TCRLA_Public/071129.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, November 29, 2007, Vol. 8, Issue 237

                          Headlines

A R G E N T I N A

ALITALIA SPA: Deustche Lufthansa Weighs Possible Bid
ALITALIA SPA: Stretches Bidding Deadline to Dec. 5
CENTRO INTEGRAL: Claims Verification Deadline Is Feb. 13, 2008
DANA CORPORATION: Secures US$2,000,000,000 Exit Financing
DANA CORPORATION: Wants Okay on Pact Resolving Appaloosa Dispute

DINA SHMESH: Proofs of Claim Verification Is Until Dec. 28
INSUMOS INTEGRALES: Proofs of Claim Verification Ends on Dec. 2
MAMISON SA: Proofs of Claim Verification Deadline Is March 18
PROT FARM: Proofs of Claim Verification Deadline Is Dec. 28
TEXTIL AZIA: Proofs of Claim Verification Is Until March 5, 2008

TRANSPORTES 9: Trustee Filing Individual Reports on April 14


B A H A M A S

COMPLETE RETREATS: Distinctive Retreats Files May 2007 Report
COMPLETE RETREATS: Incurs US$2,193 Net Loss in May 2007


B E R M U D A

ARABIS CATASTRPHE: Final Shareholders Meeting Is on Dec. 10
CIT FSC ELEVEN: Sets Final Shareholders Meeting for Dec. 14
CIT FSC FOURTEEN: Holding Final Shareholders Meeting on Dec. 14
CIT FSC FIFTEEN: Will Hold Final Shareholders Meeting on Dec. 14
CYRUS REINSURANCE: Moody's Puts Low B Ratings on US$105MM Loans

KENT MASTER: Sets Final Shareholders Meeting for Dec. 12
SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec.
SEA CONTAINERS: SeaCon Services Files September Operating Report
SWISSCAP REINSURANCE: Final Shareholders Meeting Is on Dec. 11


B O L I V I A

COEUR D'ALENE: PROXY Advises Shareholders To Vote for Proposals


B R A Z I L

ARANTES ALIMENTOS: Moody's Puts B2 Corporate Family Rating
BANCO BRADESCO: Buying Back 15 Million Shares by May 29, 2008
BERTIN LTDA: Moody's Affirms Ba3 Corporate Family Rating
COMMSCOPE INC: Unit Works with iconnect to Hook Up Langtree
EMI GROUP: Moody's Withdraws B1 Corporate Family Rating

EUTELSAT COMMS: Signs Multi-Year Contract with Canal Satellite
FIAT SPA: Repurchases 1.35 Million Ordinary Shares
FORD MOTOR: Kentucky State Okays US$60-Mln Investment Incentives
FORD MOTOR: Strike Continues Despite Initial Wage Agreement
JAPAN AIRLINES: Sued by Cabin Workers for Human Rights Violation

SA FABRICA: Moody's Reviews B2 Corp. Family Rating for Upgrade
SANYO ELECTRIC: Clarifies Issues on Nippon Oil Merger
SANYO ELECTRIC: To Book JPY100MM Loss for Year Ended March 2001
UAL CORPORATION: Moody's Affirms B2 Corporate Family Rating
UAL CORPORATION: S&P Affirms B Corporate Credit Rating

* BRAZIL: OGX Petroleo Wins 21 Offshore Development Contracts
* BRAZIL: Petrobras Wins 6 Blocks in 9th Hydrocarbons Auction
* BRAZIL: Petrobras to Invest Up to US$3 Bil. on Oil Production


C A Y M A N   I S L A N D S

ACA CDS: Proofs of Claim Filing Deadline Is Dec. 14
ALBANY INT'L: Proofs of Claim Filing Is Until Dec. 14
ALLIANCE DHO: Proofs of Claim Filing Deadline Is Dec. 14
BRAVO LEASING: Proofs of Claim Filing Ends on Dec. 14
CBI CONSULTING: Proofs of Claim Filing Deadline Is Dec. 13

CBI CONSULTING: Will Hold Final Shareholders Meeting on Dec. 14
CIP LIMITED: Sets Final Shareholders Meeting for Dec. 11
CIP LIMITED: Proofs of Claim Filing Deadline Is Dec. 11
ENCORE LEASING: Proofs of Claim Filing Ends on Dec. 14
FAIRFIELD FALCON: Holding Final Shareholders Meeting on Dec. 17

FAIRFIELD FALCON: Proofs of Claim Filing Is Until Dec. 14
REVA INT'L: Sets Final Shareholders Meeting for Dec. 11


C H I L E

METHANEX CORP: Declares US$0.14 Per Share Quarterly Dividend
METHANEX CORP: Finances US$40 Mil. of GeoPark's Gas Exploration
TECH DATA: Reports US$40.9-Mln Net Income in 2007 Third Quarter


C O L O M B I A

DOLE FOOD: S&P Places B Corp. Credit Rating on Watch Negative
ECOPETROL: First Day Trading Stopped After Reaching Upper Limit
ECOPETROL: Wins Offshore Development Contract in Brazil


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Begins Talks To Buy Shell's Stake in Plant


E C U A D O R

PETROECUADOR: Strikers Seize Auca Sur

* ECUADOR: Congress Approves US10.36 Million Budget for 2008


E L   S A L V A D O R

HANESBRANDS INC: S&P Affirms B+ Corporate Credit Rating

* EL SALVADOR: State Firm Declares El Chaparral Project Void


H O N D U R A S

* HONDURAS: To Launch Caribbean Oil Exploration in 2008


J A M A I C A

CABLE & WIRELESS: Loses J$506.8 Million in First Six Months
NATIONAL WATER: Engages Sogea-Satom for Martha Brae Project


M E X I C O

AVNET INC: Operating Unit Inks Franchise Deal with Tyco
CABLEMAS SA: Third Qtr. Net Income Down 46.1% to MXN28.4 Million
DURA AUTOMOTIVE: Obtains Overwhelming Creditor Support on Plan
ODYSSEY RE: Board Declares US$0.0625 A Share Quarterly Dividend
QUAKER FABRIC: Want Until March 2008 To Remove Civil Actions

WOLVERINE TUBE: Halting Decatur & Booneville Plumbing Operations


P E R U

QUEBECOR WORLD: S&P Cuts Preferred Stock Rating to C from CCC-


P U E R T O   R I C O

FERRELGAS PARTNERS: To Pay US$0.50 Per Common Unit Dividend
MOTHERS WORK: S&P Affirms B Corporate Credit Rating
PEP BOYS: Incurs US$21.6-Million Net Loss in Qtr. Ended Nov. 3


T R I N I D A D   &   T O B A G O

HERCULES OFFSHORE: Inks Pact w/ Petrex to Offload Land Rig Fleet


U R U G U A Y

* URUGUAY: Passes Biofuels Promotion & Regulation Bill Into Law


V E N E Z U E L A

HERBALIFE LTD: Taps Shankar Suryanarayanan as Sr. Vice President

* VENEZUELA: Brazil Voting on Nation's Mercosur Entry Next Year


                         - - - - -


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


ALITALIA SPA: Deustche Lufthansa Weighs Possible Bid
----------------------------------------------------
Deutsche Lufthansa AG will decide by year-end whether to bid for
the Italian government's 49.9% stake in Alitalia S.p.A.,
published reports say, citing Lufthansa CEO Wolfgang Mayrhuber's
interview with Frankfurter Allgemeine Sonntagszeitung.

"We are examining whether we can find a remedy and [whether] we
will submit an offer," The Associated Press quotes Mr. Mayrhuber
in the interview.

"We would therefore welcome it if negotiations could take place
as early as December," Reuters quotes Mr. Mayrhuber in the
interview.

Lufthansa is one of the three remaining possible bidders for
Alitalia, along with Air France-KLM and AP Holding S.p.A.

OAO Aeroflot will not participate in the process while Cordata
Baldassarre's bid was deemed "no longer compatible" to the sale.
TPG Capital, meanwhile, was unable to finalize an Italian-led
consortium, but will continue to follow the developments of the
sale.

As reported on Nov. 24, 2007, Alitalia's Board of Directors said
exclusive negotiations with the chosen bidder could be held
within the first half of December 2007.

                       About Alitalia

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

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

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


ALITALIA SPA: Stretches Bidding Deadline to Dec. 5
--------------------------------------------------
Alitalia S.p.A. has extended to Dec. 5, 2007, the deadline for
submission of non-binding offers for the Italian government's
49.9% stake, Thomson Financial says citing an Il Sole 24 Ore
report.

Italian transport minister Alessandro Bianchi was quoted by La
Repubblica as saying that three offers are coming for Alitalia.

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

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

OAO Aeroflot, however, has decided not to take part in the
privatization of the Italian carrier. TPG Capital, meanwhile,
has informed it was unable to finalize an Italian-led
consortium, but will continue to follow the developments of the
sale.  Alitalia has concluded that Cordata Baldassarre's bid is
"no longer compatible" to its planned stake sale.

Remaining bidders are Air France-KLM, AP Holding and Deutsche
Lufthansa.

As reported in the TCR-Europe on Nov. 23, 2007, Alitalia's Board
of Directors said exclusive negotiations with the chosen bidder
could be held within the first half of December 2007.

                       About Alitalia

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

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

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


CENTRO INTEGRAL: Claims Verification Deadline Is Feb. 13, 2008
--------------------------------------------------------------
Maria Ines Palermo, the court-appointed trustee for Centro
Integral del Aire Acondicionado SA's bankruptcy proceeding,
verifies creditors' proofs of claim until Feb. 13, 2008.

Ms. Palermo will present the validated claims in court as
individual reports on March 31, 2008.  The National Commercial
Court of First Instance No. 25 in Buenos Aires, with the
assistance of Clerk No. 50, 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 Centro Integral 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 Centro Integral's
accounting and banking records will be submitted in court on
May 14, 2008.

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

The debtor can be reached at:

         Centro Integral del Aire Acondicionado SA
         Tucuman 1427
         Buenos Aires, Argentina

The trustee can be reached at:

         Maria Ines Palermo
         Avenida Santa Fe 3444
         Buenos Aires, Argentina


DANA CORPORATION: Secures US$2,000,000,000 Exit Financing
---------------------------------------------------------
Dana Corporation has obtained fully underwritten commitments for
a US$2,000,000,000 exit financing facility, marking a
significant step toward the company's timely emergence from
Chapter 11 reorganization.  These commitments ensure that Dana
will be positioned to emerge from bankruptcy by the end of
January 2008, or earlier.

The exit facility will be underwritten by Citigroup Global
Markets Inc., Lehman Brothers Inc., and Barclays Capital, and
will consist of a US$650,000,000 asset-based revolving credit
facility and a US$1,350,000,000 term loan facility.  The
facilities are secured by substantially all of the assets of
Dana and most of its domestic subsidiaries.

Dana Chairman and Chief Executive Officer Mike Burns said, "This
is a significant step toward our emergence as a strong,
financially stable company that is equipped to make significant
investments in our programs and to continue providing innovative
products of the highest quality to our customers worldwide.  The
fact that our exit facility is fully underwritten during
difficult credit market conditions is a strong endorsement of
our proposed capital structure and success in implementing our
turnaround initiatives.  In addition, it further ensures our
timely emergence from Chapter 11 after confirmation of our plan
of reorganization by the bankruptcy court."

Proceeds from the facility will be used by Dana to repay its
debtor-in-possession credit facility, make other payments
required upon exit from bankruptcy, and provide liquidity to
fund working capital and other general corporate purposes.

The commitment letter remains subject to bankruptcy court
approval and the funding of the commitments set forth in the
commitment letter is subject to customary closing conditions.

Dana was advised by Miller Buckfire & Co., AlixPartners, and
Jones Day in connection with its exit financing process.

                        About Dana

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 USUS$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. 62;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DANA CORPORATION: Wants Okay on Pact Resolving Appaloosa Dispute
----------------------------------------------------------------
Dana Corporation and 40 of its domestic direct and indirect
debtor-subsidiaries ask the U.S. Bankruptcy Court for the
Southern District of New York to approve a settlement that
resolves their disputes with Appaloosa Management, L.P., which
had lost a bid to provide equity exit financing to the company.

Under the settlement, Dana agreed to reimburse up to
US$2,000,000 for out-of-pocket expenses Appaloosa Management
incurred in the Chapter 11 cases, in exchange for its support to
Dana's Joint Plan of Reorganization.

In October 2007, Dana's Board of Directors rejected Appaloosa's
offer to purchase preferred Dana shares that remain unsold in a
rights offering.  Dana's Reorganization Plan, as amended,
incorporates a Global Settlement, which provides, among others:

          (i) an equity financing of up US$790,000,000 by
              Centerbridge Capital Partners, L.P., and members
              of an Ad Hoc Steering Committee, and

         (ii) a settlement between Dana and its unions.  As part
              of of the Settlement, Appaloosa has agreed to
              withdraw its appeal on a prior order by Judge
              Lifland approving the Debtors' investment
              agreement with Centerbridge.

The Settlement Agreement will also permit Appaloosa to invest in
reorganized Dana.  Appaloosa will be permitted to acquire
unsecured claims prior to the Nov. 28, 2007 record date
established by the Plan and the Investment Agreement for
determining parties entitled to purchase new Series B preferred
stock.

Dana said that its settlement agreement with Appaloosa, which
holds 14.98% of existing common stock of Dana, will resolve one
of the major potential obstacles remaining to confirmation of
the Plan, at minimal cost.

The Settlement has been negotiated with the Official Committee
of Unsecured Creditors.  Centerbridge has also consented to the
terms of the Settlement.

The primary terms of the Settlement Agreement are:

   -- Withdrawal of Appeal: Appaloosa will withdraw the
      Appellate Case with prejudice within two business days of
      the Settlement becoming effective.

   -- Waiver of Standstill: The Debtors will waive certain
      provisions of a Confidentiality Agreement between Dana and
      Appaloosa to lift contractual restrictions on Appaloosa
      from acquiring a beneficial ownership of claims or debt
      securities of Dana its subsidiaries.

   -- Expenses: The Creditors Committee will support, and the
      Debtors will take no position with respect to, a motion by
      Appaloosa under Section 503(b) of the Bankruptcy Code
      seeking reimbursement of US$2,000,000 of reasonable fees
      and expenses incurred in connection with the Debtors'
      Chapter 11 cases.

   -- Voting: The order approving the Settlement will provide
      that all of Appaloosa's claims against the Debtors now
      held or acquired prior to the deadline for voting on the
      Plan will be deemed to vote to accept the Plan and consent
      to the releases provided for therein.  Appaloosa will only
      transfer its claims to an entity that agrees to accept all
      of Appaloosa's obligations under the Settlement.

   -- Plan Support Agreement: Appaloosa will reaffirm its
      obligations under the Plan Support Agreement dated
      July 26, 2007, among Dana, the Unions, Centerbridge and
      certain of its affiliates and various holders of unsecured
      claims that agreed to support the Plan.  The Debtors and
      the Creditors Committee waive certain claims for breach of
      contract they may have versus Appaloosa under the Plan
      Support Agreement.

   -- Investment Agreement: Appaloosa will support the
      Investment Agreement between Dana and Centerbridge and
      will refrain from taking a number of enumerated actions
      that would serve to interfere with the Investment
      Agreement or the confirmation of the Plan.

Corinne Ball, Esq., at Jones Day, in New York, tells the Court,
the Settlement Agreement (a) surpasses "the lowest point in the
range of reasonableness," (b) represents a proper exercise of
the Debtors' business judgment and (c) should be approved
pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of
the Federal Rules of Bankruptcy Procedure.

                   About Dana Corporation

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2007, the Debtors listed   US$7,018,000,000 in total
assets and 7,554,000,000 in total debts resulting in a total
shareholders' deficit of US$536,000,000.

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. 62;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DINA SHMESH: Proofs of Claim Verification Is Until Dec. 28
----------------------------------------------------------
Patricia Ferrari, the court-appointed trustee for Dina Shmesh
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until Dec. 28, 2007.

Ms. Ferrari will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 27, 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 Dina Shmesh 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 Dina Shmesh's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Dina Shmesh SA
         Juan Ramirez de Velazco 169
         Buenos Aires, Argentina

The trustee can be reached at:

         Patricia Ferrari
         Viamonte 1653
         Buenos Aires, Argentina


INSUMOS INTEGRALES: Proofs of Claim Verification Ends on Dec. 2
---------------------------------------------------------------
Alicia Mabel Orinov, the court-appointed trustee for Insumos
Integrales de Oficina SRL's bankruptcy proceeding, verifies
creditors' proofs of claim until Dec. 2, 2007.

Ms. Orinov will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 10, 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 Insumos Integrales 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 Insumos Integrales'
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Insumos Integrales de Oficina SRL
         Monroe 5134/42
         Buenos Aires, Argentina

The trustee can be reached at:

         Alicia Mabel Orinov
         Oliden 3680
         Buenos Aires, Argentina


MAMISON SA: Proofs of Claim Verification Deadline Is March 18
-------------------------------------------------------------
Adriana R. Esnaola, the court-appointed trustee for Mamison
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 18, 2008.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Adriana R. Esnaola
         Parana 489
         Buenos Aires, Argentina


PROT FARM: Proofs of Claim Verification Deadline Is Dec. 28
-----------------------------------------------------------
Susana Beatriz Fernandez, the court-appointed trustee for Prot
Farm S.R.L.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Dec. 28, 2007.

Ms. Fernandez will present the validated claims in court as
individual reports on March 13, 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 Prot Farm 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 Prot Farm's
accounting and banking records will be submitted in court on
April 30, 2008.

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

The trustee can be reached at:

         Susana Beatriz Fernandez
         Florida 520
         Buenos Aires, Argentina


TEXTIL AZIA: Proofs of Claim Verification Is Until March 5, 2008
----------------------------------------------------------------
Mario Isaac Bekierman, the court-appointed trustee for Textil
Azia S.R.L.'s bankruptcy proceeding, verifies creditors' proofs
of claim until March 5, 2008.

Mr. Bekierman will present the validated claims in court as
individual reports on April 17, 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 Textil Azia 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 Textil Azia's
accounting and banking records will be submitted in court on
May 30, 2008.

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

The trustee can be reached at:

         Mario Isaac Bekierman
         Avenida Raul Scalabrini Ortiz 258
         Buenos Aires, Argentina


TRANSPORTES 9: Trustee Filing Individual Reports on April 14
------------------------------------------------------------
The court-appointed trustee for Transportes 9 de Julio S.A.'s
reorganization proceeding, will file the validated proofs of
claim as individual reports in the National Commercial Court of
First Instance in La Rioja on April 14, 2008.

