TCRLA_Public/071128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, November 28, 2007, Vol. 8, Issue 236

                          Headlines

A N T I G U A  A N D  B A R B U D A

DIGICEL GROUP: Asks Gov't To Set Up Regulation for Programs
DIGICEL GROUP: Launches Branch in Barbuda


A R G E N T I N A

DANA CORPORATION: Earns US$23 Million in Month Ended Sept. 30
FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Global Currency Rating
FIDEICOMISO (SECUPYME XXIX): Moody's Puts B1 Global Curr. Rating
MOLINOS CERRIBAL: Files for Reorganization in Buenos Aires Court
PRODUCTOS TEXTILES: Trustee Filing Individual Reports on April 8

PRONTOMEC SRL: Proofs of Claim Verification Ends March 10, 2008


B A H A M A S

COMPLETE RETREATS: Preferred Retreats Files May 2007 Report
COMPLETE RETREATS: Private Retreats Files May 2007 Report


B E R M U D A

BUCKLEY CONSULTING: Proofs of Claim Filing Ends on Nov. 29
BUCKLEY CONSULTING: Holds Final Shareholders Meeting on Dec. 18
CASTLE BAY: Will Hold Final Shareholders Meeting on Dec. 12
CHATSWORTH HOLDINGS: Holds Final Shareholders Meeting on Dec. 12
GRIFFIN (BERMUDA): Proofs of Claim Filing Deadline Is Nov. 29

GRIFFIN (BERMUDA): Sets Final Shareholders Meeting for Dec. 18
KENT EQUITY: Sets Final Shareholders Meeting for Dec. 12
MONTPELIER RE: Opens New US Direct Property Facultative Business
NORDIC TRADING: Final Shareholders Meeting Is on Dec. 14
SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report

SEA CONTAINERS: Carribean Files Sept. 2007 Operating Report
SUNDANCE SALES: Proofs of Claim Filing Deadline Is Nov. 29
SUNDANCE SALES: Sets Final Shareholders Meeting for Dec. 18
TARPON CO: Proofs of Claim Filing Deadline Is Dec. 11
TARPON CO: Will Hold Final Shareholders Meeting on Dec. 31

THERADEX HOLDINGS: Proofs of Claim Filing Is Until Nov. 29
THERADEX HOLDINGS: Final Shareholders Meeting Is on Dec. 18
ZHUANG PP: Proofs of Claim Filing Deadline Is Nov. 29
ZHUANG PP: Sets Final Shareholders Meeting for Dec. 18
ZI OZTIME: Sets Final Shareholders Meeting for Dec. 12


B R A Z I L

AMC ENTERTAINMENT: Taps Scott Wall as VP; Promotes Five Officers
BANCO NACIONAL: OKs BRL151-Million Loan to Angelica Agroenergia
BRASKEM SA: S&P Places BB Corp. Credit Rating on Positive Watch
EMBRATEL PARTICIPACOES: Launches Star One C1 Satellite
FORD MOTOR: Retirees' Health-Fund Risk Greater than GM Workers'

GENERAL MOTORS: Retirees' Fund Risk Lesser than Ford Workers'
JAPAN AIRLINES: Selects Five Preferred Bidders for JALCard
RHODIA SA: Strong Performance Cues Moody's to Affirm Ba3 Rating
SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say

* BRAZIL: Petrobras Launches Production Test at P-52 Platform


C A Y M A N   I S L A N D S

ATLAS GLOBAL: Will Hold Final Shareholders Meeting on Dec. 7
BROOKINVEST HOLDINGS: Final Shareholders Meeting Is on Dec. 5
CARIBE M & I: Proofs of Claim Filing Deadline Is Dec. 5
CARIBE M & I: Sets Final Shareholders Meeting for Dec. 5
CRESCENT AIR: Sets Final Shareholders Meeting for Dec. 6

ENGLEFIELD CAYMAN: Proofs of Claim Filing Is Until Dec. 5
MONITOR OIL: Files for Bankruptcy Protection in New York
MONITOR OIL: Voluntary Chapter 11 Case Summary
REVA INTERNATIONAL: Proofs of Claim Filing Deadline Is Dec. 11
SEACAT LIMITED: Proofs of Claim Filing Ends on Dec. 5

TRADE LINK: Proofs of Claim Filing Deadline Is Dec. 5
WHITEHALL STATION: Proofs of Claim Filing Deadline Is Dec. 6


C H I L E

AES GENER: Launches Torquemada Substation in Concon
GMAC LLC: Moody's Reviews Ba2 Rating for Possible Downgrade
TECH DATA: Picks Joe Quaglia as Senior VP for Marketing Unit


C O L O M B I A

QUEBECOR WORLD: To Suspend Dividends on Preferred Shares
SOLUTIA INC: Plaintiffs in SIP Plan Suit Appeal Case Dismissal
SOLUTIA INC: Ruling on Sinorgchem's Exclusion Bid Still Pending


D O M I N I C A N   R E P U B L I C

GUESS? INC: Taps Massimo Macchi as President of Guess Europe


E C U A D O R

PETROECUADOR: Daily Output Drops to 155K Barrels Due to Protests


E L   S A L V A D O R

AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban


H O N D U R A S

* HONDURAS: High Oil Prices Spurs Gov't to Import from Venezuela


J A M A I C A

AIR JAMAICA: Increasing Jamaican Flights for Holiday Season
NATIONAL WATER: Reopens Gayle Spring Facility
SUGAR COMPANY: Gov't Opens Talks with 8 Firms on Factory Sale


M E X I C O

AMERICAN AXLE: Moody's Affirms Corporate Family Rating at Ba3
AXTEL SA: Launches Offices in Pachuca
BRISTOW GROUP: Renegotiates Contract w/ Major Nigerian Customer
ADVANCED MICRO: Advances Phil Rogers to Corporate Fellow
UNITED RENTALS: Should Honor Merger Pact Terms, Cerberus Says


P A N A M A

CHIQUITA BRANDS: Producers Awaiting Unfair Practices Reports


P A R A G U A Y

* PARAGUAY: Obtains US$6.3-Mln Loan for Economic Census Support


P E R U

LEVI STRAUSS: Forms Joint Venture Partnership with Nike Unit


P U E R T O   R I C O

GENESCO INC: Gets U.S. Attorney's Subpoena on Finish Line Merger
MYLAN INC: Hires Steven Zylstra as VP for Public Relations


U R U G U A Y

EXIDE TECH: Posts US$14.8-Million Net Loss in Second Quarter


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Reports 141 Operational Oilrigs

* VENEZUELA: Honduras To Avail of PetroCaribe Oil Program
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


DIGICEL GROUP: Asks Gov't To Set Up Regulation for Programs
-----------------------------------------------------------
Digicel's general manager Darren Derrick has asked the Antigua
and Barbuda government to put interim regulation in place for
the legalization of the use of Voice over Internet Protocol
communication programs, Patricia Campbell of The Antigua Sun
reports.

According to The Sun, the new legislation would provide a
framework to legalize the programs in Antigua and Barbuda.  The
legislation has been delayed.

Mr. Derrick told The Sun that without the new legislation,
citizens are being made to feel like criminals whenever they use
Internet-based voice communications.

The Sun notes that the Telecommunications Division disclosed
early this year a crackdown on Voice over Internet Protocol use,
citing its illegality under the current legislation.  The
crackdown has been poorly accepted by the public, as the law
"criminalizes the use of common Internet-based programs to call
numbers overseas much less expensive rates than those offered by
the local telecommunications companies."

The report says that the Telecommunications Division's move "has
generally been seen as an effort to build support for the new
Telecommunications Act in the face of strenuous objections from
the Antigua Public Utilities Authority."

Mr. Derrick commented to The Sun, "While the 1961 Act remains on
the books and there is no new Telecoms Act, the general public
is still under the other legislation which outlaws VoIP [Voice
over Internet Protocol].  So, you have a number of truly law
abiding citizens who are essentially restricted from using
technology to their benefit or made criminals by going out and
using these grey market services such as Vonage and Skype and
the like."

Mr. Derrick told The Sun that the Telecoms Act, which made the
use of such services illegal, should be repealed in the interim
regulation "while the government decides how it will proceed
with the new bill."

The bill would be presented before Parliament this month, The
Sun says, citing Mr. Derrick.  It was "technology neutral,"
dealing with the "provision of services without getting into the
specific applications of the services."

"Once you are licensed for those services, whatever technology
may take advantage of those services or those media, in the case
of the fiber optics, will be allowed.  As is the case all over
the word, you don't get into dictating technology," Mr. Derrick
told The Sun.

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.


DIGICEL GROUP: Launches Branch in Barbuda
-----------------------------------------
Digicel has launched a new branch in Barbuda, A. Aisha Caleb-
Browne at The Antigua Sun reports.

According to The Sun, Digicel pulled out all the stops on
Barbuda over the weekend "as it brought its product offerings
even closer home to residents."

Digicel's marketing manager Donovan Whyte told The Sun that the
firm has collaborated with the Barbuda Council for the new
branch.  Retail manager Raccel Thomas will run the new branch.

Digicel was the first to come back on stream when the phone
services in Barbuda were out months before, The Sun states,
citing Barbuda parliament member Trevor Walker.

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.




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


DANA CORPORATION: Earns US$23 Million in Month Ended Sept. 30
-------------------------------------------------------------
                        Dana Corporation
         Unaudited Condensed Consolidated Balance Sheet
                     As of September 30, 2007

                             ASSETS

                         CURRENT ASSETS

  Cash and cash equivalent assets             US$1,035,000,000
  Accounts receivable
     Trade                                       1,410,000,000
     Other                                         290,000,000
  Inventories                                      843,000,000
  Assets of discontinued operations                 52,000,000
  Other current assets                             155,000,000
                                               ---------------
     Total current assets                        3,785,000,000

Investments in equity affiliates                   430,000,000
Net property, plant and equipment                1,740,000,000
Other noncurrent assets                          1,063,000,000

                                               ---------------

TOTAL ASSETS                                  US$7,018,000,000


LIABILITY AND SHAREHOLDERS' DEFICIT

CURRENT LIABILITIES
  DIP Financing                                 US$900,000,000
  Notes payable, including current portion
     of long-term debt                              52,000,000
  Accounts payable                               1,136,000,000
  Liabilities of discontinued operations            21,000,000
  Other accrued liabilities                        833,000,000
                                               ---------------
Total current liabilities                        2,942,000,000

Liabilities subject to compromise                4,011,000,000
Deferred employee benefits and other
  non-current liabilities                          493,000,000
Long-term debt                                      13,000,000
Minority interest in consolidated subsidiaries      95,000,000
                                              ---------------
Total liabilities                                7,554,000,000
Shareholders' deficit                             (536,000,000)
                                              ----------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT   US$7,018,000,000


                        Dana Corporation
           Unaudited Condensed Statement of Operations
              For the Month Ended September 30, 2007

Net Sales                                      US$732,000,000
Costs and expenses
  Costs of sales                                  690,000,000
  Selling, general and administrative expenses     23,000,000
  Realignment charges                              (4,000,000)
  Other income, net                                12,000,000
                                              ---------------
Income (loss) from operations                      35,000,000
Interest expense                                    5,000,000
Reorganization items, net                         (24,000,000)
                                              ---------------
Income (loss) before income taxes                  54,000,000
Income tax (expense) benefit                      (15,000,000)
Minority interest                                   1,000,000
Equity in earnings of affiliates                   (5,000,000)
                                              ---------------
Income (loss) before continuing operations         63,000,000
Income (loss) from discontinued operations        (40,000,000)
                                              ---------------
Net income (loss)                               US$23,000,000


                        Dana Corporation
            Unaudited Condensed Statement of Cash Flow
              For the Month Ended September 30, 2007

OPERATING ACTIVITIES
Net income (loss)                               US$23,000,000
Depreciation and amortization                      24,000,000
Loss on sale of business                           23,000,000
Non-cash portion of U.K. pension charge                     0
Decrease (increase) in working capital            (86,000,000)
Unremitted equity earnings in affiliates            5,000,000
Reorganization items, net of payments             (30,000,000)
Other                                              20,000,000
                                              ---------------
Net cash flow provided by
(used for) operating activities                   (21,000,000)

INVESTING ACTIVITIES
Purchases of property, plant and equipment        (13,000,000)
Proceeds from sale of assets                                0
Other                                               5,000,000
                                              ---------------
Net cash flow provided by
(used for) investing activities                    (8,000,000)

FINANCING ACTIVITIES
Net change in short-term debt                     (14,000,000)
Proceeds from DIP Credit Agreement                          0

Net cash flow provided by
(used for) financing activities                   (14,000,000)
                                              ---------------
Net increase in cash equivalents                  (43,000,000)

Cash & cash equivalents, beginning of period    1,078,000,000
                                              ---------------
Cash and cash equivalents, end of period     US$1,035,000,000

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. 61;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FIDEICOMISO FINANCIERO: Moody's Puts Ba1 Global Currency Rating
---------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and of Ba1 (Global Scale, Local Currency) to the
Fixed Rate and Floating Rate Debt Securities of Fideicomiso
Financiero Supervielle Creditos Banex XIX issued by Deutsche
Bank S.A. -- acting solely in its capacity as Issuer and
Trustee.  This issuance is not an obligation of Deutsche Bank
S.A. and therefore the rating assigned does not reflect the
credit quality of Deutsche Bank S.A.

Moody's also assigned ratings of Ba1.ar (Argentine National
Scale) and Caa1 (Global Scale, Local Currency) to the
subordinated Certificates.

The assigned ratings are based on these factors:

  -- The credit quality of the securitized personal loans

  -- The ability and willingness of Administracion Nacional to
     make monthly pensions

  -- The ability of Banco Supervielle to act as the servicer of
     the pool.

  -- The ability of Deutsche Bank S.A. to act as trustee in this
     transaction

  -- Initial credit enhancement of 15% for the Fixed Rate and
     Floating Rate Debt Securities, provided through
     subordination

  -- The availability of various reserve accounts, and

  -- The legal structure of the transaction.

                    The Securitized Pool

The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 33,355 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banex
(now Banco Supervielle), in an aggregate amount of
ARS70,001,633.58.  Moody's has assigned a local currency deposit
rating of Aa2.ar in the Argentine National Scale to Banco
Supervielle S.A.

These personal loans are granted to pensioners that receive
their monthly pensions from Argentina's National Governmental
Agency of Social Security -- Administracion Nacional de la
Seguridad Social.  Banco Banex (now Banco Supervielle S.A.) is
the payment agent for this government entity and deducts the
monthly loan installment directly from the borrower's paycheck.

At closing, about 87.87% of the pool was constituted by loans
granted to Administracion Nacional's pensioners, while the
remaining 12.13% of the pool were loans granted to government
employees of the Province of San Luis.

Moody's considered the risk that a disruption in the flow of
payments from Administracion Nacional to pensioners could
severely affect the performance of the pool.  Moody's believes
that the ratings assigned are consistent with this risk.

                          Structure

Deutsche Bank S.A. (Issuer and Trustee) issued two classes of
Debt Securities (Fixed Rate and Floating Rate) and one class of
Certificates, all denominated in Argentine pesos.

