TCRLA_Public/071130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, November 30, 2007, Vol. 8, Issue 238

                          Headlines

A R G E N T I N A

AGCO CORP: Picks Servigistics to Plan Global Service Parts
ALITALIA SPA: PM Sees New Owner for 49.9% Stake by Dec. 25
DECO HOUSE: Proofs of Claim Verification Is Until Feb. 21, 2008
GALVANI SA: Trustee Verifies Proofs of Claim Until Feb. 27, 2008
SIDECSA SA: Proofs of Claim Verification Ends Feb. 14, 2008

* BUENOS AIRES: S&P Affirms B+ Long-Term Global Scale Ratings


B A H A M A S

METROPOLITAN BANK: Divests of PHP2.9 Bil. in Foreclosed Assets
PETROLEOS DE VENEZUELA: May Finalize Bahama Unit Sale in 10 Days


B A R B A D O S

HILTON HOTELS: Closes US$500-Million Unsec. Floating Rate Notes


B E L I Z E

FLOWSERVE CORP: Opens New Quick Response Center in Dubai


B E R M U D A

CYRUS REINSURANCE: Moody's Rates US$65MM Sr. Secured Loan at Ba1
EAPG LIMITED: Proofs of Claim Filing Deadline Is Dec. 7
EAPG LIMITED: Sets Final Shareholders Meeting for Dec. 28
PITTS BAY: Proofs of Claim Filing Deadline Is Dec. 7
PITTS BAY: Final Shareholders Meeting Is on Dec. 28

REFCO INC: RJM Wants Settlement Pact with FXCM Parties Approved
REFCO INC: Judge Drain Approves Settlement Agreement with SPhinX
REFCO INC: RCM Distributes US$279.5 Million from SPhinX Proceeds
SEA CONTAINERS: Wants Exclusive Period Extended to Feb. 20, 2008
SEA CONTAINERS: Court Approves Payment of Diligence Fees

SOLAR FILM: Proofs of Claim Filing Is Until Dec. 7
SOLAR FILM: Will Hold Final Shareholders Meeting on Dec. 28


B O L I V I A

* BOLIVIA: Obtains US$22-Million Concessional Loan from IDB


B R A Z I L

AMR CORP: Plans to Divest American Eagle Division
AMR CORP: Fitch Affirms B- Issuer Default Rating w/ Pos. Outlook
AMR CORP: Pilot Union Responds to Reported American Eagle Sale
BANCO DAYCOVAL: Gets US$115-Million Funding from Int'l Finance
BASELL AF: Lyondell Acquisition Prompts Moody's to Lower Ratings

BASELL AF: S&P Downgrades Corp. Credit Rating to B+ from BB-
BRASKEM SA: Moody's Puts Global Scale Corp. Family Rating at Ba1
COMPANHIA PARANAENSE: Okays BRL792MM Investment Program for 2008
EMI GROUP: S&P Withdraws Low B Ratings
MILACRON INC: Okays Changes to 6% Series B Preferred Stock Terms

NRG ENERGY: Paying Preferred Stock Dividends on Dec. 17
SANYO ELECTRIC: Earns JPY16 Billion for First Half of Year
SOCIEDADE ANONIMA: S&P Lifts Corp. Credit Rating to BB- from B+
TRANSAX INT'L: Sept. 30 Balance Sheet Upside-Down by US$3.3 Mil.
UAL CORP: Seeks US$2.055-Billion Term Loan Amendment

* BRAZIL: Makes US$1.14 Billion from Oil Block Sale
* BRAZIL: Petrobras Wins 3 Blocks in Pernambuco-Paraiba Basin


C A Y M A N   I S L A N D S

ALLIANCE GLOBAL: Proofs of Claim Filing Deadline Is Dec. 14
AVENUE SERIES: Proofs of Claim Filing Is Until Dec. 14
BAMBOO SHIPFINANCE: Proofs of Claim Filing Ends on Dec. 14
CABLE & WIRELESS: Former Chair Criticizes Executive Payoff
HUNTER GLOBAL: Proofs of Claim Filing Ends on Dec. 9

HORIZON PORTFOLIO: Proofs of Claim Filing Is Until Dec. 14
MLMI CAYMAN: Proofs of Claim Filing Is Until Dec. 8
MLMI CAYMAN NIM: Proofs of Claim Filing Ends on Dec. 8
ONEWORLD GLOBAL: Sets Final Shareholders Meeting for Dec. 14
PARMALAT SPA: Allocated Shares to Creditors Hike Stock Capital

TAKUMI HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 6
UNIFORTUNE PRINCES: Proofs of Claim Filing Deadline Is Dec. 5


C H I L E

CONSTELLATION BRANDS: Moody's Puts Ba3 Rating on US$500MM Notes
CONSTELLATION BRANDS: S&P Rates US$500-Mln Proposed Notes at BB-


C O L O M B I A

ECOPETROL: Bogota Stock Exchange Trading Resumes After Delay


C O S T A   R I C A

DENNY'S INC: Credit Repayment Cues S&P to Revise Rating to BB


D O M I N I C A N   R E P U B L I C

AGCO CORP: Selects Servigistics to Plan Global Service Parts
ALCATEL-LUCENT: Deploys Optical Network Solution in Hong Kong


G U A T E M A L A

BRITISH AIRWAYS: Consortium Withdraws Iberia Bidding Interest


M E X I C O

AMERICAN GREETINGS: To Acquire PhotoWorks for US$26.5 Million
ALASKA AIR: Taps Ginny Carruthers as Director of Gov't Affairs
CROWN HOLDINGS: Completes Share Repurchase Deal with BNP Paribas
DURA AUTOMOTIVE: Court Postpones Confirmation Hearing
ENESCO GROUP: IRS Balks at Second Amended Liquidation Plan

FEDERAL-MOGUL: Moody's Assigns Corporate Family Rating at (P)Ba3
GRUPO MEXICO: Coal-Fired Project Needs Up to US$600MM Investment
MOVIE GALLERY: Panel Taps Imperial Capital as Financial Advisor
MOVIE GALLERY: Wants to Pay Obligations to Smaller Suppliers


P A R A G U A Y

* PARAGUAY: Moody's Reviews Key Ratings for Possible Upgrade


P U E R T O   R I C O

BUMBLE BEE: Moody's Rates Corporate Family Rating at B1
LIN TV: S&P Affirms B+ Corp. Credit Rating with Negative Outlook
MICRON TECHNOLOGY: Sets Shareholders Meeting for Dec. 4
ORIENTAL FINANCIAL: Declares US$0.14 Per Common Share Dividend
SANTANDER PUERTO RICO: Moody's Revises Outlook to Negative


U R U G U A Y

DIVINO SA: Moody's Reviews Ba3 & Caa1 Ratings for Likely Upgrade

* URUGUAY: Gets US$1.4M Loan to Improve Healthcare System Mgmt.


V E N E Z U E L A

* VENEZUELA: September Oil Byproducts Sales to US Falls 22%


                         - - - - -


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


AGCO CORP: Picks Servigistics to Plan Global Service Parts
----------------------------------------------------------
AGCO Corporation, whose equipment brand names include Massey
Ferguson, Challenger, Valtra, and Fendt, has selected
Servigistics to plan the company's service parts globally and to
optimize prices in individual markets globally.

With hundreds of million in global service parts inventory and 2
million planned SKU's, Agco Corp. will utilize the Servigistics
solution to offer dealers competitive prices, enhance customer
service, and drive efficiencies across the service parts chain.
The company selected the Servigistics solution, which will be
integrated to SAP, based on its robust functionality and proven
ability to deliver high value to similar, global market-leading
companies.

"AGCO is devoted to providing our customers with world-class
service," said Agco Vice President for Global Parts Division,
Bruce Plagman.  "With Servigistics, we are investing in the
capabilities required to sustain high customer satisfaction."

"Companies that maintain high customer loyalty succeed because
of the strategic investments they make in service," said
Servigistics Chief Executive Officer, Eric Hinkle.  "By
deploying the Servigistics Service Parts Planning and Pricing
solutions, AGCO is making a strong commitment to provide
excellent, ongoing service to their customers."

                      About Agco Corp.

Headquartered in Duluth, Georgia, Agco Corp. (NYSE: AG)
-- http://www.agcocorp.com/-- is a global manufacturer of
agricultural equipment and related replacement parts.  Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Argentina and Brazil.  AGCO products include the following
brands: AGCO(R), Challenger(R), Fendt(R), Gleaner(R),
Hesston(R), Massey Ferguson(R), New Idea(R), RoGator(R), Spra-
Coupe(R), Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM)
Planters.  AGCO provides retail financing through AGCO Finance.
The company had net sales of US$5.4 billion in 2005.

                        *     *     *

Agco Corporation's probability of default and long-term
corporate family ratings carry Moody's "Ba2" in September 2006.
These rating hold to this date.


ALITALIA SPA: PM Sees New Owner for 49.9% Stake by Dec. 25
----------------------------------------------------------
Italian Prime Minister Romano Prodi believes a buyer will be
chosen for the government's 49.9% stake in Alitalia S.p.A. by
Dec. 25, 2007, Flavia Krause-Jackson writes for Bloomberg News.

Transport Minister Alessandro Bianchi said on Nov. 26, 2007,
that Italy has no plans to postpone the stake sale to 2008,
Bloomberg News relates.

Three parties remain in contention for Italy's controlling stake
in Alitalia:

   -- Air France-KLM,
   -- Deutsche Lufthansa AG, 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.

Alitalia has extended to Dec. 5, 2007, the deadline for
submission of non-binding offers and may commence exclusive
negotiations with the chosen bidder 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.


DECO HOUSE: Proofs of Claim Verification Is Until Feb. 21, 2008
---------------------------------------------------------------
Hugo Mancusi, the court-appointed trustee for Deco House SRL's
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 21, 2008.

Mr. Mancusi 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. 28, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Deco House and its
creditors.

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

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

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Deco House SRL
         Venezuela 3050
         Buenos Aires, Argentina

The trustee can be reached at:

         Hugo Mancusi
         Avenida Corrientes 3169
         Buenos Aires, Argentina


GALVANI SA: Trustee Verifies Proofs of Claim Until Feb. 27, 2008
----------------------------------------------------------------
Marcela Adriana Mazzoni, the court-appointed trustee for Galvani
SA's nization proceeding, verifies creditors' proofs of claim
until Feb. 27, 2008.

Ms. Mazzoni will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk
No. 12, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Galvani 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 Galvani's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 19, 2008.

The debtor can be reached at:

        Galvani SA
        Lavalle 1747
        Buenos Aires, Argentina

The trustee can be reached at:

        Marcela Adriana Mazzoni
        Viamonte 1337
        Buenos Aires, Argentina


SIDECSA SA: Proofs of Claim Verification Ends Feb. 14, 2008
-----------------------------------------------------------
Santiago Leonardo Novick, the court-appointed trustee for
Sidecsa SA's bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 14, 2008.

Mr. Novick will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 6 in Buenos Aires, with the assistance of Clerk No.
12, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Sidecsa 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 Sidecsa's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Sidecsa SA
         Olazabal 3829
         Buenos Aires, Argentina

The trustee can be reached at:

         Santiago Leonardo Novick
         Libertad 359
         Buenos Aires, Argentina


* BUENOS AIRES: S&P Affirms B+ Long-Term Global Scale Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'B+' long-
term foreign and local global scale ratings on the Province of
Buenos Aires, Republic of Argentina (B+/Stable/B sovereign
credit ratings).  The outlook is stable.

According to S&P's credit analyst Sebastian Briozzo, the
province's budgetary performance is still weak despite high
economic growth, highlighting the significant fiscal challenge
facing the province.  "The pace of fiscal deterioration
accelerated in 2007, as expected, in the context of local and
national elections in Argentina," said Mr. Briozzo.  "Although
still early to have a definitive estimate for 2007, the province
could finish the year with a deficit close to Argentine peso 1.3
billion, equivalent to about 4.5% of total revenue.  However,
this deficit will be lower than originally expected due, in
part, to compensation received from the federal government," he
added.

Mr. Briozzo explained that, looking beyond the short term, the
province's finances will continue to suffer from structural
imbalances at a higher degree than other provinces in Argentina.
The combination of low transfers received from the federal
government compared with its contribution to the coparticipation
pool of funds and a high level of expenditure responsibilities
contribute to this vulnerability.

"PBA still maintains the highest debt burden among Argentina's
rated provinces, at about 128% of total revenue, although since
the federal government is the province's main creditor the
rollover risk is somewhat diminished," Mr. Briozzo said.
"Nonetheless, Standard & Poor's believes that debt service might
continue pressuring the province's finances in the short term,
given that more than 43.6% of its debt consists of obligations
denominated in Coeficiente de Estabilizacion de Referencia and
therefore adjusted to inflation," he added.

S&P does not expect Daniel Scioli, the elected governor in
October 2007 with the support of President Nestor Kirchner and
the Peronist Party, to modify materially implementation of
public policy in the province.  A good relationship with the
central government remains essential, given the need for
financial assistance.

"The stable outlook balances the strength of the economy against
the fiscal risk emanating from PBA's structural imbalances," Mr.
Briozzo noted.  "Deteriorating financial indicators, such as a
significant increase in the fiscal deficit above 5% of total
revenue, could have a negative impact on the rating, whereas a
correction to the fiscal stance would increase the rating's
upward momentum," he concluded.




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


METROPOLITAN BANK: Divests of PHP2.9 Bil. in Foreclosed Assets
--------------------------------------------------------------
The Metropolitan Bank & Trust Co. has divested of foreclosed
assets valued at PHP2.9 billion during the January-September
period, the Philippine Star reports.

The foreclosed assets sold are 170% higher than the value of its
real and other properties acquired that have been sold in the
same period last year, the Star adds.

The properties were sold in-house and through the bank's broker
and branch network, senior vice president Christine Carandang
told the Star, adding that the improved Philippine economy and
sustained growth in property development has helped asset sales
of Philippine banks.

The bank remains optimistic on the prospects of asset disposal
activities, Ms. Carandang said.

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
Internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                        *     *     *

As reported on Nov. 6, 2006, that Moody's Investors Service
revised the outlook of Metropolitan Bank & Trust Co.'s foreign
currency long-term deposit rating of B1 and foreign currency
subordinated debt rating of Ba3 from negative to stable.

The outlooks for Metropolitan Bank's foreign currency Not-Prime
short-term deposit rating and bank financial strength rating of
D remain stable.

On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual
rating to 'D' from 'D/E'.  All the bank's other ratings were
affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook;

   * Short-term rating 'B'; and

   * Support rating '3.

On March 3, 2006, Standard and Poor's Rating Service assigned a
CCC+ rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.


PETROLEOS DE VENEZUELA: May Finalize Bahama Unit Sale in 10 Days
----------------------------------------------------------------
The sale of Venezuelan state-run oil firm Petroleos de Venezuela
SA unit Bahamas Oil Refining Co. aka BORCO in Grand Bahama could
be finalized in 10 days, Courtnee Romer at The Bahama Journal
reports, citing a BORCO official.

The official confirmed to The Journal that BORCO has been sold
but didn't disclose the new owners of the unit.

The Journal relates that Morgan Stanley was reportedly the
leading bidder for the oil storage and bunkering terminal from
Petroleos de Venezuela.  Bidders also included:

          -- Nu Star Energy,
          -- Glencore,
          -- Vitol,
          -- PetroChina, and
          -- Petrobas.

Meanwhile, sources told Reuters that BORCO could still be bought
as early as this weekend by private equity fund First Reserve
Corp.

Reuters explains that First Reserve wasn't included in the
initial list of bidders for BORCO.

First Reserve could pay up to US$700 million for BORCO, Nassau's
morning news daily Tribune says, citing the sources.

Reuters notes that First Reserve wouldn't resume BORCO's oil
refining capabilities, "which were mothballed in the mid-1980s"
after Petroleos de Venezuela took over the firm.  Purchasers
wanted to exploit the 208 acres of BORCO's 500-acre site that
have never been developed.

The official told The Journal that BORCO's 164 workers shouldn't
be affected by the sale.  BORCO is a profitable entity and the
sale was not due to "slow business."

According to published reports in September 2007, Petroleos de
Venezuela had postponed the sale of BORCO "after Venezuelan
officials had indicated that no sale was planned and that the
supposed offer had been an exercise to determine BORCO's worth."

Petroleos de Venezuela would get more than the previous US$700-
million estimate for BORCO due to the "potential for future
expansions and the existing condition of the facility."

The buyers were committing to invest up to US$700 million in
BORCO's expansion, Reuters states, citing the sources.

                       About Morgan Stanley

Headquartered in New York, USA, Morgan Stanley is a global
financial services firm that, through its subsidiaries and
affiliates, provides its products and services to customers,
including corporations, governments, financial institutions and
individuals.  It operates in four business segments:
Institutional Securities, Global Wealth Management Group, Asset
Management and Discover.

                       About First Reserve

First Reserve Corporation is a private equity firm that invests
in mid-market energy companies, and currently manages about
US$12.5 billion in four funds.  Its typical investment ranges
from US$50 million to US$500 million.  Included in the firm's
portfolio are Dresser, Quintana Maritime, and T-3 Energy
Services.  First Reserve fund investors are primarily
corporations, endowments, foundations, and public retirement
funds.  In 2004 First Reserve acquired Dresser-Rand Group, which
it took public in 2005.  Later that year, it acquired engineered
products maker Chart Industries.

                            About BORCO

Bahamas Oil Refining Company International Limited aka BORCO was
purchased by Petroleos de Venezuela in 1990 and runs a terminal
with 20 million barrels crude oil and products.  It had shut
down its refining operations in mid-1985 in response to the oil
glut on the world market.  BORCO continued its oil transshipment
operations, however, importing large quantities of oil from the
Middle East and Africa for transshipment and for domestic use.
In the Bahamas, oil exploration by several international
companies began in the early 1980s; marine geologists believed
vast deposits of oil and natural gas might be found.

                    About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.  As
reported on March 28, 2007, Standard & Poor's Ratings Services
assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.




===============
B A R B A D O S
===============


HILTON HOTELS: Closes US$500-Million Unsec. Floating Rate Notes
---------------------------------------------------------------
Hilton Hotels Corporation has completed its previously announced
sale of an aggregate principal amount of US$500 million of
unsecured Floating Rate Notes due 2013.

