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        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

          Thursday, November 15, 2007, Vol. 8, Issue 226

                          Headlines

A R G E N T I N A

BUNGE LTD: Closes Cumulative Preference Shares Sale for US$110MM
COCTIN SA: Proofs of Claim Verification Deadline Is Feb. 25
DESARA SA: Proofs of Claim Verification Is Until March 7, 2008
FALUBBA HNOS: Proofs of Claim Verification Ends on Feb. 29, 2008
FERRO CORP: Forms Electronic Packaging Materials Unit

GUILLERMO V: Proofs of Claim Verification Deadline Is Dec. 20
LOS MIRASOLES: Proofs of Claim Verification Ends on Feb. 21
NARDUCCI CONSTRUCTORA: Claims Verification Is Until Feb. 19
RED HAT: Teams Up with Platform Computing to Offer HPC Solution
SMOBY-MAJORETTE: To Appeal Court's Receivership Ruling

TYSON FOODS: Earns US$32 Million in Fourth Qtr. Ended Sept. 30
TYSON FOODS: Outlines International Expansion Plans

* ARGENTINA: No Proposal for Paris Club US$95B Debt Repayment


B A H A M A S

ISLE OF CAPRI: Buys 43% Black Hawk Stake for US$64.6 Million


B E R M U D A

ENERGY XXI: Earns US$1.9 Million in First Quarter Ended Sept. 30
SCOTTISH RE: Moody's Affirms Firm's Ratings
TRANS-OCEAN INSURANCE: Proofs of Claim Filing Deadline Is Dec. 6


B O L I V I A

* BOLIVIA: State Firm Makes Second Call for Hydrocarbons Bids


B R A Z I L

AFFINIA GROUP: Completes Acquisition of Brake Pro Assets
AMERICAN AIRLINES: Fitch Affirms B- Issuer Defualt Rating
AMR CORPORATION: Fitch Affirms Issuer Default Rating at B-
BANCO NACIONAL: Releasing More Funds for Infrastructure Projects
BR MALLS: Gets Additional Stakes in Seven Malls

BRA TRANSPORTES: Filing for Bankruptcy Protection
CA INC: Signs Strategic Deal with HCL Technologies
COMPANHIA PARANAENSE: Reports BRL270MM Net Income for Third Qtr.
CYRELA BRAZIL: Gross Profit Up 82.1% to BRL180.5 Mln in 3rd Qtr.
KRATON POLYMERS: Incurs US$754,000 Net Loss in Third Quarter

LAZARD LTD: Bruce Bilger To Lead Global Energy
REALOGY CORP: Hires Richard Smith as Chief Executive Officer
SUN MICROSYSTEMS: Enters into Definitive Pact Acquiring Vaau

* BRAZIL: Moody's Says New Oil Find Good for Petrobras' Future
* BRAZIL: Petrobras Appeals for Gas Supply Resumption Injunction
* BRAZIL: Petrobras To Start Running Peroa Phase 2 in 2008


C A Y M A N   I S L A N D S

6TH AVENUE: Proofs of Claim Filing Deadline Is Nov. 29
ATON LIMITED: Proofs of Claim Filing Ends on Nov. 29
BIG HAND: Proofs of Claim Filing Is Until Nov. 29
BOMBAY CO: Taps DJM Realty to Dispose U.S. Retail Store Leases
EAGLE 1: Proofs of Claim Filing Ends on Nov. 29

ECLIPSE SECURITIES: Proofs of Claim Filing Is Until Nov. 29
JUNO FUND: Proofs of Claim Filing Deadline Is Nov. 29
TOR FINANCE: Proofs of Claim Filing Ends on Nov. 29
UBS NEUTRAL: Proofs of Claim Filing Deadline Is Nov. 29
VEGA EMERGING: Proofs of Claim Filing Is Until Nov. 29

VEGA EMERGING ALPHA: Proofs of Claim Filing Deadline Is Nov. 29


C H I L E

QUEBECOR WORLD: Moody's Rates New US$400-Million Notes at Caa1
QUEBECOR WORLD: S&P Rates US$400 Mil. Proposed Notes at B


C O L O M B I A

BANCOLOMBIA SA: Reports Unconsolidated COP78,161 Mil. Net Income
SOLUTIA INC: CPFilms Closes US$6.95MM Buy of Acquired Technology


C O S T A   R I C A

HILTON HOTELS: Inks Management Agreement with Desatur Cariari


E C U A D O R

PETROECUADOR: Contract Revisions To Bring in US$740 Million
PETROLEUM GEO: S&P Affirms BB- Long-Term Corporate Credit Rating

* ECUADOR: Biggest Weakness Is Willingness to Pay, Fitch Says


J A M A I C A

CABLE & WIRELESS: Loses More Than US$100 Mil. from Cable Theft
NATIONAL COMMERCIAL: Earns J$6.6 Billion in Financial Year 2007
NATIONAL WATER: Heavy Rainfall Shuts Down Water Facilities


M E X I C O

ACXIOM CORP: Charles Morgan Quits from Board of Directors
ALESTRA: Working with Sonus Networks to Offer Internet Services
ATARI INC: Chief Executive Officer David Pierce Resigns
ATARI INC: Eyes Publishing & Distribution in North America
BENQ CORP: Eyes Business Expansion in the Philippines

CABLEMAS SA: Renews Billing Pact with Convergys
CEMEX SAB: Unit to Expand Scope of Ready Mix Joint Venture
COREL CORP: S&P Revises Outlook; Affirms B Corp. Credit Rating
FREESCALE SEMI: Joins SPIRIT Consortium Board of Directors
FREESCALE SEMICONDUCTOR: Fitch Assigns Low B & Junk Ratings

MOVIE GALLERY: Court Defers Hearing on Leases Auction to Nov. 28
MOVIE GALLERY: Resolves Objections to Leases Auction
MOVIE GALLERY: Securities Delisted from NASDAQ Stock Market


P E R U

CLOROX CO: Board Declares 40 Cents Per Share Quarterly Dividend
COMVERSE TECH: Andre Dahan Assumes CEO Role for Subsidiary


P U E R T O  R I C o

PILGRIM'S PRIDE: Incurs US$7.5 Mil. Net Loss in Fourth Qtr. 2007


T R I N I D A D  A N D  T O B A G O

MIRANT CORP: Fitch Removes Ratings from Negative Watch


U R U G U A Y

NAVIOS MARITIME: Prices Initial Public Offering at US$20 A Share
SENSIENT TECHNOLOGIES: Officer Adopts Rule 10b5-1 Trading Plan


V E N E Z U E L A

ARVINMERITOR INC: Paying US$0.10 Per Share Dividend on Dec. 10
PEABODY ENERGY: Fitch Affirms Issuer Default Rating at BB+

* VENEZUELA: Fitch Assigns BB- Ratings on Three Coupon Bonds


                         - - - - -


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


BUNGE LTD: Closes Cumulative Preference Shares Sale for US$110MM
----------------------------------------------------------------
Bunge Limited has completed the sale and issuance of 112,500
additional 5.125% cumulative mandatory convertible preference
shares (US$1,000 liquidation preference per share) pursuant to
the over-allotment option granted to the underwriter in
connection with Bunge's previously announced public offering
that closed on Nov. 7, 2007.

As a result of the exercise in full of the over-allotment
option, Bunge has issued an aggregate of 862,500 mandatory
convertible preference shares in the offering.  Bunge received
additional net proceeds, after deducting underwriting discounts
and commissions, of approximately US$110 million, which resulted
in aggregate net proceeds from the offering of approximately
US$845 million.  Bunge intends to use the additional net
proceeds from the offering to repay indebtedness and for general
corporate purposes.

Citi served as the sole manager for the offering.

This offering of preference shares may be made only by means of
a prospectus supplement and an accompanying prospectus.  Copies
of the prospectus supplement and the accompanying prospectus
relating to this offering can be obtained from Citi at Brooklyn
Army Terminal, 140 58th Street, 8th Floor, New York (fax: (718)
765-6732).

                          About Bunge

Headquartered in White Plains, New York, Bunge Ltd. is a global
agribusiness company with operations primarily in commodity
grain processing and fertilizer production.  It has operations
in Argentina.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Standard & Poor's Ratings Services has assigned
its 'BB' rating to Bunge Ltd.'s US$750 million of 5.125%
cumulative mandatory convertible preference shares.  At the same
time, S&P affirmed its 'BBB-' long-term corporate credit and
other ratings on Bunge.  The outlook is stable.  Pro forma for
the new issue, about US$4.2 billion of debt and preference
shares of the company are rated.  Proceeds from this issue will
be used to repay debt and for general corporate purposes.


COCTIN SA: Proofs of Claim Verification Deadline Is Feb. 25
-----------------------------------------------------------
Ester Ferraro, the court-appointed trustee for Coctin SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 25, 2008.

Ms. Ferraro will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 23 in Buenos Aires, with the assistance of Clerk
No. 45, 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 Coctin 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 Coctin's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Coctin SA
         Esmeralda 776
         Buenos Aires, Argentina

The trustee can be reached at:

         Ester Ferraro
         Esmeralda 960
         Buenos Aires, Argentina


DESARA SA: Proofs of Claim Verification Is Until March 7, 2008
--------------------------------------------------------------
Francisco Cano, the court-appointed trustee for Desara SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
March 7, 2008.

Mr. Cano will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 19 in Buenos Aires, with the assistance of Clerk
No. 37, 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 Desara 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 Desara's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Desara SA
         Beruti 2951
         Buenos Aires, Argentina

The trustee can be reached at:

         Francisco Cano
         Uruguay 618
         Buenos Aires, Argentina


FALUBBA HNOS: Proofs of Claim Verification Ends on Feb. 29, 2008
----------------------------------------------------------------
Gisela Karen Rios, the court-appointed trustee for Falubba Hnos.
S.H.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 29, 2008.

Ms. Rios will present the validated claims in court as
individual reports on March 31, 2008.  The National Commercial
Court of First Instance in Lomas de Zamora, 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 Falubba Hnos. 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 Falubba Hnos.'s
accounting and banking records will be submitted in court on
April 30, 2008.

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

The debtor can be reached at:

         Falubba Hnos. S.H.
         Laureano Oliver 1550, Lomas de Zamora
         Buenos Aires, Argentina

The trustee can be reached at:

         Gisela Karen Rios
         Araoz 446 Banfield, Partido de Lomas de Zamora
         Buenos Aires, Argentina


FERRO CORP: Forms Electronic Packaging Materials Unit
-----------------------------------------------------
Ferro Corporation's Electronic Material Systems has combined
several sub-business units into the newly formed Electronic
Packaging Materials unit.  The new EPM unit was formed to make
it easier for customers to buy both performance-enhancing
engineered formulations and cost-effective materials used to
produce hybrid circuits, microelectronics, advanced packaging,
and devices.

"We've combined several product-focused businesses to provide a
full range of options to meet all of our electronics packaging
customers' needs with a single point of contact," said Jeffrey
Edel, Business Director/General Manager, Ferro Electronic
Material Systems.  "EPM's focused approach simplifies providing
what customers need to gain an advantage, regardless of the
product type."

Ferro has a long track record of providing market-leading
systems of matched engineered materials, as well as applied
technology expertise to help integrate products into customers'
manufacturing processes. These products are often customized for
specific applications.  In addition, many customers make their
own formulations in-house, or use certain Ferro materials for
particular functions.  EPM was created to serve the full range
of these customer needs.

Engineered formulation product lines improve product performance
and/or production efficiency in specific customer applications.
These product lines include thick film conductive pastes and
matched material systems comprised of resistor pastes,
dielectrics, and overglazes for hybrid IC and metal core
substrate applications, as well as high-performance, low
temperature ceramic co-fired (LTCC) tape with a gold-based
matched materials system.

Ferro's cost-effective discrete materials provide building
blocks for customers' electronic materials formulations. EPM
offers electronic and technical glasses, and LTCC formulated
powders.  Ferro also manufactures binders and metal powders, as
well as custom and proprietary electronic materials.

                   About Ferro Electronic

Ferro Electronic Material Systems has locations in Vista, CA;
Penn Yan, NY; South Plainfield, NJ; Haverhill, United Kingdom;
Uden, The Netherlands; Hanau, Germany; Tsukuba, Japan; and
Suzhou, China.  Its products include advanced packaging and
thick film conductors; metal pastes and powders for solar energy
applications; chemical mechanical planarization (CMP) slurries
for semiconductors and advanced integrated circuits; dielectrics
used in chip components and multilayer ceramic capacitors
(MLCC); and surface finishing materials for LCD, hard disk, and
ophthalmic polishing.

                      About Ferro Corp.

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

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

                        *     *     *

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


GUILLERMO V: Proofs of Claim Verification Deadline Is Dec. 20
-------------------------------------------------------------
Suez, Pustilnik y Asoc., the court-appointed trustee for
Guillermo V. Cassano S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Dec. 20, 2007.

Suez, Pustilnik 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 Guillermo
V. 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 Guillermo V.
Cassano's accounting and banking records will be submitted in
court.

Infobae didn't state the reports submission deadlines.

Suez, Pustilnik is also in charge of administering Guillermo
V.'s assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

         Suez, Pustilnik y Asoc.
         Suipacha 207
         Buenos Aires, Argentina


LOS MIRASOLES: Proofs of Claim Verification Ends on Feb. 21
-----------------------------------------------------------
Moises Gorelik, the court-appointed trustee for Los Mirasoles
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Feb. 21, 2008.

Mr. Gorelik will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 15 in Buenos Aires, with the assistance of Clerk
No. 30, 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 Los Mirasoles 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 Los Mirasoles'
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Los Mirasoles SA
         Juan de Garay 867
         Buenos Aires, Argentina

The trustee can be reached at:

         Moises Gorelik
         Lavalle 1675
         Buenos Aires, Argentina


NARDUCCI CONSTRUCTORA: Claims Verification Is Until Feb. 19
-----------------------------------------------------------
Guido Maria Salvadori, the court-appointed trustee for Narducci
Constructora S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 19, 2008.

Mr. Salvadori will present the validated claims in court as
individual reports on April 9, 2008.  The National Commercial
Court of First Instance in Lomas de Zamora, 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 Narducci Constructora 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 Narducci
Constructora's accounting and banking records will be submitted
in court on May 28, 2008.

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

The debtor can be reached at:

         Narducci Constructora S.R.L.
         Colombres 847, Lomas de Zamora
         Buenos Aires, Argentina

The trustee can be reached at:

         Guido Maria Salvadori
         Italia 26, Lomas de Zamora
         Buenos Aires, Argentina


RED HAT: Teams Up with Platform Computing to Offer HPC Solution
---------------------------------------------------------------
Red Hat has inked an agreement with Platform Computing, the
global leader in High Performance Computing infrastructure
software, to jointly offer a new product, the Red Hat HPC
Solution, that fully integrates Platform's Open Cluster Stack1
with Red Hat Enterprise Linux.  The new offering provides users
with an end-to-end solution with a range of tools necessary to
deploy and manage an HPC cluster in a wide range of
environments, from SMB to Enterprise, while offering competitive
pricing and outstanding performance.

Businesses are increasingly utilizing HPC clusters to gain a
competitive edge; the new Red Hat HPC Solution allows users to
deploy their HPC applications in a more cost-effective manner,
while providing tools in a single, easy-to-deploy package.  The
Red Hat solution incorporates the operating system, device
drivers, cluster installer, resource and application monitor and
job scheduler for every node in the cluster.

The integrated HPC software stack includes Red Hat Enterprise
Linux, the world's leading open source operating system,
designed to deliver maximum application performance using
today's low-cost, industry-standard systems.  The solution also
incorporates the device drivers and interconnect support
necessary for efficiently running a high-performance cluster,
and also includes Platform's Lava-based job scheduler to rapidly
schedule user workloads.  All of the components, supported by
Red Hat's global 24x7 enterprise-level services, are delivered
in one product, reducing the complexity and time needed to set
up and optimize an HPC cluster.

"Platform's 15 years of expertise deploying high-performance
clusters, combined with the performance and stability of Red Hat
Enterprise Linux, provide a perfect technology match for
customers looking for an HPC solution," said Paul Cormier,
executive vice president, Worldwide Engineering at Red Hat.
"This agreement also enables us to tailor our existing
enterprise solutions for smaller-sized customers, so this new
and rapidly growing HPC market can enjoy the benefits of open
source software."

"Platform is excited to partner with Red Hat to reach new
markets for HPC solutions," said Songnian Zhou, CEO, Platform
Computing. "Organizations from Enterprise to SMB will be able to
adopt open source solutions that are fully supported and easy to
use.  This agreement supports Platform's strategy to enable
organizations to improve time to results and reduce computing
costs when deploying cluster and grid software solutions."

The Red Hat HPC Solution has completed certification on a range
of hardware platforms and will be available at the end of 2007.

                    About Platform Computing

Platform Computing -- http://www.platform.com/-- is a pioneer
and the global leader in High Performance Computing
infrastructure software.  The company delivers integrated
software solutions that enable organizations to improve time-to-
results and reduce computing costs.  Many of the world's largest
companies rely on Platform for workload management and cluster
and grid management.  Platform has over 2,200 global customers
and strategic relationships with Dell, HP, IBM, Intel,
Microsoft, Red Hat and SAS, along with the industry's broadest
support for HPC applications. Building on 15 years of market
leadership, Platform continues to define the HPC market.

                        About Red Hat

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

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

                        *     *     *

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


SMOBY-MAJORETTE: To Appeal Court's Receivership Ruling
------------------------------------------------------
Smoby-Majorette will appeal a decision by the Commercial Court
of Lons-le-Saunier to convert its bankruptcy protection into a
period of administration, The Financial Times reports citing Les
Echos as its source.

As reported in the TCR-Europe on Oct. 12, 2007, the court placed
Smoby-Majorette under receivership on Oct. 9, 2007, which ended
the company's bankruptcy protection.  The court blamed Smoby's
buyer, MGA Entertainment, for failing to revive the company.

In a report by Florentin Collomp for Le Figaro last week, MGA
Entertainment said it is set to prepare a new recovery plan,
which could involve:

   -- conversion of a EUR29 million loan into share capital; and

   -- an agreement between MGA and Smoby creditors over the
      repayment of its EUR270 million debt.

The court-appointed administrators may decide whether to accept
MGA's new recovery plan or to look for potential buyers.

Deutsche Bank, Smoby's main creditor is also contemplating on
launching a buyout offer for Smoby, Le Figaro relates.

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

                         About Smoby

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

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


TYSON FOODS: Earns US$32 Million in Fourth Qtr. Ended Sept. 30
--------------------------------------------------------------
Tyson Foods Inc. reported Monday net income of US$32 million for
the fourth fiscal quarter ended Sept. 29, 2007, compared to a
net loss of US$56 million in the same quarter last year.  Fourth
quarter 2007 sales were US$6.9 billion compared to US$6.5
billion for the same period last year.  Operating income was
US$102 million compared to an operating loss of US$20 million
last year.

Sales for fiscal 2007 were US$26.9 billion compared to US$25.6
billion last year.  Operating income was US$614 million in
fiscal 2007 compared to an operating loss of US$77 million in
fiscal 2006, and net income was US$268 million in fiscal 2007
compared to a net loss of US$196 million in fiscal 2006.

During the fourth quarter of fiscal 2007, the company recognized
US$17 million of non-cash tax expense associated with the
correction of its fixed asset tax costs.  This was primarily
related to a fixed asset system conversion in 1999, which caused
an inappropriate increase in the company's fixed asset tax
costs.

During the fourth quarter of fiscal 2006, the company recorded
pretax charges totaling US$23 million associated with its Cost
Management Initiative, plant closing costs and other business
consolidation efforts.  These charges included severance
expenses, product rationalization costs and other asset
impairment related expenses.  The company also recorded a US$15
million charge during the fourth quarter of fiscal 2006
resulting from a review of its tax account balances, as well as
a US$5 million charge related to the cumulative effect of a
change in accounting principle due to the adoption of Financial
Accounting Standards Board Interpretation No. 47, "Accounting
for Conditional Asset Retirement Obligations," an interpretation
of FASB Statement No. 143.  In the first nine months of fiscal
2006, the company recorded pretax charges totaling US$59 million
associated with plant closing costs.

"We made tremendous progress in fiscal 2007," said Richard L.
Bond, president and chief executive officer.  "I give all the
credit for our success to the Tyson team members, who have
worked so hard for this turnaround.

"All four segments were profitable for the quarter, as
anticipated, and profitability improved year over year for each
segment.  We achieved record sales of US$27 billion, along with
a nearly US$700 million operating income improvement.  Our
US$2.8 billion debt balance at the end of the fiscal year was
the lowest it has been since the IBP acquisition in 2001.  We
exceeded US$265 million in annualized savings from our Cost
Management Initiative, and we recently completed efforts to
streamline the organization and improve our decision making
processes for greater agility as a company," Bond said.

