TCRLA_Public/071203.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

          Monday, December 3, 2007, Vol. 8, Issue 239

                          Headlines

A R G E N T I N A

CUMMINS INC: Andrew Penca Named as President's Assistant
FERRO CORP: Hires Judy DeForest as Chief Tax Officer
GRAN TIERRA: Begins Field Explorations in Peru
URS CORP: Unveils Washington Stockholders' Elections Results


B A H A M A S

COMPLETE RETREATS: Legendary Retreats Files May 2007 Report
HARRAH'S ENTERTAINMENT: Gets Approval from Missouri Gaming Board


B E R M U D A

AIG COMMODITY: Proofs of Claim Filing Is Until Dec. 12
AIG COMMODITY: Will Hold Final Shareholders Meeting on Dec. 31
AIG FINANCIAL: Proofs of Claim Filing Deadline Is Dec. 12
AIG FINANCIAL: Holding Final Shareholders Meeting on Dec. 28
AIG PORTFOLIO: Proofs of Claim Filing Is Until Dec. 12

AIG STRATEGIC: Proofs of Claim Filing Ends on Dec. 12
AIG STRATEGIC: Holding Final Shareholders Meeting for Dec. 31
UNITED AIRLINES: Intends to Amend Credit Agreement


B O L I V I A

* BOLIVIA: Gets US$21-Mln Loan for Community Water Program


B R A Z I L

ARANTES ALIMENTOS: Fitch Assigns Issuer Default Ratings at B
BANCO PATAGONIA: Inks US$5.7MM Service Pact with Int'l Business
BRASIL TELECOM: Deutsche Bank Puts Buy Rating on Firm's Shares
CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28
COMPANHIA PARANAENSE: Seeking To Boost Stake in Domino Holdings

DRESSER-RAND GROUP: Implements Terms of the New Union Contract
EL PASO: To Acquire 50% Interest in Gulf's Liquefied Gas Project
EUTELSAT COMM: Inks Broadcasting Deal w/ Telediffusion d'Algerie
GENERAL MOTORS: Enters Joint Venture with Shanghai Auto & OnStar
GULFMARK OFFSHORE: S&P Raises Corp. Credit Rating to BB- from B+

NRG ENERGY: Named Company of the Year by Platts Global Awards
SMITHFIELD FOODS: Reports US$18.7-Million Income from Operations
TAM SA: Marco Antonio Bologna Resigns as Chief Executive Officer

* BRAZIL: Deciding on Venezuela's Mercosur Membership Next Year
* BRAZIL: Fire Breaks Out in Drillship, Injures Seven Workers
* BRAZIL: Petroleo Brasileiro's P-52 Starts Production


C A Y M A N   I S L A N D S

ANCC LTD: Proofs of Claim Filing Is Until Dec. 13
ANTICRESIS ONCE: Proofs of Claim Verification Deadline Is Feb. 8
ARDITI Y MENECHINO: Proofs of Claim Verification Ends on Dec. 10
BANNON CAPITAL: Proofs of Claim Filing Ends on  Dec. 14
BANNON CAPITAL: Sets Final Shareholders Meeting for Dec. 31

CBI CONSULTING: Proofs of Claim Filing Deadline Is Dec. 13
CBI CONSULTING: Will Hold Final Shareholders Meeting on Dec. 14
CIRCULO DE SUBOFICIALES: Trustee Verifies Claims Until Feb. 19
COOPERATIVA DE VIVIENDA: Claims Verification Deadline Is Dec. 19
DUAIELLO SRL: Proofs of Claim Verification Is Until Feb. 26

FRAVA PETROL: Trustee Verifies Proofs of Claim Until Dec. 7
FUREX SA: Proofs of Claim Verification Ends on March 7
IBROX PARK: Proofs of Claim Filing Deadline Is Dec. 13
HSBC MERGER: Proofs of Claim Filing Ends on Dec. 13
MINERVA INVESTMENTS: Proofs of Claim Filing Deadline Is Dec. 12

MINERVA INVESTMENTS: Sets Final Shareholders Meeting for Dec. 28
MODUS FEEDER: Proofs of Claim Filing Is Until Dec. 13
MODUS FUND: Proofs of Claim Filing Deadline Is Dec. 13
NOTRIN SA: Proofs of Claim Verification Deadline Is Feb. 29
OGRE FINANCE: Proofs of Claim Filing Ends on Dec. 13

PROCYON FUND: Proofs of Claim Filing Is Until Dec. 13
QPASS BERMUDA: Proofs of Claim Filing Deadline Is Dec. 12
QPASS BERMUDA: Sets Final Shareholders Meeting for Dec. 28
UBS GLOBAL: Proofs of Claim Filing Deadline Is Dec. 13
UNIMED SA: Proofs of Claim Verification Deadline Is Feb. 20

VADRA SRL: Poofs of Claim Verification Deadline Is Dec. 10


C H I L E

CONSTELLATION BRANDS: Fitch Puts BB- Rating on US$500-Mil. Notes
NOVA CHEMICALS: INEOS Targets Joint Venture Synergies by 2008


C O L O M B I A

DOLE FOOD: European Union Sanctioning Firm for Banana Cartel
SOLUTIA INC: Moody's Assigns B1 Corporate Family Rating


E C U A D O R

PETROECUADOR: Launches Pre-Bidding Process for Ishpingo Project
PETROECUADOR: Rafael Correa Fires Carlos Pareja as Firm's Head

* ECUADOR: Guarantess US$62.2-Mln Loan for TAME Aircraft Fleet
* ECUADOR: Gets US$295-Million Financing from IDB


J A M A I C A

NATIONAL COMMERCIAL: Enforces Precautionary Measures for Workers


M E X I C O

DESARROLLADORA HOMEX: Inaugurates Six Parks in Culiacan City
DURA AUTOMOTIVE: Court Postpones Confirmation Hearing
ENERSYS INC: To Sell 5,000,000 Common Stock Shares to Jefferies
GREENBRIER COS: Promotes Two Finance Exec. to Vice Presidents
GRUPO GIGANTE: Launches US$260MM Tender Offer of 8.75% Sr. Notes

GRUPO MEXICO: Investing US$180 Mln. To Boost San Luis Operations
SPANSION INC: Gets MicroStrategy for Reporting & Analytics Job


P A N A M A

CHIQUITA BRANDS: Sanctioned for Banana Cartel by European Union


P A R A G U A Y

MILLICOM INT'L: Morgan Joseph Maintains Buy Rating on Shares


P E R U

DEL MONTE: European Union Sanctioning Firm for Banana Cartel


P U E R T O   R I C O

ADVANCED AUTO: Darren Jackson Replaces John Brouillard as CEO
BURGER KING: Moody's Affirms Ba2 Corporate Family Rating


V E N E Z U E L A

DEL MONTE: Earns US$25.9 Million in Second Quarter Ended Oct. 28

* BOND PRICING: For the Week Nov. 26 to Nov. 30


                         - - - - -


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


CUMMINS INC: Andrew Penca Named as President's Assistant
--------------------------------------------------------
Cummins Inc. has named Andrew Penca, Commissioner of Indiana
Workforce Development, as the company's assistant to President
Joe Loughrey, effective Dec. 3.  Mr. Penca's duties will be
split between Cummins project work and supporting Loughrey's
efforts as Chairman of Conexus Indiana, a statewide advanced
manufacturing and logistics initiative.  Conexus' primary goal
is to attract and educate young people in the state as they
pursue careers in advanced manufacturing and logistics.

Mr. Penca joined Indiana Workforce Development in early 2005 and
has served as Commissioner since October 2006.  In his role with
the state, Mr. Penca was instrumental in working with employers
and state and local government officials to develop and
implement programs and policies aimed at raising the education
and skill levels of Indiana's workforce.

Mr. Penca also brings extensive auto-related experience to
Cummins.  He spent roughly six years at Honda R&D Americas, Inc.
in the advanced product planning and concept development
department where he served in roles ranging from research
analyst to senior specialist.  During his time with Honda, he
led concept teams responsible for the development of the current
Acura TL, Honda Element, and Honda's first ever pickup, the
Ridgeline.

Mr. Penca, a native of Peoria, Ill., earned his bachelor's
degree in Business Administration, with honors in International
Management, from Butler University in 1996 and his MBA in
finance and accounting from the University of Southern
California in 2003.  He currently lives in Carmel with his wife,
Laurie, and their two sons, Andrew and Landon.

                        About Cummins

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina.  Its
operations in the Asia-Pacific are found in China, Japan and
Korea.  Its also has facilities in Europe, particularly in the
United Kingdom.

                        *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


FERRO CORP: Hires Judy DeForest as Chief Tax Officer
----------------------------------------------------
Ferro Corporation has appointed Judy DeForest as its Chief Tax
Officer.

Ms. DeForest has senior management responsibility for Ferro's
tax operations and planning and reports to Vice President &
Chief Financial Officer Sallie Bailey.  She is based at Ferro's
worldwide headquarters in Cleveland.

Ms. DeForest was most recently with Pittsfield, Massachusetts-
based specialty toy retailer KB Toys, Inc., where she was
director of tax.  In her six years at KB Toys, she was
responsible for tax planning and strategy, as well as
supervision of the company's transactional and income tax
departments.

Previous to her corporate experience, Ms. DeForest spent 16
years in positions of increasing responsibility at three major
public accounting firms.  She was Tax Managing Director and
Senior Tax Manager at KPMG in Atlanta before moving to KB Toys.
In her roles at KPMG, she provided tax planning and compliance
services for multi-national clients in the manufacturing, retail
and distribution sectors.

Ms. DeForest received her Bachelor of Science degree in Business
Administration, with an accounting concentration, from Western
New England College.

                      About Ferro Corp.

Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE: FOE)
-- http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were USUS$2 billion
for the FYE ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service assigned a B1 corporate
family rating to Ferro Corporation.  Moody's also assigned a B1
rating to the company's USUS$200 million senior secured notes
(issued as unsecured notes in 2001) due in January 2009 and an
SGL-3 speculative grade liquidity rating.


GRAN TIERRA: Begins Field Explorations in Peru
----------------------------------------------
Gran Tierra Energy Inc. has initiated field operations in Blocks
122 and 128 in northern Peru.

Blocks 122 and 128 are both exploration blocks that were awarded
to Gran Tierra Energy in 2006.  These two blocks are on the
eastern flank of the Maranon Basin where over one billion
barrels of recoverable oil has been discovered to date.  Block
122 encompasses approximately 1.2 million acres and Block 128
encompasses approximately 2.2 million acres of land.  Gran
Tierra Energy is Operator and holds a 100% working interest in
both blocks.

Approximately 20,000 linear kilometers of new high definition
gravity and magnetic data is scheduled to be acquired over the
entirety of Blocks 122 and 128 in the coming three months to
fulfill the company's work program commitments for the First
Exploration Period of each block.  This data will be used to
define exploration leads over which 2-D seismic data will be
acquired in the Second Exploration Period of each block.  The
Second Exploration Periods for both blocks begins in the second
quarter of 2008.

Dana Coffield, President and CEO, stated, "With the onset of our
operations in Peru, Gran Tierra Energy has begun maturing a vast
land position to identify high impact leads and prospects for
future drilling.  Our lands in Peru are located immediately
adjacent to an extremely prolific petroleum basin but have never
been tested by drilling.  In addition, Peru has one of the most
attractive fiscal regimes in Latin America.  This exploration
program complements our ongoing reserve and production growth
that has been achieved through our exploration drilling
operations in Colombia and Argentina in 2007."

                      About Gran Tierra

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

                        *     *     *

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


URS CORP: Unveils Washington Stockholders' Elections Results
------------------------------------------------------------
URS Corporation announced the results of the elections made by
stockholders of Washington Group International, Inc. as to the
form of merger consideration to be received in the Nov. 15, 2007
acquisition by URS.

The results of the elections are:

   a) Cash Elections: Washington Group stockholders who validly
      elected to receive all cash will receive US$95.11656000 in
      cash for each share of Washington Group common stock with
      respect to which that election was made;

   b) Stock Elections: Washington Group stockholders who validly
      elected to receive all URS common stock will receive
      1.14588411 shares of URS common stock and US$29.78008168
      in cash for each share of Washington Group common stock
      with respect to which that election was made; and

   c) Mixed Elections and Non-Elections: Washington Group
      stockholders who validly elected the mixed merger
      consideration or did not make a valid election will
      receive US$43.80 in cash and 0.90 of a share of URS common
      stock for each share of Washington Group common stock held
      immediately prior to the merger.

The all-cash and all-stock elections were subject to proration
calculations to preserve an overall per share mix of US$43.80 in
cash and 0.90 of a share of URS common stock for all outstanding
shares of Washington Group common stock taken together.  Under
the terms of the merger agreement, cash will be issued in lieu
of fractional shares.

Headquartered in San Francisco, California, URS Corporation
(NYSE:URS) -- http://www.urscorp.com/-- offers a comprehensive
range of professional planning and design, systems engineering
and technical assistance, program and construction management,
and operations and maintenance services for transportation,
facilities, environmental, water/wastewater, industrial
infrastructure and process, homeland security, installations and
logistics, and defense systems.  The company operates in more
than 20 countries with approximately 29,500 employees providing
engineering and technical services to federal, state and local
governmental agencies as well as private clients in the
chemical, pharmaceutical, oil and gas, power, manufacturing,
mining and forest products industries.  The company also has
offices in Argentina, Australia, Belgium, China, France,
Germany, and Mexico, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2007, Standard & Poor's Ratings Services has lowered
its corporate credit rating on URS Corp. to 'BB' from 'BB+' and
removed the ratings from CreditWatch, where they were placed
with negative implications on May 29, 2007.  In addition, S&P
affirmed the 'BB+' bank loan rating and left the '2' recovery
rating unchanged on the company's senior secured debt (composed
of a US$700 million revolving credit facility, a USUS$1.1
billion term loan A, and a US$300 million term loan B), and
withdrew the ratings on the company's previous USUS$300 million
revolving credit facility and US$350 million term loan.




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


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

                              ASSETS


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


Accounts Receivable (Net)                                  0.00
Inventory                                                     -
Notes Receivable                                   1,610,000.00
Prepaid Expenses                                      73,910.42
Other                                                110,000.00
                                                 --------------
Total Current Assets                               1,793,910.42

Property, Plant & Equipment                           26,935.82
Less: Accumulated Depreciation/Depletion                      -
                                                 --------------
Net Property, Plant & Equipment                       26,935.82

Due from Insiders                                             -
Other Assets - Net of Amortization                            -
Other                                             17,787,455.72
                                                 --------------
Total Assets                                   US$19,608,301.96

                   LIABILITIES & OWNERS' EQUITY

Postpetition Liabilities
   Accounts Payable                                        0.00
   Taxes Payable                                              -
   Notes Payable                                      11,365.58
   Professional Fees                                          -
   Secured Debt                                               -
   Other                                                   0.00
                                                 --------------
Total Postpetition Liabilities                        11,365.58


Prepetition Liabilities
   Secured Debt                                               -
   Priority Debt                                              -
   Unsecured Debt                                    482,432.31
   Other                                           3,887,743.28
                                                 --------------
Total Prepetition Liabilities                      4,370,175.59
                                                 --------------
Total Liabilities                                  4,381,541.17

Equity
   Prepetition Owners' Equity                     15,289,439.89
   Postpetition Cumulative Profit or Loss            (62,679.10)
   Cash funded from UR LLC in excess of P&L losses            -
                                                 --------------
Total Equity                                      15,226,760.79
                                                 --------------
Total Liabilities & Owners' Equity             US$19,608,301.96


Legendary Retreats, LLC, reported net income of US$2,562.29 for
May 2007.

