TCRLA_Public/071207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, December 7, 2007, Vol. 8, Issue 243

                          Headlines

A R G E N T I N A

BANCO PATAGONIA: Banco Itau Denies Takeover Plan on Bank
BITTAR HNOS: Proofs of Claim Verification Deadline Is March 3
ARROW ELECTRONICS: SiliconExpert to Manage Components Database
BR MALLS: Acquires Ownership Interest in Three Shopping Malls
BUNGE LTD: North American Unit Names R. Perry VP & Gen. Manager

BUREAU EDITOR: Proofs of Claim Verification Is Until March 6
COBESAL SA: Proofs of Claim Verification Ends on Feb. 26, 2008
CURTIVENCA SA: Proofs of Claim Verification Deadline Is March 6
DANILOR SA: Proofs of Claim Verification Is Until Feb. 29, 2008
FARMACIA MEDRANO: File for Reorganization Petition in Court

DYNAMOTIVE ENERGY: Incurs US$3.2 Million Net Loss in Third Qtr.
DYNAMOTIVE ENERGY: To Invest US$24 Mln for Biofuel Plant Project
GROUP JOI: Proofs of Claim Verification Ends on Feb. 29, 2008
HOTELES LAR: Proofs of Claim Verification Ends on Feb. 7, 2008
INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan from Andean Dev't

SIDECSA SA: Proofs of Claim Verification Deadline Is Feb. 14
URS CORP: Acquisition Cues Moody's To Lower Corp. Rating to Ba2
WR GRACE: Names Fred Festa as Board of Directors Chairman


B E R M U D A

AOF FUND: Proofs of Claim Filing Deadline Is Dec. 24
AOF FUND: Final Shareholders Meeting Is on Dec. 24
ARROWHEAD LTD: Will Hold Final Shareholders Meeting on Dec. 27
BORG TANKERS: Proofs of Claim Filing Is Until Dec. 27
BORG TANKERS: Will Hold Final Shareholders Meeting on Dec. 27

COMMSCOPE INC: Sees Positive 2007 Fourth Quarter Results
CONCORDIA AMERICAS: Proofs of Claim Filing Deadline Is Dec. 15
CONCORDIA AMERICAS: Sets Final Shareholders Meeting for Jan. 7
DELPHI CORP: Gets Committees' Support on Plan Amendments
LSF AGGREGATION: Proofs of Claim Filing Deadline Is Dec. 14

LSF AGGREGATION: Will Hold Final Shareholders Meeting on Dec. 31
LSF LUX: Proofs of Claim Filing Ends on Dec. 14
LSF LUX: Will Hold Final Shareholders Meeting on Dec. 31
LSF5 FIXED: Proofs of Claim Filing Is Until Dec. 14
LSF5 FIXED: Holding Final Shareholders Meeting on Dec. 31

MOLINOS HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 14
MOLINOS HOLDINGS: Sets Final Shareholders Meeting for Dec. 31
MUTUAL ARGENTINA: Proofs of Claim Filing Ends on Dec. 14
MUTUAL ARGENTINA: Sets Final Shareholders Meeting for Dec. 31
RENAISSANCE CAPITAL: Fitch Affirms BB- Issuer Default Ratings

VGMMF, LTD: Proofs of Claim Filing Deadline Is Dec. 19
VGMMF, LTD: Sets Final Shareholders Meeting for Jan. 10, 2008


B O L I V I A

* BOLIVIA: To Sign Dec. 9 Bank of South's Foundation Act


B R A Z I L

ADVANCED MEDICAL: Messrs. Heinrich & Morfit Joins Board
ARROW ELECTRONICS: SiliconExpert to Manage Components Database
BANCO NACIONAL: Okays BRL159-Million Funding for Coelba
BR MALLS: Acquires Ownership Interest in Three Shopping Malls
BRASIL TELECOM: Alcatel-Lucent Installing Network Overlay

CA INC: Una O'Neill Promoted to Executive Vice President
COSAN SA: Shareholders Approve BRL1.74-Bil. Capital Raise
FORD MOTOR: November 2007 Truck Sales in Canada Up 3 Percent
GERDAU SA: Invests Over US$400 Mil. on Heavy Plate Rolling Plant
GREIF INC: Reports Net Income of US$190.2 Mln in 2007 Fiscal Yr.

NET SERVICOS: Eyes Subscriber Growth in Broadband-Voice Segment
VERIFONE INC: Moody's Reviews Sr. Debt Ratings for Downgrade


C A Y M A N   I S L A N D S

DR GIGATREND: Holding Final Shareholders Meeting on Dec. 14
FRM GARTMORE: Final Shareholders Meeting Is on Dec. 14
IBROX PARK: Sets Final Shareholders Meeting for Dec. 14
KANAZAWA HOLDING: Sets Final Shareholders Meeting for Dec. 14
MUSIC PARTNERS: Will Hold Final Shareholders Meeting on Dec. 14

OGRE FINANCE: Sets Final Shareholders Meeting for Dec. 14
PINNAKELL ASIA: Sets Final Shareholders Meeting for Dec. 14
PINNAKELL ASIA ABSOLUTE: Holds Shareholders Meeting on Dec. 14
PROCYON FUND: Will Hold Final Shareholders Meeting on Dec. 14
RYE SELECT: Sets Final Shareholders Meeting for Dec. 14


C H I L E

SHAW GROUP: Unable to Complete Form 10-K Filing with SEC


C O L O M B I A

GMAC LLC: Fin'l Unit Names Samuel Ramsey as Chief Risk Officer

* COLOMBIA: Gets US$300-Mln Loan to Promote Biz Competitiveness


C O S T A   R I C A

* COSTA RICA: Obtains US$381 Million Guaranteed Loan Operation


D O M I N I C A N   R E P U B L I C

ALCATEL-LUCENT: Installing Network Overlay for Brasil Telecom


G U A T E M A L A

GOODYEAR TIRE: Board Okays Plan to Keep World Base in Akron


H A I T I

DYNCORP INT'L: Bags Logistics Services Contract from IMG


J A M A I C A

AIR JAMAICA: Government To Complete Sale in 16 Months


M E X I C O

ATHLETES WORLD: Forzani Group To Close 37 Stores
AXTEL SA: To Use Comision Federal's Fiber Optic Infrastructure
BANCO DEL BAJIO: Fitch Affirms Low B Currency Default Ratings
CKE RESTAURANTS: Sells Hardee's Restaurants on Refranchise Plan
DURA AUTOMOTIVE: Closes North American Unit Sale to Autoline

EL POLLO: Moody's Reviews Debt Ratings for Possible Downgrade
EMPRESAS ICA: Inks Contract for New Stadium Construction
FEDERAL-MOGUL: Court Dismisses 75 Chapter 11 Cases
GLOBAL POWER: Wants Removal Period Extended to Effective Date
ICONIX BRAND: Moody's Affirms Corporate Family Rating at B1

INTERSTATE HOTELS: Inks US$207.8-Mln Venture with Harte Holdings
SR TELECOM: SymmetryMX Receives WiMax Forum Certification
US STEEL: Prices US$500 Million of 7% Senior Unsecured Notes


N I C A R A G U A

* NICARAGUA: Buying Back US$1.3 Billion of Foreign Debts
* NICARAGUA: World Bank Supports US$1.3-Million Buy-Back


P A N A M A

BANCO LATINOAMERICA: Carlos Yap to Resign as Chief Fin'l Officer


P U E R T O   R I C O

DYNCORP INT'L: Bags Logistics Services Contract from IMG
DIRECTV GROUP: Extends Agreement with NDS Group
NUTRITIONAL SOURCING: Exclusive Plan Filing Date Moved to Mar. 3
UNIVISION COMM: Names Bert Gomez as VP for Government Relations


U R U G U A Y

* URUGUAY: U.S. Agency Seeking Offers for Feasibility Study


V E N E Z U E L A

HERCULES OFFSHORE: Bags Contracts for Two Jackup Rigs in India
PETROLEOS DE VENEZUELA: Forms Joint Venture with Belarusneft
PETROLEOS DE VENEZUELA: Shuts Down Cardon Due to Power Failure

* VENEZUELA: To Sign Dec. 9 Bank of South's Foundation Act


                         - - - - -


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


BANCO PATAGONIA: Banco Itau Denies Takeover Plan on Bank
--------------------------------------------------------
Argentina's Banco Patagonia won't be taken over by Banco Itau,
news daily El Cronista reports, citing Banco Itau Chief
Executive Officer Roberto Setubal.

Mr. Setubal told El Cronista that Banco Itau will concentrate on
organic growth in Brazil.  He also denied any plans of buying
any other bank in Latin America.

Business News Americas relates that Banco Patagonia's share
price increased over the last few months due to rumors that it
would be receive a tender offer from Banco Itau.

As reported in the Troubled Company Reporter-Latin America on
Oct. 18, 2007, Banco Patagonia itself denied that it was being
considered for a takeover bid by Banco Itau.  

Banco Itau doesn't have any ongoing talks to buy Banco Patagonia
or any other entity in the region, BNamericas states, citing Mr.
Setubal.

                      About Banco Itau

Banco Itau Holding Financeira SA -- http://www.itau.com.br/--  
is a private bank in Brazil.  The company has four principal
operations: banking -- including retail banking through its
wholly owned subsidiary, Banco Itau SA(Itau), corporate banking
through its wholly owned subsidiary, Banco Itau BBA SA (Itau
BBA) and consumer credit to non-account hold customers through
Itaucred -- credit cards, asset management and insurance,
private retirement plans and capitalization plans, a type of
savings plan.  Itau Holding provides a variety of credit and
non-credit products and services directed towards individuals,
small and middle market companies and large corporations.


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.


BITTAR HNOS: Proofs of Claim Verification Deadline Is March 3
-------------------------------------------------------------
Marcela Zamora, the court-appointed trustee for Bittar Hnos.
S.H.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 3, 2008.

Ms. Zamora will present the validated claims in court as
individual reports on April 14, 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 Bittar Hnos. 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 Bittar Hnos.'s
accounting and banking records will be submitted in court on
May 27, 2008.

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

The trustee can be reached at:

         Marcela Zamora
         Rioja 80, Ciudad de Mendoza
         Mendoza, Argentina


ARROW ELECTRONICS: SiliconExpert to Manage Components Database
--------------------------------------------------------------
SiliconExpert Technologies will support Arrow Electronics, Inc.
in managing its global components database.

Under this agreement, Arrow Electronics and SiliconExpert have
joined forces to create the next generation of Arrow's component
information database, Ubiquidata.  As one of the industry's most
complete, accurate and up-to-date sources of global component
information, Ubiquidata will further extend the company's lead
in connecting customers with the right technology and managing
the global supply chain.

"This will enable Arrow to maximize its customer service
leadership position as SiliconExpert is a leading provider of
component data management services," said Arrow's Global
Components unit president of global alliance and supply chain,
Brian McNally.

"We are excited to empower the components database of an
industry leader such as Arrow. SiliconExpert's comprehensive
Parts Database combined with Arrow's global reach will prove to
be a beneficial relationship for all stakeholders," said Omar
Ahmad, SiliconExpert's chief executive officer and president.

               About SiliconExpert Technologies

SiliconExpert Technologies, Inc., --
http://www.siliconexpert.com-- a Santa Clara, Calif.-based  
company, is a leading supplier and innovator of best-in-class
products and services for enterprise-wide electronic parts
management.  The company's Parts Database(TM) is one of the most
accurate, comprehensive and current in the industry with over
100 million parts.  They offer a fully integrated suite of
sophisticated component management solutions and services, which
addresses the needs of OEMs, suppliers, distributors and EMS
providers for efficiency and total quality control.

                   About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and  
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                        *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


BR MALLS: Acquires Ownership Interest in Three Shopping Malls
-------------------------------------------------------------
BR Malls Participacoes S.A., has acquired through one of its
controlled subsidiaries, 100% of the capital stock owned by SPE
Classic, which holds:

   i) 1.1% of ownership interest in Shopping Center Iguatemi
      Belem
  ii) 3.0% of ownership interest in Shopping Metro Tatuape

iii) 5.0% of ownership interest in Shopping Center Sao Luis
    
Shopping Center Iguatemi Belem is located in the city of Belem,
state of Para, possesses 18,365 square meters of Gross Leasable
Area, 209 stores and 1,000 parking spaces.  Following the
aforementioned acquisition, BR Malls holds 13.3% of the area of
the mall.

Shopping Metro Tatuape is located in the city and state of Sao
Paulo and connected to the subway station Tatuape.  The mall has
33,409 square meters of Gross Leasable Area and is visited by an
average of approximately 1.5 million customers per month.

Shopping Center Sao Luis is located in the city of Sao Luis,
state of Maranhao.  The mall has 34,000 square meters of Gross
Leasable Area and 115 stores.

Following this acquisition, BR Malls now holds interests in 30
shopping malls, effectively expanding its total Gross Leasable
Area from 826.9 thousand square meters to 894.3 thousand square
meters and its owned area from 369.7 thousand square meters to
372.6 thousand square meters.

                        About BR Malls

BR Malls Participacoes SA (Bovespa: BRML3) is an integrated
Shopping Mall company in Brazil.  The company has stakes in 11
Shopping Centers, 10 of them in operation and one under
construction, totalizing 505,000 square meters of Gross
Commercial Area and 396,900 square meters of Gross Leaseable
Area and approximate 2.2 thousand stores.  The company provides
management, consulting and leasing services for 37 Shopping
Centers, Commercial and Business Centers, totalizing 981,000
square meters of Gross Commercial Area, with approximate 4,100
stores.  The company's portfolio of shopping centers has been
strategically diversified in its geographic positioning and in
its penetration of income segments.  The company's principal
subsidiaries consist of ECISA Engenharia and ECISA
Participacoes, Egec, Dacom, Sisa, Egec Par and GS, Nattca, SPE
Indianapolis, Deico and other companies.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 24, 2007, Standard & Poor's Ratings Services assigned its
'BB-' long-term corporate credit rating to BR Malls
Participacoes S.A.  S&P said the outlook is stable.  The
company's total debt amounted to US$91 million in March 2007.


BUNGE LTD: North American Unit Names R. Perry VP & Gen. Manager
---------------------------------------------------------------
Bunge North America, the North American operating arm of Bunge
Limited, has promoted Rodney Perry to vice president and general
manager of Bunge Oils and Todd Bastean to vice president and
general manager of Bunge Milling.

As general manager of Bunge Oils, Mr. Perry will be responsible
for leading the Oils team working to manage Bunge's assets and
organization to provide customers with innovative, functional
and competitive products.  Mr. Perry has been with the company
since 2000 when he joined Bunge Milling as sales manager.  Most
recently, he served as vice president and general manager of
Bunge Milling.

Mr. Bastean has been with the company since 1992 and as general
manager of Bunge Milling he will oversee all sales, operations
and commercial activities.  Currently the vice president and
general manager of Bunge Biofuels, Mr. Bastean has served in a
number of roles including chief administration officer for Bunge
Milling.

