TCRLA_Public/071120.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, November 20, 2007, Vol. 8, Issue 230

                          Headlines

A R G E N T I N A

ALIMENTARIA DEL SUR: Reorganization Proceeding Concluded
AMBU SRL: Trustee Verifies Proofs of Claim Until Feb. 11, 2008
ANTICRESIS ONCE: Proofs of Claim Verification Ends Feb. 8, 2008
BEST SERVICE: Seeks for Reorganization Okay in Buenos Aires
CHRYSLER LLC: Mulls Product Portfolio Streamlining

DECOTECNICA SA: Proofs of Claim Verification Deadline Is Nov. 28
JURYS SRL: Seeks for Bankruptcy Approval from Buenos Aires Court
METROGAS SA: Earns ARS22,493,000 for Period Ended Sept. 30
OPEN SPORTS: Proofs of Claim Verification Ends Feb. 6, 2008
PROTECTIO SRL: Trustee Verifies Claims Por Via Incidental

SKI COMPANY: Proofs of Claim Verification Deadline Is Feb. 8
TENNECO INC: Receives US$474 Mil. Tenders for 10-1/4% Sr. Notes

* PROVINCE OF SANTIAGO DEL ESTERO: Moody's Withdraws Ratings


B A H A M A S

MIRANT CORP: S&P Affirms B+ Corporate Rating with Stable Outlook


B E R M U D A

ABH 11: Proofs of Claim Filing Deadline Is Nov. 30
ARABIS CATASTROPHE: Proofs of Claim Filing Ends on Nov. 23
CASTLE BAY: Proofs of Claim Filing Is Until Nov. 21
CHATSWORTH HOLDINGS: Proofs of Claim Filing Deadline Is Nov. 28
CIT FSC: Proofs of Claim Filing Is Until Nov. 23

CIT FSC FIFTEEN: Proofs of Claim Filing Ends on Nov. 23
CIT FSC FOURTEEN: Proofs of Claim Filing Deadline Is Nov. 23
CONCOMBER, LTD: Proofs of Claim Filing Ends Tomorrow
LMC INSURANCE: Proofs of Claim Filing Deadline Is Nov. 30
OLD MUTUAL: Proofs of Claim Filing Is Until Nov. 28

OLD MUTAL SOUTH: Proofs of Claim Filing Deadline Is Nov. 28
PRINCE DELI: Proofs of Claim Verification Ends Nov. 23
ROYALE RESORTS: Proofs of Claim Filing Ends on Nov. 28
SWISSCAP REINSURANCE: Proofs of Claim Filing Is Until Nov. 23
TOTAL FITNESS: Proofs of Claim Verification Ends Nov. 23

ZI OZTIME: Proofs of Claim Filing Deadline Is Nov. 21


B R A Z I L

BANCO NACIONAL: OKs BRL170-Mln Loan on Hydroelectric Power Plant
BOMBARDIER RECREATIONAL: Moody's Withdraws Proposed Ratings
DELPHI CORP: Gets Court Nod for US$6.8 Bil. Exit Financing Plan
EL PASO: S&P Affirms BB Corporate Rating with Positive Outlook
FIDELITY NATIONAL: Makes Two Executive Appointments

TAM SA: Commences Codeshare & Flyer Pact with United Airlines
TEKSID ALUMINUM: Amends Tender Offer for 11-3/8% Senior Notes
UAL CORP: Commences Codeshare & Flyer Pact with TAM SA
ZIM CORP: Posts US$101,207 Net Loss for Quarter Ended Sept. 30


C A Y M A N   I S L A N D S

EM SPECIAL: Sets Final Shareholders Meeting for Nov. 29
MINCS-LIBERTY: Proofs of Claim Filing Deadline Is Nov. 29
PANTA RHEI: Holding Final Shareholders Meeting on Nov. 29
PRIME CAPITAL: Will Hold Final Shareholders Meeting on Nov. 29
SAISEI KAISYU: Holding Final Shareholders Meeting on Nov. 29

VEGA INVESTMENT: Sets Final Shareholders Meeting for Nov. 29
VEGA LIQUIDITY: Will Hold Final Shareholders Meeting on Nov. 29
VEGA LIQUIDITY NON-US: Final Shareholders Meeting Is on Nov. 29
VEGA MAG: Sets Final Shareholders Meeting for Nov. 29


C H I L E

EASTMAN KODAK: Appoints Douglas Lebda & William Parrett to Board
GMAC LLC: Hull Succeeds Khattri as Financial Services Unit's CFO
HOUGHTON INT'L: S&P Withdraws B+ Corporate Credit Rating


C O L O M B I A

ECOPETROL: 10.1% Stake Sale Brings in COP5.7 Trillion

* COLOMBIA: Maturing Debts Cause Peso BOnds To Rally


C O S T A   R I C A

ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution


D O M I N I C A N   R E P U B L I C

SERVICEMASTER CO: Names Steve Martin as Chief Financial Officer


E C U A D O R

PETROECUADOR: Negotiating with Chinese Firms for Field Dev't

* ECUADOR: Economy Minister Eases Investors Fears


G U A T E M A L A

FLOWSERVE CORP: Enters into Exclusive Deal with China National


M E X I C O

ADVANCED MARKETING: Judge Sontchi Confirms Liquidation Plan
ICONIX BRAND: Buying Starter(R) Brand from NIKE for US$60 Mil.
MTI GLOBAL: Posts CDN$2.1 Million Net Loss in Third Quarter
REMY WORLDWIDE: Hires Huron Consulting as Financial Consultant
REMY WORLDWIDE: U.S. Trustee Balks at Schedules Filing Extension

REMY WORLDWIDE: Wants to Sell Knopf Business for US$18.5 Million
UNITED RENTALS: Moody's Affirms Ratings with Developing Outlook
URS CORP: S&P Downgrades Corporate Credit Rating to BB

* MUNICIPALITY OF TLALNEPANTLA: Moody's Withdraws Ratings


N I C A R A G U A

INTERPUBLIC GROUP: Fitch Rates US$200 Mil. Senior Notes at BB-

* NICARAGUA: Samuel Lopez in Trade Talks with Russia


P A N A M A

AES CORP: Niagara Deal Leads to Nickel Property Tax Rate Hike

* PANAMA: Four Groups Submit Bids for Waterway Expansion


P A R A G U A Y

AGILENT TECH: Moody's Says Share Repurchase Won't Affect Ratings


P E R U

DOE RUN: To Build New Fire Station in Herculaneum

* PERU: Banks To Sell Mortgage Bonds in 2008
* PERU: Free Trade Pact Gets U.S. Congress Approval


P U E R T O   R I C O

DORAL FINANCIAL: Posts US$70-Mln Net Loss in Qtr. Ended Sept. 30
POPULAR INC: Moody's Reviews Ratings for Possible Downgrade


S U R I N A M E

SURINAME: S&P Raises Foreign Sovereign Credit Rating to B+


V E N E Z U E L A

CMS ENERGY: Unit Declares Quarterly Dividends on Preferred Stock
PETROLEOS DE VENEZUELA: Buying Back Most of Cerro Negro Bonds
PETROLEOS DE VENEZUELA: Puerto la Cruz Cracker Unit Shuts Down

* VENEZUELA: S&P Affirms Low B Ratings with Stable Outlook
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


ALIMENTARIA DEL SUR: Reorganization Proceeding Concluded
--------------------------------------------------------
Alimentaria del Sur Argentino - Adesa S.A.'s reorganization
proceeding has ended.  Data published by Infobae on its Web site
indicated that the process was concluded after the National
Commercial Court of First Instance in Buenos Aires approved the
debt agreement signed between the company and its creditors.

The debtor can be reached at:

          Alimentaria del Sur Argentino - Adesa S.A.
          Maipu 26
          Buenos Aires, Argentina


AMBU SRL: Trustee Verifies Proofs of Claim Until Feb. 11, 2008
--------------------------------------------------------------
Jose Roberto Dolinko, the court-appointed trustee for Ambu SRL's
reorganization proceeding, verifies creditors' proofs of claim
until Feb. 11, 2008.

Mr. Dolinko will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 7 in Buenos Aires, with the assistance of Clerk
No. 13, 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 Ambu 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 Ambu's accounting and
banking records will be submitted in court.

The debtor can be reached at:

       Ambu SRL
       Corrientes 5712
       Buenos Aires, Argentina

The trustee can be reached at:

       Jose Roberto Dolinko
       Tucuman 1657
       Buenos Aires, Argentina


ANTICRESIS ONCE: Proofs of Claim Verification Ends Feb. 8, 2008
---------------------------------------------------------------
Federico G. Estrada, the court-appointed trustee for Anticresis
Once SA's bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 8, 2007.

Mr. Estrada will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, 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 Anticresis Once 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 Anticresis Once's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Anticresis Once SA
         Tte. Gral. Juan D. Peron 2850
         Buenos Aires, Argentina

The trustee can be reached at:

         Federico G. Estrada
         Tte. Gral. Juan D. Peron 1509
         Buenos Aires, Argentina


BEST SERVICE: Seeks for Reorganization Okay in Buenos Aires
-----------------------------------------------------------
The Best Service SA has requested for reorganization approval
after failing to pay its liabilities.

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

The case is pending in the National Commercial Court of First
Instance No. 5 in Buenos Aires.  Clerk No. 10 assist in this
case.

The debtor can be reached at:

          The Best Service SA
          Nogoya 5173
          Pte. Peron 3495
          San Miguel, Buenos Aires


CHRYSLER LLC: Mulls Product Portfolio Streamlining
--------------------------------------------------
Chrysler LLC is in discussions with dealers on product portfolio
changes and poor performing dealerships, Jeff Bennett and Josee
Valcourt of the Wall Street Journal reports citing three dealers
familiar with the matter.

To avoid confusion on overlapping products, sources said that
Chrysler wants dealers to sell all of its passenger cars under
the Chrysler name; pickup and commercial trucks under the Dodge
name; and, sport-utility vehicles under the Jeep name.

According to WSJ, the move would reduce the number of dealers
and weed out competition between products such as midsized
sedans Dodge Avenger and Chrysler Sebring, which are marketed
under different names.

As reported in the Troubled Company Reporter on Nov. 5, 2007,
the company had plans to eliminate four models through 2008,
including Dodge Magnum, the convertible version of Chrysler PT
Cruiser, Chrysler Pacifica and Chrysler Crossfire.  In the same
time frame, Chrysler will add two all-new products to its
portfolio: the Dodge Journey and Dodge Challenger, along with
two new hybrid models, the Chrysler Aspen and Dodge Durango.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

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


DECOTECNICA SA: Proofs of Claim Verification Deadline Is Nov. 28
----------------------------------------------------------------
Jorge Alberto Arias, the court-appointed trustee for Decotecnica
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Nov. 28, 2007.

Mr. Arias will present the validated claims in court as
individual reports on Feb. 14, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Decotecnica 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 Decotecnica's
accounting and banking records will be submitted in court on
April 1, 2008.

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

The debtor can be reached at:

         Decotecnica S.A.
         Simbron 5180
         Buenos Aires, Argentina

The trustee can be reached at:

         Jorge Alberto Arias
         Avenida Corrientes 1312
         Buenos Aires, Argentina


JURYS SRL: Seeks for Bankruptcy Approval from Buenos Aires Court
----------------------------------------------------------------
The National Commercial Court of First Instance No. 1 in Buenos
Aires is studying the merits of Jurys SRL's request to enter
bankruptcy protection.

Jurys filed a "Quiebra Decretada" petition following cessation
of debt payments on March 30, 2006.

The petition, once approved by the court, will transfer control
of the company's assets to a court-appointed trustee who will
supervise the liquidation proceedings.

Clerk No. 2 assists the court in this case.

The debtor can be reached at:

         Jurys SRL
         Corrientes 2963
         Buenos Aires, Argentina


METROGAS SA: Earns ARS22,493,000 for Period Ended Sept. 30
----------------------------------------------------------
MetroGas SA delivered to the U.S. Securities and Exchange
Commission its unaudited consolidated interim financial
statements for the nine-month period ended Sept. 30, 2007.

The company's operating cost for the period is ARS520,025,000,
compared to ARS473,559,000 for the same period last year.
MetroGas' operating income is ARS112,487,000, compared to
ARS105,309,000 for the same period last year.

At Sept. 30, 2007, the company reported ARS22,493,000 of net
income, compared to ARS300,755,000 of net income in the same
period last year.

At Sept. 30, the company's balance sheet showed ARS2,083,031,000
of total assets and ARS1,085,707,000 of total liabilities,
resulting to a shareholders' equity of ARS996,198,000.

Headquartered in Buenos Aires, Argentina, Metrogas SA
-- http://www.metrogas.com.ar/-- distributes gas to Buenos
Aires and southern and eastern greater metropolitan Buenos
Aires.  The Company has a 35-year concession that began in 1992
to provide natural gas in this area.  The concession is
renewable for an additional 10 years.

Metrogas supplies some 2 million customers in Buenos Aires
through 15,840 km of pipelines, representing about 26% of all
gas retailed in Argentina.   Metrogas is 45% owned by a
subsidiary of UK gas production company BG Group and 26% owned
by a unit of Spanish oil company Repsol YPF.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 2, 2007, Moody's Investors Service upgraded Metrogas S.A.
debt ratings to Caa1 from Caa2 and the national scale rating to
Ba1.ar from B1.ar.  Moody's said the outlook is stable.


OPEN SPORTS: Proofs of Claim Verification Ends Feb. 6, 2008
-----------------------------------------------------------
Hector Juan Kaiser, the court-appointed trustee for Open Sports
Trends S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 6, 2008.

Mr. Kaiser 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 Open Sports
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 Open Sports'
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Hector Juan Kaiser
         Montevideo 666
         Buenos Aires, Argentina


PROTECTIO SRL: Trustee Verifies Claims Por Via Incidental
---------------------------------------------------------
Estudio de los Dres. Graciela Silvia Turco y Mauricio Gola, the
court-appointed trustee for Protectio S.R.L.'s bankruptcy
proceeding, verifies creditors' proofs of claim "por via
incidental."

Estudio de los Dres. Graciela 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 Protectio 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 Protectio's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

Estudio de los Dres. Graciela is also in charge of administering
Protectio's assets under court supervision and will take part in
their disposal to the extent established by law.

The debtor can be reached at:

         Protectio S.R.L.
         Ibera 2502/10
         Buenos Aires, Argentina

The trustee can be reached at:

         Estudio de los Dres. Graciela Silvia Turco y
         Mauricio Gola
         Cochabamba 4272
         Buenos Aires, Argentina


SKI COMPANY: Proofs of Claim Verification Deadline Is Feb. 8
------------------------------------------------------------
Ruben Angel Scaletta, the court-appointed trustee for Ski
Company S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 8, 2008.

Mr. Scaletta will present the validated claims in court as
individual reports on April 7, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Ski Company 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 Ski Company's
accounting and banking records will be submitted in court on
May 19, 2008.

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

The trustee can be reached at:

         Ruben Angel Scaletta
         Piedras 1077
         Buenos Aires, Argentina


TENNECO INC: Receives US$474 Mil. Tenders for 10-1/4% Sr. Notes
---------------------------------------------------------------
Tenneco Inc. disclosed that as of 5:00 p.m., New York City time,
on Nov. 15, 2007, a total of US$474 million in aggregate
principal amount of its 10-1/4% Senior Secured Notes due 2013
have been tendered pursuant to its tender offer for up to US$230
million aggregate principal amount of notes.

As such, the requisite consents of holders of a majority in
principal amount of notes required to adopt the proposed
amendments to the indenture governing the notes have been
received, and the company and the trustee executed a
supplemental indenture to effect the proposed amendments
described in the Offer to Purchase and Consent Solicitation
Statement dated Nov. 1, 2007.

Accordingly, tendered notes may no longer be withdrawn
and consents delivered may no longer be revoked, except in the
limited circumstances described in the offer to purchase.

Based on the results, more than US$230 million principal amount
of notes have already been tendered, so the amount of notes that
will be purchased will be prorated based on the aggregate
principal amount of notes validly tendered in the tender offer
on or before the expiration date.

In addition, the pricing terms of the offer were also set.  As
such, the total consideration for each US$1,000 principal amount
of notes validly tendered and not withdrawn prior to the Consent
Date is US$1,087.09, which includes a consent payment of US$30.

The total consideration was determined by reference to a fixed
spread of 50 basis points over the bid side yield of the 5-1/8%
U.S. Treasury Note due June 30, 2008, which was calculated at
2:00 p.m., New York City time, on Nov. 15, 2007.  The reference
yield and the offer yield are 3.581% and 4.081%.

Holders who tender their notes after the Consent Date but on or
prior to the expiration date for the offer, and whose notes are
accepted for purchase, will receive the related tender offer
consideration as defined in the offer to purchase, but will not
receive the related consent payment.

The offer remains open and is scheduled to expire at midnight,
New York City time, on Nov. 30, 2007, unless extended.  In
addition, accrued and unpaid interest on the notes up to but not
including the settlement date for the offer, which is expected
to be on or about Dec. 3, 2007, will be paid in cash on validly
tendered notes accepted for purchase.

The tender offer is conditioned on the satisfaction or waiver
prior to the acceptance date of customary conditions, including
Tenneco having received from the offer and sale of new notes, on
terms and conditions acceptable to it in its sole discretion,
funds sufficient to consummate the offer.  The company expects
to close on an offering of new 8-1/8% Senior Notes due 2015 on
or about Nov. 20, 2007.

Copies of the complete terms and conditions of the tender offer
and consent solicitation may be obtained by contacting Global
Bondholder Services Corporation, the information agent for the
offer, at (212) 430-3774 (collect) or (866) 873-5600 (U.S. toll-
free).

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

                      About Tenneco Inc.

Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN)
-- http://www.tenneco.com/-- manufactures automotive ride and
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany, with its European operations
headquartered in Brussels, Belgium.  The company has
approximately 19,000 employees worldwide.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings assigned a rating of 'BB-' to
Tenneco Inc.'s new senior unsecured notes due 2015.  The new
notes replace a portion of TEN's existing US$475 million in
10.25% senior secured second-lien notes for which TEN is
tendering.  Fitch said the rating outlook is positive.


* PROVINCE OF SANTIAGO DEL ESTERO: Moody's Withdraws Ratings
------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings assigned to
the Province of Santiago del Estero (Argentina) for business
reasons.

These ratings have been withdrawn:

-- Issuer ratings of D.ar (Argentina National Scale) and Caa3
    (Global Scale)

-- Senior Secured Global Notes Ser IV ratings of D.ar
    (Argentina National Scale) and Caa3 (Global Scale)

-- Senior Secured Global Notes Ser V ratings of D.ar (Argentina
    National Scale) and Caa3 (Global Scale)




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


MIRANT CORP: S&P Affirms B+ Corporate Rating with Stable Outlook
----------------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'B+'
corporate credit rating on Mirant Corp. and its subsidiaries
Mirant North America LLC and Mirant Americas Generating LLC, and
removed the ratings from CreditWatch with negative implications.
S&P placed the ratings on CreditWatch on July 11, 2006.  The
current outlook is stable.

The rating actions reflect Mirant's announcement that it will
return US$4.6 billion in cash on the balance sheet to
shareholders through a stock buyback program and retain the
remaining cash balance in the business to fund capital
expenditures and maintain strong liquidity.

S&P also retained the '1' recovery rating on Mirant North
America's US$700 million senior secured term loan B facility and
US$800 million revolver, but raised the issue ratings on these
credit facilities to 'BB' from 'BB-', consistent with the
revised recovery notching criteria that S&P initiated in June
2007.  Under this revised methodology, secured debt with a '1'
recovery rating is notched up two times from the corporate
credit rating.  S&P also affirmed the 'B-' rating on Mirant
North America's US$850 million in unsecured notes.  In addition,
S&P affirmed the 'B-' rating on MAG's senior unsecured debt.