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2007, the notes will bear interest equal to three
month LIBOR plus 4.50% per year, adjusted quarterly.  The
proceeds of the sale of the Notes will be used to repay an equal
amount of Hilton's secured mezzanine loans incurred in
connection with the funding of the acquisition of Hilton by
investment funds affiliated with The Blackstone Group and
related transactions.

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

                     About Hilton Hotels

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

                        *     *     *

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




===========
B E L I Z E
===========


FLOWSERVE CORP: Opens New Quick Response Center in Dubai
--------------------------------------------------------
Flowserve Corporation has broken ground on its newest Quick
Response Center located within the Jebel Ali Free Zone in Dubai,
United Arab Emirates.

This new location will serve as the regional headquarters for
Flowserve's mechanical seal business in the Middle East and will
also have a full range of pump repair and packaging
capabilities.  It will also complement Flowserve's existing
joint ventures in Saudi Arabia and other existing service
capabilities within the region.  On a global front, the new
Flowserve QRC will be an addition to Flowserve's growing network
of aftermarket service centers and is planned to open in the
fourth quarter of 2008.

"Establishing the Dubai QRC demonstrates our commitment to our
customers in the Middle East region to provide exceptional,
locally delivered customer service," said Andrew Beall,
president, Flow Solutions Division.  "Our goal for our customers
is to meet their needs for reduced life cycle costs, increased
equipment life and maximized reliability."

             About Flowserve Quick Response Centers

Flowserve's Quick Response Centers are maintenance, repair and
manufacturing facilities strategically located throughout the
world to provide our customers with local support to help
improve reliability of their rotating equipment.  They offer
personal service, expertise and responsiveness to keep customers
equipment operating at peak performance.

                       About Flowserve

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

                        *     *     *

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




=============
B E R M U D A
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CYRUS REINSURANCE: Moody's Rates US$65MM Sr. Secured Loan at Ba1
----------------------------------------------------------------
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 Ceding 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 Ceding Companies' existing portfolio as client
retention tends to be relatively high.  This quota share
agreement, if executed, will be distinct and separate from the
Ceding 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 Ceding Companies, premium assumptions, and
investment income assumptions.  Moody's applied stress factors
and performed sensitivity analysis on all three inputs.  The PDs
and ELs from our 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 our opinion, sufficient
alignment of interests between stakeholders.

Key rating factors include:

1) Model Risk: Catastrophe modeling error is the most important
risk factor.  The Ceding 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 Ceding Companies
receive exposure data from clients or brokers for nearly all
underlying contracts, allowing the Ceding Companies to duplicate
the modeling work with all discretionary settings applied.  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 Ceding Companies.
Many of the covered perils are modeled using RMS 6.0 peril
models.  European Flood, European Earthquake and attritional
losses 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; 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; 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, Moody's have
modeled for the possibility that rates may fall up to 20% from
their 2007 levels.  Additionally, Moody's have modeled
investment returns stochastically.

3) Alignment of Interests: In Moody's opinion, there is adequate
alignment of interests between stakeholders given that the
Ceding Companies will retain 90% of premiums and losses with
ample skin in the game.  Additionally, any reinsurance purchased
by the Ceding Companies for its retained portfolio would inure
to the benefit of the sidecar.  Dividend distributions to
shareholders are prohibited, mitigating some of our 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:

  * Cyrus Reinsurance II Limited -- $65 million senior secured
    term loan at Ba1;

  * Cyrus Reinsurance II Limited -- $20 million senior
    subordinated secured term loan at Ba3;

  * Cyrus Reinsurance II Limited -- $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 Jul. 1, 2008.  Lenders will be at risk
for events occurring between Jan. 1, 2008 and Jul. 1, 2009.
Capital cannot be returned to investors before September 1, 2009
and equity capital cannot be returned to shareholders until all
three loans have been repaid.


EAPG LIMITED: Proofs of Claim Filing Deadline Is Dec. 7
-------------------------------------------------------
EAPG Limited's creditors are given until Dec. 7, 2007, to prove
their claims to Robin J. Mayor, the company's liquidator, or be
excluded from receiving any distribution or payment.

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

EAPG's shareholder agreed on Nov. 21, 2007, to place the company
into voluntary liquidation under Bermuda's Companies Act 1981.

The liquidator can be reached at:

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


EAPG LIMITED: Sets Final Shareholders Meeting for Dec. 28
---------------------------------------------------------
EAPG Limited will hold its final shareholders meeting on
Dec. 28, 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.


PITTS BAY: Proofs of Claim Filing Deadline Is Dec. 7
----------------------------------------------------
Pitts Bay Trading Ltd.'s creditors are given until Dec. 7, 2007,
to prove their claims to Robin J. Mayor, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Pitts Bay's shareholder agreed on Nov. 19, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


PITTS BAY: Final Shareholders Meeting Is on Dec. 28
---------------------------------------------------
Pitts Bay Trading Ltd. will hold its final shareholders meeting
on Dec. 28, 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.


REFCO INC: RJM Wants Settlement Pact with FXCM Parties Approved
---------------------------------------------------------------
RJM, LLC, as plan administrator to Reorganized Refco Inc. and
its affiliates, and Marc S. Kirschner, as plan administrator to
Refco Capital Markets, Ltd., ask the U.S. Bankruptcy Court for
the Southern District of New York to approve their settlement
agreement with Forex Capital Markets, LLC, Forex Trading LLC,
FXCM Canada Ltd., FXCM LLC, David Sakhai, William Ahdout,
Kenneth Grossman, Michael Romersa, and Edward Yusupov.

Refco Group Ltd., a Reorganized Debtor, holds a 35% equity
interest in Forex Capital Markets, LLC.  Pursuant to the Plan,
RJM has authority to exercise all rights of the Debtors in
respect of RGL's 35% interest in FXCM, including all rights
related to its liquidation or disposition.

Certain entities have agreed to purchase RGL's 35% equity
interest in FXCM.  The names of the entities are withheld for
confidentiality purposes, according to Steven Wilamowsky, Esq.,
at Bingham McCutchen LLP, in New York.  The sale of RGL's
interest is subject to the requirement that certain claims
against the Debtors and RCM be resolved.

The parties' Settlement Agreement provides that:

    a. The Plan Administrators will seek Court approval allowing
       the claims filed by the FXCM Parties:

       1. Claim No. 9140, to be allowed as a Class 6 FXA
          Convenience Class Claim for US$3,290.87;

       2. Claim No. 9870, to be allowed as a Class 5(a) FXA
          General Unsecured Claim for US$8,281,529.63;

       3. Claim No. 9871, to be allowed as a Contributing Debtor
          Class 5(a) General Unsecured Claim for
          US$8,281,529.63.

    b. The Plan Administrators ask Court to expunge FXCM
       Parties' 31 other claims -- Claim Nos. 6629, 6630, 6631,
       6632, 6633, 6634, 6635, 6636, 6637, 7564, 7566, 7568,
       7569, 7570, 7571, 7572, 14268, 14269, 14270, 14271,
       14272, 14273, 14274, 14275, 14276, 14427, 14428, 14429,
       14430, 14431, 14432.

Jeffrey M. Olinsky, Esq., at Bingham McCutchen LLP, in New York,
New York, says the Plan Administrators have carefully reviewed
the claims filed by the FXCM Parties, as well as the books and
records of the Reorganized Debtors and RCM as they relate to the
claims.  The Plan Administrators believe that Claim Nos. 9140,
9870 and 9871 are properly allowable at the amounts set, and the
rest of the FXCM Parties' claims should be expunged.  Mr.
Olinsky says the FXCM Parties agree that the 31 other claims
should be expunged.  "Expunging these other claims will
eliminate 31 claims against the Reorganized Debtors' and RCM's
estates that seek damages based on alleged fraudulent conduct of
the Debtors."

Mr. Olinsky tells the Court the Agreement will result in
proceeds from the sale of RGL's 35% equity interest in FXCM
becoming available for distribution to creditors of the
Contributing Debtors.

A full-text copy of the FXCM Settlement Agreement is available
for free at http://bankrupt.com/misc/FXCMsettlementAgreement.pdf

                       About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.  Refco has
operations in Bermuda.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: Judge Drain Approves Settlement Agreement with SPhinX
----------------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York approved a settlement
and release agreement entered into by:

   -- Refco Inc., and its debtor and non-debtor affiliates; Marc
      S. Kirschner, as the plan administrator for Refco Capital
      Markets, Ltd.; and RJM, LLC, as plan administrator
      for the Reorganized Debtors except RCM; and

   -- SPhinX Managed Futures Fund SPC, its affiliated Segregated
      Portfolios and various affiliated entities; Kenneth M.
      Krys and Christopher Stride, in their capacity as the
      Joint Official Liquidators of SPhinX; the SPhinX Trustee;
      and certain SPhinX investors.

Judge Drain directed the RCM Administrator to distribute the
Settlement Funds to RCM's creditors..

Judge Drain also withdrew the Restraining Order, and waived Rule
6004(h) of the Federal Rules of Bankruptcy Procedure to the
extent applicable.

                SphinX Settlement Agreement

Jessica L. Fink, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
in New York, related that in 2005, the Official Committee of
Unsecured Creditors of the Debtors, on behalf of RCM, sought to
recover US$312,046,266 in preferential transfers to SPhinX and
its affiliated Segregated Portfolios.

To settle the dispute with the Committee, SPhinX had agreed to
pay US$263,000,000 to RCM's estate, which the SPhinX Investors
opposed.  The Bankruptcy Court had approved the SPhinX
Settlement over the objection, ruling that it was in the best
interests of RCM, its estate, and its creditors, and that the
Investors lacked standing to object.  The Investors had appealed
to the District Court for the Southern District of New York, but
the District Court affirmed the Bankruptcy Court's ruling.

Ms. Fink notes that in June 2006, SPhinX went into voluntary
liquidation under the court of the Cayman Islands, and Mr. Krys
and Mr. Stride were appointed as its Joint Official Liquidators.

The Investors, as well as the SPhinX Liquidators, appealed the
District Court Order to the United States Court of Appeals for
the Second Circuit.  The Second Circuit recently affirmed the
District Court's decision, Ms. Fink related.  The Second Circuit
held that the Investors lacked standing to appeal, and that the
Liquidators were precluded from appealing because they were
deemed to be parties to SPhinX.

According to Ms. Fink, the Settlement Funds are currently being
held by the RCM Plan Administrator in a segregated account at
RCM, pending the entry a final order approving the SPhinX
Settlement.

Ms. Fink added that the Settlement and Release Agreement has
been discussed with and approved by customers holding
approximately 50% of the allowed RCM securities customer claims.

The parties have agreed that:

   (a) the RCM Plan Administrator and the SPhinX Liquidators
       will take all steps necessary to seek approval of the
       Agreement by the Cayman Court and the Bankruptcy Court,
       respectively;

   (b) upon approval of the Agreement, the RCM Plan
       Administrator is authorized to release and distribute
       the Settlement Funds;

   (c) the RCM Plan Administrator will pay to the Liquidators,
       on behalf of SPhinX, a US$2,500,000 appeal settlement
       payment;

   (d) the Liquidators, the SPhinX Investors, and the SPhinX
       Trustee will not file further appeals, or any motions for
       reconsideration, of the Settlement Approval Order;

   (e) the Liquidators will withdraw their motion for rehearing,
       currently pending before the Second Circuit;

   (f) Claim Nos. 11387 and 11378, filed by SPhinX against RCM
       will be allowed as general unsecured claims for
       US$4,312,945 and US$10,352,310, respectively, in RCM's
       Chapter 11 case;

   (g) all other claims filed by the parties are deemed
       disallowed and expunged; and

   (h) the parties exchange mutual releases from all claims or
       actions arising from the preferential transfers or the
       appeal of the SPhinX Settlement.

Ms. Fink stated that the Settlement Funds will be distributed to
RCM securities customers, pursuant to the Modified Joint Chapter
11 Plan of Refco Inc. and Certain of its Direct and Indirect
Subsidiaries.  The Appeal Settlement Payment will be deducted
solely from the Settlement Funds, and will not impact recoveries
to non-securities customers.

Ms. Fink maintained that the terms embodied in the Agreement
represents a reasonable settlement of the issues between the
parties, and should be approved.

A full-text copy of the Settlement and Release Agreement between
Refco and SPhinX is available at no charge at:

   http://bankrupt.com/misc/RefcoSphinxSettlementRelease.pdf

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.  Refco has
operations in Bermuda.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


REFCO INC: RCM Distributes US$279.5 Million from SPhinX Proceeds
----------------------------------------------------------------
Pursuant to a settlement agreement by Refco Capital Markets,
Ltd., all holders of Allowed Class 4 RCM Securities Customer
Claims are entitled to receive their pro rata portion of the
proceeds from the settlement with the SPhinX entities, which has
become available for distribution.

In this connection, Marc S. Kirschner, Plan Administrator for
the Refco Capital Markets, Ltd. estate, notified the U.S.
Bankruptcy Court for the Southern District of New York that on
Nov. 16, 2007, he made the sixth interim distribution of
approximately US$279,500,000 of RCM's Assets in Place, resulting
from the Net Sphinx Proceeds.  Each claimant is entitled to its
pro rata share of the Proceeds.

The RCM Administrator notes that two creditors will be capped at
100% recovery from the Distribution.

To date, the RCM Administrator has made five interim
distributions from Assets in Place, aggregating to recoveries of
US$1,890,000,000, and another two interim distributions from
Additional Property, resulting in recoveries of US$344,700,000.

A list of the claims for the Sixth Interim Distribution is
available at no charge at:

      http://bankrupt.com/misc/Refco6thInterimDistClaims.pdf

                      About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.  Refco has
operations in Bermuda.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

The Court confirmed the Modified Joint Chapter 11 Plan of
Refco Inc. and certain of its direct and indirect subsidiaries,
including Refco Capital Markets Ltd. and Refco F/X Associates
LLC, on Dec. 15, 2006.  That Plan became effective on
Dec. 26, 2006.

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wants Exclusive Period Extended to Feb. 20, 2008
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the District of Delaware to further extend
their exclusive periods to file a Chapter 11 plan through and
including Feb. 20, 2008, and to solicit acceptances of that plan
through and including April 19.

Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor, LLP,
relates that since their last request to extend the exclusive
periods, the Debtors have made substantial progress towards
developing a viable chapter 11 plan.

In particular, Mr. Greecher says, the Debtors have:

   (a) stabilized their business operations;

   (b) disposed of certain non-core assets, thereby bringing in
       cash proceeds to the estates;

   (c) addressed complex intercompany issues;

   (d) reached a settlement regarding the Company's corporate
       headquarter's lease;

   (e) obtained Court approval for additional funding for Sea
       Containers Treasury Limited, the Company's non-debtor
       vehicle, to fund non-debtor subsidiary operations;

   (f) obtained replacement financing for Sea Containers SPC
       Ltd.'s prepetition securitization facility in the form of
       DIP financing; and

   (g) obtained approval for exit financing to pay certain
       due diligence fees and expenses.

Nonetheless, Mr. Greecher continues, the resolution of two
critical issues remain to complete preparation of a Plan
Reorganization: (1) settlement of the Debtors' pension scheme
liabilities; and (2) factoring in the upcoming decision on the
change of control arbitration.

Both issues are at the verge of conclusion, Mr. Greecher assures
the Court.  The Debtors have also initiated discussions with the
creditors committees on potential chapter 11 plan alternatives,
Mr. Greecher adds.

To resolve issues with regard to the pension scheme liabilities,
the Debtors have facilitated and mediated discussions among the
creditors committees and the pension trustees, while supplying
all parties with extensive due diligence and other information
regarding the status of the Pension Trustee's claims.

Mr. Greecher reports that negotiation has now reached a critical
juncture.  In fact, recently, the parties have significantly
narrowed their differences on the status of the Pension
Trustee's claims, and intensive discussions are continuing, he
explains.

As for the progress in the change of control arbitration with GE
Capital, the Debtors undertook discovery and prepared for,
defended, and took depositions, related to the change of control
dispute in August and September 2007.  The Debtors' extensive
preparation of the change of control arbitration culminated in
hearings conducted in mid- and late October, ultimately
concluding on Nov. 5.

The parties now have submitted post-hearing briefs and expect a
decision from the arbitrator no later than mid-December, Mr.
Greecher says.

According to Mr. Greecher, the arbitrator's decision will
influence which of the various plan alternatives the Debtors
will ultimately pursue.  The outcome of the change of control
arbitration will also facilitate the Debtors' efforts to obtain
exit financing by giving the Debtors' potential exit lenders a
better view of the Debtors' exit Plan.

The Debtors believe that continued exclusivity will allow space
to finally resolve the two ongoing issues.  Terminating
exclusivity, and introducing the prospect of a competing plan
will only distract all parties concerned, the Debtors add.

The Debtors further note that the requested extension of the
Exclusive Periods will allow them to reach a final resolution,
and propose a confirmable plan.  Conversely, failure to obtain
the requested extension may unravel the resolutions the Debtors
have worked to obtain and engender costly litigation that would
consume the estate, delay their emergence from chapter 11, and
deplete the funds available for distribution to creditors.

                    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, 2007, 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. 31;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Court Approves Payment of Diligence Fees
--------------------------------------------------------
The Hon. Kevin Carey of the U.S. Bankruptcy Court for the
District of Delaware authorized Sea Containers Ltd. and its
debtor-affiliates to pay the due diligence fees or expenses of
potential exit lenders up to a maximum amount of US$500,000 per
lender and US$1,500,000 in the aggregate.

The amount is for reasonable expenses incurred in connection
with financial and legal due diligence and development of exit
financing proposals that relate to taking out the existing DIP
loan upon the Debtors' emergence from Chapter 11.

The Order is entered without prejudice to the Debtors' right to
seek authority to pay additional expenses or fees related to
exit financing as the Debtors believe are reasonable and
necessary, Judge Carey said.

Edmon L. Morton, Esq., at Young Conaway Stargatt & Taylor, LLP,
in Wilmington, Delaware, related that the Debtors are in the
process of formulating a Chapter 11 plan and intend to commence
their exit from Chapter 11 by filing their plan, disclosure
statement, and related materials in the near term.