"I have worked with Todd and Rodney for a number of years and am
confident in their abilities to help these business units
continue to grow," said Bunge North America executive vice
president, Fred Luckey.  "Both understand the food ingredient
industry and the need to balance efficient production while
providing quality customer service."

                   About Bunge North America

Bunge North America (http://www.bungenorthamerica.com),the  
North American operating arm of Bunge Limited (NYSE: BG), is a
vertically integrated food and feed ingredient company,
supplying raw and processed agricultural commodities and
specialized food ingredients to a wide range of customers
in the livestock, poultry, food processor, foodservice and
bakery industries.  With headquarters in St. Louis, Missouri,
Bunge North America and its subsidiaries operate grain
elevators, oilseed processing plants, edible oil refineries and
packaging facilities, and corn dry mills in the U.S., Canada and
Mexico.

                     About Bunge Limited

Headquartered in White Plains, New York, Bunge Ltd. (NYSE: BG)
is a global agribusiness company with operations primarily in
commodity grain processing and fertilizer production.  It has
operations in Argentina.

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Standard & Poor's Ratings Services has assigned
its 'BB' rating to Bunge Ltd.'s US$750 million of 5.125%
cumulative mandatory convertible preference shares.  At the same
time, S&P affirmed its 'BBB-' long-term corporate credit and
other ratings on Bunge.  The outlook is stable.  Pro forma for
the new issue, about US$4.2 billion of debt and preference
shares of the company are rated.  Proceeds from this issue will
be used to repay debt and for general corporate purposes.


BUREAU EDITOR: Proofs of Claim Verification Is Until March 6
------------------------------------------------------------
Alberto Ladaga, the court-appointed trustee for Bureau Editor
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 6, 2008.

Mr. Ladaga will present the validated claims in court as
individual reports on April 22, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Bureau Editor 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 Bureau Editor's
accounting and banking records will be submitted in court on
June 23, 2008.

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

The debtor can be reached at:

         Bureau Editor S.A.
         Ruiz Huidobro 3737
         Buenos Aires, Argentina

The trustee can be reached at:

         Alberto Ladaga
         Vidt 2039
         Buenos Aires, Argentina


COBESAL SA: Proofs of Claim Verification Ends on Feb. 26, 2008
--------------------------------------------------------------
Rosa Santos, the court-appointed trustee for Cobesal SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 26, 2008.

Ms. Santos will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 21, 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 Cobesal 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 Cobesal's accounting
and banking records will be submitted in court on May 5, 2008.

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

The trustee can be reached at:

         Cobesal SA
         Viamonte 1620
         Buenos Aires, Argentina


CURTIVENCA SA: Proofs of Claim Verification Deadline Is March 6
---------------------------------------------------------------
Sandra Claudia D Ambrosio, the court-appointed trustee for
Curtivenca S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until March 6, 2008.

Ms. Ambrosio 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 Curtivenca
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 Curtivenca's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

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

The trustee can be reached at:

         Sandra Claudia D Ambrosio
         Sarmiento 1574
         Buenos Aires, Argentina


DANILOR SA: Proofs of Claim Verification Is Until Feb. 29, 2008
---------------------------------------------------------------
Maria Cenatiempo, the court-appointed trustee for Danilor S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 29, 2008.

Ms. Cenatiempo will present the validated claims in court as
individual reports on April 17, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Danilor 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 Danilor's accounting
and banking records will be submitted in court on May 30, 2008.

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

The trustee can be reached at:

         Maria Cenatiempo
         Avenida de Mayo 1365
         Buenos Aires, Argentina


FARMACIA MEDRANO: File for Reorganization Petition in Court
-----------------------------------------------------------
Farmacia Medrano 533 S.C.S. has requested for reorganization
approval after failing to pay its liabilities.

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

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

The debtor can be reached at:

          Farmacia Medrano 533 S.C.S.
          Medrano 533
          Buenos Aires, Argentina


DYNAMOTIVE ENERGY: Incurs US$3.2 Million Net Loss in Third Qtr.
---------------------------------------------------------------
Dynamotive Energy Systems Corporation has posted a net loss of
US$3.2 million for the third quarter ended Sept. 30, 2007,
compared with a net loss of US$3.1 million for the same period
in 2006.

Excluding stock-based compensation, the net loss for the third
quarter ended Sept. 30, 2007, was US$2.1 million, compared with
a net loss of US$2.4 million for the same quarter in 2006.

Total non-cash expenses for the third quarter were US$1.1
million in 2007 (US$0.7 million in 2006).

Dynamotive President and Chief Executive Officer, Andrew
Kingston said: "During the third quarter, the company continued
start-up operations of its new 200 tpd plant in Guelph Ontario
and the upgrading of its first commercial BioOil plant in West
Lorne, Ontario.  The Company also continued project development
activities through its Canadian, US and Latin American
subsidiaries and supporting activities by agents and partners in
Europe, Far East and Australia.  Further activities included
continued research in the upgrading of BioOil and market testing
for our fuel."

"The Company's commercial activities were adversely affected
during the quarter due to delays in the start-up of the Guelph
plant resulting from the need for completion of non-core systems
and civil works, as well as delays in the supply of equipment
which were beyond management control.  Notwithstanding this, the
Guelph plant operated at capacity (within the operating
restrictions established by permitting authorities) and an
important number of demonstrations to potential customer were
conducted in the period.  The plant is now in operation and
related business activities are accelerating as the plant
demonstrates its viability."

Other recent Dynamotive highlights:

   -- Signed letter of agreement with Mitsubishi Corporation
      identifying how the two companies can proceed on mutual
      development strategies.

   -- Completed construction of 200 tonne-per-day biofuels plant
      in Guelph, Ontario, start-up commenced.

   -- Upgrade work on West Lorne biofuels plant nearing
      completion.

   -- Development of six plants in Argentina announced and began
      moving forward.

   -- Reached agreement with Ontario Power Authority to supply
      renewable power from West Lorne biofuel plant.

   -- Announced development and launch of high energy content
      biofuel, BioOil Plus(TM).

   -- Initiated tests in Iowa to use char (biochar) for soil
      enrichment and crop productivity enhancement, as well as
      carbon sequestration.

   -- Appointed Wayne Keast of the Consensus Business Group to
      Dynamotive's Board of Directors.

In early October, shortly after the quarter end, Dynamotive's
balance sheet was strengthened with the completion of a US$10.5
million private placement financing.  The company continues to
hold minimal long-term debt.

                  About Dynamotive Energy

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider  
headquartered in Vancouver, Canada, with offices in the USA, UK
and Argentina.  Its carbon/greenhouse gas neutral fast pyrolysis
technology uses medium temperatures and oxygen-less conditions
to turn dry waste biomass and energy crops into BioOil(TM) for
power and heat generation.  BioOil(TM) can be further converted
into vehicle fuels and chemicals.

                     Going Concern Doubt

BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of
Dynamotive Energy Systems Corp.'s consolidated financial
statements for the years ended Dec. 31, 2006, and 2005, in
accordance with Canadian reporting standards, which do not
permit a reference to conditions and events casting substantial
doubt about the company's ability to continue as a going concern
when these are adequately disclosed in the financial statements.

Dynamotive Energy incurred a loss of US$14.3 million for the
year ended Dec. 31, 2006.  The company's ability to continue as
a going concern is dependent on achieving profitable operations,
commercializing its BioOil production technology and obtaining
the necessary financing in order to develop this technology.


DYNAMOTIVE ENERGY: To Invest US$24 Mln for Biofuel Plant Project
----------------------------------------------------------------
Dynamotive Energy Systems Corporation and its subsidiary,
Dynamotive USA, Inc., is planning to invest US$24 million to
build the first fully commercial industrial biofuel plant in the
U.S.  The facility will be located on a site in Willow Springs,
approximately 180 miles southwest of St. Louis.  The site
secured was chosen for its ready access to rail transport,
proximity to biomass and the potential to host up to four
additional facilities.

The modular, second-generation biomass-to-biofuel plant is
designed to use Dynamotive's proprietary "fast pyrolysis"
process to convert 200 tons per day of wood by-products and
residues from nearby sawmills into 34,000 gallons per day of
BioOil(R).  Commercial terms have been agreed and signed with
local feedstock providers to supply the plant.

Development and construction of the plant will be implemented by
Dynamotive's U.S. management, supported by Dynamotive's
engineering team and its partners.  Opportunities exist for a
significant expansion of Dynamotive's operations, with more than
1.1 million dry long tons of biomass per year in Missouri alone.  
As a result, other, similar projects in the state are currently
under review.  The BioOil produced at the Willow Springs complex
is expected to be sold to commercial and industrial users in the
region through a major local distributor of renewable fuels.

An initial burn of BioOil from Dynamotive's commercial plant at
Guelph, Ontario, is being scheduled at a major industrial
facility with this distributor.

The initial burn would be preparatory to its adoption of BioOil
as a primary fuel, and the opening of the Midwest market for the
product.  It is expected that up to 5,000 tons of BioOil will be
made available to Midwest consumers over the next year from
Dynamotive's and Evolution Biofuels' plant while the Willow
Springs facility is under construction.  The fuel provided is
expected to be priced competitively to #2 heating oil, a light
industrial fuel.

Lt. Col. (Ret.) William C. Holmberg, Chairman of the Washington-
based Biomass Coordinating Council and a pioneer of the
renewable fuels industry, hailed the plant announcement as "an
important step towards releasing America from the bonds of
foreign oil, and achieving a sustainable energy future."  Mr.
Holmberg pointed out that "the commercialization of BioOil adds
another element to our arsenal of renewable fuels that can help
address a previously neglected segment of our oil use:
industrial boiler fuels.  As such it complements, rather than
competes with, fuel ethanol and biodiesel."

Dynamotive's President and Chief Executive Officer Andrew
Kingston noted: "This first U.S. project will demonstrate the
viability of our technology in the U.S. market and the enormous
potential of BioOil to help America make the transition to
clean, renewable fuels that do not depend on food crops for
their production.  We are pleased to announce this project and
would like to take this opportunity to thank all stakeholders
involved for their magnificent support this year.  Missouri has
provided a unique platform to showcase our technology and its
capabilities.  We are committed to this project and look forward
to developing further plants in the near future."

All of the above transactions currently remain subject to
negotiation and execution of definitive agreements and to
securing sufficient project capital.  Accordingly, there can be
no certainty in respect of the Company's ultimate participation
rights in the project, nor of actual completion of them at this
time.

                       About BioOil(R)

BioOil(R) is an industrial fuel produced from cellulose waste
material.  When combusted it produces substantially less smog-
precursor nitrogen oxides emissions than conventional oil as
well as little or no sulfur oxide gases, which are a prime cause
of acid rain.  BioOil(R) and BioOil Plus(TM) are price-
competitive replacements for heating oils #2 and #6 that are
widely used in industrial boilers and furnaces.  They have been
awarded the coveted EcoLogo in Canada, meaning that they are
certified, as meeting the stringent environmental criteria for
industrial fuels as measured by Environment Canada's
Environmental Choice Program.  BioOil(R) can be produced from a
variety of residue cellulosic biomass resources and is not
dependent on food-crop production.

                  About Dynamotive Energy

Dynamotive Energy Systems Corporation (OTC BB: DYMTF.OB) --
http://www.dynamotive.com/-- is an energy solutions provider  
headquartered in Vancouver, Canada, with offices in the USA, UK
and Argentina.  Its carbon/greenhouse gas neutral fast pyrolysis
technology uses medium temperatures and oxygen-less conditions
to turn dry waste biomass and energy crops into BioOil(TM) for
power and heat generation.  BioOil(TM) can be further converted
into vehicle fuels and chemicals.

                    Going Concern Doubt

BDO Dunwoody LLP, in Vancouver, Canada, conducted its audit of
Dynamotive Energy Systems Corp.'s consolidated financial
statements for the years ended Dec. 31, 2006, and 2005, in
accordance with Canadian reporting standards, which do not
permit a reference to conditions and events casting substantial
doubt about the company's ability to continue as a going concern
when these are adequately disclosed in the financial statements.

Dynamotive Energy incurred a loss of US$14.3 million for the
year ended Dec. 31, 2006.  The company's ability to continue as
a going concern is dependent on achieving profitable operations,
commercializing its BioOil production technology and obtaining
the necessary financing in order to develop this technology.


GROUP JOI: Proofs of Claim Verification Ends on Feb. 29, 2008
-------------------------------------------------------------
Ruben Angel Scaletta, the court-appointed trustee for Group Joi
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 29, 2008.

Mr. Scaletta will present the validated claims in court as
individual reports on April 15, 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 Group Joi 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 Group Joi's
accounting and banking records will be submitted in court on
May 29, 2008.

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

The debtor can be reached at:

         Group Joi S.A.
         Tomas Manuel de Anchorena 345/7
         Buenos Aires, Argentina           

The trustee can be reached at:

         Ruben Angel Scaletta
         Piedras 1077
         Buenos Aires, Argentina


HOTELES LAR: Proofs of Claim Verification Ends on Feb. 7, 2008
--------------------------------------------------------------
Walter Calleja, the court-appointed trustee for Hoteles Lar
S.A.I.C.F. e I.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 7, 2008.

Mr. Calleja will present the validated claims in court as
individual reports on March 20, 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 Hoteles Lar 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 Hoteles Lar's
accounting and banking records will be submitted in court on
May 5, 2008.

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

The trustee can be reached at:

         Walter Calleja
         Lambare 1140
         Buenos Aires, Argentina


INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan from Andean Dev't
---------------------------------------------------------------
A spokesperson from Industrias Metalurgicas Pescarmona S.A.I.C.
y F told Business News Americas that it has secured a
US$50-million loan from the Andean Development Corporation to
help it develop renewable projects.

BNamericas relates that Industrias Metalurgicas will use the
loan for the development of a wind turbine factory being built
in Pernambuco, Brazil.

The spokesperson explained to BNamericas that the factory will
be able to produce 200 wind turbines yearly.  The turbines will
be able to generate 1.8 megawatts.

According to BNamericas, Industrias Metalurgicas' Latin Americas
"project backlog" in Latin America totals US$1.7 billion.

Industrias Metalurgicas said in a statement that the new
emphasis on controlling carbon emissions and high oil and gas
prices indicates an opportunity for the firm.

Industrias Metalurgicas is developing wind power generation
parks of 320 megawatts in Brazil, BNamericas states.

Industrias Metalurgicas Pescarmona SA aka IMPSA --
http://www.impsa.com.ar/-- is one of the largest worldwide  
providers of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.  The company has offices
in Malaysia, China, and Argentina.

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
'B' long-term corporate credit rating on Industrias Metalurgicas
Pescarmona S.A.I.C. y F, aka IMPSA.  Standard & Poor's said that
the outlook remains stable.