The Fixed Rate Debt Securities will bear a fixed interest rate
of 16%.  The Floating Rate Debt Securities will bear a BADLAR
interest rate plus 568 basis points.  The Floating Rate Debt
Securities' interest rate will never be higher than 24% or lower
than 12%.

Overall credit enhancement is comprised of 15% subordination for
the Fixed Rate and Floating Rate Debt Securities; various
reserve funds; and excess spread.

Payment of principal on the Floating Rate Debt Securities has a
grace period of 8 months. During the grace period, interest on
the Floating Rate Debt Securities will be paid on a quarterly
basis.  Starting on the first principal payment date for the
Floating Rate Debt Securities, interest will be paid monthly.
The Fixed Rate Debt Securities are expected to be paid off in 8
months.  The Certificates are entitled to receive repayment of
principal by the legal final maturity date of the transaction
only after Fixed Rate and Floating Rate Debt Securities are paid
in full.

                         Rating Action

Originator: Banco Banex S.A. (now Banco Supervielle S.A.)

  -- ARS26,600,000 in Fixed Rate Debt Securities of Fideicomiso
     Financiero Supervielle Creditos Banex XIX, rated Aaa.ar
     (Argentine National Scale) and Ba1 (Global Scale, Local
     Currency)

  -- ARS32,900,000 in Floating Rate Debt Securities of
     Fideicomiso Financiero Supervielle Creditos Banex XIX,
     rated Aaa.ar (Argentine National Scale) and Ba1 (Global
     Scale, Local Currency)

  -- ARS10,500,000 in Certificates of Fideicomiso Financiero
     Supervielle Creditos Banex XIX, rated Ba1.ar (Argentine
     National Scale) and Caa1 (Global Scale, Local Currency)

Issuer: Fideicomiso Financiero Banex Creditos XIX

  -- Fixed Rate Debt Securities, Assigned Ba1
  -- Floating Rate Debt Securities, Assigned Ba1
  -- Certificates, Assigned Caa1


FIDEICOMISO (SECUPYME XXIX): Moody's Puts B1 Global Curr. Rating
----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aa3.ar (Argentine
National Scale) and of B1 (Global Scale, Local Currency) to the
debt securities of Fideicomiso Financiero SECUPYME XXIX issued
by Banco de Valores S.A. -- acting solely in its capacity as
Issuer and Trustee.

The rated securities are backed by a pool of bills of exchange
signed by agricultural producers in Argentina.  The bills of
exchange are guaranteed by Garantizar S.G.R., which is a
financial guarantor in Argentina.  Garantizar has a rating of
Aa3.ar (Argentine National Scale) and of B1 (Global Scale, Local
Currency).

The rating assigned to this transaction is primarily based on
the rating of Garantizar.  Therefore, any future change in the
rating of the guarantor may lead to a change in the rating
assigned to this transaction.  The rating addresses the payment
of interest and principal on or before the legal final maturity
date of the securities.

                         Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
debt securities denominated in US dollars.  The rated securities
will bear a 8.0% annual interest rate.

The rated securities will be repaid from cash flow arising from
the assets of the Trust, constituted by a pool of fixed rate
bills of exchange denominated in US dollars signed by
agricultural producers and guaranteed by Garantizar S.G.R.  The
bills of exchange will bear the same interest rate as the rated
securities.

Although the rated securities are denominated in US dollars,
they are payable in Argentine pesos at the exchange rate
published by Banco de la Nacion Argentina as of the day prior to
the date that the funds are initially deposited into the Trust
account.  As a result, the dollar is used as a currency of
reference and not as a mean of payment.  For that reason, the
transaction is considered to be denominated in local currency.

If, eight days before each payment date, the funds on deposit in
the trust account are not sufficient to make payments to
investors, the Trustee is obligated to request Garantizar to
make payment under the bills of exchange.  Garantizar, in turn,
will have five days to make this payment into the trust account.
Under the terms of the transaction documents, the trustee has up
to two days to distribute interest and principal payments to
investors.  Interest on the securities will accrue up to the
date on which the funds are initially deposited by either
Garantizar, the exporter, or the individual producers into the
Trust account.

                          Rating Action

US$1,610,000 in Fixed Rate Debt Securities of Fideicomiso
Financiero SECUPYME XXIX, rated Aa3.ar (Argentine National
Scale) and B1 (Global Scale, Local Currency)

Issuer: Fideicomiso Financiero SECUPYME XXIX

  -- VRD, Assigned B1


MOLINOS CERRIBAL: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------------
Molinos Cerribal S.A. has requested for reorganization approval
after failing to pay its liabilities.

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

          Molinos Cerribal S.A.
          Avenida Corrientes 119
          Buenos Aires, Argentina


PRODUCTOS TEXTILES: Trustee Filing Individual Reports on April 8
----------------------------------------------------------------
Iglesias Martinetti y Asociados, the court-appointed trustee for
Productos Textiles S.A's reorganization proceeding, will present
the validated claims as individual reports in the National
Commercial Court of First Instance in Buenos Aires on
April 8, 2007.

Iglesias Martinetti verifies creditors' proofs of claim until
Feb. 22, 2008.  She will file a general report containing an
audit of Productos Textiles' accounting and banking records in
court May 21, 2008.

The informative assembly will be held on Nov. 10, 2008.
Creditors will vote to ratify the completed settlement plan
during the assembly.

The trustee can be reached at:

          Iglesias Martinetti y Asociados
          Avenida Paseo Colon 505
          Buenos Aires, Argentina


PRONTOMEC SRL: Proofs of Claim Verification Ends March 10, 2008
---------------------------------------------------------------
Felisa Mabel Tumilasci, the court-appointed trustee for
Prontomec S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until March 10, 2008.

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

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

The trustee can be reached at:

         Felisa Mabel Tumilasci
         Avenida Callao 449
         Buenos Aires, Argentina




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


COMPLETE RETREATS: Preferred Retreats Files May 2007 Report
-----------------------------------------------------------
                     Preferred Retreats, LLC
                          Balance Sheet
                       As of May 31, 2007

                              ASSETS

Unrestricted Cash                                 US$246,031.17
Restricted Cash                                      326,849.43
                                                 --------------
Total Cash                                           572,880.60


Accounts Receivable (Net)                            695,701.98
Inventory                                          2,044,088.48
Notes Receivable                                     142,703.55
Prepaid Expenses                                   1,721,274.43
Other                                                592,090.83
                                                 --------------
Total Current Assets                            US$5,195,859.27


Property, Plant & Equipment                        3,827,112.63
Less: Accumulated Depreciation/Depletion          (3,444,881.15)
                                                 --------------
Net Property, Plant & Equipment                      382,231.48


Due from Insiders                                  2,222,991.08
Other Assets - Net of Amortization                     1,555.00
Other                                             71,807,427.69
                                                 --------------
Total Assets                                   US$80,182,945.12


                LIABILITIES & OWNERS' EQUITY

Postpetition Liabilities
   Accounts Payable                             US$6,171,183.74
   Taxes Payable                                              -
   Notes Payable                                     279,547.54
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                          32,644,414.04
                                                 --------------
Total Postpetition Liabilities                    39,095,145.32


Prepetition Liabilities
   Secured Debt                                       43,411.29
   Priority Debt                                              -
   Unsecured Debt                                 11,113,184.59
   Other                                         155,463,553.67
                                                 --------------
Total Prepetition Liabilities                    166,620,149.55
                                                 --------------
Total Liabilities                             US$205,715,294.87
                                                 --------------
Equity
   Prepetition Owners' Equity                    (90,524,986.16)
   Postpetition Cumulative Profit or Loss        (35,393,864.29)
   Cash funded from UR LLC in excess of P&L losses   386,500.70
                                                 --------------
Total Equity                                    (125,532,349.75)
                                                 --------------
Total Liabilities & Owners' Equity             US$80,182,945.12


                     Preferred Retreats, LLC
                     Statement of Operations
                        May 1 to 31, 2007

Revenues
   Gross Revenues                                      (US$0.80)
   Less: Returns & Discounts                               0.00
                                                 --------------
Net Revenue                                               (0.80)

Cost of Goods Sold
   Material                                                0.00
   Direct Labor                                               -
   Direct Overhead                                   141,037.31
                                                 --------------
Total Cost of Goods Sold                             141,037.31
                                                 --------------
Gross Profit                                        (141,038.11)

Operating Expenses
   Officer/Insider Compensation                               -
   Selling & Marketing                                35,306.92
   General Administration                             18,940.06
   Rent & Lease                                      230,418.02
   Other                                                   0.00
                                                 --------------
Total Operating Expenses                             284,665.00
                                                 --------------
Income Before Non-Operating Income & Expenses       (425,703.11)

Other Income & Expenses
   Non-operating Income                                       -
   Non-operating Expense                             425,197.63
   Interest Expense                                1,850,473.69
   Depreciation/Depletion                                  0.00
   Amortization                                               -
   Other                                             (39,375.37)
                                                 --------------
Net Other Income & Expenses                        2,315,046.69

Reorganization Expenses
   Professional Fees                               1,861,116.85
   U.S. Trustee Fees                                          -
   Other                                              14,290.00
                                                 --------------
Total Reorganization Expenses                      1,875,406.85
                                                 --------------
Income Tax                                                    -
                                                 --------------
Net Profit (Loss)                              (US$4,616,156.65)

                    Preferred Retreats, LLC
           Consolidated Cash Receipts and Disbursements
                      May 1 to 31, 2007

Cash - Beginning of Month                       US$2,776,240.66

Receipts from Operations
   Cash Sales                                         12,186.51

Collection of Accounts Receivable
   Prepetition                                                -
   Postpetition                                               -
                                                 --------------
Total Operating Receipts                              12,186.51

Non-operating Receipts
   Loans & Advances                                1,290,796.17
   Sale of Assets                                 81,700,000.00
   Other                                           1,204,447.57
                                                 --------------
Total Non-operating Receipts                      84,195,243.74
                                                 --------------
Total Receipts                                    84,207,430.25
                                                 --------------
Total Cash Available                              86,983,670.91

Operating Disbursements
   Gross Payroll                                     499,755.77
   Payroll Taxes Paid                                      0.00
   Sales, Use & Other Taxes Paid                   1,367,955.88
   Secured/Rental/Leases                                   0.00
   Utilities                                               0.00
   Insurance                                          41,984.20
   Mortgages                                      74,674,893.66
   Interest                                          913,126.68
   Employee Expenses                                       0.00
   House Keeping & Contract Labor                          0.00
   Repairs & Maintenance                                   0.00
   Field Expenses                                     66,645.82
   International Destination Expenses                116,359.88
   HOA                                               111,716.30
   Other                                             341,032.80
                                                 --------------
Total Operating Disbursements                     78,133,470.99


Reorganization Expenses
   Professional Fees                               4,573,024.44
   U.S. Trustee Fees                                  37,000.00
   Other                                           1,630,071.24
                                                 --------------
Total Reorganization Expenses                      6,240,095.68
                                                 --------------
Total Disbursements                               84,373,566.67
                                                 --------------
Net Cash Flow                                       (166,136.42)
                                                 --------------
Cash - End of Month                             US$2,610,104.24

                   About Complete Retreats

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of USUS$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No.37; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


COMPLETE RETREATS: Private Retreats Files May 2007 Report
---------------------------------------------------------
                      Private Retreats, LLC
                          Balance Sheet
                        As of May 31, 2007

                              ASSETS


Unrestricted Cash                                       US$0.00
Restricted Cash                                        1,678.78
                                                 --------------
Total Cash                                             1,678.78


Accounts Receivable (Net)                                  0.00
Inventory                                             71,383.95
Notes Receivable                                     560,981.46
Prepaid Expenses                                           0.00
Other                                                      0.00
                                                 --------------
Total Current Assets                                 632,365.41


Property, Plant & Equipment                       19,195,050.13
Less: Accumulated Depreciation/Depletion          (5,918,560.10)
                                                 --------------
Net Property, Plant & Equipment                   13,276,490.03

Due from Insiders                                             -

Other Assets - Net of Amortization                 1,152,200.00
Other                                             22,310,421.19
                                                 --------------
Total Assets                                   US$37,373,155.41


                   LIABILITIES & OWNERS' EQUITY


Postpetition Liabilities
   Accounts Payable                                           -
   Taxes Payable                                              -
   Notes Payable                                   US$14,901.15
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                        US$1,206,686.82
                                                 --------------
Total Postpetition Liabilities                     1,221,587.97


Prepetition Liabilities
   Secured Debt                                      186,737.79
   Priority Debt                                              -
   Unsecured Debt                                  5,432,514.70
   Other                                          12,508,567.02
                                                 --------------
Total Prepetition Liabilities                     18,127,819.51
                                                 --------------
Total Liabilities                                 19,349,407.48

Equity
   Prepetition Owners' Equity                     19,317,216.52
   Postpetition Cumulative Profit or Loss         (1,293,468.59)
   Cash funded from UR LLC in excess of P&L losses            -
                                                 --------------
Total Equity                                      18,023,747.93
                                                 --------------
Total Liabilities & Owners' Equity             US$37,373,155.41

                      Private Retreats, LLC
                     Statement of Operations
                        May 1 to 31, 2007

Revenues
   Gross Revenues                                       US$0.00
   Less: Returns & Discounts                                  -
                                                 --------------
Net Revenue                                                0.00


Cost of Goods Sold
   Material                                                   -
   Direct Labor                                               -
   Direct Overhead                                            -
                                                 --------------
Total Cost of Goods Sold                                   0.00
                                                 --------------
Gross Profit                                               0.00


Operating Expenses
   Officer/Insider Compensation                               -
   Selling & Marketing                                        -
   General Administration                                  0.00
   Rent & Lease                                               -
   Other                                                      -
                                                 --------------
Total Operating Expenses                                   0.00
                                                 --------------
Income Before Non-Operating Income & Expenses              0.00


Other Income & Expenses
   Non-operating Income                                       -
   Non-operating Expense                                      -
   Interest Expense                                           -
   Depreciation/Depletion                                  0.00
   Amortization                                               -
   Other                                            (509,145.02)
                                                 --------------
Net Other Income & Expenses                         (509,145.02)


Reorganization Expenses
   Professional Fees                                       0.00
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                 --------------
Total Reorganization Expenses                              0.00
                                                 --------------
Income Tax                                                    -
                                                 --------------
Net Profit (Loss)                                 US$509,145.02

                   About Complete Retreats

Complete Retreats, LLC, Preferred Retreats, LLC, and their
subsidiaries were founded in 1998.  Owned by Robert McGrath and
four minority owners, the companies operate a five-star
hospitality and real estate management business and are a
pioneer and market leader of the "destination club" industry.
Under the trade name "Tanner & Haley Resorts," Complete
Retreats, et al.'s destination clubs have numerous individual
and company members.

Destination club members pay up-front membership deposits,
annual dues, and daily usage fees.  In return, members and their
guests enjoy the use of first-class private residences, and
receive an array of luxurious services and amenities in certain
exotic vacation destinations in the United States and locations
around the world, including: Abaco, Bahamas; Cabo San Lucas,
Mexico; Nevis, West Indies; Telluride, Colorado; and Jackson
Hole, Wyoming.