Under any plan scenario, Mr. Morton said, exit financing to
repay the DIP loan and provide going-forward capital is an
essential component of this process.  For these reasons, the
Debtors are currently pursuing exit financing from various
lenders and are aiming to secure a commitment to fund their exit
from Chapter 11.

To make a financing commitment, however, potential exit lenders
will have to conduct extensive due diligence of the Debtors'
assets and operations, thereby incurring significant out-of-
pocket costs and expenses, including fees and expenses of their
legal and other advisors.  To induce potential exit lenders to
undertake the expensive and time-consuming work required for an
exit financing commitment, the Debtors believe it is necessary
to pay the reasonable and actual out-of-pocket costs and
expenses they incur in connection with developing, negotiating,
and documenting the financing commitment.

Without this inducement -- which is a quite common request under
the circumstances -- potential exit lenders will not undertake
the work needed to complete a financing commitment, thus leaving
the Debtors without an exit facility required for their Chapter
11 plan, Mr. Monton explained.  He further noted that the
Debtors have already received interest from Dune Capital LP and
Caspian Capital Partners LP to provide exit financing, but they
are unwilling to proceed further unless they are reimbursed for
their out-of-pocket costs and expenses associated with their due
diligence review ofthe Debtors.  In addition to Dune and
Caspian, the Debtors hope to pursue exit financing negotiations
with other lenders.  Parallel negotiations with multiple
potential exit lenders will ensure that the Debtors obtain
financing with competitive terms, Mr. Monton said.

The Debtors believe that the requested expense reimbursement is
reasonable for the proposed collateral base, which will include
all of the Debtors' assets, including their interests in GE
SeaCo and the large network of foreign and U.S. non-debtor
subsidiaries, and the fact that the expenses routinely are
reimbursed both in and outside of bankruptcy.

                     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 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. 31;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SOLAR FILM: Proofs of Claim Filing Is Until Dec. 7
--------------------------------------------------
Solar Film Corporation Ltd.'s creditors are given until
Dec. 7, 2007, to prove their claims to Robin J. Mayor, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Solar Film's shareholders agreed on Nov. 21, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


SOLAR FILM: Will Hold Final Shareholders Meeting on Dec. 28
-----------------------------------------------------------
Solar Film Corporation Ltd. will hold its final shareholders
meeting on Dec. 28, 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
=============


* BOLIVIA: Obtains US$22-Million Concessional Loan from IDB
-----------------------------------------------------------
The Inter-American Development Bank has approved a US$22 million
concessional loan to Bolivia for a program to improve storm
drainage in La Paz.

"The goal of the program is to help improve the quality of life
in the city of La Paz and reduce human losses and property
damage caused by severe storms," said IDB Team Leader Coral
Fernandez Illescas.

"The Storm Drainage Master Plan for La Paz calls for
interventions in the city's five main watersheds," she added.
"Since there are different problems in each watershed and
repetitive measures must be taken to address each one, the
project was designed as a multiple-works investment program."

The resources will be used mainly for flood and erosion control.
The project also includes activities for environmental
management and institutional strengthening to improve urban
management and planning related to the storm drainage system and
urban growth to ensure the sustainability of the investments.

The municipal government of La Paz will carry out the project.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov 6, 2007, Standard & Poor's Ratings Services revised its
outlook on the Republic of Bolivia to stable from negative.  S&P
also said that it affirmed its 'B-' long-term and 'C' short-term
credit ratings on the sovereign.




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


AMR CORP: Plans to Divest American Eagle Division
-------------------------------------------------
AMR Corporation, the parent company of American Airlines Inc.,
plans to divest American Eagle, its regional carrier.  AMR,
which has been engaged in an ongoing strategic value review
process, relates that a divestiture of American Eagle is in the
best interests of AMR and its shareholders and will be
beneficial to American, American Eagle, their employees, and
other stakeholders.

The divestiture of American Eagle is intended to provide it with
the structure, incentives and opportunities to win new business
and provide new opportunities for American Eagle's employees.
AMR also stated that the divestiture will enable American to
focus on its mainline business, while ensuring American's
continued access to cost-competitive regional feed.

Once the two airlines are separated, it is expected that they
will operate pursuant to a mutually beneficial air services
agreement under which American Eagle will continue to provide
American with regional flying of a scope and quality comparable
to that provided prior to the separation and on terms that
reflect today's market for those services.

AMR evaluates the form of the divestiture, which may include a
spin-off to AMR shareholders, a sale to a third party, or some
other form of separation from AMR.  The company expects to
complete the divestiture in 2008; however, the completion of any
transaction and its timing will depend on a number of factors,
including general economic, industry and financial market
conditions, well as the ultimate form of the divestiture.

"The decision comes after a careful and deliberate evaluation of
the strategy that will best enable us to continue to create
value for our shareholders," Gerard Arpey, AMR Chairman and CEO,
said.  "We have worked hard over the years to build a regional
airline that is fully capable of standing on its own and is well
positioned to pursue growth opportunities outside of the AMR
corporate structure."

Mr. Arpey noted that, in addition to AMR having put in place an
independent American Eagle management structure, with a chief
executive officer and chief financial officer, American Eagle
also has a well-formed operational structure and organization
and has produced independently audited financial results for the
past several years.

Earlier this year, American and American Eagle entered into a
new regional flying agreement between the airlines that reflects
market-based rates, which ensures that American continues to
have access to quality feed on competitive terms.

Mr. Arpey added that AMR's divestiture of American Eagle and the
regional airline's ability to provide quality feed at
competitive rates to other carriers, well as American, will
better position American Eagle to compete for new customers
and growth opportunities in the future.

American Eagle is a fully developed operating unit providing a
full range of regional airline services with excellent employees
and a modern fleet.  It operates approximately 300 aircraft,
with approximately 1,700 daily flights to more than 150 cities
throughout the United States, Canada, the Bahamas, the Caribbean
and Mexico.  In 2007, American Eagle expects to
generate annual revenues of approximately US$2.3 billion.

The planned divestiture would include both American Eagle
Airlines Inc., which feeds American Airlines hubs throughout
North America, and its affiliate, Executive Airlines Inc., which
carries the American Eagle name throughout the Bahamas and the
Caribbean from bases in Miami and San Juan, Puerto Rico.

                   About AMR Corporation

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia, including Belgium,
Brazil, Japan, among others.  American is also a scheduled
airfreight carrier, providing freight and mail services
to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.


AMR CORP: Fitch Affirms B- Issuer Default Rating w/ Pos. Outlook
----------------------------------------------------------------
Fitch has affirmed AMR Corp. and its principal operating
subsidiary, American Airlines, Inc.'s Issuer Default Ratings at
'B-' on Nov. 13, 2007, while revising the Rating Outlook for AMR
Corp. to Positive.

Following the announcement by AMR Corp. that it intends to
divest its American Eagle Holding Corp. subsidiary in 2008,
Fitch expects no near-term impact on the debt ratings of the
company and its subsidiary, American Airlines, Inc.

Since AMR Corp.'s announcement simply reflects the airline's
desire to pursue an American Eagle divestiture without specific
details on any prospective deal terms or the likely allocation
of cash proceeds, the credit quality implications of any future
transaction are still uncertain.  Moreover, there is a real
possibility that an acceptable transaction will not be closed in
2008 given uncertainties over the durability of the industry's
revenue recovery and the persistence of record-high jet fuel
prices.  Fitch expects margin pressure at regional airline
operators such as American Eagle to continue as a result of
higher unit operating expenses (especially for smaller regional
jets of 50 seats and below) and a softening United States
macroeconomic environment that will likely make domestic unit
revenue comparisons difficult in 2008.

Should cash proceeds from any Eagle divestiture be directed
toward debt reduction at the parent or American Airlines, Inc.,
the mainline carrier's credit profile could improve.  AMR Corp.
has already announced plans to pre-pay approximately US$545
million of secured aircraft debt in the fourth quarter.
However, most or all of the proceeds could be returned to
shareholders without incremental leverage reduction.  American
Eagle and its Executive Airlines affiliate are expected to
generate 2007 revenues of approximately US$2.3 billion, and
Fitch estimates that approximately US$2.6 billion of secured
debt resides at the American Eagle Holding Corp. subsidiary.

                       About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc.
-- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia, including Belgium,
Brazil, Japan, among others.  American is also a scheduled
airfreight carrier, providing freight and mail services to
shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR Corp., is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.


AMR CORP: Pilot Union Responds to Reported American Eagle Sale
--------------------------------------------------------------
Captain Herb Mark, chairperson of the American Eagle pilots
union, a unit of the Air Line Pilots Association, Int'l, has
released these statement in response to AMR Corp.'s announcement
of the sale of its wholly owned subsidiary American Eagle.

"This afternoon, American Eagle management and AMR Holdings have
announced their intention to sell American Eagle, the nation's
largest regional airline.  At this time we are awaiting a
meeting between ALPA and management at which time they can
explain the business rationale for this decision.  We fully
expect management to keep us informed every step of the way and
welcome our participation.  This will ensure that any
transaction results in a viable airline that honors the
commitment of union pilots."

Capt. Mark said, "Any new ownership would be subject to our
existing collective bargaining agreement, which contains
protections for our pilots in the event of a sale or merger."

"Regardless of who owns American Eagle, nothing is more
important to ALPA than resolving the issues that have created
strained labor relations between the pilots and management.  For
several years pilots have been forced to fly more hours in a day
because of understaffing.  The staffing shortage has led to
exhausting flight schedules, causing our pilots to sacrifice
needed rest in order to meet the company's bottom line." Capt.
Mark added.

"ALPA wants our management, potential buyers, and the flying
public to know that the American Eagle pilots are largely
responsible for the continued success of this airline," Capt.
Mark said.  "We fully expect that our sacrifices will be
respected and rewarded as we become a partner in whatever lies
ahead."

Capt. Mark concludes, "We welcome this kind of cultural change.
We will keep a close eye on the developments concerning the sale
of American Eagle, and will carefully evaluate the details as
they become available."

        About Air Line Pilots Association, International

Founded in 1931, Air Line Pilots Association International is
the world's largest pilot union representing more than 60,000
pilots at 42 airlines in the U.S. and Canada.  American Eagle is
a wholly owned subsidiary of AMR Corp. and provides feed to
American Airlines as well as point-to-point service in North and
Central America and the Caribbean.

                       About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR)
operates with its principal subsidiary, American Airlines Inc.
-- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, Europe and Asia.  American is also a
scheduled airfreight carrier, providing freight and mail
services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 15, 2007,
Fitch Ratings affirmed the debt ratings of AMR Corp. and its
principal operating subsidiary American Airlines Inc., as:
(i)AMR: issuer default rating at 'B-'; and senior unsecured debt
at 'CCC'/RR6'; (ii)American Airlines: issuer default rating at
'B- '; secured bank credit facility at 'BB-/RR1'.

Fitch has revised the Rating Outlook for both AMR and American
to positive from stable.


BANCO DAYCOVAL: Gets US$115-Million Funding from Int'l Finance
--------------------------------------------------------------
Banco Daycoval said in a statement that it has secured about
US$115 million in financing through the International Finance
Corp.

According to Banco Daycoval's statement, the International
Finance will grant a US$30-million, five-year loan directly to
Banco Daycoval in the next two weeks.  It will also coordinate a
US$85-million syndicated loan with 10 banks, helped by Brazilian
investment bank Itau BBA.

Banco Daycoval will use the funds to boost lending to small and
medium-sized enterprises, with at least 50% of the money
allocated for businesses "beyond the more affluent southeast,"
Business News Americas relates.

Headquartered in Sao Paulo, Brazil, Banco Daycoval started its
activities in 1968, with the creation of Daycoval DTVM and Valco
Corretora de Valores.  Brothers Ibrahim and Sasson Dayan control
the bank.  It is the core business of its shareholders and
specialises in financing small- and medium-sized companies,
backed by receivables.  It also operates with consignment
lending for payroll deduction and consumer financing.  Since
June 2007, the bank has had 29% of its shares traded at Bovespa
on the New Brazilian Stock Market.  These shares enjoy a tag-
along privilege, giving minority shareholders 100% of the value
of the block of controlling shares in the event of the sale of
the institution.

As reported in the Troubled Company Reporter-Latin America on
Nov. 27, 2007, Fitch Ratings assigned Banco Daycoval S.A. these
ratings:

  -- Long-term foreign currency Issuer Default Rating 'BB-';
     Outlook Stable

  -- Long-term local currency IDR 'BB-'; Outlook Stable

  -- Short-term foreign currency IDR 'B'

  -- Short-term local currency IDR 'B'

  -- Individual rating 'C/D'

Banco Daycoval's other ratings are National Long-term rating
'A(bra)' with Positive Outlook, National Short-term rating
'F1(bra)' and Support rating '5'.


BASELL AF: Lyondell Acquisition Prompts Moody's to Lower Ratings
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Basell AF SCA to B1 to reflect its on-going
acquisition of the Lyondell Chemical Company.

Moody's downgraded legacy US$300 million 2027 notes issued at
Basell Finance Company from B2/LGD5 (84) to B3/LGD6 (90) and
legacy US$615 million and EUR500 million 2015 notes issued at
Basell AF SCA from B2/LGD5 (84) to B3/LGD6 (90).

Moody's downgraded legacy 2026 7.55% notes issued at Lyondell
Chemical from B1/LGD4 (64) to B3 /LGD5 (84), legacy 2026 7.625%
notes issued at Millennium America Inc. from B1/LGD4 (66) to
B3/LGD 6 (96).  The legacy 2010 10.25% notes issued at Lyondell
Chemical Worldwide, Inc. were downgraded from B1/LGD5 (73) to
B3/LGD6 (96) and legacy 2020 9.8% notes issued at Lyondell
Chemical Worldwide were downgraded from B1/LGD5 (73) to B3/LGD6
(96).

Moody's also assigned (P)Ba2/LGD2 (27) rating to the new
US$12.450 billion in senior secured first lien facilities
(including US$1 billion revolver) , (P)B2/LGD5 (74) to US$5.5
billion senior secured second lien facilities and (P)B3 / LGD
6(90) to the proposed US$2.5 billion senior unsecured notes
supporting the proposed US$20 billion acquisition of Lyondell
Chemical (including refinancing of some of the existing
obligations and the transaction costs).  The outlook is stable.

Moody's issues provisional ratings on the new facilities in
advance of the final sale of securities, and these ratings only
represent Moody's preliminary opinion.  Upon a conclusive review
of the transaction and associated documentation, Moody's will
endeavor to assign definitive ratings to the securities.  A
definitive rating may differ from a provisional rating.

Moody's notes that following the approval of the proposed
acquisition by the shareholders of Lyondell on Nov. 20, 2007,
Lyondell has launched a cash tender offer for its remaining
publicly traded obligations.  Following the refinancing, Moody's
will withdraw the ratings on the repaid instruments.

                          Background

This rating action concludes the review of Basell ratings
initiated on June 26, 2007 following the announcement by the
company that it has signed a definitive agreement to acquire
Huntsman Corporation, and following further its announcement on
July 17, 2007, that it has signed a definitive agreement to
acquire Lyondell Chemical Co., as Huntsman has accepted a
competing offer by Hexion Specialty Chemicals Inc. and has
terminated the agreement with Basell.

Basell will pay US$48 per share of Lyondell and assume all debt
of the US company which will become its subsidiary. The
acquisition is expected to be financed with debt.  At the end of
2007, the combined group is expected to have c. US$23.7 billion
of debt.  This will include approximately US$11.5 billion
outstanding under the committed senior secured 1st lien
facilities, approximately US$2.0 billion raised under its
existing and new securitization and accounts receivables asset
backed facilities, and US$5.5 billion in senior secured 2d lien
notes and US$2.5 billion senior unsecured notes, as well as some
of the legacy liabilities of Basell and Lyondell.  The company
expects to close the transaction by the end of 2007.

                      Rating Rationale

Following the acquisition of Lyondell, Basell will become one of
the largest independent chemical groups with estimated pro-forma
2007 Revenues in excess of US$40 billion and EBITDA of US$4.8
billion reflecting strong performance of Lyondell and Basell
businesses at this phase of the mature cycle.  The group will
focus on commodities and refining and is expected to derive 29%
of its 2007 pro-forma EBITDA from refining, 46% from its olefins
and polyolefins and 15% from propylene oxide.  Basell's
technology and advance polyolefins businesses are estimated to
contribute 10% of its 2007 PF EBITDA.

Moody's notes that following its LBO in 2005, Basell capitalized
on the extended cyclical upturn in the polyolefins market and
utilised its strong cash flow generation to reduce its LBO debt
and strengthen the balance sheet.

The downgrade of Basell's corporate family rating reflects
Moody's concern with regard to the substantial absolute amount
of debt assumed by the combined group at this stage of the
extended petrochemical cycle.  Moody's estimates that following
the closing, the company's leverage will approach 5 times PF
EBITDA on a non-adjusted basis, supported by strong performance
of the company and a sustained strength in the Lyondell business
in 2007.  Furthermore, Moody's expects Basell to make a follow
up US$700 m acquisition in 1H 2008 (to be substantially funded
with the proceeds of the committed senior secured facilities),
as well as some small bolt on acquisitions.

The rating, however, is underpinned by the expectation of a
resolute deleveraging in the first 18 months and US$420 million
in synergies that the group plans to realise in 2008-2010 that
should allow Basell to maintain credit metrics consistent with
the assigned rating.  Although dividend restrictions and a cash
flow sweep envisaged by the structure provide for a strict usage
of the cash flow, Moody's cautions that a sharp early
deterioration in market conditions would be likely to place
pressure on the highly leveraged capital structure.

The stable outlook on the ratings reflects the expectation that
market and economic conditions will remain broadly supportive in
the medium term and will allow Basell to substantially reduce
the absolute amount of debt in the first 18 months.  The
combined group will have US$1 billion revolver facility and US$3
billion of securitization and assets back facilities to support
its working capital and liquidity needs.

Moody's notes the substantial size of the interest payments in
relation to the company's current FFO and a substantial interest
rate exposure (while the facilities require Basell to hedge
interest rate exposure on at least 50% of the outstanding debt).
The ratings may be reviewed downwards should FFO-Interest /
Interest decline below 2.0 times and FCF/Total Debt weaken
sustainably to low single digits.  Sustained strong
profitability and debt reduction below 4.0 EBITDA (on adjusted
basis) through the cycle would put a positive pressure on the
ratings.