Oct. 16, 2007, Fitch Ratings assigned a 'B' rating to Industrias
Metalurgicas Pescarmona S.A.I.C. Y F proposed US$250 million
amortizing notes due in 2014.  These notes were assigned a
Recovery Rating of 'RR4', which is consistent with an
anticipated recovery of 30%-50% in the event of a default.  
Fitch maintains a foreign and local currency Issuer Default
Rating of 'B'.  Fitch said the rating outlook is stable.


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

Mr. Novick will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance 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 Sidecsa and
its creditors.

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

A general report that contains an audit of Sidecsa's accounting
and banking records will be submitted in court on May 5, 2008.

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

The trustee can be reached at:

         Sergio Leonardo Novick
         Libertad 359
         Buenos Aires, Argentina


URS CORP: Acquisition Cues Moody's To Lower Corp. Rating to Ba2
---------------------------------------------------------------
Moody's Investors Service has downgraded the Corporate Family
Rating of URS Corporation to Ba2 from Ba1 following the
company's acquisition of Washington Group International, Inc.  
The ratings outlook is stable.  This rating action concludes the
review for possible downgrade initiated on May 30, 2007
following the announcement of URS Corp.'s definitive agreement
for the acquisition of Washington Group in a cash and stock
transaction valued at approximately US$2.6 billion.

Moody's took these rating actions:

  -- Corporate Family Rating to Ba2 from Ba1
  -- Probability of Default Rating to Ba2 from Ba1

These ratings, which were prospectively assigned to debt issued
at URS Corp. are now made definitive:

  -- US$700 million senior secured first lien revolver due 2012,
     to Ba1 (LGD 3, 34%) from (P) Ba1 (LGD 3, 34%)

  -- US$1,100 million senior secured first lien term loan A due
     2012, to Ba1 (LGD 3, 34%) from (P) Ba1 (LGD 3, 34%)

  -- US$300 million senior secured first lien term loan B due
     2013, to Ba1 (LGD 3, 34%) from (P) Ba1 (LGD 3, 34%)

  -- The Speculative Grade Liquidity Rating to SGL-2 from SGL-1

These ratings are withdrawn:

  -- US$300 million senior secured revolver due 2010, Baa3 (LGD
     2, 20%) (facility cancelled);

  -- US$350 million senior secured term loan B due 2011, Baa3
     (LGD 2, 20%) (facility repaid);

The rating outlook is stable.

The downgrade of the Corporate Family Rating to Ba2 following
the completion of the transaction reflects the weakened credit
metrics, change in operating profile, and integration risk
associated with the acquisition of Washington Group
International.  The credit metrics will be weak for the rating
category and the rating contemplates significant debt reduction,
synergy savings and substantial realization of the contract
backlog over the intermediate term as well as an absence of
unexpected costs relating to integration.  Strengths in URS
Corp.'s pro-forma competitive profile include annual revenues of
approximately US$8.4 billion, increasing breadth of services
offered and exposure to Washington Group's fast-growing global
markets.  The acquisition will also add additional diversity to
the company's end markets and increase the company's industry-
leading global scale and nuclear power capability.

Based in Boise, Idaho, Washington Group International, Inc.
provides design, engineering, construction, facilities and
operations management, environmental remediation, and mining
services to public and private sector clients in the United
States and internationally.  It operates through six segments:
Power, Infrastructure, Mining, Industrial/Process, Defense, and
Energy & Environment.  Revenues for the twelve months ended
Sept. 30, 2007 were approximately US$3.7 billion.  Following the
acquisition, Washington Group became a division of URS Corp.
(Washington Division).

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.


WR GRACE: Names Fred Festa as Board of Directors Chairman
---------------------------------------------------------
W.R. Grace & Co. has appointed Chief Executive Officer Fred
Festa as its Board of Directors chairman effective
Jan. 1, 2008.  He succeeds Paul Norris, who has served as non-
executive Chairman since May 31, 2005.

Mr. Festa joined Grace as President and COO in November 2003 and
was appointed Chief Executive Officer in May 2005, succeeding
Mr. Norris in that role.  He will continue in his roles as
President and CEO.

"Our business has excelled under Fred's leadership," Mr. Norris
said.  "We are more global, more innovative and more productive
today than we have been at any time in the last 10 years.  Our
revenues are strong and we enjoy the continued support of our
customers around the world."

"Over the last several years, we have followed a plan to build
our company through new products and new markets that offer us
maximum growth opportunities while also paying close attention
to our productivity initiatives to keep our costs low," Mr.
Festa said.  "We have done well by this strategy and we will
continue to pursue it."

Mr. Norris joined Grace as President and CEO in November 1998
and was appointed Chairman in January 1999.  He continues to
remain on Grace's Board as a non-executive member.

                      About W.R. Grace

Headquartered in Columbia, Maryland, W.R. Grace & Co. (NYSE:GRA)
-- http://www.grace.com/-- supplies catalysts and silica  
products, especially construction chemicals and building
materials, and container products globally, including
Argentina, Australia and Ireland.

The Company and its debtor-affiliates filed for chapter 11
protection on April 2, 2001 (Bankr. D. Del. Case No. 01-01139).
David M. Bernick, Esq., at Kirkland & Ellis, LLP, and Laura
Davis Jones, Esq., at Pachulski Stang Ziehl & Jones, LLP,
represent the Debtors in their restructuring efforts.  The
Debtors hired Blackstone Group, L.P., for financial advice.
PricewaterhouseCoopers LLP is the Debtors' accountant.

Stroock & Stroock & Lavan, LLP, and Duane Morris, LLP, represent
the Official Committee of Unsecured Creditors.  The Creditors
Committee tapped Capstone Corporate Recovery LLC for financial
advice.  David T. Austern, the legal representative of future
asbestos personal injury claimants, is represented by Orrick
Herrington & Sutcliffe LLP and Phillips Goldman & Spence,
Pennsylvania.  Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, and Marla R. Eskin, Esq., at Campbell & Levine, LLC,
represent the Official Committee of Asbestos Personal Injury
Claimants.  The Asbestos Committee of Property Damage Claimants
tapped Martin W. Dies, III, Esq., at Dies & Hile L.L.P., and C.
Alan Runyan, Esq., at Speights & Runyan,to represent it.
Lexecon, LLC, provided asbestos claims consulting services to
the Official Committee of Equity Security Holders.

The Debtors' filed their Chapter 11 Plan and Disclosure
Statement on Nov. 13, 2004.  On Jan. 13, 2005, they filed an
Amended Plan and Disclosure Statement.  The hearing to consider
the adequacy of the Debtors' Disclosure Statement began on
Jan. 21, 2005.  The Debtors' exclusive period to file a chapter
11 plan expired on July 23, 2007.

Estimation of W.R. Grace's asbestos personal injury liabilities
will commence on Jan. 14, 2008.




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


AOF FUND: Proofs of Claim Filing Deadline Is Dec. 24
----------------------------------------------------
AOF Fund Management, Ltd.'s creditors are given until
Dec. 24, 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.

AOF Fund's shareholder decided on Nov. 16, 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


AOF FUND: Final Shareholders Meeting Is on Dec. 24
--------------------------------------------------
AOF Fund Management, Ltd., will hold its final shareholders
meeting on Dec. 24, 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.


ARROWHEAD LTD: Will Hold Final Shareholders Meeting on Dec. 27
--------------------------------------------------------------
Arrowhead Ltd. will hold its final shareholders meeting on
Dec. 27, 2007, at 10:00 a.m. at:

      Cox Hallett Wilkinson
      Milner House, 18 Parliament Street
      Hamilton HM12, 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.


BORG TANKERS: Proofs of Claim Filing Is Until Dec. 27
-----------------------------------------------------
Borg Tankers I Limited's creditors are given until
Dec. 27, 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.

Borg Tankers' shareholders agreed on Nov. 20, 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


BORG TANKERS: Will Hold Final Shareholders Meeting on Dec. 27
-------------------------------------------------------------
Borg Tankers I Limited will hold its final shareholders meeting
on Dec. 27, 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.


COMMSCOPE INC: Sees Positive 2007 Fourth Quarter Results
--------------------------------------------------------
CommScope Inc. raised its fourth quarter 2007 financial
guidance.  CommScope chairman and chief executive officer, Frank
Drendel, will review the company's growth opportunities, the
increased fourth quarter 2007 financial guidance and the pending
Andrew Corporation acquisition when he meets with investors at
Lehman Brothers' 2007 Global Technology Conference at the
Fairmont Hotel in San Francisco, California on Dec. 5, 2007.

Due to positive trends in sales, orders and operations,
CommScope management expects fourth quarter revenue to be in the
US$435 - US$445 million range, and operating income to increase
by 30% to 45% year over year, based on the expected operating
margin of 11.5% to 12.5%, excluding special items.

The company's previous fourth quarter 2007 guidance was sales of
US$420 - US$440 million and operating margin of 11% to 12%,
excluding special items.

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV)
-- http://www.commscope.com/-- is into infrastructure solutions  
for communication networks.  CommScope's structured cabling
systems for business enterprise applications includes
SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands.
It is also the manufacturer of coaxial cable for Hybrid Fiber
Coaxial applications.

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

                        *     *     *

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


CONCORDIA AMERICAS: Proofs of Claim Filing Deadline Is Dec. 15
--------------------------------------------------------------
Concordia Americas Offshore Management, Ltd.'s creditors are
given until Dec. 15, 2007, to prove their claims to Glen
Griffin, 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.

Concordia Americas' shareholders agreed on Nov. 19, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Glen Griffin
         12 Bermudiana Road
         3rd Fl., Hamilton HM 11
         Bermuda


CONCORDIA AMERICAS: Sets Final Shareholders Meeting for Jan. 7
--------------------------------------------------------------
Concordia Americas Offshore Management, Ltd., will hold its
final shareholders meeting on Jan. 7, 2008, at 10:00 a.m. at:

      Mello Jones & Martin
      Thistle House, 4 Burnaby Street
      Hamilton, Bermuda

These matters will be taken up during the meeting:

   -- receiving an account showing the manner in which
      the winding-up of the company has been conducted
      and its property disposed of and hearing any
      explanation that may be given by the liquidator;

   -- determination by resolution the manner in
      which the books, accounts and documents of the
      company and of the liquidator shall be
      disposed; and

   -- passing of a resolution dissolving the
      company.

Concordia Americas' shareholders agreed on Nov. 19, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Glen Griffin
         12 Bermudiana Road
         3rd Fl., Hamilton HM 11
         Bermuda


DELPHI CORP: Gets Committees' Support on Plan Amendments
--------------------------------------------------------
Delphi Corp. said it has reached agreements in principle with
its Official Committee of Unsecured Creditors, its Official
Committee of Equity Security Holders, General Motors Corp. and
its Plan Investors on amendments to its Joint Plan of
Reorganization, Global Settlement Agreement and Master
Restructuring Agreement between Delphi and GM, and the
Investment Agreement with Delphi's Plan Investors led by an
affiliate of Appaloosa Management L.P. Delphi filed potential
amendments to all four documents on Monday evening in the United
States Bankruptcy Court for the Southern District of New York as
revisions to the company's Disclosure Statement and appendices
to the company's Disclosure Statement.

Delphi expects to make further amended filings prior to the
resumption on Dec. 6, 2007 of the Disclosure Statement hearing
commenced in Oct. 2007.  These filings will include further
changes required to reflect the agreements in principle with
Delphi's key stakeholders and executed signature pages with
respect to the Company's agreements with GM and the Plan
Investors.  These agreements currently remain subject to
proposed amendments announced on Nov. 14, which are also subject
to Bankruptcy Court approval.

The potential amendments primarily reflect changes required by
Delphi's Statutory Committees to obtain their support of
Delphi's Plan and related Disclosure Statement.  In the event
these amendments do not become effective, the original
underlying agreements as approved by the Bankruptcy Court on
Aug. 2 remain in effect.  The company continues to pursue
emergence from Chapter 11 during the first quarter of 2008.

The potential amendments to the Disclosure Statement and certain
Appendices (which include amendments to the POR, the GM Global
Settlement Agreement, the GM Master Restructuring Agreement and
the Investment Agreement) will be available on
http://www.delphidocket.com/

                      About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period will expire on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 100;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


LSF AGGREGATION: Proofs of Claim Filing Deadline Is Dec. 14
-----------------------------------------------------------
LSF Aggregation Holdings, 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.

LSF Aggregation's shareholder decided on Nov. 29, 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


LSF AGGREGATION: Will Hold Final Shareholders Meeting on Dec. 31
----------------------------------------------------------------
LSF Aggregation Holdings, 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.


LSF LUX: Proofs of Claim Filing Ends on Dec. 14
-----------------------------------------------
LSF Lux Holdings VIII, 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.

LSF Lux's shareholder decided on Nov. 29, 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


LSF LUX: Will Hold Final Shareholders Meeting on Dec. 31
--------------------------------------------------------
LSF Lux Holdings VIII 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.

LSF Lux's shareholder decided on Nov. 29, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.


LSF5 FIXED: Proofs of Claim Filing Is Until Dec. 14
---------------------------------------------------
LSF5 Fixed Income, 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.

LSF5 Fixed's shareholder decided on Nov. 29, 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


LSF5 FIXED: Holding Final Shareholders Meeting on Dec. 31
---------------------------------------------------------
LSF5 Fixed Income, 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.


MOLINOS HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 14
------------------------------------------------------------
Molinos Holdings Limited'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.

Molinos Holdings' shareholder decided on Nov. 29, 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


MOLINOS HOLDINGS: Sets Final Shareholders Meeting for Dec. 31
-------------------------------------------------------------
Molinos Holdings Limited 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.


MUTUAL ARGENTINA: Proofs of Claim Filing Ends on Dec. 14
--------------------------------------------------------
Mutual Argentina Holdings Limited'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.

Mutual Argentina's shareholder decided on Nov. 29, 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


MUTUAL ARGENTINA: Sets Final Shareholders Meeting for Dec. 31
-------------------------------------------------------------
Mutual Argentina Holdings Limited 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.


RENAISSANCE CAPITAL: Fitch Affirms BB- Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed Renaissance Capital Holdings
Limited's ratings at Long-term Issuer Default and senior
unsecured debt 'BB-', Short-term IDR 'B', Individual 'C/D' and
Support '5'.  The Support Rating Floor is affirmed at 'No
Floor'.  The Outlook for the Long-term IDR is Stable. The
ratings of its subsidiary, Renaissance UK Holdings Limited, are
affirmed at Long-term IDR 'BB-' with Stable Outlook, Short-term
IDR 'B' and Support '3'.  Fitch has withdrawn Renaissance UK's
Individual rating of 'C/D'.

The ratings of Renaissance Capital reflect its strong investment
banking franchise in Russia, strong, although concentrated,
performance, moderate leverage and good risk management.  They
also take into account the company's reliance on the high-risk
profile markets, mainly Russia, which could make for volatile
revenues and earnings over the long term, as well as a complex
group structure.  The ratings are presently modestly constrained
by Renaissance Capital's affiliation with lower rated consumer
finance bank CB Renaissance Capital (IDR 'B-') and the
Renaissance Partners merchant banking/private equity business.

