TCRLA_Public/071122.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

          Thursday, November 22, 2007, Vol. 8, Issue 232

                          Headlines

A R G E N T I N A

ADEP SRL: Proofs of Claim Verification Deadline Is Feb. 14, 2008
ASOCIACION MUTUAL: Proofs of Claim Verification Ends on Feb. 14
BANCO DE SANTIAGO: Moody's Puts Caa1 Foreign Cur. Deposit Rating
BARRACA SAN JUAN: Proofs of Claim Verification Is Until Feb. 8
DANA CORP: Wants to Settle Asbestos Claims for US$2 Million

DECO HOUSE: Proofs of Claim Verification Ends on Feb. 21
MEDICINA ASISTENCIAL: Trustee Verifies Claims Until Feb. 14
NUEVO BANCO: Moody's Puts Caa1 Foreign Currency Deposit Rating
REDES URBANAS.COM: Proofs of Claim Verification Is Until Feb. 11
SENDRA DANIEL: Proofs of Claim Verification Deadline Is March 11

TYSON FOODS: Declares US$0.04 & US$0.036 Per Share Dividends


B A H A M A S

BANK OF BARODA: To Form Insurance JV w/ Andhra Bank & U.K. Firm


B E R M U D A

BT LOOKSMART: Holding Final Shareholders Meeting on Dec. 21
CM CONTINENT: Sets Final Shareholders Meeting for Dec. 19
DYNASTY PROPERTY: Holding Final Shareholders Meeting on Dec. 17
DYNASTY SYNDICATE: Final Shareholders Meeting Is on Dec. 17
HIMPURNA CALIFORNIA: Sets Final Shareholders Meeting on Dec. 27

PATUHA POWER: Holding Finals Shareholders Meeting on Dec. 27
SCOTTISH RE: Names Samir Shah as Executive VP in Bermuda Unit


B O L I V I A

VISTA GOLD: Luzon Minerals Drops Gold Project Acquisition Plans


B R A Z I L

AMERICAN AIRLINES: Inks Code-Share Agreement with Jet Airways
ASPEN TECH: Reports Selected Prelim First Qtr. Financial Results
ASPEN TECH: Receives NASDAQ Notice Due to Form 10-Q Filing Delay
FORD MOTOR: Thai Unit Cuts Prices for Focus to Reflect New Taxes
FORD MOTOR: Automotive Component VP, CEO & COO Al Ver To Retire

JAPAN AIRLINES: S&P Affirms B+ Corporate Credit Rating
LYONDELL CHEMICAL: Launches Cash Tender Offer for US$4-Bln Notes
LYONDELL CHEMICAL: Shareholders Approve Basell Merger Plan
NET SERVICOS: Repays BRL50 Million of Vivax's BRL220-Mil. Debt
SCO GROUP: Court OKs Dorsey & Whitney as Special Corp. Counsel

SCO GROUP: Hearing on Asset Sale Protocol Deferred to Dec. 5
SCO GROUP: SCO Operations Posts US$731,158 Net Loss for Sept.
SMOBY-MAJORETTE: MGA Confirms Interest Amidst Financial Woes
TIMKEN CO: Says SeverCorr Uses Bearing Assemblies as Components
VALMONT INDUSTRIES: S&P Puts BB Corp. Credit Rating on WatchPos

* BRAZIL: Obtains US$144-Mln Loan to Build Container Port
* BRAZIL: Petrobras' Oil & Gas Output Drops 2% in October
* BRAZIL: Petroleo Brasileiro Workers Threaten To Strike


C A Y M A N   I S L A N D S

APPAREL BRANDS: Holding Final Shareholders Meeting on Nov. 30
ARSENAL INVESTMENTS: Sets Final Shareholders Meeting for Nov. 30
ATLANTIC PACIFIC: Holding Final Shareholders Meeting for Nov. 30
BOMBAY COMPANY: Can Hire Baker & McKenzie as Special Counsel
BOMBAY COMPANY: Panel Can Hire Lang Michener as Canadian Counsel

JUST ONE: Sets Final Shareholders Meeting for Nov. 30
KEEFE OFFSHORE: Will Hold Final Shareholders Meeting on Nov. 30
KEEFE-RAINBOW: Sets Final Shareholders Meeting for Nov. 30
MCP LIMITED: Will Hold Final Shareholders Meeting on Nov. 30
ST. ALBANS: Holding Final Shareholders Meeting on Nov. 30

TM PROPERTY: Will Hold Final Shareholders Meeting on Nov. 30
UNICORN GROUP: Sets Final Shareholders Meeting for Nov. 30


C H I L E

FRESH DEL MONTE: S&P Affirms Corporate Credit Rating at BB-
ROCK-TENN: Robert Chapman Joins Board of Directors


C O L O M B I A

BANCOLOMBIA: Superintendency of Industry Confirms COP207MM Fine
GRAN TIERRA: Starts Production at Juanambu-1 Well with Solana
PARKER DRILLING: Awards Three Land-Rig Contracts to Subsidiaries


C U B A

NASH FINCH: S&P Shifts Outlook; Affirms B+ Corp. Credit Rating


D O M I N I C A N   R E P U B L I C

AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid


E C U A D O R

* ECUADOR: S&P Raises Long-Term Sovereign Credit Rating to B-


G U A T E M A L A

BRITISH AIRWAYS: Iberia Receives Takeover Bid from Gala Capital
TECO ENERGY: Commences Debt Tender & Exchange Offers
TECO ENERGY: Moody's Assigns Low B Ratings on TECO Finance


H O N D U R A S

* HONDURAS: Hondutel Head Seeks One-Month Leave from Firm


J A M A I C A

AIR JAMAICA: Government Mulling Airline's Privatization


M E X I C O

ALERIS INT'L: To Sell US Zinc Business for US$295 Million
BAUSCH & LOMB: Hires Robert Bailey as Corporate Vice President
FIRST DATA: Inks Quickpay Agreement with Tim Hortons
FREESCALE SEMICONDUCTOR: S&P Cuts Corporate Credit Rating to B+
MOVIE GALLERY: Committee Employs Pachulski Stang as Lead Counsel

MOVIE GALLERY: Committee Hires Miles & Stockbridge as Co-Counsel
MOVIE GALLERY: Enters Into Sopris Lock Up Accord & Term Sheets
PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB
REMY WORLDWIDE: Bankruptcy Court Approves M&M Knopf Unit Sale
REMY WORLDWIDE: Court Confirms Pre-Packaged Reorganization Plan

SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on Dec. 18
WOLVERINE TUBE: Moody's Confirms Junk Ratings with Neg. Outlook


P A N A M A

BANCO INTERNACIONAL: Fitch Affirms Low B Foreign Currency Rating


P E R U

QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to B-

* PERU: Gets US$100-Mil. Loan for Sanitation Sector Program


P U E R T O   R I C O

FOOT LOCKER: Posts US$33 Million Net Loss in Qtr. Ended Nov. 3
HORIZON LINES: Board OKs US$50MM Class A Common Stock Repurchase
OWENS-ILLINOIS INC: S&P Ups Bank Credit Facilities Rating to BB+


T R I N I D A D   &   T O B A G O

BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend


V E N E Z U E L A

DUNLINE RUBBER: Canadian Dollar Rise Prompts Closure & Lay Offs
LEAR CORP: Makes Two Executive Position Appointments
PETROLEOS DE VENEZUELA: Galp Wants Gran Mariscal Pact with Firm
PETROLEOS DE VENEZUELA: To Ink New Orinoco Pacts with Total SA

* VENEZUELA: First China Oil Rigs Arrive in Guanta Port


                         - - - - -


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


ADEP SRL: Proofs of Claim Verification Deadline Is Feb. 14, 2008
----------------------------------------------------------------
Raul Horacio Trejo, the court-appointed trustee for Adep
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 14, 2008.

Mr. Trejo will present the validated claims in court as
individual reports on April 2, 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 Adep 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 Adep's accounting and
banking records will be submitted in court on May 29, 2008.

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

The debtor can be reached at:

         Adep S.R.L.
         Avalos 1707
         Buenos Aires, Argentina

The trustee can be reached at:

         Raul Horacio Trejo
         Avenida Corrientes 818
         Buenos Aires, Argentina


ASOCIACION MUTUAL: Proofs of Claim Verification Ends on Feb. 14
---------------------------------------------------------------
Maria Marcela Porolli, the court-appointed trustee for
Asociacion Mutual Leoncio Club Personal de Canal 11 Por Liseo
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 14, 2008.

Ms. Porolli 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 Asociacion
Mutual and its creditors.

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

A general report that contains an audit of Asociacion Mutual's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Maria Marcela Porolli
         Tucuman 1455
         Buenos Aires, Argentina


BANCO DE SANTIAGO: Moody's Puts Caa1 Foreign Cur. Deposit Rating
----------------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Banco
de Santiago del Estero S.A. and Nuevo Banco de la Rioja S.A.  
These are a bank financial strength rating of D-; long- and
short-term global local-currency deposit ratings of Ba2 and Not
Prime, as well as long- and short-term foreign-currency deposit
ratings of Caa1 and Not Prime.  Moody's also assigned a Aa2.ar
local currency deposit rating and a Ba1.ar foreign currency
deposit ratings on the Argentine national scale.

The outlooks on the BFSRs, on the local currency deposit
ratings, and on the national scale ratings are stable. In
addition, the long-term foreign currency deposit ratings have a
positive outlook in line with the outlook on the Argentine's
foreign currency deposit ceiling.

Moody's noted that the D- BFSRs reflects the relatively healthy,
though small, operations of the banks, as well as the
expectation of further enhancement to their core earnings.  The
banks' performances benefit from the long-term contracts with
the Provinces of Santiago del Estero and La Rioja to act as
their financial agents, together with their specialization in
originating and managing a portfolio of payroll-deductible
loans.

Moody's also pointed out that the banks' strategy -- based on
exploiting synergies between the banks -- has enhanced their
overall franchise potential by increasing their access to core
funding, by leveraging their presence in the central-northern
Argentinean provinces and by expanding their product and
customer reach.  However, the ratings also incorporate the
banks' dependence on the provincial performance and the
challenges management faces to diversify their earnings within
this operating footprint.

Moody's Ba2 global local-currency deposit rating incorporates
Banco de Santiago and Banco de la Rioja's Baseline Credit
Assessment of Ba3, as well as Moody's assessment of moderate
probability of systemic support that would be extended to the
banks in case of stress, due to the banks' regional franchises
and Moody's assessment of Argentina as a high support country.
Such assessment results in one-notch lift of the local currency
rating to Ba2.  The Caa1 foreign currency deposit rating is
constrained by the Caa1 country ceiling for deposits..

These new ratings were assigned for Banco de Santiago del
Estero:

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

-- Long- and short-term global local-currency deposit rating:
    Ba2 and Not Prime, with stable outlook.

-- Long- and short-term foreign currency deposit rating: Caa1
    (positive outlook) and Not -Prime.

-- Long-Term National Scale Local-Currency Deposit Rating:
    Aa2.ar

-- Long -Term National Scale Foreign Currency Deposit Rating:
    Ba1.ar

These new ratings were assigned for Nuevo Banco de La Rioja:

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

-- Long- and short-term global local-currency deposit rating:
    Ba2 and Not Prime, with stable outlook.

-- Long- and short-term foreign currency deposit rating: Caa1
    (positive outlook) and Not -Prime.

-- Long-Term National Scale Local-Currency Deposit Rating:
    Aa2.ar

-- Long -Term National Scale Foreign Currency Deposit Rating:
    Ba1.ar

Banco Santiago del Estero SA is a retail bank, which started
operations in 1996, when Banco de la Provincia de Santiago del
Estero was privatized.  The bank is the financial agent for the
Province, and provides loan and deposit services to the
province, municipalities, official entities and their employees.  
As of June 2007, it held US$367 million in deposits and US$438
million in assets.  The bank is owned principally by the Brunet
and Ick groups, who have 56.6% and 28.8% of the shares
respectively.


BARRACA SAN JUAN: Proofs of Claim Verification Is Until Feb. 8
--------------------------------------------------------------
Orlando Juan Prebianca, the court-appointed trustee for Barraca
San Juan S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 8, 2008.

Mr. Prebianca will present the validated claims in court as
individual reports on March 26, 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 Barraca San Juan 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 Barraca San Juan's
accounting and banking records will be submitted in court on
May 12, 2008.

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

The trustee can be reached at:

         Orlando Juan Prebianca
         Uriburu 578
         Buenos Aires, Argentina


DANA CORP: Wants to Settle Asbestos Claims for US$2 Million
-----------------------------------------------------------
Dana Corp. and its debtor-affiliates ask permission from the
U.S. Bankruptcy Court for the Southern District of New York to
enter into settlement agreements with the Asbestos Personal
Injury Claimants.

                     Asbestos Litigation

The Debtors have been named as defendants in a number of
lawsuits related to the Debtors' sale of certain automotive
gaskets containing asbestos in an encapsulated form and the
alleged exposure of people to asbestos as a consequence of
contact with these gaskets, Corinne Ball, Esq., at Jones Day, in
New York, tells the Court.  According to the available data as
of June 30, 2007, there were approximately 150,000 pending
asbestos-related personal injury claims against the Debtors, Ms.
Ball elaborates.

Ms. Ball points out that Dana has demonstrated in various
proceedings that their gaskets could be and were used without
releasing hazardous volumes of asbestos fibers.  The Debtors
have also defended Asbestos Personal Injury Claims successfully
on the ground that exposure to chrysotile asbestos, the type of
fiber incorporated into the gaskets, is generally insufficient
to cause mesothelioma, an asbestos-related illness, Ms. Ball
continues.

According to Ms. Ball, the magnitude of asbestos litigation has
declined since the wave of asbestos-related bankruptcies in
2000-2003, hence, the Debtors anticipate that, for the
foreseeable future, both the number of claims that the amount
that the Debtors will spend to defend and resolve cases will
generally remain at low levels.

                    Settlement Agreement

The Debtors have continued to entertain and negotiate potential
settlements withs several counsel for the Asbestos Personal
Injury Claimants.  As a result of these negotiations, Ms. Ball
asserts, the Debtors have determined that it is in the best
interests of the their estates to enter into the settlement
agreements.

Under the settlement agreements, the Debtors are:

   (a) resolving certain Asbestos Personal Injury Claims that
       had been filed as lawsuits through March 2, 2006; and

   (b) providing a mechanism for addressing future cases that
       may be brought by the Tort Attorneys.

The settlement agreements, among other things, require the
Asbestos Personal Injury Claimants to provide medical
documentation of their illnesses, and evidence of their exposure
to asbestos-containing products manufactures, sold, or
distributed by Dana, according to Ms. Ball.  She adds that the
claimants must also submit release to qualify for payment of
their asbestos personal injury claims.

Ms. Ball tells the Court that the Debtors' estimate on account
of the settlements would be approximately US$2,000,000.  The
Debtors say that payments will be partially reimbursed by their
insurers.

"Dana believes that the amounts to be paid to the Asbestos
Personal Injury Claimants under the Settlement Agreements are
reasonable and wholly consistent with, or better than, the terms
and conditions among the range of settlements reached by Dana
prior to the [P]etition [D]ate for similar claims of individuals
represented by Tort Attorneys and other attorneys," Ms. Ball
says.

Ms. Ball asserts that the Debtors' entry into the Settlement
Agreements would result to the dismissal of 7,500 Asbestos
Personal Injury Claims filed against the Debtors.  With respect
to the claimants who decline the terms contained in the
settlement agreements, the Tort Attorneys have agreed not to
schedule cases for trial against the Debtors, and agreed not to
any oppose any motions filed on the Debtors' behalf for the
period of two years.

The resolutions reached in the Settlement Agreements represent a
reasonable and expedient way for Dana to resolve approximately
7,500 Asbestos Personal Injury Claims without the need to
continue active litigation of these claims in state court and
incur the related expenses, Ms. Ball relates.  She notes that in
the five years prior to the Petition Date, Dana has spent
approximately US$15,300,000 for asbestos defense and indemnity,
net of insurance recoveries.  If the Asbestos Personal Injury
Claimants' claims are not resolved consensually, Dana, she says,
will continue to incur the cost of defense, and expend other
resources in connection with, the active litigation of these
claims.

The Debtors have obtained the Court's permission to file the
Settlement agreements under seal.

                   About Dana Corporation

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.  (Dana Corporation Bankruptcy News, Issue No. 60;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DECO HOUSE: Proofs of Claim Verification Ends on Feb. 21
--------------------------------------------------------
Hugo Javier Mancusi, the court-appointed trustee for Deco House
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 21, 2008.

Mr. Mancusi will present the validated claims in court as
individual reports on April 3, 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 Deco House 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 Deco House's
accounting and banking records will be submitted in court on
May 16, 2008.

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

The trustee can be reached at:

         Hugo Javier Mancusi
         Avenida Corrientes 3169
         Buenos Aires, Argentina


MEDICINA ASISTENCIAL: Trustee Verifies Claims Until Feb. 14
-----------------------------------------------------------
Estudio Contable Clase A Estevez-Musante, the court-appointed
trustee for Medicina Asistencial Solidaria S.A.'s reorganization
proceeding, verifies creditors' proofs of claim until
Feb. 14, 2008.

Estudio Contable 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 Medicina
Asistencial 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 Medicina
Asistencial's accounting and banking records will be submitted
in court.

Infobae didn't state the reports submission deadlines.

The trustee can be reached at:

       Estudio Contable Clase A Estevez-Musante
       Sarmiento 1426
       Buenos Aires, Argentina


NUEVO BANCO: Moody's Puts Caa1 Foreign Currency Deposit Rating
--------------------------------------------------------------
Moody's Investors Service assigned first-time ratings to Banco
de Santiago del Estero S.A. and Nuevo Banco de la Rioja S.A.  
These are a bank financial strength rating of D-; long- and
short-term global local-currency deposit ratings of Ba2 and Not
Prime, as well as long- and short-term foreign-currency deposit
ratings of Caa1 and Not Prime.  Moody's also assigned a Aa2.ar
local currency deposit rating and a Ba1.ar foreign currency
deposit ratings on the Argentine national scale.

The outlooks on the BFSRs, on the local currency deposit
ratings, and on the national scale ratings are stable. In
addition, the long-term foreign currency deposit ratings have a
positive outlook in line with the outlook on the Argentine's
foreign currency deposit ceiling.

Moody's noted that the D- BFSRs reflects the relatively healthy,
though small, operations of the banks, as well as the
expectation of further enhancement to their core earnings.  The
banks' performances benefit from the long-term contracts with
the Provinces of Santiago del Estero and La Rioja to act as
their financial agents, together with their specialization in
originating and managing a portfolio of payroll-deductible
loans.

Moody's also pointed out that the banks' strategy -- based on
exploiting synergies between the banks -- has enhanced their
overall franchise potential by increasing their access to core
funding, by leveraging their presence in the central-northern
Argentinean provinces and by expanding their product and
customer reach.  However, the ratings also incorporate the
banks' dependence on the provincial performance and the
challenges management faces to diversify their earnings within
this operating footprint.

Moody's Ba2 global local-currency deposit rating incorporates
Banco de Santiago and Banco de la Rioja's Baseline Credit
Assessment of Ba3, as well as Moody's assessment of moderate
probability of systemic support that would be extended to the
banks in case of stress, due to the banks' regional franchises
and Moody's assessment of Argentina as a high support country.
Such assessment results in one-notch lift of the local currency
rating to Ba2.  The Caa1 foreign currency deposit rating is
constrained by the Caa1 country ceiling for deposits..

These new ratings were assigned for Banco de Santiago del
Estero:

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

-- Long- and short-term global local-currency deposit rating:
    Ba2 and Not Prime, with stable outlook.

-- Long- and short-term foreign currency deposit rating: Caa1
    (positive outlook) and Not -Prime.

-- Long-Term National Scale Local-Currency Deposit Rating:
    Aa2.ar

-- Long -Term National Scale Foreign Currency Deposit Rating:
    Ba1.ar

These new ratings were assigned for Nuevo Banco de La Rioja:

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

-- Long- and short-term global local-currency deposit rating:
    Ba2 and Not Prime, with stable outlook.

-- Long- and short-term foreign currency deposit rating: Caa1
    (positive outlook) and Not -Prime.

