Ceridian Corporation
----------------------------------------------------------------
Fidelity National Financial, Inc., aka FNF, has announced, with
its partner Thomas H. Lee Partners, the completion of the
acquisition of Ceridian Corporation for approximately US$5.3
billion.  FNF contributed approximately US$525 million of the
total US$1.6 billion equity funding for the acquisition,
resulting in a 33% ownership stake for FNF in Ceridian.  The
majority of FNF's equity contribution was funded through a
borrowing under its existing bank credit facility.

Ceridian is a leading information services company in the human
resource, retail and transportation markets.  It is one of the
top human resources outsourcing companies in the United States,
Canada and the United Kingdom, offering a broad range of human
resource services including payroll processing, tax filing,
benefits administration, work-life and employee advisory
programs, and other human resource related services.  These
human resource solutions range from transaction based services
to Human Resource Outsourcing in which Ceridian takes over
responsibility for the customer's human resource management
processes.  Ceridian is also a major payment processor and
issuer of credit cards, debit cards and stored value cards,
primarily for the transportation and retail industries in the
United States, through its Comdata subsidiary.  Comdata's
service offerings include BusinessLink, a combination debit and
credit card designed to provide businesses with control over
payments to and expenditures made by their employees, along with
the reporting they need to track the performance of their
operations.  Comdata also offers retailers cash cards that are
used for gifts, merchandise returns, promotions and loyalty
programs through its Stored Value Solutions unit.

"We are very excited about the acquisition of Ceridian," said
FNF Chairman and Chief Executive Officer William P. Foley, II.
"Ceridian provides FNF with a company that has leading market
positions in large, growing markets, long- term customer
relationships, recurring revenue, strong cash flow and a
significant margin expansion opportunity.  We look forward to
the opportunity it provides for us to continue to create
significant long-term value for FNF shareholders."

Fidelity National Financial, Inc. -- http://www.fnf.com--
(NYSE: FNF), is a provider of title insurance, specialty
insurance and claims management services.  FNF is one of the
nation's largest title insurance companies through its title
insurance underwriters - Fidelity National Title, Chicago Title,
Ticor Title, Security Union Title and Alamo Title - that issue
approximately 28 percent of all title insurance policies in the
United States.  FNF also provides flood insurance, personal
lines insurance and home warranty insurance through its
specialty insurance business.  FNF also is a leading provider of
outsourced claims management services to large corporate and
public sector entities through its minority-owned subsidiary,
Sedgwick CMS.

                   About Fidelity National

Based in Jacksonville, Florida, Fidelity National Information
Services, Inc. -- http://www.fidelityinfoservices.com/--
provides core processing for financial institutions; card issuer
and transaction processing services; mortgage loan processing
and mortgage related information products; and outsourcing
services to financial institutions, retailers, mortgage lenders
and real estate professionals.  FIS has processing and
technology relationships with 35 of the top 50 global banks,
including nine of the top ten.  Nearly 50% of all US residential
mortgages are processed using FIS software.  FIS maintains a
strong global presence, serving over 7,800 financial
institutions in more than 60 countries worldwide, including
Brazil and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Standard & Poor's Ratings Services has placed its
ratings, including the 'BB' corporate credit rating, on Fidelity
National Information Services Inc. on CreditWatch with negative
implications.

Moody's Investors Service has placed Fidelity National
Information Services' ratings on review for possible downgrade:

-- USUS$1.6 billion First Lien Senior Secured Term Loan B Ba1

-- USUS$2.1 billion First Lien Senior Secured Term Loan A Ba1

-- USUS$900 million First Lien Senior Revolving Credit
     Facility Ba1

-- USUS$200 million 4.75% (Certegy) notes due September 2008
    Ba1

-- Corporate Family Rating Ba1.


FORD MOTOR: Unit Earns US$334 Million in Third Quarter of 2007
--------------------------------------------------------------
Ford Motor Credit Company reported net income of US$334 million
in the third quarter of 2007, down US$118 million from earnings
of US$452 million a year earlier.  On a pre-tax basis from
continuing operations, Ford Motor Credit earned US$546 million
in the third quarter compared with US$730 million in the
previous year.  The decrease in earnings primarily reflected the
non-recurrence of credit loss reserve reductions, higher
depreciation expense for leased vehicles and higher borrowing
costs.

In the third quarters of 2007 and 2006, pre-tax earnings were
US$341 million and US$521 million, excluding the net gains
related to market valuation adjustments from derivatives, which
were US$205 million and US$209 million, respectively.

Ford Motor Credit expects to earn on a pre-tax basis
US$1.3 billion to US$1.4 billion this year, excluding the impact
of gains and losses related to market valuation adjustments from
derivatives, consistent with the previous estimate.

"Our sound risk management practices, high-quality portfolio,
strong liquidity and ongoing restructuring continue to produce
solid operating results," Mike Bannister, chairman and CEO,
said.  "As we effectively execute the fundamentals of the
business, we remain on track to meet our earnings outlook."

On Sept. 30, 2007, Ford Motor Credit's on-balance sheet net
receivables totaled US$141 billion, compared with US$135 billion
at year-end 2006.  Managed receivables were US$148 billion,
largely unchanged compared with Dec. 31, 2006.

On Sept. 30, 2007, managed leverage was 10.1 to 1.

                   About Ford Motor Credit

Ford Motor Credit Company LLC -- http://www.fordcredit.com/--
an indirect, wholly owned subsidiary of Ford Motor Company, is
an automotive finance company and has supported the sale of Ford
products since 1959.  It provides automotive financing for Ford,
Lincoln, Mercury, Jaguar, Land Rover, Mazda and Volvo dealers
and customers.

                    About Ford Motor Company

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-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services said its '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.  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's 'B-3' short-
term rating was not on CreditWatch.


FORD MOTOR: New Labor Pact Gets Massive UAW Votes of Approval
-------------------------------------------------------------
Initial results from United Auto Workers union locals in
Illinois, and Michigan, who voted on Friday, and locals from
Kentucky and Missouri who voted Sunday, revealed a vast support
for a new four-year labor contract between Ford Motor Company
and the UAW, various papers report naming local union presidents
as sources.

Papers say that 75% of 900 UAW members of Local 588, a Chicago
stamping plant in Illinois, voted yes to the new labor
agreement.  Meanwhile, 82% of the 1,200 union members of Local
898, Ford's Rawsonville plant in Ypsilanti Township, in
Michigan, voted for the new labor deal.

UAW Local 862 President Rocky Comito told The Courier-Journal
that 80% production workers and 75% of skilled trade workers of
the Louisville Assembly Plant in Kentucky supported the new
labor deal.

Results at UAW Local 249, a plant in Claycomo, Missouri that
manufactures the Escape, Mercury Mariner and Mazda Tribute SUVs,
showed great support for the contract at a 69%-31% margin, the
Kansas City Business Journal relates.

Sarah A. Webster of the Detroit Free Press disclosed an
overwhelming 91% reception for the new labor agreement from
members of an axle plant in Sterling Heights, Michigan.  Ms.
Webster added that Emanuela Henderson, the recording secretary
with UAW Local 900 in Wayne, Michigan, told the paper that "a
minimum of 90%" of its workers voted in favor of the contract.
The local represents more than 5,000 workers at Michigan Truck
Plant and Wayne Stamping and Assembly.

Voting results from Local 600 in Dearborn, Michigan, and Local
2000 in Ohio are not yet available.

As reported in the Troubled Company Reporter on Nov. 6, 2007,
Ford and the UAW reached a tentative agreement on a four-year
national labor contract covering approximately 54,000
represented employees in the United States.  The UAW Ford
National Council -- made up of delegates from more than 55 Ford
facilities across the nation -- voted to unanimously recommend
ratification of the union's 2007 tentative agreement with Ford.

According to AP, Ford's shares dropped 3.3% closing at US$8.20
on Friday, the same day union leaders say workers in Michigan
and Illinois approved a new contract.

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-Latin America on
Nov. 7, 2007, Standard & Poor's Ratings Services said its '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.  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's 'B-3' short-
term rating was not on CreditWatch.


GEOKINETICS INC: Posts US$1.5 Million Net Loss in Third Quarter
---------------------------------------------------------------
Geokinetics Inc. has announced its financial results of
operations for the third quarter and first nine months of 2007.

                  Highlights include:

     -- Increased revenue by 78% and 104% for the three and nine
        months ending Sept. 30, 2007, respectively.

     -- EBITDA before one-time, non-recurring charges of US$3.2
        million was US$12.4 million for the quarter ended
        Sept. 30, 2007, up from EBITDA before one-time, non-
        recurring charges of US$1.4 million (acquisition costs)
        of US$4.0 million for the quarter ended Sept. 30, 2006.

     -- Net income before one-time, non-recurring charges for
        the third quarter was US$1.7 million, compared to a net
        loss before one-time, non-recurring charges of US$0.5
        million in the same quarter last year.

     -- Prepared and outfitted new crew to support a new ocean
        bottom cable (OBC) offshore project in Australia, which
        commenced in October, increasing crew capacity to 23.

     -- Invested US$43 million in the third quarter of 2007 to
        increase channel count for improved efficiency in the
        United States and provide the new Sercel SeaRay OBC
        system for the new crew in Australia, all part of the
        company's US$101 million capital expenditure plan for
        2007.

     -- Increased backlog to US$381 million at Sept. 30, 2007,
        from US$321 million at the end of the second quarter and
        US$232 million at Sept. 30, 2006

                     Three Months Results

In the third quarter ended Sept. 30, 2007, revenue increased 78%
to US$89.6 million compared to US$50.4 million for the third
quarter of 2006.  Revenue growth was primarily the result of the
Grant Geophysical, Inc. acquisition and greater demand driving
improvements in pricing and contract terms.  The company had a
net loss to common stockholders of US$1.5 million, or US$(0.15)
per diluted common share, in the third quarter of 2007, compared
to a net loss of US$1.9 million, or US$(0.36) per diluted common
share, for the same quarter in 2006.  The third quarter loss in
2007 was primarily due to US$3.2 million in one-time, non-
recurring charges with respect to severance related to the
departure of senior executives, including the company's
President and Chief Executive Officer and the restructuring of
the company's data processing business segment.  The third
quarter loss in 2006 was primarily due to US$1.4 million of
costs incurred to acquire Grant.  Before these one-time, non-
recurring charges, EBITDA increased to US$12.4 million for the
third quarter of 2007, compared to US$4.0 million in the third
quarter of 2006.  Share and per share amounts are reflective of
the company's one for ten reverse stock split which occurred in
November 2006.

                     Nine-Month Results

Revenue for the nine months ended Sept. 30, 2007 increased 104%
to US$272.1 million compared to US$133.3 million for the nine
months ended Sept. 30, 2006.  For the nine months ended
Sept. 30, 2007, the company had a net loss to common
stockholders of US$11.8 million, or US$1.50 per fully diluted
common share, compared to net income to common stockholders of
US$2.0 million, or US$0.34 per diluted common share, during the
nine months ended Sept. 30, 2006.  The net loss in 2007 was
primarily due to one-time, non-recurring charges of US$6.9
million in the second quarter related to the redemption of the
company's Floating Rate Notes, the previously noted US$3.2
million of non-recurring charges in the third quarter, the
impact of severe weather conditions, and an international job
which was terminated after being declared force majeure by the
customer.  Before one-time, non-recurring charges, EBITDA was
US$32.0 million in the nine months ended Sept. 30, 2007,
compared to US$14.6 million for the same period in 2006, an
increase of 119%.  Share and per share amounts are reflective of
the company's one for ten reverse stock split which occurred in
November 2006.

                      Backlog Increases

The company's backlog at the end of the third quarter reached a
new quarterly high of US$381 million, up from US$321 million at
June 30, 2007, and US$232 million at the end of the third
quarter of 2006.  Although clients may cancel service contracts
on short notice, the company's order book represents revenue
visibility from customer commitments through 2007 and well into
2008. Approximately US$209 million of the backlog is related to
international business (excluding Canada), with the remaining
US$172 million in North America.  Of the North American backlog,
approximately US$159 million represents work for the company's
crews in the United States.

                    Operations Overview

During the third quarter, crew activity and utilization
increased over the previous quarter.  In the United States,
eight to nine crews were actively working in Central Texas,
Oklahoma and Montana as well as the Texas/Louisiana Gulf Coast
region.  Outside of the United States, nine to ten crews were
actively working in six countries (with one to two in Canada).
Two of the company's Egyptian crews were combined and continued
operations in that country.  A new crew was prepared to support
a new OBC project in Australia and was subsequently fielded in
October bringing the company's total crew capacity to 23.  In
addition, equipment and crews are being prepared and mobilized
for newly awarded contracts in Argentina and Angola.

In the third quarter, the company invested US$43 million to
increase revenue-generating capacity with new and upgraded
equipment.  In the United States, the company upgraded its
channels to improve efficiency and five new vibrator trucks were
added to the company's existing fleet.  Overseas, the new OBC
crew for Australia was equipped and prepared for deployment.
The company has previously reflected one station of multi-
component recording equipment as a single channel as these
systems were not always used in a multi-component fashion.  As
the company continues to invest in multi-component equipment and
this technology becomes more and more prevalent, going forward
the company will discuss total acquisition stations and total
acquisition channels (all components) of both single-component
recording equipment and multi-component recording equipment. As
of Sept. 30, 2007, the company had approximately 79,400 stations
of single-component and 6,900 stations of multi-component
recording equipment, equating to a total channel count of
100,800.  To reconcile this to the company's previously reported
number of 82,000 channels, under its old methodology, this would
equate to approximately 86,300 channels.