                 About Complete Retreats

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

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

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


HARRAH'S ENTERTAINMENT: Gets Approval from Missouri Gaming Board
----------------------------------------------------------------
Missouri Gaming Commission has approved Harrah's Entertainment,
Inc.'s proposed acquisition of by affiliates of Apollo
Management, L.P. and TPG Capital.  The transaction remains
subject to approval by other jurisdictions in which Harrah's
subsidiaries operate and other conditions to closing set forth
in the agreement and plan of merger entered into on
Dec. 19, 2006.

               About Harrah's Entertainment

Headquartered in Las Vegas, Nevada, Harrah's Entertainment Inc.
(NYSE: HET) -- http://www.harrahs.com/-- has grown through
development of new properties, expansions and acquisitions, and
now owns or manages casino resorts on four continents and hosts
over 100 million visitors per year.  The company's properties
operate under the Harrah's, Caesars and Horseshoe brand names;
Harrah's also owns the London Clubs International family of
casinos and the World Series of Poker. Harrah's also owns the
London Clubs International family of casinos.  In January, it
signed a joint venture agreement with Baha Mar Resorts Ltd. to
operate a resort in Bahamas.

                        *     *     *

Harrah's Entertainment Inc. continues to carry Standard & Poor's
"BB" long term foreign and local issuer credit ratings, which
were placed in December 2006.




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


AIG COMMODITY: Proofs of Claim Filing Is Until Dec. 12
------------------------------------------------------
AIG Commodity Alpha Fund Ltd.'s creditors are given until
Dec. 12, 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.

AIG Commodity's shareholder decided on Nov. 26, 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


AIG COMMODITY: Will Hold Final Shareholders Meeting on Dec. 31
--------------------------------------------------------------
AIG Commodity Alpha Fund Ltd. will hold its final shareholders
meeting on Dec. 31, 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.


AIG FINANCIAL: Proofs of Claim Filing Deadline Is Dec. 12
---------------------------------------------------------
AIG Financial Products Treasury Management Company, Limited's
creditors are given until Dec. 12, 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.

AIG Financial's shareholder decided on Nov. 26, 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


AIG FINANCIAL: Holding Final Shareholders Meeting on Dec. 28
------------------------------------------------------------
AIG Financial Products Treasury Management Company, 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.


AIG PORTFOLIO: Proofs of Claim Filing Is Until Dec. 12
------------------------------------------------------
AIG Portfolio Diversification Fund Ltd.'s creditors are given
until Dec. 12, 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.

AIG Portfolio's shareholder decided on Nov. 26, 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


AIG STRATEGIC: Proofs of Claim Filing Ends on Dec. 12
-----------------------------------------------------
AIG Strategic Asset Allocation Fund Ltd.'s creditors are given
until Dec. 12, 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.

AIG Strategic's shareholder decided on Nov. 26, 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


AIG STRATEGIC: Holding Final Shareholders Meeting for Dec. 31
-------------------------------------------------------------
AIG Strategic Asset Allocation Fund Ltd. will hold its final
shareholders meeting on Dec. 31, 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.


UNITED AIRLINES: Intends to Amend Credit Agreement
--------------------------------------------------
United Airlines intends to pursue an amendment to its existing
credit agreement.

The company is presenting the proposal to lenders today and
expects a decision later next week. If approved, United Airlines
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.  The airline has generated more than US$2
billion in operating cash flow in the first nine months of the
year.

                   About United Airlines

United Airlines (Nasdaq: UAUA) -- http://www.united.com/-- is a
subsidiary of UAL Corp.  It operates more than 3,600 flights a
day on United, United Express and TedSM to more than 200 U.S.
domestic and international destinations from its hubs in Los
Angeles, San Francisco, Denver, Chicago and Washington, D.C.
With key global air rights in the Asia-Pacific region, Europe
and Latin America (Brazil), United is one of the largest
international carriers based in the United States.  The airline
is also a founding member of Star Alliance, which provides
connections for our customers to 855 destinations in 155
countries worldwide.  The airline's 55,000 employees reside in
every U.S. state and in many countries around the world.

                        *     *     *

As reported in the Troubled Company Reporter on May 3, 2007,
Fitch Ratings has affirmed the Issuer Default Ratings of UAL
Corp. and its principal operating subsidiary United Airlines
Inc. at B-.




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


* BOLIVIA: Gets US$21-Mln Loan for Community Water Program
----------------------------------------------------------
The Inter-American Development Bank has approved a US$21 million
loan for a small community water program in Bolivia.  The loan
will be financed by US$14.7 million from the Bank's Ordinary
Capital and US$6.3 million from the Fund for Special Operations.

The purpose of this program is to increase the coverage of
sustainable potable water service and wastewater disposal in
rural areas.  This project will benefit 200,000 new customers
living in approximately 500 rural communities.

This effort will contribute to the broader goal within the IDB
Water Initiative of providing 3,000 new rural communities
throughout Latin America and the Caribbean with potable water
and sanitation by the year 2011.

The IDB and the Government of Bolivia have worked closely with
the German Development Bank KfW, which is developing a parallel
project that will benefit an additional 200,000 new customers.

"More than one million rural residents in Bolivia still lack
improved drinking water and basic sanitation," said IDB project
team leader, Christopher Jennings.  "The proposed IDB program,
in conjunction with the KfW operation, will reduce this figure
by about 40 percent, making a significant contribution to
Bolivia's effort to meet the Millennium Development Goals."

An important component of this program is the involvement of the
communities, whose input will be essential in the development,
construction and operation phases.

"A significant percentage of the budget will be allocated to
community support activities, which will begin from the time a
project is inscribed in the program and confirmed for financing"
said Mr. Jennings.  "These activities will continue in parallel
with project development until the project has been operating
for 12 months."

From the IDB loan, US$4 million will be allocated to community
support activities which will be executed with qualified NGOs or
consulting firms.

The IDB loan will be executed by Bolivia's Productive and Social
Investment Fund.

                           *    *    *

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
===========


ARANTES ALIMENTOS: Fitch Assigns Issuer Default Ratings at B
------------------------------------------------------------
Fitch Ratings has assigned foreign and local currency Issuer
Default Ratings of 'B' to Brazil's Arantes Alimentos Ltda.  In
addition, Fitch has also assigned a national debt rating at
'BBB(bra)'.  The rating outlook is stable.

The ratings reflect Arantes Alimentos's low cost structure and
diversified export revenue base.  The company's beef processing
business is exposed to volatile beef and cattle markets, which
has an impact on its raw material cost structure and end product
prices.  Volatility is primary driven by supply and demand
imbalances which are a result of factors such as sanitary
disease, adverse weather conditions, unfavorable global economic
conditions, changes in beef consumption habits, government-
imposed sanitary and trade restrictions, and competitive
pressures from other Brazilian or international beef producers
and exporters.  Some of these risks are partially mitigated by
the company's geographically diversified operational plants,
global distribution and customer diversification, and a balanced
export revenue base.

The company has aggressively grown since returning to the beef
processing business in 2005, through acquisitions of new plants
and modernization of existing plants.  The company's strategy is
focused on achieving steady and sustained growth while
maintaining the efficiency of its operations and building on its
competitive strengths in order to increase its profitability and
its market share in the Brazilian and international markets.
Near-term growth is based on already acquired capacity while
long-term strategy is expected to be achieved through a
combination of organic growth, acquisitions, and by purchasing
or leasing additional facilities.

During the first nine months of 2007, revenues grew by 66%,
while EBITDA grew at a slower rate.  EBITDA margin declined to
8.2% from 9.5% during the prior comparable period.  Margin
decline was a result of higher raw material cost, higher
domestic volumes coupled with lower domestic prices, which were
partially offset by higher international prices, and lower SG&A
expenses as a percentage of revenues.

The ratings incorporate Arantes Alimentos' highly leveraged
capital structure and financing needs in order to fund working
capital, and continued near-term large projected capital
expenditures in order to add capacity.  Credit protection
measures worsened during the first nine months of 2007 as EBITDA
growth was more than offset by increase in debt related to
higher capex and working capital requirements.  At
Sept. 30, 2007, the company had a ratio of net debt to EBITDA of
4.5 times, not including leased properties as, except for one,
all leased property titles are being transferred from the
Arantes family to Arantes Alimentos Ltda.  EBITDA coverage of
interest expense of 7.0 EBITDA is expected to grow by 70% in
2007 to BRL57.2 million from BRL33.7 million in 2006.  Pro-forma
net debt to EBITDA at the end of 2007 is expected to be 4.3 with
pro-forma total debt of about BRL350.6 million, a significant
increase from BRL252.8 million at the end of September 2007.
Consequently, despite very large expected revenue and EBITDA
growth in the next few years, credit-protection measures will
likely remain under pressure in the very near term before
reaching more comfortable levels.

Arantes Alimentos was positioned as the seventh largest
Brazilian beef exporter during the first nine months of 2007.
The company has an aggregate daily slaughtering capacity of
approximately 4,330 head of cattle at the five slaughterhouses
it operates in the Brazilian States of Mato Grosso, Goias and
Maranhao.  The company exports its products to more than 140
customers located in over 35 countries.  The foreign market
corresponds to about 45% of Arantes Alimentos' sales.  The
company maintains long-term relationships with leading
international beef distributors.

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


BANCO PATAGONIA: Inks US$5.7MM Service Pact with Int'l Business
---------------------------------------------------------------
Banco Patagonia has signed with the International Business
Machines Corp. a US$5.7-million information technology IT
services accord, the International Business said in a press
statement.

According to the International Business' press statement, the
firm will manage:

          -- consolidation,
          -- virtualization,
          -- technology updates,
          -- implementation of a backup data center, and
          -- administration and support services for Banco
             Patagonia's servers.

The agreement will provide external storage for Banco
Patagonia's main data center, backup data center and all
critical services that the International Business provides.  The
accord is an expansion of the two firms' 10-year, US$15-million
technology outsourcing contract in 2005, Business News Americas
relates.

                About International Business

International Business Machines Corporation is an information
technology company.  IBM also provides business, technology and
consulting services.  The company's major operations comprise a
Global Services segment, a Systems and Technology Group, a
Software segment and a Global Financing segment.  IBM's business
comprises three principal business segments: Systems and
Financing, Software and Services.  The majority of the company's
enterprise business, which excludes the Company's original
equipment manufacturer technology business, occurs in industries
that are grouped into six sectors: financial services, public,
industrial, distribution, communications, and small and medium
business.

                   About Banco Patagonia

Banco Patagonia specializes in public offerings of
securitizations.  It became Argentina's fifth largest locally
owned private bank through its purchase of Lloyds TSB Argentina
in late 2004.  The bank operates through 139 branches and has
202 ATM machines.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded Banco Patagonia
SA's local currency deposit rating is upgraded to Ba1 from Ba3.
Moody's confirmed that it raised its bank financial strength
rating on Banco Patagonia to D from E+, in connection with the
rating agency's implementation of its refined joint default
analysis and updated BFSR methodologies for banks in Argentina.
Its foreign currency deposit rating was affirmed at Caa1, with
positive outlook.  The company's long-term Argentine national
scale rating for local currency deposits is raised to Aa1.ar
from Aa2.ar. and its long term foreign currency deposit rating
in national scale was affirmed at Ba1.ar.  The foreign currency
subordinated debt rating was upgraded to B2 from Caa1.  The
outlook on the debt rating was positive.  The national scale
rating for foreign currency subordinated debt was raised to
Aa3.ar from Ba1.ar.


BRASIL TELECOM: Deutsche Bank Puts Buy Rating on Firm's Shares
--------------------------------------------------------------
Deutsche Bank said in a statement that it has assigned a buy
recommendation on Brasil Telecom Participacoes' shares and
raised its target price for the firm for next year to US$92 from
US$85.

Business News Americas relates that Deutsche Bank's target price
is based on the assumption that the Brazilian currency will
continue to strengthen against the US dollar next year.  A
stronger Brazilian Real "helps cash flow generation, since part
of Brasil Telecom capex is pegged to the US dollar."

Brasil Telecom "continues an aggressive growth strategy in both
the mobile and broadband markets" and the launch of its Internet
Protocol television service Videon in Brasilia, which enhances
its portfolio, BNamericas says, citing Deutsche Bank.

Brasil Telecom told BNamericas that Videon will be available in
other state capitals where the firm operates.

Operators are also concentrating on "bundled packages, reducing
churn and improving average revenue per unit, "a key element for
Deutsche Bank," BNamericas states.

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

                        *     *     *

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


CA INC: Paying US$0.04 Per Share Quarterly Dividend on Dec. 28
--------------------------------------------------------------
CA Inc.'s Board of Directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on Dec. 28, 2007 to stockholders of record at the close of
business on Dec. 14, 2007.

                        About CA Inc.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management
software company that unifies and simplifies the management
ofenterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  The company has operations in Brazil,
Indonesia, Luxembourg, Philippines and Thailand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 7, 2007, Standard & Poor's Rating Services affirmed its
'BB' corporate credit and senior unsecured debt ratings on
Islandia, New York-based CA Inc.  S&P revised the outlook to
stable from negative.

As reported in the Troubled Company Reporter-Latin America on
May 31, 2007, Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.


COMPANHIA PARANAENSE: Seeking To Boost Stake in Domino Holdings
---------------------------------------------------------------
Companhia Paranaense de Energia said in a filing with the Sao
Paulo stock exchange Bovespa that it is seeking to increase its
participation in Domino Holdings.

According to Companhia Paranaense's filing, Domino Holdings
purchased a 37.9% in Parana's state water utility Companhia de
Saneamento do Parana in 1998.

The filing says that Companhia Paranaense will buy French
company Sanedo's shares in Domino Holdings.  The planned
purchased has secured approval from Companhia Paranaense's board
of directors.

Business News Americas relates that Sanedo decided in September
2007 to sell its 30% stake in Domino Holdings.  Once Companhia
Paranaense acquires Sanedo's shares, it will increase its
control in Domino Holdings to 45% from 15%.

Published reports say that the operation has a EUR42-million
estimated value.

Companhia Paranaense wants to boost the Parana state
government's participation in Companhia de Saneamento,
BNamericas notes.  The state is the major shareholder of the two
firms.

However, a 1998 agreement grants control of Companhia de
Saneamento to Domino Holdings.  The Parana state has challenged
accord in a court of justice, BNamericas states.