-- Long-Term National Scale Local-Currency Deposit Rating:
    Aa2.ar

-- Long -Term National Scale Foreign Currency Deposit Rating:
    Ba1.ar

Nuevo Banco de la Rioja SA is a commercial bank located in the
Province of La Rioja, with US$83 million in deposits and US$111
million in assets as of June 2007. The bank acts as the
financial agent of the Province of La Rioja and is 59.5% owned
by BSE, 10.5% by the Ick Group and 30% by the Province of La
Rioja.


REDES URBANAS.COM: Proofs of Claim Verification Is Until Feb. 11
----------------------------------------------------------------
Mario Leizerow, the court-appointed trustee for Redes
Urbanas.com S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 11, 2008.

Mr. Leizerow will present the validated claims in court as
individual reports on March 24, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Redes Urbanas.Com 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 Redes Urbanas.Com's
accounting and banking records will be submitted in court on
May 7, 2008.

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

The debtor can be reached at:

         Redes Urbanas.Com S.R.L.
         Avenida Cabildo 2327
         Buenos Aires, Argentina

The trustee can be reached at:

         Mario Leizerow
         Bouchard 644
         Buenos Aires, Argentina


SENDRA DANIEL: Proofs of Claim Verification Deadline Is March 11
----------------------------------------------------------------
Carlos Antonio Palma, the court-appointed trustee for Sendra
Daniel C. y Juan J. Sendra S.H.'s bankruptcy proceeding,
verifies creditors' proofs of claim until March 11, 2007.

Mr. Palma will present the validated claims in court as
individual reports on April 25, 2008.  The National Commercial
Court of First Instance in Mendoza 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 Sendra Daniel 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 Sendra Daniel's
accounting and banking records will be submitted in court on
June 10, 2008.

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

The trustee can be reached at:

         Carlos Antonio Palma
         9 de Julio 313, Ciudad de Mendoza
         Mendoza, Argentina


TYSON FOODS: Declares US$0.04 & US$0.036 Per Share Dividends
------------------------------------------------------------
Tyson Foods Inc.'s Board of Directors, at a meeting on
Nov. 15, 2007, declared the quarterly dividend of US$0.04 per
share on Class A common stock and US$0.036 per share on Class B
common stock, payable on March 15, 2008, to shareholders of
record at the close of business on March 1, 2008.

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

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

                        *     *     *

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




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


BANK OF BARODA: To Form Insurance JV w/ Andhra Bank & U.K. Firm
---------------------------------------------------------------
Bank of Baroda has signed a Memorandum of Understanding with
Andhra Bank and United Kingdom-based Legal & General Group plc,
to form a joint venture for life insurance business.

In a filing with the Bombay Stock Exchange, Bank of Baroda
disclosed that equity participation pursuant to the MoU, which
was signed on Nov. 16, will be:

        Bank of Baroda              44%
        Andhra Bank                 30%
        Legal and General plc, UK   26%

The initial paid-up capital for the life insurance venture is
reportedly INR2 billion.

According to The Hindu daily, the joint venture would mainly
focus on the rural and semi-urban market because only 20% of the
people in India were insured.

The partners would initiate various steps to operationalize the
JV in due course, the BSE filing says.  Among the steps to be
taken would be the filing of application for a license with the
Insurance Regulatory and Development Authority.

                      About Andhra Bank

Headquartered in Hyderabad, India, Andhra Bank --
http://www.andhrabank-india.com/ -- offers various products and
services including deposits, loans, corporate banking products,
non-resident Indian services and technology products.  The
deposits offered by the Bank include current deposits, savings
bank deposits and term deposits.  It offers housing, personal,
mortgage and agricultural loans.  Under corporate banking, it
offers working capital loans, export and import finance, foreign
currency loans, term finance and corporate loans.

                 About Legal & General Group

U.K.-based Legal & General Group Plc is a holding company of a
group of insurance, investment management and financial services
companies. The Company has three business segments-- Life and
Pensions, Investment Management and General Insurance.

                     About Bank of Baroda

Headquartered in Vadodara, India, Bank of Baroda --
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  Bank of Baroda has branches in the Bahamas,
Belgium, the Fiji Islands, Mauritius, Republic of South Africa,
Seychelles, Singapore, Sultanate of Oman, United Arab Emirates,
the United Kingdom, and the United States of America.

                        *     *     *

As reported by the Troubled Company Reporter-Asia Pacific on
July 11, 2007, Standard & Poor's assigned its 'BB' issue rating
to Bank of Baroda's US$300 million upper Tier-II subordinated
notes due in 2022.

Fitch Ratings, on May 9, 2007, assigned 'BB' ratings to Bank of
Baroda's proposed unsecured subordinated Upper Tier 2 notes
(expected size: US$250 million plus greenshoe option), as well
as the hybrid Tier 1 debt to be issued under its USD1.5 billion
medium-term notes programme.  Fitch said the outlook on all
ratings is stable.




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


BT LOOKSMART: Holding Final Shareholders Meeting on Dec. 21
-----------------------------------------------------------
BT Looksmart, Ltd., will hold its final shareholders meeting on
Dec. 21, 2007, at 9:30 a.m., at:

          Messrs. Conyers Dill & Pearman
          Clarendon House, Church Street
          Hamilton, Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


CM CONTINENT: Sets Final Shareholders Meeting for Dec. 19
---------------------------------------------------------
CM Continent Limited will hold its final shareholders meeting on
Dec. 19, 2007, at 9:30 a.m., at:

          Messrs. Conyers Dill & Pearman
          Clarendon House, Church Street
          Hamilton, Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


DYNASTY PROPERTY: Holding Final Shareholders Meeting on Dec. 17
---------------------------------------------------------------
Dynasty Property Investment Limited will hold its final
shareholders meeting on Dec. 17, 2007, at 11:00 a.m., at:

          KPMG
          8th Floor, Prince's Building
          10 Charter Road, Central
          Hong Kong

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


DYNASTY SYNDICATE: Final Shareholders Meeting Is on Dec. 17
-----------------------------------------------------------
Dynasty Syndicate Investment Limited will hold its final
shareholders meeting on Dec. 17, 2007, at 10:30 a.m., at:

          KPMG
          8th Floor, Prince's Building
          10 Charter Road, Central
          Hong Kong

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


HIMPURNA CALIFORNIA: Sets Final Shareholders Meeting on Dec. 27
---------------------------------------------------------------
Himpurna California Energy Ltd. will hold its final shareholders
meeting on Dec. 27, 2007, at 11:00 a.m., at:

          Deloitte & Touche
          Corner House, Church & Parliament Streets
          Hamilton, Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


PATUHA POWER: Holding Finals Shareholders Meeting on Dec. 27
------------------------------------------------------------
Patuha Power Limited will hold its final shareholders meeting on
Dec. 27, 2007, at 10:00 a.m., at:

          Deloitte & Touche
          Corner House, Church & Parliament Streets
          Hamilton, Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


SCOTTISH RE: Names Samir Shah as Executive VP in Bermuda Unit
-------------------------------------------------------------
Scottish Re Group Limited has appointed Samir Shah as its
Executive Vice President and Chief Risk Officer, effective
Dec. 26, 2007.  Mr. Shah will be based at the company's
Hamilton, Bermuda headquarters.

Mr. Shah has over twenty years of experience in risk and capital
management and has done extensive work developing and
implementing Enterprise Risk Management concepts, methods and
tools.  Most recently, Mr. Shah was a Principal with Towers
Perrin where he was a leader in the firm's global Enterprise
Risk Management practice, which helped insurance companies,
banks and non-financial institutions manage enterprise-wide
risks.  Prior to his ten-year tenure at Tower Perrin, Mr. Shah
held various management-consulting roles focused in areas such
as non-traditional actuarial risk management, operational
efficiency and financial performance improvement.

Mr. Shah is a Fellow of the Society of Actuaries, a Financial
Risk Manager certified by the Global Association of Risk
Professionals and a Professional Risk Manager certified by the
Professional Risk Managers International Association.  He holds
a B.S. and an M.S. in Industrial Engineering, specializing in
Operations Research and Management Science, from Northwestern
University.

In the newly created role of Chief Risk Officer, Mr. Shah is
charged with developing and implementing a risk management
strategy and operating framework designed to significantly
improve risk management disciplines across the company.

George Zippel, President and Chief Executive Officer of Scottish
Re Group Limited, commented, "Creating the Chief Risk Officer
leadership position and continuing to enhance a robust ERM
process are key elements of our plan to improve the operating
and financial performance of Scottish Re.  I'm very pleased that
we were able to attract a strong and experienced risk management
professional to our company.  I look forward to working closely
with Samir as he builds out his team and drives improved risk
management performance across Scottish Re."

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Moody's Investors Service has affirmed the
ratings of Scottish Re Group Limited's senior unsecured shelf of
(P)Ba3 and changed the outlook to negative from stable.




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


VISTA GOLD: Luzon Minerals Drops Gold Project Acquisition Plans
---------------------------------------------------------------
Luzon Minerals Ltd. has decided not to acquire the Amayapampa
Gold Project in Bolivia from Vista Gold Corp., citing its
inability to advance the project with its current financial and
personnel resources.  Luzon Minerals had an option to acquire
Vista's interest in the project from Vista Gold pursuant to an
option agreement dated March 13, 2007.  The two companies have
entered into an agreement regarding the termination of the
option agreement and the terms on which Luzon Minerals'
outstanding obligations with respect to the project will be
satisfied.
    
Vista Gold's Executive Chairman and Chief Executive Officer,
Mike Richings commented on the news,  "We have been concerned
about the slow progress at the Amayapampa project during these
times of high gold prices and recognized that continued delay in
placing the project into production might not be well received
by the local community.  Vista plans to continue to advance the
project while seeking a partner or buyer with the financial and
personnel resources to manage and develop the project and
commence commercial gold production in the shortest time
possible.  Vista plans to engage consultants and commence a work
program to upgrade the scoping study completed by Luzon
(initially filed on SEDAR under Luzon Minerals Ltd. and
subsequently by Vista on Oct. 18, 2006) to a feasibility study.  
We remain confident that the project is an attractive project at
today's gold prices.  Employee training, which Luzon had
started, utilizing the services of professional trainers, will
continue and the workers will be provided opportunities to
participate in the on-site activities related to the proposed
work program as plans for the program are developed."

                   About Vista Gold Corp.

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

                        *     *     *

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

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




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


AMERICAN AIRLINES: Inks Code-Share Agreement with Jet Airways
-------------------------------------------------------------
Hindustan Times reports that American Airlines has entered into
a code-sharing accord with private carrier Jet Airways for some
domestic flights out of New York, to try to tap increasing
passenger traffic between the US and India.

Code sharing means that a flight operated by an airline is
jointly marketed as a flight for one or more other airlines.

Jet Airways said in a statement, "American Airlines and Jet
Airways will 'codeshare' and cooperate on traffic between the US
and India that connects at Brussels airport as well as hope to
expand their 'codeshare' cooperation on other routes in the
months ahead."

Jet Airways told Hindustan Times that the agreement is awaiting
regulatory approvals.  It would be effective from Jan. 16, 2008.

Dallas Business Journal relates that American Airlines asked the
US federal government to grant permission for its codeshare
agreement with Jet Airways.

According to Hindustan Times, Jet Airlines will place its "9W
designator code" on American Airlines' domestic flights out of
the John F. Kennedy Airport in New York.  American Airlines will
then place its "AA designator code" on Jet Airways flights to
some cities in India.

Jet Airways Chief Executive Officer Wolfgang Prock-Schauer told
Hindustan Times, "This mutually rewarding partnership will
extend our reach into the US and deliver several benefits to our
customers, such as a wider choice of destinations with excellent
connections, frequent flyer benefits on 'codeshare' flights,
seamless transfers and interline e-ticketing."

American Airlines told Dallas Business that it would like to
expand its codeshare cooperation with Jet Airways on other
routes in the future.

                       About Jet Airways

Jet Airways (India) Limited is a domestic airline in India.  As
of March 31, 2007, the company flew to eight international
destinations, including Europe, the United States and Asia.  As
of March 31, 2007, Jet Airways had a fleet of 65 aircraft, which
includes four Boeing 777-300 ER, 49 classic and next generation
Boeing 737-400/700/800/900 aircraft, four Airbus A330-200
aircraft and eight modern ATR 72-500 turboprop aircraft.  During
the fiscal year ended March31, 2007, the Company commenced
operations on international routes, including Delhi-Bangkok-
Delhi, Kolkata-Bangkok-Kolkata, Amritsar-London-Amritsar, Delhi-
Singapore-Delhi and a second frequency on Mumbai-London-Mumbai.  
In April 2007, the Company acquired Jet Lite (India) Limited,
formerly Sahara Airlines Limited.

                About American Airlines Inc.

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

American Airlines flies to Belgium, Brazil, Japan, among others.
  
As reported in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch Ratings affirmed the debt ratings of AMR
Corp. and its principal operating subsidiary American Airlines,
Inc., as:

AMR Corp.

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

American Airlines

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

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


ASPEN TECH: Reports Selected Prelim First Qtr. Financial Results
----------------------------------------------------------------
Aspen Technology Inc. has selected preliminary financial results
for its fiscal first quarter 2008.

The company reported license bookings of approximately US$36
million during the fiscal first quarter 2008, with license
bookings defined as the total net present value of all license
contracts signed in the quarter.  This represents an increase of
50% compared to license bookings of approximately US$24 million
in the first quarter of fiscal 2007.

The company ended Sept. 30, 2007, with US$128 million in cash
and cash equivalents, which is a decrease compared to US$132
million at the end of the previous quarter.  The sequential
decline in cash was primarily due to cash payments related to
incentive compensation following the company's record fiscal
2007 results.  On a year-over-year basis, the company's cash and
cash equivalents increased US$39 million from a balance of US$89
million at Sept. 30, 2006.

Mark Fusco, Chief Executive Officer of Aspen Technology, said
"We are pleased with the company's operational performance in
the first quarter, with strong year-over-year growth in license
bookings highlighting what was a strong start to the fiscal
year.  Our end markets are strong, the company's point solutions
and aspenONE suite remain best-in-class and our worldwide
organization is executing at a high level." Mr.Fusco added,
"With solid market demand, a differentiated value proposition
and industry leading domain expertise, we are optimistic about
the company's fundamental outlook for the remainder of fiscal
2008."

Brad Miller, Chief Financial Officer of AspenTech, said "We have
made considerable progress in becoming current with all of our
outstanding financial reporting requirements, including the
fiscal 2007 10-K and our fiscal first quarter 2008 10-Q.  We are
committed to addressing these matters and intend to become
current in these filings by Jan. 18, 2008, the extension date we
requested at our recent hearing with Nasdaq."

                    About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software  
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                        *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


ASPEN TECH: Receives NASDAQ Notice Due to Form 10-Q Filing Delay
----------------------------------------------------------------
Aspen Technology has received, as expected, an Additional Staff
Determination Letter from the NASDAQ on Nov. 14, 2007,
indicating that the company is not in compliance with the
requirements for continued listing set forth in Marketplace Rule
4310(c)(14) as a result of the company's failure to file timely
with the U.S. the Securities and Exchange Commission the
company's Form 10-Q for the quarter ended Sept. 30, 2007.

The NASDAQ previously issued a Staff Determination regarding the
continued listing of the Company's Stock on the Nasdaq Global
Market due to the company's failure to file its Annual Report on
Form 10-K for the fiscal year ended June 30, 2007.  The November
14 Staff Determination further indicates that non-compliance as
a result of the company's failure to file its Form 10-Q serves
as an additional basis for delisting the company's stock at the
company's request, a hearing on the Staff Determinations was
conducted on Nov. 15, 2007, before a Nasdaq Listing
Qualifications Panel at which time the company requested an
extension to Jan. 18, 2008, to comply with NASDAQ listing
requirements.  There can be no assurance that the Panel will
grant the company's request.

AspenTech's delay in filing is attributed to the previously
announced intention to restate certain historical financial
statements.  The company is working diligently to complete its
delinquent Forms 10-Q and 10-K.

                    About Aspen Technology

Based in Cambridge, Massachusetts, Aspen Technology Inc.
(Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software  
and professional services that help process companies improve
efficiency and profitability by enabling them to model, manage
and control their operations.  The company has operations in
Brazil, Malaysia and France.

                        *     *     *

Aspen Technology carries Moody's B2 long-term corporate family
rating and Caa1 equity linked rating.  Moody's said the outlook
is stable.

The company carries Standard & Poor's B long-term foreign and
local issuer credit ratings, with negative outlook.


FORD MOTOR: Thai Unit Cuts Prices for Focus to Reflect New Taxes
----------------------------------------------------------------
Ford Motor Corp.'s Thailand unit has cut its prices for its E20-
fueled Focus car by THB50,000 to reflect the new excise tax rate
for E20 vehicles, and to support government policies to promote
alternative fuel use, the Bangkok Post reports.

E20 is a fuel blend of 20% ethanol and 80% gasoline, the Post
relates.  Excise tax for E20 vehicles under 2,000 cc will be cut
to 25% from the current 30% in Thailand starting January next
year, the report adds.

According to the article, the new prices are THB939,000 for a
five-door 2.0-litre Focus and THB885,000 for the four-door, 1.8-
litre version of the model.

Ford has about 150 of the cars in stock and expects to sell them
by year's end, Ford Thailand's senior vice president Saroj
Kiatfuengfoo said, adding that new versions of the Focus will be
introduced at the Bangkok Motor Expo next month.  Mr. Saroj also
revealed that the company has imported 35 units of the diesel-
powered versions of the Focus to test the local market, and said
that more units will be imported next summer if the response is
favorable.

                    About Ford Motor Co.

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

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

                        *     *     *

To date, Ford Motor Company still carries Standard & Poor's
Ratings Services 'B' long-term foreign and local issuer credit
ratings and negative ratings outlook.

At the same time, the company carries Moody's Caa1 issuer and
senior unsecured debt ratings and negative ratings outlook.


FORD MOTOR: Automotive Component VP, CEO & COO Al Ver To Retire
---------------------------------------------------------------
Ford Motor Company's vice president, chief executive officer and
chief operating officer for Automotive Components Holdings, Al
Ver, has elected to retire at the end of the year, after a
35-year career with the Ford Motor.
    
Mr. Ver joined Ford in 1972 as a manufacturing process engineer
at the Mt. Clemens (Michigan) Paint Plant.  He has held a number
of engineering and manufacturing positions within Ford and its
component operations during his career.  Prior to his current
assignment, Mr. Ver served as vice president for Ford's Advanced
Manufacturing Engineering organization.  As the head of ACH, he
reported to The Americas executive vice president and president,
Mark Fields.
    
"Al has consistently contributed to Ford's engineering and
manufacturing organizations throughout his career and most
recently has done an outstanding job in leading ACH through its
transition," said Mr. Fields.  "We wish Al and his family well
as they move into the next phase of their lives."
    
Mr. Ver will be succeeded by Bill Connelly, who has been named
chief executive officer, ACH.  Mr. Connelly will retain his
Chief Financial Officer responsibilities for ACH.  During the
transition, Mr. Ver will report to president and CEO, Alan
Mulally, for a special project.
    
Mr. Connelly will lead the Ford-managed, temporary business
entity comprised of former Visteon Corp. plants and facilities
in the United States and Mexico, as it continues preparing the
operations for sale or closure by the end of 2008.  He will
report to vice president of North America Manufacturing, Joe
Hinrichs.
    
"Bill has been with ACH from the start and knows the component
businesses within the group, as well as the component industry,"
Mr. Fields said.  "We continue to operate in a very challenging
environment, and having Bill at the helm is reassuring to me and
everyone on the team."
    
Mr. Connelly, a U.S. Marine Captain, joined Ford's Finance staff
in 1972.  Throughout his career, he has held a variety of
positions within Finance, including controller of Ford's North
America Automotive Operations and Ford Customer Service
Division, and director of the company's Investor Relations
department.  Mr. Connelly was instrumental in the negotiations
to form ACH in 2005, and as its CFO, he has significantly
reduced operating costs and helped to progress ACH's
restructuring plans.

                      About Ford Motor

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

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

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 13, 2007,
Standard & Poor's Ratings Services said its 'B' long-term
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. remains on CreditWatch with positive implications following
Ford's report of a narrower third-quarter loss compared to that
of a year ago.  S&P currently expect to resolve the CreditWatch
around mid-November.  The most likely outcome is an affirmation
of the 'B' rating, with an outlook to be determined.