To further its integration efforts, effective Oct. 31, 2007, the
company changed the legal names of its data processing
subsidiary Geophysical Development Corporation to Geokinetics
Processing, Inc. and the legal names of its data acquisition
subsidiaries Quantum Geophysical, Inc., Grant Geophysical, Inc.
and Grant Geophysical (Int'l) Inc. to Geokinetics USA, Inc.,
Geokinetics International Holdings, Inc. and Geokinetics
International, Inc., respectively.  In November 2006, the
subsidiary Trace Energy Services, Ltd. was renamed Geokinetics
Exploration, Inc.

As of Nov. 5, 2007, the company consolidated its data
processing, data acquisition and corporate offices in Houston
into one building, reducing future overhead expenses and
increasing efficiencies.

                      Management Comment

Geokinetics President and Chief Executive Officer, Richard Miles
said:  "We are pleased to report solid third quarter results and
the addition of our twenty-third crew in Australia, which we
have subsequently deployed to work on a new OBC project,
expanding our offshore capabilities into deeper water
environments.  Typically, our third quarter revenues and profits
increase from a traditional seasonal low in the second quarter
and this year has been no exception.  We expect the pace of
revenue and profit growth over the next two quarters to depend,
in large part, on how quickly crews can be mobilized on new
projects in Angola, Argentina and Australia.  We have also
reorganized our processing and interpretation segment to better
serve the needs of our clients and improve profitability.  Our
backlog remains strong and I am excited about our revenue
visibility into next year.  The increase in our order book is a
testament to the increasing demand for our innovative solutions,
which help our customers maximize the returns from their complex
E&P projects.  Robust customer demand is driving our capital
investment decisions for adding increased revenue generating
capacity.  Just last quarter, we increased our capital
investment plan to US$101 million up from US$82 million.  As we
expand our global footprint, our team is focused on integrating
our worldwide operations for improved efficiency, profitability
and shareholder value."

                    About Geokinetics Inc.

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, Indonesia, Norway and Brazil.  Geokinetics operates in
some of the most challenging locations in the world from the
Arctic to mountainous jungles to the transition zone
environments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2007, Moody's Investors Service has withdrawn all the
ratings for Geokinetics Inc. following the company's redemption
of all of its rated bonds with the proceeds of an equity
offering.  Moody's does not rate any other debt for Geokinetics.

The ratings withdrawn are the B3 corporate family rating and
probability of default rating, the SGL-3 speculative liquidity
rating and the B3, LGD4 (53%) rating on the US$110 million
second priority senior secured floating rate notes due 2012.


HAYES LEMMERZ: Selling Automotive Brake to Brembo for US$58 Mil.
----------------------------------------------------------------
Hayes Lemmerz International Inc. is selling Hayes Lemmerz'
Automotive Brake Components division to Brembo North America
Inc. for approximately $58 million, debt-free.

Hayes Lemmerz' Automotive Brake Components division includes
production facilities in Homer, Michigan and Apodaca, Mexico
that manufacture brake rotors and drums for the North American
passenger car and light truck markets.  The division employs
approximately 250 people, including 64 technical associates. The
division's 2006 sales were approximately $120 million.

Under the agreement, Brembo North America Inc., a subsidiary of
Brembo S.p.A., has acquired all of the stock of two Hayes
Lemmerz subsidiary companies that own the brake manufacturing
operations in Homer and Apodaca and certain assets used in
connection with the division's sales, marketing and engineering
group located in Hayes Lemmerz' headquarters in Northville,
Michigan.

"We have built a strong business with a solid reputation for
quality products, delivery and performance," Daniel Sandberg,
president of Hayes Lemmerz' Automotive Components Group, said.
"Combining this business with an international, technically
dynamic brake company like Brembo will better position the
combined company to grow and compete in the global market.  Our
brake teams in Homer, Apodaca and Northville look forward to
leveraging our shared commitment to superior customer service,
product innovation and technology."

"I am very pleased with the acquisition of this well-managed and
successful business," Brembo chairman, Alberto Bombassei,
commented.

"This is another important step for Brembo in the NAFTA region,
where we already have a strong presence with 2006 sales of
approximately US$140 million," Mr. Bombassei said.  "Our
purchase of Hayes Lemmerz' rotor business will greatly improve
Brembo's leadership position in the North American brake rotor
market.  We continue to believe that North America, as a mature
and sophisticated market, is one of the most important in the
world, which fits well with Brembo's strategic position.  This
transaction will provide Brembo with a solid manufacturing base
to supply all the North American operations of all of our
customers."

                     About Brembo S.p.A.

Brembo North America Inc. is a subsidiary of Italy-based Brembo
S.p.A. (Italian Stock Exchange: BRE) which is an innovator of
disc braking system technology for vehicles.  It supplies high
performance braking systems to the manufacturers of cars,
commercial vehicles and motorbikes around the world.  Brembo is
also into the racing sector.  The company currently operates in
12 countries, with 23 production and business sites and a pool
of over 4,700 associates, 9% of whom are engineers and product
specialists working in R&D and technical areas.  Brembo is the
owner of the Brembo, AP Racing and Marchesini brands.  The
company operates in this region with a manufacturing plant in
Puebla, Mexico, and business sites in Costa Mesa, CA and
Charlotte, NC.

               About Hayes Lemmerz International

Based in Northville, Michigan, Hayes Lemmerz International Inc.
(Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- is a
supplier of automotive and commercial highway wheels, brakes and
powertrain components.  The company has 30 facilities and
approximately 8,500 employees worldwide.  The company has
operations in India, Brazil and Germany, among others.

                        *     *     *

As reported on Sept. 26, 2007, Fitch Ratings placed Hayes-
Lemmerz International Inc.'s issuer default rating at 'B' with a
negative rating watch.


JAPAN AIRLINES: To Begin JALCard Bidding in Mid-November
--------------------------------------------------------
Japan Airlines International Co., Ltd., is set to hold the first
round of bidding in mid-November for shares in its wholly owned
credit card unit, JALcard Inc., sources close to the matter
revealed to Jiji Press.

According to the sources, Mitsubishi UFJ Financial Group Inc.,
Sumitomo Mitsui Financial Group Inc., and Credit Saison Co.,
are expected to bid for the shares.

The Troubled Company Reporter-Asia Pacific reported on
Sept. 19, 2007, that JAL is considering unloading 49% of its
stake in JALcard, which is estimated to have a market value of
about JPY100 billion.

The proceeds of the sale, states Jiji Press, is aimed at
helping the struggling airline focus on core flight service
operations and to help reduce debts.

JALcard subscribers total about 1.9 million, with billings
coming to JPY1.65 trillion, relates Jiji Press.


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

                        *     *     *

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

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

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


TAM SA: Net Income Up 2.4% to BRL48.5 million in Third Quarter
--------------------------------------------------------------
TAM S.A. has reported its third quarter results for 2007.
Operational and financial data, except where otherwise
indicated, are presented based on amounts consolidated in reals
and prepared in accordance with accounting principles generally
accepted in Brazil.

                   Operational Performance

Domestic Operations

     -- TAM reached 49.3% average market share in the third
        quarter 2007.

     -- ASKs (capacity) increased 12.7% in the third quarter
        2007 compared to the third quarter 2006 as a result of
        the increase in the operating fleet of 18 A320, 2 A319
        and 2 A321, compensated by 9 F100 returned and other 6
        in redelivery and the reduction in block hours by
        aircraft from 12.9 hours/day to 12.6 hours/day (total
        operation).

     -- RPKs (demand) decreased 0.2% in the third quarter 2007
        compared to the third quarter 2006.

     -- TAM's domestic load factor decreased to 67.3% in the
        third quarter 2007, compared to 75.9% in the third
        quarter 2006.

International Operations

     -- TAM reached 66.2% average market share in the third
        quarter 2007

     -- ASKs (capacity) increased 73.4% in the third quarter
        2007, due to the increase of 1 A330 and 3 MD11 into the
        international operating fleet allowing the beginning of
        daily flights to London and Milan, the second daily
        frequency to New York and the third daily flight to
        Paris.  In South America the company started daily
        flights to Cordoba and Caracas and increased its
        operations to Buenos Aires through the increase in the
        narrow body fleet in the region.

     -- RPKs (demand) increased 55.3% comparing the third
        quarter 2007 with the third quarter 2006.

     -- TAM's international load factor decreased 8.3 p.p. to
        71% in the third quarter 2007 compared to 79.2% in the
        third quarter 2006.

                     Financial Performance

     -- Total CASK decreased by 10.2% in the third quarter 2007
        compared to the third quarter 2006.

     -- EBIT and EBITDAR margins of 2.8% and 15.2% respectively.

     -- Net income of BRL 48.5 million, a positive margin of
        2.4%.

     -- The total cash and cash equivalents equalled BRL2,471
        million

                       About TAM SA

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

                        *      *      *

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


UTSTARCOM INC: Incurs US$55 Million Net Loss in Third Quarter
-------------------------------------------------------------
UTStarcom, Inc. has reported financial results for the third
quarter of 2007.

Net sales for the third quarter 2007 were US$646 million.  This
US$108 million increase over the second quarter of 2007 was
driven by strong sales in PCD as well as growth in our Broadband
and Wireless business units.  Gross margins for the third
quarter of 2007 were 10%.  The gross margins percentage was
impacted by a much larger percentage of PCD sales, as well as
approximately US$10 million of inventory reserves.  The net loss
for the third quarter was US$55 million, or a loss of US$0.46
per share.  This compares to a loss of US$62 million in the
second quarter of 2007 and US$43 million in the third quarter of
2006.

Our third quarter cash and short term investments totalled
US$644 million, an increase of US$116 million from the second
quarter of 2007.  For this quarter, cash and short-term
investments include approximately US$115 million of investments
that were previously accounted for as long term equity
investments.

"Our third quarter results do not yet reflect the benefits of
changes we are in the process of implementing in UTStarcom,"
stated UTStarcom Chief Operations Officer, Peter Blackmore.

Mr. Blackmore added, "We have strong technology in IP
communications and are building momentum in IPTV, NGN and
optical infrastructure and access devices.  Management has a
high sense of urgency about improving the operational
capabilities of the company to ensure profitable growth.  Our
conference call will give details about our progress on this."

      Guidance for the fourth quarter of 2007

     -- Revenue flat to slightly up compared to third quarter
        2007

     -- Gross margins up 2 to 4 points from third quarter 2007

     -- Operating expenses (excluding any special charges) down
        sequentially

                     About UTStarcom, Inc.

Headquartered in Alameda, California, UTStarcom Inc. (Nasdaq:
UTSI) -- http://www.utstar.com/-- provides IP-based, end-to-end
networking solutions and international service and support.  The
company sells its broadband, wireless, and handset solutions to
operators in both emerging and established telecommunications
markets around the world.  The company maintains operations in
France, Italy, Spain, China, India, Japan, Argentina and Brazil.

                        *     *     *

As reported on Jan. 18, 2007, noteholders of UTStarcom Inc.'s
7/8% convertible subordinated notes due 2008 agreed to the
proposed amendments of certain provisions of the indenture
pursuant to which the notes were issued and a waiver of rights
to pursue remedies available under the indenture with respect to
certain default.

Under the terms of the indenture, during the period beginning
Jan. 9, 2007, and ending 5:30 p.m., May 31, 2007, any failure by
the company to comply with certain provisions will not result in
a default or an event of default, and the Notes will accrue an
additional 6.75% per annum in special interest from and after
Jan. 9, 2007, to the maturity date of the Notes, unless the
Notes are earlier repurchased or converted.


NOVELIS INC: Reports US$13-Mln Net Income in 2007 Second Quarter
----------------------------------------------------------------
Novelis Inc., a subsidiary of Hindalco Industries Limited, has
reported its financial results for the second quarter of fiscal
year 2008, which ended on Sept. 30, 2007.  (Novelis changed its
fiscal year end from December 31 to March 31 following its
acquisition by Hindalco on May 15, 2007)

Total rolled products shipments in the quarter increased to 747
kilotonnes -- kt --- compared with 737 kt in the corresponding
period of 2006.  Novelis incurred a pre-tax loss of US$23
million on sales of US$2,821 million, compared with the prior-
year period when it incurred a pre-tax loss of US$154 million on
sales of US$2,494 million.

The US$131 million increase in pre-tax earnings reflects
significant underlying operational improvement despite difficult
market conditions in North America and Asia. This increase is
due to a number of positive business factors, including:

    -- The company's exposure to customer contracts with metal
       price ceilings was reduced by US$44 million, net of
       hedges, compared with the prior-year period.

    -- Product mix improvements, price increases, and volume
       increases primarily in Europe and South America,
       benefited net sales by approximately US$22 million
       compared with the prior-year period.

    -- The company realized a US$29 million improvement in metal
       price lag over the prior-year period, largely as a result
       of better risk management.  Metal price lag negatively
       impacted pre-tax earnings by US$4 million in the quarter
       ended Sept. 30, 2007, compared with US$33 million in the
       prior-year period.

    -- Corporate selling, general and administrative (SG&A)
       expenses were reduced by US$17 million, driven by
       streamlining of corporate staff and unusual items related
       to financial reporting requirements and executive changes
       in the prior year.

    -- The company reversed US$21 million of reserves (US$15
       million net of tax) relating to previously disputed
       applications of social contribution tax credits as a
       result of a favorable Superior Court ruling in Brazil.