Complete Retreats and its debtor-affiliates filed for chapter 11
protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245
through 06-50306).  Nicholas H. Mancuso, Esq., Jeffrey K. Daman,
Esq., Joel H. Levitin, Esq., David C. McGrail, Esq., Richard A.
Stieglitz Jr., Esq., at Dechert LLP, are representing the
Debtors in their restructuring efforts.  Xroads Solutions Group,
LLC, is the Debtors financial and restructuring advisor.  When
the Debtors filed for chapter 11 protection, they listed total
debts of USUS$308,000,000.  (Complete Retreats Bankruptcy News,
Issue No.37; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


BUCKLEY CONSULTING: Proofs of Claim Filing Ends on Nov. 29
----------------------------------------------------------
Buckley Consulting Limited's creditors are given until
Nov. 29, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Buckley Consulting's shareholders agreed on Nov. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

          Jennifer Y. Fraser
          Canon's Court
          22 Victoria Street, Hamilton
          Bermuda


BUCKLEY CONSULTING: Holds Final Shareholders Meeting on Dec. 18
---------------------------------------------------------------
Buckley Consulting Limited will hold its final shareholders
meeting on Dec. 18, 2007, at 10:00 a.m. at:

                Canon's Court
                22 Victoria 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.


CASTLE BAY: Will Hold Final Shareholders Meeting on Dec. 12
-----------------------------------------------------------
Castle Bay Management, Ltd., will hold its final shareholders
meeting on Dec. 12, 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.


CHATSWORTH HOLDINGS: Holds Final Shareholders Meeting on Dec. 12
----------------------------------------------------------------
Chatsworth Holdings Ltd. will hold its final shareholders
meeting on Dec. 12, 2007, at 10:00 a.m. at:

               Sofia House
               1st Floor, 48 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.


GRIFFIN (BERMUDA): Proofs of Claim Filing Deadline Is Nov. 29
-------------------------------------------------------------
Griffin (Bermuda) Limited's creditors are given until
Nov. 29, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Griffin (Bermuda)'s shareholders agreed on Nov. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

          Jennifer Y. Fraser
          Canon's Court
          22 Victoria Street, Hamilton
          Bermuda


GRIFFIN (BERMUDA): Sets Final Shareholders Meeting for Dec. 18
--------------------------------------------------------------
Griffin (Bermuda) Limited will hold its final shareholders
meeting on Dec. 18, 2007, at 12:00 p.m. at:

                Canon's Court
                22 Victoria 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.


KENT EQUITY: Sets Final Shareholders Meeting for Dec. 12
--------------------------------------------------------
Kent Equity International Ltd. will hold its final shareholders
meeting on Dec. 12, 2007, at 10:30 a.m. at:

                Wakefield Quin
                Chancery Hall, 52 Reid 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.


MONTPELIER RE: Opens New US Direct Property Facultative Business
----------------------------------------------------------------
Montpelier Re Holdings Ltd. has expanded the U.S. with the
launch of Montpelier Underwriting Inc.'s new Direct Property
Facultative division.  This launch follows closely on the August
start of both its Brokered Property Facultative and Property
Treaty divisions.  All three have been established to write
business on behalf of Montpelier Syndicate 5151 at Lloyd's of
London.

The DPF division will open its first office in Kansas City.
Doug Johnson, Vice President and Manager of the Western Region,
with over 16 years of profitable underwriting experience to his
credit, most recently as VP and Manager of the Kansas City
office of Catlin (formerly Wellington) Underwriting Inc., will
be the leader of this office.  Previously he was employed by
Employers Re and Lumberman's Underwriting Alliance.  Doug
Dudleston has also joined the company as Vice President and
Senior Underwriter.  Mr. Dudleston was previously employed by
Catlin, Westrope Associates, Employers Re and Kemper.

MUI's DPF division will underwrite largely non-catastrophe,
property business.  This business is characterized by large
limits, low frequency and is produced directly from US insurers.

Stan Kott, CEO of MUI, said: "This is exciting news for our US
operation.  Doug Johnson and Doug Dudleston bring experience and
expertise plus a commitment to provide the very best response
and service standards to their clients.  We have known and
worked with both Dougs for several years.  This continues our
aim to underwrite business we know and understand with people we
know and trust.  We continue to assemble an excellent team of
reinsurance professionals and are cautiously and patiently
implementing our business 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.


NORDIC TRADING: Final Shareholders Meeting Is on Dec. 14
--------------------------------------------------------
Nordic Trading Ltd. will hold its final shareholders meeting on
Dec. 14, 2007, at 10:00 a.m. at:

               Sofia House
               1st Floor, 48 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.


SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report
-------------------------------------------------------------
                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of September 30, 2007

                            Assets

Current Assets
   Cash and cash equivalents                  US$42,482,514
   Trade receivables, less allowances
     for doubtful accounts                          394,923
   Due from related parties                         711,255
   Prepaid expenses and other current as            540,013
                                               ------------
      Total current assets                       44,128,705

Fixed assets, net                                         -



Long-term equipment sales receivable, net                 -
Investments in group companies                  143,546,856
Intercompany receivables                                  -
Investment in equity ownership interests        220,170,010
Other assets                                      3,941,292
                                               ------------
Total assets                                 US$411,786,863

               Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                               5,424,386
   Accrued expenses                              55,840,265
   Current portion of long-term debt            172,107,141
   Current portion of senior notes              385,351,436
                                               ------------
     Total current liabilities                  618,723,228

Total shareholders' equity                     (206,936,365)
                                               ------------
Total liabilities and shareholders' equity   US$411,786,863


                       Sea Containers, Ltd.
                Unaudited Statement of Operations
             For the Month Ended September 30, 2007

Revenue                                            (947,966)

Costs and expenses:
   Operating income                                 167,601
   Selling, general and
    administrative expenses                      (3,488,212)
   Professional fees                             (3,752,843)
   Charges to provide against
     intercompany accounts                       (1,233,807)
   Impairment of investment in subsidy Co.                -
   Forgiveness of intercompany debt                       -
   Depreciation and amortization                          -
                                               ------------
     Total costs and expenses                    (8,307,261)
                                               ------------

Gain or (Loss) on sale of assets                   (127,181)
                                               ------------
Operating income (loss)                          (9,382,408)

Other income (expense)
   Interest income                                  171,764
   Foreign exchange gains or (losses)                 5,810
   Interest expense, net                         (4,696,684)
                                               ------------
Income (Loss) before taxes                      (13,901,518)
Income tax expense                               (6,014,000)
                                               ------------
Net (Loss)                                   (US$19,915,518)

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec. 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 30;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Carribean Files Sept. 2007 Operating Report
-----------------------------------------------------------
Sea Containers Carribean Inc. reported zero assets and accounts
payable of US$3,530,094, as its sole liabilities in its
September 2007 balance sheet.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 30;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SUNDANCE SALES: Proofs of Claim Filing Deadline Is Nov. 29
----------------------------------------------------------
Sundance Sales International Ltd.'s creditors are given until
Nov. 29, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Sundance Sales' shareholders agreed on Nov. 13, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

          Jennifer Y. Fraser
          Canon's Court
          22 Victoria Street, Hamilton
          Bermuda


SUNDANCE SALES: Sets Final Shareholders Meeting for Dec. 18
-----------------------------------------------------------
Sundance Sales International Ltd. will hold its final
shareholders meeting on Dec. 18, 2007, at 11:00 a.m. at:

                Canon's Court
                22 Victoria 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.


TARPON CO: Proofs of Claim Filing Deadline Is Dec. 11
-----------------------------------------------------
Tarpon Company Limited's creditors are given until
Dec. 11, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Tarpon Company's shareholder agreed on Nov. 23, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

          Jennifer Y. Fraser
          Canon's Court
          22 Victoria Street, Hamilton
          Bermuda


TARPON CO: Will Hold Final Shareholders Meeting on Dec. 31
----------------------------------------------------------
Tarpon Company Limited will hold its final shareholders meeting
on Dec. 31, 2007, at 12:00 p.m. at:

                Canon's Court
                22 Victoria 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.


THERADEX HOLDINGS: Proofs of Claim Filing Is Until Nov. 29
----------------------------------------------------------
Theradex Holdings, Limited's creditors are given until
Nov. 29, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Theradex Holdings' shareholders agreed on Nov. 13, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

          Jennifer Y. Fraser
          Canon's Court
          22 Victoria Street, Hamilton
          Bermuda


THERADEX HOLDINGS: Final Shareholders Meeting Is on Dec. 18
-----------------------------------------------------------
Theradex Holdings, Limited, will hold its final shareholders
meeting on Dec. 18, 2007, at 9:00 a.m. at:

                Canon's Court
                22 Victoria 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.


ZHUANG PP: Proofs of Claim Filing Deadline Is Nov. 29
-----------------------------------------------------
Zhuang PP Holdings Limited's creditors are given until
Nov. 29, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Zhuang PP's shareholders agreed on Nov. 13, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

          Jennifer Y. Fraser
          Canon's Court
          22 Victoria Street, Hamilton
          Bermuda


ZHUANG PP: Sets Final Shareholders Meeting for Dec. 18
------------------------------------------------------
Zhuang PP Holdings Limited will hold its final shareholders
meeting on Dec. 18, 2007, at 1:00 p.m. at:

                Canon's Court
                22 Victoria 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.

Zhuang PP's shareholders agreed on Nov. 13, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.


ZI OZTIME: Sets Final Shareholders Meeting for Dec. 12
------------------------------------------------------
ZI Oztime Corporation Ltd. will hold its final shareholders
meeting on Dec. 12, 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
===========


AMC ENTERTAINMENT: Taps Scott Wall as VP; Promotes Five Officers
----------------------------------------------------------------
AMC Entertainment Inc. has hired Scott Wall as vice president of
national sales.  At the same time, the company has promoted five
associates: Zach Baze, Greg Endecott, Raj Valluri, Cezanne
Wikoff and Ryan Wood.  The group represents the diverse
experience of associates working at the Kansas City-based
company.

"Promoting from within is a key component of associate
satisfaction and retention," said Keith Wiedenkeller, senior
vice president of human resources at AMC.  "And infusing fresh
perspectives into the entertainment business through external
candidates continues to propel our company forward.  Each of
these individuals demonstrates a passion for what they do at
AMC.  I'm proud to work with them."

Mr. Wall debuts at AMC in the newly created role of vice
president, national sales, overseeing the sale of package
tickets, entertainment cards, studio-sponsored screenings and
movie premieres.  Prior to starring at AMC, Mr. Wall worked as a
loan consultant with Capital One Home Loans.  He also spent more
than 10 years working in marketing and communications roles
where he implemented marketing programs for a variety of
clients.  Mr. Wall earned a bachelor's degree in business and
public administration from the University of Missouri in
Columbia.

Mr. Baze was promoted to the position of vice president,
marketing, where he is responsible for setting AMC's
promotional, interactive, market research and advertising
strategies.  Previously, Mr. Baze served as director, media and
marketing alliances, where he managed media buys and
sponsorships for AMC. In his two years at AMC, Mr. Baze also
held manager roles in the corporate communications and marketing
departments.  He holds a bachelor's degree in journalism from
Kansas State University in Manhattan, Kan.

Mr. Endecott is now the director of finance, leading financial
planning and analysis for AMC.  For the past three years, he
served as the director of financial reporting, managing both
internal and external reporting.  Mr. Endecott earned a
bachelor's degree in finance from Missouri State University in
Springfield, Mo., and master's degree in accounting at the
University of Missouri in Kansas City, Mo. He is also a
Certified Public Accountant.

Mr. Valluri was recently promoted to the vice president of
design in AMC's design, construction and facilities department
where he manages the design of new theatres and supports
projects under construction.  Mr. Valluri began his career at
AMC as an architect in May 2006.  He obtained his bachelor's
degree in architecture from the University of Baroda in Baroda,
India and earned a master's degree in architecture and urban
design from the University of Kansas in Lawrence, Kan.  Mr.
Valluri is also a Registered Architect in Missouri.

Mr. Wikoff is now a director of marketing, where she manages
AMC's interactive marketing as well as the MovieWatcher(R)
loyalty program.  Previously, Wikoff oversaw AMCTheatres.com and
MovieWatcher.com as the interactive marketing manager, a
position she held since June 2006.  Mr. Wikoff obtained a
bachelor's degree in advertising at Kansas State University in
Manhattan, Kansas.

Mr. Wood, a 10-year AMC veteran, is a new vice president of film
programming.  In his new role, he is responsible for programming
movies on 700 screens across AMC theatres.  Before his
promotion, Mr. Wood was the director of film programming
operations where he worked with the operations and film
departments to maximize profitability for theatres.  Mr. Wood
holds a bachelor's degree in management from Old Dominion
University in Norfolk, Virginia.

Based in Kansas City, Missouri, AMC Entertainment Inc. --
http://www.amctheatres.com/-- is a worldwide leader in the
theatrical exhibition industry.  The company serves more than
250 million guests annually through interests in 415 theatres
and 5,672 screens in 12 countries including the United States,
Hong Kong, Brazil and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 13, 2007, Standard & Poor's Ratings Services assigned a 'B'
corporate credit rating and stable outlook to AMC Entertainment
Holdings Inc., the new super-holding company of Marquee Holdings
Inc. and ultimate parent of operating company AMC Entertainment
Inc.

S&P also assigned a 'CCC+' rating to AMC Entertainment Holdings
Inc.'s proposed US$400 million senior unsecured pay-in-kind term
loan facility due 2012 and a 'CCC+' rating to its 364-day
US$275 senior unsecured PIK term loan due 2008.


BANCO NACIONAL: OKs BRL151-Million Loan to Angelica Agroenergia
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social said in a
statement that it has authorized a BRL151-million loan for sugar
and ethanol firm Angelica Agroenergia.

Business News Americas relates that Banco Nacional "is granting
the loan through a syndicate of banks."

According to BNamericas, Angelica Agroenergia will use the loan
in the construction of a new sugar and ethanol plant and the
development of co-generation capacity.

Banco Nacional told BNamericas that the loan is 29% of the
BRL527-million Angelica Agroenergia aims to invest in 2007-09.

The plant will have deployed crushing capacity of 3.6 million
tons per year.  The plant will begin operations next year.  It
will have a 54-megawatt co-generation capacity, BNamericas
states, citing Banco Nacional.

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.


BRASKEM SA: S&P Places BB Corp. Credit Rating on Positive Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB' corporate
credit rating on petrochemical company Braskem S.A. on
CreditWatch with positive implications.  This reflects the
positive trend for the company's business and financial
profiles, and S&P's expectations that Braskem's capital
structure will continue improving, even in a volatile raw
material price environment.