JAPAN AIRLINES: S&P Affirms B+ Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit ratings on Japan Airlines Corp. and the
company's 100% subsidiary, Japan Airlines International Co.
Ltd., and removed them from CreditWatch, where they were placed
with negative implications on May 25, 2007.  

The 'B+' senior unsecured debt ratings on both companies were
also affirmed.  The rating actions reflect the diminished
likelihood of a material change in financial institutions'
credit stance toward JAL, at least over the short term, given
JAL's steady business performance since the beginning of the
current fiscal year, and a smaller concern about the short-term
liquidity. The outlook is negative.

JAL has revised its operating profit forecast to JPY48 billion
from JPY35 billion for the entirety of fiscal 2007 (ending
March 31, 2008), on the back of strong demand for international
flights and steady progress in its efforts to secure passengers
who pay higher prices per person and thus improve operational
efficiency.  JAL's competitiveness has been gradually recovering
from past operational troubles, and the company's efforts to
reduce personnel costs by JPY50 billion during the current
fiscal year is in progressing as  planned.  The company
announced that short-term financing needs are mostly
secured thanks to improved business performance and progress in
asset sales, and consequently, Standard & Poor's sees a lower
possibility of material change in financial institutions' credit
stance toward JAL over the short term.

The negative outlook reflects uncertainties over the continued
steady recovery of profits next fiscal year and thereafter,
given high fuel prices, which exceed the US$75 level assumed in
the current management plan, and expected fiercer competition in
the domestic passenger business against its competing airliners
and bullet trains.  Standard & Poor's will focus on the degree
of certainty of JAL's business recovery in the next fiscal year
and continued support from major financial institutions.

S&P would consider an upward revision of the ratings or outlook
if JAL successfully recovers profitability through accelerating
and deepening structural reform to enhance competitiveness and
efficiency while maintaining safe operations.  Continued
cooperation from financial institutions is also important.  If
JAL announces a capital injection plan, we would examine the
size and foreseeable effects in relation to JAL's resilience
toward possible losses generated by terrorism and epidemic
diseases, and future needs for funds.  The ratings could be
lowered if the structural reforms do not progress as planned,
lowering expectation for the recovery of profitability and
improvements to JAL's financial profile.

                      About Japan Airlines

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


LYONDELL CHEMICAL: Launches Cash Tender Offer for US$4-Bln Notes
----------------------------------------------------------------
Lyondell Chemical Company and its subsidiaries Equistar
Chemicals, LP and Equistar Funding Corporation have commenced
cash tender offers for an aggregate of approximately US$4.01
billion of outstanding debt securities issued by Lyondell and
Equistar Issuers, as applicable.
    
In conjunction with each of the Offers, Lyondell or the Equistar
Issuers, as applicable, are soliciting consents from holders of
the applicable series of Notes to effect certain proposed
amendments to the indenture governing such series of Notes,
including elimination of substantially all of the restrictive
covenants.  The Offers and Consent Solicitations are conducted
in connection with the proposed merger of Lyondell with BIL
Acquisition Holdings Limited, a Delaware corporation and wholly
owned subsidiary of Basell AF S.C.A., a Luxembourg company.
    
The Offer for each series of Notes will expire at 12:01 a.m. EST
on Dec. 20, 2007, unless extended or earlier terminated by
Lyondell or the Equistar Issuers, as applicable, in their sole
discretion.  The Consent Solicitation for each series of Notes
will expire at or prior to 5 p.m. EST, on Dec. 5, 2007, unless
extended or earlier terminated by Lyondell or the Equistar
Issuers, as applicable, in their sole discretion.  Holders may
not tender their Notes without also delivering consents and may
not deliver consents without also tendering their Notes.  
Holders that validly tender their Notes pursuant to the Offers
will be deemed to have validly delivered their consents related
to such Notes.  Tendered Notes may not be withdrawn, and
consents may not be revoked, after Dec. 5, 2007.
    
The total consideration per US$1,000 principal amount of the
Notes validly tendered and not validly withdrawn at or prior to
Dec. 5, 2007 (Total Consideration) will be an amount equal to
the sum of:

  -- the present value on Dec. 20, 2007, of the applicable Next
     Redemption Price on the applicable Next Redemption Date,
     and

  -- the present value on Dec. 20, 2007, of the amount of
     interest that would accrue from the last date on which
     interest has been paid until the applicable Next Redemption
     Date

minus:

  -- accrued and unpaid interest from the last date on which
     interest has been paid up to, but not including,
     Dec. 20, 2007.
    
The discount rate for calculating the present value is based on
a fixed spread of 50 basis points over the yield as of 2 p.m.
EST on Dec. 5, 2007, (Price Determination Date) of the
applicable United States Treasury Security.
    
The Total Consideration, payable on or about Dec. 20, 2007,
includes a consent payment of US$30 per US$1,000 principal
amount of the Notes to holders who validly tender the Notes, and
thereby validly deliver consents related to the Notes, at or
prior to Dec. 5, 2007.  Holders whose Notes are validly tendered
after Dec. 5, 2007, and accepted for purchase will receive the
Total Consideration minus the US$30 consent payment per US$1,000
principal amount of the Notes promptly after Dec. 20, 2007.  In
addition, accrued and unpaid interest from the last interest
payment date to, but not including, the applicable payment date
will be paid on all validly tendered and accepted Notes.

Each Offer and Consent Solicitation is made independently of the
other Offers and Consent Solicitations.  Lyondell and the
Equistar Issuers reserve the right to terminate, withdraw or
amend any Offer and Consent Solicitation, as applicable,
independently of the other Offers and Consent Solicitations at
any time and from time to time.
    
The completion of the Offers and Consent Solicitations is not a
condition to completion of the Merger, but the completion of the
Merger is a condition, among other things, to the obligations of
Lyondell or the Equistar Issuers, as applicable, to accept and
pay for the Notes pursuant to the Offers and Consent
Solicitations.  The complete terms and conditions of the Offers
and Consent Solicitations are set forth in the Offer to Purchase
and Consent Solicitation Statement dated Nov. 20, 2007, which is
being sent to holders of the Notes.  Holders are urged to
carefully read the Offer and Consent Statement and related
materials.
    
Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer
managers for the Offers and solicitation agents for the Consent
Solicitations.  Questions regarding the Offers and Consent
Solicitations may be directed to Goldman, Sachs & Co. at (877)
686-5059 (toll-free) [(212) 357-0775 (collect)] and Merrill
Lynch & Co. at (888) 654-8637 (toll-free) [(212) 449-4914
(collect)]. Copies of the Offer and Consent Statement and
related materials may be obtained from the Information Agent, D.
F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) and (212)
269-5550 (Banks and Brokers).

                    About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's  
third-largest independent, publicly traded chemical company.  
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

                        *     *     *

As reported on July 23, 2007, Moody's Investors Service placed
the ratings of Lyondell Chemical Company, Equistar Chemical
Company LP and Millennium Chemicals Inc. (Corporate Family
Ratings of Ba3) under review for possible downgrade following
the announcement that Lyondell has agreed to be acquired by
Basell AF SCA (Ba3 CFR under review for possible downgrade) in a
transaction worth roughly US$19 billion including the assumption
of debt.

Moody's also affirmed Lyondell's speculative grade liquidity
rating at SGL-1.  However, the financing of this potential
transaction, could result in a change to the SGL rating as well.

Fitch Ratings has placed Lyondell, Equistar and Millennium on
Rating Watch Negative following the announcement that Lyondell
has agreed to be acquired by Basell for US$12.66 billion, or
US$48 per share.  The transaction is valued at US$19 billion
including the consolidated debt outstanding at Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

  -- Issuer Default Rating 'BB-';
  -- Senior secured credit facility and term loan 'BB+';
  -- Senior secured notes 'BB+';
  -- Senior unsecured notes 'BB-';
  -- Debentures 'BB-'.


LYONDELL CHEMICAL: Shareholders Approve Basell Merger Plan  
----------------------------------------------------------
At a Special Meeting of Shareholders held Nov. 20, 2007,
Lyondell Chemical Company's shareholders have approved the
Agreement and Plan of Merger, dated as of July 16, 2007, among
Basell AF, BIL Acquisition Holdings Limited and Lyondell
pursuant to which Basell will acquire all of Lyondell's
outstanding common shares for cash consideration of US$48 per
share.
    
In the final vote count by the independent inspectors of
election, 168,008,513 Lyondell common shares (approximately 66.2
percent of the outstanding common shares) were represented at
the Meeting, in person or by proxy, and the Agreement and Plan
of Merger was approved by 65.8 percent of the shares
outstanding.
    
The closing of the transaction is anticipated to occur on or
about Dec. 20, 2007.

                   About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's  
third-largest independent, publicly traded chemical company.  
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.

                        *     *     *

As reported on July 23, 2007, Moody's Investors Service placed
the ratings of Lyondell Chemical Company, Equistar Chemical
Company LP and Millennium Chemicals Inc. (Corporate Family
Ratings of Ba3) under review for possible downgrade following
the announcement that Lyondell has agreed to be acquired by
Basell AF SCA (Ba3 CFR under review for possible downgrade) in a
transaction worth roughly US$19 billion including the assumption
of debt.

Moody's also affirmed Lyondell's speculative grade liquidity
rating at SGL-1.  However, the financing of this potential
transaction, could result in a change to the SGL rating as well.

Fitch Ratings has placed Lyondell, Equistar and Millennium on
Rating Watch Negative following the announcement that Lyondell
has agreed to be acquired by Basell for US$12.66 billion, or
US$48 per share.  The transaction is valued at US$19 billion
including the consolidated debt outstanding at Lyondell.

Fitch has placed these ratings on Rating Watch Negative:

Lyondell:

  -- Issuer Default Rating 'BB-';
  -- Senior secured credit facility and term loan 'BB+';
  -- Senior secured notes 'BB+';
  -- Senior unsecured notes 'BB-';
  -- Debentures 'BB-'.


NET SERVICOS: Repays BRL50 Million of Vivax's BRL220-Mil. Debt
--------------------------------------------------------------
Net Servicos de Comunicacao SA said in a statement that it has
paid BRL50 million of the BRL220-million debt its subsidiary
Vivax owes.

Net Servicos told Business News Americas that it decided to pay
Vivax's debt due to the liquidity of its balance sheet.

Net Servicos's net profit increased 341% to BRL51 million in the
third quarter 2007, from BRL12 million in the the third quarter
2006, BNamericas states.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--  
is a subscriber TV multi-operator in Brazil, as it operates the
NET brand in major cities, including operations in the 4 largest
cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto
Alegre.  NET also offers Broadband Internet services through its
NET VIRTUA brand name.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2007, Moody's Investors Service upgraded Net Servicos
de Comunicacao S.A.'s corporate family rating to Ba2 from B1 on
its global local currency scale and to Aa3.br from Baa2.br on
its Brazilian national scale rating.  Moody's said the rating
outlook is stable.  This rating action concludes the review
process initiated on Oct. 17, 2006.


SCO GROUP: Court OKs Dorsey & Whitney as Special Corp. Counsel
--------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. obtained authority
from the United States Bankruptcy Court for the District of
Delaware to employ Dorsey & Whitney LLP as their special
corporate and securities counsel, nunc pro tunc to
Sept. 14, 2007.

As reported in the Troubled Company Reporter on Nov. 1, 2007,
Dorsey & Whitney is expected to:

   a. advise and counsel the Debtors with respect to their
      responsibilities in complying with the requirements of
      regulatory authorities and general corporate matters;

   b. give advice with respect to continued compliance with
      securities matters, specifically with respect to the
      Debtors' continued compliance with the Securities Act of
      1033 and the Securities and Exchange Act of 1934,
      including the preparation and filing of quarterly and
      annual reports required by federal law that will be
      necessary during the pendency of the cases;

   c. give advice with respect to general corporate governance,
      transactional, finance, labor and employment, and other
      related general outside counsel matters; and

   d. assist lead bankruptcy counsel as may be needed to protect
      the interests of the estates in all matters pending before
      the Court.

The Debtors will pay the firm at its standard hourly rate.  

      Professional                 Designation     Rate
      ------------                 -----------     ----
      Nolan S. Taylor, Esq.        Partner         US$440
      Devan Padmanabhan, Esq.      Partner         US$495
      Eric Lopez Schnabel, Esq.    Partner         US$450
      Samuel P. Gardner, Esq.      Partner         US$330
      David Marx, Esq.             Associate       US$270

In addition, Dorsey had unbilled fees and expenses owed by the
Debtors totaling US$53,128 and other expenses already billed
totaling US$1,622.  Prior to the bankruptcy filing, Dorsey
received a US$100,000 retainer, however Dorsey was not able to
issue an invoice for its unbilled expenses.  The Debtors and
Dorsey has requested for authority to apply the unbilled claim
against the retainer and the remainder of the retainer against
fees approved for payment pursuant to Court orders.

The Debtors believe that the employment of Dorsey & Whitney is
necessary and in the best interest of the Debtors' estates.

The firm can be reached at:

                Nolan S. Taylor, Esq.
                Dorsey & Whitney LLP
                170 South Main Street, suite 900
                Salt Lake, Utah
                http://www.dorsey.com/

                    About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.


SCO GROUP: Hearing on Asset Sale Protocol Deferred to Dec. 5
------------------------------------------------------------
The hearing to consider approval of the procedures governing the
sale of The SCO Group Inc. and SCO Operations Inc.'s business
has been rescheduled to Dec. 5, 2007, at 10:00 a.m.

The hearing was originally set for Nov. 16, 2007, at 4:00 p.m.

As reported in the Troubled Company Reporter on Nov. 9, 2007,
the Debtors sought authority from the U.S. Bankruptcy Court for
the District of Delaware to sell certain of their assets to JGD
Management Corp. dba York Capital Management, subject to higher
and better offers.

The assets for sale are:

   -- the Debtors' Unix operating system;

   -- certain related claims in litigation; as well as

   -- certain transfer, cross-license and related agreements
      pertaining to the Hipcheck product line and Me Inc.
      Mobile intellectual property owned by Me Inc., a
      non-debtor affiliate.

Pursuant to an asset purchase agreement dated Oct. 22,2007,
an earnest money deposit of US$1,800,000 or 5% of the purchase
JGD offered to buy the assets for US$36,000,000 and agreed to
post price.

To participate in the auction, competing bids must accompany
a good faith cash deposit of not less than US$1,800,000.

In the event a competing bid outbids JGD's offer, JGD will be
entitled to an all cash breakup fee of US$780,000 plus
reimbursement of expenses incurred up to US$300,000.

Court documents did not disclose specific date and place of the
auction.

                   IBM and Novell Object

The proposed sale is facing opposition from creditors
International Business Machines Corporation and Novell Inc.

IBM told the Court that the Debtors' proposed procedure for the
sale is deficient and that the bidder protections are based on
a misleading characterization of the purchase price.

IBM argued that the sale is improper and itself cannot be
approved because the Debtors propose to sell assets they don't
own.

Additionally, Novell contended that the sale is "ill-advised at
every level."  

According to Novell, the Debtors have not "established an
adequate justification for emergency consideration of the
proposed sale on shortened notice, relying instead on
unsubstantiated claims of urgent circumstances allegedly
dictated by" JGD.

                     About The SCO Group

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.


SCO GROUP: SCO Operations Posts US$731,158 Net Loss for Sept.
-------------------------------------------------------------
The SCO Operations Inc. had gross revenues of US$610,605 and
gross profit of US$595,807 for the period beginning Sept. 15
through 30.  Net loss for the month of September 2007 was
US$731,158.

As of Sept. 30, 2007, SCO Operations' balance sheet showed total
assets of US$15,733,879, total liabilities of US$9,517,924, and
total stockholders' equity of US$6,215,955.

A full-text copy of SCO Operations' September 15 through 30
operating report is available for free at:

              http://ResearchArchives.com/t/s?256f

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--  
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.

The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Paul Steven Singerman, Esq. and Arthur J.
Spector, Esq. at Berger Singerman PA and Laura Davis Jones, Esq.
at Pachulski Stang Ziehl & Jones LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions, LLC, acts as the Debtors'
claims and noticing agent.  The United States Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on
March 12, 2008.  The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.


SMOBY-MAJORETTE: MGA Confirms Interest Amidst Financial Woes
------------------------------------------------------------
MGA Entertainment confirmed its interest in Smoby-Majorette
after it discovered that Smoby's financial situation was weaker
than expected, The Financial Times reports, citing Le Monde as
its source.

According to the report, a meeting was set for Nov. 14, 2007, to
enable MGA management to discuss the future of Smoby with the
Commercial Court of Lons-le-Saunier.  

The court indicated that liquidation has not been ruled out,
Financial Times relates.

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

The company said it plans to appeal the court's decision.

Jean-Christophe Breuil, the former chairman and CEO of Smoby-
Majorette, is undergoing investigation for allegedly
misappropriating funds via foreign dummy companies.

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

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

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

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

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

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

                         About Smoby

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

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


TIMKEN CO: Says SeverCorr Uses Bearing Assemblies as Components
---------------------------------------------------------------
The Timken Company reported that its bearing assemblies were
used as components in the major production systems supplied by
SMS Demag AG for the new SeverCorr steel plant near Columbus,
Miss.

SeverCorr, a joint venture between Russian and U.S. steelmakers,
ranks among the world's most modern producers.  Initially,
SeverCorr will produce 1.5 million tons annually of high-quality
flat-rolled steel for use in the automotive, construction,
agricultural and appliance industries.  In April, the company
announced plans for a second production line to more than double
the mill's capacity.

SMS Demag provided melt equipment, hot and cold rolling mills,
galvanizing and pickle lines and a temper mill for the new
plant.  The Timken(R) bearing assemblies are installed in gear
units, roller tables and continuous casting equipment, as well
as in the roll necks of the hot and cold rolling mills.

"Timken experts customized the bearing assemblies to maximize
mill performance and product quality," said Michael J. Connors,
Timken president for process industries.  "It's the combination
of global product technology with local service that makes the
difference to customers like SMS Demag."

                       About SMS Demag

SMS Demag AG belongs to the group of companies headed by SMS
GmbH, headquartered in Dusseldorf, Germany.  This holding
company brings together a group of international plant
construction and mechanical engineering companies specializing
in processing steel, non-ferrous metals and plastics.  In 2006,
some 9,000 employees worldwide generated sales of approximately
2.83 billion euros.

                       About SeverCorr

SeverCorr is a joint venture of SteelCorr, a group of steel
industry veterans, and Severstal, the international steel firm
with substantial assets in metallurgy, mining, automobile
manufacture, machinery, transportation and other businesses.  
SeverCorr was organized to build a new state-of-the-art steel
mill in the southern United States where demand for high-quality
steels has grown rapidly in recent years.

                      About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered  
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


VALMONT INDUSTRIES: S&P Puts BB Corp. Credit Rating on WatchPos
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings,
including its 'BB' corporate credit rating, on Valmont
Industries Inc. on CreditWatch with positive implications.
     
"The CreditWatch listing reflects the company's continued
improved financial performance due to steady sales growth and
continued cost controls," said S&P's credit analyst Thomas
Nadramia.  "During 2007, despite modest growth in operating
margins, EBITDA and operating cash flow have continued to
improve.  As a result, credit measures have strengthened to a
level that we consider to be strong for the current rating."
     
Specifically, at Sept. 30, 2007, total debt to EBITDA, adjusted
for pensions and operating leases, was about 1.4, and total debt
to capital about 34%.
     
In resolving the CreditWatch listing on the Omaha, Nebraska-
based company, S&P will meet with management and review its
expectations for operational trends and financial strategies in
the near to intermediate term, particularly with respect to
acquisitions.
     
"If an upgrade is the ultimate outcome of our review, it would
likely be limited to one notch," Mr. Nadramia said.
     
Valmont Industries has a well-established market position in its
Engineered Structural Support segment, which provides custom
designed metal poles for use in the lighting, traffic, utility,
and specialty markets.  It also benefits from its significant
market positions in its Utility Support Structures and
Irrigation Segments.

Headquartered in Valley, Nebraska, Valmont Industries Inc. --
http://www.valmont.com/-- is engaged in the manufacture of  
fabricated metal products, metal and concrete pole and tower
structures.  The company also operates in Brazil.


* BRAZIL: Obtains US$144-Mln Loan to Build Container Port
---------------------------------------------------------
The Inter-American Development Bank has approved US$144 million
in financing to Itapoa Terminais Portuarios S.A. for the first
fully-private greenfield container terminal in Brazil, to be
located in the state of Santa Catarina.  The project is known as
"TECON Santa Catarina" in the marketplace.