    -- Improved operational performance was partially offset by
       higher input and operational costs in the current quarter
       compared with the prior year period.

In addition to these items, pre-tax earnings during the quarter
ended Sept. 30, 2007, were impacted by certain income and
expense items associated with fair value adjustments recorded at
the date of acquisition.  The net pre-tax impact of these items
was a benefit of US$29 million primarily driven by the
amortization of accruals related to unfavorable contracts
partially offset by higher depreciation and amortization.

Novelis President and Chief Operating Officer, Martha Brooks
said, "During the second quarter, further improvements in
Novelis' business operations enabled us to achieve an increase
in pre-tax results despite soft conditions in the North American
marketplace.  While the effect of these improvements was
partially offset by increased input and operating costs, our
financial performance also benefited from stronger risk
management capabilities, and in particular, our ability to
manage our metal price volatility in a more effective manner.

Ms. Brooks added, "Market conditions in North America and Asia
were challenging, primarily related to the transportation and
housing sectors in North America and strong competition from
Chinese manufacturers in Asia; however, we continued to see very
strong demand for our products in South America and Europe.
Demand for the aluminum beverage can, a market in which we have
a strong global position, is growing strongly on three
continents."

For the three months ended Sept. 30, 2007, Novelis reported net
income of US$13 million, compared with the corresponding period
of 2006 when it incurred a net loss of US$102 million. Included
in net income of US$13 million for the second quarter of fiscal
year 2008 is US$36 million of income tax benefit.  Significant
tax items in the quarter included:

    -- US$27 million of tax expense related to exchange
       translation and re-measurement items;

    -- US$19 million of tax expense on valuation allowance
       increases primarily related to tax losses in certain
       jurisdictions where the company believes, based on
       current facts and circumstances, it will not be able to
       utilize those losses; and

    -- US$74 million of tax benefit associated with a reduction
       in tax rates in Germany.

Cash taxes paid during the second quarter of fiscal year 2008
were US$18 million.

                         Six Months

For the six months ended Sept. 30, 2007, total rolled products
shipments increased to 1,504 kt from 1,490 kt for the
corresponding period of 2006.  For the six-month period, the
company incurred a combined pre-tax loss of US$134 million on
combined net sales of US$5,649 million, an improvement of US$34
million compared with a pre-tax loss of US$168 million on net
sales of US$5,058 million for the same period of 2006.

The combined pre-tax loss for the first six months of fiscal
2008 includes a number of non-recurring expenses related to the
acquisition by Hindalco.  These include US$45 million of stock
compensation expense triggered by the sale of Novelis and US$32
million for sale transaction costs, among other items, as the
company previously disclosed in its financial results for the
first quarter of fiscal year 2008.  Excluding the transaction
expenses, pre-tax improvement was US$111 million compared with
the corresponding period of 2006.

For the six months ended Sept. 30, 2007, Novelis incurred a net
loss of US$138 million, including US$4 million of income tax
expense.  This compares with the corresponding period of 2006
when it incurred a net loss of US$96 million.  Significant tax
items in the first six months of fiscal year 2008 included:

    -- US$80 million of exchange translation and re-measurement
       expense;

    -- US$53 million of valuation allowance increases primarily
       related to tax losses in certain jurisdictions where the
       company believes, based on current facts and
       circumstances, it will not be able to utilize those
       losses; and

    -- US$69 million of tax benefit associated with enacted tax
       rate changes (primarily in Germany).

Cash taxes paid during the first six months of fiscal year 2008
were US$39 million.

For further information regarding Novelis' second quarter and
year-to-date results, please review the company's Quarterly
Report on Form 10-Q as filed with United States Securities and
Exchange Commission on Nov. 9, 2007.

                       About Novelis

Based in Atlanta, Georgia, Novelis Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- is the global provider of aluminum
rolled products and aluminum can recycling.  The company
operates in 11 countries and has approximately 12,900 employees.
Novelis has the capability to provide its customers with a
regional supply of technologically sophisticated rolled aluminum
products throughout Asia, Europe, North America and South
America.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin American region.
Novelis also has operations in Germany, Switzerland and Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Fitch Ratings has affirmed the Issuer Default
Rating for Novelis, Inc. and Novelis, Corp. at 'B' and assigned
a Negative Rating Outlook.  The company's previous senior
secured bank debt ratings have been withdrawn.  Ratings for the
new credit facility of 'BB' were assigned and the senior
unsecured debt ratings have been affirmed as:

Novelis, Inc.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1';
  -- Senior unsecured notes 'B/RR4'.

Novelis, Corp.

  -- IDR 'B';
  -- Senior secured asset-based revolver 'BB/RR1';
  -- Senior secured term loan B 'BB/RR1'.


* BRAZIL: Petroleo Brasileiro Acquiring 87.5% Stake in Nansei
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA said in a
statement that it has signed an accord to purchase an 87.5%
stake in Japanese company Nansei Sekiyu Kabushiki Kaisha.

Business News Americas relates that Petroleo Brasileiro is
buying the stake from a unit of US oil major ExxonMobil for
US$50 million.

According to BNamericas, the acquisition includes:

       -- a 100,000-barrel-per-day plant,

       -- a 9.6-million barrel capacity crude oil and products
          terminal,

       -- three piers that can receive product vessels of up to
          97,000 deadweight tonnage, and

       -- a mono buoy for crude vessels of up to 280,000
          deadweight tonnage.

Petroleo Brasileiro told BNamericas that the acquisition of the
stake will help the firm boost biofuels and oil products
marketing in Asia.

Japan's Sumitomo Group keeps the remaining 12.5% stake in Nansei
Sekiyu, BNamericas states, citing Petroleo Brasileiro.

                        *     *     *

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 Launching Production at New Platforms
---------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA Chief
Financial Officer Almir Barbassa told the press that the company
is launching production at two new platforms.

Business News Americas relates that 180,000-barrel-per-day oil
platform P-52 in the Campos basin's offshore Roncador field will
begin production on Thursday.  Meanwhile, the 100,000-barrel-
per-day Cidade de Vitoria Floating Production, Storage and
Offloading vessel will start running in the Espirito Santo
basin's Golfinho field on Friday.

Mr. Barbassa commented to BNamericas, "However, the Cidade de
Vitoria FPSO and P-52 will only reach peak production in the
first half of 2008 and second half of 2008 respectively."

According to BNamericas, the 180,000-barrel-per-day P-54
platform in the Roncador field will also start running in
December 2007.

Mr. Barbassa told BNamericas that Petroleo Brasileiro produced
an average 1.80 million barrels per day in the first nine months
of 2007, compared to 1.76 million barrels per day in the same
period last year.

"The company has added 203,000 barrels per day to its average
oil production so far this year.  However, the decline in mature
fields lead us to losses of 170,000 barrels per day in the same
period," Mr. Barbassa commented to BNamericas.

                        *     *     *

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




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


BOMBAY CO: DJM Realty To Dispose 335 Retail Store Leases in U.S.
----------------------------------------------------------------
The Bombay Company, Inc. has selected DJM Realty, a provider of
strategic real estate solutions, to exclusively manage the
national disposition of all 335 retail store leases and five
distribution center leases in the United States.  Bombay
specializes in unique home accessories, wall decor and furniture
through 384 retail outlets in the U.S. and Canada.

"There are very few opportunities to offer a real estate
portfolio as unique as Bombay's, which consists of locations in
elite malls, street front properties and strong strip, outlet
and lifestyle centers.  Bombay stores are concentrated in the
Northeast with 73 locations, the Southeast with 98 locations,
the Midwest with 50 locations and California with 53 locations.
We are excited to offer these prime real estate properties
ranging from 1,800 to 11,000 square feet" said DJM Realty Co-
President, Andy Graiser.

Bombay is liquidating its inventory through the stores during
the holiday season. The engagement of DJM Realty, which is
subject to bankruptcy court approval expected next week,
anticipates an auction on these properties in mid-December 2007.

The 335 stores operate in the following 41 states:  Alabama,
Arkansas, Arizona, California, Colorado, Connecticut, Delaware,
Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky,
Louisiana, Maryland, Massachusetts, Michigan, Minnesota,
Mississippi, Missouri, Montana, North Carolina, Nebraska,
Nevada, New Hampshire, New Jersey, New Mexico, New York, Ohio,
Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina,
Tennessee, Texas, Virginia, Washington, Wisconsin and West
Virginia.  Bombay's distribution centers are located in
Pennsylvania, Georgia, Texas, Indiana, and California, and range
in size from 250 thousand to 400 thousand square feet.

"Given the desirability of these properties and the amount of
interest that we have already received, interested parties must
act immediately," said Mr. Graiser.

For more information regarding the disposition of these leases
for Bombay, please contact James Avallone at 631-752-1100 ext.
224 or javallone@djmrealty.com.  Property information can be
obtained at DJM Realty's website.

                          About DJM

DJM Realty -- http://www.djmrealty.com-- , a Gordon Brothers
Group company, specializes in real estate dispositions,
valuations, acquisitions and capital solutions.  DJM Realty
services the world's most recognizable brands such as Big Lots,
CompUSA, Dick's Sporting Goods, Eckerd, Pep Boys, Toys R Us,
Wal-Mart, West Marine and Yum Brands.  DJM Realty was founded in
1992 and is headquartered in New York with offices in Los
Angeles, Boston and Chicago.

                        About Bombay

Headquartered in Fort Worth, Texas, The Bombay Company Inc.,
(OTC Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.

The company and five of its debtor-affiliates filed for Chapter
11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case
No. 07-44084).  Robert D. Albergotti, Esq., John D. Penn, Esq.,
Ian T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and
Boone, L.L.P., represent the Debtors.  As of May 5, 2007, the
Debtors listed total assets of US$239,400,000 and total debts of
US$173,400,000.

Attorneys at Cooley, Godward, Kronish LLP acts as counsel for
the Official Committee of Unsecured Creditors.  Forshey &
Prostok LLP is the Committee's local counsel.


CABLE & WIRELESS: Working w/ Innovative on Data Security Service
----------------------------------------------------------------
Jamaican news daily The Jamaica Gleaner reports that Cable &
Wireless' Jamaican unit has entered into a partnership with US
information technology company Innovative Corporate Solutions
for OFFSite, its off-site data security service to businesses.

Business News Americas relates that Cable & Wireless Jamaica is
already offering off-site data security, hosting the information
of corporations at its J$65-million data center, which was
constructed in 2006.

According to The Gleaner, the partnership is due to high demand
in the local market from large firms seeking to ensure business
continuity and protect sensitive client and proprietary
information off base.

Innovative Corporate Chief Operations Officer Christopher
Reckord told The Gleaner that the company agreed to invest some
J$3.5 million to offer clients software programming and
technical support that transports data to a secure site in Cable
& Wireless' data center.

The Gleaner notes that Cable & Wireless will market the service
at "a one-time hookup fee" of up to US$270 and a monthly
subscription fee, payable to Innovative Corporate.

The service will be initially aimed at small and medium-sized
enterprises, The Gleaner says, citing Mr. Reckord.  Eventually
the service will be offered to a wider market like schools and
households.

"There is no data on the size of the market for data protection
services, nor the existing demand," The Jamaica Computer Society
told BNamericas.

Internet penetration reached 40%, "seemingly to indicate that
there is scope for businesses offering products like OFFSite,"
BNamericas says, states, citing The Jamaica Computer head Nigel
Henry.

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


O'CONNOR EVT: Proofs of Claim Filing Is Until Nov. 29
-----------------------------------------------------
O'Connor EVT Ltd.'s creditors are given until Nov. 29, 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.

O'Connor EVT's shareholders agreed on Oct. 17, 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


O'CONNOR EUROPEAN: Proofs of Claim Filing Deadline Is Nov. 29
-------------------------------------------------------------
O'Connor European Statistical Long/Short Master Ltd.'s creditors
are given until Nov. 29, 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.

O'Connor European's shareholders agreed on Oct. 17, 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


O'CONNOR GLOBAL: Proofs of Claim Filing Ends on Nov. 29
-------------------------------------------------------
O'Connor Global Quantitative Equity II Master Ltd.'s creditors
are given until Nov. 29, 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.

O'Connor Global's shareholders agreed on Oct. 17, 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


O'CONNOR GLOBAL FUNDAMENTAL: Claims Filing Deadline Is Nov. 29
--------------------------------------------------------------
O'Connor Global Fundamental Long/Short (Yen) Ltd.'s creditors
are given until Nov. 29, 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.

O'Connor Global's shareholders agreed on Oct. 17, 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


O'CONNOR GLOBAL QUANTITATIVE: Claims Filing Ends on Nov. 29
-----------------------------------------------------------
O'Connor Global Quantitative Equity (Euro) Ltd.'s creditors are
given until Nov. 29, 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.

O'Connor Global's shareholders agreed on Oct. 16, 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


UBS GLOBAL: Proofs of Claim Filing Deadline Is Nov. 29
------------------------------------------------------
UBS Global Alpha Strategies (Australian Dollar) Ltd.'s creditors
are given until Nov. 29, 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.

UBS Global's shareholders agreed on Oct. 17, 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


UBS NEUTRAL: Proofs of Claim Filing Is Until Nov. 29
----------------------------------------------------
UBS Neutral Alpha Strategies (Yen) Ltd.'s creditors are given
until Nov. 29, 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.

UBS Neutral's shareholders agreed on Oct. 17, 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


UBS NEUTRAL ALPHA: Proofs of Claim Filing Is Until Nov. 29
----------------------------------------------------------
UBS Neutral Alpha Strategies (Swiss Franc) Ltd.'s creditors are
given until Nov. 29, 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.

