TCRLA_Public/071123.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

          Friday, November 23, 2007, Vol. 8, Issue 233

                          Headlines

A R G E N T I N A

ALITALIA SPA: Aeroflot Backs Out from Equity Purchase Race
BUSPE SRL: Proofs of Claim Verification Deadline Is Feb. 26
DANA CORP: Ad Hoc Asbestos Committee Balks at Planned Settlement
DANA CORP: Judge Lifland Rejects Jasco's US$20 Million Claim
DELTA AIR: Objects to Former Employees' Class Certification Bid

EMPRESA GRAFICA: Proofs of Claim Verification Ends Feb. 15, 2008
FRIGOSOL SRL: Reorganization Proceeding Concluded
JANI KING: Proofs of Claim Verification Is Until Feb. 26, 2008
JIBANA SA: Seeks for Reorganization Okay in Buenos Aires Court
MEDIC SALUD: Proofs of Claim Verification Deadline Is March 6

NIPPON SHEET: Posts JPY51.5-Bil. Net Income for 2007 First Half
ORGANIZACION MEDICA: Proofs of Claim Verification Is Feb. 29
QUINTO SA: Proofs of Claim Verification Ends on Feb. 6, 2008
SUCESION DE CAINZOS: Seeks for Reorganization OK in Buenos Aires
TASARTO SA: Proofs of Claim Verification Is Until Feb. 8, 2008

* ARGENTINA: AFTA Demands Argentina Pay for Defaulted Debts
* ARGENTINA: AFTA Snubs Debt-for-Equity Swap


B E R M U D A

APEX REINSURANCE: Sets Final Shareholders Meeting for Jan. 3
CHEVRONTEXACO NORTH: Sets Final Shareholders Meeting for Dec. 18
INNOVA HOLDINGS: Will Hold Final Shareholders Meeting on Dec. 27
INNOVA HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 7
INTELSAT LTD: Enters Into Two New Customer Agreements

MAN MAC: Will Hold Final Shareholders Meeting on Dec. 19
MONTPELIER RE: Extends CEO A. Taylor's Employment for Two Years
QCH ACQUISITION: Holding Final Shareholders Meeting on Dec. 21


B R A Z I L

BANCO NACIONAL: Wants US$5-Bln Foreign Reserves To Boost Lending
BRASIL TELECOM: Pontis To Deploy Marketing Delivery Platform
CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007
COSAN SA: Proposing BRL1.74-Bil. Capital Raise to Shareholders
DELPHI CORP: Records US$22 Million Current Deficit

FORD MOTOR: Union Leaders Favor U.K. Brands Bidder Tata Motors
FORD MOTOR: Russian Plant Workers Resume Strike
SCO GROUP: Reports US$1,608 of Net Profit for September

* BRAZIL: Mulling Options for Future Output Transport
* BRAZIL: Will Invest BRL41.2 Billion in Technology Until 2010


C A Y M A N   I S L A N D S

ABSOLUTE RETURN: Sets Final Shareholders Meeting for Nov. 30
BOMBAY COMPANY: Gets Interim Nod on CBRE as Real Estate Broker
BOMBAY COMPANY: Wants To Hire DJM Asset as Real Estate Advisor
CHIYODA LEASE: Will Hold Final Shareholders Meeting on Nov. 30
CONOCOPHILLIPS BAO: Final Shareholders Meeting Is on Nov. 30

CONOCOPHILLIPS BLOCK: Final Shareholders Meeting Is on Nov. 30
CONOCOPHILLIPS GULF: Holds Final Shareholders Meeting on Nov. 30
CONOCOPHILLIPS NZ: Sets Final Shareholders Meeting for Nov. 30
CONOCOPHILLIPS Z&M: Final Shareholders Meeting Is on Nov. 30
QUANTIMIX XL: Final Shareholders Meeting Is on Nov. 30

QUANTIMIX XL FUND: Holding Final Shareholders Meeting on Nov. 30
SAMLEY FUND: Holds Final Shareholders Meeting on Nov. 30
SAVANNAH ALTERNATIVE: Sets Last Shareholders Meeting for Nov. 30


C O L O M B I A

NXP BV: S&P Lowers Corporate Credit Rating from BB- to B+
TERMOEMCALI FUNDING: S&P Affirms Junk Rating on US$153.7MM Notes


C O S T A   R I C A

ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007
ARMSTRONG WORLD: Nitram Files September 2007 Operating Report


D O M I N I C A N   R E P U B L I C

ASHMORE ENERGY: Closes Sale of Vengas Interest to PDVSA Gas
ASHMORE ENERGY: Fitch Assigns Low B Ratings on US$1.5-Bln Debts
BANCO INTERCONTINENTAL: Depreco Files Appeal for Fraud Verdict


E C U A D O R

* ECUADOR: Ct. Orders Halt of Tax Charge Demand on City Oriente


H A I T I

* HAITI: Obtains US$12.5-Million Loan for Agriculture Project


H O N D U R A S

* HONDURAS: Court To Hear Charges Against Firm's Head on Dec. 5
* HONDURAS: Gets US$27.1-Mln Loan from IDB to Promote Rural Biz


J A M A I C A

DIGICEL GROUP: Harry Smith To Quit as Customer Relations Officer
MIRANT CORP: Mirant Lovett Files September 2007 Operating Report
NATIONAL WATER: Probes Contagion of Gayle Spring Water Supply


M E X I C O

CHALLENGER POWERBOATS: Reports US$2.6-Mln Stockholders' Deficit
MOVIE GALLERY: Court Okays Amended Auction & Bid Procedures
MOVIE GALLERY: Judge Tice Approves Lease Rejection Procedures
MOVIE GALLERY: Wants to Reject 400 Contracts & Leases
REMY WORLDWIDE: Court Approves AP Services as Crisis Manager


P A N A M A

EASTERN MEDIA: Fitch Cuts Long-Term Issuer Default Rating to BB-

* PANAMA: Backs Energias' Plans to Turn Country into Energy Hub


P A R A G U A Y

INTERPUBLIC GROUP: Closes US$200-Mil. Convertible Note Exchange


P E R U

* PERU: To Auction Remaining Oil Exploration Blocks Next Year


P U E R T O   R I C O

GLOBAL HOME: Files Amended Chapter 11 Reorganization Plan
GLOBAL HOME: Disclosure Statement Hearing Set for Dec. 27


T R I N I D A D   &   T O B A G O

HILTON HOTELS: To Issue US$500-Mln Unsecured Floating Rate Notes


U R U G U A Y

EXIDE TECH: Improved Fin'l Results Cue S&P to Lift Rating to B-


V E N E Z U E L A

CHRYSLER LLC: Cerberus Postpones US$4-Bln Debt Sale, Source Says
SIDERURGICA DEL TURBIO: Fitch Affirms B+ Rating on US$100M Notes

* VENEZUELA: Invites Additional Investments from France
* VENEZUELA: Issuing New US$500 Million in Bonds
* VENEZUELA: Foreign Investment Drops US$317 Mil. in Nine Months
* VENEZUELA: Cantv Launches Tender To Acquire Personal Computers


                         - - - - -


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


ALITALIA SPA: Aeroflot Backs Out from Equity Purchase Race
----------------------------------------------------------
Alitalia S.p.A. disclosed that a communication has just been
received from OAO Aeroflot stating its management has decided
not to take part in the privatization of the Italian carrier.

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

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

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

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

                       About Alitalia

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

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

Italian Transport Minister Alessandro Bianchi has warned that
Alitalia may file for bankruptcy if the current attempt to sell
the government's 49.9% stake fails.


BUSPE SRL: Proofs of Claim Verification Deadline Is Feb. 26
-----------------------------------------------------------
Marta C. Lucena, the court-appointed trustee for Buspe S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 26, 2008.

Ms. Lucena will present the validated claims in court as
individual reports on April 8, 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 Buspe 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 Buspe's accounting
and banking records will be submitted in court on May 21, 2008.

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

The trustee can be reached at:

         Marta C. Lucena
         Lavalle 1718
         Buenos Aires, Argentina


DANA CORP: Ad Hoc Asbestos Committee Balks at Planned Settlement
----------------------------------------------------------------
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.

                  Ad Hoc Committee Objects

The Ad Hoc Committee of Asbestos Personal Injury Claimants
disputes Dana Corp. and its debtor-affiliates' request to
approve Settlement Agreements with the Asbestos Personal Injury
claimants.

Douglas T. Tabachnik, Esq., at Law Offices of Douglas T.
Tabachnik, in Freehold, New Jersey, tells the U.S. Bankruptcy
Court for the Southern District of New York that the Ad Hoc
Committee has not been provided with actual copies of the
Settlement Agreements.  Rather, he adds, the committee has only
been provided with the Debtors' description of some of the terms
of the agreements, hence, the committee cannot evaluate the
agreements.

The Settlement Agreements provide potentially different, more
favorable treatment for the asbestos personal injury claims that
are being settled pre-confirmation than the treatment afforded
other asbestos personal injury claims, although those claims are
classified in the same class, Mr. Tabachnik asserts.

As previously reported, Dana's third amended joint Plan of
Reorganization and the Court-approved Disclosure Statement
provide that Class 3 - Asbestos Personal Injury Claims will be
reinstated on the Plan's effective date.

"The treatment provided by the Settlement Agreements could be
considered to discriminate against the holders of asbestos
personal injury claims who have not settled with the Debtors
pre-confirmation," Mr. Tabachnik says.

Furthermore, according to Mr. Tabachnik, all of the members of
the Ad Hoc Committee either have lawsuits pending against the
Debtors or have settled their claims against the Debtors prior
to the petition date.

The Debtors have not paid the settlement amount to any of the
members of the committee with whom claims were settled, Mr.
Tabachik elaborates.  Thus, he asserts that theDebtors should
clarify how the unfunded settlements will be treated under the
Debtors Third Amended Joint Plan, and what recourse claimants
with unfunded settlements have if the settlements are not paid.

Accordingly, the Ad Hoc Committee asks the Court to deny the
Debtors' request to enter into Settlement Agreements.  In the
alternative, the Ad Hoc Committee asks the Court to continue the
hearing on the Settlement Motion until the committee has been
provided with and has acquired the opportunity to review the
Settlement Agreements.

                    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)


DANA CORP: Judge Lifland Rejects Jasco's US$20 Million Claim
------------------------------------------------------------
The Hon. Honorable Burton R. Lifland of the U.S. Bankruptcy
Court for the Southern District of New York refused to abstain
from hearing on Dana Corp. and its debtor-affiliates' objection
to the US$20,000,000 claim asserted by Jasco Tools, Inc.

In a 15-page opinion, Judge Lifland explained that mandatory
abstention does not apply to core proceedings and that
proceedings for the allowance or disallowance of claims are
"core."  Judge Lifland continued that because nothing is more
directly at the core of bankruptcy administration than the
quantification of all liabilities of the debtor, the bankruptcy
court's determination whether to allow or disallow a claim is a
core function.  Moreover, abstention is "an extraordinary and
narrow exception to the duty of the federal courts to adjudicate
Controversies, which are properly before it," Judge Lifland
added.

Judge Lifland also refused to lift the automatic stay to permit
Jasco to continue prosecuting the lawsuit it filed against Dana
Corp. and a supplier, Nationwide Precision Products Corp., in
the New York Supreme Court, Monroe County.  Judge Lifland says
that allowing the thousands of claims asserted against the
Debtors to continue in courts throughout the county would
undermine one of the main purposes of utilizing Chapter 11 of
the Bankruptcy Code.

Judge Lifland notes that Jasco's claim does not raise any
unsettled issues of state law and is not before a specialized
tribunal.

Moreover, Judge Lifland denies Jasco's breach of contract claim
and claim for alleged trade secret misappropriation.  The Court
notes that nothing in the Agreement between Dana and Jasco
required Dana to negotiate exclusively with Jasco or forbade
Dana from seeking bids from other potential suppliers before
discussing a potential renewal with Jasco, thus Dana did not
breach its contract with Jasco when it entered into an agreement
with Nationwide.  In addition, the Court finds that there is no
evidence connecting Dana to the alleged conspiracy to steal and
use Jasco information to replace it as Dana's supplier.

Jasco has asked the Bankruptcy Court to abstain from hearing on
the Debtors' claim objection because, according to Alexander
Geiger, Esq., at Geiger and Rothenberg, LLP, in Rochester, New
York, the causes of action asserted in the New York lawsuit are
based on state law.

Jasco also asked the Bankruptcy Court to lift the automatic stay
so that it may continue to prosecute the New York lawsuit in the
state court rather than await completion of the Debtors'
bankruptcy cases.

The Debtors, in a separate filing, argued that there is no legal
basis for Jasco to assert that the bankruptcy court is required
to abstain from ruling on a debtor's claim objection that
asserts state law theories.  The Debtors added that Jasco
confuses the New York lawsuit with the contested matters under
the claims objection.

                       Jasco's Claim

Jasco provided Dana's predecessor, Eaton Corporation, with
precision-machined castings from 1995 through Dec. 31, 2000.
Pursuant to the parties' purchase agreement, Dana and Jasco met
in 1999 to negotiate a possible extension.  Dana also received
bids from several other potential suppliers, including
Nationwide Precision Products Corp., which offered lower prices
than Jasco and proposed purchasing all new machines to perform
the work.

After Dana awarded the contract to Nationwide, Jasco commenced
an action against Dana and Nationwide in July 2002 in New York
Supreme Court, Monroe County.  Jasco claims that Dana and
Nationwide participated in a "scheme" to divert the business
away from Jasco, as evinced by Nationwide's hiring of two former
Jasco employees, Charles Zicari and Sean Convertino, who
participated in Nationwide's bid for the Dana contract.

After conductingnearly four years of discovery, the lawsuit was
stayed as a result of the Debtors' Chapter 11 filing.

On Sept. 15, 2006, Jasco filed Claim No. 9592, asserting
US$20,000,000 against the Debtors.

The Debtors objected to the Jasco Claim noting that it
constituted a Contract Claim and Tort Claims.

                     The Contract Claim

The Debtors asserted that Jasco's Contract Claim is based on
allegations that Dana did not meet with Jasco to negotiate an
extension pursuant to Section 4.01 of the Agreement.

Section 4.01, which provides that the Agreement expires on
Dec. 31, 2000, also states: "The parties agree to meet in the
second quarter of the year 1999 to negotiate an extension of the
term."

The Debtors contend that the issue of whether Dana negotiated
however, is immaterial because contract's extension-negotiation
provision did not guaranty that Dana would renew with Jasco.

                       The Tort Claims

The Debtors also asserted that Jasco's Tort Claims filed against
them fail as a matter of law.  Jasco, the Debtors explain, bases
the claims on the allegation that Dana and Nationwide conspired
to misappropriate Jasco's allegedly confidential, trade secret
information.

The Debtors assert that there is no evidence (i) in the record
to support any allegation of conspiracy or misappropriation by
Dana, (ii) that Dana knew that the Nationwide bid contained or
was based upon any of Jasco's alleged trade secrets, and (iii)
that Dana intended to maliciously harm Jasco or unjustly enrich
itself at Jasco's expense.

                       Jasco's Response

In response, Jasco asked the Court to dismiss the Debtors'
objection to Claim No. 9592 because of procedural deficiency.
Alexander Geiger, Esq., at Geiger and Rothernberg, LLP, in
Rochester, New York, noted that the Debtors' objection was not
accompanied by any affidavit, declaration or verification in
support of their request.

Jasco asserted that its Claim should be allowed in any amount
the Court may determine, or that the automatic stay be lifted so
that the lawsuit filed in the New York Supreme Court, Monroe
County, may proceed for discovery and final judgment.

Mr. Geiger related that evidence and affidavits filed in the
Supreme Court Action showed that the Debtors acted with the
utmost of bad faith, in capitalizing on the theft of Jasco's
trade secrets and in surreptitiously entering into an agreement
with Nationwide Precision Products Corp., the competitor
company, which was utilizing the stolen trade secrets.

Moreover, Mr. Geiger argued that the facts showed in the Supreme
Court Action demonstrates each element of a prima facie tort
cause of action.  Mr. Geiger pointed out that:

  * the employees of the Debtors and Nationwide conspired,
    knowingly, intentionally, and wrongfully, to deprive
    Jasco of its contract with the Debtors;

  * this action resulted in special damages to Jasco,
    because lost a profitable contract that would have
    generated more than US$20,000,000 of profit over the
    life of the contract;

  * there was no lawful excuse or justification for the
    actions of the Debtors and Nationwide; and

  * had the Debtors simply gone about the business of
    obtaining the lowest available bid for their work,
    without engaging in wrongful activity, their actions
    would have been entirelylawful.

                       Debtors React

The Debtors however insisted that Jasco's claim should be
disallowed.

Jasco's response fails to rebut the controlling case law cited
by the Debtors for the proposition that contractual renewal
provisions that depend on the parties' negotiation of a future
agreement are unenforceable and cannot give rise to damages,
William S. Gandy, Esq., at Wilson, Elser, Moskowitz, Edelman &
Dicker, LLP, asserted.  He further asserted that Jasco has no
competent evidence to support its conspiracy-based tort claim
against the Debtors.

Jasco had ample opportunity to try to develop a record, hence,
Jasco's request for more time to conduct further discovery is
simply an attempt to delay summary judgment, Mr. Gandy told the
Court.

Jasco's request that the automatic stay be lifted so that
the lawsuit filed in the New York Supreme Court, Monroe County,
may proceed for discovery and final judgment must be denied, Mr.
Gandy asserted.  He argued that Jasco did not make any argument
and did not cite any authority to warrant lifting the automatic
stay.

                   About Dana Corporation

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

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

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

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

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

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


DELTA AIR: Objects to Former Employees' Class Certification Bid
---------------------------------------------------------------
Delta Air Lines, Inc., asks the U.S. Bankruptcy Court for the
Southern District of New York to:

  (a) disallow and expunge Claim Nos. 8601 & 8604 filed in the
      names of George T. Baker, Herbert Summers, Charles L.
      Strickland and Donald F. Mairose; and

  (b) deny with prejudice  Baker, et al.'s requests (i) for
      certification of class under Rule 7023 of the Federal
      Rules of Civil Procedure, and (ii) to appoint counsel.

Baker, et al., filed the proofs of claim against the Debtors,
asserting a portion of their retirement benefits that have been
allegedly disregarded in the calculation of claims for damages
arising from the termination of the non-qualified retirement
plans, which was expected to exceed $100,000,000 against Delta.

Baker, et al., are members of DP3, Inc., doing business as Delta
Pilots' Pension Preservation Organization.