The ratings of Renaissance UK reflect Fitch's view that
Renaissance Capital would have a strong propensity to support
Renaissance UK if needed, and the high level of integration
between the two.

Modest upward pressure on Renaissance's IDR, and on Renaissance
UK's IDR via support, could come from the ongoing restructuring
intended to improve transparency and simplify the structure of
the wider group, lower risks at CB Renaissance Capital and/or
from Renaissance Capital's further successful business
diversification into regions other than Russia.

Evidence of undue pressure on Renaissance Capital's cashflow or
financial profile from having to support growth in other parts
of the Renaissance group outside Renaissance Capital (ie CB
Renaissance Capital or Renaissance Partners) could negatively
affect its rating.  The same is true of a material shift in risk
appetite or a material and sustained downturn in investor
sentiment towards Russia, which may impact Renaissance Capital's
earnings generation capacity, staff loyalty etc.

Renaissance Capital Holdings Ltd. is the investment banking and
asset management segment of Renaissance group, which also
includes consumer finance and merchant banking.  Renaissance
Capital Holdings is the ultimate holding company of Renaissance
Capital, a leading Russian equity and fixed-income brokerage and
advisory house, which provides services to international and
domestic investors.  Renaissance Capital Holdings reported total
consolidated assets of US$3.4 billion and total equity of US$510
million under International Financial Reporting Standards as of
June 30, 2006.

The Renaissance Capital group was founded in 1995 and is now a
leading Russian and Ukrainian investment bank with the holding
company (Renaissance Capital) located in Bermuda.  Renaissance
UK was created in 2000 in the UK for the group's trading
operations with non-CIS clients.


VGMMF, LTD: Proofs of Claim Filing Deadline Is Dec. 19
------------------------------------------------------
VGMMF, Ltd.'s creditors are given until Dec. 19, 2007, to prove
their claims to Jennifer Y. Fraser, the company's liquidator, or
be excluded from receiving any distribution or payment.

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

VGMMF's shareholders decided on Nov. 29, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

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


VGMMF, LTD: Sets Final Shareholders Meeting for Jan. 10, 2008
-------------------------------------------------------------
VGMMF, LTD., will hold its final shareholders meeting on
Jan. 10, 2008, at 10:00 a.m. at:

       Canon's Court, 22 Victoria Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

   -- receiving an account showing the manner in which
      the winding-up of the company has been conducted
      and its property disposed of and hearing any
      explanation that may be given by the liquidator;

   -- determination by resolution the manner in
      which the books, accounts and documents of the
      company and of the liquidator shall be
      disposed; and

   -- passing of a resolution dissolving the
      company.




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


* BOLIVIA: To Sign Dec. 9 Bank of South's Foundation Act
--------------------------------------------------------
The Venezuelan government, along with the presidents of
Argentina, Brazil, Bolivia, Uruguay, Paraguay, an Ecuador, will
ink Sunday the agreement formally creating the Bank of the
South, Prensa Latina reports.

The bank, advocated by Venezuelan President Hugo Chavez, will be
established to rival the services offered by the International
Monetary Fund and the World Bank, on much lower rates and better
financing conditions.

The bank will be capitalized using the participating countries'
foreign reserves, a system that would give the member nations
more leeway with their investments.

                        *     *     *

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
===========


ADVANCED MEDICAL: Messrs. Heinrich & Morfit Joins Board
-------------------------------------------------------
Advanced Medical Optics Inc. has elected Daniel J. Heinrich and
G. Mason Morfit to its board of directors, increasing the
company's board to 10 members.

Since 2003, Mr. Heinrich has been senior vice president and
chief financial officer of The Clorox Company, the global
consumer packaged goods company with approximately US$4.8
billion in annual sales and more than 7,800 employees worldwide.  
Mr. Morfit is a partner at San Francisco-based ValueAct Capital
Partners, a private investment partnership with more than US$6
billion in assets under management on behalf of some of the
world's most respected institutional and high-net worth
investors.  ValueAct Capital is AMO's largest stockholder.

"Dan and Mason each bring distinct experiences that will broaden
and enrich our board," said Jim Mazzo, chairman and chief
executive officer.  "Dan's extensive financial expertise and
understanding of the global consumer market will be immensely
valuable as we execute our complete refractive solution
strategy.  Mason brings the perspective of a major stockholder
with demonstrated governance and capital markets expertise.  We
are pleased to welcome both gentlemen as new directors and look
forward to their contributions."

In his current position, Mr. Heinrich serves as a key member of
Clorox's executive committee, working closely with that
company's board and its committees in establishing financial
strategies and targets, reviewing financial and operating
performance, ensuring appropriate corporate governance, working
closely with the investment community and ensuring strong
financial discipline and internal controls.  From 2001 to 2003,
he served as controller and chief accounting officer for Clorox.  
His prior experience includes senior-level financial positions
with Transamerica Corp., Ford Motor Company's Financial Services
Group and Ernst & Young.  A certified public accountant, Mr.
Heinrich holds an MBA from St. Mary's College and a bachelor's
degree from the University of California, Berkeley.  Mr.
Heinrich's term on AMO's board will expire at the 2010 Annual
Stockholders Meeting.  He will serve on the AMO board's audit
and finance committee.

Mr. Morfit currently serves on the boards of directors of MSD
Performance, Inc. and Valeant Pharmaceuticals International,
Inc., and he is a former director of Solexa, Inc. A chartered
financial analyst, he holds a bachelor's degree from Princeton
University.

Mr. Morfit's term on AMO's board will expire at the 2009 Annual
Stockholders Meeting and he will serve on the board's science
and technology committee.

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- develops, manufactures and markets  
ophthalmic surgical and contact lens care products.  Sales for
the twelve months ended June 24, 2005 were approximately US$921
million.  The company has operations in Germany, Japan, Ireland,
Puerto Rico and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service downgraded Advanced
Medical Optics, Inc.'s Corporate Family Rating and Probability
of Default Rating to B2 from B1.  The rating outlook was revised
to stable.  These rating actions conclude the review process for
possible downgrade, which began on May 29, 2007.


ARROW ELECTRONICS: SiliconExpert to Manage Components Database
--------------------------------------------------------------
SiliconExpert Technologies will support Arrow Electronics, Inc
in managing its global components database.

Under this agreement, Arrow Electronics and SiliconExpert have
joined forces to create the next generation of Arrow's component
information database, Ubiquidata.  As one of the industry's most
complete, accurate and up-to-date sources of global component
information, Ubiquidata will further extend the company's lead
in connecting customers with the right technology and managing
the global supply chain.

"This will enable Arrow to maximize its customer service
leadership position as SiliconExpert is a leading provider of
component data management services," said Arrow's Global
Components unit president of global alliance and supply chain,
Brian McNally.

"We are excited to empower the components database of an
industry leader such as Arrow. SiliconExpert's comprehensive
Parts Database combined with Arrow's global reach will prove to
be a beneficial relationship for all stakeholders," said Omar
Ahmad, SiliconExpert's chief executive officer and president.

               About SiliconExpert Technologies

SiliconExpert Technologies, Inc., --
http://www.siliconexpert.com-- a Santa Clara, Calif.-based  
company, is a leading supplier and innovator of best-in-class
products and services for enterprise-wide electronic parts
management.  The company's Parts Database(TM) is one of the most
accurate, comprehensive and current in the industry with over
100 million parts.  They offer a fully integrated suite of
sophisticated component management solutions and services which
addresses the needs of OEMs, suppliers, distributors and EMS
providers for efficiency and total quality control.

                   About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and  
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                        *     *     *

Arrow Electronics senior subordinated stock continues to carry
Moody's Investors Service's Ba1 rating.  The company's senior
preferred stock is rated at Ba2.


BANCO NACIONAL: Okays BRL159-Million Funding for Coelba
-------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA said in
a statement that it has ratified BRL159 million in funding for
power distributor Companhia Electricidade Estado da Bahia aka
Coelba in Bahia.

Banco Nacional told Business News Americas that Coelba will use
the money to finance its investment program aimed at adding some
165,680 new customers to Coelba.  The program includes
expansions and distribution system upgrades.  

The loan will also be used for the reduction of power theft,
BNamericas says, citing Banco Nacional.

The loan for Coelba is 60% of the money for its investment plan.  
The firm will invest 40% from its own funds, BNamericas states.

                         About Coelba

Companhia Electricidade Estado da Bahia (Coelba) is engaged in
the operation, generation, transmission, sale and distribution
of electric energy and other related activities in the state of
Bahia, in the north of Brazil.  The company's main consumers are
residential, followed by commercial, industrial, rural and
other.  Coelba operates 267 substations and has constructed 22
substations in 2006.  The company is controlled by Neoenergia.

                     About Banco Nacional

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

                        *     *     *

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


BR MALLS: Acquires Ownership Interest in Three Shopping Malls
-------------------------------------------------------------
BR Malls Participacoes S.A., has acquired through one of its
controlled subsidiaries, 100% of the capital stock owned by SPE
Classic, which holds:

    i) 1.1% of ownership interest in Shopping Center Iguatemi
       Belem

   ii) 3.0% of ownership interest in Shopping Metro Tatuape

  iii) 5.0% of ownership interest in Shopping Center Sao Luis
    
Shopping Center Iguatemi Belem is located in the city of Belem,
state of Para, possesses 18,365 square meters of Gross Leasable
Area, 209 stores and 1,000 parking spaces.  Following the
aforementioned acquisition, BR Malls holds 13.3% of the area of
the mall.

Shopping Metro Tatuape is located in the city and state of Sao
Paulo and connected to the subway station Tatuape.  The mall has
33,409 square meters of Gross Leasable Area and is visited by an
average of approximately 1.5 million customers per month.

Shopping Center Sao Luis is located in the city of Sao Luis,
state of Maranhao.  The mall has 34,000 square meters of Gross
Leasable Area and 115 stores.

Following this acquisition, BR Malls now holds interests in 30
shopping malls, effectively expanding its total Gross Leasable
Area from 826.9 thousand square meters to 894.3 thousand square
meters and its owned area from 369.7 thousand square meters to
372.6 thousand square meters.

                       About BR Malls

BR Malls Participacoes SA (Bovespa: BRML3) is an integrated
Shopping Mall company in Brazil.  The company has stakes in 11
Shopping Centers, 10 of them in operation and one under
construction, totalizing 505,000 square meters of Gross
Commercial Area and 396,900 square meters of Gross Leaseable
Area and approximate 2.2 thousand stores.  The company provides
management, consulting and leasing services for 37 Shopping
Centers, Commercial and Business Centers, totalizing 981,000
square meters of Gross Commercial Area, with approximate 4,100
stores.  The company's portfolio of shopping centers has been
strategically diversified in its geographic positioning and in
its penetration of income segments.  The company's principal
subsidiaries consist of ECISA Engenharia and ECISA
Participacoes, Egec, Dacom, Sisa, Egec Par and GS, Nattca, SPE
Indianapolis, Deico and other companies.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 24, 2007, Standard & Poor's Ratings Services assigned its
'BB-' long-term corporate credit rating to BR Malls
Participacoes S.A.  S&P said the outlook is stable.  The
company's total debt amounted to US$91 million in March 2007.


BRASIL TELECOM: Alcatel-Lucent Installing Network Overlay
---------------------------------------------------------
Brasil Telecom has awarded Alcatel-Lucent a contract to deploy
an Internet Protocol/Multi Protocol Label Switching network
overlay to support fixed and mobile broadband services, Alcatel-
Lucent said in a statement.

Business News Americas relates that Brasil Telecom and Alcatel-
Lucent think this will be "Brazil's first nationwide, converged
network."

Alcatel-Lucent posted on its Web site that Brasil Telecom
expects the Internet Protocol/Multi Protocol Label Switching
software to boost operational simplicity and flexibility.  It
will also bring down costs and increase revenues by allowing
Brasil Telecom to offer value added services like business
virtual private networks.  It will be a foundation for triple
play services.  The platform will cover the main cities across
14 states in Brazil.

BNamericas notes that the software includes:

           -- 7750 Service Router,
           -- 7450 Ethernet Service Switch, and
           -- 5620 Service Aware Manager.

The software will help Brasil Telecom meet Service Level
Agreements for business critical services, BNamericas states.

                     About Alcatel-Lucent

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

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: Una O'Neill Promoted to Executive Vice President
--------------------------------------------------------
CA Inc. has promoted Una O'Neill to executive vice president and
general manager of CA Services and to CA's Executive Leadership
Team.  She will continue to report to Michael Christenson, CA's
chief operating officer.

Ms. O'Neill, who joined CA more than 13 years ago, has headed CA
Services for the past five years.  The organization provides
professional services for CA products and solutions including
solution approach and design, initial installation and upgrade
and optimization of existing implementations.  CA Services also
provide education and training programs associated with CA
products and solutions.

"This promotion recognizes two important facts," Mr. Christenson
said.  "The first is Una's outstanding performance during her
tenure as head of CA Services.  She has been instrumental in
developing and growing our in-house services and education
capabilities and, at the same time, developing the programs and
training required by our partners who also install and maintain
CA software implementations.

"The second recognizes the increasingly important role CA
Services plays in growing our business," Mr. Christenson said.
"CA Services is a key enabler in every stage of the software
solution implementation lifecycle and in helping customers
achieve the full value and benefit of CA's management software
products and solutions."

Ms. O'Neill joined CA in 1994 and, prior to leading CA Services,
managed pre-sales consulting within Europe, the Middle East and
Africa.  She previously worked with PricewaterhouseCoopers and
received a bachelor's degree in engineering and mathematics from
Trinity College in Dublin, Ireland.

                        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+'.


COSAN SA: Shareholders Approve BRL1.74-Bil. Capital Raise
---------------------------------------------------------
In a meeting Dec. 5, Cosan S.A.'s shareholders agreed to
increase capital to BRL2.94 billion from BRL1.2 billion, the
company disclosed in a regulatory filing.  The new shares will
be sold to Cosan Ltd., its Bermuda-based parent, and to current
shareholders within 30 days.

Rubens Ometto's hold the company will be increased, eroding
minority shareholders' stakes, Bloomberg News relates, citing
analyst Marc McCarthy at Bear Stearns & Co.  The same report
suggests that this lead to Cosan's delisting from the market.  

Mr. Ometto has an indirect majority control on Cosan SA through
Cosan Ltd. His current holding is at 51%, which Bloomberg
believes would rise to 66% after the issuance of new shares.

Separately Dow Jones Newswires thinks that the move is aimed at
making Brazil's largest sugar and ethanol company become a
global player and to avoid hostile takeovers.

As previously reported, the capital raise will entail the
issuance of 82.7 million common shares at BRL21 each.  Cosan's
total capital will become BRL2.92 billion.