The project consists of the design, construction and operation
of the port pursuant to an authorization provided by the Federal
Government of Brazil.  The facility will include a quay and
access bridge, container yard and administration buildings,
general installations such as utilities, and all necessary
equipment to build and operate a modern container terminal
facility.

The project will be a first class modern container-handling
facility capable of adding an additional 300,000 containers per
year in port capacity once the port has reached its full
operating potential.  According to the team leader, John Graham,
"the project will help alleviate increasing waiting times,
provide competition in the area of influence regarding handling
and storage fees and allow further specialization among the
existing ports to handle their most suitable cargo."

The package comprises an IDB loan of up to US$57.6 million from
the Bank's ordinary capital and approximately US$86.4 million of
co-financing from commercial banks.

IDB's private sector window serves as a catalyst, not only
enabling financing in long tenors, but also mobilizing private
funds in the form of co-financings.  Required implementation of
the IDB Environmental and Social Management System ensures a
good management of potential environmental, social, health,
safety, and labor impacts.

                        *     *     *

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


* BRAZIL: Petrobras' Oil & Gas Output Drops 2% in October
---------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA aka
Petrobras said in a statement that its total oil and gas
production declined 2% to 2.23 million barrels of oil equivalent
per day in October 2007, compared to 2.28 million barrels of oil
equivalent a day in September 2007.

According to Petrobras' statement, the firm's October 2007
output decreased 4.8% from 2.34 million barrels of oil
equivalent per day in October 2006.

Petrobras commented to Business News Americas, "The reduction
was due to unplanned maintenance stoppages in the Garoupa and
Corvina fields."

BNamericas notes that Petrobras had platform problems in the
Albacora field.  Output is "back on track" in the three fields
in the Campos basin.

The report says that Petrobras' domestic oil and gas production
decreased 1.9% to 2.00 million barrels of oil equivalent in
October 2007, from September 2007, and a declined 5% from
October 2006.

BNamericas relates that Petrobras' overall oil output declined
to 1.85 million barrels per day in October 2007, compared to
1.90 million barrels per day in September 2007 and 1.96 million
barrels per day in October 2006.

Petrobras told BNamericas that the total oil and gas production
in the eight nations where Petrobras operates outside Brazil
decreased 2.3% to 233,697 barrels of oil equivalent per day in
October 2007, from September 2007.

Brazilian fields' production increased to about 42.6 million
cubic meters per day in October 2007, from 42.3 million cubic
meters per day in September 2007.  However, the fields' October
2007 production was lesser compared to 44.8 million cubic meters
per day in October 2006, BNamericas reports.

                        *     *     *

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


* BRAZIL: Petroleo Brasileiro Workers Threaten To Strike
--------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA's unionized
employees could hold demonstrations against the company on
Nov. 26, 2007, the oil workers federation posted on its Web
site.

Business News Americas relates that the union is demanding among
other things:

          -- pay increases,
          -- scholarships for university studies,
          -- health benefits for workers' parents, and
          -- special retirement benefits.

According to the union's statement, the protest could reduce
Petroleo Brasileiro's oil and gas production.

The union told BNamericas that the employees will deliberate on
the strike after a meeting with Petroleo Brasileiro officials
set for Nov. 22, 2007.  Employees from four Brazilian states
voted to strike though they still are at work.

                        *     *     *

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




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


APPAREL BRANDS: Holding Final Shareholders Meeting on Nov. 30
-------------------------------------------------------------
Apparel Brands Holdings Co. will hold its final shareholders
meeting on Nov. 30, 2007, at 11:00 a.m., Montevideo time, at:

          Ruta 8, Km. 17,500
          ZonaAmerica, M1 Building
          Ap. C, Montevideo, Uruguay

These agendas will be taken during the meeting:

          1) accounting of the winding-up process;

          2) considering the performance of the liquidator and
             his remuneration; and

          3) for considering and, if thought fit, passing a
             resolution pursuant to section 158(1)(b) of the
             Companies Law (As Amended) that all the books,
             accounts, papers and documents of the company and
             of the liquidator be retained for a period of five
             years from the dissolution of the company, after
             which they will be destroyed, and the manner in  
             which such books, accounts, papers and documents
             will be kept.

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.

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

The liquidator can be reached at:

         Diego Munoz
         Attention: Richard Addlestone
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


ARSENAL INVESTMENTS: Sets Final Shareholders Meeting for Nov. 30
----------------------------------------------------------------
Arsenal Investments GP Ltd. will hold its final shareholders
meeting on Nov. 30, 2007, at:

          Citco Trustees (Cayman) Limited
          Regatta Office Park, West Bay Road
          Windward One, 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.

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

The liquidators can be reached at:

         Jonh Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


ATLANTIC PACIFIC: Holding Final Shareholders Meeting for Nov. 30
----------------------------------------------------------------
Atlantic Pacific Cellular will hold its final shareholders
meeting on Nov. 30, 2007, at 10:00 a.m., at:

          1684 E. Gude Drive, Third Floor
          Rockville, Maryland, MD 20850
          USA

These agendas will be taken during the meeting:

          1) accounting of the winding-up process;

          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.

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

The liquidator can be reached at:

         Marne Elizabeth Martin
         1684 East Gude Drive, 3rd Floor
         Rockville Maryland 20850
         USA


BOMBAY COMPANY: Can Hire Baker & McKenzie as Special Counsel
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
gave authority to The Bombay Company Inc. and its debtor-
affiliates to employ Baker & McKenzie LLP as its special
counsel, nunc pro tunc to Oct. 18, 2007.

The firm is expected to:

   a) advise and represent the Debtors in matters relating to
      the closing of the Debtors' foreign branch offices and
      cessation of the Debtors' foreign operations in Taiwan,
      Malaysia, China, Vietnam, and other jurisdictions
      necessary;

   b) handle all aspects of the closing of foreign operations,
      including labor issues, management liability issues,
      liquidation of assets in those jurisdictions, and general
      compliance with local law; and

   c) assist the Debtors in the preservation, marketing and
      liquidation of foreign trademark and licensing assets.

David W. Parham, Esq., a principal at Baker & McKenzie, tells
the Court that the firm's professionals bill:

   Professional                  Designation        Hourly Rate
   ------------                  -----------        -----------

   * Dallas, Texas

   David Parham, Esq.            Principal             US$525
   Jorge Gonzalez, Esq.          Partner               US$460
   Laurie D. Babich, Esq.        Associate             US$390
   Marcos Basso, Esq.            Associate             US$380
   Enrique Flores-Trillo, Esq.   Associate             US$270
   Wendi Wheeler                 Paraprofessional      US$160

   * Shanghai, China

   Danian Zhang, Esq.            Principal             US$825
   Chun Fai Lui, Esq.            Associate             US$530
   Jeffrey P. Wilson, Esq.       Associate             US$510
   Hua Jing                      Legal Assistant       US$260
   Jane Peng                     Legal Assistant       US$130

   * Ho Chi Minh City, Vietnam

   Frederick R. Burke, Esq.      Principal             US$670
   Ha Thi Thanh Tran, Esq.       Associate             US$280
   Thu Huong Dao, Esq.           Junior Associate      US$170
   Thuy Hang Nguyen              Paralegal             US$150
   Tran Yen Trang Phan           Paralegal             US$120

   * Taipei, Taiwan

   Remington Huang, Esq.         Principal             US$405
   Seraphim Mar, Esq.            Principal             US$335
   Min-Hui Li, Esq.              Partner               US$285
   Sandra Yu, Esq.               Associate             US$205

   * Kuala Lumpur, Malaysia

   Brian H.G. Chia, Esq.         Principal             US$445

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

Mr. Parham can be contacted at:

      David W. Parham, Esq.
      Baker & McKenzie LLP
      2300 Trammell Crow Center
      2001 Ross Avenue
      Dallas, Texas  75201
      Tel:  (214) 978-3000
      Fax:  (214) 978-3099
      http://www.bakernet.com/

                      About Bombay Company

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

The company and five of its debtor-affiliates filed for Chapter
11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084).  Robert D. Albergotti, Esq., John D. Penn, Esq., Ian
T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone,
LLP, represent the Debtors.  Attorneys at Cooley, Godward,
Kronish LLP act as counsel for the Official Committee of
Unsecured Creditors.  Forshey & Prostok LLP is the Committee's
local counsel.

As of May 5, 2007, the Debtors listed total assets of
US$239,400,000 and total debts of US$173,400,000.


BOMBAY COMPANY: Panel Can Hire Lang Michener as Canadian Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Bombay Company
Inc. and its debtor-affiliates obtained permission from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Lang Michener LLP as its Canadian counsel, nunc pro tunc
Sept. 26, 2007.

Lang Michener is expected to:

   a. represent the Committee at hearings in the Canadian
      proceeding and any other related Canadian proceedings;

   b. advise the Committee and its United States professionals
      advisors on matters involving Canadian law and practice
      relevant to the Bankruptcy cases, including without
      limitation in relation to sale processes and procedures
      and assets dispositions;

   c. assist the Committee and its U.S. advisors in considering
      the impact of the Canadian sales process and issues
      affecting the Debtors and their estates, including,
      without limitation, the disposition of assets owned by the
      Debtors to facilitate the Canadian sale process;

   d. advise the Committee and its U.S. advisors on intercompany
      issues as between the Debtors and Bombay Canada impacting
      on the Debtors and their estates;

   e. assist with the Committee's investigation of the assets,
      liabilities and financial condition and operations of the  
      Debtors and Bombay Canada in Canada;

   f. assist the Committee and its U.S. advisors in analyzing,
      prospective claims and proving claims of the Debtors
      against Bombay Canada;

   g. assist the U.S. advisors in their analysis of, and
      negotiations with, the Debtors, Bombay Canada and third
      parties concerning matters related to, among other things,
      the sales processes being undertaken and the processes to
      be followed upon completion of the sale of the Debtors'
      assets and the assets of Bombay Canada and related issues;

   h. review and analyze all financial information, analyses,
      memoranda, pleadings, orders, reports and other documents
      as may be necessary in furtherance of the Committee's
      interest and objectives;

   i. prepare on behalf of the Committee any legal analyses,
      memoranda, pleadings, orders, reports and other documents
      as may be necessary in furtherance of the Committee's
      interest and objectives;

   j. assist and advise the U.S. advisors with respect to any
      other matters that they may request; and

   k. perform all other legal services prescribed by the
      Committee and its U.S. advisors, which may be necessary
      and proper for the Committee to discharge its duties in
      these bankruptcy cases.

The firm's professionals standard hourly rates in Canadian
currency are:

      Designations                    Hourly Rate
      ------------                 -----------------
      Partners                     CDN$390 - CDN$795
      Associates                   CDN$260 - CDN$550
      Summer/Articling Students    CDN$170 - CDN$215
      Paralegals                    CDN$75 - CDN$245

Sheryl E. Seigel, Esq., an attorney of the firm, assures the
Court that the firm does not hold any interest adverse to the
Debtors' estate and is a "disinterested person" as defined in
Section 101(14) of the Bankruptcy Code.

Ms. Seigel can be contacted at:

      Sheryl E. Seigel, Esq.
      Lang Michener LLP
      Brookfield Place
      Suite 2500, 181 Bay Street
      Toronto, Ontario M5J 2T7
      Tel: (416) 360-8600
      Fax: (416) 365-1719
      http://www.langmichener.ca/

                    About Bombay Company

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

The company and five of its debtor-affiliates filed for Chapter
11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084).  Robert D. Albergotti, Esq., John D. Penn, Esq., Ian
T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone,
LLP, represent the Debtors.  Attorneys at Cooley, Godward,
Kronish LLP act as counsel for the Official Committee of
Unsecured Creditors.  Forshey & Prostok LLP is the Committee's
local counsel.

As of May 5, 2007, the Debtors listed total assets of
US$239,400,000 and total debts of US$173,400,000.


JUST ONE: Sets Final Shareholders Meeting for Nov. 30
-----------------------------------------------------
Just Once Electronics will hold its final shareholders meeting
on Nov. 30, 2007, at 10:30 a.m. at the company's registered
office.

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.

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

The liquidators can be reached at:

         Jonh Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


KEEFE OFFSHORE: Will Hold Final Shareholders Meeting on Nov. 30
---------------------------------------------------------------
Keefe Offshore Fund, Ltd., will hold its final shareholders
meeting on Nov. 30, 2007, at 10:00 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.

Keefe Offshore'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


KEEFE-RAINBOW: Sets Final Shareholders Meeting for Nov. 30
----------------------------------------------------------
Keefe-Rainbow Offshore Fund, Ltd., will hold its final
shareholders meeting on Nov. 30, 2007, at 10:30 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.

Keefe-Rainbow'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


MCP LIMITED: Will Hold Final Shareholders Meeting on Nov. 30
------------------------------------------------------------
MCP Limited will hold its final shareholders meeting on
Nov. 30, 2007, at 11:00 a.m. at the company's registered office.

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.

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

The liquidators can be reached at:

         Jonh Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


ST. ALBANS: Holding Final Shareholders Meeting on Nov. 30
---------------------------------------------------------
St. Albans Partners Ltd. will hold its final shareholders
meeting on Nov. 30, 2007, at 10:00 a.m. at the company's
registered office.

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.

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

The liquidators can be reached at:

         Jonh Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


TM PROPERTY: Will Hold Final Shareholders Meeting on Nov. 30
------------------------------------------------------------
TM Property Corp. will hold its final shareholders meeting on
Nov. 30, 2007, at 9:30 a.m. at the company's registered office.

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.

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

The liquidators can be reached at:

         Jonh Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands


UNICORN GROUP: Sets Final Shareholders Meeting for Nov. 30
----------------------------------------------------------
The Unicorn Group will hold its final shareholders meeting on
Nov. 30, 2007, at 9:00 a.m. at the company's registered office.

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.

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

The liquidators can be reached at:

         Jonh Cullinane
         Derrie Boggess
         c/o Walkers SPV Limited
         Walker House, 87 Mary Street
         George Town, Grand Cayman KY1-9002
         Cayman Islands




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


FRESH DEL MONTE: S&P Affirms Corporate Credit Rating at BB-
-----------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-'
corporate credit rating on Fresh Del Monte Produce Inc., and
removed the rating from CreditWatch, where it was placed with
positive implications on Nov. 1, 2007.  The outlook is stable.
     
"The rating affirmation reflects the uncertain regulatory
environment in the produce industry despite the company's
stronger credit measures and recently reduced debt levels," said
S&P's credit analyst Alison Sullivan.
     
In November 2007, Fresh Del Monte completed its planned equity
offering and received about US$116 million in proceeds, most of
which was applied to debt reduction under its credit facility.  
However, the European Commission is still investigating Fresh
Del Monte and other competitors in the fruit and vegetable
industry, having reason to believe they may have violated
European Union competition laws.  "It is possible that Fresh Del
Monte may be subject to a financial penalty which at this point
cannot be quantified," added Ms. Sullivan.  "In addition, it is
possible that changes may be enacted to the current EU banana
tariff system in 2008, and it remains unclear whether these
could have an adverse effect on the company."
     
Fresh Del Monte is the No. 1 marketer of fresh pineapples
worldwide, and the No. 3 marketer of bananas worldwide.  
"However, product concentration remains a rating concern," Ms.
Sullivan concludes.

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

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


ROCK-TENN: Robert Chapman Joins Board of Directors
--------------------------------------------------
Rock-Tenn Company's board of directors has appointed Robert M.
Chapman as the company's director on Nov. 20, 2007.

Mr. Chapman's appointment fills a newly created seat on the
Company's board of directors.  Mr. Chapman has served as Chief
Operating Officer of Duke Reality Corporation, a real estate
development company, since August 2007, Senior Executive Vice
President of Real Estate Operations of Duke Realty from August
2003 through July 2007 and Regional Executive Vice President for
Duke Realty's Southeast Region from 1999 through July 2003.

Rock-Tenn Company Chairman and Chief Executive Officer James A.
Rubright stated, "We are extremely pleased that Bob has joined
our board of directors.  His extensive financial and business
experience and strategic vision will serve us well in his
service as a member of our board."

Headquartered in Norcross, Georgia, Rock-Tenn Company (NYSE:
RKT) -- http://www.rocktenn.com/-- provides a wide range of   
marketing and packaging solutions to consumer products
companies, with operating locations in the United States,
Canada, Mexico, Argentina and Chile.  The company is one of
North America's manufacturers of packaging products,
merchandising displays and bleached and recycled paperboard.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 3, 2007, Standard & Poor's Ratings Services raised its
ratings on Rock-Tenn Co., including raising its corporate credit
rating to 'BB+' from 'BB'.  S&P removed all ratings from
CreditWatch, where they were placed with positive implications
on June 15, 2007.  S&P said the outlook is stable.




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


BANCOLOMBIA: Superintendency of Industry Confirms COP207MM Fine
----------------------------------------------------------s-----
The Superintendency of Industry and Trade, pursuant to
Resolution No. 37288 notified on Nov. 20, 2007, confirmed a
sanction of COP207 million imposed on Aug. 3, 2007, against
Bancolombia S.A.

The sanction was imposed after Bancolombia failed to comply with
an information request made by the Superintendency.  Bancolombia
considered that the information request was inappropriate at the
time.

Bancolombia is currently analyzing the possibility of contesting
the sanction before the appropriate forum.  Bancolombia will
nevertheless provide the requested information to the
Superintendency.

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

                        *     *     *

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

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

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

In addition, Fitch affirmed these ratings:

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

Fitch says the rating outlook is stable.


GRAN TIERRA: Starts Production at Juanambu-1 Well with Solana
-------------------------------------------------------------
Gran Tierra Energy, together with Solana Resources, has began
production at the Juanambu-1 discovery well in Colombia's
Guayuyaco block, Solana Resources said in a statement.

Gran Tierra said it received approval of commerciality for the
Juanambu oil field.  Production from the field has been
established at approximately 1,410 barrels of oil per day.

Gran Tierra Energy discovered the Juanambu oil field in the
Putumayo Basin of southern Colombia in the first quarter of 2007
with the Juanambu-1 exploration well.  The company subsequently
undertook testing of this well in the second quarter of 2007,
and applied for commerciality to Ecopetrol, the national oil and
gas company of Colombia, in the third quarter of 2007.  Gran
Tierra Energy has now obtained approval of commerciality from
Ecopetrol.

Business News Americas relates that under an association
contract that governs the Guayuyaco block, "Ecopetrol will back
in for a 30% interest in the field with the approval of
commerciality."

The Guayuyaco Block is governed by an Association Contract.  
Under the terms of the Association Contract Ecopetrol has the
right to back into the Juanambu oil field for a 30% interest
upon declaration of commerciality.  Gran Tierra Energy now holds
a 35% interest in the Juanambu field and will retain
Operatorship of both the field and the Guayuyaco Block.  Solana
Resources also retains a 35% interest in the field.

Production of the 32 degree API quality crude is being
transported by truck.  A five kilometer six inch flow-line is
being planned to transport oil from the Juanambu-1 discovery
well to existing infrastructure.  Construction of the line will
start in December 2007, and would be completed in January 2008.

Gran Tierra Energy's production in Colombia has been averaging
approximately 1,500 barrels of oil per day, net after royalty,
and production from operations in Argentina has been averaging
approximately 600 barrels of oil per day, net after royalty.  
With this new production from Juanambu, Gran Tierra Energy's net
after royalty average production is now approximately 2,600
barrels of oil per day, compared to an average production of
approximately 2,100 barrels of oil per day average since
September 2007.

Gran Tierra President and Chief Executive Officer Dana Coffield
said, "Gran Tierra Energy has been experiencing sustained
production growth in the second half of 2007 as we initiated
trucking operations to handle new production from our oil
discoveries made in the first half of 2007.  The bulk of our
capital program for 2008 will be dedicated to continuing the
development of these reserves, both by development drilling and
building associated production infrastructure.  This is an
extremely exciting time in the growth of Gran Tierra Energy as
we transition from an exploration focused company to a
development focused company that will be growing production
while executing ongoing exploration programs to build on our
reserve base."

Solana Resources' net production after royalties from the
Juanambu well is 450 barrels per day, BNamericas states.