S&P also affirmed the 'BB' rating and '1' recovery score on
Mirant Mid-Atlantic LLC's pass-through certificates, and removed
the debt ratings from CreditWatch Negative.  The outlook on
Mirant Mid-Atlantic's debt is stable.

The outlook on Mirant is stable.  The stable outlook reflects
prospects for relatively stable cash flow generation in the near
term.  S&P based this conclusion on the company's large base
load generation position and the large amount of fuel and
generation that are hedged over the next several years.  Also
contributing to a stable outlook is the now-resolved litigation
that had remained after Mirant emerged from bankruptcy --
specifically the settlement with Potomac Electric Power Co. --
and the completed large-asset-sale program.  Liquidity is ample
to support operations and fund the large capital-expenditure
program at Mirant Mid-Atlantic, as well.

"We could raise the rating on Mirant if financial metrics
improve, as long as current operations are maintained and the
MIRMA capital-expenditure program goes as planned," said S&P's
credit analyst Terry A. Pratt.  "The rating could be pressured
if Mirant reduces liquidity through additional buybacks or
environmental compliance requirements arise that could reduce
generation or increase costs at key coal-fired base load units,"
Mr. Pratt continued.

                     About Mirant Corp.

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
Mar. 7, 2007, the Court entered a final decree closing 46 Mirant
cases.

Mirant NY-Gen LLC, Mirant Bowline LLC, Mirant Lovett LLC, Mirant
New York Inc., and Hudson Valley Gas Corporation, were not
included.  On Feb. 15, 2007, Mirant NY-Gen filed its Chapter 11
Plan of Reorganization and on Feb. 22 filed a Disclosure
Statement explaining that Plan.  The Court approved the adequacy
of Mirant NY-Gen's Disclosure Statement on Mar. 22, 2007, and
confirmed the Amended Plan on May 7, 2007.  Mirant NY-Gen
emerged from chapter 11 on May 7, 2007.

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  The Court confirmed Mirant Lovett's Plan on
Sept. 19, 2007.




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


ABH 11: Proofs of Claim Filing Deadline Is Nov. 30
--------------------------------------------------
ABH 11 Limited's creditors are given until Nov. 30, 2007, to
prove their claims to Robin J. Mayor, 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.

ABH 11's shareholder agreed on Nov. 14, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


ARABIS CATASTROPHE: Proofs of Claim Filing Ends on Nov. 23
----------------------------------------------------------
Arabis Catastrophe Fund, Ltd.'s creditors are given until
Nov. 23, 2007, to prove their claims to Robin J. Mayor, 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.

Arabis Catastrophe's shareholder agreed on Nov. 7, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


CASTLE BAY: Proofs of Claim Filing Is Until Nov. 21
---------------------------------------------------
Castle Bay Management, Ltd.'s creditors are given until
Nov. 21, 2007, to prove their claims to Robin J. Mayor, 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.

Castle Bay's shareholder agreed on Nov. 7, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


CHATSWORTH HOLDINGS: Proofs of Claim Filing Deadline Is Nov. 28
---------------------------------------------------------------
Chatsworth Holdings Ltd.'s creditors are given until
Nov. 28, 2007, to prove their claims to Kevin Hadall, 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.

Chatsworth Holdings' shareholder agreed on Nov. 2, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Kevin Hadall
         9 Hillview Road
         Warwick WK 05, Bermuda


CIT FSC: Proofs of Claim Filing Is Until Nov. 23
------------------------------------------------
CIT FSC Eleven, Ltd.'s creditors are given until Nov. 23, 2007,
to prove their claims to Robin J. Mayor, 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.

CIT FSC's shareholder agreed on Nov. 7, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


CIT FSC FIFTEEN: Proofs of Claim Filing Ends on Nov. 23
-------------------------------------------------------
CIT FSC Fifteen, Ltd.'s creditors are given until Nov. 23, 2007,
to prove their claims to Robin J. Mayor, 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.

CIT FSC's shareholder agreed on Nov. 7, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


CIT FSC FOURTEEN: Proofs of Claim Filing Deadline Is Nov. 23
------------------------------------------------------------
CIT FSC Fourteen, Ltd.'s creditors are given until
Nov. 23, 2007, to prove their claims to Robin J. Mayor, 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.

CIT FSC's shareholder agreed on Nov. 7, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


CONCOMBER, LTD: Proofs of Claim Filing Ends Tomorrow
----------------------------------------------------
Concomber, Ltd.'s creditors are given until Nov. 21, 2007, to
prove their claims to Robin J. Mayor, 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.

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

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


LMC INSURANCE: Proofs of Claim Filing Deadline Is Nov. 30
---------------------------------------------------------
L.M.C. Insurance Company of Bermuda, Ltd.'s creditors are given
until Nov. 30, 2007, to prove their claims to Daniel V. O'Leary,
Jr., 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.

L.M.C. Insurance's shareholder agreed on Nov. 14, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Daniel V. O'Leary, Jr.
         c/o The Liquidation Department
         Conyers Dill & Pearman, Clarendon House
         2 Church Street, Hamilton HM 11
         Bermuda


OLD MUTUAL: Proofs of Claim Filing Is Until Nov. 28
---------------------------------------------------
Old Mutual SAGA Opportunities Fund Limited's creditors are given
until Nov. 28, 2007, to prove their claims to Robin J. Mayor,
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.

Old Mutual's shareholders agreed on Nov. 8, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


OLD MUTAL SOUTH: Proofs of Claim Filing Deadline Is Nov. 28
-----------------------------------------------------------
Old Mutual South Africa Growth Assets Fund Limited's creditors
are given until Nov. 28, 2007, to prove their claims to Robin J.
Mayor, 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.

Old Mutual's shareholders agreed on Nov. 8, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


PRINCE DELI: Proofs of Claim Verification Ends Nov. 23
------------------------------------------------------
Prince Deli and Bakery Ltd.'s creditors must present proofs of
claim to Stephen Lowe, the company's liquidator, by
Nov. 23, 2007.  Failure to do so will exempt them from receiving
dividend payments.

Prince Deli will be declaring first and final dividends.

Proof of debt forms have been mailed to all preferential
creditors.  The forms can also be obtained by contacting:

          Gail Foulger
          KPMG Advisory Limited
          Crown House, 4 Par-la-Ville Road
          Hamilton, Bermuda, HM 12
          Phone: +441 295-5063
          Fax: +441 295-8280
          E-mail: gailfoulger@kpmg.bm.


ROYALE RESORTS: Proofs of Claim Filing Ends on Nov. 28
------------------------------------------------------
Royale Resorts Managment Limited's creditors are given until
Nov. 28, 2007, to prove their claims to Robin J. Mayor, 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.

Royale Resorts' shareholder agreed on Nov. 7, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


SWISSCAP REINSURANCE: Proofs of Claim Filing Is Until Nov. 23
-------------------------------------------------------------
Swisscap Reinsurance Company Ltd.'s creditors are given until
Nov. 23, 2007, to prove their claims to Andreia Daniel Vonzun,
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.

Swisscap Reinsurance's shareholder agreed on Nov. 9, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Andreia Daniel Vonzun
         c/o Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


TOTAL FITNESS: Proofs of Claim Verification Ends Nov. 23
--------------------------------------------------------
Total Fitness Centre Ltd.'s creditors must present proofs of
claim to Stephen Lowe, the company's liquidator, by
Nov. 23, 2007.  Failure to do so will exempt them from receiving
dividend payments.

Total Fitness will be declaring first and final dividends.

Proof of debt forms have been mailed to all preferential
creditors.  The forms can also be obtained by contacting:

          Gail Foulger
          KPMG Advisory Limited
          Crown House, 4 Par-la-Ville Road
          Hamilton, Bermuda, HM 12
          Phone: +441 295-5063
          Fax: +441 295-8280
          E-mail: gailfoulger@kpmg.bm.


ZI OZTIME: Proofs of Claim Filing Deadline Is Nov. 21
-----------------------------------------------------
Zi Oztime Corporation Ltd.'s creditors are given until
Nov. 21, 2007, to prove their claims to Robin J. Mayor, 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.

Zi Oztime's shareholders agreed on Nov. 2, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda




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


BANCO NACIONAL: OKs BRL170-Mln Loan on Hydroelectric Power Plant
----------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has
approved a BRL170 million financing for implementation of Usina
Hidreletrica Monjolinho, in Rio Passo Fundo, hydrographic bassin
of river Uruguay, between the cities of Faxinalzinho and Nonoai,
in the State of Rio Grande do Sul.  BNDES participation will be
72% of total project investment.

It was also approved the associated transmission line, besides
the execution of a social investment program.  UHE
[hydroelectric power plant] Monjolinho shall have a 67.14 MW
generating capacity.  During the construction phase, 700 direct
and 1,500 indirect jobs will be created.

The financing was granted to Monel Monjolinho Energetica S/A, of
Group Engevix, which operates in the rendering of engineering
consulting, project, inspection and work management services,
mainly in hydroelectric generation and electric power
transmission.

The hydroelectric Monjolinho will have a reservoir in a 5.46
cubic km area; turbine maximum output of 126 cubic meter per
second.  The project foresees adequacy and construction of
access roads to the plant site and the opening of a servitude
passage for the installation of the transmission line.

Although the environmental studies developed have indicated that
the project implementation will not general significant
environmental impacts, it is foreseen the execution of
environmental programs to mitigate and offset project impacts.

Monel participated in the third New Energy Auction in October
last year and signed Energy Commercialization Contracts within
the Regulated Environment with the Electric Energy
Commercialization Chamber for 30 years, starting as of January
2011.  However, the company intends to anticipate its full
commercial operation start up for December/2009, which will
enable the availability of an average 43.1 MW resulting from
hydraulic generation by 2010.

Incorporated in 1965, Engevix is a consulting engineering
company, responsible for project elaboration, integration and
management in the areas of energy, industry and infrastructure.
The company has participated in studies and highly significant
projects, in public and private works, in Brazil and abroad.  It
has offices in Sao Paulo, Bras°lia, FlorianĘpolis, Rio de
Janeiro, Macae and Curitiba, in Brazil.  Outside the Country, it
has offices in Lima, Mexico City and Luanda.

Engevix enjoys a high concept in hydroelectric and energy
projects worldwide, with participation in projects which
totalize approximately 30 thousand MW installed and around 7
thousand MW in construction.

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.


BOMBARDIER RECREATIONAL: Moody's Withdraws Proposed Ratings
-----------------------------------------------------------
Moody's Investors Service has withdrawn its proposed ratings on
Bombardier Recreational Products Ba2 senior secured revolver and
B1 senior secured term loan assigned on June 2007, following the
company's decision to postpone the offering due to current
market conditions.  At the same time, Moody's affirmed the
company's B1 corporate family rating, B1 probability of default
rating, the existing Ba2 rating of the senior secured revolver
due 2011, and the B1 rating of the senior secured term loan due
2013.  The rating outlook continues to be negative.

"The negative outlook principally reflects Moody's concern that
consumer spending both in North America and in Europe, but
primarily in the United States, will soften in the near term
putting pressure on the company's operating performance." said
Moody's Vice President/Senior Credit Officer, Kevin Cassidy.
"Although Moody's recognizes the operational improvements the
company has made over the last couple of years, it has returned
most of its profitability to shareholders in the past" noted Mr.
Cassidy.  He further stated that "Moody's expects that the
company will again lever up to improve shareholder return once
the capital markets improve"

Bombardier Recreational's rating could be downgraded if adjusted
leverage approaches 5.5x either because of moderating operating
performance or a material increase in leverage or a combination
of both.  On the other hand,  "the rating outlook could be
stabilized if the company continues to improve its operating
performance despite an expected decline in consumer spending and
maintains adjusted leverage around 5.0, even if it levers up for
a dividend/share repurchase" noted Mr. Cassidy.

Ratings withdrawn:

-- CAD250 million senior secured revolver, due 2012, at Ba2;
-- CAD1,125 million senior secured term loan, due 2013, at B1;

Ratings affirmed/assessments revised:

-- Corporate family rating at B1;

-- Probability of default rating at B1;

-- CAD250 million senior secured revolver, due 2011, at Ba2 (to
    LGD 2, 28% from LGD 2, 25%);

-- US$720 million senior secured term loan, due 2013, at B1(to
    LGD 4, 54% from LGD 4, 51%)

Bombardier Recreational Products or BRP is a Canadian company,
which was founded by Joseph-Armand Bombardier as L'Auto-Neige
Bombardier Limitee in 1942 at Valcourt in the Eastern Townships,
Quebec.  As of Apr. 30, 2003 it had 7,600 employees working in
several countries, including Canada, Austria and Finland, in
addition to the United States.  The company split from the
Bombardier Group in 2003.

The company has operations in Australia, Brazil, France, Japan,
the Netherlands, Norway, the United Kingdom, and the United
States, among others.


DELPHI CORP: Gets Court Nod for US$6.8 Bil. Exit Financing Plan
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved a US$6,800,000,000 financing plan for Delphi
Corp.'s exit from bankruptcy.

Judge Robert D. Drain authorized Delphi to enter into, and
perform under, an engagement letter and fee letters with
JPMorgan Chase Bank, N.A., and Citigroup, which have agreed to
arrange and syndicate:

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

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

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

A redacted version of the Engagement Letter is available for
free at http://ResearchArchives.com/t/s?2533

Delphi did not disclose the fees it will pay to the arrangers
and obtained approval to file the fee letter under seal.

Troy, Michigan-based Delphi, the Associated Press noted,
originally sought US$8,700,000,000 in loans, but reduced that
amount and delayed voting on its reorganization plan as it
struggled to secure the financing in a tighter credit market.

Delphi expects to emerge from bankruptcy during the first
quarter of 2008.  Delphi filed its Joint Plan of Reorganization
on Sept. 6, 2007, but said it will revise its plan due to
changes in its exit financing terms and investment agreements
with potential equity investors.  The exit financing will be
made available on the effective date of the Plan.

The Reorganization Plan also provides that Delphi will obtain
additional financing of up to US$2,550,000,000 from an equity
rights offering, backstopped by investors led by Appaloosa
Management LP.  The investment agreement, according to a
Nov. 14, 2007 news release, has been renegotiated to provide for
an increase in consideration to the plan investors, after
Goldman Sachs pulled out of the deal.  According to AP, Judge
Drain balked at the new terms of the deal and said he was "very
distressed" the terms had changed, "sucking out hundreds of
millions of dollars over these apparent excuses."

The Official Committee of Unsecured Creditors and the Official
Committee of Equity Security Holders of Delphi have conveyed
their opposition to the potential amendments to the Plan.
Delphi's chief customer, General Motors Corp., which is expected
to recover US$2,700,000,000 in cash, notes and stock from the
autoparts supplier, has supported the amendments.

Delphi is expected to file a revised Reorganization Plan and
related documents on or before Nov. 29, 2007, when the Court
holds a hearing to consider approval of the disclosure statement
explaining the terms of the Plan.

                     About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  The hearing to consider the adequacy of
the Disclosure Statement started on Oct. 3, 2007, and will be
continued to Nov. 29.

(Delphi Bankruptcy News, Issue No. 97; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


EL PASO: S&P Affirms BB Corporate Rating with Positive Outlook
--------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB'
corporate credit ratings on El Paso Corp. and subsidiaries.  The
outlook remains positive.

The rating affirmation follows the company's announcement that
master limited partnership El Paso Pipeline Partners LP
(unrated) has priced its IPO, and reflects S&P's view that the
MLP formation on balance neutrally affects the consolidated
credit profile of El Paso at this time.

In S&P's view, the MLP formation will at once strengthen El
Paso's consolidated credit metrics and detract slightly from its
business risk profile.  El Paso will use proceeds from the MLP
debt and equity to repay debt at El Paso, Colorado Interstate
Gas Co., and Southern Natural Gas Co., resulting in consolidated
debt reduction of about US$430 million.

At the same time, the MLP slightly decreases El Paso's ownership
interests in the stable cash-flow generating pipelines (100% of
Wyoming Interstate Co., 10% of Southern Natural, and 10% of
Colorado Interstate) and moves them a level away from lenders at
the parent, which somewhat detracts from credit quality.  On
balance, S&P views the net effect as neutral.  El Paso will
retain about a 70% ownership interest in the MLP through common
and subordinated units and the 2% general partnership interest.

"The ratings on El Paso reflect a satisfactory overall business
risk profile, which includes the stability of the company's
interstate natural gas pipeline systems," said S&P's credit
analyst Plana Lee.  "However, these positive factors are
somewhat offset by the risks associated with the company's
exploration and production segment and a significantly improved,
although still-aggressive financial profile," she continued.

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


FIDELITY NATIONAL: Makes Two Executive Appointments
---------------------------------------------------
Fidelity National Information Services, Inc., has appointed Gary
Norcross as President and Chief Operations Officer for
Transaction Processing Services and Frank Sanchez as President
of Strategic Development for TPS.  Both positions report
directly to President and Chief Executive Officer, Lee A.
Kennedy.

As President of Transaction Processing Services, Mr. Norcross
assumes responsibility for global banking operations, including
Integrated Financial Solutions, Enterprise Banking Solutions and
International.  Mr. Norcross joined the company in 1988 and has
served as President of the Integrated Financial Solutions
division since 1996.  Under his leadership, Integrated Financial
Solutions has grown into the largest TPS division with more than
US$1.0 billion in annual revenue.

As President of Strategic Development, Mr. Sanchez will be
responsible for the development of strategic software,
processing and integrated financial services.  This new role
emphasizes the importance of strategic development across
business unit lines serving customers globally.  Mr. Sanchez
joined Fidelity National in 2003 through the company's
acquisition of Sanchez Computer Associates.  Throughout his
career, Mr. Sanchez has provided technology innovations to the
financial services and information technology industries, and
has received numerous individual and corporate achievement
awards.

"Gary's and Frank's leadership and strong industry expertise
have helped build FIS into a leading core and payment processing
provider," stated Mr. Kennedy.  "This new organizational
structure will enable TPS to better leverage our comprehensive
product offerings and industry-leading technology to further
advance our competitive position."

                    About Fidelity National

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

                        *     *     *

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

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

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

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

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

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

-- Corporate Family Rating Ba1.


TAM SA: Commences Codeshare & Flyer Pact with United Airlines
-------------------------------------------------------------
TAM S.A. and United Airlines customers will gain increased
service to North and South America under a new codeshare
agreement that begins on Nov. 14.

Customers from both airlines may now earn and redeem frequent
flyer miles or points on the partner carrier.  The partnership
enables both companies to offer more flight options to customers
traveling between Brazil and the United States.  United Mileage
Plus members will earn and redeem miles on all TAM and TAM
Mercosur operated flights, and TAM's Fidelidade members will
earn miles and redeem points on United, Ted, which is United's
low fare carrier that serves leisure destinations, and United
Express regional jet flights.

By combining the two networks, TAM customers may now purchase
tickets on United Airlines operated flights between Brazil and
the United States, departing Rio de Janeiro and Sao Paulo to
Washington, D.C. and Chicago.  The agreement will also enable
passengers to connect to several destinations in the United
States, including Atlanta, Boston, Dallas, Denver, Las Vegas,
Los Angeles, San Francisco and Seattle, among others.  United
Airlines will offer service on flights operated by TAM from
Miami and New York to the cities of Sao Paulo and Manaus,
enabling passengers to connect to several points in Brazil.

                       About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

At Dec. 31, 2006, the company's balance sheet showed total
assets of US$25,369,000,000 and total liabilities of
US$23,221,000,000.