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

                        *     *     *

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


FORD MOTOR: November 2007 Truck Sales in Canada Up 3 Percent
------------------------------------------------------------
November proved to be another winning month for Ford Motor
Company of Canada, Limited, where truck sales increased 3%.  
Not to be outdone, Ford cars also saw a rise in sales in
November -- namely the newly redesigned Ford Focus and Ford
Taurus.

"Our showrooms are bustling with pre-holiday traffic," Bill
Osborne, president and CEO, Ford Motor Company of Canada,
Limited said.  "The 'Get in and Drive' year-end clearance has
given Canadians even more reason to take a second look at the
great products Ford has to offer.  From the bold new look of the
2008 Ford Focus, to the enduring Ford Ranger and the reliable
Ford F-Series work-horse, Ford of Canada provides vehicles to
suit any need."

Last month, Ford of Canada's overall sales decreased 8.3% to
15,971 units.  Total truck sales were up 2.7% at 12,039 units
and total car sales of 3,932 units mark a 30.9% decline compared
to last November.  This shift in car sales volume is partially
due to a planned reduction in fleet sales.

                      About Ford Motor

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

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

                        *     *     *

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


GERDAU SA: Invests Over US$400 Mil. on Heavy Plate Rolling Plant
----------------------------------------------------------------
Gerdau told Business News Americas that it will invest over
US$400 million for the installation of an 870,000-ton-per-year
heavy plate rolling plant at one of its Brazilian operations.

The plant would start operating in 2010, BNamericas says, citing
Gerdau.

Gerdau said in a statement that feasibility studies on the site
of the plant are near conclusion.  The plates will be sold in
and outside Brazil.

Headquartered in Porto Alegre, Brazil, Gerdau SA --
http://www.gerdau.com.br/-- produces and distributes crude  
steel and related long rolled products, drawn products, and long
specialty products.  In addition to Brazil, Gerdau operates in
Argentina, Canada, Chile, Colombia, Uruguay and the United
States.

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, Moody's Investors Service affirmed Gerdau S.A.'s
Ba1 corporate family rating and stable outlook, following the
announcement of an agreement to acquire the specialty steel
operations of Quanex Corporation, mainly represented by its
MacSteel division for some US$1.46 billion in cash. All other
ratings related to the company were affirmed.

Ratings affirmed are:

Issuer: Gerdau S.A.

-- Ba1 Global Local Currency Corporate Family Rating

-- US$600 million Senior Unsecured Guaranteed Perpetual Notes:
    Ba1 Foreign Currency Rating

Issuer: Gerdau Brazil (fictitious entity representing the
Brazilian operations of Gerdau S.A. comprising Gerdau Acominas
S.A., Gerdau Acos Longos S.A., Gerdau Acos Especiais S.A., and
Gerdau Comercial de Acos S.A.).

-- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

-- Ba1 Probability of Default Rating
-- Ba1 Corporate Family Rating
-- US$405 million Senior Unsecured Regular Bond: Ba1, LGD4 59%

Issuer: Jacksonville Economic Development Comm.

-- US$23 million Senior Unsecured Revenue Bonds guaranteed by
    Gerdau Ameristeel: Ba1, LGD4 59%

Outlook for all ratings: stable


GREIF INC: Reports Net Income of US$190.2 Mln in 2007 Fiscal Yr.
----------------------------------------------------------------
Greif, Inc., has announced results for its fiscal year, which
ended on Oct. 31, 2007.

Chairperson and chief executive officer, Michael J. Gasser,
said, "We are pleased with our record results for fiscal 2007,
which included solid organic sales growth and earnings
improvement that benefited from geographic and product
diversity, in the midst of a challenging business environment.  
We exited the year with positive momentum in our businesses.  
Our strong performance reflects disciplined execution of our
growth strategy and realization of anticipated synergies.  We
remain committed to sustaining our performance improvement and
achieving our fiscal 2009 financial goals."

                 Special Items and GAAP to
                  Non-GAAP Reconciliation

Special items are: (i) for fiscal 2007, restructuring charges of
US$21.2 million (US$15.9 million net of tax), debt
extinguishment charge of US$23.5 million (US$17.5 million net of
tax) and timberland disposals, net of a negative US$0.6 million
(negative US$0.5 million net of tax); (ii) for fiscal 2006,
restructuring charges of US$33.2 million (US$23.4 million net of
tax) and timberland disposals, net of US$41.3 million (US$26.0
million net of tax); (iii) for the fourth quarter of 2007,
restructuring charges of US$9.1 million (US$6.9 million net of
tax) and timberland disposals, net of a negative US$0.4 million
(negative US$0.3 million net of tax); and (iv) for the fourth
quarter of 2006, restructuring charges of US$10.4 million
(US$7.3 million net of tax) and timberland disposals, net of
US$0.1 million (US$0.1 million net of tax).

A reconciliation of the differences between all non-GAAP
financial measures used in this release with the most directly
comparable GAAP financial measures is included in the financial
schedules that are a part of this release.
  
                    Consolidated Results

Net Sales

Net sales increased 26% to US$3.3 billion in fiscal 2007
compared to US$2.6 billion in fiscal 2006. Of this increase, 14%
is due to the acquisitions of Blagden Packaging Group's steel
drum manufacturing and closures businesses in the first quarter
of 2007 and Delta Petroleum Company, Inc.'s blending and filling
businesses in the fourth quarter of 2006, and 4% is from foreign
currency translation.  The US$693.8 million increase is
primarily due to higher sales of Industrial Packaging & Services
(US$665.5 million) products, which benefited principally from
stronger sales volumes compared to fiscal 2006, and improving
fundamentals in Paper, Packaging & Services (US$28.6 million).

For the fourth quarter of 2007, net sales increased 20%, which
included 10% from the acquisitions of Blagden and Delta and 4%
from foreign currency translation, to US$882.3 million from
US$735.6 million in the fourth quarter of 2006.

Gross Profit

Gross profit increased 26% to US$605.4 million in fiscal 2007
compared to US$479.2 million for fiscal 2006.  The higher gross
profit was attributable to positive contributions from organic
growth and acquisitions coupled with the Greif Business System.  
The gross profit margin was 18.2% of net sales in fiscal 2007
and 2006.  Lower labor, transportation and other manufacturing
costs as a percentage of net sales resulting from the Greif
Business System offset the change in sales mix and increases in
raw material costs.

For the fourth quarter of 2007, gross profit was US$170.5
million, or 19.3% of net sales, versus US$143.3 million, or
19.5% of net sales, in the fourth quarter of 2006.  The 20 basis
point decline was due to sales mix and increases in raw material
costs, partially offset by benefits from the Greif Business
System.

Selling, General & Administrative Expenses

SG&A expenses, expressed as a percentage of net sales, declined
to 9.4% in fiscal 2007 from 9.9% in fiscal 2006. SG&A expenses
were US$313.4 million and US$259.1 million for fiscal 2007 and
2006, respectively.  The year-over-year dollar increase in SG&A
expenses is primarily due to the Blagden and Delta acquisitions
and performance-based incentive accruals, which were partially
offset by tight controls over SG&A expenses and the positive
impact from acquisition integration activities.

Fourth quarter of 2007 SG&A expenses were US$83.8 million, or
9.5% of net sales, versus US$66.9 million, or 9.1% of net sales,
in the fourth quarter of 2006.  The same items from the full-
year comparison impacted the quarterly SG&A expenses.

Operating Profit

Operating profit before special items, expressed as a percentage
of net sales, increased to 9.4% for fiscal 2007 from 9.1% the
prior year.  Operating profit before special items was US$311.5
million for fiscal 2007 compared to US$238.1 million for fiscal
2006.  The US$73.4 million increase compared to the prior year
was principally due to higher operating profit in all three of
the company's business segments, which include Industrial
Packaging & Services (US$62.0 million), Paper Packaging &
Services (US$7.7 million) and Timber (US$3.7 million).  GAAP
operating profit was US$289.6 million in fiscal 2007 compared to
US$246.2 million in fiscal 2006.

For the fourth quarter of 2007 operating profit before special
items was US$96.6 million, or 11.0% of net sales, compared to
US$78.4 million, or 10.7% of net sales before special items for
the same quarter of 2006.  This increase was attributable to
Industrial Packaging & Services (US$20.4 million).  GAAP
operating profit was US$87.2 million and US$68.2 million in the
fourth quarter of 2007 and 2006, respectively.

Net Income and Diluted Earnings Per Share

Net income before special items rose 36% to US$190.2 million for
fiscal 2007 compared to US$139.6 million in fiscal 2006.  
Diluted earnings per share before special items were US$3.22
compared to US$2.37 per Class A share and US$4.91 compared to
US$3.63 per Class B share for fiscal 2007 and 2006,
respectively.  The company had GAAP net income of US$156.4
million, or US$2.65 per diluted Class A share and US$4.04 per
diluted Class B share, in fiscal 2007 compared to GAAP net
income of US$142.1 million, or US$2.42 per diluted Class A share
and US$3.69 per diluted Class B share, in fiscal 2006.

For the fourth quarter of 2007, net income before special items
increased to US$62.2 million compared to US$49.0 million for the
same period of 2006.  Diluted earnings per share before special
items were US$1.05 versus US$0.83 per Class A share and US$1.60
versus US$1.27 per Class B share in the fourth quarter of 2007
and 2006, respectively.

For the fourth quarter of 2007, the company reported GAAP net
income of US$55.0 million, or US$0.93 per diluted Class A share
and US$1.42 per diluted Class B share, versus US$41.7 million,
or US$0.71 per diluted Class A share and US$1.08 per diluted
Class B share, for the same quarter of 2006.

                   Business Group Results

Industrial Packaging & Services

The Industrial Packaging & Services segment offers a
comprehensive line of industrial packaging products and
services, such as steel, fibre and plastic drums, intermediate
bulk containers, closure systems for industrial packaging
products, polycarbonate water bottles and blending, filling and
packaging services.  The key factors influencing profitability
in the Industrial Packaging & Services segment are:

    -- Selling prices and sales volumes;

    -- Raw material costs, primarily steel, resin and
       containerboard;

    -- Energy and transportation costs;

    -- Benefits from executing the Greif Business System;

    -- Contributions from recent acquisitions; and

    -- Impact of foreign currency translation.
    
In this segment, net sales were up 34% to US$2.6 billion in
fiscal 2007 from US$1.9 billion in fiscal 2006 -- an increase of
10% excluding the impact of the Blagden and Delta acquisitions
(19%) and foreign currency translation (5%).  The segment's
organic growth was driven by higher sales volumes in most
regions with particular strength in Europe and the emerging
markets.

Gross profit margin for the Industrial Packaging & Services
segment was 18.3% in fiscal 2007 versus 18.5% in fiscal 2006.  
This decline was primarily due to portfolio mix and increases in
raw material costs that were partially offset by improvements in
labor, transportation and other manufacturing costs, which
benefited from the continued execution of the Greif Business
System.

Operating profit before restructuring charges rose 38% to
US$225.0 million in fiscal 2007 from US$163.1 million in fiscal
2006 primarily due to the improvement in net sales and the
execution of the Greif Business System.  Restructuring charges
were US$15.9 million in fiscal 2007 compared with US$24.0
million last year.  GAAP operating profit was US$209.1 million
in fiscal 2007 compared to US$139.0 million in fiscal 2006.

For the fourth quarter of 2007, net sales increased 27% to
US$687.0 million from US$540.7 million in the fourth quarter of
2006 -- an increase of 8 % excluding the impact of the Blagden
and Delta acquisitions (13%) and foreign currency translation
(6%).  The increase in net sales was due to the same factors as
the full year comparison.  Operating profit increased 43% to
US$68.0 million in the fourth quarter of 2007, before
restructuring charges of US$8.4 million, from US$47.6 million,
before restructuring charges of US$4.5 million, in the same
quarter of 2006.  GAAP operating profit was US$59.6 million and
US$43.0 million in the fourth quarter of 2007 and 2006,
respectively.

Paper, Packaging & Services

The Paper, Packaging & Services segment sells containerboard,
corrugated sheets and other corrugated products and multiwall
bags in North America.  The key factors influencing
profitability in the Paper, Packaging & Services segment are:

    -- Selling prices and sales volumes;
    -- Raw material costs, primarily old corrugated containers;
    -- Energy and transportation costs; and
    -- Benefits from executing the Greif Business System.

In this segment, net sales were US$696.6 million in fiscal 2007
compared to US$668.0 million in fiscal 2006.  This was
principally due to higher containerboard selling prices
implemented in fiscal 2006 and slightly improved volumes.

The Paper, Packaging & Services segment's gross profit margin
increased to 17.8% in fiscal 2007 from 17.5% in fiscal 2006.  
Higher raw material costs, especially OCC, were partially offset
by contributions from further execution of the Greif Business
System.  The previously announced US$40 per ton containerboard
price increase has been fully implemented and is expected to
benefit the segment's results beginning in the first quarter of
2008.

Operating profit before restructuring charges increased 12% to
US$72.1 million in fiscal 2007 compared to US$64.4 million in
fiscal 2006 primarily due to higher net sales.  Restructuring
charges were US$5.3 million in fiscal 2007 compared to US$9.2
million in fiscal 2006.  GAAP operating profit was US$66.8
million in fiscal 2007 compared to US$55.2 million in fiscal
2006.

Net sales were US$192.1 million in the fourth quarter of 2007
versus US$192.6 million in the fourth quarter of 2006.  
Operating profit was US$26.9 million in the fourth quarter of
2007, before restructuring charges of US$0.7 million, compared
with operating profit of US$29.9 million, before restructuring
charges of US$5.8 million, in the same quarter of 2006.  The
decrease in operating profit was primarily due to higher raw
material costs as a percentage of net sales.  GAAP operating
profit was US$26.2 million and US$24.0 million in the fourth
quarter of 2007 and 2006, respectively.

Timber

The Timber segment consists of approximately 269,950 acres of
timber properties in the southeastern United States, which are
actively harvested and regenerated, and approximately 36,650
acres in Canada.  The key factors influencing profitability in
the Timber segment are:

    -- Planned level of timber sales;

    -- Timberland disposals, net; and

    -- Sale of special use properties (surplus, higher and
       better use, and development properties).

Net sales were US$14.9 million in fiscal 2007, consistent with
plan, compared to US$15.1 million in fiscal 2006.  Operating
profit before special items was US$14.4 million in fiscal 2007
compared to US$10.6 million in fiscal 2006.  Profit from the
sale of special use property more than doubled to US$9.5 million
in fiscal 2007 from US$4.6 million the prior year.  GAAP
operating profit was US$13.7 million in fiscal 2007 compared to
US$51.9 million, including US$41.3 million from timberland
disposals, net, in fiscal 2006.

Net sales were US$3.1 million in the fourth quarter of 2007
versus US$2.3 million in the fourth quarter of 2006.  Operating
profit before special items was US$1.7 million in the fourth
quarter of 2007 compared to US$1.0 million in the fourth quarter
of 2006.  GAAP operating profit was US$1.3 million and US$1.1
million in the fourth quarter of 2007 and 2006, respectively.