                 Structural Considerations

The assigned (P)Ba2/LGD2 (27) ratings on the US$12.450 billion
Senior Secured 1st Lien 2013 Facilities reflect the priority
ranking of the instruments supported by the senior upstream
guarantees provided by the majority of the operating companies
of the combined entity. Furthermore, the expected recoveries
under the facilities are supported by the 1st lien pledge over a
material portion of European and American assets and cash flow
generation capacity for the US$12.450 billion facilities.

The assigned (P)B2/LGD5 (74) ratings to the US$5.5 billion
Senior Secured 2d Lien Facility to be issued at BIL Holdings is
supported by the claim on the same collateral pool and the
upstream guarantees provided by the same majority group of
operating companies on a subordinated basis to the claims under
the 1st lien facilities.

The provisional (P)B3/LGD6 (90) ratings on the US$2.5 billion
senior unsecured notes to be issued at BIL Holdings reflects the
substantial share of the priority secured debt ranking ahead of
the notes.  The instrument will also be guaranteed by the
operating subsidiaries on a subordinated basis.

The downgrade to B3 of the US$300 million 2027 legacy senior
unsecured guaranteed notes at Basell Finance Co. and the 2015
senior secured guaranteed notes at Basell AF SCA reflects the
subordinated position of the legacy liabilities of Basell in the
new capital structure, dominated by the new senior secured 1st
and 2d lien facilities.

The expected recovery under the 2015 notes is supported by the
existing subordinated upstream guarantees provided by the
majority of the operating companies.  The 2027 notes, by
comparison, benefit only from the downstream parent guarantee of
Basell Holding BV, an intermediate holding company whose assets
are stakes in the European operating companies.  Moody's notes
that the position of the unsecured claim under the guarantee may
be indirectly supported by some unencumbered subsidiaries that
are restricted to provide guarantees and security under the
legacy 2027 notes, while the lenders under the 2027 notes do not
have a direct claim on these subsidiaries in an insolvency
situation.

The downgrade of the legacy senior notes issued via Lyondell
Chemical Co., Lyondell Chemical Worldwide Inc. and Millennium
America Inc to B3 reflects the weakened position of the
instruments in the new capital structure.

Moody's notes that the US$250 million 2013 Senior Unsecured
Notes at Millennium America Inc. are guaranteed by Millennium
Chemicals Inc which has limited operating asset base following a
number of disposals made by Lyondell in 2007; while the 2010 and
2020 senior notes at Lyondell Chemical Worldwide will benefit
from the 1st lien pledge of assets directly owned by Lyondell
Chemical Co. that secures the Senior Secured Credit Facilities.
The 2026 notes will benefit from the first-lien pledge of
Equistar assets that also form part of the security package for
the secured facilities.  The relative asset coverage of the
legacy liabilities is reflected in the LGD rates assigned at
LGD6 (96) for the Millennium America Inc notes and notes issued
at Lyondell Chemical Worldwide compared to LGD5 (84) assigned to
the legacy Lyondell notes, benefiting from the provision of the
additional security at Equistar.

These ratings are affected:

  -- B1 Corporate family rating at Basell AF SCA;

  -- (P) Ba2 / LGD 2 (27%) rating on the Senior Secured 1st lien
     facilities;

  -- (P) B2 / LGD 5 (74%) rating on Senior Secured 2d lien notes
     at BIL Holdings;

  -- (P) B3 / LGD 6 (90%) rating on Senior Unsecured notes at
     BIL Holdings;

  -- B3 / LGD 6 (90%) rating on 2015 8.375% notes at Basell AF
     SCA;

  -- B3 / LGD 6 (90%) rating on 2027 8.1% notes at Basell
     Finance Co.;

  -- B3 / LGD 5 (84%) rating on 2026 7.55% notes at Lyondell
     Chemical Co. (Assumed by Equistar LP);

  -- B3 / LGD 6 (96%) rating on 2026 7.625% notes at Millennium
     America Inc.;

  -- B3 / LGD 6 (96%) rating on 2010 10.25% notes at Lyondell
     Chemical Worldwide, Inc.;

  -- B3 / LGD 6 (96%) rating on 2020 9.8% notes at Lyondell
     Chemical Worldwide, Inc.

Headquartered in The Netherlands, Basell AF SCA --
http://www.basell.com/-- is the producer of polypropylene and
advanced polyolefins products, a leading supplier of
polyethylene and catalysts, and a global leader in the
development and licensing of polypropylene and polyethylene
processes.  The company, together with its joint ventures, has
manufacturing facilities around the world and sells products in
more than 120 countries.  With research and development
activities in Europe, North America and the Asia-Pacific region,
Basell is continuing a technological heritage that dates back to
the beginning of the polyolefins industry.  In 2006, the company
reported revenues of EUR10.5 billion and EBITDA of EUR1.1
billion.

Basell has regional offices in Belgium, Germany, the United
States, Brazil and Hong Kong, as well as sales offices in the
major markets around the globe.


BASELL AF: S&P Downgrades Corp. Credit Rating to B+ from BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Basell AF S.C.A. to 'B+' from 'BB-'
and removed it from CreditWatch, where it was placed with
negative implications on June 26, 2007.  This follows approval
for Basell's acquisition of Lyondell Chemical Co. from Lyondell
shareholders and regulatory approvals.  Furthermore, financing
for the acquisition is underwritten by five major investment
banks.  The acquisition is expected to be completed on
Dec. 20, 2007.

At the same time, S&P lowered the long-term corporate credit
ratings on Lyondell and its related entity Equistar Chemicals
L.P. to 'B+' from 'BB-', and removed them from CreditWatch,
where it was placed with negative implications on July 17, 2007.
The 'B-1' short-term rating on Lyondell was withdrawn.  The
long-term corporate credit rating on Lyondell's subsidiary
Millennium Chemicals Inc. was affirmed at 'B+' and removed from
CreditWatch negative.  The outlook on all entities is stable.

"The downgrade reflects the substantial increase in Basell's
financial debt following the acquisition, which will be 100%
debt financed and will result in a highly leveraged structure at
a mature stage in the petrochemical cycle," said S&P's credit
analyst Tobias Mock.

S&P considers that the company's business risk following the
acquisition will benefit from a better product and geographic
mix.  It will have a strong backward integration and cost
structure for a Europe- and North America-based petrochemical
producer, strengthened market positions in polyolefins, and is
likely to benefit from sizable synergies.

Nonetheless, the company remains highly sensitive to cyclical
businesses, and the petrochemical cycle will remain a dominant
factor in guiding the company's cash flow generation.

"The stable outlook reflects our expectation that the group's
petrochemical assets will continue to perform strongly in 2008
and our assumption that the merger between Basell and Lyondell
will be closed successfully in 2007," said Mr. Mock.  S&P
expects the petrochemical cycle to weaken from 2009 and that
refining margins will weaken in the coming years.  Therefore,
although S&P expects Basell's credit protection ratios to
improve in 2008, they are likely to deteriorate again to current
levels or below as the petrochemical cycle weakens.

Headquartered in The Netherlands, Basell AF SCA --
http://www.basell.com/-- is the producer of polypropylene and
advanced polyolefins products, a leading supplier of
polyethylene and catalysts, and a global leader in the
development and licensing of polypropylene and polyethylene
processes.  The company, together with its joint ventures, has
manufacturing facilities around the world and sells products in
more than 120 countries.  With research and development
activities in Europe, North America and the Asia-Pacific region,
Basell is continuing a technological heritage that dates back to
the beginning of the polyolefins industry.  In 2006, the company
reported revenues of EUR10.5 billion and EBITDA of EUR1.1
billion.

Basell has regional offices in Belgium, Germany, the United
States, Brazil and Hong Kong, as well as sales offices in the
major markets around the globe.


BRASKEM SA: Moody's Puts Global Scale Corp. Family Rating at Ba1
----------------------------------------------------------------
Moody's Investors Service has assigned corporate family ratings
of Ba1 on its global scale and Aa2.br on its Brazilian national
scale to Braskem S.A.  The ratings outlook is stable.  This is
the first time that Moody's has assigned ratings for the
company.

Braskem's Ba1 global local currency rating incorporates its
leading market position in Brazil and Latin America, which
translates into moderate pricing power in selling its product to
clients. Also important to the rating is the company's above
industry average operating margin that results from high
capacity utilization rates, long-term client relationships,
product customization and logistics-related and tariff-related
barriers for thermoplastic resin imports.

While Braskem's prudent liquidity management is a credit
positive, its fairly high leverage for a commodity-based company
is a constraining factor for the rating.  A large portion of the
company's indebtedness derives from debt-funded acquisitions
made in recent years during the consolidation process of the
Brazilian petrochemical industry.  The rating also factors in
the company's high exposure to volatile naphtha prices, its low
geographic and operational diversification compared to
international peers, and the event risk associated with both the
acquisition of Ipiranga's assets and the company's
internationalization process, which includes investments in
greenfield projects and acquisitions in neighboring countries
with higher sovereign risk than Brazil.

The company's principal investment project consists of a 50/50
joint-venture with Petroquimica de Venezuela S.A. -- Pequiven
(not rated) for the construction of a 450,000 tons per year
polypropylene facility and of a 1.3 million tons natural gas
cracker integrated with a polyethylene plant, at an estimated
cost of some US$2.5 billion.  Moody's believes funding for the
projects will include 30% equity and 70% from project finance
without recourse to the sponsors.  The new plants, strategically
located to serve the Pacific Coast of Latin America, as well as
the North American and European markets, should benefit from the
large natural gas reserves in Venezuela and contribute to
diversify Braskem's feedstock.

While the Ba1 global scale rating reflects the global default
and loss expectation of the company, the Aa2.br national scale
rating reflects the standing of its credit quality relative to
other domestic issuers.  National Scale Ratings are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks.  NSRs in Brazil are designated by
the ".br" suffix.  NSRs differ from global scale ratings in that
they are not globally comparable to the full universe of Moody's
rated entities, but only with other rated entities within the
same country.

The stable outlook reflects Moody's expectation that Braskem
will maintain its leading position in the Brazilian market and
will prudently manage its capital structure and liquidity
position.  Also, the stable outlook assumes that the greenfield
projects in Venezuela will be structured in a way to ring-fence
the company from any obligations other than the estimated US$400
million equity contribution.

The rating or outlook could be upgraded if leverage decreases to
a level which Moody's considers to be more compatible with the
volatile nature of Braskem's cash flows, with Total Adjusted Net
Debt to EBITDA expected to remain below 2.0 even during years
when there is margin pressure.  An upgrade would also require
that the company to improve its debt maturity profile while
simultaneously maintaining a minimum cash balance sufficient to
cover short-term debt obligations in addition to a committed
revolving credit facility in place in an amount that is
compatible with its working capital needs.  Finally, the
company's ability to maintain EBITDA margins above 15% during a
down cycle in the global industry would be positive for the
ratings.

Negative pressure on the rating or outlook could result from
Retained Cash Flow to Total Adjusted Net Debt below 20% on a
sustainable basis.  Furthermore, the rating or outlook could be
negatively affected if Braskem assumes higher risks in the
Venezuelan projects than anticipated by Moody's or experiences a
significant deterioration in its liquidity profile.

Braskem (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) --
http://www.braskem.com.br/-- is a thermoplastic resins producer
in Latin American, and is among the three largest Brazilian-
owned private industrial companies.  The company operates 13
manufacturing plants located throughout Brazil, and has an
annual production capacity of 5.8 million tons of resins and
other petrochemical products.  The company reported consolidated
net revenues of about US$9 billion in the trailing twelve months
through Sept. 30, 2007.


COMPANHIA PARANAENSE: Okays BRL792MM Investment Program for 2008
----------------------------------------------------------------
Companhia Paranaense de Energia said in a statement that its
board has authorized a BRL792-million investment program for
2008.

Business News Americas relates that investments in generation
will total BRL140 million, according to the budget.  Companhia
Paranaense will invest some BRL107 million of the generation
budget to construct the 362-megawatt Maua hydro plant in
collaboration with federal power firm Eletrosul.

Companhia Paranaense told BNamericas that it will invest:

          -- BRL218 million in transmission,
          -- BRL322 million in distribution, and
          -- BRL40 million in telecommunications.

Companhia Paranaense commented to BNamericas, "This investment
figures exclude power generation and transmission projects the
company may acquire through public bids."

Companhia Paranaense told BNamericas that its board ratified
plans to buy a 77% stake in 156-megawatt Itiquira Energetica
hydro plant.  US power company NRG Energy unit Tosli
Acquisitions is selling the stake, BNamericas states.

Headquartered in Parana, Brazil, COPEL aka Companhia Paranaense
de Energia SA -- http://www.copel.com/-- (NYSE: ELP/LATIBEX:
XCOP/BOVESPA: CPLE3, CPLE5, CPLE6) transmits and distributes
electricity to more than 3 million customers in the state of
Parana and has a generating capacity of nearly 4,600 MW,
primarily from hydroelectric plants.  COPEL also offers
telecommunications, natural gas, engineering, and water and
sanitation services.  The company restructured its utility
operations in 2001 into separate generation, transmission, and
distribution subsidiaries to prepare for full privatization,
which has been indefinitely postponed.  In response, COPEL is
re-evaluating its corporate structure.  The government of Parana
controls about 59% of COPEL.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2006, Moody's America Latina upgraded the corporate
family rating of Companhia Paranaense de Energia aka Copel to
Ba2 from Ba3 on its global scale and to Aa2.br from A3.br on its
Brazilian national scale.  Moody's said the rating outlook is
stable.  This rating action concludes the review process
initiated on July 26, 2006.

Moody's upgraded these ratings:

   -- Corporate Family Rating: to Ba2 from Ba3 (Global Local
      Currency) and to Aa2.br from A3.br (Brazilian National
      Scale);

   -- BRL500 million Senior Unsecured Guaranteed Debentures due
      2007: to Ba2 from Ba3 (Global Local Currency) and to
      Aa2.br from A3.br (Brazilian National Scale); and

   -- BRL400 million Senior Secured Guaranteed Debentures due
      2009: to Ba1 from Ba2 (Global Local Currency) and to
      Aa1.br from A1.br (Brazilian National Scale).


EMI GROUP: S&P Withdraws Low B Ratings
--------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+' long-
term and 'B' short-term corporate credit ratings on music group
EMI Group PLC, at the company's request.  The ratings were on
CreditWatch with negative implications at the time of the
withdrawal.

All of EMI Group's public debt has been repaid.  Debt ratings on
EMI Group and related entities were withdrawn on Sept. 20, 2007,
following the company's acquisition by Maltby Ltd.

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.


MILACRON INC: Okays Changes to 6% Series B Preferred Stock Terms
----------------------------------------------------------------
Milacron Inc.'s shareholders, at a special meeting yesterday,
has approved two proposals to modify the terms governing its 6%
Series B Preferred convertible stock.  The first proposal limits
the circumstances in which Series B holders could demand a cash
redemption following a "change of control" of the company.  The
second proposal accords "Initial Investor" status to Ohio
Plastics, LLC, a wholly owned affiliate of Bayside Capital,
Inc., the recent acquirer of 57.5% of Milacron's Series B stock.

Details of the proposals can be found in the definitive proxy
statement filed by the company on Oct. 26, 2007.  Final
tabulations of the votes, once certified, will be posted on the
company's website.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/ -- is a global manufacturer
and supplier of plastics-processing equipment and related
supplies.  Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications.  The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.
Milacron's annual revenues approximated US$805 million over
the last twelve months.

The company has an office in South Korea, and joint ventures in
China and India.  In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.

                        *     *     *

As reported in the Troubled Company Reporter on Jan. 2, 2007,
Standard & Poor's Ratings Services revised its outlook on
Cincinnati, Ohio-based Milacron Inc., to developing from
negative.  At the same time, Standard & Poor's affirmed its
ratings on the company, including its 'CCC+' corporate credit
rating.


NRG ENERGY: Paying Preferred Stock Dividends on Dec. 17
-------------------------------------------------------
NRG Energy Inc. has announced the following preferred stock
dividends, payable on Dec. 17, 2007, to holders of record of its
preferred stock as of Dec. 3, 2007:

   -- A US$10 per share cash dividend on its 4% Convertible
      Perpetual Preferred Stock issued in December 2004; and

   -- A US$3.59375 per share cash dividend on its 5.75%
      Mandatory Convertible Preferred Stock issued in February
      2006.

All inquiries and correspondence regarding NRG common and
preferred stock-relating to shareholder records, transfer of
shares, lost certificates, or change of address-should be
addressed to:

               BNY Mellon Shareowner Services
               P.O. Box 11258
               Church Street Station
               New York, NY 10286
               Tel: (800) 524-4458

                      About NRG Energy

Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE:
NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                        *     *     *

Standard & Poor's Ratings Services rates NRG Energy Inc.'s
USUS$4.7 billion unsecured bonds at 'B'.  In addition, Standard
& Poor's rates NRG Energy Inc.'s corporate credit rating at
'B+'.  S&P said the outlook is stable.


SANYO ELECTRIC: Earns JPY16 Billion for First Half of Year
----------------------------------------------------------
Sanyo Electric Co., Ltd., announces its consolidated results for
the first half of fiscal year 2007 ended in Sept. 30, 2007.

The first half of fiscal year 2007 ended with consolidated net
sales of JPY1,091.4 billion, a decrease 0.4% from the same
period of last year.  Domestic sales decreased by 16.2%, ending
at JPY403.5 billion, over the same period last year, due in part
because of the decline in mobile phones and commercial equipment
such as industrial kitchen appliances and medical equipments in
addition to the weak sales of white goods.  Overseas sales
increased by 12%, totaling JPY688.0 billion, over the same
period last year, thanks to digital cameras and projectors,
commercial-use air conditioning and showcase systems, and a
favorable lithium-ion and solar battery markets.

Operating profit was up 50.3%, to JPY23.8 billion, over the same
period last year, through cost reductions and stronger sales in
the digital camera and components businesses, despite increases
in raw materials' cost.  Profit before tax surged 243% to
JPY24.1 billion, compared to the same period last year, from a
reduction in debt bearing interest and gains on the sale of
SANYO's share in SANYO Electric Credit.  The net profit for the
first half was JPY16.0 billion, a large improvement from a
negative balance at the same time last year.