                        About TAM SA

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

                        *     *     *

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


TEKSID ALUMINUM: Amends Tender Offer for 11-3/8% Senior Notes
-------------------------------------------------------------
Teksid Aluminum Luxembourg S.a r.l., S.C.A. has amended and
supplemented its Original Tender Offer to purchase for cash up
to EUR17,550,000.00 aggregate principal amount of its
outstanding 11-3/8% Senior Notes due 2011, made pursuant to a
tender offer statement, dated Oct. 18, 2007.  Under a supplement
dated Nov. 16, 2007, the company revised the Original Tender
Offer to, among other things, reduce the amount of the offer to
purchase Senior Notes, and offer, upon the terms and subject to
the conditions set forth in the Supplement, to purchase for cash
up to EUR5,271,000.00 aggregate principal amount of Senior Notes
(Amended Tender Offer).  The company will not spend more than
EUR5,525,225.25 in the aggregate to purchase Senior Notes at par
in the Amended Tender Offer, which amount includes the payment
of 100% of the principal amount of the outstanding Senior Notes
(Purchase Price) and the accrued and unpaid interest thereon
from the most recent payment of interest preceding the Payment
Date up to, but not including, the Payment Date (Accrued
Interest and together with the Purchase Price, the Tender Offer
Consideration).

In connection with the Amended Tender Offer, at the request of
the advisors to the ad hoc committee of holders of Senior Notes,
the company also amended the Original Tender Offer Statement to
incorporate a solicitation of consents from each holder of
Senior Notes, upon the terms and conditions set forth in the
Supplement, to implement certain proposed amendments to the
indenture governing the Senior Notes, as amended (Indenture).

The Offer will expire at 10:00 a.m., New York City time (3:00
p.m., London time), on Dec. 3, 2007, unless further extended or
earlier terminated (Expiration Date).

By delivering their consents, holders of Senior Notes are
consenting to the Proposed Amendments to the Indenture that
would amend the Indenture to, among other things: (i) replace
the obligation to make an offer to purchase Senior Notes with
the cash proceeds of each Subsequent Nemak Sale (as defined in
the Indenture), the Fiat Payments, the Escrow Fiat Payments (as
defined in the Indenture) and the Escrow Amount, in each case
less certain permitted deductions pursuant to the Indenture,
with an obligation of the company to make the Amended Tender
Offer; (ii) provide that an amount necessary to pay the interest
projected to be due and unpaid on the Senior Notes as of
Jan. 15, 2008 (the January Interest Payment) would be required
to be irrevocably deposited with The Bank of New York, in its
capacity as escrow agent, on or following the Acceptance Date
and used by The Bank of New York (escrow agent) on
Jan. 15, 2008, to pay the January Interest Payment pursuant to
the terms of that certain escrow agreement between the company
and The Bank of New York, as escrow agent (January Interest
Escrow Agreement); (iii) allow Senior Notes in denominations of
EUR1,000 (instead of the current EUR50,000 denominations)
tendered pursuant to the Amended Tender Offer or any subsequent
offers to purchase to be accepted for purchase; (iv) provide for
the release and waiver, to the fullest extent permissible under
applicable law, of all claims, obligations, suits, judgments,
damages, demands, rights, causes of action and liabilities,
whether liquidated or unliquidated, fixed or contingent, matured
or unmatured, known or unknown, foreseen or unforeseen, whether
then existing or arising after the date of the Supplemental
Indenture, in law, equity or otherwise, that arise from any act
or omission, transaction, event or other occurrence or non-
occurrence relating to any transaction consented to by holders
of a majority of the then outstanding aggregate principal amount
of Senior Notes pursuant to the company's consent solicitation
statements dated Mar. 2, 2007, June 1, 2007, July 12, 2007,
Aug. 2, 2007 (and the supplement relating thereto dated
Aug. 6, 2007), Sept. 25, 2007 and the Consent Solicitation
included in the Supplement, against the following persons in
their respective capacities as such: (a) the present and former
directors, officers, professionals, agents, advisors and
employees of the Parent Guarantor, the Trustee, the company, any
present or former Note Guarantor and/or any other direct or
indirect subsidiary or affiliate of the Parent Guarantor; (b)
the present or former shareholders of the Parent Guarantor; (c)
the present or former members of the ad hoc committee of holders
of Senior Notes; and (d) the present and former professionals,
affiliates, partners, employees, agents, members, shareholders
and/or advisors (including any attorneys, financial advisors,
investment bankers, consultants and other professionals retained
by such persons) of each of the parties listed in clauses (a),
(b), and (c) and each of the present and former directors,
officers, agents, employees, partners, members, shareholders and
affiliates of the parties included in this clause (d) (Release);
and (v) provide, to the fullest extent permissible under
applicable law, that acceptance of the January Interest Payment
by a holder of Senior Notes shall be deemed an affirmative
acceptance of the Release by such holder.

Adoption of the Proposed Amendments and execution of a seventh
supplemental indenture giving effect to the Proposed Amendments
(Supplemental Indenture) requires the receipt of consents of at
least a majority of the then outstanding aggregate principal
amount of Senior Notes (the Requisite Consents) on or prior to
the Expiration Date.  On the terms and subject to the conditions
of the Offer, if the company receives the Requisite Consents, it
expects to promptly execute (Execution Time) the Supplemental
Indenture with the Note Guarantors and The Bank of New York, as
the trustee, giving effect to the Proposed Amendments.  The
Supplemental Indenture shall take effect at the Execution Time,
provided, however, that the Proposed Amendments will not become
operative unless and until the date that the company accepts for
payment the Senior Notes representing the Requisite Consents
(Acceptance Date).  The Proposed Amendments will become
operative in accordance with their terms and binding on all
holders of Senior Notes, including non-consenting holders,
immediately upon the Acceptance Date (provided that the Release
shall take effect immediately upon the later of: 1) the
effectiveness of the Proposed Amendments and 2) the irrevocable
deposit of the January Interest Payment pursuant to the January
Interest Escrow Agreement).

Each holder who validly delivers consents to the Proposed
Amendments is consenting to the Proposed Amendments in their
entirety, including the Release.  Holders may not tender their
Senior Notes without delivering their consents to the Proposed
Amendments and may not deliver consents to the Proposed
Amendments without tendering their Senior Notes in the Amended
Tender Offer.  In addition, each holder's delivery of its
consent shall constitute such holder's affirmative acceptance of
the Release, subject to the execution of the Supplemental
Indenture, on behalf of such holder and each of its affiliates,
officers, directors, employees, successors, assigns, partners,
members and agents.

Each holder who validly tenders its Senior Notes and delivers
its consents on or prior the Expiration Date shall, subject to
the terms and conditions set forth in the Supplement, receive
the Tender Offer Consideration on a date promptly following the
Acceptance Date (Payment Date) and shall be deemed to consent to
the Proposed Amendments in their entirety, including the
Release.  The Payment Date is expected to be two business days
after the Expiration Date.

Holders who tender and consent prior to the Execution Time may
withdraw their tenders and revoke their concurrent consents at
any time prior to the Execution Time, but not thereafter, except
as provided in the Supplement, unless the Offer is terminated
without any Senior Notes being purchased thereunder.  Holders of
Senior Notes who tender and consent after the Execution Time may
not withdraw their tenders and/or revoke their consents at any
time, unless required by applicable law.  A valid withdrawal of
tendered Senior Notes by a holder prior to the Execution Time
will constitute the concurrent valid revocation of such holder's
related consent.  In order for a holder to revoke a consent,
such holder must withdraw the related tendered Senior Notes.  In
addition, all Senior Notes tendered prior to the date of the
Supplement shall be automatically released and all instructions
accompanying such Senior Notes will be revoked.  In order to
tender their Senior Notes, such holders must tender their Senior
Notes pursuant to a NEW electronic consent instruction in
accordance with the terms contained in the Supplement.  For
information regarding the Offer, including procedures for
tendering and consenting with respect to Senior Notes, please
refer to the section of the Supplement entitled "Procedures for
Tendering Senior Notes and Delivering Consents."

The company is also amending and supplementing the Original
Tender Offer Statement to include certain information regarding
the Settlement Agreement.  As disclosed in the Supplement, in
connection with potential post-closing date purchase price
adjustments, pursuant to Section 3.3(b) of that certain amended
and restated purchase and sale agreement, dated as of
March 13, 2007 (the Nemak Sale Agreement), by and among the
company, Tenedora Nemak, S.A. de C.V. and other parties thereto,
as previously disclosed, the company executed the Escrow
Agreement, which provided for cash proceeds of US$20 million and
US$5 million to be held in escrow at the closing of each of the
First Nemak Sale and the sale of Teksid Aluminium Poland
Sp.z o.o., respectively, to fund, in favor of Nemak, potential
shortfalls of working capital or excess net debt at such
closings.  As contemplated by Section 3.3(b)(v) of the Nemak
Sale Agreement, the parties have engaged in negotiations and
discussions in an effort to resolve certain disputes related to
the post-closing date purchase price adjustments pursuant to
Section 3.3(b) of the Nemak Sale Agreement.  Accordingly, the
company and certain of its affiliates have entered into a
settlement agreement with Nemak, dated as of Nov. 14, 2007
(Settlement Agreement), pursuant to which the parties agreed to
instruct the Escrow Agent, to deliver an amount equal to US$3.5
million, less applicable withholding taxes (Escrow Proceeds) to
the company and the remaining portion of the Escrow Amount to
Nemak.

Pursuant to the Indenture, the company is obligated to make an
offer to purchase Senior Notes no later than ten business days
after the receipt by the company of any return of the Escrow
Amount, the amount of which offer shall be equal to the escrow
proceeds less certain permitted deductions pursuant to the
Indenture.  Assuming the company receives the escrow proceeds,
as provided in the Settlement Agreement, after giving effect to
such permitted deductions, the amount that would be required to
be tendered would be a negative amount.  Accordingly, the
company is not required pursuant to the Indenture to make an
offer to purchase Senior Notes with the Escrow Proceeds nor
include any portion of the Escrow Proceeds in the Amended Tender
Offer or any future offers to purchase Senior Notes.  The Escrow
Proceeds will constitute a portion of the approximately US$9.2
million retained by the company and its affiliates following the
completion of the Amended Tender Offer and the deposit of an
amount necessary to pay the January Interest Payment, pursuant
to the terms of the January Interest Payment Agreement, to fund
the ongoing wind-down costs of such entities.

The company will not spend more than EUR5,525,225.25 in the
aggregate to purchase its outstanding Senior Notes at par in the
Amended Tender Offer, which amount includes the payment of the
Purchase Price and Accrued Interest.  The Tender Offer
Consideration offered to holders of Senior Notes in the Amended
Tender Offer is the result of the cash proceeds of the Fiat
Payments and the Escrow Fiat Payments, in each case less certain
amounts pursuant to the Indenture and less the January Interest
Payment.  In addition, the Amended Tender Offer includes an
amount of EUR775,225.25, which amount was included in the offer
to purchase Senior Notes by the company pursuant to the
company's tender offer statement, dated as of Mar. 29, 2007, but
for which tendered Senior Notes were not accepted for purchase
by the Trustee due to the proration applied to the aggregate
nominal amount of such Senior Notes.  The Tender Offer
Consideration offered to holders in the Amended Tender Offer
does not include any proceeds from the Subsequent Nemak Sales or
the Escrow Proceeds, as such proceeds, after giving effect to
the permitted deductions pursuant to the Indenture, are a
negative amount.

The completion of the Offer is subject to, among other things,
the following conditions: the valid receipt, prior to the
Expiration Date of the Requisite Consents, the due execution of
the Supplemental Indenture, and certain other general conditions
described in the Supplement.

These conditions are for the company's sole benefit and the
company may waive them in whole or in part at any or at various
times prior to the expiration of the Offer in its sole
discretion.  In addition, the company expressly reserves the
right, in its sole discretion and subject to applicable law to
(1) terminate the Offer prior to the Expiration Date and not
accept for payment any Senior Notes not theretofore accepted for
payment pursuant to the Offer, (2) waive on or before the
Expiration Date any or all of the conditions to the Offer, (3)
extend the Expiration Date, and (4) otherwise amend the terms of
either or both the Amended Tender Offer and the Consent
Solicitation in any respect.  The foregoing rights are in
addition to the right to delay acceptance for payment of Senior
Notes tendered pursuant to the Offer in order to comply with any
applicable law, subject to Rule 14e-1(c) under the Securities
Exchange Act of 1934, as amended, which requires that the
company pay the consideration offered or return the Senior Notes
deposited by or on behalf of the holders thereof promptly after
the termination or withdrawal of the Offer.

In deciding whether to participate in the Offer, each holder of
Senior Notes should consider carefully, in addition to the other
information contained or incorporated by reference in the
Supplement, the risks and consequences described in the
Supplement under "Certain Significant Considerations."  Except
as set forth in the Supplement, all terms and conditions of the
Original Tender Offer remain unchanged and in full force and
effect.

In addition, for further information and for copies of the
Supplement please contact: The Bank of New York and The Bank of
New York (Luxembourg) S.A. at One Canada Square, London E14 5AL,
England, Attention: Corporate Trust Administration, e-mail:
eventsadmin@bankofny.com or +44-207-964-8849, in their capacity
as Information Agents and Tender Agents.

                   About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

                        *     *     *

As reported on May 9, 2007, Moody's Investors Service confirmed
the Caa3 Corporate Family Rating of Teksid Aluminum Ltd as well
as the Ca rating of the company's senior notes at Teksid
Aluminum Luxembourg Sarl SCA with a stable outlook.

It also lowered its long-term debt rating on the EUR240 million
senior unsecured notes issued by Teksid Aluminum Luxembourg
S.a.r.l., S.C.A. and guaranteed by TKA to 'D' from 'C'.


UAL CORP: Commences Codeshare & Flyer Pact with TAM SA
------------------------------------------------------
TAM S.A. and United Airlines customers will gain increased
service to North and South America under a new codeshare
agreement that begins on Nov. 14.

Customers from both airlines may now earn and redeem frequent
flyer miles or points on the partner carrier.  The partnership
enables both companies to offer more flight options to customers
traveling between Brazil and the United States.  United Mileage
Plus members will earn and redeem miles on all TAM and TAM
Mercosur operated flights, and TAM's Fidelidade members will
earn miles and redeem points on United, Ted, which is United's
low fare carrier that serves leisure destinations, and United
Express regional jet flights.

By combining the two networks, TAM customers may now purchase
tickets on United Airlines operated flights between Brazil and
the United States, departing Rio de Janeiro and Sao Paulo to
Washington, D.C. and Chicago.  The agreement will also enable
passengers to connect to several destinations in the United
States, including Atlanta, Boston, Dallas, Denver, Las Vegas,
Los Angeles, San Francisco and Seattle, among others.  United
Airlines will offer service on flights operated by TAM from
Miami and New York to the cities of Sao Paulo and Manaus,
enabling passengers to connect to several points in Brazil.

                        About TAM SA

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

                       About UAL Corp.

Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA)
-- http://www.united.com/-- is the holding company for United
Airlines, Inc.  United Airlines is the world's second largest
air carrier.  The airline flies to Brazil, Korea and Germany.

The company filed for chapter 11 protection on Dec. 9, 2002
(Bankr. N.D. Ill. Case No. 02-48191).  James H.M. Sprayregen,
Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and
Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the
Debtors in their restructuring efforts.  Fruman Jacobson, Esq.,
at Sonnenschein Nath & Rosenthal LLP represented the Official
Committee of Unsecured Creditors before the Committee was
dissolved when the Debtors emerged from bankruptcy.  Judge
Wedoff confirmed the Debtors' Second Amended Plan on
Jan. 20, 2006.  The company emerged from bankruptcy protection
on Feb. 1, 2006.

At Dec. 31, 2006, the company's balance sheet showed total
assets of US$25,369,000,000 and total liabilities of
US$23,221,000,000.


ZIM CORP: Posts US$101,207 Net Loss for Quarter Ended Sept. 30
--------------------------------------------------------------
ZIM Corporation disclosed financial results for its second
quarter ended Sept. 30, 2007.

Net loss for the quarter ended Sept. 30, 2007,was US$101,207.
The net loss for the quarter ended Sept. 30, 2006, was
US$369,991.

Revenue for the quarter ended Sept. 30, 2007, was US$446,686, a
decrease from US$580,913 for the quarter ended Sept. 30, 2006.
ZIM's decrease in revenue is primarily attributable to the
decline in revenue from its SMS aggregation services caused by
the continued saturation of the aggregation market.

"Consistent with previous announcements, our decrease in
revenues is attributed to the decrease in our SMS aggregation
revenues.  We have reduced operating expenses and continue to
look for additional savings as we pursue opportunities related
to our Internet TV, Mobile Content and Database platforms" said
Dr. Michael Cowpland, president and chief executive officer of
ZIM.

ZIM had cash of US$209,741 as at Sept. 30, 2007, as compared to
US$578,883 for the period as at Sept. 30, 2006, and US$319,561
at June 30, 2007.  As at Sept. 30, 2007, ZIM also had an amount
due to the chief executive officer, who is also a shareholder,
of US$49,740 with no amounts due to financial institutions.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$1,074,156 in total assets, US$914,640 in total
liabilities, and US$159,516 in total shareholders' equity.

The company's consolidated balance sheet at Sept. 30, 2007, also
showed strained liquidity with US$856,956 in total current
assets available to pay US$859,794 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2569

                     Going Concern Doubt

Raymond Chabot Grant Thornton LLP, in Ottawa, Canada, expressed
substantial doubt about ZIM Corporation's ability to continue as
a going concern aftr auditing the company's consolidated
financial statements for the years ended March 31, 2007, and
2006.  The auditing firm reported the company has incurred a net
loss of US$1,936,187 and provided US$198,143 of cash from
operations, during the year ended March 31, 2007.  The company
also has generated negative cash flows from operations during
each of the previous five years.

                       About ZIM Corp.

Ottawa, Canada-based ZIM Corporation (OTC BB: ZIMCF) --
http://www.zim.biz/-- is a mobile content, Enterprise Database
Software and Internet TV service provider.  Through its global
infrastructure, ZIM provides publishing and licensing services
for market-leading mobile content and for Internet TV
broadcasting.  The company has offices in Brazil and London.




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


EM SPECIAL: Sets Final Shareholders Meeting for Nov. 29
-------------------------------------------------------
EM Special Opportunities TPC Ltd. will hold its final
shareholders meeting on Nov. 29, 2007, at:

          Maples Finance Limited
          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

    1) accounting of the winding-up process; and
    2) giving explanation thereof.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

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

The liquidators can be reached at:

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


MINCS-LIBERTY: Proofs of Claim Filing Deadline Is Nov. 29
---------------------------------------------------------
Mincs-Liberty, Ltd.'s creditors are given until Nov. 29, 2007,
to prove their claims to Emile Small, 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.