                About Compania de Saneamento

Companhia de Saneamento do Parana is a utility company focused
on providing basic sanitation services to 344 of the 399
municipalities in the state of Parana in Brazil. The Company
treats and distributes clean water to more than 8.3 million
inhabitants, as well as collects and disposes of sewage. The
services cover 99% of the state's population for water
treatment, and 48.7% for sewage collection and treatment. The
Company also collects and disposes of non-recyclable and
recyclable trash for 80,000 inhabitants.

                 About Companhia Paranaense

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 megawatts,
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).


DRESSER-RAND GROUP: Implements Terms of the New Union Contract
---------------------------------------------------------------
Dresser-Rand Group Inc., after reaching impasse in its
negotiations with the IUE-CWA Local 313 union representatives
for the company's Painted Post facility in New York State, the
company has implemented the terms of its last offer and has
invited bargaining unit employees to immediately return to work.
At the time of the strike on Aug. 4, 2007, there were
approximately 400 bargaining unit employees.  However, since the
strike began, the company has hired over 90 permanent
replacement workers, subcontracted approximately 35% of its
work, and continued to augment production with approximately 130
temporary employees.  It is anticipated that temporary employees
will continue to be reduced by additional new hires, employees
returning to work, and increased subcontracting.

"This is a major event in the evolution of this facility because
the contract language governing our operating policies is now
consistent with contemporary standards, and the employee
benefits will be more in line with the vast majority of what
already exists among Dresser-Rand U.S.-based union and non-union
employees," said Dresser-Rand President and Chief Executive
Officer, Vincent R. Volpe, Jr.

"While it is unfortunate that we collectively had to endure a
sixteen week strike, it is equally clear that this was an
investment in the future of the Painted Post facility.
Throughout the course of the strike, our replacement workers and
our salaried employees, as well as the strikers who returned to
work, did an outstanding job because of their dedication and
their extended work hours in helping the business move forward,"
said Mr. Volpe.

On Nov. 13, 2007, the Union and the company agreed to meet for 3
more days of bargaining and then to meet every day beginning
Nov. 26, 2007, in continuous negotiating sessions on consecutive
days thereafter.  On Nov. 19, 2007, the union made an offer to
return to work under the expired contract.  This followed 32
sessions of negotiations between the company and the union and a
sixteen-week strike.  The company elected not to accept the
union's offer.  During the first two days of negotiations
following the Thanksgiving holiday, both parties expressed their
unwillingness to change their negotiating position.  The union
then informed the company that it was unavailable to meet for
the remainder of the week, and ended the negotiations at
approximately noon on Nov. 27, 2007.

According to Vice President and Chief Administrative Officer
Elizabeth Powers, "The Union has filed several unfair labor
practice charges against the company which will be decided over
the course of the next several months.  The company has fully
cooperated with the National Labor Relations Board's
investigation of these charges.  However, the company, together
with our external labor counsel, are confident that every
precaution has been taken to ensure that the company has
followed the law properly and fully respected the rights of the
Union, the employees, and the bargaining process."

Over the sixteen week strike, Painted Post shipped 42 complete
compressor units, the majority of which were delivered on time
or early to clients.  During the months of the strike, from
August through November 2007, the parts business in Painted Post
exceeded shipment levels compared to August through November
2006.

During the strike, Lloyds Registry recertified the Painted Post
facility for both ISO 9001 and ISO 14001, despite the fact that
the entire workforce of temporary and permanent replacement
workers was new.

According to Director of Operations for the Painted Post
facility, Doug Rich, "The past several weeks have resulted in a
culture change and a tremendous amount of teamwork within the
facility as all of our employees -- both management and
production employees -- have worked together to accomplish our
goal of providing uninterrupted service to our clients.  We are
proud of the effort and results of our employees during this
strike."

Mr. Volpe said, "We are now looking forward to welcoming back
many of our employees into a rejuvenated atmosphere of
collaboration and teamwork, where positive energy is expended on
satisfying our clients".

"This company, with the support of its board and shareholders,
never wavered in its resolve to obtain what we considered to be
the principal operational objectives that have now been
achieved" according to Mr. Volpe.  "As a result, clients of our
reciprocating compressor products, principally manufactured in
Painted Post New York, should be better served."

The company currently does not believe that this recent
development warrants any change in its earnings guidance for
2007 and 2008 disclosed at its Oct. 31, 2007 conference call
which followed the report of the company's third quarter 2007
results.

Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries.  It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 7, 2007, Standard & Poor's Ratings Services assigned its
bank loan and recovery ratings to the US$500 million senior
secured revolving credit facility due 2012 of Dresser-Rand Group
Inc. (BB-/Stable/--).


EL PASO: To Acquire 50% Interest in Gulf's Liquefied Gas Project
----------------------------------------------------------------
El Paso Corporation subsidiary has entered into an agreement to
acquire a 50% interest in the Gulf LNG Clean Energy Project, a
planned liquefied natural gas terminal in Pascagoula,
Mississippi.  A subsidiary of El Paso will operate the facility
and will manage its construction.  The terminal is expected to
be placed in service in late 2011 at an estimated cost of US$1.1
billion.

The Crest Group, consisting of Houston-based investors, will own
30 percent of the project, and Sonangol USA will own 20 percent.
Sonangol is the state-owned national oil company of Angola,
responsible for the development of Angola's hydrocarbon
resources.  The agreement to acquire an interest in the project
from the Crest Group and Sonangol is subject to the clearance of
certain customary contractual terms and conditions.

"We are pleased to extend our presence and expertise in the LNG
terminal business through the Gulf LNG project," said Norman G.
Holmes, senior vice president and chief commercial officer of
Southern Natural Gas Company, a wholly owned subsidiary of El
Paso.  "El Paso has a long history with LNG, and we are excited
to develop new infrastructure that provides additional sources
of natural gas to meet the nation's growing energy needs."

The project, which received its Federal Energy Regulatory
Commission certificate in February 2007, includes the
construction of two, 160,000 cubic meter storage tanks with a
combined capacity of 6.6 billion cubic feet; 10 vaporizers,
providing a base send-out capacity of 1.3 Bcf/d; and five miles
of 36-inch pipeline, connecting the terminal to the Gulfstream,
Destin, Florida Gas Transmission, and Transco pipelines.

Gulf LNG has negotiated 20-year firm service agreements for all
of the capacity of the terminal with a group of LNG producers,
including several major oil and gas companies, to support the
facility and provide a source of liquefied natural gas.

                      About El Paso Corp.

Headquartered in Houston, Texas, El Paso Corporation (NYSE: EP)
-- http://www.elpaso.com/-- is an energy company that provides
natural gas and related energy products.  The company owns North
America's interstate pipeline system, which has approximately
55,500 miles of pipe.  It also owns approximately 470 billion
cubic feet of storage capacity and a liquefied natural gas
import facility with 806 million cubic feet of daily base load
send out capacity.  El Paso's exploration and production
business is focused on the exploration for and the acquisition,
development and production of natural gas, oil and natural gas
liquids in the United States, Brazil and Egypt.  It operates in
three business segments: Pipelines, Exploration and Production
and Marketing.  It also has a Power segment, which holds its
remaining interests in international power plants in Brazil,
Asia and Central America.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2007, Standard & Poor's Ratings Services has affirmed
its 'BB' corporate credit ratings on El Paso Corp. and
subsidiaries.  S&P said the outlook remains positive.


EUTELSAT COMM: Inks Broadcasting Deal w/ Telediffusion d'Algerie
----------------------------------------------------------------
Eutelsat Communications has inked a contract for capacity on its
Atlantic Bird(TM) 3 satellite with Telediffusion d'Algerie to
broadcast Algeria's national Digital Terrestrial Television
package of television and radio channels.  The launch of the new
platform underpins the Algerian government's objective to manage
the transition of the country's broadcasting sector into a fully
digital environment.

Telediffusion d'Algerie's capacity on Atlantic Bird(TM) 3 will
ensure that Digital Terrestrial Television channels benefit from
immediate and complete coverage of Algeria.  In the initial
phase, digital channels will be available for Direct-to-Home
satellite reception, and in a second phase channels will also be
delivered to DTT transmitters for terrestrial rebroadcasting.

The five-year contract between the two companies is for one
36MHz transponder connected to Atlantic Bird(TM) 3's steerable
spotbeam, which is centred over Algeria.  With this footprint,
Telediffusion d'Algerie is equipped to provide high-power
coverage of the entire Algerian territory, the Maghreb region
and Mediterranean Basin countries for Direct-to-Home reception
with 60cm antennas.

On Dec. 1, 2007, Telediffusion d'Algerie will initiate free-to-
air broadcasting from Atlantic Bird(TM) 3 at 5 degrees West of a
package of three television channels (La Chaine 1, Canal Algerie
and A3) and four radio stations: CH I, CH II, CH III and Radio
Algerie Internationale, with further channels to join the
package.  Homes equipped with a satellite dish pointing to
Atlantic Bird(TM) 3 will have free access to all channels in the
package.  Delivery of the channels to DTT transmitters via
Atlantic Bird(TM) 3 is scheduled to begin in the course of 2008
when the first batch of terrestrial transmitters is activated.
Telediffusion's objective is to ensure access to DTT channels
for all Algerian homes as quickly as possible, both in urban and
the most rural parts of Algeria, which is the largest of the
Mediterranean countries and the second largest in Africa after
Sudan.

This new contract also further consolidates Eutelsat's Atlantic
Bird(TM) 3 satellite in Algeria. Telediffusion d'Algerie joins
two anchor clients already using the satellite:  Algerie Telecom
for enterprise networks, broadband access and VOIP, and Orascom
Algerie for broadband services for public agencies and
enterprises.

When the contract was signed, Telediffusion d'Algerie Deputy
Chief Executive Officer, Tahar Beddiar commented:  "This
contract reinforces the relationship of trust between the
companies and demonstrates conclusively our satisfaction with
the quality of broadcasting service delivered by Eutelsat.  The
implementation of this contract for direct broadcasting of our
platform of television and radio channels is an important step
in the deployment of our Digital Terrestrial Television
network."

Eutelsat's Commercial Director, Olivier Millies-Lacroix added:
"We are delighted to be selected by TDA to broadcast Algeria's
DTT package.  This new contract consolidates our Atlantic
Bird(TM) 3 satellite as a core component of broadcasting
infrastructure in the Francophone markets of Europe, the Maghreb
and the countries of the Mediterranean Basin.  TDA's strategy of
deploying capacity on Atlantic Bird(TM) 3 for DTH reception and
for delivery of a digital package to DTT retransmitters serving
densely populated areas will ensure an efficient and cost-
effective transition to a fully digital environment."

                       About Eutelsat

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

                        *     *     *

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

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

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

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


GENERAL MOTORS: Enters Joint Venture with Shanghai Auto & OnStar
----------------------------------------------------------------
General Motors, Shanghai Automotive Industry Corporation Group
and OnStar have announced the establishment of a telematics
joint venture called Shanghai OnStar Telematics Company Limited.
This is OnStar's first venture outside of North America in its
11-year history.

The Shanghai-based joint venture will provide a range of
OnStar's trademark in-vehicle safety, security and communication
services similar to those currently available in the United
States and Canada, including advanced automatic crash
notification, roadside assistance, remote door unlock, hands-
free calling, vehicle diagnostics and turn-by-turn navigation.

Shanghai OnStar Telematics expects to begin rolling out its
services in 2009, initially for vehicles manufactured and
distributed in China by Shanghai General Motors.

"We are pleased to bring OnStar to Asia for the first time
through Shanghai OnStar Telematics," said OnStar President Chet
Huber.  "China represents a huge opportunity to bring the
safety, security, and societal benefits of OnStar to a whole new
audience -- Shanghai GM customers.  This new venture builds upon
our leading position in North America and the lessons from our
more than 83 million customer interactions.  In China, we will
provide cutting-edge services specifically developed in
accordance with the needs of Shanghai GM and its customers."

OnStar, a subsidiary of General Motors, and Shanghai Automotive
Industry Sales Co. Ltd., a subsidiary of SAIC, each own 40
percent of Shanghai OnStar Telematics.  Shanghai GM, a 50-50
joint venture of GM and SAIC, owns the remaining 20 percent.
The partners signed an official joint venture agreement during
the Shanghai visit of GM Chairperson and Chief Executive Officer
Rick Wagoner on Oct. 27.

"Over the past decade, GM and SAIC have established eight joint
ventures that are engaged in vehicle and powertrain
manufacturing, sales and service, automotive engineering and
design, automotive financing, and now telematics," said GM China
Group President and Managing Director Kevin Wale.  "The launch
of our new joint venture represents a significant technological
step forward in our partnership."

"Like our other joint ventures, Shanghai OnStar Telematics will
contribute to the ongoing development of China's automotive
industry," said SAIC Vice Chairman Chen Hong.  "Our goal is to
work with our partners to make our newest joint venture the
preeminent provider throughout China of world-class, innovative
telematics services."

                       About OnStar by GM

OnStar-- http://www.onstar.com-- , a wholly-owned subsidiary of
General Motors, is the leading provider of in-vehicle safety,
security and communication services.  OnStar is available on
more than 50 MY 2008 GM models and includes one year of service.
OnStar provides services to more than 5 million subscribers in
the U.S. and Canada.

                           About GM

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

                        *     *     *

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

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


GULFMARK OFFSHORE: S&P Raises Corp. Credit Rating to BB- from B+
----------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit rating on GulfMark Offshore Inc. to 'BB-' from 'B+'.  At
the same time, S&P raised the senior unsecured rating on the
company to 'B+' from 'B.'  The outlook is stable.  As of
Sept. 30, 2007, the company had about US$160 million of debt.

"The upgrade reflects GulfMark's improved credit measures and
favorable industry trends that should result in solid financial
performance as it expands its fleet," said S&P's credit analyst
Paul B. Harvey.  "We also considered GulfMark's enhanced fleet
quality and ability to readily deploy its vessels in various
international markets outside the North Sea."

The ratings on GulfMark Offshore are based on its position in
the volatile and cyclical marine services industry, its
aggressive growth strategy, and regional concentration, with 62%
of its fleet based in the North Sea region.

Ratings also incorporate GulfMark Offshore's improving fleet
composition, low debt leverage, and favorable near-term market
conditions.  Contracted EBITDA of around US$105 million in 2008
also benefits the ratings.  The company has contracted to
construct 12 new vessels for roughly US$250 million, to both
modernize and grow its fleet.

Headquartered in Houston, Texas, Gulfmark Offshore Inc. --
http://www.gulfmark.com/ -- together with its subsidiaries,
provides offshore marine services primarily to companies
involved in offshore exploration and production of oil and
natural gas.  The majority of the company's operations are in
the North Sea with the balance offshore Southeast Asia and
Brazil.


NRG ENERGY: Named Company of the Year by Platts Global Awards
-------------------------------------------------------------
Houston-based NRG Energy, the international power generator,
snared two top awards -- "Energy Company of the Year" and the
"Industry Leadership Award" -- at the 9th annual Platts Global
Energy Awards.

Platts' prestigious "CEO of the Year" award went to Duke
Energy's Jim Rogers, known for his advocacy of energy
efficiency.