Greif Business System

The Greif Business System generates productivity improvements
and achieves permanent cost reductions.  Opportunities continue
to include, but are not limited to, improved labor productivity,
material yield and other manufacturing efficiencies and
footprint rationalization in both the existing and recently
acquired businesses.  In addition, a world-class sourcing and
supply chain capability is contributing to cost savings.  The
next phase, which will begin in fiscal 2008, will also focus on
shifting from regional to global leverage of the company's
materials spend and freight optimization.  Incremental
contributions from the Greif Business System exceeded US$30
million for fiscal 2007 and were in line with expectations for
achievement of the company's fiscal 2009 financial targets.

                   Financing Arrangements

Interest expense, net was US$45.5 million and US$36.0 million in
fiscal 2007 and 2006, respectively. The increase was
attributable to higher average debt outstanding due to the
company's Blagden and Delta acquisitions, which was partially
offset by lower interest expense for the company's 6 3/4% Senior
Notes issued in the second quarter of 2007.  Those Senior Notes
replaced the company's 8 7/8% Senior Subordinated Notes that
were acquired during a tender offer in fiscal 2007.

                     Capital Expenditures

Capital expenditures were US$112.6 million, excluding timberland
purchases of US$2.3 million, for fiscal 2007 compared with
capital expenditures of US$75.6 million, excluding timberland
purchases of US$62.1 million, for fiscal 2006.  The increase in
capital expenditures is primarily due to higher investments in
productivity improvements and execution of growth strategy.

                       Cash Dividends

On Dec. 4, 2007, the Board of Directors declared quarterly cash
dividends of US$0.28 per share of Class A Common Stock and
US$0.41 per share of Class B Common Stock.  These dividends,
payable on Jan. 1, 2008 to stockholders of record at close of
business on Dec. 17, 2007, are approximately 50% above the
amount paid for the same period a year ago.

                       Company Outlook

The company achieved record results for the fourth quarter and
fiscal 2007.  This was attributable to solid operating
performance, orderly integration of and positive contributions
from acquisitions, and realization of further benefits from the
Greif Business System.  There was positive momentum in each of
Greif's businesses as the company exited the year.  In addition,
organic growth and additional contributions from the Greif
Business System are expected to contribute to another year of
record performance in fiscal 2008, despite continuation of
sluggish market conditions in North America.  The company
remains on track to achieve its previously disclosed fiscal 2009
financial goals.

Annual earnings guidance for fiscal 2008, which excludes special
items, is a range of US$3.80 to US$4.00 per share for the Class
A Common Stock.  This increase is approximately 18% to 24% above
the company's record fiscal 2007 earnings.

                         About Greif

Headquartered in Delaware, Ohio, Greif, Incorporated, (NYSE:
GEF, GEF.B) -- http://www.greif.com/-- is a world leader in  
industrial packaging products and services.  The company
provides extensive expertise in steel, plastic, fibre,
corrugated and multi-wall containers for a wide range of
industries.  Greif also produces containerboard and manages
timber properties in the United States.  For fiscal year 2006,
the company generated approximately US$2.6 billion in net sales
and US$326 million in EBITDA.  The company has operations in
Australia, Argentina, Brazil, Belgium, China, Malaysia, among
others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Jan. 26, 2007, Standard & Poor's Ratings Services assigned its
'BB-' ratings to Greif Inc.'s proposed US$300 million senior
unsecured notes due 2017.  The proceeds from the notes will be
used to retire approximately US$248 million in existing senior
subordinated notes due 2012 and for general corporate purposes.  
The new senior notes issue is contingent upon consummation of
the tender offer for the senior subordinated notes.


NET SERVICOS: Eyes Subscriber Growth in Broadband-Voice Segment
---------------------------------------------------------------
Net Servicos de Comunicacao S.A.'s head Francisco Valim told
Brazilian news daily Agencia Estado that the firm's subscriber
growth in the broadband and voice segments in 2008 would at
least match the rate in 2007.

Business News Americas relates that Net Servicos' broadband
clients grew by 71% to 1.3 million at the end of the third
quarter 2007, from the same period last year.  

Brazilian could have about 6.8 million broadband subscribers in
all, BNamericas says, citing recent statistics.  Net Servicos
has a 19% market share.

According to BNamericas, Net Servicos' clients in the voice
segment rose 308% to 469,000 in the third quarter this year,
compared to the third quarter last year.  The firm offers its
Net Fone Voice over Internet protocol service.

Potential for growth in the broadband segment is due to the
increasing penetration of personal computers in Brazil,
BNamericas notes, citing Mr. Valim.

Net Servicos is considering "potential acquisitions" in areas
where it is not currently operating, BNamericas states, citing
Mr. Valim.

Headquartered in Sao Paulo, Brazil, NET Servicos de Comunicacao
-- http://Nettv.globo.com/NETServ/br/home/indexNet.jsp?id=1--  
is a subscriber TV multi-operator in Brazil, as it operates the
NET brand in major cities, including operations in the 4 largest
cities: Sao Paulo, Rio de Janeiro, Belo Horizonte and Porto
Alegre.  NET also offers Broadband Internet services through its
NET VIRTUA brand name.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 23, 2007, Moody's Investors Service upgraded Net Servicos
de Comunicacao S.A.'s corporate family rating to Ba2 from B1 on
its global local currency scale and to Aa3.br from Baa2.br on
its Brazilian national scale rating.  Moody's said the rating
outlook is stable.  This rating action concludes the review
process initiated on Oct. 17, 2006.


VERIFONE INC: Moody's Reviews Sr. Debt Ratings for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the corporate family and
senior secured debt ratings of Verifone, Inc. under review for
possible downgrade following the company's recent announcement
that it will restate prior financial statements for the first
three quarters of the fiscal year 2007 due to accounting errors
associated with its valuation of inventories, prompting the
company to issue a statement of non-reliance on prior financial
reports.  In addition, the company also announced that it will
delay announcement of its Fourth Quarter 2007 financial results.  
The review reflects the uncertainty surrounding the possible
financial restatements related to the accounting errors,
indicating material weaknesses in the company's disclosure and
internal control over financial reporting, as well as the
potential impact on its liquidity position.

The company said the restatement is principally due to errors in
accounting related to an overstatement of reported inventories
and understated cost of net revenues, which is anticipated to
result in reductions of previously reported GAAP pre-tax income
by approximately US$29.7 million for the first nine months of
2007, which is approximately 80% of its previously reported GAAP
pre-tax income of US$37 million.  GAAP pre-tax income also
includes expenses related to amortization of purchased
intangible assets and in-process research and development.  
Verifone is still evaluating the impact of the restatement on
net income for those periods.  As per the management, there can
be no assurances that the company or its independent registered
public accounting firm will not find any additional accounting
errors, requiring further adjustments.

In its review, Moody's will assess the progress of the company's
ability to timely file financial statements ahead of reporting
requirements; its internal review of the accounting errors and
subsequent impact on gross margins, profitability and inventory
valuation; the materiality of financial charges/restatements;
and any potential liquidity issues.  In addition, the review
will also assess Verifone's capital structure stemming from the
company's issuance of unrated US$316 million of 1.375% senior
convertible notes and its impact to the existing senior secured
debt ratings.

The ratings could be downgraded if any of these occurs:

   1. The outcome of the internal investigation is materially
      detrimental to the company's cash flows and/or financial
      position

   2. Identification of pervasive control weaknesses that cannot
      be remediated.

   3. Liquidity position deteriorates due to business operations
      and/or acceleration of bank debt and/or convertible notes.

The ratings could be stabilized at the existing level, if the
outcome of the accounting review and financial restatements is
not materially different from what the company has stated
publicly to date and the company is current on its financial
statement filing requirements with respect to its credit
agreement and convertible note indenture.

Moody's notes that Verifone maintains a cash and equivalents
balance of US$213 million as of July 31, 2007, and has good
market position in the point of sale electronic payment solution
market.  As of July 31, 2007, the company had US$238 million of
senior secured term loan and US$316 million of senior
convertible notes outstanding.

These ratings were placed on review for possible downgrade:

  -- B1 for Corporate Family Rating

  -- B2 for Probability of Default Rating

  -- B1 (LGD 3, 31%) for US$40 million senior secured (first
     lien) revolving credit facility

  -- B1 (LGD 3, 31%) US$500 million senior secured (first lien)
     term loan facility

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.




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


DR GIGATREND: Holding Final Shareholders Meeting on Dec. 14
-----------------------------------------------------------
DR Gigatrend Fund Limited will hold its final shareholders
meeting on Dec. 14, 2007, at:

           1 Tanglin Road
           #04-01/14 Orchard Parade Hotel
           Singapore 247905

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidators to retain the records of the
      company for a period of five years from the dissolution of
      the company, after which they may be destroyed.

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

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

The liquidator can be reached at:

            Akiyoshi Shiotani
            1 Tanglin Road
            #04-01/14 Orchard Parade Hotel
            Singapore 247905


FRM GARTMORE: Final Shareholders Meeting Is on Dec. 14
------------------------------------------------------
FRM Gartmore Hedge Fund Limited will hold its final shareholders
meeting on Dec. 14, 2007, at 9:00 a.m. the registered office of
the company.

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidators to retain the records of the
      company for a period of five years from the dissolution of
      the company, after which they may be destroyed.

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

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

The liquidator can be reached at:

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


IBROX PARK: Sets Final Shareholders Meeting for Dec. 14
-------------------------------------------------------
Ibrox Park Ltd. will hold its final shareholders meeting on
Dec. 14, 2007, at 10:00 a.m. at the registered office of the
company.

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidators to retain the records of the
      company for a period of six years from the dissolution of
      the company, after which they may be destroyed.

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

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

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


KANAZAWA HOLDING: Sets Final Shareholders Meeting for Dec. 14
-------------------------------------------------------------
Kanazawa Holding, Inc., will hold its final shareholders meeting
on Dec. 14, 2007, at 10:30 a.m. at the registered office of the
company.

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidators to retain the records of the
      company for a period of five years from the dissolution of
      the company, after which they may be destroyed.

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

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

The liquidators can be reached at:

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


MUSIC PARTNERS: Will Hold Final Shareholders Meeting on Dec. 14
---------------------------------------------------------------
Music Partners Capital Limited will hold its final shareholders
meeting on Dec. 14, 2007, at 10:00 a.m. at the registered office
of the company.

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidators to retain the records of the
      company for a period of five years from the dissolution of
      the company, after which they may be destroyed.

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

Music Partners' shareholders agreed on Nov. 1, 2007, to place
the company into voluntary liquidation under The Cayman Islands'
Companies Law 2007 Revision).

The liquidators can be reached at:

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


OGRE FINANCE: Sets Final Shareholders Meeting for Dec. 14
---------------------------------------------------------
Ogre Finace Limited will hold its final shareholders meeting on
Dec. 14, 2007, at:

          HSBC International Trustee Limited
          P.O. Box 484, George Town
          Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidators to retain the records of the
      company for a period of five years from the dissolution of
      the company, after which they may be destroyed.

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

Ogre Finace's shareholder decided on Oct. 23, 2007, to place the
company into voluntary liquidation under The Cayman Islands'
Companies Law 2007 Revision).

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


PINNAKELL ASIA: Sets Final Shareholders Meeting for Dec. 14
-----------------------------------------------------------
Pinnakell Asia Absolute Fund will hold its final shareholders
meeting on Dec. 14, 2007, at 9:00 a.m. at the registered office
of the company.

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidators to retain the records of the
      company for a period of five years from the dissolution of
      the company, after which they may be destroyed.

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

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

The liquidators can be reached at:

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


PINNAKELL ASIA ABSOLUTE: Holds Shareholders Meeting on Dec. 14
--------------------------------------------------------------
Pinnakell Asia Absolute Master Fund will hold its final
shareholders meeting on Dec. 14, 2007, at 9:30 a.m. at the
registered office of the company.

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidators to retain the records of the
      company for a period of five years from the dissolution of
      the company, after which they may be destroyed.

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

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

The liquidators can be reached at:

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


PROCYON FUND: Will Hold Final Shareholders Meeting on Dec. 14
-------------------------------------------------------------
Procyon Fund Limited will hold its final shareholders meeting on
Dec. 14, 2007, at 11:00 a.m. at the registered office of the
company.

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidator to retain the records of the
      company for a period of six years from the dissolution of
      the company, after which they may be destroyed.

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

Procyon Fund's shareholders agreed on Oct. 22, 2007, to place
the company into voluntary liquidation under The Cayman Islands'
Companies Law 2007 Revision).

The liquidator can be reached at:

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


RYE SELECT: Sets Final Shareholders Meeting for Dec. 14
-------------------------------------------------------
Rye Select Convertibles Protfolio, Ltd., will hold its final
shareholders meeting on Dec. 14, 2007, at 11:00 a.m. the
registered office of the company.

These agenda will be taken during the meeting:

   1) accounting of the winding-up process; and
   2) authorizing the liquidators to retain the records of the
      company for a period of five years from the dissolution of
      the company, after which they may be destroyed.

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

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

The liquidator can be reached at:

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




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


SHAW GROUP: Unable to Complete Form 10-K Filing with SEC
--------------------------------------------------------
The Shaw Group Inc., despite its best efforts to file its fiscal
2007 financial results on Form 10-K with the U.S. Securities and
Exchange Commission by Dec. 4, 2007, has not completed the
filing.  While the financial statements are substantially
complete, the company has not concluded its evaluation of
deferred taxes.  Shaw is working diligently to complete this
process as soon as possible.  The company previously announced
that the net loss for fiscal 2007 would be in the range of US$15
to US$19 million.  Based on its work to date, the company
believes that the net loss will approximate US$19 million.  Shaw
continues to estimate its operating cash flow for 2007 will
exceed US$460 million and its Aug. 31, 2007, backlog of unfilled
orders will be a record US$14.3 billion.

The company believes that the financial reporting process will
be completed within the next several days.  However, the timing
of the filing and the anticipated results for fiscal 2007 remain
subject to completion of the deferred tax evaluation, any
changes in estimates or other matters that may arise up to the
filing of the 2007 Form 10-K.  A conference call to discuss the
financial results and an update of Shaw's operations will be
held following the release of the financial results.

                      About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the  
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.




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


GMAC LLC: Fin'l Unit Names Samuel Ramsey as Chief Risk Officer
--------------------------------------------------------------
GMAC Financial Services, a subsidiary of GMAC LLC, disclosed
that Samuel Ramsey has been appointed to the newly created
position of chief risk officer, effective immediately.  In this
role, he will have responsibility for global risk management and
treasury activities including funding and balance sheet
management.  He will report to GMAC Chief Operating Officer Al
de Molina.