"The CreditWatch listing reflects Braskem's strengthening
business profile after acquiring control of certain strategic
assets in the Triunfo Petrochemical Complex, thus strengthening
its operating integration into feedstock and reinforcing its
leading market position in petrochemicals in Brazil.  The
CreditWatch listing also reflects Braskem's improving financial
profile, resulting from increasing cash flow resilience from its
newly consolidated assets, relative to the incremental debt from
the acquisition," said S&P's credit analyst Victor Saulytis.
Although S&P expects the company's total gross debt to increase
as the transaction is completed, S&P also expects strong cash
flow contributions from acquired assets to result in stable or
gradually declining leverage ratios in the near future.

S&P will review the company's projected capital structure
improvement and test the sustainability of the company's
strengthening market and operating positions, considering a
series of petrochemical scenarios.

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.


EMBRATEL PARTICIPACOES: Launches Star One C1 Satellite
------------------------------------------------------
Embratel Participacoes said in a statement that it has launched
its Star One C1 satellite for telephony, television, Internet
and radio services.

Business News Americas relates that Star One C1 will replace
Brasilsat B2.   The new satellite is the first of three new
satellites called the C Series.  These new satellites will give
the Star One fleet a face-lift.

According to BNamericas, Embratel Participacoes is investing
some BRL1 billion in Star One C1, which was constructed by
French technology company Alcatel Space.

BNamericas notes that Star One C1 will occupy the B2 vehicle's
65-degree-West orbit.  It will have "almost twice the capacity
of its predecessor, with 28 C-band transponders, 16 Ku-band
transponders and one in the X-band.  C-band is for voice, TV,
radio and nternet transmission, while the Ku-band is for direct-
to-home TV and telecoms services in remote areas.  The X-band is
for military use."

Meanwhile, Embratel Participacoes will launch the second
replacement satellite C2 in February 2008.  It will replace
Brasilsat B1 in the 70-degree-West orbit, BNamericas states.

Embratel Participacoes SA offers a range of complete
telecommunications solutions to the market all over Brazil,
including local, long distance domestic and international
telephone services, data, video and Internet transmission, and
is present all over the country with its satellite solutions.
Embratel is the market leader in revenues with Long Distance,
Domestic and International calls.

Embratel Participacoes is rated by Moody's:

       * local currency issuer rating -- B1; and
       * senior unsecured debt -- B2.


FORD MOTOR: Retirees' Health-Fund Risk Greater than GM Workers'
--------------------------------------------------------------
Ford Motor Company retirees face a higher risk of paying their
own medical expenses compared to their General Motors Corp.
counterparts under a newly ratified union provision, which
analysts claim works better for Ford than for its workers, Jeff
Green and Bill Koenig write for Bloomberg News.

The Troubled Company Reporter disclosed on Nov. 16, 2007, that
the United Auto Workers union membership employed at Ford Motor
had ratified a memorandum of understanding that covers post-
retirement medical care and a new national collective bargaining
agreement governing the wages, hours and terms and conditions of
employment for UAW-represented employees.

A new retiree health care plan will be established and
maintained by either an independent committee or a joint labor-
management committee and will be funded by a newly established
Voluntary Employee Beneficiary Association trust, which will be
responsible for payment of all the Retiree Medical Benefits.

Almost half of the US$13.6 billion that Ford Motor had agreed to
contribute into the VEBA trust, is pledged against either Ford
shares or assets, compared with about 14% of GM's US$32 billion,
Bloomberg states.

Ford will use a US$3.3 billion bond convertible to Ford shares
that matures in 2013 and a US$3 billion, 10-year, second lien
against the company's assets to pay part of the US$13.6 billion,
Bloomberg reveals.

"Ford's health care scheme fails to achieve one of the primary
goals of the UAW -- a separation between the financing for
retiree health care and the fate of Ford," Fitch Ratings credit
analyst Mark Oline said in an interview, Bloomberg notes.

When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end
their obligation to pay an estimated US$70.7 billion in retiree
health care costs, Bloomberg relates.  To sweeten the deal, Ford
agreed to keep open until 2011 five plants that it had intended
to close.  The carmaker also committed to manufacture new models
in many factories.

"The GM structure is better for the workers," Pete Hastings, an
analyst at Morgan Keegan & Co. in Memphis, Tennessee, said.
"Ford's structure is better for Ford, the way it's structured,
than for the workers."

                          About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                      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.


GENERAL MOTORS: Retirees' Fund Risk Lesser than Ford Workers'
-------------------------------------------------------------
Ford Motor Company retirees face a higher risk of paying their
own medical expenses compared to their General Motors Corp.
counterparts under a newly ratified union provision, which
analysts claim works better for Ford than for its workers, Jeff
Green and Bill Koenig write for Bloomberg News.

The Troubled Company Reporter disclosed on Nov. 16, 2007, that
the United Auto Workers union membership employed at Ford Motor
had ratified a memorandum of understanding that covers post-
retirement medical care and a new national collective bargaining
agreement governing the wages, hours and terms and conditions of
employment for UAW-represented employees.

A new retiree health care plan will be established and
maintained by either an independent committee or a joint labor-
management committee and will be funded by a newly established
Voluntary Employee Beneficiary Association trust, which will be
responsible for payment of all the Retiree Medical Benefits.

Almost half of the US$13.6 billion that Ford Motor had agreed to
contribute into the VEBA trust, is pledged against either Ford
shares or assets, compared with about 14% of GM's US$32 billion,
Bloomberg states.

Ford will use a US$3.3 billion bond convertible to Ford shares
that matures in 2013 and a US$3 billion, 10-year, second lien
against the company's assets to pay part of the US$13.6 billion,
Bloomberg reveals.

"Ford's health care scheme fails to achieve one of the primary
goals of the UAW -- a separation between the financing for
retiree health care and the fate of Ford," Fitch Ratings credit
analyst Mark Oline said in an interview, Bloomberg notes.

When the VEBAs take effect on Jan. 1, 2010, Ford and GM will end
their obligation to pay an estimated US$70.7 billion in retiree
health care costs, Bloomberg relates.  To sweeten the deal, Ford
agreed to keep open until 2011 five plants that it had intended
to close.  The carmaker also committed to manufacture new models
in many factories.

"The GM structure is better for the workers," Pete Hastings, an
analyst at Morgan Keegan & Co. in Memphis, Tennessee, said.
"Ford's structure is better for Ford, the way it's structured,
than for the workers."

                      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.

                          About GM

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 280,000 people around the world and manufactures cars and
trucks in 33 countries, including the United Kingdom, Germany,
France, Russia, Brazil and India.  In 2006, nearly 9.1 million
GM cars and trucks were sold globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service affirmed its rating for
General Motors Corporation (B3 Corporate Family Rating, Ba3
senior secured, Caa1 senior unsecured and SGL-1 Speculative
Grade Liquidity rating) but changed the outlook to Stable from
Positive.  In an environment of weakening prospects for US auto
sales GM has announced that it will take a non-cash charge of
$39 billion for the third quarter of 2007 related to
establishing a valuation allowance against its deferred tax
assets (DTAs) in the US, Canada and Germany.

As reported in the Troubled Company Reporter on Oct. 23, 2007,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with positive implications, where
they were placed Sept. 26, 2007, following agreement on the new
labor contract.  S&P said the outlook is stable.


JAPAN AIRLINES: Selects Five Preferred Bidders for JALCard
----------------------------------------------------------
Kyodo News reported that Japan Airlines Co. chose Mitsubishi UFJ
Financial Group Inc., Credit Saison Co. and three other
unidentified financial firms as preferred bidders for a stake in
JALCard Inc., according to Mari Murayama of Bloomberg News.

JAL will hold a second screening by the end of March, Kyodo
related citing people familiar with the selection process,
Bloomberg reported.

As reported by the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2007, Mitsubishi UFJ Financial Group, Inc., and Credit
Saison Co. were expected to bid for the shares.  The TCR-AP
reported on September 19, 2007, that JAL wants to unload 49% of
its stake in JALcard, which is estimated to have a market value
of about JPY100 billion, because it wants to use the proceeds to
help it focus on core flight service operations and to help
reduce debts.

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

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' long-term
corporate credit ratings on Japan Airlines Corp. and the
company's 100% subsidiary, Japan Airlines International Co.
Ltd., and removed them from CreditWatch, where they were placed
with negative implications on May 25, 2007.  The 'B+' senior
unsecured debt ratings on both companies were also affirmed.
The rating actions reflect the diminished likelihood of a
material change in financial institutions' credit stance toward
JAL, at least over the short term, given JAL's steady business
performance since the beginning of the current fiscal year, and
a smaller concern about the short-term liquidity. The outlook is
negative.

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

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


RHODIA SA: Strong Performance Cues Moody's to Affirm Ba3 Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Rhodia S.A. Corporate
Family Rating at Ba3.  The outlook has been changed to positive
from stable.

Moody's affirmation of Rhodia's corporate family rating reflects
the continuous strength in the operating performance of the
group underpinned by the improved business profile of the
issuer.  The affirmation also recognizes Rhodia's substantial
improvement in profitability over the first nine months of
fiscal year 2007 with a 210 bps increase in reported recurring
EBITDA margin to 15.7% despite adverse raw materials, energy
costs and foreign exchange environment.  The company's ability
to pass increases in raw material prices to its customers
through higher sales prices demonstrates the successful
realignment of the group's portfolio and the strengthening of
its market positions in selected core businesses.  Finally
Moody's highlights the company's focus on Free Cash Flow
generation (EUR 41mio FCF generated over nine months to
Sept. 30, 2007) and on steady deleveraging of the balance sheet
as supportive factors for the rating.  However it is noted that
debt metrics remain elevated for the rating category as Rhodia
still carries sizeable pension liabilities, which accounted for
approximately 30% of total adjusted debt in 2006.

The change in the outlook from stable to positive assumes
further improvement in the operating performance of the group
supported by continued pricing power, supportive demand in key
business areas and continuous earnings flow from the CER trading
activities of the group, which have strongly contributed to the
earnings of Rhodia over the nine months to Sept. 30, 2007.
Rhodia has confirmed its targets to generate Free Cash Flow of
more than EUR 100mio for the fiscal year ending Dec. 31, 2007
during its third quarter results and Moody's expects the issuer
to continue focusing on generating strong Free Cash Flow into
fiscal year 2008 to further strengthen its financial profile.
Rhodia has already made strong inroads in further improving its
debt metrics by announcing that they will reach reported Net
Debt/Recurring EBITDA target of below 2.0 at the end of fiscal
year end 2007, i.e. one year ahead of schedule.  The refinancing
of the issuer's high-cost legacy notes is also expected to
contribute to the improvement in Free Cash Flow generation
beside the fact that the maturity profile of Rhodia's debt has
been strengthened.

Rhodia maintains a good liquidity position.  Moody's expects the
liquidity needs over the next twelve months consisting mainly of
capex funding needs to be covered by operating cash flows.
Moody's gains additional comfort from the company's available
cash balances (EUR 361mio reported at Sept. 30, 2007) as well as
from the substantial headroom under the company's multi-year EUR
600mio revolving credit facility and the absence of material
short term maturities within the next twelve months.

These ratings of Rhodia S.A. were affirmed:

  -- Corporate Family Rating at Ba3;
  -- Probability of Default Rating at Ba3;
  -- Rhodia S.A. Senior Unsecured rating at B1, LGD 4 (69%);
  -- Rhodia S.A. Senior convertible notes rating at B1, LGD 4
     (69%).

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  The group generated sales of
EUR4.8 billion in 2006 and employs around 16,000 people
worldwide.

Rhodia is listed on Euronext Paris and the New York Stock
Exchange.  The company has operations in Brazil.


SANYO ELECTRIC: Cooked Books to Pay Dividend, Sources Say
---------------------------------------------------------
Sanyo Electric Co. may have paid dividends to shareholders in
fiscal 2003 and earlier years despite a lack of funds, Japan
Times says, citing sources close to the matter.

The sources told Japan Times that the U.S. Securities and
Exchange Surveillance Commission might recommend that the
Financial Services Agency fine Sanyo over accounting
irregularities in accordance with a stricter regulation on
surcharges introduced in December 2005.

The report explains that the SESC has been probing Sanyo
Electric on suspicion of fabricating financial statements.

Sanyo, the sources said, is suspected of paying out a per-share
dividend of JPY6, for a total of JPY11.1 billion, both in fiscal
2002 and fiscal 2003.  The total amount exceeded the reserves
usable for dividend payments, Japan Times says.

The report points out that it is illegal for a company to pay a
dividend when it does not have surplus funds.  However, the
sources told Japan Times, Sanyo inflated profits by understating
appraisal losses on its shareholdings in struggling
subsidiaries.

The SESC might view the move as misleading investors, the
sources added.  Sanyo is said to have underestimated the losses
thinking the units' earnings would recover.

According to the SESC, Sanyo's net profit for FY2002 and FY2003
would have been significantly lower and left it devoid of enough
resources to pay a dividend had the losses been processed
appropriately, the sources further said.

Sanyo Electric is expected to submit corrected reports for the
six years through March 2006 to the Kanto Local Finance Bureau
in December, Japan Times relates.

                     About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                        *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


* BRAZIL: Petrobras Launches Production Test at P-52 Platform
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA aka
Petrobras said in a statement that it has launched production
tests at its 180,000-barrel-per-day P-52 oil platform.

Business News Americas relates that P-52 is in the Campos
basin's Roncador field.  It will extract oil and 7.5 million
cubic meters per day of gas from depths of 1,800 meters.

According to BNamericas, the platform is starting operations at
initial rates of 20,000 barrels per day.

P-52's would reach total production capacity next year,
BNamericas states, citing Perobras.

                      About Petrobras

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

                        *     *     *

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


ATLAS GLOBAL: Will Hold Final Shareholders Meeting on Dec. 7
------------------------------------------------------------
Atlas Global Investments II, Ltd., will hold its final
shareholders meeting on Dec. 7, 2007, at 9:00 a.m. at:

           Close Brothers (Cayman) Limited
           4th Floor Harbor Place, George Town
           Grand Cayman

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 six 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.

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

The liquidator can be reached at:

         Roger Priaulx
         Attention: Kim Charaman
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbor Place
         P.O. Box 1034, Grand Cayman KYI-1102
         Cayman Islands
         Telephone: (345) 949 8455
         Fax: (345) 949 8499


BROOKINVEST HOLDINGS: Final Shareholders Meeting Is on Dec. 5
-------------------------------------------------------------
Brookinvest Holdings Limited will hold its final shareholders
meeting on Dec. 5, 2007, at 10:00 a.m. at the registered office
of the company.

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 minimum of six 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.

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

Contact for inquiries:

         Bonnie Willkom
         P.O. Box 1111, Grand Cayman KY1-1102
         Cayman Islands
         Telephone: (345)-949-5122
         Fax: (345)-949-7920


CARIBE M & I: Proofs of Claim Filing Deadline Is Dec. 5
-------------------------------------------------------
Caribe M & I Ltd.'s creditors are given until Dec. 5, 2007, to
prove their claims to Emanuel Chirico and Mark D. Fischer, 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.

Caribe M & I's shareholder agreed on Oct. 16, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

               Emanuel Chirico
               Mark D. Fischer
               P.O. Box 1034, George Town
               Grand Cayman, KY1-ll02
               Cayman Islands


CARIBE M & I: Sets Final Shareholders Meeting for Dec. 5
--------------------------------------------------------
Caribe M & I Ltd. will hold its final shareholders meeting on
Dec. 5, 2007.