"As we begin 2008, we are experiencing some challenging market
conditions.  Based on present assessments, we believe we will
incur additional increased grain costs of approximately
US$300 million in the chicken segment," Bond said.  "The current
beef environment is extremely difficult as well.

"Even with these concerns I remain very confident about the
future of Tyson Foods.  I believe we are a much stronger and
better positioned company, and I believe our strategies are
right for long term success."

At Sept. 29, 2007, the company's consolidated balance sheet
showed US$10.230 billion in total assets, US$5.499 billion in
total liabilities, and US$4.731 billion in total shareholders'
equity.

                      About Tyson Foods

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods
Inc.'s ratings, including its Ba1 corporate family rating and
Ba1 probability of default rating.  Moody's said the rating
outlook is negative.


TYSON FOODS: Outlines International Expansion Plans
---------------------------------------------------
As part of ongoing efforts to meet growing world demand for
protein, Tyson Foods, Inc. plans to expand the company's
presence in South America, China and Mexico.  Tyson's efforts to
turn fat into fuel also continue to move forward, with the
selection of a site in Louisiana for an alternative fuel
production facility.

The international expansion and renewable fuel plans were
reported today as part of presentations by six Tyson executives
to analysts and investors at a meeting in New York City.

            International Sales Improvement Program

Rick Greubel, group vice president and president of Tyson
International, disclosed the company has set a goal of
increasing international sales from US$3 billion in fiscal 2007
to US$5 billion by 2010.  Expanding and establishing operations
in other countries will be a key to achieving this objective.

Greubel reported the company has signed a letter of intent to
buy a mid-size, vertically integrated poultry business in
Brazil.  While details, including the name of the company, have
not been released, company officials hope to complete the
acquisition before the end of calendar 2007.

Tyson has also reached preliminary agreements for two joint
venture poultry operations in China.  While specific details
were not shared, Greubel indicated both ventures are currently
expected to be completed in fiscal year 2008 and will help make
Tyson one of the first companies in China to offer a full line
of poultry products.

Expansion of Tyson de Mexico, the Mexican poultry subsidiary of
Tyson Foods, is another ongoing objective.  The company is
exploring ways to significantly increase production at its
chicken processing operations in Mexico and also expand sales to
customers in the region, including those in Central America.

"Our global strategy is to target countries where we see the
consumption of protein growing rapidly," Mr. Greubel said.
"This includes gaining access to new markets, as well as
expanding business with our existing international customers."

Tyson already has joint venture poultry and pork operations in
China and, through Tyson de Mexico, is one of the largest
producers of value-added chicken for retail and foodservice
customers in Mexico.  Earlier this year, the company announced
the formation of a vertically integrated beef operation in
Argentina with two other companies.  In addition, Tyson operates
a cattle feedlot and beef processing plant in Alberta, Canada.

             Renewable Energy Strategic Quest

Tyson Foods also continues to take strategic steps in its quest
to be a premier player in renewable energy.  Dynamic Fuels LLC,
a company created by Tyson and Syntroleum Corporation of Tulsa,
has selected an existing industrial site in Louisiana to build a
plant to produce synthetic fuels from renewable feedstocks such
as animal fat and grease.  The specific location has not yet
been disclosed.

Construction is expected to start in 2008 with completion
set for early 2010. The project, which will cost up to
US$150 million, will generate approximately 250 short-term
construction jobs and 65 highly skilled permanent jobs.

"After extensive review of potential sites, we selected an
existing industrial site in Louisiana because it's near the
needed supply of feedstock and hydrogen, has an excellent
transportation infrastructure, and also because of the strong
support of state and local leaders," Jeff Webster, senior vice
president, Tyson Renewable Products Division, said.  "The
selection represents another exciting step forward in our
strategy of leveraging Tyson's access to animal by-products, our
trading skills, and industry relationships to become a premier
player in renewable energy."

Once fully operational, the facility is expected to produce 75
million gallons of fuel a year from animal fats, greases and
vegetable oils supplied by Tyson.  The unblended fuel can be
used as a premium fuel in existing diesel engines with no engine
modifications required and can also be upgraded into ultra-
clean, high quality synthetic jet fuel.

Tyson and ConocoPhillips also continue to move forward with
plans to convert animal fats into renewable diesel fuel.
Capital investment for phase one, testing protocols and the
establishment of pre-processing conditions, are complete and
production is currently expected to start in December.  Tyson
will initially provide beef tallow from its Amarillo, Texas,
beef complex to the ConocoPhillips refinery in nearby Borger,
Texas.

Based in Springdale, Arkansas, Tyson Foods, Inc. (NYSE:TSN)
-- http://www.tysonfoods.com/-- is a processor and marketer of
chicken, beef, and pork.  The company produces a wide variety of
protein-based and prepared food products, which are marketed
under the "Powered by Tyson(TM)" strategy.

The company has operations in China, Japan, Singapore, South
Korea, and Taiwan.  In Latin America, Tyson Foods has operations
in Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 24, 2007, Moody's Investors Service affirmed Tyson Foods
Inc.'s ratings, including its Ba1 corporate family rating and
Ba1 probability of default rating.  Moody's said the rating
outlook is negative.


* ARGENTINA: No Proposal for Paris Club US$95B Debt Repayment
-------------------------------------------------------------
Paris Club President Xavier Musca told Bloomberg News that the
group hasn't received a payment proposal from Argentina, who
defaulted on a US$95 billion debt in 2001.

Paris Club is an informal group of financial officials from 19
of the world's richest countries.

Argentine Finance Secretary Sergio Chodos and President Cristina
Kirchner have said in separate reports last month that a debt-
payment proposal is underway.  Argentina's economy has recovered
from the recession six years ago, enabling it to settle its
defaulted debts with various creditors.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


ISLE OF CAPRI: Buys 43% Black Hawk Stake for US$64.6 Million
------------------------------------------------------------
Isle of Capri Casinos, Inc. has executed a definitive agreement
pursuant to which it will acquire the 43% interest in Isle of
Capri-Black Hawk LLC, which is currently owned by an affiliate
of Nevada Gold & Casinos, Inc.  Isle of Capri Casinos, Inc.
currently owns 57% of Isle of Capri-Black Hawk LLC.  Under the
terms of the agreement, the company has agreed to pay US$64.6
million for the remaining 43% interest.

Isle of Capri-Black Hawk, LLC owns Isle of Capri-Black Hawk and
Colorado Central Station, both of which are in Black Hawk,
Colorado.

The company's chairperson and chief executive officer, Bernard
Goldstein said, "We are pleased that we have been able to come
to an agreement that is beneficial to both parties.  We have
enjoyed our relationship with Nevada Gold, and wish them well in
future endeavours."

The transaction is subject to certain significant conditions,
including approval of the agreement by Nevada Gold shareholders,
as well as customary closing conditions.

                      About Isle of Capri

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida. The company also operates and has a 57.0% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Isle of Capri Casinos Inc. to negative from stable.  Ratings on
the company, including the 'BB-' corporate credit rating, were
affirmed.




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


ENERGY XXI: Earns US$1.9 Million in First Quarter Ended Sept. 30
----------------------------------------------------------------
Energy XXI (Bermuda) Limited reported its fiscal first-quarter
financial and operating results for the period ended
Sept. 30, 2007.

For the 2008 fiscal first-quarter, revenues were US$143.6
million and earnings before interest, taxes, depreciation,
depletion and amortization (EBITDA) totaled US$102.4 million,
compared with revenues of US$65.8 million and EBITDA of US$45.1
million in the 2007 fiscal first quarter.  Net income was US$1.9
million compared with net income of US$1.9 million in the 2007
fiscal first quarter.

"Energy XXI achieved a 25 percent increase in production volumes
relative to the immediately preceding quarter, and a 90 percent
increase relative to the prior year's fiscal first quarter,"
Energy XXI Chairman and CEO John Schiller said.  "Our volumes
remained on an upward trajectory in October, averaging 26,500
barrels of oil equivalent per day (BOE/d), despite the shut-in
of our Rabbit Island field due to maintenance on a third-party
natural gas pipeline.  The shut-in affected about 2,000 BOE/d of
net production beginning in mid-October and is expected to last
through November."

Net cash provided by operating activities totaled US$76.7
million for the 2008 fiscal first quarter, compared with US$17.7
million in the 2007 fiscal first quarter.  Discretionary cash
flow was US$79.0 million in the 2008 fiscal first quarter,
compared with US$40.3 million in the 2007 fiscal first quarter.

For the 2008 fiscal first quarter, sales volumes averaged 26,200
BOE/d, compared with 13,800 BOE/d in the 2007 fiscal first
quarter.  The net realized price received for the company's
production in the 2008 fiscal first quarter averaged US$59.63
per BOE, including US$3.94 per BOE contributed by hedging,
compared with a net realized price of US$52.03 per BOE,
including US$1.68 per BOE contributed by hedging, in the 2007
fiscal first quarter.

                   Capital Expenditures

During the 2008 fiscal first quarter, capital expenditures,
excluding acquisitions, totaled US$79.5 million. In addition,
producing property acquisitions totaled US$33.4 million,
including US$29.9 million involving a partnership with Castex
Energy.  The fiscal year 2008 capital budget, excluding
acquisitions, is unchanged at approximately US$260 million.

                  Operational Highlights

During the fiscal first quarter, Energy XXI was successful in
four of five exploration wells and one of three development
wells.  Further detail on the exploration and development
program is provided in the attached Operations Report.

"Volume growth last year was driven by a very active development
drilling program, particularly at our South Timbalier 21 field
offshore Louisiana, whereas growth this year revolves around the
optimization of production at the former Pogo properties
acquired in June," Energy XXI President and Chief Operating
Officer Steve Weyel said.  "We have made good progress with the
newly added properties, which continue to achieve volume growth
ahead of our expectations, without having drilled a single well.
We plan to ramp up the offshore drilling program later in the
year, but for now we are concentrating on operating
enhancements, getting higher rates from the existing producing
wells while improving the on-line performance of the acquired
facilities."


              About Energy XXI (Bermuda) Limited

Founded in 2005, Energy XXI (Bermuda) Limited (LSE:EGY) --
http://www.energyxxi.com/-- is an independent oil and natural
gas exploration and production company whose growth strategy
emphasizes acquisitions, enhanced by its value-added organic
drilling program.  The company's properties are primarily
located in the U.S. Gulf of Mexico waters and the Gulf Coast
onshore.

                        *     *     *

As reported in the Troubled Company Reporter on May 21, 2007,
Standard & Poor's Rating Services assigned its 'CCC+' corporate
credit rating to oil and gas exploration and production company
Energy XXI Limited.  At the same time, Standard & Poor's
assigned its 'CCC' senior unsecured rating to subsidiary Energy
XXI Gulf Coast Inc.'s proposed US$700 million note offering.
S&P said the outlook is stable.


SCOTTISH RE: Moody's Affirms Firm's Ratings
-------------------------------------------
Moody's Investors Service has affirmed the ratings of Scottish
Re Group Limited's senior unsecured shelf of (P)Ba3 and changed
the outlook to negative from stable.  The change in outlook
applies to the company's debt ratings and the Baa3 insurance
financial strength ratings of the company's core insurance
subsidiaries, Scottish Annuity & Life Insurance Company (Cayman)
Ltd. (SALIC) and Scottish Re (US), Inc.  All of the
aforementioned ratings were affirmed.

Moody's says that the change in outlook was driven primarily by
adverse experience on the company's substantial exposure to
subprime and Alt-A investments.  As of the end of the third
quarter, Scottish Re had approximately US$3 billion of subprime
ABS and Alt-A holdings, which represented 27% of its total
investment portfolio.  For the third quarter of 2007, the
company reported a net loss of US$109.5 million, driven by
US$102 million in realized losses on investments, including
US$95 million of subprime-related losses.

According to Scott Robinson, Moody's Vice President & Senior
Credit Officer, "Notwithstanding the relatively high quality of
investments, the magnitude of the company's subprime and Alt-A
exposure makes the company susceptible to further losses,
especially in a severe downside scenario.  While its operating
income was in line with our expectations, credit challenges in
the investment portfolio together with continued financial
reporting control issues may make it more difficult for Scottish
Re to regain the confidence of cedants and write meaningful
amounts of new business."

Moody's notes that although much of the subprime ABS and Alt-A
exposure (US$2.3 billion) resides in non-recourse securitization
vehicles the company has sponsored, the company's substantial
equity investments in these securitizations would be further
eroded should the investment holdings experience additional
realized losses.

As further default experience on recent vintages of subprime and
Alt-A investments emerges, Moody's will continue to evaluate the
impact of potential ranges of investment losses on the company's
financial condition.

These ratings were affirmed, with the outlook changed to
negative from stable:

Scottish Re Group Limited:

-- Senior unsecured shelf of (P)Ba3; subordinate shelf of
    (P)B1; junior subordinate shelf of (P)B1; preferred stock of
    B2; and preferred stock shelf of (P)B2

Scottish Holdings Statutory Trust II:

-- Preferred stock shelf of (P)B1

Scottish Holdings Statutory Trust III:

-- Preferred stock shelf of (P)B1

Scottish Annuity & Life Insurance Co. (Cayman) Ltd.:

-- IFS rating of Baa3

-- Premium Asset Trust Series 2004-4: senior secured debt of
    Baa3

Scottish Re (US), Inc.:

-- Insurance financial strength of Baa3

Stingray Pass-Through Certificates:

-- Baa3 (based on IFS rating of SALIC)

On August 22, Moody's affirmed Scottish Re's ratings and changed
the outlook to stable from positive.  The rating action followed
the company's disclosure of sizable holdings of subprime ABS and
Alt-A holdings in its investment portfolio.

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.


TRANS-OCEAN INSURANCE: Proofs of Claim Filing Deadline Is Dec. 6
----------------------------------------------------------------
Trans-Ocean Insurance Limited's creditors are given until
Dec. 6, 2007, to prove their claims to Adrian Lee-Emery, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Trans-Ocean Insurance's shareholders agreed on Nov. 6, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Adrian Lee-Emery
         F.B. Perry Building
         40 Church Street, Hamilton
         Bermuda




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


* BOLIVIA: State Firm Makes Second Call for Hydrocarbons Bids
-------------------------------------------------------------
Bolivian state-owned hydrocarbons firm Yacimientos Petroliferos
Fiscales Bolivianos has issued a second call for bids to
quantify and certify hydrocarbons reserves in the nation,
Business News Americas reports.

BNamericas relates that Yacimientos Petrolifeors will accept and
open offers on Jan. 8, 2008, according to updated bidding rules.
The deadline for inquiries is Dec. 24, 2007.  A clarification
meeting is set for Dec. 26, 2007.

Yacimientos Petroliferos wants to award the contract in January
2008 and sign it in February 2008, according to BNamericas.  The
winning bidder will be given 195 days to present its report.

As reported in the Troubled Company Reporter-Latin America on
Nov 6, 2007, Standard & Poor's Ratings Services revised its
outlook on the Republic of Bolivia to stable from negative.  S&P
also said that it affirmed its 'B-' long-term and 'C' short-term
credit ratings on the sovereign.




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


AFFINIA GROUP: Completes Acquisition of Brake Pro Assets
--------------------------------------------------------
Affinia Group Inc. has acquired certain assets of Brake Pro,
Ltd., Ontario, Canada, under the Companies' Creditors Agreement
Act of Canada.  Among other items, the purchase includes
manufacturing equipment, friction formulations and unrestricted
rights to the brand name.  Financial terms of the transaction,
which was completed on Nov. 7, 2007, were not disclosed.

Affinia is in the process of relocating the physical assets to
its own North American manufacturing facilities, and will resume
production of the Brake Pro(R) product line.  Affinia expects to
have Brake Pro brand product offerings in the marketplace as
quickly as possible after the asset transition and manufacturing
integration is complete.

"The Brake Pro name is highly respected in the industry because
of the consistently high performance of their proprietary
friction products.  The Brake Pro line will enhance our existing
brake block and medium duty product offerings.  More importantly
it will put us back into the heavy duty segment, and the Brake
Pro line will give us a great product offering for severe duty
applications such as waste handling equipment, logging
equipment, construction vehicles and transit applications," said
Affinia's Under Vehicle Group President, John R. Washbish.  "The
market can expect to see Brake Pro product from us as quickly as
we can reset the equipment." Mr. Washbish added.

                     About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  Its South American operation is located in Brazil.

                        *     *     *

In January 2007, Moody's Investors Service placed Affinia Group
Inc.'s long-term corporate family and probability of default
ratings at 'B2', which still hold to date.  Moody's said the
outlook is stable.

Standard & Poor's placed the company's foreign and local issuer
credit ratings at 'B' in September 2005, which still hold to
date.


AMERICAN AIRLINES: Fitch Affirms B- Issuer Defualt Rating
---------------------------------------------------------
Fitch Ratings has affirmed the debt ratings of AMR Corp. and its
principal operating subsidiary American Airlines, Inc., as:

AMR Corp.

  -- Issuer Default Rating at 'B-';
  -- Senior unsecured debt at 'CCC'/RR6';

American Airlines

  -- Issuer Default Rating at 'B-';
  -- Secured bank credit facility at 'BB-/RR1'.

The Rating Outlook for both AMR Corp. and American has been
revised to Positive from Stable.

The affirmation and Outlook revision reflect progress made by
AMR Corp. in directing free cash flow toward debt reduction
throughout 2007, as well as Fitch's expectation that the airline
can de-lever its balance sheet further-even in the face of
record-high jet fuel costs and a challenging United States
economic outlook moving into 2008.  Ratings capture the
airline's highly leveraged balance sheet and heavy fixed cash
obligations, balanced against the substantial reduction in debt
and improvements in liquidity achieved over the last two years.
AMR Corp.'s intention to pre-pay approximately US$545 million of
aircraft-backed debt in the fourth quarter appears to validate
management's commitment to focus on debt reduction as the first
and best use of free cash flow at a time when considerable
uncertainty still exists over AMR Corp.'s cost profile and its
capacity to grow profitably in a very difficult airline industry
operating environment.

Sustained improvements in passenger unit revenue over the last
several quarters, tied to solid air travel demand patterns and
constraints on industry capacity growth, have supported a surge
in AMR Corp.'s free cash flow generation power.  This in turn
has made substantial debt reduction possible.  Since year-end
2005, AMR's consolidated debt balance has declined from US$14.7
billion to US$12.0 billion at Sept. 30, 2007, while lease-
adjusted leverage (capitalizing both aircraft and facilities
rents at 8.0 times LTM expenses) has fallen from 9.8 at year-end
2005 to 5.7 at Sept. 30.  With its heavy emphasis on
strengthened liquidity and US$5.4 billion of unrestricted cash
and investments, total net balance sheet debt stood at US$6.6
billion at the end of the third quarter.

Besides spiking energy costs and mounting concerns over the
durability of healthy air travel demand and pricing patterns,
AMR Corp. faces significant cost pressures that could intensify
over the next several quarters if a new round of contracts with
the Allied Pilots Association and other unions pushes unit labor
costs significantly higher.  The pilot union's call for
substantial wage increases raises the risk that rising pay and
benefit levels could keep AMR's unit costs at the high end of
the legacy carrier group for an extended period.  With longer-
term deals in place at Northwest and Delta following their
bankruptcies, AMR could face a protracted cost competitiveness
challenge that may keep available seat mile capacity and fleet
growth in check for a number of years.

With crude oil prices surging to over US$98 per barrel in early
November, AMR Corp. and the other U.S. airlines have been forced
to look for opportunities to recover higher fuel costs via fare
hikes at a time when marginal demand patterns may already be
softening.  To date, rising fares and strong revenue per
available seat mile (RASM) gains have offset fuel cost pressure.
Still, looking into 2008, Fitch expects all U.S. carriers to
experience some additional margin pressure that could limit free
cash flow generation and constrain further debt reduction.  AMR
Corp. has approximately 40% of fourth quarter jet fuel
consumption hedged with effective caps of approximately US$69
per barrel of crude oil.  This will offset some fuel cost
pressure, but AMR management has made it clear that additional
fare hikes will be necessary to pass on higher fuel costs to
customers.  To date, the industry appears to be adopting a
disciplined capacity approach in response to fuel cost pressure,
and additional capacity reduction may well follow over the next
few weeks.

For AMR Corp., the absence of new aircraft deliveries until 2009
will keep capital spending low and allow continued debt
reduction as well as cash pension funding of US$300 million -
US$400 million next year.  Since unrestricted cash and
investments now represent about 25% of LTM revenues, most if not
all free cash flow can be directed to the funding of debt
maturities and pension contributions in 2008.

Recent discussion of possible non-core asset spin-offs at AMR
Corp. and the other legacy carriers raises questions over the
long-term direction of core airline credit quality if cash-
generating units such as the AAdvantage loyalty program,
American Eagle regional airline unit, or the aircraft
maintenance unit are ultimately separated from American
Airlines, Inc. -- where the bulk of AMR's consolidated debt and
fixed obligations reside.  Any asset separation would presumably
result in some margin erosion at the core airline, making the
direction of cash proceeds from any asset sale toward debt
reduction a credit-enhancing priority.