                   About Solana Resources

Solana Resources Limited is an international resource company
engaged in the acquisition, exploration, development and
production of oil and natural gas.  The company's properties are
located in Colombia, South America, and are held through its
wholly owned subsidiary, Solana Petroleum Exploration (Colombia)
Limited.  In Colombia, Solana Resources holds an average 65%
working interest in nine exploration blocks that contain three
producing assets and covers 4,000 square kilometers throughout
the Putumayo, Llanos, Catatumbo and Lower Magdalena Basins.  
Solana Resources is the operator in seven of these blocks.  The
company's oil and gas activities are conducted exclusively in
Colombia.

                      About Gran Tierra

Gran Tierra Energy Inc. (OTCBB: GTRE.OB) --
http://www.grantierra.com/-- is an international oil and gas  
exploration and development company headquartered in Calgary,
Canada, incorporated and traded in the United States and
operating in South America.  The company currently holds
interests in producing and prospective properties in Argentina,
Colombia and Peru.

                        *     *     *

Management disclosed that the company's ability to continue as a
going concern is dependent upon obtaining the necessary
financing to acquire oil and natural gas interests and
generating profitable operations from its oil and natural gas
interests in the future.  The company incurred a net loss of
US$1.9 million for the nine-month period ended Sept. 30, 2006,
and, as of Sept. 30, 2006, had an accumulated deficit of US$4.1
million.


PARKER DRILLING: Awards Three Land-Rig Contracts to Subsidiaries
----------------------------------------------------------------
Parker Drilling Company award new contracts for three land rigs
to subsidiaries operating in Mexico and Kazakhstan.

In Mexico, Parker has signed a two-year contract with an option
for an additional year with GPA Energy S.A. de C.V., utilizing
Rig 122 for work in northern Mexico.  The rig is expected to
mobilize and begin operations in the fourth quarter.

In Kazakhstan, Parker was awarded a two-rig, one-year contract
with options by Maersk Oil Kazakhstan for land drilling services
utilizing Rig 247, which is completing refurbishments, and Rig
269, the first of Parker's new high-efficiency 2,000 horsepower
land rigs.  The rigs will begin mobilizing to location during
the first quarter of 2008.  Parker is also constructing a second
rig of this class in the U.S. with an anticipated completion
date during the second quarter of 2008.

          New Land Rig Class Performance Features

David C. Mannon, Parker Drilling's president and chief operating
officer, said, "Today's rigs are being pushed harder than ever
to drill deeper, more complex wells in increasingly remote,
frontier locations.  Not only must a drilling contractor provide
a rig achieving an ever-higher standard of performance and
efficiency, customers expect safety and reduced environmental
impact to be paramount in the rig's design.

"We listened to our customers, and answered the challenge with a
versatile, state-of-the-art, fast-moving rig with a smaller
location footprint that is also one of the most powerful
hydraulically raised land rigs in the industry."

Parker's new class of high-efficiency rigs incorporates some of
the most advanced features available in the global land rig
market, including:

  -- A hydraulic cylinder system used to raise both the mast
     and the substructure to the vertical, without the use of  
     the engines and drawworks, decreasing rig-up cost, time,
     and emissions;

  -- A "plug and play" adaptability, allowing the operator to
     quickly and easily customize the rig's individual  
     equipment to the specifics of the drilling program;

  -- A reduced number of transport loads, resulting in increased
     mobility and faster rig-up;

  -- Enhanced safety features, including swing-up structures
     requiring fewer crew members for rig-up and allowing crews
     to work near ground level during rig-up;

  -- A fully automated drilling system featuring fuel-efficient
     AC technology and variable frequency drive, substantially
     automating the drilling process and enhancing power
     delivery;

  -- A 1 million pound hookload mast and a 2,800 horsepower
     drawworks;

  -- Sufficient rig floor clear height for managed pressure
     operations;

  -- A new mud system design, allowing easy cleaning, efficient
     mud processing in variable conditions, and flexible
     equipment additions for specific well programs.

Mannon concluded, "Parker has an extensive track record of
delivering the right rigs for our clients, and the newest
additions to our fleet are no exception.  Our newest class of
land rigs is equipped to power a safer, more efficient
operation, true to our strategic vision of providing a fleet of
technologically advanced rigs preferred by our customers in all
market conditions."

                     About Parker Drilling

Headquartered in Houston, Texas, Parker Drilling Company --
http://www.parkerdrilling.com/-- provides contract drilling and  
drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 4, 2007, Standard & Poor's Ratings Services has raised its
corporate credit rating on oil and gas contract driller Parker
Drilling Co. to 'B+' from 'B'.  At the same time, S&P has raised
the issue ratings on Parker's senior and convertible notes to
'B+' from 'B-'.  These consist of its US$125 million 2.125%
convertible notes due 2012, and US$225 million 9.625% senior
notes due 2013.




=======
C U B A
=======


NASH FINCH: S&P Shifts Outlook; Affirms B+ Corp. Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Nash Finch Co. to stable from negative.  At the same time, S&P
affirmed the company's 'B+' corporate credit and other ratings.  
This action reflects stabilized operating performance, improved
credit metrics and adequate liquidity.
      
"While credit metrics have strengthened, we anticipate they will
likely decline from current levels," said S&P's credit analyst
Stella Kapur, "with leverage increasing by around half a turn,
given management's revised financial policy of managing to a
2.5-3.0 unadjusted debt-to-EBITDA target."

Headquartered in Minneapolis, Minnesota, Nash Finch Company
(NASDAQ:NAFC) -- http://www.nashfinch.com/-- distributes food  
products.  Nash Finch's core business, food distribution, serves
independent retailers and military commissaries in 31 states,
the District of Columbia, Europe, Cuba, Puerto Rico, the Azores
and Egypt.  The company also owns and operates a base of retail
stores, primarily supermarkets under the Econofoods(R), Family
Thrift Center(R) and Sun Mart(R) trade names.




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


AFFILIATED COMPUTER: Inks US$18.5-Million Deal w/ Idaho Medicaid
----------------------------------------------------------------
Affiliated Computer Services, Inc. has announced a contract with
the Idaho Department of Health and Welfare to provide pharmacy
benefits management services for its Medicaid program.  The
contract has a length of up to 10 years and a total value of
US$18.5 million, if a three-year option is exercised.
    
This contract extends a relationship that originated in 2002,
when Affiliated Computer first implemented SmartPA(R), an
automated prior authorization solution.  The company will
provide several pharmacy benefits management solutions,
including pharmacy claims processing, automated prior
authorizations using SmartPA, help desk support, Prospective
Drug Utilization Review, Retrospective Drug Utilization Review,
federal and supplemental drug rebate administration using the
company's Drug Rebate Analysis and Management System, and
reporting using CyberFormance(TM).
    
"We are pleased to have the opportunity to expand and continue
our successful pharmacy benefits management partnership with the
Department of Health and Welfare," said Government Healthcare
Solutions senior vice president and managing director,
Christopher T. Deelsnyder.  "This partnership demonstrates that
we work closely with our clients to help ensure the success of
their vision for providing patients with the best care possible
through innovative clinical and technology solutions."

              About Affiliated Computer Services

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Standard & Poor's Ratings Services has kept its
'BB' corporate credit and senior secured ratings on Affiliated
Computer Services Inc. on CreditWatch with negative
implications, where they were placed on Mar. 20, 2007.




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


* ECUADOR: S&P Raises Long-Term Sovereign Credit Rating to B-
-------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
sovereign credit rating on the Republic of Ecuador to 'B-' from
'CCC'.  The short-term sovereign credit rating on the republic
remains 'C'.  The outlook on the rating is stable.
     
According to S&P's credit analyst Lisa Schineller, the rating
action reflects diminished risk to timely servicing of Ecuador's
US$3.86 billion of outstanding global bonds over the coming
year.
      
"The two-notch upgrade and stable outlook are underpinned by
evidence of increased government pragmatism to meet debt
service," said Ms. Schineller.  "This is coupled with higher
government oil revenue stemming from greater-than-anticipated
oil prices and the increased government take from oil
production," she added.
     
Despite intermittent and recurring comments by President Rafael
Correa that subordinate timely debt service to other political
and social spending priorities, S&P believes the comfortable
liquidity position of the government and its track-record of
making coupon payments in a timely manner, most recently on
Nov. 15, 2007, suggest the downside risk to payment of debt has
lessened.
      
"The government's liquidity position, in turn, derives from
extremely supportive oil prices and slower-than-budgeted
execution of investment," Ms. Schineller said.  "In addition,
proactive debt management under Economy & Finance Minister
Fausto Ortiz and his team support the likelihood of timely debt
service over the remainder of 2007 and 2008," she noted.
     
S&P said that the central government's liquid deposits and
balances in various oil funds total around US$3 billion.  This
compares with some US$425 million in debt service due on the
global bonds during the remainder of 2007-2008 and almost US$800
million in debt service for locally issued debt during this same
period.  The government plans to retire the entire stock, US$290
million, of outstanding short-term locally issued debt (CETES)
by year-end, mainly with resources made available from
Corporacion Andina de Fomento.  Debt owed to official creditors
is expected to be financed fully with pending disbursements.
      
"The October 4th decree that raised the government's take on
extraordinary petroleum revenue under production-sharing
agreements to 99% from 50% puts at significant risk much-needed
private investment in the oil sector over the medium term," Ms.
Schineller explained.  "At the same time, however, it will
generate additional net revenue of US$400 million-US$500 million
per year according to the government, further bolstering near-
term payment capacity," she added.
     
The stable outlook balances the supportive financial position of
the government against an unpredictable policy environment.  
"The current capacity to pay has translated into evidence of
greater willingness to pay, both of which would likely
deteriorate under a falling oil price scenario that would  
generate downward pressure on the rating," Ms. Schineller noted.  
"Upside potential for the rating is limited by pervasive
political and economic uncertainty, including changing rules of
the game for private investment as the Constituent Assembly
reworks Ecuador's institutional framework," she concluded.




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


BRITISH AIRWAYS: Iberia Receives Takeover Bid from Gala Capital
---------------------------------------------------------------
Iberia Lineas Aereas de Espana SA, in which British Airways plc
has a 10% stake, has received a letter from Carlos Tejera on
Nov. 15, 2007, representing a consortium led by Gala Capital,
which, in relation to the possibility of launching a takeover
bid for 100% of the shares in the Spanish airline, requests
access to company information related to tax, transactions,
legal and accounting issues.  The consortium mentions an
indicative price of between EUR3.60 and EUR3.90 per share.

The consortium would be comprised of Gala Capital, other
Investment Funds advised by the former (Omega Capital and Inver-
avante, among others), several regional savings banks led by BBK
and Juan Jose Hidalgo.  The indicative price does not constitute
a binding offer nor does it imply that the consortium has
reached any definitive decision with regard to launching the
bid.

According to the Daily Telegraph, BKK has not yet reached a
formal agreement with Gala, while other backers tend to shy away
from the consortium.

The consortium, in its letter, calculates that the process
involving additional analysis and valuation could be completed
within approximately four weeks.

The consortium's letter has been forwarded to the company
directors.

Meanwhile, sources close to BA told the paper that the British
carrier is not threatened by the Spanish bids, although it is
looking into the viability of the Gala consortium, which has yet
to find an industry partner.

As previously reported in the TCR-Europe on Nov. 16, 2007, BA
and its private equity partner, Texas Pacific Group, are trying
to obtain a EUR2.5 billion bridging loan despite turmoil in the
credit markets as they attempt to push through a EUR3.60 per
share (EUR3.4 billion) bid for Iberia.

According to the Times, Citigroup, Royal Bank of Scotland, and
Natixis are to underwrite the deal, which is expected to close
before Christmas.

A source revealed the consortium is close to making an offer,
although it may not be no more than the indicative bid of
EUR3.60 per share considering the price of oil and the state of
the world economy.

In May 2007 BA has joined with TPG Capital, Vista Capital,
Inversiones Ibersuizas and Quercus Equity to investigate a
possible consortium offer for the Spanish carrier.

BA has ruled out further capital investment as part of any
consortium offer.

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

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

                        *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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


TECO ENERGY: Commences Debt Tender & Exchange Offers
----------------------------------------------------
TECO Energy Inc. is commencing a series of debt tender and
exchange offers.  The offers are part of TECO Energy's debt
management plan, under which it has committed to retiring up to
an additional US$500 million of TECO Energy debt obligations
through 2010, beyond the US$357 million of TECO Energy debt that
matured in 2007, and to make additional investments in Tampa
Electric Company to support its growing capital requirements
associated with customer growth, transmission and distribution
system reliability improvements and environmental compliance.  
TECO Energy's debt management plan also includes managing its
debt maturity profile and replacing TECO Energy notes maturing
in 2011-2015 with notes issued by TECO Finance, Inc., TECO
Energy's wholly owned finance subsidiary, guaranteed by TECO
Energy, as well as extending the maturity and resetting the
coupon on up to US$300 million aggregate principal amount of
TECO Energy notes maturing in 2011-2012.  The company believes
that doing so will cause its overall capital structure to better
reflect that these TECO Energy obligations were incurred to
support its non-regulated businesses.

In September 2007, TECO Transport Corporation repaid, at
maturity, US$111 million of parent guaranteed debt associated
with TECO Transport's terminal facility.  Further, TECO Energy
plans to use the proceeds of its pending sale of TECO Transport
Corporation to accelerate TECO Energy's debt retirement goals
and retire up to US$300 million aggregate principal amount of
its notes maturing in 2010 through an any and all cash tender
offer for the notes.  To fulfill the remainder of the up to
US$500 million debt retirement, TECO Energy currently intends to
redeem debt obligations not included in the debt tender and
exchange offers.  In addition, TECO Finance is conducting a
series of offers to exchange TECO Finance notes fully and
unconditionally guaranteed by TECO Energy for other series of
outstanding TECO Energy notes maturing in 2011-2015, as further
described below.

                      The Tender Offer

The tender offer is an offer to purchase for cash any and all of
TECO Energy's outstanding 7.50% Notes due 2010.  The terms and
conditions of the tender offer are described in an offer to
purchase dated Nov. 20, 2007, and related letter of transmittal.

The tender offer will expire at 5:00 p.m., New York City time,
on Dec. 19, 2007, unless extended.  Holders of notes subject to
the tender offer must validly tender and not validly withdraw
their notes on or before the early tender date, which is 5:00
p.m., New York City time, on Dec. 5, 2007, unless extended by
TECO Energy in its sole discretion, to be eligible to receive
the total tender offer consideration, which includes the early
tender premium.  Holders of notes subject to the tender offer
who validly tender their notes after the early tender date and
on or before the expiration date and whose notes are accepted
for purchase will receive the late tender offer consideration,
namely the total tender offer consideration less the early
tender premium.

The total tender offer consideration for each US$1,000 in
principal amount of notes tendered and accepted for payment
pursuant to the tender offer will be determined in the manner
described in the offer to purchase.  The consideration will be
determined by reference to a fixed spread specified for such
notes over the yield to maturity based on the bid-side price of
the U.S. Treasury Security specified in the table below, as more
fully described in the offer to purchase.  The consideration
will be calculated by the lead dealer managers for the tender
offer at 2:00 p.m., New York City time, one business after the
early tender date, or currently Dec. 6, 2007.

Notes validly tendered and not withdrawn prior to the early
tender date will have a settlement date one-business day after
the pricing date, or currently Dec. 7, 2007.  Notes validly
tendered after the early tender date and on or prior to the
expiration date will have a settlement date two business days
after the expiration of the tender offer.  In either case,
holders whose notes are purchased will be paid accrued and
unpaid interest up to, but not including, the applicable
settlement date.  Holders of notes subject to the tender offer
who validly tender their notes after the early tender date but
on or before the expiration date may not withdraw their notes
except in the limited circumstances described in the offer to
purchase.

TECO Energy intends to fund the tender offer with a portion of
the proceeds of the pending sale of TECO Transport, which is
expected to close in early December 2007.  The tender offer is
conditioned on the completion of the pending sale of TECO
Transport and other general conditions.

The information agent and depositary for the tender offer is
Global Bondholders Services Corporation.  The tender offer is
made only by the offer to purchase and the related letter of
transmittal, and the information in this news release is
qualified by reference to such documents.  Requests for copies
of the offer to purchase and related letter of transmittal for
the tender offer should be directed to the information agent for
the tender offer, Global Bondholder Services Corporation, at
(212) 430-3774 or (866) 857-2200 (toll-free).

                    The Exchange Offers

In four separate exchange offers, TECO Energy and TECO Finance
are offering eligible holders:

-- To exchange outstanding TECO Energy 7.20% notes due 2011 or
   TECO Energy 7.00% notes due 2012, for newly issued TECO
   Finance notes due 2017, subject to proration to the extent
   necessary to limit the aggregate principal amount of TECO
   Finance notes due 2017 to US$300 million; or

    * To exchange TECO Energy 7.20% notes due 2011, for a like
      principal amount of newly issued TECO Finance 7.20% notes
      due 2011; and

    * To exchange TECO Energy 7.00% notes due 2012, for a like
      principal amount of newly issued TECO Finance 7.00% notes
      due 2012; and

-- To exchange outstanding TECO Energy notes due 2015 for a like
   principal amount of newly issued TECO Finance 6.75% notes due
   2015.

Any TECO Finance notes issued in the exchange offers will be
fully and unconditionally guaranteed by TECO Energy.

Consummation of the TECO Finance 2017 notes exchange offer is
subject to the condition that an aggregate principal amount of
TECO Energy notes due 2011 and TECO Energy notes due 2012 must
be validly tendered and not validly withdrawn prior to the
expiration date sufficient to result in the issuance of TECO
Finance notes due 2017 in an aggregate principal amount of at
least US$200 million.  This condition can be waived by TECO
Energy in its sole discretion.  A maximum of US$300 million
aggregate principal amount of TECO Energy notes due 2011 and
TECO Energy notes due 2012 will be accepted.  Holders of TECO
Energy notes due 2011 participating in the TECO Finance 2017
notes exchange offer will be given priority before holders of
TECO Energy notes due 2012 may participate in such exchange
offer.  Holders participating in the TECO Finance 2017 notes
exchange offer whose notes are not accepted, whether due to
acceptance priority, proration or termination of such exchange
offer, agree to participate in the applicable par-for-par
exchange offer.

The exchange offers are only made, and copies of the exchange
offer documents will only be made available to, holders of TECO
Energy notes due 2011, TECO Energy notes due 2012 or TECO Energy
notes due 2015 that have certified in an eligibility letter
certain matters to TECO Energy, including their status as
eligible holders, that is, who are either "qualified
institutional buyers," as that term is defined in Rule 144A
under the Securities Act of 1933, or persons other than "U.S.
persons," as that term is defined in Rule 902 under the
Securities Act of 1933.  A confidential offering memorandum
dated today will be distributed to eligible holders.  Holders
who would like additional copies of the eligibility letter may
contact the information agent for the exchange offers, Global
Bondholder Services Corporation, at 866-857-2200 or
212-430-3774.

The following is a brief summary of additional, key elements of
the exchange offers:

   -- The exchange offers will expire at 5:00 p.m., New York
      City time, on Dec. 19, 2007, unless extended.  Tenders of
      TECO Energy notes due 2011, 2012 or 2015 may be withdrawn
      at any time prior to 5:00 p.m. New York City time, on
      Dec. 5, 2007, subject to extension.

   -- TECO Finance is offering to exchange, for each US$1,000
      principal amount of TECO Energy notes due 2011, 2012 or
      2015, tendered by an eligible holder in the applicable
      par-for-par exchange offer on or before the early tender
      date, a like principal amount of the applicable series of
      TECO Finance notes and cash equal to the early
      participation payment.  For each US$1,000 principal amount
      of TECO Energy notes due 2011, 2012, or 2015 tendered
      after the early participation date but before the
      expiration date, eligible tendering holders will receive a
      like principal amount of the applicable series of TECO
      Finance notes, but not the early participation payment.

   -- TECO Energy notes due 2011 and 2012 tendered for exchange
      in the TECO Finance 2017 notes exchange offer will be
      accepted in accordance with their acceptance priority
      level, and to the extent tendered TECO Energy notes due
      2011 and 2012 exceed the maximum available principal
      amount of TECO Finance notes due 2017 of US$300 million,
      tendering eligible holders of TECO Energy notes due 2011,
      which have priority for acceptance, will receive TECO
      Finance notes due 2017 before any tendering eligible
      holders of TECO Energy notes due 2012 receive any of that
      series.