Seiichiro Sano, President of SANYO, commented, "The first half
ended with higher-than-expected sales, operating profit, profit
before tax, and net profit.  Also, there is elevated awareness
globally of the environment, which will allow us greater
opportunities to expand business in our aim to become a leading
provider of Environment- and Energy-related products."  He also
added, "A new three-year 'Mid-term Management Plan' is being
created, which will help make SANYO a new global company with
sustainable growth."

SANYO has been aiming to revitalize and reform itself through
structural transformations carried out from the Mid-term
Management Plan in effect from fiscal year 2005 through fiscal
year 2007.  Emphasized investment of management resources on
core businesses will be implemented and further structural
transformations carried out by the end of this fiscal year
(FY2007).

Forecast for the fiscal year ending March 31, 2008 has adjusted
its net sales and operating profit from the original forecast
announced on May 28, 2007 to JPY2.23 trillion and JPY50 billion
respectively.

                     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.


SOCIEDADE ANONIMA: S&P Lifts Corp. Credit Rating to BB- from B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its foreign
currency corporate credit rating on Brazilian electric utility
Sociedade Anonima de Eletrificacao da Paraiba to 'BB-' from
'B+'.  S&P also revised the outlook to stable from positive.

At the same time, S&P affirmed its 'B+' corporate credit rating
on Empresa Energetica de Sergipe S.A. and the 'B+' rating on the
company's US$250 million notes units.  The outlook is positive.

The rating action reflects the expected positive effects on
Sociedade Anonima's capital structure after its parent holding
company, Energisa Group (unrated), used proceeds from generation
asset sales to reduce debt and Sociedade Anonima's improved
profile stemming from the issuance of a series of capital market
transactions, including the group's new BRL150 million (about
US$83 million) credit receivables fund, or FIDC II (preliminary
rating 'brAAAf').  Sociedade Anonima's financial figures as of
September 2007 confirmed the forecast improvements after the
group sold its first generation assets in July 2007.  In
September 2007, the company had a total debt to EBITDA of 2.2,
including pension fund obligations (2.56 in December 2006), FFO
to total debt of 28%, and FFO interest coverage of 2.5.

The rating on Sociedade Anonima reflects weak operating
statistics, including high outage duration and high outage
frequency, a high level of energy losses, and some exposure to
currency risk, although the company swaps 100% of its dollar-
denominated debt to local currency.  Other risks include an
expected larger dividend distribution, and the risks linked to
the Brazilian electric sector's regulatory environment.
Mitigating these factors are improving cash flow protection
measures, a compatible debt amortization schedule, high
profitability measured by EBITDA margin, manageable level of
receivables that are more than 90 days past due, and an
exclusive concession to distribute electricity in the state of
Paraiba.

The B+/Positive/-- rating on Energetica de Sergipe reflects
still-tight cash flow protection measures, exposure to foreign
currency-denominated debt, some exposure to currency risk,
although the company swaps 100% of its dollar-denominated debt
to local currency.  Also, the expected larger dividend
distribution, and the risks linked to the Brazilian electric
sector's regulatory environment.  Although Energetica de Sergipe
also benefited from the first sale of generation assets and its
expected debt profile improvement, the company's capital
structure continues to carry substantial leverage.  In September
2007, the company recorded a total debt to EBITDA of 3.1,
compared with 3.92 in December 2006.  These risks are mitigated
by lack of significant debt amortization in the next five years,
high profitability as measured by EBITDA margin and a manageable
level of past-due receivables, adequate operating statistics,
and an exclusive concession to distribute electricity in the
state of Sergipe.

S&P affirmed its 'B+' rating on the US$250 million senior
unsecured notes issued by both companies because it is capped by
the weaker issuer's rating.

Sociedade Anonima and Energetica de Sergipe are two of the five
electricity distribution companies that form the Energisa Group.
The group distributes electricity to more than 2 million
consumers in 352 municipalities in Brazil, accounting for 9% of
total electricity distributed in the Northeast region and 2% of
the total electricity distributed in the country.

Sociedade Anonima de Eletrificacao da Paraiba; privatization of
electric distribution company serving approximately 715,000
customers in the State of Paraiba, Brazil.


TRANSAX INT'L: Sept. 30 Balance Sheet Upside-Down by US$3.3 Mil.
----------------------------------------------------------------
Transax International Limited's consolidated balance sheet at
Sept. 30, 2007, showed US$2,112,254 in total assets and
US$5,481,383 in total liabilities, resulting in a US$3,369,129
total stockholders' deficit.

At Sept. 30, 2007, the company's consolidated balance sheet also
showed strained liquidity with US$904,785 in total current
assets available to pay US$5,021,264 in total current
liabilities.

The company reported a net loss of US$59,460 on revenues of
US$1,328,636 for the third quarter ended Sept. 30, 2007,
compared with a net loss of US$623,578 on revenues of
US$1,115,930 in the same period last year.

The increase in revenues is due to an increase in installations
of the company's software or hardware devices at healthcare
providers' locations in Brazil.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?25d0

                      Going Concern Doubt

Moore Stephens P.C., in New York, expressed substantial doubt
about Transax International Limited's ability to continue as a
going concern after auditing the company's consolidated
financial statements as of the year ended Dec. 31, 2006.  The
auditing firm pointed to the company's accumulated losses from
operations, working capital deficiency and net capital
deficiency at Dec. 31, 2006.

In addition, since fiscal 2000, the company has been deficient
in the payment of Brazilian payroll taxes and Social Security
taxes.  At Sept. 30, 2007, these deficiencies, including
interest and fines, amounted to approximately US$1,013,000.

                   About Transax International

Based in Miami, Florida, Transax International Limited (OTC BB:
TNSX.OB) -- http://www.transax.com/-- primarily through its
wholly-owned subsidiary, Medlink Conectividade em Saude Ltda. is
an international provider of information network solutions
specifically designed for healthcare providers and health
insurance companies.  The company has offices located in
Miami, Florida and Rio de Janeiro, Brazil.


UAL CORP: Seeks US$2.055-Billion Term Loan Amendment
----------------------------------------------------
United Airlines Corporation has pursued an amendment to its
existing credit agreement.

The company has presented the proposal to lenders and expected a
decision later next week.  If approved, United will pay down
US$350 million of the term loan under the credit facility and
will get the flexibility to implement up to US$500 million of
shareholder initiatives.  Timing and form of any shareholder
initiative ultimately will be determined by UAL's board of
directors.

The amendment would also provide the company with flexibility
for further shareholder initiatives by making additional term
loan pre-payments.

In the 20 months following its restructuring, United has reduced
its total net debt by US$2.7 billion, including a US$1.6 billion
reduction of on and off balance sheet debt in the first three
quarters of 2007.  United has generated more than US$2 billion
in operating cash flow in the first nine months of the year.

                       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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2007, Moody's Investors Service 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.

At the same time, Standard & Poor's Ratings Services affirmed
its 'B' corporate credit rating on UAL Corp. and subsidiary
United Air Lines Inc.


* BRAZIL: Makes US$1.14 Billion from Oil Block Sale
---------------------------------------------------
The Times relates that Brazil has made US$1.14 billion through a
sale of oil and gas exploration concessions, despite major
multinationals' boycotting of the auction.

World Business Editor Carl Mortished reports that the first
auction of exploration, which was discovered at Tupi field has
recorded a billion-dollar amount for 117 blocks.  However, 41
blocks has been removed from the sale by the government to keep
heavy-hitters on the sideline.

According to the The Times, ExxonMobil, Shell and Chevron has
showed interest to bid for the 41 blocks, which are located in
deep water and in similar geology to Tupi.

Reports show that the Brazilian Government put the most valuable
acreage on hold but still secured almost double the revenues
compared to the last auction in 2005.

OGX Petroleo e Gas Participacoes, a new venture led by Eike
Batista, a Brazilian mining entrepreneur, has won 21 fields that
were auctioned.

Brazil, The Times states, is producing two million barrels per
day of crude oil that will increase the country's oil output due
to the Tupi discovery, making Petrobras as one of the world's
major oil companies.  Tupi alone might produce one million
barrels per day by 2015, The Times adds.

                        *     *     *

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 Wins 3 Blocks in Pernambuco-Paraiba Basin
-------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA aka
Petrobras, in partnership with Portugal's Petrogal, has won
three deepwater blocks in the Pernambuco-Paraiba basin during
the ninth hydrocarbons licensing round, Business News Americas
reports.

According to BNamericas, Brazilian hydrocarbons regulator
Agencia Nacional do Petroleo was able to bring in about BRL7.6
million from the sale of the three blocks.  The regulator
offered eight Pernambuco-Paraiba blocks in the auction.

BNamericas relates that Petrobras, with a 80% stake, will run
these blocks:

          -- PEPB-M-783,
          -- PEPB-M-837, and
          -- PEPB-M-839.

Petrogal owns the remaining 20% stake in the blocks, 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.




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


ALLIANCE GLOBAL: Proofs of Claim Filing Deadline Is Dec. 14
-----------------------------------------------------------
Alliance Global Diversified Holdings, 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 Global'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


AVENUE SERIES: Proofs of Claim Filing Is Until Dec. 14
------------------------------------------------------
Avenue Series 2002-1 Limited's creditors are given until
Dec. 14, 2007, to prove their claims to Chris Marett and Sarah
Kennedy, 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.

Avenue Series' shareholder 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 Marett
           Sarah Kennedy
           Maples Finance Limited
           P.O. Box 109 3, George Town
           Grand Cayman, Cayman Islands


BAMBOO SHIPFINANCE: Proofs of Claim Filing Ends on Dec. 14
----------------------------------------------------------
Bamboo Shipfinance Corporation's creditors are given until
Dec. 14, 2007, to prove their claims to Kareem Robinson 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.

Bamboo Shipfinance'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:

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


CABLE & WIRELESS: Former Chair Criticizes Executive Payoff
----------------------------------------------------------
Lord Young of Graffham, former chairman of Cable & Wireless plc,
has criticized the board of the telecoms group after hearing
that ousted international head Harris Jones was getting more
than GBP5 million in compensation, the Daily Telegraph reports.

As disclosed by C&W, Mr. Jones is to step down as chief
executive of International and as a director, and leave the
business towards the end of 2007 once handover is complete.

Mr. Jones will receive his contractual entitlement on leaving,
including GBP4.3 million for his pro-rated share in the Long
Term Incentive Plan having delivered value creation on behalf of
shareholders from International of over GBP1 billion since he
joined in November 2004, of which three quarters of a billion
has been created since the commencement of the LTIP on
April 1, 2006.

John Pluthero is to become executive chairman of International
with immediate effect, while continuing his similar role for
Europe, Asia & US.  Mr. Pluthero will receive 50% of Mr. Jones'
LTIP units for the remaining life of the LTIP after deduction of
the LTIP payment above to Mr. Jones.

"I just can't understand that incredible amount of
remuneration," Lord Young was quoted by the Daily Telegraph as
saying.  "What is bizarre to me is those in the scheme itself,
and the chairman Richard Lapthorne, are somehow saying they have
to be remunerated as if they are running a private equity
operation, but they are not risking a penny.  It's 'head we win,
tails we don't lose'."

Lord Young, who left the company in 1995 after a boardroom bust-
up, told the Daily Telegraph he took issue with the entire C&W
pay scheme, not just Mr. Jones's entitlement.

As previously reported in the TCR-Europe on Nov. 23, 2007, C&W
is facing yet another dispute with shareholders and unions over
excessive executive rewards after a management shake-up.

Peter Montagnon, the Association of British Insurers' director
of investment affairs, said it would go over the latest
revisions of the C&W's remuneration scheme, which he describes
as "quite unusual".

At its Annual General Meeting on July 20, 2007, C&W recommended
the removal of the GBP20 million cap on the amount that can be
received by an individual within the LTIP, which angered
investors.

The telecoms group, however, maintained that its long-term
incentive plan was "working very well," the Press Association
relates.

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%


HUNTER GLOBAL: Proofs of Claim Filing Ends on Dec. 9
----------------------------------------------------
Hunter Global Investors Offshore Fund II Ltd.'s creditors are
given until Dec. 9, 2007, to prove their claims to John
Cullinane and Derrie Boggess, 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.

Hunter Global's shareholders agreed on Nov. 7, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman
            Cayman Islands KY1-9002
            Telephone: (345) 914-6305


HORIZON PORTFOLIO: Proofs of Claim Filing Is Until Dec. 14
----------------------------------------------------------
Horizon Portfolio II Limited's creditors are given until
Dec. 14, 2007, to prove their claims to David S. Sargison, 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.

Horizon Portfolio's shareholder agreed on Nov. 16, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            David S. Sargison
            c/o Ogier Fiduciary Services (Cayman) Limited
            Queensgate House, South Church Street
            P.O. Box 1234, George Town KY1-1108
            Grand Cayman, Cayman Islands


MLMI CAYMAN: Proofs of Claim Filing Is Until Dec. 8
---------------------------------------------------
MLMI Cayman NIM 2004-WMC2, Ltd.'s creditors are given until
Dec. 8, 2007, to prove their claims to John Cullinane and Derrie
Boggess, 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.

MLMI Cayman's shareholder agreed on Nov. 8, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman
            Cayman Islands KY1-9002
            Telephone: (345) 914-6305


MLMI CAYMAN NIM: Proofs of Claim Filing Ends on Dec. 8
------------------------------------------------------
MLMI Cayman NIM 2004-WMC5, Ltd.'s creditors are given until
Dec. 8, 2007, to prove their claims to John Cullinane and Derrie
Boggess, 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.

MLMI Cayman's shareholder agreed on Nov. 8, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman
            Cayman Islands KY1-9002
            Telephone: (345) 914-6305


ONEWORLD GLOBAL: Sets Final Shareholders Meeting for Dec. 14
------------------------------------------------------------
Oneworld Global Sovereign CBO, Ltd. will hold its final
shareholders meeting on Dec. 14, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


PARMALAT SPA: Allocated Shares to Creditors Hike Stock Capital
--------------------------------------------------------------
Parmalat S.p.A. communicates that, following the allocation of
shares to creditors of the Parmalat Group, the subscribed and
fully paid up share capital has now been increased by
EUR77,640 to EUR1,652,118,077 from EUR1,652,040,437.

The share capital increase is due to the exercise of 77,042
warrants and to the assignation of 598 shares.

The latest status of the share allotment is that 34,186,761
shares representing approximately 2.1% of the share capital are
still in a deposit account c/o Parmalat S.p.A., of which:

    * 13,481,713 or 0.8% of the share capital, registered in the
      name of individually identified commercial creditors, are
      still deposited in the intermediary account of Parmalat
      S.p.A. centrally managed by Monte Titoli (compared with
      13,481,247 shares as at Oct. 26, 2007); and

    * 20,705,048 or 1.3% of the share capital registered in the
      name of the Foundation, called Fondazione Creditori
      Parmalat, of which:

      -- 120,000 shares representing the initial share capital
         of Parmalat S.p.A. (unchanged); and

      -- 20,585,048 or 1.2% of the share capital that pertain to
         currently undisclosed creditors (compared with
         21,361,710 shares as at Oct. 26, 2007).

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
for bankruptcy protection, they reported more than $200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.  On June 21, 2007, the U.S. Court Granted
Parmalat Permanent Injunction.


TAKUMI HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 6
----------------------------------------------------------
Takumi Holdings Corp.'s creditors are given until Dec. 6, 2007,
to prove their claims to John Cullinane and Derrie Boggess, 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.

Takumi Holdings' shareholder agreed on Nov. 6, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman
            Cayman Islands KY1-9002
            Telephone: (345) 914-6305


UNIFORTUNE PRINCES: Proofs of Claim Filing Deadline Is Dec. 5
-------------------------------------------------------------
Unifortune Princes Gate Fund's creditors are given until
Dec. 5, 2007, to prove their claims to John Cullinane and Derrie
Boggess, 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.

Unifortune Princes' 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:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman
            Cayman Islands KY1-9002
            Telephone: (345) 914-6305




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


CONSTELLATION BRANDS: Moody's Puts Ba3 Rating on US$500MM Notes
---------------------------------------------------------------
Moody's has assigned a Ba3 rating to Constellation Brands Inc.'s
US$500 million senior unsecured note issuance which will be used
to fund its previously announced acquisition of Fortune Brands'
United States wine business.  All other ratings of the company
are affirmed and the rating outlook remains stable.

Rating assigned:

  -- Constellation Brands' US$500 million senior unsecured notes
     due 2014: Ba3; LGD 4; 50%

Moody's said that Constellation Brands' debt-funded purchase of
Fortune Brands' U.S. wine business for US$885 million will not
impact the company's current Ba3 CFR rating and stable outlook.
While the size of the deal is substantial, Moody's does not
expect the increased leverage to push Debt to EBITDA higher than
the 6.0 times trigger as previously stated could lead to a
downgrade.  The multiple for the wine business (13-14 previous
12 months EBITDA) is not unreasonable for a business that adds
attractive premium wine brands and fits with the overall
expansion strategy.  While the company had sufficient cushion in
the current rating level to absorb this acquisition without
placing immediate pressure on the rating, Moody's will expect to
see progress on reducing leverage and on integrating this latest
acquisition before additional large transactions are
contemplated.

The company's Ba3 rating reflects its aggressive financial
policy and acquisition strategy, which gives rise to
considerable risk of high financial leverage and event risk.
Most of the company's credit metrics map to B or lower on
Moody's Alcoholic Beverage Rating Methodology grid, with
financial policy mapping to B, from Ba in previous years.
Offsetting these risks are the company's scale and market
diversification, its broad portfolio of brands covering the
wine, spirits and imported beer categories at all price points,
franchise strength and growth potential, and solid profitability
and efficiency, each of which maps to Baa or better on the
methodology grid.

Moody's last took rating action on Constellation Brands on
Mar. 1, 2007, when the company announced its plans to do a debt-
funded share buyback on the heels of a string of acquisitions
including the acquisition of SVEDKA Vodka, announced in February
of this year.  Moody's at that time downgraded the corporate
family rating to Ba3 from Ba2 and said that the string of
acquisitions followed by the shift to a more aggressive
financial policy as demonstrated by the share buyback led to the
downgrade.