While the Positive Rating Outlook reflects Fitch's view that
further de-leveraging could drive an upgrade of AMR's IDR to 'B'
in the near term, further spikes in jet fuel costs and/or a
significant slowdown in the airline's RASM growth during 2008
could drive free cash flow lower and limit the potential for
further improvements in credit quality.

                 About American Airlines Inc.

Based in Fort Worth, Texas, American Airlines Inc., a wholly
owned subsidiary of AMR Corp., operates the largest scheduled
passenger airline in the world with service throughout North
America, the Caribbean, Latin America, Europe and Asia.

American Airlines flies to Belgium, Brazil, Japan, among others.


AMR CORPORATION: Fitch Affirms Issuer Default Rating at B-
----------------------------------------------------------
Fitch Ratings has affirmed the debt ratings of AMR Corp. and its
principal operating subsidiary American Airlines, Inc., as:

AMR Corp.

  -- Issuer Default Rating at 'B-';
  -- Senior unsecured debt at 'CCC'/RR6';

American Airlines

  -- Issuer Default Rating at 'B-';
  -- Secured bank credit facility at 'BB-/RR1'.

The rating outlook for both AMR Corp. and American has been
revised to positive from stable.

The affirmation and Outlook revision reflect progress made by
AMR Corp. in directing free cash flow toward debt reduction
throughout 2007, as well as Fitch's expectation that the airline
can de-lever its balance sheet further-even in the face of
record-high jet fuel costs and a challenging United States
economic outlook moving into 2008.  Ratings capture the
airline's highly leveraged balance sheet and heavy fixed cash
obligations, balanced against the substantial reduction in debt
and improvements in liquidity achieved over the last two years.
AMR Corp.'s intention to pre-pay approximately US$545 million of
aircraft-backed debt in the fourth quarter appears to validate
management's commitment to focus on debt reduction as the first
and best use of free cash flow at a time when considerable
uncertainty still exists over AMR Corp.'s cost profile and its
capacity to grow profitably in a very difficult airline industry
operating environment.

Sustained improvements in passenger unit revenue over the last
several quarters, tied to solid air travel demand patterns and
constraints on industry capacity growth, have supported a surge
in AMR Corp.'s free cash flow generation power.  This in turn
has made substantial debt reduction possible.  Since year-end
2005, AMR's consolidated debt balance has declined from US$14.7
billion to US$12.0 billion at Sept. 30, 2007, while lease-
adjusted leverage (capitalizing both aircraft and facilities
rents at 8.0 times LTM expenses) has fallen from 9.8 at year-end
2005 to 5.7 at Sept. 30.  With its heavy emphasis on
strengthened liquidity and US$5.4 billion of unrestricted cash
and investments, total net balance sheet debt stood at US$6.6
billion at the end of the third quarter.

Besides spiking energy costs and mounting concerns over the
durability of healthy air travel demand and pricing patterns,
AMR Corp. faces significant cost pressures that could intensify
over the next several quarters if a new round of contracts with
the Allied Pilots Association and other unions pushes unit labor
costs significantly higher.  The pilot union's call for
substantial wage increases raises the risk that rising pay and
benefit levels could keep AMR's unit costs at the high end of
the legacy carrier group for an extended period.  With longer-
term deals in place at Northwest and Delta following their
bankruptcies, AMR could face a protracted cost competitiveness
challenge that may keep available seat mile capacity and fleet
growth in check for a number of years.

With crude oil prices surging to over US$98 per barrel in early
November, AMR Corp. and the other U.S. airlines have been forced
to look for opportunities to recover higher fuel costs via fare
hikes at a time when marginal demand patterns may already be
softening.  To date, rising fares and strong revenue per
available seat mile (RASM) gains have offset fuel cost pressure.
Still, looking into 2008, Fitch expects all U.S. carriers to
experience some additional margin pressure that could limit free
cash flow generation and constrain further debt reduction.  AMR
Corp. has approximately 40% of fourth quarter jet fuel
consumption hedged with effective caps of approximately US$69
per barrel of crude oil.  This will offset some fuel cost
pressure, but AMR management has made it clear that additional
fare hikes will be necessary to pass on higher fuel costs to
customers.  To date, the industry appears to be adopting a
disciplined capacity approach in response to fuel cost pressure,
and additional capacity reduction may well follow over the next
few weeks.

For AMR Corp., the absence of new aircraft deliveries until 2009
will keep capital spending low and allow continued debt
reduction as well as cash pension funding of US$300 million -
US$400 million next year.  Since unrestricted cash and
investments now represent about 25% of LTM revenues, most if not
all free cash flow can be directed to the funding of debt
maturities and pension contributions in 2008.

Recent discussion of possible non-core asset spin-offs at AMR
Corp. and the other legacy carriers raises questions over the
long-term direction of core airline credit quality if cash-
generating units such as the AAdvantage loyalty program,
American Eagle regional airline unit, or the aircraft
maintenance unit are ultimately separated from American
Airlines, Inc. -- where the bulk of AMR's consolidated debt and
fixed obligations reside.  Any asset separation would presumably
result in some margin erosion at the core airline, making the
direction of cash proceeds from any asset sale toward debt
reduction a credit-enhancing priority.

While the Positive Rating Outlook reflects Fitch's view that
further de-leveraging could drive an upgrade of AMR's IDR to 'B'
in the near term, further spikes in jet fuel costs and/or a
significant slowdown in the airline's RASM growth during 2008
could drive free cash flow lower and limit the potential for
further improvements in credit quality.

                   About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc.
-- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia, including Belgium,
Brazil, Japan, among others.  American is also a scheduled
airfreight carrier, providing freight and mail services to
shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR Corp., is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.


BANCO NACIONAL: Releasing More Funds for Infrastructure Projects
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social head
Luciano Coutinho told reporters that the bank would grant more
financing for infrastructure projects in the next two years.

Business News Americas relates that in the past 12 months, Banco
Nacional's infrastructure project financing increased 80% to
BRL37.9 billion, compared to the previous year.  Disbursements
rose 60% to BRL25.8 billion.

Mr. Coutinho told BNamericas that these are the areas where the
projects would be concentrated:

          -- transport,
          -- telecommunications, and
          -- energy.

BNamericas notes that Banco Nacional ratified some BRL16.4
billion in transport projects in the past 12 months, about 450%
greater that the previous 12-month period.  The bank's
telecommunications project funding rose 176% to BRL6.1 billion,
while financing for projects in electric power grew 79% to
BRL8.4 billion.

"The coming highway concession auctions will require other
investments.  Besides that, BNDES [Banco Nacional] has had high
demand for railway investments in recent months," Mr. Coutinho
told BNamericas.

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

                        *     *     *

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


BR MALLS: Gets Additional Stakes in Seven Malls
-----------------------------------------------
In the third quarter of 2007, BR Malls Participacoes S.A. has
acquired additional stakes in 7 new malls, expanding its owned
GLA by 77,000 square meters.  These acquisitions included the
industry's largest M&A transaction in the quarter: a portfolio
of 4 malls located in the state of Rio de Janeiro.

On July 23, in order to finance these acquisitions, BR Malls
issued local debentures denominated in reals, raising BRL320
million, and signed a BRL550 million bridge loan with Itau BBA,
UBS Pactual and Citibank.

During the quarter, BR Malls announced three greenfield projects
in the state of Sao Paulo (Mooca, Granja Vianna and Bauru
projects), which will jointly add 101.8 thousand square meters
to its total GLA and 68.1 thousand square meters to its owned
GLA.  BR Malls will be responsible for managing and leasing the
three projects.

On August 28, BR Malls hired UBS Pactual as a market maker to
improve the liquidity of its shares, underlining its commitment
to its investors and to the best corporate governance practices;

Since the beginning of the year, BR Malls has been making every
effort to become the most efficient shopping mall company in the
sector.  In the third quarter of 2007, BR Malls completed the
task of mapping and optimizing all of the company's processes.
BR Malls also concluded the implementation of an Oracle ERP
system at the headquarter on October 1.  Furthermore, BR Malls
outsourced maintenance, security, cleaning and parking services
for some of the malls in its portfolio in order to reduce
condominium costs.  The company also began a Shared Service
Center, which will centralize all the financial processes in its
malls.

During the year, and especially during this quarter, BR Malls
improved its fiscal efficiency, by reducing the accumulated tax
burden of 27.2% of gross revenues in the 9M06 to 12.4% year-on-
year basis;

For the full earnings release please access:
http://www.brmalls.com.br/ir

   Earnings Conference Calls

   English                            Portuguese
   Nov. 13, 2007                      Nov. 13, 2007
   10:00 a.m. (US EST)                08:00 a.m. (US EST)
   01:00 p.m. (Brasilia Time)         11:00 a.m. (Brasilia Time)
   Phone: (1 973) 935-8893            Phone: (55 11) 4003-9004
   Replay: (1 973) 341-3080           Replay: (55 11) 4003-9004
   Code: 9394136                      Code: BRMALLS

                       About BR Malls

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

                        *     *     *

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


BRA TRANSPORTES: Filing for Bankruptcy Protection
-------------------------------------------------
Jessica Brice at Bloomberg News reports that BRA Transportes
Aereos SA intends to file for a formal bankruptcy proceeding
after it was forced to ground flights due to cash problems,
Bloomberg News reports, citing Estado de S. Paulo.

As a result of the company's stalled operations, about 1,100
workers were laid off.  Its Chief Executive Officer Humberto
Folegatti also resigned, who according to rumors, was forced to
step down by the airline's board of directors.

BRA was optimistic that it would be able to return to normal
operations once it is able to secure additional financing.  It
flew to 26 local and three international routes.

Estado related that while seeking funds, the airline would want
protection from probable actions from its creditors.  It owes
US$100 million to banks and leasing companies, and needs US$17.2
million to be able to continue its flights to 26 domestic routes
and three international ones.

Meanwhile, OceanAir has temporarily taken over the airline's
operations in order to lessen the impact on the already in-
crisis Brazilian aviation industry.  The government will decide
this week if it will take over control of the airline.

Other than OceanAir, major airlines in the country, like TAM SA
and GOL Linhas Aereas Inteligentes, are honoring BRA tickets,
according to AP.

Based in Sao Pauolo, Brazil, BRA Transportes Aereos, due to
financial difficulties, is a currently grounded low-fare airline
with 26 domestic and three international routes.  It started
operations in 1999 as a domestic charter airline and transformed
into a low-fare carrier in March 2006.


CA INC: Signs Strategic Deal with HCL Technologies
--------------------------------------------------
CA Inc. and HCL Technologies have entered into an agreement to
establish a strategic partnership in which HCL will assume all
research and product development connected with CA's threat
management security business.  CA will retain all sales and
marketing functions.

The goal of the strategic partnership is to grow CA's threat
management business by combining the strengths of both
organizations.  HCL and CA will achieve goal alignment and
financial targets through revenue sharing.  The annual revenue
of CA's threat management security business is in excess of
US$100 million.

The partnership covers all threat management products, which
include anti-virus, anti-spyware, integrated threat manager,
host-based intrusion prevention system, secure content manager,
internet security suite, anti-spam and firewall.

"HCL brings to the table over three decades of product
engineering heritage and a track record of successful
partnerships that have created value.  This partnership benefits
CA and HCL, and, most importantly, the customers who rely on
CA's threat management security products to protect their
systems and data." said Shiv Nadar, HCL's chairman and chief
strategy officer.

"This unique strategic partnership will enable us to profitably
grow CA's threat business, develop a more aggressive product
roadmap for the benefit of our customers, and ultimately gain
market share," said Michael Christenson, CA's chief operating
officer.  "We are very excited to have found a global player
with the strong reputation and solid depth of experience of HCL
to be our strategic partner."

HCL will be responsible for research, engineering, architecture,
technical support, technical writing, and quality assurance. All
affected employees outside of European Union countries will be
offered employment with HCL. Within the EU countries, CA will
start the consultation process with the affected employees.

CA's threat management products will continue to be sold
exclusively under the CA brand and through several routes to
market with a growing emphasis on channel partners.

The partnership is expected to become operational by year-end,
following the signing of a definitive agreement.

                   About HCL Technologies

HCL Technologies Ltd. is one of India's leading global IT
Services companies, providing software-led IT solutions, remote
infrastructure management services and BPO. Having made a foray
into the global IT landscape in 1999 after its IPO, HCL
Technologies focuses on Transformational Outsourcing, working
with clients in areas that impact and re-define the core of
their business.  The company leverages an extensive global
offshore infrastructure and its global network of offices in 18
countries to deliver solutions across select verticals including
Financial Services, Retail & Consumer, Life Sciences &
Healthcare, Hi-Tech & Manufacturing, Telecom and Media &
Entertainment.  For the quarter ended 30th September 2007, HCL
Technologies, along with its subsidiaries had last twelve months
revenue of US$1.5 billion and employed 45,622 professionals.

                    About HCL Enterprise

HCL Enterprise -- http://www.hcl.in/-- is a US$4.4 billion (Rs.
18,525 crore) leading Global Technology and IT enterprise that
comprises two companies listed in India - HCL Technologies & HCL
Infosystems.  The 3-decade-old enterprise, founded in 1976, is
one of India's original IT garage start-ups.  Its range of
offerings span Product Engineering, Custom & Package
Applications, BPO, IT Infrastructure Services, IT Hardware,
Systems Integration, and distribution of ICT products.  The HCL
team comprises approximately 51,000 professionals of diverse
nationalities, who operate from 18 countries including 360
points of presence in India.  HCL has global partnerships with
several leading Fortune 1000 firms, including leading IT and
Technology firms.

                        About CA Inc.

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

                        *     *     *

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

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

     -- Issuer Default Rating at 'BB+';

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

     -- Senior unsecured debt at 'BB+'.


COMPANHIA PARANAENSE: Reports BRL270MM Net Income for Third Qtr.
----------------------------------------------------------------
Companhia Paranaense de Energia aka COPEL,has announces its
results for the third quarter of 2007.  All figures included in
this report are in Reais and were prepared in accordance with
Brazilian GAAP (corporate law method).

    -- Companhia Paranaense's consolidated financial statements
       present, in addition to the figures of the wholly-owned
       subsidiaries (COPEL Geracao, COPEL Transmissao, COPEL
       Distribuicao, COPEL Telecomunicacoes and COPEL
       Participacoes), those of Compagas, Elejor, UEG Araucaria
       and Centrais Eolicas do Parana (companies in which Copel
       retains a majority stake).

    -- Net operating revenues for the first nine months of 2007:
       BRL3,988 million -- an increase of 10.0% compared to the
       same period last year.  In the third quarter 2007, net
       operating revenues were BRL1,414 million.

    -- Operating income for the first nine months of 2007:
       BRL1,192 million.  In the third quarter 2007, operating
       income was BRL350 million.

    -- Net income year-to-date: BRL794 million (BRL2.90 per
       share).  Net income in the third quarter 2007 alone was
       BRL270 million.

    -- EBITDA (earnings before interest, taxes, depreciation and
       amortization): BRL1,511 million in the first nine months
       of 2007.  In the third quarter of 2007, EBITDA was
       BRL441 million.

    -- Return on net equity: 12.7% (year to date 2007).

    -- Total power consumption billed by Companhia Paranaense in
       the first nine months of 2007 rose 6.0% over the figure
       for the same period last year.

    -- Copel Distribuicao's grid market (TUSD), comprising the
       captive market and all free customers within the
       company's concession area, grew by 5.1% in the first nine
       months of 2007, compared to the same period last year.

    -- During the first nine months of 2007, Companhia
       Paranaense's shares appreciated at the following rates:

               CPLE3 (common/Bovespa) = 37.2%
               CPLE6 (preferred B/Bovespa) = 17.2%
               ELP (ADR/NYSE) = 36.9%
               XCOP (preferred B/Latibex) = 26.6%

                         About COPEL

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- (NYSE: ELP/LATIBEX:
XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes
electricity to more than 3 million customers in the state of
Parana and has a generating capacity of nearly 4,600 MW,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its
Brazilian national scale.  Moody's said the rating outlook is
stable.  This rating action concludes the review process
initiated on July 26, 2006.

Moody's upgraded these ratings:

   -- Corporate Family Rating: to Ba2 from Ba3 (Global Local
      Currency) and to Aa2.br from A3.br (Brazilian National
      Scale);

   -- BRL500 million Senior Unsecured Guaranteed Debentures due
      2007: to Ba2 from Ba3 (Global Local Currency) and to
      Aa2.br from A3.br (Brazilian National Scale); and

   -- BRL400 million Senior Secured Guaranteed Debentures due
      2009: to Ba1 from Ba2 (Global Local Currency) and to
      Aa1.br from A1.br (Brazilian National Scale).


CYRELA BRAZIL: Gross Profit Up 82.1% to BRL180.5 Mln in 3rd Qtr.
----------------------------------------------------------------
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes has
announced its results for the first nine months of 2007.  The
financial and operational information herein, except where
otherwise indicated, is presented in BR GAAP and in Brazilian
Reais (BRL) and comparisons refer to the first nine months of
2006.

                Third Quarter 2007 Highlights

  Launches:             BRL1,573.6 million (increase of 132.1%);
  Pre-Sales Contracts:  BRL1,058.2 million (increase of 149.5%);
  Net Revenue:          BRL414.8 million (increase of 78.2%);
  Gross Profit:         BRL180.5 million (increase of 82.1%);
  Gross Margin:         435% (vs. 42.6% in third quarter 2006);
  EBITDA:               BRL110.4 million (increase of 318.6%);
  EBITDA Margin:        26.6% (vs. 11.3% in third quarter 2006);
  Net Margin:           21.7% (vs. 13.4% in third quarter 2006).

Based on developments launched in 2004 and 2005, in terms of
potential sales value, Cyrela Brazil Realty (Bovespa: CYRE3) is
the largest developer of high-end residential buildings in Sao
Paulo and Rio de Janeiro, according to the ADEMI and the
EMBRAESP, respectively.  Sao Paulo and Rio de Janeiro are the
two cities that account for the highest percentage of
Brazil\u2019s gross domestic product, or GDP (9.4% and 4.3% in
2003, respectively), according to IBGE.  The company\u2019s main
focus is the development of high-end luxury residential
apartments in attractive locations, targeted mainly at upper and
upper-middle income customers in the Sao Paulo and Rio de
Janeiro metropolitan areas.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 17, 2007, Standard & Poor's Ratings Services assigned its
'BB' rating to the 10-year unsecured and unsubordinated notes
denominated in Brazilian reals and payable in US dollars, in the
aggregate amount of BRL500 million, issued by Cyrela Brazil
Realty S.A. Empreendimentos e Participacoes.  At the same time,
S&P affirmed its 'BB' long-term corporate credit rating and its
'brAA-' Brazil National Scale corporate credit rating on Cyrela,
and its 'brAA-' issue rating on the company's seven-year
Brazilian reais BRL500 million debentures.  S&P said the outlook
is stable.

Fitch Ratings has assigned a Foreign and Local Currency Issuer
Default Rating 'BB' to Cyrela Brazil Realty S.A. Empreendimentos
e Participacoes.  Fitch also has assigned a rating of 'BB' to
its issuance of approximately BRL500 million real-denominated
unsecured notes due 2017, with payments of the notes in U.S.
dollars based on prevailing exchange rate of Reals per U.S.
dollar.  Proceeds of the issuance will be used to acquire land
and launch new developments, to provide more customer financing,
to pay debt, and also for other general corporate purposes.
Fitch's outlook is stable.


KRATON POLYMERS: Incurs US$754,000 Net Loss in Third Quarter
------------------------------------------------------------
Kraton Polymers LLC posted a net loss of US$754,000 on net
revenues of US$290.1 million for the three months ended
Sept. 30, 2007, compared to net income of US$11.6 million on net
revenues of US$288.1 million for the same period in 2006.

Gross Profit for the quarter decreased 25% to US$46 million, as
compared to US$62 million in the comparable period of 2006 as
higher monomers and plant-restructuring costs offset the
benefits of higher revenues.

"In the third quarter, we were disappointed by the volume
declines we saw in our Paving and Roofing end use market due to
lower market demand driven primarily by poor weather in our
North American market and lower government spending.  Outside of
Paving and Roofing however, we were pleased that our core
product volume experienced 6% growth versus last year," said
George B. Gregory, President and Chief Executive Officer.  "The
price increases we implemented in the quarter only partially
offset variable cost increases.  In response to lower margins,
we are reviewing further price increases to keep pace with
increasing raw material and energy costs and are accelerating
cost reduction programs.  As always, we remain committed to
providing our customers with the highest valued products and
service in the industry."

Quarterly Business Developments:

   * Achieved 6% core volume growth outside of Paving & Roofing.