   -- The applicable total exchange price for the TECO Energy
      notes due 2011 and 2012 in the TECO Finance 2017 notes
      exchange offer is based on a fixed-spread pricing formula
      and will be calculated at 2:00 p.m., New York City time,
      on the second business day prior to the expiration of the
      TECO Finance 2017 notes exchange offer.

   -- TECO Energy notes due 2011, 2012 or 2015 tendered before
      the early participation date may be withdrawn at any time
      prior to the early participation date.  TECO Energy notes
      due 2011, 2012 or 2015 tendered after the early
      participation date may not be withdrawn except in certain
      limited circumstances where additional withdrawal rights
      are required by law.

   -- The TECO Finance notes due 2017 will mature Nov. 1, 2017,
      and will bear interest at an annual rate, which will be
      determined two business days prior to the expiration of
      the TECO Finance 2017 notes exchange offer.

   -- The TECO Finance notes to be issued in the par-for-par
      exchange offers will have the same interest rate, interest
      payment dates, maturity and covenants as the corresponding
      TECO Energy note, and will accrue interest from the
      settlement date of the exchange offer.

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

                        *     *     *

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


TECO ENERGY: Moody's Assigns Low B Ratings on TECO Finance
----------------------------------------------------------
Fitch Ratings has assigned these ratings to TECO Finance, Inc.,
a wholly owned finance subsidiary of TECO Energy, Inc.:

  -- Issuer Default Rating 'BB+';
  -- Senior unsecured 'BB+'.

Fitch has also placed TECO Finance's ratings on Rating Watch
Positive, as are those of TECO Energy, Inc. (Fitch IDR 'BB+').  
TECO Finance's ratings are based on the unconditional guarantee
of TECO Energy.

TECO Energy management also intends to complete US$500 million
of parent debt retirements.  TECO Energy plans to tender US$300
million of unsecured parent company notes due 2010 using the
proceeds from the sale of TECO Transport Corp. by the end of
December 2007.  The sales transaction is anticipated to close by
Dec. 31, 2007.  TECO Energy also plans to retire debt
obligations not included in the debt tender and exchange offers
in 2008.  The company has already retired US$110 million of Dock
and Wharf bonds at Transport on the maturity date in September
2007 using cash on hand.

TECO Finance's ratings are based on the unconditional and
irrevocable guarantee of TECO Finance's obligations by parent
company TECO Energy.  As a result, both entities have the same
IDR.  TECO Energy's guarantee will be unsecured and will rank on
parity with all of its other unsecured and unsubordinated
indebtedness.  Also, the US$200 million bank revolving
agreement, dated May 9, 2007, includes TECO Finance as a
borrower and TECO Energy as guarantor.

TECO Finance is a wholly owned finance subsidiary of TECO
Energy.  Its business activities consist solely of providing
funds to TECO Energy for general corporate purposes.  As part of
TECO Energy's ongoing debt management plan, TECO Energy expects
to exchange its notes (US$1.2 billion) maturing in 2011-2015
with new unsecured notes issued by TECO Finance and extend the
maturity on up to US$300 million of TECO Energy notes maturing
in 2011-2012 to 2017.  Completion of the exchange offers will
enhance the company's consolidated debt maturity profile.

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




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


* HONDURAS: Hondutel Head Seeks One-Month Leave from Firm
---------------------------------------------------------
Honduran state-run telecom firm Hondutel's head Marcelo Chimirri
has asked Honduras' President Manuel Zelaya for a one-month
leave from the company to deal with impending trial on espionage
and abuse of authority charges, news daily La Tribuna reports.

As reported in the Troubled Company Reporter-Latin America on
Nov. 16, 2007, Hondutel allegedly allowed tapping of calls made
by government officials, including President Zelaya and congress
head Roberto Michelleti.  The crime investigation agency DGIC
then raided Hondutel offices in San Pedro Sula and confiscated
equipment.  President Zelaya issued the order for the search and
arrest of Mr. Chimirri on Oct. 22, 2007.  The police raided Mr.
Chimirri's residence on Nov. 9, 2007.  However, Mr. Chimirri was
in La Ceiba for the launch of a cellphone service.  Mr.
Chimirri, through his family, sought guarantees that his human
rights would be respected.  He also requested asylum in the
Italian consulate, due to his Italian lineage.

"Marcelo has been hiding in Tegucigalpa resolving family
problems and hasn't left the country," Rosel Barralaga, the
attorney for Mr. Chimirri, explained to La Tribuna.

Ms. Barralaga denied to La Tribuna the charges against Mr.
Chimirri and said that there was no evidence to support them.

Business News Americas relates that authorities claimed to have
evidence in the form of recordings and various testimonies from
Hondutel workers who admitted they were ordered to record
conversations.

Mr. Chimirri came out of hiding on Nov. 14, 2007, to give
testimony in court, La Tribuna notes.  

Meanwhile, members of Hondutel's labor union Sitratel head
Orlando Meja told La Tribuna that the group wants the firm's
future chiefs to focus on their job and not get mixed up in
politics.  Workers are worried on the future of Hondutel.  There
are many qualified individuals within Hondutel that could do the
job but it is President Zelaya who appoints the new president of
Hondutel.

Sitratel will come up with a list of possible candidates and
submit it to President Zelaya and the congress, BNamericas
states.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


AIR JAMAICA: Government Mulling Airline's Privatization
-------------------------------------------------------
Brendan Sobie at Airline Business reports that the Jamaican
government is considering the privatization of Air Jamaica, as
part of a reassessment of the struggling airline after the
resignation of chief executive officer Michael Conway.

Airline Business notes that the government named former Air
Jamaica executive William Rogers as acting chief executive for
Air Jamaica.  

The government didn't appoint a permanent chief executive
officer for Air Jamaica as it wants a new owner to select a
chief should the airline be sold, Airline Business says, citing
Air Jamaica's vice president of sales George de Mercado.

Radio Jamaica relates that Air Jamaica's board will conduct an
"extensive search" for a new airline president.

The post is to be advertised, Air Jamaica executive chairperson
Shirley Williams told RJR News.

Mr. de Mercado told Airline Business that the government is
considering a restructuring proposal from Air Jamaica and would
be deciding on a "new direction" for the airline next month.  

Radio Jamaica says that the Jamaican government is searching for
an international partner to help run Air Jamaica.      

The finance ministry has allegedly already started talking with
investment bankers and carriers keen on purchasing a stake in
Air Jamaica and helping fund the restructuring, Airline Business
says, citing Mr. de Mercado.

Airline Business relates that Air Jamaica "exited the long-haul
market as part of a strategy to focus on short- and medium-haul
services."

Air Jamaica is looking to boost cooperation with other carriers
in the Caribbean and is in codeshare negotiations with Antigua-
based Liat, Mr. de Mercado told Airline Business.

"We're all trying to work together to make sure we're successful
in the long-term.  I don't think you'll see a merger per se,"
Mr. de Mercado commented to Airline Business.

Meanwhile, Radio Jamaica relates that the new Air Jamaica board
allegedly ordered that audits be conducted in all departments to
determine which areas of the work force should be cut.  Air
Jamaica sent a notice to its workers proposing a one-year
voluntary leave of absence.

Air Jamaica's Executive Chairperson Shirley Williams confirmed
to Radio Jamaica that the airline's work force will be reduced,
saying that there is an "urgent need" to lessen costs.  Some
areas of the airline are over-staffed.

Ms. Williams commented to Radio Jamaica, "As I said from the
very first day that I assumed responsibility for Air Jamaica we
have to restructure the organization such that it is efficient.  
We have to do cuts in terms of human resources because in many
areas they are overstaffed.  We are currently auditing every
department at the end of which action is required to be taken in
the interest of efficiency."

The Bustamante Industrial Trade Union representing some of Air
Jamaica's employees rejected the voluntary leave of absence
proposal, according to Radio Jamaica.

If the Air Jamaica management continues with the lay-offs, it
will have a negative impact on Air Jamaica's operations, Radio
Jamaica says, citing the union's president general Kavon Gayle.

Mr. Gayle commented to Radio Jamaica, "It was proposed to us
earlier sometime this year and we raised concerns about how it
would impact on the operations.  What Air Jamaica needs to do is
to make a forensic analysis of facets of their operation and
come up with a structured set of objectives and priorities in
terms of how they can improve operations and how they can reduce
and save costs."

A meeting will be held with the employees within the week, Radio
Jamaica notes, citing Mr. Gayle.                                             
      

Headquartered in Kingston, Jamaica, Air Jamaica --
http://www.airjamaica.com/-- was founded in 1969.  It flies  
passengers and cargo to almost 30 destinations in the Caribbean,
Europe, and North America.  Air Jamaica offers vacation packages
through Air Jamaica Vacations.  The company closed its intra-
island services unit, Air Jamaica Express, in October 2005.  The
Jamaican government assumed full ownership of the airline after
an investor group turned over its 75% stake in late 2004.  The
government had owned 25% of the company after it went private in
1994.  The Jamaican government does not plan to on Air Jamaica
permanently.

                        *     *     *

On July 21, 2006, Standard & Poor's Rating Services assigned B
long-term foreign issuer credit rating on Air Jamaica Ltd.,
which is equal to the long-term foreign currency sovereign
credit rating on Jamaica, is based on the government's
unconditional guarantee of both principal and interest payments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 12, 2007, Moody's Investors Service assigned a rating of B1
to Air Jamaica Limited's guaranteed senior unsecured notes.




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


ALERIS INT'L: To Sell US Zinc Business for US$295 Million
---------------------------------------------------------
Aleris International, Inc., has entered into a definitive
agreement to sell its Zinc business, which operates under the
name US Zinc, to affiliates of Votorantim Metais Ltda. for
US$295 million with certain adjustments for working capital and
other items.  Closing is subject to regulatory approvals and
customary closing conditions.
    
Aleris's Chairperson and Chief Executive Officer, Steven J.
Demetriou said, "The sale of US Zinc will allow Aleris to focus
on our core Aluminum business.  We plan to use the net sale
proceeds to reduce leverage.  I would like to thank the US Zinc
team for their significant contributions to Aleris."

US Zinc recycles zinc metal for use in the manufacture of
galvanized steel and produces value-added zinc products,
primarily zinc oxide and zinc dust, which are used in the
vulcanization of rubber products, the production of corrosion-
resistant paint and in other specialty chemical applications. US
Zinc operates six zinc facilities in the United States and a
newly built zinc oxide facility located outside of Shanghai,
China.

                        About Aleris

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

                        *     *     *

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


BAUSCH & LOMB: Hires Robert Bailey as Corporate Vice President
--------------------------------------------------------------
Bausch & Lomb has named A. Robert D. Bailey as its corporate
vice president and general counsel.  Mr. Bailey was most
recently vice president, assistant general counsel and assistant
secretary for the company.

Mr. Bailey re-joined Bausch & Lomb in 1997 after serving as
associate general counsel and assistant secretary at Goulds
Pumps, Inc. from 1995-1997.  He first joined at Bausch & Lomb as
counsel from 1994 to 1995.  He began his legal career as an
associate with what is now the Nixon Peabody law firm in
Rochester, New York.

Mr. Bailey holds a J.D., cum laude, from the University of
Minnesota and a B.A. degree from St. Olaf College in Northfield,
Minnesota.  He is admitted to practice in the State of New York.

Mr. Bailey replaces Robert B. Stiles who has announced his
intention to retire from Bausch & Lomb in 2008, after a career
spanning more than 25 years with Bausch & Lomb, most recently as
senior vice president and general counsel.

                     About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and  
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  In Latin America, the company has operations in
Brazil and Mexico. In Europe, the company maintains operations
in Austria, Germany, the Netherlands, Spain, and the United
Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 31, 2007, Moody's Investors Service has confirmed and will
withdraw Bausch & Lomb Incorporated's Ba1 Corporate Family
Rating, Ba1 Probability of Default Rating and Ba1 ratings on
certain existing senior unsecured notes.  The rating outlook was
revised to stable and will be withdrawn.


FIRST DATA: Inks Quickpay Agreement with Tim Hortons
----------------------------------------------------
First Data Corp. has signed an agreement with Tim Hortons(R),
Canada's largest quick service restaurant chain, to provide
transaction processing for its new convenience card program
called Quickpay Tim Card(TM).

The Quickpay Tim Card is a pre-paid, re-loadable cash card that
can be used to pay for purchases both in-store and at the drive
thru at participating Tim Hortons stores.  Tim Hortons recently
launched the Tim Card at participating locations throughout
Canada.

First Data will provide transaction processing and will
manufacture the cards.  Tim Hortons' prepaid solution will also
feature connectivity via the Datawire transport network.  The
Datawire network, owned and operated by First Data, has become
the standard in the payments industry for point-of-sale
connectivity via the Internet.

"We are pleased to partner with Tim Hortons as they launch Tim
Card," said Peter Harrington, President, Latin America and
Canada, First Data International.  "We are committed to
providing our clients with tailored solutions that fit their
business.  This gift card solution gives merchants of all sizes
the ability to increase sales, strengthen customer loyalty and
enhance promotional activities, while providing their customers
with a convenient method of payment."

"First Data provides a solid solution, has the market experience
and can deliver the capabilities that Tim Hortons needs," said
David Clanachan, EVP, Training, Operations Standards, R&D and
Quality Assurance, Tim Hortons.  "The flexibility of First
Data's cash card solution will allow us to successfully launch
our Tim Card program."

                       About Datawire

The Datawire Network is a distributed transaction transport
network, which has emerged as the de facto standard for public
Internet Point-Of-Sale (POS) connectivity for merchants. First
Data acquired Datawire in February of 2007. The patented VXN
technology has been architected to provide secure, reliable,
consistent and rapid transaction transport. The Datawire network
has been in service for over 5 years and has transported
billions of transactions, servicing at present approximately
100,000 merchant locations worldwide.

                    About Tim Hortons Inc.

Tim Hortons -- http://www.timhortons.com/-- is the fourth  
largest publicly-traded quick service restaurant chain in North
America based on market capitalization, and the largest in
Canada.  Tim Hortons appeals to a broad range of consumer
tastes, with a menu that includes coffee and donuts, premium
coffees, flavored cappuccinos, specialty teas, home-style soups,
fresh sandwiches and fresh baked goods.  As of Sept. 30, 2007,
Tim Hortons had 3,110 system-wide restaurants, including 2,758
in Canada and 352 in the United States.

                      About First Data

First Data Corp. (NYSE: FDC) -- http://www.firstdata.com/
-- provides  electronic commerce and payment solutions for
businesses worldwide, including those in New Zealand, the
Netherlands and Mexico.  The company's portfolio of services and
solutions includes merchant transaction processing services;
credit, debit, private-label, gift, payroll and other prepaid
card offerings; fraud protection and authentication solutions;
receivables management solutions; electronic check acceptance
services through TeleCheck; as well as Internet commerce and
mobile payment solutions.  The company's STAR Network offers
PIN-secured debit acceptance at 2 million ATM and retail
locations.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2007, Fitch Ratings has assigned a 'B-' rating to First
Data Corp.'s proposed USUS$2 billion senior unsecured notes due
2015 offering.

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's Investors Service has assigned these
ratings:

   -- Corporate Family Rating - B2

   -- USUS$2 billion senior secured revolving credit facility
      (expires 2013) - Ba3, LGD2 (27%)

   -- USUS$13 billion senior secured Term Loan B (due 2014) -
      Ba3, LGD2 (27%).


FREESCALE SEMICONDUCTOR: S&P Cuts Corporate Credit Rating to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Freescale Semiconductor Inc. to 'B+' from 'BB-'
and removed the rating from CreditWatch where it was placed with
negative implications on Sept. 18, 2007.  The outlook is
negative.
     
The action reflects the company's depressed revenues and cash
flows, resulting in debt leverage well above earlier
expectations, and limited prospects for material near-term
improvement.
     
"The ratings on Freescale reflect high debt leverage, about 7x
EBITDA, which is not likely to materially improve over the
intermediate term, reflecting ongoing challenging conditions in
the company's key markets, and substantial revenue dependence on
Motorola's cell phone business," said S&P's credit analyst Bruce
Hyman.
     
This is offset partially by the company's strong technology base
and expectations that its good business position with its key
customers will not significantly erode.
     
Debt leverage, 6.9 EBITDA for the four quarters ended September
2007, is expected to decline only modestly over the intermediate
term.

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


MOVIE GALLERY: Committee Employs Pachulski Stang as Lead Counsel
----------------------------------------------------------------
The Official Committee of Unsecured Creditors in Movie Gallery
Inc. and its debtor-affiliates' bankruptcy cases obtained
permission from the U.S. Bankruptcy Court for the Eastern
District of Virginia to retain Pachulski Stang Ziehl & Jones LLP
as its lead counsel.

Committee Chairperson William Kaye relates that the firm has
extensive experience representing creditors' committees,
debtors, trustees and others in a wide variety of bankruptcy
cases.   

As lead counsel, Pachulski is expected to assist, advise, and
represent the Committee:

   * in its consultations with the Debtors regarding the
     administration of their Chapter 11 cases;

   * in analyzing the Debtors' assets and liabilities,
     investigating the extent and validity of liens; and (ii)
     participating in, and reviewing any proposed asset sales or
     dispositions, financing arrangements, and cash collateral
     stipulations or proceedings;

   * in any manner relevant to reviewing and determining the
     Debtors' rights and obligations under leases and other
     executory contracts;

   * in investigating the Debtors' acts, conduct, assets,
     liabilities, and financial condition, as well as the
     Debtors' operations and their desirability of continuance;

   * in its participation in negotiation, formulation, and
     drafting of a plan of liquidation or reorganization;

   * on issues concerning the appointment of a trustee or an
     examiner, pursuant to Section 1104 of Bankruptcy Code;

   * in understanding its powers and duties under the Bankruptcy
     Code and the Bankruptcy Rules, and in performing other
     services in the interests of their represented parties; and

   * in the evaluation of claims and on any litigation matters,
     including avoidance actions.

In a statement filed with the Court, James I. Stang, Esq., a
partner at Pachulski, in Los Angeles California, disclosed that  
his firm will not represent the Committee with respect to:

   -- the Debtors' request regarding Accommodation Agreements
      with movie studio suppliers, which is to be represented by
      the Committee's conflicts counsel; and

   -- any litigation against Twentieth Century Fox Film
      Corporation, which Pachulski represents in matters
      unrelated to the Debtors' Chapter 11 cases, hence no
      actual conflict exists regarding the Pachulski's prior    
      representation of Fox and its proposed representation of
      the Committee.

In addition, Mr. Stang told the Court that the Committee's
conflicts counsel will take the necessary steps to ensure that
every matter that his firm will not be involved in, will be
identified.

The firm's professionals will be paid based on the firm's hourly
billing rates, ranging from US$795 to US$75.  A full-text copy
of the professionals' hourly rates is available at no charge at:

             http://researcharchives.com/t/s?2515

Mr. Stang assured the Court that Pachulski is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.  The firm does not represent an interest
adverse to the Debtors' estates.

                     About Movie Gallery

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

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' spokeswoman Meaghan Repko said that the Plan will
not be filed before November 27, and the company does not expect
to exit bankruptcy protection before the second quarter of 2008.


MOVIE GALLERY: Committee Hires Miles & Stockbridge as Co-Counsel
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Virginia
gave permission to the Official Committee of Unsecured Creditors
in Movie Gallery Inc. and its debtor-affiliates' Chapter 11
cases, to retain Miles & Stockbridge P.C. as its co-counsel.

The Committee believes that Miles & Stockbridge is well
qualified to serve as its co-counsel.  Brian F. Kenney, Esq.
will serve as lead attorney.  Mr. Kenney is a principal attorney
at the firm and is certified by the American Board of
Certification in business bankruptcy law.  He has appeared in
the bankruptcy court on behalf of numerous creditors, debtors,
and creditor committees.

Miles & Stockbridge is expected to represent the Committee as
co-counsel with Pachulski Stang Ziehl & Jones, LLP.  Miles &
Stockbridge will also act as conflicts counsel with respect to
any matter in which the Committee is, or may be, adverse to
Twentieth Century Fox Film Corporation.

Mr. Kenney will be paid US$420 per hour.  He will be assisted by
other partners, associates and paralegals, but no professional
at the firm will have an hourly rate exceeding US$420.