UBS Neutral's shareholders agreed on Oct. 17, 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




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


CONSTELLATION BRANDS: Buys Fortune Brands' Wine Biz for US$885MM
----------------------------------------------------------------
Constellation Brands Inc. and Fortune Brands Inc. have entered
into an agreement under which Constellation will acquire
Fortune's United States wine business for US$885 million,
subject to post-closing adjustments.  The transaction is
expected to close by Dec. 31, 2007.

The business to be acquired includes some of California's most
highly regarded wineries.  The portfolio represents
approximately 2.6 million cases.  Brands being acquired include
Clos du Bois, a super-premium wine, Geyser Peak and Wild Horse,
a top luxury wine brand.  More than 1,500 acres of vineyards in
Napa, Sonoma and Carneros, California, are included in the
purchase, in addition to five California wineries.

"This portfolio is an excellent fit and furthers our strategy of
exceeding consumer expectations and expanding our presence in
the growing high-end segments of the wine market," said
Constellation Brands' president and chief executive officer, Rob
Sands.  "We are delighted about the prospect of adding these
wineries and brands to our existing portfolio, which will
enhance our growing position in the U.S. premium wine business.
As an example, Clos du Bois, a two million case brand, has a
history of strong consumer brand equity, growth and
profitability.  We also look forward to working with the people
who have been responsible for the tremendous success of these
wines."

The company estimates that on a comparable basis this
acquisition will be slightly accretive to diluted earnings per
share for fiscal 2009 and modestly dilutive for fiscal 2008,
assuming the transaction closes by Dec. 31, 2007.  A plan for
the integration of this acquisition into Constellation will be
finalized after the close of the transaction, and the company
will determine the best way to effectively assimilate the brands
and facilities.  The transaction will be financed with debt and
is subject to customary and routine regulatory approvals and
other closing conditions.

                  About Fortune Brands, Inc.

Headquartered in Deerfield, Illinois, Fortune Brands, Inc.
-- http://www.fortunebrands.com-- (NYSE: FO), through its
subsidiaries, engages in the manufacture, production, and sale
of home and hardware products, spirits and wine, and golf
products.

                  About Constellation Brands

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Chile, Australia and
New Zealand.  The company has more than 250 brands in its
portfolio, sales in approximately 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.


CONSTELLATION BRANDS: Fitch Affirms Post-Fortune Buyout Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Constellation Brands
Inc. following the company's announcement that it had entered
into a definitive agreement to acquire Fortune Brands, Inc.'s
United States wine business for US$885 million.

Fitch has affirmed the following ratings:

   -- Issuer Default Rating 'BB-';
   -- Bank credit facility 'BB-';
   -- Senior unsecured notes to 'BB-';
   -- Senior subordinated notes 'B+'.

The Rating Outlook is Negative.

Fitch's ratings apply to Constellation Brands' US$3.9 billion
credit facilities, US$1.9 billion of senior unsecured debt, and
US$250 million of senior subordinated notes.

The affirmation reflects the addition of market leading premium
and super premium wines to Constellation's already solid
position in the U. S. market and around the world.  The company
maintains leading market shares in most of the major wine
markets around the globe and a diversified alcoholic beverage
portfolio and has an excellent track record of integrating
acquisitions.  The company has restructured acquired operations
to enhance productivity and has sold non-essential assets, which
has provided some proceeds to reduce debt.  Of concern is
Constellation's willingness to operate at higher leverage levels
and its appetite for acquisitions.  Over the intermediate term,
it is likely that the company will continue to make acquisitions
that may result in financial and operational stress.

The company's debt levels are expected to be meaningfully higher
at the end of fiscal 2008 (ending Feb. 29, 2008).  Leverage has
grown as a result of successive debt financed acquisitions and
stock repurchases, including an accelerated share repurchase
transaction in May 2007.  As a result, interest expense has
increased and coverage measures have weakened considerably over
the past couple of years.  As of Aug. 31, 2007, pro forma for
the acquisition of Fortune Brands' wine business, debt/EBITDA
would be approaching 6.0 times, while EBITDA/interest would be
slightly above 2.5.  Nonetheless, the strong fit of Fortune's
wine brands, the high growth rates for the super-premium
category and some reduction in debt in the near term are
expected to improve these numbers in the short-term.  Ongoing
difficulties in United Kingdom and Australian operations and a
reduction in U.S. distributor inventory levels, which have
affected cash flow, are also expected to abate in calendar 2008.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Chile, Australia and
New Zealand.  The company has more than 250 brands in its
portfolio, sales in approximately 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.




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


ALERIS INT'L: Reports US$3.5 Million Net Income in Third Quarter
----------------------------------------------------------------
Aleris International, Inc., has reported results for the third
quarter ended Sept. 30, 2007.

                          Summary

    -- Revenues for third quarter 2007 were US$1.7 billion,
       compared with US$1.4 billion in third quarter 2006, a 19%
       increase, driven primarily by the 2006 acquisition of the
       downstream aluminum business of Corus Group plc (Corus
       Aluminum) and the 2007 acquisitions of Wabash Alloys
       L.L.C. and EKCO Products.

    -- EBITDA, excluding special items, for third quarter 2007
       was US$127.5 million compared with US$123.0 million for
       the comparable period last year.

    -- The company generated free cash flow of US$102.4 million
       in the third quarter 2007 compared with US$87.1 million
       in the comparable period of 2006 and US$277.5 million in
       the first nine months of 2007 compared with US$163.6
       million in the prior year-to-date period.

    -- Progress continued on the company's strategic growth
       initiatives as the acquisitions of Wabash Alloys and
       Alumox Holding AS were completed in September 2007.

    -- Productivity and synergy savings of US$32.0 million were
       achieved in the third quarter 2007 and total US$88.0
       million year-to-date.

    -- Year-to-date, revenues were US$4.9 billion compared with
       US$3.3 billion last year, while EBITDA, excluding special
       items, increased 15% to US$349.8 million from US$304.1
       million.

    -- Pro forma EBITDA, excluding special items, and including
       the acquisitions of Wabash Alloys and EKCO Products as if
       they had occurred on Oct. 1, 2006 and synergies as
       permitted by the company's Term Loan Agreement, for the
       last 12 months (Pro Forma Adjusted EBITDA) was US$527.8
       million.  Net debt was US$2.8 billion at quarter end.
       Net debt to Pro Forma Adjusted EBITDA, was 5.2.  Pro
       Forma Adjusted EBITDA does not include approximately
       US$19.0 million of expected synergies as the Term Loan
       Agreement limits expected synergies to US$40.0 million.

    -- European industrial activity remains strong while demand
       from the North American building & construction and
       transportation end-uses is expected to remain soft for
       the rest of 2007.

            Third Quarter 2007 Operating Results

Aleris reported third quarter 2007 revenues of US$1.7 billion,
segment income of US$54.3 million, and net income of US$3.5
million.  These results include losses from special items
consisting of US$21.6 million of unrealized losses on derivative
financial instruments, US$14.2 million for the impact of
recording previously acquired assets at fair value, US$2.3
million of restructuring and other charges, US$2.3 million of
sponsor management fees, and US$1.1 million of stock-based
compensation expense.

During the third quarter of 2007, Aleris also recorded the
preliminary results of an independent appraisal of the tangible
and intangible long-lived assets required as a result of TPG's
acquisition of Aleris in December 2006.  Based on those
preliminary results, the company recorded amortization expense
of approximately US$28.2 million in the third quarter of 2007
within selling, general and administrative expense.
Additionally, third quarter 2007 income taxes included a US$31.6
million one-time benefit resulting from a decrease in the German
statutory rate for corporate income and trade taxes.

For the third quarter of 2006, Aleris reported revenues of
US$1.4 billion, segment income of US$76.8 million, and a net
loss of US$24.2 million.  These results included a US$53.7
million loss on the early extinguishment of debt, US$30.9
million for the impact of recording previously acquired assets
at fair value, US$24.3 million of unrealized losses on
derivative financial instruments, US$2.6 million of
restructuring and other charges, and US$2.6 million of stock-
based compensation expense partially offset by US$9.8 million of
gains on derivative financial instruments used to hedge a
portion of the purchase price paid for Corus Aluminum.

EBITDA, excluding special items, totaled US$127.5 million in the
third quarter of 2007 compared with US$123.0 million in the same
period last year.  Results were driven primarily by the acquired
operations of Corus Aluminum, which were included in the
consolidated results for only two months of the 2006 third
quarter, and ongoing company-wide productivity initiatives,
partially offset by lower sales volumes in the company's North
American rolled products and zinc businesses.

Free cash flow for the third quarter of 2007 was US$102.4
million compared to US$87.1 million in the third quarter of 2006
as a result of the company's continuous focus on working capital
management.

Commenting on Aleris's third quarter results, Steven J.
Demetriou, Chairman and Chief Executive Officer, said, "We are
pleased with the performance of the controllable elements of our
business, driven by the step- change productivity improvements
across all areas of the Company.  This was essential in
partially offsetting the significant volume reductions in our
North American rolled products and zinc businesses, primarily
associated with the construction and transportation end-uses.

"Our various integration activities are yielding strong results.
We are on track to achieve the US$65 million of acquisition
synergies associated with the Corus Aluminum acquisition, which
is more than double the original estimate.  Also, since
completing the Wabash acquisition two months ago, we have begun
executing several initiatives, including plant closures and back
office integration. Estimated annual synergies from the Wabash
acquisition are expected to be US$30 million over 12 to 18
months.  In addition, we are achieving significant company-wide
productivity benefits associated with Six Sigma, Rapid
Transformation, metal recovery, and energy efficiency programs."

            Year-to-date 2007 Operating Results

Aleris reported revenues of US$4.9 billion, segment income of
US$140.0 million, and a net loss of US$14.7 million in the first
nine months of 2007.  The results were significantly impacted by
unfavorable special items including US$100.4 million for the
impact of recording previously acquired assets at fair value,
US$11.2 million of restructuring and other charges, US$6.9
million of sponsor management fees, and US$2.9 million of stock-
based compensation expense, partially offset by unrealized gains
of US$26.0 million on derivative financial instruments.  In
addition, the 2007 results include amortization expense of
US$34.8 million, an increase of US$32.9 million over the
comparable period of 2006.

In the first nine months of 2006, Aleris reported revenues of
US$3.3 billion, segment income of US$254.2 million, and net
income of US$59.4 million.  The 2006 results included a US$53.7
million loss on the early extinguishment of debt, US$32.5
million for the impact of recording previously acquired assets
at fair value, US$7.1 million for unrealized losses on
derivative financial instruments, US$7.1 million of stock-based
compensation expense, and US$2.3 million of restructuring and
other charges, partially offset by US$9.8 million of gains on
derivative financial instruments used to hedge a portion of the
purchase price paid to acquire Corus Aluminum.

EBITDA, excluding special items, of US$349.8 million for the
first nine months of 2007 represents a 15% increase compared
with US$304.1 million for the first nine months of 2006.  The
increase was primarily driven by the Corus Aluminum acquisition
and company-wide productivity and synergy initiatives, partially
offset by lower sales volumes at the North American rolled
products and zinc businesses.  Free cash flow for the first nine
months of 2007 was US$277.5 million compared with US$163.6
million for the first nine months of 2006 and benefited from the
company's focus on reducing working capital.

             Global Rolled and Extruded Products

Global Rolled and Extruded Products shipments totaled 596
million pounds in the third quarter of 2007.  This compares with
shipments of 505 million pounds for the third quarter of 2006,
with the increase driven by the Corus Aluminum and EKCO Products
acquisitions.  Excluding these acquisitions, shipments were down
approximately 9% compared with the 2006 third quarter, due to
continued weakness in North America.  Shipments for the former
Corus Aluminum were 319 million pounds for the third quarter of
2007 compared with shipments of 216 million pounds in August and
September of 2006 and continued to benefit from strong economic
growth in aerospace and automotive applications.  The former
EKCO Products business, acquired during the second quarter,
contributed a net 15 million pounds to the total shipments in
the third quarter.

Global Rolled and Extruded Products segment income was US$41.7
million in the third quarter of 2007, compared with segment
income of US$40.4 million in the prior-year period.  Excluding
the impact of US$13.3 million of purchase accounting adjustments
which are recorded at the segment level, segment income in the
third quarter of 2007 was US$55.0 million, compared with US$71.3
million in the prior-year third quarter, after adjusting for
US$30.9 million of purchase accounting adjustments in 2006.  The
Corus Aluminum acquisition and productivity initiatives improved
segment income, but were more than offset by reduced volumes in
the U.S. and approximately US$16.4 million of incremental
amortization expense associated with the preliminary adjustments
to record acquired intangible assets.

Material margins, on a pro forma basis including the Corus
Aluminum and EKCO Products acquisitions, of US$0.64 per pound in
the third quarter of 2007 increased from US$0.61 per pound in
the third quarter of 2006 due to more favourable metal price
lag.  Cash conversion costs of US$0.40 per pound increased from
US$0.39 per pound in the third quarter of 2006 as underlying
productivity improvements were more than offset by the
unfavorable impact of the stronger euro and lower volumes.

Global Rolled and Extruded Products shipments totaled 1.7
billion pounds in the first nine months of 2007 compared with
1.1 billion pounds in the first nine months of 2006.  The
increase was primarily driven by the Corus Aluminum acquisition,
which contributed 967 million pounds in 2007 and 216 million
pounds in 2006.  Excluding the Corus Aluminum and EKCO Products
acquisitions, shipments decreased 15% in the first nine months
of 2007 compared with the first nine months of 2006.