Mincs-Liberty's shareholders agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

              Emile Small
              c/o Maples Finance Limited
              P.O. Box 1093, George Town
              Grand Cayman, Cayman Islands


PANTA RHEI: Holding Final Shareholders Meeting on Nov. 29
---------------------------------------------------------
Panta Rhei Series S Limited will hold its final shareholders
meeting on Nov. 29, 2007, at:

          Maples Finance Limited
          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

    1) accounting of the winding-up process; and
    2) providing explanation thereof.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

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

The liquidator can be reached at:

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


PRIME CAPITAL: Will Hold Final Shareholders Meeting on Nov. 29
--------------------------------------------------------------
Prime Capital Ltd. will hold its final shareholders meeting on
Nov. 29, 2007, at:

          Maples Finance Limited
          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

    1) accounting of the winding-up process; and
    2) providing explanation thereof.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

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

The liquidators can be reached at:

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


SAISEI KAISYU: Holding Final Shareholders Meeting on Nov. 29
------------------------------------------------------------
Saisei Kaisyu Planning 2 Limited will hold its final
shareholders meeting on Nov. 29, 2007, at:

          Maples Finance Limited
          Boundary Hall, Cricket Square
          George Town, Grand Cayman
          Cayman Islands

These agendas will be taken during the meeting:

    1) accounting of the winding-up process; and
    2) providing explanation thereof.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

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

The liquidator can be reached at:

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


VEGA INVESTMENT: Sets Final Shareholders Meeting for Nov. 29
------------------------------------------------------------
Vega Investment Platform Funds Limited will hold its final
shareholders meeting on Nov. 29, 2007, at 11:00 a.m. at:

          Deloitte
          Fourth Floor, Citrus Grove
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

    1) accounting of the winding-up process; and
    2) authorizing the liquidators to retain the records of the
       company for a period of five years from the dissolution
       of the company, after which they may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

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

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas
         Deloitte
         P.O. Box 1787, George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258


VEGA LIQUIDITY: Will Hold Final Shareholders Meeting on Nov. 29
---------------------------------------------------------------
Vega Liquidity Fund Limited will hold its final shareholders
meeting on Nov. 29, 2007, at 11:30 a.m. at:

          Deloitte
          Fourth Floor, Citrus Grove
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

    1) accounting of the winding-up process; and
    2) authorizing the liquidators to retain the records of the
       company for a period of five years from the dissolution
       of the company, after which they may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

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

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas
         Deloitte
         P.O. Box 1787, George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258


VEGA LIQUIDITY NON-US: Final Shareholders Meeting Is on Nov. 29
---------------------------------------------------------------
Vega Liquidity Non-US Feeder Fund Limited will hold its final
shareholders meeting on Nov. 29, 2007, at 1:00 p.m. at:

          Deloitte
          Fourth Floor, Citrus Grove
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

    1) accounting of the winding-up process; and
    2) authorizing the liquidators to retain the records of the
       company for a period of five years from the dissolution
       of the company, after which they may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

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

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas
         Deloitte
         P.O. Box 1787, George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258


VEGA MAG: Sets Final Shareholders Meeting for Nov. 29
-----------------------------------------------------
Vega Mag Fund Limited will hold its final shareholders meeting
on Nov. 29, 2007, at 1:30 p.m. at:

          Deloitte
          Fourth Floor, Citrus Grove
          P.O. Box 1787, George Town
          Grand Cayman, Cayman Islands

These agendas will be taken during the meeting:

    1) accounting of the winding-up process; and
    2) authorizing the liquidators to retain the records of the
       company for a period of five years from the dissolution
       of the company, after which they may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

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

The liquidator can be reached at:

         Stuart Sybersma
         Attention: Mervin Solas
         Deloitte
         P.O. Box 1787, George Town
         Grand Cayman, Cayman Islands
         Telephone: (345) 949-7500
         Fax: (345) 949-8258




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


EASTMAN KODAK: Appoints Douglas Lebda & William Parrett to Board
----------------------------------------------------------------
Eastman Kodak Company has named Douglas R. Lebda, the President
and Chief Operating Officer of IAC/InterActiveCorp, and William
G. Parrett, the former Chief Executive Officer of Deloitte
Touche Tohmatsu, to the company's board of directors, effective
Nov. 14, 2007.

Mr. Lebda became President and COO of IAC at the end of 2005.
He joined the company in 2003 after IAC acquired LendingTree,
which Mr. Lebda founded in 1996.  During his nine-year tenure,
he led the company through a successful IPO and five
acquisitions, and LendingTree became the nation's leading online
lending exchange, with more than US$500 million in 2003 revenue.
At IAC, Mr. Lebda oversees the operations of more than 60 brands
and 20,000 employees, and has led the growth and integration of
dozens of IAC start-ups and acquisitions.  IAC is an interactive
conglomerate that owns and operates more than 60 specialized and
global brands, including HSN, Ticketmaster, Match.com, Ask.com,
Citysearch, Evite, and more.

Mr. Parrett recently retired from Deloitte as Senior Partner
after serving as CEO from 2003 until earlier this year.  A
40-year veteran of Deloitte, Mr. Parrett co-founded the firm's
Global Financial Services Industry practice and served as its
first chairman.  During his career at Deloitte, he served as
advisory or leadership partner to many Fortune 500 companies.

"I am pleased to welcome such talented and exceptional
individuals to our board as Doug Lebda and Bill Parrett," said
Antonio M. Perez, Kodak's Chairman and Chief Executive Officer.
"Each will bring a depth of experience and expertise to the
board's deliberations for the benefit of our customers and
shareholders.

"In LendingTree, Doug built what has become one of the world's
great online brands, and he has continued to nurture new brands
and businesses at IAC," Mr. Perez said. "He brings to Kodak an
intimate knowledge of digital markets and a fresh perspective on
the generational and demographic forces shaping the Internet.
As Kodak continues its historic transformation, we will benefit
from Doug's business acumen and his passion for harnessing the
Web to revolutionize commerce and drive growth."

"Bill Parrett's record of achievement is extraordinary," Perez
said. "During Bill's tenure, Deloitte's revenue grew by 53%,
reaching US$23.0 billion in 2007, and worldwide employment grew
to 150,000 people in 140 countries.  Beyond his success in
growing Deloitte, Bill also has become a global advocate for a
broader view of corporate governance and business ethics. His
seasoned approach to business issues, as well as his extensive
understanding of financial matters, makes him an outstanding
choice to serve on Kodak's board."

Mr. Lebda received his bachelor's degree in business
administration from Bucknell University in 1992, and began his
professional career as an auditor and consultant for
PriceWaterhouseCoopers.  He is currently a member of the
Bucknell University Alumni Association Board of Directors and
the Board of Trustees for the Darden School Foundation.  A
recognized entrepreneur and innovator, Mr. Lebda has received
numerous honors, including the Ernst & Young Entrepreneur of the
Year award, the Council for Entrepreneurial Development's
Trailblazer award, and the Inman Innovator of the Year award.

Mr. Parrett joined Deloitte upon graduation from New York's St.
Francis College in 1967, and served in a series of roles of
increasing responsibility.  He became Managing Partner of
Deloitte & Touche USA in 1999, and was named CEO four years
later.  Mr. Parrett is chairman of the United Way of America, an
executive member of the International Chamber of Commerce, and
serves as chairman of the United States Council for
International Business.

These elections bring the Kodak board to 11 members, 10 of whom
are independent directors, with Antonio Perez serving as the
only non-independent director.

                     About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006.  S&P said the
outlook is negative.


GMAC LLC: Hull Succeeds Khattri as Financial Services Unit's CFO
----------------------------------------------------------------
GMAC Financial Services, a subsidiary of GMAC LLC, disclosed
Sanjiv Khattri, chief financial officer, will be named to a new
position as executive vice president of Corporate Development
and Strategy, effective Dec. 3.  He will continue to report to
GMAC Chief Executive Officer Eric Feldstein.  In this new
position, Mr. Khattri will have responsibility for strategic
planning and business development as well as continuing as chief
financial officer of GMAC Residential Capital, LLC.  He will
remain a member of the GMAC Executive Committee and the ResCap
Board of Directors.

Succeeding Mr. Khattri as GMAC chief financial officer is Robert
Hull, who joins GMAC from Bank of America.  Mr. Hull will report
to GMAC Chief Operating Officer Al de Molina.

Mr. Hull was chief financial officer of Bank of America's global
wealth and investment management and principal investing
divisions.  He joined Bank of America in 2001 as the senior vice
president for strategy and financial planning and following that
position was named chief financial officer of the card services
division.  Prior to joining Bank of America, Mr. Hull served as
chief financial officer of Investorforce Holdings, Inc., Marvel
Enterprises, Inc., and Wise Foods Holdings, Inc. Hull has a
bachelor's degree from the University of Virginia and a master's
degree in business administration from Harvard Business School.

"I am pleased to welcome to GMAC Rob Hull as our new chief
financial officer.  He has outstanding credentials and a broad
base of experience to draw upon in leading the Finance
organization," Mr. Feldstein said.  "Additionally, I am pleased
to have Sanjiv lead major GMAC strategic initiatives and
business development opportunities as well as the ResCap finance
organization."

                         About GMAC

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 16, 2007, Fitch Ratings has placed GMAC LLC and its related
subsidiaries 'BB+' long-term Issuer Default Ratings on Rating
Watch Negative.  This action reflects the ongoing pressures in
the company's residential mortgage subsidiary, Residential
Capital LLC (ResCap, IDR 'BB+' by Fitch with Rating Watch
Negative).


HOUGHTON INT'L: S&P Withdraws B+ Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its ratings,
including its 'B+' corporate credit rating, on Valley Forge,
Pennsylvania-based Houghton International Inc. at the company's
request.  The ratings were removed from CreditWatch, where they
were placed with negative implications on Oct. 16, 2007.

Headquartered in Valley Forge, Pennsylvania, Houghton
International Inc. -- http://www.houghtonintl.com/--
manufactures oils and specialty chemicals for lubrication in
most of the big Midwestern industries: metalworking, automotive,
and steel.  Its products range from aluminum and steel rolling
lubricants to rust preventatives to fire-resistant hydraulic
fluids.  The FLUIDCARE division helps manufacturers reduce costs
through chemical management and recycling.  It maintains more
than 30 sales and manufacturing facilities in North and South
America, Europe, Africa, Australia, and Asia.  The company was
founded in 1865.  It has operations in Brazil and Chile.




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


ECOPETROL: 10.1% Stake Sale Brings in COP5.7 Trillion
-----------------------------------------------------
Colombian state-run oil firm Ecopetrol said in a press statement
it released regarding the final results of the first round of
its initial public offering that sale of 10.1% of its shares
brought in a total of COP5.7 trillion.

Business News Americas relates that a total of 482,941
Colombians bought the shares in the offering.  Private citizens
purchased about 62% of the shares.  About US$3,579 was the
average amount invested in the sale among private citizens.
Meanwhile, pension funds acquired 37% of the shares.

Ecopetrol said in a statement that Colombian firms that were
able to join the first round of the offering bought a 1% stake.

According to BNamericas, "a total of 525,741 applications were
received to purchase shares," about 520,461 of these were
ratified.

BNamericas notes that Ecopetrol will allocate some of the
revenues generated from the sale for the funding of its US$12.5-
billion investment plan and possibly for the construction of a
Central American plant.

An Ecopetrol spokesperson told BNamericas that the firm will
eventually sell up to 20% of its shares in three rounds.
However, the second round won't be launched for at least eight
months.

The report says that the second round of the offering, which
would be open to international investors, was initially set for
Nov. 19, 2007.  It was postponed.

"What is going to occur this month, however, is that the company
will begin trading on the Colombian stock market on Nov. 27,"
the spokesperson commented to BNamericas.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Fitch Ratings affirmed Ecopetrol S.A.'s foreign
and local currency issuer default ratings at 'BB+' and 'BBB-',
respectively.  Fitch said the outlook for all ratings is stable.


* COLOMBIA: Maturing Debts Cause Peso BOnds To Rally
----------------------------------------------------
Andrea Jaramillo at Bloomberg News reported that the Colombian
government's peso bonds gained as traders re-invested cash from
maturing government debt.

The government has paid fixed-rate bonds that became due on
Nov. 9, totaling US$2.5 billion, the same report adds. No new
long-term debts were issued causing demand to rise.

The yield on the government's benchmark 11% peso bonds due in
July 2020 fell almost 4 basis points, or 0.04 percentage point,
to 10.14% at 1:09 p.m. on Friday in New York, Ms. Jaramillo
says, citing the Colombia's stock exchange.  The bond's price,
which moves inversely to its yield, rose 0.283 centavo to
105.912 centavos per peso, its highest since Nov. 6.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Standard & Poor's Ratings Services assigned its
'BB+' long-term senior unsecured rating to the Republic of
Colombia's proposed 2027 Global Titulos de Tesoreria bond, a
bond denominated in Colombian pesos but payable in US dollars.




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


ARMSTRONG WORLD: Ex-Parent to Dissolve After Asset Distribution
---------------------------------------------------------------
Armstrong Holdings, Inc., the former parent company of Armstrong
World Industries, Inc., disclosed its timetable for dissolution
including distribution of net assets to shareholders.

The last day of trading in ACKH common stock and the record date
for shareholders entitled to receive a final distribution of the
company's net assets will be on Dec. 5, 2007.  The company's
stock transfer books will close and no further trading or
transfers will be recognized after settlement of trades made
through that date.

On Dec. 12, 2007, the distribution agent, American Stock
Transfer & Trust Company, will begin the distribution of assets
to shareholders.  Following this distribution, Armstrong
Holdings, Inc. will file Articles of Dissolution with the
Commonwealth of Pennsylvania and will cease to exist.

The company's net assets for distribution total approximately
US$28 million, which will be divided pro-rata per share among
the holders of the 40,551,975 outstanding shares of ACKH common
stock.  This amounts to a distribution of approximately US$0.69
per share. Shareholders should consult their tax advisor on the
tax implications of this distribution.

Shareholders who hold ACKH stock in brokerage accounts will
receive the distribution in their accounts and their ACKH
holdings will be cancelled after the distribution.

Direct shareholders do not need to return their stock
certificates to receive a distribution.  Those certificates will
become void and have no value.  When they receive their
distribution checks, direct shareholders should cancel or
destroy those Armstrong Holdings stock certificates.

Direct shareholders with questions concerning their accounts
should contact American Stock Transfer & Trust Company at
(800) 937-5449.

Armstrong Holdings, Inc. previously was the parent holding
company of Armstrong World Industries, Inc. until Oct. 2, 2006.
On that date, AWI emerged from Chapter 11 bankruptcy.  Under
AWI's Plan of Reorganization, the company's ownership in AWI was
cancelled.

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets.  AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts.  The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors.  The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.

                        *     *     *

Standard & Poor's Ratings Service affirmed the 'BB' corporate
credit and senior secured ratings for Armstrong World Industries
Inc. on March 2007.

Moody's Investors Service assigned, in October 2006, a Ba2
rating on Armstrong World Industries, Inc.'s new credit facility
and a Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.




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


SERVICEMASTER CO: Names Steve Martin as Chief Financial Officer
---------------------------------------------------------------
ServiceMaster Co. has hired TruGreen Chief Financial Officer
Steve Martin as its Senior Vice President and Chief Financial
Officer.

Mr. Martin succeeds Vice Chairman and Chief Financial Officer
Ernie Mrozek, who will transition out of his current position by
early next year.  Mr. Mrozek has been based in the company's
Downer's Grove, Illinois, headquarters office, which was
recently relocated to Memphis.

Mr. Martin has worked in finance for TruGreen, a ServiceMaster
company, since 2000.  Previously, he was Senior Vice President
and Controller for Promus Hotel Corporation in Memphis, and a
partner in the Audit and Business Advisory Services business for
Arthur Andersen, also in Memphis.

Over the past several weeks, Mr. Martin has served in a special
project role with ServiceMaster, leading the company's efforts
to reduce layers between leadership and customers, and to become
more responsive toward customer service.

ServiceMaster Chief Executive Officer Pat Spainhour said, "We're
excited to promote Steve into this position because he not only
brings a broad base of financial expertise to the job, but he
also has a deep understanding of our company and how we can best
position ourselves for continued growth and marketplace
leadership."

Mr. Martin has a degree in accounting from the University of
Memphis, and is active in the Memphis community, serving on the
Board of Directors for the Metropolitan Inter-Faith Association
(MIFA).

ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM)
currently serves residential and commercial customers through a
network of over 5,500 company-owned locations and franchised
licenses.  The company's brands include TruGreen, TruGreen
LandCare, Terminix, American Home Shield, InStar Services Group,
ServiceMaster Clean, Merry Maids, Furniture Medic, and
AmeriSpec.  The core services of the company include lawn care
and landscape maintenance, termite and pest control, home
warranties, disaster response and reconstruction, cleaning and
disaster restoration, house cleaning, furniture repair, and home
inspection.  The company has operations in Australia, Chile,
China, Dominican Republic, Hong Kong, Indonesia, Japan, and the
United Kingdom, among others.

                        *     *     *

As reported on Oct 29, 2007, Standard & Poor's affirmed its 'B+'
bank loan rating on Memphis, Tennessee-based The ServiceMaster
Co.'s US$2.65 billion term loan.




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


PETROECUADOR: Negotiating with Chinese Firms for Field Dev't
------------------------------------------------------------
Ecuador's President Rafael Correa told Reuters that he would be
negotiating with Chinese companies on the development of state-
run oil firm Petroecuador's Ishpingo-Tambococha-Tiputini field.

President Correa commented during a conference in Riyadh, Saudi
Arabia, "We will talk to Chinese firms about developing oil and
gas fields including the ITT [Ishpingo-Tambococha-Tiputini]
field."

"There is a consortium of Petrobras and Sinopec that is quite
interested in the field," President Correa told Reuters.

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.


* ECUADOR: Economy Minister Eases Investors Fears
-------------------------------------------------
Ecuador's Economy Minister Fausto Ortiz eased investors concern
of a default by disclosing the government's plan to exchange
debts with cheaper securities, Lester Pimentel at Bloomberg News
reports.

The country's bonds rallied as a result of the announcement.
Ecuador's President Rafael Correa had put investors on edge when
he threatened early this year that the government may not be
able to meet interest payments on time.

According to the economy minister, the government may exchange
up to US$500 million debt in the first half of 2008.  Ecuador
has US$10 billion in debts.

The yield on Ecuador's benchmark 10% bonds maturing in 2030
fell 12 basis points, or 0.12 percentage point, to 10.58% at
4:07 p.m. on Friday, Bloomberg says, citing JPMorgan Chase & Co.
The bond's price, which moves inversely to the yield, rose 1
cent on the dollar, the biggest gain since Nov. 8, to 95 cents.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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




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


FLOWSERVE CORP: Enters into Exclusive Deal with China National
--------------------------------------------------------------
Flowserve Corporation has signed a Memorandum of Understanding
with the China National Nuclear Corporation and SUFA Technology
Industry Co., Ltd.  This Memorandum of Understanding is an
exclusive agreement for the companies to explore forming a joint
venture partnership in Suzhou, China.

"The Chinese civilian nuclear power market is expected to
experience significant growth in the coming years," said Mr.
Jiangang Qiu, Vice President of China National Nuclear
Corporation.  "The joint venture we are exploring would produce
nuclear valves exclusively for the Chinese domestic nuclear
market."

Management teams from China National, SUFA and Flowserve
recently met at Flowserve's headquarters in Irving, Texas, to
sign the agreement.  China National, an agency of the Chinese
government, has a significant ownership stake in SUFA, a private
corporation based in Suzhou.

"Since Flowserve is a leader in the worldwide nuclear valve
market, and SUFA is a leading manufacturer of valves for the
Chinese civilian nuclear power market, this potential
partnership provides a great deal of opportunity to serve the
growing civilian nuclear power market in China," said Tom
Pajonas, President of Flowserve Flow Control.

The agreement is non-binding and is subject to all applicable
legal requirements.

"We look forward to a future relationship with CNNC and SUFA and
the opportunities this could bring to serving the growing
civilian nuclear power market in China," said Lewis Kling,
President and CEO of Flowserve.

                         About SUFA

SUFA is the largest valve manufacturer in China, specializing in
various types of valves for the oil & gas, refinery, chemical
and power industries.  The company has more than 50 years
experience producing various types of valves, including: gate,
globe, valves, ball, butterfly, diaphragm, plug, vacuum,
control, high temperature and high pressure valves.

                     About China National

China National is the Chinese agency that manages nuclear power
infrastructure in China.  The agency owns and operates nuclear
power plants across China, and is the major force of nuclear
technology development and nuclear power design in the country.