"Congratulations to NRG Energy and to Jim Rogers," said Platts
President Victoria Chu Pao.  "NRG is a true global pioneer, and
the judges were impressed by the company's vision, sense of
corporate responsibility and leadership.  NRG Energy has
transformed itself into a powerhouse -- and was recognized as
one of the fastest growing companies in the Platts Top 250
awards announced earlier this year."

"Duke Energy's Jim Rogers has been a leader, an innovator and an
implementer.  The judges honored Rogers as a leading voice and
visionary for an entire industry," said Ms. Chu Pao.

Platts' annual awards showcase extraordinary accomplishments by
energy businesses and individuals worldwide.  Finalists and
winners are determined by an independent international panel of
judges.

This year's "Energy Company of the Year" winner, NRG Energy,
less than two decades old, has one of the industry's most
diverse portfolios, with a breadth of interests that span
geographies, fuel sources and dispatch mechanisms.  In addition
to its current US$16 billion environmental and efficiency
spending plans, the energy provider is the first independent
power producer in the United States in decades to apply to build
a nuclear power station.

As a leader in demonstrating environmental responsibility, NRG
Energy has been spearheading innovative research and development
programs, including algae-based CO2 recycling.

Duke Energy's Chief Executive Officer James Rogers, winner of
this year's "CEO of the Year" award, has been a noted
inspirational leader throughout his career.  In addition to his
role heading the United States' third largest coal burner, Mr.
Rogers has served as chairman of the Edison Electric Institute,
the national association for investor-owned electric companies,
and has led the U.S. Climate Action Partnership, a coalition of
businesses and other groups calling for a nationwide limit on
CO2 emission.  Mr. Rogers' outspoken advocacy of energy
efficiency and conservation prompted his appointment as co-chair
of two pivotal organizations -- the Alliance to Save Energy and
the National Action Plan for Energy Efficiency.  He has also
participated in President Clinton's Global Initiative meetings.

More than 500 top executives from more than a dozen countries
gathered in New York City for the gala event tonight at Cipriani
Wall Street.  The evening dinner and ceremony was preceded by
the Platts Lecture, in which industry leaders, market analysts,
and academic scholars discussed energy sustainability issues
against the backdrop of the global debate about climate change.
Mr. Rogers, together with Gene Sperling, former White House
National Economic Advisor and former Director of the National
Economic Council, were the key speakers at the event.

The 2007 Platts Global Energy Awards were co-sponsored for the
fifth year by Capgemini and for the second year by Bracewell &
Giuliani and also included sponsors:  Standard & Poor's,
Panasonic Computer Solutions Company and Spectra Energy
Corporation.

The Global Energy Awards recognize excellence and innovation by
companies and executives in more than a dozen sectors within the
global energy industry.  Platts received more than 200
nominations this year from energy companies around the world.

The winners in each awards category are:

  Commercial Technology of the Year:
  Shell Global Solutions B.V./Criterion Catalysts & Technologies

  Community Development Program of the Year:
  Attock Refinery Limited

  Downstream Business of the Year:
  Valero Energy Corporation

  Energy Company of the Year:
  NRG Energy

  Energy Efficiency Initiative of the Year:
  Toronto Hydro-Electric System Limited-Peaksaver Program

  Energy Transporter of the Year:
  Sovcomflot

  Energy Engineering Project of the Year:
  Nexen Inc.

  ENR Energy Construction Project of the Year:
  Tennessee Valley Authority

  Green Energy Innovator of the Year:
  Applied Materials, Inc.

  Hydrocarbon Producer of the Year:
  Chesapeake Energy Corporation

  Industry Leadership Award:
  NRG Energy

  Lifetime Achievement Award:
  Lord Ernest Ronald Oxburgh

  Marketing Campaign of the Year:
  E Wie Einfach/E.ON

  Power Company of the Year:
  MidAmerican Energy Holdings Company

  Rising Star Award:
  AED Oil Limited

  Risk Management Innovator of the Year:
  OpenLink Financial

  CEO of the Year:
  Duke Energy CEO James Rogers

Next year's Platts Global Energy Awards Gala and events will be
held on Dec. 3, 2008 in New York City.

                        About Platts

Platts -- http://www.platts.com--,a division of The McGraw-Hill
Companies, is a global provider of energy and commodities
information.  With nearly a century of business experience,
Platts serves customers across more than 150 countries.  From 14
offices worldwide, Platts serves the oil, natural gas,
electricity, nuclear power, coal, petrochemical, emissions, and
metals markets.  Platts' real time news, pricing, analytical
services, and conferences help markets operate with transparency
and efficiency.  Traders, risk managers, analysts, and industry
leaders depend upon Platts to help them make better trading and
investment decisions.

               About The McGraw-Hill Companies

Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) --
http://www.mcgraw-hill.com-- is a leading global information
services provider meeting worldwide needs in the financial
services, education and business information markets through
leading brands such as Standard & Poor's, McGraw-Hill Education,
BusinessWeek and J.D. Power and Associates.  The corporation has
more than 280 offices in 40 countries.  Sales in 2006 were
US$6.3 billion.

                       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
US$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.


SMITHFIELD FOODS: Reports US$18.7-Million Income from Operations
----------------------------------------------------------------
Smithfield Foods, Inc. has reported income from continuing
operations for the second quarter of fiscal 2008 of US$18.7
million, or US$.14 per diluted share, versus income from
continuing operations of US$46.4 million, or US$.41 per diluted
share last year.  Sales were US$3.5 billion, compared to US$2.8
billion a year ago.

Second quarter results include approximately US$13 million of
after tax charges related to the previously-announced disease
outbreak in the company's Romanian operations and an after tax
loss of US$25 million related to the effects of foreign currency
fluctuations.  These charges and foreign currency losses totaled
US$.28 per diluted share.

Second quarter results in the pork segment rose significantly,
reflecting a significant expansion in packaged meats margins, a
much-improved fresh pork environment late in the quarter and the
contribution of Premium Standard Farms, acquired in May.
Packaged meats profit margins more than doubled.  Total volume
of key packaged meats categories, including pre-cooked bacon and
sausage, boneless and spiral sliced ham and dry sausage, grew 37
percent, primarily the result of the contribution of Armour-
Eckrich, acquired in October 2006.  These product categories now
represent 33 percent of the company's total domestic packaged
meats business compared to 29 percent last year.  Excluding the
impact of Armour-Eckrich, packaged meats volume grew five
percent.

Smithfield Foods continued acceleration of its marketing
programs, accomplishing national rollouts of several Paul Deen
brand specialty products.  Pre-cooked entrees Healthy Ones and
Sizzle 'n Serve also reached national distribution.

Beef segment results were below those of a year ago.  However,
the company believes that it has maintained a strong competitive
position even as industry economics remained a challenge.  Beef
processing posted a slight gain in spite of higher cattle
prices.  Cattle feeding operations recorded a modest profit
although feed costs were well above last year.

Hog production profits declined significantly, the result of
lower live hog market prices and considerably higher raising
costs.  Live hog market prices averaged US$46 per hundredweight
versus US$50 per hundredweight a year ago.  Raising costs rose
to US$49 per hundredweight from US$41 per hundredweight last
year on higher grain costs.  In addition, the company
experienced write-downs of US$13 million in Romania due to the
liquidation of livestock inventory and cleanup costs associated
with the previously-announced outbreak of classical swine fever
at three of the company's farms.  During the quarter results
also were negatively impacted by US$19 million in foreign
currency translation losses.

In the Other segment, earnings rose at the company's joint
venture turkey operation, Butterball, LLC, acquired in October
2006.  Increased feed costs at the company's growing operations
partially offset strong gains in turkey processing.

International meat processing operating earnings rose sharply,
as Groupe Smithfield and Poland operations continued their
strong contributions.  Results of Groupe Smithfield, a 50
percent-owned joint venture formed through an acquisition in
August 2006, almost doubled.  The Animex meat processing
operations in Poland demonstrated continued earnings improvement
on higher volumes and margins in packaged meats.  The profit
increase more than offset the negative impact of US$6 million in
foreign currency translation losses.

"The decline in earnings this quarter was almost entirely in the
hog production segment, as most of our other businesses
performed well," said president and chief executive officer, C.
Larry Pope.  "Unquestionably, the highlight of the quarter was
the dramatic improvement in packaged meats margins due to an
improved product mix and our continuing effort to drive out
costs. Additionally, our international meat processing
operations have become consistent, growing contributors to
profitability," he said.

"We currently are in the middle of our peak holiday ham season.
It looks to be another good year for this sector of the
business," said Mr. Pope.

"Looking forward, the futures markets indicate continued near-
term losses in hog production, but an improving environment as
we move into our fiscal fourth quarter and beginning of fiscal
2009," said Mr. Pope.  "Meanwhile, fresh pork margins remain
healthy and I expect a continued strong performance from our
packaged meats business," he said.

Smithfield Foods, Inc., (NYSE: SFD) --
http://www.smithfieldfoods.com-- headquartered in Smithfield,
Virginia, is the largest vertically integrated producer and
marketer of fresh pork and processed meat in the US and has
operating subsidiaries and joint ventures in France, Poland,
Romania, the UK, Brazil, Mexico, and China.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services assigned its
'BB' rating to Smithfield Foods Inc.'s shelf drawdown of US$500
million senior unsecured notes due 2017.


TAM SA: Marco Antonio Bologna Resigns as Chief Executive Officer
----------------------------------------------------------------
TAM S.A., in compliance with the provisions in article 12 of
Comissao de Valores Mobiliarios Rule 358/02, informs its
shareholders and the market in general that Marco Antonio
Bologna resigned as the company's Chief Executive Officer
position on Nov. 28, 2007, to join TAM Empreendimentos e
Participacoes S.A.'s holdings, a company belonging to the
company's controlling bloc, as special advisor.  Captain David
Barioni Neto, former Vice-President of Operations, has been
appointed new CEO.  Captain Fernando Sporleder Junior has been
appointed Vice-President of Operations.

The changes were approved by the Board within the succession
process initiated March this year by TAM SA.

                         About TAM SA

TAM SA (Bovespa: TAMM4 and NYSE: TAM) -- http://www.tam.com.br/
-- operates regular flights to 47 destinations throughout
Brazil.  It serves 72 different cities in the domestic market
through regional alliances.  Additionally, it maintains code-
share agreements with international airline companies that allow
passengers to travel to a large number of destinations
throughout the world.  TAM was the first Brazilian airline
company to launch a loyalty program.  The program has over 3.3
million subscribers and has awarded more than 3.6 million
tickets.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 27, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based airline
TAM S.A.  S&P said the outlook is stable.


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

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

Mercosur is currently made up of:

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

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

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
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: Fire Breaks Out in Drillship, Injures Seven Workers
-------------------------------------------------------------
A fire has broken out on the NS15 drillship, which oil services
firm Noble do Brasil is operating for Brazilian state-run oil
company Petroleo Brasileiro SA, Business News Americas reports.

BNamericas relates that the fire began in the evening of Nov.
27, 2007, after a re-entry operation in one of the wells in the
Albacora Leste and Marlim Sul fields.  The fire has been
extinguished and the incident is being probed, Petroleo
Brasileiro told BNamericas.

According to BNamericas, seven workers were injured in the fire.

Petroleo Brasileiro said in a statement that the employees'
injuries weren't critical as they received first aid from the
drillship's "on-call doctor."

Petroleo Brasileiro has checked the well to ensure that an
accident won't happen again.  Drilling will be interrupted until
the situation gets back to normal, BNamericas notes.

A Petroleo Brasileiro spokesperson told Reuters, "The wellhead
was shut to prevent bigger problems."

A team of engineers and safety officials boarded the ship to
assess the damage, Reuters states, citing Noble do Brasil
spokesperson John Breed.

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

                        *     *     *

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


* BRAZIL: Petroleo Brasileiro's P-52 Starts Production
------------------------------------------------------
Brazilian state-owned oil firm Petroleo Brasileiro SA said in a
statement that it has launched production at its 180,000-barrel-
per-day P-52 oil platform.

Business News Americas relates that the platform is in the
Campos basin's Roncador field.  It is starting at 20,000 barrels
per day.

Petroleo Brasileiro told BNamericas that total output capacity
will be reached in the second half of 2008.

P-52 will be connected to 18 wells and 11 water injectors once
it reaches its full capacity. The platform will extract oil and
7.5 million cubic meters per day of gas from depths of 1,800
meters, 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
===========================


ANCC LTD: Proofs of Claim Filing Is Until Dec. 13
-------------------------------------------------
ANCC Ltd.'s creditors are given until Dec. 13, 2007, to prove
their claims to Stuart K. Sybersma and Ian A.N. Wight, 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.

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

The liquidators can be reached at:

            Stuart K Sybersma
            Ian A.N. Wight
            Attention: Jessica Turnbull
            Deloitte
            P.O. Box 1787, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 7500
            Fax: (345) 949 8258


ANTICRESIS ONCE: Proofs of Claim Verification Deadline Is Feb. 8
----------------------------------------------------------------
Federico G. Estrada, the court-appointed trustee for Anticresis
Once S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 8, 2008.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Federico G. Estrada
         Gral. Peron 1509
         Buenos Aires, Argentina


ARDITI Y MENECHINO: Proofs of Claim Verification Ends on Dec. 10
----------------------------------------------------------------
Jose Luis Abuchdid, the court-appointed trustee for Arditi y
Menechino S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Dec. 10, 2007.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Jose Luis Abuchdid
         Avenida de los Incas 3624
         Buenos Aires, Argentina


BANNON CAPITAL: Proofs of Claim Filing Ends on  Dec. 14
------------------------------------------------------
Bannon Capital Management Ltd.'s creditors are given until
Dec. 14, 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.

Bannon Capital's shareholder decided on Nov. 27, 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


BANNON CAPITAL: Sets Final Shareholders Meeting for Dec. 31
-----------------------------------------------------------
Bannon Capital Management Ltd. will hold its final shareholders
meeting on Dec. 31, 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.

Bannon Capital's shareholder decided on Nov. 27, 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


CBI CONSULTING: Proofs of Claim Filing Deadline Is Dec. 13
----------------------------------------------------------
CBI Consulting Ltd.'s creditors are given until Dec. 13, 2007,
to prove their claims to Stuarts Corporate Services Ltd., the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

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

The liquidator can be reached at:

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


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

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

These agenda will be taken during the meeting:

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

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

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

The liquidators can be reached at:

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


CIRCULO DE SUBOFICIALES: Trustee Verifies Claims Until Feb. 19
--------------------------------------------------------------
Circulo de Suboficiales del Servicio Penitenciario Federal
Argentino, the court-appointed trustee for Galvani SA's
reorganization proceeding, verifies creditors' proofs of claim
until Feb. 19, 2008.

Estudio Celia will present the validated claims in court as
individual reports on April 2, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Circulo de Suboficiales 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 Circulo de
Suboficiales' accounting and banking records will be submitted
in court on May 19, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Oct. 31, 2008.