According to Baker, et al., the Class claim was also filed on
behalf of the persons who are similarly situated, consisting of
all persons who (i) were previously employed by Delta as pilots,
(i) retired from service with Delta prior to September 2, 2006,
(iii) qualified as participants under the Qualified Plan, and
(iv) are not being allowed a claim for their full retirement
benefits under the Qualified and Non-Qualified Plans, owing to
Delta's disregard of the benefits' portions through the Debtors'
inconsistent application of the compensation and benefit
limitations, as specified in IRC Section 401(a)(17) and Section
415(b).

                   Class Claims in Question

Marshall S. Huebner, Esq., at Davis Polk & Wardwell, in New
York, relates that Delta, DP3, and the DP3 claimants underwent
arm's-length negotiations to settle all claims arising out of,
or relating to Delta's non-qualified pension plans.  Delta
provided for the claims their individual calculation
methodologies as duly approved by the Court and supported by
DP3.

In seeking non-qualified pension claims from Delta, on top of
the expected calculation of qualified pension benefits by the
Pension Benefit Guaranty Corporation, DP3 has violated the
express terms of the Court-approved settlement, Mr. Huebner
contends.

Mr. Huebner further finds that DP3's clear attempt to recover
from Delta benefits that may possibly be lost on account of the
PBGC's application of the Employee Retirement Income Security
Act rules, is not supported by any legal principle.  No
contractual provision allows a non-qualified pension claim
against Delta to offset a possible loss of PBGC-paid qualified
pension benefits.

Moreover, the attempt gives PBGC the grounds to contend that any
top up claim would be illegal under the ERISA, as amended in
1974, he says.

Mr. Huebner points out that the Class claim is barred by virtue
of being filed (i) in direct violation of two comprehensive
settlements enshrined in two written stipulations ordered
approved, final and non-appealable by the Court; and (ii) after
the expiration of all possible deadlines.

            Delta: Class Certification Inappropriate

Similarly, Delta says that the DP3 claimants' request for
certification is untimely, as it was filed after the effective
date of a confirmed Chapter 11 Plan and after the expiration of
the applicable bar dates for the members of the putative Class.
Class certification is not appropriate in the period immediately
preceding a plan confirmation, and is certainly not appropriate
after distributions have commenced.

Owing to their apparent purpose to collaterally attack
negotiated settlements, neither DP3 or the DP3 claimants can
possibly meet the rigorous standards for certification under
Rule 23 of the Federal Rules of Civil Procedure, nor can their
counsel, Miller & Martin PLLC, be appointed to represent any
Class, Mr. Huebner contends.

The Debtors maintain that the Court should decline to exercise
its discretion to certify the DP3 Class action because the
asserted Class claim is a thinly-disguised effort to evade Title
IV of ERISA by recovering for the termination of a qualified,
defined benefits plan.

Specifically, the Debtors find that the DP3 claimants seek more
non-qualified claims to evade the possibility that the PBGC will
assign certain benefits a lower priority based on application of
ERISA's three- and five-year look-back rules.

The rules, with respect to ERISA's Title IV, require the PBGC to
determine the benefit payable to a retiree based on (i) his or
her age, pay and service three years prior to the pension plan
termination, and (ii) the benefit plan terms five years prior to
its termination.  The calculated amount will then be compared to
the amount actually being paid to the retiree at pension plan
termination, giving a lower payment priority to the difference
between the two, Mr. Huebner explains.

Notwithstanding the circumstances, the Debtors maintain that the
DP3 claimants' Class claim and request for certification fail
because the lengthy Class action process begins only upon the
Court's finding that the claim satisfies each of the Civil Rule
requirement, and thereafter, Rule 9014 of the Federal Rules of
Bankruptcy Procedure allows the Court to choose, in its absolute
discretion, to permit the DP3 Class claim under Rule 23 of the
Federal Rules of Civil Procedure.

               DP3 and Class Claimants Respond

Baker, et al., contend that their Class claim "seek only to
compel Delta to liquidate and allow the Class of retired pilots'
claim for the full economic loss caused by Delta's termination
of the Non-Qualified Plans in accordance with the terms of the
settlements between Delta and DP3."

Dean Booth, Esq., at Miller & Martin LLC, in Chattanooga,
Tennessee, finds that the Debtors' arguments to the request for
Class certification are irrelevant as it relates to the merit of
the Class claim, as opposed to the fact that the Court's
determination is based only whether the nominal Class
representatives meet the requirements for certification required
by Civil Rules 23(a) and 23(b).

Rather than collaterally attack the DP3 and Delta settlements on
which the members of the putative Class relied, the Class
claimants seek to enforce the terms of the settlement and compel
Delta to liquidate the claims of the putative Class to the
extent that the claims include all post-termination, non-
qualified pension benefits lost as a result of Delta's
termination of the NQ Plans, he says.

In addition, the unsecured Class claim seeks to recover the
disregarded benefit payable directly by the Debtors under the NQ
Plans, while the PBGC's claim asserts unfunded benefits arising
under the Qualified Plan.  In this regard, the Class claim do
not usurp the PBGC's authority afforded in Title IV of ERISA,
Mr. Booth clarifies.

The Class claimants assert their standing to pursue the Class
claim for the "actual economic loss" suffered by the individual
claimants and members of the putative Class, as caused by
Delta's failure to properly compute and schedule the amount of
lost pension benefits pursuant to the Plans, and the settlements
between DP3 and Delta.

Moreover, the Class claimants assert their constitutional
standing to prosecute their Class claim, as an injury-in-fact
was caused by Delta's calculation of the Class claimants'
benefits without regard to the compensation and benefit
limitations specified in IRC Sections 401(a)(17) and 415(b).

The Class claimants' statutory standing to pursue the Class
claims is also empowered by Title I of ERISA, which authorizes a
plan participant -- defined as any employee or former employee
-- to bring an action to recover benefits under a retirement
plan, Mr. Booth asserts.

Mr. Booth adds that contrary to Delta's contention that the PBGC
possesses the exclusive authority to pursue a claim for unpaid
benefits, ERISA affords standing to Class claimants, as
participants of the NQ Plans, to assert the Class claim.  This
is reinforced by the termination of the Qualified Plan and the
PBGC's appointment as the Statutory Trustee.

Under the assumption that the PBGC maintains an exclusive
authority to pursue a claim for unfunded benefit liabilities
relating to the terminated Qualified Plan, the Class claim,
reflecting a general unsecured claim for a benefit payable under
the NQ Plans, does not infringe upon the PBGC's authority, Mr.
Booth maintains.

According to DP3, Delta's contention that the Class claimants
failed to file their claim by the Bar Date, is "misplaced"
because:

  (a) the stipulations and settlements between Delta, the
      Committee and DP3 created for the Class a reasonable
      expectation that they are allowed an unsecured claim that
      included all "actual economic loss" resulting from the
      termination of the NQ Plans; and

  (b) the many pleadings filed by DP3 preserve and recover
      pension benefits for all retired pilots constitute
      informal proofs of claim by members of the putative Class
      for all "actual economic loss".

Alternatively, the Court should find that the Class claimants'
failure to file within the deadline was the result of "excusable
neglect", and the  Bar Date should be extended, pursuant to Rule
9006(b)(1), Mr. Booth asserts.

DP3 further asserts the reasonability of the Class claim, as the
prerequisites to certification of the Class under Civil Rule 23
has been satisfied:

  * At least 3,485 retirees have presumably suffered a loss of
    the disregarded benefit complies with the numerosity
    requirement;

  * The untimely filing of an informal claim prior to the
    expiration of the purported Bar Date is caused by inadequacy
    of Delta's notice; and

  * Certification of the Class will facilitate the prompt
    resolution of the substantive legal issues, binding all
    members of the Class in one proceeding.

Accordingly, the DP3 and the Class claimants ask the Court to:

  (a) allow the Class claims;

  (b) certify the Class under Civil Rules 23(b)(i) and (b)(3);
      and

  (c) appoint (i) Dean Booth, Esq., (ii) Shelley D. Rucker,
      Esq., and (iii) Nicholas W. Wittenburg, Esq., of Miller &
      Martin PLLC, as Class counsel.

          PBGC Calls for ERISA-Unrelated Resolution

In a separate filing, the Pension Benefit Guaranty Corporation
holds that the Court "can, and should, resolve the motion and
the objection without deciding any issues relating to Title IV
of ERISA."

Alternatively, the PBGC reserves the right to fully brief the
ERISA issues prior to any decision reached in the proceeding, as
the disputed issues may have a significant impact on the ERISA-
administered Title IV pension plan termination insurance
program.

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

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


EMPRESA GRAFICA: Proofs of Claim Verification Ends Feb. 15, 2008
----------------------------------------------------------------
Estudio Stolkiner y Asociados, the court-appointed trustee for
Empresa Grafica Linofilm Offset S.A.I.C.I.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
Feb. 15, 2008.

Estudio Stolkiner 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 Empresa Grafica 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 a Empresa Grafica's
accounting and banking records will be submitted in court on
May 16, 2008.

Estudio Stolkiner is also in charge of administering Empresa
Grafica's assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

         Estudio Stolkiner y Asociados
         Avenida Cordoba 1367
         Buenos Aires, Argentina


FRIGOSOL SRL: Reorganization Proceeding Concluded
-------------------------------------------------
Frigosol S.R.L.'s reorganization proceeding has ended.  Data
published by Infobae on its Web site indicated that the process
was concluded after the National Commercial Court of First
Instance in Lomas de Zamora, Buenos Aires, approved the debt
agreement signed between the company and its creditors.

The debtor can be reached at:

          Frigosol S.R.L.
          Catamarca 1398, Lanus Oeste
          Lomas de Zamora, Buenos Aires
          Argentina


JANI KING: Proofs of Claim Verification Is Until Feb. 26, 2008
--------------------------------------------------------------
Susana Beatriz Gonzalez Cabrerizo, the court-appointed trustee
for Jani King S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 26, 2008.

Ms. Cabrerizo will present the validated claims in court as
individual reports on April 8, 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 Jani King 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 Jani King's
accounting and banking records will be submitted in court on
May 21, 2008.

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

The trustee can be reached at:

         Susana Beatriz Gonzalez Cabrerizo
         Acevedo 492
         Buenos Aires, Argentina


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

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

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

The debtor can be reached at:

          Jibana S.A.
          Avenida Pueyrredon 468
          Buenos Aires, Argentina


MEDIC SALUD: Proofs of Claim Verification Deadline Is March 6
-------------------------------------------------------------
Gustavo Ariel Fiszman, the court-appointed trustee for Medic
Salud S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until March 6, 2008.

Mr. Fiszman will present the validated claims in court as
individual reports on April 22, 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 Medic Salud 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 Medic Salud's
accounting and banking records will be submitted in court on
June 4, 2008.

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

The trustee can be reached at:

         Gustavo Ariel Fiszman
         Avenida Santa Fe 5086
         Buenos Aires, Argentina


NIPPON SHEET: Posts JPY51.5-Bil. Net Income for 2007 First Half
---------------------------------------------------------------
Nippon Sheet Glass Company, Ltd., posted a net income of
JPY51.5 billion for the six-month period ended Sept. 30, 2007, a
154.0% rise from the JPY20.3-billion net income recorded for the
same period last year.

Operating income soared 214.9% to JPY27.0 billion from the
JPY8.6 billion recorded for the first six months of 2006.
First-Half sales increased to JPY433.9 billion year-on-year from
JPY273.3 billion.

         Results of Operations and Business Outlook

The first half-year period under review (April to September
2007) saw a steady recovery in Central European economies, but a
leveling off of upward momentum in Germany.  Growth in Russia
and Eastern Europe continued.

In Japan, despite concerns about the high level of prices of raw
materials and fuels (especially crude oil), the economy enjoyed
modest expansion, supported by steady capital expenditure and
improvements in employment and consumer confidence.  However,
housing starts in July through September showed a consecutive
decrease, due mainly to delays in building permits caused by
changes in the new Japanese Construction Code.

The North American economy continued to show a subdued
performance, due to the decline in the housing market.  In other
areas, notably South America and China, expansion continued with
growth in the regional economies.

In the information technology and electronics sector, worldwide
shipments of PCs, cellular phones and other IT equipment
sustained higher levels than in the previous year.  The glass
fiber sector continued to experience robust demand,
particularly, in Europe.

The performance of Pilkington, which became a consolidated
subsidiary in June 2006, was included in the Company's
consolidated income statement from the second quarter of the
previous fiscal year.  Consequently, sales, operating profits,
and ordinary profits all saw substantial year-on-year increases
in the first half.

In this period, the Company recorded JPY50.5 billion in
extraordinary profits, mainly from the disposal of an
Australasian subsidiary in the Flat Glass business, as well as
the sale of investment securities.

           Segmental Overview of Operating Results

Flat Glass Business

The Flat Glass business encompasses the Group's Building
Products business (glass and glazing systems for exterior and
interior architectural use) and Automotive business (glass and
glazing systems for vehicles in the Original Equipment and
Aftermarket sectors).  Overall, these businesses accounted for
around 90 per cent of total Group sales in the period under
review.

Building Products business

In Building Products Europe, (representing 58 per cent of the
Group's BP sales), demand continued at satisfactory levels.
Profit performance was strong across most regions and products,
with prices above levels of the previous year and efficiency
gains offsetting cost increases.  Market conditions in Japan (24
per cent of BP sales) continued to be challenging, with sales
and profits at similar levels to last year.  Residential
construction remained depressed, resulting in increasingly tough
competition amongst downstream manufacturers with reduced
volumes and increasing levels of over-capacity.

In North America (8 per cent of BP sales), residential glass
demand continued to be weak, which combined with rising input
costs, resulted in declining year-on-year profits.  In the Rest
of the World (10 per cent of BP sales), the Group's businesses
in South America continued to perform well and Cebrace, the
Group's 50 per cent joint venture in Brazil, also showed
improved year-on-year results.  In South East Asia, the Group's
businesses continued to show an improvement over the previous
year.

Overall, the Building Products business achieved sales of
JPY205 billion and operating income of JPY17.5 billion.

Automotive Business

In Automotive, approximately 52 per cent of sales are in Europe,
15 per cent in Japan, 24 per cent in North America and 9 per
cent in other regions.

In the European Original Equipment sector, revenues and profits
remained strong, and in the European Automotive Glass
Replacement market, both revenues and profits were ahead of the
previous year.

In Japan, revenues were reduced, due to poor model performance
of some models and problems with some new model introductions.
In North America, OE sales were ahead of the previous year and
AGR profits also demonstrated a year-on-year improvement.  In
the Rest of the World, sales and profits in both South America
and China were ahead of last year, with those in South East Asia
lower than last year.

Overall, Automotive sales were JPY183 billion, with operating
income of JPY12.6 billion.

Specialty Glass Business

The Specialty Glass Business encompasses the Group's Information
Technology business (information and telecommunication devices
and glass for LCDs) and Glass Fiber businesses.

Information Technology

In the Information Technology business, demand for the main
products, including optical lenses for multifunction printers
and glass substrate for small and medium-sized LCD panels,
remained steady.  Consequently, total sales for the IT business,
of JPY21.0 billion, were slightly higher than the level in the
previous year.  Due to an increase in sales and cost reduction,
operating income in this business was higher than the previous
year.

Glass Fiber

In the Glass Fiber sector, total sales of JPY19.2 billion were
higher year-on-year, reflecting continuing robust demand for
glass cord in Europe.  Sales of Metashine(R), which is used by
cosmetics manufacturers worldwide, remain strong.

Other Operations

This segment mainly covers corporate costs and engineering
income, but also includes small businesses not included in
Building Products, Automotive and Specialty Glass.  The result
is a reduction in earnings, reflecting an increase in general
corporate expenses due to the consolidation of Pilkington
central costs for the period.  Consequently, this segment
recorded sales of JPY5.7 billion and an operating loss of
JPY7.8 billion.

                Operating Outlook for FY2008

Economic activity is expected to remain steady in Western
Europe, with rapid growth continuing in Eastern Europe and
Russia.  In Japan, it is anticipated that in the third quarter
of fiscal 2008 onward, the recovery trend of the Japanese
economy will weaken, reflecting a slowdown in capital investment
and consumer spending and trends in overseas economies.  The
U.S. economy is seen to steady in general, but the housing
market is expected to continue to be affected by problems in the
mortgage market.

In the Rest of the World, South American markets are expected to
continue to expand, particularly in Brazil.  ASEAN economies are
projected to grow steadily, due to expansion of exports and
infrastructure-related investment.  It is anticipated that
capital spending, exports and personal investment will continue
to drive economic growth in China, although the economy is not
expected to grow as fast as in 2006.

Building Products

In Europe, we expect most Building Products markets to begin to
soften as the financial year progresses, although market
conditions will continue to be relatively buoyant compared to
the previous year.  The full-year result is expected to show a
marked increase in year-on-year financial performance.  In
Japan, economic conditions continue to be unfavorable, resulting
in a further year of low operating margins.  Similarly, in North
America the residential housing market continues to be weak and
profit performance is expected to be slightly below the previous
year's level.  In South America the Group's businesses continue
to generate satisfactory returns and the full-year result is
anticipated to be slightly ahead of last year.  The performance
of the Building Products businesses in South East Asia is also
expected to be ahead of the previous year.

Across the Building Products business in total, the relative
size and strength of the profit performance in Europe will more
than offset weaknesses in Japan and North America.  This is
expected to result in a significant improvement in overall
profitability.

Automotive

In Automotive, in Europe, sales to OE customers should continue
to be higher than last year despite relatively flat markets.  In
North America, trading conditions remain difficult and our sales
to the major OE customers are likely to be below last year,
although this trend should reverse next year due to an increase
in the number of new models.  The Japanese market demand is
weaker and sales will be below last year.  Market demand in
South America continues to be buoyant and sales will be well
ahead of last year.  In the replacement glass businesses, sales
continue to exceed last year in all markets except North
America, where competition remains intense.

Overall, the continuing strong performance of Europe and South
America should ensure a further year of increased profits in
Automotive.

Specialty Glass

In the Information Technology Business, demand for mobile phones
and portable music players is expected to show firm growth, with
the glass substrate market for small and medium-sized LCD and
touch panels remaining steady.  Due to seasonal demand
variations, the demand for optical lenses for multi-function
printers is expected to be slightly lower than the first half-
year.

In the Glass Fiber Business, in Europe, demand for glass cord is
expected to continue to increase, with a further shift towards
high quality glass cord.  Indications are that the market for
Metashine(R) will remain buoyant.  The Group intends further to
develop non-cosmetics applications in industrial markets for
Metashine(R).

                     Outlook for FY2008

The Group outlook for the full year, as announced on August 23,
2007, remains unchanged, with net income expected to reach
JPY53 billion, operating income estimated to be at JPY45 billion
and net sales seen to be at JPY850 billion.

                     About Nippon Sheet

Headquartered in Tokyo, Nippon Sheet Glass Company, Limited
-- http://www.nsg.co.jp-- Company operates in four business
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display products and others.  Its Glass
Fiber division is engaged in the manufacture, processing and
sale of special glass fiber products, air filter-related items
and others.  The Others division is involved in the facility
engineering and the test analysis businesses, among others.