The court 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 Transportes 9 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 Transportes 9's
accounting and banking records will be submitted in court.




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


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

                              ASSETS


Unrestricted Cash                                       US$0.00
Restricted Cash                                               -
                                                 --------------
Total Cash                                                 0.00


Accounts Receivable (Net)                                  0.00
Inventory                                             50,830.98
Notes Receivable                                     448,000.00
Prepaid Expenses                                     198,554.77
Other                                                         -
                                                 --------------
Total Current Assets                                 697,385.75


Property, Plant & Equipment                       48,310,058.51
Less: Accumulated Depreciation/Depletion          (3,713,484.54)
                                                 --------------
Net Property, Plant & Equipment                   44,596,573.97


Due from Insiders                                             -
Other Assets - Net of Amortization                   485,000.00
Other                                            138,357,194.10
                                                 --------------
Total Assets                                  US$184,136,153.82


                   LIABILITIES & OWNERS' EQUITY


Postpetition Liabilities
   Accounts Payable                                     US$0.00
   Taxes Payable                                              -
   Notes Payable                                           0.00
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                           1,486,559.36
                                                 --------------
Total Postpetition Liabilities                     1,486,559.36

Prepetition Liabilities
   Secured Debt                                      452,027.00
   Priority Debt                                              -
   Unsecured Debt                                 30,713,743.27
   Other                                          16,851,099.94
                                                 --------------
Total Prepetition Liabilities                     48,016,870.21
                                                 --------------
Total Liabilities                                 49,503,429.57


Equity
   Prepetition Owners' Equity                    133,882,809.53
   Postpetition Cumulative Profit or Loss            749,914.72
   Cash funded from UR LLC in excess of P&L losses            -
                                                 --------------
Total Equity                                     134,632,724.25
                                                 --------------
Total Liabilities & Owners' Equity            US$184,136,153.82


                    Distinctive 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                                     -
   Rent & Lease                                               -
   Other                                                   0.00
                                                 --------------
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                                            (969,969.52)
                                                 --------------
Net Other Income & Expenses                         (969,969.52)


Reorganization Expenses
   Professional Fees                                       0.00
   U.S. Trustee Fees                                          -
   Other                                                      -
                                                 --------------
Total Reorganization Expenses                              0.00
                                                 --------------
Income Tax                                                    -
                                                 --------------
Net Profit (Loss)                                 US$969,969.52

                     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 US$308,000,000. (Complete Retreats Bankruptcy News,
Issue No. 37 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


COMPLETE RETREATS: Incurs US$2,193 Net Loss in May 2007
-------------------------------------------------------
                      Complete Retreats, LLC
                          Balance Sheet
                        As of May 31, 2007

                              ASSETS

Unrestricted Cash                                             -
Restricted Cash                                               -
                                                 --------------
Total Cash                                              US$0.00


Accounts Receivable (Net)                                     -
Inventory                                                     -
Notes Receivable                                              -
Prepaid Expenses                                           0.00
Other                                                         -
                                                 --------------
Total Current Assets                                       0.00


Property, Plant & Equipment                          656,115.87
Less: Accumulated Depreciation/Depletion            (127,341.74)
                                                 --------------
Net Property, Plant & Equipment                      528,774.13


Due from Insiders                                             -
Other Assets - Net of Amortization                            -
Other                                              4,072,561.98
                                                 --------------
Total Assets                                    US$4,601,336.11


                   LIABILITIES & OWNERS' EQUITY


Postpetition Liabilities
   Accounts Payable                                           -
   Taxes Payable                                              -
   Notes Payable                                              -
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                          US$0.00

Prepetition Liabilities
   Secured Debt                                               -
   Priority Debt                                              -
   Unsecured Debt                                          0.00
   Other                                             480,779.42
                                                 --------------
Total Prepetition Liabilities                        480,779.42
                                                 --------------
Total Liabilities                                    480,779.42


Equity
   Prepetition Owners' Equity                      4,104,050.48
   Postpetition Cumulative Profit or Loss             16,506.21
   Cash funded from UR LLC in excess of P&L losses            -
                                                 --------------
Total Equity                                       4,120,556.69
                                                 --------------
Total Liabilities & Owners' Equity              US$4,601,336.11

Complete Retreats LLC reported a US$2,193.79 net loss for May
2007.

                     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 US$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
=============


ARABIS CATASTRPHE: Final Shareholders Meeting Is on Dec. 10
-----------------------------------------------------------
Arabis Catastrophe Fund, Ltd., will hold its final shareholders
meeting on Dec. 10, 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.


CIT FSC ELEVEN: Sets Final Shareholders Meeting for Dec. 14
-----------------------------------------------------------
CIT FSC Eleven, Ltd., will hold its final shareholders meeting
on Dec. 14, 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.


CIT FSC FOURTEEN: Holding Final Shareholders Meeting on Dec. 14
---------------------------------------------------------------
CIT FSC Fourteen, Ltd., will hold its final shareholders meeting
on Dec. 14, 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.


CIT FSC FIFTEEN: Will Hold Final Shareholders Meeting on Dec. 14
----------------------------------------------------------------
CIT FSC Fifteen, Ltd., will hold its final shareholders meeting
on Dec. 14, 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.


CYRUS REINSURANCE: Moody's Puts Low B Ratings on US$105MM Loans
---------------------------------------------------------------
Moody's has assigned these ratings to three proposed bank loans
of Cyrus Reinsurance II Limited:  Ba1 to the US$65 million
senior secured term loan, Ba3 to the US$20 million senior
subordinated secured term loan, and B3 to the US$20 million
junior subordinated secured term loan.

"Cyrus Re II is a type of limited purpose reinsurer that is
commonly referred to as a 'sidecar'," explains senior analyst
Kevin Lee.  "The sidecar will be capitalized with US$35 million
of equity and US$105 million of term loans (75% debt, 25%
equity)," notes Mr. Lee.  "The term loans are arrayed in
tranches, each having a different probability of attachment,
expected loss, and priority with respect to interest and
principal payments, hence the difference in ratings."

Cyrus Re II is expected to provide collateralized quota share
coverage exclusively to two subsidiaries of XL Capital Ltd  --
XL Re Ltd (Aa3/stable) and XL Re Europe Ltd.  If the quota share
agreement is executed, the companies will pass on (cede) -- and
Cyrus Re II will assume -- 10% of the premiums and losses on a
future portfolio of non-proportional catastrophe reinsurance
contracts.  Those underlying contracts will be written in 2008
and will cover natural catastrophe risks throughout the world.
The future portfolio is expected to be similar to the companies'
existing portfolio as client retention tends to be relatively
high.  This quota share agreement, if executed, will be distinct
and separate from the companies' previous sidecar, Cyrus
Reinsurance Limited.

The ratings for the term loans are supported by Moody's
financial modeling to determine both the probability of default
and expected loss to lenders.  The most important inputs into
the financial model are the annual aggregate probability loss
curve derived by the companies (Base Curve), premium
assumptions, and investment income assumptions.  Moody's applied
stress factors and performed sensitivity analysis on all three
inputs.  The probability of default and expected loss from
Moody's simulation runs were then compared to Moody's idealized
default rates and expected loss rates over a weighted average
life of about 1.7 years for each loan.  Finally, the assigned
ratings also reflect, in Moody's opinion, sufficient alignment
of interests between stakeholders.

Key rating factors include:

1) Model Risk:

Catastrophe modeling error is the most important risk factor.
The companies modeled their existing portfolio using RMS 6.0
peril models that are common in the industry.  Parameter
uncertainty, the quality of input data, and how the models are
used can all contribute to modeling error.

In general, the current portfolio is diversified with respect to
geography and layers of coverage.  A majority of the current
portfolio consists of personal lines and standard commercial
risks, which generally offer more homogeneous data than
industrial and surplus lines risks.  The companies receive
exposure data from clients or brokers for nearly all underlying
contracts, allowing the companies to duplicate the modeling work
with all discretionary settings applied (e.g., near-term
hurricane event rates, secondary perils like storm surge, fire
following and, when feasible, sprinkler leakage, loss
amplification, and secondary uncertainty).  One notable
exception is assumed retrocession business (2.5% of current
portfolio limits), for which exposure data isn't available, but
is nonetheless modeled by the companies.  Many of the covered
perils are modeled using RMS 6.0 peril models. European Flood,
European Earthquake and attritional losses (e.g., Midwest
floods, brushfires, etc.) are modeled using in-house curve
fitting methods.

Moody's has applied a moderate load to the Base Curve to account
for these elements: 1) potential deviations from the expected
portfolio (e.g., exposure growth and change in mix); 2)
difficult-to-model classes of business such as industrial and
surplus lines risks (estimated to be roughly 20% of current
portfolio limits); 3) non-modeled contract elements such as loss
adjustment expenses and extra-contractual obligations (i.e., bad
faith claims); 4) inherent uncertainty in peril modeling
especially as it relates to perils like earthquakes where little
historical data is available for model calibration; and 5) a
small load for perils that are not modeled by any methods such
as volcanic eruption, meteorite impact, tsunami, domestic
terrorism and industrial/residential conflagration.

2) Defaults Are Sensitive to Rate and Investment Income
   Assumptions:

Moody's analysis suggests that default rates and expected loss
rates to debt holders are sensitive to assumptions about premium
rates and investment yields.  This is fairly intuitive given
that equity capital is thin (75% debt, 25% equity) and tranche
attachment points are relatively low.  That is to say, investors
will have to rely more on premium income and investment income
to defray losses. Premium rates in 2008 are uncertain.  In
Moody's financial modeling, it has modeled for the possibility
that rates may fall up to 20% from their 2007 levels.
Additionally, Moody's has modeled investment returns
stochastically.

3) Alignment of Interests:

In Moody's opinion, there is adequate alignment of interests
between stakeholders given that the companies will retain 90% of
premiums and losses with ample skin in the game.  Additionally,
any reinsurance purchased by the companies for its retained
portfolio would inure to the benefit of the sidecar.  Dividend
distributions to shareholders are prohibited, mitigating some of
Moody's concerns about the highly levered capital structure.

4) Cash Waterfall:

At each quarterly interest payment date, trust assets that
exceed loss reserves and a reserve cushion can be released to
pay interest.  However, capacity must exist to fully pay all
remaining scheduled interest and principal on the senior secured
term loans before any trust capital can be released to pay
interest and principal on the senior subordinated or junior
subordinated loans. The same rule applies to the priority of
payments between the senior subordinated and junior subordinated
loans.  This cash waterfall is reflected in Moody's financial
modeling.

These ratings have been assigned with a stable outlook:

-- US$65 million senior secured term loan at Ba1;
-- US$20 million senior subordinated secured term loan at Ba3;
-- US$20 million junior subordinated secured term loan at B3.

Cyrus Reinsurance II Holdings SPC is majority-owned by
investment funds affiliated with Highfields Capital Management
LP.  Its subsidiary, Cyrus Reinsurance II Limited, is a Class 3
Bermuda reinsurer that is expected to enter into a
collateralized quota share reinsurance treaty with XL Re Ltd and
XL Re Europe Ltd.  The treaty will cover policies incepting
between Jan. 1, 2008 and July 1, 2008.  Lenders will be at risk
for events occurring between Jan. 1, 2008 and July 1, 2009.
Capital cannot be returned to investors before Sept. 1, 2009 and
equity capital cannot be returned to shareholders until all
three loans have been repaid.


KENT MASTER: Sets Final Shareholders Meeting for Dec. 12
--------------------------------------------------------
Kent Master Fund Ltd. will hold its final shareholders meeting
on Dec. 12, 2007, at 10:00 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 will be disposed; and

     -- passing of a resolution dissolving the company.


SEA CONTAINERS: New Owner to Take Over Nationalized Unit by Dec.
----------------------------------------------------------------
Great North Eastern Railway Ltd. was effectively nationalized on
Nov. 20, 2007, and will operate as a state corporation until
National Express takes over as the new east coast line franchise
holder on Dec. 9, 2007, Scotsman says.

GNER will subsequently be reclassified to the public sector,
Scotsman relates citing the Office of National Statistics.

As reported on Aug. 17, 2007, the Department of Transport
awarded the contract to operate the services on the InterCity
East Coast rail franchise to NXEC Trains Ltd., a subsidiary of
National Express Group, on Aug. 14, 2007.

The franchise will start on Dec. 9, 2007, and will run through
March 31, 2015, with the last 17 months conditional on set
performance levels being reached.  NXEC Trains will be paid
GBP1.4 billion over the life of the franchise in premium as a
contribution to DfT's rail budget.

In December 2006, GNER voluntarily entered into a Management
Agreement with the Government to continue delivering train
services after the early ending of the ten year franchise which
had begun in May 2005.  This was the result of a number of
unexpected external events, beyond GNER's direct control, which
undermined the sustainability of the InterCity East Coast
franchise over its 10-year lifetime.

These events included the loss of revenue due to the London
bombings in July 2005, higher energy and fuel costs, and
regulatory permission being granted for a new open access
entrant on the route.  While GNER was never in breach of the
franchise agreement, it was apparent that the company was not
going to be able to meet the significant increase in franchise
premium obligations due from May 2007.

As reported in the TCR-Europe on Dec. 11, 2006, the government
decided to end GNER's GBP1.3-billion franchise agreement to
operate the East Coast main line railway after the company was
unable to meet a 10% revenue growth requirement in 2005,
stipulated under the terms of its franchise agreement.

GNER suffered disappointing passenger growth, soaring
electricity prices and the effect of the 2005 London bombings,
while parent firm Sea Containers has filed for bankruptcy
protection in the U.S.

                         About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high-
speed express train services on the East Coast Main Line. Most
of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                    About Sea Containers

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
NYSEArca 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).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

The Court approved the Debtors' amended disclosure statement
explaining their amended plan of liquidation on Aug. 31, 2007.
The Court will confirm that plan on Nov. 28, 2007.  (Complete
Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


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

                            Assets

Current Assets
  Cash and cash equivalents                          US$649
  Trade receivables                                   2,403
  Due from related parties                        2,103,050
  Prepaid expenses and other current assets       3,667,318
                                               ------------
      Total current assets                        5,773,420

Fixed assets, net                                 2,251,364

Investments                                       2,744,640
Intercompany receivables                         51,630,282
Other assets                                              0
                                               ------------
Total assets                                  US$62,399,708

              Liabilities and Shareholders' Equity

Current Liabilities
  Accounts payable                             US$2,853,709
  Accrued expenses                                2,506,022
  Current portion of long-term debt               1,681,656
                                               ------------
      Total current liabilities
7,041,386

Total shareholders' equity                       55,358,321
                                               ------------
Total liabilities and shareholders' equity    US$62,399,708


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

Revenue                                          US$796,787

Costs and expenses:
  Operating costs                                         -
  Selling, general and
   administrative expenses                         (457,217)
  Professional Fees                                (191,833)
  Other charges                                           0
  Depreciation and amortization                     (97,186)
                                               ------------
   Total costs and expenses                        (746,236)
                                               ------------

Gains on sale of assets                                   0
                                               ------------
Operating income (loss)                              50,551

Other income (expense)
  Interest income                                        92
  Foreign exchange gains (losses)                      (745)
  Interest expense, net                             (12,040)
                                               ------------
Income (Loss) before taxes                           37,858
Income tax credit                                         0
                                               ------------
Net Income                                        US$37,858

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).


SWISSCAP REINSURANCE: Final Shareholders Meeting Is on Dec. 11
--------------------------------------------------------------
Swisscap Reinsurance Company Ltd. will hold its final
shareholders meeting on Dec. 11, 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 O L I V I A
=============


COEUR D'ALENE: PROXY Advises Shareholders To Vote for Proposals
---------------------------------------------------------------
Coeur d'Alene Mines Corporation announced that PROXY Governance
Inc., a leading independent proxy advisory firm, has recommended
that Coeur shareholders vote "FOR" the proposals related to the
acquisition of Bolnisi Gold NL and Palmarejo Silver and Gold
Corporation at the company's Special Meeting of shareholders
scheduled for Dec. 3, 2007.

PROXY Governance joins Institutional Shareholder Services and
Glass Lewis & Co. as the third independent proxy advisory firm
recommending that Coeur shareholders vote "FOR" the proposed
acquisitions.

In its report, PROXY Governance opined, "PROXY Governance
supports this merger because we believe that it will enhance the
company's long-term financial performance.  In arriving at this
decision, we are influenced by the board's reasoning for the
acquisition and the favorable opinions of equity analysts."

The company urges all shareholders to vote FOR the proposals to
ensure their votes are counted at the Special Meeting.  The vote
of Coeur shareholders is very important regardless of the number
of shares of common stock they own.  Coeur shareholders can vote
FOR the proposals through the Internet, by telephone as
described on the proxy card or by completing and returning the
proxy card.

Shareholders who have questions or need assistance in voting
should call D.F. King & Co., Inc. at 1-800-901-0068 (toll-free)
or 212-269-5550.

The Special Meeting of Coeur shareholders is scheduled for
Dec. 3, 2007 at 9:30 a.m. local time at The Coeur d'Alene Resort
and Conference Center, Second Street and Front Avenue, Coeur
d'Alene.  Coeur shareholders of record as of the close of
business on Oct. 19, 2007, are entitled to vote at the Special
Meeting.

Coeur d'Alene Mines Corp. (NYSE:CDE) (TSX:CDM) --
http://www.coeur.com/-- is the world's largest primary silver
producer, as well as a significant, low-cost producer of gold.
The company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile, Bolivia and Australia.

                        *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due
Jan. 15, 2024, carry Standard & Poor's B- rating.




===========
B R A Z I L
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ARANTES ALIMENTOS: Moody's Puts B2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a B2 global and local
currency scale corporate family rating to Arantes Alimentos
Ltda.  This is the first time Moody's has rated the company.
The rating outlook is stable.

"The B2 global [and] local currency rating is constrained by the
beef processor's dependence on significant capacity expansion to
reduce its high leverage, relatively small size and lack of
significant product and geographic diversification for raw
material sourcing when compared to its other rated Brazilian
peers.  Other risk factors include susceptibility to possible
disruptions of export markets and the fact that the company is a
privately held and family-owned and has a limited operational
history" said Moody's analyst Soummo Mukherjee.

"On the other hand, the B2 rating is primarily supported by the
industry's competitive cost structure, the company's experienced
management team and an expected reduction in leverage resulting
from increased cash generation from completed and planned new
capacity," Mr. Mukherjee added.