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.

Caribe M & I's shareholder agreed to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
2007 Revision).

The liquidators can be reached at:

         Emanuel Chirico
         Mark D. Fischer
         P.O. Box 1034
         Grand Cayman KY-1102, Cayman Islands


CRESCENT AIR: Sets Final Shareholders Meeting for Dec. 6
--------------------------------------------------------
Crescent Air Asia Investments II, Ltd., will hold its final
shareholders meeting on Dec. 6, 2007, at 10:00 a.m. at:

           Close Brothers (Cayman) Limited
           4th Floor Harbor Place, George Town
           Grand Cayman

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 six 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.

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

The liquidator can be reached at:

         Jeff Arkley
         Attention: Neil Gray
         Close Brothers (Cayman) Limited
         Fourth Floor, Harbor Place
         P.O. Box 1034, George Town
         Grand Cayman
         Telephone: (345) 949 8455
         Fax: (345) 949 8499


ENGLEFIELD CAYMAN: Proofs of Claim Filing Is Until Dec. 5
---------------------------------------------------------
Englefield Cayman Limited's creditors are given until
Dec. 5, 2007, to prove their claims to Christopher D. Johnson
and Russell Smith, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Englefield Cayman's shareholders agreed on Nov. 1, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               Christopher D. Johnson
               Russell Smith
               Chris Johnson Associates Ltd.
               Elizabethan Square, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Sumitra Devi
               P.O. Box 2499, George Town
               Grand Cayman KY1 - 1104, Cayman Islands
               Telephone: (345) 946 0820
               Fax: (345) 946 0864


MONITOR OIL: Files for Bankruptcy Protection in New York
--------------------------------------------------------
Monitor Oil plc, along with two subsidiaries, Monitor Single
Lift 1, Ltd., and Monitor U.S. FinCo, Inc., has filed voluntary
petitions under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York.

In its Web site, the company's directors stated that the filing
was done after careful consultation with its advisers with a
view to seeking to preserve value in the Company's material
assets.

The company related that it expects debtor-in-possession
financing will be made available to the company within the
Chapter 11 process in order to allow restructuring opportunities
to be considered and if thought appropriate, taken forward.

Headquartered in the Cayman Islands, Monitor Oil Plc --
http://www.monitoroil.com/-- provides oil and gas production
solutions, offshore services and engineering services.  Through
its wholly owned subsidiaries Monitor has been active in the
North Sea offshore oil and gas industry for over 10 years.  The
company is currently listed on the Norwegian OTC market and
intends to secure a full listing on the Oslo Bors.


MONITOR OIL: Voluntary Chapter 11 Case Summary
----------------------------------------------
Lead Debtor: Monitor Oil, P.L.C.
             250 West 57th Street, Suite 1610
             New York, NY 10107

Bankruptcy Case No: 07-13709

Debtor-affiliates filing separate Chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Monitor Single Lift 1, Ltd.                07-13708
        Monitor US FinCo, Inc.                     07-13710

Type of Business: The Debtor is an oil and gas service company
                  that provides oil and gas production
                  solutions, offshore services and engineering
                  services.  See http://www.monitoroil.com/

Chapter 11 Petition Date: November 21, 2007

Court: Southern District of New York (Manhattan)

Debtors' Counsel: Eric Lopez Schnabel, Esq.
                  Dorsey & Whitney, L.L.P.
                  250 Park Avenue
                  New York, NY 10177
                  Tel: (212) 415-9368
                  Fax: (302) 355-0830

Consolidated Quarterly Financial Condition as of June 30, 2007:

Total Assets: US$310,100,000

Total Debts:  US$247,800,000

The Debtors did not submit a list of their largest unsecured
creditors.


REVA INTERNATIONAL: Proofs of Claim Filing Deadline Is Dec. 11
--------------------------------------------------------------
Reva International Fund Ltd.'s creditors are given until
Dec. 11, 2007, to prove their claims to Stuart Brankin and
Desmond Campbell, the company's liquidators, or be excluded from
receiving any distribution or payment.

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

Reva International's shareholder agreed on Oct. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

                Stuart Brankin
                Desmond Campbell
                c/o Aston Corporate Managers, Ltd.
                P.O. Box 1981, Grand Cayman KY1-1104
                Cayman Islands


SEACAT LIMITED: Proofs of Claim Filing Ends on Dec. 5
-----------------------------------------------------
Seacat Limited's creditors are given until Dec. 5, 2007, to
prove their claims to Dizame Consulting S.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.

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

The liquidator can be reached at:

               Dizame Consulting S.A.
               c/o Maples and Calder, Attorneys-at-law
               P.O. Box 309, George Town
               Ugland House, South Church Street
               George Town, Grand Cayman
               Cayman Islands


TRADE LINK: Proofs of Claim Filing Deadline Is Dec. 5
-----------------------------------------------------
Trade Link Bank's creditors are given until Dec. 5, 2007, to
prove their claims to Christopher D. Johnson and Russell Smith,
the company's liquidators, or be excluded from receiving any
distribution or payment.

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

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

The liquidators can be reached at:

               Christopher D. Johnson
               Russell Smith
               Chris Johnson Associates Ltd.
               Elizabethan Square, George Town
               Grand Cayman, Cayman Islands

Contact for inquiries:

               Sumitra Devi
               P.O. Box 2499, George Town
               Grand Cayman KY1 - 1104, Cayman Islands
               Telephone: (345) 946 0820
               Fax: (345) 946 0864


WHITEHALL STATION: Proofs of Claim Filing Deadline Is Dec. 6
------------------------------------------------------------
Whitehall Station Insurance SPC, Limited's creditors are given
until Dec. 6, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Whitehall Station's shareholder agreed on Oct. 19, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

               David A.K. Walker
               Lawrence Edwards
               PwC Corporate Finance & Recovery (Cayman) Limited
               PricewaterhouseCoopers, Strathvale House
               George Town, Grand Cayman
               Cayman Islands

Contact for inquiries:

               Jodi Jones
               P.O. Box 258
               Grand Cayman KY1-1104, Cayman Islands
               Telephone: (345) 914 8694
               Fax: (345) 945 4237




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


AES GENER: Launches Torquemada Substation in Concon
---------------------------------------------------
AES Gener said in a statement that it has launched 110-kilovolt
Torquemada substation in Concon.

Business News Americas relates that the substation splits the
former Ventanas-Miraflores transmission line into the Ventanas-
Torquemada and Torquemada-Miraflores lines.

The substation would boost power services in region V,
BNamericas states.

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *     *     *

To date, AES Gener carries Moody's Ba2 long-term foreign bank
deposit rating with a stable outlook.  The firm also carries
Standard & Poor's BB+ long-term foreign issuer credit rating
with a positive outlook.


GMAC LLC: Moody's Reviews Ba2 Rating for Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed GMAC LLC's Ba2 senior
unsecured rating on review for possible downgrade.  The action
was in response to GMAC's affirmation of support for Residential
Capital, LLC, as disclosed in ResCap's Nov. 21, 2007 debt tender
announcement.  ResCap's ratings and outlook (Ba3 senior
unsecured, negative outlook) were not affected by the tender
announcement or this GMAC rating action.

Moody's said that GMAC's most recent expressions of support for
ResCap have raised additional concerns as to the extent to which
the firm might entertain a leveraging of its credit profile to
support ResCap through its operating difficulties.  Moody's
position is that any capital support GMAC extends to ResCap,
other than that for which GMAC serves only as a conduit for
GMAC's owners, would result in an equalization of GMAC's ratings
with ResCap's.  In Moody's view, GMAC's high stand-alone
leverage position has no capacity to provide un-backed support
at the current credit grade.

In Moody's last rating action on GMAC and ResCap, GMAC's ratings
were downgraded one notch to Ba2 while ResCap's ratings were
downgraded two notches to Ba3.  GMAC's ratings were kept in
proximity to ResCap's, reflecting Moody's view that GMAC could
be required to provide support to ResCap that weakens GMAC's
stand-alone credit profile.  Moody's believes that the
probability of such support may have shifted higher, in light of
the explicit indications of support recently provided by
management.

During its review of GMAC's ratings, Moody's will seek greater
definition regarding the tolerances GMAC's owners exhibit
regarding the uses of GMAC's capital and credit worth to support
ResCap in ways that could heighten risks to GMAC's creditors.
Moody's will also explore the owners' ability and willingness to
take actions that neutralize the impact of GMAC's extensions of
support to ResCap that would otherwise diminish GMAC's stand-
alone credit profile.  Moody's anticipates concluding its review
by the end of December 2007.

According to Moody's, investments or pursuit of endeavors that
primarily benefit ResCap could evidence a use of GMAC capital
that constitutes ResCap support, if not backed by injections or
other explicit support from GMAC's owners.  Moody's is also
concerned that current market conditions have delayed GMAC's
pursuit of other intended capital management initiatives
designed to strengthen its capital position.

Moody's view is that GMAC's auto finance and insurance
businesses have continuing and important strategic value to
General Motors Corp.  General Motor's consent is required on
many significant matters relating to GMAC's strategic direction,
investment, and capitalization.  Genral Motor's interest could
act as a countervailing influence on investor pressures to
further involve GMAC in supporting ResCap through its
difficulties.

ResCap's ratings (senior unsecured at Ba3) and negative outlook
are not affected by Moody's review of GMAC's ratings or the
announced US$750 million tender offer.  ResCap's current rating
assumes its parent is willing and able to provide capital
support if needed.  Moody's added that it believes that the
maturities selected for tender and overall size of the program
are appropriate considering ResCap's current liquidity position.

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


TECH DATA: Picks Joe Quaglia as Senior VP for Marketing Unit
------------------------------------------------------------
Tech Data Corporation has appointed Joe Quaglia to senior vice
president, U.S. Marketing.  Mr. Quaglia will oversee the
operations and strategic direction of the distributor's Product
Marketing and Marketing Services divisions, comprising the
company's networking, peripherals, software and systems channel
marketing teams and eight Specialized Business Units.  He also
will be responsible for managing existing vendor partnerships
and establishing new relationships as Tech Data diversifies its
product and services offering.

"Under Joe's leadership, Tech Data will continue to strengthen
our channel marketing programs to deliver exciting business-
building opportunities for our vendors and customers," said Tech
Data President, The Americas Ken Lamneck.  "Joe's extensive
experience and insight into the opportunities and obstacles
facing our reseller customers will be tremendously valuable as
we expand our marketing support for emerging technologies and
further refine our focus on the SMB market."

Mr. Quaglia joined Tech Data in May 2006 as vice president, East
and Government Sales, responsible for sales to customers within
the eastern United States, as well as to the distributor's
government resellers nationwide.  He has nearly 20 years
experience in the IT industry, including 10 years with CA, a
leading provider of IT management software and services.  At CA,
he held several senior executive positions including senior vice
president, sales and operations for the software company's
Northeast and Central U.S. divisions.  His responsibilities also
included developing and executing regional channel strategies
for the company.

Mr. Quaglia also served as senior vice president, worldwide
sales operations and corporate development for StorageNetworks
Inc., and senior vice president, worldwide sales, operations and
business development for security and network software provider
Atabok.  Mr. Quaglia earned a master's degree in business
administration from Butler University and a bachelor's degree in
computer science from Indiana State University.

                       About Tech Data

Founded in 1974, Tech Data Corporation (NASDAQ GS: TECD) --
http://www.techdata.com/-- distributes IT products, with more
than 90,000 customers in over 100 countries.  The company's
business model enables technology solution providers,
manufacturers and publishers to cost-effectively sell to and
support end users ranging from small-to-midsize businesses to
large enterprises.  Tech Data is ranked 107th on the FORTUNE
500(R).  The company and its subsidiaries operate centers in
Latin America, including Brazil and Chile.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 6, 2007, Fitch Ratings has affirmed Tech Data Corp., as:

   -- Issuer Default Rating at 'BB+';
   -- Senior unsecured credit facility at 'BB+';
   -- 2.75% senior unsecured convertible debentures at 'BB+'.

Fitch said the rating outlook is stable.




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


QUEBECOR WORLD: To Suspend Dividends on Preferred Shares
--------------------------------------------------------
Quebecor World Inc. is suspending dividend payments on its
Series 3 and Series 5 Preferred Shares.  While the company has
the funds available to pay such dividends, it has been advised
by counsel that as a result of recent developments, the company
may be prevented from paying dividends to holders of its
preferred shares because it may not satisfy the applicable
capital adequacy test contained in the Canada Business
Corporations Act.

In order to rectify this situation, the company intends to
propose to its shareholders at its next annual shareholders
meeting scheduled for May 2008 a reduction of stated capital as
permitted under the CBCA to allow the company to resume paying
dividends, including accrued, unpaid dividends.  The company
notes that the dividends on the Series 3 and Series 5 preferred
shares (including dividends that were to be paid on
Dec. 1, 2007) are cumulative and holders will be entitled to
receive unpaid dividends, when declared by the Board of
Directors, at such time as the company is permitted to resume
the payment of dividends.

The company also disclosed that one of its directors, Robert
Coallier has resigned from the Board of Directors for personal
reasons, which are unrelated to the announcement.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2007, Moody's Investors Service placed Quebecor World
Inc.'s long-term debt ratings on review for possible downgrade
and downgraded the company's speculative grade liquidity rating
to SGL-4 (indicating poor liquidity).  The rating action
responds to the company's Nov. 20 announcement that "adverse
current financial market conditions" had caused it to withdraw
"its refinancing plan involving an offer of approximately
CDN$250 million of its equity shares, an offer on a private
placement basis of an aggregate of US$500 million of new debt
securities and amendments to the Company's secured credit
facilities".

Moody's also placed these ratings on review for possible
downgrade: B3 Corporate Family Rating; Caa1 Senior Unsecured
Regular Bond/Debenture; and B3 Probability of Default Rating,
Placed.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Standard & Poor's Ratings Services has lowered
its ratings on Quebecor World Inc. by one notch, including the
long-term corporate credit rating to 'B-' from 'B'.


SOLUTIA INC: Plaintiffs in SIP Plan Suit Appeal Case Dismissal
--------------------------------------------------------------
Plaintiffs in a suit filed to recover alleged losses to the
Solutia Inc. Savings and Investment Plan (SIP Plan) are
appealing the dismissal of the case.

On October 7, 2004, a purported class action, "Dickerson v.
Feldman, et al." was filed in the United States District Court
for the Southern District of New York against a number of
defendants, including former officers and employees of Solutia
and Solutia's Employee Benefits Plans Committee and Pension and
Savings Funds Committee.

Solutia was not named as a defendant.  The action alleged breach
of fiduciary duty under ERISA and sought to recover alleged
losses to the SIP Plan during the period December 16, 1998 to
the date the action was filed.

The investment of SIP Plan assets in Solutia's common stock is
alleged to have been imprudent because of the risks and
liabilities related to Solutia's legacy environmental and
litigation liabilities and because of Flexsys' alleged
involvement in the matters described above under "Flexsys
Antitrust Litigation."