The trustee can be reached at:

        Estudio Celia Cajide y Asociados
        Avenida Corrientes 1515
        Buenos Aires, Argentina


COOPERATIVA DE VIVIENDA: Claims Verification Deadline Is Dec. 19
----------------------------------------------------------------
Julio Cesar Illanes, the court-appointed trustee for Cooperativa
de Vivienda de Trabajadores de Entidades Deportivas y Civiles
Limitada's bankruptcy proceeding, verifies creditors' proofs of
claim until Dec. 19, 2007.

Mr. Illanes will present the validated claims in court as
individual reports on March 6, 2008.  The National Commercial
Court of First Instance in Mendoza will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Cooperativa de Vivienda 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 Cooperativa de
Vivienda's accounting and banking records will be submitted in
court on April 23, 2008.

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

The debtor can be reached at:

         Cooperativa de Vivienda de Trabajadores de Entidades
         Deportivas y Civiles Limitada
         Avenida San Martin 1672, Galeria Rufo
         Ciudad de Mendoza, Mendoza
         Argentina

The trustee can be reached at:

         Julio Cesar Illanes
         Aristobulo del Valle 604, Ciudad de Mendoza
         Mendoza, Argentina


DUAIELLO SRL: Proofs of Claim Verification Is Until Feb. 26
-----------------------------------------------------------
Eva Manzanel, the court-appointed trustee for Duaiello S.R.L.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 26, 2008.

Ms. Manzanel will present the validated claims in court as
individual reports on April 8, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Duaiello 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 Duaiello's accounting
and banking records will be submitted in court on May 21, 2008.

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

The trustee can be reached at:

         Eva Manzanel
         Nazca 1085
         Buenos Aires, Argentina


FRAVA PETROL: Trustee Verifies Proofs of Claim Until Dec. 7
-----------------------------------------------------------
Ruben A. Narpe, the court-appointed trustee for Frava Petrol
S.A.'s reorganization proceeding, verifies creditors' proofs of
claim until Dec. 7, 2007.

Mr. Narpe will present the validated claims in court as
individual reports on Feb. 25, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Frava Petrol 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 Frava Petrol's
accounting and banking records will be submitted in court on
April 10, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Sept. 29, 2008.

The debtor can be reached at:

        Frava Petrol S.A.
        Diagonal Carlos Pellegrini 27, Altos
        General Alvear, Mendoza
        Argentina

The trustee can be reached at:

        Ruben A. Narpe
        Patricias Mendocinas 266, General Alvear
        Mendoza, Argentina


FUREX SA: Proofs of Claim Verification Ends on March 7
------------------------------------------------------
Salomon S. Wilhelm, the court-appointed trustee for Furex S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
March 7, 2007.

Mr. Wilhelm will present the validated claims in court as
individual reports on April 25, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Furex 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 Furex's accounting
and banking records will be submitted in court on June 3, 2008.

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

The trustee can be reached at:

         Salomon S. Wilhelm
         Lavalle 1290
         Buenos Aires, Argentina


IBROX PARK: Proofs of Claim Filing Deadline Is Dec. 13
------------------------------------------------------
Ibrox Park Ltd.'s creditors are given until Dec. 13, 2007, to
prove their claims to George Craig, 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.

Ibrox Park's shareholders agreed on Aug. 24, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

           George Craig
           Attention: Susan Bjuro
           P.O. Box 1348, George Town
           Grand Cayman, Cayman Islands
           Telephone: 949 4123
           Fax: 949 4647


HSBC MERGER: Proofs of Claim Filing Ends on Dec. 13
---------------------------------------------------
The HSBC Merger Arbitrage Offshore Fund, Ltd.'s creditors are
given until Dec. 13, 2007, to prove their claims to Stuart K.
Sybersma and Ian A.N. Wight, 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.

The HSBC Merger's shareholders agreed on Oct. 26, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            Stuart K. Sybersma
            Ian A.N. Wight
            Attention: Jessica Turnbull
            Deloitte
            P.O. Box 1787, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 7500
            Fax: (345) 949 8258


MINERVA INVESTMENTS: Proofs of Claim Filing Deadline Is Dec. 12
---------------------------------------------------------------
Minerva Investments Ltd.'s creditors are given until
Dec. 12, 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.

Minerva Investments' shareholder decided on Nov. 26, 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


MINERVA INVESTMENTS: Sets Final Shareholders Meeting for Dec. 28
----------------------------------------------------------------
Minerva Investments 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.


MODUS FEEDER: Proofs of Claim Filing Is Until Dec. 13
-----------------------------------------------------
Modus Feeder Fund Ltd.'s creditors are given until
Dec. 13, 2007, to prove their claims to Stuart K. Sybersma and
Ian A.N. Wight, 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.

Modus Feeder's shareholder decided on Oct. 9, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

            Stuart K Sybersma
            Ian A.N. Wight
            Attention: Jessica Turnbull
            Deloitte
            P.O. Box 1787, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 7500
            Fax: (345) 949 8258


MODUS FUND: Proofs of Claim Filing Deadline Is Dec. 13
------------------------------------------------------
Modus Fund Ltd.'s creditors are given until Dec. 13, 2007, to
prove their claims to Stuart K. Sybersma and Ian A.N. Wight, 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.

Modus Fund's shareholder decided on Oct. 9, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

            Stuart K Sybersma
            Ian A.N. Wight
            Attention: Jessica Turnbull
            Deloitte
            P.O. Box 1787, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 7500
            Fax: (345) 949 8258


NOTRIN SA: Proofs of Claim Verification Deadline Is Feb. 29
-----------------------------------------------------------
Sergio Novick, the court-appointed trustee for Notrin S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 29, 2008.

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

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Sergio Novick
         Libertad 359
         Buenos Aires, Argentina


OGRE FINANCE: Proofs of Claim Filing Ends on Dec. 13
----------------------------------------------------
Ogre Finance Limited's creditors are given until Dec. 13, 2007,
to prove their claims to Lion International Corporate Services
Limited, 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.

Ogre Finance's shareholder decided on Oct. 22, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

           Lion International Corporate Services Limited
           Attention: Latasha Nixon
           P.O. Box 484, George Town
           Grand Cayman, Cayman Islands
           Telephone: (345) 949 7755
           Fax: (345) 949-7634


PROCYON FUND: Proofs of Claim Filing Is Until Dec. 13
-----------------------------------------------------
Procyon Fund Limited's creditors are given until Dec. 13, 2007,
to prove their claims to Q&H Nominees Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Procyon Fund's shareholder decided on Jan. 30, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

           Q&H Nominees Ltd.
           Attention: Susan Bjuro
           P.O. Box 1348, George Town
           Grand Cayman, Cayman Islands
           Telephone: 949 4123
           Fax: 949 4647


QPASS BERMUDA: Proofs of Claim Filing Deadline Is Dec. 12
---------------------------------------------------------
QPASS Bermuda Limited's creditors are given until Dec. 12, 2007,
to prove their claims to Brett Hatch, 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.

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

The liquidator can be reached at:

         Brett Hatch
         Conyers Dill & Pearman
         Liquidation Department, Clarendon House
         Church Street, Hamilton
         HM DX, Bermuda


QPASS BERMUDA: Sets Final Shareholders Meeting for Dec. 28
----------------------------------------------------------
QPASS Bermuda 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.


UBS GLOBAL: Proofs of Claim Filing Deadline Is Dec. 13
------------------------------------------------------
UBS Global Equity Arbitrage (ISE) Ltd.'s creditors are given
until Dec. 13, 2007, to prove their claims to Stuart K. Sybersma
and Ian A.N. Wight, 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.

UBS Global's shareholders agreed on Oct. 17, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidators can be reached at:

            Stuart K. Sybersma
            Ian A.N. Wight
            Attention: Jessica Turnbull
            Deloitte
            P.O. Box 1787, George Town
            Grand Cayman, Cayman Islands
            Telephone: (345) 949 7500
            Fax: (345) 949 8258


UNIMED SA: Proofs of Claim Verification Deadline Is Feb. 20
-----------------------------------------------------------
Gerardo Seghezzo, the court-appointed trustee for Unimed S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 20, 2008.

Mr. Seghezzo will present the validated claims in court as
individual reports on April 3, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Unimed 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 Unimed's accounting
and banking records will be submitted in court on May 20, 2008.

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

The trustee can be reached at:

         Gerardo Seghezzo
         Combate de los Pozos 129
         Buenos Aires, Argentina


VADRA SRL: Poofs of Claim Verification Deadline Is Dec. 10
----------------------------------------------------------
Zulma Gloria Ghigliano, the court-appointed trustee for Vadra
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Dec. 10, 2007.

Ms. Ghigliano will present the validated claims in court as
individual reports on March 27, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Vadra 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 Vadra's accounting
and banking records will be submitted in court on May 12, 2008.

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

The debtor can be reached at:

         Vadra S.R.L.
         San Martin 66
         Buenos Aires, Argentina

The trustee can be reached at:

         Zulma Gloria Ghigliano
         Pasaje Cipolletti 554
         Buenos Aires, Argentina




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


CONSTELLATION BRANDS: Fitch Puts BB- Rating on US$500-Mil. Notes
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to the note registered
by Constellation Brands, Inc. to fund the purchase price of Beam
Wine Estates, Inc, a subsidiary of Fortune Brands, Inc:

  -- US$500 million 8.375% senior unsecured note due
     Dec. 15, 2014.

The rating outlook is negative.

The rating reflects Constellation Brands' leading market share
in most of the major wine markets around the globe and a
diversified alcoholic beverage portfolio.  The rating also
considers the company's willingness to operate at higher
leverage levels and its appetite for acquisitions.  The
company's leverage has increased due to successive debt-financed
acquisitions and stock repurchases.  Required debt repayment
over the next five years is expected to be well beyond the
company's cash-generating capabilities.  It is noted that the
company currently maintains adequate liquidity and access to the
capital markets as shown by this financing.

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.


NOVA CHEMICALS: INEOS Targets Joint Venture Synergies by 2008
-------------------------------------------------------------
NOVA Chemicals Corporation disclosed further progress by the
INEOS NOVA styrenics joint venture toward the target of US$80
million per year in new joint venture synergies by the end of
2008 as a result of INEOS NOVA's planned closure of its Belpre,
Ohio, polystyrene facility.

The Belpre facility closure, announced today in an INEOS NOVA
news release, will remove approximately four percent of North
American polystyrene capacity and reduce INEOS NOVA's fixed
costs by approximately US$9 million per year.  Combined with the
previously announced closure of the Montreal, Quebec,
polystyrene facility, US$14 million of total synergies have been
identified and five percent of North American polystyrene
capacity has been scheduled for shutdown since INEOS NOVA's
startup Oct. 1, 2007.

NOVA Chemicals will take charges totaling US$65 million in the
fourth quarter of 2007.  The company will take a non-cash asset
write-down of approximately US$32 million related to the Belpre
closure.  NOVA Chemicals' share of Belpre closure and severance
costs that will be accrued by the joint venture in the fourth
quarter will be US$3 million.  These closure costs will be
funded by the joint venture from cash on hand.

INEOS NOVA recently acquired the exclusive rights to production
from the Sterling Chemicals Texas City, Texas, styrene plant.
INEOS NOVA is in the process of transferring Sterling's styrene
customers to other INEOS NOVA styrene plants and Sterling has
announced plans to permanently shut down the Texas City plant.
As a result, NOVA Chemicals will take a charge of approximately
US$30 million in the fourth quarter.

INEOS NOVA is the 50:50 styrenics joint venture between NOVA
Chemicals and INEOS.

Headquartered in Calgary, Alberta, Canada, Nova Chemicals Co.
(NYSE:NCX) (TSX:NCX) -- http://www.novachem.com/-- is a leading
producer of ethylene, polyethylene, styrene, polystyrene, and
expanded polystyrene.  Nova Chemicals' manufacturing sites are
strategically situated throughout Canada, the US and South
America.  Its South American operations are located in Chile.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 25, 2007, Moody's Investors Service has confirmed Nova
Chemicals Corporation's Ba3 corporate family rating and senior
unsecured debt ratings following regulatory approval for the
expansion of its styrenics joint venture and the belief that low
olefin feedstock costs could allow the company to meaningfully
reduce debt over the next 12 to 18 months.




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


DOLE FOOD: European Union Sanctioning Firm for Banana Cartel
------------------------------------------------------------
The European Union told Plenglish.com that it will sanction The
Dole Food Co., for making a banana cartel in Europe.

According to Plenglish.com, the union also pointed out these
firms as responsible for banana cartel:

          -- Chiquita Brands International,
          -- Del Monte,
          -- Ecuador's Noboa, and
          -- Ireland's Fyffes.

Plenglish.com notes that the companies were allegedly exporting
large amounts of banana to Europe at "artificially high prices,"
Plenglish.com states.

European Commissioner for Competition Neelie Kroes sent a letter
to the firms to inform them about the sanction, Plenglish.com
states.

                       About Dole Food

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

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2007, Standard & Poor's Ratings Services placed its
corporate credit and other ratings on Dole Food Co. Inc. on
CreditWatch with negative implications, meaning that the ratings
could be lowered or affirmed following the completion of S&P's
review.  Total debt outstanding at the company was about US$2.4
billion as of Oct. 6, 2007.


SOLUTIA INC: Moody's Assigns B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to a
proposed US$400 million, five-year, senior secured asset-based
credit facilities of Solutia Inc.  Moody's also assigned a B1
rating to a proposed US$1,200 million, seven-year, secured term-
loan, a B2 rating to a proposed US$400 million 8-year senior
unsecured note, and a corporate family rating of B1. The ratings
outlook is stable. The ratings assigned are subject to a
complete review by Moody's of the final credit facility, term
loan and senior note documents and are also subject to the
transactions being closed in a manner and with terms that are
substantially identical to those that have been shared with
Moody's.

US$2.0 billion of proposed debt rated.

Assignments:

  -- Corporate Family Rating, Assigned B1
  -- Probability of Default Rating, Assigned B1
  -- Speculative Grade Liquidity Rating, Assigned SGL-3
  -- Senior Secured Bank Credit Facility, Assigned Ba1 (LGD2,
     16%)
  -- Senior Secured Bank Term Loan, Assigned B1 (LGD4, 54%)
  -- Senior Unsecured Note, Assigned B2 (LGD4, 69%)

The B1 corporate family rating reflects the company's initially
high leverage and weak credit metrics along with the material
uncertainty surrounding its environmental remediation activities
upon exiting bankruptcy.  An additional concern centers on the
high proportion of Solutia's revenue base that is concentrated
in low margin commodity businesses and a material percentage of
EBITDA that is derived from a single product with concentrated
customers.

Following the refinancing and exit from bankruptcy, Solutia will
be highly leveraged, particularly after adjusting debt for rent
and pensions, which adds some US$60 million and US$180 million,
respectively.  Moody's projected coverage for fiscal year 2008,
as measured by EBITDA/Interest, is only 2.1 times while
projected leverage as measured by adjusted Debt/EBITDA is 5.2
times.  In Moody's model, adjusted debt is slightly above
US$1,900 million at the end of December 2008.  Pro forma
adjusted debt to book capital would be just above 62% at
Dec. 31, 2007.  Moody's notes that even with fresh start
accounting, tangible net worth is likely to be negative.