The company has operations in Argentina, the United States, and
Austria.

Standard & Poor's Ratings Services affirmed on June 20, 2006,
its BB+ long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.


ORGANIZACION MEDICA: Proofs of Claim Verification Is Feb. 29
------------------------------------------------------------
Norberto Jorge Volpe, the court-appointed trustee for
Organizacion Medica Sanahed S.A.'s bankruptcy proceeding,
verifies creditors' proofs of claim until Feb. 29, 2008.

Mr. Volpe will present the validated claims in court as
individual reports on April 11, 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 Organizacion Medica 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 Organizacion Medica's
accounting and banking records will be submitted in court on
May 26, 2008.

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

The trustee can be reached at:

         Norberto Jorge Volpe
         Maipu 859
         Buenos Aires, Argentina


QUINTO SA: Proofs of Claim Verification Ends on Feb. 6, 2008
------------------------------------------------------------
Jose Larrory, the court-appointed trustee for Quinto SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 6, 2008.

Mr. Larrory will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 25 in Buenos Aires, with the assistance of Clerk
No. 49, 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 Quinto 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 Quinto's accounting
and banking records will be submitted in court on May 21, 2008.

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

The debtor can be reached at:

         Quinto SA
         Belgrano 225
         Buenos Aires, Argentina

The trustee can be reached at:

         Jose Larrory
         Rodriguez Pena 231
         Buenos Aires, Argentina


SUCESION DE CAINZOS: Seeks for Reorganization OK in Buenos Aires
----------------------------------------------------------------
Sucesion de Cainzos Juan Carlos has requested for reorganization
approval after failing to pay its liabilities.

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

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

The debtor can be reached at:

          Sucesion de Cainzos Juan Carlos
          Avenida Cordoba 859
          Buenos Aires, Argentina


TASARTO SA: Proofs of Claim Verification Is Until Feb. 8, 2008
--------------------------------------------------------------
Rosa del Carmen Irigoyen, the court-appointed trustee for
Tasarto S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 8, 2008.

Ms. Irigoyen 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 Tasarto 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 Tasarto's accounting
and banking records will be submitted in court on May 9, 2008.

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

The trustee can be reached at:

         Rosa del Carmen Irigoyen
         Avenida Cordoba 1351
         Buenos Aires, Argentina


* ARGENTINA: AFTA Demands Argentina Pay for Defaulted Debts
-----------------------------------------------------------
The American Task Force Argentina called on U.S. Treasury
Secretary Henry Paulson to defend the interest of Americans and
the global system of lending to developing nations by insisting
that the government of Argentina honor its obligations to U.S.
and other foreign bondholders during the Group of Twenty (G-20)
meeting in Cape Town, South Africa held Nov. 17 and 18.

The meeting of G-20 Finance Ministers and Central Bank Governors
included Argentina, the European Union, International Monetary
Fund Managing Director Rodrigo de Rato y Figaredo, and World
Bank President Robert Zoellick.  Secretary Paulson's
participation in this forum provided a unique opportunity to
direct much-needed international attention to Argentina's
continuing policy of repudiating outstanding debt owed to
international lenders.

"Argentina has defied the rules of international lending by
repudiating more than US$20 billion in sovereign debt held by
thousands of foreign creditors from nations that are all
represented at the G-20," said ATFA Co-chair Dr. Robert Shapiro.
"The G-20 meeting is an appropriate forum to focus on this
unnecessary abuse of the international lending system, its
implications for lending to other developing countries, and the
remedies that Argentina can pursue to regain its good standing
in international markets."

ATFA, through a variety of events and research initiatives,
works to encourage the United States government and other
Argentine debt stakeholders to take action on behalf of American
taxpayers, businesses, and bondholders damaged by Argentina's
repudiation of its debts.  ATFA's website --
http://www.atfa.org/-- serves as a clearinghouse for news and
information related to Argentina's restructuring and the ATFA's
efforts.

Made up of an alliance of organizations, ATFA's leadership
includes former Assistant Attorney General at the U.S.
Department of Justice, Mr. Robert Raben, as Executive Director
and is co-chaired by The Honorable Robert J. Shapiro, former
Under Secretary of Commerce for Economic Affairs in the Clinton
Administration, and Ambassador Nancy Soderberg, Ambassador at
the U.S. Mission to the United Nations in New York from 1997 to
2001.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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


* ARGENTINA: AFTA Snubs Debt-for-Equity Swap
--------------------------------------------
The American Task Force Argentina, a powerful group of creditors
holding US$20 billion in defaulted Argentine bonds, rejects a
proposal to swap debt for industrial infrastructure investments,
Jude Webber at The Financial Times reports.

The strategy was used by the government to honor obligations in
the 1990s when it defaulted on Brady Bonds.  When the idea
surfaced in an article written by economist Eugenio Diaz
Bonilla, AFTA replied by calling the scheme "ridiculous," the FT
relates.  The group insisted Argentina should pay what it owes.

Local media suggests that Martin Lousteau, the economy minister-
designate, might enforce the scheme.  Economists quoted by the
FT believe that bondholders will be better off accepting such a
scheme.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

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




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


APEX REINSURANCE: Sets Final Shareholders Meeting for Jan. 3
------------------------------------------------------------
Apex Reinsurance Company Limited will hold its final
shareholders meeting on Jan. 3, 2008, at 10:00 a.m., at:

          Mello Jones & Martin
          Thistle House, 4 Burnaby 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.


CHEVRONTEXACO NORTH: Sets Final Shareholders Meeting for Dec. 18
----------------------------------------------------------------
Chevrontexaco North Buzachi Ltd. will hold its final
shareholders meeting on Dec. 18, 2007, at 9:30 a.m. at:

           Chevron 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.


INNOVA HOLDINGS: Will Hold Final Shareholders Meeting on Dec. 27
----------------------------------------------------------------
Innova Holdings Ltd. will hold its final shareholders meeting on
Dec. 27, 2007, at the offices of the company.

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.


INNOVA HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 7
----------------------------------------------------------
Innova Holdings Ltd.'s creditors are given until Dec. 7, 2007,
to prove their claims to Geoffrey W. Moore, F.C.A., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Innova Holdings Ltd.'s shareholder agreed to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Geoffrey W. Moore, F.C.A.
         Jardin House, P.O. Box HM 1091
         Hamilton HM EX, Bermuda


INTELSAT LTD: Enters Into Two New Customer Agreements
-----------------------------------------------------
Intelsat Ltd. has announced two new customer agreements
demonstrating the company's continued momentum in providing
satellite-based cellular backhaul solutions for wireless
operators.  Joining more than 60 other wireless operators
receiving service from Intelsat, cellular telecom providers in
Kenya and Angola will be able to extend their much-needed
communications services throughout the rural and urban areas in
their respective countries.

MSTelcom, a licensed telecommunications operator in Angola and
subsidiary of Sonangol Holdings, will use Intelsat satellite
capacity to provide transmission services for one of the
country's largest GSM operators as it seeks to rebuild and
expand its telecommunications network after the country's
infrastructure was ravished by civil war. MSTelcom has
contracted for C-band service on the Intelsat 3R satellite at 43
degrees West.

"There is a big demand in Angola for reconstruction of
telecommunications services-services cellular operators need
immediately," said Angelo Gama, MSTelcom's CTO.  "Intelsat is
the only satellite operator that is able to offer us the exact
satellite capacity we need to ensure our customers will be able
to build out their network infrastructures in a timely manner."

Safaricom Ltd., Kenya's leading mobile telephone operator, also
selected Intelsat capacity to support its network expansion
throughout Kenya, and for its own international gateway
connectivity.  Safaricom has contracted for capacity on the
Intelsat 902 satellite at 62 degrees East under a multi-year
agreement.

"Intelsat listened to our requirements and delivered the
solution we needed," said Safaricom Chief Executive Officer
Michael Joseph.  "Working closely with us, Intelsat's service
and its flexibility in accommodating us with additional capacity
on Intelsat 902 provides us with the efficient bandwidth we need
to expand our cellular services network into remote regions of
Kenya, and for our international services."

"Our wireless expertise is unmatched in the satellite industry-
we understand the requirements of this unique segment of the
telecommunications market, based in part on our legacy in
serving the Africa region for over 40 years," said Flavien
Bachabi, Intelsat's Regional Vice President, Africa.  "We are,
and will continue to be, the premier satellite service provider
for Africa.  Operators need the ability to grow their services
rapidly, to offer services ubiquitously throughout their
territories and to have flexible contracts that can keep pace
with the rapid changes in their business.  Intelsat remains
ready to respond to Africa's growing wireless operator sector."

Headquartered in Bermuda, Intelsat, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Moody's Investors placed the long-term debt
ratings of the Intelsat Ltd. group of companies on review for
possible downgrade.

Issuer: Intelsat (Bermuda), Ltd.

  -- Senior Unsecured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently B2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Intelsat Corporation

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Secured Regular Bond/Debenture, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B2

Issuer: Intelsat Holding Corporation

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Issuer: Intelsat Intermediate Holding Company, Ltd.

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B3

Issuer: Intelsat Subsidiary Holding Co. Ltd.

  -- Senior Secured Bank Credit Facility, Placed on Review for
     Possible Downgrade, currently Ba2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently B2

Issuer: Intelsat, Ltd.

  -- Probability of Default Rating, Placed on Review for
     Possible Downgrade, currently B2

  -- Corporate Family Rating, Placed on Review for Possible
     Downgrade, currently B2

  -- Senior Unsecured Regular Bond/Debenture, Placed on Review
     for Possible Downgrade, currently Caa1

Outlook Actions:

Issuer: Intelsat, Ltd.

  -- Outlook, Changed To Rating Under Review From Stable

As reported in the Troubled Company Reporter-Latin America on
June 22, 2007, Fitch Ratings placed these Intelsat Ltd. ratings
on Rating Watch Negative:

    -- Issuer Default Rating 'B';
    -- Senior unsecured notes 'CCC/RR6'.

Fitch also placed the ratings of Intelsat's subsidiaries on
Rating Watch Negative.

Fitch placed these ratings of Intelsat subsidiaries on Rating
Watch Negative:

Intelsat (Bermuda), Ltd.

    -- Issuer Default Rating 'B';
    -- Senior unsecured guaranteed notes 'BB-/RR2';
    -- Guaranteed Term Loan 'BB-/RR2';
    -- Senior unsecured non-guaranteed notes 'CCC+/RR6'.

Intelsat Intermediate Holding Company, Ltd. (Int Holdco)

    -- Issuer Default Rating 'B';
    -- Senior unsecured discount notes 'B-/'RR5'.

Intelsat Subsidiary Holding Company, Ltd. (Sub Holdco)

    -- Issuer Default Rating 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior unsecured notes 'BB-/RR2'.

Intelsat Corporation (f/k/a PanAmSat Corporation)

    -- Issuer Default Rating (IDR) 'B';
    -- Senior secured credit facilities 'BB/RR1';
    -- Senior secured notes 'BB/RR1';
    -- Senior unsecured notes 'B/RR4'.

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services lowered its
ratings on Pembroke, Bermuda-based Intelsat Ltd. and affiliated
entities, including the corporate credit rating, which was
lowered to 'B+' from 'BB-'.  All ratings were immediately placed
on CreditWatch with negative implications.


MAN MAC: Will Hold Final Shareholders Meeting on Dec. 19
--------------------------------------------------------
Man Mac Castor 2A Limited will hold its final shareholders
meeting on Dec. 19, 2007, at 9:30 a.m. at:

             Argonaut Limited
             Argonaut House, 5 Park Road
             Hamilton HM O9, 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.


MONTPELIER RE: Extends CEO A. Taylor's Employment for Two Years
---------------------------------------------------------------
Montpelier Re Holdings Ltd.'s Board of Directors, as part of the
company's succession plan, has approved the entry into a new
Service Agreement between the company and Chairman and Chief
Executive Officer Anthony Taylor, effective Jan. 1, 2008.

In addition, the Board has approved two executive officer
appointments linked to the extension of Mr. Taylor's Service
Agreement, each effective Jan. 1, 2008.

Christopher L. Harris, the Company's Chief Underwriting and Risk
Officer, will assume the role of President of the Company.
Thomas G.S. Busher, a Director and the Company's Chief Operating
Officer, will step up to the role of Deputy Chairman.  In both
cases the appointments are in addition to their existing
responsibilities.

Mr. Taylor's new Service Agreement, which is for two years but
may be extended by agreement, makes provision for him to
relinquish the role of Chief Executive Officer on or after
June 30, 2008.  At such time he will step up to the role of
Executive Chairman.

John Shettle, Lead Director, said, "The Board is delighted to
have secured Tony's services for at least another two years in
the most senior position in the Company.  And in Chris and Tom
we have two long-standing and experienced executives who have
demonstrated their ability to establish and achieve the
Company's strategic goals."

In advance of Mr. Taylor becoming Executive Chairman, the
company will provide further details of the Succession Plan.

Headquartered in Bermuda, Montpelier Re Holdings Ltd., through
its operating subsidiary Montpelier Reinsurance Ltd., is a
premier provider of global property and casualty reinsurance and
insurance products.  During the year ended Dec. 31, 2005,
Montpelier underwrote US$978.7 million in gross premiums
written.  Shareholders' equity at Dec. 31, 2005, was US$1.1
billion.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2006,
A.M. Best affirms these ratings on Montpelier Re Holdings:

Montpelier Re Holdings Ltd.

   -- "bbb-" on senior unsecured debt;
   -- "bb+" on subordinated debt; and
   -- "bb" on preferred stock.

   MRH Capital Trust I and II (guaranteed by Montpelier Re
   Holdings Ltd.)

   -- "bb" on preferred securities.


QCH ACQUISITION: Holding Final Shareholders Meeting on Dec. 21
--------------------------------------------------------------
QCH Acquisition 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.




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


BANCO NACIONAL: Wants US$5-Bln Foreign Reserves To Boost Lending
----------------------------------------------------------------
Brazilian financial daily Valor Economico reports that Banco
Nacional de Desenvolvimento Economico e Social wants up to US$5
billion from foreign reserves to increase lending in 2008.

Business News Americas relates that the Brazilian foreign
reserves totaled US$174 billion as of Nov. 16, 2007.

According to Valor Economico, Banco Nacional representatives
have been discussing the measure with the treasury department.
They will be discussing it with the Brazilian finance ministry.

Valor Economico notes that Banco Nacional has a BRL32-billion
deficit for project funding in 2008.  Demand for credit would
total BRL82 billion.

Banco Nacional head Luciano Coutinho told Valor Economico last
week that the bank secured a budget of BRL50 billion for next
year.

Banco Nacional would want to reduce the dividends it pays the
government to 25% of net profit from 60%, Valor Economico
states.

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

                        *     *     *

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


BRASIL TELECOM: Pontis To Deploy Marketing Delivery Platform
------------------------------------------------------------
Brasil Telecom has signed a deal with Israeli company Pontis to
deploy a marketing delivery platform for the to boost mobile
service uptake in time for the Christmas holiday period, Pontis
said in a statement.

Brasil Telecom chose Pontis, which uses "behavior-based
triggers" to boost average revenue per user and mobile content
adoption and usage, to provide clients with "tailored bundles
and marketing offers," according to Pontis' statement.

Pontis told Business News Americas that its partners American
Telecommunications Holding and Accenture are "working on the
integration of the system."

Pontis said in a statement that the contract with Brasil Telecom
is concentrated on the promotion of mobile prepaid, content, SMS
and MMS services "across a combination of channels."

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional long-
distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

To date, Brasil Telecom carries Moody's Investors Service's Ba1
senior unsecured and credit default swap ratings.


CHRYSLER LLC: Jeep Leads Growth Outside North America in 2007
-------------------------------------------------------------
Chrysler LLC's Jeep(R) brand sales outside North America have
grown 15 percent in 2007, and the brand led Chrysler LLC sales
outside North America with 79,520 units sold through October.
The Company's International sales increased 14 percent (19,797
units) for the month and were up 18 percent for the year
(196,626 units).  That added a 29th month to the Company's
record of consecutive months of year-over-year sales increases.

Markets with a growing auto industry have been promising for
Chrysler.  Through October 2007, sales in regions such as Asia
Pacific, Latin America and the Middle East have seen growth of
17 percent, 25 percent and 65 percent respectively.  The
increased sales in emerging markets, especially China, Brazil
and Russia, have contributed significantly to the Company's
overall growth outside North America.

"It is important to recognize opportunities outside North
America to balance the impact any one region can have on the
business," said Michael Manley, Executive Vice President -
International Sales, Marketing and Business Development.

Mr. Manley added "Our focus on growth is not only to increase
sales internationally, but also to ensure that the growth is
balanced among the Company's three brands. Our continued focus
must be on developing great products that are appropriate for
our markets, world-class quality and the development of the most
competitive distribution channels."

Year-to-date, Jeep has claimed the place as top-Chrysler LLC
selling brand with 79,520 units sold, an increase of 15 percent
over the same time period last year. Many of the recently-
introduced products for the brand have been posting solid sales.
The all new Jeep Wrangler has doubled the sales of it
predecessor model, and Grand Cherokee continues to gather strong
sales numbers ranking it as the number-two selling vehicle for
Chrysler LLC outside North America.

"The expanded portfolio for the Jeep brand has resulted in a
sales increase of more than 10,000 units so far this year, and
established it as the Company's highest volume brand outside
North America," said Thomas Hausch, Vice President -
International Sales. "Replacements for existing models, such as
Grand Cherokee and Wrangler have been very well received; and
this month in Morocco, we are launching the all-new Jeep
Cherokee to International markets, which we believe will help
the brand grow its global presence even further.  Overall, with
197,000 units sold year to date, we have already surpassed the
total calendar year sales for 2005, and Jeep has contributed
significantly to this accomplishment."

                     About Chrysler LLC

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

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

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


COSAN SA: Proposing BRL1.74-Bil. Capital Raise to Shareholders
--------------------------------------------------------------
Cosan S.A. Industria e Comercio said in a filing with the
Brazilian securities regulator Comissao de Valores Mobiliarios
that its board will propose a BRL1.74-billion capital increase
to shareholders during a meeting set for Dec. 5, 2007.

Business News Americas relates that the capital raise will
entail the issuance of 82.7 million common shares at BRL21 each.
Cosan's total capital will become BRL2.92 billion if the
shareholders ratify the increase.

BNamericas states that the proceeds will be used on investments
like:

          -- greenfield projects in Goias,
          -- expansion of existing units,
          -- cogeneration, and
          -- mechanization of harvesting.

Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e
Comercio, is the third largest sugar producer in the world.  In
2004/2005 it crushed more than 26 million tons of sugar cane in
fourteen mills located in the Central South region of Brazil,
with sugar sales of 2.3 million tons and ethanol sales of 825
million liters.