   * Implemented SBS price increases in Europe and North
     America.

   * Finalized actions for closure of the SIS unit at the
     Pernis, Netherlands plant, generating expected cost savings
     of US$6-US$9 million annually.

   * Pre-paid US$40 million of term debt.

   * Grew innovation-based volumes by 114%.

   * Generated US$32 million incremental cash from working
     capital versus 3rd quarter 2006.

Based in Houston, Texas, Kraton Polymers LLC --
http://www.kraton.com/-- produces styrenic block copolymers.
SBCs are highly-engineered thermoplastic elastomers, which
enhance the performance of numerous products by delivering a
variety of attributes, including greater flexibility,
resilience, strength, durability and processability.  Kraton
polymers are used in a wide range of applications including
adhesives, coatings, consumer and personal care products,
sealants, lubricants, medical, packaging, automotive, paving,
roofing, and footwear products.  Kraton has the leading position
in nearly all of its core markets and is the only producer of
SBCs with global manufacturing capability.  Its production
facilities are located in the United States, Germany, France,
The Netherlands, Brazil, and Japan.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 8, 2007, Standard & Poor's Ratings Services lowered its
ratings on Kraton Polymers LLC, including the corporate credit
and senior secured debt ratings to 'B' from 'B+'.  S&P said the
outlook is negative.


LAZARD LTD: Bruce Bilger To Lead Global Energy
----------------------------------------------
Lazard Ltd. disclosed that Bruce Bilger will join the firm's
Financial Advisory business as Chairperson and Head of Global
Energy, and will co-head its Southwest Investment Banking
region, effective Jan. 1, 2008.  Based in Houston, Mr. Bilger is
currently with Vinson & Elkins L.L.P., one of the world's
leading energy and M&A law firms, as the Head of its Energy
Practice Group, a global 400-plus-attorney practice.  He also is
Co-Head of the law firm's Business and International Section, a
180-plus-attorney corporate and transactions practice.

"Power and energy are core global sectors at Lazard," said Bruce
Wasserstein, Chairman and Chief Executive Officer of Lazard.
"As we continue to bolster our industry teams around the world,
we are delighted that Bruce is joining us to help reinforce our
strong position in power and energy."

"Bruce is renowned for his in-depth knowledge of the energy
industry and is widely recognized for providing high-value
strategic legal advice in corporate matters as well as mergers
and acquisitions," said Kenneth Jacobs, CEO of Lazard North
America.  "The combination of these skills and his significant
financial background, positions him to be highly qualified as an
advisor on transactions for Lazard clients."

"I am fortunate to have had the opportunity to work with many of
the best attorneys in the world at Vinson & Elkins over the past
three decades, and having had the platform there to build a
practice focused on the energy business," said Mr. Bilger.
"Having worked on a number of transactions involving Lazard
bankers over the years, I am excited to have this new
opportunity to work alongside them, and to provide advice on a
financial platform with the world's premier independent
investment bank.  I especially look forward to working closely
with senior Lazard Managing Directors George Bilicic in
strengthening the energy expertise in the firm's global Power &
Energy sector and Harry Pinson in Houston to help drive Lazard's
Southwest Investment Banking business."

By joining Lazard, Mr. Bilger will conclude a very successful
career with Vinson & Elkins, where he helped build its energy
team. In 2006, Vinson & Elkins' energy practice lawyers handled
over 2,000 matters with a collective value of more than US$187
billion.  Mr. Bilger's practice consisted primarily of domestic
and international business transactions, including mergers and
acquisitions, international infrastructure development projects,
project finance, and other corporate transactions, particularly
in the energy industry.

"Bruce and I started at the firm together and have been close
friends and colleagues for 30 years," said Joe Dilg, Managing
Partner of Vinson & Elkins.  "He will be sorely missed but has
left a legacy of many talented energy specialists at Vinson &
Elkins.  We congratulate Bruce and wish him every success in
this next stage of his illustrious career."

During his tenure at Vinson & Elkins, Mr. Bilger has led the
teams handling many of the firm's most significant energy
industry transactions, including Duke Energy's US$8 billion
cross-border acquisition of Canada's Westcoast Energy,
Enterprise Products Partners' US$13 billion merger with El
Paso's master limited partnership GulfTerra, and the recently
completed US$45 billion acquisition of TXU by Kohlberg Kravis
Roberts, TPG and other investors.  He is active in the Greater
Houston Partnership and other civic and charitable organizations
in the Houston community. Mr. Bilger received combined MBA and
JD degrees from the University of Virginia and a BA from
Dartmouth College.

                      About Lazard Ltd.

Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a
preeminent financial advisory and asset management firms, that
operates from 32 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides advice on mergers and
acquisitions, restructuring and capital raising, well as asset
management services to corporations, partnerships, institutions,
governments, and individuals.  The company has locations in
Australia, Brazil, China, France, Germany, India, Japan, Korea
and Singapore.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$3.51 billion in total assets, US$3.54 billion in total
liabilities, and US$49.0 million minority interest, resulting in
a US$74.5 million total shareholders' deficiency.


REALOGY CORP: Hires Richard Smith as Chief Executive Officer
------------------------------------------------------------
Realogy Corporation has appointed Richard A. Smith, as its chief
executive officer, succeeding Henry R. Silverman in accordance
with the Company's previously announced succession plan.  Mr.
Smith will now serve as Realogy's president and CEO.

Mr. Silverman will become the non-executive chairman of
Realogy's board of directors.  The leadership transition will
take effect immediately.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Standard & Poor's Ratings Services has lowered its
ratings on Realogy Corp.; the corporate credit rating was
lowered to 'B' from 'B+'.  S&P said the rating outlook is
stable.


SUN MICROSYSTEMS: Enters into Definitive Pact Acquiring Vaau
------------------------------------------------------------
Sun Microsystems Inc. has entered into a definitive agreement
with Vaau Inc. pursuant to which Sun will acquire Vaau, a
premier provider of Enterprise Role Management and identity
compliance solutions.

As regulatory requirements continue to tighten, enterprises must
find new ways to reduce auditing costs.  By leveraging ERM,
organizations can reduce these costs by discovering, defining,
and managing user access with a common vocabulary that links
business and IT.  Vaau's RBACxTM solution combined with the
provisioning and identity auditing capabilities of Sun's
identity management portfolio powered by the Solaris(TM) 10
Operating System will enable organizations to streamline the
provisioning process and significantly reduce the cost of
auditing.

"This announcement further underscores Sun's leadership in the
high growth identity audit and compliance categories, adding
both a market-leading solution and proven implementation
services to our portfolio," said Jim McHugh, vice president of
Marketing, Software Infrastructure, Sun Microsystems.  "As a
leader in enterprise role management and identity certification,
Vaau provides an integrated set of capabilities to automate and
enforce internal security controls that will further enhance
Sun's ability to provide comprehensive solutions to our
customers across the full spectrum of governance, risk and
compliance."

Recognized as a global leader in identity management, Sun
manages billions of user identities worldwide for the world's
largest companies spanning a variety of industries.

The definitive agreement to acquire Vaau Inc. is subject to
customary closing conditions and is expected to be completed
during Sun's fiscal third quarter 2008, which begins on
Dec. 31, 2007.  The terms of the deal were not disclosed as the
transaction is immaterial to Sun's earnings per share.

                       About Vaau Inc.

Headquartered in Torrance, California, Vaau Inc. --
http://www.vaau.com/-- is a premier provider of enterprise role
management and identity compliance solutions for global Fortune
500 companies.  Vaau's award-winning solutions and methodology
enable organizations to proactively enforce internal security
control policies and automate critical identity management
processes.  Through strategic relationships with identity
management vendors such as Computer Associates, Hewlett-Packard,
IBM, Novell, Oracle, and Sun Microsystems, Vaau offers a unique,
integrated user-management solution that includes role
engineering, role management, and identity compliance.  Vaau's
flagship solution, RBACxTM, allows enterprises to manage the
lifecycle of identities from role definition to the ongoing and
continuous process of auditing and certifying users'
accessibility rights to company resources and information.

                   About Sun Microsystems

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

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

                        *     *     *

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

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


* BRAZIL: Moody's Says New Oil Find Good for Petrobras' Future
--------------------------------------------------------------
Moody's Investors Service has commented that the discovery of
major new oil and gas discovery offshore by Brazilian state-run
oil firm Petroleo Brasileiro S.A. bodes well for the company's
future reserve position and upstream production and development
prospects.  However, it will have no immediate impact on
Petrobras's A2 global local currency rating or Baa1 foreign
currency bond rating, or on the baseline credit assessment of
8.0 that underpins those ratings.

Petrobras has announced the discovery of an estimated 5.0 to 8.0
billion BOE oil and gas field offshore in the Tupi area of the
Santos Basin in Brazil.  The discovery is part of a frontier
area in the ultra deepwater.  The range of the field estimate
represents recoverable reserves, which the company has
characterized as light oil and natural gas.  If the field proves
to be as large as indicated by the first wells drilled, it would
rank as a world class hydrocarbon discovery that would
significantly increase Petrobras's current estimated 11.4
billion BOE of proved reserves as well as the volumes and value
of its production profile, which is currently about 2.3 million
BOE/day.

Moody's notes, however, that Petrobras, which is the field
operator with a 65% stake, is still in an early post-discovery
phase.  The discovery will require further exploration,
delineation of the field extent and, in due course, a
determination of commerciality, capital allocation, and a
development plan, all relative to the rest of Petrobras's
upstream portfolio.  No proved reserves have been booked.
Consequently, the discovery per se will not affect Moody's near-
term outlook for Petrobras's baseline credit assessment or its
global local currency and foreign currency bond ratings.
Moody's will continue to monitor the progress of the discovery
to determine its potential impact on Petrobras's captial
spending, reserves and credit profile in the medium-to-long-
term.

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


* BRAZIL: Petrobras Appeals for Gas Supply Resumption Injunction
----------------------------------------------------------------
A spokesperson for Brazilian state-owned oil firm Petroleo
Brasileiro SA aka Petrobras told Business News Americas that the
company has filed an appeal on the injunction that forced it to
resume natural gas supplies above contracted levels in Rio de
Janeiro.

BNamericas relates that Petrobras cut gas supplies to Rio de
Janeiro distributor CEG in the week starting Oct. 29, 2007.  The
company was heeding to grid operator ONS's request to divert the
natural gas supply to generators.

The injunction in Rio de Janeiro made Petrobras stop supplying
enough natural gas to fire a 250-megawatt generator, according
to the report.

The spokesperson commented to BNamericas, "Petrobras argues CEG
has been purchasing natural gas volumes from Petrobras way above
levels agreed upon by both companies."

BNamericas notes that Petrobras will try to overturn the
injunction in a court in Rio de Janeiro so it can ensure gas
supplies to thermo plants.

The report says that Petrobras usually distributes 5.1 million
cubic meters per day to CEG.  According to Petrobras, it is
selling an additional 2.4 million cubic meters per day to the
distributor.  Petrobras wants to lessen gas supply to CEG by 1.5
million cubic meters a day.

CEG disagreed with Petrobras' gas supply reduction in October,
saying that the move was "arbitrary" and "unilateral,"
BNamericas states.

                        *     *     *

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


* BRAZIL: Petrobras To Start Running Peroa Phase 2 in 2008
----------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA aka
Petrobras wants to begin operating the second phase of its Peroa
gas production project in Espirito Santo basin in November 2008,
Business News Americas reports.

Petrobras Chief Financial Officer Almir Barbassa told the press
that phase two will add some five million cubic meters per day
of gas to the firm's output through three producing wells.

BNamericas relates that Peroa's first phase is "underway" with
three wells producing a total of three million cubic meters per
day of natural gas.

Meanwhile, Petrobras would get its first gas in December 2008
from its Cidade de Sao Mateus Floating Production, Storage and
Offloading vessel in Espirito Santo, BNamericas says.

Mr. Barbassa told BNamericas that Peroa will have production
capacity of about 10 million cubic meters a day.

BNamericas notes that Petrobras will also begin ramping up these
FPSO vessels in time to reach full capacity in up to six months:

          -- P-52,
          -- P-54, and
          -- Cidade de Vitoria.

Once it reaches full capacity, P-52 will operate in the Golfinho
offshore field, Campos basin, with 100,000 barrels per day
production, the report says.

According to BNamericas, P-54 will operate in the Roncador
offshore field, Campos basin, with 180,000-barrel-per-day
capacity.  Cidade de Vitoria will operate in Roncador with
180,000-barrel-per-day capacity.

Platforms P-51 and P-53 and the Cidade de Niteroi FPSO will
start operating in 2008.  P-51, P-53 and the Cidade de Niteroi
FPSO will operate in the Campos basin's Marlim Sul, Marlim Leste
and Jabuti fields respectively.  The 180,000-barrel-a-day
capacity P-51 platform will hit first oil in June 2008.  The
180,000-barrel-per-day P-53 and the 100,000-barrel-per-day
Cidade de Niteroi will start producing in December 2008,
BNamericas states.

                        *     *     *

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




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


6TH AVENUE: Proofs of Claim Filing Deadline Is Nov. 29
------------------------------------------------------
6th Avenue Funding 2007-1, Ltd.'s creditors are given until
Nov. 29, 2007, to prove their claims to Chris Watler and Emile
Small, 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.

6th Avenue'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:

              Chris Watler
              Emile Small
              Maples Finance Limited
              P.O. Box 1093, George Town
              Grand Cayman, Cayman Islands


ATON LIMITED: Proofs of Claim Filing Ends on Nov. 29
----------------------------------------------------
Aton Limited's creditors are given until Nov. 29, 2007, to prove
their claims to Phillip Hinds and Emile Small, 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.

Aton'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:

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


BIG HAND: Proofs of Claim Filing Is Until Nov. 29
-------------------------------------------------
Big Hand Funding Corporation's creditors are given until
Nov. 29, 2007, to prove their claims to Wendy Ebanks and Joshua
Grant, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Big Hand's shareholder agreed on Oct. 9, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


BOMBAY CO: Taps DJM Realty to Dispose U.S. Retail Store Leases
--------------------------------------------------------------
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," Andy Graiser, Co-President of DJM
Realty, said.  "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, "

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," Mr. Graiser said.

For more information regarding the disposition of these leases
for Bombay, please contact James Avallone at (631) 752-1100 ext.
224.

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.


EAGLE 1: Proofs of Claim Filing Ends on Nov. 29
-----------------------------------------------
Eagle 1 CBO, Ltd.'s creditors are given until Nov. 29, 2007, to
prove their claims to Phillipa White and Richard Gordon, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

Eagle 1's shareholder 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:

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


ECLIPSE SECURITIES: Proofs of Claim Filing Is Until Nov. 29
-----------------------------------------------------------
Eclipse Securities Limited's creditors are given until
Nov. 29, 2007, to prove their claims to Carrie Bunton and Sarah
Kennedy, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Eclipse Securities' 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:

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


JUNO FUND: Proofs of Claim Filing Deadline Is Nov. 29
-----------------------------------------------------
Juno Fund 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.

Juno Fund'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


TOR FINANCE: Proofs of Claim Filing Ends on Nov. 29
---------------------------------------------------
TOR Finance Limited's creditors are given until Nov. 29, 2007,
to prove their claims to Richard Gordon and Joshua Grant, the
company's liquidators, or be excluded from receiving any
distribution or payment.

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

TOR Finance's shareholders agreed on Oct. 9, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

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


UBS NEUTRAL: Proofs of Claim Filing Deadline Is Nov. 29
-------------------------------------------------------
UBS Neutral Alpha Strategies (Sterling) 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


VEGA EMERGING: Proofs of Claim Filing Is Until Nov. 29
------------------------------------------------------
Vega Emerging Alpha Feeder Fund 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.

Vega Emerging's shareholder agreed on Oct. 9, 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


VEGA EMERGING ALPHA: Proofs of Claim Filing Deadline Is Nov. 29
---------------------------------------------------------------
Vega Emerging Alpha Master Fund 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.

Vega Emerging's shareholder agreed on Oct. 9, 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
=========


QUEBECOR WORLD: Moody's Rates New US$400-Million Notes at Caa1
--------------------------------------------------------------
Moody's Investors Service has rated Quebecor World Inc.'s new
US$400 million senior unsecured note issue Caa1.  At the same
time, ratings for approximately US$1.6 billion of existing
senior unsecured notes for the company and its wholly owned
subsidiary companies, Quebecor World Capital Corporation and
Quebecor World Capital ULC, were downgraded to Caa1 from B3.  In
addition, Quebecor World's corporate family rating was affirmed
at B3, the ratings outlook for all instruments was revised to
stable from negative, and the company's speculative grade
liquidity rating was upgraded to SGL-3 from SGL-4.  The actions
reflect the combined impact of two significant ongoing
transactions, the first of which is partial divestiture of
Quebecor World's European operations.  This will remove a cash
flow drag and management distraction while converting the
operation into a small amount of cash and a semi-liquid residual
investment.  Secondly, a CAD250 million common share issue
together with proceeds from the new senior unsecured note issue
and a concurrent US$100 million convertible debenture
facilitates redemption of the company's Series 5 Preferred
Shares (CAD175 million), and a reduction of what would otherwise
be outstanding under a new, 2-year, US$375 million secured and
guaranteed revolving credit facility.  The resulting improvement
in liquidity and modest improvement in ongoing cash generation
combine to cause the favorable ratings outlook revision and SGL
rating upgrade.  However, with it being confirmed that the
company's bank credit facility will permanently benefit from a
package of security and upstream subsidiary guarantees not
shared with its senior unsecured notes, the bank credit
facility's preferential access to realization proceeds triggers
the notes' ratings to be downgraded by one notch to Caa1.  The
new notes are rated at the same Caa1 level as the company's
existing notes.

The rating action assumes that the proposed transactions close
as expected and that the related documentation conforms to what
has been provided to Moody's thus far.  Accordingly, the ratings
are subject to adjustment should the transactions not close, or
should they close on a basis different than that presented to
Moody's.

Ratings for approximately US$1.6 billion of existing senior
unsecured notes downgraded to Caa1.

Assignment:

Issuer: Quebecor World, Inc.

  -- Senior Unsecured Regular Bond/Debenture, Assigned Caa1
     (LGD4, 60)

Downgrades:

Issuer: Quebecor World, Inc.

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
     (LGD4, 60) from B3 (LGD4, 55)

  -- Issuer: Quebecor World Capital Corporation

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
     (LGD4, 60) from B3 (LGD4, 55)

Issuer: Quebecor World Capital ULC

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
     (LGD4, 60) from B3 (LGD4, 55)

Upgrades:

Issuer: Quebecor World, Inc.

  -- Speculative Grade Liquidity Rating, Upgraded to SGL-3 from
     SGL-4

Outlook Actions:

Issuer: Quebecor World Capital Corporation

  -- Outlook, Changed To Stable From Negative

Issuer: Quebecor World Capital ULC

  -- Outlook, Changed To Stable From Negative

Issuer: Quebecor World, Inc.

  -- Outlook, Changed To Stable From Negative

On Nov. 12, 2007, Quebecor World announced the above-noted
financing transactions.  On Nov. 7, 2007, the company announced
that it had entered into a definitive agreement to combine its
European operations with those of RSDB NV's Roto Smeets, a
Netherlands-based commercial printing company.  With the company
retaining a 29.9% minority interest in the combined entity,
Moody's views the transaction as being modestly positive by way
of a problem operation being effectively divested, but with very
little cash being returned, there is no immediate, significant
financial benefit.  Accordingly, Moody's continues to be very
cautious in evaluating the company's longer term prospects.  In
the interim, Quebecor World's CFR remains B3, albeit Moody's
sees the company as being weakly positioned at the B3 rating
level.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.


QUEBECOR WORLD: S&P Rates US$400 Mil. Proposed Notes at B
---------------------------------------------------------
Standard & Poor's Ratings Services has kept its ratings on
Montreal-based printing company Quebecor World Inc. on
CreditWatch with negative implications following the company's
announcement of its refinancing plan.  On Aug. 9, 2007, S&P
placed the ratings on CreditWatch with negative implications; on
Aug. 28, 2007, S&P subsequently lowered the ratings and kept
them on CreditWatch with negative implications because of
Quebecor World's weak operating performance, reduced financial
flexibility, and the possibility that the company would not be
in compliance with its covenants for certain senior unsecured
notes.  The ratings will remain on CreditWatch until S&P is
comfortable that the company has addressed its near-term
liquidity issues.

At the same time, S&P assigned its 'B' debt rating to Quebecor
World's proposed US$400 million senior unsecured notes due 2014.
The 'B' debt rating will be placed on CreditWatch with negative
implications.

"The CreditWatch update follows Quebecor World's announcement of
a proposed refinancing plan," said S&P's credit analyst Lori
Harris.  This plan includes a new CAD250 million public equity
offering; a new US$400 million senior unsecured notes offering;
a new US$100 million senior unsecured convertible debentures
offering; and an amendment of the company's credit facilities,
including the reduction in the revolving credit facility to
US$375 million from US$750 million, the extension of the
maturity date by one year to January 2010, and changes to the
covenants.