The SGL-2 Speculative Grade Liquidity rating for the company
reflects overall good liquidity, given the company's ongoing
strong financial performance, ample availability under the
revolver, modest covenant cushion and its unencumbered asset
base.  In Moody's view, the company may rely on its revolving
credit facility over the next twelve months, largely due to
notable seasonality in working capital funding needs and a
sizeable debt maturity of US$200 million due in February 2008.

The rating outlook is stable reflecting the company's solid
business franchise, good product and geographic diversity,
strong margins and the expectation that cash flow generation
will continue to be solid as well as the view that the company's
current leverage can be tolerated at this rating level.

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Chile, Australia and
New Zealand.  The company has more than 250 brands in its
portfolio, sales in approximately 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.


CONSTELLATION BRANDS: S&P Rates US$500-Mln Proposed Notes at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-' senior
unsecured debt rating to Constellation Brands Inc.'s proposed
US$500 million note offering due 2014.  The rating is the same
as the 'BB-' corporate credit rating on the company.  The note
issuance will be drawn off of the company's Rule 415 shelf
registration of debt securities filed in August 2006.  S&P
expects that net proceeds from the note issuance will be used to
fund a meaningful portion of the company's pending acquisition
of Beam Wine Estates Inc., which the company agreed to acquire
from Fortune Brands Inc. for approximately US$885 million.

The ratings on Constellation Brands reflect the company's
acquisitive growth strategy, highly leveraged financial profile,
significant debt burden, and participation in the highly
competitive beverage alcohol markets.  Constellation Brands'
highly leveraged financial profile is somewhat offset by its
historically strong cash generation from a diverse portfolio of
consumer brands.

Ratings List:

  -- Corporate Credit Rating          BB-/Stable/--

Rating Assigned:

  -- US$500 Million Unsecured Notes     BB-

Headquartered in Fairport, New York, Constellation Brands Inc.
(NYSE: STZ, ASX: CBR) -- http://www.cbrands.com/-- is an
international producer and marketer of beverage alcohol in the
wine, spirits and imported beer categories, with significant
market presence in the U.S., Canada, U.K., Chile, Australia and
New Zealand.  The company has more than 250 brands in its
portfolio, sales in approximately 150 countries and operates
approximately 60 wineries, distilleries and distribution
facilities.




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


ECOPETROL: Bogota Stock Exchange Trading Resumes After Delay
------------------------------------------------------------
Colombian state-run oil firm Ecopetrol's shares will resume
trading on the Bogota stock exchange after a series of
suspensions in its first two days on the market, the stock
exchange said in a statement.

Ecopetrol's shares were suspended twice in the first day of
trading on Nov. 27, 2007, when their price rose over 10% to
COP1,540 and COP2,000 pesos, Business News Americas relates,
citing the stock exchange.

BNamericas notes that the stock exchange again stopped the
trading of Ecopetrol on Nov. 28, 2007, when the price rose over
10%.  Almost eight million shares were traded on Nov. 28 for a
total value of COP16.1 billion.

BNamericas notes that trading will resume at COP2,022.

The demand was due to high oil prices, BNamericas says, citing
market analysts.  Some investors who missed the chance to
purchase Ecopetrol shares during a round open to pension funds
and Colombians grabbed the chance on the stock exchange.

Ecopetrol wants to use some of the revenues from the share sales
to fund its US$12.5-billion investment plan, BNamericas states.

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.




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


DENNY'S INC: Credit Repayment Cues S&P to Revise Rating to BB
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its bank loan rating
on Denny's Inc.'s US$350 million bank facility to 'BB', two
notches above the corporate credit rating on parent Denny's
Corp. (B+/Stable/--), from 'BB-'.  S&P have also revised the
recovery rating on this debt issue from '2' to '1', reflecting
our expectation for very high (90%-100%) recovery of principal
in the event of a payment default.

"The action reflects a meaningful repayment of the credit
facility using proceeds from asset sales as well as free cash
flow," said Standard & Poor's credit analyst Diane Shand.  For
the year to date Sept. 26, 2007, the company has repaid about
US$45.2 million of debt.  As of Sept. 26, 2007, the outstanding
amount under the total credit facility totaled about US$245
million.  Concurrently, S&P affirmed the 'B+' corporate credit
rating on Denny's Corp. and the 'B-' rating on the company's
senior unsecured notes.

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a
full-service family restaurant chain in the U.S., with 521
company-owned units and 1,024 franchised and licensed units,
with operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.




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


AGCO CORP: Selects Servigistics to Plan Global Service Parts
-------------------------------------------------------------
AGCO Corporation, whose equipment brand names include Massey
Ferguson, Challenger, Valtra, and Fendt, has selected
Servigistics to plan the company's service parts globally and to
optimize prices in individual markets globally.

With hundreds of million in global service parts inventory and 2
million planned SKU's, Agco Corp. will utilize the Servigistics
solution to offer dealers competitive prices, enhance customer
service, and drive efficiencies across the service parts chain.
The company selected the Servigistics solution, which will be
integrated to SAP, based on its robust functionality and proven
ability to deliver high value to similar, global market-leading
companies.

"AGCO is devoted to providing our customers with world-class
service," said Agco Vice President for Global Parts Division,
Bruce Plagman.  "With Servigistics, we are investing in the
capabilities required to sustain high customer satisfaction."

"Companies that maintain high customer loyalty succeed because
of the strategic investments they make in service," said
Servigistics Chief Executive Officer, Eric Hinkle.  "By
deploying the Servigistics Service Parts Planning and Pricing
solutions, AGCO is making a strong commitment to provide
excellent, ongoing service to their customers."

                      About Agco Corp.

Headquartered in Duluth, Georgia, Agco Corp. (NYSE: AG) --
http://www.agcocorp.com/-- is a global manufacturer of
agricultural equipment and related replacement parts.  Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Argentina and Brazil.  AGCO products include the following
brands: AGCO(R), Challenger(R), Fendt(R), Gleaner(R),
Hesston(R), Massey Ferguson(R), New Idea(R), RoGator(R), Spra-
Coupe(R), Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM)
Planters.  AGCO provides retail financing through AGCO Finance.
The company had net sales of US$5.4 billion in 2005.

                        *     *     *

Agco Corporation's probability of default and long-term
corporate family ratings carry Moody's "Ba2" in September 2006.
These ratings hold to this date.


ALCATEL-LUCENT: Deploys Optical Network Solution in Hong Kong
-------------------------------------------------------------
Alcatel-Lucent and Hong Kong Broadband Network Limited, a wholly
owned subsidiary of City Telecom (HK) Limited have deployed the
first Gigabit Passive Optical Network in Hong Kong.  The
collaboration contract also includes network maintenance.
Alcatel-Lucent's Fiber-to-the-Home solution will enable the
broadband company to deliver advanced triple play services to
its subscribers and enlarge its FTTH network coverage in Hong
Kong.  The new network is expected to be in service in January
2008.

The demand for advanced multimedia and data services in Hong
Kong is expected to increase substantially in the coming years,
driven by services such as high definition TV (HDTV) and
enhanced multimedia applications.  According to the FTTH
Councils of Asia-Pacific, Europe and North America, Hong Kong is
the world leader in percentage of homes wired with broadband
communications over direct fiber optic connections, followed by
South Korea and Japan.  Hong Kong Broadband Network Ltd., the
first provider in Hong Kong to launch fiber-to-the-home 100Mbps
and 1Gbps services in 2005, plans to increase its coverage from
1.4 million to 2 million home passed within three years.

"After an intensive trial of Alcatel-Lucent's GPON solution, we
are pleased with the maturity and performance of the
technology," said Hong Kong Broadband Network Ltd. Chief
Executive Officer, Paul Cheung.  "By leveraging Alcatel-Lucent's
market- leading expertise in FTTH, we will continue to deploy
new and advanced service offerings, providing seamless and
premium connectivity services catering to our customers'
requirements."

"We are proud to partner with HKBN delivering the first GPON
network in Hong Kong," said President of Alcatel-Lucent's
activities for North East Asia, Sean Dolan.  "We are committed
to the local market, providing our best of breed solutions and
global expertise, helping Hong Kong to maintain its technology
leadership -- in this case advance broadband deployment."

Under the terms of the agreement, Alcatel-Lucent will deploy the
7342 Intelligent Services Access Manager Fiber-to-the-Home
solution.  The system is designed specifically for packet-based
voice convergence and triple play services and delivers maximum
bandwidth and QoS over a fiber access network.

                     About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent (Euronext Paris
and NYSE: ALU) -- http://www.alcatel-lucent.com/-- provides
solutions that enable service providers, enterprises and
governments worldwide to deliver voice, data and video
communication services to end users.  Alcatel-Lucent maintains
operations in 130 countries, including, Austria, Germany,
Hungary, Italy, Netherlands, Ireland, Canada, United States,
Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru,
Venezuela, Indonesia, China, Australia, Brunei and Cambodia.  On
Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 9, 2007, Moody's Investors Service has downgraded to Ba3
from Ba2 the Corporate Family Rating of Alcatel-Lucent.  The
ratings for senior debt of the group were equally lowered to Ba3
from Ba2 and the trust preferred notes of Lucent Technologies
Capital Trust I have been downgraded to B2 from B1.  At the same
time, Moody's affirmed its Not-Prime rating for short term debt
of Alcatel-Lucent.  Moody's outlook for the ratings is stable.




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


BRITISH AIRWAYS: Consortium Withdraws Iberia Bidding Interest
-------------------------------------------------------------
The British Airways plc and TPG consortium have confirmed they
have formally withdrawn their interest in bidding for Iberia
Lineas Aereas de Espana SA.

The consortium said, in a letter to the Iberia board:  "As a
consequence of the recent decision taken by Iberia's core
shareholders, the consortium formed by British Airways,
Ibersuizas, Quercus, TPG and Vista Capital, has come to the
conclusion that it is not possible to pursue a potential
takeover bid since the consensus and friendly terms that we
considered essential for this Project are no longer in place.
We have thus decided unanimously to withdraw our indication of
interest for the Company."

                     Pre-emption Rights

On Nov. 26, 2007, BA has confirmed that it will not exercise its
pre-emption rights to acquire any of the Iberia Lineas Aereas de
Espana SA shares being sold by BBVA and Logista.

"British Airways' position as Iberia's key industrial partner
remains important and is not dependent on an increase in
shareholding.  We will enter into discussions with Caja Madrid
in order to maximize the value of our relationship with Iberia,"
Keith Williams, chief financial officer of BA, said.

The announcement came after two of the core shareholders -- BBVA
and Logista -- said they wanted to sell their shares to Caja
Madrid.  Under a pre-emption agreement signed in 1999, if any of
the core shareholders in Iberia wants to sell their shares, the
remaining core shareholders have the right to purchase.

There are five core shareholders in Iberia.  BA has 9.95%, Caja
Madrid 9.9%, BBVA 7.3%, Logista 6.7% and El Corte Ingles 2.9%.

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

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

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

                        *     *     *

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

The debt instruments affected by the rating action are:

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

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

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

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




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


AMERICAN GREETINGS: To Acquire PhotoWorks for US$26.5 Million
-------------------------------------------------------------
American Greetings Corporation and PhotoWorks, Inc., have
entered into an agreement whereby American Greetings, through a
wholly owned subsidiary, will acquire PhotoWorks for
approximately US$26.5 million.  Under the terms of the
agreement, American Greetings will make a cash tender offer to
acquire all outstanding common shares of PhotoWorks at a price
of 59.5 cents per share.  The tender offer will be followed by a
merger in which the holders of the outstanding common shares of
PhotoWorks not purchased in the tender offer will receive the
same per share price paid in the tender offer, in cash, without
interest.  American Greetings is expected to launch the tender
offer shortly, and the merger is expected to close in late
January 2008.

PhotoWorks Board of Directors has unanimously recommended that
shareholders of the company to accept the offer.  Certain
shareholders of PhotoWorks have already signed agreements by
which they agreed to tender all of their shares in the tender
offer.  The shares held by such shareholders represent 44.5% of
the total shares of PhotoWorks currently outstanding.

American Greetings Chief Executive Officer, Zev Weiss said, "The
acquisition of PhotoWorks positions us for a comprehensive photo
strategy, bringing together both digital and physical products.
We are taking advantage of the opportunity to establish a
leadership position in this growing channel of the social
expression industry."

AG Interactive, a segment of American Greertings, CEO Josef
Mandelbaum, stated, "Our previous acquisition of Webshots
provided a strong entree into the online photo sharing space, a
significant number of unique visitors, and a scalable platform.
Now, PhotoWorks provides a strong integrated supply chain
platform to provide customers the ability to create unique, high
quality physical products with their own photos.  This further
positions us to provide a full social expression photo solution
to our consumers."

PhotoWorks President and CEO, Andy Wood said, "PhotoWorks is
thrilled to be a part of this important step forward for
American Greetings.  We are excited to build and provide a
compelling online experience for consumers in cooperation with
one of the world's leading greeting card and social expression
companies.  I am confident that combining these companies'
content and relationships will result in a more appealing site
with truly unique products for all of our consumers."

Mr. Weiss added, "At this time, the transaction is expected to
have a minimal impact to fiscal 2008 earnings."

                       About PhotoWorks

PhotoWorks(R), Inc. -- http://www.photoworks.com-- is an
Internet-based personal publishing company and photography
community.  The company's web-based services allow PC and Mac
users to share and store their digital photos, host personalized
My Share Web pages, sell one-of-a-kind products through My
Storefront, join photo communities, and create hardbound photo
books, customized greeting cards, calendars, prints and other
photography-sourced products.  Formerly known as Seattle Film
Works, PhotoWorks has a 30-year national heritage of helping
photographers share and preserve their memories with innovative
and inspiring products and services.

                  About American Greetings Corp.

Cleveland, Ohio-based American Greetings Corporation (NYSE: AM)
-- http://corporate.americangreetings.com/-- manufactures
social expression products.  American Greetings also
manufactures and sells greeting cards, giftwrap, party goods,
candles, balloons, stationery and giftware throughout the world,
primarily in Canada, the United Kingdom, Mexico, Australia, New
Zealand and South Africa.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 18, 2007, Moody's Investors Service affirmed American
Greetings Corporation's ratings, but revised its ratings outlook
to stable from negative.

Ratings Affirmed:

   -- Corporate family rating at Ba1;

   -- Probability-of-default rating at Ba1;

   -- US$350 million guaranteed senior secured revolving credit
      facility due 2011 at Baa3 (LGD2, 21%);

   -- US$100 million guaranteed senior secured delay draw term
      loan facility due 2013 at Baa3 (LGD2, 21%);

   -- US$200 million senior unsecured notes due 2016 at Ba2
      (LGD5, 75%);

   -- US$22.7 million senior unsecured notes due 2028 at Ba2
      (LGD5, 75%).


ALASKA AIR: Taps Ginny Carruthers as Director of Gov't Affairs
--------------------------------------------------------------
Alaska Air Group, the parent company of Alaska Airlines and
Horizon Air, has named Ginny Carruthers director of government
affairs.  In her new role, Ms. Carruthers will lead federal
affairs activities from the company's Washington, D.C., office.

A 20-year veteran of Alaska Airlines, Ms. Carruthers most
recently served as the airline's East Coast regional sales
manager, responsible for expanding transcontinental markets.
She previously served as sales manager for the airline's
Portland, Oregon, office.

"Ginny has a strong background in aviation, in-depth knowledge
of the Northwest and proven experience developing relationships
with key leaders," said Bill MacKay, Alaska Airlines' senior
vice president of Alaska, who oversees AAG government relations.
"She will be a strong representative of the company in this
strategically important role."

Prior to joining Alaska Air, Ms. Carruthers worked for Eastern
Airlines in its public relations and military airlift command
divisions.  A native of Halifax, Nova Scotia, she received a
bachelor's degree in business management from the University of
Phoenix.

                     About Alaska Air Group

Seattle, Washington-based Alaska Air Group, Inc. (NYSE: ALK) --
http://alaskaair.com/-- is a holding company with two principal
subsidiaries, Alaska Airlines, Inc. and Horizon Air Industries,
Inc.  Alaska operates an all-jet fleet with an average passenger
trip length of 1,009 miles.  Alaska principally serves
destinations in the state of Alaska and North/South service
between cities in the Western United States, Canada, and Mexico.
Horizon operates jet and turboprop aircraft with average
passenger trip of 382 miles.  Horizon serves 40 cities in seven
states and six cities in Canada.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Standard & Poor's Ratings Services has revised
its outlook on Alaska Air Group Inc. and its major operating
subsidiary, Alaska Airlines Inc., to negative from stable.  All
ratings, including the 'BB-' long-term corporate credit rating
for both entities, have been affirmed.


CROWN HOLDINGS: Completes Share Repurchase Deal with BNP Paribas
----------------------------------------------------------------
Crown Holdings Inc. has completed its accelerated share
repurchase agreement with BNP Paribas.  Pursuant to the
agreement, the company purchased 4,234,077 shares of its common
stock for US$100 million.

On Aug. 27, 2007, Crown Holdings has entered into a definitive
agreement with BNP Paribas to purchase shares of its common
stock for approximately US$100 million under an accelerated
share repurchase program.

Pursuant to the agreement, the company has purchased 4,088,068
shares immediately from BNP Paribas and may potentially receive
additional shares upon completion of the transaction.

The final number of shares to be repurchased will be based on
the company's volume-weighted average stock price during the
term of the transaction.

To date in 2007, the company has purchased 4,974,892 shares
for US$118 million.

                  About Crown Holdings Inc.

Based in Philadelphia, Pennsylvania, Crown Holdings Inc. (NYSE:
CCK) -- http://www.crowncork.com/-- through its affiliated
companies, supplies packaging products to consumer marketing
companies around the world.  In Latin America, the company has
operations in Mexico, and in South and Central America.   The
company also maintains operations in Europe, particularly in the
United Kingdom and France.  In the Asia-Pacific region, the
company has an office in Singapore.  Crown Holdings, Inc.,
through its subsidiaries, is a leading supplier of packaging
products to consumer marketing companies around the world.