                        *     *     *

As of February 2007, Cosan carries Moody's Ba2 global local
currency and foreign currency ratings and Standard and Poor's BB
corporate credit rating.


DELPHI CORP: Records US$22 Million Current Deficit
--------------------------------------------------
After having reported US$845 million positive working capital at
Dec. 31, 2006, Delphi Corporation recorded a US$22 million
current deficit at Sept. 30, 2007.

The company had US$9.422 billion in current assets and US$9.444
billion in current liabilities at Sept. 30, 2007, compared with
US$9.215 billion in current assets and US$8.370 billion in
current liabilities at Dec. 31, 2006.

Net cash used in operating activities was US$556 million for the
nine months ended Sept. 30, 2007, compared with US$222 million
for the same period in 2006.

Net cash used in investing activities was US$259 million for the
nine months ended Sept. 30, 2007, compared with US$515 million
for the same period in 2006.

Net cash provided by financing activities was US$505 million for
the nine months ended Sept. 30, 2007, compared with US$73
million for the same period in 2006.

On Jan. 5, 2007, the Court granted the Company's motion to
obtain replacement postpetition financing of about US$4.5
billion.

On Jan. 9, 2007, the Company successfully refinanced its
prepetition and postpetition credit facilities obligations by
entering into a Revolving Credit, Term Loan, and Guaranty
Agreement to borrow up to about US$4.5 billion from a syndicate
of lenders. The Refinanced DIP Credit Facility consists of a
US$1.75 billion first priority revolving credit facility, a
US$250 million first priority term loan, and about US$2.5
billion second priority term loan.

The Refinanced DIP Credit Facility was obtained to refinance
both the US$2 billion Amended and Restated Revolving Credit,
Term Loan and Guaranty Agreement, dated as of Nov. 21, 2005 and
about US$2.5 billion outstanding on its US$2.8 billion Five Year
Third Amended and Restated Credit Agreement, dated as of
June 14, 2005. The Refinanced DIP Credit Facility will expire on
the earlier of Dec. 31, 2007 and the date of the substantial
consummation of a reorganized plan that is confirmed under an
order of the Court.

As of Sept. 30, 2007, total available liquidity under the
Refinanced DIP Credit Facility was approximately $850 million.
Also as of Sept. 30, 2007, there was US$480 million outstanding
under the Revolving Facility and the Company had US$263 million
in letters of credit outstanding under the Revolving Facility as
of that date, including $150 million related to the letters of
credit provided to the PBGC.

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

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

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


FORD MOTOR: Union Leaders Favor U.K. Brands Bidder Tata Motors
--------------------------------------------------------------
Although officially protesting the sale, labor union leaders in
the United Kingdom representing workers for Ford Motor Company's
Jaguar and Land Rover units have selected bidder Tata Motors
Ltd. to acquire the carmaker's Jaguar and Land Rover brands,
various papers disclose.

Among the final bidders of two of Ford's Premier Automotive
Group brands -- Tata, J.P. Morgan Chase & Co.'s One Equity
Partners and Mahindra & Mahindra Ltd. -- Tata is seen by Unite,
U.K.'s largest union, as the one who will likely serve the best
interest of the union members, Russell Hotten of the
Telegraph.Co.UK reports citing Unite's joint general secretary,
Tony Woodley.

Unite union leaders at Jaguar and Land Rover said that if the
U.K.-based units are sold it should to be to a company ``with an
established presence and background in manufacturing,'' the
union said in a statement.

Stephen Power of the Wall Street Journal relates that union
leaders are trying to make a sale that would streamline closure
of manufacturing plants and displacement of workers at Jaguar
and Land Rover units, which employs 16,000 workers in U.K.

Sources say that the union endorsement is a political
commendation for Tata and an influence to U.K.'s governing labor
party, which is concern on the loss of investments and jobs in
the U.K.

                      About Ford Motor

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service affirmed the long-term
ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3.  Moody's also affirmed Ford Motor Credit
Company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative.  These rating actions follow Ford's
announcement of the details of the newly ratified four-year
labor agreement with the UAW.


FORD MOTOR: Russian Plant Workers Resume Strike
-----------------------------------------------
Workers at Ford Motor Co.'s manufacturing plant in Vsevolozhsok,
Russia, resumed their strike on Nov. 20, 2007, demanding higher
wages and reduction of night shifts from March 2008, published
reports say.

According to reports, Ford's workers held a 19-hour strike on
Nov. 6, 2007, after management repeatedly rejected their pay
hike demands.  They returned to work after a court ordered the
union to postpone further action until Nov. 20, 2007.

In a report by RIA Novosti, Yekaterina Kulinenko, a public
relations manager at Ford said that the strike could disrupt car
deliveries to Russian customers.

"The cars that were ordered earlier will be produced later and,
correspondingly, their delivery will be delayed due to the
strike," Mr. Kulinenko was quoted by RIA Novosti, adding that
the plant's daily output was 300 Ford Focus vehicles.

Mr. Kulinenko added the company's management was prepared to
hold talks with the plant's trade union only after the strike
was over.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service affirmed the long-term
ratings of Ford Motor Company (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured, and B3 probability of
default), but changed the rating outlook to Stable from Negative
and raised the company's Speculative Grade Liquidity rating to
SGL-1 from SGL-3.  Moody's also affirmed Ford Motor Credit
Company's B1 senior unsecured rating, and changed the outlook to
Stable from Negative.  These rating actions follow Ford's
announcement of the details of the newly ratified four-year
labor agreement with the UAW.


SCO GROUP: Reports US$1,608 of Net Profit for September
-------------------------------------------------------
The SCO Group Inc. reported zero revenues and zero expenses for
the period beginning Sept. 15 through 30, 2007.  However, the
company generated other income from China Investment of US$1,608
for the period ending Sept. 30, 2007.  The company's net profit
for the month of September 2007 was US$1,608.

As of Sept. 30, 2007, the company's balance sheet showed total
US$1,327,901, total liabilities of US$1,745,258, and total
stockholders' deficit of US$417,357.

A full-text copy of the company's September 15 through 30, 2007:

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

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.


* BRAZIL: Mulling Options for Future Output Transport
-----------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA's
explorations and production director Guilherme Estrella told
reports that the company is considering three different options
to transport future production from the Santos basin's Tupi
area, about 250 kilometers from the coast.

Business News Americas relates that Mr. Estrella said before the
Brazilian senate, "A gas pipeline, for example, is not ruled
out.  However, this would be very expensive due to the long
distance."

Mr. Estrella told BNamericas that that Petroleo Brasileiro is
also considering:

     -- floating thermo plants that will use the gas from Tupi,

     -- transporting natural gas as liquefied natural gas to the
         coast, and

     -- construction of caves in the salt layer to store natural
        gas for future use.

Petroleo Brasileiro will be deciding on the transport process in
the first half of 2008, BNamericas notes, citing Mr. Estrella.

Petroleo Brasileiro is studying the construction of a unit in
Tupi, which would produce about 100,000 barrels a day and up to
three million cubic meters per day of natural gas, Mr. Estrella
told BNamericas.

                        *     *     *

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


* BRAZIL: Will Invest BRL41.2 Billion in Technology Until 2010
--------------------------------------------------------------
Brazil is investing BRL41.2 billion (US$23.5 billion; EUR15.9
billion) in technology, science and innovation for three years,
The Associated Press reports, citing Brazilian President Luiz
Inacio Lula da Silva.

Mr. Silva disclosed that the investments are part of its "Growth
Acceleration Project," which will continue until 2010, AP
relates.

Under the investments, funding will be used for technological
education centers, scholarships, scientific projects and
incentives for private research.

AP says that the government is proposing a 1.5% investment of
the nation's gross domestic product in technology, up from the
current 0.5%.

                        *     *     *

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


ABSOLUTE RETURN: Sets Final Shareholders Meeting for Nov. 30
------------------------------------------------------------
Absolute Return Portfolios SPC will hold its final shareholders
meeting on Nov. 30, 2007.

These agenda will be taken during the meeting:

      1) accounting of the winding-up process; and

      2) hearing of any explanation that may be given by the
         liquidator.

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.

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

The liquidator can be reached at:

         Commerce Corporate Services Limited
         P.O. Box 694, George Town
         Grand Cayman, Cayman Islands
         Telephone: 949 8666
         Fax: 949 7904


BOMBAY COMPANY: Gets Interim Nod on CBRE as Real Estate Broker
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
gave The Bombay Company Inc. and its debtor-affiliates interim
authority to employ CB Richard Ellis as their real estate
broker.

CB Richard is expected to act as the Debtors' broker and agent
to market and affect a sale of the Debtors' corporate
headquarters, pursuant to the terms of the parties' exclusive
sales listing agreement.

Robert Scully, a managing director at CB Richard, tells the
Court that the professionals involved in the bankruptcy cases
include:

      Professionals        Designation
      -------------        -----------
      Robert J. Scully     Managing Director
      Michael Huff         Director
      Blake Lloyd          Senior Associate

Mr. Scully says that the most reasonable terms and conditions
concerning its fees are found in the exclusive sales listing
agreement.  The agreement provides for compensation upon these
terms:

   a) a base fee of US$200,000;

   b) an incentive fee of 6% of gross sale proceeds exceeding
      US$15 million; and

   c) CB Richard will be responsible for all expenses associated
      with preparing marketing materials and signage associated
      with the disposition of the property.

Mr. Scully assures the Court that CB Richard is disinterested as
that term is defined at Section 101(14) of the U.S. Bankruptcy
Code.

                    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: Wants To Hire DJM Asset as Real Estate Advisor
--------------------------------------------------------------
The Bombay Company, Inc., and its debtor-affiliates ask
permission the U.S. Bankruptcy Court for the Northern District
of Texas to employ DJM Asset Management, LLC as their real
estate consultant.

DJM Asset will assist the Debtors in negotiating the
termination, assignment, or other disposition of the Debtors'
real property leases, pursuant to the terms of the real estate
consulting and advisory services agreement.  The engagement will
include obtaining waivers or reductions of cure amounts and
lease rejection claims.

Andrew B. Graiser, a co-president of DJM Asset, tells the Court
that, pursuant to the agreement, the firm will receive
compensation from:

   a) Reduction in Bankruptcy Claims.  The total amount of
      claims from the the Debtors' landlords is estimated to be
      US$79,511,404.  If the claims are not reduced by US$15
      million from the estimated amount, DJM Asset will not
      receive any fee from the Debtor.  If the claims are
      reduced by more than US$15 million, the Debtor will pay
      fees calculated in the following manner:

      1. If claims are reduced by a total of US$15 million to
         US$25 million -- 0.75% of these total claims (1st Tier
         Payment);

      2. If claims are reduced by a total of US$25 million to
         US$35 million -- 1.75% of these total claims (2nd Tier
         Payment); and

      3. If claims are reduced by US$35 million or more -- 2% of
         these total claims (3rd Tier Payment);

   b) Proceeds from Lease Dispositions.  As to lease termination
      assignement, DJM Asset will receive a fee for 3.5% of the
      gross cash consideration received by the Debtor from each
      transaction, provided however, that such fee will not be
      payable unless the aggregate gross cash consideration for
      all the leases received by the Debtors exceeds US$750,000;
      and

   c) Additional Consulting Services.  DJM Asset will be
      compensated for additional consulting services at the rate
      of US$350 per hour.

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

                    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.


CHIYODA LEASE: Will Hold Final Shareholders Meeting on Nov. 30
--------------------------------------------------------------
Chiyoda Lease (Cayman) Limited will hold its final shareholders
meeting on Nov. 30, 2007, at 10:00 a.m. at:

           8th Floor, Gloucester Tower
           The Landmark, 15 Queen's Road Central
           Hong Kong

These agenda will be taken during the meeting:

          1) accounting of the winding-up process; and

          2) hearing of any explanation that may be given by the
             liquidator.

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.

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

The liquidators can be reached at:

         Thomas Andrew Corkhill
         Lain Ferguson Bruce
         8th Floor, Gloucester Tower
         The Landmark, 15 Queen's Road Central
         Hong Kong


CONOCOPHILLIPS BAO: Final Shareholders Meeting Is on Nov. 30
------------------------------------------------------------
Conocophillips Bao Vang Ltd. will hold its final shareholders
meeting on Nov. 30, 2007, at 10:00 a.m. at:

          Trident Trust Company (Cayman) Limited
          Fourth Floor, One Capital Place
          P.O. Box 847, George Town
          Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


CONOCOPHILLIPS BLOCK: Final Shareholders Meeting Is on Nov. 30
--------------------------------------------------------------
Conocophillips Block 204 UK Exploration Ltd. will hold its final
shareholders meeting on Nov. 30, 2007, at 10:00 a.m. at:

          Trident Trust Company (Cayman) Limited
          Fourth Floor, One Capital Place
          P.O. Box 847, George Town
          Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


CONOCOPHILLIPS GULF: Holds Final Shareholders Meeting on Nov. 30
----------------------------------------------------------------
Conocophillips Gulf of Paria Ltd. will hold its final
shareholders meeting on Nov. 30, 2007, at 10:00 a.m. at:

          Trident Trust Company (Cayman) Limited
          Fourth Floor, One Capital Place
          P.O. Box 847, George Town
          Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


CONOCOPHILLIPS NZ: Sets Final Shareholders Meeting for Nov. 30
--------------------------------------------------------------
Conocophillips NZ Exploration Limited will hold its final
shareholders meeting on Nov. 30, 2007, at 10:00 a.m. at:

          Trident Trust Company (Cayman) Limited
          Fourth Floor, One Capital Place
          P.O. Box 847, George Town
          Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


CONOCOPHILLIPS Z&M: Final Shareholders Meeting Is on Nov. 30
------------------------------------------------------------
Conocophillips Z&M Ltd. will hold its final shareholders meeting
on Nov. 30, 2007, at 10:00 a.m. at:

          Trident Trust Company (Cayman) Limited
          Fourth Floor, One Capital Place
          P.O. Box 847, George Town
          Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

         Trident Directors (Cayman) Ltd.
         Attention: Kimbert Solomon
         P.O. Box 847, George Town
         Grand Cayman KY1-1103, Cayman Islands
         Telephone: (345) 949 0880
         Fax: (345) 949 0881


QUANTIMIX XL: Final Shareholders Meeting Is on Nov. 30
------------------------------------------------------
Quantimix XL Master Fund will hold its final shareholders
meeting on Nov. 30, 2007, at 10:30 a.m. at:

           rue d'Astorg
           75008 Paris, France

These agenda will be taken during the meeting:

      1) accounting of the winding-up process; and
      2) authorizing the liquidator to retain the records of the
         company for a period of three 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.

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

The liquidator can be reached at:

         Muriel Bonnet
         rue d'Astorg
         75008 Paris, France


QUANTIMIX XL FUND: Holding Final Shareholders Meeting on Nov. 30
----------------------------------------------------------------
Quantimix XL Fund will hold its final shareholders meeting on
Nov. 30, 2007, at 10:30 a.m. at:

           rue d'Astorg
           75008 Paris, France

These agenda will be taken during the meeting:

      1) accounting of the winding-up process; and
      2) authorizing the liquidator to retain the records of the
         company for a period of three 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.

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

The liquidator can be reached at:

         Muriel Bonnet
         rue d'Astorg
         75008 Paris, France


SAMLEY FUND: Holds Final Shareholders Meeting on Nov. 30
--------------------------------------------------------
Samley Fund LLC will hold its final shareholders meeting on
Nov. 30, 2007, at 11:30 a.m. at the company's registered office.

These agenda 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.

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

The liquidators can be reached at:

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


SAVANNAH ALTERNATIVE: Sets Last Shareholders Meeting for Nov. 30
----------------------------------------------------------------
Savannah Alternative Investment Fund Ltd. will hold its final
shareholders meeting on Nov. 30, 2007, at 10:00 a.m. at:

            Avalon Management Limited
            Third Floor, Zephyr House
            Mary Street, P.O. Box 1180
            Grand Cayman KY1-1108, Cayman Islands

These agenda will be taken during the meeting:

      1) accounting of the winding-up process;

      2) hearing of any explanation that may be given by the
         liquidator; and

      3) deciding on the manner in which the books, accounts and
         documentation of the company and of the liquidator
         should be maintained and subsequently disposed.

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.

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

The liquidator can be reached at:

         Avalon Management Limited
         Third Floor, Zephyr House
         Mary Street, P.O. Box 1180
         Grand Cayman KY1-1108, Cayman Islands




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


NXP BV: S&P Lowers Corporate Credit Rating from BB- to B+
---------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on NXP B.V. to 'B+' from 'BB-'.  The
outlook is negative.

"The downgrade is due to NXP's persistently high financial
leverage in spite of signs of margin stabilization in third-
quarter 2007," said S&P's analyst Patrice Cochelin.

The company had high-adjusted gross leverage of about 6.8 at
Sept. 30, 2007.  Adjusted EBITDA coverage of pro forma interest
was about 2.0 at the same date.  This is before any adjustment
for minority interest in 61%-owned Systems on Silicon
Manufacturing Co. Pte. Ltd.

The negative outlook primarily reflects NXP's very high leverage
and challenging industry conditions.  If the company can reduce
gross leverage to within the 5-6 band compatible with the rating
-- notably as EBITDA benefits from the business renewal program
-- S&P could revise the outlook to stable.  Failure to
deleverage in line with those expectations could lead to
increased rating pressure, however.

Headquartered in Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- is one of the largest semiconductor
companies worldwide, focusing on the designs and manufacture of
application-specific integrated circuits for the home
electronics, mobile communications, automotive and
identification technology application markets.  Next to that,
NXP is focusing via its multimarket product business on general
purpose and application specific standard semiconductor
products.  Revenues were EUR4.8 billion

In Latin America, the company has sales offices in Brazil,
Colombia and Uruguay.


TERMOEMCALI FUNDING: S&P Affirms Junk Rating on US$153.7MM Notes
----------------------------------------------------------------
Standard & Poor's Ratings has assigned a positive outlook to
TermoEmcali Funding Corp.'s US$153.7 million restructured senior
secured notes due 2019.  At the same time, S&P affirmed the
'CCC+' foreign currency rating on the notes.  The outlook is
based on S&P's expectations that Termoemcali Funding's liquidity
position will improve in the next 18 months due to
diversification in revenue sources through gas sales in the
secondary market, as well as the higher reliability charge paid
by the system.

The rating on the notes reflects the uncertainty regarding
Emcali's ability and willingness to honor its payment
obligations with Termoemcali Funding under Tranche E.  Emcali is
a municipal industrial and commercial state-owned company
providing electricity, water, sewage, and local landline
telephone service in and around Cali, Columbia.