According to Mr. Kenney, his firm has conducted a conflicts
search utilizing its computerized conflicts system, and
discovered, among other things, that:

   a. Miles & Stockbridge is co-counsel with Kirkland & Ellis
      for Sun Capital Partners in the Rowe bankruptcy case in
      Alexandria.  Kirkland & Ellis is counsel for the Debtors
      in the Chapter 11 cases.   

   b. Wachovia Bank, N.A. was the First Lien Collateral Agent
      and Documentation Agent under the prepetition First Lien
      Credit Agreement with the Debtors.  Miles & Stockbridge
      represents Wachovia Bank in a completely unrelated matter.  
      Miles & Stockbridge will not advise Wachovia in any
      respect in connection with the Debtors' bankruptcy case,
      and Wachovia has its own counsel in the case.

   c. The Debtor has employed Keen Consultants, the Real Estate
      Division of KPMG Corporate Finance, LLC, as real estate
      consultants in their Chapter 11 cases.  Miles &
      Stockbridge represented KPMG in connection with its
      recently-completed acquisition of the assets of Keen
      Realty Consultants.  As a follow-up thereto, Miles &
      Stockbridge assisted KPMG with the preparation of its
      application to be employed and its verified statement
      under Rule 2014(a) of the Federal Rules of Bankruptcy
      Procedure.  KPMG has consented to Miles & Stockbridge's
      representation of the Committee as co-counsel in the case.  
      Accordingly, if approved as Committee co-counsel, Miles &
      Stockbridge will not be advising KPMG in connection with
      the case.  Because of the firm's relationship with KPMG
      Corporate Finance, the firm has agreed not to become
      adverse to KPMG.  In the event that the Committee wishes
      to take an adverse position to KPMG, the matter will be
      handled by the Pachulski Stang firm, or by conflicts
      counsel.

   d. Oekos Management/Agora Property Corp. is one of the
      Debtor's landlords, with a site in Maryland.  Miles &
      Stockbridge was approached to represent Oekos with respect
      to its lease.  Little to no work has been done on the
      matter, as the Debtor has not announced whether it intends
      to assume or reject this Lease.  Accordingly, if approved
      as co-counsel for the Committee, Miles & Stockbridge will
      not represent Oekos in connection with this case.

   e. Wells Fargo Bank, N.A. Wells Fargo, N.A., is the First
      Lien Collateral Agent and Documentation Agent under the
      Pre-Petition First Lien Credit Agreement with the Debtor.  
      M&S has represented Wells Fargo Bank, N.A., from time to
      time in title insurance matters, through its title
      insurance company.  M&S also has represented Wells Fargo
      Equipment Leasing and Finance, Inc., in equipment and
      lease finance matters.

Mr. Kenney assures the Court that his firm neither holds nor
represents an interest materially adverse to the interests of
the estate or of any class of creditors or equity security
holders.

                     About Movie Gallery

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

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles &  Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy  News, Issue No. 8; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' spokeswoman Meaghan Repko said that the Plan will
not be filed before November 27, and the company does not expect
to exit bankruptcy protection before the second quarter of 2008.


MOVIE GALLERY: Enters Into Sopris Lock Up Accord & Term Sheets
--------------------------------------------------------------
The Honorable Douglas O. Tice of the U.S. Bankruptcy Court for
the Eastern District of Virginia gave authority to Movie
Gallery, Inc. and its debtor-affiliates to perform under the
Lock Up Agreement and the related Restructuring Term Sheet and
Rights Offering Term Sheet -- the Restructuring Agreements --
with Sopris Capital Advisors LLC.

To the extent payable under the agreements, the Debtors are
authorized, to pay the commitment fee and the termination fee,
Judge Tice said.

The backstop fees and claims will be treated as allowed
administrative claims in the Chapter 11 cases in the event that:

   (a) the Backstop Party becomes entitled to receive the
       Commitment Fee or the Termination Fee in accordance with
       the terms of the Rights Offering Term Sheet and the Lock
       Up Agreement; or
   
   (b) Jefferies & Company, Inc., as financial advisor to
       Sopris, becomes entitled to indemnification under the
       terms of the Jefferies Engagement.

Judge Tice clarified that the Official Committee of Unsecured
Creditors appointed is not a party to the Lock-Up Agreement.  
The order does not infer that the Committee agrees to, or waives
any of its rights to object to any aspect of the Plan in the
Restructuring Agreements, he said.  

The Debtors and Sopris also agreed:

   -- to negotiate in good faith with the Creditors Committee
      with respect to the terms of a Plan, and the Lock-Up
      Agreement will not in any way prohibit the negotiation;
      and

   -- unless the Creditors Committee has previously agreed to
      the amounts and form of distributions to non-noteholder,
      general unsecured creditors under the Plan, any plan filed
      on or before Dec. 7, 2007, will not include references
      to the amounts of the distributions.  The Debtors may,
      however, file a Plan prior to Dec.r 7, 2007, provided
      that the Plan does not reference distribution amounts.

Judge Tice noted that nothing in the final Order constitutes an
assumption of the Restructuring Agreements.

The Court also allowed the Debtors to enter into and honor the
indemnification obligations under the Jefferies Engagement
Letter.

The Court will convene a hearing on Nov. 28, 2007, at 2:00 p.m.
Eastern Time, to rule on the Jefferies Engagement and Expense
Reimbursement requests filed by the Debtors.

             Debtors' Reply to Committee's Objection

Prior to the Court's entry of its final order, the Debtors
submitted its response to the objections filed by the Official
Committee of Unsecured Creditors.

The Debtors told the Court that the Committee's objection
"exaggerates the nature of the request, as the Debtors are not
seeking to bind themselves for all time, in all circumstances,
to either [Sopris Capital Advisors, LLC], or the Restructuring
Agreements."

The Debtors explained that they are seeking authority to pay the
fees and expenses to Sopris to preserve the option of pursuing a
transaction based on the Restructuring Agreements.  The
Restructuring Agreements also provide that upon Plan
consummation, Jefferies will be entitled to a transaction fee of
not less than US$2,900,000, consistent with the provisions in
the Jefferies Engagement Letter.

The Debtors noted that the payment is an obligation to the Lock
Up, Voting and Consent Agreement it entered into on
Oct. 14, 2007, with Sopris and with the lenders holding a
majority of the debt under the Second Lien Credit and Guaranty
Agreement.

Michael A. Condyles, Esq., at at Kutak Rock LLP, in Richmond,
Virginia, maintained that the Creditors Committee was afforded
sufficient opportunity to review the Restructuring Agreements
through, among others, the adjournment of the Court hearing, and
the Committee's access to diligence information on the Debtors'
cases.

The Committee's contention that the agreements are tainted by
insider dealing, is not supported by facts, Mr. Condyles told
Judge Tice.  He added that the Restructuring Agreements do not
specify the individuals entitled to participate in the incentive
Plan and do not specify what amounts of new common stock will be
given to individuals under the incentive plan, which will in
fact be subject to approval by the new Board of Directors that
would be appointed, almost entirely by Sopris, following
consummation of the proposed Plan.  

Absent the Agreements, he said, Sopris will not be compelled to
agree to fund the proposed Plan, and will be restricted to sell
its debt positions, hence, Sopris will not even be bound to
remain a creditor, let alone a creditor willing to sponsor the
Debtors' of reorganization.  Clearly, the Committee's assumption
that Sopris will remain engaged with the Debtors' proposed Plan
absent the Court's approval of the Lock-Up pact, is invalid, Mr.
Condyles said.

Mr. Condyles further noted that the Committee raises several
objections that are premature, as they direct to the proposed
Plan, including the conditional equity grant to existing
shareholders.

                     About Movie Gallery

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

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853.  Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors.  Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel.  The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.  
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.  

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' spokeswoman Meaghan Repko said that the Plan will
not be filed before November 27, and the company does not expect
to exit bankruptcy protection before the second quarter of 2008.


PRIDE INTERNATIONAL: S&P Lifts Credit Rating to BB+ from BB
-----------------------------------------------------------
Standard & Poor's Ratings Service raised its corporate credit
rating on offshore contract drilling firm Pride International
Inc. to 'BB+' from 'BB'.  At the same time, S&P raised the
rating on the company's unsecured debt to 'BB+' from 'BB-'.  
The outlook is stable.
     
The rating action followed a full review of Pride in light of
2007 strategic initiatives that have included the recent
divestiture of its Latin American onshore business units and the
announcement of two newbuild ultradeepwater drillships.
     
"The upgrade reflects continued improvement in cash flow and
credit metrics and a strengthening backlog of contract
revenues," said Standard & Poor's credit analyst Jeffrey B.
Morrison.  "The raising of Pride's unsecured rating to the same
level as the corporate credit rating reflects S&P's expectation
that secured debt will remain at less than 15% of assets, on a
book value basis, over the intermediate term."
     
As of Sept. 30, 2007, Houston, Texas-based Pride had about
US$1.2 billion in adjusted debt, incorporating operating leases.
     
The ratings on Pride reflect a large, well-diversified fleet of
mobile offshore drilling units, a fairly broad geographic scope
of operations, a growing backlog, and an improving financial
risk profile.  Strengths are partially tempered by expanding
near- to intermediate-term capital spending requirements,
concerns regarding the longer term earnings prospects for
Pride's older, mat-supported jackup units (particularly those
operating in the U.S. Gulf of Mexico), and participation in a
historically cyclical and capital-intensive industry.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides   
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.


REMY WORLDWIDE: Bankruptcy Court Approves M&M Knopf Unit Sale
-------------------------------------------------------------
United States Bankruptcy Court for the District of Delaware in
Wilmington has approved Remy Worldwide Holdings, Inc.'s sale of
its subsidiary operation M&M Knopf Auto Parts, which is a
distributor of recycled auto parts to the worldwide
remanufacturing market and is also a global distributor of
Saginaw Steering systems.  A definitive agreement was entered on
Nov. 6, 2007, to sell the business.
    
"The sale of Knopf reflects the continued progress Remy has made
in focusing on its core operations over the last year," said
Chief Executive Officer, John Weber.  "This is a win-win
situation for both parties and we are pleased to see the Knopf
brothers return to ownership of their family business.  The
Knopf brothers are excellent businessmen and are best suited to
continue to grow this business.  Remy will have a continued
involvement with the Knopfs going forward and we wish them well
in their future endeavors."
    
The completion of the transaction is subject to customary
closing conditions and is expected to close on Dec. 4, 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.  The Debtors' taps Greenbert Traurig, LLP, as special
corporate advisory and litigation counsel and Ernst & Young LLP
as their accountant, auditor and tax services provider.

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


REMY WORLDWIDE: Court Confirms Pre-Packaged Reorganization Plan
---------------------------------------------------------------
United States Bankruptcy Court for the District of Delaware in
Wilmington has confirmed Remy Worldwide Holdings, Inc.'s pre-
packaged plan of reorganization, only 43 days after its plan and
related petitions were filed.  Upon emergence, expected in early
December, Remy's long-term debt will be reduced by US$360
million.
    
"The recapitalization would not have been such a success in such
a short period of time without the loyalty of our customers, the
professionalism and dedication of our employees, and the
commitment and support of our creditor groups," said Chief
Executive Officer, John Weber.
    
Remy Worldwide also announced that on the effective date of the
Plan it will enter into a US$120 million revolving credit
facility to be provided by Barclays Capital.  The company said
that the exit financing, which includes a term loan of US$210
million, will provide Remy with sufficient liquidity to continue
to meet its financial requirements and grow its business in the
coming years.  In addition, the sale of subsidiary operation
Knopf was approved and is expected to close on Dec. 4, 2007.
    
"Since signing the Plan Support Agreement with our noteholders
just six months ago, Remy has successfully recapitalized the
company's financial position, strengthened its business through
a comprehensive restructuring of its commercial arrangement with
General Motors, and built a foundation from which we can grow.  
In a matter of days Remy will emerge from this process a more
competitive company with a strong balance sheet," Mr. Weber
concluded.
    
                     About Remy Worldwide

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

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

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


SANMINA-SCI: To Redeem US$120 Mil. Floating Notes on Dec. 18
------------------------------------------------------------
Sanmina-SCI Corporation has called for redemption on
Dec. 18, 2007, US$120 million in aggregate principal amount of
its Senior Floating Rate Notes due 2010.  The aggregate
principal amount of the Notes currently outstanding is US$300
million.  The CUSIP numbers for the Notes being called for
redemption are 800907 AL1and U80024 AC3.

Upon redemption, holders of the Notes being redeemed will
receive the principal amount of the Notes being redeemed, plus
accrued and unpaid interest to but excluding the redemption
date.

"This is the first step in our debt reduction initiative and we
remain committed to utilizing our positive cash flow to further
reduce debt in fiscal 2008," Jure Sola, chairman and CEO of
Sanmina-SCI Corporation, stated.

Copies of the Notice of Redemption may be obtained from U.S.
Bank National Association, the Paying Agent, by calling (800)
934-6802.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is an   
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.

The company has locations in Brazil, China, Ireland, Finland,
Malaysia, Mexico and Singapore, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, Standard & Poor's Ratings Services revised its
outlook Sanmina-SCI Corp. to negative from stable.  The
corporate credit and senior unsecured ratings are affirmed at
'B+', and the subordinated debt rating is affirmed at 'B-'.


WOLVERINE TUBE: Moody's Confirms Junk Ratings with Neg. Outlook
---------------------------------------------------------------
Moody's Investors Service has confirmed Wolverine Tube's Caa2
corporate family rating, Caa2 probability of default rating, and
Caa3 senior unsecured rating (LGD4, 63%).  The rating outlook
was revised to negative from ratings under review.  This action
concludes the review on Wolverine's ratings originated on
Aug. 30, 2007, when the ratings were placed under review for a
possible upgrade, which was prompted by the announcement of the
rights offering for up to US$51 million, from which, together
with the exercised option value, the company could have received
a maximum of US$83 million in cash proceeds.

On Oct. 29, 2007, Wolverine completed its equity rights
offering, which resulted in gross proceeds of US$28 million from
the shareholders' purchase of 25,450,453 shares of common stock.  
Wolverine also anticipates realizing an additional US$4.6
million in proceeds from the Alpine Group's and/or Plainfield's
purchase of an additional 4,620 shares of preferred stock,
needed to maintain their fully diluted ownership in Wolverine at
55%.  Combined with additional US$4.6 million in preferred share
proceeds, total proceeds would approximate US$32.6 million in
equity, which has improved its near-term liquidity.  The
proceeds from the rights offering and US$45.2 million in
proceeds from the initial sale of preferred stock in February
2007 have been used to repurchase all receivables outstanding
under the receivables sale facility as of Nov. 7, 2007.

Wolverine's current ratings are reflective of the company's
still constrained liquidity profile due to near-term debt
maturities, cost and working capital pressures on the raw
materials side, particularly associated with copper price
escalation, cash charges resulting from the discontinuation of
the US plumbing tube business and closure of two facilities in
Alabama and Mississippi, as well as an overall weak operational
profile and prolonged margin compression.  The Caa2 corporate
family rating incorporates a greater likelihood than not that
Wolverine will be able to refinance its credit facilities and
its US$137 million of 7.375% senior notes prior to their
maturity in April 2008 and August 2008, respectively.  
Therefore, a lack of progress in refinancing upcoming debt
maturities could lead to a downgrade.

As of Sept. 30, 2007, Wolverine's current liquidity included
unrestricted cash of US$25.8 million and US$11.5 million of
availability under its US$35 million senior secured credit
facility.  The availability under this facility has been reduced
by US$23.3 million of standby letters of credit.  The company
also has about US$60 million of availability under its
receivables sale facility.  The company's credit facility and
receivables sale facility both terminate on April 28, 2008, and
are expected to be refinanced in the first quarter of 2008 as
part of a complete recapitalization plan.

Approximately US$235 million of debt securities affected.

These ratings were confirmed:

-- Corporate family rating -- Caa2

-- Probability of default -- Caa2

-- 7.375% guaranteed senior unsecured notes due 2008 - Caa3
    (LGD4, 63%)

-- 10.5% guaranteed senior unsecured notes due 2009 - Caa3
    (LGD4, 63%)

The rating outlook was changed to negative from under review for
possible upgrade.

Moody's previous rating action for Wolverine was on
Nov. 1, 2006, when its corporate family rating was lowered to
Caa2 from Caa1 and its unsecured note rating was lowered to Caa3
from Caa2.

Headquartered in Huntsville, Alabama, Wolverine Tube, Inc., is
one of the leading U.S. manufacturers and distributors of copper
alloy tube, fabricated products, and metal joining products for
use in refrigeration and air conditioning.  For the LTM ended
July 1, 2007, the company had revenues of US$1.36 billion, but
generated an US$86 million net loss.  The company has operations
in China, Mexico and Portugal.




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BANCO INTERNACIONAL: Fitch Affirms Low B Foreign Currency Rating
----------------------------------------------------------------
Fitch Ratings has affirmed these ratings of Panama-based Banco
Internacional de Costa Rica, S.A. with a Stable Outlook:

  -- Long-term foreign currency Issuer Default Rating 'BB';
  -- Short-term foreign currency rating 'B';
  -- Individual 'C/D';
  -- Support '3';
  -- National-scale long-term rating 'A+(pan)';
  -- National-scale short-term rating 'F1(pan)';

At the same time, Fitch has assigned an expected rating of 'BB'
to an upcoming issue of senior unsecured debt for up to US$100
million.  This rating will be made final by Fitch upon receipt
and revision of the final documentation, when Fitch also expects
to assign a national-scale rating in Costa Rica to this issue.

Banco Internacional's ratings reflect the commercial and
operating support it receives from its main shareholder, Costa
Rican government-owned Banco de Costa Rica (51% ownership).  The
ratings also consider the bank's adequate capitalization and
risk management, as well as its high-risk concentrations, modest
profitability, limited liquidity and tightened competition in
its core business lines.

Increased competition has pressured the bank's margins and
overall profitability, which was further exacerbated by some
non-recurring costs in recent years.  The confluence of well-
contained operating costs and higher business volumes should
benefit the bank's performance going forward, although most
improvements will take some time before materially affecting
earnings.  Keeping credit costs under control is a key
challenge.  The bank is largely exposed to concentration risk,
which is likely to remain unchanged.  While the gradually
improving risk management approach provides some comfort, the
current level of reserves (0.7% of total loans at end-June 2007)
is low in order to absorb further loan defaults.  Liquidity is
somewhat modest, as core deposits only provide a small fraction
of total funding and customer deposits are highly concentrated.  
While the core capital-to-assets ratio is adequate (12.8% as of
June 2007, mostly unencumbered), capital adequacy could be
increasingly challenged if the bank's asset growth prospects
materialize and such growth is not accompanied by improved and
sustained internal capital generation.  Banco Internacional's
Individual rating could be pressured if the expected asset
growth results in weaker profitability, capital adequacy and/or
liquidity, or if there are major failed loans or difficulties in
sustaining recent performance improvements.

If required, Fitch believes that support to Banco Internacional
could be provided by its major shareholder, Banco de Costa Rica
(rated 'BB' by Fitch).  Banco de Costa Rica's ability to provide
full and timely support could be limited by legal or political
issues.  The bank does not benefit from the sovereign guarantee
that Costa Rican state-owned banks have.  Downside risk for the
bank's long-term ratings would stem from the discontinuation of
Banco de Costa Rica's ability and/or willingness to provide
support, which Fitch considers unlikely at present.

Banco Internacional de Costa Rica, SA was established in 1976 to
serve as a financing vehicle for global trade of Central
American corporations, in view of the increasing economic
integration of the region.  The bank gained a robust position in
this segment in the 1980s, but the return of major global banks
to Central America in the 1990s gradually pressured the bank's
competitive position, and loans declined for a number of years
until this trend was reversed in 2004.  Banco Internacional has
an office with an international banking license in Miami that
accounts for 30% of total loans and half of the correspondent
banking business.  It also has representative offices in
Guatemala, Nicaragua and El Salvador, which will likely be
converted into operating subsidiaries in the medium term, aiming
at expanding local funding more balanced with asset growth.

The customer service office in Costa Rica remains a major
business generator, while Banco Internacional has only one
subsidiary, the wholly owned local small-sized leasing company,
Arrendadora Internacional.  The bank's core businesses are
corporate banking (77% of total loans at end-June 2006) and
correspondent services (19%), while major markets are Costa
Rica, Panama and Guatemala.