The company's consolidated balance sheet at Sept. 30, 2007,
showed US$6.949 billion in total assets, US$7.335 billion in
total liabilities, resulting in a US$386 million total
shareholders' deficit.


DURA AUTOMOTIVE: Court Postpones Confirmation Hearing
-----------------------------------------------------
Judge Kevin J. Carey of the U.S. Bankruptcy Court for the
District of Delaware has postponed the hearing to consider
confirmation of the Joint Plan of Reorganization of DURA
Automotive Systems, Inc., and its debtor-affiliates.

According to The Associated Press, the Bankruptcy Court canceled
the confirmation hearing scheduled for December 6, 2007, saying
there was no point moving forward with the Plan until DURA
obtains the necessary exit financing.

DURA's Chapter 11 plan contemplates a US$425,000,000 financing
to emerge from Chapter 11.  Goldman Sachs Credit Partners, L.P.,
and Barclays Capital, the investment banking division of
Barclays Bank, PLC, as arrangers, have offered to arrange and
syndicate:

   (a) a senior secured revolving credit facility in an amount
       up to US$125,000,000;

   (b) a senior secured first-lien tranche B term loan facility
       in amount up to US$225,000,000; and

   (c) a senior secured second-lien term loan facility in an
       amount up to US$75,000,000.

DURA, however, has not obtained full commitments for the loan.
AP says that DURA has encountered difficulty obtaining the
financing amid the recent crunch in credit markets.

The Reorganization Plan also contemplates 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.  The participants in the rights offering
elected to subscribe approximately US$1,300,000.  Pursuant to
the Court-approved backstop agreement, Pacificor will purchase
the unsubscribed portion of the shares.

DURA aims to exit Chapter 11 protection by the end of 2007.

                    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 US$1,993,178,000 in total assets
and US$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.  (Dura Automotive Bankruptcy
News, Issue No. 38 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


ENESCO GROUP: IRS Balks at Second Amended Liquidation Plan
----------------------------------------------------------
The United States of America, on behalf of the Internal Revenue
Service, opposes the confirmation of Enesco Group Inc. and its
debtor-affiliates' Second Amended Plan of Liquidation.

IRS tells the Court that it objects to the provision of the plan
for the payment of its priority claim because it fails to comply
with the requirements of a confirmable Chapter 11 plan under
Section 1129(a)(9)(C) of the Bankruptcy Code.

According to IRS, the Debtors' plan blatantly treats priority
claims in different manners without prior determination that
these claims deserve preferential treatment due to their
insignificance and need for administrative convenience.

The Debtors' plan states "until the allowed IRS claim has been
paid in full" but limits the sources for payment of claim, thus
denying a guarantee of payment of the full priority claim with
interest accruing after the confirmation date, IRS points out.

As reported in the Troubled Company Reporter on Oct. 24, 2007,
the Debtors filed their Second Amended Plan that proposes to
liquidate the remaining assets of the Debtors and distribute the
proceeds to the holders of the allowed claims.  The principal
source of the distributions will be:

   a) cash on hand as of the effective date of the Plan;

   b) proceeds from the Debtors' lender settlement;

   c) proceeds and tax refunds arising out of the resolution of
      the Hong Kong Tax Dispute;

   d) proceeds from the Contingency Litigation Agreement; and

   e) Litigation Trust Proceeds.

          Summary Treatment of Claims Under The Plan

The Plan proposes that all holders of allowed administrative
claims, allowed priority claims, other than the Internal Revenue
Service, and the allowed non-tax priority claims will have their
allowed claims paid in full on or about the effective date of
the plan from the proceeds of the Lender Settlement.

In addition, within 60 days of the effective date, general
unsecured creditors will receive their pro-rate share of
US$480,000 from the proceeds of the Lender Settlement.  The
Debtors say that general unsecured creditors are expected to
receive 27% of their claims.  Unsecured creditors will further
be entitled to receive additional future distribution.

Within the same time frame, the Internal Revenue Service will
receive US$650,000 from the proceeds of the Lender Settlement
and will be entitled to receive additional future distribution.

Additional contributions, the Debtors say, are however,
contingent on future recoveries by the Debtors and are not
guaranteed.  The Contingency Litigation Trust, the Debtors add,
are also not guaranteed.

        Summary Creditor Treatment if Plan is Not Confirmed

The Debtors told the Court that if the Plan is not confirmed,
then they are not substantively consolidated for purposes of the
Plan or their cases are converted to ones under Chapter 7 of the
Bankruptcy Code.

At the conclusion of the Chapter 7 cases, administrative claims
will still be paid in full.  However, tax priority claims
holders will only receive 4.9% of their claims.  General
Unsecured Creditors on the other hand, will receive nothing.

The Debtors revealed that the primary reasons for the
significantly smaller distributions under this scenario are:

   1) the proceeds and other benefits from the:

      -- Lender Settlement;
      -- the Contingency Litigation Agreement; and
      -- the resolution of the Hong Kong Tax Dispute,

      will be substantially compromised or lost, resulting in a
      significantly smaller recovery by the Debtors' estates;
      and

   2) there will be additional administrative costs if the
      Plan is not confirmed.

                     About Enesco Group

Based in Itasca, Illinois, Enesco Group, Inc. --
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The company also has Latin-American operations in Mexico.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  Epiq
Bankruptcy Solutions, LLC, acts as the Debtors' claims and
noticing agent.  In schedules of assets and debts filed with the
Court, Enesco disclosed total assets of US$61,879,068 and total
debts of US$231,510,180.

Chad H. Gettleman, Esq., and Brad A. Berish, Esq., at Adelman &
Gettleman, Ltd., represent the Official Committee of Unsecured
Creditors.  William R. Baldiga, Esq., Jessica M. Paris, Esq.,
and Robert J. Stark, Esq., at Brown Rudnick Berlack Israels LLP;
and Thomas V. Askounis, Esq., at Askounis & Borst, PC, represent
the Ad Hoc Committee of Equity Security Holders.


FEDERAL-MOGUL: Moody's Assigns Corporate Family Rating at (P)Ba3
----------------------------------------------------------------
Moody's Investors Service has assigned prospective ratings to
the reorganized Federal-Mogul Corporation -- Corporate Family,
(P)Ba3.  In a related action Moody's assigned a (P) Ba2 rating
to new senior secured credit facilities.  The outlook is stable.
The (P) Ba3 Corporate Family Rating is based on the company's
expected emergence from Chapter 11 with its asbestos liabilities
eliminated and moderately reduced debt levels that should be
readily serviced with the company's strong business in the auto
parts sector.  The ratings also reflect the continued
performance of Federal-Mogul's businesses throughout the
bankruptcy process, largely supported by new program launches
and profit improvement programs.  The company's diverse business
segments, as well as geographic and customer diversity, have
also mitigated the effect of Big-3 production declines
experienced in North America.  A key consideration in the
company's filing for Chapter 11 in the US and commencement of
restructuring proceedings in the United Kingdom was the
company's exposure to asbestos liabilities; these liabilities
have been addressed through the bankruptcy process and the
company will emerge from bankruptcy with a Federal court
injunction that prevents the assertion of current and future
asbestos claims against the company, and instead directs those
claims to an asbestos trust.

The company has used the Chapter 11 and UK Administration
process primarily to eliminate its asbestos liability exposure,
and to lower pension obligations. Unlike other auto parts
supplier bankruptcies, Federal-Mogul has not used the process
primarily to renegotiate major customer or supplier contracts
nor exit major leases.  However, the company has implemented
ongoing restructurings, facility consolidations, and quality
improvement programs.  These efforts have allowed the company to
maintain its customer base, generate new business awards, move
production to low cost countries, and improve profitability.

The stable outlook reflects the benefits derived from the
restructuring process combined with Federal-Mogul's leading
product lines in diverse business segments which are expected to
further improve the company's credit metrics in 2008.  The
company has a diverse customer base with no customer amounting
to more than 7% of revenues.  The company's operating profit
margins are about 7% and are expected to improve over the
intermediate term, which would be viewed favorably under Moody's
Auto Supplier Rating Methodology.  Based on its improving
margins, the company is also expected to be free cash flow
generative in 2008, which should provide opportunity for debt
reduction.  However, marginal revenue growth in 2008, largely
driven by the aftermarket business, combined with moderate
leverage, constrain the company's ratings.

The company's exit financings will be completed in two steps.
First, the rated senior secured term and revolving loans, a new
unrated senior secured tranche A loan, and a new unrated junior
secured PIK Note will be used to repay outstandings under the
existing US$1.1 billion senior secured DIP facility, bankruptcy
related fees and expenses, prepetition bank and surety debt and,
if necessary, make a US$140 million loan to the U.S. asbestos
personal injury trust.  In the second step of the financing,
which is expected to occur within 60 days, the remaining
US$2,082 million of the rated senior secured delayed drawn term
loans may be used to repay the unrated tranche A term loan, the
unrated junior secured PIK notes, and provide excess cash.  The
unrated facilities are provided for under the company's plan of
reorganization and include interest rate step ups and other
interest rate adjustments.  The company subsequently negotiated
a potential take-out of the unrated facilities.

Under the Plan of Reorganization for the company's emergence
from Chapter 11, all of the asbestos liabilities of the U.S. and
U.K. entities covered by the Plan will be assumed by an asbestos
trust, and the entities covered by the Plan will be discharged
from those liabilities as set forth in the Plan.  The asbestos
trust will receive 50.1% of the equity in reorganized Federal-
Mogul, proceeds from the company's asbestos related insurance
policies, certain additional rights enumerated in the Plan of
Reorganization and, under certain circumstances, a US$140
million loan from the reorganized company.  An entity affiliated
with Carl Icahn will have the option to purchase the shares of
the reorganized company held by the asbestos trust within 60
days of the company's emergence for approximately US$775
million.  Current and future U.S. asbestos claims that are
asserted against the asbestos trust will be satisfied in
accordance with the distribution procedures established by the
Trust.  In November 2006, a separate asbestos trust was
established under company voluntary arrangements approved in the
United Kingdom to resolve asbestos claims that have or will be
brought in the United Kingdom against certain of Federal-Mogul's
U.K affiliates.  Restricted cash balances were moved in November
2006 to fund the U.K. asbestos trust and the remainder of the
company voluntary arrangements.

Federal-Mogul is expected to have good liquidity over the next
twelve months.  The US$540 million asset-based revolver is
expected to be unfunded upon emergence with sufficient
collateral to support the committed amount of the facility.  Pro
forma for the two-step exit financing, the company will have
approximately US$700 million of cash on hand.  Post-emergence,
the company is expected to generate positive free cash flow,
which should support 1% annual amortization under the term
loans.  After repayment of the unrated senior secured tranche A
term loan, the senior secured exit credit facilities will not
have financial maintenance covenants.  The US$140 million loan,
if made, may be repaid in cash within 60 days of emergence under
certain conditions of the asbestos trust.  However, Moody's
assumes the loan will be repaid with reorganized company stock,
a condition provided under the Plan of Reorganization.
Reorganized Federal-Mogul will have limited alternate liquidity,
as the senior secured credit facilities are secured by
essentially all of the company's domestic subsidiaries' personal
property (including 66% of the stock of certain first-tier
foreign subsidiaries) and certain real property.  For the year
ended 12/31/07, pro forma for the post emergence capital
structure, EBIT/interest would approximate 1.9 and debt/EBITDA
would approximate 4.2 (3.4, net of cash).

These ratings were assigned:

  -- (P) Ba3 Corporate Family rating;

  -- (P) Ba3 Probability of Default rating;

  -- (P) Ba2 (LGD3, 42%) rating for the US$540 million senior
     secured asset based revolver;

  -- (P) Ba2 (LGD3, 42%) rating for the US$1 billion senior
     secured delayed term loan facility;

  -- (P) Ba2 (LGD3, 42%) rating for the US$1.96 million senior
     secured term loan, which includes a US$50 million senior
     secured synthetic letter of credit facility and a US$1.91
     billion senior secured delayed draw term loan;

  -- Speculative Grade Liquidity Rating, SGL-2

Future events that have potential to drive the company's outlook
or ratings higher would result from operating performance
leading to improvements in EBIT/Interest coverage to over 3.0,
or in leverage approaching 3.0.

Future events that have potential to drive the company's outlook
or ratings lower include decreasing aftermarket volumes or
profitability, production volume declines at the company's OEM
customers, material increases in raw materials costs that cannot
be passed on to customers or mitigated by restructuring efforts,
or deteriorating liquidity.  Consideration for a lower outlook
or rating could arise if any combination of these factors were
to increase leverage, or result in EBIT/Interest coverage below
1.8 times.

                     About Federal-Mogul

Based in Southfield, Michigan, Federal-Mogul Corporation --
http://www.federal-mogul.com/-- is an automotive parts company
with worldwide revenue of some US$6 billion.  Federal-Mogul also
has operations in Mexico and the Asia Pacific Region, which
includes, Malaysia, Australia, China, India, Japan, Korea, and
Thailand.


GRUPO MEXICO: Coal-Fired Project Needs Up to US$600MM Investment
----------------------------------------------------------------
Grupo Mexico SA, de C.V.'s international relations vice
president Juan Rebolledo told Business News Americas that
construction of the firm's 450-megawatt coal-fired project will
require an up to US$600 million investment.

According to BNamericas, Grupo Mexico received offers from firms
who want to construct the plant.  Grupo Mexico would have
specific project details in place for construction at the end of
January 2008.

Mr. Rebolledo commented to BNamericas, "Then, I think, will be
the moment this project begins to move."

Mr. Rebolledo assured BNamericas that Grupo Mexico is
"practically finished" with project engineering and economic
studies.

BNamericas relates that Grupo Mexico will build the project in
Sonora and is still considering several options within the
state.  The company already secured pre-authorization for the
project from energy regulator Comision Reguladora de Energia.
The firm must wait until it can present the entire project to
state power company Comision Federal de Electricidad before it
secures authorization to connect the project to the transmission
network.

Grupo Mexico will use the project to lessen power costs at its
operations.  The firm would consume 90% of the project's
"offtake."  Construction would take four years to complete,
BNamericas states.

Grupo Mexico SA de C.V. -- http://www.grupomexico.com/--
through its ownership of Asarco and the Southern Peru Copper
Company, Grupo Mexico is the world's third largest copper
producer, fourth largest silver producer and fifth largest
producer of zinc and molybdenum.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 29, 2006, Fitch upgraded the local and foreign currency
Issuer Default Rating assigned to Grupo Mexico, S.A. de C. V. to
'BB+' from 'BB'.  Fitch said the rating outlook is stable.


MOVIE GALLERY: Panel Taps Imperial Capital as Financial Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Movie Gallery,
Inc. and its debtor-affiliates' bankruptcy cases seeks authority
from the U.S. Bankruptcy Court for the Southern District of
Florida to retain Imperial Capital LLC as its financial advisor.

Imperial Capital will:

   a. advise, to the extent it relates to the capital
      restructuring plan, the Committee regarding the Debtors'
      business plans, cash flow forecasts and financial
      projections;

   b. advise the Committee with respect to available capital
      restructuring, sale and financing alternatives including
      but not limited to a Debtor-in-Possession facility,
      including recommending specific courses of action and
      assisting with the design, structuring and negotiation of
      alternative restructuring or transaction structures;

   c. advise, to the extent it relates to the capital
      restructuring plan, the Committee regarding financial
      information prepared by the Debtors, and in its
      coordination of communication with interested parties and
      their advisors;

   d. assist and advise the Committee and its counsel in the
      development, evaluation and documentation of any plan,
      financing or strategic transactions and strategic
      alternatives for recovery, and the consideration that is
      to be provided to unsecured creditors under them; and

   e. provide testimony in the bankruptcy court in connection
      with the services.

The Committee executed an engagement letter on Oct. 22, 2007,
to employ Imperial.  According to the Engagement Letter,
Imperial will receive:

   a. US$125,000 as a flat monthly advisory fee;

   b. a prorated monthly fee for October 2007;

   c. monthly reimbursement for reasonable out-of-pocket
      expenses incurred in connection with the services.  These
      expenses include, but are not limited to, reasonable
      attorney's fees and expenses, travel, out-of-town
      accommodations, ground transportation and meals, overnight
      delivery, database access charges, and telephone,
      facsimile, postage, printing and duplication costs,
      document materials and similar items; and

   d. US$2,000,000 as a transaction fee, payable upon closing of
      a restructuring as defined in the Engagement Letter at the
      Committee's discretion.

The Debtors will indemnify and hold Imperial harmless, and
provide contribution against the liabilities arising out of, or
in connection with, the retention of Imperial by the Committee,
except for losses, claims, damages or liabilities incurred that
are determined to have primarily resulted from bad faith, breach
of fiduciary duty or gross negligence.

The parties' Engagement Letter also contains a forum selection
provision governing any disputes that may arise with respect to
Imperial's provision of services to the Committee, except for
indemnification claims.  The forum selection provision requires
any disputes relating to Imperial's provision of services be
resolved by pending AAA arbitration in New York.

Paul Aronzon, a managing director and executive vice president
of Imperial, assures the Court that his firm does not represent
any interest adverse to the Debtors' estates or their creditors,
and is disinterested within the meaning of Sections 327(a), 328
and 1103(b) of the Bankruptcy Code.

                    About Movie Gallery

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

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

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

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


MOVIE GALLERY: Wants to Pay Obligations to Smaller Suppliers
------------------------------------------------------------
Movie Gallery, Inc. and its debtor-affiliates seek authority
from the U.S. Bankruptcy Court for the Southern District of
Florida to pay certain prepetition obligations owed to smaller
movie studios and game vendors who commit to to continue to
supply movies or games on favorable trade terms.

The Debtors sought and gained the Court's authority to enter
into accommodation agreements with major movie studio suppliers
and pay prepetition obligations in connection with the
agreements.  In addition to the movies purchased from the major
studios, the Debtors also purchase movie titles and games from
many other smaller movie studios and game vendors.  The Debtors
believe that just as the major studios are indispensable to the
success of the Debtors' reorganization, stabilizing their
relationships with the smaller suppliers is also a critical
component of their overall restructuring.

Many of the smaller suppliers deliver products to the Debtors
through revenue sharing agreements, written or unwritten, that
are profitable for the Debtors.  Similar to the Revenue Sharing
Agreements with the major studios, under Revenue Sharing
Agreements with the smaller suppliers, the Debtors are obligated
to pay the applicable supplier a fixed percentage of the
proceeds of any rentals or sales of the movies or games for a
specific period of time.