Based on Emcali's vulnerable historical financial position, as
evidenced by the payment default to Termoemcali Funding in 2003
under the power purchase agreement, as well as the lack of a
significant financial improvement, S&P believes Emcali's
financial profile is weak.  Furthermore, based on Emcali's
suspended payments to Termoemcali Funding under the PPA a few
years ago, S&P can also conclude that Emcali's willingness to
honor its Tranche E obligations in a tight liquidity scenario
may be questionable.

The outlook on the notes is positive.  The positive outlook
reflects S&P's expectations that the company will continue to
diversify its revenue sources and improve its liquidity
position, and that Emcali will generate sufficient cash to meet
its obligations under Tranche E.

"A rating upgrade may occur in the medium term, if Termoemcali
continues to improve its cash flow generation through higher
system capacity charges and secondary market gas sales, or if
Emcali's financial profile improves considerably," noted S&P's
credit analyst Luis Manuel Martinez.  "A slowdown in cash
generation at Emcali or any indication that Emcali's willingness
to comply with the financing documents decreases could lead to a
negative rating action," he continued.

TermoEmcali Funding Corp. was formed to develop, construct, own
and operate a natural gas-fired electric power generation
facility, which is located near Cali, Colombia.  The company is
owned by Leaseco, Cauca Valley Holdings Ltd., TermoEmcali
Holdings Ltd., Emcali E.I.C.E. E.S.P., and Inversiones Inca S.A.
Leaseco, a Cayman Islands company, is owned and controlled by
Cauca Valley and Holdings, both of which are Cayman Islands
companies.




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


ARMSTRONG WORLD: Desseaux Files Monthly Report for Sept. 2007
-------------------------------------------------------------
                Desseaux Corp. of North America
                    Unaudited Balance Sheet
                   As of September 30, 2007

                            ASSETS

Current Assets                                             US$0
Plant, Property and Equipment, Net                            0
Other Assets:
   Investment in Subsidiary                           3,885,354
   Due from Parent Corporation                              840
                                                ---------------
Total Assets                                       US$3,886,194

                     LIABILITIES & EQUITY

Liabilities Not Subject to Compromise:
   Due to Parent Corporation                          US$66,805
   Payable to Nitram Liquidators - Postpetition           7,835
                                                ---------------
Total Liabilities Not Subject to Compromise              74,640

Liabilities Subject to Compromise:
   Accrued Expenses                                     247,768
   Payable to Subsidiary                                944,860
   Notes Payable                                      2,964,500
                                                ---------------
Total Liabilities Subject to Compromise               4,157,128

Shareholder's Equity:
   Common Stock                                           1,000
   Paid-in Capital                                    2,499,000
   Retained Deficit                                  (2,845,574)
                                                ---------------
Total Shareholder's Equity                             (345,574)
                                                ---------------
Total Liabilities and Owners' Equity               US$3,886,194


                 Desseaux Corp. of North America
                Unaudited Statements of Operations
                  Month Ended September 30, 2007

Ordinary Income/Expense                                    US$0
                                                ---------------
Total Income/Expense                                          0
                                                ---------------
Federal Income Taxes                                          0
State Taxes                                                   0
                                                ---------------
Net Income (Loss)                                         (US$0)


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

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

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

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

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

Nitram Liquidators Inc. and Desseaux Corporation of North
America delivered to the Court a Joint Chapter 11 Plan of
Liquidation and an accompanying Disclosure Statement on
Sept. 20, 2007.  The Court has set Oct. 16, 2007, as the last
day for filing objections to the Nitram/Desseaux's disclosure
statement.  A hearing to consider confirmation of the Plan is
set for Nov. 2, 2007.  (Armstrong Bankruptcy News, Issue No.
116; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ARMSTRONG WORLD: Nitram Files September 2007 Operating Report
-------------------------------------------------------------
                    Nitram Liquidators, Inc.
                    Unaudited Balance Sheet
                    As of September 30, 2007

                             ASSETS

Current Assets:
   Cash                                               US$12,368
   Accounts Receivable                                  559,035
   Reserve for Uncollectible Accounts                  (559,035)
                                                ---------------
Other Current Assets:
   Deferred Tax                                               -
   Due from Parent Corporation                          952,694
   Note Receivable from Southwest Recreation          6,334,948
   Reserve for Receivable                            (6,334,948)
                                                ---------------
Total Current Assets                                    965,119
                                                ---------------
Plant, Property and Equipment, Net                            0
Other Assets                                                  0
                                                ---------------
Total Assets                                         US$965,061

                      LIABILITIES & EQUITY

Liabilities Not Subject to Compromise:
   Due to Parent Corporation                         US$104,012
   Accounts Payable Postpetition                            481
                                                ---------------
Total Liabilities Not Subject to Compromise             104,493


Liabilities Subject to Compromise:
   Accounts Payable                                     208,148
   Warranty Reserves                                    569,998
   Due to Affiliates                                  8,443,772
                                                ---------------
Total Liabilities Subject to Compromise               9,221,918


Shareholder's Equity:
   Common Stock                                           1,000
   Cumulative Dividends (Preferred)                   2,964,500
   Dividends                                           (284,098)
   Paid-in Capital                                    3,459,000
   Retained Deficit                                 (14,501,751)
                                                ---------------
Total Equity                                         (8,361,349)
                                                ---------------
Total Liabilities and Owners' Equity                 US$965,061


                      Nitram Liquidators, Inc.
                Unaudited Statements of Operations
                    Month Ended August 31, 2007

Income                                                     US$0
                                                ---------------
Total Operating Expenses                                      0

Operating Income (Loss)                                       0
                                                ---------------
Other Income (Expense)
   Bank Fees                                                (57)
                                                ---------------
Total Other Income                                          (57)
                                                ---------------
Income (Loss) Before Capital-related Expenses            (US$57)


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

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

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

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

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

Nitram Liquidators Inc. and Desseaux Corporation of North
America delivered to the Court a Joint Chapter 11 Plan of
Liquidation and an accompanying Disclosure Statement on
Sept. 20, 2007.  The Court has set Oct. 16, 2007, as the last
day for filing objections to the Nitram/Desseaux's disclosure
statement.  A hearing to consider confirmation of the Plan is
set for Nov. 2, 2007.  (Armstrong Bankruptcy News, Issue No.
116; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


ASHMORE ENERGY: Closes Sale of Vengas Interest to PDVSA Gas
-----------------------------------------------------------
Ashmore Energy International Ltd. has completed the sale of its
98.16% share in Vengas S.A. to PDVSA Gas S.A.  Terms of the
transaction were not disclosed.

In October, AEI signed a stock purchase agreement pursuant to
which AEI agreed to sell its interest in Vengas to PDVSA Gas.
At the same time, AEI and Petroleos de Venezuela also agreed to
further explore cooperative opportunities in the continued
development of Venezuela's energy infrastructure and that of the
broader Latin American community.

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.


ASHMORE ENERGY: Fitch Assigns Low B Ratings on US$1.5-Bln Debts
---------------------------------------------------------------
Fitch Ratings has affirmed Ashmore Energy International Ltd.
ratings as:

  -- Issuer Default Rating at 'BB';
  -- US$1 billion term loan 'BB';
  -- US$500 million revolving credit facility 'BB'.

The rating affirmation follows the announcement of Ashmore
Energy's agreement to acquire a 50% indirect interest in
Chilquinta Energia S.A. and a 37.9% indirect interest in Luz del
Sur S.A. and related companies from Public Service Enterprise
Group for US$685 million as well as various other recently
completed and pending acquisitions and investments.  The Rating
Outlook is Stable.

The affirmation incorporates the leveraging impact the
acquisition of Chilquinta Energia and Luz del Sur and the other
investments will have on Ashmore Energy.  These transactions are
expected to be funded with a combination of balance sheet cash,
debt and equity, which will increase leverage both on a
consolidated, and parent-only basis.  Additional debt funded
transactions or the absence of expected equity funding may
pressure credit quality over the medium term.  Other recently
completed acquisitions include acquisitions of Calidda, Del Sur
as well as the purchase of incremental ownership interests in
existing investments including San Felipe (formerly Smith Enron
Cogeneration), Puerto Quetzal Power, and Corinto.

The combination of these transactions is expected to increase
proforma (LTM June 30, 2007) total debt to EBITDA to
approximately 3.5 times from 3.0 and net debt to EBITDA to 2.6
from 1.6 assuming an equity offering of US$330 million.
Consolidated debt and EBITDA will increase to US$4.8 billion and
US$1.4 billion, respectively, on a proforma (LTM June 30, 2007)
basis following the closing of these transactions with US$2.8
billion of the debt at the project level.  Holding company debt
(including the PIK sub-debt) is expected to increase to
approximately US$2 billion from US$1.3 billion.  Cash to Ashmore
Energy from its subsidiaries was approximately US$430 million in
2006 and was approximately US$550 million (inclusive of the sale
proceeds of BLM) through the end of the third quarter of 2007.
Parent-only leverage (including PIK sub-debt) is expected to
increase to 3.6 from 2.7 in the lower end of the rating
category.  Parent-level free cash flow is sufficient to service
debt.  Parent company debt service (interest expense) is
expected to be approximately US$125 million.  Fitch expects that
the company will continue to maintain sufficient cash on the
balance sheet to provide adequate liquidity in the business.

Strategically, these investments are positive as they further
geographically diversify Ashmore Energy.  In particular,
Chilquinta Energia and Luz del Sur represent a significant
presence in their respective countries with long-term concession
contracts, low- to moderately-low leverage and ample liquidity.
This purchase marks Ashmore Energy's entry into Chile and
strengthening of their presence in Peru following the
acquisition of Calidda, and further supports the company's
strategy of diversifying into stable countries with reasonable
regulatory frameworks.  Chilquinta Energia is one of the largest
power distribution companies in Chile serving over 541,000
customers in region V including the city of Valparaiso.  Luz del
Sur is the largest power distribution company, by sales, in Peru
serving over 800,000 customers in the area of southern Lima. Luz
del Sur is a solid asset with low leverage and stable cash flow.

The ratings also reflect Ashmore Energy's portfolio of energy
companies focused in five lines of business including: power
distribution, power generation, natural gas transportation and
services, natural gas distribution, and retail fuel.  The
company's assets consist of 34 energy companies in which it has
direct or indirect ownership interest.  All of the assets are
operating and generally performing well. The company's operating
assets have a relatively stable base of revenues and cash flows
as more than 90% of its revenues are either from contracted
Power Purchase Agreements (PPAs) or from regulated energy
businesses.  Contract and regulated revenues and cash flows tend
to be more stable and have lower business risk.  Contracted
revenues from long-term PPAs are primarily with government-owned
off-takers.  In addition, the company has an experienced
operating management team.

Cash flows are geographically concentrated in Brazil (rated
'BB+' by Fitch) and more generally in Latin America.  From a
portfolio standpoint, as of fiscal 2006, 90% of consolidated
cash flows can be attributed to companies located in Latin
America and 73% of consolidated cash flows are derived from
Brazilian assets.  Cash flow is concentrated in non-investment-
grade countries and is generally rated in the 'BB+/BB-' range.
Additionally, Ashmore Energy's cash flow is concentrated in four
key assets: Elektro (Brazil), Cuiaba (Brazil), Promigas
(Colombia), and Trakya (Turkey).  Forty percent of 2006 EBITDA
is attributed to power distribution, 19% to power generation,
30% to natural gas transportation and services, 4% to natural
gas distribution, and 7% to retail fuel.

The largest cash flow contributor is expected to be Brazilian
power distribution company, Elektro, which at the end of fiscal
2006 represented approximately 37% of consolidated proforma
EBITDA and approximately 66% of Ashmore Energy's dividend cash
flow.  Elektro is a very solid, well-managed, moderately low
risk electric distribution company serving almost 2 million
customers in the State of Sao Paulo.  Elektro's credit metrics
are strong with low leverage of total debt to EBITDA of 0.9
times for fiscal year-end 2006.

Ashmore Energy International Ltd. --
http://www.ashmoreenergy.com-- owns and operates a portfolio of
energy infrastructure assets in power generation, transmission,
and distribution of natural gas, gas liquids, and electric
power.  Ashmore Energy's portfolio, directly or indirectly,
consists of 19 companies in 14 countries, most of which are
located in Latin America.  The company's largest asset is
Brazilian electric distribution company, Elektro, which
represents approximately 43% of EBITDA, and 55.3% of fiscal 2006
consolidated cash flow to parent company Ashmore Energy.  The
company also operates a power plant in the Dominican Republic.


BANCO INTERCONTINENTAL: Depreco Files Appeal for Fraud Verdict
--------------------------------------------------------------
Dominican Today reports that Depreco, the government's anti-
corruption department, has filed an appeal for the sentence that
the National District 1st Collegiate Court of the Dominican
Republic made on Banco Intercontinental's former head Ramon Baez
Figueroa and adviser Luis Alvarez Renta.

According to Dominican Today, the court ruled that Messrs.
Figueroa and Renta be imprisoned for 10 years.

Prosecutors Francisco Garcia and German Miranda represented
Depreco, Dominican Today relates.  Depreco wants the
imprisonment of Messers. Figueroa and Renta to last 20 years and
demands that they be "fined 200 minimum wages, on the charges of
breach of trust and money laundering."

Depreco also appealed the acquittance of Banco
Intercontinental's former executive Vivian Lubrano, Dominican
Today says.  Prosecutors asked the court that Ms. Lubrano be
declared guilty of:

          -- forgery,
          -- breach of trust, and
          -- for violating the Monetary and Financial Law, which
             carries a penalty of six years of imprisonment.

Meanwhile, Mr. Figueroa's defense attorneys already filed an
appeal against the 10-year imprisonment sentence and the
DOP63.0-billion fine, Dominican Today states.

Located in Dominican Republic, Banco Intercontinental aka
Baninter collapsed in 2003 as a result of a massive fraud and a
resulting deficit of US$2.2 billion.  As a consequence, all of
its branches were closed.  The bank's current and savings
accounts holders were transferred to the bank's new owner --
Scotiabank.  The bankruptcy of Baninter was considered the
largest in world history, in relation to the Dominican
Republic's Gross Domestic Product.  The resulting deficit was
equal to 12% to 15% of the country's national GDP.  It costs
Dominican taxpayers DOP55 billion and resulted to the country's
worst economic crisis.




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


* ECUADOR: Ct. Orders Halt of Tax Charge Demand on City Oriente
---------------------------------------------------------------
The World Bank's International Center for Settlement of
Investment Disputes has ordered the Ecuadorian government to
temporarily stop demands to charge US firm City Oriente a
controversial windfall oil tax ratified in 2006, Reuters
reports, citing court documents City Oriente released on
Wednesday.

Reuters relates that Ecuadorian President Rafael Correa
increased the tax to 99% in October 2007, from 50% of the extra
oil revenues generated by firms "above a contractual price."
President Correa plans to increase state control in the oil
sector.  He wants firms to switch to contracts in which the
state will keep all the oil they extract in exchange of a
service fee.

According to Reuters, City Oriente filed an arbitration claim
against the Ecuadorian government in 2006 to challenge the
windfall tax.

Sources told Reuters that the court's order could help foreign
oil firms counter the windfall tax the Ecuadorian government has
implemented.

The foreign companies claim that the windfall tax hurts their
operations in Ecuador, Reuters notes.

An Ecuadorian government spokesperson told Reuters that the
attorney general's office refused to recognize the court's
jurisdiction in the case.  It has not assigned defense lawyers.

State-run oil firm Petroecuador head Carlos Pareja told Reuters
that the firm will still seek to charge those debts despite the
court's ruling.

Petroecuador already called for the termination of its contract
with City Oriente for refusing to pay about US$28 million in
windfall royalties, Reuters says.  Petroecudor could take over
City Oriente's Ecuadorian assets once the contract is
terminated.

The court also temporarily prohibited Ecuador from seeking legal
actions against City Oriente.  The tribunal still has to make a
final ruling on the company's claim, Reuters states.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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




=========
H A I T I
=========


* HAITI: Obtains US$12.5-Million Loan for Agriculture Project
-------------------------------------------------------------
The Inter-American Development Bank has approved a US$12.5
million grant to protect and improve the efficiency of the
irrigation and drainage infrastructure boosting agricultural
production in the Artibonite Valley, Haiti's main rice-growing
region.

The original program, which was launched in 2004 with a US$41.9
million IDB soft loan, seeks to raise family incomes in the
Artibonite Valley, which was devastated by floods caused by
Hurricane Georges in 1998.  This supplemental grant focuses on
protecting and expanding those gains, particularly in the face
of increasingly harsh water flows.

Under the program, more than 10,000 farmers in the valley now
hold land titles linked to a verifiable cadastre.  Four water-
user associations have been established to collect fees and
ensure maintenance of the irrigation canals in an area covering
more than 6,000 hectares.

The program has also largely completed levee protection works
and done most of the construction needed to repair the principal
drainage system. A 15-km stretch of the main canal expansion was
rehabilitated, with reinforcements along the banks and cement
resurfacing of critical sections.

Yields in the program's demonstration plots have increased
dramatically, rising to as much as 6 metric tons of rice per
hectare, compared with the valley average of 1.5 metric tons per
hectare.  Onion yields rose as high as 40 metric tons per
hectare from an average 4 metric tons.

The grant will provide Haiti's Ministry of Agriculture, Natural
Resources and Rural Development additional resources to protect
investments made in the irrigation and drainage system in the
lower Artibonite from the pressure of increased flooding from
the upper watershed and the sedimentation of the P‚ligre dam.

Work will be carried out to repair and protect broken
embankments, restore drainage capacity and improve floodway
capacity. The capacity of a 23-km stretch of the Artibonite
channel will be expanded to irrigate a 5,000-hectare area while
minor irrigation and drainage systems will be repaired or built.
Additional technical assistance will be provided to expand the
agricultural intensification activities.

                        *     *     *

Haiti is currently seeking international help to spur economic
development in the country.  President Rene Preval submitted
that the country's poverty, widespread unemployment and the
dilapidated state of infrastructure will be alleviated with
increased international assistance.




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


* HONDURAS: Court To Hear Charges Against Firm's Head on Dec. 5
---------------------------------------------------------------
Published reports say that a court hearing on the charges filed
against Honduran state-run telecom firm Hondutel's president
Marcelo Chimirri is set for Dec. 5, 2007.

News daily La Tribuna relates that Mr. Chimirri 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.

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.

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

Business News Americas notes that Mr. Chimirri appeared for the
second time in court on Nov. 20, 2007, "as a requirement to
avoid imprisonment."

Marcio Sierra -- who works for the technical unit of the
government -- and Julio Quintanilla, who is the real estate bank
Banprovi's chief executive officer, are being eyed as the next
president of Hondutel, El Heraldo 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


* HONDURAS: Gets US$27.1-Mln Loan from IDB to Promote Rural Biz
---------------------------------------------------------------
Inter-American Development Bank has approved a US$27.1 million
loan to support a program promoting rural businesses in areas
with high levels of poverty in Honduras.