While Moody's recognizes that good progress has been made in the
elimination, classification and/or sharing of environmental,
legal and pension liabilities, there remains a noteworthy level
of uncertainty as to the ultimate scope of these liabilities,
particularly the environmental liabilities.  Moody's believes
that these environmental liabilities are subject to changing
governmental policy and regulations, discovery of unknown
conditions, judicial proceedings, method and extent of
remediation, existence of other potentially responsible parties
and future changes in both measurement and remediation
technologies.

Moody's also has some concerns over Solutia's business profile
as a high percentage of revenues, about 55%, are generated by
the relatively low margin (7%-8% EBITDA) integrated nylon
business, a sector that is going through a fair amount of
turmoil.  Moody's also notes that a significant percentage of
pro forma 2007 EBITDA is derived from a single reasonably stable
product line, Crystex, that also has a high degree of customer
concentration with the bulk of EBITDA being derived from tire
manufacturers.  Positive factors supporting the ratings include:

  * strong geographic, product and operational diversity

  * sizeable market leadership in the markets Solutia serves

  * sizeable revenue base - projected to exceed US$3.5 billion
    in 2007

  * the reduction in pre-bankruptcy liability exposure in the
    range of US$1.3 billion

  * improvement in pro forma revenues and EBITDA over the last
    four years excluding reorganization costs

  * the ability to share on a 50/50 basis with Monsanto
    environmental liabilities at certain sites if the costs
    exceed US$325 million.

Moody's views management's track record and actions to
effectively cut costs and to improve Solutia's business profile
during the bankruptcy period as positive factors supporting the
ratings.  Moody's also believes that the acquisition of Flexsys
was a logical and strong strategic fit for the company.  Moody's
believes that a continued focus on efficiencies and maintaining
market share is critical to succeeding in the company's highly
competitive markets, which Moody's expects may face some pricing
pressures in the face of a potentially weaker global market,
particularly in the construction and automotive markets.

The Ba1 rating recognizes that the asset-based credit facilities
are secured by a first lien on inventory and receivables and a
second lien on assets securing the term loan.  The B1 rating on
the term loan recognizes the high proportion of the term loan in
Solutia's capital structure and the limited security provided
the first lien on assets not securing the asset-based credit
facility and the second lien on inventories and receivables.  In
Moody's opinion the collateral package for the term loan may not
adequately cover the loan in a default scenario.  The B2 rating
on the unsecured notes reflects their junior position in the
capital structure and the prospect of limited protection after
the first and second lien lenders have been provided for in a
distressed scenario.

The speculative grade liquidity SGL-3 rating reflects the
company's adequate liquidity and Moody's expectation of
reasonable retained cash flow, in excess of US$150 million, for
the fiscal year ending 2008.  The rating is supported by
Solutia's favorable debt maturity profile and flexibility under
the financial covenants for the company's asset backed credit
facility.  A factor limiting the SGL rating is that the only
external source of liquidity is a US$400 million revolving
credit facility and Moody's anticipates that this facility will
initially be drawn to a degree in 2008.  Revolver borrowings are
dictated by a borrowing base formula.

Solutia's stable outlook considers the strength of its franchise
in terms of its market positions and long-lived customer
relationships.  If operating performance is weaker than
anticipated or material increases in environmental liabilities
were to occur, the outlook or rating could turn negative.  To
the extent that the company reduces debt faster than expected,
such that debt/EBITDA metrics improve to less than 4.0 times on
a permanent basis or if environmental liabilities were deemed to
be much improved a positive change in outlook or rating could
occur.

                        About Solutia

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

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

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




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


PETROECUADOR: Launches Pre-Bidding Process for Ishpingo Project
---------------------------------------------------------------
Ecuadorian state-run oil firm Petroecuador said in a statement
that it has launched the pre-bidding process for the Ishpingo,
Tambococha and Tiputini project, which boasts almost one billion
barrels in total crude reserves.

Petroecuador's executive president Carlos Pareja Yannuzzelli
told Business News Americas that Ecuador must be ready to award
the project's exploration and production in case the first
option of keeping the crude in the ground through monetary
compensation of almost US$350 million per year fails to advance.

According to BNamericas, "Ecuador is seeking compensation from
the international community to keep the oil in situ."  The
nation would be compensated by foreign funding for not
developing the project, as members of the international
community were concerned about the project's potential
environmental impact.

Mr. Pareja told BNamericas that Petroecuador restarted
negotiations with local and international, public and private
firms for the project's bidding process.  Bids could be called
in the coming days.

According to Petroecuador's statement, the firm will award the
contract by June 29, 2007, if the government's first option
doesn't indicate "good" results.

Mr. Pareja told BNamericas that these firms expressed interest
in the tender:

          -- Petrovietnam,
          -- Petroindia, and
          -- France's Total.

Companies from Russia, North and South America and Asia also
expressed interest in the tender, BNamericas says, citing Mr.
Pareja.

The project has been postponed for over 14 years, Mr. Pareja
told BNamericas.

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


PETROECUADOR: Rafael Correa Fires Carlos Pareja as Firm's Head
--------------------------------------------------------------
The Associated Press reports that President Rafael Correa has
fired Carlos Pareja as state-owned oil firm Petroecuador's chief
after days of protests cost the firm millions of dollars in lost
production.

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2007, Petroecuador said that protesters demanding jobs,
electricity and paved roads took over the company's Auca Sur
facility.  The protest started last week in Dayuma, Orellana.
Petroecuador admitted that daily output at the Auca Sur field
decreased by 5,000 barrels to 171,000 barrels due to the protest
and that the deficit would increase unless the facility returned
to normal.  It may have unpredictable effect on price.
Production losses will continue to rise "every hour as the
complex remains shut down."

The protests are still going on, although they have lost
intensity, the AP relates, citing Petroecuador spokesperson
Fausto Mejia.

Reuters says that Mr. Pareja had been on the post since the
government took office in January 2007.  Environmentalists and
villagers in the Amazon criticized him for his handling of
Petroecuador.

The Ecuadorian presidential palace said in a statement that navy
Rear Adm. Fernando Zurita replaced Mr. Pareja as Petroecuador
head.

Prensa Latina relates that President Correa urged the
Petroecuador board of directors to authorize Mr. Zurita's
appointment as the company's new head.  The president asked
Petroecuador employees "to support the government's position
because this sabotage by 30 or 40 people simply cannot
continue."

Mr. Pareja will be an adviser to the president, the government
said in a press statement.

According to Reuters, the government also declared Petroecuador
under a state of emergency, increasing the company's powers to
directly assign contracts and replace workers.

Energy and mines minister Galo Chiriboga commented to Dow Jones
Newswires, "What we are looking for with the change is to give
greater efficiency to Petroecuador.  There are many actions that
haven't been taken that would have benefited the company.  The
decision was also influenced by protests in Orellana that have
cost around 30,000 barrels of crude oil."

Reuters relates that President Correa has been complaining about
Petroecuador's failure to boost output levels and its lack of
capacity to step-up investment in key oil facilities.

Meanwhile, President Correa removed interior minister Gustavo
Larrea for not "stamping out the protest" of villagers in
Orellana, Reuters states, citing a presidential spokesperson.

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


* ECUADOR: Guarantess US$62.2-Mln Loan for TAME Aircraft Fleet
--------------------------------------------------------------
The Inter-American Development Bank has approved a US$62,250,000
loan to support the renewal of TAME Linea Aerea del Ecuador
aircraft fleet.

"The program will facilitate integration and connectivity in
Ecuador, especially among the country's most isolated and
disadvantaged areas, through improvements in the operations and
commercial air transportation services provided by TAME," said
IDB Team Leader Esteban Diez-Roux.  "The aircraft fleet will be
renewed and the company's business capacity will be
strengthened."

"Financing will be provided for the purchase of two Embraer ERJ-
190AR aircraft to modernize TAME's fleet and improve the
provision of air services," added Mr. Diez-Roux.  "Improvements
will lower the cost of operating and maintaining TAME's fleet
and reduce its environmental impact."

TAME operates an average of 163 weekly domestic and crossborder
flights, providing service to remote destinations in Ecuador
that, due to their market size and conditions, are not
attractive to private airlines.  These routes, known as "social-
purpose routes", are maintained to ensure connectivity
throughout the country with a major commitment to the local
communities.  By supporting national integration, TAME helps
promote social development, business, tourism and production in
Ecuador.

The loan to the airline company will have a national government
guarantee.  It will be for a 20-year term with a one-year grace
period, at a variable interest rate.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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


* ECUADOR: Gets US$295-Million Financing from IDB
-------------------------------------------------
The Inter-American Development Bank has approved a US$295
million program to support the universalization of basic
education in Ecuador.

The main objective of this program is to support the government
strategy on the universalization of 10 years of basic education
with an emphasis on border, rural and poor urban areas by
improving the quality, equity and internal efficiency of
educational processes.

"In the medium term, the program will support the government in
its efforts to improve educational quality and sector management
through the APRENDO tests, school census, and the opening of
comprehensive and full-cycle schools," said IDB project team
leader Jennelle Thompson.

APRENDO tests include various achievement tests in math and
language created by Ecuador's National System for Measurement of
Academic Achievement for students in the third, seventh and
tenth years of basic education.  According to Ms.Thompson,
because of budget constraints and institutional obstacles, these
achievement tests have not been administered nationwide since
2000.

The program, which includes reimbursement for eligible expenses
paid for with national budget resources, has two main
components: expanding basic education coverage with equity and
improving education quality and management.

The first component is designed to:

   -- expand basic education in rural, border and poor urban
      areas;

   -- increase the number of teachers, improving their
      geographical distribution in favor of poor, indigenous and
      Afro-Ecuadorian students;

   -- ensure the timely supply of high-quality educational
      inputs to first through tenth grade students; and

   -- provide adequate training to new teachers.

The second component will focus on implementing a national
assessment and accountability system for the education sector.
This system will include a coordinated budgetary framework to
foster the transformation and innovation of educational
management.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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




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


NATIONAL COMMERCIAL: Enforces Precautionary Measures for Workers
----------------------------------------------------------------
The National Commercial Bank's management has allegedly
implemented precautionary measures to protect its workers from
angry supporters of alternative investment schemes, Radio
Jamaica reports.

According to RJR News, the National Commercial management
instructed the workers not to wear their uniforms to work on
Thursday.

Radio Jamaica notes that the instruction was reportedly issued
on Wednesday when persons accusing the National Commercial of
taking part of a plot to destroy alternative investment schemes
threatened the bank.

The Jamaica Observer relates that Justice Marva McIntosh granted
CASH Plus Limited a nine-day injunction, blocking the National
Commercial from closing the 16 accounts held with the bank.  The
injunction effectively prevented the National Commercial from
closing Cash Plus' accounts at its Duke Street and Barry Street
unit in Kingston by Dec. 4.

The Observer notes that some of Cash Plus' account with the
National Commercial include:

          -- remittance account,
          -- foreign currency account,
          -- Cash Mart Ltd,
          -- Cash Plus Foods Ltd,
          -- Atlantic Gas Distributors Ltd,
          -- ExMil Security Company Ltd operating and general
             accounts, and
          -- the Drax Hall Ltd development local and foreign
             currency accounts.

Harold Brady, the attorney for Cash Plus, told The Observer that
the firm was forced to apply for the injunction after it
received a letter from the National Commercial stating an
intention to close the accounts.

The Observer says that the National Commercial will be meeting
CASH Plus in court on Dec. 7, 2007.

According to The Observer, Cash Plus wants a declaration from
the Supreme Court that the closure of the accounts would:

          -- violate the National Commercial's "fiduciary duty"
             to Cash Plus;

          -- breach the Fair Competition Act; and

          -- be a "malicious, unreasonable and anti-competitive
             action."

Radio Jamaica notes that Cash Plus' legal representatives "went
to court after company officials accused local commercial banks
of conspiring against its operations."  The legal
representatives claimed that the institutions have been refusing
to cash clients' cheques and moving to close down the firm's
accounts.

The Jamaica Bankers Association denied to Radio Jamaica its
participation in any conspiracy against Cash Plus.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 18, 2006, Standard & Poor's Rating Services affirmed its
'B/B' counterparty credit and CD ratings on National Commercial
Bank Jamaica Ltd.  S&P said the outlook is stable.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica-
based National Commercial Bank Jamaica Limited:

          -- long-term foreign and local currency Issuer Default
             Ratings (IDR) at 'B+';

          -- short-term foreign and local currency rating at
             'B';

          -- individual at 'D';

          -- support at 4.

The rating outlook on the bank's ratings is stable, in line with
Fitch's view of the sovereign's creditworthiness.




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


DESARROLLADORA HOMEX: Inaugurates Six Parks in Culiacan City
------------------------------------------------------------
Desarrolladora HOMEX, S.A.B. de C.V.  has inaugurated six parks
in the city of Culiacan, donated in conjunction with Azteca
Foundation and the city's municipal government.  The development
of these parks will improve the quality of life for the people
living in five Homex's communities.

The total investment of this project amounted to MXN2.0 million,
and will be distributed among the six parks located in the
communities of:  Prados del Sol I, Los Angeles, Santa Fe,
Floresta and Chulavista in the city of Culiacan, Sinaloa.  More
than 10 thousand people living in these communities will be
directly benefited from recreational areas, where they can
integrate as a community by participating in cultural activities
and sports, and also gain from the appreciation in the value of
their homes and its community.

This project was launched in March 2007 with a ceremony for the
seeding of the first tree.  After eight months, 31,000 square
meters of sports and recreational facilities and 23,000 square
meters of green areas have been created through the sponsorship
of the three groups.

"Although this project derived from a Homex's corporate social
responsibility initiative - that seeks to improve life in its
communities by promoting sports and environmental care --, it
would had not been possible without the participation of Azteca
Foundation and Culiacan's municipal government," commented
Homex's Social Responsibility and Human Resources Vice
President, Monica Lafaire.  "This kind of achievements remind us
that collective efforts between companies, non-profit
foundations and governments are more efficient ways to generate
projects that will positively impact our communities," added Ms.
Lafaire.

Present in the inauguration event were State of Sinaloa Mayor,
Jesus Aguilar Padilla; Grupo Salinas' President, Ricardo Salinas
Pliego (Azteca Foundation is part of Grupo Salinas); Culiacan
Municipal Mayor, Aaron Irizar Lopez; Homex's Board of Directors
President, Eustaquio de Nicolas; Azteca Foundation's President,
Esteban Moctezuma Barragan; Grupo Elektra's Chief Executive
Officer, Carlos Septien (Grupo Elektra is also part of Grupo
Salinas); and Homex's Social Responsibility and Human Resources
Vice President, Ms. Lafaire Cruz, among other participants.