The action sought monetary payment to the SIP Plan to recover
the losses resulting from the alleged breach of fiduciary
duties, as well as injunctive and other appropriate equitable
relief, reasonable attorney's fees and expenses, costs and
interest.  In addition, the plaintiff in this action filed a
proof of claim for US$269 against Solutia in the Bankruptcy
Court.

On March 30, 2006, the District Court granted the defendants'
motion to dismiss on grounds that the Dickerson plaintiffs
lacked standing to sue and that the complaint failed to state a
claim on which relief could be granted.  The dismissal of
Dickerson's cause of action resulted in dismissal of the entire
purported class action, including claims asserted on behalf of
the unnamed purported class members.

On April 3, 2006, Dickerson filed an appeal of this dismissal
with the United States Court of Appeals for the Second Circuit.
The parties have fully briefed the appeal, and oral arguments
were heard on May 21, 2007.

The company reported no development in the case at its
Nov. 6, 2007 form 10-Q filing with the U.S. Securities and
Exchange Commission for the quarter ended Sept. 30, 2007.

The suit is "Dickerson v. Feldman et al., Case No.
1:04-cv-07935-LAP," on appeal from the U.S. District Court for
the Southern District of New York Under Judge Loretta A. Preska.

Representing plaintiff is:

         Ronen Sarraf, Esq.
         Sarraf Gentile, LLP
         485 Seventh Avenue, New York, NY 10018
         Phone: (212) 868-3610
         Fax: (212)918-7967
         E-mail: ronen@sarrafgentile.com

Representing the Employee Benefits Plan Committee is:

         Robert M. Stern, Esq.
         O'Melveny & Myers LLP
         1625 Eye Street, NW
         Washington, DC 20006
         Phone: (202) 383-5328
         Fax: (202) 383-5396
         e-mail: rstern@omm.com

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

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

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


SOLUTIA INC: Ruling on Sinorgchem's Exclusion Bid Still Pending
---------------------------------------------------------------
The U.S. Court of Appeals for the Federal Circuit has yet to
rule on Sinorgenchem Co. Shangdong's appeal over the U.S.
International Trade Commission's limited exclusion order on 4-
aminodiphenylamine and its derivatives.

Oral arguments were heard in September 2007.

In February 2005, Flexsys America LP requested the ITC to
investigate Sinorgchem, Korea Kumho Petrochemical Co., and the
third party distributors of Sinorgchem. Flexsys claims that the
process Sinorchem used to make 4-ADPA and 6PPD, its importation
to the U.S. and sale infringe Flexsys' patents. Flexsys
requested a limited exclusion order.

Flexsys is a 50/50 joint venture between Solutia Inc. and Akzo
Nobel BV. The joint venture supplies chemicals to the rubber
industry.

In February 2006, an Administrative Law Judge of the ITC
determined that Flexsys' patent were valid, that the process
used by Sinorgchem was covered by these patents, and that
Sinorgchem and its distributor (not Korea Kumho) violated
Section 1337 of the U.S. Tariff Act.

In July 2006, the ITC upheld the Administrative Law Judge's
decision and issued a limited exclusion order against Sinorgchem
and its distributor.

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

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

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




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


GUESS? INC: Taps Massimo Macchi as President of Guess Europe
------------------------------------------------------------
Massimo Macchi will join Guess?, Inc. as President of Guess
Europe in December 2007.  In this position, Mr. Macchi will be
responsible for overseeing all aspects of the European business,
as well as spearheading the company's strategic initiatives in
Europe and the Middle East.  Mr. Macchi will report directly to
Guess?, Inc. Chief Executive Officer and Vice Chairperson of the
Board, Paul Marciano.

Mr. Macchi has thirty years of business experience in the
fashion and consumer products industries.  Most recently, he was
the Group Executive Vice President and CEO of the luxury
clothing company Gianfranco Ferre, and was also Executive Vice
President of IT Holdings, which develops and manages
international brands such as Gianfranco Ferre, Versace Jeans
Couture, Versace Sport and Malo, among others.  Previously, Mr.
Macchi held various senior management positions at Bulgari
Group, where he spent more than ten years, as well as at Gucci
Group and Testoni Group, among others.

Mr. Marciano commented, "We are very pleased to have Massimo
join our global management team. He brings a very strong
background in marketing and consumer brand management, as well
as extensive experience in managing and developing some of the
world's top fashion brands.  Massimo's extensive knowledge of
the European and the international markets overall, combined
with his strong management and leadership skills, will be key
assets to our company as we continue to expand our business in
the European region."

Guess? Inc. (NYSE: GES) -- http://www.guessinc.com/-- designs,
markets, distributes and licenses a lifestyle collection of
contemporary apparel, accessories and related consumer products.
At May 5, 2007, the company operated 336 retail stores in the
United States and Canada.  The company also distributes its
products through better department and specialty stores around
the world, including the Philippines, Hungary and the Dominican
Republic.

                        *     *     *

Guess? Inc. still carries Standard & Poor's "BB" long-term
foreign and local issuer credit ratings, which were assigned in
December 2006.




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


PETROECUADOR: Daily Output Drops to 155K Barrels Due to Protests
----------------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador said in a statement
its daily production decreased to 155,364 barrels last week from
the previous week's average of 174,124 barrels due to protest in
the Amazon region.

Petroleumworld.com relates that villagers in the Amazon
Shushufindi region in the Sucumbios province blocked roads
leading to Petroecuador's key oil fields.

Petroecuador admitted to Petroleumworld.com that the protest
prevented employees and needed fuel to reach oil facilities.

According to Petroecuador's statement, it will take eight days
to reach normal production levels.

Petroecuador told Petroleumworld.com that it reached an
agreement with strikers to end a three-day demonstration.  The
protest has cost Ecuador 26,227 barrels of crude and US$2
million in revenues.

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




=====================
E L   S A L V A D O R
=====================


AES CORP: Court To Hear Firm's Plea To Lift NatGas Project Ban
--------------------------------------------------------------
Laura Barnhardt at The Baltimore Sun reports that the Honorable
Paul F. Harris Jr. of the Anne Arundel County Circuit Court in
the Baltimore County in Maryland will be hearing a plea from The
AES Corp. to overturn a law that bans energy projects.

According to The Baltimore Sun, AES is seeking to construct a
liquefied natural gas facility on Sparrows Point.

The Baltimore County repeatedly tried to interfere with the
federal approval process for energy projects, The Baltimore Sun
says, citing AES.

Baltimore County officials told The Baltimore Sun that they can
prohibit projects like liquefied natural gas terminals "along
the waterfront as part of the state and federally sanctioned
Coastal Zone Management Act."

The Baltimore Sun relates that AES has also appealed a federal
judge's decision to uphold the prohibition on liquefied natural
gas facilities in coastal areas.  AES is asking the Department
of Commerce "to overrule a finding by Maryland that the proposed
Sparrows Point facility isn't consistent with the coastal zone
management program."

The report says that the liquefied natural gas project was
opposed by:

          * Eastern Baltimore County neighborhood activists, and
          * elected officials that include:

            -- Maryland's Congress members,
            -- Governor Martin O'Malley, and
            -- Baltimore County Executive James T. Smith Jr.

Those against the project told The Baltimore Sun that they were
worried about accidents and terrorist attacks at the facility,
"which is too close to homes."  The dredging of the Patapsco
River to accommodate the liquefied natural gas tankers would
also stir up toxic muck that could harm marine life.

The Baltimore Sun notes that in October 2007 the State Highway
Administration said AES wouldn't likely be able to build a
pipeline from its proposed liquefied natural gas plant to
Pennsylvania along sections of the Baltimore Beltway.  The
project has been delayed as the firm was forced to redraw a
route for the pipeline and conduct more tests.

The Federal Energy Regulatory Commission decides where the
liquefied natural gas plants can be built, according to The
Baltimore Sun.  The commission consults with the Coast Guard and
other state and federal agencies.

The Baltimore Sun says that firms who want to construct
facilities must secure these permits:

          -- Clean Water Act,
          -- Clean Air Act, and
          -- Coastal Zone Management Act.

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

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

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




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


* HONDURAS: High Oil Prices Spurs Gov't to Import from Venezuela
----------------------------------------------------------------
The Honduran government, burdened by rising oil prices in
international market, seeks to resume importing fuel from
Venezuela, under the PetroCaribe alternative, published reports
say.

Under the program, member countries get preferential oil payment
scheme from Venezuela.

"The annual imports from Venezuela would be between US$750 and
US$800 million," Minister of the Presidency Yani Rosenthal was
quoted by Reuters as saying.

Honduras' oil import for this year is expected to reach US$1.2
billion.

This latest development would further strengthen Venezuela's
influence in Central America, Reuters suggests.  The country's
socialist leader Hugo Chavez is a vocal enemy of the United
States, who aims to use oil as a political tool.

According to Prensa Latina, Mr. Rosenthal appreciates
Venezuela's initiative to help poor countries access fuel under
preferential terms.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

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




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


AIR JAMAICA: Increasing Jamaican Flights for Holiday Season
-----------------------------------------------------------
Air Jamaica will be increasing the flights it operates into
Jamaica for the holiday season, Radio Jamaica reports.

According to Radio Jamaica, Air Jamaica will operate an
additional 7,000 seats on the New York route and 1,000 more
seats to and from Atlanta between Dec. 15, 2007, and
Jan. 10, 2008.

Radio Jamaica notes that Air Jamaica will have additional 700
seats between Toronto and Jamaica.

The extra flights are the direct response to the rising demand
for additional seats during the Christmas period, Radio Jamaica
states, citing Air Jamaica's sales and marketing senior vice
president for Paul Pennicook.

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

                        *     *     *

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

                        *     *     *

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


NATIONAL WATER: Reopens Gayle Spring Facility
---------------------------------------------
Radio Jamaica reports that the National Water Commission has
reopened its Gayle Spring Facility in St. Mary.

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2007, the National Water said it was conducting a probe
on the possible contamination of the Gayle Spring water supply,
after a man was reported pouring a liquid into the spring.  As
precautionary measure, the Gayle Spring was shut down.  The firm
conducted lab tests and investigations with the help of the
police and the public health authorities.

Investigations and laboratory tests found no "corrosive
substance" in the water, Radio Jamaica relates, citing the
National Water's corporate public relations manager Charles
Buchanan.

Radio Jamaica notes that the facility serves these communities:

          -- Gayle,
          -- Coombs Town,
          -- Hyatt Hill,
          -- Governors Pen, and
          -- Labyrinth Road.

                        *     *     *

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.


SUGAR COMPANY: Gov't Opens Talks with 8 Firms on Factory Sale
-------------------------------------------------------------
The Jamaican government will begin formal negotiations with
eight short-listed firms who are keen on buying the Sugar
Company's five factories, Radio Jamaica reports.

Radio Jamaica relates that these are the sugar factories the
Jamaican government is putting on the auction block:

          -- Frome,
          -- Monymusk,
          -- Bernard Lodge,
          -- Long Pond, and
          -- Duckenfield.

Bidders will receive by next week the documents that seek
proposals from the firms, Radio Jamaica notes, citing
Agriculture minister Chris Tufton.

The government seeks to complete the divestment of the sugar
factories by the middle of 2008, Radio Jamaica states, citing
Minister Tufton.

The Sugar Company of Jamaica registered a net loss of almost
US$1.1 billion for the financial year ended Sept. 30, 2005, 80%
higher than the US$600 million reported in the previous
financial year.  Sugar Company blamed its financial
deterioration to the reduction in sugar cane production.
According to published reports, the Jamaican government has
taken responsibility for the payment of the firm's debts.  Radio
Jamaica has said that to date, the five sugar factories have
incurred J$3 billion in debts.




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


AMERICAN AXLE: Moody's Affirms Corporate Family Rating at Ba3
-------------------------------------------------------------
Moody's Investors Service has affirmed American Axle &
Manufacturing Holdings, Inc.'s Corporate Family rating of Ba3 as
well as the senior unsecured rating of Ba3 to American Axle &
Manufacturing, Inc.'s notes and term loan.  At the same time,
the rating agency revised the rating outlook to stable from
negative and renewed the Speculative Grade Liquidity rating of
SGL-1.  The change in outlook to stable reflects both the
considerable progress that American Axle has made in reducing
its cost structure as a result of recent restructuring
initiatives and the successful resolution of the United Auto
Workers contract negotiations with General Motors Corp. -- which
accounts for some 78% of American Axle's revenues.  In addition,
the company maintains a very strong liquidity position
consisting of US$362 million in cash and access to a US$600
million credit facility that is largely unutilized.  Moody's
believes that these operational and financial strengths should
enable American Axle to maintain credit metrics that are
supportive of a Ba3 rating despite near-term challenges its
faces.  These challenges include the need to renegotiate its own
UAW labor contract early next year, the prospect of lower light
vehicle production levels during 2008, and the continued shift
in consumer preference away from trucks and SUVs to smaller
vehicles.

American Axle's current leverage and coverage metrics adjusted
for qualitative factors are consistent with the Ba3 rating
category.  Savings realized from earlier restructuring programs
have gained traction, capital expenditures related to the GMT-
900 platform have peaked, content per vehicle has increased,
free cash flow has been generated, and capital raising earlier
in 2007 has placed substantial liquidity on the balance sheet.
Combined with ongoing access to a US$600 million revolving
credit, American Axle's liquidity is viewed as sufficient to
finance any further restructuring actions that could occur from
its labor negotiations in early 2008 without requiring any
material increase in indebtedness, if any.  Moreover, if
programs under a new labor agreement were structured that
generate incremental savings in addition to those associated
with the announced Buffalo Separation Program and earlier 2006
actions, operational efficiencies could be further enhanced.  As
a result of its more robust long-term operating model and its
strong liquidity position, credit measures are likely to remain
positioned in the Ba3 category.  This operational and financial
profile, combined with the recent renewal of labor agreements
between the UAW and Michigan based OEMs, support a stable rating
outlook.

The Speculative Grade Liquidity rating of SGL-1 represents
excellent liquidity.  This develops from significant internal
resources, expectations of free cash flow, and minimal near term
debt maturities.  However, internal sources may be subject to
change once terms of a new labor contract are known.  External
sources consist of a US$600 million revolving credit under which
there were no borrowings at the end of the third quarter.  The
company has ample room under its principal financial covenants,
which measure debt net of cash and exclude certain non-recurring
charges from the measurement of EBITDA and their related impact
on deemed net worth.  All of the company's bank obligations and
notes are currently unsecured, which establishes some
flexibility to generate alternative liquidity, if needed,
subject to lien baskets and sale/leaseback limitations in the
respective indentures.

Ratings affirmed and updated loss given default assessments:

American Axle & Manufacturing Holdings, Inc.

  -- Corporate Family, Ba3
  -- Probability of Default, Ba3
  -- Unsecured guaranteed convertible note, Ba3 (LGD-4, 56%)

American Axle & Manufacturing, Inc.