The program, which will provide resources to develop rural value
chains and microenterprises, will start in the departments of
Olancho, El Paraiso, Colon and Gracias a Dios.  These regions
were selected for both their productive potential and their high
rates of poverty and extreme poverty.

The rural business development program will serve as a jobs- and
income-generating complement to the activities of Red Solidaria,
the Honduran government's network of poverty reduction programs.

The program, which will be carried out by the Ministry of
Agriculture's National Office for Sustainable Rural Development,
builds on lessons learned from previous projects in Honduras and
other Latin American countries.

The IDB resources will help finance business development
services to help rural value chains and microenterprises prepare
business plans for projects.  Information on the program will be
disseminated in indigenous languages to ensure broader
participation by minorities.

The program will cover up to half the cost of eligible
investments for projects proposed by rural enterprises organized
in value chains.  These projects, which will have to submit
purchase orders and proof of participation of poor families in
their business plans, may receive between US$50,000 and
US$500,000 under the program.

In the case of smaller scale projects undertaken by rural
microentrepreneurs, the program may finance up to 80 percent of
the cost of eligible investments, with a US$20,000 minimum and a
US$50,000 maximum.

In both cases, eligible investments include technical
assistance, productive or basic infrastructure linked to
projects (such as a power connection), equipment and business
development services.

The program will also help DINADERS improve the coordination of
public investments in rural development, which currently involve
numerous projects financed largely by several foreign aid
organizations.

                        *     *     *

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


DIGICEL GROUP: Harry Smith To Quit as Customer Relations Officer
----------------------------------------------------------------
The Jamaica Gleaner reports that Harry Smith will resign from
his post as Digicel's chief customer relations officer effective
Dec. 31, 2007.

According to The Gleaner, Mr. Smith reportedly received a big
payment for his spearheading "the rapid ascendancy" of Digicel
in the Jamaican and regional markets, before he decided to
resign.

Mr. Smith commented to The Gleaner, "I have been considering
this move for many months now and I think this is the right
time."

Digicel Jamaica Chief Executive Officer David Hall told The
Gleaner, "Harry was a major player in the phenomenal rise of
Digicel as the leading communication provider.  I want to say a
big thanks to Harry for the creativity and industrious spirit,
which he infused amongst our staff, whether it was through our
commercial or voluntary activities.  Digicel has benefited
immensely from Harry Smith's expertise and he will always be
considered part of the team."

Digicel Group Chief Executive Officer Colm Delves commented to
The Gleaner, "Harry's contribution to the phenomenal growth and
success of Digicel in Jamaica has been instrumental in making us
the number one mobile operator in Jamaica."

Mr. Smith will remain as Digicel Group's consultant with
responsibility for assigned corporate and business development,
The Gleaner states.

Digicel Ltd. is a wireless services provider in the Caribbean
region founded in 2000, and controlled by Denis O'Brien.  The
company started operations in Jamaica in April 2001 and now
offers GSM mobile services in Caribbean countries including
Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados,
Bermuda, Cayman, and Curacao among others.  Digicel finished
FY2005 with 1.722 million total subscribers -- 97% pre-paid --
estimated market share of 67% and revenues and EBITDA of US$478
million and US$155 million, respectively.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 20, 2007, Fitch Ratings took these rating actions for
Digicel Group Ltd., Digicel Ltd. and Digicel International
Finance Ltd.:

Digicel Group Ltd.

   -- Proposed US$1.4 billion senior subordinated notes
      due 2015 assigned 'CCC+/RR5'

Digicel Ltd.

   -- Foreign currency Issuer Default Rating downgraded
      to 'B-' from 'B'; and

   -- US$450 million senior notes due 2012 downgraded
      to 'B-/RR4' from'B/RR4'.

Digicel International Finance Ltd.

   --US$850 million senior secured credit facility
     assigned 'B/RR3'.

Fitch said the outlook on all ratings is stable.


MIRANT CORP: Mirant Lovett Files September 2007 Operating Report
----------------------------------------------------------------

                        Mirant Lovett, LLC
                    Consolidated Balance Sheet
                     As of September 30, 2007

ASSETS

Unrestricted Cash                                        US$288
Restricted cash                                       7,031,971
                                                    -----------
Total cash                                            7,032,259
                                                    -----------
Accounts receivable (net)                             8,422,724
Inventory                                            11,761,173
Notes receivable                                              -
Prepaid expenses                                              -
Other                                                 9,989,696
                                                    -----------
   Total current assets                              37,205,852
                                                    -----------
Property, plant & equipment                          10,577,708
Less: accumulated depreciation/depletion             (3,327,762)
                                                    -----------
Net property, plant & equipment                       7,249,946

Due from insiders                                             -
Other assets, net of amortization                             -
Other restricted cash                                 6,231,583
                                                  -------------
   TOTAL ASSETS                                   US$50,687,381

LIABILITIES AND EQUITY

Postpetition Liabilities:
   Accounts payable                                   9,004,611
   Taxes payable                                             83
   Notes payable                                              -
   Professional fees                                          -
   Secured debt                                               -
   Other                                              8,646,344
                                                    -----------
     Total postpetition liabilities                  17,651,038

Prepetition Liabilities:
   Secured debt                                               -
   Priority debt                                              -
   Unsecured debt                                             -
   Other liabilities subject to compromise                    -
                                                    -----------
     Total prepetition liabilities                            0
                                                    -----------
   TOTAL LIABILITIES                                 17,651,038

EQUITY
Additional paid in capital                          238,362,260
Retained earnings                                  (205,325,917)
Direct charges to equity                                      -
                                                    -----------
   Total equity                                      33,036,343
                                                  -------------
   TOTAL LIABILITIES & OWNERS' EQUITY             US$50,687,381


                      Mirant Lovett, LLC
                Consolidated Statements of Income
                 Month Ended September 30, 2007

REVENUES

   Gross Revenues                                 US$28,621,647
   Less: returns & discounts                                  -
                                                    -----------
     Net revenue                                     28,621,647

COST OF GOODS SOLD:
   Material                                          12,950,877
   Direct labor                                               -
   Direct overhead                                            -
                                                    -----------
     Total cost of goods sold                        12,950,877

     Gross margin                                    15,670,770

OPERATING EXPENSES:
   Officer / insider compensation
   Selling & marketing                                        -
   General & administrative                                   -
   Operating & maintenance                           14,421,590
   Other                                                      -
                                                    -----------
     Total operating expenses                        14,421,590
                                                    -----------
     Income before non-operating                      1,249,180
     Income & expense

OTHER INCOME & EXPENSES:
   Non-operating income                                       -
   Non-operating expense                                      -
   Interest expense                                     168,822
   depreciation / depletion                           2,081,938
   Amortization                                               -
   Other                                                 (8,394)
                                                    -----------
     Net other income & expenses                      2,242,366

REORGANIZATION EXPENSES:
   Professional fees                                    -
   U.S. trustee fees                                          -
   other                                                 84,487
                                                    -----------
     total reorganization expenses                            -
   income tax                                                 -
                                                   ------------
     NET PROFIT (LOSS)                             US$1,077,673

                       Mirant Lovett, LLC
         Unconsolidated Cash Receipts and Disbursements
                  Month Ended September 30, 2007

Cash, beginning of month                          US$10,272,627

Cash sales                                                    -

Collection of accounts receivable
   Prepetition                                                -
   Postpetition                                               -
                                                    -----------
     Total operating receipts                                 -

   Non - operating receipts
     Loans & advances                                (5,884,224)
     Sale of assets                                           -
     Other                                              177,431
                                                    -----------
     Total non-operating receipts                     5,706,792
                                                    -----------
     Total receipts                                   5,706,792
                                                    -----------
     Total cash available                             4,565,835

Operating disbursements
   Collateral deposits                              (31,929,124)
   Construction wip                                           -

   Debt expense                                               -
   Employee related insurance                                 -
   Operating and maintenance                         29,212,988
   Outside services employed
   Steam power expenses                                       -
   Taxes                                                      -
   Trading expense                                            -
   Other                                                250,000
                                                    -----------
     Total operating disbursements                   (2,466,136)

Reorganization expenses                                       -
                                                    -----------
     Total disbursements                              2,466,136
                                                    -----------
Net cash flow                                        (3,240,656)
                                                    ------------
Cash, end of month                                  US$7,031,971

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

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

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

On July 13, 2007, Mirant Lovett filed its Chapter 11 Plan of
Reorganization.  The Court confirmed Mirant Lovett's Plan on
Sept. 19, 2007.  Mirant Lovett emerged from bankruptcy on
Oct. 2, 2007.

(Mirant Bankruptcy News, Issue No. 133; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2007,
Fitch Ratings has removed Mirant Corp. (Issuer Default Rating
'B+') and subsidiaries from Rating Watch Negative and assigned a
Stable Rating Outlook following the company's announcement that
it has concluded its strategic review process.  No sale of MIR,
its subsidiaries or its assets is expected.  The Rating Watch
Negative reflected Fitch's concern about the company's strategic
and financial direction.  Specifically, Fitch was concerned that
any third party acquisition of MIR would be financed by
additional debt at MIR and its subsidiaries.  Approximately
US$3.1 billion of debt is affected.


NATIONAL WATER: Probes Contagion of Gayle Spring Water Supply
-------------------------------------------------------------
The National Water Commission told The Jamaica Observer that it
was conducting a probe on the possible contamination of the
Gayle Spring water supply in St. Mary.

The National Water said in a statement, "Reports from residents
are that a man was seen pouring a liquid substance into the
spring source which serves Gayle, Coombs Town, Hyatt Hill,
Governors Pen, Labyrinth Road, after he threatened to poison the
water supply."

As precautionary measure, the Gayle Spring was shut down, the
National Water told The Observer.  The company said that it is
conducting lab tests and investigations with the help of the
police and the public health authorities.

Unless lab tests are complete and any possible contamination are
cleared up, Gayle Spring would remain out of service, The
Observer states, citing Don Streete, the National Water's
quality control and chlorination manager for Eastern Division.

                        *     *     *

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




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


CHALLENGER POWERBOATS: Reports US$2.6-Mln Stockholders' Deficit
---------------------------------------------------------------
Challenger Powerboats Inc. reported net income of US$2.8 million
for three months ended Sept. 30, 2007, compared to a net loss of
US$1.7 million for the same period in the previous year.

The company reported net loss US$1.3 million for nine months
ended Sept. 30, 2007, compared to a net loss of US$6.8 million
for the same period in the previous year.

                Liquidity and Capital Resources

The company continues to raise capital to fund its operations
and fulfill its plan of acquiring companies and assisting in the
development of those companies internally.  As of Sept. 30,
2007, the company has total current assets of US$5.1 million,
compared to US$1.99 million as of Dec. 31, 2006.

As of Sept. 30, 2007, the company has total current liabilities
of US$4.6 million, compared to US$5.98 million as
of Dec. 31, 2006.

Cash and cash equivalents were US$1.7 million as of
Sept. 30, 2007, as compared to US$0.2 million as of
Dec. 31, 2006.  The company's stockholders' deficit at
Sept. 30, 2007 was US$2.6 million as compared to US$13.3 million
stockholders' deficit at Dec. 31, 2006.

As of Sept. 30, 2007, the company has debt of US$10.9 million,
including convertible debentures with related parties, which
total US$3.3 million.

              About Challenger Powerboats Inc.

Based in Washington, Missouri, Challenger Powerboats Inc.
(OTC:CPWB) - http://www.challengerpowerboats.com/-- designs and
manufactures 'go fast' offshore racing boats, family sport
cruisers, jet boats and water ski tow boats under the brands
'Challenger Powerboats', 'Sugar Sand' and 'Gekko', which target
the recreational boating market.  The company is a design-to-
manufacturing organization, creating or licensing designs, and
creating tooling, molds, and parts necessary to assemble its
products in-house.  The company markets its products through a
dealer network comprising more than 100 dealers throughout the
United States, Canada, Mexico, Europe, Australia, the Middle
East and Japan.

                    Going Concern Doubt

Jaspers + Hall PC expressed substantial doubt about Challenger
Powerboats Inc.'s ability to continue as a going concern after
auditing the company's financial statements as of Dec. 31, 2006,
and 2005.  The auditing firm pointed to the company's recurring
losses from operations and its difficulties in generating
sufficient cash flow to meet its obligation and sustain its
operations.


MOVIE GALLERY: Court Okays Amended Auction & Bid Procedures
-----------------------------------------------------------
The Honorable Douglas O. Tice of the U.S. Bankruptcy Court for
the Eastern District of Virginia approved the amended auction
and bid procedures proposed by Movie Gallery Inc. and its
debtor-affiliates.

In his third amended order, Judge Tice held that:

   -- the auction may be continued without further notice to
      creditors or parties-in-interest other than by (a)
      announcement of the adjournment at the Auction or (b)
      written notice served on the 2002 Core Group list, and all
      non-Debtor parties to the relevant Leases;

   -- the Debtors effect consultations relating to the auction
      procedures with:

         * the Official Committee of Unsecured Creditors; and
         * the lenders' agent under the Secured Superiority DIP
           Credit and Guaranty Agreement; and

   -- subject to Court approval, the Debtors are authorized, in
      their sole discretion, to:

       (i) assume all Leases necessary to complete the
           transactions contemplated by the Auction;

      (ii) select the bidder based on the second-highest or the
           second-best bid for the Leases; and

     (iii) enter into agreements relating to Lease termination
           or sale of designation rights.

Pursuant to Section 365(k) of the Bankruptcy Code, the Debtors
will have no further liability for any breach of a Lease
occurring after the closing of a sale, transfer, termination,
assignment or other transaction for the Lease.

Judge Tice further ruled that subject to Court approval, any
executed Sale Agreement constitutes a sale, free and clear of
any interest including, without limitation, any liens, claims or
encumbrances upon the Leases.

A purchaser under any executed Sale Agreement will also be
entitled to the protections afforded to good-faith purchasers,
pursuant to Section 363(m) of the Bankruptcy Code and subject to
Court approval.

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

Parties have until Nov. 26, 2007, at 4:00 p.m., prevailing
Eastern Time, to file objections to the sale of Designation
Rights, the Sale Agreements, and the Lease Termination
Agreements and any other disposition of the Leases.

              More Parties File Cure Objections

More than 90 Landlords filed additional objections to the cure
amounts reflected by the Debtors in their notice of disposition
of interests in certain nonresidential real property leases.

The Landlords include:

   * Widewaters Garner Company, LLC;
   * Walgreen Eastern Co., Inc.;
   * Renewal Willingsboro, LLC;
   * Sunset Lakes Shops, Ltd.;
   * Southtown Shopping Center;
   * Frankwood LLC/Louisville Market Street Realty, LLC;
   * SVF Waldorf, LLC;
   * Palms Associates;
   * Century Plaza Corporation;
   * Equity One (Point Royale) Inc.;
   * Equity One (Concord) LLC;
   * Boynton Plaza Shopping Center, Inc.;
   * Equity One (Northeast Portfolio) Inc.;
   * Equity One (Southeast Portfolio) Inc.;
   * Norriton Retail, LP;
   * Clyde R. Gibb, a lessor of Hollywood Video Store;
   * Westwood Financial Corporation;
   * RREEF Management Company;
   * Centro Properties Group;
   * Developers Diversified Realty Corporation;
   * Regency Center LP;
   * Trails Village Center Company;
   * RD Investment Virginia, L.L.C.;
   * JCE Properties, LLC;
   * Peak Canton Properties, LLC;
   * Southern Development of Mississippi, Inc.;
   * James D. Johnson and Connie Sue Lemmon-Johnson;
   * GR/Fenkell Associates, LLC;
   * Julian Cohen and Stephen R. Weiner, Trustees of Malway
     Realty Trust;
   * JCE Properties Waterloo, LLC;
   * Holiday CVS, L.L.C., also known as CVS EGL 358 GL, LLC;
   * DIM Vastgoed, N.V.;
   * King Entertainment, Inc.;
   * Sembler H. V. Partnership #1, Ltd.;
   * Holiday Park Plaza; Ltd.;
   * 5900 NW 183rd St., LLC;
   * Kenneth C. Rinker Revocable Trust;
   * Christopoulos Properties;
   * QRP Missouri, LLC; and
   * Excel Enterprise, LLC

In separate filings, 13 Landlords notified the Court that they
withdraw their (i) objections to the Debtors' proposed cure
amounts and (ii) requests to vacate the Bid Procedures Order,
based on agreements reached with the Debtors:

   * Kimco Realty Corporation and Gibraltar Management;
   * West Acres LLC;
   * Centre at Woodstock, LLC;
   * The Macerich Company, RREEF Management Company;
   * West Valley Properties;
   * Westwood Financial Corporation;
   * Watt Management Company;
   * Sywest Development;
   * Primestor Los Jardines, LLC;
   * J.H. Snyder Company;
   * Sol Hoff Company, LLC;
   * Beverly Wilcox Properties, LLC; and
   * GE Commercial Finance Business Property Corporation

                     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: Judge Tice Approves Lease Rejection Procedures
-------------------------------------------------------------
The Honorable Douglas O. Tice of the U.S. Bankruptcy Court for
the Eastern District of Virginia approved Movie Gallery, Inc.
and its debtor-affiliates' the expedited procedures for
rejecting executory contracts and unexpired non-residential real
property leases.

Judge Tice approved the procedures in its entirety, provided
that:

   (a) use of the Procedures is subject to the terms of the
       secured, superpriority DIP Credit and Guaranty Agreement
       dated as of Oct. 16, 2007; and

   (b) the agents and lenders under the Agreement will not be
       required to object to any proposed rejection to preserve
       their rights and remedies under Agreement -- it being
       specifically understood that the approved rejection does
       not modify the Agreement in any respect.

Prior to the Court's approval of the Lease Rejection Procedures,
various Landlords filed objections including:

   -- West Acres, LLC and Centre at Woodstock, LLC;

   -- Applewood, LLC, Yorkshire Village Properties, LLC, Swansea
      Realty Investments, LLC, Clinton Parkway Center, LLC,
      Estate of Rowland C. Cobb, Raoul J. Freeman and Ellen A.
      Freeman, Trustees of the Raoul and Ellen Freeman Family
      Trust Dated November 3, 1983, PKS Development, Inc., VNO
      3098 Long Beach Road LLC, RNY Binns, LLC, RWP Toppenish,
      LLC, Bowling Green Plaza, LLC, Courthouse Ventures, LLC,
      Madison Plaza, LLC, and Kilmarnock Partners Limited
      Partnership;

   -- North Main Blacksburg, L.L.C.; and

   -- SEMLAK, LLC, Imperial 1999, LP, Century Associates
      Auburndale, LLC, Cedav, Associates, Widewaters
      Connellsville Company, LLC, Princeton (East River) WMS,
      LLC, Blue Field (Ridgeview) WMS, LLC, and Lexington (East
      Towne) WMB, LLC.