"The successful completion of these transactions will improve
the company's financial flexibility and liquidity position,
which have been weak," Ms. Harris added.  Proceeds from the
proposed refinancing will be applied to the balance outstanding
on the revolving credit facility, to redeem the series 5
preferred shares for about CAD175 million, and for general
corporate purposes.

On Nov. 7, 2007, the company announced that it had signed a
definitive share purchase agreement with Dutch printer RSDB NV
(Roto Smeets) to sell Quebecor World's European operations to
RSDB.  The proposed new company, Roto Smeets Quebecor (RSQ),
which will be the leading player in the European printing
industry, will be owned 70.1% by RSDB and 29.9% by Quebecor
World.  The purchase price for Quebecor World's European
business will be EUR240 million (equal to about US$350 million),
to be paid to Quebecor World in cash, RSQ shares, and an eight-
year note receivable.  S&P expects the transaction to close
shortly upon regulatory and shareholder approvals.

Reported revenues and adjusted EBITDA were down 7% and 19%,
respectively, for the nine months ended Sept. 30, 2007, compared
with the same period in 2006.  The weak performance is due to
price pressures, volume declines, and operating inefficiencies.
The company's recent completion of a significant equipment
retooling program should positively affect profitability and
cash flow in 2008.  However, S&P believes management will remain
challenged in its efforts to turn around the business because of
very difficult printing industry fundamentals, including ongoing
pricing pressures and volume declines, electronic substitution,
cyclicality, and significant competition.

The ratings will remain on CreditWatch with negative
implications until the successful completion of the equity
offering, senior unsecured notes offering, senior unsecured
convertible debentures offering, and closing of the sale of
Quebecor World's European business to RSDB under the existing
terms and conditions.

Headquartered in Montreal, Quebec, Canada, Quebecor World Inc.
(TSX: IQW) (NYSE: IQW) -- http://www.quebecorworld.com/--
provides marketing and advertising solutions to leading
retailers, catalogers, branded-goods companies and other
businesses with marketing and advertising activities, as well as
complete, full-service print solutions for publishers.  The
company's major product categories include advertising inserts
and circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services.  Quebecor World has
approximately 27,500 employees working in more than 120 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.




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


BANCOLOMBIA SA: Reports Unconsolidated COP78,161 Mil. Net Income
----------------------------------------------------------------
Bancolombia S.A. has reported unconsolidated net income of
COP78,161 million during the past month of October 2007.

During October, total net interest income, including investment
securities, amounted to COP178,627 million.  Additionally, total
net fees and income from services totaled COP63,426 million.

Total assets amounted to COP31.78 trillion, total deposits
totaled COP20.04 trillion and Bancolombia's total shareholders'
equity amounted to COP4.80 trillion.

Bancolombia's (unconsolidated) level of past due loans as a
percentage of total loans was 2.70% as of Oct. 31, 2007, and the
level of allowance for past due loans was 135.80% as of the same
date.

                         Market Share

According to ASOBANCARIA (Colombia's national banking
association), Bancolombia's market share of the Colombian
financial system as of October 2007 was:

      * 18.2% of total deposits,

      * 21.6% of total net loans,

      * 19.1% of total savings accounts,

      * 21.3% of total checking accounts and 14.3% of total time
        deposits.

                      About Bancolombia

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

                        *     *     *

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

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

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

In addition, Fitch affirmed these ratings:

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

Fitch says the rating outlook is stable.


SOLUTIA INC: CPFilms Closes US$6.95MM Buy of Acquired Technology
----------------------------------------------------------------
Solutia(r) Inc.'s CPFilms(r) business unit has acquired the
customer list, patents, production equipment and certain other
assets of Acquired Technology, Inc. for US$6.95 million.  The
ATI acquisition provides technology to help fuel the growth and
development of CPFilms' broad product portfolio while
immediately adding sales volume in the dyed window film
components segment.

"CPFilms is committed to continuing our strong record of global
growth and market development, and this acquisition will help us
to take an important step in that direction," said Kent Davies,
president of Solutia's CPFilms business.  "CPFilms will continue
to emphasize customer service, quality, and product performance
as we serve ATI's components customers.  In addition, we are
broadening our portfolio of available technologies to drive
window film sales all over the world."

Solutia's CPFilms business is the world's largest producer of
high-quality, after-market window films, which bring benefits
such as comfort, aesthetics, energy savings, and security when
applied to glass.  CPFilms also is a leading supplier of high-
value precision coated films and film components sold to a
variety of industries, and holds market-leading technology
positions in support of both businesses. CPFilms is based in St.
Louis, Mo., with manufacturing facilities in Martinsville, Va.,
Axton, Va., Canoga Park, Calif., and Runcorn, U.K.

Based in Alpharetta, Georgia, ATI specializes in dyeing
polyester film with a proprietary, patented thermosol process.
ATI was formed in 1991 and has exclusively manufactured dyed
film since its inception.

Dyed film is an important component of finished window film
products and a key segment within CPFilms' Precision Coatings
business.  The ATI acquisition enhances the business' position
as a technology leader and supplier of dyed film while providing
technologies that will allow it to continue to emphasize the
marketing, manufacturing and development of highly-
differentiated branded window films.

Under the purchase agreement, ATI's founders and principal
owners, Tony Mercado and Don Futch, will serve as consultants to
CPFilms following the closing of the transaction.

                     About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.  The company and 15 debtor-affiliates filed for
chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No.
03-17949).  When the Debtors filed for protection from their
creditors, they listed US$2,854,000,000 in assets and
US$3,223,000,000 in debts.

Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel.  Trumbull Group
LLC is the Debtor's claims and noticing agent.  Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  A hearing to
consider confirmation of the Debtors' Reorganization Plan is
scheduled for Nov. 29, 2007.




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


HILTON HOTELS: Inks Management Agreement with Desatur Cariari
-------------------------------------------------------------
Hilton Hotels Corporation has signed a multi-year management
agreement with Desatur Cariari, S.A. for a full-service
Doubletree by Hilton(TM) hotel in San Jose, Costa Rica - the
Hilton Family of Hotels' fourth hotel development in Costa Rica
this year.  Prior to its anticipated opening in January 2008,
the 222-room Doubletree Cariari by Hilton San Jose, Costa Rica
will undergo a series of renovations featuring upgrades to
guestrooms, public areas, restaurants, meeting facilities, and
more.

"Hilton has made a commitment to grow its family of hotels
throughout Central America, and we are thrilled to bring another
Doubletree by Hilton hotel to the most visited country in the
region.  The Doubletree Cariari by Hilton San Jose and
Doubletree by Hilton Puntarenas Resort will complement each
other and support the brand's recognition as we continue to
grow," commented Danny Hughes, area vice president, Caribbean
and Central America, for Hilton Hotels Corporation.  "The full-
service Doubletree Cariari by Hilton San Jose will acquaint
guests with the diversity that makes this country such a great
place to visit for business or pleasure."

Located in Costa Rica's capital city of San Jose, the Doubletree
Cariari by Hilton San Jose is just five minutes from Juan
Santamaria International Airport and ten minutes from the city
center.  The hotel will feature 174 charming guestrooms and 48
suites, including 24 suites with specialized butler service.
Recreation options will include two swimming pools, fitness
center, and casino, while business travelers will have access to
a fully equipped business center, and 11 meeting rooms.  The
hotel will offer one signature restaurant, a pool bar, and
cafeteria, serving everything from local to international
cuisine.  And, if sightseeing is on the schedule, the hotel is
five minutes from the Plaza Real Cariari shopping center, 30
minutes from the Coffee Tour and Finca de Mariposas (butterfly
farm), and one hour from the Irazu Volcano national park.

In January, Hilton Hotels Corporation announced multi-year
management agreements to manage a 202-room property in Papagayo
and a 410-room property in Puntarenas as the first Hilton and
Doubletree by Hilton branded resorts in Costa Rica,
respectively.  Both resorts are anticipated to open in January
2008.  Earlier this year, Hilton also announced the signing of a
franchise hotel agreement for a Hilton Garden Inn(TM) hotel in
Liberia, Costa Rica, which is forecasted to open in Fall 2008.

"Costa Rica is a thriving destination and we are delighted to
bring our second Doubletree by Hilton hotel to this area of
Central America," said Dave Horton, senior vice president -
brand management for Doubletree Hotels.  "Doubletree Hotels
continues to expand its upscale, full-service hotel portfolio at
a solid pace and this newest hotel agreement in San Jose, Costa
Rica reinforces our pride in Doubletree being recognized by
hotel owners and developers as a dynamic, credible and lucrative
hotel brand for hoteliers around the world."

"We are delighted to be part of the Hilton Family of Hotels and
fly the Doubletree by Hilton flag on our property in San Jose,
Costa Rica," said Yukiko Nakayama, president of Desatur Cariari,
S.A. "The Hilton Family boasts a collection of sales, marketing,
and technology tools that will complement our product and help
deliver great recognition and success for our new hotel.  We
look forward to a long and prosperous partnership."

                      About Desatur Cariari

Desatur Cariari, S.A. owns the Melia Cariari scheduled to become
the Doubletree Cariari by Hilton, San Jose in January 2008, a
resort known for its traditional Costa Rican flavor.  The parent
company is Corporacion Hotelera Cari-Coro, S.A., a prosperous
Japanese corporation that owns a second hotel in Costa Rica.
Both properties have enjoyed positive results and great success
thanks to the recognition generated amongst visitors and the
support of the Costa Rican Tourism Institute.

                     About Doubletree Hotels

With a growing collection of contemporary, upscale
accommodations in more than 180 gateway cities, metropolitan
areas and vacation destinations throughout the U.S., Canada and
Latin America and an aggressive hotel development campaign
around the world, Doubletree Hotels, Guest Suites and Resorts
are distinctively designed properties that provide true comfort
to today's business and leisure travelers.  From the millions of
delighted hotel guests who are welcomed with the brand's
legendary, warm chocolate chip cookies at check-in to the
advantages of the award-winning Hilton HHonors(R) guest reward
program, each Doubletree guest receives a satisfying stay
wherever their travels take them.

                     About Hilton Hotels

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

                        *     *     *

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




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


PETROECUADOR: Contract Revisions To Bring in US$740 Million
-----------------------------------------------------------
Ecuadorian oil minister Galo Chiriboga told Dow Jones Newswires
that revisions to state-run oil firm Petroecuador's contracts
with private companies operating in Ecuador would bring in an
additional US$740 million a year in tax revenues.

Dow Jones relates that the government disclosed in October 2007
that it was increasing royalties to 99% from 50% on any excess
revenues the firms would earn when the price of oil rises above
a certain point stipulated in their original contracts.

Minister Chirboga told the press that the increase in royalties,
according to calculations, could be about US$740 million a year
in additional revenues.

The calculations were based on the assumption that private firms
"would continue accounting for some 55 million barrels of oil
output per year in the country," Dow Jones says, citing Minister
Chiriboga.

Minister Chiriboga admitted to Dow Jones that the changes could
also affect the firm's plans to continue investing in Ecuador.

Dow Jones notes that the changes raised questions about the
willingness of the private firms, which include Spain's Repsol-
YPF SA and Brazil's state-run oil firm Petroleo Brasileiro SA,
to continue investing and operating under tougher terms in
Ecuador, which produces some 500,000 barrels a day.  About 50%
of the production is from private companies.

The report says that the private companies must present
investment plans to the government by the end of this month.

Figures from the firms would likely be lower compared with
previous levels of investment, Dow Jones relates, citing
Minister Chiriboga.

Minister Chiriboga commented to Dow Jones, "What's evident is
that -- without the same prospect of extraordinary revenues --
the companies' levels of investment will surely not be the
same."

Petroecuador head Carlos Pareja told Dow Jones that the
government could turn to Venezuelan state oil company Petroleos
de Venezuela for any shortfall in investment once the private
companies abandon Ecuador.

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


PETROLEUM GEO: S&P Affirms BB- Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term corporate credit ratings on Norway-based oilfield services
company Petroleum Geo-Services ASA following an announcement
that it intends to acquire Norway-based Arrow Seismic ASA.  The
outlook is stable.

"The affirmation reflects our view that the transaction is
favorable from a business standpoint, as it will give PGS
additional marine acquisition vessel capacity," said S&P's
credit analyst Jeffrey B. Morrison.

"The transaction will be entirely debt financed.  As a result,
we expect the company's credit measures to temporarily rise
above levels acceptable for the current ratings.  However, we
expect PGS to use free operating cash flow to reduce debt in
2008 and bring its ratios back into line with our expectations
for the ratings," Mr. Morrison said.

Pro-forma debt/EBITDA is expected to rise to about 2.5-3, but is
expected to decline to below 2.0 by year end 2008, which is
S&P's targeted level for the rating in the current industry
upcycle.

The ratings on Petroleum Geo reflect the company's participation
in the very competitive and highly cyclical seismic subsector of
the oilfield services industry.  They also reflect management's
increasing focus on rewarding shareholders and acquisitions and
the company's aggressive financial risk profile.  S&P's concerns
are partly offset by the company' strong market position, a
sizable and sophisticated fleet, and a favorable near term
operating environment.

Petroleum Geo conducts operations through two primary business
segments: marine geophysical operations (about 76% of total
revenues) and onshore geophysical operations (about 20%). The
company's marine seismic operations, in particular, benefit from
a solid market position.

The stable outlook incorporates S&P's expectations that
currently favorable industry conditions, a healthy near-term
project backlog, and improved organic cash flow will help
management to quickly bring the company's credit ratios back
into line with the expectations for the ratings.

Norway-based Petroleum Geo-Services (OSE: PGS) (NYSE: PGS) --
http://www.pgs.com-- is a focused geophysical company providing
a broad range of seismic and reservoir services, including
acquisition, processing, interpretation, and field evaluation.
The company also possesses the world's most extensive multi-
client data library.  The company has operations in Singapore
and Ecuador.


* ECUADOR: Biggest Weakness Is Willingness to Pay, Fitch Says
-------------------------------------------------------------
Fitch Ratings has released a special report, entitled 'Republic
of Ecuador: Reduced Near-Term Restructuring Risks,' following
its affirmation and removal from 'Rating Watch Negative' of
Ecuador's IDRs on Oct. 30, 2007.  According to the report, while
Ecuador's IDR of 'CCC' indicates that default is a real
possibility over the rating horizon, Fitch believes at this time
that the government's manageable financial position provides a
sufficient counterbalance to Ecuador's key credit weakness,
which is its willingness to pay.

"Fitch believes that it is not in the government's short-term
interest to introduce volatility, or a confidence crisis, into
the economy stemming from a default, which could hurt its
electoral prospects," according to Theresa Paiz-Fredel, Senior
Director in Fitch's Latin America Sovereign Group.

Fitch's recent rating action on Ecuador is due to a perceived
reduction in risk of a potential distressed debt exchange in the
near term.  The government has fulfilled its debt obligations in
2007 and allocated resources in the 2008 budget proposal for
debt service.

However, over the medium-term growth could come under increased
pressure due to the uncertainty over the extent of policy
changes that could be introduced through the constituent
assembly, less investment due to the government's tough stance
in forced contract renegotiations with foreign oil companies and
the resulting difficulty for Ecuador to maintain or increase
current levels of production.  Fitch expects growth in Ecuador
to decelerate this year, in spite of still high oil prices.




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


CABLE & WIRELESS: Loses More Than US$100 Mil. from Cable Theft
--------------------------------------------------------------
The Jamaica Observer reports that Cable & Wireless has lost over
US$100 million due to cable theft.

According to The Observer, Cable & Wireless is collaborating
with the Crime Stop force.  The company is offering up to US$1
million for information leading to the arrest of telephone cable
thieves.

Cable & Wireless Chief Operating Officer Jim Pitchford commented
to The Observer, "The problem affects everybody, so we are now
calling on everyone to get involved in stamping it out."

The reward program has started.  It will be reviewed after six
weeks in line with Crime Stop's standard procedure.  Informants
will remain anonymous, The Observer says, citing Peter Thwaites,
chairperson of Crime Stop operator National Crime Prevention
Fund.

Cable theft in Jamaica had been cutting off telephone service in
numerous communities, Cable and Wireless told The Observer.

There were over 200 instances of cable theft, 76% being repeat
incidents, The Observer notes, citing Mr. Pitchford.  Cables had
been stolen in every parish, particularly in:

          -- St. Ann,
          -- St. Mary, and
          -- St. Catherine.

Mr. Pitchford commented to The Observer, "There are even cases
where we are replacing stolen cables at one end of the route
while they are stealing cables at the other end.  The fact is
that Cable & Wireless has spent billions of dollars developing
its telecommunications infrastructure and we cannot afford to
have it destroyed and to have our customers without service for
indefinite periods because of criminal activity."

Cable & Wireless was investing in new technology to provide
telephone service to subscribers without having to "wire them
up," The Observer says, citing Mr. Pitchford.

"When people steal cables it puts the communities at risk
because people cannot call the police, the fire brigade, an
ambulance or even a neighbor to ask for assistance," Mr.
Pitchford told The Observer.

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%


NATIONAL COMMERCIAL: Earns J$6.6 Billion in Financial Year 2007
---------------------------------------------------------------
The Jamaica Gleaner reports that the National Commercial Bank
attained its largest net profit yet, increasing 20% or J$1.1
billion to J$6.6 billion in financial year ended Sept. 30, 2007,
compared to the previous financial year.

According to The Gleaner, deposits increased despite competition
from high-yield investment schemes during the 2007 financial
year.

The National Commercial's Group Chief Financial Officer Yvonne
Clarke told The Gleaner that direct access to Internet banking
in the retail and corporate banking divisions added to a strong
concentration on client service helped increase profits.

The National Commercial is also focused on guaranteeing that it
is at "the cutting edge of innovation in this market," The
Gleaner says, citing the bank's group managing director Patrick
Hylton.

The Gleaner relates that the National Commercial's board
declared dividends of 17 cents per share payable on Dec. 12,
2007.  "Payouts should total J$419.3 million on issued shares of
2.47 billion."

However, the National Commercial's performance "fell just short
of the J$6.8-billion record profits booked by rival Scotiabank
Jamaica a year ago," The Gleaner notes.

The report says that the National Commercial's revenues for the
financial year 2007 increased by under four billion to J$33.7
billion, compared to the previous financial year.  Its banking
accounted for 70% of this year's revenues, while wealth
management represented 23%.

The Gleaner states that the National Commercial's pre-tax
profits rose J$1.66 billion to J$8.6 billion -- including
J$170.6 million from associated firms -- in the financial year
2007, compared to the financial year 2006.  The bank's loan grew
34%, pushing the portfolio to J$56.5 billion from J$42 billion.
Its deposits "ran ahead by J$19.5 billion to J$118.5 billion."

According to the report, the "developments have given added
weight to the company's balance sheet, which grew by J$31
billion to J$254 billion."  Over 50% of those assets, or J$141.9
billion, were in investment securities.  Some J$4 billion added
to retained earnings gave the bank "a broader capital base of
J$28.5 billion."

The Gleaner relates that the National Commercial recorded
improvements in its key performance indices in the financial
year 2007, including return on total assets, which moved to
2.77% from 2.65% in the previous financial year.  The bank's
cost to income ratio moved to 57.3% from 60%.

M. Hylton told The Gleaner that he will bring the ratio down to
50% in three to five years.  "Total expenses crested J$25
billion, compared to J$23 billion in the previous period."

The Gleaner says that "big increases were recorded in interest
expense," which grew by under J$1 billion to J$12.2 billion in
the financial year 2007.  Staff costs also increased by J$1
billion to J$6.99 billion.

The 17% growth in staff costs were due to negotiated salary
packages and allowances to profit-sharing arrangements, The
Gleaner reports, citing the National Commercial.

                        *     *     *

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

                        *     *     *

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

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

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

          -- individual at 'D';

          -- support at 4.

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


NATIONAL WATER: Heavy Rainfall Shuts Down Water Facilities
----------------------------------------------------------
The National Water Commission told The Jamaica Observer that
"heavy siltation and high turbidity" due to persistent rains
over the weekend have shut down several water treatment
facilities in Jamaica.

The National Water said in a press statement, "Major plants such
as the Spanish Town Treatment Plant in St. Catherine that is
essential to ensure service to communities as far as Kingston
and St. Andrew are currently out of operation."

The National Water told The Observer that these are the
facilities affected:

          -- Ulster Spring in Trelawny,
          -- Sherwood in Trelawny,
          -- Siloah in St. Elizabeth,
          -- Pottinger Springs in St. Mary,
          -- White River in St. Mary,
          -- Windsor Castle in in Portland, and
          -- Craig Mill in Portland.

Radio Jamaica relates that the Spanish Town Treatment facility
that provides service to communities as far as Kingston was also
affected.