  -- Unsecured guaranteed notes, Ba3 (LGD-4, 56%)
  -- Unsecured guaranteed term loan, Ba3 (LGD-4, 56%)
  -- Speculative Grade Liquidity, SGL-1

American Axle & Manufacturing Holdings' obligations are
guaranteed by American Axle and vice versa.

The last rating action was on June 5, 2007, when American Axle's
US$250 million unsecured term loan was rated and the Speculative
Grade Liquidity rating of SGL-1 was affirmed.

American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) --
http://www.aam.com/-- and its wholly owned subsidiary, American
Axle & Manufacturing, Inc. manufactures, engineers, designs and
validates driveline and drivetrain systems and related
components and modules, chassis systems and metal-formed
products for light trucks, sport utility vehicles and passenger
cars.  In addition to locations in the United States (in
Michigan, New York and Ohio), the company also has offices or
facilities in Brazil, China, Germany, India, Japan, Luxembourg,
Mexico, Poland, South Korea and the United Kingdom.


AXTEL SA: Launches Offices in Pachuca
-------------------------------------
Axtel said in a statement that it has launched offices in
Pachuca, Hidalgo, where it plans to invest some US$20 million
over the next five years.

Business News Americas relates that the new offices complete
Axtel's goal of starting operations in 10 new cities in 2007,
bringing total operations to 27.

Axtel officials told BNamericas that the firm now has coverage
of 80% of the urban population in Pachuca and will target
residential, business and government customers.

Headquartered in Monterrey, Mexico, Axtel S.A.B. de C.V. was
formerly known as Axtel SA DE CV.  The company's principal
activity is providing local and long-distance domestic and
international telephony, data and Internet services, virtual
private networks and value added services. Services include
different access technologies such as fixed wireless telephony,
point-to-point and point-to-multi point radio links, and copper
and fiber optic connections.  Basic services are divided into 5
categories such as voice, conference call, data, Internet and
bundles.  It offers basic telecommunications infrastructure in
Mexico through an intelligent network that provides extensive
coverage to all markets.  It currently operates in Mexico City,
Monterrey, Guadalajara, Puebla, Leon, Toluca, Queretaro, San
Luis Potosi, Aguascalientes, Saltillo, Ciudad Juarez, Tijuana,
La Laguna, Veracruz and Chihuahua.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 16, 2007, Standard & Poor's ratings services said that it
revised its outlook on Axtel S.A.B. de C.V. to stable from
negative.  At the same time, affirmed 'BB-' corporate credit and
senior unsecured debt ratings on Axtel and its notes due 2013
and 2017.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Moody's Investors Service upgraded Axtel, S.A.B.
de C.V.'s corporate family rating to Ba2 from Ba3 based on the
rapid improvement of the company's credit metrics to levels
prior to the acquisition of Avantel as well as expected
improvements in free cash flow generation.  Moody's says the
outlook is now stable.

Approximately US$437.5 million of debt securities affected.

These issues were affected by Moody's action:

  -- US$162.5 million of 11% Senior Unsecured Global Notes due
     2013

  -- US$275 million of 7.625% Senior Unsecured Global Notes due
     2017


BRISTOW GROUP: Renegotiates Contract w/ Major Nigerian Customer
---------------------------------------------------------------
Bristow Group Inc. has renegotiated a contract with a major
customer in Nigeria to include both retroactive and future rate
increases.  Total estimated revenue for the contract over the
renegotiated period is approximately US$109 million.

The agreement for helicopter services, which expires in February
2010, includes a rate increase retroactive to July 1, 2007 and
rate escalations effective July 2008 and July 2009.  Bristow
Group expects to recognize retroactive rate increases and
resulting revenue of approximately US$1.2 million for the
Sept. 30, 2007 quarter in the company's Dec. 31, 2007 quarterly
results.

"We are pleased to announce that we have completed the
previously announced contract renegotiations with all of our
major customers in Nigeria," said Bristow Group President and
Chief Executive Officer, William E. Chiles.  "This latest
agreement should result in improved operating margins for our
West Africa business unit and is an important step towards
meeting our return on capital goal for this region."

                   About Bristow Group Inc.

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

                        *     *     *

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


ADVANCED MICRO: Advances Phil Rogers to Corporate Fellow
--------------------------------------------------------
Advanced Micro Devices Inc. has appointed Phil Rogers to AMD
Corporate Fellow.  In this role, Mr. Rogers will continue
developing advanced architectures and extend AMD's software
capabilities.  Mr. Rogers' emphasis on enhancing graphics
processing unit and central processing unit interoperability
through software and hardware innovations plays a central role
in delivering performance optimization and power reduction
advances for graphics and computing.  Corporate Fellow is the
highest level of technical recognition at AMD, and is reserved
for those who impact AMD's business opportunities and technical
breadth by providing a high degree of expertise, knowledge,
creativity, and tactical and strategic direction.

Mr. Rogers will play a key role in software development for
AMD's "Fusion" technology initiative, where CPUs and GPUs are
combined and integrated to improve energy efficiency and
performance capability.  Rogers will focus on the software
requirements necessary to bring together the GPU and CPU in a
way that optimizes system power and performance, while
maintaining software and application flexibility.

"Software development is a critical tool that AMD uses to create
platform-level solutions to enhance our end-user experience,"
said Ben Bar-Haim, corporate vice president, Software, Graphics
Products Group at AMD.  "Phil's unique talents are instrumental
in accelerating application performance by optimizing the
interaction of hardware and software."

Worldwide, AMD employs more than 1,200 software professionals
who focus on improving the end-user experience and better
enabling customers' platform and application innovations.
Software teams focus on delivering hardware extensions, new
instructions, device drivers, development tools and more.

As the most senior graphics software architect at AMD, Rogers
previously oversaw hardware and software interaction activities,
ensuring that GPU products excel in performance and stability at
launch and beyond, with continuous software updates via AMD's
unified-driver design.  This promotion recognizes the importance
AMD puts on overall platform-level functionality, performance
and stability.

"It's a pleasure to be part of an AMD software team where
revolutionary contributions from engineers are encouraged and
expected," said Mr. Rogers.  "This environment inspires me, and
others, to build platforms that are more visually rich,
increasingly energy efficient and more accessible to the global
community."

Mr. Rogers was instrumental in the development of all of ATI
Radeon GPUs since the introduction of the Radeon series in 2000.
Recently, Rogers contributed to the development, qualification
and delivery of the ATI Radeon HD(TM) 2000 family of advanced
GPUs.

Mr. Rogers joined AMD with the ATI acquisition in 2006, and
became an AMD Senior Fellow shortly thereafter.  Since joining
ATI Technologies in 1994, he served in increasingly senior
architecture positions in the development of DirectX(R) and
OpenGL(R) driver software. Rogers began his career at Marconi
Radar Systems, where he designed digital signal processors for
advanced radar systems.  Mr. Rogers earned his Bachelor's of
Science degree in electronic and electrical engineering from the
University of Birmingham.

               About Advanced Micro Devices Inc.

Headquartered in Sunnyvale, California, Advanced Micro Devices
Inc. -- http://www.amd.com/-- (NYSE: AMD) designs and
manufactures microprocessors and other semiconductor products.
The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2007,
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to 'B' from 'B-', because the company no
longer has secured debt in its capital structure.

As reported in the Troubled Company Reporter on Aug. 13, 2007,
Fitch Ratings has assigned a 'CCC+/RR6' rating to Advanced Micro
Devices Inc.'s private placement of US$1.5 billion 5.75%
convertible senior notes due 2012.

Fitch also affirmed the company's Issuer Default Rating at 'B';
and Senior unsecured debt at 'CCC+/RR6'.

As reported in the Troubled Company Reporter on July 26, 2007,
Standard & Poor's Ratings Services affirmed its 'B/Negative/--'
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, Standard & Poor's lowered
the rating on the company's 7.75% senior notes due 2012 to 'B-'
from 'BB-', which is now rated the same as the company's other
senior unsecured notes, reflecting release of the collateral
securing the issue.


UNITED RENTALS: Should Honor Merger Pact Terms, Cerberus Says
-------------------------------------------------------------
Cerberus Capital Management, L.P. and Cerberus Partners L.P.
filed an action for a declaratory judgment against United
Rentals, Inc. in New York State Supreme Court.  In taking this
action, Cerberus seeks to ensure that United Rentals honors the
express contractual undertakings it made contemporaneous with
the execution of a merger agreement, dated July 22, 2007.

As reported in the Troubled Company Reporter on Nov. 23, 2007,
United Rentals filed a lawsuit with the Delaware Court of
Chancery against RAM Holdings Inc. and RAM Acquisition Corp.,
acquisition vehicles formed by Stephen A. Feinberg's Cerberus
Capital Management L.P. to acquire United Rentals, seeking to
compel the Cerberus acquisition vehicles to complete the agreed-
upon transaction.  United Rentals related that the repudiation,
which is unwarranted and incompatible with the covenants of the
merger agreement, is nothing more than a naked ploy to extract a
lower price at the expense of United Rentals' shareholders.

Contrary to United Rentals' current position in litigation and
in the press, while negotiating the merger agreement, Cerberus
and its affiliates, with respect to any and all claims arising
under or related to the merger agreement, negotiated for and
received a liability cap of US$100 million.  Due to the
uncertainty in the financial markets, Cerberus and its
affiliates required, and United Rentals expressly agreed, that
United Rentals' sole and exclusive remedy against Cerberus and
its affiliates was damages in an amount not to exceed US$100
million.

This bedrock principle of the transaction is reflected in all of
the critical agreements and documents, and in particular, in the
Merger Agreement and in Cerberus' Limited Guarantee of the
obligations of the RAM Entities.  Thus, in the Limited Guarantee
that Cerberus provided to United Rentals as part of the
transaction, United Rentals agreed, after substantial
negotiation that the liability of Cerberus and its affiliates
for any claims arising under or related to the Merger Agreement
would be capped at US$100 million and that United Rentals had no
rights to seek equitable relief.

Regrettably, United Rentals is now engaged in an effort to
rewrite history and the contracts into which it entered,
claiming that it has the right to compel the RAM Entities and
Cerberus to go forward with the merger transaction.  United
Rentals' position flies in the face of the provisions of the
Merger Agreement and the Limited Guarantee.  The plain text of
the documents is directly contrary to United Rentals' position.

Under the Limited Guarantee and Equity Commitment Letter, United
Rentals has no right to and therefore may not require Cerberus
or its affiliates to fund or finance any transactions
contemplated by the merger agreement or to bring any claim
against Cerberus or its affiliates relating to or arising out of
the merger agreement other than a claim for non-payment of the
Guaranteed Obligations subject to a cap of US$100 million.

In taking this action, Cerberus seeks merely to ensure that
United Rentals honors the express contractual undertakings
contemporaneous with the execution of the merger agreement.

                    About United Rentals

United Rentals Inc. -- http://www.unitedrentals.com/-- (NYSE:
URI) is an equipment rental company with an integrated network
of over 690 rental locations in 48 states, 10 Canadian provinces
and one location in Mexico.  The company's approximately 11,500
employees serve construction and industrial customers,
utilities, municipalities, homeowners and others.  The company
offers for rent over 20,000 classes of rental equipment with a
total original cost of US$4.3 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Standard & Poor's Ratings Services said that its
'BB-' corporate credit ratings on United Rentals Inc. and its
wholly owned subsidiary United Rentals Inc. remain on
CreditWatch with negative implications.




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


CHIQUITA BRANDS: Producers Awaiting Unfair Practices Reports
------------------------------------------------------------
Plenglish.com reports that banana producers in Panama are
waiting for authorities to process reports of unfair practices
against Chiquita Brands International Inc.

According to Plenglish.com, Chiquita Brands allegedly forces the
banana producers to sell the fruit at a loss and prevents them
from exporting to other markets.

Plenglish.com relates that employees of the farms in Puerto
Armuelles' Multiple Service Cooperative, Chiquiri Province, gave
away 50,000 banana boxes last week in protest.

A labor union complained to Plenglish.com that because Chiquita
Brands only pays US$5 per box under on a 10-year contract signed
in 2003, the producers lose US$2.18 per box.  The producers
demand a review of the contract and a US$8 price raise.

A union leader told Plenglish.com that the producers suffer the
high cost of oil, fertilizers and other supplies.  They also are
not allowed to sell the fruit to other wholesalers like
Spaniards, Italians, and Russians, who are willing to pay more.

The Consumer Protection's Free Competition Authority board of
directors said it is conducting a probe on whether Chiquita
benefits from a monopolistic practice in the contract signed
with the Multiple Service Cooperative, Plenglish.com notes.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads.  The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks.  Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Panama and the Philippines.

                        *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service Ratings affirmed these ratings on
Chiquita Brands International Inc.: (i) corporate family rating
at B3; (ii) probability of default rating at B3; (iii) US$250
million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%);
and (iv)  US$225 million 8.875% senior unsecured notes due 2015
at Caa2 (LGD5, 89%).  Moody's changed the rating outlook for
Chiquita Brands to negative from stable.

Troubled Company Reporter reported on May 4, 2007, that Standard
& Poor's Ratings Services placed its 'B' corporate credit and
other ratings on Cincinnati, Ohio-based Chiquita Brands
International Inc. on CreditWatch with negative implications,
meaning that the ratings could be lowered or affirmed following
the completion of their review.  Total debt outstanding at the
company was about US$1.3 billion as of March 31, 2007.




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


* PARAGUAY: Obtains US$6.3-Mln Loan for Economic Census Support
---------------------------------------------------------------
The Inter-American Development Bank has approved a US$6.3
million loan to Paraguay to support an economic census in the
country.  Relevant information will help define, implement and
evaluate policies and programs for economic development.

"Economic censuses are among the largest and most complex
statistical operations due to the resources that must be
mobilized to compile, process and publish information
corresponding to all the economic units in a country within a
given timeframe," said IDB Team Leader Ricardo Gazel.
"Information provided by this census will have a significant
impact on all activities related to investment and production
and, by extension, on initiatives concerning employment, poverty
and inequality."

"This will be the first economic census in the country in 40
years," added Mr. Gazel.  "Information gathered will allow for
more efficient decision-making by the public and private sector
and local, departmental and central governments."

The Technical Secretariat of Planning of Paraguay will carry out
the program through the Bureau of Statistics, Surveys and
Censuses.  Local counterpart funds will total US$500,000.

                        *     *     *

Moody's assigned these ratings on Paraguay:

    -- CC LT Foreign Bank Deposit, Caa2
    -- CC LT Foreign Currency Debt, Caa1
    -- CC ST Foreign Bank Deposit, NP
    -- CC ST Foreign Currency Debt, NP
    -- LC Currency Issue




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P E R U
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LEVI STRAUSS: Forms Joint Venture Partnership with Nike Unit
------------------------------------------------------------
Levi & Strauss Co. and Jordan Brand, a division of Nike, Inc.,
has announced a collaborative partnership that will create a
limited number of toe-to-head fashion packages for collectors
and fans of both brands.  The resulting, jointly developed
Jordan Levi's(R) Collection will unite classic style with urban
design flair, delivering freshly-interpreted takes on iconic
flagship product from both leaders.  The men's only, specially
designed, co-branded product will be appropriately named the
23/501(R) collection and will arrive in stores starting in March
2008.