The segment's income was US$80.0 million and US$135.2 million in
the first nine months of 2007 and 2006, respectively.  However,
year-to-date 2007 and 2006 segment income includes US$85.4
million and US$32.5 million of unfavorable purchase accounting
adjustments, respectively.  After adjusting for purchase
accounting, year-to-date segment income for 2007 would be
US$165.4 million compared with segment income of US$167.7
million in the first nine months of 2006.  The decrease reflects
the lower volumes in North America as well as US$21.7 million of
incremental amortization expense associated with the preliminary
adjustments to record acquired intangible assets, partially
offset by the incremental segment income generated by the
acquired operations of Corus Aluminum and benefits from
productivity improvements.

Year-to-date pro forma material margins improved to US$0.64 per
pound in 2007 from US$0.62 per pound in 2006, while cash
conversion costs increased by US$0.02 per pound in 2007 to
US$0.39 per pound as the stronger euro and reduced volumes more
than offset productivity improvements.

                      Global Recycling

Global Recycling shipments of 821 million pounds in the third
quarter of 2007 were up 6% compared with the 776 million pounds
shipped in the year- earlier quarter.  The increase was driven
by the acquired operations of Wabash Alloys, which contributed
42 million pounds since their acquisition. Excluding the
acquired operations of Wabash Alloys, shipments in the third
quarter of 2007 were consistent with those of the prior year
quarter as increased European demand was offset by reduced
demand in the North American specification alloy business.
Segment income was US$9.0 million in the third quarter of 2007
compared with US$22.2 million in the third quarter of 2006.  The
decrease in segment income was driven by lower scrap spreads in
North America and US$6.9 million of incremental amortization
expense associated with the preliminary adjustments to record
acquired intangible assets, partially offset by volume
increases, primarily in Europe, and productivity improvements
overall.  The acquired operations of Wabash Alloys incurred a
segment loss of US$0.6 million, including US$1.4 million of
purchase accounting adjustments related to acquired inventories.

For the first nine months of 2007, shipments increased to 2.4
billion pounds from 2.3 billion pounds in 2006, primarily driven
by a 65 million pound increase in Europe and the acquisition of
Wabash Alloys.  Segment income for the first nine months of 2007
was US$49.9 million compared with US$69.8 million for the year-
earlier period. Excluding purchase accounting adjustments of
US$3.8 million, segment income of US$53.7 million was US$16.1
million less than the prior year's first nine months, driven by
less favourable scrap spreads in the specification alloy
business and US$6.9 million of incremental amortization expense.

                        Global Zinc

Global Zinc reported third quarter 2007 volume of 87 million
pounds, a decrease of 12% from 99 million pounds in the third
quarter of 2006.  Segment income of US$3.6 million for the third
quarter of 2007 compared with US$14.2 million of segment income
for the third quarter of 2006.  The decrease in segment income
from the prior-year period was due to lower volume caused by
lower demand by tire and rubber customers, lower margins from
trading activities, higher material costs and approximately
US$4.0 million of incremental amortization expense.

Year-to-date shipments for the segment totalled 264 million
pounds in 2007 compared with 315 million pounds in 2006.  Year-
to-date segment income of US$10.1 million in 2007 compared with
US$49.2 million in the prior-year period.  The decrease in
segment income was driven primarily by a purchase accounting
adjustment of US$11.2 million, lower volume, less favourable
scrap spreads, an unfavourable metal price lag resulting from
the first quarter 2007 liquidation of inventory acquired at
historically high fourth quarter 2006 prices, and US$4.0 million
of incremental amortization expense.

                     Corporate Expense

Corporate expense primarily includes corporate general and
administrative expense (G&A), other income/expense, certain
realized gains and losses on derivative financial instruments
resulting from the centralization of the risk management
functions, and interest expense.  In addition, in order to
simplify the understanding of ongoing segment operations,
corporate expense includes all restructuring and other charges
as well as non-cash adjustments associated with mark-to-market
accounting for derivative financial instruments.  In the third
quarter of 2007, Aleris' results included US$21.6 million of
unrealized losses on derivative financial instruments, US$2.3
million of sponsor management fees, US$2.3 million of
restructuring and other charges, and US$1.1 million of charges
for non-cash stock-based compensation.

Corporate G&A increased to US$20.5 million in the third quarter
of 2007 from US$18.9 million in the same period of 2006 as the
addition of sponsor management fees and increased operating
costs at the company's European headquarters were only partially
offset by lower incentive and stock-based compensation expense.
Year-to-date Corporate G&A increased by US$5.5 million for the
same reasons.

Interest expense for the third quarter of 2007 increased to
US$58.3 million from US$26.6 million in the third quarter of
2006 due to higher borrowings associated with the refinancing to
fund the acquisition of Corus Aluminum in August 2006, the
refinancing to fund TPG's acquisition of Aleris in December
2006, and the additional indebtedness incurred to fund the
acquisition of Wabash Alloys in September 2007.  For the first
nine months of 2007, interest expense increased to US$168.8
million from US$54.3 million in the same period of 2006.

For the nine months ended Sept. 30, 2007, the company's
effective tax (benefit) rate was (78.4)% compared with 36.8% in
the comparable period of 2006.  The 2007 effective rate
benefited from the new tax rules in Germany and the financing
structure in Europe.  Cash taxes are expected to total
approximately US$25.0 million for 2007.

Capital expenditures were US$43.3 million for the third quarter
of 2007, compared with US$27.7 million for the previous year's
third quarter.  Year-to- date capital expenditures were US$135.5
million compared with US$53.5 million in the first nine months
of 2006.  The increase is primarily attributable to the Corus
Aluminum acquisition which accounted for US$98.3 million of
capital expenditures in the first nine months of 2007.

                         About Aleris

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable.  At the same time
S&P affirmed its 'B+' corporate credit rating and the other
ratings on the company.  Concurrently, S&P assigned a 'B-'
rating to the company's recent US$105 million 9% senior notes
due 2014, which are an add-on to the company's existing US$600
million 9% senior notes due 2014.


BANCO AUTOFIN: Moody's Assigns Low B Currency Ratings
-----------------------------------------------------
Moody's Investors Service has assigned a bank financial strength
rating of E+ to Banco Autofin Mexico, S.A.  At the same time,
Moody's assigned long- and short-term global local currency
deposit ratings of B1/Not Prime.  The bank was also assigned a
foreign currency deposit rating of B1/Not Prime.  All these
ratings have stable outlooks.

According to Moody's, the E+ bank financial strength rating
reflects the bank's short history and the challenges inherent to
a recently created bank, including still seasoning credit
underwriting and risk management practices, as well as the
operating losses common to the initial stage of operations.  The
bank is challenged to prove its ability to generate sustainable
high-quality earnings and to further establish its market
position, both in deposits and loans.

Moody's also noted the bank's closely held, family-based
ownership structure and the large exposure to related-party
loans as important credit challenges.  The bank financial
strength rating is also limited by the bank's limited geographic
scope and narrow business profile.  The high competition in the
core products where Banco Autofin specializes also poses
challenges to the bank financial strength rating.

Banco Autofin's B1 global local currency deposit rating
incorporates the benefits drawn from being part of Grupo
Autofin, particularly those stemming from the group's strong
brand name as well as its broad client base and infrastructure.
In Moody's view Banco Autofin's strategic fit in the Autofin
network complements the parent's car financing strategy.

These ratings were assigned:

  -- Bank Financial Strength Rating: E+
  -- Global Local Currency Deposits, long term: B1
  -- Global Local Currency Deposits, short term: Not Prime
  -- Foreign Currency Deposits, long term: B1
  -- Foreign Currency Deposits, short term: Not Prime
  -- Outlook: Stable

Headquartered in Mexico City, Banco Autofin Mexico, S.A., is
part of Grupo Autofin Mexico, which has more than 29 years of
growth and success operating as a company providing access to
credit primarily for the purchase of homes and automobiles.
Banco Autofin Mexico, S.A. was recently awarded a license to
operate as a consumer credit bank by Mexico's regulatory
authorities.  As of June 2007, the bank reported MXN506 million
in assets.


BANCO INTERACCIONES: Moody's Puts Ba2 Rating on MXN700-Mln Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 long-term global
local currency subordinated debt rating to Banco Interacciones,
S.A.'s MXN700 million of non-convertible, eligible for Tier-2
capital, subordinated notes.  These notes are due in 2017.

Moody's noted that the Ba2 subordinated debt rating is one notch
below the bank's global local currency deposit rating of Ba1,
according to Moody's notching guidelines for bank junior
securities.

This rating was assigned to Banco Interacciones, S.A.'s MXN700
million of subordinated obligations:

  -- Global local currency subordinated debt rating: Ba2

Banco Interacciones, S.A. is headquartered in Mexico City
providing finance to states and municipalities as well as
infrastructure projects.


DURA AUTOMOTIVE: Asks Firm to Detail Purchase of Clients' Bonds
---------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates asked
the U.S. Bankruptcy Court for the District of Delaware to bar
Ballard Spahr Andrews & Ingersoll, LLP, and 14 parties that it
represents from further participating in the Chapter 11 cases,
unless the law firm details under what circumstances its clients
bought senior subordinated notes of Dura Operating Corporation
due May 2009.

DURA's Joint Plan of Reorganization, which will be presented to
Court for confirmation on Dec. 6, 2007, provides that holders of
subordinated notes aggregating US$560,700,000, which include
Ballard Spahr's clients, will not receive any recovery on their
claims.  Holders of US$418,700,000 in senior notes, however,
will receive 55% recovery on their claims and will have the
option to purchase shares of reorganized DURA in a rights
offering, backstopped by Pacificor, LLC.

Ballard Spahr, on behalf of the 9% Subordinated Noteholders, has
filed a number of pleadings in DURA's bankruptcy cases.  Among
other objections, Ballard Spahr opposed the Debtors' backstop
agreement with Pacificor, and subsequently filed a notice that
it intends to appeal the order approving the Backstop Deal.

Ballard Spahr also commenced an adversary proceeding on behalf
of Thomas and Pattian Kurak, two of the 14 Subordinated
Noteholders, seeking a declaration that subordinated noteholders
are entitled to participate in the US$140,000,000 to
US$160,000,000 rights offering, and receive distributions under
the Plan, pursuant to the terms of subordinated notes
indentures.  The Debtors noted that the firm, in its summary
judgment briefing, purports to champion the cause not only of
the named plaintiffs, but also of "similarly situated
noteholders."

On Aug. 30, 2007, Ballard Spahr filed a verified statement,
disclosing that it represented Certain 9% Subordinated
Noteholders, specifically 14 entities holding senior notes with
the aggregate face amount of US$95,887,000 -- Tom Kurak, Pattiam
Kurak, James W. Korth & Company, Jason Alan Pieper, Charles T.
Kurak, Jeffrey R. Werner, Jeff Comfort, Donald L. Welker,
Jeffrey Scott Einstein, Daniel Scott Hennum, Curtis H. Werner,
Richard John Thielen, Carl E. Kruger, and Tamara A. Kurak.

DURA insisted that Ballard Spahr amend its verified statement
under Rule 2019 of the Federal Rules of Bankruptcy Procedure,
to,
among other things, explain the nature of the group of the
Certain 9% Subordinated Noteholders.

"Without the type of disclosure mandated by Rule 2019, neither
the Court, the Debtors nor any other party-in-interest can
understand whether Ballard Spahr purports to represent merely a
single disgruntled creditor who seemingly acquired its 9%
Subordinated Notes for speculative purposes in the weeks and
months following the Petition Date or a group of disgruntled
creditors engaging in such speculation," said Daniel J.
DeFranceschi, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware.

As a result, neither the Court, the Debtors, nor any other
party-in-interest can properly evaluate the credibility of
arguments propounded by Ballard Spahr, Mr. DeFranceschi said.

DURA asked the Court to (i) prohibit Ballard Spahr from
intervening or otherwise being heard further in the Chapter 11
cases, and (ii) invalidate any pleading filed by firm in the
Kurak Adversary Proceeding, the Appeals, or the Plan
confirmation process, until the firm amended its Rule 2019
statement to include these information:

  (i) the acquisition date and face amount of each individual
      claim purchased;

(ii) the date and amount of any sale of Subordinated Notes;

(iii) the amount of each Certain 9% Subordinated Noteholder
      paid for such claim; and

(iv) the fee arrangement between the Certain 9% Subordinated
      Noteholders and the firm.

In light of the Court's approval of DURA's request to compel
Ballard Spahr to provide the requested information, the law firm
on November 7, filed a verified statement, disclosing, among
other things, that it represents 13 noteholders and the amounts
paid by each party for the notes:

                     Transaction    Face Value        Total
Party                 Date/s        of Bonds      Amount Paid
-----                 ------        --------      -----------
Tom & Pattiam Kurak  12/11/06 to   US$81,550,000  US$4,409,150
15001 Sunfish Lake      6/29/07
Boulievard NW
Ramsey, Minn.

James W. Korth &     10/10/06 to      1,253,000         64,763
Company                 8/09/07
2701 South Bayshore
Dvie, Suite 305
Miami, Florida

Jason Alan Pieper     1/09/07 to      1,477,000        114,053
11860 Irish Avenue      6/19/07
N. Gran, Minn.

Charles T. Kurak     12/15/06 to      1,000,000         59,963
13 - 77th Ave., NE      4/11/07
Minneapolis, Minn.