                       About Flowserve

Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) --
http://www.flowserve.com/-- provides fluid motion and control
products and services.  Operating in 56 countries, the company
produces engineered and industrial pumps, seals and valves as
well as a range of related flow management services.  In Latin
America, Flowserve operates in 36 countries such as the
Dominican Republic, Guatemala, Guyana and Belize.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 20, 2007, Moody's Investors Service affirmed Flowserve
Corporation's corporate family rating at Ba3 and probability of
default at B1.  Moody's also affirmed the Ba2 rating to the
company's senior secured term loan and assigned a Ba2 rating to
Flowserve's senior secured revolving credit facility.




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


ADVANCED MARKETING: Judge Sontchi Confirms Liquidation Plan
-----------------------------------------------------------
The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for
the District of Delaware confirmed on Nov. 15, 2007, the
Amended Plan of Liquidation jointly filed by Advanced Marketing
Services, Inc., and its debtor-affiliates and the Official
Committee of Unsecured Creditors, moving the company one step
closer to emergence from bankruptcy.

The Plan Proponents filed their Third Amended Joint Plan of
Liquidation on November 13 to provide, among other things, that:

  (a) the initial Plan Administrator, and each successor Plan
      Administrator, will serve until the earlier of (i) the
      later to occur of the entry of a Final Decree, the
      dissolution of Reorganized AMS, as defined in the Plan,
      and the payment of final distributions to unsecured
      creditors, or (ii) the expiration of the term of the Plan
      Administrator's employment agreement or resignation,
      death, incapacity, removal or termination; and

  (b) in connection with the merger, Reorganized AMS'
      certificate of incorporation will be revised to include a
      provision prohibiting the issuance of any non-voting
      equity securities, and will otherwise comply with
      Sections 1123(a)(6) and (7).

A blacklined copy of the Third Amended Plan is available for
free at http://bankrupt.com/misc/Blacklinever3rdAmendedPlan.pdf

Judge Sontchi found that the Plan modifications (i) do not
adversely affect the treatment of any Claims against or
Interests in the Debtors under the Plan, and (ii) comply with
Section 1127 of the Bankruptcy Code and Rule 3019 of the Federal
Rules of Bankruptcy Procedure.

Subject to the restrictions on Plan modifications under Section
1127, the Plan Proponents reserve the right to alter or amend
the Plan before its substantial consummation.

               Plan Complies With Section 1129(a)

During the Confirmation Hearing, Judge Sontchi determined that
the Third Amended Plan satisfies all of the requirements for
Plan confirmation.

In accordance with the supporting declaration filed by Advanced
Marketing Services CFO and CEO Curtis R. Smith on November 13,
Judge Sontchi specifically finds that:

  (1) The Plan meets the requirements under Sections 1129(a)(1)
      and (a)(2) and complies with all applicable provisions of
      Sections 1122 and 1123, as well as the Bankruptcy Rules.

  (2) The Plan Proponents and their agents have solicited votes
      on the Plan in good faith and in compliance with the
      applicable provisions of the Bankruptcy Code and are
      entitled to the protections afforded by Section 1129(a)(2)
      of the Bankruptcy Code.

  (3) The Plan Proponents have proposed the Plan in good faith
      and not by any means forbidden by law.  The Debtors'
      officers and directors have acted in good faith in the
      negotiation and formulation of the Plan, thus satisfying
      Section 1129(a)(3).

  (4) The Plan provides that Professional Fee Claims will be
      entitled to payment only if and to the extent they are
      approved by the Court.  It also provides that all other
      Administrative Claims will be entitled to payment only if
      they are Allowed Claims.  Accordingly, the Plan satisfies
      Section 1129(a)(4).

  (5) The powers granted to Mr. Smith as Plan Administrator are
      consistent with applicable state law and the Bankruptcy
      Code provisions concerning liquidation proceedings, as
      well as in the interests of holders of claims and
      interests and with public policy.

  (6) The transactions contemplated by the Plan do not involve
      any rates established or subject to any governmental
      regulatory commission, hence, Section 1129(a)(6) is
      inapplicable.

  (7) The Plan satisfies Section 1129(a)(7) because each Holder
      of a Claim or Interest either has accepted the Plan or
      will receive property of a value that is not less than the
      amount that the holder would receive pursuant to a
      liquidation of the Debtors under Chapter 7.

  (8) The Plan satisfies Section 1129(a)(8) because Classes 1,
      2, 6, 7, 10 and 11 are not Impaired by the Plan and are
      conclusively presumed to have voted to accept the Plan.
      Classes 4 and 5 will not retain any value or receive and
      distribution under the Plan and are deemed to have
      rejected the Plan pursuant to Section 1126(g).  Classes 3,
      8, 9, 12 and 13 are Impaired and are entitled to vote.  As
      attested to in the Tabulation Certification, Classes
      3,8,9, 12 and 13 have voted to accept the Plan.

  (9) Treatment of Administrative and Tax Claims under the Plan
      satisfies the requirements of Section 1129(a)(9).

(10) As attested to in the tabulation certification, more than
      a majority in number and two-thirds in dollar amount of
      non-insider Creditors in Class 3 and Class 12 have voted
      to accept the Plan, thus satisfying Section 1129(a)(1O).

(11) The Debtors have sufficient Assets, and the Plan provides
      adequate means with which, to satisfy all claims under the
      Plan.  In addition, confirmation is not likely to be
      followed by the need for further financial reorganization,
      hence, Section 1129(a)(11) has been satisfied.

(12) The Plan provides that, on or before the Effective Date,
      all fees due and payable will be paid in full, thus
      satisfying Section 1129(a)(12).

(13) The Debtors are not obligated to pay "retiree benefits"
      as defined in Section 1114.  Accordingly, Section
      1129(a)(13) is inapplicable.

In addition, Judge Sontchi finds that the statutes under Section
1129(a)(14)and (15) apply only to individual debtors and, thus,
are inapplicable to Plan confirmation.  Also, the requirements
of Section 1129(a)(16) are not applicable to Plan confirmation
because the Debtors are not non-profit entities or trusts.

Moreover, in compliance with Section 1129(b), Judge Sontchi
finds that the Plan does not "discriminate unfairly" and is fair
and equitable with respect to each Imp[aired class of Claims or
Interests that have not voted to accept the Plan.

Judge Sontchi states that the requirements of Section 1129(d)
are satisfied because the principal purpose of the Plan is not
the avoidance of taxes.

Judge Sontchi further determines that the provisions of the Plan
constitute a good faith compromise and settlement of all claims
or controversies relating to the rights that a Holder of a Claim
or Interest may have with respect to any Allowed Claim or
Allowed Interest or any distribution to be made.

           Plan Confirmation Objections Resolved

Judge Sontchi ruled that all Plan confirmation objections and
reservation of rights that have not been resolved, withdrawn or
rendered moot are overruled.

Objections to Plan confirmation were previously filed by (i)
Leigh Robinson, doing business as ExPress; Paul Joannides, doing
business as Goofy Foot Press; and Daniel Poynter, doing business
as Para Publishing, and (ii) Jefferies & Co., Inc.

Pursuant to a stipulation at the Confirmation Hearing, the Plan
Proponents and the Objecting Parties to the Plan confirmation
agreed to resolve Jefferies & Co.'s objection by modifying the
language in the exculpation set forth in the Plan.

The Plan Proponents agreed that the undisputed amounts of the
scheduled claims of Express, et al., are allowed and will be
paid on the Effective Date in these amounts:

  -- with respect to the undisputed amount of the scheduled
     claim of Express, US$37,471 plus interest, accruing at the
     federal judgment rate as of the Petition Date, 4.99% from
     the Petition Date through and including the Effective Date;

  -- with respect to the undisputed amount of the scheduled
     claim of Goofy Foot Press, US$48,257 plus interest, from
     the Petition Date to the Effective Date; and

  -- with respect to the undisputed amount of the para
     Publishing's scheduled claim, US$15,927 plus interest
     accruing at the Federal Judgment Rate.

The Plan Proponents and Express, et al., further agreed that the
rights of all parties are reserved with respect to any disputed
amounts of the scheduled claims.  The also agreed to establish a
reserve account of US$50,000 to fund the payment of any
additional Allowed Claims of Express, et al.  Filing of
objections to Goofy Foot Press' claims will be Jan. 31, 2008.

               Dissolution of Reorganized AMS

Upon the filing of a Certificate of Dissolution with the Office
of the Secretary of Delaware, Reorganized AMS will be deemed
dissolved for all purposes without the necessity for any other
actions.

On the Effective Date, the Assets of the Debtors will
automatically vest in Reorganized AMS, free and clear of al
claims, liens, charges, interests or other encumbrances, except
as provided in the Plan.

in addition, on the Effective Date, the Deffered Compensation
Plan will terminate without further corporate action.  Pursuant
to the Plan and in accordance with the provisions of a July 2003
Trust Agreement among AMS, Publishers Group West, Inc., and
Union Bank of California, N.A., the Deferred Compensation Trust
will terminate, and the trustee will pay all case and any other
assets held in respect of the Deffered Compensation plan to
Reorganized AMS.

According to Judge Sontchi, the Cash and Assets held in the
deferred Compensation Trust will be transferred to Reorganized
AMS and will become property of the AMS Estate available for
distribution to Holders of Allowed Unsecured Claims against AMS.
Individuals who contributed to the Deferred Compensation Plan
will be treated as Holders of Unsecured Claims against AMS.

            Creation of Post-Confirmation Committee

Subject to the terms of the Plan, the Creditors Committee will
dissolve automatically on the Plan Effective Date, and its
members will be deemed relieved of all of their prospective
duties and obligations in connection with the Chapter 11 cases
or the Plan and its implementation.  In addition, on the
Effective Date, the Creditors Committee will be reconstituted as
the Post-Confirmation Committee, with these members:

  * Random House, Inc.,
  * Hachette Book Group USA, Inc.,
  * Harper Collins Publishers,
  * Penguin Group, and
  * Workman Publishing Co.

The bylaws and and the fiduciary duties adopted by the Creditors
Committee prior to the Effective Date will apply to the Post-
Confirmation Committee.  Also, the new committee will have the
right to terminate the Plan Administrator with or without cause
and to then appoint a successor Plan Administrator.

          Filing of Admin. & Professional Fee Claims

Judge Sontchi directed that requests for Administrative Claims
arising on or after May 1, 2007, through the Effective Date must
be filed and served on the Plan Administrator no later than 30
days after the Effective Date.  Requests for Professional Fee
Claims must be filed no later than 45 days after the Effective
Date.

If a claim arises from the rejection of any executory contract
or unexpired lease, that Claim will be forever barred and will
not be enforceable against the Debtors or the Estates unless a
proof of claim is filed with the Court within 30 days after the
entry of the Confirmation Order.

               Texas Taxing Authorities Claims

The Plan Proponents agreed that these Claims are allowed and
will be paid on the Effective Date:

  -- claim filed by the Lewisville independent School District
     in the amount of US$61,011, plus interest of US$6,711 for
     an aggregate total of US$67,722;

  -- claim filed by the County of Denton for US$8,628, plus
     interest of US$949, for an aggregate total of US$9,577; and

  -- claim filed by the city of Carrollton for US$23,322, plus
     interest in the amount of US$2,565, for an aggregate total
     of US$25,888.

However, the Claims filed by the county of Denton and the city
of Carrollton for postpetition taxes will be withdrawn.  If the
Texas Taxing Authorities Claims are not paid in full by
Dec. 15, 2007, interest will accrue from and after the said date
at the statutory rate of 12%.

              Rejection of Executory Contracts

Under the Confirmation Order, each of the executory contracts or
unexpired lease pursuant to Section 365 is rejected by the
applicable Debtor, unless the Contract was previously assumed or
rejected by the Debtors by Court order; was identified on the
assumption schedule; is the subject of a request to assume
pending on or before the Plan Effective Date; or is otherwise
assumed pursuant to the terms of the Plan.

Based in San Diego, Calif., Advanced Marketing Services, Inc. --
http://www.advmkt.com/-- provides customized merchandising,
wholesaling, distribution and publishing services, currently
primarily to the book industry.  The company has operations in
the U.S., Mexico, the United Kingdom and Australia and employs
approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  In schedules filed with the Court,
Advanced Marketing disclosed total assets of US$213,384,791 and
total debts of US$216,608,357.  Publishers Group West disclosed
total assets of US$39,699,451 and total debts of US$83,272,493.
Publishers Group Inc. disclosed zero assets but US$41,514,348 in
liabilities.

On Aug. 24, 2007, the Debtors' exclusive period to file a
chapter 11 plan expired.  On the same date, the Debtors and
Creditors Committee filed a Plan & Disclosure Statement.  On
Sept. 26, 2007, the Court approved the adequacy of the
Disclosure Statement explaining the Second Amended Plan.  The
hearing to consider confirmation of the Plan is set on
Nov. 15, 2007.  (Advanced Marketing Bankruptcy News, Issue No.
24; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)


ICONIX BRAND: Buying Starter(R) Brand from NIKE for US$60 Mil.
--------------------------------------------------------------
Iconix Brand Group Inc. has entered into a definitive agreement
to purchase the Starter(R) brand from NIKE Inc.  The purchase
price will be US$60 million to be paid in cash and the
acquisition is anticipated to close in December.

Iconix is forecasting 2008 royalty revenue from Starter of
approximately US$18 million worldwide.

"Starter is an iconic brand that diversifies our portfolio of
holdings by moving us into the athletic apparel, team sports and
athletic footwear categories," Neil Cole, chairman and CEO,
Iconix, stated.  "It is a brand with a great deal of growth
potential, both in the United States and around the world, and
one to which I am confident that Iconix can quickly add a lot of
value. We are very excited by this brand's potential, especially
given Wal- Mart's unmatched reach as a retailer and our
marketing expertise."

"We believe Starter has the potential to become one of the
largest athletic apparel and footwear brands in the world," Mr.
Cole added.  "To help reach that potential, we are working on a
multi-faceted strategy, including signing some major
professional sports figures and growing our team sports business
which is Starter's heritage."

"Our customers have responded very positively to our athletic
apparel and footwear brands at value price points," Dottie
Mattison, SVP and GMM of apparel for Wal-Mart commented.
"Starter is one of our most powerful brands, both in terms of
its heritage and the range of different categories it covers.
Iconix is an innovator in marketing and building brands and we
are enthusiastic about their plans for Starter."

Iconix also owns the brands Danskin Now and OP, which are both
licensed to Wal-Mart.

The acquisition is subject to customary closing conditions
including clearance under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended.

                       About NIKE Inc.

headquartered near Beaverton, Oregon, NIKE Inc. (NYSE:NKE)
-- http://www.nikebiz.com/-- is a designer, marketer and
distributor of authentic athletic footwear, apparel, equipment
and accessories for a wide variety of sports and fitness
activities.  Wholly owned Nike subsidiaries include Converse
Inc., which designs, markets and distributes athletic footwear,
apparel and accessories; NIKE Bauer Hockey Inc., a designer and
distributor of hockey equipment; Cole Haan, a designer and
marketer of luxury shoes, handbags, accessories and coats;
Hurley International LLC, which designs, markets and distributes
action sports and youth lifestyle footwear, apparel and
accessories and Exeter Brands Group LLC, which designs and
markets athletic footwear and apparel for the value retail
channel.

Founded in 1971, Starter is a licensed apparel business selling
to Wal-Mart in the United States, Canada and Mexico.

                     About Iconix Brand

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

                        *     *     *

As of Nov. 8, 2007, Moody's ratings assigned to the Iconix Brand
Group Inc. on June 14, 2007 still apply.  These assigned ratings
were B1 long-term corporate family and probability-of-default
ratings, Ba2 bank loan debt rating, and B3 subordinated debt
rating.  Moody's said the outlook remains stable.


MTI GLOBAL: Posts CDN$2.1 Million Net Loss in Third Quarter
-----------------------------------------------------------
MTI Global Inc. reported financial results for the three and
nine-month periods ended Sept. 30, 2007.  MTI Global also
disclosed the consolidation of the majority of Aerospace
production in Mexico and the consolidation options of recently
acquired Mold-Ex silicone division with MTI's current US
production facilities.

The net loss for the third quarter of 2007 was CDN$2.1 million,
compared with a net loss of CDN$463,000 for the same period last
year.

Sales for the three months ended Sept. 30, 2007, were
CDN$15.5 million, an increase of 5% compared with last year's
sales of CDN$14.8 million.  Sales included a decrease of
approximately CDN$700,000 attributable to the impact of the
decline in the U.S. dollar compared with the currency rates for
the same period in 2006.

Aerospace sales for the third quarter of fiscal 2007 were
CDN$4.8 million compared with sales of CDN$5.6 million for the
comparable period last year.  Sales reflect a decrease of
CDN$427,000 related to the weakening U.S. dollar compared with
last year.

Fabricated Products sales for the period were CDN$944,000 or 8%
lower than sales of CDN$1 million for the third quarter of
fiscal 2006.  The decrease was attributable to an anticipated
decline in automotive market sales.

North American Silicone sales for the third quarter of fiscal
2007 increased by 30%, or CDN$1.3 million, to CDN$5.7 million,
compared with CDN$4.4 million for the same period last year.
The increase is due to revenues of CDN$1.8 million from the
acquisition of Mold-Ex during the quarter, offset by CDN$300,000
in the quarter due to the lower exchange rate in effect this
year as well as overall reduced activity in the transit market.

European Silicone sales increased by CDN$221,000, or 6% to
CDN$4.1 million for the third quarter of 2007 compared with
sales of CDN$3.9 million for the same period last year.  The
sales improvement included a modest CDN$27,000 gain, or 1%
attributable to the increase in the Euro.

The gross margin for the third quarter in 2007 was
CDN$4.5 million, a CDN$550,000 or 11% decrease, compared with
the third quarter last year.  The gross margin as a percentage,
decreased to 29% from 34%, mostly due to redundant costs at MTI
PolyFab resulting from subcontracting the majority of Aerospace
manufacturing to Mexico and the decrease in the U.S. dollar.
Offsetting the decrease in gross margin was a positive
contribution of CDN$745,000 from the inclusion of the Mold-Ex
silicone results.

President and chief executive officer, Bill Neill commented,
"Third quarter results were disappointing to say the least.
While we expected some continued pressures on results due to the
rising Canadian dollar, we did not anticipate the sharp dramatic
rise in such a short period of time.  To put this into context,
during the third quarter, the strengthening Canadian dollar
eroded approximately CDN$427,000 in Aerospace sales alone."

Mr. Neill commented, "Over the past year, we have implemented a
number of cost cutting and efficiency initiatives to mitigate
industry and economic pressures.  In light of the current
pressures and to further those initiatives, we are implementing
a shorter term plan focused specifically on improving and
streamlining customer and sales relationships; achieving more
stringent discipline with respect to processes; and tighter
management of working capital including inventory and overall
financial performance.  This is the next logical step building
on existing measures."

"We took decisive action earlier on in the year to mitigate the
effects of the rising Canadian dollar - including moving
production of most Aerospace programs to Mexico - and the full
benefits of this action will be fully reflected starting with
the first quarter of fiscal 2008," he added.

During the quarter, the company added the recently acquired
silicone division of Mold-Ex to the North American Silicone
division.  This complementary acquisition contributed
approximately CDN$1.8 million to revenues to this division.  MTI
Global previously disclosed it would review consolidation
alternatives for this division with a view to maximizing
efficiencies and cost reductions.

           Migration of Aerospace Production to Mexico

As previously reported, MTI continued the migration of its
Aerospace production to MTI de Baja, Mexico, starting with the
Boeing 787 program.  To date, nearly 40% of the planned
Aerospace production transfers have been completed with the
remaining 60% on target to be completed by year-end.  During the
quarter, MTI Global incurred expenses of approximately CDN$1
million associated with the migration of programs to Mexico.
The company also expects a further CDN$500,000 in related
expenses to be incurred in the fourth quarter with the full
financial benefits and meaningful effects on results to begin in
the first quarter of fiscal 2008.