"Sam brings extensive finance and risk management experience to
GMAC and we are pleased to appoint him to this new role," Mr. de
Molina said.  "As GMAC crosses the one-year mark as a standalone
organization, we continue to strengthen and broaden the
management team to suit the size and scope of our business.  
Risk and treasury are critically important to the future success
of our company and Sam has a proven track record in both."

David Walker, GMAC group vice president of global borrowings,
has been named GMAC treasurer.  In this role, he has
responsibility for global funding activities and reports to Mr.
Ramsey.

Mr. Ramsey joined GMAC in September of this year as treasurer
and will now have expanded responsibilities as chief risk
officer.  Prior to joining GMAC, Ramsey spent over 25-years at
Bank of America Corporation, most recently serving as chief
financial officer of global corporate and investment banking.  
Prior to his role in finance, Ramsey was a member of the risk
management organization holding several positions including
chief risk officer for consumer and small business banking,
chief risk officer for commercial banking, and enterprise credit
and market risk executive.  He holds a bachelor of arts in
economics from the College of William and Mary.

Mr. Walker has led the global borrowings group at GMAC since
2006.  Prior to that, he served as chief financial officer of
GMAC's mortgage group.  He joined GMAC in 1985 and during his
tenure held several leadership roles in the areas of mortgage,
funding and securitization, and liability management.

                         About GMAC

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 28, 2007, Moody's Investors Service placed GMAC LLC's Ba2
senior unsecured rating on review for possible downgrade.  The
action was in response to GMAC's affirmation of support for
Residential Capital, LLC, as disclosed in ResCap's Nov. 21, 2007
debt tender announcement.  ResCap's ratings and outlook (Ba3
senior unsecured, negative outlook) were not affected by the
tender announcement or this GMAC rating action.

As reported in the Troubled Company Reporter on Nov. 16, 2007,
Fitch Ratings has placed GMAC LLC and its related subsidiaries
'BB+' long-term Issuer Default Ratings on Rating Watch Negative.  
This action reflects the ongoing pressures in the company's
residential mortgage subsidiary, Residential Capital LLC
(ResCap, IDR 'BB+' by Fitch with rating watch negative).


* COLOMBIA: Gets US$300-Mln Loan to Promote Biz Competitiveness
---------------------------------------------------------------
The Inter-American Development Bank has approved a US$300
million loan to Colombia for a program to promote business
competitiveness that will help create conditions conducive to
sustainable and inclusive economic growth.

The program will articulate and consolidate a nationally and
subnationally integrated system to promote competitiveness,
reduce transaction costs and improve market access for
businesses.  It will also improve access to financial services,
especially for microenterprises, small and medium-sized
businesses and low-income groups.

"Businesses in Colombia have limited access to financial
services, in terms of both volume and coverage," said IDB Team
Leader Luis Alberto Giorgio.  "The Association of Banks of
Colombia estimates that just 29.2% of the population over 18
years of age has access to some type of financial service."

"The government is basing its strategy for improving access to
financial services on its Banca de las Oportunidades (Bank of
Opportunities) initiative, which is designed to create the
conditions conducive to access to the formal financial system,"
added Mr. Giorgio.

This operation is the second one designed to enhance
competitiveness in Colombia.  A previous operation for US$200
million was completed in September 2006.  It supported the
Government of Colombia in the design and implementation of new
public policies to improve the business climate.

In the context of macroeconomic stability, the new project will
focus on promoting an institutional framework for
competitiveness and improving institutional capacity for
implementing trade agreements.  It will also help reduce
transaction costs and facilitate market access for businesses by
simplifying procedures and by improving transparency and market
information for businesses.

The Ministry of Finance will carry out the project.  The loan is
for a 20-year term, with a five-year grace period, at LIBOR
interest rates.  This operation was approved under the Bank's
Local Currency Facility, which allows for the conversion of
disbursements and outstanding balances into local currency.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Standard & Poor's Ratings Services assigned its
'BB+' long-term senior unsecured rating to the Republic of
Colombia's proposed 2027 Global Titulos de Tesoreria bond, a
bond denominated in Colombian pesos but payable in US dollars.




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


* COSTA RICA: Obtains US$381 Million Guaranteed Loan Operation
--------------------------------------------------------------
The Inter-American Development Bank has approved a US$381
million non-sovereign guaranteed loan operation to refinance
part of the debt of Instituto Costarricense de Electricidad,
Costa Rica's national power and telecommunications institution.

The operation consists of a loan for up to US$200 million from
the IDB and a syndicated loan of approximately US$181 million
from commercial financial institutions.

"The new financing will help ICE free up cash currently used for
debt service and devote more resources to investments in
infrastructure to continue improving service quality and
coverage," said IDB project team leader Javier Molina.  "It will
also assist ICE in meeting working capital requirements to grow
its operations."

By extending the average life of ICE's total outstanding
obligations by more than three years, the operation will also
help ICE obtain a more efficient debt structure, with longer
maturities and thus more consistent with the long-term nature of
its investments.

"The IDB's participation in the operation will have a strong
catalytic effect by mobilizing longer-term financing from
commercial financial institutions," added Mr. Molina.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2007, Standard & Poor's Ratings Services has affirmed
its 'BB' foreign and 'BB+' local currency long-term credit
ratings on the Republic of Costa Rica.

At the same time, S&P has affirmed its 'B' short-term local and
foreign currency ratings on the Republic.

As reported on Aug. 21, 2006, Fitch Ratings upgraded Costa
Rica's country ceiling to BB+ from BB.




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


ALCATEL-LUCENT: Installing Network Overlay for Brasil Telecom
-------------------------------------------------------------
Alcatel-Lucent said in a statement that it was awarded a
contract from Brasil Telecom to deploy an Internet
Protocol/Multi Protocol Label Switching network overlay to
support fixed and mobile broadband services.

Business News Americas relates that Brasil Telecom and Alcatel-
Lucent think this will be "Brazil's first nationwide, converged
network."

Alcatel-Lucent posted on its Web site that Brasil Telecom
expects the Internet Protocol/Multi Protocol Label Switching
software to boost operational simplicity and flexibility.  It
will also bring down costs and increase revenues by allowing
Brasil Telecom to offer value added services like business
virtual private networks.  It will be a foundation for triple
play services.  The platform will cover the main cities across
14 states in Brazil.

BNamericas notes that the software includes:

           -- 7750 Service Router,
           -- 7450 Ethernet Service Switch, and
           -- 5620 Service Aware Manager.

The software will help Brasil Telecom meet Service Level
Agreements for business critical services, BNamericas states.
             
                    About Brasil Telecom

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.

                    About Alcatel-Lucent

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

                        *      *      *

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




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


GOODYEAR TIRE: Board Okays Plan to Keep World Base in Akron
-----------------------------------------------------------
The Goodyear Tire & Rubber Company Board of Directors has
approved a plan that, when finalized, will keep the company's
world headquarters in Akron, Ohio.

The company disclosed the tentative agreement this morning at a
joint press conference with representatives from the Industrial
Realty Group, the State of Ohio, the City of Akron and Summit
County.  The press conference was held at Goodyear's World
Technical Center, adjacent to the proposed future site of its
new headquarters building.

"I'm pleased to announce we have reached a tentative agreement
that will allow Goodyear to continue its 108-year history with
the City of Akron and the State of Ohio," Bob Keegan, Goodyear's
chairman and chief executive officer, said.  "These state-of-
the-art facilities will reflect the new Goodyear -- a place of
bold leadership and innovation -- and they will inspire future
generations of Goodyear associates."

The tentative agreement between Goodyear and IRG calls for
Goodyear to sell most of its Akron area property and facilities
to IRG.  And, IRG will construct a new world headquarters
building, a new headquarters for the company's North American
Tire business, and make improvements to the company's technical
center and research facilities.  Goodyear will lease the new
buildings and the existing technical center from IRG.

Now that Goodyear's Board of Directors has approved the
proposal, Goodyear and the other key groups can begin work on
finalizing the necessary details of the purchase and lease
agreement which includes securing public funding and other due
diligence issues.

"This project has been called the most ambitious development
effort in the history of the City of Akron, and this
announcement represents a tremendous and truly historic
success," Joe Gingo, Goodyear's executive vice president and
chief technical officer, said.  "I cannot say enough about the
positive spirit of cooperation between all the groups who helped
make this vision a reality."

The proposal timeline includes breaking ground for Goodyear's
new buildings in 2008 and moving into the new facilities in
2010.

Separately, IRG has been working with the City of Akron, Summit
County and the State of Ohio to create a multi-phase development
of other parts of Goodyear's property into a mixed-use retail
and commercial development to be called Akron Riverwalk.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear's operations are located in Argentina,
Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica,
Peru, Russia, among others.  Goodyear employs more than 80,000
people worldwide.

                        *     *     *

In June 2007, Standard & Poor's Ratings Services raised its
ratings on Goodyear Tire & Rubber Co., including its corporate
credit rating to 'BB-' from 'B+'.  These ratings still apply as
of Dec. 4, 2007.




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


DYNCORP INT'L: Bags Logistics Services Contract from IMG
--------------------------------------------------------
DynCorp International has been awarded a logistics services
contract by International Military and Government LLC, a
division of Navistar International, to provide field service
representatives and operator/trainers for and the initial
deployment of Mine Resistant and Ambush Protectedvehicles to
Iraq and the continuing testing of MRAP vehicles in the
continental United States.  The contract has been initially
funded at US$18 million for one year.  DynCorp International
will provide an initial increment of 69 FSRs under this funding.

IMG will produce 1,955 Category I and 16 Category II MRAP
vehicles under Limited Rate Initial Production task orders.  The
MRAP program will support the U.S. Marines, Army, Navy, Air
Force, and Special Operations Command.  The MRAP vehicles are
required to increase survivability and mobility of troops
operating in hazardous fire areas against known threats like
small-arms fire, rocket-propelled grenades, and improvised
explosive devices.

"It's an honor to play a major role in a program designed to
keep our service members safe," said Herbert J. Lanese,
President and CEO of DynCorp International, in August 2007, when
DynCorp International announced that it had been selected by IMG
to provide filed-service support.  "IMG is an excellent company
that makes a superb vehicle, and we will do our best to make
sure these vehicles are always mission-ready and performing to
their potential."

DynCorp International Inc. (NYSE: DCP) --
http://www.dyn-intl.com/-- through its operating company  
DynCorp International LLC, is a provider of specialized mission-
critical technical services, mostly to civilian and military
government agencies.  It operates major programs in law
enforcement training and support, security services, base
operations, aviation services and operations, and logistics
support worldwide.  Headquartered in Falls Church, Virginia,
DynCorp International LLC has approximately 14,600 employees
worldwide including Haiti.

                        *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.




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


AIR JAMAICA: Government To Complete Sale in 16 Months
-----------------------------------------------------
The Jamaican government expects that Air Jamaica will be
restructured and divested in 16 months, The Jamaica Observer
reports.

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2007, the government decided it would sell Air Jamaica.  
The government was considering the privatization of Air Jamaica,
as part of a reassessment of the struggling airline after the
resignation of chief executive officer Michael Conway.

The Observer notes that the finance ministry expects to rid
itself of the financial burden as soon as March 2009.

Senator Don Wehby commented to The Observer, "The level of
government's support necessary to keep the airline in operation
is unsustainable.  It must be recognised that continuation of
this level of support to the airline is at the expense of the
country's social services."

The Observer notes that the government is recruiting an
investment banker to head the divestment process and to
guarantee that the advantages are maximized.

"We hope to have restructured and divested Air Jamaica, such
that it is no longer a strain on the budget by the latest March
2009.  These decisions, though difficult politically, are in
keeping with the government's commitment to sustainable macro-
economic stability," Senator Wehby told The Observer.

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

                        *     *     *

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

                        *     *     *

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




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


ATHLETES WORLD: Forzani Group To Close 37 Stores
------------------------------------------------
The Forzani Group Ltd. disclosed that it plans to close 37 of
Athletes World's 138 stores, Lauren Krugel of The Canadian Press
reports.  Citing Forzani CEO Bill Gregson, Canadian Press
relates that the stores to be closed are those that have been
continuing to incur losses.

The 37 stores to be shut down are mainly located at areas where
Forzani operates its own banners.

As previously reported in the Troubled Company Reporter,
Athletes World filed for protection from its creditors under the
Companies' Creditors Arrangement Act with the Ontario Superior
Court of Justice on Oct. 30, 2007.

Forzani, on Nov. 30, 2007, completed its acquisition of Athletes
World.  Canadian Press reports, citing Forzani CEO Bob Sartor,
that Forzani will pay US$1.5 million for Athletes' shares and
assume US$20 million in secured debt.

Mr. Sartor however declared that the acquisition of Athletes
World was more of "defensive" rather than "offensive," Canadian
Press adds.

                  About The Forzani Group

The Forzani Group Ltd. (TSX: FGL) --
http://www.forzanigroup.com/-- is Canada's largest national  
retailer of sporting goods, offering a comprehensive assortment
of brand-name and private-brand products, operating stores from
coast to coast, under corporate banners: Sport Chek, Coast
Mountain Sports, Sport Mart, National Sports and Hockey Experts.  
The company also retails on-line at -- http://www.sportmart.ca-
- and provides a content rich sporting goods information site at
-- http://www.sportchek.ca-- The Forzani Group is also a  
franchisor under the banners: Sports Experts, Intersport,
Econosports, Atmosphere, Tech Shop, Pegasus, The Fitness Source
and Nevada Bob's Golf.

                    About Athletes World

Headquartered in Ontario, Athletes World Ltd. is a shoe retailer
with over 100 stores in Canada.  It is the only remaining
Canadian retailer unit of Bata Ltd., -- http://www.bata.com/--  
a privately owned global shoe manufacturer and retailer.  Bata
is led by a third generation of the Bata family.  With
operations in 68 countries, Bata is organized into four business
units.  Bata Canada, based in Toronto, serves the Canadian
market with 250 stores.  Based in Paris, Bata Europe serves the
European market with 500 stores.  With supervision located in
Singapore, Bata International has 3,000 stores to serve markets
in Africa, the Pacific, and Asia, Finally, Bata Latin America,
operating out of Mexico City, sells footwear throughout Latin
America.  Bata owns more than 4,700 retail stores and 46
production facilities.  Total employment for the company exceeds
50,000.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2007, Athletes World Ltd., Canadian unit of Bata Ltd.,
filed for protection from its creditors under the Companies'
Creditors Arrangement Act with the Ontario Superior Court of
Justice on Oct. 30, 2007, Marina Strauss writes for Globe and
Mail.


AXTEL SA: To Use Comision Federal's Fiber Optic Infrastructure
--------------------------------------------------------------
Axtel said in a statement that it has signed a deal to use
Comision Federal de Electricidad's fiber optic infrastructure.

Business News Americas relates that Comision Federal runs a
fiber optic network of over 20,000 kilometers, suitable for
these services:

          -- voice,
          -- data, and
          -- triple play.