Jeffrey R. Werner     4/10/07 to        980,000         54,281
15385 Armstrong         5/16/07
Boulevard
Ramsey, Minn.

Jeff Comfort          3/26/07 to        798,000         55,829
415 Hidden Oaks Ct.     6/13/07
Mahtomedi, Minn.

Donald L. Welker       5/24/07          420,000         50,740
9587 168th Ave.
Becker, Minn.

Jeffrey Scott Einstein 1/19/07          150,000         10,995
12062 93rd Pl.N.
Maple Grove, Minn.

Daniel Scot Hennum     6/22/07          130,000         19,500
10209 Jackson St., NE
Blaine, Minn.

Curtis H. Werner       5/02/07          102,000          8,033
Elk River, Minn.

Richard John Thielen   1/10/07          100,000          6,125
260 Rice Creek Terrace
Fridley, Minn.

Carl E. Kruger         5/08/07           35,000          2,888
14963 Sunfish Lake
Boulevard
Ramsey, Minn.

Tamara A. Kurak        2/13/07           30,000          2,100
1070 Grandview Ct.
#17 Columbia Heights,
Minn.
                                    -----------     ----------
   Aggregate Face Amount of Bonds
     and Total Amount Paid        US$88,025,000   US$4,858,418
                                  =============   ============

Tamara Kurak sold notes in the face amount of US$10,000 in June
2007, leaving her with notes in the face amount of US$20,000,
and the aggregate amount of notes held by the 9% Noteholders to
US$88,015,000.

                   About DURA Automotive

Based in Rochester Hills, Michigan, DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on
Sept. 30, 2007.  On Aug. 22, 2007, the Debtors' filed their Plan
of Reorganization and the Disclosure Statement explaining that
Plan was approved on Oct. 3, 2007.  The hearing to consider
confirmation of the plan is set for Nov. 26, 2007.  (Dura
Automotive Bankruptcy News, Issue No. 37; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000


GRUPO SENDA: Net Income Up 258.4% to MXN47.4 Million in 3rd Qtr.
----------------------------------------------------------------
Grupo Senda Autotransporte, S.A. de C.V. has announced its
results for the three-month and nine-month periods ended
Sept. 30, 2007.  Figures in this release were prepared in
accordance with Mexican GAAP and are stated in constant Mexican
pesos as of Sept. 30, 2007.

Financial Highlights (third quarter 2007 vs. third quarter
2006):

    -- Revenues increased 3.3% to MXN770.7 million
    -- Operating expenses decreased 4.9% to MXN646.4 million
    -- Operating income increased 88.0% to MXN124.3 million
    -- EBITDA increased 43.6% to MXN204.8 million
    -- Net income increased 258.4% to MXN47.4 million

Results By Segment (third quarter 2007 vs. third quarter 2006):

    -- Passenger Transport Service revenues increased 3.4% to
       MXN635.8 million due to 8.0% higher revenues per
       kilometer, which was partially offset by a reduction in
       volume of 4.2%.

    -- Personnel Transport Service revenue increased 2.9% to
       MXN134.9 million due to higher operating volume, despite
       a marginal decrease in revenues per kilometer's.

              Chief Executive Officer Comments

Grupo Senda's CEO, David Rodriguez stated, "This quarter was
marked with solid growth in our operating margins, mainly as a
result of a successful route management strategy in the
passenger transport business.  We seek to maximize market share
in profitable markets, translating into greater revenue per
kilometer for the Group.  In our personnel transport service
business, we are experiencing strong growth, also due to a solid
marketing strategy and greater visibility in certain markets,
particularly in northern Mexico."

Mr. Rodriguez added, "During 2007 Grupo Senda's main strategy
has been reaching high operating margins through route yield
management in the most profitable markets in the passenger
transportation segment, increasing personnel transportation
service contracts and implementing cost cutting initiatives.
This quarter, we saw our strategy bear fruit via improved
results."

                      About Grupo Senda

Grupo Senda is a holding company and a leading provider of
interstate passenger bus transportation and package delivery
services covering 15 states and more than 120 cities in
northeast and central Mexico and 12 destinations in the state of
Texas in the United States.  Its long-term Issuer Default Rating
is 'B+'.  In 2006, approximately 81% of Grupo Senda's revenues
of about US$256 million were generated from its passenger
transportation segment for public intercity and chartered bus
services and 19% from its personnel division for intracity
transportation services to industrial facilities and educational
institutions.  The company employs more than 6,000 people and
operates a fleet of more than 2,200 buses operates under several
subsidiaries and brands names and transported about 53 million
passengers in 2006.  The company's most important subsidiary is
TDN.  It was purchased in 2004 for US$155 million.

                       *    *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Fitch Ratings has assigned a 'B+' rating to Grupo
Senda Autotransporte, S.A., de C.V.'s US$150-million senior
secured guaranteed notes and a Recovery Rating of 'RR4', which
is consistent with an anticipated recovery of 30%-50% in the
event of a default.  The notes, which mature in 2015, are fully
and unconditionally guaranteed by Grupo Senda's wholly owned
operating subsidiaries, which accounted for about 78% of
consolidated EBITDA during the last 12 months ended
June 30, 2007.  The proceeds of the issuance are expected to be
used to refinance debt.

Standard & Poor's Rating Services has assigned its 'B+' long-
term corporate credit rating to Monterrey, Mexico-based Grupo
Senda S.A. de C.V.  In addition, the ratings agency also placed
its 'B+' senior unsecured debt rating to the company's proposed
US$150-million, fixed-rate notes due 2015.  S&P's outlook is
positive.


HILLMAN COS: Announces Cash Distribution on Preferred Securities
----------------------------------------------------------------
The Hillman Companies, Inc.'s Chief Executive Officer Max W.
Hillman, has announced that a cash distribution has been
declared by Hillman Group Capital Trust for the month of
November 2007 in the amount of US$.241667 for each Trust
Preferred Security.  The distribution will be payable
Nov. 30, 2007, to holders of record Nov. 19, 2007.

                    About Hillman Companies

The Hillman Companies, Inc. -- http://www.hillmangroup.com--
manufactures key making equipment and distributes key blank,
fasteners, signage and other small hardware components.  The
company sells and markets to hardware stores, home centers and
mass merchants in the United States, Canada, Mexico and South
America.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service has downgraded the
speculative grade liquidity rating of Hillman Companies Inc. to
SGL 3 from SGL 2 and revised the company's rating outlook to
negative, based on concerns that Hillman may breech a financial
covenant over the next year if its operating performance were to
moderate.  At the same time, all of Hillman's other ratings,
including its B2 corporate family rating, were affirmed.

Rating downgraded:

-- Speculative grade liquidity rating to SGL 3 from SGL 2;

Ratings affirmed:

-- Corporate family rating at B2;

-- Probability of default rating at B2;

-- US$40 million senior secured revolving credit facility at
    Ba3 (LGD 2, 23%) due 2012

-- US$235 million senior secured term loan Ba3 (LGD 2, 23%)
    due 2013.


HIPOTECARIA SU: Terminates Cash Tender Offer of 8.50% Sr. Notes
---------------------------------------------------------------
Hipotecaria Su Casita, S.A. de C.V., Sociedad Financiera de
Objeto Limitado, has terminated its previously announced offer
to purchase for cash any and all of its outstanding 8.50% Senior
Notes due 2016 and solicitation of consents from the holders of
the Notes, upon the terms and subject to the conditions set
forth in the Purchase Offer and Consent Solicitation Statement
dated Oct. 10, 2007 and in the related Consent and Letter of
Transmittal.  The company terminated the Tender Offer and
Consent Solicitation due to adverse market conditions.  All
Notes therefore previously tendered and not accepted for payment
shall be returned promptly to the tendering holders thereof.

Any questions or requests for assistance regarding the Tender
Offer or Consent Solicitation may be made to the Dealer Manager
and Solicitation Agent, Merrill Lynch & Co., Attention:
Liability Management Group at (888) 654-8637 or (212) 449-4914.
Questions or requests for assistance or additional copies of the
Offer to Purchase and the related Letter of Transmittal may be
directed to the Information Agent, Global Bondholder Services
Corporation, toll free at (866) 794-2200 (bankers and brokers
call collect at (212) 430-3774).

                          About HSC

Hipotecaria Su Casita, S.A. de C.V. (BMV: CASITA) is Mexico's
second largest specialized mortgage lending institution by
market share.  Its main function is to extend mortgage loans to
low-income individuals under the auspices of Sociedad
Hipotecaria Federal financing programs, and to provide
construction financing to developers of low-income housing.  It
controls approximately 18% of the mortgage market served by
Sofoles, based on total loan portfolio.  It has 107 offices in
Mexico.  Hipotecaria Su Casita was established in 1994.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Hipotecaria Su Casita
S.A. de C.V. (HSC) to 'BB' from 'BB-'.  S&P said the outlook is
stable.  At the same time, S&P raised the rating on HSC's senior
unsecured notes to 'BB'.


OPEN TEXT: S&P Affirms BB- Corp. Credit Rating w/ Stable Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Open Text Corp. to stable from negative.  At the same time, S&P
affirmed the ratings, including the 'BB-' long-term corporate
credit rating, on the company.  At Sept. 30, 2007, Open Text had
US$341 million of debt outstanding.

"The outlook revision reflects the combination of a largely
successful integration of Hummingbird Ltd. (acquired Oct. 2,
2006), improved outlook for growth in software license revenues,
and a substantial improvement in adjusted debt leverage and
corresponding credit measures from reducing debt in recent
quarters," said S&P's credit analyst Madhav Hari.  "The pace of
any upward ratings revision, however, remains constrained by the
company's financial policy, in particular, its acquisitive
growth strategy and need to continue improving the scale and
scope of its product offerings given a rapidly consolidating
enterprise software industry," Mr. Hari added.

The ratings on Open Text are also constrained by the highly
competitive and consolidating technology marketplace in which it
operates, characterized by larger, more-integrated providers,
and an aggressive financial policy that includes an acquisitive
growth strategy.  These factors are partially offset by the
company's sizable market position within a niche segment of the
broader software industry, its solid scale given a large
installed source of customers, good customer and geographic
diversity, a large base of recurring revenues, and a history of
generating healthy free operating cash flow.

The stable outlook reflects a healthy demand for Enterprise
Content Management software, improved scale, traction with key
channel partners such as SAP, and the successful launch of the
integrated DMX portfolio, which should help generate low
double-digit revenue growth.  Nevertheless, debt leverage and
corresponding credit measures might not improve significantly
from current levels as the company uses discretionary cash flow
to fund acquisitions or share buybacks.  S&P could revise the
outlook to positive or raise the ratings on better-than-expected
revenue growth and sustainable credit metrics, which in part
could be determined by the company adopting a conservative
financial policy.  Should Open Text's operating performance
weaken materially, or if it loses significant market share,
resulting in a deterioration of profitability and credit
metrics, S&P could downgrade the company or revise the outlook
to negative.

Enterprise Content Management software and support services --
an estimated US$2.25 billion addressable market -- help large
businesses capture, store, and manage unstructured corporate
data.  In the medium term, the ECM market's key revenue drivers
are e-mail archiving and records management.   Although the ECM
software market has higher growth potential (at low double
digits) than the overall software and IT sector, growth could
remain volatile as evidenced in recent years.

Headquartered in Waterloo, Ontario, Open Text Corp. (NASDAQ:
OTEX, TSX: OTC) -- http://www.opentext.com/-- provides
Enterprise Content Management solutions that bring together
people, processes and information in global organizations.  The
company supports approximately 20 million seats across 13,000
deployments in 114 countries and 12 languages worldwide.  It has
a field office in Mexico.


RADIOSHACK CORP: Declares US$0.25 Per Common Share Dividend
-----------------------------------------------------------
RadioShack Corporation Board of Directors has declared an annual
dividend of US$0.25 per common share. The dividend is payable
Dec. 19, 2007, to stockholders of record on Nov. 29, 2007.

                About RadioShack Corporation

RadioShack Corporation (NYSE: RSH) -- http://radioshack.com/--
retails consumer electronics specialty products through almost
6,000 company-operated stores and dealer outlets in the United
States, over 100 RadioShack locations in Mexico and nearly 800
wireless phone kiosks.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 25, 2007, Fitch Ratings has downgraded these ratings for
RadioShack Corporation:

   -- Issuer Default Rating to 'BB' from 'BB+';
   -- Bank credit facility to 'BB' from 'BB+';
   -- Senior unsecured notes to 'BB' from 'BB+'.

Fitch affirmed the short-term IDR at 'B'.


STERIGENICS INT'L: S&P Affirms & Removes Ratings from Neg. Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services has removed its ratings on
Sterigenics International Inc. from CreditWatch, where they were
placed with negative implications on Aug. 28, 2007.  The ratings
are affirmed, and the outlook is negative.

Although the company's liquidity position has improved since
June 30, 2007, its somewhat constrained liquidity position is
evidenced by a minimal cash balance, a slim cushion on the bank
facility's debt leverage covenant test (which steps down again
at year end), and the use of cash by operations.  Sterigenics
International is a wholly owned subsidiary of Sterigenics
Holdings Inc., which is in turn owned by financial sponsors PPM
Capital Ltd. and PPM America Capital Partners LLC, together
known as PPM.

"The rating reflects Sterigenics' single business focus in a
competitive industry, high debt levels, and capital expenditures
that are large relative to its cash flow from operations," said
S&P's credit analyst Cheryl Richer.