                    Nine Months Results

Sales for the nine months ended Sept. 30, 2007, were
CDN$47.8 million, 3% ahead of last year's sales of
CDN$46.3 million.  This includes a decrease of approximately
CDN$529,000 due to the impact of currency fluctuations.

The gross margin for the nine months ended Sept. 30, 2007, was
CDN$15.7 million, a decrease of CDN$1.3 million or 7%.  The
gross margin as a percentage decreased to 32% from 36% in the
same period of 2006 because of duplication of costs in Mexico
and margin erosions due to currency fluctuations.

The loss before income taxes and non-controlling interest for
the nine months ended Sept. 30, 2007, was CDN$2.6 million
compared to a loss of CDN$157,000 last year.

For the nine months ended Sept. 30, 2007, the net loss was
CDN$2.8 million, to a net loss of CDN$348,000 for the same
period last year.

As at Sept. 30, 2007, the company had working capital of
CDN$7.2 million -- including cash and cash equivalents, plus
cash deposited as collateral totaling CDN$700,000 - compared
with CDN$14.2 million at Dec. 31, 2006.  Working capital has
decreased due to an increase in bank indebtedness and an
increase in the current portion of long-term debt.  The company
is taking active measures including better inventory management
to improve working capital.

At Sept. 30, 2007, the company's consolidated balance sheet
showed CDN$60.8 million in total assets, CDN$18.3 million in
total liabilities, and CDN$42.5 million in total shareholders'
equity.

                Breach of Financial Covenant

Subsequent to the release of the second quarter results, the
company was notified by its Canadian chartered bank that it was
in breach of a financial covenant in its credit facility
agreement as at June 30, 2007.  Specifically, the company did
not comply with the debt service coverage ratio of 1.25
calculated on a rolling twelve-month basis.  Furthermore, the
company was in breach of a general covenant concerning the
transfer of certain inventory and equipment to the company's
contract manufacturer in Mexico without first receiving the
Bank's prior written consent.  The company has received a
written notice of waiver of the June 30, 2007, breaches through
Nov. 30, 2007, and has requested the Bank's written consent for
ongoing transfers of inventory and equipment in compliance with
the terms of its loan agreement.

Due to unfavourable financial results in the third quarter, the
company remains in breach of the same debt service coverage
ratio as at Sept. 30, 2007.  Accordingly, the credit facilities
consisting of an operating and term loan with the Bank are in
default and have both been reflected in current liabilities.
The company also expects to be in breach of the debt service
covenant at Dec. 31, 2007.

The company has commenced discussions with the Bank with respect
to the breaches and has requested that the Bank waive the
default for Sept. 30, 2007.

                       About MTI Global

Headquartered in Mississauga, Ontario, MTI Global Inc. (TSX:
MTI) -- http://www.mtiglobalinc.com/-- designs, develops and
manufactures custom-engineered products using silicone and other
cellular materials.  The company serves a variety of specialty
markets focused on three main product categories: Silicone,
Aerospace and Fabricated Products.  MTI's Canadian manufacturing
operations are located in Mississauga, Ontario, with
international manufacturing operations located in Richmond and
Buchanan, Virginia; Pensacola, Florida; Bremen, Germany; and a
contract manufacturer venture in Ensenada, Mexico.  The company
also has sales operations in England and Sweden, and an
engineering support centre in Brazil.


REMY WORLDWIDE: Hires Huron Consulting as Financial Consultant
--------------------------------------------------------------
The Honorable Kevin Carey authorized Remy Worldwide Holdings
Inc. and its debtor-affiliates to employ Huron Consulting
Services, LLC, as its financial consultant, effective as of the
Oct. 8, 2007 Petition Date, subject to certain modifications of
the firm's Engagement Letter.

As reported im the Troubled Company Reporter on Nov. 5, 2007,
Huron is expected to assist:

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

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

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

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

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

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

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

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

      Advisory Services:

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

     Project Execution/Support Services:

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

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

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

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

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

The Debtors will provide Huron general indemnity.

The modifications of the firm's Engagement Letter are:

   (a) The provision of the Engagement Letter's General Business
       Terms relating to arbitration in the event of a dispute
       arising between the Debtors and Huron is revised to
       reflect that the provision will apply only to the extent
       that the Bankruptcy Court, or the District Court if the
       reference is withdrawn, does not retain jurisdiction over
       a controversy or claim.

   (b) All requests of Huron for payment of indemnity will be
       made by means of an application and will be subject to
       review by the Court to ensure conformity to the terms of
       the Engagement Letter.  However, in no event will Huron
       be indemnified in the case of its own bad faith or
       willful misconduct.

   (c) The Debtors have no obligation to indemnify Huron, or
       provide contribution or reimbursement to Huron for any
       claim or expense that is (i) judicially determined to
       have arisen from Huron's gross negligence or willful
       misconduct,  or (ii) settled prior to a judicial
       determination as to Huron's gross negligence or willful
       misconduct.

   (d) If, before confirmation of a Chapter 11 Plan or the entry
       of an order closing the Debtors' cases, Huron believes
       that it is entitled to the payment of any amount on
       account of the Debtors' indemnification or reimbursement
       obligations under the Engagement Letter, Huron must file
       an application before the Court.  The Debtors may not pay
       the amount before the entry of an order approving
       payment.

   (e) The Debtors will not be permitted to indemnify Huron with
       respect to any claims by the Debtors for Huron's breach
       of the Engagement Letter.

   (f) In the event that Huron seeks reimbursement for
       attorney's fees pursuant to the Engagement Letter, the
       invoices and supporting time records will be included in
       Huron's own monthly fee statement and will be subject to
       the same payment procedures applicable to professionals
       in the Debtors' cases.

   (g) Paragraph 8 of the Engagement Letter's General Business
       Terms will apply solely to claims of Huron and the
       Debtors against each other, and will not apply if the
       Debtors or a representative of the estates asserts a
       claim for Huron's own bad faith or willful misconduct.
       Additionally, the phrase "for the portion of the
       engagement giving rise to liability" is deleted from that
       paragraph.

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

                    About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REMY WORLDWIDE: U.S. Trustee Balks at Schedules Filing Extension
----------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
asks the U.S. Bankruptcy Court for the District of Delaware to
deny the request of Remy Worldwide Holdings Inc. and its debtor-
affiliates to extend the filing of their Schedules and
Statements to Dec. 22, 2007.

The U.S. Trustee complains that the Debtors provided no
explanation unique to their Chapter 11 cases as to why a
deviation from the 30-day standard for filing Schedules and
Statements is justified, or if any extension is justified as to
why the Debtors are entitled to a permanent waiver of that
requirement upon confirmation of the proposed Plan of
Reorganization.

To recall, the Debtors sought a 45-day extension to file their
Schedules and Statements and sought authority for a permanent
waiver of the obligation to file their Schedules assuming that
they confirm their Reorganization Plan prior to the expiration
of that extended period.

The Debtors, the U.S. Trustee notes, only cited standard reasons
as "cause" for the granting of the 45-day extension.  The
Debtors asserted that their cases are big and complex and that
their professionals are busy with other matters at the beginning
of the cases, William K. Harrington, Esq., of the U.S.
Department of Justice, points out.

The U.S. Trustee emphasizes that the nature and pace of the
Debtors' cases require a prompt deadline for filing Schedules
and Statements.

The Debtors have filed a comprehensive Disclosure Statement and
complete creditor matrix on the Petition Date, Mr. Harrington
reminds the Court.  "Accordingly, the bulk of the information
necessary for the Debtors to complete their Schedules and
Statements has already been compiled and should be readily
available," he says.

Moreover, by seeking a permanent waiver of the requirement to
file their Schedules and Statements, Mr. Harrington contends,
the Debtors are seeking to dispense with their obligation to
advise creditors as to their position as to the extent and
nature of the creditors' claims, which are being discharged
under the Plan.  Although the Debtors have filed a seemingly
comprehensive Disclosure Statement, no information is provided
by the Debtors as to what is owed to individual creditors, Mr.
Harrington tells the Court.

The U.S. Trustee tells the Court that it would not object to an
extension of 30 days for the preparation of the Debtors'
Schedules and Statements, without prejudice to the Debtors'
rights to request a further extension.

The U.S. Trustee also urges the Court not permit the Debtors to
seek a bar date for filing proofs of claim under Rule 3003(c)(2)
of the Federal Rule of Bankruptcy Procedure until accurate
Schedules and Statements are filed.  If a bar date is set, the
Debtors will have effectively shifted the burden of quantifying
and establishing for all creditors the nature and extent of
their Claims as every creditor seeking a distribution under the
Plan will be compelled to file a proof of claim to establish its
Claim, Mr. Harrington argues.

                    About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REMY WORLDWIDE: Wants to Sell Knopf Business for US$18.5 Million
----------------------------------------------------------------
Remy Worldwide Holdings Inc. seek the authority of the U.S.
Bankruptcy Court to sell substantially all of the assets of
Debtors M&M Knopf Auto Parts LLC and Reman Holdings L.L.C. to
Knopf Automotive LLC, free and clear of all liens, claims, and
encumbrances.

The Debtors also ask the Court for authority to assign certain
unexpired leases in connection with the proposed Knopf Sale.

M&M Knopf is in the business of selling used starter and
alternator cores, scrap metal, and other remanufactured car
parts.  As part of their expansion and diversification efforts,
the Debtors acquired M&M Knopf in 2000.

                      Marketing Efforts

The Knopf operations, according to Douglas P. Bartner, Esq., at
Shearman & Sterling LLP, in New York, is capital intensive and
if the Debtors were to continue to operate the Business,
significant additional capital infusions would be needed.

By March 2006, the Debtors decided to to pursue options for
divesting the Knopf Business.  The Debtors engaged W.Y. Campbell
to perform a market analysis and make recommendations regarding
the best market and method for divesting the Knopf Business.

Upon analysis, W.Y. Campbell concluded that Heywood and Marshall
Knopf were the most logical purchasers and were the most likely
to pay the highest and best price for the Knopf Business.

Heywood Knopf, Marshall Knopf and Michael Knopf previously owned
the Business and sold their interest in it to the Debtors in
March 2000, Mr. Bartner explains.  Mr. H. Knopf served as chief
executive officer of M&M Knopf until March 2006, and Mr.
Marshall Knopf as president of M&M Knopf until December 2005.

The market for the assets of the Knopf Business is small, Mr.
Bartner notes, and W.Y. Campbell took into consideration the
fact that one of the Business' integral assets is a contract for
distribution with an aftermarket original equipment manufacturer
-- the Saginaw Distribution Agreement -- which depends upon
maintaining a business relationship with Heywood Knopf.

The Saginaw Distribution Agreement generates the majority of the
positive EBIT for the Knopf Business and without the benefit of
that personal relationship with Mr. Knopf, when the Saginaw
Distribution Agreement was set to expire in accordance with its
terms, the original equipment manufacturer would not have
renewed its agreement with M&M Knopf, the Debtors note.

Also, the Debtors understand and believe that Mr. Knopf was
planning to open a competing venture upon the expiration of a
non-compete agreement -- which would have significantly diluted
the market for the products of the Knopf Business.

Moreover, the Knopfs are currently the landlords on five of the
six leases for properties where the Knopf Business operates, and
Debtor M&M Knopf is currently paying above-market rent on some
or all of those leases, Mr. Bartner notes.  The proposed Sale,
he contends, relieves the Debtors from continued performance
under costly leases.

                 Knopf Purchase Agreement

Accordingly, after engaging in arm's-length and good faith
negotiations, Debtors M&M Knopf and Reman Holdings, as
shareholder, entered into an Asset Purchase Agreement with Knopf
Automotive on Nov. 6, 2007, for the sale of the Knopf Business.

Under the APA, the Debtors have agreed to sell substantially all
of M&M Knopf's assets for US$16 million, plus a working capital
adjustment expected to be approximately US$2.5 million, for a
total expected purchase price of approximately US$18.5 million.

If the working capital as of closing is less than US$24,296,500,
the Purchase Price will be decreased by the difference between
that amount and the value of the working capital.

If the working capital as of closing is greater than
US$24,296,500, the Purchase Price will be increased by an amount
-- the Excess Working Capital Amount -- equal to 50% of that
excess, and M&M Knopf will pay to Knopf Automotive the Excess
Working Capital Amount; provided that in no event will the
Excess Working Capital Amount exceed US$1 million.

The Assets to be sold to Knopf Automotive include:

   * all accounts receivable of M&M Knopf, other than the HR&M
     receivable.  The HR&M receivable refers to that portion of
     the receivable from HR&M that is subject to a civil claim
     filed by M&M Knopf against HR&M;

   * all inventory;

   * all supplies, equipment, vehicles, machinery, furniture,
     fixtures, leasehold improvements and other tangible
     property used by M&M Knopf in connection with its business;

   * all of M&M Knopf's right, title and interest in and to
     certain identified contracts; all utility, security and
     other deposits and prepaid expenses;

   * M&M Knopf's permits and other authorizations of
     governmental authorities and third parties, licenses,
     telephone numbers, customer lists, and vendor lists,
     advertising materials and data, together with all books,
     operating data and records of M&M Knopf;

   * all rights in respect of the identified real property
     leased by M&M Knopf;

   * M&M Knopf's identified bank accounts; and

   * M&M Knopf's identified telephone numbers.

The M&M Knopf Assets to be sold will not include:

   * all cash and cash equivalents, except as identified,
     securities, negotiable instruments of M&M Knopf on hand; in
     lock boxes; in financial institutions or elsewhere;
     including all cash residing in any collateral cash account
     securing any obligation or contingent obligation of M&M
     Knopf or any affiliate;

   * any rights to tax refunds, credits or similar benefits
     attributable to excluded assets;

   * M&M Knopf's seal, minute books, charter documents, stock or
     equity records books and other books and records as pertain
     to the organization, existence or capitalization of M&M
     Knopf, as well as any other records or materials relating
     to M&M Knopf generally and not involving or related to the
     assets or the operations of M&M Knopf's business;

   * all rights of M&M Knopf under the Asset Purchase Agreement,
     the 2000 purchase agreement or the ancillary agreements;

   * tax returns of M&M Knopf, other than those relating to
     solely to the assets;

   * all current and prior insurance policies of M&M Knopf;

   * any identified right, property or asset; and

   * the HR&M Receivables.

At the closing, Knopf Automotive will assume, and agree to
satisfy and discharge all liabilities:

   -- reflected on the Closing Date Balance Sheet;

   -- of M&M Knopf arising under the identified contracts
      assumed by Knopf Automotive;

   -- for product warranty service claims relating to products
      manufactured, tested, marketed, distributed or sold by M&M
      Knopf; and

   -- in respect of any and all accounts payable and accrued
      expenses of M&M Knopf reflected on the Closing Date
      Balance Sheet.

M&M Knopf will retain and will be responsible for paying,
performing and discharging, among others, its liabilities:

   -- relating to the excluded assets;

   -- relating to its employees not hired by Knopf Automotive;

   -- on taxes arising as a result of M&M Knopf's obligations of
      its business or ownership of the assets prior to closing;

   -- on all taxes arising as a result of the transactions
      consummated pursuant to the APA;

   -- on products liability claims relating to products sold by
      M&M Knopf after March 10, 2000, and before the closing
      date; and

   -- on retained environmental obligations.

The closing of the proposed Sale is contemplated to occur no
later than Dec. 4, 2007, in advance of the proposed effective
date for the Plan.

A full-text copy of the Knopf Asset Purchase Agreement and a
list of the Contracts to be assumed and assigned are available
for free at http://ResearchArchives.com/t/s?2557

                      Sale is Warranted

"[B]y selling the Business as a going-concern enterprise instead
of liquidating, the Debtors are generating at least US$10
million more for the chapter 11 estates . . . ," Mr. Bartner
says.

As of Sept. 30, 2007, the book value of the Knopf Business was
approximately US$26.5 million.  As a result, at an US$18.5
million purchase price, the Debtors will incur an approximately
US$8 million loss.  By selling the Business, Mr. Bartner notes,
the Debtors will not need to make the significant investment
that would have otherwise been necessary to make the Business
profitable if they  retained it.  But if the Debtors were forced
to liquidate the Business, they would incur significant wind-
down expenses associated with ceasing operations totaling
approximately US$7,000,000.

Additional grounds, Mr. Bartner presents, supporting the
Debtors' business judgment to exit the Business are:

   (i) the Business is not a core business unit in the Debtors'
       future strategy;

  (ii) significant inventory risks exist with respect to
       valuation and commodity prices for scrap;

(iii) general business practices in the industry create
       unreasonable cash control risks;

  (iv) there are historical problems with respect to inventory
       controls and frequent write-downs of inventory; and

   (v) there is potential legal title exposure in inventory
       relating to unreliable sources of product.

"[On the contrary, the failure of the Debtors to close the
transaction prior to the Plan Effective Date would threaten the
success of the Debtors' prepackaged Plan of Reorganization," Mr.
Bartner points out.

The Debtors assert that no auction is needed because Knopf
Automotive is the most logical buyer.  The Knopfs have a long
history of and specialized knowledge of the Business and its
customers, the Debtors point out.

The Court will convene a hearing on Nov. 20, 2007, to consider
the Debtors' request.  Any party-in-interest who opposes the
request can file a formal objection until Nov. 15, 2007.

                    About Remy Worldwide

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

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

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Issue No. 6,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


UNITED RENTALS: Moody's Affirms Ratings with Developing Outlook
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of United
Rentals, Inc. and United Rentals (North America) Inc., but
changed the rating outlook for both companies to Developing from
Stable.  The ratings were assigned on Nov. 7, 2007, in relation
to the proposed financing for the leveraged acquisition of
United Rentals Inc. by Cerberus Capital Management, L.P.  The
change in rating outlook to developing considers the company's
Nov. 14, 2007 announcement that Cerberus is unprepared to
proceed with the purchase of United Rentals under the terms of
the merger agreement and Cerberus' statement that it seeks
dialogue with United Rentals to negotiate a transaction on
revised terms.  If the acquisition by Cerberus proceeds under
the existing terms the outlook would likely be changed to
stable, but if the transaction is ultimately terminated the
ratings on these entities would be withdrawn.

In a related action Moody's placed the Caa1 ratings of the
senior unsecured and subordinated debt of United Rentals (North
America) Inc. and the Caa1 rating on the convertible quarterly
income trust preferred securities of United Rentals Trust I
under review for possible upgrade.  The ratings for these
entities relate to the existing debt of United Rentals in place
prior to the proposed acquisition transaction.  These ratings
were downgraded on Nov. 7, when the ratings for the new
acquisition debt were assigned.  The downgrades considered the
subordination, relative to the new acquisition debt, that would
have occurred for any of these instruments that remained
outstanding after the acquisition, under the terms of tender and
consent offers that were made related to these instruments.
However, if the proposed acquisition is not consummated the
tender and consents will not become effective and the company's
capital structure will remain unchanged. In such an event the
rating actions of Nov. 7, would likely be reversed.
Consequently, the ratings of the senior unsecured, subordinated,
and QUIPS have been placed under review for possible upgrade.
Prior to being downgraded the senior unsecured notes were rated
B1, LGD3, 45%; the subordinate notes were rated B3, LGD5 81%;
the QUIPS were rated B3, LGD6, 96%.  The Ba1 rating on the
senior secured bank credit facility of United Rentals (North
America) Inc. remains under review for possible downgrade.  It
had been anticipated that this facility would be repaid as part
of the acquisition transaction.  However, if the transaction
does not proceed it is expected that the facility rating would
be confirmed at Ba1.

Approximately US$2.0 billion of rated debt affected.