                         About Homex

Desarrolladora Homex (NYSE: HXM, BMV: HOMEX) --
http://www.homex.com.mx-- is a vertically integrated home
development company focused on affordable entry-level and
middle-income housing in Mexico.  It is one of the most
geographically diverse homebuilders in the country.  Homex is
the largest homebuilder in Mexico, based on revenues, number of
homes sold and net income.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 19, 2007, Moody's affirmed Desarrolladora Homex's national
scale issuer rating at A3.mx, and global scale local currency
issuer rating at Ba3.  Moody's said the rating outlook remains
positive.


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 year-end.

                   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).


ENERSYS INC: To Sell 5,000,000 Common Stock Shares to Jefferies
---------------------------------------------------------------
EnerSys Inc. and certain of its stockholders, including
affiliates of Metalmark Capital LLC and certain other
institutional stockholders, have agreed to sell 5,000,000 shares
of its common stock to Jefferies & Company, Inc.  All net
proceeds from the sale of the common stock will be received by
the selling stockholders.  EnerSys will not receive any of the
proceeds.

The shares are being sold by the selling stockholders pursuant
to an effective shelf registration statement.

The copy of the prospectus relating to these securities may be
obtained, when available, from Jefferies & Co., Inc., Capital
Markets, 520 Madison Avenue, New York, NY 10022: (888) 449-2342.

For more information, please contact:

          Richard Zuidema
          Executive Vice President
          EnerSys
          P.O. Box 14145
          Reading, PA 19612-4145
          Tel: 800-538-3627

                        About EnerSys

EnerSys Inc. -- http://www.enersys.com/-- (NYSE: ENS)
manufactures industrial battery through 21 manufacturing and
assembly facilities worldwide.  Headquartered in Reading,
Pennsylvania, the company is uniquely positioned to provide
expertise in designing, building, installing and maintaining a
comprehensive stored energy solution for industrial applications
throughout the world.  The company's products and services are
focused on two primary markets: Motive Power (North & South
America) or (Europe) and Reserve Power (Worldwide), (Aerospace &
Defense) or (Speciality Batteries).  The company's facilities
are located at China, France, Mexico, Germany, and the United
Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Standard & Poor's Ratings Services revised its
outlook on industrial battery manufacturer EnerSys to stable
from negative.  Standard & Poor's also affirmed all its ratings
on the company, including its 'BB' corporate credit rating.


GREENBRIER COS: Promotes Two Finance Exec. to Vice Presidents
-------------------------------------------------------------
The Greenbrier Companies has promotions Lorie Lesson to vice
president, corporate finance & assistant treasurer and Anne
Manning to vice president, corporate controller.  On Jan. 8,
2008, it is expected that Larry Brady, the current chief
financial officer, will retire and that the Board of Directors
will appoint Mark Rittenbaum as executive vice president, chief
financial officer & treasurer.

Mr. Rittenbaum has been with Greenbrier for nearly 20 years in
various finance capacities, most recently as senior vice
president & treasurer, a position he has held since 2001.  His
current responsibilities include managing corporate liquidity,
capital markets, lease syndications, commercial and investment
banking relationships, and investor relations.  Early in his
professional career, Mr. Rittenbaum was a Certified Public
Accountant and an auditor with Deloitte Haskins & Sells.  Mr.
Brady and Mr. Rittenbaum have worked together as senior finance
executives of the company for the past 14 years.

As vice president, corporate finance & assistant treasurer, Ms.
Leeson's responsibilities will include financial planning,
strategic initiatives, cash management, and debt covenant
compliance. Ms. Lesson is a CPA and has been employed with
Greenbrier for over 12 years, most recently as assistant vice
president, corporate finance.

As vice president, corporate controller, Ms. Manning's
responsibilities will include external and internal GAAP
financial reporting including SEC reporting, consolidations,
audit oversight, and coordination of accounting issues with
subsidiaries.  Ms. Manning earned a Masters of Business
Administration, is a CPA, and has been employed with Greenbrier
for over 12 years, most recently as assistant controller.

In accordance with pre-existing succession plans, Linda Olinger
will retire effective Nov. 30, 2007, as vice president,
corporate controller.  Mr. Brady will retire effective Jan. 8,
2008, as chief financial officer.  Both Ms. Olinger and Mr.
Brady will provide consultation services after their retirements
to ensure a seamless transition.

President and chief executive officer, William A. Furman, said,
"We are delighted to have selected an experienced financial
management team that has worked together at Greenbrier for many
years.  I want to thank Ms. Olinger and Mr. Brady for the hard
work, integrity and sound financial practices they have brought
to Greenbrier, and the many other contributions they have made
to our successes."

                        About Greenbrier

Headquartered in Lake Oswego, Oregon, The Greenbrier Cos. (NYSE:
GBX) -- http://www.gbrx.com/-- supplies transportation
equipment and services to the railroad industry.  The company
builds new railroad freight cars in its manufacturing facilities
in the US, Canada, and Mexico and marine barges at its U.S.
facility.  It also repairs and refurbishes freight cars and
provides wheels and railcar parts at 30 locations (post Meridian
acquisition) across North America.  Greenbrier builds new
railroad freight cars and refurbishes freight cars for the
European market through both its operations in Poland and
various subcontractor facilities throughout Europe.  Greenbrier
owns approximately 9,000 railcars, and performs management
services for approximately 136,000 railcars.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Mar. 30, 2007, Moody's Investors Service downgraded the ratings
of The Greenbrier Cos., Inc. -- corporate family to B1, senior
unsecured to B2 (LGD5, 72%) and the speculative grade liquidity
rating to SGL-3.  Moody's said the outlook is now stable.  These
rating actions conclude the review for downgrade prompted by
Greenbrier's acquisition of Meridian Rail Holdings Corp in late
2006.


GRUPO GIGANTE: Launches US$260MM Tender Offer of 8.75% Sr. Notes
----------------------------------------------------------------
Grupo Gigante, S.A.B. de C.V. has commenced a tender offer to
repurchase any and all of its outstanding US$260 million 8.75%
Senior Notes due 2016.

In conjunction with the tender offer, the company also commenced
a consent solicitation to eliminate or modify substantially all
the covenants and certain events of default and to modify the
provisions relating to defeasance of the Notes contained in the
indenture governing the Notes (Proposed Amendments).  The tender
offer and consent solicitation is being made pursuant to the
company's Offer to Purchase and Consent Solicitation Statement
dated Nov. 28, 2007 and the related Consent and Letter of
Transmittal.

Holders who properly tender and deliver their consents to the
Proposed Amendments on or prior to 5:00 p.m., New York City
time, on Dec. 11, 2007, unless extended or earlier terminated,
will be eligible to receive the total consideration with respect
to the Notes, which includes an early consent premium equal to
US$20.00 per US$1,000 principal amount of the tendered Notes.

The consideration for each US$1,000 principal amount of Notes
tendered and accepted for payment shall be the price equal to
(i) rounded to the nearest cent, the sum of (a) 35% of the
Equity Claw-back Price and (b) 65% of the Fixed Spread Price,
minus (ii) the early consent premium.  The consideration
referred to in clause (i) above is the total consideration,
which includes the early consent premium for the Notes.  The
total consideration minus the early consent premium for the
Notes is equal to the purchase price for the Notes.

The Equity Claw-back Price is equal to US$1,087.50 per US$1,000
principal amount of the Notes.

The Fixed Spread Price for each US$1,000 principal amount of the
Notes tendered shall be the price equal to the present value on
the Settlement Date of US$1,043.75 per US$1,000 principal amount
of the Notes (the redemption price payable for the Notes on
April 13, 2011) and the present value of all scheduled interest
payments on the Notes from the Settlement Date to
April 13, 2011, based on the assumption that the Notes will be
redeemed in full on April 13, 2011, discounted on the basis of a
yield to April 13, 2011 equal to the sum of the reference yield
on the 4.875% Treasury Notes due April 30, 2011, plus (y) 75
basis points, minus accrued and unpaid interest from the last
interest payment date to, but not including, the settlement
date.

Holders who properly tender after Dec. 11, 2007 but on or prior
to Dec. 27, 2007, will be eligible to receive the purchase price
for the Notes, which equals the total consideration less the
early consent premium.

In addition, all holders of Notes accepted for payment will be
entitled to receive accrued and unpaid interest in respect of
such Notes from the last interest payment date prior to the
settlement date to, but not including, the settlement date.

The tender offer will expire at 8:00 a.m., New York City time,
on Dec. 27, 2007, unless extended or earlier terminated.
Settlement for all tendered Notes is expected to be promptly
following the Expiration Date.

Consummation of the tender offer, and payment for the tendered
Notes, is subject to the satisfaction or waiver of certain
conditions, including the receipt from holders of at least a
majority in aggregate principal amount of validly tendered Notes
and the consummation of a strategic transaction by the company.

Holders may withdraw their tenders and revoke their consents at
any time on or prior to 5:00 p.m., New York City time, on
Dec. 11, 2007, unless extended or earlier terminated.

Holders who wish to tender their Notes must consent to the
Proposed Amendments and holders may not deliver consents without
tendering their related Notes.  Holders may not revoke consents
without withdrawing the Notes tendered pursuant to the tender
offer.

Citi is acting as Dealer Manager for the tender offer and the
consent solicitation.  The Depositary and the Information Agent
is Global Bondholder Services Corporation.

Requests for documentation should be directed to Global
Bondholder Services Corporation at (866) 794-2200.  Questions
regarding the tender offer and the consent solicitation should
be directed to the Dealer Manager at (800) 558-3745 (toll-
free)or (212) 723-6108 (collect).

                    About Grupo Gigante

With over 600 units in Mexico, Grupo Gigante, S.A. de C.V., is a
public Mexican trade company, which operates in the Mexican
Stock Market -- Bolsa Mexicana de Valores.  Through its
subsidiaries, Gigante has developed leading chains of
supermarkets, family restaurants, and specialized commerce, for
43 years.  Its saubsidiaries include 'Gigante', which contains
formats including: 'Gigante' (Hypermarkets), 'Super Gigante'
(Supermarkets), 'Super Maz' and 'Bodega' (Warehouses), all of
them supermarket chains, as well as 'Cafeterias Toks, S.A. de
C.V.,' a specialized family restaurant chain.  With its
partners, Grupo Gigante has also established joint ventures,
developing Office Depot de Mexico, S.A. de C.V., a Mexican
leader chain store of office and school supplies, and Radio
Shack de Mexico, S.A. de C.V., an exclusive format with presence
throughout the Mexican Republic, that offers a wide assortment
of electronic equipment and accessories.

                        *      *      *

As reported on July 13, 2007, Fitch Ratings affirmed the 'BB'
foreign and local currency Issuer Default Ratings of Grupo
Gigante S.A.B. de C.V., as well as the 'BB' rating of Gigante's
US$260 million Senior Notes due 2016.  Fitch said the rating
outlook is stable.


GRUPO MEXICO: Investing US$180 Mln. To Boost San Luis Operations
----------------------------------------------------------------
A spokesperson of Grupo Mexico SA, de C.V., told Business News
Americas that it will invest some US$180 million to increase its
operations in San Luis Potosi, Mexico.

BNamericas relates that in San Luis, Grupo Mexico has the
Charcas mining complex that includes three underground mines and
a 4,000-ton-per-day flotation plant, producing zinc, lead and
copper concentrates, as well as silver.

Grupo Mexico also owns a zinc plant and copper smelter in San
Luis, 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.


SPANSION INC: Gets MicroStrategy for Reporting & Analytics Job
--------------------------------------------------------------
Spansion LLC has selected MicroStrategy software for enterprise
reporting and analytics.

Using MicroStrategy, executives at Spansion will be able to
obtain timely insights into critical areas of the business with
at-a-glance information dashboards.  MicroStrategy's Dynamic
Enterprise Dashboards(TM) enable Spansion's management to
monitor and analyze important financial metrics and drill into
detailed reports to view underlying data.  MicroStrategy was
selected for its ease-of-use, Web-based interface, and the
extensive visualization capabilities of its dashboards.

"Following a thorough evaluation of business intelligence
products, we selected MicroStrategy for our executive
dashboards," said Spansion vice president of Information
Technology and Chief Information Officer, Hannelore Stoebbe.
"MicroStrategy's expressive dashboards enhance the
interpretation and analysis of financial data, and will give our
management team greater visibility into key performance
metrics."

"Leading technology and manufacturing companies, like Spansion,
are choosing MicroStrategy for improved insights and
transparency into their operations," said MicroStrategy's Chief
Operating Officer, Sanju Bansal.  "MicroStrategy's dashboards
present a tremendous amount of information in an easy to use and
highly visual manner, which helps companies quickly identify
performance trends and drivers."

                    About MicroStrategy

Founded in 1989, MicroStrategy (Nasdaq: MSTR) --
http://www.microstrategy.com-- is a global leader in business
intelligence technology.  MicroStrategy provides integrated
reporting, analysis, and monitoring software that helps leading
organizations worldwide to make better business decisions.
Companies choose MicroStrategy for its advanced technical
capabilities, sophisticated analytics, and superior data and
user scalability.

MicroStrategy and MicroStrategy Dynamic Enterprise Dashboards
are trademarks or registered trademarks of MicroStrategy
Incorporated in the United States and certain other countries.
Other product and company names mentioned herein may be the
trademarks of their respective owners.

                       About Spansion

Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.

The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012.  The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.

Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt.  Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.'  In
conjunction with the refinancing, Fitch has affirmed these
ratings:

    -- Issuer Default Rating of 'B-';

    -- US$250 million of 11.75% senior unsecured notes due 2016
       at 'CCC+/RR5'; and

    -- US$207 million of 2.25% convertible senior subordinated
       debentures due 2016 at 'CCC/RR6'.

Fitch said the rating outlook remains negative.  Approximately
US$1.1 billion of total debt is affected by Fitch's actions.




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


CHIQUITA BRANDS: Sanctioned for Banana Cartel by European Union
---------------------------------------------------------------
The European Union told Plenglish.com that it will sanction
Chiquita Brands International, for making a banana cartel in
Europe.

According to Plenglish.com, the union also pointed out these
firms as responsible for banana cartel:

          -- Dole Food,
          -- Del Monte,
          -- Ecuador's Noboa, and
          -- Ireland's Fyffes.

Plenglish.com notes that the companies were allegedly exporting
large amounts of banana to Europe at "artificially high prices."

European Commissioner for Competition Neelie Kroes sent a letter
to the firms to inform them about the sanction, Plenglish.com
states.

                   About Chiquita Brands

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

                        *     *     *

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

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




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


MILLICOM INT'L: Morgan Joseph Maintains Buy Rating on Shares
------------------------------------------------------------
Morgan Joseph analysts have kept their "buy" rating on Millicom
International Cellular's shares, Newratings.com reports.

According to Newratings.com, the target price for Millicom
International's shares is set at US$130.

The analysts said in a research note that Millicom International
is participating in an auction for two mobile telephony licenses
in Panama.

Newratings.com relates that the analysts were positive of
Millicom International's chances of winning one of the two
licenses.

Morgan Joseph told Newratings.com that Millicom International
would move to a per-second billing system in Colombia, after a
potential lowering of fees by the regulators next year.