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QUEBECOR WORLD: S&P Lowers Long-Term Corp. Credit Rating to B-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its ratings on
Quebecor World Inc. by one notch, including the long-term
corporate credit rating to 'B-' from 'B'.  At the same time, the
ratings remain on CreditWatch with negative implications, where
they were placed Aug. 9, 2007.
     
"The downgrade reflects Quebecor World's deteriorating liquidity
position following the withdrawal of the company's refinancing
plan to raise about CAD750 million by issuing debt and equity,"
said S&P's credit analyst Lori Harris.  Proceeds from the new
issues were to be largely applied to the substantial balance
outstanding on the revolving credit facility and to redeem the
series 5 preferred shares.  Quebecor World views withdrawing the
plan as necessary because of adverse financial market
conditions, which have led to the company's inability to raise
funds under the original terms and conditions.  In the near
term, management will need to explore future refinancing
opportunities, as well as other methods to raise cash, including
asset sales and sale lease back transactions.  "Quebecor World
has announced that it will hire independent financial advisors
to assist in evaluating these alternative actions," Ms. Harris
added.
     
On Nov. 7, 2007, the company announced that it had signed a
definitive share purchase agreement with Dutch printer RSDB NV
(Roto Smeets) to sell Quebecor World's European operations to
RSDB.  The proposed new company, Roto Smeets Quebecor, which
will be the leading player in the European printing industry,
will be owned 70.1% by RSDB and 29.9% by Quebecor World.  The
purchase price for Quebecor World's European business will be
EUR240 million (equal to about US$350 million), to be paid to
Quebecor World in cash, Roto Smeets Quebecor shares, and an
eight-year note receivable.  S&P expects the transaction to
close shortly upon regulatory and RSDB shareholder approvals.
     
Reported revenues and adjusted EBITDA were down 7% and 19%,
respectively, for the nine months ended Sept. 30, 2007, compared
with the same period in 2006.  The weak performance is due to
price pressures, volume declines, and operating inefficiencies.  
The company's recent completion of a significant equipment
retooling program should positively affect profitability and
cash flow in 2008.  However, S&P believes management will remain
challenged in its efforts to turn around the business because of
very difficult printing industry fundamentals, including ongoing
pricing pressures and volume declines, electronic substitution,
cyclicality, and significant competition.
     
The ratings will remain on CreditWatch until S&P is comfortable
that the company has addressed its near-term liquidity issues.  
S&P will continue to monitor developments, including
management's future refinancing plans.

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


* PERU: Gets US$100-Mil. Loan for Sanitation Sector Program
-----------------------------------------------------------
The Inter-American Development Bank has approved a US$100
million loan for a sanitation sector reform program in Peru to
improve the efficiency, equity, and sustainability of water and
sanitation services.

The operation supports actions to facilitate necessary
structural, institutional, and legal reforms within the
institutional framework, the financial policy, the tariff and
subsidy regime, the management of public utilities, and the
private sector participation.

"These actions will help allocate resources based on efficiency
criteria that maximize the benefits to the country, " said IDB
project team leader, Sergio Ivan Campos.  "They also help
achieve greater efficiency in service management by service
providers, bring self-sufficiency for these entities, and lay
the foundations of equitable, universal coverage."

The institutional framework reforms are aimed at improving the
regulations, sector planning and organizational instruments, and
will help develop incentives for efficient management, of
operators in small and medium-sized districts.

The financial policy reforms seek to establish objective
criteria for allocation of public resources and to restructure
the municipal water and sanitation service providers' (EPS for
its acronym in Spanish) financial liabilities.

The project seeks to contribute to the tariff and subsidy regime
by promoting cost recovery, efficiency, and equity, and
streamlined procedures.  Additionally, the public utility
management component of the program aims to improve
institutional transparency, efficiency, and sustainability of
water and sanitation operators.

The loan will be disbursed in the first quarter of 2008 and
executed by the Peruvian Ministry of Economy and Finance.

                        *     *     *

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.




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FOOT LOCKER: Posts US$33 Million Net Loss in Qtr. Ended Nov. 3
--------------------------------------------------------------
Foot Locker, Inc. has reported financial results for its third
quarter ended Nov. 3, 2007.

                    Third Quarter Results
    
The company reported a net loss of US$33 million, or US$0.22 per
share, for the third quarter this year compared with net income
of US$65 million, or US$0.42 per share, last year.  This year's
results included a non-cash impairment charge to write down
long-lived assets for the company's United States store
operations pursuant to SFAS No. 144 and expenses associated with
closing unproductive stores, totaling US$66 million, after tax,
or US$0.43 per share.  Third quarter net income, before the non-
cash impairment charge and the incremental expenses of closing
stores, was US$33 million, or US$0.21 per share.
    
Third quarter sales decreased 5.2 percent, to US$1,356 million
this year compared with sales of US$1,430 million for the
corresponding prior year period.  Third quarter comparable-store
sales decreased 5.0 percent.
    
"Our third quarter sales were disappointing, reflecting a
challenging external environment and the lack of exciting
fashion trends in athletic footwear and apparel," stated Foot
Locker's Chairperson and Chief Executive Officer, Matthew D.
Serra.  "While our sales results fell short of our expectations,
third quarter markdowns were approximately 12 percent lower than
last year. Additionally, we continued to focus diligently on
expense management."

                    Year-to-Date Results
    
For the first nine months of the year, the company reported a
net loss of US$34 million, or US$0.22 per share, compared with
net income of US$138 million, or US$0.88 per share, last year.  
This year's results included a non-cash impairment charge
pursuant to SFAS No. 144 and expenses associated with closing
unproductive stores, totaling US$66 million, after tax, or
US$0.43 per share.  Last year's results included an impairment
charge pursuant to SFAS No. 144 of US$12 million, after tax, or
US$0.08 per share.  Year-to-date net income, before the non-cash
impairment charges in 2006 and 2007, and the expenses of closing
unproductive stores in 2007, was US$32 million, or US$0.21 per
share this year, versus US$150 million, or US$0.96 per share,
last year.
    
Year-to-date sales decreased 3.5 percent to US$3,955 million
compared with sales of US$4,098 million last year.  Comparable-
store sales decreased 5.8 percent.

                     Financial Position
    
At the end of the third quarter, the company's cash and short-
term investments totaled US$332 million.  The company's total
cash position, net of debt, at the end of the third quarter
increased by US$70 million versus last year.  Merchandise
inventory was slightly higher at the end of the third quarter
versus the comparable period of last year.  Stated in constant
currency dollars, the company's merchandise inventory decreased
by approximately three percent versus last year.

                      Store Base Update
    
Year-to-date, the company has opened 112 new stores, and
remodeled or relocated 179 stores.  During the month of
September, the company opened its first store in Istanbul,
Turkey.  The company also closed 158 stores during the first
nine months of this year, including 13 unproductive stores
during the third quarter prior to normal lease expiration.  At
Nov. 3, 2007, the company operated 3,896 stores in 21 countries
in North America, Europe and Australia.  In addition, 10
franchised stores are currently operating in the Middle East and
South Korea.
    
During the fourth quarter of 2007, the company currently expects
to open eight new stores and close up to 142 unproductive
stores.  Approximately 53 of the stores are expected to close
prior to normal lease expiration, depending on the company's
success in negotiating agreements with its landlords.  The cash
impact of the 2007 store closings is expected to be minimal, as
the related cash costs are expected to be offset by associated
inventory reductions.

                      About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- is a retailer of athletic  
footwear and apparel, operated 3,942 primarily mall-based stores
in the United States, Canada, Puerto Rico, Europe, Australia,
and New Zealand as of Feb. 3, 2007.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 11, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit and senior unsecured ratings on Foot Locker
Inc. to 'BB' from 'BB+'.  S&P has removed the ratings from
CreditWatch, where they were placed with negative implications
on Aug. 18, 2006.  S&P said the outlook is negative.


HORIZON LINES: Board OKs US$50MM Class A Common Stock Repurchase
----------------------------------------------------------------
The board of directors of Horizon Lines Inc. authorized the
purchase of up to US$50 million of its Class A common stock.  
The company intends to make purchases from time to time as
market conditions warrant and may buy shares through open market
repurchases and privately negotiated transactions.
    
"We remain very confident in the long-term performance of our
business, despite some of the near term challenges we are
facing," Mark Urbania, executive vice president and chief
financial officer, said.  "The sharp decline in our stock price
provides an opportunity to repurchase stock at attractive
prices.  Our recent refinancing provides the company with a
stable balance sheet and the flexibility to consider a share
repurchase program.  The approval by our board allows Horizon
Lines to move very quickly with a stock buyback if conditions
warrant."
    
Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizon-lines.com/-- is a domestic  
ocean shipping and integrated logistics company comprised of two
primary operating subsidiaries.  Horizon Lines LLC operates a
fleet of 21 U.S.-flag containerships and 5 port terminals
linking the continental United States with Alaska, Hawaii, Guam,
Micronesia and Puerto Rico.  Horizon Logistics LLC offers
customized logistics solutions to shippers from a suite of
transportation and distribution management services designed by
Aero Logistics, information technology developed by Horizon
Services Group and intermodal trucking and warehousing services
provided by Sea-Logix.

                        *     *     *

Moody's Investor Services placed Horizon Lines Inc.'s long term
corporate family and probability of default ratings at 'B1' in
July 2007.  The ratings still hold to date with a stable
outlook.


OWENS-ILLINOIS INC: S&P Ups Bank Credit Facilities Rating to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on the
bank credit facilities of Owens-Illinois Inc. and its wholly
owned subsidiary, Owens-Brockway Glass Container Inc., to 'BB+'
from 'BB'.  S&P also revised the recovery rating on the debt to
'1' from '2', indicating the expectation that lenders would
experience very high (90%-100%) recovery of principal in the
event of a payment default.  "The improved ratings," said S&P's
credit analyst Liley Mehta, "reflect the company's reduction of
senior secured debt with the proceeds from the recently
completed sale of its plastics packaging business to Rexam PLC."
     
At the same time, S&P removed the ratings on the company's
senior secured credit facilities from CreditWatch with positive
implications where they were placed on June 11, 2007.  S&P also
affirmed the 'BB-' corporate credit, 'B' unsecured debt, and
'B-' preferred stock ratings.  Total debt (adjusted to include
unfunded postretirement liabilities as well as capitalized
operating leases) was about US$5 billion at Sept. 30, 2007.

Based in Perrysburg, Ohio, Owens-Illinois Inc. (NYSE:OI) --
http://www.o-i.com/-- is a manufacturer of packaging products  
and glass containers with operations in Europe, North America,
Asia Pacific and South America.  The company is also a
manufacturer of healthcare packaging, including plastic
prescription containers and medical devices, and plastic closure
systems, including tamper-evident caps and child-resistant
closures, with operations in the United States, Mexico, Puerto
Rico, Brazil, Hungary, Malaysia and Singapore.




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T R I N I D A D   &   T O B A G O
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BRISTOW GROUP: Board Declares US$0.68750 Per Share Dividend
-----------------------------------------------------------
Bristow Group Inc. Board of Directors has declared a dividend of
US$0.68750 per share of Mandatory Convertible Preferred Stock
issued and outstanding at the close of business on Dec. 1, 2007,
which will be payable on Dec. 17, 2007, to stockholders of
record at the close of business.  There are 4,600,000 shares of
Bristow's Mandatory Convertible Preferred Stock issued and
outstanding.

                  About Bristow Group Inc.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- fka Offshore Logistics Inc.,  
provides helicopter transportation services to the worldwide
offshore oil and gas industry with operations in the United
States Gulf of Mexico and the North Sea.  The company also has
operations, both directly and indirectly, in offshore oil and
gas producing regions of the world, including Australia, Brazil,
China, Mexico, Nigeria, Russia and Trinidad.  The company also
provides production management services for oil and gas
production facilities in the United States Gulf of Mexico.

                        *     *     *

Standard & Poor's Ratings Services placed Bristow Group Inc.'s
long term corporate family and senior unsecured debt ratings at
'Ba2' in January 2006.  The ratings still hold to date with a
negative outlook.




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V E N E Z U E L A
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DUNLINE RUBBER: Canadian Dollar Rise Prompts Closure & Lay Offs
---------------------------------------------------------------
Dunline Rubber Products Co. is set to close in a quarter's time
and lay off about 30 employees, Hank Daniszewski writes for Sun
Media.

The company is among those who are adversely affected by the
rise in the Canadian dollar since it is largely dependent on
export sales, Sun Media reports, citing Dunline president Carl
Hannigan.

The Canadian Auto Workers union representing the company's
employees has consented to the bankruptcy, Sun Media relates,
citing CAW president Tim Carrie.

Huron Park, Ontario-based Dunline Rubber Products Co. --
http://www.dunline.com/-- manufactures and exports rubber and   
plastic hose and belting.  It exports products to Algeria,
Argentina, Austria, Brazil, Colombia, Ecuador, France, Germany,
Hong Kong, Italy, Japan, South Korea, Spain, Taiwan, United
Kingdom, United States, and Venezuela.


LEAR CORP: Makes Two Executive Position Appointments
----------------------------------------------------
Lear Corporation has appointed Terrence B. Larkin to senior vice
president, general counsel and corporate secretary and Wendy L.
Foss to vice president, corporate controller and chief
compliance officer.
    
Mr. Larkin will assume responsibility for Lear Corp.'s legal and
regulatory matters globally, effective Jan. 1, 2008.  He will
report to executive vice president and chief administrative
officer Daniel Ninivaggi.
    
Mr. Larkin joins Lear Corp. from Bodman LLP where he served as a
partner since 1986 and chairman of the firm's Business Law
Practice Group.  During his tenure with Bodman, he focused on
general corporate and transactional matters, with a particular
expertise in supporting clients in the automotive industry.  He
is a board member of the Detroit Regional Chamber of Commerce,
an advisory board member of the Detroit Regional Economic
Partnership, a fellow of the Michigan State Bar Association and
general counsel for the Better Business Bureau for Detroit /
Eastern Michigan region.
    
"We are very fortunate to have someone with Terry's deep legal
experience and sound business judgment join the Lear team," said
Mr. Ninivaggi.  "He brings a wealth of legal expertise,
particularly in the areas of corporate and transactional
matters, and coupled with the solid automotive perspective he
brings to this position, will be a welcome addition to our
senior management team."
    
In her new role, Ms. Foss will assume the responsibilities of
the corporate controller function in addition to her existing
positions as vice president and chief compliance officer.  Her
appointment as controller is effective immediately and she will
report to senior vice president and chief financial officer Matt
Simoncini for finance matters.
    
"Wendy has demonstrated leadership abilities in a number of key
finance positions with Lear and her appointment as controller is
well deserved," said Mr. Simoncini.  "I look forward to her
future contributions toward the success of Lear in this
extremely important role."

                       About Lear Corp.

Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems and  
components.  Lear provides complete seat systems, electronic
products and electrical distribution systems and other interior
products.  The company has more than 90,000 employees at 236
facilities in 33 countries.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in Singapore, China, India,
Japan, Philippines, South Korea, and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 5, 2007, Moody's Investors Service affirmed Lear
Corporation's Corporate Family Rating of B2 with a stable
outlook.  Ratings on the company's term loan of B2 and on its
unsecured notes of B3 were similarly affirmed but with slight
revisions to their respective LGD point estimates.  The
company's liquidity rating of SGL-2, designating good liquidity
was also affirmed.

Ratings affirmed with revised LGD point estimates:

-- Corporate Family Rating, B2

-- Probability of Default, B2

-- Senior Secured Term Loan, B2 (LGD-3, 47%) from B2 (LGD-4,
   50%)

-- Senior Unsecured Notes to B3 (LGD-4, 58%) from B3 (LGD-4,
   61%)

-- Shelf ratings for senior unsecured, subordinated and
   preferred, (P)B3 (LGD-4, 58%), (P)Caa1(LGD-6, 97%), and
   (P)Caa1 (LGD-6, 97%) respectively from (P)B3 (LGD-4, 61%),
   (P)Caa1 (LGD-6, 97%), and (P)Caa1 (LGD-6, 97%)
   respectively.

-- Speculative Grade Liquidity Rating, SGL-2


PETROLEOS DE VENEZUELA: Galp Wants Gran Mariscal Pact with Firm
---------------------------------------------------------------
Portugal's state-run oil firm Galp Energia said in a statement
that it wants to enter into an agreement with Venezuelan
counterpart Petroleos de Venezuela SA to analyze participation
in the Gran Mariscal de Ayacucho liquefaction project.

Business News Americas relates that under the accord, Galp
Energia could have as much as two billion cubic meters per year
of liquefied natural gas from Venezuela.

According to BNamericas, the agreement is subject to the results
of an economic study that the Petroleos de Venezuela and Galp
Energia would conduct to consider a competitive price for the
European market and terms and conditions that maximize value for
both firms.

BNamericas notes that Petroleos de Venezuela will analyze with
Galp Energia the creation of a joint venture company that would
construct and run Mariscal de Ayacucho's first train.

Petroleos de Venezuela and Galp Energia "could use Portugal as
an entry to Europe for future Venezuelan liquefied natural gas
exports," BNamericas says.

BNamericas states that "industry insiders" doubted Venezuela's
potential to become a natural gas exporter in the short term.  
The nation has a large natural gas deficit and is buying the gas
from Colombia.

Liquefied natural gas infrastructure would take years to build
even if "sizeable reserves of non-associated gas are found,"
BNamericas reports, citing industry experts.

                     About Galp Energia

Galp Energia, SGPS, SA is the holding company for the Galp
Energia Group, a Portugal-based oil and gas group.  The Group
has six principal business segments: Exploration and Production;
Refining and Marketing; Natural Gas Supply and Transport;
Natural Gas Distribution; Power, including Galp Energia's
interests in the production and sale of electrical and thermal
energy, and International, which includes the Group's interests
in Brazil and Africa.  Galp Energia consists of more than 100
companies, engaged in a wide range of activities related to
natural gas supply and oil and gas exploration, production and
refining.  The Group is headquartered in Lisbon, Portugal.

                 About Petroleos de Venezuela

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

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


PETROLEOS DE VENEZUELA: To Ink New Orinoco Pacts with Total SA
--------------------------------------------------------------
The Venezuelan government, through state-run oil firm Petroleos
de Venezuela SA, will enter into new agreements with Frech oil
company Total SA for joint projects in the Orinoco River basin,
the Associated Press reports, citing Venezuelan President Hugo
Chavez.

The AP relates that the Venezuelan government took majority
control of private oil projects earlier this year.  The
government offered the companies new terms as junior partners.  
Total, US firm Chevron Corp., Britain's BP PLC, and Norway's
Statoil ASA accepted the new terms, while ConocoPhillips and
Exxon Mobil Corp. declined them.

President Chavez commented to the AP, "Venezuela wants to become
a safe, trustworthy provider of petroleum and energy to France.  
France has great technological advancement.  That's the idea --
get our technology together... to be able to raise the level of
recovery [of heavy crude in the eastern Orinoco region.]"

Petroleos de Venezuela and Total are preparing to boost joint
production in Orinoco by 400,000 barrels a day to 600,000
barrels per day, Venezuelan state news agency Agencia
Bolivariana de Noticias notes.

Petroleos de Venezuela head and Venezuelan oil and energy
minister Rafael Ramirez commented to Business News Americas, "We
have advanced a lot with Total.  Now the nationalization process
has concluded, we can triple our joint production."

Petroleos de Venezuela and Total will first spend a year
conducting engineering studies needed for output increase.  The
firms will also continue work on reserve certification on
Orinoco, BNamericas states, citing Minister Ramirez.

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: First China Oil Rigs Arrive in Guanta Port
-------------------------------------------------------
El Universal relates that the first Chinese oil rigs have
arrived in Venezuela.

Under Petroleos de Venezuela SA and the Asian country agreement,
the first shipment was delievered in Guanta port, Eastern
Anzoategui state.  The two 1,000 HP oil rigs will be
commissioned to Pdvsa Exploration and Production Eastern
Division, Orinoco Oil Belt, in San Tome District, El
Universalreports.

According to the deal, Venezuela is allowed to purchase both
technology and knowledge to manufacture oil rigs, El Universal
adds.

Reports show that 116 Venezuelan experts and 11 engineers has
been trained 12 months in China and cooperted in the manufacture
of the equipment.

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 in the Troubled Company Reporter-Latin America on
Nov. 15, 2007, Fitch Ratings assigned these ratings to the
Bolivarian Republic of Venezuela's bonds under the 'El
Venezolano I' combined offer:

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


                         ***********


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.

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