Arantes Alimentos' initial leverage as measured by Total Debt to
EBITDA (for the last twelve months ended in September 2007) is
high for its rating category at approximately 6.6 times (5.0
times on a Net Debt to EBITDA basis), according to Moody's
standard definitions and adjustments for leases and advances on
export contracts.  Moody's B2 rating is based on its expectation
that the company will experience significant revenue and EBITDA
growth in 2008 due to the company's already acquired or
installed capacity in 2007 and planned investments in 2008, so
that Total Debt to EBITDA is below 5.0 times at the end of
Fiscal Year 2008 and below 4.25 times on a Net Debt to EBITDA
basis as defined by the company's bank loan covenants.

With an aggregate daily slaughter capacity of 4,330 heads of
cattle at five slaughterhouses in three states (Mato Grosso,
Goias and Maranhao), Arantes Alimentos is significantly smaller
and less diversified in terms of product offering, number of
plants and states where it operates, than most other rated
domestic and international beef processors.  Moody's also notes
that the company has a limited history of operations, since it
was founded in February 2005.

With approximately 47% of total sales derived from exports
during the nine month period ending on Sept. 30, 2007, Arantes
Alimentos' lack of diversification in terms of plants, raw
material sourcing and its concentration of exports to the
European Union member countries (58.5% of exports and 27.8% of
sales) and Russia (20.3% of exports and 9.6% of sales) makes it
more vulnerable to potential disruptions in its export markets
due to trade barriers imposed by importing countries than its
more geographically diversified domestic peers:  JBS, Marfrig,
Bertin and Independˆncia.  Moody's notes, however, that the
company plans to increase its daily slaughter production to
6,650 by the end of 2008 through: the completion of the
acquisition of an additional facility in Mato Grosso; the
modernization of two of its existing slaughterhouses in Mato
Grosso; and, the commencement of operations of a new facility in
Minas Gerais.

As part of its growth strategy to diversify into more value-
added and other protein-based products, in October 2007, Arantes
Alimentos acquired a company called Frigo Eder for BRL38
million, which is a small niche producer of premium sausage,
salami, ham and other processed pork and beef products.  The
company's growth strategy also involves launching processed,
cooked, and pre-cooked beef and beef jerky products, as well as,
processing wet blue leather and biodiesel in its existing
plants.

Similar to most other Brazilian companies, Arantes Alimentos
does not have committed bank facilities, but relies on access to
pre-export facilities, uncommitted lines and cash on hand to
fund its working capital and investments.  At the end of
September 2007, the company's total balance-sheet debt plus
advances on contracted exports amounted to BRL281.3 million.  Of
this amount, 65% is due in the short-term (BRL183.4 million) and
the cash and cash equivalent balance of approximately BRL73
million, equivalent to 40% of the company's total short-term
debt, would be insufficient to address its near-term maturities.
However, approximately 90% of the company's short-term debt is
related to pre-export loans and export finance agreements that
are both easily renewed for export oriented companies such as
Arantes Alimentos.  Also, with close to 50% of its sales derived
from exports, Moody's believes that the company is likely to
continue to have access to pre-export facilities that could
serve as an additional source of funds, if necessary.

However, given the growth capital expenditures needed for its
expansion projects, as well as the company's working capital
needs, Moody's expects the company to generate negative free
cash flow for the next few years.  Therefore, Moody's does not
expect debt reduction and believe that the company will continue
to rely on debt capital markets, local banks and export
prepayment facilities to fund its growth strategy.

The stable outlook assumes that the company will deliver on its
strategic initiatives to expand slaughter capacity and
significant grow sales in the domestic and export markets,
leading to growth in revenues and cash flow, which shall improve
debt protection measures.

Arantes Alimentos' rating could come under downward pressure if
the company experiences difficulties to deliver on its projected
daily cattle slaughter rate so that earnings and cash flow are
weaker than expected or its ability to meet its financial
covenants comes into question.  Downward rating pressure would
also arise if liquidity or earnings become are impacted by the
loss of key export markets or a prolonged downturn in the
Brazilian beef processing industry.  Quantitatively, the ratings
would likely be downgraded if the company's Debt / EBITDA
(according to Moody's standard adjustments) on a last-twelve
month basis is likely to be higher than 5.0 times at the end of
June 30, 2008, or any LTM period thereafter.

Upward pressure on the company's current rating could be
considered if it delivers on its strategic plans to grow
revenues and cash flow, it diversifies its revenues, it reduces
concentration of its export markets and it continues to improve
its financial reporting standards.  Quantitatively, upward
pressure would arise once the company is able to reduce its
current leverage so that Debt / EBITDA (according to Moody's
standard adjustments) is likely to remain below 4.0 times on a
sustainable basis.

Headquartered in Sao Jose do Rio Preto, Brazil, Arantes
Alimentos Ltda. started operations in February 2005 and is owned
50/50 by the brothers Aderbal Luiz Arantes Junior and Danilo de
Amo Arantes.  Based on export sales in 2006, the company is the
ninth largest Brazilian beef exporter and had revenues of BRL535
million for the last twelve months ending on Sept. 30, 2007, of
which approximately 47% was exported to over 35 countries and
140 customers around the world.


BANCO BRADESCO: Buying Back 15 Million Shares by May 29, 2008
-------------------------------------------------------------
Banco Bradesco will purchase about 7.50 million common shares
and some 7.50 million preferred shares by May 29, 2008,
Business News Americas reports.

BNamericas relates that Banco Bradesco bought back about 15
million shares at market price for resale or cancellation from
May to November 2007.

Banco Bradesco repurchased some 305,100 shares from November
2006 until May 21, 2007, BNamericas states.

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. (NYSE:
BBD) -- http://www.bradesco.com.br/-- prides itself on serving
low-and medium-income individuals in Brazil since the 1960s.
Bradesco is Brazil's largest private bank, with more than 3,000
banking branches, and also a leader in insurance and private
pension management.  Bradesco has branches throughout Brazil as
well as one in New York, and Japan.  Bradesco offers Internet
banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-
mad population), and Internet access for customers.  The bank
also provides personal and commercial loans, along with leasing
services.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2006, Standard & Poor's Ratings Services maintained the
'BB+' ratings on both of Banco Bradesco SA's foreign and local
currency counterparty credit rating, however it changed the
ratings outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-


BERTIN LTDA: Moody's Affirms Ba3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Bertin
Ltda (corporate family Ba3) and placed the ratings for S.A.
Fabrica de Produtos Alimenticios Vigor (corporate family rating
B2) under review for possible upgrade following the announcement
that Bertin Ltda.'s wholly-owned subsidiary, Bertin S.A.,
reached an agreement to acquire 56% of Vigor's voting shares
(42% total capital) through its holding company, Goult
Participacoes Ltda., which owned 74.69% of Vigor's total capital
and 98% of its voting shares.

Ratings affirmed:

  -- Bertin Ltda.'s Corporate Family Rating: Ba3
  -- US$120 million 8.5% senior unsecured notes due 2008: Ba3
  -- US$350 million 10.25% senior unsecured notes due 2016: Ba3

The outlook for Bertin Ltda.'s ratings is stable.

Ratings placed under review for possible upgrade:

  -- S.A. Fabrica de Produtos Alimenticios Vigor's Corporate
     Family Rating: B2

  -- US$100 million 9.25% senior unsecured notes due 2017: B2

"The affirmation of Bertin's rating is primarily based on
Moody's expectation that Bertin's total debt to EBITDA will
remain below 5 times and net debt to EBITDA below 3 times after
the Vigor acquisition and that the execution risks of
successfully integrating Vigor will be largely mitigated by
Bertin's improved size, scale, further diversification of
products and expected synergy opportunities", said Moody's AVP-
Analyst, Soummo Mukherjee.  "We note, however, that Bertin is
entering an entirely new segment with this acquisition, so to
the extent that integration challenges are greater than expected
leading to deterioration of Bertin's current credit metrics,
current rating or outlook could come under downward pressure",
Mr. Mukherjee added.

"Meanwhile, the decision to place Vigor's ratings on review for
possible upgrade is supported by the improvement of Vigor's
operating margin and leverage in 2007; the expected benefits of
being part of a larger, higher-rated company with greater
financial flexibility; as well as the benefits of scale and
synergy opportunities of the combined companies", Mr. Mukherjee
affirmed.

Moody's notes that the company has successfully completed the
restructuring that involved the transfer of substantially all of
the assets and liabilities of Bertin Ltda, except for the ones
related to its personal protective equipment division and some
other non-core assets such as biodiesel, to a newly created and
wholly owned subsidiary, Bertin S.A.  As part of the
restructuring, Bertin Ltda. also obtained consent from the
holders of its US$350 million 10.25% Notes due 2016 and its
US$120 million 8.5% Senior Notes due 2008 to: a) change the
issuer from Bertin Ltda. to Bertin S.A. for both notes; b) add
Bertin Finance. Ltd., a wholly owned subsidiary of Bertin S.A.
to be organized as a limited liability company in the Cayman
Islands, as a co-issuer of the 2016 notes; and, c) make Bertin
Ltda. an unconditional guarantor of both 2008 and 2016 notes.

The acquisition of a majority stake in Vigor fits Bertin Ltda.'s
strategy of becoming one of the largest well diversified and
vertically integrated animal protein companies in the world.
While diversification can help to mitigate earnings volatility,
Moody's is concerned Bertin Ltda. could stretch its operational,
financial and managerial resources.

Despite Vigor's relatively small size compared to its global
peers, the company has leading market share in some products and
a number of well known brands in the Brazilian market such as
Vigor, Leco, Danubio, Faixa Azul and others.  However, Vigor is
faced with strong competition in some of its product segments
from significantly larger and better capitalized multi-national
players such as Danone (A3), Kraft (Baa2), Unilever (A1), Nestle
(Aa1) and Bunge (Ba1), as well as domestic players such as Sadia
(Ba2) and Perdigao (Ba1, owner of Batavo and Eleva).

Vigor's operating margin, coverage and leverage have benefited
from its strategy of increasing sales of higher value-added
products in the last twelve months ended in Sept. 30, 2007.  In
the last twelve months vs. 2006, according to Moody's standard
definitions and adjustments, Debt to EBITDA improved to 3.3
times from 4.7 times, EBIT to gross interest improved to 1.2
times from 0.7 times and the EBITDA margin improved to 10.0%
from 7.5%.  Vigor's review process will examine its ability to
pass on higher raw material prices to final consumers in order
to sustain its current operating margins as well as the growth
strategy and synergy opportunities with Bertin Ltda.

Headquartered in Sao Paulo, Brazil, Bertin Ltda. --
http://www.bertin.com.br/-- is one of the largest beef
processing and leather exporting companies in Latin America.
The company owns and operates other facilities to produce
cleaning products, personal protective equipment, dog toys, cans
and packaging materials using by-products of its
slaughterhouses.


COMMSCOPE INC: Unit Works with iconnect to Hook Up Langtree
-----------------------------------------------------------
CommScope Enterprise Solutions, a division of CommScope, Inc.,
has partnered with iconnect Technologies, a connected real
estate structured cabling solutions, to help make 'Langtree at
the Lake' in Mooresville, North Carolina, one of the first truly
connected communities of its kind.

iconnect partnered with CommScope to create a common network
infrastructure that will handle virtually every aspect of the
community's technical operations, both commercially and
residentially.  Nestled on the shores of Lake Norman, the 125-
acre mixed-use development will boast luxury condominiums,
health clubs and a restaurant; while the communications network
will enable residents to shop for groceries online, rent boats
via the Internet, listen to satellite music and access IP
telephones and television.

"Langtree at the Lake will be a premier rural community with
enhanced technology features that most development residents can
only dream about," said The Langtree Group. chief operating
officer, Brad Howard.  "We brought in CommScope and iconnect to
help make those dreams become reality.

"Our main goal when planning the development was to help create
a live-work-play experience for the residents that allowed them
to broaden their idea of what a community should be.  The joint
contribution from iconnect and CommScope will create a single
network infrastructure that I believe will complement the fine-
living experience -- exceeding all of our expectations." added
Mr. Howard.

CommScope was selected for its familiarity with the area,
knowledge of the industry and available resources.  Although the
companies are early in the project's design phase, CommScope
intends to utilize its Uniprise(R) mixed-use offerings to best
address the unique and diverse objectives of each business,
neighborhood residence or leisure club.  In addition, the
company's integrated copper and fiber solutions will be employed
in order to meet all network requirements, while balancing cost
and performance.

"If you look at the entire CommScope portfolio, you'll see that
the services and products we provide create a reliable network
infrastructure for a mixed-use community," said CommScope
Enterprise senior vice president for global marketing, Mark
Peterson.  "The major benefit that CommScope brings to the table
with Uniprise is a wide range of physical layer solutions with a
single point of contact.  From cabling conduit to any one of our
cabling solutions to connectors, we provide a complete solution
so that the developers won't need multiple vendors to create a
successful network."

With the completion of Langtree at the Lake set for 2014,
developers are accounting for the reliable network to pave the
way for lavish amenities not considered in the typical rural
community.

"We are excited to be involved in the revolution of connected
real estate technology with Langtree at the Lake," said iconnect
President Shohn Petty.  "By using our vast experience to
implement common physical layer infrastructure solutions, we are
helping the developer save money through elimination of
disparate physical layer network infrastructures," Mr. Petty
added.  "At Langtree at the Lake, residents and commercial
tenants will experience the power of integrated technologies as
well as the efficiencies and economies of scale that result from
an engineered Integrated Business Infrastructure Solution master
technology plan."

              About iconnect Technologies, LLC

iconnect is a leader in the design and implementation of
Intelligent Building Infrastructure Solutions.  Through its
diligent pursuit to forge integrated technology partnerships
within a growing technology eco-system, iconnect has positioned
itself as a leading physical layer design-build firm for
connected real estate projects in the southeastern United
States.  iconnect is poised to take that professional design
experience to a national, and even global, customer base of real
estate development firms.

            About CommScope Enterprise Solutions

CommScope Enterprise Solutions, a division of CommScope, Inc.,
offers a complete portfolio of network infrastructure solutions
that help customers, regardless of size, industry or IT budget
to make the most of their installed technology.

Both SYSTIMAX(R) and Uniprise(R) product lines offer voice,
data, video and converged solutions ranging from mission-
critical, high-bandwidth and emerging applications to
applications that demand unrelenting reliability and quality for
everyday needs.

Backed by CommScope Labs and a 20-year extended warranty, the
Enterprise solutions are delivered through CommScope's global
network of industry-leading BusinessPartners and distributors
that ensure consistent, high-level service and support
worldwide.

                        About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) --
http://www.commscope.com/-- designs and manufactures "last
mile" cable and connectivity solutions for communication
networks.  Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R)
Solutions brands CommScope is the global leader in structured
cabling systems for business enterprise applications.  It is
also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

CommScope has facilities in Brazil, Australia, China and
Ireland.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Oct. 19, 2007, Standard & Poor's Ratings Services has affirmed
its ratings on CommScope Inc. and Andrew Corp. and removed them
from CreditWatch, where they were placed on June 27, 2007, with
negative implications.  S&P also affirmed the 'BB-' corporate
credit and 'B' subordinated debt ratings for both companies.
The ratings on Andrew will be withdrawn following its
acquisition and debt refinancing.  S&P said outlook is stable.


EMI GROUP: Moody's Withdraws B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has withdrawn EMI Group Ltd.'s (fka
EMI Group Plc) B1 Corporate Family Rating (under review for
possible downgrade) for business reasons.  The withdrawal
follows the redemption of substantially all of EMI Group's
existing public debt instruments.

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At Mar. 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.


EUTELSAT COMMS: Signs Multi-Year Contract with Canal Satellite
--------------------------------------------------------------
Eutelsat Communications has signed a multi-year contract with
Canal Satellite Reunion, which is a subsidiary of Canal Overseas
(Canal + Group).  The capacity on Eutelsat's W2 satellite will
support the expansion of the Canal Satellite Reunion pay-TV
platform, which broadcasts channels and services to satellite
homes in Reunion Island and surrounding islands in the Indian
Ocean.

With this new contract, Canal Satellite Reunion, which launched
in 1998, is now operating four transponders on Eutelsat's W2
satellite.  Using a high-power beam on W2, optimised by Eutelsat
for coverage of Indian Ocean islands, the platform broadcasts
over 60 channels to homes equipped for Direct-to-Home reception.
The line-up includes seven new thematic channels launched this
month: Du cote de chez vous, Ushuaia TV, Kanal Austral, MTV
Music, Extreme Sports Channel, Game One and Private Spice.

In addition to providing additional capacity, Eutelsat will also
uplink channels joining Canal Satellite Reunion to the W2
satellite from its teleport in Rambouillet, near Paris.

Commenting on the contract with Canal Overseas, Eutelsat's
Commercial Director, Olivier Millies-Lacroix said:  "Since its
launch nearly 10 years ago, we have closely accompanied Canal
Overseas in the growth of digital satellite television in
Reunion Island.  We are very pleased that it is renewing its
confidence with Eutelsat and expanding its programme
distribution network with this new capacity.  This agreement
also further anchors W2 as a key video neighbourhood in this
region."

                       About Eutelsat

Headquartered in Paris, France, Eutelsat Communications
(Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the
holding company of Eutelsat S.A.  The Group is a leading
satellite operator with capacity commercialized on 23 satellites
providing coverage over the entire European continent, as well
as the Middle East, Africa, India and significant parts of Asia
and the Americas.  One of its worldwide operations is located in
Brazil.  The Group is one of the world's three leading satellite
operators in terms of revenues.  Its satellites are used for
broadcasting nearly 1,800 TV and 900 radio stations to more than
120 million cable and satellite homes.  The Group also provides
TV contribution services, corporate networks, mobile positioning
and communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and in-flight applications.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
Technology sectors, Moody's Investors Service confirmed its Ba2
Corporate Family Rating for Eutelsat Communications S.A.

Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                           Debt       LGD       Loss-Given
  Debt Issue               Rating     Rating    Default
  ----------               -------    ------    ----------
  Senior Unsecured
  Bank Credit Facility      Ba3        LGD4       55%


FIAT SPA: Repurchases 1.35 Million Ordinary Shares
--------------------------------------------------
Fiat S.p.A. purchased 45,000 Fiat ordinary shares at the average
price of EUR17.4935 including fees on Nov. 21, 2007, within the
frame of the buy back program announced on April 5, 2007.

On Nov. 19, 2007, the company bought 1.31 million Fiat ordinary
shares at the average price of EUR18.4559 including fees.

From the start of the buy back program on April 24, 2007, the
total number of shares purchased by Fiat amounts to 20.482
million for a total invested amount of EUR426 million.