The Landlords asserted, among others, that (i) the Debtors'
proposed 10-day response time with respect to the rejection of
various leases should be extended pursuant to Rule 9014 of the
Federal Rules of Bankruptcy Procedure, (ii) include in any
notice of rejection the uncontested portion of the prepetition
claim of each Landlord, who will then have the authority to
exercise a right of off set up to the amount of the uncontested
claim.

Objections that are not withdrawn, waived, or settled are
overruled on the merits.

                     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: Wants to Reject 400 Contracts & Leases
-----------------------------------------------------
Movie Gallery Inc. and its debtor-affiliates notify various
parties-in-interest that they are rejecting about 400 executory
contracts and unexpired leases, pursuant to procedures approved
by the U.S. Bankruptcy Court for the Eastern District of
Virginia.

The Leases include:

   Lessor/Sublessor       Store Address          Rejection Date
   ----------------       -------------          --------------
   101 Kappa Drive        2719 Brodhead Rd.
   Associates #1          Aliquippa, PA             11/13/07

   1996 Pavillion         261 Old York Rd.
   Associates, LP         Jenkintown, PA            11/13/07

   212 Northside          212 W. Northside Dr.
   Drive LLC              Jackson, MS               11/13/07

   2468 Group Inc.        4141 S. Salina St.
                          Syracuse, NY              11/13/07

   255 Mall, LLC  25503   Union Tpke
                          Glen Oaks, NY             11/12/07

   3130 North Rock 3130   North Rock Road
   L.L.C.                 Wichita, KS               11/13/07

   3815 NORTH HURON, LLC  3853 North Huron Road
                          Pinconning, MI            11/13/07

   5900 N.W. 183rd        5900 NW, 183rd St.
   Street, LLC            Miami, FL                 11/18/07

   7 & 41, LLC            2499 West Highway 7
                          Excelsior, MN             11/13/07

   75 LaGrange, LP        71 S, La Grange Rd.
                          La Grange, IL             11/13/07

A full text copy of the contract and lease rejection schedule is
available for free at:

              http://researcharchives.com/t/s?2593

If written objections are not timely filed and served to the
rejection of a designated contract or lease, the Court may deem
any opposition waived, treat the rejection as conceded, and
enter an order rejecting the contracts or lease without further
notice or hearing.

Parties must file objections within 10 days after the date of
service of the rejection notice.

                     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.


REMY WORLDWIDE: Court Approves AP Services as Crisis Manager
------------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates sought
and obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to:

   (a) employ AP Services, LLC, as their crisis managers
       effective as of the Effective Date; and

   (b) designate David C. Johnston as assistant treasurer of
       Remy International Inc.

As reported in the Troubled Company Reporter on Oct. 17, 2007,
the Debtors asserted that APS' experience in providing crisis
management services to financially-troubled organizations for
over 20 years qualifies the firm for the contemplated services
it will perform on the Debtors' behalf.  Furthermore, Mr.
Johnston had held a variety of restructuring management and
advisory leadership roles during his 10-year tenure with APS'
affiliate, AlixPartners.

Pursuant to an Engagement Letter between the Debtors and APS
dated Sept. 25, 2007, Mr. Johnston will serve as Remy
International's assistant treasurer under the direct supervision
of Remy International's chief executive officer.

As Remy International's assistant treasurer, Mr. Johnston is
expected to:

   -- collaborate with the senior management team composed of
      Remy's Board of Directors and the Debtors' other
      professionals in assisting the Debtors in evaluating
      strategic and tactical options through the restructuring
      process;

   -- oversee elements of Remy's Treasury and Cash Management
      functions; and

   -- assist the CEO and the Chief Financial Officer in
      developing improved financial reporting and timelier
      decision-making information.

The Debtors will pay for APS' full time Temporary Staff at these
hourly rates:

            Professional                 Hourly Rate
            ------------                 -----------
            Managing Directors         US$600 - US$750
            Directors                  US$440 - US$575
            Vice-Presidents            US$325 - US$450
            Associates                 US$260 - US$315
            Analysts                   US$210 - US$230
            Paraprofessionals          US$100 - US$175

Based on APS' billing schedule, Mr. Johnston, designated as
full-time Assistant Treasurer, will be compensated with an
hourly rate of US$525.

Aside from providing full-time Temporary Staff, APS will
occasionally use part-time temporary staff for certain Chapter
11-related activities, Kenneth J. Enos, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, told the Court.
The Debtors will be billed for services provided by the part-
time Temporary Staff for hours worked at hourly rates similar to
those of the full-time Temporary Staff.

Among other things, the part-time Temporary Staff may be tasked
to:

   (a) prepare short-term cash flow and liquidity forecasts for
       domestic and international operations;

   (b) assist in the preparation and monitoring of business
       plans and forecasts;

   (c) evaluate Remy's relationship with significant customers,
       development strategies to address customer issues, and
       negotiations for improvements in pricing, product
       specifications, payment terms and other elements
       affecting the company's cash flow;

   (d) develop information for Remy's prepackaged Chapter 11
       filing, through:

       -- compiling required information for the Chapter 11
          petition and other required forms;

       -- assisting the Accounting Department with related
          issues like cutoff and segregation of prepetition
          and postpetition activity; and

       -- assisting counsel with information and analysis
          to support "first day" motions; and

   (e) after the Chapter 11 filing, assist:

       -- the Debtors in managing their bankruptcy process,
          including working with and coordinating the efforts
          of other professionals representing the Debtors'
          various stakeholders;

       -- in preparing information required by the Bankruptcy
          Court, including schedules of assets and
          liabilities, statement of financial affairs and
          monthly operating reports;

       -- in managing supplier relationships to help ensure
          continuation of deliveries and receipt of credit
          terms; and

       -- in tasks like reconciling, managing, and negotiating
          claims, evaluating preferences and the like and in
          supporting the Debtors' positions with respect to
          various Court motions.

David Rawden, an independent contractor of APS, will perform
certain accounting and finance functions for the Debtors.  Mr.
Rawden was formerly a managing director of AlixPartners, with
over 25 years of accounting, finance and restructuring
experience.  Mr. Rawden was a former chief financial officer for
several manufacturing companies, including a US$1 billion
automotive supplier.

APS is billing the Debtors for Mr. Rawden's services at a fixed
monthly rate of US$100,000, which is equal to or less than the
comparable hourly rate that the firm charges for its own
employees who are managing directors, according to Mr. Enos.

The APS professionals contemplated to be employed by the Debtors
and their fees are:

                                           Hourly
  Name               Description            Rate     Commitment
  ----               -----------           -------   ----------
  David C. Johnston  Assistant Treasurer    US$525    Full-Time
  Alan Holtz         Engagement Leader      US$675    Part-Time
  Jason Muskovich    Int'l. Cash Mgmt.      US$520    Full-Time
  Henry Colvin       Case Management        US$495    Full-Time
  Kyle Braden        Vendor Management      US$475    Full-Time
  Brent Robison      Int'l. Cash Mgmt.      US$440    Full-Time
  Nishit Shah        Case Management        US$315    Full-Time
  Jarod Clarrey      Case Management        US$230    Full-Time

The Debtors will also reimburse APS of necessary out-of-pocket
expenses incurred in connection with their Chapter 11 cases,
including travel, lodging, postage and telephone charges.

APS intended to submit to the Court quarterly reports of
compensation earned.

In addition to the hourly fees, APS and the Debtors agreed that
in the event of a meaningful and appropriate milestone, APS will
receive a US$1,000,000 Success Fee.  The fee is intended to
reflect the alignment of both parties' interests.

Under the Engagement Letter, the Debtors agreed to indemnify,
hold harmless, and defend APS and its affiliates against all
claims, liabilities, losses, damages, and reasonable expenses as
they are incurred, including reasonable legal fees and
disbursements of counsel.

Without prejudice to these rights, APS waives indemnification of
itself as an entity.  Indemnification of APS personnel who are
not officers of the Debtors will be subject to the approval of
Remy International's Board of Directors.

The Debtors asserted that they will use reasonable efforts to
include and cover Temporary Staff serving as their officers from
time to time, as insureds under the Debtors' policy for
directors' and officers' insurance.  The Debtors will maintain
the D&O Insurance coverage for the period through which claims
can be made against those persons.

Alan D. Holtz, a managing director at APS, declared that none of
APS' principals, employees, agents, or affiliates have any
connection with the Debtors, their creditors, the U.S. Trustee,
or any other party, with an actual potential interest in the
Debtors' Chapter 11 cases.

Mr. Holtz related that APS has represented Angelo Gordon, AT&T
Corp., Bear Stearns, BellSouth, Blue Diamond, Bombardier Inc.,
Caterpillar, Citicorp Del-Lease, Credit Suisse First Boston,
DaimlerChrysler, Deloitte & Touche, Fiat, Ford, General Motors
Corp., Honda, Morgan Stanley, among others, in matters unrelated
to the Debtors.

                    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.

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. 4,
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


EASTERN MEDIA: Fitch Cuts Long-Term Issuer Default Rating to BB-
----------------------------------------------------------------
Fitch Ratings has removed the 'BB' Long-term Issuer Default
Rating and 'BBB+(twn)' National Long-term rating of Eastern
Media International Corporation from Rating Watch Negative.  At
the same time, Fitch has downgraded its Long-term Issuer Default
Ratign to 'BB-' from 'BB' and National Long-term rating to
'BBB(twn)' from 'BBB+(twn)', and assigned a Negative Outlook to
these ratings.  The ratings have been listed on RWN since
July 5, 2007.  Fitch has simultaneously withdrawn these ratings
and will no longer provide rating coverage of the company.

The rating downgrades mainly reflect Fitch's concerns about
Eastern Media's corporate governance, its lack of independent
directors and the numerous transactions it has with related
parties, as well as weakened banking support as a result of
prosecutions relating to the company's senior executives;
although the company currently maintains good liquidity with
abundant cash on hand.  The Negative Outlook reflects Fitch's
view that Eastern Media's existing credit profile could be
affected by possible changes in its long-term business
strategies or investment decisions.

Eastern Media International Corporation, formerly ET Internet
Technology Corporation, operates its business along five
business divisions:  warehousing, shipping, development, grain
trading and consumer commodities.  The company's warehousing
business division provides storage, loading and uploading of
bulk cargo such as coal and grain.  The company operates four
grain silos at Taichung and Kaohsiung, Taiwan.  The shipping
business division provides marine transportation of grain, coal
and ore.  The trading division is engaged in the import and sale
of corn and soybean.  The consumer commodity division is engaged
in the import and sale of computing, communication and consumer
(3C) commodities, textile and health care commodities among
others within the domestic market.  As of Dec. 31, 2006, the
company had eight major subsidiaries including Bermuda and
Panama.


* PANAMA: Backs Energias' Plans to Turn Country into Energy Hub
---------------------------------------------------------------
The Panamanian government is backing a US$40 billion proposal by
a consortium to turn the country into an energy hub, Reuters
reports.

Energias, the consortium led by Spain's company Tecnicas
Reunidas and Singapore's Jurong Consultants Pte Ltd., proposed
for the construction of two energy parks on Panama's Pacific and
Caribbean coasts, Reuters adds.

According to Reuters, the energy facilities are projected to
refine about two million barrels of crude oil per day.  Aside
from crude, the plants would also produce liquefied natural gas
and petrochemicals.

The consortium's vice president, Luis Marin, told Reuters that
talks are ongoing for the possible involvement of BP Plc, Total
SA, Petroleo Brasileiro, Samsung and PetroChina Company Limited
in the project.

The two energy parks will be connected by a 90-km oil pipeline
that would be built along the Panama Canal, the same report
adds.

                        *     *     *

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




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


INTERPUBLIC GROUP: Closes US$200-Mil. Convertible Note Exchange
---------------------------------------------------------------
The Interpublic Group of Companies Inc. has completed the
previously announced exchange of US$200 million aggregate
principal amount of new 4.75% Convertible Senior Notes due 2023
for the same principal amount of its old 4.50% Convertible
Senior Notes due 2023.  The exchange was conducted on a private
basis in reliance on Section 4(2) of the Securities Act of 1933
with a small number of qualified institutional buyers that held
the old notes.

The main differences between the new notes and the old notes are
as follows:

   (a) the interest rate is 4.75% rather than 4.50%,

   (b) the first call date will be later (March 15, 2013 rather
       than Sept. 15, 2009),

   (c) the first date of repurchase at the option of the holders
       will be later (March 15, 2013 rather than March 15, 2008)
       and

   (d) payment of cash dividends on Interpublic's common stock
       will trigger an adjustment to the new notes' conversion
       rate, but will not trigger payment of contingent
       interest.

Like the old notes, the new notes pay interest semiannually and
will mature on March 15, 2023.  The conversion provisions of the
new notes are substantially similar to those of the old notes.
The new notes are subject to restrictions on transfer as a
result of the private placement.

Interpublic has agreed to file a shelf registration statement
under the Securities Act for the resale of the new notes and the
common stock issuable upon conversion of the new notes.

The new notes and the common stock issuable upon conversion of
the new notes have not been registered under the Securities Act
or any state securities laws.  They may not be offered or sold
in the United States absent registration under, or an applicable
exemption from, the registration requirements of the Securities
Act and applicable state securities laws.

This announcement is neither an offer to sell nor a solicitation
of an offer to buy any securities, nor shall there be any offer,
solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful.

                      About Interpublic

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service has assigned a Ba3
rating to Interpublic Group of Companies, Inc.'s new US$200
million 4.75% convertible senior notes due in 2023 (putable and
callable on Mar. 15, 2013).

At the same time, Standard & Poor's Ratings Services has
assigned a 'B' rating to the exchange offer of 144A privately
placed 4.75% convertible senior notes due 2023 of The
Interpublic Group of Cos. Inc. (Interpublic; B/Positive/--),
which will refinance the same principal amount of its 4.50%
convertible senior notes due 2023.




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


* PERU: To Auction Remaining Oil Exploration Blocks Next Year
-------------------------------------------------------------
The Peruvian government will call for bids in 2008 for the
country's remaining oil exploration blocks, in a bid to boost
output, Alex Emery reports, citing Perupetro President Daniel
Saba.  Peru still has 12 blocks in areas in the Amazon jungle
left for companies to explore for crude.

"The fact is many companies are investing in Peru underlines
investor confidence," Mr. Saba said during the signing ceremony
of 18 oil and gas contracts on Wednesday.  "Peru will become a
net exporter once again."

Peru offers favorable terms to foreign companies in order to
attract investors who shunned other Latin American countries due
to higher taxes and stricter oil policies.  The country is the
region's fifth-largest gas producer.

                        *     *     *

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.

                        *     *     *

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




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


GLOBAL HOME: Files Amended Chapter 11 Reorganization Plan
---------------------------------------------------------
Global Home Products LLC and its debtor-affiliates submitted to
the U.S. Bankruptcy Court for the District of Delaware their
amended plan of reorganization and amended disclosure statement.

                     Treatment of Claims

The amended plan is based on the cash contributions of Global
Home Products Investors LLC, the entity that holds 97.75% of the
equity security interests of Global Home Products LLC, for
distribution to creditors.

In addition, under the plan, any cash held by the Reorganized
Debtors that constitutes collateral for Madeleine's Secured
Claim, as of the date on which the plan becomes effective.  The
sum of collateral carve out constitutes "Effective Date Cash".

Pursuant to the plan, GHPI would contribute US$8,500,000 in
effective date cash for pro rata distributions to applicable
creditors as:

   (a) US$1,000,000 to holders of class 5 general unsecured
       claims, after payment of any allowed reclamation claims,
       plus a percentage of certain net proceeds obtained by the
       Reorganized Debtors from any recoveries pursuant to
       Section 547 of "net chapter 5 claims recoveries" and

   (b) US$3,500,000 to holders of allowed class 4 503(b)(9)
       claims.

The remainder of the US$4,000,000 of Effective Date Cash would
be used to satisfy allowed administrative claims, allowed
priority claims, and any allowed class 3 claims.

The Effective Date Cash will be the sole source of distributions
to the holders of allowed class 5 unsecured claims, allowed
class 4 503(b)(9) claims, allowed administrative and priority
claims, and allowed class 3 claims, provided that the holders
of class 5 claims will also receive a portion of net chapter 5
claims recoveries provided under the plan.

                         Who May Vote

Under the plan, administrative claims, including professional
fee claims and priority tax claims, are unclassified and are not
entitled to vote.

Except for class 6A (GHPI equity interests) and class 6C
(subsidiary equity interests), no classes are unimpaired under
the plan.

Class 6A and class 6C are unimpaired and are each conclusively
deemed to have accepted the plan.

Accordingly, only the holders of claims in classes 1 (non-
priority tax claims), class 2 (Madeleine secured claim), class
3 (other secured claims, class 4 503 (b)(9) claims, class 5
(unsecured claims and reclamation claims), and class 6B (non-
GHPI equity interests) are entitled to vote to accept or reject
the plan.

Class 7 (canceled options and warrants) is impaired, but the
members of this class will not receive or retain any property
or other distribution under the plan.

A copy of the Debtors' Joint Amended Plan of Reorganization is
available for a fee at:

   http://www.researcharchives.com/bin/download?id=071120221251

A copy of the Debtors' Amended Disclosure Statement is
available for a fee at:

   http://www.researcharchives.com/bin/download?id=071120221613

                      About Global Home

Headquartered in Westerville, Ohio, Global Home Products LLC
-- http://www.anchorhocking.com/and http:/www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. Lead 06-10340).

Laura Davis Jones, Esq., David Bertenthal, Esq., Bruce Grohsgal,
Esq., and Joshua Fried, Esq, at Pachulski Stang Ziehl & Jones
LLP, represent the Debtors.  Attorneys at Dinsmore & Shohl, LLP,
and Frost Brown Todd LCC are the Debtors' special counsel.  Epiq
Bankruptcy Solutions, LLC acts as the Debtors' claims agent.

Ronald F. Stengel, Conway Del Genio Gries & Co., LLC, is the
Debtors' chief restructuring officer.  Plante & Moran is the
Debtors' 401(k) plan auditors.  PricewaterhouseCoopers LLP and
Deloitte Tax LLP provide tax services.  Houlihan Lokey Howard &
Zukin Capital is Debtors' the investment bankers while Johnson
Associates Inc. is the special compensation advisor

Sharon Levine, Esq., and Bruce Buechler, Esq., at Lowenstein
Sandler PC; and David M. Fournier, Esq., at Pepper Hamilton LLP,
represent the Official Committee of Unsecured Creditors.
Attorneys at Basham, Ringer y Correa, SC is the Committee's
special counsel.  Huron Consulting Services LLC acts as the
Committee's financial advisors.