Water will be "trucked" to affected areas, Radio Jamaica says,
citing the National Water.

The National Water is urging clients to call its call center for
emergency support and updates, The Observer states.

                        *     *     *

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




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


ACXIOM CORP: Charles Morgan Quits from Board of Directors
---------------------------------------------------------
Acxiom(R) Corporation announced that Charles Morgan has retired,
effective immediately, from the board and as company leader.
Mr. Morgan has entered into a transition agreement with the
company and has agreed to serve as interim company leader until
his successor is selected.  In addition, Mr. Morgan has agreed
to serve as a consultant to the company for up to three years,
focusing on technology and innovation.

The company also announced that its board of directors has
elected Michael J. Durham to serve as the non-executive chairman
of the board of directors.  Mr. Durham has been a member of
Acxiom's board since March 2006.  He formerly served as a
director, president and chief executive officer of Sabre, Inc.

"The Board would like to thank Charles for his many years of
service to the company and its board," Mr. Durham said.
"Charles has played an important role in the company's growth
and its history as an industry leader for more than three
decades.  Looking forward, our board and company remain
committed to building a profitable, growth-oriented future for
our shareholders, clients and associates.  The board's principal
focus right now is the recruitment of a world-class chief
executive to lead Acxiom."

"Acxiom has been and remains an industry leader in delivering
innovative customer information solutions that help our clients
be more successful," Mr. Morgan said.  "I have enjoyed the
opportunity to lead our company and I am committed to helping
the board and company extend Acxiom's leadership position in the
future."

The company also announced that its board of directors has
nominated Kevin M. Twomey for election to the board.  Mr. Twomey
has served in various senior executive positions, including
president of The St. Joe Company from 1999 until his retirement
in 2006.  Mr. Twomey currently serves as a member of the board
of directors of PartnerRe Ltd. If elected by Acxiom's
shareholders at the annual meeting Dec. 21, 2007, Mr. Twomey
will fill the board seat that has been held by Rodger Kline
since 1975.  Mr. Kline will continue to serve as chief
administrative leader.

"Rodger Kline has made a substantial contribution to the Acxiom
board throughout his 32 years as a director," Mr. Durham said.
"He has been a dedicated advocate for the company's
shareholders, clients and associates."

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.

Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 3, 2007,
Standard & Poor's Ratings Services said its 'BB' corporate
credit rating on Little Rock, Arkansas-based Acxiom Corp.
remains on CreditWatch with negative implications, where it was
placed on May 17, 2007.  At the same time, S&P also placed the
'BB' senior secured debt ratings on CreditWatch with negative
implications, because the debt will no longer be refinanced as
part of the LBO financing.


ALESTRA: Working with Sonus Networks to Offer Internet Services
---------------------------------------------------------------
Alestra, S de R.L. de C.V. plans a large-scale expansion with
Sonus Networks, Inc.  Alestra's Sonus-based next-generation IP-
voice network will be the most advanced Voice over IP
communications network in Mexico.  By leveraging Alestra's own
Internet Protocol (IP) and MPLS network, Alestra is able to
increase teledensity in the region without installing costly new
traditional last-mile telephone connections.  In addition,
Alestra is partially relying on Sonus Networks as well as other
Advanced IP Technology partners to help meet recent regulatory
requirements mandating network operators to provide Local Number
Portability during 2008.

The initial phase of the project allows for Alestra to
decommission legacy infrastructure for Local Service in major
markets such as:  Mexico City, Monterrey, Guadalajara, Tijuana,
and Juarez. Sonus' proven ability to deliver end-user services
over its IP Multimedia Subsystem-based network infrastructure,
coupled with its robust solution for efficient LNP
implementation and support were critical factors in Alestra's
decision.  Alestra has been a Sonus customer since 2001, when
the company selected Sonus to offload Internet traffic from
their circuit switched network.  Since the initial deployment,
Alestra has continued to leverage its Sonus network in a variety
of applications, including H323 and SIP routing, PBX and IP-PBX
termination, and carrier peering via TCP/IP.  This recent
expansion extends Alestra's Sonus footprint into its local
access network, improving operating performance and supporting
the roll out of business-critical and lifestyle- changing new
services.  Mexico's policies support the evolution and expansion
of its communications infrastructure, and Alestra is leading
this new wave of change in the region.

"Mexico is rapidly expanding its position as a leader in the
digital revolution.  Alestra is working with all relevant
players in the industry, government and academia to build the
foundations of the communications network of the future.  We've
witnessed first-hand the benefits a Sonus-based network has
delivered in other parts of our network, and we are pleased to
be leveraging those advantages at the edge of our network where
we can not only achieve regulatory compliance, but also
positively impact our customers' experience," said Alestra Chief
Executive Officer, Rolando Zubiran.

"It is rewarding to see one of our earliest customers still
actively investing in its Sonus-based network, as it validates
the value we bring to customers and our ability to help them
address changing market dynamics," said president, Sonus
Networks chairperson and CEO, Hassan Ahmed.  "With the rollout
of this end-to-end IP network, Alestra's customers can
experience first-hand the investments Alestra has made in their
cutting-edge IP voice network."

"As a Service Provider our commitment to our customers is to
provide them with a high-quality operational experience.  This
is a reason to rely on experienced and committed infrastructure
partners such as Sonus," said Alestra Vice President, Chief
Operating Officer and Chief Information Officer, Alejandro
Irigoyen.

"In the past years, Sonus has continued to innovate, and its
platform today provides us with the flexibility we need to help
meet emerging regulatory and end-user demands, while allowing us
to scale our business effortlessly," Alestra Chief Technology
Officer, Adrian Cuadros.

Alestra is continuing to deploy Sonus' complete IMS-based
network infrastructure including the ASX(TM) Access Server, the
GSX9000(TM) Open Services Switch, the PSX(TM) Call Routing
Server, and the SGX(TM) SS7 Signaling Gateway.  As a key
component of the solution, Alestra is leveraging Sonus' recently
announced new high density Circuit Network Server cards that
facilitate the rapid migration of traffic onto the new E1
network, the dominant signaling standard in Latin America.
Alestra has also enlisted the help of Sonus' professional
services team to support the turnkey integration process.  By
leveraging Sonus suite of migration tools, Alestra will be able
to conduct live migrations without interrupting services to its
end users.

Alestra's recent migration path to IP is driven in part by
recent regulatory mandates requiring network operators to
provide Local Number Portability solutions to customers.
Mexico's telecommunications regulator, Comision Federal de
Telecomunicaciones (Cofetel), has called upon the country's
telecommunication providers to offer number portability for both
mobile and landline networks.  Alestra is capping investment in
its legacy infrastructure and is instead opting for a rapid
expansion of its next- generation platform with robust support
for various NP solutions to
meet the current regulations.

"Mexico is dedicated to bringing its population the advanced
communication systems of the 21st century.  As broadband
adoption has continued to increase, Mexico is taking steps to
ensure consumers have options in their choice telecommunications
providers, and wireless subscribers continue to accelerate,"
said Stephane Teral Principal Analyst, Service Provider VoIP,
IMS, and FMC with Infonetics Research.  "Now is an important
time for the emerging markets as they evolve communications
networks to match the growth in their economies."

                   About Sonus Networks

Sonus Networks, Inc. -- http://www.sonusnet.com-- (Nasdaq:
SONS) is a leading provider of IP-voice infrastructure solutions
for wireline and wireless service providers.  With its
comprehensive IP Multimedia Subsystem (IMS) solution, Sonus
addresses the full range of carrier applications, including
residential and business voice services, wireless voice and
multimedia, trunking and tandem switching, carrier
interconnection and enhanced services. Sonus' voice
infrastructure solutions are deployed in service provider
networks worldwide.  Founded in 1997, Sonus is headquartered in
Westford, Massachusetts.

                       About Alestra

Alestra -- http://www.alestra.com.mx-- is the third-largest,
fixed-line telecom in Mexico with a 3% revenues market share as
of June 2007, following Telmex (86%) and Axtel (8%).  The
company provides bundled products including voice, data and
Internet services under the Alestra and AT&T brands.  As of June
2007, last-twelve-months revenues and EBITDA amounted to
approximately US$431 million and US$127 million, respectively.

                        *     *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 5, 2007, Moody's Investors Service upgraded Alestra, S de
R.L. de C.V.'s issuer rating and corporate family rating to B2
from Ca.  These ratings are not assigned to any specific debt
issue.  Prompting the upgrade are improvements in the company's
financial profile.  Leverage has been reduced to 2.8 times debt
to EBITDA and funds from operations interest coverage was 4.4
times for the 12 months ending June 2007.


ATARI INC: Chief Executive Officer David Pierce Resigns
-------------------------------------------------------
David Pierce has resigned as Atari, Inc.'s Chief Executive
Officer under the terms of his employment agreement.  Chief
Restructuring Officer, Curtis G. Solsvig III, will assume Mr.
Pierce's responsibilities on an interim basis.  An executive
search has been initiated to find Mr. Pierce's successor.

"We appreciate David's support and commitment through a
difficult period in the Company's history and wish him well in
his future endeavors." said Chairperson of the Board of
Directors, Gene Davis.

                         About Atari

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) --
http://www.atari.com/-- together with its subsidiaries,
publishes, develops, and distributes video game software in
North America.  It offers games for various platforms.  Its
portfolio of games includes action, adventure, strategy, role-
playing, and racing.  Atari distributes its video game software
in the United States, Canada, and Mexico through mass merchants,
retail outlets, online outlets, specialty retailers, and
distributors.  The company, founded in 1992, was formerly known
as Infogrames Inc. and GT Interactive Software Corp.  It changed
its name to Atari Incorporated in 2003 and is a subsidiary of
Infogrames Entertainment SA.

                    Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended Mar. 31, 2007.  The auditing firm pointed to the
company's significant operating losses.


ATARI INC: Eyes Publishing & Distribution in North America
----------------------------------------------------------
Atari, Inc., has announced the company will re-focus its
operations on publishing and distribution in North America,
completing its withdrawal from the production business.  Atari
also announced that it has licensed its Test Drive franchise to
Infogrames Entertainment, S.A. (IESA) under an agreement, which
includes a US$5 million advance royalty.

                  Restructuring Initiative

Atari has determined to focus its resources on the publishing
and distribution segments of the rapidly growing video game
business.  The company's operations will involve title
acquisition, sales and marketing, and physical distribution of
products from IESA, its 51% shareholder, and
other selected partners.

In line with that goal, Atari has agreed in principle with IESA
to terminate its Production Services Agreement in the near
future.  As a result, Atari will no longer provide production
and quality assurances services to IESA.  Rather, Atari plans to
transfer certain employees and contract other staff on a project
basis for a limited period of time.

As part of the company restructuring, Atari, Inc. will reduce
its current workforce in order to re-align the company's cost
structure with its on-going business base.

                 Test Drive Licensing Agreement

Test Drive Unlimited, an award-winning product in 2006, together
with the entire Test Drive franchise has been licensed to IESA
under a 6-year agreement that provides for a US$5 million
advance royalty.  Test Drive Unlimited, an award-winning product
in 2006, together with the entire Test Drive franchise has been
licensed to IESA under a 6-year agreement that provides for a
US$5 million advance royalty.  The agreement allows IESA, whose
Eden Studios originally developed Test Drive Unlimited for
Atari, to develop and market at least two new releases of the
franchise during the life of the license.  It is anticipated
that the deal, signed on Nov. 8, 2007, will assure the continued
vitality of the franchise and will strengthen the relationship
between Atari and its parent company while providing an
important element in the on-going financial restructuring of
Atari.

Atari's Chief Restructuring Officer, Curtis G. Solsvig III
commented  "Atari continues to take important steps to stream-
line operations and establish a winning business plan.  We
expect that the actions we are undertaking today will position
us for the future as a preferred business
and distribution partner."

As previously announced, Atari recently signed a deal with
BlueBay High Yield Investments (Luxembourg) S.A.R.L for
financial support in the form of a US$10 million credit facility
as part of its overall financial restructuring.  Blue Bay owns
in excess of 20% of IESA's stock.

                          About Atari

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR)
-- http://www.atari.com/-- together with its subsidiaries,
publishes, develops, and distributes video game software in
North America.  It offers games for various platforms.  Its
portfolio of games includes action, adventure, strategy, role-
playing, and racing.  Atari distributes its video game software
in the United States, Canada, and Mexico through mass merchants,
retail outlets, online outlets, specialty retailers, and
distributors.  The company, founded in 1992, was formerly known
as Infogrames Inc. and GT Interactive Software Corp.  It changed
its name to Atari Incorporated in 2003 and is a subsidiary of
Infogrames Entertainment SA.

                    Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended Mar. 31, 2007.  The auditing firm pointed to the
company's significant operating losses.


BENQ CORP: Eyes Business Expansion in the Philippines
-----------------------------------------------------
BenQ Corp. plans to expand its business in the Philippines,
hoping to carve out a niche market first in LCD projectors and
monitors, the Philippine Daily Inquirer reports.

According to Lawrence Casiraya of the Inquirer, BenQ introduced
in a media gathering last week its manager for the Philippines,
Steve Lin, who assumed his post in June.

In an interview with the paper, Mr. Lin said that the company
has been focused on growing its LCD projector and monitor
business since entering the market two years ago.  "Based on
market figures, we're now the No. 4 vendor in LCD projectors,"
Mr. Lin said, behind other vendors like InFocus and Toshiba.

"This has also been our company's thrust in the region.  We're
trailing Epson right now in the LCD monitor market in Asia
Pacific," Mr. Lin added.

The report recounts that BenQ had earlier introduced laptops and
digital cameras which, according to Mr. Lin, will be officially
distributed sometime in 2008.

At present, the Inquirer notes, BenQ has two local distributors
and plans to appoint more to carry other products.  Moreover,
Mr. Lin said that once revenues hit more than PHP1 million a
month, probably by the second quarter in 2008, the company will
set up a local office.

                          About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc.
-- http://www.benq.com/-- is principally engaged in
manufacturing developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.  The firm has
operations in Mexico.

In June 2007 the company announced that it will change its name
to Qisda.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                        *     *     *

As reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned
its long-term twBB+ and short-term twB corporate credit ratings
to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


CABLEMAS SA: Renews Billing Pact with Convergys
-----------------------------------------------
Cablemas S.A. de C.V. has renewed its billing agreement with
Convergys Corporation, the global leader in relationship
management.

The renewed agreement continues the licensing, maintenance, and
support of Convergys' ICOMS convergent voice, video, and data
billing and customer care solution for Cablemas.

"We serve our video and Internet clients with the flexibility
and functionality of Convergys' ICOMS solution," said Gerardo
Martinez, Cablemas CIO.  "The Convergys solution serves as our
Triple Play Billing System and has enabled us to launch the new
telephony service."

"Cablemas has been operating the Convergys ICOMS solution for
over 12 years and it now supports more than 750,000 cable TV,
broadband, and IP Telephony subscribers," said Jim Boyce,
Convergys president, Communications, Media & Entertainment
Business Unit.  "ICOMS functionality provides Cablemas with the
capability to facilitate the creation, sale, and support of its
triple play bundles with a single bill and a single view of the
customer."

With its award-winning software and its broad portfolio of
professional and consulting services, Convergys leads the
communications industry in the deployment of real-time
convergent billing -- including the Quadruple Play of video,
voice, data, and wireless -- for cable, wireless, satellite, and
wireline service providers around the world.

                      About Convergys

Convergys Corporation (NYSE: CVG) -- http://www.convergys.com/
-- provides solutions that drive more value from the
relationships of its clients with their customers and employees.
Convergys turns these everyday interactions into a source of
profit and strategic advantage for its clients.

For 25 years, its unique combination of domain expertise,
operational excellence, and innovative technologies has
delivered process improvement and actionable business insight to
clients that now span more than 70 countries and 35 languages.

Convergys is a member of the S&P 500 and has been voted a
Fortune Most Admired Company for seven consecutive years.  The
company has approximately 75,000 employees in 79 customer
contact centers and other facilities in the United States,
Canada, Latin America, Europe, the Middle East, and Asia, and
our global headquarters in Cincinnati, Ohio.

                        About Cablemas

Cablemas SA de CV -- http://www.cablemas.com-- is the second-
largest cable television operator in Mexico based on the number
of subscribers and homes passed.  As of June 30, 2005, the
company's network served over 546,000 cable subscribers and in
excess of 87,000 high-speed Internet subscribers, with more than
1,647,000 homes passed.  It is the concessionaire with the
broadest coverage in Mexico, operating in 46 cities throughout
the country's oil, maquiladora and tourist regions.

                        *     *     *

On February 2007, Fitch Ratings affirmed these ratings for
Cablemas with a Stable Rating Outlook:

-- Foreign Currency Issuer Default Rating 'BB-';
-- Local Currency Issuer Default Rating 'BB-';
-- US$175 million senior notes due 2015 'BB-'; and
-- National scale 'A(mex)'.


CEMEX SAB: Unit to Expand Scope of Ready Mix Joint Venture
----------------------------------------------------------
CEMEX, Inc., the U.S. subsidiary of CEMEX, S.A.B. de C.V., is in
negotiations with Ready Mix USA, a private ready-mix concrete
company with operations in the Southeastern United States, to
expand the scope of their ready-mix joint venture formed in July
2005.  The completion of the transaction is subject to the
signing of a definitive agreement and obtaining the required
regulatory approvals.

CEMEX intends to contribute assets valued at approximately
US$150 million to the joint venture and intends to sell
additional assets to the joint venture for approximately US$227
million in cash.  As part of the transaction, Ready Mix USA
intends to make a US$150 million cash contribution to the joint
venture.  Ready Mix USA will manage all the newly acquired
assets.  Following the transaction, the joint venture will
continue to be owned 50.01% by Ready Mix USA and 49.99% by
CEMEX.

The assets that would be contributed and sold by CEMEX would
include:

   -- 11 concrete plants, 12 limestone quarries, four concrete
      maintenance facilities, two aggregate distribution
      facilities and two administrative offices in Tennessee;

   -- three granite quarries, one aggregate distribution
      facility in Georgia; and,

   -- one limestone quarry and one concrete plant in Virginia.

All these assets were acquired by CEMEX through its acquisition
of Rinker Group Limited earlier this year.

CEMEX intends to use the proceeds of the sale of these assets to
reduce debt.  The 2006 EBITDA for the operations involved was
approximately US$47 million.

"We continue to be pleased with our joint venture with Ready Mix
USA.  We believe that this transaction will further enhance its
ability to serve our customers even better than we do today,
while strengthening our already successful relationship with
Ready Mix USA," said Gilberto Perez, President of CEMEX, Inc.

"Ready Mix USA is excited to be expanding our joint venture with
CEMEX.  The joint venture has been successful due in large part
to the excellent relationship with our partner.  The combination
of CEMEX's global strength with our local strength has resulted
in a great team," commented Marc Bryant Tyson, President of
Ready Mix USA.

CEMEX SA -- http://www.CEMEX.com/-- is a growing global
building solutions company that provides high quality products
and reliable service to customers and communities in more than
50 countries throughout the world.  Commemorating its 100th
anniversary in 2006, CEMEX has a rich history of improving the
well-being of those it serves through its efforts to pursue
innovative industry solutions and efficiency advancements and
to promote a sustainable future.

                        *     *     *

On May 30, 2005, Moody's Investors Service revised the
ratings outlook on Cemex S.A. de C.V.'s Ba1 ratings to positive
from stable.  Ratings affected include the company's Ba1 ratings
on approximately US$110 million in senior unsecured Euro notes
and its senior implied rating.


COREL CORP: S&P Revises Outlook; Affirms B Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Corel Corp. to stable from positive. At the same time, S&P
affirmed the ratings, including the 'B' long-term corporate
credit rating, on the company.  At Aug. 31, 2007, the company
had US$169 million of debt outstanding.

"The outlook revision reflects the company's weaker-than-
expected operating performance for the nine months ended
Aug. 31, 2007, and limited visibility that it can meaningfully
improve its operating cash flows in the next 12 months despite
several product releases under way," said S&P's credit analyst
Madhav Hari.  Specifically, in the nine months ended
Aug. 31, 2007, Corel Corp. reported a mid-single-digit decline
in organic revenues with weak performance at both high-margin
Corel on a stand-alone basis (67% of pro forma revenues;
negative 3.7% year-over-year) and InterVideo Inc. (33% of
revenues; high single-digit year-over-year decline).
"Nevertheless, discretionary free cash flow generation, while
below our expectations of US$40 million for fiscal 2007, remains
substantive and offers solid support for the ratings," Mr. Hari
added.