Millicom International doesn't expect the fighting in Chad and
DRC to affect its network build outs negatively.  The earnings
per share estimates for fiscal year 2007 and fiscal year 2008
were increased to US$6.64 from US$6.61 and US$5.74 from US$5.38,
respectively, Newratings.com states.

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A. --
http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America
Nov. 16, 2007, Moody's Investors Service has upgraded ratings of
Millicom International Cellular S.A.  The corporate family
rating was upgraded to Ba2 from Ba3 and the rating on the
existing senior notes was upgraded to B1 from B2.  Moody's said
the outlook on the ratings is stable.




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


DEL MONTE: European Union Sanctioning Firm for Banana Cartel
------------------------------------------------------------
The European Union told Plenglish.com that it will sanction Del
Monte, for making a banana cartel in Europe.

According to Plenglish.com, the union also pointed out these
firms as responsible for banana cartel:

          -- Dole Food,
          -- Chiquita Brands International,
          -- Ecuador's Noboa, and
          -- Ireland's Fyffes.

Plenglish.com notes that the companies were allegedly exporting
large amounts of banana to Europe at "artificially high prices,"
Plenglish.com states.

European Commissioner for Competition Neelie Kroes sent a letter
to the firms to inform them about the sanction, Plenglish.com
states..

                     About Del Monte

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, Moody's Investors Service affirmed Del Monte Foods
Company's Ba3 corporate family rating, Ba3 probability of
default rating and speculative grade liquidity rating of SGL-2,
following the company's announcement that its board had
authorized the repurchase of up to US$200 million of the
company's stock over the next 36 months.

Moody's says the rating outlook remains stable.

Ratings affirmed:

   -- Corporate family rating at Ba3

   -- Probability of default rating at Ba3

   -- Senior secured revolving credit agreement, Term Loan A
      and Term Loan B at Ba2 (LGD3,33%)

   -- US$250 million 6.75% senior subordinated notes due 2015
      and US$450 million 8.625% senior subordinated notes due
      2012 at B2 (LGD5,84%)

   -- Speculative grade liquidity rating at SGL-2




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


ADVANCED AUTO: Darren Jackson Replaces John Brouillard as CEO
-------------------------------------------------------------
Advance Auto Parts Inc. has hired Darren R. Jackson, as its
President and Chief Executive Officer effective Jan. 7, 2008.
Mr. Jackson, who has been a member of the Advance Auto Parts
Board of Directors since 2004, and will remain on the Board,
will replace interim President and Chief Executive Officer, John
Brouillard.  Mr. Brouillard, who also joined the Advance Auto
Parts Board in 2004, will assume the position of non-executive
Chairman.

Mr. Jackson joins Advance Auto Parts from Best Buy Co., Inc.
where he is currently Executive Vice President of Customer
Operating Groups.  In this role, Mr. Jackson leads Best Buy's
entertainment, PC mobility and home solutions operating groups
and also has oversight for enterprise merchandising.  In
addition, he oversees Best Buy Financial Services, Best Buy for
Business, Magnolia Audio Video and Pacific Sales.  Mr. Jackson
joined Best Buy in 2000. He was named executive vice president,
finance and chief financial officer in 2001 and began
transitioning into his current position earlier in 2007.

"Since May, our Board of Directors has undertaken an exhaustive
search for an executive with a proven track record who can lead
this company to its fullest potential," said Mr. Brouillard.
"While over the past several months we interviewed and
considered several outstanding candidates, the Board asked
Darren to consider becoming our President and CEO for a variety
of reasons. Since joining our Board in 2004, Darren has been
instrumental in facilitating the strategic redirection of the
company.  In addition, he has built an exceptionally strong
track record of leadership in the retailing industry and has the
unique advantage of knowing our Company based on his Board of
Directors service.  Darren also provided the Board with a
comprehensive overview of how Advance Auto Parts could best
capitalize on growth opportunities while enhancing value for all
of our stakeholders.  We are delighted that he has agreed to
become our President and Chief Executive Officer and I look
forward to working with him as we pursue our mutual goal of
becoming the leader in our industry."

"Advance Auto Parts has a great team of 45,000 members, a strong
franchise, and an industry leading store format with a long
runway for expansion," said Mr. Jackson.  "Our opportunity is to
set the standard of excellence for the customer experience in
the Commercial and Do-It-Yourself businesses.  Our goal is to
become the industry leader through a relentless focus on the
customer.  We expect to achieve our goal by expanding and
innovating around customer needs, being a strong customer
advocate and maximizing the talents of our team members.  I'm
honored to have this opportunity, eagerly await the ride ahead
and look forward to working with the Advance Auto Parts team as
well as the Board."

Prior to Best Buy, Mr. Jackson began his retail career with
Carson Pirie Scott in Milwaukee in 1989 and moved to Seattle-
based Nordstrom Stores in 1998.  Mr. Jackson holds a bachelor's
degree in accounting from Marquette University.  He also serves
as vice chairman of the board of trustees of the University and
is on the board of the Cristo Rey Network.

Headquartered in Roanoke, Va., Advance Auto Parts (NYSE: AAP)
-- http://www.advanceautoparts.com/-- is the second-largest
retailer of automotive aftermarket parts, accessories,
batteries, and maintenance items in the United States, based on
store count and sales.  As of April 22, 2006, the Company
operated 2,927 stores in 40 states, Puerto Rico, and the Virgin
Islands.  The Company serves both the do-it-yourself and
professional installer markets.

                        *     *     *

As reported in the Troubled Company Reporter on April 3, 2007,
Standard & Poor's Ratings Services revised its outlook on auto
parts retailer Advance Auto Parts Inc. to stable from positive,
reflecting soft same-store sales growth and a retrenchment in
capital spending that may slow progress.  All ratings on
the company, including the 'BB+' corporate credit rating, were
affirmed.

As reported in the Troubled Company Reporter on Jan. 3, 2007,
Moody's Investors Service downgraded the speculative grade
liquidity rating of Advance Auto Parts, Inc. to SGL-2 from
SGL-1, affirmed its Ba1 corporate family rating, and upgraded
its probability of default rating to Ba1 from Ba2.  Moody's says
the outlook on its long-term ratings remains positive.


BURGER KING: Moody's Affirms Ba2 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of Burger King Corporation. Moody's also affirmed the Ba2
rating assigned to the company's US$250 million senior secured
term loan A, US$1.1 billion senior secured term loan B, and
US$150 million senior secured revolving credit facility.  In
addition, Moody's changed the outlook for Burger King to stable
from negative.

The Ba2 corporate family rating reflects Burger King's strong
brand recognition, the meaningful scale and geographic diversity
of system-wide restaurants, as well as improved operating
performance and good liquidity.  However, the rating also
incorporates the company's relatively weak credit metrics for
the current rating category and somewhat aggressive growth plans
that are driven largely by franchisees.  The ratings also
incorporate the intense competitive environment within the
United States restaurant industry, increasing margin pressures
related to historically high commodity costs and wages, and a
more financially challenged consumer.

The stable outlook reflects Moody's expectation that a continued
improvement in operating performance, driven by positive traffic
and average check, should further strengthen debt protection
metrics and liquidity.  The outlook also expects that management
will exercise a prudent treasury policy with shareholder-based
initiatives supported by excess free cash flow and not by non-
operating cash flows, asset sale proceeds, or additional debt.

Headquartered in Miami, Florida, The Burger King (NYSE: BKC) --
http://www.burgerking.com/-- operates more than 11,000
restaurants in more than 69 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.




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


DEL MONTE: Earns US$25.9 Million in Second Quarter Ended Oct. 28
----------------------------------------------------------------
Del Monte Foods Company reported net income of US$25.9 million
on net sales of US$938.1 million for the three months ended
Oct. 28, 2007, compared to net income of US$23.2 million on net
sales of US$893.5 million for the three months ended
Oct. 29, 2006.

"We delivered solid top-line performance, driven primarily by
strength in new products and organic growth," said Richard G.
Wolford, Chairman and CEO of Del Monte Foods.  "However, our
bottom-line continued to be pressured by aggressive cost
increases, primarily in raw products, due to increased demand
for alternative fuels and challenging fishing conditions.
Looking forward, this severe industry-wide cost environment is
expected to continue with costs increasing at rates greater than
originally anticipated.  Reflecting these higher costs, we are
lowering our earnings estimate for the fiscal year.  Our team
continues to execute against our pricing actions and cost
reduction programs as we work to meet these challenges. We
remain confident in our continued strong cash flow and our
commitment to return value to shareholders; accordingly we
initiated our recently announced three-year, $200 million share
repurchase authorization."

The 5.0% increase in net sales was driven primarily by new
product growth in both Consumer Products and Pet Products, as
well as volume growth primarily in Consumer Products.

The quarter benefited from the absence of 3 cents of purchase
accounting and integration related to the Meow Mix and Milk-Bone
acquisitions as well as 2 cents of lower transformation expense.
Net pricing actions and lower interest expense also contributed
to the increase versus last year.  The quarter was negatively
impacted by significant year-over-year increases in inflationary
and other operational costs, particularly in fish and pet
ingredient costs.

As part of the company's three-year, US$200 million share
repurchase authorization, the company repurchased approximately
238,000 shares of the Company's common stock for approximately
US$2.5 million during the second quarter.  The company began
purchasing shares under this authorization in mid-October 2007.

                Third Quarter Fiscal 2008 Outlook

For the fiscal 2008 third quarter, the company expects to
deliver sales growth of approximately 5% to 7% over net sales of
US$907.2 million in the third quarter of fiscal 2007.  Diluted
EPS from continuing operations is expected to be approximately
US$0.22 to US$0.26, including US$0.03 of transformation-related
expense, as compared to US$0.22 in the third quarter of fiscal
2007, which included US$0.04 of transformation-related expense,
purchase accounting impact, and integration expense.  Benefiting
the third quarter fiscal 2008 is an expected gain from the
recent sale of S&W trademark and related assets in the Eastern
Hemisphere.

                     Fiscal 2008 Outlook

For fiscal 2008, the company continues to expect sales growth of
5% to 7% over fiscal 2007 net sales of US$3,414.9 million.
Fiscal 2008 net sales growth is expected to be driven by growth
across both the Company's Consumer Products and Pet Products
segments.

The company now expects diluted EPS from continuing operations
of US$0.64 to US$0.68 (including US$0.08 of transformation-
related expenses).  This compares to previous EPS guidance at
the low end of US$0.70 to US$0.74 (including US$0.08 of
transformation-related expenses).  The company is reducing its
EPS expectations due to input costs (particularly fish, fats and
oils, transportation, and resin-based packaging costs), which
have continued to escalate to greater-than-anticipated levels.
The company reported US$0.55 diluted EPS from continuing
operations in fiscal 2007, which included US$0.19 of
transformation-related expense, purchase accounting impact and
integration expense.

                      About Del Monte

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, Moody's Investors Service affirmed Del Monte Foods
Company's Ba3 corporate family rating, Ba3 probability of
default rating and speculative grade liquidity rating of SGL-2,
following the company's announcement that its board had
authorized the repurchase of up to USUS$200 million of the
company's stock over the next 36 months.


* BOND PRICING: For the Week Nov. 26 to Nov. 30
-----------------------------------------------

Issuer                 Coupon   Maturity   Currency   Price
------                 ------   --------   --------   -----

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      60.89
Argnt-Bocon PR13        2.000    3/15/24     ARS      59.23
Arg Boden               2.000    9/30/08     ARS      27.99
Argent-Par              0.630   12/31/38     ARS      37.93

CAYMAN ISLANDS
--------------
Vontobel Cayman         6.100   12/28/07     CHF      74.90
Vontobel Cayman         7.250    3/29/49     USD      51.03
Vontobel Cayman         7.350    1/25/08     CHF      72.00
Vontobel Cayman         7.450    2/22/08     CHF      55.80
Vontobel Cayman         7.500    1/25/08     CHF      71.40
Vontobel Cayman         7.900    2/22/08     CHF      64.75
Vontobel Cayman         8.250    4/25/08     CHF      72.00
Vontobel Cayman         8.250    7/28/08     CHF      72.20
Vontobel Cayman         8.400   12/28/07     CHF      69.70
Vontobel Cayman         8.500    3/27/08     CHF      71.10
Vontobel Cayman         8.750    3/27/08     CHF      68.90
Vontobel Cayman         8.800   12/28/07     CHF      60.75
Vontobel Cayman         9.200   12/28/07     CHF      66.15
Vontobel Cayman         9.600    2/22/08     CHF      49.60
Vontobel Cayman         9.950   12/28/07     CHF      45.00
Vontobel Cayman        10.050    1/25/08     CHF      43.60
Vontobel Cayman        10.100    1/25/08     CHF      69.60
Vontobel Cayman        10.200     2/4/08     CHF      75.00
Vontobel Cayman        10.400   12/28/07     CHF      65.15
Vontobel Cayman        10.400     7/8/08     CHF      73.00
Vontobel Cayman        10.500    1/25/08     CHF      72.40
Vontobel Cayman        10.700   12/28/07     CHF      56.00
Vontobel Cayman        11.000    6/20/08     CHF      67.80
Vontobel Cayman        11.350   12/28/07     CHF      68.35
Vontobel Cayman        11.400   12/28/07     CHF      65.15
Vontobel Cayman        11.400    2/15/08     CHF      72.40
Vontobel Cayman        11.500    6/27/08     EUR      74.70
Vontobel Cayman        11.500    7/22/08     CHF      75.00
Vontobel Cayman        12.600   12/28/07     CHF      74.10
Vontobel Cayman        12.850   12/28/07     CHF      55.20
Vontobel Cayman        13.350   12/28/07     EUR      58.75
Vontobel Cayman        13.450    1/25/08     CHF      75.50
Vontobel Cayman        13.500    2/22/08     CHF      48.00
Vontobel Cayman        14.000   12/28/07     cHF      46.60
Vontobel Cayman        14.900   12/28/07     cHF      41.65
Vontobel Cayman        15.900   12/28/07     USD      69.20
Vontobel Cayman        16.000   12/28/07     EUR      49.40
Vontobel Cayman        16.000     2/4/08     USD      61.25
Vontobel Cayman        16.450   12/28/07     EUR      63.95
Vontobel Cayman        16.800   12/28/07     CHF      15.85
Vontobel Cayman        18.800   12/21/07     USD      65.60
Vontobel Cayman        22.850   12/28/07     CHF      36.25

JAMAICA
-------
Jamaica Govt. LRS       7.500   10/06/12     JMD      73.55

PUERTO RICO
-----------
Puerto Rico Cons.       6.300   11/01/33     USD      70.00
Puerto Rico Cons.       5.900    4/15/34     USD      70.50

VENEZUELA
---------
Petroleos de Ven        5.250    4/12/17     USD      67.42
Petroleos de Ven        5.375    4/12/27     USD      56.94
Petroleos de Ven        5.500    4/12/37     USD      54.62
Venezuela               7.000    3/31/38     USD      70.16
Venezuela               7.000    3/31/38     USD      70.07


                        ***********


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
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Information contained herein is obtained from sources believed
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members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
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