Jesse H. Austin, III, Esq., at Paul, Hastings, Janofsky & Walker
LLP, and Robert J. Dehney, Esq., at Morris, Nichols, Arsht &
Tunnell LLP, represent Medeleine LLC.  Global Home Products
Investors LLC, Cerberus Partners, LP, and Cerberus Capital
Management, LP, is represented in these bankruptcy proceedings
by Lawrence V. Gelber, Esq., and Sophie S. Kim, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri Mumford,
Esq., at Landis Rath & Cobb LLP.


GLOBAL HOME: Disclosure Statement Hearing Set for Dec. 27
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware has
scheduled a hearing on Dec. 27, 2007, at 2:00 p.m. to consider
the approval of the Amended Disclosure Statement explaining the
Joint Plan of Reorganization filed by Global Home Products LLC
and its debtor-affiliates.

Objections to the disclosure statement must be filed by
Dec. 20, 2007.

                     About Global Home

Headquartered in Westerville, Ohio, Global Home Products LLC
-- http://www.anchorhocking.com/and http:/www.burnesgroup.com/
-- sells houseware and home products and manufactures high
quality glass products for consumers and the food services
industry.  The company also designs and markets photo frames,
photo albums and related home decor products.  The company and
16 of its affiliates, including Burnes Puerto Rico, Inc., and
Mirro Puerto Rico, Inc., filed for Chapter 11 protection on
April 10, 2006 (Bankr. D. Del. Case No. Lead 06-10340).

Laura Davis Jones, Esq., David Bertenthal, Esq., Bruce Grohsgal,
Esq., and Joshua Fried, Esq, at Pachulski Stang Ziehl & Jones
LLP, represent the Debtors.  Attorneys at Dinsmore & Shohl, LLP,
and Frost Brown Todd LCC are the Debtors' special counsel.  Epiq
Bankruptcy Solutions, LLC acts as the Debtors' claims agent.

Ronald F. Stengel, Conway Del Genio Gries & Co., LLC, is the
Debtors' chief restructuring officer.  Plante & Moran is the
Debtors' 401(k) plan auditors.  PricewaterhouseCoopers LLP and
Deloitte Tax LLP provide tax services.  Houlihan Lokey Howard &
Zukin Capital is Debtors' the investment bankers while Johnson
Associates Inc. is the special compensation advisor.

Sharon Levine, Esq., and Bruce Buechler, Esq., at Lowenstein
Sandler PC; and David M. Fournier, Esq., at Pepper Hamilton LLP,
represent the Official Committee of Unsecured Creditors.
Attorneys at Basham, Ringer y Correa, SC is the Committee's
special counsel.  Huron Consulting Services LLC acts as the
Committee's financial advisors.

Jesse H. Austin, III, Esq., at Paul, Hastings, Janofsky & Walker
LLP, and Robert J. Dehney, Esq., at Morris, Nichols, Arsht &
Tunnell LLP, represent Medeleine LLC.  Global Home Products
Investors LLC, Cerberus Partners, LP, and Cerberus Capital
Management, LP, is represented in these bankruptcy proceedings
by Lawrence V. Gelber, Esq., and Sophie S. Kim, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri Mumford,
Esq., at Landis Rath & Cobb LLP.




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


HILTON HOTELS: To Issue US$500-Mln Unsecured Floating Rate Notes
----------------------------------------------------------------
Hilton Hotels Corporation has agreed to issue an aggregate
principal amount of US$500 million of unsecured Floating Rate
Notes due 2013.  The Notes will bear interest equal to three
month LIBOR plus 4.50% per year, adjusted quarterly.  The
proceeds of the sale of the Notes will be used to repay an equal
amount of Hilton's secured mezzanine loans incurred in
connection with the funding of the acquisition of Hilton by
investment funds affiliated with The Blackstone Group and
related transactions.  Completion of the transaction is subject
to customary closing conditions.

The Notes have been offered and sold in a private placement to
qualified institutional buyers pursuant to Section 4(2) of the
Securities Act of 1933, as amended.  The Notes have not been
registered under the Securities Act or securities laws of any
state and may not be offered or sold in the United States absent
an applicable exemption from registration requirements under the
Securities Act or the laws of any state.

In connection with the offering of the Notes, Hilton has made
certain information available to prospective financing sources.
Hilton is posting under the Investor Relations tab on its
website.  Certain of this information, including information
relating to Hilton's financial performance for the three months
ended Sept. 30, 2007 and information relating to the financing
of the merger of Hilton, which was completed on Oct. 24, 2007.

                     About Hilton Hotels

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

                        *     *     *

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




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


EXIDE TECH: Improved Fin'l Results Cue S&P to Lift Rating to B-
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit rating on Exide Technologies to 'B-' from 'CCC+' because
of the company's improved financial results, which the company
has achieved despite sharply higher lead prices.  The outlook is
stable.

Exide Technologies has total debt of about US$1.1 billion,
including S&P's adjustments for underfunded retiree benefit
liabilities, operating leases, and trade receivables sold.

"The rating action reflects Standard & Poor's view that a
default by Exide is unlikely over the next 12-18 months," said
S&P's credit analyst Gregg Lemos Stein.

The company's financial profile remains highly leveraged, but
credit measures have improved meaningfully over the past several
quarters as a result of steadily increasing EBITDA.  Prices for
lead have more than tripled since mid-2006, leading to sharply
higher working capital and negative free cash flow.  However,
Exide Technologies has been able to blunt most of the impact on
profitability by passing along higher costs to its customers.

The outlook is stable.  S&P could revise the outlook to negative
or lower the ratings if free operating cash flow fails to turn
positive, if recent improvements in the company's pricing
environment prove unsustainable, or if lead costs continue to
increase dramatically and liquidity diminishes.  S&P could
revise the rating to positive if leverage continues to moderate
substantially and the company demonstrates consistent and
sustainable positive free cash flow generation, allowing for
permanent debt reduction.

                    About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica,
Ecuador, El Salvador, Guatemala, Panama, Paraguay, Peru, Uruguay
and Venezuela.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.




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


CHRYSLER LLC: Cerberus Postpones US$4-Bln Debt Sale, Source Says
----------------------------------------------------------------
The sale of Chrysler LLC's US$4 billion loans has been postponed
indefinitely, a source familiar with the matter told The Wall
Street Journal, without specifying any timetable for a possible
resale.

As reported in the Troubled Company Reporter on Nov. 8, 2007,
aiming to lessen US$171 billion leveraged loan backlog, JPMorgan
Chase and Co., Citigroup Inc., Goldman Sachs Group Inc., Morgan
Stanley and Bear Stearns & Co. planned to sell Chrysler LLC's
US$4 billion loans at about 97.5 cents on the dollar this week,
Pierre Paulden and Bryan Keogh of Bloomberg News reports citing
unnamed sources.

The banks, sources say, are eager to dispose the US$10 billion
loans that they were not able to sell in July and August after
Cerberus Capital Management acquired Chrysler from former owner
DaimlerChrysler AG.

According to Reuters, citing an unidentified source, the latest
postponement was prompted by weak credit markets and worsening
news from the U.S. automotive sector.

JPMorgan Chase and Co., Citigroup Inc., Goldman Sachs Group
Inc., Morgan Stanley and Bear Stearns & Co. had planned to sell
the loans at about 97.5 cents on the dollar this week, in an aim
to lessen US$171 billion in leveraged loan backlog, the TCR-
Europe reported on Nov. 9, 2007.

The banks, sources said, were eager to dispose the US$10 billion
loans that they were not able to sell in July and August after
Cerberus Capital Management acquired Chrysler from former owner
DaimlerChrysler AG.

As previously reported, Fitch Ratings has initiated rating
coverage on Chrysler LLC by assigning these ratings:

    -- Long-term Issuer Default Rating 'B+';
    -- US$10 billion first-lien loan 'BB+/RR1';
    -- US$2 billion second-lien loan 'BB+/RR1'.

The US$12 billion in senior secured financing will be raised
following the pending acquisition of 80.1% of Chrysler's parent,
Chrysler Holding LLC, by affiliates of Cerberus Capital
Management, L.P.  The 'RR1' Recovery Rating is based on Fitch's
expectation of full recovery in the event of bankruptcy.  The
Rating Outlook is Stable.

The sale, which was previously postponed once, will push through
depending on market conditions, a source told WSJ.

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

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

Chrysler is a unit of Cerberus Capital Management.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.

As reported in the Troubled Company Reporter on Aug. 8, 2007,
Standard & Poor's Ratings Services revised its loan and recovery
ratings on Chrysler LLC (B/Negative/--), including a 'BB-'
rating to the US$5 billion "first-out" first-lien term loan
tranche.  This rating, two notches above the corporate credit
rating of 'B' on Chrysler LLC, and the '1' recovery rating
indicate S&P's expectation for very high recovery in the event
of payment default.  S&P also assigned a 'B' rating to the
US$5 billion "second-out" first-lien term loan tranche.  This
rating, the same as the corporate credit rating, and the '3'
recovery rating indicate S&P's expectation for a meaningful
recovery in the event of payment default.

Moody's Investors Service has affirmed Chrysler Automotive LLC's
B3 Corporate Family Rating, and the Caa1 rating of the company's
US$2 billion senior secured, second lien term loan in connection
with the closing of DaimlerChrysler AG's sale of a majority
interest of Chrysler Group to Cerberus Capital Management LLC.


SIDERURGICA DEL TURBIO: Fitch Affirms B+ Rating on US$100M Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the 'B+' foreign and local currency
Issuer Default Ratings of Siderurgica del Turbio, S.A.  Fitch
has also affirmed the 'B+/RR4' ratings assigned to the US$100
million unsecured notes due 2016 issued by Sidetur Finance B.V.,
a wholly owned subsidiary of Siderurgica del Turbio.  The notes
are unconditionally and irrevocably guaranteed by Siderurgica
del Turbio.  In addition, Fitch has upgraded the company's
national scale rating to 'A+(ven)' from 'A-(ven)'.  The Rating
Outlook is Stable.

These rating actions reflect the company's improving financial
profile and its solid competitive position as one of two leading
steel producers in Venezuela with a market share of about 42%
for rebar.  The company benefits from its relationships with
large steel distributors, wholesalers and retailers in Venezuela
and has a moderate cost structure due to fluctuations in the
prices of raw materials such as steel scrap and hot briquetted
iron that must be purchased from third-parties.

The company's ratings also consider the sovereign risks and the
associated limitations resulting from governmental policies and
regulations that can affect the performance and increase cash
flow volatility of private sector companies.  These policies
include price controls and a foreign currency exchange regime
that has been in place since February 2003, as well as other
constraints. Siderurgica del Turbio is also exposed to the
fluctuations of Venezuelan economic activity, the construction
sector in particular, and to the cyclicality of global steel
prices.  Fitch rates Venezuelan government's foreign currency
obligations 'BB-'/Negative Outlook and has assigned a 'BB-'
country ceiling to Venezuela.

Over the past few years, Siderurgica del Turbio's credit profile
has improved due to lower leverage, stronger operating earnings
and liquidity and increased financial flexibility.  At June 30,
2007, the company had total debt of US$121 million consisting
primarily of the US$100 million U.S.-dollar denominated notes
issued in April 2006.  Debt service payments are manageable as
the notes amortize at a rate of US$5 million per year until a
final payment of US$60 million is due in 2016.

Siderurgica del Turbio's credit protection measures are
currently strong for the rating category. During the last 12
months ended June 30, 2007, the company generated revenues of
US$450 million and EBITDA of US$132 million, increases of 10%
and 13%, respectively, compared with 2006 (fiscal year ending
Sept. 30, 2006).  The company's ratio of total debt to EBITDA
decreased to 0.9 times from 1.3 over the period.  With cash
totaling US$83 million at June 30, 2007, the company's ratio of
net debt to EBITDA was 0.3.

Cash balances as of June 30, 2007 do not reflect the sale in
September 2007 of Siderurgica del Turbio's 50.002% stake in
Vicson S.A., a manufacturer of steel wire products, for US$35.5
million.  In 2007, the company also sold its entire investment
of 1.64% of the steel holding company Ternium S.A. for US$93.4
million.  As a result, the company is also holding, as of
June 30, 2007, liquid assets in the form of investments held to
maturity of US$84 million.  The proceeds from the sales of
Vicson and Ternium are expected to be used to pay off a US$19
million bank loan maturing in November 2007 and to make
extraordinary dividend payments in 2008.  Currently, there is no
debt at the Siderurgica Venezolana Sivensa S.A. parent company
level.  Fitch does not expect Siderurgica del Turbio to support
any new debt at Sivensa.

The company's ratings consider the risks of operating in a small
market driven by construction spending within a highly cyclical
global industry.  Despite the introduction in December 2006 of
government imposed price controls on most rebar products sold by
Siderurgica del Turbio in Venezuela, prices increases of about
8% for domestic rolled steel products have still allowed profit
margins to improve, as demand from the construction industry
remains strong.  Public spending on construction has been
increasing in Venezuela as a result of income generated from
high oil prices.  Venezuelan gross domestic product grew by
about 11% in 2006, and the construction sector grew 31%.  In
2007, Venezuelan GDP and the construction sector are expected to
grow by about 7% and 24%, respectively.  Nevertheless, the
prices of steel products sold in Venezuela are still
approximately 15%-20% below the current market prices in the
South American region.

Siderurgica del Turbio and its one main competitor, Siderurgica
del Orinoco, provide most of the steel products consumed in
Venezuela.  The company benefits from significant barriers to
entry in the industry, such as the relatively small size of the
market of nearly 5.0 million tons of crude steel production,
which makes it uneconomical to import and transport steel into
Venezuela.  The capital-intensive nature of steel producing also
serves as a barrier.  Relative to smaller or foreign steel
producers, the company also has privileged access to the
country's large distributors and retailers.  The demand for long
steel products by the construction industry has grown
substantially and is expected to remain strong as Venezuela
continues to experience low real interest rates and high
liquidity.

Siderurgica del Turbio is SA located in Venezuela and
manufactures semi-finished and finished steel products including
billets, reinforcing and merchant bars, angles, beams, and
specialty quality steel.  The company's main production
facilities consist of two melt shops with a capacity of 835,000
tons of crude steel, four rolling mills with a capacity of
570,000 of long finished products and a plant with a capacity of
67,000 tons of welded and drawn products.  The melt shops are
mini-mills that use electric arc furnaces to melt scrap metal
and hot briquetted iron, a scrap substitute.  The company is the
largest scrap buyer in Venezuela and owns 13 scrap yards.  In
fiscal year 2007, the company produced 577,000 tons of crude
steel and 527,000 tons of rolled or finished products.  Sales
volumes totaled 634,000 tons, 96% of which was sold in the local
markets.


* VENEZUELA: Invites Additional Investments from France
-------------------------------------------------------
Venezuela wants France to become "the largest foreign investor"
in the country, El Universal reports, citing Venezuelan Minister
of Energy and Petroleum Rafael Ramirez.

The meeting took place in Paris with a group of French companies
comprising the employer's association Medef.

According to French Ministry of Economy, France was rank as the
third largest investor in Venezuela with investments for US$1.6
billion, mostly from oil firm Total.  The top two belongs to the
United States (with investments at US$7.85 billion) and Spain
(US$2.8 billion), El Universal relates.

The private sector, Mr. Ramirez reminded, might represent 22% of
the US$123 billion in energy investments expected next year.

El Universal says that Venezuela "needs large investments" to
meet the increased electric power demand, and invited French
Alstom to enter into a joint venture to manufacture turbines,
according to Mr. Ramirez.

                        *     *     *

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-'.


* VENEZUELA: Issuing New US$500 Million in Bonds
------------------------------------------------
El Universal relates that the Ministry of Finance is launching a
sale of US$500 million in Venezolano II debt titles following a
few days of issuing Venezolano I debt bonds.

Report shows that the issue began a higher value while the
Ministry of Finance was to create small combos with a value
ranging from US$100 million to US$150 million.

Under the new issuance, one part will be in US dollars and two
parts in Venezuelan bolivars.  The issue has:

   -- US$250 million in foreign bonds 2038,
   -- US$268.7 million in Vebonos maturing in 2013, and
   -- US$268.7 million in Vebonos maturing in 2014.

An amount of US$2,000 (VEB4.3 million at the official exchange
rate of VEB2,150 per US dollar) was set for minimum investment,
El Universal reports.

                        *     *     *

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-'.


* VENEZUELA: Foreign Investment Drops US$317 Mil. in Nine Months
----------------------------------------------------------------
Minister of Finance Rodrigo Cabezas stated that "the Venezuelan
economy is becoming an excellent choice for investment," but the
Central Bank recorded that the foreign direct investment has
declined to US$317 million during the first three quarters of
2007, El Universal reports.

The amount is a tiny sum compared to other countries in the
region and to the size of the Venezuelan economy.  In addition,
it is lower than the amount of US dollars the Foreign Exchange
Board (Cadivi) allocates in two days, El Universal relates.

In other countries, Colombia had foreign investment of US$5
billion for the first nine months of 2007; Mexico has received
US$13,24 billion in the first two quarters this year; and Costa
Rica generated US$819 million in the same period as Mexico, El
Universal says.

According to the experts, investment in Venezuela involved risks
that are high, given the price controls, the government's
appetite to grasp the so-called "strategic sectors," the
uncertainty related to the proposed changes to the Constitution,
exchange controls that obstruct capital repatriation and
restrictions on some imports.

El Universal states that foreign investment amounted to US$590
million in 2006, and over the last nine months, the country has
not exceeded a peak of US$4.98 billion in 1998.

"US investments in the country (Venezuela) dried out last year
and ended at USD 19 million, compared to an average USD 700-800
million over the last 10 years," El Universal says, citing
Edmond Saade, the chair of the Venezuelan-American Chamber of
Commerce.

                        *     *     *

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-'.


* VENEZUELA: Cantv Launches Tender To Acquire Personal Computers
----------------------------------------------------------------
The Venezuelan government said in a statement that state-run
telecom firm Cantv has launched a tender to acquire personal
computers for its program Plan Internet Equipado, or Equipped
Internet Plan.

Business News Americas relates that under the program, Cantv
offers its fixed line subscribers the "possibility of acquiring
a desktop or laptop in 24 monthly installments, which can be
paid through the telephony bill."

Meanwhile, Cantv said in a statement that its subsidiaries will
begin migrating to open source software next year to gain
sovereignty and independence from proprietary platforms.

According to BNamericas, the use of open source software could
help Cantv reduce costs related to the acquisition, operation
and maintenance of its solutions, giving it "more freedom to
determine which information technology strategy to follow."

Cantv will begin the open source migration after completing a
study on operational costs involved, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' long-and 'B' short-term sovereign credit ratings on the
Bolivarian Republic of Venezuela.  The outlook remains stable.

                        *     *     *

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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