The ratings on Corel Corp. reflect its weak market position
within the highly competitive packaged software industry, weak
pricing power, a limited track record of profitability, and the
short life span of such products in general.  The ratings also
reflect an aggressive financial policy given the company's
desire to continue seeking additional debt-financed acquisitions
in the medium term.  These factors are partially offset by
Corel's brand recognition as a viable alternative to globally
dominant packaged software offerings; a large and diverse
installed base; improving product, geographic, and distribution
diversification from recent acquisitions; and a meaningful
proportion of recurring revenues from original equipment
manufacturers' (OEM) sales, upgrades, and maintenance contracts.

The stable outlook reflects S&P's view that Corel Corp. will be
able to modestly increase its revenues and continue to generate
meaningful free operating cash flow in the near term.  S&P
doesn't expect the company to significantly reduce its debt
because discretionary cash flows will be used to fund
acquisitions.  Should new product releases and improved
execution improve revenues, profitability, and free cash flow,
S&P could revise the outlook to positive.  Conversely, if
revenue growth weakens further and profitability stalls because
of competitive forces, pricing pressures, or shifting customer
(OEM) purchasing behavior, S&P could revise the outlook to
negative.

                      About Corel Corp.

Ottawa, Ontario-based Corel Corporation (NASDAQ: CREL) (TSX:
CRE) -- http://www.corel.com/-- is a packaged software company
with an estimated installed base of over 40 million users.  The
company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.


FREESCALE SEMI: Joins SPIRIT Consortium Board of Directors
----------------------------------------------------------
Freescale Semiconductor has joined The SPIRIT Consortium, a
global organization focused on establishing multi-faceted
IP/tool integration standards that drive sustainable growth in
electronic design, as the final member of its Board of
Directors.  Freescale with the original six steering committee
members, ARM, Cadence, Mentor Graphics, NXP Semiconductors , ST
Microelectronics, and Synopsys and together with LSI and Texas
Instruments, completed the organization's nine-member Board.

The Board of Directors effectively drives the creation and
adoption of standards for configuring, integrating, and
verifying IP.  Board members vote on all decisions affecting the
direction and provision of deliverables from The SPIRIT
Consortium.  All Consortium members are committed to making
their IP and IP tools interoperable through the adoption and
integration of The SPIRIT Consortium specifications.

The membership of The SPIRIT Consortium includes more than 90
industry-leading EDA, IP providers and systems integrators.  New
Reviewing Members include Barbay Consulting, Future Wireless
Technologies, Gary Stringham & Associates, Jasper Design
Automation, Savant Company, Synfora, Thales Communications S.A.,
and Think Silicon Ltd.

                    Luke Smithwick On Board

Freescale has appointed Luke Smithwick, director of Solution and
Software Technologies, as its representative to the Board.  Mr.
Smithwick has extensive management and technical experience as
an executive at Freescale, Aware, and Globespan Semiconductor,
among others.  In his current position he is responsible for the
definition/implementation of platform-based solutions and
establishing a consistent framework, architecture, and
methodology for solutions.  Mr. Smithwick is in the unique
position within Freescale of working closely with the business
groups and with the other corporate technology teams to help
drive the enhancement of The Consortium's IP-XACT(TM)
specification to meet various market requirements as well as the
internal adoption and alignment of the specification with
Freescale methodologies.

"Freescale has activities covering every step of the IP design,
integration, production, and application development process
using multiple process architectures.  This puts Freescale in a
unique position to drive, contribute to, and validate
specifications against an end-to-end tool flow," said Ralph von
Vignau, president of The SPIRIT Consortium.  "Freescale has been
an active Contributing member in several working groups to date,
and we look forward to their further contributions."

Freescale is a strong supporter of industry standards. The
company participates in a number of standards activities related
to development, integration and reuse of semiconductor IP as
well as software development and debugging tools.  As a
Contributing Member of The SPIRIT Consortium, Freescale has
already participated in the debug and register debug working
groups, as well as the planning of the proposed documentation
working group.

"Freescale is committed to driving and utilizing standards that
support and enhance our business," said Luke Smithwick, director
of Solution and Software Technologies, Freescale.  "The IP-XACT
specification provides a framework for IP integration and
exchange resulting in higher productivity and quality across the
industry.  We look forward to the opportunity to strengthen our
relationship with The SPIRIT Consortium by contributing to and
promoting this effort."

                    About SPIRIT Consortium

The SPIRIT Consortium -- http://www.spiritconsortium.org/-- is
a global organization focused on establishing multi-faceted
IP/tool integration standards that drive sustainable growth in
electronic design.  It is comprised of companies dedicated to
the adoption of a unified set of specifications for configuring,
integrating, and verifying IP in advanced SoC design tool sets.
The Consortium is comprised of leading EDA, IP, system
integration, and semiconductor companies.

                 About Freescale Semiconductor

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.  In Europe, the company has
operations in Czech Republic, France, Germany, Ireland, Italy,
Romania, Turkey and the United Kingdom.  Revenues for the 12
months ended March 31, 2007 were US$6.2 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, Standard & Poor's Ratings Services has placed
its 'BB-' corporate credit rating and other ratings on Freescale
Semiconductor Inc. on CreditWatch with negative implications.

As reported in the Troubled Company Reporter-Latin America on
Oct. 26, 2007, Moody's Investors Service has placed the ratings
of Freescale Semiconductor, Inc. under review for possible
downgrade:

   -- Corporate Family Rating (New), Ba3

   -- Probability of Default Rating, Ba3

   -- US$750 Million Senior Secured Revolving Credit Facility
      due 2012, Baa3 (LGD-2, 16%)

   -- US$3.50 Billion Senior Secured Term Loan B Facility due
      2013, Baa3 (LGD-2, 16%)

   -- US$2.85 Billion Senior Unsecured Notes due 2014, B1
      (LGD-4, 63%)

   -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014,
      B1 (LGD-4, 63%)

   -- US$1.60 Billion Senior Subordinated Unsecured Notes due
      2016, B2 (LGD-6, 91%)


FREESCALE SEMICONDUCTOR: Fitch Assigns Low B & Junk Ratings
-----------------------------------------------------------
Fitch has initiated coverage of Freescale Semiconductor Inc. by
establishing these ratings:

  -- Issuer default rating of 'B+';
  -- Bank revolving senior secured credit facility of 'BB+/RR1';
  -- Senior secured term loan of 'BB+/RR1';
  -- Senior unsecured notes of 'B/RR5';
  -- Senior subordinated notes of 'CCC+/RR6'.

The rating outlook is stable.  Fitch's actions affect
approximately US$10 billion of debt.

Rating concerns center on:

     -- Fitch's belief that Freescale will be challenged to
        meaningfully improve profitability over the next few
        years due to weaker than originally anticipated
        customer and end market demand over the near-term,
        pressured average selling prices across key end
        markets, and maturing end market growth rates.  Fitch
        remains cautious regarding Freescale's higher than
        company-wide margin networking segment due to
        anticipated pressured wireless infrastructure spending
        for 2008.  In addition, the wireless and mobile
        solutions group (WSMG) segment continues to suffer from
        the competitive weakness of Motorola Inc. ('BBB+'
        /F2/Negative Outlook) and substantially lower than
        company-wide profitability levels;

     -- Freescale's relatively weak credit protection measures,
        with Fitch-estimated leverage of 6.6 times (2.4 secured
        debt/EBITDA), interest coverage of 2.0, and free cash
        flow/total debt of 2.2%; Fitch expects credit metrics
        will remain near current levels over the intermediate
        term, due to minimal debt amortization requirements and
        Fitch's expectations for only modest profitability
        expansion;

     -- Freescale's significant but necessary ongoing R&D
        expenditures required to win new design references,
        diversify its WSMG segment, and strengthen the
        intellectual property portfolio.  Despite solid foundry
        relationships and R&D partnerships, Freescale's ongoing
        investment requirements will remain substantial,
        approximating 25%-30% of total sales for capital
        spending and R&D; and

     -- Greater than originally contemplated volatility in
        WMSG, given continued concentration to Motorola (26% of
        total company sales for the quarter ended Sept. 28,
        2007), which has lost 8% of share in the global handset
        market over the last year (to approximately 14% in the
        3rd quarter of 2007).  Although Freescale is likely to
        attract additional wireless customers in WMSG, Fitch
        does not anticipate meaningful positive earnings
        contribution from such an event over the near-term.

The Outlook and ratings are supported by Freescale's:

     -- Leading market positions in comparatively stable
        automotive electronics and standard products markets,
        as well as higher-margin networking markets;

     -- Continued solid position as key supplier to Motorola,
        which despite current operational challenges and market
        share losses Fitch believes will remain a leader in the
        global handset industry given its significant scale,
        leading market positions (#1 in North America), and
        strong brand name;

     -- Relatively diversified end market, product, and
        customer (outside Motorola) portfolios, particularly in
        the Transportation and Standard Products Group segment;
        and

     -- Significant unit scale, ensuring supply continuity with
        foundries and, thereby, supporting the company's asset
        light strategy and more stable free cash flow.

Fitch may downgrade Freescale if:

     -- Credit protection measures deteriorate due to erosion
        in the company's profitability or free cash flow;

     -- Management does not execute on its restructuring
        efforts, including successful site consolidation, asset
        sales, and meaningful improvement in the company's cash
        conversion cycle.

Conversely, Fitch may consider positive rating actions if
Freescale:

     -- Improves its operating margin profile and free cash
        flow characteristics via successful expansion of
        higher-margin products along with a successful design
        win at another significant wireless handset
        manufacturer;

     -- Utilizes proceeds from potential asset sales or
        divestitures to materially reduce debt.

The senior secured debt facility is secured by Freescale's
equity ownership in all material wholly-owned subsidiaries
(limited, in the case of foreign subsidiaries, to 65% of the
voting stock of such subsidiaries) and substantially all present
and future tangible and intangible assets of Freescale.  In
addition, the bank facility carries a limitation on senior
secured debt of 4.0 EBITDA through 2008, and declines to 3.75
through 2010, and 3.5 thereafter.  There are also limitations on
dividends, sale of assets and other customary covenants.

Adequate financial flexibility and liquidity as of
Sept. 28, 2007, supported by approximately US$772 million of
cash and cash equivalents, approximately US$370 million of which
is located in the U.S., and an undrawn US$750 million revolving
bank credit facility expiring Dec. 1, 2012; Fitch anticipates
annual free cash flow will be US$100-200 million annually over
the next few years, modestly supporting liquidity. Additionally,
the company is currently pursuing the sale of certain assets,
which could be utilized for modest debt reduction, which the
current ratings and outlook incorporate.  With no borrowings
outstanding under the revolving bank credit facility,
Freescale's only debt amortization until 2013 is 1% per annum
under the term loan facility, or approximately US$35 million per
year.

At Sept. 28, 2007, total debt was approximately US$9.5 billion
and consisted primarily of:

     i) US$3.5 billion of senior secured term loan expiring
        Dec. 1, 2013;

     ii) US$500 million of floating rate senior notes due 2014;

     iii) US$1.5 billion of 9.125% PIK-election senior notes
          due 2014;

     iv) US$2.35 billion of 8.875% senior notes due 2014;

     v) US$1.6 billion of 10.125% senior subordinated notes due
        2016; and

     vi) US$59 million of other debt, including capital leases.

The Recovery Ratings for Freescale reflect Fitch's recovery
expectations under a distressed scenario, as well as Fitch's
expectation that the enterprise value of Freescale, and hence
recovery rates for its creditors, will be maximized in a
restructuring scenario (as a going concern) rather than a
liquidation scenario.  In deriving a distressed enterprise
value, Fitch applies a 35% discount to Freescale's operating
EBITDA of approximately US$1.4 billion for the latest 12 months
ended Sept. 28, 2007.  The discount is equivalent to Fitch's
estimate of maintenance capital spending, rent expense, and
total interest expense for Freescale, assuming the company
exercises its option to pay in kind (PIK) interest expense on
the above referenced US$1.5 billion PIK-election senior notes.
Fitch then applies a 6 times distressed EBITDA multiple, which
considers that a stress event would likely result in a
contraction to Freescale's current multiple.  As is standard
with Fitch's recovery analysis, the revolver is assumed to be
fully drawn and cash balances fully depleted to reflect a stress
event.  The 'RR1' for Freescale's secured bank facility and term
loan reflects Fitch's belief that 91%-100% recovery is likely.
The 'RR5' for Freescale's senior notes reflects Fitch's belief
that 11%-30% recovery is realistic.  The 'RR6' for Freescale's
senior subordinated debt reflects Fitch's belief that 0%-10%
recovery is realistic.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.  In Europe, the company has
operations in Czech Republic, France, Germany, Ireland, Italy,
Romania, Turkey and the United Kingdom.  Revenues for the 12
months ended March 31, 2007 were US$6.2 billion.


MOVIE GALLERY: Court Defers Hearing on Leases Auction to Nov. 28
----------------------------------------------------------------
The Honorable Douglas O. Tice of the U.S. Bankruptcy Court for
the Eastern District of Virginia issued an amended order
changing the dates for the cure objection deadline and
corresponding hearings concerning Movie Gallery, Inc. and its
debtor-affiliates' sale and auction of 508 leases and lease
designation rights.

Specifically, Judge Tice will convene a hearing on
Nov. 28, 2007, at 2:00 p.m., prevailing Eastern Time, to
consider entry of one or more orders authorizing and approving
the relief sought by the Debtors that is not granted including
approval of the sale agreements, the sale of designation rights,
and the lease termination agreements.

The Court also set Nov. 26, 2007, at 4:00 p.m., prevailing
Eastern Time, as the deadline for all parties-in-interest, to
file objections to the sale of designation rights, the sale
agreements, and the lease termination agreements and any other
disposition of the leases.

                     About Movie Gallery

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

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, serve as the Debtors' local counsel.  The
Debtors' claims & balloting agent is Kutzman Carson Consultants
LLC.  The U.S. Trustee for Region 4 appointed an Official
Committee of Unsecured Creditors in the Debtors' bankruptcy
proceedings on Oct. 18, 2007.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  (Movie Gallery Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Resolves Objections to Leases Auction
----------------------------------------------------
Movie Gallery, Inc. and its debtor-affiliates declared that they
have resolved certain objections to the auction of 508 leases
and lease designation rights.

Those resolutions are contained in the amended order that the
U.S. Bankruptcy Court for the Eastern District of Virginia
issued, which extends the lease auction objection deadline and
postponing the cure hearing to Nov. 28, 2007.

Peter J. Barrett, Esq., at Kirkland & Ellis LLP, in New York,
says that these extensions will provide additional time for
parties to consensually resolve all cure objections.

                   Committee's Prior Response

The Official Committee of Unsecured Creditors in the Debtors'
cases recognized that the store closing process must, among
other things, strike the appropriate balance between the notice
needs of the landlords and the estates' need for a process which
is compliant with the requirements of Section 365(d)(4) of the
Bankruptcy Code for assumption and rejection of all
nonresidential real property leases, absent consent, within no
more than 210 days after the Debtors' filing for bankruptcy.

Proposed counsel for the Committee, Brian F. Kenney, Esq., at
Pachulski, Stang, Ziehl & Jones, in Los Angeles, California,
related that the Committee is on the process of reviewing and
analyzing various motions, orders and responses filed by the
Debtors in the Chapter 11 cases with respect to the store
closing process.

Mr. Kenney noted that the Committee has been in communication
directly with the Debtors regarding certain of the Committee's
comments and concerns with respect to the store closing process
and has requested modifications of some procedures to better
protect the estates or to ensure fairness to affected
creditors or landlords.

According to Mr. Kenney, the Debtors have assured the Committee
that actual implementation of the store closing process will
take account of the Committee's specific and already shared
comments and concerns.  The Debtors have likewise provided the
Committee counsel with a proposed order that is intended to
reflect those comments and concerns, and the Committee presently
is reviewing the proposed order.

Mr. Kenney further disclosed that the Committee continues to
consider the issues and concerns expressed in the Inland
Entities' motion for reconsideration of, and vacation of, the
Court's order approving the auction and bid procedures.

                    More Entities Object,
       Inland and Strip DE Withdraw Reconsideration Request

These entities objected to the Debtors' request and asked the
Court to reconsider or vacate its order authorizing the Debtors
to auction certain leases and lease designation rights:

   * LSI Retail I, LLC
   * LSI Retail II, LLC
   * LSI Conifer I, LLC
   * VNO 3098 Long Beach Road LLC
   * Estate of Rowland C. Cobb
   * Raoul and Ellen Freeman Family Trust
   * PKS Development, Inc.
   * MDMK Farmington LLC
   * The Macerich Company
   * RREEF Management Company
   * West Valley Properties
   * Westwood Financial Corporation
   * Watt Management Company
   * Sywest Development
   * Primestor Los Jardines, LLC
   * J.H. Snyder Company
   * Sol Hoff Company, LLC
   * Beverly Wilcox Properties, LLC
   * GE Commercial Finance Business Property Corporation
   * Hing Properties
   * Publix Super Markets, Inc.
   * Ronald Pearson
   * Brandon Mall General Partnership
   * Walgreen Co.
   * Chestnut Hill Ventures, LLC

The objectors contended that:

   (a) the bid procedures set forth in the Bid Procedures Order
       are unreasonable and deficient; and

   (b) the Bid Procedures Order grants certain substantive
       rights to the Debtors that are inappropriate in the
       context of a bid procedures order.

These parties also filed joinders to Inland Southwest
Management, LLC's request to reconsider or vacate the Court's
order:

   * Weingarten Realty Investors
   * RMC Property Group
   * BC Wood Properties
   * Basser Kaufman, Ltd.
   * Kimco Realty Corporation
   * Gibraltar Management
   * Realty Income Corporation and affiliates
   * CVS Pharmacy and affiliates
   * Oekos Management Corporation
   * King Entertainment, Inc.
   * King Entertainment Okeechobee, Inc.
   * Sunrise Plaza Associates, L.P.
   * Rudco Properties, Inc.
   * Rivercrest Realty Associates, LLC
   * The Widewaters Group, Inc.
   * Gateway Center Economic Development Partnership, Ltd.
   * Highlands Plaza LLC, Massachusetts
   * Grove Hall Retail Center LLC, Massachusetts
   * BTS Boonton LLC, New Jersey
   * The Matteson Companies
   * DIM Vastgoed, N.V.
   * CBRE Louisville, LLC
   * Linwood Tower LLC
   * Madison Lake Forest LLC
   * Trails Village Center Company
   * Lake Mead and Buffalo Partnership
   * Timothy and Linda Falvey Family Trust
   * Indian Valley Plaza, Inc.
   * Murrells Partners LLC
   * Glenwood Crossing LLC
   * Sawmill Ridge Plaza Ltd. Ptsp.
   * Great Southern Owner LLC
   * W/S North Hampton Properties, LLC
   * Julian Cohen and Stephen R. Weiner as Trustees of
       Malway Realty Trust
   * W/S Peak Canton Properties LLC
   * Jordan Bay Investment Corp.
   * Sugar Creek Village, L.P.
   * Wayside Development Company
   * Stockyards Development Group, LLC
   * Hollywood-Anniston, LLC
   * Hollywood-Tupelo, LLC
   * RD Investment LLC
   * James D. Johnson and Connie Sue Lemmon-Johnson
   * Holiday Park Plaza, Ltd.
   * Bowling Green Plaza, LLC
   * Swansea Realty Investments, LLC
   * Clinton Parkway Center, LLC
   * GE Commercial Finance Business Property Corporation

The Strip Delaware LLC withdrew its reconsideration request as a
result of an agreement reached with the Debtors.

             Landlords Object to Lease Cure Amounts

(A) H.E. Butt Store

H.E. Butt Store Property Company No. One objected to the Lease
Cure Amount for Store No. 43659 located in Westgate Shopping
Center, in Austin, Texas, reflected by the Debtors in their
notice of disposition of interests in certain nonresidential
real property leases.

According to HEB, the cure amount contained in the Notice of
Disposition is US$11,663, which is an amount roughly equivalent
to one month's base rent of US$9,625 plus one month's additional
tax rent of US$1,040.  The Lease Cure Amount for the Property
lease reflected on the Web site maintained for the bankruptcy
case is US$11,503.

HEB asserted that the Cure Amount should include an estimated
amount for the pro rata share of triple net adjustments, which
includes CAM charges, taxes and insurance, accrued through the
date of the commencement of the case which HEB Property Company
calculates to be US$4,482, based on actual numbers for 2006:

   a. Taxes     US$6,476  times 10/12ths  =  US$5,396
   b. CAM      (US$1,460) times 10/12ths  = (US$1,216)
   c. Insurance   US$362  times 10/12ths  =    US$302
                                               ------
      TOTAL                                  US$4,482
                                               ======

Accordingly, HEB contended that the correct Cure Amount as to
the Property lease should be US$15,985, computed US$11,503 +
US$4,482.  HEB therefore asked the Court to set the correct Cure
Amount as to the Property lease at US$15,985.

(B) Kimco and Pearson

Kimco Realty Corporation objected to the Debtors' proposed cure
amounts totaling not less than US$89,000.  Kimco asserted that
the correct cure amount total not less than US$111,000.