                  Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                      About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As reported on Aug. 8, 2007, Standard & Poor's Ratings Services
raised its long-term corporate credit rating on Italian
industrial group Fiat S.p.A. to 'BB' from 'BB-'.  At the same
time, Standard & Poor's affirmed its 'B' short-term rating on
Fiat.  S&P said the outlook is stable.

As reported on Aug. 7, Fitch Ratings changed Fiat S.p.A.'s
Outlook to Positive from Stable.  Its Issuer Default rating and
senior unsecured rating are affirmed at BB-.  The Short-term
rating is affirmed at B. Around EUR6 billion of debt is affected
by this rating action.

Fiat carries Moody's Ba3 long-term corporate family rating since
July 14, 2003.


FORD MOTOR: Kentucky State Okays US$60-Mln Investment Incentives
----------------------------------------------------------------
Ford Motor Company received final approval from the Kentucky
Economic Development Finance Authority to a US$60 million tax
incentive package, smoothing the path for Ford to invest
US$200 million in the Kentucky Truck Plant on Chamberlain Lane,
various papers report.

The state has offered the package as part of a larger US$200
million package, enticing Ford to cancel plans of shuttering the
Kentucky Truck Plant and the Louisville Assembly Plant, Jere
Downs of The Courier-Journal reports.

The approval, sources say, came with the condition directing
Ford to return some of the tax incentives if employment at the
Kentucky Truck Plant falls below a 3,511-worker minimum by 2012.
However, should Ford invest US$100 million more in either plant,
those penalties will be abolished.

The Courier-Journal discloses, citing KEDFA staff member Steve
Jones, that the state was hoping the move might instigate Ford
to invest more on the Louisville Assembly Plant.

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

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

                        *     *     *

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


FORD MOTOR: Strike Continues Despite Initial Wage Agreement
-----------------------------------------------------------
The strike at Ford Motor Co.'s site in Vsevolozhsok, Russia,
continues despite a meeting between company management and
employees on Nov. 26, 2007, The Associated Press reports.

According to union chief Alexei Etmanov, the management agreed
in principle to raise wages, but did not disclose concrete
figures, AP relates.

"We haven't agreed on anything," Mr. Etmanov was quoted by the
Associated Press as saying.

Ford, meanwhile, said it would resume production today, Nov. 28,
with non-striking employees working on single shift.

"We are not going to comment on the management's intentions," Mr
Etmanov commented.  "Let them try to restart the assembly line,
and we'll see.  We are going to continue the strike."

As reported in the Troubled Company Reporter on Nov. 23, 2007,
workers launched an indefinite strike on Nov. 20, 2007,
demanding higher wages and reduction of night shifts from March
2008.  The strike halted the Ford Focus production line, RIA
Novosri reports.

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

The Vsevolozhsk plant produced about 60,000 cars in 2006, mainly
the Focus model, and plant officials have said they were hoping
to increase production to 75,000 for 2007.

                     About Ford Motor Co.

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

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

                        *     *     *

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


JAPAN AIRLINES: Sued by Cabin Workers for Human Rights Violation
----------------------------------------------------------------
Japan Airlines International Co., Ltd.'s 190 current and former
cabin attendants and their unions sued the airline and its
largest labor union, alleging that their personal information
was collected without their consent, Kyodo News reports.

Kyodo states that the union of cabinet attendants, Japan
Airlines Cabin Crew Union, is seeking some JPY48 million in
compensation for violating their human rights by collecting
information on some 9,800 employees, including their political
beliefs, medical records, family status and physical
descriptions.

The personal information, according to the attendants, includes
some 150 items, including address, date of birth and character
traits, relates Kyodo News.

According to the plaintiffs, some of the data, including the
company's assessment of job performance, are "information to
which only company management can have access, says Kyodo.

The report says that the data collection came to light in
February, prompting JAL management in May to issue punishments
to its current and former employees involved, ranging from work
suspensions to reprimands.

JAL's largest labor union admits it had kept personal
information on at least 7,000 flight attendants in a way that
may have violated the personal information protection law, the
report notes.  Meanwhile, JAL claims it had provided names and
other information on employees to two labor unions, including
the largest one, until March 2006 but has since discontinued the
practice, notes Kyodo.

Kyodo adds that JACCU is also seeking JPY5.5 million for what it
claims to be an unfair labor practice "in which the company was
systemically involved."  In line with this, 20 of the
plaintiffs, who are former JAL employees, are demanding
JPY220,000 each in damages.

                   About Japan Airlines

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

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.

The TCR-AP 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.


SA FABRICA: Moody's Reviews B2 Corp. Family Rating for Upgrade
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Bertin
Ltda (corporate family Ba3) and placed the ratings for S.A.
Fabrica de Produtos Alimenticios Vigor (corporate family rating
B2) under review for possible upgrade following the announcement
that Bertin Ltda.'s wholly owned subsidiary, Bertin S.A.,
reached an agreement to acquire 56% of Vigor's voting shares
(42% total capital) through its holding company, Goult
Participacoes Ltda., which owned 74.69% of Vigor's total capital
and 98% of its voting shares.

Ratings affirmed:

  -- Bertin Ltda.'s Corporate Family Rating: Ba3
  -- US$120 million 8.5% senior unsecured notes due 2008: Ba3
  -- US$350 million 10.25% senior unsecured notes due 2016: Ba3

The outlook for Bertin Ltda.'s ratings is stable.

Ratings placed under review for possible upgrade:

  -- S.A. Fabrica de Produtos Alimenticios Vigor's Corporate
     Family Rating: B2

  -- US$100 million 9.25% senior unsecured notes due 2017: B2

"The affirmation of Bertin's rating is primarily based on
Moody's expectation that Bertin's total debt to EBITDA will
remain below 5 times and net debt to EBITDA below 3 times after
the Vigor acquisition and that the execution risks of
successfully integrating Vigor will be largely mitigated by
Bertin's improved size, scale, further diversification of
products and expected synergy opportunities", said Moody's AVP-
Analyst, Soummo Mukherjee.  "We note, however, that Bertin is
entering an entirely new segment with this acquisition, so to
the extent that integration challenges are greater than expected
leading to deterioration of Bertin's current credit metrics,
current rating or outlook could come under downward pressure",
adds Mr. Mukherjee.

"Meanwhile, the decision to place Vigor's ratings on review for
possible upgrade is supported by the improvement of Vigor's
operating margin and leverage in 2007; the expected benefits of
being part of a larger, higher-rated company with greater
financial flexibility; as well as the benefits of scale and
synergy opportunities of the combined companies", affirmed Mr.
Mukherjee.

Moody's notes that the company has successfully completed the
restructuring that involved the transfer of substantially all of
the assets and liabilities of Bertin Ltda, except for the ones
related to its personal protective equipment division and some
other non-core assets such as biodiesel, to a newly created and
wholly owned subsidiary, Bertin S.A..  As part of the
restructuring, Bertin Ltda. also obtained consent from the
holders of its US$350 million 10.25% Notes due 2016 and its
US$120 million 8.5% Senior Notes due 2008 to:

          a) change the issuer from Bertin Ltda. to Bertin S.A.
             for both notes;

          b) add Bertin Finance. Ltd., a wholly owned subsidiary
             of Bertin S.A. to be organized as a limited
             liability company in the Cayman Islands, as a co-
             issuer of the 2016 notes; and,

          c) make Bertin Ltda. an unconditional guarantor of
             both 2008 and 2016 notes.

The acquisition of a majority stake in Vigor factory fits Bertin
Ltda.'s strategy of becoming one of the largest well-diversified
and vertically-integrated animal protein companies in the world.
While diversification can help to mitigate earnings volatility,
Moody's is concerned Bertin Ltda. could stretch its operational,
financial and managerial resources.

Despite Vigor factory's relatively small size compared to its
global peers, the company has leading market share in some
products and a number of well known brands in the Brazilian
market such as Vigor, Leco, Danubio, Faixa Azul and others.
However, Vigor factory is faced with strong competition in some
of its product segments from significantly larger and better
capitalized multi-national players such as Danone (A3), Kraft
(Baa2), Unilever (A1), Nestle (Aa1) and Bunge (Ba1), as well as
domestic players such as Sadia (Ba2) and Perdigao (Ba1, owner of
Batavo and Eleva).

Vigor factory's operating margin, coverage and leverage have
benefited from its strategy of increasing sales of higher value-
added products in the last twelve months ended in
Sept. 30, 2007.  In the last twelve months vs. 2006, according
to Moody's standard definitions and adjustments, Debt to EBITDA
improved to 3.3 times from 4.7 times, EBIT to gross interest
improved to 1.2 times from 0.7 times and the EBITDA margin
improved to 10.0% from 7.5%.  Vigor's review process will
examine its ability to pass on higher raw material prices to
final consumers in order to sustain its current operating
margins as well as the growth strategy and synergy opportunities
with Bertin Ltda.

The Vigor Group, based in Sao Paulo, Brazil, and comprised of
S.A. Fabrica de Produtos Alimenticios Vigor and its subsidiaries
Dan Vigor (a 50/50 joint venture with Denmark's Arla Foods) and
Leco, is a manufacturer of dairy and vegetable oil products in
Brazil.  The group produces, markets, and sells a diverse range
of products including: milk, yogurts, dairy beverages, cheeses,
deserts, butter, margarines and mayonnaises.


SANYO ELECTRIC: Clarifies Issues on Nippon Oil Merger
-----------------------------------------------------
Sanyo Electric Co., in its company Web site, clarifies that it
did not make any announcement regarding establishing a new
company for fuel cell systems with Nippon Oil Corporation.

As reported on Nov. 19, 2007, Sanyo is in talks with Nippon Oil
about merging their fuel-cell businesses to cut development
costs.

Sanyo and Nippon Oil, according to the company-issued statement,
have collaborated for several years on liquefied petroleum gas
fuel cell system development.

The consumer electronics maker said that it is in discussions
regarding its fuel cell business with Nippon Oil, but nothing
official has been decided yet.

                    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.


SANYO ELECTRIC: To Book JPY100MM Loss for Year Ended March 2001
---------------------------------------------------------------
Sanyo Electric Co., Ltd., will book a much higher loss of more
than JPY100 billion for the year ended March 31, 2001, after
reviewing its past results, Kiyoshi Takenaka of Reuters reports,
citing the Nikkei business daily.

The consumer electronics maker, relates Reuters, originally
booked a JPY6-billion loss in its struggling microchip and
liquid crystal display operations businesses for fiscal year
2001 on the grounds that those businesses were expected to
recover eventually.

However, after reassessing its past earnings with more rigorous
accounting standards, Sanyo realized that it needs to book an
additional loss in excess of JPY100 billion for the year, states
Mr. Takenaka.

Reuters states, citing The Nikkei daily, that the additional
losses mean Sanyo's annual dividend of JPY6 per share in year
ended March 2003 was underfunded by JPY10 billion, infringing on
accounting rules that dividends are paid out within funds
available for such purposes, including retained earnings.

Sanyo, as stated by the Nikkei report, is expected to submit the
revised earnings next month to Japan's Securities and Exchange
Surveillance Commission and may face fine penalties.

Meanwhile, in a company-issued statement, Sanyo claims that the
Nikkei report was based on speculation and expresses that it is
still in the process of reviewing its past earnings, Reuters
notes.

Sanyo, Reuters relates, said in February that it was considering
restating its past unconsolidated earnings, following a report
by the Asahi newspaper that it may have failed to account for
more than US$1 billion in losses.

Reuters adds that Sanyo also plans to report revised financial
statements by the end of the year, and any revision would have
no impact on its consolidated earnings.

                     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.


UAL CORPORATION: Moody's Affirms B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed the ratings of UAL Corp.
debt -- corporate family rating at B2 -- following the company's
announced plans to amend its US$2.055 billion bank credit
facilities (comprising a term loan facility of US$1.8 billion
and a revolving credit facility of US$255 million) to provide
the flexibility to implement up to US$500 million of shareholder
initiatives.  This level of shareholder initiatives would likely
be within United Airlines' anticipated free cash flow and should
still preserve the company's adequate level of liquidity.  The
outlook remains stable.

Nonetheless, Moody's notes that any execution of share
repurchase activity or a dividend would represent a change in
United Airlines' financial policy from the practice of paying
down debt and building liquidity since the company emerged from
bankruptcy just 20 months ago.

Moody's anticipates that any shareholder initiatives, the amount
or form of which has yet to be determined, will be implemented
over time.  A measured approach would allow United Airlines the
flexibility to modify its actions to the extent the business
environment changes.  Moody's believes preserving flexibility is
particularly important to the company at this time given limited
visibility on passenger demand and the high fuel costs, along
with renewed pressures for consolidation in the United States
airline industry.

Since emerging from bankruptcy, United Airlines has recorded
progressively better profitability given its lowered cost
structure as well as strong passenger demand.  The airline has
used the cash flow to reduce its debt burden; debt was US$17.4
billion as of Sept. 30, 2007, down from US$19.3 billion at
emergence.  The trend of improving credit metrics could be
favorable for the ratings, particularly if current strong
operating conditions continue. However, the company's proposal
to seek an amendment to its credit facility suggests a somewhat
more aggressive financial posture amid industry and economic
volatility.  The shareholder enhancements, when viewed in light
of the company's limited forward visibility, could limit the
airlines' financial flexibility and slow any positive
developments for the ratings.

                       About UAL Corp.

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

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

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$25,608,000,000 and total liabilities of
US$22,968,000,000.


UAL CORPORATION: S&P Affirms B Corporate Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B'
corporate credit rating on UAL Corp. and subsidiary United Air
Lines Inc. following disclosure of a proposed amendment to
United's bank credit agreement that would permit UAL to pursue
'shareholder initiatives', which could include a special
dividend or share repurchases, of up to US$500 million.  The
outlook remains stable.

"We consider the move evidence of an aggressive financial
policy, given UAL's speculative-grade credit quality and the
cloudy airline industry outlook," said S&P's credit analyst
Philip Baggaley.

UAL has, since emerging from bankruptcy in early 2006, paid down
US$2.7 billion of debt and improved its operating performance
substantially.  "Accordingly," said Mr. Baggaley, "our current
rating and outlook on UAL and United can accommodate the
possible shareholder initiative, even considering a likely near-
term decline in earnings and cash flow due to high fuel prices
and a slowing U.S. economy."

UAL's corporate credit rating reflects United Airlines'
participation in the price-competitive, cyclical, and capital-
intensive airline industry; pricing pressure from low-cost
carriers in the U.S. domestic market; and an overall highly
leveraged financial profile.  These weaknesses are mitigated by
United's extensive and well-positioned route system, which
provides good revenue potential, especially on international
routes, and by reductions in labor costs and financial
obligations (debt, leases, and pensions) achieved in bankruptcy
reorganization.

                        About UAL Corp.

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

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

At Sept. 30, 2007, the company's balance sheet showed total
assets of US$25,608,000,000 and total liabilities of
US$22,968,000,000.


* BRAZIL: OGX Petroleo Wins 21 Offshore Development Contracts
-------------------------------------------------------------
In Brazil's recently concluded auction of offshore oil
development contracts, OGX Petroleo Gas Participacoes SA bagged
21 of the oil areas for BRL1.46 billion (US$800 million),
Bloomberg News reports.

Dow Jones Newswires says 40 blocks were auctioned off in five
different basins for US$862 million.  The government has
previously pulled off from the bidding 41 blocks that were near
Tupi, a field that has recently been found to contain billions
of crude deposits.

Major Foreign energy companies did not participate in the event,
although Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron
Corp. had initially applied to take part in the bidding,
Bloomberg says.

According to Thomson Financial, seven of the blocks were
acquired by a consortium comprised of Petroleos de Brasileiro
SA, Galp Energia SGPS, and Ecopetrol, each company holding
47.5%, 15%, and 37.5% stakes, respectively.

Other winning bidders include: Anadarko Petroleum Corp. Statoil
Hydro ASA, Companhia Vale do Rio Doce, ONGC Videsh, Devon Energy
Corp., and Karoon Gas Australia Ltd.

Meanwhile, Landless Peasant Movement and oil workers' unions'
representatives protested against the auction, demanding that
oil exploration rights should only be given to the state-
controlled company, reviving the monopoly on the energy sector,
Bloomberg reporter Jeb Blount adds.

                        *     *     *

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


* BRAZIL: Petrobras Wins 6 Blocks in 9th Hydrocarbons Auction
-------------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA aka
Petrobras has won six blocks in the onshore Recancavo basin
during the ninth hydrocarbons licensing round in Rio de Janeiro,
Business News Americas reports.

Petrobras submitted the highest bid for blocks REC-T-168, REC-T-
181, REC-T-195 and REC-T-209, BNamericas relates, citing
Brazilian hydrocarbons regulator Agencia Nacional do Petroleo.

Petrobras, in partnership with Brazilian oil firm Starfish, won
the REC-T-130 block, BNamericas states.

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.


* BRAZIL: Petrobras to Invest Up to US$3 Bil. on Oil Production
---------------------------------------------------------------
Petroleo Brasileiro SA might invest on a pilot production
project for US$2 billion to US$3 billion at its Tupi mega field,
according to Estado de Sao Paulo newspaper.

Bernd Radowitz, a Dow Jones Newswires reporter, says that the
company is planning an initial 100,000 barrels of oil production
per day in 2010 or 2011 from Tupi.  Petrobras asserted that
Santos Basin's ultra-deep field has an estimated 5 billion to 8
billion barrels of oil equivalent in reserves.

The company added that a peak oil output of 1 million barrels
per day at Tupi is "not out of reach."

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


ACA CDS: Proofs of Claim Filing Deadline Is Dec. 14
---------------------------------------------------
ACA CDS 2002-1, Limited's creditors are given until
Dec. 14, 2007, to prove their claims to Andrew Millar and Emile
Small, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

ACA CDS' 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:

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


ALBANY INT'L: Proofs of Claim Filing Is Until Dec. 14
-----------------------------------------------------
Albany International Receivables Corporation's creditors are
given until Dec. 14, 2007, to prove their claims to Joshua Grant
and Richard Gordon, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

Albany International's shareholder agreed on Oct. 12, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

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


ALLIANCE DHO: Proofs of Claim Filing Deadline Is Dec. 14
--------------------------------------------------------
Alliance DHO, Limited's creditors are given until Dec. 14, 2007,
to prove their claims to Chris Watler and Giles Kerley, 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.

Alliance DHO'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:

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


BRAVO LEASING: Proofs of Claim Filing Ends on Dec. 14
-----------------------------------------------------
Bravo Leasing Limited's creditors are given until Dec. 14, 2007,
to prove their claims to Jeff Arkley and Linburgh Martin, 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.