Ratings Placed Under Review for Upgrade:

United Rentals (North America), Inc.:

  -- US$1000MM senior unsecured notes due 2012 under review for
     upgrade from Caa1, LGD6, 96%

  -- US$525MM senior subordinate notes due 2013 under review for
     upgrade from Caa1, LGD6, 96%

  -- US$375MM senior subordinate notes due 2014 under review for
     upgrade from Caa1, LGD6, 96%

  -- US$144MM convertible subordinate notes due 2023 under
     review for upgrade from Caa1, LGD6, 96%

United Rentals Trust I:

  -- 6.5% convertible quarterly income preferred securities
    (QUIPS) under review for upgrade from Caa1 LGD 6, 96%

While Moody's notes that the probability of any acquisition
occurring has significantly reduced, the acquisition bridge
financing commitments will expire on Jan. 22, 2008.  Moody's
will monitor developments in the transaction and expects to
conclude its review as greater clarity on the status of the
transaction emerges.

Greenwich, Connecticut-based United Rentals Inc. (NYSE: URI) --
http://unitedrentals.com/-- is an equipment rental company with
an integrated network of over 690 rental locations in 48 states,
10 Canadian provinces and Mexico.  The company's more than
12,000 employees serve construction and industrial customers,
utilities, municipalities, homeowners and others.  The company
offers for rent over 20,000 classes of rental equipment with a
total original cost of US$4.0 billion.  United Rentals is a
member of the Standard & Poor's MidCap 400 Index and the Russell
2000 Index(R).


URS CORP: S&P Downgrades Corporate Credit Rating to BB
------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on URS Corp. to 'BB' from 'BB+' and removed the
ratings from CreditWatch, where they were placed with negative
implications on May 29, 2007.  In addition, S&P affirmed the
'BB+' bank loan rating and left the '2' recovery rating
unchanged on the company's senior secured debt (composed of a
US$700 million revolving credit facility, a US$1.1 billion term
loan A, and a US$300 million term loan B), and withdrew the
ratings on the company's previous US$300 million revolving
credit facility and US$350 million term loan.

The downgrade follows the company's announcement that it has
completed its acquisition of competitor Washington Group
International, the purchase consideration of which the company
partially funded with the aforementioned US$1.4 billion in term
loan borrowings.  The outlook is stable.

"The ratings on URS reflect the company's increased leverage and
weaker financial risk profile resulting from the Washington
Group acquisition, tempered by enhanced scale, business
diversity, and technical expertise," said S&P's credit analyst
James Siahaan.  Although the company's credit measures are
likely to be stretched during the near term, S&P expects URS to
steadily reduce debt so as to achieve total debt to EBITDA in
the 3.5 area and funds from operations to total debt of roughly
25% over the intermediate term--measures that S&P expects at the
current rating level.

The outlook is stable.  High leverage limits upside ratings
potential.  However, S&P would consider raising the ratings if
URS Corp. is able to reduce its debt balances, maintain
meaningful cash flow generation, and successfully integrate the
Washington Group acquisition.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.


* MUNICIPALITY OF TLALNEPANTLA: Moody's Withdraws Ratings
---------------------------------------------------------
Moody's Investors Service has withdrawn the ratings assigned to
the Municipality of Tlalnepantla (Mexico).  Moody's has
withdrawn these ratings for business reasons.

Ratings withdrawn:

-- Issuer ratings of A2.mx (Mexican National Scale) and Ba2
    (Global Scale)




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


INTERPUBLIC GROUP: Fitch Rates US$200 Mil. Senior Notes at BB-
--------------------------------------------------------------
Fitch Ratings has assigned a rating of 'BB-' to Interpublic
Group's US$200 million 4.75% convertible senior unsecured notes
due Mar. 15, 2023.  The new notes rank pari-passu with other
senior unsecured debt.  The Rating Outlook remains Stable.

Fitch rates Interpublic Group as:

-- Issuer Default Rating 'BB-';
-- ELF notes 'BB-';
-- Senior unsecured notes (including convertibles) 'BB-';
-- Cumulative convertible perpetual preferred stock 'B'.

Interpublic Group said that it has agreed to exchange half
(US$200 million) of its old US$400 million, 4.5% convertible
senior notes due 2023 for US$200 million, 4.75% new convertible
senior notes due 2023.  This exchange enhances the company's
financial flexibility by extending the first put date on the new
securities to March 15, 2013, from March 15, 2008.  In addition,
the notes are not considered 'participating' securities meaning
that should the company pay a common dividend it would not
trigger the payment of contingent interest.  This action
provides the company the capacity to address (if needed) the
remaining US$200 million of puttable notes from cash on hand if
necessary without materially negatively impacting its liquidity
position.

The rating and outlook reflect Interpublic Group's position in
the industry as one of the largest global advertising holding
companies, its diverse client base, the company's ample
liquidity, and the progress it has made recently toward winning
new accounts and driving organic growth within its existing
client base.  Credit metrics have improved significantly from
2005 levels, and are expected to continue to improve into 2008.
Concerns continue to reflect the risks associated with the
company's turnaround as it is still addressing issues at Lowe
and within its media operations.  Also, while Fitch believes the
company is ahead of its remediation plan, several material
control weaknesses have yet to be remedied.  The company has
reiterated its expectation of being Sarbanes Oxley complaint
with the release of its 2007 form 10-K.  Also, the rating
incorporates the risk that a pending SEC investigation could
potentially result in a cash outflow.

Including the exchange notes described above, the capital
structure includes approximately US$800 million convertible
senior notes.  Fitch has assigned these securities to class A
(100% debt, no equity) as defined under Fitch's hybrid
securities guidelines.  Per Fitch's guidelines, these units are
not considered mandatorily convertible units, and the underlying
notes rank as senior notes.  The capital structure also includes
US$525 million series B cumulative convertible perpetual
preferred stock which Fitch has assigned class D (25% debt/75%
equity) given its perpetual nature, deferability features and
the loss absorption benefits that result due to this security's
ranking in the capital structure.

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


* NICARAGUA: Samuel Lopez in Trade Talks with Russia
----------------------------------------------------
Nicaragua's foreign minister, Samuel Santos Lopez, will discuss
closer trade with Russia and the possibility of larger defense
and machinery product deliveries from Russia, Inside Costa Rica
reports.

According to Inside Costa Rica, both countries, during its
Russian-Nicaraguan political consultations held in May, showed
interest to:

   -- expand cooperation in the energy sphere;
   -- the construction of hydropower facilities;
   -- tourism development;
   -- transport infrastructure modernization and
   -- an increase in Russia's exports of machinery, equipment
      and technologies.

Report shows that the visitation will end on Nov. 21.

Russian Foreign Ministry spokesman Mikhail Kamynin disclosed
that Mr. Lopez is expected to discuss "measures to make trade
more stable and balanced through diversification of its
commodity structure, especially via the deliveries of
engineering and defense products from Russia," Inside Costa Rica
relates.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                   Rating     Rating Date
                   ------     -----------
Long Term          Caa1     June 30, 2003
Senior Unsecured
Debt                B3      June 30, 2003




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


AES CORP: Niagara Deal Leads to Nickel Property Tax Rate Hike
-------------------------------------------------------------
Thomas J. Prohaska at The Buffalo News reports that the the
paymentin- lieu-of-taxes, or PILOT, pact that The AES Corp.
received in 2006 from the Niagara County Industrial Development
Agency for its generating plant in Somerset would cause a US$9-
million cut in spending and a raise in the property tax rate of
a nickel.

The Buffalo News relates that Niagara County Manager Gregory D.
Lewis' proposed budget for 2008 includes the "unprecedented"
reduction in spending and an average raise in the property tax
rate of a nickel "per US$1,000 of assessed valuation."

AES' pact with Niagara will be implemented in 2007, "removing
the plant's assessed valuation of US$668.4 million from the tax
base used to figure the tax rate," the report says.

The Buffalo News notes that AES' US$5-million PILOT payments
next year count as revenue.  The payments don't count as taxes.
"The amount to be collected in property taxes from everyone else
is US$5 million, or 6.8%, lower than the this year's figure."

"If we hadn't had the Somerset thing, we would have had a zero
(tax levy change," Mr. Lewis commented to The Buffalo News.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


* PANAMA: Four Groups Submit Bids for Waterway Expansion
-----------------------------------------------
Four consortiums, comprised of 30 companies from 13 countries,
submitted bids for the expansion of the Panama Canal, published
reports say.

The Panama Canal authority said in an e-mailed statement to
Bloomberg News that the contract is valued at US$3.2 billion for
the construction of a third set of locks on the waterway.

With the addition of the news set of locks -- to be more than
328 feet longer than the existing ones, bigger and heavier ships
will be able to pass through the canal both from the Atlantic
and Pacific sides.

"We have to wait until the proposals are submitted, but (the
contract) could be worth 60% of the total value of the
(expansion) project," Jorge Quijano, a senior canal official
involved in the expansion project, was quoted by Reuters as
saying.

Reuters lists the firms competing in each consortium:

  Consocio C.A.N.A.L.: ACS Servicios, Spain; Hochtief
  Construction, Germany; ICA, Mexico.

  Consocio Atlantic-Pacifico de Panama: Bouygues Travaux
  Publics, France; Bilfinger Berger, Germany; Vinci
  Construction, France; Alstom, France; Andrade Gutierrez,
  Brazil; Aecom, United States.

  Bechtel-Taisei-Mitsubishi; Bechtel International, United
  States; Taisei Corp., Japan; Mitsubishi Corp., Japan.

  Grupo Unidos por el Canal: Sacyr Vallehermoso, Spain;
  Impregilo; Tetra Tech, United States.

From these companies, the canal authority will determine which
will be allowed to submit formal bids Aug. 15, 2008, Reuters
adds.  The contract will be awarded on Dec. 15, 2008, based on
price and technical details.

                       Lowest Proposal

In another report from Carlos Barletta at Bloomberg, he said
that Mexican billionaire Carlos Slim's Consorcio Cilsa Minera
Maria made a US$25.5 million bid for a contract to expand a part
of the canal, the lowest among its competitors and less than
half of the International Underground Corp.'s bid, which made
the highest offer.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  Fitch said the rating outlook is
stable.




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


AGILENT TECH: Moody's Says Share Repurchase Won't Affect Ratings
----------------------------------------------------------------
Agilent Technologies, Inc.'s board has authorized a new US$2
billion common stock repurchase program to be implemented over
the next two years will not impact Agilent's credit rating,
according to Moody's Investors Service.  The share repurchase is
expected to be funded with proceeds from free cash flow, cash
and option exercises.

Moody's believes the announcement will not impact Agilent's
ratings given the company's strong liquidity even after
considering the planned share repurchase program.  Nonetheless,
the announcement continues to indicate an aggressive use of
Agilent's significant balance sheet liquidity (US$1.8 billion of
unrestricted cash as of October 2007) since Moody's expects free
cash flow after acquisitions for fiscal 2008 to be less than the
US$1 billion of annual share repurchases planned.  As such, the
company's continued use of free cash flow for non-productive
purposes reduces financial flexibility and could constrain the
rating at the current rating level.  In October 2007, the
company completed a US$600 million debt offering to replenish
cash balances that were used to fund the remaining purchases
under its fiscal 2007 US$2 billion accelerated stock buyback
program.  Moody's noted that at the current rating category,
Agilent had capacity to incur the additional debt supported by
higher EBITDA levels.

The Ba1 rating currently incorporates financial policies that
are not fully aligned with creditor interests as well as the
potential for leveraging event risk.  The rating also captures
the expectation that healthy liquidity and low balance sheet
leverage will be maintained.  Moody's notes the maintenance of
strong liquidity is critical in order to ensure the ability to
continue investing in new product development during the
inevitable industry down cycles and also to maintain flexibility
for opportunistic acquisitions that fill in technology gaps or
round out service capabilities.

Following the execution of the share repurchase program, Moody's
expects that Agilent will maintain cash balances of around US$1
billion or more in addition to having access to a US$300 million
multiyear committed unsecured credit facility.  Additional
liquidity support is derived from Moody's expectation that free
cash flow generation will remain robust through cycles given
that operating performance continues to be solid.  Moody's
expects that the bulk of free cash flow is likely to be used for
strategic acquisitions and share repurchases under the new US$2
billion share repurchase program, thereby limiting further cash
buildup.  To the extent that acquisitions plus share repurchases
were to significantly exceed amounts provided by the company's
free cash flow for a sustained period, the rating or outlook
would not likely experience upward pressure.

                      About Agilent Tech

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

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




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


DOE RUN: To Build New Fire Station in Herculaneum
-------------------------------------------------
The Doe Run Company will fund the US$750,000 construction of a
new fire station in Herculaneum, Mo., according to Gary Hughes,
general manager of the company's smelter there.  A public
announcement and ceremonial groundbreaking will take place at 11
a.m. Dec. 1, beginning at the existing fire station and
concluding at the future site.

"We're pleased to be able to assist the Herculaneum Fire
Department and our community in this way," Mr. Hughes said.
"The location of the new fire station will give the Fire
Department improved access to all areas of the community.  We
will share more detailed information with the community during
the formal groundbreaking event."

The new fire station will provide for:

   * five apparatus and equipment bays, as opposed to four bays
     in the existing station;

   * training and conference room space;

   * weight training and shower facilities; separate
     communication and fire chief offices;

   * expanded restroom facilities;

   * and a bunk room for 24-hour, on-site staffing.

The new building will offer 6,000 square feet of total space.
Plans will be on display during the Dec. 1 event.

"This is a great opportunity for the department," said Fire
Chief Bill Haggard.  "We will be able to centralize our
operations, and the new location will also give us better access
to highways and the interstate.  We are really cramped in the
old building and it needs so much work; we are all excited to
have more space."

The new fire station, slated for completion in April, will be
located at 1200 Riverview Drive, north of the Buchheit store, on
property owned by The Doe Run Company.  Doe Run will cover the
cost of the building construction and will lease the land and
the building to the Herculaneum Fire Department.

Based in St. Louis, Mo., The Doe Run Company --
http://www.doerun.com/-- is a privately held natural resources
company dedicated to environmentally responsible mineral
production, metals fabrication, recycling and reclamation.  The
company and its subsidiaries deliver products and services
needed to provide power, protection and convenience through
premium products and associated metals including lead, zinc,
copper, gold and silver.  As the operator of one of the world's
only multi-metal facilities and the Americas' largest integrated
lead producer, Doe Run employs more than 5,000 people, with U.S.
operations in Missouri, Washington and Arizona, and Peruvian
operations in Cobriza and La Oroya.

Doe Run Peru S.R.L., an indirect Peruvian subsidiary, operates a
smelter in La Oroya, Peru, one of the largest polymetallic
processing facilities in the world, producing an extensive
product mix of non-ferrous and precious metals, including
silver, copper, zinc, lead and gold.  Doe Run Peru also has a
copper mining and milling operation in Cobriza, Peru in the
region of Huancavelica, which is approximately 200 miles
southeast of La Oroya in Peru.

              Doe Run Peru Going Concern Doubt

As reported in the Troubled Company reporter-Latin America on
Aug. 10, 2006, Doe Run Peru has significant capital requirements
under environmental commitments and guarantees and substantial
contingencies related to taxes and has significant debt service
obligations under the revolving credit facility, each of which,
if not satisfied, could result in a default under Doe Run Peru's
credit agreement and collectively raise substantial doubt about
Doe Run Peru's ability to continue as a going concern.

Doe Run Peru continues to have substantial cash requirements in
the future, including the maturity of the revolving credit
facility on Sept. 22, 2006, and significant capital requirements
under environmental commitments.  In addition, there are
substantial contingencies related to taxes.

The Doe Run Peru Revolving Credit Facility expires on
Sept. 22, 2006, and will require negotiations to extend its
terms.  There can be no assurance that Doe Run Peru will be
successful in extending the existing credit agreement or
negotiating a new agreement, or if it is successful, that the
extended or new credit agreement would be at terms that are
favorable to Doe Run Peru.

Any default under the requirements of the Environmental
Remediation and Management Program could result in a default
under the Doe Run Peru Revolving Credit Facility.  A default
under the requirements of the Doe Run Peru Revolving Credit
Facility results in defaults under the Doe Run Revolving Credit
Facility and the indenture governing the bonds.


* PERU: Banks To Sell Mortgage Bonds in 2008
--------------------------------------------
Peru's banking sector will issue mortgage bonds for US$50
million in 2008 despite the overall slump in global markets,
Guillermo Parra-Bernal and Alex Emery at Bloomberg News reports.

Investors worldwide are wary of mortgage bonds as default rates
went soaring.

To ease investors concern over the debts' risks, Titularizadora
Peruana SA, the local provider of funds for homes similar to
Fannie Mae in the U.S., will only package the highest-rated
mortgages into its first sale, Bloomberg says.

Surging home demand and the amount of the offering, considered
small, are what make the banks optimistic about the issuanace,
Bloomberg relates.

Even as the Peruvian market seems attractive now, the market for
mortgage bonds is going through a rough ride everywhere," Juan
Pablo de Mollein, a credit markets vice president for Standard &
Poor's in New York, said in an interview with Bloomberg. "Their
challenge is to find such a structure for the bonds that offer
investors the low default risk that subprime debt lacked."

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.


* PERU: Free Trade Pact Gets U.S. Congress Approval
---------------------------------------------------
The U.s. Congress approved last week a free trade with Peru that
calls for the elimination of trade duties on 80% of U.S.
industrial exports and two-thirds of farm exports, the
Associated Press reports.

Once the U.S. Senate will ratify the accord, it would become
effective at once.

The accord was signed in April last year, and was ratified by
the Peruvian Congress early this year.  The pact underwent major
environmental and labor rule changes to answer concerns raised
by American Democrats in Congress.  One pertinent issue that was
remedied by the Peruvian Congress is the hiring of non-union
contract workers in mines and other unionized industries.  The
revised pact limits the hiring of these workers.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.




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


DORAL FINANCIAL: Posts US$70-Mln Net Loss in Qtr. Ended Sept. 30
----------------------------------------------------------------
Doral Financial Corporation reported that during the third
quarter ended Sept. 30, 2007 it had:

   -- Raised US$610 million in a recapitalization that gave the
      company an extremely strong capital base, with a leverage
      ratio of 11.6%, up from 4.5% as reported at June 30, 2006;

   -- Strengthened its balance sheet and reduced interest rate
      risk by reducing its portfolio of available-for-sale
      investment securities and related liabilities by US$1.9
      billion at a loss of US$126.2 million;

   -- Expanded Net Interest Margin from 1.34% in the third
      quarter of 2006 to 1.81% in the third quarter of 2007;

   -- Reduced its provision for loan and lease losses to US$5.1
      million compared to US$10.1 million for the same period in
      2006;

   -- Grew loan production by 8% versus third quarter 2006,
      including a 19% increase in mortgage loan production; and,

   -- Recognized US$86.3 million of deferred tax assets.

Reflecting the costs and charges of eliminating many of its
legacy issues, Doral incurred a net loss attributable to common
shareholders for the third quarter of 2007 of US$70.5 million,
or a diluted loss per share of US$1.59.  For the third quarter
of 2006, Doral incurred a net loss of US$37.0 million, or a
diluted loss per share of US$6.85.

Glen R. Wakeman, CEO and President of Doral Financial stated,
"The Sept. 30, 2007 quarter marked a watershed period for Doral
Financial.   We successfully delivered on our goals to resolve
our major legacy issues, add new capital for growth, sell non-
core assets, and invest in an expanding platform of products and
services consistent with our community bank focus.   Doral is
now well capitalized, we have capacity to grow and we are
confident in our ability to deploy our capital, return to
profitability, execute on fundamentals and build long-term value
for all of our constituencies."