Ron Pearson, on the other hand, asserted a US$14,491 prepetition
cure amount.

                  Debtors Resolve Objections

According to Mr. Barrett, the Debtors' efforts to resolve the
requests to reconsider have been a success.  Significantly, he
says, the request for reconsideration filed by The Inland Real
Estate Group of Companies, Inc., a member of the Official
Committee of Unsecured Creditors, and The Strip Delaware LLC,
have already been withdrawn.  The Debtors also resolved the
Committee's concerns regarding the auction procedures through
active and productive discussions without the need for the
Committee to file any formal objection with the Court.

In addition, the Debtors have reached tentative agreements with
various parties to withdraw a significant number of the
remaining motions to reconsider pending entry of a further
amended order modifying various aspects of the auction
procedures.

Mr. Barrett relates, among other things, that the third amended
order, which will apply to all leases subject to the auction
procedures, provides these substantive modifications which are
more favorable to the landlords or creditors:

   a. the Debtors will provide documentation of a successful
      bidder's adequate assurances of future performance by e-
      mail no later than one business day following the auction
      to those landlords who have provided their e-mail
      addresses as set forth in the amended auction procedures,
      to provide landlords with additional time to review the
      information;

   b. the auction procedures have been clarified to ensure that
      each bidder must properly submit evidence of its adequate
      assurances of future performance under a particular lease
      for any bid to be considered at the auction, to provide
      landlords with greater comfort regarding the ability of
      potential assignees to honor obligations under the leases;

   c. landlords submitting bids are required only to waive
      prepetition claims in order to participate in the auction
      to provide landlords with greater ability to participate
      in the auction;

   d. issues with respect to the ongoing liability of a debtor-
      guarantor following the assumption and assignment of a
      lease will be resolved at a later date, if necessary, to
      allow landlords to reserve their rights with respect to
      that relief; and

   e. landlords are required only to submit deposits to the
      extent the landlord bids exceed the credit component of
      the bids, to clarify that landlords do not have to submit
      a deposit for the non-cash component.

The Debtors assert that the third amended order reflects their
best efforts to reach an acceptable resolution for the benefit
of all landlords subject to the auction procedures while
ensuring that the auction remains a meaningful avenue through
which the Debtors may realize value for the benefit of their
estates.  As a result of these efforts, Mr. Barrett says,
approximately 11 motions to reconsider have been resolved, most
of which are styled as joinders to the two motions that have
been withdrawn.

The Debtors contend that the remaining motions to reconsider, to
the extent not withdrawn or resolved, should not be allowed to
prevent them from exercising their rights under the amended
auction procedures to maximize the value of their estates.

The Debtors remain committed to resolving all reasonable
concerns related to the auction procedures prior to the hearing
on the motions to reconsider, Mr. Barrett maintains.

The Debtors, hence, ask the Court to deny the objections in
their entirety and approve the amended auction and bid
procedures.

                     About Movie Gallery

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

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, serve as the Debtors' local counsel.  The
Debtors' claims & balloting agent is Kutzman Carson Consultants
LLC.  The U.S. Trustee for Region 4 appointed an Official
Committee of Unsecured Creditors in the Debtors' bankruptcy
proceedings on Oct. 18, 2007.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  (Movie Gallery Bankruptcy News, Issue
No. 7; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


MOVIE GALLERY: Securities Delisted from NASDAQ Stock Market
-----------------------------------------------------------
The NASDAQ Stock Market filed a Form 25 with the Securities and
Exchange Commission on Nov. 7, 2007, to complete the delisting
of Movie Gallery, Inc.'s common stock.

Movie Gallery received notification from NASDAQ on
Oct. 16, 2007, indicating that its common stock will be delisted
due to the company's filing for protection under Chapter 11 of
the U.S. Bankruptcy Code and concerns about the Company's
ability to sustain compliance with all of NASDAQ's listing
requirements.

Movie Gallery's stock was suspended on Oct. 25, 2007, and has
not traded on NASDAQ since that time.

The delisting becomes effective 10 days after the Form 25 is
filed.

Headquartered in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.
It operates over 4,600 stores in the United States, Canada, and
Mexico under the Movie Gallery, Hollywood Entertainment, Game
Crazy, and VHQ banners.

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

The Official Committee of Unsecured Creditors selected Pachulski
Stang Ziehl & Jones LLP as its lead counsel and Miles &
Stockbridge PC as its co-counsel.

When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.




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


CLOROX CO: Board Declares 40 Cents Per Share Quarterly Dividend
---------------------------------------------------------------
The Clorox Company's board of directors has declared a regular
quarterly dividend of 40 cents per share on the company's common
stock, payable Feb. 15, 2008, to stockholders of record on
Jan. 28, 2008.

                   About Clorox Company

Headquartered in Oakland, California, The Clorox Company
(NYSE: CLX) -- http://www.thecloroxcompany.com/-- provides
household cleaning products and reaches beyond bleach.  Although
best known for bleach (leader worldwide), Clorox makes laundry
and cleaning items (Formula 409, Pine-Sol, Tilex), cat litter
(Fresh Step), car care products (Armor All, STP), the Brita
water-filtration system (in North America), and charcoal
briquettes (Kingsford).

In Latin America, Clorox has manufacturing facilities in Costa
Rica, Dominican Republic, Panama, Peru and Colombia, among
others.

At Dec. 31, 2006, Clorox's balance sheet showed total assets of
US$3,624 million and total liabilities of US$3,657 million
resulting in a stockholders' deficit of US$33 million.  The
company reported a stockholders' deficit of US$156 million at
June 30, 2006.


COMVERSE TECH: Andre Dahan Assumes CEO Role for Subsidiary
----------------------------------------------------------
Comverse Technology Inc. reported a continuation of its
organizational realignment, through which certain positions at
Comverse Technology, Inc. and its wholly owned subsidiary
Comverse, Inc. have been consolidated, creating a more agile,
cross-functional structure.  Accordingly, Comverse Technology's
President and Chief Executive Officer Andre Dahan will assume
the additional position of President and Chief Executive
Officer, Comverse, Inc. Mr. Dahan said, "We have been evolving
from a holding company structure, and toward a flatter, more
functionalized global organization in which senior management is
closer to our customers, and decisions can be made more
efficiently."

The consolidation represents another step in creating a more
functional and agile organization, better able to serve
customers with greater responsiveness.  This year, Comverse
Technology has strengthened its senior management team through
the addition of:

   -- John Bunyan, Chief Marketing Officer;

   -- Lance Miyamoto, Executive Vice President, Global Human
      Resources;

   -- Cynthia Shereda, Executive Vice President, General Counsel
      and Corporate Secretary; and

   -- Lauren Wright, Senior Vice President, Business Operations
      and Planning.

Each of these new executives holds cross-functional
responsibilities at both Comverse Technology, Inc., and
Comverse, Inc.

With this realignment, Yaron Tchwella, the current President of
Comverse, Inc., will be leaving the company following a
transition period.  "I'd like to thank Yaron for his
contributions to the company, and in particular for his role in
helping to design and launch our organizational transition,
while meeting business goals and objectives during his time as
President," Mr. Dahan added.

                  About Comverse Technology

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

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

                        *     *     *

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




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


PILGRIM'S PRIDE: Incurs US$7.5 Mil. Net Loss in Fourth Qtr. 2007
----------------------------------------------------------------
Pilgrim's Pride Corporation has reported net income of US$33.2
million, or US$0.50 per share, on record sales of US$2.15
billion for the fourth fiscal quarter ended Sept. 29, 2007.
These results include a charge of US$12.0 million, US$7.1
million net of tax, or US$0.11 per share, related to the early
extinguishment of debt incurred by the company in connection
with the calling of its 9 5/8% bonds in September.  For the
fourth quarter of fiscal 2006, the company reported a net loss
of US$7.5 million, or US$0.11 per share, on total sales of
US$1.34 billion.

"Industry fundamentals remained solid in the fourth quarter as
strong export demand and low cold-storage inventories helped
sustain positive market pricing trends.  Our improved
profitability compared to the prior-year period resulted from
higher market pricing for chicken products and an improved
product mix as we succeeded in upgrading some of our commodity-
type meat into higher-margin, value-added products," said
Pilgrim's Pride president and chief executive officer, O.B.
Goolsby Jr.  "In addition, our consumer retail segment continued
to post good growth as a result of increased penetration of
supermarket meat and deli cases and our growing role as a
category management partner."

Despite favorable industry fundamentals and the year-over-year
improvement in profitability, Mr. Goolsby acknowledged that the
company's earnings for the fourth quarter were below its own
expectations.  He said operational inefficiencies and higher
fuel costs resulted in higher production and freight costs
during the quarter.

"Automation will be a key focus of our capital investment
program in fiscal 2008.  We believe this investment, which
includes labor-reducing technology, will enable us to move more
products through our plants efficiently and help alleviate some
of the recent issues related to a tight labor market and higher
input costs," Mr. Goolsby explained.

For the full 2007 fiscal year, the company reported net income
of US$47.0 million, or US$0.71 per share, on record sales of
US$7.60 billion.  Included in these results were charges of
US$26.5 million, US$15.8 million net of tax or US$0.24 per
share, related to the early extinguishment of debt incurred by
the company in connection with the financing for the Gold Kist
acquisition and in connection with the calling of our 9 5/8%
bonds in September.  In fiscal 2006, Pilgrim's Pride reported a
net loss of US$34.2 million, or US$0.51 per share, on sales of
US$5.24 billion.

                    About Pilgrim's Pride

Headquartered in Pittsburgh, Texas, Pilgrim's Pride Corporation
(NYSE: PPC) -- http://www.pilgrimspride.com/-- produces,
distributes and markets poultry processed products through
retailers, foodservice distributors and restaurants in the U.S.,
Mexico and in Puerto Rico.  Pilgrim's Pride employs about 40,000
people and has major operations in Texas, Alabama, Arkansas,
Georgia, Kentucky, Louisiana, North Carolina, Pennsylvania,
Tennessee, Virginia, West Virginia, Mexico and Puerto Rico, with
other facilities in Arizona, Florida, Iowa, Mississippi and
Utah.

                        *     *     *

Pilgrim's Pride Corp. carries Moody's Investors Service's B1
senior unsecured credit rating, B2 senior subordinated notes,
and Ba3 corporate family ratings.  PPC's planned new US$250
million senior unsecured notes also bears Moody's B1 rating and
its new US$200 million senior subordinated notes bears Moody's
B2 rating.  Moody's said the outlook on all ratings is stable.

Standard & Poor's Ratings Services gave Pilgrim's Pride Corp. a
'BB-' corporate credit rating.




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


MIRANT CORP: Fitch Removes Ratings from Negative Watch
------------------------------------------------------
Fitch Ratings has removed Mirant Corp. and subsidiaries from
Rating Watch Negative and assigned a Stable Rating Outlook
following the company's announcement that it has concluded its
strategic review process.  No sale of MIR, its subsidiaries or
its assets is expected.  The Rating Watch Negative reflected
Fitch's concern about the company's strategic and financial
direction.  Specifically, Fitch was concerned that any third
party acquisition of MIR would be financed by additional debt at
MIR and its subsidiaries.  Approximately US$3.1 billion of debt
is affected.

The company's plan to return US$4.6 billion to shareholders,
including a US$2 billion share repurchase program, does not
result in any incremental debt or reduction in operating cash
flow.  The company has US$6.3 billion of cash and equivalents on
hand to fund the share repurchases.  Remaining cash of US$1.7
billion, approximately US$700 million available under an $800
million credit facility due 2012, and Fitch's estimate of 2008
operating cash flow in the range of US$800 million to US$1
billion, are sufficient to meet estimated 2008 obligations.

For 2008 MIR plans capital spending of US$900 million (of which
US$650 million is for environmental controls on the coal
plants), and has other mandatory payments Fitch estimates at
US$450 million, including interest expense, lease payments, and
debt sweep.  Fitch notes that MIR's baseload coal plants are
approximately 80% hedged for 2008, providing a base level of
cash flow certainty, while the gas and oil intermediate and
peaking plants provide incremental cash flows from expanding
heat rates and capacity prices.  Total adjusted debt is $4.1
billion, including US$1 billion of imputed debt for operating
leases.

The ratings of Mirant and its subsidiaries, Rating Outlook
Stable, are listed below:

Mirant Corp.
  -- Issuer Default Rating 'B+'.

Mirant Americas Generation, LLC
  -- Issuer Default Rating 'B+';
  -- Senior unsecured notes 'B/RR5'.

Mirant North America, LLC
  -- Issuer Default Rating 'B+';
  -- Senior secured bank debt 'BB/RR1';
  -- Senior unsecured notes 'BB-/RR1'.

Mirant Mid-Atlantic LLC
  -- Issuer Default Rating 'B+';
  -- Pass-through certificates 'BB+/RR1'.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant's investments in the Caribbean
include three integrated utilities and assets in Jamaica, Grand
Bahama, Trinidad and Tobago and Curacao.  Mirant owns or leases
more than 18,000 megawatts of electric generating capacity
globally.

Mirant Corporation filed for chapter 11 protection on
July 14, 2003 (Bankr. N.D. Tex. 03-46590), and emerged under the
terms of a confirmed Second Amended Plan on Jan. 3, 2006.
thomas E. Lauria, Esq., at White & Case LLP, represented the
Debtors in their successful restructuring.  When the Debtors
filed for protection from their creditors, they listed
US$20,574,000,000 in assets and US$11,401,000,000 in debts.  The
Debtors emerged from bankruptcy on Jan. 3, 2006.  On
March 7, 2007, the Court entered a final decree closing 46
Mirant cases.




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


NAVIOS MARITIME: Prices Initial Public Offering at US$20 A Share
----------------------------------------------------------------
Navios Maritime Holdings Inc. has announced that its subsidiary,
Navios Maritime Partners L.P.  has priced the initial public
offering of 10,000,000 of the Partnership's common units,
representing a 54.1% limited partner interest in the
Partnership, at US$20.00 per unit.  The Offering will increase
to 11,500,000 common units if the underwriters exercise in full
their over-allotment option.  Concurrent with the Offering,
Amadeus Maritime S.A., a corporation owned by the Navios
Maritime Partners Chairperson and Chief Executive Officer,
Angeliki Frangou, will acquire 500,000 common units,
representing a 2.7% limited partner interest in the Partnership,
at the initial public offering price.  Navios Maritime owns the
remaining interests in the Partnership, including subordinated
units, incentive distribution rights and the 2.0% general
partner interest.   The common units have been approved for
listing on the New York Stock Exchange, subject to official
notice of issuance, under the symbol "NMM."

Merrill Lynch & Co. and J.P. Morgan Securities Inc. acted as
joint book runners and representatives of the underwriters, who
will include Cantor Fitzgerald & Co., S. Goldman Advisors LLC
and DVB Capital Markets LLC, in connection with the Offering.

Navios Maritime Partners L.P., (NYSE: NMM), a Marshall Islands
limited partnership, is an international owner and operator of
drybulk carriers recently formed by Navios.

              About Navios Maritime Holdings Inc.

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

                        *     *     *

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

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

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


SENSIENT TECHNOLOGIES: Officer Adopts Rule 10b5-1 Trading Plan
--------------------------------------------------------------
Sensient Technologies Corporation disclosed that an elected
officer has adopted an SEC Rule 10b5-1 plan to trade company
stock under a written, pre-arranged plan.  The plan was adopted
during an authorized trading period when the officer was not in
possession of material, non-public information.  The
transactions under the plan will be disclosed publicly through
Form 144 and Form 4 filings with the Securities and Exchange
Commission.

The plan covers only options that are due to expire in September
2008, and allows the officer to sell Sensient stock acquired as
a result of exercising the options during two window periods
starting in April 2008 and ending in August 2008.

The plan will cover the exercise of options on 14,000 shares for
John L. Hammond, Vice President, Secretary and General Counsel.

Headquartered in Milwaukee, Wisconsin, Sensient Technologies
Corp. -- http://www.sensient-tech.com/-- manufactures and
markets colors, flavors and fragrances.  Sensient also employs
technologies to develop specialty chemicals for inkjet inks,
display imaging systems and other applications.  The company's
principal products include flavors, flavor enhancers and
bionutrients; fragrances and aroma chemicals; dehydrated
vegetables and other food ingredients; natural and synthetic
food colors; cosmetic and pharmaceutical additives; inkjet inks,
technical colors, and specialty dyes and pigments, and chemicals
for laser printing and flat screen displays.  In Europe,
Sensient maintains operations facilities and/or sales offices in
Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany,
United Kingdom, France, Estonia, United Kingdom, Macedonia,
Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and
Wales.  In Latin America, it has operations in Argentina,
Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru,
Uruguay and Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Standard & Poor's Ratings Services has revised
its outlook on Milwaukee, Wis.-based Sensient Technologies Corp.
to stable from negative.  At the same time, Standard & Poor's
affirmed its 'BB+' corporate credit and senior unsecured debt
ratings on the company.  Approximately USUS$508 million of debt
was outstanding as of June 30, 2007.




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


ARVINMERITOR INC: Paying US$0.10 Per Share Dividend on Dec. 10
--------------------------------------------------------------
The ArvinMeritor, Inc. Board of Directors, at a meeting held on
Nov. 13, 2007, at its corporate headquarters in Troy, Michigan,
has declared a quarterly dividend of US$0.10 per share on the
common stock of ArvinMeritor, payable Dec. 10, 2007, to holders
of record at the close of business on Nov. 26, 2007.

                     About ArvinMeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 9, 2007,
Fitch Ratings downgraded its ratings on ArvinMeritor Inc.
including Issuer Default Rating to 'BB-' from 'BB'; Senior
secured revolver to 'BB' from 'BB+'; and Senior unsecured notes
to 'B+' from 'BB-'.  Fitch said the rating outlook is negative.

Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'.  S&P said the outlook is negative.

Moody's Investors Service downgraded ArvinMeritor's Corporate
Family Rating to B1 from Ba3 and maintained the outlook at
stable.  Moody's also lowered its ratings on the company's
secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2,
13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4,
63%).  The Probability of Default is changed to B1 from Ba3,
while the company's Speculative Grade Liquidity rating remains
SGL-2.  Moody's said the outlook is stable.


PEABODY ENERGY: Fitch Affirms Issuer Default Rating at BB+
----------------------------------------------------------
Fitch has affirmed these ratings for Peabody Energy
Corporation's:

-- Issuer Default Rating at 'BB+';

-- Senior unsecured notes at 'BB+';

-- Senior unsecured revolving credit and term loan at 'BB+';

-- Convertible junior subordinated debentures due 2066 at
    'BB-'.

The Outlook is Stable.

The ratings reflect Peabody's large, well-diversified
operations, good control of low cost production, strong
liquidity and moderate leverage.  In particular, Peabody ranks
first in the Wyoming Powder River Basin with 2006 sales of 138
million tons and reserves of 3.3 billion tons and first in the
Midwest with 2006 sales of 39 million tons and reserves of 4.1
billion tons.

On Oct. 31, 2007, Peabody completed the spin-off of Patriot Coal
Corporation to shareholders. Patriot has coal assets and
operations in West Virginia and Kentucky.  While the transaction
will increase Peabody's financial leverage slightly, it will
decrease the company's legacy liabilities by roughly US$1
billion and reducing related annual expenditures by about US$100
million.

Liquidity at quarter end was strong with cash on hand of
US$216.3 million (US$159.7 million pro forma for the Patriot
spin-off) and availability under its revolver of US$1.35
billion.  Total Debt with Equity Credit/EBITDA for the latest 12
months ended Sept. 30, 2007 was 3.5 times.  Pro forma for the
Patriot spin-off, leverage on the same measure would have been
3.6.  Peabody has substantial legacy liabilities and adjusted
leverage remains over 4.0 post the Patriot spin-off.

Headquartered in St. Louis, Missouri, Peabody Energy Corporation
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.
The company has coal operations in Australia and Venezuela.


* VENEZUELA: Fitch Assigns BB- Ratings on Three Coupon Bonds
------------------------------------------------------------
Fitch Ratings has assigned these ratings to the Bolivarian
Republic of Venezuela's bonds under the 'El Venezolano I'
combined offer:

  -- US$750 million 30-year Eurobond, 7% coupon 'BB-';
  -- VEB806.250 billion 7-year variable coupon bond 'BB-';
  -- VEB806.250 billion 8-year, variable coupon bond 'BB-'.

The ratings are in line with Venezuela's foreign currency and
local currency Issuer Defaul Ratings.  Fitch recently revised
the sovereign's Rating Outlook to 'Negative' from 'Stable' due
to its concerns about Venezuela's increasingly unsustainable
macroeconomic policy framework.  This has resulted in greater
vulnerability of external and public accounts to a decline in
oil prices, an inability to significantly reduce inflation, and
a widening of the spread between the official market exchange
rates.


                         ***********


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
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Information contained herein is obtained from sources believed
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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
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               * * * End of Transmission * * *