Bravo Leasing's shareholder decided on Nov. 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

           Jeff Arkley
           Linburgh Martin
           Attention: Delocita Pope
           Close Brothers (Cayman) Limited
           Fourth Floor, Harbor Place
           P.O. Box 1034, Grand Cayman KY1-1102
           Cayman Islands
           Telephone: (345) 949 8455
           Fax: (345) 949 8499


CBI CONSULTING: Proofs of Claim Filing Deadline Is Dec. 13
----------------------------------------------------------
CBI Consulting Ltd.'s creditors are given until Dec. 13, 2007,
to prove their claims to Stuarts Corporate Services Ltd., 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.

CBI Consulting's shareholder decided on Oct. 21, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

                 Stuarts Corporate Services Ltd.
                 4F, Cayman Financial Center
                 36A Dr. Roy's Drive, George Town
                 P.O. Box 2510, Grand Cayman KY1-1104
                 Cayman Islands
                 Telephone: (345) 949 3344
                 Fax: (345) 949 2888


CBI CONSULTING: Will Hold Final Shareholders Meeting on Dec. 14
---------------------------------------------------------------
CBI Consulting Ltd. will hold its final shareholders meeting on
Dec. 14, 2007, at 9:00 a.m. at:

           Stuarts Corporate Services Ltd.
           4F, Cayman Financial Center
           36A Dr. Roy's Drive, George Town
           P.O. Box 2510, Grand Cayman KY1-1104
           Cayman Islands

These agenda will be taken during the meeting:

          1) accounting of the winding-up process; and
          2) considering and, if thought fit,  passing a
             resolution pursuant to section 158(1)(b) of the
             Companies Law authorizing the liquidator to retain
             the books, accounts, papers and documents of the
             company for a period of five years from the
             dissolution of the company after which they may be
             destroyed.

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

CBI Consulting's shareholder decided to place the company into
voluntary liquidation under The Cayman Islands' Companies Law
2007 Revision).

The liquidator can be reached at:

         Stuarts Corporate Services Ltd.
         4F, Cayman Financial Center
         36A Dr. Roy's Drive, George Town
         P.O. Box 2510, Grand Cayman KY1-1104
         Cayman Islands
         Telephone: (345) 949 3344
         Fax: (345) 949 2888


CIP LIMITED: Sets Final Shareholders Meeting for Dec. 11
--------------------------------------------------------
CIP Limited Duration Company will hold its final shareholders
meeting on Dec. 11, 2007, at 9:00 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 five years from the
             dissolution of the company, after which they may be
             destroyed.

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

Reva International's shareholder decided to place the company
into voluntary liquidation under The Cayman Islands' Companies
Law 2007 Revision).

The liquidator can be reached at:

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


CIP LIMITED: Proofs of Claim Filing Deadline Is Dec. 11
-------------------------------------------------------
CIP Limited Duration Company'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.

CIP Limited's shareholder decided 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


ENCORE LEASING: Proofs of Claim Filing Ends on Dec. 14
------------------------------------------------------
Encore Leasing Limited's creditors are given until
Dec. 14, 2007, to prove their claims to Jeff Arkley and Linburgh
Martin, 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.

Encore Leasing's shareholders agreed on Nov. 2, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

           Jeff Arkley
           Linburgh Martin
           Attention: Delocita Pope
           Close Brothers (Cayman) Limited
           Fourth Floor, Harbor Place
           P.O. Box 1034, Grand Cayman KY1-1102
           Cayman Islands
           Telephone: (345) 949 8455
           Fax: (345) 949 8499


FAIRFIELD FALCON: Holding Final Shareholders Meeting on Dec. 17
---------------------------------------------------------------
Fairfield Falcon Pacific Japan Equity Fund Ltd. will hold its
final shareholders meeting on Dec. 17, 2007, at:

           36A Dr Roy's Drive
           Grand Cayman, Cayman Islands

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 five years from the
             dissolution of the company after which they may be
             destroyed.

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

Fairfield Falcon's shareholders agreed on Oct. 31, 2007, to
place the company into voluntary liquidation under The Cayman
Islands' Companies Law 2007 Revision).

The liquidators can be reached at:

          Andrew Hersant
          Chris Humphries
          Stuarts Walker Hersant, Attorneys-at-Law
          Dr. Roy's drive, P.O. Box 2510
          Grand Cayman KY1-1104, Cayman Islands


FAIRFIELD FALCON: Proofs of Claim Filing Is Until Dec. 14
---------------------------------------------------------
Fairfield Falcon Pacific Japan Equity Fund Ltd.'s creditors are
given until Dec. 14, 2007, to prove their claims to Andrew
Hersant and Chris Humphries, 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.

Fairfield Falcon's shareholders 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:

          Andrew Hersant
          Chris Humphries
          Stuarts Walker Hersant, Attorneys-at-Law
          Dr. Roy's drive, P.O. Box 2510
          Grand Cayman KY1-1104, Cayman Islands


REVA INT'L: Sets Final Shareholders Meeting for Dec. 11
-------------------------------------------------------
Reva International Fund Ltd. will hold its final shareholders
meeting on Dec. 11, 2007, at 9:30 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 five years from the
             dissolution of the company, after which they may be
             destroyed.

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

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

The liquidator can be reached at:

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




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


METHANEX CORP: Declares US$0.14 Per Share Quarterly Dividend
------------------------------------------------------------
Methanex Corp.'s Board of Directors has declared a quarterly
dividend of US$0.14 per share that will be payable on
Dec. 31, 2007 to holders of common shares of record on
Dec. 17, 2007.

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged
in the production, distribution, and marketing of methanol.  The
company's stock also trate on foreign securities market of the
Santiago Stock Exchange in Chile under the trading symbol
"Methanex".  The company has locations in Belgium, Chile,
China, Japan, Trinidad and the United Kingdom, among others.

                        *     *     *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.


METHANEX CORP: Finances US$40 Mil. of GeoPark's Gas Exploration
---------------------------------------------------------------
Methanex Corporation has signed a natural gas prepayment
agreement with GeoPark Holdings Limited.  Methanex will provide
US$40 million in financing to support and accelerate GeoPark's
natural gas exploration and development activities in the Fell
Block in Southern Chile.

Under the arrangement, GeoPark will also provide Methanex with
natural gas supply sourced from the Fell Block under a ten-year
supply agreement.  GeoPark has been increasing its gas supply to
Methanex since 2006 and its goal is to provide up to 10% of
Methanex's total natural gas needs in Chile by the end of 2008.

"This prepayment agreement represents an important step to
restore secure, long term gas supply to our plants in Chile,"
Paul Schiodtz, Methanex's Latin America senior vice president,
commented.  "We are delighted to be working closely with GeoPark
who have been very successful both discovering new gas and
investing in infrastructure to increase natural gas deliveries
to our plants."

"We are also very pleased with the results in the bidding
process for oil and gas exploration in the south of Chile,"
Mr. Schiodtz continued.  "The Chilean Government disclosed the
participation of five other international oil and gas companies
in gas exploration and development in areas which are all very
close to our plants."

"This strategic alignment of Methanex and GeoPark strengthens
both companies - by increasing the supply of natural gas in
Chile for Methanex and by underpinning the long term development
of GeoPark's natural gas reserves," James Park, CEO of GeoPark
added.  "The agreement secures an economic long term market for
all of GeoPark's Chilean gas production while also providing a
source of financing to accelerate capital investment."

               About GeoPark Holdings Limited

GeoPark Holdings Limited (LON:GPK) -- http://www.geo-park.com/
-- is a Latin American oil and gas producer and explorer with
properties in Argentina and Chile.

                 About Methanex Corporation

Vancouver-based Methanex Corp. (Toronto: MX) (NASDAQGM: MEOH) --
http://www.methanex.com/-- is a publicly-traded company engaged
in the production, distribution, and marketing of methanol.  The
company's stock also trate on foreign securities market of the
Santiago Stock Exchange in Chile under the trading symbol
"Methanex".

                        *     *     *

Moody's Investor Services' credit ratings for the company's
unsecured notes at Sept. 30, 2007, is Ba1.  Moody's said the
outlook is stable.


TECH DATA: Reports US$40.9-Mln Net Income in 2007 Third Quarter
---------------------------------------------------------------
Tech Data Corporation disclosed its financial results for the
fiscal 2008 third quarter ended Oct. 31, 2007.

Net sales for the three-month period ended Oct. 31, 2007,
reached a third-quarter record of US$5.9 billion, an increase of
9.1 percent from US$5.4 billion in the prior-year period.

Third quarter net income totaled US$40.9 million compared to net
income of US$9.6 million for the prior-year period.  Results for
the comparable third quarter of fiscal 2007 included US$6.1
million of restructuring charges and US$2.8 million of
consulting costs related to the company's European restructuring
program which was completed in October 2006.  Excluding these
charges and costs, non-GAAP net income for the prior-year
quarter ended Oct. 31, 2006, totaled US$18.0 million.

"Steady market conditions during the quarter, coupled with Tech
Data's sales execution, SMB focus, and product and inventory
management efforts, drove record third-quarter net sales and a
significant improvement in operating income year-over-year.  Our
European operations continue to strengthen and gain traction in
the marketplace, delivering a 47 basis point operating margin
improvement over last year on a non-GAAP basis," said Robert M.
Dutkowsky, Chief Executive Officer, Tech Data Corporation.
"While there is still work to do as we improve upon our
execution and profitability, we are pleased to see our European
operations performing at or ahead of our expectations and
delivering stronger working capital metrics.  The third quarter
was solid and I thank the entire Tech Data team for their
continued diligence towards enhancing our profitability
worldwide."

                      Business Outlook

Statements made regarding the company's business outlook are
based on current expectations and the company's internal plan.
These statements are forward-looking and, as outlined in the
company's periodic filings with the Securities and Exchange
Commission, actual results may differ materially. For the fourth
quarter ending Jan. 31, 2008, the company anticipates net sales
to be in the range of US$6.35 billion to US$6.50 billion.  This
assumes low double-digit year-over-year growth in the Americas
and a mid-to-high single-digit decline in Europe on a local
currency basis.  The anticipated decline in Europe primarily
reflects the continuation of the company's strategy to reduce
the level of retail business in its mix as well as the company's
decision to exit operations in Israel and the UAE during the
current fiscal year.  The company anticipates an effective tax
rate for the fourth quarter of fiscal 2008 in the range of 30
percent to 32 percent.

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


DOLE FOOD: S&P Places B Corp. Credit Rating on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services has placed its corporate
credit and other ratings on Dole Food Co. Inc. on CreditWatch
with negative implications, meaning that the ratings could be
lowered or affirmed following the completion of S&P's review.
Total debt outstanding at the company was about US$2.4 billion
as of Oct. 6, 2007.

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2006, Standard & Poor's lowered its ratings on Dole Food
and Dole Holding Co. LLC, including its corporate credit rating,
to 'B' from 'B+'.

"The CreditWatch placement follows third-quarter operating
results and resulting credit measures that did not meet our
prior expectations," said S&P's credit analyst Alison Sullivan.
These expectations included reducing leverage to closer to 8.0
by the end of the third quarter in order to reach 7.0-7.5 by the
end of fiscal 2007.  For the 12 months ended Oct. 6, 2007,
leverage was 8.8.

"While there are no near-term liquidity concerns and performance
has improved modestly over a difficult 2006, credit measures
have not been restored to levels previously expected," said Ms.
Sullivan.  Year-to-date sales grew 12.6% from higher banana
sales, an acquisition, and foreign currency; and adjusted EBITDA
grew close to 6% from lower shipping costs for bananas in North
America and Europe, and lower purchased fruit costs in Europe.

S&P will review Dole's operating and financial plans with
management before resolving the CreditWatch listing.

Headquartered in Westlake Village, California, Dole Food
Company, Inc. -- http://www.dole.com/-- is a producer and
marketer of fresh fruit, fresh vegetables and fresh-cut flowers,
and markets a line of packaged foods.  The company has four
primary operating segments.  The fresh fruit segment produces
and markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut! flowers
segment sources, imports and markets fresh-cut flowers, grown
mainly in Colombia and Ecuador, primarily to wholesale florists
and supermarkets in the U.S.


ECOPETROL: First Day Trading Stopped After Reaching Upper Limit
---------------------------------------------------------------
Ecopetrol SA's first day trading on Colombia's stock exchange
has reached its upper limit, forcing the trading to stop as bids
rose to COP1,540, James Attwood at Bloomberg News reports.
Tuesday's trading followed the initial public offering of a
10.1% stake in the company.

"It was expected, because since the public offering the price of
oil has increased over 20 percent, and there is strong
correlation between oil prices and oil companies' share prices,"
Marcela Giraldo, head of equities research at Bogota-based
brokerage Corredores Asociados, told Bloomberg.

Mr. Attwood relates that Ecopetrol is following the strategy
employed by Brazil's state-oil company, Petroleo Brasileiro SA,
back in the 1990s when it sold shares and became a net exporter
in 2005.

In its first round of initial public offering, the company sold
off 10.1% of its shares for a total of COP5.7 trillion (US$2.7
billion).  The government plans to use part of the proceeds
generated from the sale for the funding of its US$12.5-billion
investment plan and possibly for the construction of a Central
American plant.

Sociedade Gestora de Sistemas de Liquida‡ao e de Sistemas
Centralizados de Valores Mobiliarios, S.A., a joint stock in
Colombia, said in a report that the value of Ecopetrol's stock
would probably rise to COP2,168 by the end of 2008.

The company's second share offering was supposedly made on Nov.
19 but was moved to Apil next year, Bloomberg says, citing
Company President Javier Gutierrez.

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

                        *     *     *

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


ECOPETROL: Wins Offshore Development Contract in Brazil
-------------------------------------------------------
Ecopetrol SA won an offshore exploration contract in Brazil's
recently concluded bidding process.

According to Thomson Financial, seven of the blocks were
acquired by a consortium comprised of Petroleos de Brasileiro
SA, Galp Energia SGPS, and Ecopetrol, each company holding
47.5%, 15%, and 37.5% stakes, respectively.

The biggest auction winner was OGX Petroleo Gas Participacoes SA
who bagged 21 of the oil areas for BRL1.46 billion (US$800
million), Bloomberg News reports.

Dow Jones Newswires says 40 blocks were auctioned off in five
different basins for US$862 million.  The government has
previously pulled off from the bidding 41 blocks that were near
Tupi, a field that has recently been found to contain billions
of crude deposits.

Major Foreign energy companies did not participate in the event,
although Exxon Mobil Corp., Royal Dutch Shell Plc and Chevron
Corp. had initially applied to take part in the bidding, the
same report says.

Other winning bidders include: Anadarko Petroleum Corp. Statoil
Hydro ASA, Companhia Vale do Rio Doce, ONGC Videsh, Devon Energy
Corp., and Karoon Gas Australia Ltd.

Meanwhile, Landless Peasant Movement and oil workers' unions'
representatives protested against the auction, demanding that
oil exploration rights should only be given to the state-
controlled company, reviving the monopoly on the energy sector,
Bloomberg reporter Jeb Blount adds.

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

                        *     *     *

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




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


* DOMINICAN REPUBLIC: Begins Talks To Buy Shell's Stake in Plant
----------------------------------------------------------------
The government of the Dominican Republic has launched
negotiations to acquire the Spanish firm Royal Dutch Shell's
stake in jointly owned plant Dominican Petroleum Refinery aka
Refidomsa, DR1 Newsletter reports, citing hacienda minister
Vicente Bengoa.

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2007, the Dominican government is going after the
Refidomsa plant.  The government wants full control of the
refinery in bid to stabilize fuel prices within the country.
Royal Dutch said earlier this year that it was conducting a
strategic review of its stake in Refidomsa, which was a sign
that the firm was willing to sell the plant.

Minister Bengoa told Dominican Today that he will propose to
Royal Dutch head Rafael Maradiaga the creation of a transition
commission to manage the firm's 50% stake in Refidomsa and seek
an explanation of the criteria used to set the US$183 million
price for the stake.  Royal Dutch called for tenders that a
group headed by Arturo Santana won, and that price was stated in
that occasion.

The government will contract a company to evaluate the real
value of the stake, Dominican Today says, citing Minister
Bengoa.

Dominican Today notes that economist Arturo Martinez Moya warned
that the government mustn't pay over US$110 million for the
plant.

The plant was obsolete and that it was better to construct a new
one, Dominican Today states, citing former Refidomsa head
Leopoldo Espaillat Nanita.

                   About Royal Dutch Shell

Royal Dutch Shell PLC is engaged in all principal aspects of the
oil and natural gas industry, and also has interests in
chemicals and additional interests in power generation and
renewable energy (mainly in wind and advanced solar energy).
The company operates in five segments: Exploration & Production,
which searches for and recovers oil and natural gas around the
world and is active in 38 countries; Gas & Power, which
liquefies and transports natural gas, and develops natural gas
markets and related infrastructure; Oil Products, which include
all of the activities necessary to transform crude oil into
petroleum products and deliver these to customers worldwide;
Chemicals, which produces and sells petrochemicals to industrial
customers globally, and Other Industry Segments and Corporate,
which include Renewables and Hydrogen.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.




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


PETROECUADOR: Strikers Seize Auca Sur
-------------------------------------
Ecuadorian state-run oil firm Petroecuador told the Associated
Press that protesters demanding jobs, electricity and paved
roads have taken over the company's Auca Sur facility.

Indo-Asian News Service relates that the protest started last
Sunday in Dayuma, Orellana.

According to the AP, the protesters allegedly cut communication
lines at Auca Sur and four other fields, and blew up one of the
pumps.  There were no casualties reported.

A group of strikers blocked a bridge while other groups forced
their way into the Auca Sur station and electric plant,
demanding that operators close down the entire power oil system,
Indo-Asian News notes, citing Petroecuador.

Petroecuador told Indo-Asian News that it had met the demands of
Dayuma protesters on the improvement of public infrastructure in
the district.

Petroecuador said in a statement that daily output at the Auca
Sur field decreased by 5,000 barrels to 171,000 barrels due to
the protest.

Petroecuador told Indo-Asian News relates that the deficit would
increase unless the facility returned to normal.  It may have
unpredictable effect on price.

Petroecuador explained to Indo-Asian News, that production
losses will continue to rise "every hour as the complex remains
shut down."

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


* ECUADOR: Congress Approves US10.36 Million Budget for 2008
------------------------------------------------------------
Dow Jones Newswires reports that Ecuador's Congress has granted
the government's 2008 budget, but US$327 million of the amount
will be payed for social projects' and other sectors' debts.