Liquidity has been tight because of a reduction in sales by one
large customer and completion of several large capital projects.
These issues are offset partially by the company's well-
established market position, favorable industry demand trends,
and diverse and stable customer base, although there is some
customer concentration.

With a share of about 30% of the contract sterilization market,
Sterigenics is the leading provider of sterilization and
ionization services.

Sterigenics International, Inc., headquartered in Oak Brook,
Illinois, is a provider of contract sterilization and ionization
services for medical devices, food safety and advanced materials
applications.  The company operates 40 facilities in California,
Mexico, Belgium, Denmark, France, China, Thailand, among others.
For the twelve months ended June 30, 2007, the company
recognized net revenue of approximately US$233 million.


VISTA GOLD: Posts US$2.2 Million Net Loss in Third Quarter 2007
---------------------------------------------------------------
Vista Gold Corp. has announced its financial results for the
three and nine months ended Sept. 30, 2007, as filed on
Nov. 9, 2007, with the US Securities and Exchange Commission and
with the relevant securities commissions in Canada in the
corporation's Quarterly Report on Form 10-Q.  Vista reported a
consolidated net loss for the three-month period ended
Sept. 30, 2007, of US$2.2 million or US$0.07 per share compared
to a consolidated net loss of US$1.4 million or US$0.05 per
share for the same period in 2006.  The corporation's
consolidated net loss for the nine-month period ended
Sept. 30, 2007, was US$6.2 million or US$0.19 per share compared
to a consolidated net loss of US$3.4 million or US$0.14 per
share for the same period in 2006.  For both the three and nine-
month periods, the increases in the consolidated losses of
US$0.8 million and US$2.8 million from the respective prior
periods are primarily the result of costs related to the
completion on May 10, 2007, of the Arrangement involving the
corporation, Allied Nevada Gold Corp. and Carl and Janet Pescio.
The transaction resulted in the acquisition by Allied Nevada of
the corporation's Nevada properties and the Nevada mineral
assets of Carl and Janet Pescio.  These costs amounted to US$0.5
million and US$2.9 million for the respective periods.

Cash used in operations was US$1.0 million for the three-month
period ended Sept. 30, 2007, compared to US$1.1 million for the
same period in 2006.  The decrease of US$0.1 million is the
result of an increase in accounts receivable of US$0.2 million,
an increase in supplies inventory, prepaids and other of US$0.8
million and an aggregate increase of non-cash items of US$0.3
million, partially offset by a decrease in accounts payable,
accrued liabilities and other expenses of US$0.3 million; and an
increase in the consolidated net loss of US$0.8 million.

Cash used in operations was US$3.9 million for the nine-month
period ended Sept. 30, 2007, compared to US$3.3 million for the
same period in 2006.  The increase of US$0.6 million is mostly
the result of an increase in the corporation's net loss for the
same 2006 period of US$2.8 million, which is partially offset by
an aggregate increase of non-cash items of US$2.2 million.

Net cash used for investing activities increased to US$1.3
million for the three-month period ended Sept. 30, 2007 from
US$1.0 million for the same period in 2006.  The increase of
US$0.3 million mostly reflects an increase of US$0.3 million for
additions to mineral properties.  The US$1.3 million invested
for the three-month period ended Sept. 30, 2007 was mostly
attributable to: the corporation's Mt. Todd project in Australia
-- US$0.8 million on an intensive exploration program with the
objective of confirming and better defining the resource base
and to obtain samples for metallurgical testing; the
corporation's Paredones Amarillos project in Mexico and other
projects -- US$0.5 million on pre-feasibility and pre-
development work and annual option payments.  As stated in the
corporation's recent press release dated Nov. 6, 2007, the Board
approved the funding for the initial development of the
Paredones Amarillos project; management anticipates that this
will result in extensive investment in that property in the
ensuing months.

Net cash used for investing activities increased to US$29.6
million for the nine-month period ended Sept. 30, 2007 from
US$3.2 million for the same period in 2006.  The increase of
US$26.3 million mostly reflects the US$24.5 million cash
transferred to Allied Nevada in conjunction with the Plan of
Arrangement representing the corporation's payment of US$25
million, less US$0.5 million in loans repaid to the corporation
by Allied Nevada, pursuant to the terms of the Arrangement
Agreement.  In return for the payment and transfer of assets to
Allied Nevada, the corporation received 26,933,055 shares of
Allied Nevada, of which 25,403,207 shares were distributed to
the corporation's shareholders and 1,529,848 shares are being
retained by the corporation to facilitate the tax payments, if
any, payable in respect of the Arrangement. Although management
has been informed that based on latest tax determinations the
corporation is not subject to a tax withholding requirement with
respect to any gain deemed realized on the distribution, the
corporation will not know what its ultimate tax liability, if
any, will be until its corporate income tax returns are
completed for the year ending Dec. 31, 2007.  Of the remaining
US$5.0 million invested in the nine-month period ended
Sept. 30, 2007, US$4.6 million was spent on upgrading of mineral
properties.  The majority of the US$4.6 million was spent on:
Mt. Todd -- US$3.7 million on an extensive drilling program and
other land costs, Paredones Amarillos and other projects --
US$0.9 million on pre-development work and pre-feasibility work.

Net cash provided by financing activities increased to US$1.9
million for the three-month period ended Sept. 30, 2007, from
US$1.1 million for the same period in 2006.  Net cash provided
by financing activities decreased to US$3.4 million for the
nine-month period ended Sept. 30, 2007, from US$26.4 million for
the same period in 2006.  Warrants exercised during the three-
month period ended Sept. 30, 2007 produced cash proceeds of
US$1.4 million, as compared to US$0.8 million for the same
period in 2006.  For the three-month period, the increase
relates to warrant exercises pertaining to the September 2005
private placement warrants that expired on Sept. 23, 2007.
Warrants exercised during the nine-month period ended
Sept. 30, 2007 produced cash proceeds of US$2.9 million, as
compared to US$25.6 million for the same period in 2006.  For
the nine-month period, the decrease relates to the acceleration
in May 2006 of the expiry of the warrants issued in the
corporation's February 2003 private placement and the warrants
issued in the corporation's September 2004 private placement.

Stock option exercises produced cash of US$0.5 million during
the three-month period ended Sept. 30, 2007, as compared to
US$0.3 million for the same period in 2006.  Stock option
exercises produced cash of US$0.5 million during the nine-month
period ended Sept. 30, 2007, as compared to US$0.8 million for
the same period in 2006.

At Sept. 30, 2007, the corporation's total assets were US$55.7
million compared to US$92.7 million at Dec. 31, 2006,
representing a decrease of US$37.0 million.  Part of this
decrease of US$18.6 million was attributed to the mineral
properties transferred to Allied Nevada Gold Corp.; the
remaining decrease was primarily made up of the reduction in
working capital. At Sept. 30, 2007, the corporation had working
capital of US$27.9 million compared to US$49.7 million at
Dec. 31, 2006, representing a decrease of US$21.8 million.  This
decrease relates to a decrease in cash balances from year-end
due to the transfer of US$25 million to Allied Nevada net of
US$0.5 million in loans repaid to the corporation by Allied
Nevada pursuant to the terms of the Arrangement Agreement.

The principal component of working capital at both
Sept. 30, 2007 and Dec. 31, 2006, is cash and cash equivalents
of US$18.6 million and US$48.7 million, respectively.  Other
components include supplies inventory, prepaids and other
(Sept. 30, 2007 -- US$0.5 million; Dec. 31, 2006 -- US$0.3
million), marketable securities (Sept. 30, 2007 -- US$9.0
million; Dec. 31, 2006 -- US$0.8 million) and accounts
receivable (Sept. 30, 2007 -- US$0.4 million; Dec. 31, 2006 --
US$0.6 million).  Included in the marketable securities at the
end of Sept. 30, 2007, is the value of US$7.6 million for the
Allied Nevada Gold Corp. shares held by the corporation.  At
Sept. 30, 2007, the corporation had no outstanding debt to banks
or financial institutions.

                    About Vista Gold Corp.

Vista Gold Corp., based in Littleton, Colorado, evaluates and
acquires gold projects with defined gold resources.  Additional
exploration and technical studies are undertaken to maximize the
value of the projects for eventual development.  The
corporation's holdings include the Maverick Springs, Mountain
View, Hasbrouck, Three Hills, Wildcat projects and Hycroft mine,
all in Nevada, the Long Valley project in California, the Yellow
Pine project in Idaho, the Paredones Amarillos and Guadalupe de
los Reyes projects in Mexico, the Amayapampa project in Bolivia,
and the Awak Mas deposit in Indonesia.

                        *     *     *

As reported in the Troubled Company Reporter on Apr. 1, 2004,
Vista Gold's independent auditors expressed doubt about the
company's ability to continue as a going concern after reviewing
its financial statements for the year ending Dec. 31, 2003.

Losses continued until the year ended Dec. 31, 2004.  For 2004,
Vista reported a consolidated net loss of US$4.9 million.




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


CONNACHER OIL: High Leverage Cues Moody's to Affirm B1 Ratings
--------------------------------------------------------------
Moody's Investors Service affirmed Connacher Oil & Gas Limited's
B1 Corporate Family Rating, assigned a SGL-3 speculative grade
liquidity rating and, under its Loss Given Default methodology,
assigned a B1 (LGD4; 55%) rating to its pending US$600 million
offering of 8-year senior second lien notes and a B1 probability
of default rating.  Moody's does not rate Connacher's new 5-year
CAD200 million first secured bank revolver, undrawn at closing.
The Corporate Family Rating has been moved from Connacher
Finance Corp. to parent Connacher Oil & Gas Limited.  Moody's
also withdraws Connacher Finance's B1 ratings on a US$180
million senior secured Term Loan B and US$15 million first
secured bank revolver.  The rating outlook is stable.

Generally, Connacher's ratings reflect high leverage and
uncertain bitumen production rates and costs, balanced with
potentially very large commercial resources; completion of its
Pod One oil sands development roughly on time and within 20% of
budget; Connacher's expectation that Pod One initial production
will begin by year-end 2007; effectively full front-end funding
for its Algar development (formerly Pod Two); and significant
existing cash flow in the range of CAD90 million per year from
conventional oil and gas operations.

The stable outlook could be impacted if (i) tight regional labor
and supplier markets or other factors unduly harm project timing
or costs, (ii) actual Pod One production, decline curves per
well pair, energy costs, or the key steam/oil ratio unduly
impact sustainable production, costs, or capital intensity per
unit of production, (iii) realized prices do not sufficiently
support inherently high operating costs and deep price discounts
relative to light sweet oil prices, or (iv) Algar financing and
development costs overly burden debt service capacity.  It will
be late 2008 before Connacher can produce cash flow commensurate
with its capital investment.

Excepting Connacher's 26% equity interest in Petrolifera
Petroleum Limited, a public Canadian firm with South American
exploration and production interests, the notes are second
secured by Connacher's and its subsidiaries' developed and
undeveloped oil sands properties, conventional oil and gas
properties, refining assets, and related contracts and
regulatory permits.  The new bank revolver is first secured by
those assets.  Connacher's economic substance resides in Pod
One, the Montana refinery, the small conventional exploration
and production business, the Algar project, and still fairly
unevaluated oil sands acreage in Pods Three, Four, Five, and Six
in the Great Divide and Halfway Creek regions.

More specifically, the ratings are restrained by high leverage;
project development, cost, completion, and timing risks; extreme
regional development cost pressures; volatile oil prices;
potentially aggressive assumptions for the critical steam-oil
ratio; resulting risk to production rates and unit costs given
fixed steam generation capacity; still uncertain Pod One
production timing, rates, final costs, and ultimate bitumen
recovery until reservoir quality can be proven during
production; an inherently high breakeven price in commercial
operation and margin uncertainties; and the comparatively small
size of the project sponsor.  The ratings also reflect the early
stage of appraisal drilling across Algar and Pods Three, Four,
Five, and Six and potentially thin asset coverage if third party
engineer GLJ Petroleum Consultant's low case reserve estimate
turns out to be more accurate than its expected or high cases.

Partial risk mitigants include GLJ's more advanced evaluations
of the Pod One and Algar resource bases which provide, in
combination with Connacher's conventional oil and gas and
refining assets, adequate asset coverage relative to the rating;
a one-year fully funded debt service reserve in support of the
notes; existing cash flow that covers interest expense;
significant equity funding; and fully committed front end
funding for Algar.

Other risk mitigants include low reserve replacement risk and a
small degree of discretionary cash flow support of capital needs
if refining margins and natural gas prices remain sound.
Connacher's natural gas production provides a partial economic
hedge to its very high SAGD natural gas costs and its refinery
production provides an economic hedge to both its bitumen
diluent costs, diluted bitumen selling price, and the price
differentials between heavy sour and light sweet crude oil
prices.

Connacher's oil sands properties span 95,000 acres 50 miles
southwest of Fort McMurray, Alberta. Connacher had identified up
to 8 pods of oil sands deposits with potential commercial
viability. Its Great Divide project employs SAGD technology that
has been used successfully for more than 8 years in the region
and has had 21 years of pilot testing and then commercial
application in the Alberta oil sands region.  Upstream SAGD
project cost escalation has been significantly less severe than
mining and downstream integrated oil sands developments.