Under the Revenue Sharing Agreements, the Debtors accrue payment
obligations over time.  Accounting for Revenue Sharing
Agreements is complicated and may require auditing of title-by-
title rental data.  The Revenue Share Obligations are typically
calculated on a monthly basis, and given the accounting process,
are paid in arrears.

In addition to the formal and informal Revenue Sharing
Agreements whereby the purchase price effectively varies
according to rental performance, the Debtors also purchase
movies and games from smaller suppliers pursuant to more
traditional fixed-cost purchase arrangements.  This arrangement
has also traditionally been profitable for the Debtors.

Unlike many of the major studios, the small suppliers generally
did not eliminate the Debtors' trade credit prior to the
Petition Date, and the Debtors believe it is important for their
reorganization that they be able to continue receiving Movies
and Games from all smaller suppliers on favorable terms on a
going forward basis.

Richard M. Cieri, Esq., at Kirkland & Ellis LLP, in New York,
New York, says the Debtors expect that the approximate aggregate
amount of prepetition obligations currently owed to the dozens
of smaller suppliers is approximately US$4,000,000.  However,
the Debtors are not able to estimate precisely the amount of
future Revenue Share Obligations that may be attributable to
titles delivered prior to the Petition Date because it depends
on future rental performance.

Mr. Cieri explains maintaining positive relationships with all
small suppliers is important to the Debtors' ongoing viability
and their reorganization efforts.  The Debtors believe that the
value of maintaining the small supplier relationships far
outweighs the cost of continuing to pay the relatively de
minimus amount of prepetition obligations at issue.  Due to the
profitable nature of these small supplier relationships, the
Debtors submit that all creditors, not just the small suppliers,
will be benefited from the small suppliers' commitment to
continue to supply the Debtors with Movies and Games on
a going-forward basis on favorable terms.

                     About Movie Gallery

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

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

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

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




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


* PARAGUAY: Moody's Reviews Key Ratings for Possible Upgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade Paraguay's key ratings, reflecting a steady reduction in
external and government debt ratios in recent years and an
improved policy framework.

The review will cover the government's Caa1 foreign- and local-
currency bond ratings and Paraguay's B3 foreign-currency bond
ceiling.  The foreign-currency bond ceiling is based on the
government foreign-currency bond rating and Moody's assessment
of a high risk of a payments moratorium in the event of a
government default.  The country's Caa2 ceiling for foreign-
currency bank deposits also is under review for upgrade.

"Paraguay's debt indicators have sustained significant
reductions in recent years," said Moody's Senior Analyst Gabriel
Torres.  "Also, general economic performance has been
characterized by steady GDP and export growth and surpluses in
the budget and the balance of payments."

Government debt ratios have fallen significantly in recent
years, reflecting fiscal prudence, successful tax reform, rapid
growth, and the appreciation of the real exchange-rate," Mr.
Torres added.

According to the analyst, "external vulnerabilities have been
considerably reduced as a result of declines in the external
debt burden, which have been supported by robust double-digit
export growth and rising international reserves.

Mr. Torres pointed out "Paraguay has benefited from favorable
external conditions, including high commodity (agricultural)
prices and robust growth of its main regional trading partners,
Brazil and Argentina."

Moody's rating review will focus on assessing whether the
sustained declines in government and external debt ratios and
other credit improvements reflect an underlying strengthening in
economic management and policy that will continue to tackle the
country's considerable credit weaknesses. Mr. Torres underscored
that "we believe that policy continuity is necessary to assure
that Paraguay's debt burden remains in line with those of B-
rated governments."

The analyst added, "we will analyze prospects for reducing
persistent financial dollarization and the high share of foreign
currency-denominated government debt, which represent structural
risks that constrain Paraguay's credit ratings."

"Finally," Mr. Torres concluded, "we will evaluate alternative
scenarios that incorporate a less favorable global environment
with the aim of judging the nation's resilience to adverse
external shocks on economic activity, the balance of payments,
and the fiscal accounts as well as the potential impact of next
year's presidential elections on economic policy."

Paraguay's Ba3 local-currency deposit ceiling and the Ba1 local-
currency bond ceiling are not under review.




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


BUMBLE BEE: Moody's Rates Corporate Family Rating at B1
-------------------------------------------------------
Moody's Investors Service has confirmed the debt ratings of
Bumble Bee Foods, LLC and Clover Leaf Seafoods, L.P., obligors
and co-borrowers under the rated secured revolving credit
facility and term loan, and the core operating subsidiaries of
Connors Brothers Income Fund, a publicly traded Canadian income
trust.  In a related action, Moody's upgraded the fund's
speculative grade liquidity rating to SGL-3 from SGL-4.  The
rating outlook is positive.

This concludes the review for possible downgrade that began on
Aug. 8, 2007 following the Connors income fund's announcement
that it will recognize a US$35 million charge in the second
quarter ending June 30, 2007, related to the voluntary recall of
certain canned meat products manufactured by its Castleberry's
subsidiary due to two potential botulism incidents.  The fund's
ratings were also downgraded at that time to reflect weakened
liquidity stemming from the recall charge, which resulted in the
need to seek a covenant waiver and amendment to avoid a
potential default, as well as the uncertainty surrounding the
timing of expected cash outflows and the ultimate scope of the
recall.

Approximately US$275 Million in Credit Facilities Affected.

Ratings confirmed:

Bumble Bee Foods, LLC and Clover Leaf Seafoods L.P. as co-
borrowers

  -- Corporate family rating at B1

  -- Probability of Default Rating at B2

  -- US$75 million 5-year senior secured revolving credit at B1
     (LGD 2, 29%)

  -- US$200 million 6-year senior secured revolving credit at B1
     (LGD 2, 29%)

Ratings upgraded:

Bumble Bee Foods, LLC and Clover Leaf Seafoods L.P. as co-
borrowers

  -- Speculative Grade Liquidity Rating to SGL-3 from SGL-4

The confirmation reflects 1) Moody's increased comfort that the
scope and cost of the product recall have been largely
contained, and that it will have only a moderate impact on the
company's near-term earnings and financial performance, and 2)
the fund's stabilized liquidity position as a result of
obtaining a waiver and amendment to the credit facilities, thus
avoiding a covenant default in the second quarter ended
June 30, 2007, and providing additional cushion for subsequent
quarters.

The fund's B1 CFR reflects the obligors' role as the key cash
generating operations of their ultimate owner -- CBIF -- a
publicly-traded Canadian Income Trust which pays out the
majority of cash generated by its operations via distributions
to its unit holders.  The income trust's maintenance of a strong
equity price and tax free status is highly reliant on its
ability to maintain a high annual cash payout, which in turn
means a continuing withdrawal of cash from Bumble Bee and Clover
Leaf.  Although distributions are typically managed to allow
operations to retain sufficient cash to fund capital
expenditures and support growth, they provide little remaining
cash to materially reduce debt.

The risks inherent in the Canadian income fund structure are
partially mitigated by covenants within the bank agreement that
limit the level of distributions.  The suspension of
distributions until March 2008 was a key factor in the fund's
ability to maintain adequate liquidity during the recall period,
which is expected to be largely complete at the end of 2007.
The fund's rating also reflects its diversified portfolio of
leading brand names and strong market positions in the shelf
stable protein category, and its continued solid leverage
(Debt/EBITDA) and Interest Coverage metrics, as adjusted for
one-time recall expenses.

The positive ratings outlook reflects the expectation that the
Castleberry's recall has been largely contained, with minimal
impact on liquidity, and is largely complete.  The outlook also
reflects the expectation for continued solid operating
performance, led by revenue growth in its seafood business, cost
reduction initiatives and working capital management.  An
upgrade would require CBIF to resume distributions at levels
which permit adequate debt coverage or sufficient reinvestment
into core operations, evidence that the recall is fully
complete, and Debt/EBITDA sustained below 3.0, EBIT/interest
above 4.5, and positive free cash flow.  The outlook would
revert to stable if Debt/EBITDA were to exceed 4.0,
EBIT/interest fell and remained below 3.0, and free cash flow to
debt were to remain negative over the near-term.

With combined revenues of approximately US$930 million, Bumble
Bee Foods, LLC and Clover Leaf Seafoods, L.P. are manufactures
of branded, shelf stable fish and other assorted protein
products. These companies are co-borrowers under the rated
secured revolving credit facility and term loan, and are the
core operating subsidiaries of Connors Brothers Income Fund, a
publicly traded Canadian income trust.

Bumble Bee(R) Foods was founded in 1899.  Bumble Bee has over
1,000 employees and is an international company selling canned
tuna and salmon throughout the world under the Bumble Bee Label
and in Canada under the Clover Leaf brand name.  Bumble Bee also
has canning facilities in Mayaguez, Puerto Rico; and Santa Fe
Springs, California.


LIN TV: S&P Affirms B+ Corp. Credit Rating with Negative Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings on
LIN Television Corp., including the 'B+' corporate credit
rating, and removed them from CreditWatch with negative
implications, where they were placed on May 21, 2007.  The
outlook is negative.

At the same time, S&P's raised the issue-level rating on the
senior secured credit facilities of the company's subsidiary,
LIN TV Corp., to 'BB' from 'BB-', as per the current criteria.
The credit facilities comprise a US$275 million delayed-draw
term loan due 2011 and a US$275 million revolving credit
facility due 2011.  The recovery rating remains at '1',
indicating the expectation for very high (90%-100%) recovery in
the event of a payment default.

The rating affirmation reflects S&P's view that there is a lower
probability that LIN will announce a sale of the company in the
near term, but the company has not said that it is no longer for
sale.

"The rating on LIN reflects financial risk from debt-financed TV
station acquisitions, increasing competition for audiences and
advertising revenue, and advertising cyclicality," said S&P's
credit analyst Deborah Kinzer.  "These factors are offset only
partially by the company's competitive positions in midsize TV
markets, broadcasting's good margin and free cash flow
potential, recent improvements in financial leverage, and
relatively resilient station asset values."

Headquartered in Providence, Rhode Island, LIN Television Corp.
(NYSE: TVL) -- http://www.lintv.com/-- owns and operates 31
television stations in 18 mid-sized markets in the United States
and Puerto Rico.  The company had US$866.4 million of debt as of
Sept. 30, 2007.


MICRON TECHNOLOGY: Sets Shareholders Meeting for Dec. 4
-------------------------------------------------------
Micron Technology Inc. will host its annual meeting of
shareholders at 9 a.m. MST on Dec. 4, 2007, at its Boise, Idaho,
corporate headquarters, 8000 S. Federal Way.

Micron's Chairman and Chief Executive Officer Steve Appleton and
President and Chief Operating Officer Mark Durcan will be the
featured speakers.

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services affirmed its
BB-/Stable/-- corporate credit rating on Boise, Idaho-based
Micron Technology Inc.  S&P also assigned its 'BB-' rating to
the company's US$1.1 billion convertible senior notes due
2014.


ORIENTAL FINANCIAL: Declares US$0.14 Per Common Share Dividend
--------------------------------------------------------------
Oriental Financial Group Inc.'s Board of Directors declared a
regular quarterly cash dividend of US$0.14 per common share for
the fourth quarter ending December 31, 2007, payable on
Jan. 15, 2008, to holders of record on Dec. 31, 2007, with an
ex-dividend date of Dec. 27, 2007.

                   About Oriental Financial

Oriental Financial Group Inc. (NYSE: OFG) --
http://www.OrientalOnline.com/-- is a diversified financial
holding company operating under U.S. and Puerto Rico banking
laws and regulations.  Oriental provides comprehensive financial
services to its clients throughout Puerto Rico and offers third
party pension plan administration through its wholly owned
subsidiary, Caribbean Pension Consultants, Inc.  The Group's
core businesses include a full range of mortgage, commercial and
consumer banking services offered through 24 financial centers
in Puerto Rico, as well as financial planning, trust, insurance,
investment brokerage and investment banking services.

                        *     *     *

On January 2006, Standard & Poor's Ratings Services assigned its
'BB+' long-term counterparty credit rating to Oriental Financial
Group.  S&P also assigned its 'BBB-' counterparty rating to
Oriental's principal operating subsidiary, Oriental Bank &
Trust.  S&P said the outlook for both entities is negative.


SANTANDER PUERTO RICO: Moody's Revises Outlook to Negative
----------------------------------------------------------
Moody's Investors Service has changed the rating outlook to
negative from stable on Banco Santander Puerto Rico.  The bank
is rated A2 for long-term deposits and C for financial strength.
The bank is the primary operating subsidiary of Santander
BanCorp, which is unrated.  Spanish bank Banco Santander, S.A.
(rated Aa1 for long-term deposits and B for financial strength)
owns 91% of Santander BanCorp.

Moody's said that the recessionary environment in Puerto Rico
has taken a toll on the bank's profitability and asset quality
indicators in recent periods.  Specifically, loan loss
provisions and net charge-offs have increased significantly,
largely in the residential mortgage and construction portfolios.
Santander Puerto Rico's exposure to those portfolios has
increased over the past few years, Moody's noted.

In addition to Santander Puerto Rico, parent Santander BanCorp
also owns a consumer finance subsidiary.  That unit, which has
lost money in 2007, includes the Island Finance business that
was purchased from Wells Fargo early in 2006.  Puerto Rico's
weak economic environment has significantly pressured the
earnings and asset quality of that business as well, which
places a greater burden on Santander Puerto Rico as the primary
source of support for Santander BanCorp, thereby limiting the
bank's overall financial flexibility, including its ability to
retain capital.

Despite the outlook change, Moody's noted that the bank enjoys
good market shares in Puerto Rico that should result in a
stronger earnings profile in better economic times.  In
addition, the ownership by Banco Santander, S.A. is a positive
ratings factor that results in a one-notch lift of Santander
Puerto Rico's long-term deposit rating.  Moody's added that the
Spanish parent guarantees a portion of Santander BanCorp's
funding.

                   About Santander Bancorp

Headquartered in San Juan, Puerto Rico, Santander BanCorp (NYSE:
SBP; LATIBEX: XSBP) -- http://www.santandernet.com-- is a
publicly held financial holding company that is traded on the
New York Stock Exchange and on Latibex.  About 91% of the
outstanding common stock of Santander BanCorp is owned by Banco
Santander Central Hispano, SA aka Santander.  The company has
four wholly owned subsidiaries -- Banco Santander Puerto Rico,
Santander Securities Corp., Santander Financial Services and
Santander Insurance Agency.  The company has reported assets of
US$9.2 billion at Sept. 30, 2007.




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


DIVINO SA: Moody's Reviews Ba3 & Caa1 Ratings for Likely Upgrade
----------------------------------------------------------------
Moody's Latin America has removed its negative outlook for
Divino S.A.'s Ba3.uy national scale rating and its Caa1 global
local currency rating and placed both ratings under review for
possible upgrade.

The decision is based on the fact that, despite a competitive
environment, Divino has been able to improve its financial
performance during the last fiscal year ended June 30, 2007.
Specifically, revenue growth was solid due to favourable market
dynamics, free cash flow was positive, liquidity improved and
market share remained stable.  Although margins deteriorated
slightly due to higher costs and expenses, overall profitability
remained adequate for the company's rating category.

The ratings continue to reflect the company's small size,
geographic concentration, historically weak free cash flow
generation due to elevated working capital needs and tight
liquidity.  However the ratings also incorporate Divino's
leading market share position in Uruguay, long track record in
the business and low overall leverage for its rating category.

The review process will focus primarily on the likelihood that
the company will maintain its market share and margins as its
competitive environment evolves and is potentially impacted by
increased imports or new competitors.  The review will also
focus on the outlook for the housing and retail sectors in
Uruguay.

Founded in 1935, Divino SA is a small Uruguayan family-owned
company, which manufactures, sells and exports spring and
rubber-foam mattresses and polyurethane products through its own
retail chain and through wholesalers.  Total sales for the
fiscal year ended June 30, 2007 reached approximately US$23
million.


* URUGUAY: Gets US$1.4M Loan to Improve Healthcare System Mgmt.
---------------------------------------------------------------
The Inter-American Development Bank's Multilateral Investment
Fund has approved a US$1,493,000 grant to the Medical Federation
of the Interior in Uruguay for a program to improve management
and productivity in the country's healthcare system.

"This project will help develop and implement tools based on
information and communication technologies in order to optimize
resource use and improve the efficiency of the small private
hospitals in the FEMI network and others," said IDB team leader
Pablo Valenti.  "The operation is expected to bring down
administrative costs and increase user satisfaction."

"The program will boost the management efficiency and improve
the integration of small and medium-sized private healthcare
service providers in Uruguay," added Mr. Valenti.

The Medical Federation of the Interior (Federacion Medica del
Interior - FEMI) will carry out the program.  It is a private
sector federation that comprises 23 collective medical
assistance institutions covering an important sector of the
population.

Local counterpart funds provided by FEMI will total
US$1,754,400.

MIF, an autonomous fund administered by the IDB, supports
private sector development in Latin America and the Caribbean,
focusing on microenterprise and small business.

                        *     *     *

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


* VENEZUELA: September Oil Byproducts Sales to US Falls 22%
-----------------------------------------------------------
Venezuela's sales of oil byproducts to the United States has
dropped 6.7% in September, from 192,000 bpd to 179,000 bpd, El
Universal reports, citing Energy Information Administration, the
statistical arm of the US Department of Energy.

El Universal also states that the country's hydrocarbons
shipments have declined 22.2 percent, from an average of 296,000
bpd for the nine months of 2006 to 230,000 bpd in the same
period in 2007.

The U.S. has implemented environmental standards, which resulted
to low supply of Venezula's byproducts, El Universal says.

Venezuela is still the fourth largest supplier of crude oil to
the United States, El Universal relates, as crude oil shipments
has soared 0.7% from 1.13 million bpd to 1.14 million bpd in
August to September.  Venezuela is after Canada, Saudi Arabia,
and Mexico.

As of September 2007, Sales of Venezuela's hydrocarbon (crude
oil and byproducts) to the U.S. has averaged 1.35 million bpd,
which represented a 7.2% drop compared to the same period in
2006.

                        *     *     *

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-'.


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

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

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

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

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

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


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