According to Dow Jones, the country's 2008 budget of US$10.36
million, which was submitted by the government to congress, has
set aside US$1.7 billion to fund its local and foreign debt.

Congressman has claimed the Budget for estimated oil price has
been changed to US$45 from US$35 per barrel due to its previous
price, saying it was too conservative, Dow Jones relates.

In addition, about US$578 million in oil royalties from private
oil firms was included in the budget due to a recent change in
how Ecuador calculates these royalties and US$60 million from
the recently raised import duties.

Congressman Jaime Estrada told Dow Jones that the deficit, with
this revenue, "will fall to around US$217 million from the
IS$855 originally estimated and we have reduced financing
necessities."

Dow Jones states that the budget proposal predicted a 4.2%
increase in gross domestic product in 2008, including 4.9%
growth in the non-oil sector and 1.8% decline in the oil
industry.  An average of between 2.75% and 3.24% of inflation
was forcasted for 2008.  Ecuador's central government is
expecting to end 2008 with a primary surplus of 0.1% of gross
domestic product.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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




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


HANESBRANDS INC: S&P Affirms B+ Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services has revised its ratings
outlook for intimate apparel and activewear maker Hanesbrands
Inc. to positive from stable.  At the same time, existing
ratings on the company, including the 'B+' corporate credit
rating, were affirmed.

"The outlook revision reflects the company's positive operating
momentum as a standalone entity since its spin-off from Sara Lee
Corp. in September 2006, and its modestly improving credit
protection measures," said S&P's credit analyst Susan Ding.
"Management is on track in executing the company's strategies,
is focusing on investing in key brands, and has benefited from
its cost saving initiatives.  Credit protection measures and
operating results are in line with our expectations."

The ratings on Hanesbrands reflect the company's leveraged
financial profile, resulting from its debt-financed US$2.4
billion special dividend to Sara Lee Corp. following its spin-
off; the commodity-like nature of some of Hanesbrands' products;
the highly competitive and promotional retail environment; and
the company's relatively narrow business focus.  These risks are
somewhat mitigated by Hanesbrands' strong and widely recognized
brand names (including Hanes, Champion, Playtex, and Bali), its
core replenishment business (which is less susceptible to
fashion risk), and its relatively stable cash flows.

Winston-Salem, North Carolina-based Hanesbrands Inc. --
http://www.hanesbrands.com/-- markets innerwear, outerwear and
hosiery apparel under consumer brands, including Hanes,
Champion, Playtex, Bali, Just My Size, barely there and
Wonderbra.  The company designs, manufactures, sources and sells
T-shirts, bras, panties, men's underwear, children's underwear,
socks, hosiery, casual wear and active wear.  Hanesbrands has
approximately 50,000 employees in 24 countries, including
Dominican Republic, El Salvador, Mexico, Puerto Rico, India and
China.


* EL SALVADOR: State Firm Declares El Chaparral Project Void
------------------------------------------------------------
A spokesperson of El Salvador's state-owned power firm, Comision
Ejecutiva Hidroelectrica del Rio Lempa -- CEL, told Business
News Americas that the firm has declared a tender to build the
El Chaparral hydro project void.

CEL will be relaunching the tender for the 65.7-megawatt
project, BNamericas says, citing the spokesperson.

BNamericas relates that the Constructor Chaparral consortium
-- made up of Brazil's Andrade Gutierrez and Germany's Voith
Siemens Hydro Power -- and Italian company Astaldi presented
offers for the US$140-million project in May 2007.

According to BNamericas, the tender process was declared void
because bidders failed to meet bidding rule requirements.

BNamericas notes that the project includes the construction of a
power plant and dam in the lower zone of the Torola river basin
spanning the municipalities of San Luis de La Reina, Carolina
and San Antonio del Mosco in the San Miguel department.

The Central American Bank for Economic Integration will help
fund the project, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 27, 2007, Standard & Poor's Ratings Services affirmed its
'BB+' long- and 'B' short-term sovereign credit ratings on the
Republic of El Salvador.  S&P said the outlook remains stable.




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


* HONDURAS: To Launch Caribbean Oil Exploration in 2008
-------------------------------------------------------
The Honduran government will embark on oil explorations in the
Caribbean Sea early next year, Prensa Latina reports, citing
President Manuel Zelaya.

The Honduran leader believes there are oil and gas fields in its
territorial seas.  "We want to investigate how much, how good
and how heavy these products are," the president was quoted by
Prensa Latina as saying.

An unnamed energy company will do the exploration for four
months, investing US$10 million in the venture, Energy Minister
Marcos Flores told the same paper.

The government's decision to explore for oil seems to be
prompted by rising oil prices in international markets, causing
a strain on the nation's coffers.  Honduras' oil import for this
year is expected to reach US$1.2 billion.

                        *     *     *

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


CABLE & WIRELESS: Loses J$506.8 Million in First Six Months
-----------------------------------------------------------
Cable & Wireless' Jamaican unit lost some J$506.8 million in the
first six months of 2007, The Jamaica Gleaner reports.

The Gleaner relates that Cable & Wireless Jamaica has given up
on collecting over half a billion dollars in debts and has
written off the receivables in its second quarter 2007.  It
incurred J$478.7 million losses for the period.

According to The Gleaner, Cable & Wireless Jamaica's half-year
loss worsened "the depressed earnings legacy left by past
president Rodney Davis, whose overnight departure came two
months into the September quarter after two years with the
telecoms."

The Gleaner notes that Cable & Wireless Jamaica's over US$4
billion of receivables in June 2007 include:

          -- US$609 million connected to what the firm labeled
             "unbilled amounts", and

          -- recoverable out-payments from local and
             international carriers on whose networks the
             company calls terminated.

Cable & Wireless Jamaica said in its quarterly earnings report
for the second quarter ended September 2007, "We reviewed the
recoverability of these amounts at Sept. 30 and as a result this
amount was reduced by J$542 million."

"Unbilled amounts and outpayments are done on a monthly basis,"
The Gleaner says, citing Cable & Wireless Jamaica president and
chief executive officer Phil Green.

Mr. Green commented to The Gleaner, "The majority of the
reduction in accounts receivable relates to a reduction in our
estimate of unbilled amounts.  The reduction relates
predominately to the second half of last year."

Mr. Green assured The Gleaner that the adjustment was done in
line with accounting standards and were fully audited.

Meanwhile, Cable & Wireless Jamaica disclosed "depressed income"
on its fixed line business, The Gleaner says.

Mr. Green told The Gleaner that growth strategies for Cable &
Wireless Jamaica's fixed line would be concentrated on "major
improvements in service, specifically in relation to
provisioning and repair times."

"We anticipate that this in turn will drive a turnaround in
demand for the fixed line service.  In addition, we are also
looking to re-position our fixed line product family, both
prepaid and postpaid," Mr. Green commented to The Gleaner.

According to the report, Cable & Wireless Jamaica's overall
revenues were off by over J$1 billion to J$11.1 billion.  Costs
associated with making those sales increased by J$490 million to
J$4.8 billion, indicating a worsening gross profit margin on the
six-month results of 56%, compared to 64% in the same period
last year.

The Gleaner notes that bigger selling, administrative and
marketing or SAD costs plus other operating expenses resulted to
a J$98-million loss on operations.  Finance costs and foreign
exchange conversion losses led to a J$807-million pretax loss.
Meanwhile, a J$300-million tax credit helped contain net losses
to J$507 million.

Some of the expenses were from "poor execution of a number of
outsource contracts," damage from Hurricane Dean, and ongoing
theft of cable, The Gleaner says, citing Cable & Wireless
Jamaica .

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Telecommunications, Media and
technology sector, Moody's Investors Service confirmed its Ba3
Corporate Family Rating for Cable & Wireless Plc.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

* Issuer: Cable & Wireless Plc

                                          Projected
                        Debt     LGD      Loss-Given
Debt Issue              Rating   Rating   Default
----------              -------  -------  --------
4% Senior Unsecured
Conv./Exch.
Bond/Debenture
Due 2010                B1       LGD4     60%

GBP200 million
8.75% Senior
Unsecured Regular
Bond/Debenture
Due 2012                B1       LGD4     60%


NATIONAL WATER: Engages Sogea-Satom for Martha Brae Project
-----------------------------------------------------------
The National Water Commission has contracted French company
Sogea-Satom for the construction of the US$17-million Martha
Brae water project, which will serve sections of Trelawny and
St. Ann parishes, Business News Americas reports.

According to BNamericas, the project will involve:

          -- construction of a 500,000-gallon storage tank above
             Rio Bueno, and

          -- laying of 23 kilometers of transmission and
             distribution lines.

Jamaican water and housing minister Horace Chang told BNamericas
that the works will provide an improved and more reliable water
supply for the National Water's clients and support several
planned "developments."

"This is the first of many water supply projects that I expect
to kick start as NWC [National Water] and the ministry of water
and housing work steadfastly to improve water supply service
across Jamaica.  Much more needs to be done to fully satisfy the
need for water islandwide, and we are determined to bring water
to more communities for the first time and to improve service in
existing areas," Minister Chang commented to BNamericas.

                        *     *     *

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




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


AVNET INC: Operating Unit Inks Franchise Deal with Tyco
-------------------------------------------------------
Avnet Electronics Marketing, an operating group of Avnet Inc.,
has disclosed that Tyco Electronics has extended its franchise
agreement with Avnet to include all of Europe, Asia Pacific,
Japan and India.

The extension of the global franchise agreement is focused on
Tyco Electronics' electronic components segment, which includes
connectors and interconnect systems, relays, switches, circuit
protection devices, sensors, wires and cable.  These products
are used primarily in the automotive, computer, consumer
electronics, communication equipment, appliance, aerospace and
defense, industrial machinery and instrumentation markets.

"For 60 years, Tyco Electronics has a held a leadership position
in the electronics industry.  Through our newly expanded
agreement with them, we are able to offer many advantages for
our mutual customers across the globe - including shorter lead
times, reduced time to market, and a broad product line," said
Tom McCartney, senior vice president of IP&E business
development worldwide for Avnet Electronics Marketing.  "We look
forward to working with Tyco Electronics to offer market-leading
products and Avnet's support and supply chain capabilities
locally on a global basis."

"Avnet has a long-standing track record of providing exceptional
service to our customers in the Americas," said Jack Voelmle,
vice president for Tyco Electronics' global industrial and
commercial business.  "We are very pleased to offer our
customers around the world the same opportunity to benefit from
Avnet's superior logistical capabilities and innovative
services."

                    About Avnet Electronics

Avnet Electronics Marketing -- http://www.em.avnet.com/-- is an
operating group of Phoenix-based Avnet, Inc. (NYSE:AVT), a
Fortune 500 company.  Avnet Electronics Marketing serves
electronic original equipment manufacturers and electronic
manufacturing services providers in more than 70 countries,
distributing electronic components from leading manufacturers
and providing associated design-chain and supply-chain services.

                       About Avnet Inc.

Headquartered in Phoenix, Arizona, Avnet, Inc.
-- http://www.avnet.com/-- distributes electronic components
and computer products, primarily for industrial customers.  It
has operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and Sweden,
Brazil, Mexico and Puerto Rico.

                        *     *     *

Moody's Investors Service affirmed Avnet's Ba1 corporate family
long-term debt ratings in March 2007.  Moody's said the outlook
is positive.


CABLEMAS SA: Third Qtr. Net Income Down 46.1% to MXN28.4 Million
----------------------------------------------------------------
Cablemas, S.A. de C.V., has announced results for the three- and
nine- month periods ended Sept. 30, 2007.

Cablemas Chief Executive Officer, Carlos M. Alvarez Figueroa
commented, "Revenue growth this quarter remained strong as we
continued to successfully increase market penetration across all
services.  This quarter, our subscriber base rose 14.0% in cable
television, 33.5% in high-speed Internet and 67.0% in IP
telephony on a year-on-year comparison."

"As anticipated, adjusted EBITDA margin declined to 35.8% from
39.0% in the third quarter 2006, mainly reflecting the costs
from the rollout of IP Telephony services.  For the first nine-
months of the year, adjusted EBITDA reached 37.7%, in line with
expectations."

"We continue making progress with the roll out of IP telephony
and to-date we provide service in Ciudad Juarez, Chihuahua,
Merida, Cancun, Isla Mujeres, Playa del Carmen and Cozumel.  By
year-end we expect to be offering IP Telephony in nine cities
and to expand the service to 3 additional cities during 2008,"
closed Mr. Alvarez Figueroa.

             Third Quarter 2007 Consolidated Results

Net Revenues:

Net revenues increased 12.3%, or MXN73.1 million, during the
third quarter of 2007 to MXN668.2 million:

    -- Cable Television: The 8.0% growth in cable television
       revenues, from MXN466.3 to MXN503.7 was principally due
       to a 14.0% YoY increase in the number of subscribers to
       770,213 with a penetration rate of 34.3%.  This was
       achieved despite a 5.5% decline in average monthly cable
       television revenues per subscriber to MXN220.4.  This
       decline in ARPU was primarily the result of a 35.0%
       increase in Minibasic subscribers, who pay lower monthly
       fees, while Basic subscribers increased 6.9%.  The
       average monthly net churn rates for cable television
       declined 20 bps to 2.5% for the third quarter 2007 from
       2.7% in the third quarter 2006.

    -- High Speed Internet: The 31.2%, or MXN29.1 million, rise
       in high-speed Internet revenues to MXN122.5 million
       resulted mainly from a 33.5% increase in the number of
       subscribers to 213,322, with a penetration rate of 11.8%.
       This was partially offset by a 4.5% decline in high-speed
       Internet ARPU to MXN195.7, as lower price/ lower-speed
       Internet (128 Kbps) subscriptions increased at a faster
       rate than those of higher-speed Internet (512 Kbps).
       Average monthly net churn rates for high-speed Internet
       rose 50 bps to 4.3% for the third quarter 2007 from 3.8%
       in the third quarter 2006, due to an aggressive competing
       service offer from Telmex and a slow client recovery
       process in the Mayan Riviera following service quality
       issues resulting from damages to the network by the
       passing of Hurricane Wilma.

    -- IP Telephony: IP telephony revenues for the quarter rose
       43.0%, or MXN9.1 million, to MXN30.4 million.  As of
       Sept. 30, 2007, there were 34,435 IP telephony lines in
       service, up from 20,616 as of Sept. 30, 2006.  IP
       telephony ARPU for the third quarter 2007 was MXN296.9.
       This does not include migration fees paid to Cablemas by
       Axtel for new subscribers which, if included, would
       increase IP telephony ARPU to MXN313.4 for the third
       quarter 2007.

Operating Profit:

Operating profit for the third quarter of 2007 declined by
16.1%, or MXN22.5 million, to MXN117.7 million, driven mainly by
a 0.5% reduction in gross profit and an 11.3% increase in SG&A.
Operating margin fell 595 bps to 17.6% from 23.6% in the third
quarter 2006.

Cost of Services:

Cost of Services for the third quarter 2007 rose 27.7%, or
MXN74.7 million.  The increase in cost of services was primarily
due to:

    -- A MXN8.2 million increase in programming costs,
       principally the result of the 14.0% increase in cable
       television subscribers;

    -- A MXN11.0 million increase in payroll due to a rise in
       the number of technical employees from 895 people in
       Sept. 30, 2006 to 1,009 in Sept. 30, 2007;

    -- A MXN16.3 million increase in Internet costs related to
       the incremental cost for bandwidth as the company began
       offering higher Internet speeds at the same price to make
       its service more attractive.  The increase also reflected
       the 33.5% growth in the number of Internet subscribers;

    -- A MXN27.5 million increase in depreciation & amortization
       resulting from the investment in fixed assets and a
       reduction in the useful life of distribution lines from
       25 years in the third quarter 2006 to 15 years in the
       third quarter 2007; and

    -- A MXN12.5 million increase in telephony costs resulting
       from the investment in infrastructure and technology to
       roll out IP telephony in new cities.

Selling, General and Administrative Expenses:

Selling, General and Administrative Expenses (depreciation and
amortization) or SG&A, increased MXN20.9 million, or 11.3% YoY
to MXN205.9 million.  As a percentage of sales, however, SG&A
declined 30 basis points to 30.8%, from 31.1% in the third
quarter 2006.  The absolute increase in SG&A principally
reflected these changes:

    -- Administrative expenses increased 20.1% to MXN125.2
       million.  As a percentage of revenues, administrative
       expenses rose to 18.7% in the third quarter 2007 from
       17.5% in the third quarter 2006.  The rise in
       administrative expenses was principally due to:

        -- A MXN9.4 million increase in salaries and fees
           principally due to the increase in the number of
           administrative employees, and a higher outsourcing of
           administrative tasks;

        -- The impact from the capitalization in the third
           quarter 2006 of MXN4.4 million in software
           investments made in 1H06 that at the time were
           recorded as an expense; and

        -- An increase of MXN4.5 million in communications and
           travel expenses, due to more activity resulting from
           operational controls and the rollout of IP telephony.

    -- Amortization and depreciation rose 10.5%, or MXN1.8
       million, to MXN18.5 million for the third quarter of
       2007, principally due to the increase in office
       equipment.

These increases were partially offset by a 2.9%, or MXN1.8
million, decline in selling expenses to MXN62.3 million,
principally due to lower fees and advertising expenses.  The
company employed 1,401 salespersons as of Sept. 30, 2007
compared to 1,137 as of Sept. 30, 2006.

Adjusted EBITDA:

Adjusted EBITDA for the third quarter of 2007 increased 2.9%, or
MXN6.8 million, to MXN238.9 million.  The adjusted EBITDA margin
fell 326 bps to 35.8%.

Net Comprehensive Financial Results:

Net comprehensive financial results were an expense of MXN53.0
million for the three-months ended Sept. 30, 2007, an increase
of MXN27.1 million over the expense of MXN25.9 million for the
third quarter 2006. The increase primarily reflected higher
interest expenses that resulted from the 11.6% increase in debt,
lower interest income as a result of the lower cash balance and
a higher financial instrument gain in the third quarter 2006,
which more than offset the slight increase in gains from
monetary position during that period.

Net Income:

For the third quarter of 2007, Cablemas posted a net gain
MXN28.4 million, a 46.1%, or MXN24.3 million, decline from a net
gain of MXN52.7 million in the third quarter 2006.  Net income
margin fell to 4.2% from 8.9% for the third quarter 2006.

          Nine Months Ended 2007 Consolidated Results

Net Revenues:

Net revenues increased 15.1%, or MXN258.5 million, during the
nine months ended 2007 to MXN1,974.2 million.