The ratings also benefit from Great Divide's attractive location
in the midst of ample pipeline, utilities, and road
infrastructures; a seasoned, though lean, project management
team, assisted by a recognized oil sands project contractors;
and a seasoned though small sponsor with demonstrated access to
equity capital.  Great Divide benefits from comprehensive third
party engineering and market evaluation studies by major
recognized consultants and Pod One and Algar were evaluated with
3-D seismic imaging to assess reservoir thickness, horizontal
consistency of the lower boundary of their bitumen sand
formations, heterogeneity and permeability barriers, and by well
control from appraisal wells and well corings.

Together with CAD103 million of first-in cash equity from
Connacher, Term Loan B proceeds and revolver borrowings funded
Pod One's approximately CAD310 million (CAD265 million excluding
capitalized interest and sunk costs) completion cost roughly on
time and a manageable 20% over budget.  Term Loan B and the
original revolver will be repaid with note proceeds, with
remaining note proceeds, revolver borrowings, and cash flow
funding Algar's estimated CAD438 million cost (CAD326 million
before capitalized interest).  Algar's capitalized interest is
higher than Pod One's principally due to Pod One's significant
equity funding.

With Pod One having regulatory approval and Algar awaiting
approval, Connacher may seek Pod Three and Four approvals in
late 2008 or 2009.  As of June 30, 2007, GLJ viewed Connacher to
have sufficient appraisal well count and spacing, well log,
coring, and 3-D seismic data to assign best estimates of 49.4
million barrels of proven net bitumen reserves, 159.4 million
net barrels of proven and probable bitumen reserves (2P), and
215.3 million net barrels of proven, probable, and possible
reserves (3P) based on GLJ's flat price assumption.

Connacher is an oil and natural gas exploration and production
company whose principal asset is its approximate 100% working
interest in almost 80,000 acres of oil sands leases at its Great
Divide oil sands project near Fort McMurray, Alberta, Canada.
In addition to its oil sands project, Connacher has conventional
operations primarily at Battrum, Saskatchewan, Canada and Marten
Creek and Three Hills in Alberta with production of 3,300 to
3,500 barrels of oil equivalent per day.  The company also
operates an 8,400 barrels per day refinery located in Great
Falls, Montana.  Following a turnaround and debottlenecking of
the refinery in April 2006, the throughput capacity of the
refinery has been expanded and up to 9,500 bbl/d have recently
been achieved.   Connacher owns approximately 30% of and manages
Petrolifera Petroleum Limited, which has interests in Argentina
and Peru.


IRON MOUNTAIN: High Debt Leverage Prompts S&P to Revise Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its rating
outlook on records management and storage service provider Iron
Mountain Inc. to negative from stable.

"The outlook revision is based on the company's high debt
leverage with no imminent prospect of decline, and its
contemplation of returning capital to shareholders," explained
S&P's credit analyst Andy Liu.

S&P also affirmed the 'BB-' corporate credit rating on Iron
Mountain.

At the same time, S&P affirmed the bank loan and recovery
ratings on Iron Mountain's senior secured financing.  The
company has added US$110 million to its US$300 million senior
secured term loan due 2014 and US$190 million to its US$600
million senior secured revolving credit facility due 2012.  The
company's expanded facilities, which now total US$1.2 billion,
are rated 'BB+', two notches higher than the corporate credit
rating.  The recovery rating remains '1', indicating
expectations of very high (90% to 100%) recovery in the event of
a payment default.

The increase in lease-adjusted total debt to EBITDA is due to a
series of debt-financed acquisitions; the transactions caused
the outstanding debt balance to increase to US$3.1 billion at
Sept. 30, 2007, from about US$2.7 billion at the end of 2007.
Recent acquisitions included Archives One Inc. and RMS Inc.
Also, Iron Mountain has stepped up its acquisitions of digital
services companies, which tend to have little or no EBITDA.  The
possibility of return of capital to shareholders elevates
financial risk given significant investment needed to support
organic growth.  The action will either increase the company's
dependence on debt to finance acquisitions or diminish any
discretionary cash flow that the company may generate.

The ratings reflect Iron Mountain's high debt leverage, history
of debt-financed acquisitions, aggressive financial policies,
and the capital intensity of the records storage business.
These factors are partially offset by Iron Mountain's leading
position as the world's largest records management company and
fairly stable growth from existing and new customer accounts.

Based in Boston, Massachusetts, Iron Mountain Incorporated
(NYSE:IRM) - http://www.ironmountain.com/-- is an international
provider of information storage and protection related services.
The company offers comprehensive records management and data
protection solutions, along with the expertise to address
complex information challenges such as rising storage costs,
litigation, regulatory compliance and disaster recovery.
Founded in 1951, Iron Mountain has more than 90,000 corporate
clients throughout North America, Europe, Latin America, and
Asia Pacific.  Revenue for the twelve months ended
Dec. 31, 2006, was approximately USUS$2.4 billion. Its Latin
American operations are located in Argentina, Brazil, Chile,
Mexico and Peru.




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


WERNER LADDER: Trustee Wants Removal Period Extended to Mar. 4
--------------------------------------------------------------
Charles A. Stanziale, Jr., as Liquidating Trustee in the Chapter
11 cases of Old Ladder Co. (DE), Inc., formerly known as Werner
Holding Co. (DE), Inc., asks the Court, pursuant to Rule 9006 of
the Federal Rules of Bankruptcy Procedure, to further extend
until March 4, 2008, the period within which he may file notices
of removal of proceedings that are pending in multiple state
courts as of the Petition Date.

Victoria W. Counihan, Esq., at Greenberg Traurig, LLP, in
Wilmington, Delaware, relates that the Liquidating Trustee has
recently been appointed by the Court pursuant to the Plan
confirmation order on October 25, 2007.  Under the terms of the
Confirmation Order, all of the Debtors' assets and their estates
have been transferred to the Liquidation Trust as defined in the
Plan.

Ms. Counihan states that the Liquidating Trustee and his
professionals have not yet determined whether they should seek
removal of proceedings under Rule 9027(a).  She notes, however,
that the Trustee anticipates making a determination in the next
several months.

The Liquidating Trustee believes that that the most prudent and
and efficient course of action is to extend the Removal Period,
which is currently set for Nov. 5, an additional 120 days,
through and including March 4, 2008.

The Court will convene a hearing on November 27, 2007, to
consider the Debtors' request.  By application of Rule 9006-2 of
the Local Rules of Bankruptcy Practice and Procedures of the
United States Bankruptcy Court for the District of Delaware, the
Debtors' Removal Period is automatically extended through the
conclusion of that hearing.

Based in Greenville, Pennsylvania, Werner Holding Co. (DE) Inc.
aka Werner Ladder Co. -- http://www.wernerladder.com/--
manufactures and distributes ladders, climbing equipment and
ladder accessories.  The company and three of its affiliates
filed for chapter 11 protection on June 12, 2006 (Bankr. D. Del.
Case No. 06-10578).

The company has operations in Puerto Rico.

The Debtors are represented by the firm of Willkie Farr &
Gallagher LLP as lead counsel and the firm of Young, Conaway,
Stargatt & Taylor LLP as co-counsel.  Rothschild Inc. is the
Debtors' financial advisor.  The Official Committee of Unsecured
Creditors is represented by the firm of Winston & Strawn LLP as
lead counsel and the firm of Greenberg Traurig LLP as co-
counsel.  Jefferies & Company serves as the Creditor Committee's
financial advisor.  At March 31, 2006, the Debtors reported
total assets of US$201,042,000 and total debts of
US$473,447,000.  On June 19, 2007, the Creditors Committee
submitted their own chapter 11 plan and disclosure statement
explaining that plan.  On Sept. 10, 2007, the Committee filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Disclosure Statement started on August 23
and was continued to Sept. 12.  The Debtors' exclusive period to
file a chapter 11 plan expired on June 30, 2007.

(Werner Ladder Bankruptcy News, Issue No. 46; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
(215/945-7000)




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


CHRYSLER LLC: Closing Sterling Heights Vehicle Testing Center
-------------------------------------------------------------
United Auto Workers union employees at a Chrysler LLC testing
facility on Metropolitan Parkway in Michigan will be reassigned
following the closure of the site, under the recently ratified
labor contract between the carmaker and the union, Terry Oparka
of C&G News reports.

Mr. Oparka wrote that according to Chrysler spokesman Dave
Elshoff, the Sterling Heights Vehicle Test Center, which employs
twenty employees and is listed as an industrial warehouse, is
for sale for US$7 million.

Mr. Elshoff added that other Michigan facilities designated to
be shuttered are located in Windsor, in Detroit on Mound and and
Van Dyke, and in Plymouth.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
Chrysler disclosed that it would make volume-related reductions
at several of its North American assembly and powertrain plants,
and eliminate four products from its line-up.

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

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

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

"We have to move now to adjust the way our company looks and
acts to reflect a smaller market," Tom LaSorda, vice chairman
and president of the Chrysler Group, said.  "That means a cost
base that is right-sized and an appropriate level of plant
utilization."

                     About Chrysler LLC

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

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


CHRYSLER LLC: To Donate US$150,000 to NextEnergy's Fuel Testings
----------------------------------------------------------------
The Chrysler Foundation has announced plans to donate US$150,000
to NextEnergy, Inc., in support of the organization's
alternative fuel testing program.  NextEnergy, based in Detroit,
was founded to encourage alternative energy technologies that
positively contribute to economic competitiveness, energy
security, and the environment.

"This grant is an extension of Chrysler's commitment to being a
good neighbour in all the places where we build and sell our
vehicles," said Chrysler LLC's Senior Vice President -- External
Affairs and Public Policy, Frank Fountain.  "It's a priority for
Chrysler to increase the use of alternative fuels by investing
in research into biodiesel technology and helping to develop
industry standards for biodiesel fuel."

The alternative fuel-testing platform allows fuels to be tested
for their stability and efficiency before trying them out in
vehicles or other power generators.  The fuel-testing platform
can also be used to advance the development of hydrogen and
natural gas as alternative fuels.

"Chrysler's commitment to creating new fuelling options has
helped move automotive applications for alternative energies to
a new level," said NextEnergy's Chief Executive Officer, Jim
Croce.  "With The Chrysler Foundation's grant, we have been able
to complete a testing platform that helps check out the
viability of new bio and synthetic fuels as they progress from
concept to use in vehicles and power generators."

Chrysler LLC is also a partner in two additional projects now
underway at NextEnergy, the National Biodiesel Energy Lab and a
biofuels infrastructure program through the U.S. Department of
Labor & Economic Growth.

The National Biodiesel Energy Lab is developing standards for
biodiesel use in vehicles.  A national standard is necessary to
allow OEM's to warranty their vehicles for use with B5 to B20
fuels.  The lab is also working to develop the next generation
of biodiesel fuels and involves research along the fuel's whole
life, from agricultural seed research all the way to vehicle
testing in the field.

The Department of Labor & Economic Growth project is an
initiative to expand biofuel infrastructure throughout the
country.  As a partner with NextEnergy, Chrysler is providing
cost-sharing support to assist in expanding the number of
biofuel pumps throughout Michigan.

                          NextEnergy

NextEnergy -- visit http://www.nextenergy.org-- is a non-profit
corporation, located in Detroit's TechTown, and was founded to
enable the commercialization of energy technologies that
positively contribute to economic competitiveness, energy
security, and the environment.

                    The Chrysler Foundation

Now in its 54th year, The Chrysler Foundation is the primary
source of charitable grants made by Chrysler. The Foundation
annually supports hundreds of charitable organizations with an
emphasis on community growth and enrichment, education, arts and
culture, public policy, youth development and disaster relief
programs throughout the United States and, increasingly, the
world.  The Foundation's Good Neighbour, Good Citizen(R)
programs make a positive, lasting investment in local
communities where our employees, customers and neighbours live.

                     About Chrysler LLC

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

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 12, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Chrysler LLC and DaimlerChrysler Financial
Services Americas LLC and removed it from CreditWatch with
positive implications, where it was placed Sept. 26, 2007.  S&P
said the outlook is negative.


PETROLEOS DE VENEZUELA: Hires 5,000 Ex-Private Firm Employees
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA has
employed about 5,000 workers laid off by private companies
private firms Petroleos de Venezuela absorbed, Business News
Americas reports.

According to BNamericas, the workers are assigned in these
state-run joint ventures:

          -- Petrocedeno,
          -- Petroanzoategui,
          -- Petropiar, and
          -- Petromongas.

The joint venture workforce represent over 60% of the former
private company workers.  Some are still studying Petroleos de
Venezuela's salary proposals, while others already rejected the
offers, BNamericas states.

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

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


PETROLEOS DE VENEZUELA: Will Use Cameron's Subsea Equipment
-----------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA said
in a statement that it has awarded US oil services company
Cameron a contract to provide subsea equipment to be used in the
Mariscal Sucre offshore natural gas project.

Business News Americas relates that once the Neptune Discoverer
well rig vessel starts work on the blocks, the subsea valves
known as Christmas trees will be deployed.

According to Petroleos de Venezuela's statement, investment in
Cameron's contract will total US$187 million, of which almost
44% will be allocated to social projects and taxes.  The
contract includes training for local workers.

BNamericas notes that Petroleos de Venezuela will discuss with
Cameronthe possible creation of a joint venture firm that would
allow Venezuela to develop technology.

Under the Mariscal Sucre offshore gas project plan, four non-
associated natural gas blocks off the Gulf of Paria in eastern
Venezuela will be developed.  Petroleos de Venezuela wants to
eventually produce some 1.2 billion cubic feet per day of
natural gas from the area, BNamericas states.

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

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


                         ***********


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

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

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

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

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

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


               * * * End of Transmission * * *