Other key 2007 third quarter figures are:

   -- Net interest income for the third quarter of 2007 was
      US$39.4 million, compared to US$44.1 million for the same
      period in 2006.  The decrease in net interest income for
      2007, compared to 2006, was related to a decrease in
      interest income due to the sale of US$1.9 billion in
      available-for-sale securities.  This was partially offset
      by the reduction in interest expense related to the
      termination of the funding associated with the
      investment securities sold and to the repayment of US$625
      million in senior notes due on July 20, 2007 which was
      funded primarily from the US$610 million equity investment
      by Doral Holdings on July 19, 2007, reducing the leverage
      of Doral Financial.  This reduction in leverage also
      resulted in the increase in the net interest margin from
      1.34% in the third quarter of 2006 to 1.81% in the third
      quarter of 2007.  Average interest-earning assets
      decreased from US$13.1 billion during the third quarter of
      2006 to US$8.7 billion for the third quarter of 2007,
      while the interest bearing-liabilities decreased from
      US$12.5 billion to US$8.1 billion, respectively.

   -- For the third quarter of 2007, the provision for loan and
      lease losses was US$5.1 million, compared to US$10.1
      million for the same period in 2006.  The decrease in the
      provision for loan losses is principally related to the
      stabilization of delinquencies in the various loan
      receivable portfolios, following a period of substantial
      increases in the allowance for loan and lease losses over
      the last 18 months.  Management remains cautious about the
      current economic environment and its potential impact on
      delinquencies and credit losses.

   -- Non-interest loss for the third quarter of 2007 was
      US$109.6 million, compared to a non-interest loss of
      US$1.5 million for the same period in 2006.  The non-
      interest loss during the third quarter of 2007 compared to
      the same period in 2006 was primarily driven by a
      significant loss related to the sale of US$1.9 billion in
      available-for-sale investment securities.  The sale and
      the cancellation of related borrowings used to finance
      these securities were completed during the third quarter
      of 2007, at a total pre-tax loss of approximately US$126.2
      million, consisting of a loss of US$16.4 million on
      economic hedging transactions, a loss of US$95.0 million
      on sale of investment securities, and a net loss on
      extinguishment of liabilities of US$14.8 million.  This
      loss was partly offset by gains from the sale of Doral
      Bank NY's branch network and related assets which net
      US$5.4 million during the third quarter of 2007.  Non-
      interest income from the operations for the quarter,
      without taking into consideration the sale of the
      securities and related transactions was US$11.3 million.

   -- Non-interest expense for the third quarter of 2007 was
      US$73.2 million compared to US$60.3 million for the same
      period in 2006.  The increase in non-interest expense for
      the quarter was driven primarily by a US$10.4 million
      increase in compensation and benefits expenses, related to
      the recognition of US$3.8 million of stock-based
      compensation related to the termination of stock options
      and the payment of US$4.4 million remaining in an escrow
      account maintained on behalf of the company's Chief
      Executive Officer, the payment of US$1.5 million in
      severance payments and the final US$1.8 million payment
      for the Key Employee Incentive Plan.  Non-interest expense
      for the third quarter of 2007 also reflects an increase of
      US$6.5 million in other expenses principally associated
      with the recognition of a provision for possible losses
      from lawsuits arising in the ordinary course of business
      of approximately US$1.0 million, interest paid on the
      settlement of the shareholder lawsuit of US$1.3 million,
      increase in the recourse liability of US$1.4 million,
      write off of certain uncollectible commissions of
      approximately US$1.1 million and expenses related to
      foreclosure claims of approximately US$1.2 million.

   -- For the third quarter of 2007, Doral Financial recognized
      an income tax benefit of US$86.3 million, compared to an
      income tax expense of US$0.8 million for the corresponding
      period in 2006.  The recognition of income tax benefit for
      the third quarter of 2007 is mostly related to the release
      of the valuation allowance of the deferred tax asset,
      primarily as a result of the recapitalization transaction
      of the company.

   -- During the third quarter of 2007, the company had other
      comprehensive income of approximately US$130.7 million
      related principally to the reversal of the other
      comprehensive losses related to the US$1.9 billion of
      available-for-sale investment securities as of
      June 30, 2007, as the securities were sold during the
      quarter of 2007, and the loss was recognized in the
      statement of loss.  As of Sept. 30, 2007, the company's
      balance for accumulated other comprehensive loss (net
      ofincome tax benefit) decreased to US$1.1 million,
      compared to US$106.9 million as of Dec. 31, 2006.

   -- Doral Financial's loan production for the third quarter of
      2007 was US$354.0 million including purchases of mortgage
      loans from third parties amounting to US$21.1 million,
      compared to US$329.1 million for the comparable period in
      2006, an increase of approximately 8%.  During the third
      quarter of 2006, the company's did not purchase mortgage
      loans from third parties.

  --  Total assets as of September 30, 2007 were US$9.5 billion,
      a decrease of 20% compared to US$11.9 billion as of
      Dec. 31, 2006.  The decrease in total assets during 2007
      was due primarily to a decrease in the company's
      securities portfolio of US$1.9 billion, a result of the
      sale of available-for-sale investment securities during
      the third quarter of 2007.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive Outlook:

  Doral Financial Corporation

    -- Long-term Issuer Default Rating 'CCC';
    -- Senior debt to 'CCC/RR4'';
    -- Preferred stock to 'C/RR6';
    -- Short-term Issuer Default Rating 'C';
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'E'.

  Doral Bank

    -- Long-term Issuer Default Rating 'B';
    -- Long-term deposits B+;
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'D';
    -- Short-term Issuer 'B';
    -- Short-term deposit obligations 'B'.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service confirmed the B2 senior
debt rating of Doral Financial Corporation.  The rating had been
on review for possible downgrade since Jan. 5, 2007.  Moody's
said the rating outlook is stable.


POPULAR INC: Moody's Reviews Ratings for Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed the ratings of Popular,
Inc. and its subsidiaries on review for possible downgrade.  The
holding company is rated A2 for senior debt and Prime-1 for
short-term debt.  The lead bank, Banco Popular de Puerto Rico,
is rated B- for bank financial strength and A1 for long-term
deposits.  The lead bank's Prime-1 rating is not on review.

The rating review reflects Moody's opinion that the ongoing
credit market disruption will make it more challenging for
Popular to finance its Popular Financial Holdings consumer loan
subsidiary. That subsidiary is the source of most of Popular's
United States subprime mortgage portfolio and has been financed
largely with short- and medium-term wholesale borrowings.  A
particular challenge for Popular is that the turmoil in credit
markets has been marked by an aversion on the part of investors
to finance any subprime-related assets.  Therefore, Popular's
liquidity options have narrowed, in Moody's view.

The review will focus on Popular's ability to obtain additional
sources of holding company liquidity beyond the capital markets.
These include credit facilities with other financial
institutions, facilities from its bank subsidiaries, and
subsidiary dividends.  Moody's expects that these funding
alternatives will allow Popular to meet its holding company
financing obligations, but could put greater pressure on the
company's financial flexibility and earnings. The review will
also focus on the holding company's future funding mix.

Moody's noted that Popular's ratings continue to be supported by
a comparatively robust capital position that provides it with
the cushion to absorb significant charges from further expected
deterioration in its U.S. subprime mortgage portfolio.  At
Sept. 30, 2007, Popular had a Tier-1 ratio of 10.7% and a total
capital ratio of 12.0%.  In addition, Popular's bank-level
liquidity is solid and its core Puerto Rican banking franchise,
though stressed by the ongoing recession on the island,
continues to generate respectable earnings.

On Review for Possible Downgrade:

Issuer: Banco Popular de Puerto Rico

          -- Bank Financial Strength Rating, Placed on Review
             for Possible Downgrade, currently B-

          -- Issuer Rating, Placed on Review for Possible
             Downgrade, currently A1

          -- OSO Senior Unsecured OSO Rating, Placed on Review
             for Possible Downgrade, currently A1

          -- Senior Unsecured Deposit Rating, Placed on Review
             for Possible Downgrade, currently A1

Issuer: Popular North America, Inc.

          -- Commercial Paper, Placed on Review for Possible
             Downgrade, currently P-1

          -- Multiple Seniority Medium-Term Note Program, Placed
             on Review for Possible Downgrade, currently A3

          -- Multiple Seniority Shelf, Placed on Review for
             Possible Downgrade, currently (P)Baa1

          -- Senior Unsecured Medium-Term Note Program, Placed
             on Review for Possible Downgrade, currently A2

          -- Senior Unsecured Regular Bond/Debenture, Placed on
             Review for Possible Downgrade, currently A2

Issuer: Popular, Inc.

          -- Commercial Paper, Placed on Review for Possible
             Downgrade, currently P-1

          -- Junior Subordinated Shelf, Placed on Review for
             Possible Downgrade, currently (P)A3

          -- Multiple Seniority Medium-Term Note Program, Placed
             on Review for Possible Downgrade, currently A3

          -- Multiple Seniority Shelf, Placed on Review for
             Possible Downgrade, currently (P)Baa1

          -- Preferred Stock Preferred Stock, Placed on Review
             for Possible Downgrade, currently Baa1

          -- Senior Unsecured Medium-Term Note Program, Placed
             on Review for Possible Downgrade, currently A2

          -- Senior Unsecured Regular Bond/Debenture, Placed on
             Review for Possible Downgrade, currently A2

Outlook Actions:

Issuer: Banco Popular de Puerto Rico

          -- Outlook, Changed To Rating Under Review From
             Negative

Issuer: Popular North America, Inc.

          -- Outlook, Changed To Rating Under Review From
             Negative

Issuer: Popular, Inc.

          -- Outlook, Changed To Rating Under Review From
             Negative

Headquartered in Puerto Rico, Popular Inc. (Nasdaq: BPOP) --
http://www.popular.com/-- is a full service financial
institution with operations in Puerto Rico, the United States,
the Caribbean and Latin America.  With over 300 branches and
offices, the company offers retail and commercial banking
services through its franchise, Banco Popular de Puerto Rico,
well as auto and equipment leasing and financing, mortgage
loans, consumer lending, investment banking, broker/dealer and
insurance services through specialized subsidiaries.  In the
United States, the company has established a community banking
franchise providing a broad range of financial services and
products to the communities it serves.




===============
S U R I N A M E
===============


SURINAME: S&P Raises Foreign Sovereign Credit Rating to B+
----------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
foreign currency sovereign credit rating on the Republic of
Suriname to 'B+' from 'B'.  At the same time, S&P raised its
long-term local currency rating on the republic to 'BB-' from
'B+'.  The short-term sovereign credit ratings remain unchanged
at 'B', and the outlooks on both the long-term foreign and local
currency sovereign credit ratings are stable.

According to S&P's credit analyst Olga Kalinina, the rating
actions reflect Suriname's improving macroeconomic fundamentals,
robust growth prospects, strengthened debt position, and, most
importantly, efforts on the legislative and institutional fronts
to preserve these accomplishments beyond economic and political
cycles.

"While some of the balance sheet improvement reflects the
benefits of rising commodity prices, the positive developments
in the real economy are equally important," said Ms. Kalinina.
"These include ongoing gains in the production capacities and
productivity of Suriname's main export sectors, committed
investments bolstering future economic expansion, important
signs of economic diversification, and a pickup in private
sector activity.  Together, these should counterbalance future
commodity price risk and support real GDP growth of about 5% in
the next three to five years," she added.

Ms. Kalinina explained that the positive trends on the economic
side are paralleled by government efforts to sustain fiscal
discipline and improve the public sector's balance sheet.
Fiscal surpluses (1.7% of GDP in 2006 and 1.9% in 2007) are
expected to persist (although declining) until 2009, reflecting
the growing economy, tax measures, lower interest payments, and
subdued capital spending.

"The government is proactively using this positive momentum to
implement measures aimed at increasing policy flexibility and to
build a safety cushion in preparation for the inevitable
downturn in commodity prices," Ms. Kalinina said.  "Areas
needing reform include strategic planning, the tax system, tax
administration, and public financial management," she added.

S&P said that Suriname's ratings continue to be constrained by
unduly large, often inefficient, and costly state involvement in
the real economy.  The resulting structural weaknesses remain
largely unaddressed and continue to cause many economic
distortions, create much red tape, undermine policymaking
transparency, and give rise to corruption.  Public sector reform
is still in the consultancy stage, privatization prospects are
dim, and more focused structural projects are in the early
stages of implementation.  On a positive note, the legalization
and institutionalization of prudent fiscal and monetary policies
have been important factors in promoting and ensuring future
policy transparency and predictability, and checks and balances
have also improved over the past few years.  The government's
next task is to focus on more strategic policymaking and to
gradually address the structural reform agenda.

"The stable outlook reflects S&P's expectation for continuously
prudent fiscal and monetary stances and further efforts in
clearing the remaining bilateral arrears," noted Ms. Kalinina.
"Future improvement in the sovereign's creditworthiness will be
based upon the Surinamese government's success in using the
positive growth outlook to reform the economic structure, bring
robustness and strategic planning into policymaking, improve the
efficiency of the public sector, and put into place a regulatory
framework to ensure policy continuity and, hence, minimize
political risk.  Alternatively, negative pressure on the ratings
would come from the government's deviation from currently
responsible monetary and fiscal stances or increasing political
risk," she concluded.




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


CMS ENERGY: Unit Declares Quarterly Dividends on Preferred Stock
----------------------------------------------------------------
The Board of Directors of Consumers Energy, the principal
subsidiary of CMS Energy, has declared regular quarterly
dividends on both series of the company's preferred stock.  The
dividends are payable Jan. 1, 2008, to shareholders of record
Dec. 11, 2007: US$1.04 per share on the US$4.16 stock
(NYSE: CMS_pa), and US$1.125 per share on the US$4.50 stock
(NYSE: CMS_pb).

Also, a dividend of US$0.96875 per security on CMS Energy's
Quarterly Income Preferred Securities (NYSE: CMS_pz) is payable
Jan. 15, 2008, to holders of record on Dec. 31, 2007.  CMS
Energy will pay the trustee the interest on related debentures
to cover the dividend.

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

                        *     *     *

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

The Rating Watch Positive reflects the continuing reduction of
business risk that resulted from the substantial completion of
the asset sale and restructuring program and the company's plan
to reduce parent debt by US$650 million using a portion of the
US$1.60 billion of proceeds from non-strategic asset sales that
closed in 2007.


PETROLEOS DE VENEZUELA: Buying Back Most of Cerro Negro Bonds
-------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA told
Reuters that it has agreed with bondholders to buy back most of
the bonds linked to the Cerro Negro heavy oil project.

Reuters notes that Venezuelan President Hugo Chavez nationalized
the Cerro Negro project this year.  Exxon Mobil and BP partnered
with Petroleos de Venezuela in the project in the 1990s.
However, Exxon Mobil abandoned the project in June 2007 when it
failed to reach an accord on the takeover of its assets.  Exxon
Mobil filed an arbitration claim over the conflict.  Meanwhile,
BP remained a minority partner in the project.

According to Petroleos de Venezuela's statement, the firm had
struck a deal with the holder of 79% of the aggregate principal
of the Cerro Negro bonds to complete a tender offer for the
bonds before year-end.

The bonds have coupons ranging from 7.33% to 8.03%, with
maturity dates between 2009 and 2028.  Petroleos de Venezuela
will repurchase the bonds at a price "equal to par plus accrued
and unpaid interest and an amount equivalent to 33% of the
redemption premium described in the terms of the bond issue,"
Reuters states.

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

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


PETROLEOS DE VENEZUELA: Puerto la Cruz Cracker Unit Shuts Down
--------------------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA
told Reuters that the key cat cracker unit of its 200,000-
barrel-per-day Puerto la Cruz plant has stopped operating.

Petroleos de Venezuela admitted to Reuters that the shutdown of
the unit has hurt gasoline supply to the Venezuelan market since
last Friday.

Petroleos de Venezuela said in a statement that an "unspecified
event" at Puerto la Cruz's most important unit kept Petroleos de
Venezuela from mixing gasoline at the plant for 48 hours.

Petroleos de Venezuela told Reuters that it failed to maintain
normal supplies to some gasoline stations since Friday.

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

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


* VENEZUELA: S&P Affirms Low B Ratings with Stable Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
and 'B' short-term sovereign credit ratings on the Bolivarian
Republic of Venezuela.  The outlook remains stable.

The affirmation comes ahead of the Dec. 2, 2007, constitutional
referendum that, if passed, is likely to weaken the remaining
checks and balances within the Venezuelan political system and
hurt the private sector's investment climate.  However,
according to S&P's credit analyst Richard Francis, Venezuela's
robust external and public debt indicators mitigate these
negative political developments.

"High oil prices are generating large current account surpluses
that, in turn, have boosted the external assets of the public
sector, providing a moderate cushion for possible negative
economic developments," said Mr. Francis.

Mr. Francis explained that Venezuela's net general government
debt is expected to fall to below 5% of GDP in 2007 from nearly
20% in 2005.  The interest burden is also expected to decline to
below 5% of revenue in 2007 from 10% in 2005.  The government
has liquid assets approaching 20% of GDP.

"Although the government's balance sheet warrants the stable
outlook, Venezuela's policy mix remains problematic and is the
primary constraint on the rating," Mr. Francis said.  "Fiscal
expenditure remains procyclical, interest rates are sharply
negative in real terms, administrative controls on the economy
have become more pervasive, and government operations are
increasingly opaque," he added.

This policy mix should not undermine the current ratings as long
as average yearly oil prices remain close to current levels
(US$60 per barrel average for 2007), which is S&P's base case
assumption for the next two years.

"In addition to the build-up of inflationary pressures, the
rapid increase in spending over the past three years puts the
government at greater risk of a swift reversal of its much-
improved debt position if oil prices should fall sharply," noted
Mr. Francis.  "If Venezuela's robust external and fiscal
indicators begin to deteriorate significantly, creditworthiness
would be negatively impacted," he concluded.


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

                                   Total
                               Shareholders  Total
                                   Equity    Assets
Company                 Ticker      (US$MM)   (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3     (20.56)      53.30
Kuala                    ARTE3     (33.57)      11.86
Bombril                  BOBR3    (472.88)     413.81
Caf Brasilia             CAFE3    (845.35)      43.51
Chiarelli SA             CCHI3     (63.93)      50.64
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (793.61)     439.83
Marambaia                CTPC3      (1.38)      79.73
DTCOM-DIR To Co          DTCY3     (10.12)      10.44
Aco Altona               ESTR      (53.41)     105.08
Angel Estrada            ESTR      (68.23)      68.97
Estrela SA               ESTR3     (51.21)     103.60
Estrada-A                ESTR5     (68.23)      68.97
Bombril Holding          FPXE3  (1,064.31)      41.97
Fabrica Renaux           FTRX3      (5.55)     136.60
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (240.65)      37.24
Doc Imbituba             IMB13     (20.29)     202.35
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3    (199.10)     286.23
Minupar                  MNPR3     (39.46)     154.47
Nova America SA          NOVA3    (291.00)      40.77
Recrusul                 RCSL3     (59.33)      25.19
Telebras-CM RCPT         RCTB30   (149.58)     236.49
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (69.35)      50.29
Semp Toshiba SA          SEMP3      (4.68)     153.68
Tecel S Jose             SJ0S3     (13.24)      71.56
Sansuy                   SNSY3     (53.26)     200.16
Teka                     TEKA3    (310.91)     545.92
Telebras SA              TELB3    (149.58)     236.49
Telebras-CM RCPT         TELE31   (149.58)     236.49
Telebras SA              TLBRON   (148.58)     236.49
TECTOY                   TOYB3     (49.81)      17.25
TEC TOY SA-PREF          TOYB5     (49.81)      17.25
TEC TOY SA-PF B          TOYB6     (49.81)      17.25
TECTOY SA                TOYBON    (49.81)      17.25
Texteis Renaux           TXRX3     (95.25)      76.52
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (104.65)   1,975.79
Wiest                    WISA3    (107.73)      92.66


                        ***********


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

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

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

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

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

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


               * * * End of Transmission * * *