    -- Cable Television:  The 10.5%, or MXN142.7 million, growth
       in cable television in the third quarter 2006  revenues
       was principally due to a 14.0% YoY increase in the number
       of subscribers to 770,213, with a penetration rate of
       34.3%.  This was achieved despite a 4.7% decline in
       average monthly cable television revenues per subscriber
       to MXN226.0.  This decline in ARPU was primarily the
       result of a 35.0% increase in Minibasic subscribers, who
       pay lower monthly fees, while Basic subscribers increased
       6.9%.  The average monthly net churn rates for cable
       television declined 22 bps to 2.5% for the nine months
       ended 2007 from 2.7% in the nine months ended 2006.

    -- High Speed Internet:  Revenues rose 33.1%, or MXN86.9
       million, to MXN349.1 million.  The rise in high-speed
       Internet revenues resulted mainly from a 33.5% increase
       in the number of subscribers to 213,322, with a
       penetration rate of 11.8%.  This was partially offset by
       a 6.4% decline in high-speed Internet ARPU to MXN199.2,
       as lower price/lower-speed Internet (128 Kbps)
       subscriptions increased at a faster rate than those of
       higher-speed Internet (512 Kbps).  Average monthly net
       churn rates for high-speed Internet rose to 4.3% for the
       nine months ended 2007 from 3.8% last year due to an
       aggressive competing service offer from Telmex, service
       quality limitations in the Mayan Riviera during the
       reconstruction of the network damaged by Hurricane Wilma,
       and a slow client recovery after the hurricane.

    -- IP Telephony:  IP telephony revenues for the period rose
       68.5%, or MXN34.2 million, to MXN84.1 million.  As of
       Sept. 30, 2007, there were 34,435 IP telephony lines in
       service, up from 20,616 as of Sept. 30, 2006.  IP
       telephony ARPU for the nine months ended 2007 fell 17.6%
       to MXN290.7.  This does not include migration fees paid
       to Cablemas by Axtel for new subscribers, which, if
       included, would increase IP telephony ARPU to MXN313.4
       for the nine months ended 2007.

Operating Profit:

Operating profit for the nine months ended 2007 increased by
0.6%, or MXN2.4 million, to MXN401.3 million, driven mainly by
an 8.4% increase in gross profit, that offset the 14.4% rise in
SG&A.  Operating margin declined to 20.3% from 23.3% last year,
principally due to higher cost of services as a percentage of
sales.

Cost of Services:

Cost of Services for the nine months ended 2007 increased by
22.7%, or MXN181.9 million.  The increase in cost of services
was primarily due to:

    -- A 12.0% increase in programming costs derived from a
       14.0% growth in cable television subscribers;

    -- A 29.0% increase in wages and salaries reflecting a lower
       capitalization of technical labor costs, as well as an
       increase in the number of technical employees as a result
       of the growth in video subscribers;

    -- A MXN40.3 million increase in Internet costs, of which
       MXN31.8 million are related to the incremental cost for
       bandwidth.  Higher internet costs also reflect the 33.5%
       increase in the number of internet subscribers during the
       period; and

    -- A MXN66.6 million increase in depreciation & amortization
       related to an increase in fixed asset investments and a
       change in the estimate of the useful life of distribution
       lines.  During the nine months ended 2006 the useful life
       of these assets was estimated at 25 years compared with
       15 years in the nine months ended 2007.

Selling, General and Administrative Expenses:

Selling, General and Administrative Expenses (including
depreciation and amortization) or SG&A, increased MXN72.2
million, or 14.4% YoY to MXN590.5 million.  As a percentage of
sales, SG&A declined 20 basis points to 29.9%, from 30.1% in the
nine months ended 2006.  The absolute increase in SG&A
principally reflected these factors:

    -- A 7.9%, or MXN13.6 million, increase in selling expenses
       to MXN184.9 million principally related to the expansion
       of the company's sales force (1,401 salespersons as of
       Sept. 30, 2007 as compared to 1,137 as of Sept. 30,
       2006), an increase in commissions paid as well as the
       number of call centers;

    -- A 19.4%, or MXN58.4 million, increase in administrative
       expenses, including MXN23.8 in wages and salaries,
       MXN12.0 million from the increase in office expenses,
       mainly software maintenance and renewal of licenses,
       MXN5.0 million from higher professional fees, insurance
       and travel expenses, and MXN9.6 million from increased
       communication activities and travel expenses; and

    -- Amortization and depreciation rose 4.9%, or MXN2.1
       million, to MXN45.5 million for the nine months ended
       2007, principally due to an increase in office equipment.

Adjusted EBITDA:

Adjusted EBITDA for the nine months ended 2007 increased 10.6%,
or MXN71.2 million, to MXN745.1 million.  The adjusted EBITDA
margin declined 154 bps to 37.7% from 39.3%.

Net Comprehensive Financial Results:

Net comprehensive financial results was an expense of MXN136.3
million for the nine months ended 2007, an increase of MXN18.4
million from an expense of MXN117.9 million from last year.  The
increase mainly reflected a decline in interest income, higher
interest expense and a loss from monetary position, which more
than offset the higher gain from financial instruments and
monetary position.

Net Income:

For the nine months ended 2007, Cablemas posted a net gain
MXN193.0 million, a 61.0%, or MXN73.1 million, improvement
compared to a MXN119.9 million gain in the nine months ended
2006.  Net income margin improved to 9.8% from 7.0% for the nine
months ended 2006.

                           Capex

Capital expenditures for the nine months ended 2007 declined
5.9%, or MXN57.4 million, to MXN907.4 million from MXN964.8
million from last year. Capital expenditures principally related
to investments incurred in connection with the roll out of IP
telephony and to expand and upgrade Cablemas' network.

As of Sept. 30, 2007, Cablemas had a network of 13,882 km, of
which 83% was bidirectional, 88% was operating at or greater
than 550 MHz and 75% was operating at or greater than 750 MHz.

                Debt Structure and Cash Flow

Consolidated gross debt as of Sept. 30, 2007, totaled MXN2,218.0
million, of which MXN1,906.9 million was long-term and MXN311.0
million was short term.  Consolidated gross debt rose YoY by
11.6%, from MXN1,987.6 million as of Sept. 30, 2006.

Net debt, which is calculated as total debt minus cash and cash
equivalents, increased YoY by 19.3% to MXN2,180.3 million, from
1,827.5 million as of Sept. 30, 2006.  As of Sept. 30, 2007,
Cablemas had a cash balance of MXN37.7 million.

Cash flow from operations during the nine months ended 2007
increased 68.4%, or MXN235.6 million, to MXN580.2 million.  Net
borrowings rose MXN300.3 million to MXN270.9 million.  CAPEX for
the nine months ended 2007 decreased MXN57.4 million to MXN907.4
million.  Investments were principally related to the upgrade
and expansion of Cablemas' network, customers' premises
equipment investments and the roll out of IP telephony.

                    Recent Developments

In September 2007 Cablemas acquired Comunicacion por Cable de
San Buenaventura, a cable TV operator located in Ixtapalupa for
a total of US$5.6 million.  With this acquisition, Cablemas has
added around 5,000 new subscribers and 120 kilometers to its
network.  The acquisition was financed
with current lines of credit.

                       About Cablemas

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

                        *     *     *

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

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


DURA AUTOMOTIVE: Obtains Overwhelming Creditor Support on Plan
--------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor-affiliates will
ask the U.S. Bankruptcy Court for the District of Delaware to
confirm their Joint Plan of Reorganization on Dec. 6, 2007, at
9:30 a.m., Eastern Time.

The Debtors obtained overwhelming support from creditors
entitled to vote on their Joint Plan of Reorganization.

According to Financial Balloting Group, the Debtors' voting
agent, each voting class voted in favor of the Plan:

                   Amount         Amount      Number     Number
                 Accepting      Rejecting   Accepting
Rejecting
               (% of Amount   (% of Amount  (% of Num  (% of Num
CLASS             Voted)         Voted)      Voted)
                                                         Voted)
-----             ------         ------      ------     ------
Class 2:    US$143,400,000   US$3,500,000         16      1
Second Lien        (97.56%)        (2.44%)    (94.12%)   (5.88%)
Facility
Claims

Class 3A:   US$340,858,465   US$1,039,000          78     6
Holders of         (99.70%)        (0.30%)    (92.86%)   (7.14%)
Senior Notes
w/ Principal
Amount
> US$75,000

Class 3B:     US$1,325,852     US$285,000          41     7
Holders of         (82.31%)       (17.69%)    (85.42%)  (14.58%)
Senior Notes
w/ Principal
Amount
<= US$75,000

Class 5A      US$5,744,292     US$174,616         798    25
Holders of         (96.96%)        (3.04%)    (96.82%)   (3.04%)
Other Gen.
Unsecured
Claims
<= US$75,000

Class 5B      US$4,478,035           US$0          16     0
Trade Claims      (100.00%)        (0.00%)   (100.00%)   (0.00%)
> US$75,000

Class 5C        US$695,062           US$7          61     7
Non-Trade         (100.00%)        (0.00%)    (89.71%)  (10.29%)
Claims
> US$75,000

The Plan provides for full recovery to administrative claimants
and secured lenders under Class 1, accordingly, these claimants
were not given ballots and were deemed to accept the Plan.

Holders of subordinated notes aggregating US$560,700,000
classified under Class 4, holders of subordinated debentures
aggregating US$58,300,000 under Class 6, holders of subordinated
claims in Class 7, and owners of existing stock of DURA under
Class 8 will not receive any recovery under Plan.  Accordingly,
the Debtors did not solicit votes from these claimants as they
were deemed to reject the Plan.

The Plan provides for 100% recovery to Class 2 Second Lien
Facility Claims (the postpetition interest to paid to these
claimants remain in dispute), 55% recovery to holders of
US$418,700,000 in senior notes in Class 3, and a 22% recovery
for holders of US$22,300,000 in other general unsecured claims
in Class 5.

At the confirmation hearing, the Debtors will step Judge Kevin
J. Carey through the 13 statutory requirements necessary to
confirm a plan pursuant to Section 1129 of the Bankruptcy Code.
With respect to the proposed treatment of claims and interests:

    -- Section 1129(a)(8) requires that each class of claims or
       interests under a plan has either accepted the plan or
       not be impaired under the plan.  Pursuant to Section
       1126(c), a class of claims has accepted the plan if
       creditors holding at least two-thirds in amount and more
       than one-half in number of the allowed claims of the
       class voted in favor of the plan.

    -- Notwithstanding Section 1129(a)(8), if at least one class
       of impaired claims or interests accepts the plan, the
       plan can still be confirmed under Section 1129(b)(1)'s
       "cramdown" provision.  Under the cram-down provision,
       upon the request of the plan proponent, the plan may be
       confirmed if it does not discriminate unfairly, and is
       fair and equitable, with respect to each class of claims
       or interests that is impaired under, and has not
       accepted, the plan.

The Plan of Reorganization contemplates a US$425,000,000 exit
financing and a US$140,000,000 to US$160,000,000 equity rights
offering to be fully backstopped by Pacificor, LLC.  Holders of
senior notes in excess of US$75,000, which also includes
Pacificor, were entitled to buy shares of new common stock of
DURA at the rights offering, which concluded on Nov. 15, 2007.
Class 3A holders elected to subscribe approximately
US$1,300,000.  Pursuant to the Court-approved backstop
agreement, Pacificor will purchase the unsubscribed portion of
the shares.

Kelly Beaudin Stapleton, the United Stated Trustee for Region 3,
has said that the Plan is unconfirmable on grounds that, among
other things, the Plan unfairly discriminates against certain
general unsecured Class 3B Senior Notes Claimants, who will be
paid in cash and not entitled to participate in the rights
offering.

The Debtors, however, refute the U.S. Trustee's allegations,
noting that while the currency type differ for the two
subclasses, the implied value of the distribution is identical.
DURA also noted that an overwhelming majority of the 335 senior
noteholders in Class 3A and 3B have consented to the separate
classification.  DURA had opted to provide cash to smaller
holders of senior notes because the number of shareholders in
the Reorganized DURA cannot exceed 300 if the company is to
emerge as a privately held company, a condition set by
Pacificor.

                   About Dura Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an
independent designer and manufacturer of driver control systems,
seating control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan
and Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had USUSUS$1,993,178,000 in total
assets and USUSUS$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on
Sept. 30, 2007.  On Aug. 22, 2007, the Debtors' filed their Plan
of Reorganization and the Disclosure Statement explaining that
Plan was approved on Oct. 3, 2007.  The hearing to consider
confirmation of the plan is set for Dec. 6, 2007.  (Dura
Automotive Bankruptcy News, Issue No. 38 Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ODYSSEY RE: Board Declares US$0.0625 A Share Quarterly Dividend
---------------------------------------------------------------
Odyssey Re Holdings Corp.'s Board of Directors has declared a
quarterly cash dividend of US$0.0625 per common share, payable
on Dec. 28, 2007, to shareholders of record on Dec. 14, 2007.

In addition, the Board of Directors declared a cash dividend of
US$0.5078125 per share on OdysseyRe's 8.125% non-cumulative
Series A preferred shares and US$0.526875 per share on
OdysseyRe's floating rate non-cumulative Series B preferred
shares.  The dividends will be payable on Jan. 20, 2008, to
Series A and Series B preferred shareholders of record on
Dec. 31, 2007.

Odyssey Re Holdings Corp. (NYSE: ORH) is an underwriter of
property and casualty treaty and facultative reinsurance, as
well as specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corp., Hudson
Insurance Co., Hudson Specialty Insurance Co.  Clearwater
Insurance Co., Newline Underwriting Management Limited and
Newline Insurance Co. Ltd.  The Company underwrites through
offices in the United States, London, Paris, Singapore, Toronto
and Mexico City.  Odyssey Re Holdings Corp. is listed on the New
York Stock Exchange under the symbol ORH.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2006,
Standard & Poor's affirmed its 'BBB-' counterparty credit and
'BB' preferred stock ratings on Odyssey Re Holdings Corp. and
removed them from CreditWatch negative.


QUAKER FABRIC: Want Until March 2008 To Remove Civil Actions
------------------------------------------------------------
Quaker Fabric Corporation and its debtor-affiliates ask the
United States Bankruptcy Court for the District of Delaware to
set the period within which they can remove civil actions on
March 13, 2008.

The Debtors tell the Court that they were not able to evaluate
the potential need to remove any of their pending prepetition
civil actions.  The Debtors said that they have been focusing on
the transition into Chapter 11, as well as the sale process of
substantially all of their assets.

On Sept. 19, 2007, the Court approved that sale, including,
the right to designate for certain parcels of real property and
leases, to Gordon Brothers Group LLC for approximately
US$27 million.

The Debtors assure the Court that their adversaries will not
be prejudiced by the extension under Section 1452(b) of the
Bankruptcy Code.  The Debtors say that the request is in the
best interest of the estate and creditors.

                     About Quaker Fabric

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
homefurnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
andindependent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq. at Wilmer
Cutler Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at
Young Conaway Stargatt & Taylor LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions is the Debtors' claims
agent.  The Official Committee of Unsecured Creditors has
selected Shumaker, Loop & Kendrick, LLP, as its bankruptcy
counsel and Benesch, Friedlander, Coplan & Aronoff, LLP, as co-
counsel.

The Debtors' schedules reflect total assets of US$41,375,191 and
total liabilities of US$54,435,354.


WOLVERINE TUBE: Halting Decatur & Booneville Plumbing Operations
----------------------------------------------------------------
Wolverine Tube Inc. will discontinue its U.S. plumbing tube
business and will close manufacturing facilities located in
Decatur, Alabama and Booneville, Mississippi.  U.S. plumbing
tube sales were made through distributor channels.

The actions are in line with Wolverine's strategy of focusing
resources on the development and sale of high performance
tubular products, fabricated tube assemblies and metal joining
products that promote energy efficient heat transfer technology
to an expanding market and global OEM customers.

"The Decatur and Booneville operations primarily serve the U.S.
copper plumbing tube and smooth industrial tube markets," Harold
M. Karp, president and chief operating officer, stated. "Demand
for copper plumbing tube has significantly declined over the
last several years as a result of the substitution of plastic
tube in residential construction.  This trend is reinforced by
high copper prices."

"Additionally, the smooth industrial tube market is rapidly
transitioning to a commodity market and the Decatur/Booneville
cost structure is not competitive in either the plumbing or
smooth tube markets," Mr. Karp added.  "Wolverine's smooth tube
requirements will be satisfied by a combination of production
from other Wolverine locations and outsourcing."

The company estimated an impairment and restructuring charge of
approximately US$72 million in connection with the closure of
the Decatur and Booneville manufacturing facilities and
cessation of those operations.  Approximately US$56 million of
the impairment and restructuring charge will be a non-cash
reduction of the carrying value of certain assets.

Additionally, US$16 million will be for cash charges related to
severance, other employee related costs, plant closure and
environmental expenses, of which US$10 million is expected to be
incurred in 2008 and the balance over the next 5 years.  The
Decatur and Booneville manufacturing operations have 440 full
time and 50 temporary employees.

The company anticipated that discontinuing its U.S. plumbing
tube business and plant closings will generate approximately
US$26 million in cash from the realization of net working
capital after cash costs to be incurred in 2008 for related
severance and shutdown costs.

Additionally, the company will eliminate approximately 40% of
its corporate, general and administrative positions totaling
approximately 40 employees.  These positions will be eliminated
in part due to the Decatur and Booneville closures and the
company's strategic focus on value-added tubular product sales
to global OEM customers.  The company estimated US$1 million in
severance costs will be accrued in the current quarter related
to the elimination of these positions.

                  About Wolverine Tube Inc.

Headquartered in Huntsville, Alabama, Wolverine Tube Inc.
(OTC:WLVT) -- http://www.wlv.com/ and http://www.silvaloy.com/
manufactures and distributes copper and copper alloy tubular
products, fabricated and metal joining products, well as rod and
bar products.  The company focuses on developing and
manufacturing tubular products with heat transfer capabilities
used in engineered applications.  The company's major customers'
headquarters are in North America and include commercial and
residential air conditioning and refrigeration equipment
manufacturers, appliance manufacturers, industrial equipment
manufacturers, utilities and other power generating companies,
refining and chemical processing companies, and plumbing
wholesalers.  Wolverine classifies products as commercial
products, wholesale products, and rod, bar and other products.
The company has operations in China, Mexico and Portugal.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Moody's Investors Service confirmed Wolverine
Tube's Caa2 corporate family rating, Caa2 probability of default
rating, and Caa3 senior unsecured rating (LGD4, 63%).  Moody's
outlook for the rating is negative.