As part of the project, the two global icons created an
exclusive collection pairing the Air Jordan Retro 1 style
sneakers with a pair of exclusive, co-branded Levi's(R) Original
501(R) jeans and a signature tee shirt featuring graphic artwork
taken from both brands.  All three pieces will be sold together
as a set and will come enclosed in an innovative, co-branded
package, specially designed for this occasion.  The premium,
selvage denim will be lined with the signature Jordan Brand
elephant print and include a sneaker protector at the cuff,
reducing the transfer of indigo dye to the shoe.  The 501(R)
Jean will feature a gold metallic zipper fly and the Jordan
Brand signature Jumpman logo embroidered on the pockets along
with the Jordan Brand name on the rear leather-measurement
waistband patch.  The Air Jordan Retro 1's will be one-of-a-kind
and will be made from Levi's(R) Original 501(R) denim, printed
with the traditional Jordan Brand elephant graphic design.

"Jordan Brand has always prided itself on being the innovator of
urban, sport fashion and we are proud to partner with a true
fashion icon -- the original inventor of the blue jean-Levi
Strauss & Co.," said Jordan Brand Business Director of Apparel,
Fran Boller.  "We believe that this collaboration with Levi's(R)
is the perfect opportunity to offer this exclusive package to
consumers looking for something truly original and authentic."

Similarly, Levi's(R) Jeanswear Director of Brand Marketing, Doug
Sweeny added:  "Both brands share a kinship given the role each
play within their respective categories.  That is what brought
these brands together.  Like the Air Jordan 1, the Original
501(R) jean is really where it all began.  It has become one of
the most enduring and malleable pieces of apparel ever created."

The collaboration between Levi's(R) Jeanswear and Jordan Brand
represents an opportunity for both brands to further define the
sport-fashion market.  The limited-edition packages will be
available Mar. 1, 2008, at select specialty retailers, Levi(R)
Stores and Niketown locations.

                     About Jordan Brand

A division of Nike, Inc., Jordan Brand --
http://www.Jumpman23.com-- is a premium brand of footwear,
apparel and accessories inspired by the dynamic legacy, vision
and direct involvement of Michael Jordan.  The Jordan Brand made
its debut in 1997 and has grown into a complete collection of
performance and lifestyle products for both men and women.  The
Jordan Brand remains active in the community by donating a
portion of its proceeds to Jordan Fundamentals, an education
grants program for teachers.

                  About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. -
- http://www.levistrauss.com/-- is a branded apparel company.
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.  Levi
Strauss & Co. distributes its Levi's and Dockers products
primarily through chain retailers and department stores in the
United States, and through department stores, specialty
retailers and franchised stores abroad.  The company distributes
its Levi Strauss Signature products through mass channel
retailers in the United States and abroad.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 16, 2007
Fitch Ratings assigned a 'BB+' rating to Levi Strauss & Co.'s
second amended and restated US$750 million 5-year Asset-Based
Revolving Credit Facility.  The rating outlook is stable.

Levi Strauss carries Fitch's BB- Issuer Default Rating; BB+ Bank
Credit Facility rating; and BB- Senior Unsecured Notes rating.




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


GENESCO INC: Gets U.S. Attorney's Subpoena on Finish Line Merger
----------------------------------------------------------------
Genesco Inc. has received a subpoena from the Office of the U.S.
Attorney for the Southern District of New York for documents
relating to the company's negotiations and merger agreement with
The Finish Line Inc.  The subpoena states that the documents are
sought in connection with alleged violations of federal fraud
statutes.

"The U.S. Attorney subpoena comes on the heels of the baseless
fraud allegations made by UBS ten days ago," Genesco Chairman
and Chief Executive Officer Hal Pennington stated.  "These
allegations are completely without merit and are simply part of
UBS' litigation tactics to avoid their contractual obligations;
we will fully cooperate with the U.S. Attorney in connection
with their inquiry.  Most importantly, we will not be deterred
from enforcing our rights under the merger agreement."

As reported in the Troubled Company Reporter on June 20, 2007,
the Boards of Directors of The Finish Line and Genesco have
unanimously approved a definitive merger agreement under which
The Finish Line will acquire all of the outstanding common
shares of Genesco for $54.50 per share in cash.  The total
transaction value is approximately $1.5 billion.

Headquartered in Nashville, Tennessee, Genesco Inc. (NYSE: GCO)
-- http://www.genesco.com/-- is a specialty retailer of
footwear, headwear and accessories in more than 1,900 retail
stores in the U.S. and Canada, principally under the names
Journeys, Journeys Kidz, Shi by Journeys, Johnston & Murphy,
Underground Station, Hatworld, Lids, Hat Zone, Cap Factory, Head
Quarters and Cap Connection.  The company also sells footwear at
wholesale under its Johnston & Murphy brand and under the
licensed Dockers.

Genesco has operations in Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Moody's Investors Service downgraded Genesco
Inc.'s corporate family and probability of default ratings to B1
from Ba3 and maintained the review for possible downgrade.  In
addition, Moody's downgraded the company's convertible senior
subordinated debentures to B2 from B1.


MYLAN INC: Hires Steven Zylstra as VP for Public Relations
----------------------------------------------------------
Mylan Inc. has appointed Steven G. Zylstra as Vice President,
Global Corporate Communication and Public Relations.  Mr.
Zylstra will manage and oversee all internal and external
communications and provide communications and public relations
counsel to members of Mylan's global senior management team in
their various roles across the Company.

Mr. Zylstra joins Mylan from the Pittsburgh Technology Council
and the Pittsburgh Biomedical Development Corporation where he
served as President and CEO.  He joined the Pittsburgh
Technology Council et al after serving as Director, Business
Development, for Simula Technologies Inc.  Prior to joining
Simula, Mr. Zylstra served as General Manager, General
Pneumatics Corporation's Western Research Center, and, prior to
that, he served as Technical Manager for Bendix Guidance Systems
Division.  Mr. Zylstra joins Mylan with nearly 30 years of
public relations, senior management, business development,
marketing, government relations and engineering experience,
including the past seven years as a chief spokesman for the
technology and manufacturing industries in southwestern
Pennsylvania.

Mylan Vice Chairman and Chief Executive Officer Robert J. Coury
said: "In Steve, Mylan is adding yet another highly-seasoned,
top-notch leader to further strengthen our senior management
team.  His rich and diverse background steeped in technology and
manufacturing, makes him especially well suited to articulate
the dynamic future and intrinsic complexities of both Mylan and
of the generic and specialty pharmaceuticals industries."

Mr. Zylstra said: "I am elated to be joining Mylan at this
transformational period in the Company's already prosperous
history.  I look forward to working with the members of an
extraordinary global management team and supporting them and
their operations with a world-class communications program as
Mylan becomes the leading quality generic and specialty
pharmaceutical company in the world."

Mr. Zylstra earned a bachelor's of science degree from Western
Michigan University.

                         About Mylan

Mylan Inc., formerly known as Mylan Laboratories Inc. (NYSE:
MYL), -- http://www.mylan.com/-- is a global pharmaceutical
company with market leading positions in generic
pharmaceuticals, transdermal technology and unit dose packaged
products.  Mylan operates through three principal subsidiaries:
Mylan Pharmaceuticals, a world leader in generic
pharmaceuticals; Mylan Technologies, the largest producer of
generic and branded transdermal patches for the U.S. market; and
UDL Laboratories, the top U.S.-supplier of unit dose
pharmaceuticals.

Mylan also owns a controlling interest in Matrix Laboratories,
one of the world's premier suppliers of active pharmaceutical
ingredients.  Mylan also has a European platform through
Docpharma, a Matrix subsidiary, which is a marketer of branded
generics in Europe.  The company also has a production facility
in Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Moody's Investors Service has assigned B1 ratings
to the new senior secured credit facilities of Mylan Inc.  In
addition, Moody's lowered Mylan's Corporate Family Rating to B1
from Ba1, concluding a rating review for possible downgrade
initiated on May 14, 2007 and lowered the speculative grade
liquidity rating to SGL-2 from SGL-1.

As reported in the Troubled Company Reporter-Latin America on
Nov. 16, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit rating on Mylan Inc. (fka Mylan
Laboratories Inc.) to 'BB-' from 'BB+' and lowered its senior
unsecured debt rating to 'B' from 'BB+'.  The ratings are
removed from CreditWatch, where they were placed with negative
implications on May 14, 2007, following Mylan's announcement
that it was acquiring the generic drug business of Merck KGaA
for US$6.7 billion.  S&P said the outlook is stable.




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


EXIDE TECH: Posts US$14.8-Million Net Loss in Second Quarter
------------------------------------------------------------
Exide Technologies reported its financial results for its fiscal
2008 second quarter, which ended Sept. 30, 2007.

The company reported a net loss of US$14.8 million for the
second quarter of fiscal 2008 as compared with a net loss of
US$35.1 million in the second quarter of fiscal 2007.  Included
in the current period's net loss was a non-cash tax charge of
US$16.7 million resulting from an adjustment to the company's
net deferred tax asset in Germany to recognize the impact of a
lower corporate tax rate.

Foreign currency remeasurement gains in the current quarter
aggregated US$9.6 million compared with a US$1.3 million
remeasurement loss in the prior year period favorably impacting
year-over-year pre-tax results by US$10.9 million.

Operationally, gross profit aggregated US$130.3 million in the
second quarter of fiscal 2008, an increase of US$24.9 million
over the prior year comparable period. Increased gross profit
resulted principally from higher pricing and continued improved
manufacturing performance, partially offset by the rapid
escalation of lead costs and recognition of an incremental
US$4.5 million environmental remediation provision.

Total selling, general, and administrative expenses for the
second quarter of fiscal 2008 amounted to US$107.9 million
compared with US$102.3 million in the fiscal 2007 second
quarter.  The fiscal 2008 second quarter costs were unfavorably
impacted by the weaker U.S. dollar, but were also impacted by
targeted incremental marketing spending.

The net loss for the first half of fiscal 2008 was
US$50.5 million and compared with a net loss of US$73.0 million
in the comparable prior year period.  In addition to the
aforementioned tax charge in the second quarter of fiscal 2008,
current year six month results were unfavorably impacted by the
US$21.3 million loss on early debt extinguishment disclosed in
the company's 10-Q for the first quarter of this fiscal year,
associated with the company's lower cost refinancing effort.

              Liquidity and Capital Resources

As of Sept. 30, 2007, the company had total liquidity of
US$167.7 million consisting of cash and cash equivalents of
US$91.6 million and availability under the company's revolving
loan facility and other loan facilities of US$40.1 million and
US$36.0 million.  This compared to a total liquidity position of
US$145.9 million at March 31, 2007, consisting of cash and cash
equivalents of US$76.2 million and availability under the
revolving loan facility and other credit facilities of
US$59.3 million and US$10.4 million.

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$2.39 billion, total liabilities of US$2.0 billion
and total sheholders' equity of US$394.7 million.

                  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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2007, 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.  S&P said the outlook is stable.

Moody's Investor Service placed Exide Technologies' senior
secured debt and probability of default ratings at 'Caa1' in
September 2006.  The ratings still hold to date with a stable
outlook.




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


PETROLEOS DE VENEZUELA: Reports 141 Operational Oilrigs
-------------------------------------------------------
El Universal reports that Petroleos de Venezuela SA will
instruct newly created Pdvsa Services to obtain oilrigs abroad
in the middle of the year.

According to the report, the holding had only 112 operational
oilrigs to meet an estimated production of 3.6 million bpd
leading the firm to declare a state of operational emergency.

Oilrigs operations with undergoing major maintenance have been
restored by Pdvsa for some two years.  In addition, Pdvsa bought
14 units in two recent bidding processes.  As a result, total
operational oilrigs boosted to 139.  Last week, two Chinese
oilrigs were added in the country, El Universal relates.

Pdvsa board, El Universal states, is expecting that production
will increase in 2008.

Report shows that Pdvsa should have 191 operational oilrigs to
take production to 3.7 million bpd by the end of 2007, which
means a 50-oilrigs deficit and at least 500,000 bpd below the
best-case scenario of oil output considered by the company.

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

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


* VENEZUELA: Honduras To Avail of PetroCaribe Oil Program
---------------------------------------------------------
The Honduran government, burdened by rising oil prices in
international market, seeks to resume importing fuel from
Venezuela, under the PetroCaribe alternative, published reports
say.

Under the program, member countries get preferential oil payment
scheme from Venezuela.

"The annual imports from Venezuela would be between US$750 and
US$800 million," Minister of the Presidency Yani Rosenthal was
quoted by Reuters as saying.

Honduras' oil import for this year is expected to reach US$1.2
billion.

This latest development would further strengthen Venezuela's
influence in Central America, Reuters suggests.  The country's
socialist leader Hugo Chavez is a vocal enemy of the United
States, who aims to use oil as a political tool.

According to Prensa Latina, Mr. Rosenthal appreciates
Venezuela's initiative to help poor countries access fuel under
preferential terms.

                        *     *     *

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-'.


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

                                   Total
                               Shareholders  Total
                                   Equity    Assets
Company                 Ticker      (US$MM)   (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3     (20.56)      53.30
Kuala                    ARTE3     (33.57)      11.86
Bombril                  BOBR3    (472.88)     413.81
Caf Brasilia             CAFE3    (845.35)      43.51
Chiarelli SA             CCHI3     (63.93)      50.64
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (757.32)     458.69
Marambaia                CTPC3      (1.38)      79.73
DTCOM-DIR To Co          DTCY3     (10.12)      10.44
Aco Altona               ESTR      (53.41)     105.08
Angel Estrada            ESTR      (68.23)      68.97
Estrela SA               ESTR3     (51.21)     103.60
Estrada-A                ESTR5     (68.23)      68.97
Bombril Holding          FPXE3  (1,064.31)      41.97
Fabrica Renaux           FTRX3      (5.55)     136.60
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (240.65)      37.34
Doc Imbituba             IMB13     (20.29)     202.35
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3    (199.10)     286.23
Minupar                  MNPR3     (39.46)     154.47
Nova America SA          NOVA3    (291.00)      40.77
Recrusul                 RCSL3     (59.33)      25.19
Telebras-CM RCPT         RCTB30   (149.58)     236.49
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (69.35)      50.29
Semp Toshiba SA          SEMP3      (4.68)     153.68
Tecel S Jose             SJ0S3     (13.24)      71.56
Sansuy                   SNSY3     (53.26)     200.16
Teka                     TEKA3    (310.91)     545.92
Telebras SA              TELB3    (149.58)     236.49
Telebras-CM RCPT         TELE31   (149.58)     236.49
Telebras SA              TLBRON   (148.58)     236.49
TECTOY                   TOYB3     (49.81)      17.25
TEC TOY SA-PREF          TOYB5     (49.81)      17.25
TEC TOY SA-PF B          TOYB6     (49.81)      17.25
TECTOY SA                TOYBON    (49.81)      17.25
Texteis Renaux           TXRX3     (95.25)      76.52
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (104.65)   1,975.79
Wiest                    WISA3    (107.73)      92.66


                        ***********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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