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


QUEBECOR WORLD: S&P Cuts Preferred Stock Rating to C from CCC-
--------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its preferred
stock rating on Quebecor World Inc. two notches to 'C' from
'CCC-'.  The company's other ratings, including the 'B-' long-
term corporate credit rating, remain unchanged.  All ratings are
on CreditWatch with negative implications, where they were
initially placed Aug. 9, 2007.

"The downgrade follows Quebecor World's announcement that it
will be suspending dividend payments on its series 3 and series
5 preferred shares," said S&P's credit analyst Lori Harris.  The
company may be prevented from making the dividend payments
because it might not satisfy the capital adequacy test within
the Canada Business Corporations Act.  Quebecor World will
request shareholder approval at its next shareholder meeting in
May 2008 to reduce the stated capital as permitted under the
Canadian Act, which would involve reclassifying equity to allow
dividend payments to resume, including accrued unpaid dividends.

The next dividend payment is due Dec. 1, 2007.  Should the
company not make the declared dividend payment on that date as
Quebecor World has stated, S&P will lower the preferred stock
rating to 'D'.

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.




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


FERRELGAS PARTNERS: To Pay US$0.50 Per Common Unit Dividend
-----------------------------------------------------------
Ferrellgas Partners, L.P. has declared its first quarter cash
distribution of US$0.50 per partnership common unit.  The
distribution is payable Dec. 14, 2007, to common unitholders of
record as of Dec. 7, 2007.

The distribution covers the period from Aug. 1, 2007, to
Oct. 31, 2007, the end of the partnership's first quarter of
fiscal 2008.  Ferrellgas Partners' annualized distribution is
currently US$2.00 per common unit.

In accordance with Treasury Regulation 1.1446-4(d), nominees are
hereby notified they are responsible for withholding 35% of this
distribution from foreign investors as required under Section
1446 of the Internal Revenue Code.

Headquartered in Overland Park, Kansas, Ferrellgas Partners, LP
(NYSE: FGP) -- http://www.ferrellgas.com/-- through its
operating partnership, Ferrellgas, LP, is a propane marketer in
the United States.  Ferrellgas serves more than 1 million
customers in all 50 states, the District of Columbia, Puerto
Rico, and Canada, and has annual sales volumes approaching 1
billion retail gallons.  Ferrellgas employees indirectly own
more than 20 million common units of the partnership through an
employee stock ownership plan.

                        *     *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the broad energy midstream sector, encompassing
companies that engage in the extraction, treating, transmission,
distribution, and logistics for crude oil, natural gas, and
other hydrocarbon products, the rating agency affirmed its Ba3
corporate family rating on Ferrellgas Partners L.P.


MOTHERS WORK: S&P Affirms B Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services has changed its outlook on
Mothers Work Inc. to negative from stable.  At the same time,
S&P affirmed the 'B' corporate credit rating on the company.

"The outlook change is based on performance being below
expectations, merchandising difficulties, and increased
competitive pressures," said S&P's credit analyst David Kuntz.
S&P expects performance to remain challenged because of
increased competition and the higher risk of substitute
merchandise.

Based in Philadelphia and founded in 1982, Mothers Work Inc.
(Nasdaq: MWRK) -- http://www.motherswork.com/ -- designs and
retails maternity apparel.  The company operates 1,582 maternity
locations, including 798 stores in 50 states, Puerto Rico and
Canada predominantly under the tradenames Motherhood
Maternity(R), A Pea in the Pod(R), Mimi Maternity(R), and
Destination Maternity(TM), and sells on the web through its
DestinationMaternity.com and brand-specific Web sites.  In
addition, Mothers Work distributes its Oh Baby! by
Motherhood(TM) collection through a licensed arrangement at
Kohl's(R) stores throughout the United States and on Kohls.com.


PEP BOYS: Incurs US$21.6-Million Net Loss in Qtr. Ended Nov. 3
--------------------------------------------------------------
The Pep Boys - Manny, Moe & Jack reported the following results
for the thirteen weeks ended Nov. 3, 2007.

For the three months ended Nov. 3, 2007, the company had sales
of US$535,376,000 as compared to the US$550,849,000 for the
thirteen weeks ended Oct. 28, 2006.  Comparable Sales decreased
2.9%, including a 4.1% comparable merchandise sales decrease and
a 2.6% comparable service revenue increase.  In accordance with
GAAP, merchandise sales includes merchandise sold through both
our retail and service centerlines of business and service
revenue is limited to labor sales.  Recategorizing Sales into
the respective lines of business from which they are generated,
comparable Retail Sales (DIY and Commercial) decreased 8.1% and
comparable Service Center Revenue (labor plus installed
merchandise and tires) increased 4.5%.

Net Loss from Continuing Operations Before Cumulative Effect of
Change in Accounting Principle increased to US$21,650,000
(US$0.42 per share - basic and diluted) from US$10,713,000
(US$0.20 per share - basic and diluted).

Chief Financial Officer Harry Yanowitz commented, "We were
pleased with the continuing improvement of our service center
business which yielded a 4.5% comparable service center revenue
increase and underlying gross profit margin improvement, despite
the prevailing difficult macroeconomic environment.  Our cost
reduction initiatives also continue to be a highlight,
supporting improved overall operating performance."

"As we work through our inventory transition, we expect
continued pressure on our retail business, resulting in reduced
sales and gross profit margins as we sell down our non-core
merchandise through Q4 and into the first half of 2008.

The costs associated with the initial steps in our long-term
strategic plan will impact both the third and fourth quarters.
Including the US$38.3 million in pre-tax charges noted below
(US$0.50 per share, after tax), our Q3 Operating Loss increased
from US$1.3 million in 2006 to US$28.5 million in 2007.  The
company's 2007 Q3 Operating Loss includes:

    (i) a US$32.8 million inventory write down,

   (ii) US$3.1 million for executive severance,

  (iii) US$6.2 million for legal settlements and reserves and

   (iv) a US$3.8 million benefit from a company-owned life
        insurance policy on a former executive.

"Our 2006 Q3 Operating Loss included a US$4.6 million legal
settlement.  In Q4 2007, we expect to take an additional pre-tax
charge of approximately US$17.0 million related to the store
closures completed today (US$0.22 per share, after tax)."

"Over the next 12 months, we expect that the inventory
rebalancing and the store portfolio reduction will generate
working capital proceeds of approximately US$65 million.  We
expect to utilize this working capital together with the
proceeds generated from our sale leaseback transactions, the
first of which closed today for US$166.2 million, to reduce
indebtedness and grow the business."

                       Strategic Plan

The company reported its long-term strategic plan and the first
actions taken as part of this new strategy.

The cornerstones of Pep Boys' five-year plan are to refocus on
core automotive merchandise, optimize the company's square
footage productivity and add incremental service bay density
through a "hub and spoke" growth model.  The company believes
that these initiatives will drive robust revenue and profit
growth in each of its lines of business - retail (DIY and
commercial) and service centers (labor plus installed
merchandise and tires).  The principal elements of Pep Boys'
long-term strategic plan will be communicated in greater detail
by Jeff Rachor, President & Chief Executive Officer, on
tomorrow's third quarter earnings call and in the accompanying
slide presentation.

As part of Pep Boys' plan to refocus on core automotive
merchandise, the company will reallocate a larger portion of its
inventory investment to core automotive merchandise, including
additional tire inventory, a broader parts assortment and more
car customization accessories.  To rebalance the company's
inventory, an aggressive mark down and sell-through program has
been launched for certain non-core and unproductive merchandise.

To further improve both top and bottom line performance, the
company is piloting several business development projects aimed
at higher return utilization of the excess sales floor capacity
present in our existing Supercenters.

Pep Boys' growth strategy is centered around a "hub and spoke"
model, which calls for adding smaller neighborhood service shops
to our existing Supercenter store base in order to further
leverage our existing inventories, distribution network,
operations infrastructure and advertising spend.  The company
expects to add these new service facilities both through organic
growth and opportunistic local acquisitions.

In order to support the investment needed for Pep Boys'
revitalization, the company has moved forward with a sale
leaseback process for certain existing owned real estate.  The
first, previously-announced sale leaseback transaction has been
completed on 34 stores for gross proceeds of USUS$166.2 million.
In addition, the Company today closed 31 low-return stores
(approximately 5% of the store count) located in ancillary
markets and locales with changed shopping patterns.  The store
closures will result in a reduction of approximately 550 store
employees (approximately 3% of total employees).

Mr. Rachor commented, "Since joining Pep Boys, I have spoken
about the need for transformational change in our business model
and a long-term strategic plan.  Today is the first of several
difficult, but essential steps that we will take towards
revitalizing the Pep Boys brand and returning to dominance in
the automotive aftermarket, an industry pioneered by our
founders, Manny, Moe & Jack.  We are confident that these
decisions will serve as the foundation for Pep Boys' long-term
growth and increased shareholder value."

"This is an important day for Pep Boys as we commit ourselves to
becoming the largest and most profitable service and tire
provider in the United States and rededicate ourselves to our
DIY customers with a focused aftermarket retail offering.  Our
customers, associates and shareholders are all eager for Pep
Boys to grow this business and re-establish our leading position
in this industry.  I look forward to further discussing our
long-term strategic plan on our call tomorrow."

                       Store Closures

The following is a complete list of stores (by state) that have
been closed.  Five hundred and sixty-one of our stores remain
open and operating.

   ARIZONA           1   Flagstaff
   CALIFORNIA        3   Santa Ana, Santa Barbara, Santa Maria
   COLORADO          1   East Evans (Denver)
   CONNECTICUT       1   Meriden
   GEORGIA           3   Douglasville, South Dekalb (Decatur),
                         Stone Mt.
   ILLINOIS          1   Rockford
   INDIANA           2   Mishawaka, South Bend
   KANSAS            2   Kellogg (Wichita), Kellogg West
                         (Wichita)
   LOUISIANA         2   Elmwood (Jefferson Parish), Shreveport
   MASSACHUSETTS     1   West Springfield
   MICHIGAN          2   Redford, SW 28th Street (Wyoming)
   NORTH CAROLINA    2   Albemarle Road (Charlotte), Greensboro
   OHIO              2   Kettering, West Broad (Columbus)
   OKLAHOMA          1   Midwest City
   RHODE ISLAND      1   East Providence
   TEXAS             6   Carrollton, Desoto (Lancaster), Fox
                         Plaza (El Paso), Grand Prairie, Jensen
                         Sq. (Houston), W.W. White (San Antonio)

Pep Boys has over 560 stores and approximately 6,000 service
bays in 35 states and Puerto Rico.  Along with its vehicle
repair and maintenance capabilities, the Company also serves the
commercial auto parts delivery market and is one of the leading
sellers of replacement tires in the United States.

                       About Pep Boys

The Pep Boys - Manny, Moe & Jack (NYSE: PBY) --
http://pepboys.com/-- has 593 stores and more than 6,000
service bays in 36 states and Puerto Rico.  Along with its
vehicle repair and maintenance capabilities, the Company also
serves the commercial auto parts delivery market and is one of
the leading sellers of replacement tires in the United States.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' rating on
Pep Boys-Manny, Moe & Jack's term loan after the company
announced plans to increase the size of the facility by USUS$120
million to USUS$320 million.  Proceeds from the additional
US$120 million term loan will be used to refinance its
convertible notes which mature in June 2007.  At the same time,
the rating on the US$357.5 million asset-based revolver was
raised to 'B+' from 'B' to properly realign its ratings with the
term loan and to reflect Standard & Poor's increased comfort
with the collateral and terms securing this facility.  The 'B-'
corporate credit and other ratings were affirmed; the outlook is
negative.




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


HERCULES OFFSHORE: Inks Pact w/ Petrex to Offload Land Rig Fleet
----------------------------------------------------------------
Hercules Offshore Inc. has entered into agreements with Petrex
Sudamerica Sucursal de Venezuela S.A. and Saipem Perfuracoes e
Construcoes Petroliferas Lda. for the sale of its nine land rigs
and related assets.  The Land Assets include six land rigs in
Venezuela, one in Trinidad and two in the United States.  The
purchase price is approximately US$107 million and the
transaction is expected to close late in the fourth quarter of
2007.

Randy Stilley, Chief Executive Officer and President of Hercules
Offshore, commented, "In fitting with our long-stated strategy
of focus on shallow water oilfield services, I am pleased we
reached this agreement to sell the land rig fleet, that was
formerly part of TODCO, such a short time after closing on the
acquisition of TODCO.  In the coming months, we expect to
identify attractive opportunities to reinvest the proceeds from
the sale into assets in our core business."

Headquartered in Houston, Texas, USA, Hercules Offshore, Inc.
provides shallow-water drilling and lift boat services to the
oil and natural gas exploration and production industry in the
United States Gulf of Mexico and internationally.  It operates a
fleet of nine jack-up rigs that are capable of drilling in
maximum water depths ranging from 85 to 250 feet and a fleet of
64 lift boats with leg lengths ranging from 105 to 260 feet.
Its services are organized in four segments, Domestic Contract
Drilling Services, International Contract Drilling Services,
Domestic Marine Services and International Marine Services.  The
Company's Domestic Contract Drilling Services and Domestic
Marine Services are conducted in the United States Gulf of
Mexico, its International Contract Drilling Services are
conducted offshore Qatar and India, and its International Marine
Services are conducted in West Africa.

The company also has operations in Venezuela, Trinidad and
Mexico.

                        *     *     *

On June 2007, Standard and Poor's Ratings Services raised the
corporate credit rating on Hercules Offshore Inc. to 'BB-' from
'B'.  The outlook on the long-term issuer credit rating was
stable.  At the same time, the ratings on Hercules Offshore were
removed from CreditWatch with positive implications, where they
were placed on March 19, 2007.

Standard & Poor's also assigned its 'BB' rating and '2' recovery
rating to Hercules Offshore's proposed US$1.05 billion bank
facilities.




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


* URUGUAY: Passes Biofuels Promotion & Regulation Bill Into Law
---------------------------------------------------------------
The Uruguayan government has signed into law a bill on the
promotion and regulation of biofuel sale and use, Business News
Americas reports.

BNamericas relates that under the law, state-run oil firm Ancap
will incorporate up to 2% of biodiesel admixture by Dec. 31,
2008, and up to 5% of ethanol admixture by Dec. 31, 2014.  The
5% ethanol admixture will be a minimum obligatory standard on
Jan. 1, 2014, and the 2% biodiesel admixture a minimum
obligatory standard on Jan. 1, 2012.

The report says that the industry, energy and mining ministry
will be authorizing biofuels production.  The new law, which the
government must issue a decree within 180 days, also includes
tax breaks for biofuel producers.

Biofuels production will help the nation lessen oil imports and
promote a cleaner environment.  It will, however, require a lot
of investment, BNamericas notes, citing a USDA Foreign
Agricultural Service report.

USDA said in its report, "Most contacts indicate the ethanol
mandate will be met, but in the case of biodiesel, it is
doubtful it will be reached by 2008 because Ancap still needs to
work with potential suppliers and organize the blending and
distribution infrastructure.  The target for 2012 is probably
more realistic."

                        *     *     *

On Sept 11, 2006, Fitch rated Uruguay's US$400 million issue of
5% inflation-indexed bonds payable in U.S. dollars and maturing
Sept. 14, 2018, at 'B+'.




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


HERBALIFE LTD: Taps Shankar Suryanarayanan as Sr. Vice President
----------------------------------------------------------------
Herbalife Ltd. has appointed Shankar Suryanarayanan as senior
vice president of global operations to lead the strategic
development of the company's manufacturing, strategic sourcing,
supply chain, and process improvement efforts on a global basis.

Having worked in India, Europe, Asia, and the U.S., Mr.
Suryanarayanan's experience well suits Herbalife's global
business model.  He joins the company from Sandoz, a division of
Novartis, where he was head of global sourcing and purchasing,
based in Germany, responsible for an annual spend of over US$1
billion on direct materials, licensed products and manufacturing
services from over 1,000 suppliers.

Previously, Mr. Suryanarayanan served as head of global
technical operations and leadership team member for Roche
Consumer Health out of Switzerland.  With responsibility for
leading a team of 1,200 associates in engineering, quality,
procurement, manufacturing and logistics, he is credited with
streamlining processes to reduce time to market, fully
integrating technical operations into the consumer health
business, and establishing systems to obtain licenses from
multiple regulatory agencies.

Before moving to Europe, Suryanarayanan was a senior consultant
in the operations management practice of Monitor Group, where he
led teams that used economic modeling to determine competitive
positions of clients' businesses.

Earlier in his career, he spent over a decade at Fisher Controls
International, a division of Emerson Electric, in positions of
progressive responsibility, first in the company's Asia Pacific
headquarters, and later in the global headquarters in the U.S.
Mr. Suryanarayanan also gained experience as a manufacturing
engineer at General Motors.

He holds a master of science in management from MIT Sloan School
of Management, a master of science in mechanical and aerospace
engineering from University of Missouri, and a bachelor of
technology in mechanical engineering from Indian Institute of
Technology in Kharagpur, India.

                     About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *     *      *

As reported in the Troubled Company Reporter on April 5, 2007,
Standard & Poor's Ratings Services said that its 'BB+' corporate
credit rating on Los Angeles-based Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.  The board indicated that
although it views Whitney's bid as too low, it would consider an
improved offer.


* VENEZUELA: Brazil Voting on Nation's Mercosur Entry Next Year
---------------------------------------------------------------
Brazil will vote on Venezuela's full membership in the South
American common market organization Mercosur next year,
reporters say, citing the Chamber of Deputies' Speaker Arlindo
Chinaglia.

The chamber's schedule is filled with other matters up to the
year-end, preventing the federal deputies from making a vote,
Xinhua News relates, citing Mr. Chinaglia.

Mercosur is currently made up of:

          -- Brazil,
          -- Argentina,
          -- Uruguay, and
          -- Paraguay.

"I do not believe that Venezuela's admission will be voted this
year," Mr. Chinaglia commented to Xinhua News.

According to Xinhua News, the Brazilian congress has been
dealing with Venezuela's inclusion in Mercosur since March 2007.
The Brazilian government has presented the strongest opposition
to Venezuela's membership, as it has rows with Venezuelan
President Hugo Chavez.  Meanwhile, the Argentine and Uruguayan
congresses already ratified Venezuela's inclusion.

Paraguay also opposed Venezuela's Mercosur membership, Xinhua
News relates.

The Constitution and Justice Committee of the Chamber of
Deputies already authorized Venezuela's admission to Mercosur
last week.  After the deputies vote on the membership, it will
considered by the Brazilian senators, Xinhua News states.

                        *     *     *

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

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


                        ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
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Copyright 2007.  All rights reserved.  ISSN 1529-2746.

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