According to BNamericas, the fiber cables were deployed
"alongside overhead electricity cables using Comision Federal's
network of towers."

Axtel is the first carrier to use Comision Federal's transport
services, BNamericas states.

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

                        *     *     *

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

                        *     *     *

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

Approximately US$437.5 million of debt securities affected.

These issues were affected by Moody's action:

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

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


BANCO DEL BAJIO: Fitch Affirms Low B Currency Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Mexico's Banco del
Bajio.  While the international-scale ratings have a Stable
Outlook, the Outlook on the National-scale long-term rating was
revised to Positive from Stable.  The rating actions are:

  -- Long-term foreign currency Issuer Default Rating affirmed
     at 'BB+' (Outlook Stable );

  -- Short-term foreign currency IDR affirmed at 'B';

  -- Long-term local currency IDR affirmed at 'BB+' (Outlook
     Stable );

  -- Short-term local currency rating affirmed at 'B';

  -- Individual affirmed at 'C/D';

  -- Support affirmed at '5';

  -- Support Rating Floor affirmed at 'NF';

  -- National-scale long-term rating affirmed at 'A+(mex)';
     Outlook to Positive from Stable;

  -- National-scale short-term rating affirmed at 'F1(mex)'.

Banco del Bajio's ratings reflect its good franchise in its core
region, adequate capitalization and sound risk management.  They
also consider increasing competitive pressures, the challenge to
further improve revenue diversification, the bank's relatively
limited liquidity and modest, though improving, profitability.

While Banco del Bajio's cost-to-income ratio (55% as of the
first nine months of 2007) compares well even with those of
larger banks, narrower margins (net interest margin at 4.2%) and
low net fee income (covering 16% of non-interest expenses)
constrain overall earnings, which highlights the challenges that
smaller banks face, namely the lack of a strong franchise and
relatively costlier funding costs.  However, the bank may
benefit as its large number of recently established branches
season and some actions taken to expand fee income provide
broader commissions in 2008 and thereafter.  The bank has
maintained sound asset quality in its originated loans.  
However, some increases in delinquency within the acquired
mortgage portfolios have somewhat pressured the level of
consolidated past due loans and reserve coverage (2.1% and 169%,
respectively).  Corrective measures in the monitoring and
collection process have partially alleviated this trend.  
However, loan growth will likely remain strong, which highlights
the need to further strengthen credit risk management and loan
loss reserves.  Unlike other regional banks, related-party loans
and borrower concentration are low.  Retail customer deposits
provided 27% of total deposits and money market funding.  
Improving liquidity and funding stability is a major challenge,
common to most niche banks.  At 13.65% as of September 2007
(end-2005: 8.62%), the equity-to-assets ratio is sound. Capital
is largely unencumbered and the bank targets to maintain its
risk-weighted capital ratio above 14% going forward (September
2007: 15.26%).

Banco del Bajio's Individual rating and IDRs would be positively
influenced over time by sustained improvements in profitability,
revenue diversification, funding stability and liquidity, and by
maintaining sound capital and asset quality.  In turn, the
Positive Outlook on the national scale rating reflects that
these could be upgraded if the bank sustains recent improvements
in profitability and capitalization while reversing the slight
worsening in liquidity and asset quality seen in 2007.

Banco del Bajio has gradually built a branch network to expand
retail funding, which is relatively scarce for most niche banks,
and this has also provided the bank with some positioning in the
rapidly growing retail lending sector.  The bank is exploring
further acquisitions in the insurance and/or securities
brokerage sectors, as well as the establishment of a controlling
holding company.  The bank enjoys a strong brand name in
Guanajuato and other neighboring states. It has also
successfully expanded to other regions with ample growth
opportunities (i.e. Monterrey, Guadalajara and the north-western
states).  It has rapidly increased its distribution network to
130 branches as of September 2007 (2001: 29) and 214 ATMs.

Banco del Bajio is the eighth largest bank in Mexico with an
overall market share of roughly 2% of loans and deposits.  
However, it is one of the largest and fastest growing regional
banks in Mexico.  Three groups of national investors own a 49%
stake in the bank, Sabadell and the IFC control 20% and 10%,
respectively, and the balance is widely held.  Banco del Bajio
has entered into the mortgage and construction sectors through
the acquisition of two specialized mortgage lenders in 2004 and
2005.  These companies and a factoring entity are Banco del
Bajio's sole subsidiaries, while it also has a 50% stake in the
pension fund management company Afore Afirme Bajio, created in
2005.  As of September, Bajio had roughly US$3.9 billion in
assets, loans for US$3 billion and equity of US$418 million.


CKE RESTAURANTS: Sells Hardee's Restaurants on Refranchise Plan
---------------------------------------------------------------
CKE Restaurants, Inc. has announced the sale of 30 restaurants
as part of its ongoing strategic refranchising program that was
originally announced in April 2007.  The initiative is expected
to involve approximately 200 Hardee's restaurant locations in a
number of markets across the Midwest and Southeast.  To date,
the company has sold 136 restaurants to franchisees and secured
commitments for 59 new franchise restaurants under development
agreements for those markets.

The company most recently completed the sale of 30 restaurants
in the Kansas City market, including Topeka, Kansas and St.
Joseph, Missouri, to Rising Stars, LLC.  The franchisees
purchasing the restaurants, Steve Rosenfield and Buddy Brown,
currently operate Hardee's restaurants in Georgia, Montana and
Wyoming, as well as Carl's Jr. restaurant locations in Colorado.  
With the purchase of these additional restaurants, Rosenfield
and Brown now own more than 100 restaurants under the Hardee's
and Carl's Jr. flag.  Rising Stars has also committed to build
15 new Hardee's restaurant locations in the Kansas City market.

"Buddy and I are excited to increase our ownership in Hardee's
with the purchase of 30 units in the Kansas City market," said
franchisee Steve Rosenfield.  "We believe the brand is well-
positioned for future success and look forward to developing
additional units over the coming years."

The company's president and chief executive officer Andrew F.
Puzder commented, "We are very pleased to continue our strategic
refranchising program with the sale of 30 restaurants in Kansas
City to Rising Stars LLC.  Steve and Buddy were the first
franchisees to acquire Hardee's restaurants under the
refranchising program we started in April, and the purchase of
these additional units reaffirms their commitment to the brand.  
This transaction allows us to further concentrate our focus on
growing our core markets, while at the same time accelerating
unit development in our franchise markets.  In addition, our
refranchising efforts lower our capital requirements and
increase our free cash flow.  We look forward to continuing to
secure additional refranchising and development commitments in
our Hardee's footprint, and to the brand's continued growth."

As of the end of its fiscal 2008 second quarter, CKE
Restaurants, Inc., through its subsidiaries, had a total of
3,036 franchised, licensed or company-operated restaurants in 42
states and in 13 countries, including 1,111 Carl's Jr.
restaurants and 1,909 Hardee's restaurants.

                     About CKE Restaurants

Based in Carpinteria, Calif., CKE Restaurants, Inc. (NYSE: CKR)
-- http://www.ckr.com-- through its subsidiaries, franchisees  
and licensees, operates some of the most popular U.S. regional
brands in quick-service and fast-casual dining, including the
Carl's Jr.(R), Hardee's(R), La Salsa Fresh Mexican Grill(R) and
Green Burrito(R) restaurant brands.  The company operates 3,036
franchised, licensed or company-operated restaurants in 42
states and in 13 countries -- including Mexico and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 10, 2007,
Standard & Poor's Ratings Services has revised its outlook on
Carpenteria, California-based CKE Restaurants Inc. to negative
from stable.  At the same time, S&P's has affirmed all the
ratings, including the 'BB-' corporate credit rating, on the
company.


DURA AUTOMOTIVE: Closes North American Unit Sale to Autoline
------------------------------------------------------------
DURA Automotive Systems Inc. has completed the sale of its North
American jack and tool kit business to automotive supplier
Autoline Industries Limited.  The announcement came following
approval by the Court to move forward with the transaction.  
DURA had earlier announced the intent to market the business as
part of a corporate restructuring program.

DURA's jack and tool kit business has one U.S. plant located in
Butler, Ind., where it employs approximately 140 people.  With
annual revenues of approximately US$25 million, DURA's jack and
tool kit business produces automotive bottle jacks, scissor
jacks and related products for automotive jack tool kits.  The
jack and tool kit business' capabilities also include metal
stamping, and powder coat paint and assembly.

"The business has contributed nicely to DURA and offers
attractive growth prospects," said Larry Denton, chairman and
chief executive officer of DURA.  "Selling this business will
bring DURA closer to achieving the company's restructuring
goals."

Customers of DURA's jack and tool kit business include General
Motors, Nissan, Ford and Honda, among others.

"This is our second strategic acquisition in the United States
this year and now provides us with a manufacturing location that
complements our global engineering center in Troy, Michigan, and
our existing manufacturing locations in India," said Gopal
Patwardhan, chairman of Autoline.  "We are excited with the
enhanced ability to service our global automotive and non-
automotive customers."

On Oct. 30, 2006, DURA Automotive Systems, Inc., and its
domestic and Canadian affiliates filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code in the United
States Bankruptcy Court for the District of Delaware.  On
Aug. 22, 2007, the company filed its Chapter 11 plan of
reorganization and the related disclosure statement.  The
company expects to exit Chapter 11 during the fourth quarter of
2007.  DURA and its domestic and Canadian affiliates continue to
operate their businesses as Chapter 11 debtors-in-possession.

                 About Autoline Industries

Autoline's principal activities are manufacturing and designing
of auto components, sheet metal components, sub assemblies and
assemblies.  Autoline manufactures various auto parts, sheet
metal components, silencers, and exhaust systems for passenger
cars, sports utility vehicles, commercial vehicles, two
wheelers, three wheelers and tractors.  It is one of the prime
vendors to various automobile companies such as TATA MOTORS
(TELCO), Bajaj Auto, Kinetic, Mahindra & Mahindra and others.  
Autoline Industries is a public limited company traded on the
Bombay stock exchange.

                   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.  The Disclosure
Statement was approved Oct. 3, 2007.


EL POLLO: Moody's Reviews Debt Ratings for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed El Pollo Loco, Inc.'s B3
corporate family rating and all its other long term debt ratings
under review for possible downgrade and lowered the speculative
grade liquidity rating to SGL-4 from SGL-3, following an
unfavorable final judgment entered in a trademark dispute
against the company.  The rating action reflects Moody's concern
about strains on the company's liquidity and its ability to pay
a relatively large penalty, or to post a bond.

The judgment was entered in a United States District Court in
Texas on Nov. 30, 2007, with regard to a trademark dispute filed
by El Pollo Loco -- Mexico, an unrelated entity controlled by
founder of the first El Pollo Loco restaurant in Mexico and the
U.S., for the company's alleged breach of contract in failing to
develop new restaurants in Mexico.

The Court awarded damages in the amount of US$20.3 million plus
attorneys' fees, in addition to directing the company to return
certain intellectual property to Mexico, among other things.  El
Pollo stated that it would initiate the appeal process through a
higher court in which case, collateral in the form of a letter
of credit needs to be posted.

"If El Pollo were to appeal, they would need to find alternative
financing resources to post the bond besides using its existing
credit facilities, and quickly," commented Moody's analyst, John
Zhao, "the remaining availability under its L/C facility and
cash flow from operations won't be sufficient to cover the
collateral requirement at this time."  As of Sept. 30, 2007, the
company had an approximately US$7.4 million availability of
Letter of Credit under the total US$15 million L/C sub-limit.

Moody's review will focus on the company's ability to secure a
financing for the penalty payment or bond posting while staying
in compliance with its financial covenants.  Moody's will also
assess the conditions on the alternative funding and its
potential effect on the company's operational and financial
condition if the company were able to obtain the funding.

The SGL-4 Speculative Grade Liquidity rating reflects the
company's weakened liquidity, primarily stemming from the need
to fund the penalty or bond, potential increased demands on cash
flow and/or reliance on its credit facility.

These ratings were placed on review for possible downgrade:

  -- B3 Corporate family rating

  -- B3 Probability of default rating

  -- Ba3 (LGD2, 18%) for the US$104.5 million senior secured
     term loan B maturing in 2011,

  -- Ba3 (LGD2, 18%) for the US$25 million senior secured
     revolver maturing in 2010,

  -- Caa1 (LGD5, 71%) for the US$123.4 million senior unsecured
     notes maturing in 2013,

Rating downgraded:

  -- Speculative grade liquidity rating to SGL-4 from SGL-3.

El Pollo Loco -- http://www.elpolloloco.com/-- pronounced "L  
Po-yo Lo-co" and Spanish for "The Crazy Chicken," is the United
States' leading quick-service restaurant chain specializing in
flame-grilled chicken and Mexican-inspired entrees.  Founded in
Guasave, Mexico, in 1975, El Pollo Loco's long-term success
stems from the unique preparation of its award-winning "pollo" -
- fresh chicken marinated in a special recipe of herbs, spices
and citrus juices passed down from the founding family.


EMPRESAS ICA: Inks Contract for New Stadium Construction
--------------------------------------------------------
Empresas ICA, S.A.B. de C.V. has signed a contract for the
construction of the new stadium for the Chivas de Guadalajara
soccer club.  The total value of the fixed price, fixed term
contract is MXN833 million.

The project will be constructed in the area known as "Bajio del
Arenal" within the JVC Cultural, Convention, and Business Center
in Guadalajara, Jalisco.  ICA has already completed the
foundation work under an earlier contract.

The 45,500-person stadium will be built using reinforced
concrete, prefabricated elements, and a tubular metallic
structural roof.  The new project also includes the execution,
supply, installation, and putting into service of the stadium's
permanent equipment.

The stadium will include main and upper level concourses with
restrooms, elevators, stairways, children's area, beauty salon,
movie theater, climbing wall, customer service kiosks, a Chivas
store, other retailers, press facilities, and cheerleading and
administrative offices.  It will also have 311 stadium suites on
two levels with a capacity for 4,332 persons.

The 16,860 square meter underground parking area will have 743
regular and 32 handicapped spaces.  The stadium's underground
service levels will include dressing rooms, medical services,
water storage tanks, machinery and electrical equipment rooms,
kitchens, and air conditioning equipment.

Empresas ICA -- http://www.ica.com.mx/-- the largest   
engineering, construction, and procurement company in Mexico,
was founded in 1947.  ICA has completed construction and
engineering projects in 21 countries.  ICA's principal business
units include civil construction and industrial construction.

Through its subsidiaries, ICA also develops housing, manages
airports, and operates tunnels, highways, and municipal services
under government concession contracts and/or partial sale of
long-term contract rights.

As reported in the Troubled Company Reporter-Latin America on
Sept. 20, 2007, Standard & Poor's Ratings Services affirmed its
'BB-' long-term corporate credit rating on Empresas ICA S.A.B.
de C.V.  S&P said the outlook is stable.


FEDERAL-MOGUL: Court Dismisses 75 Chapter 11 Cases
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware ruled
that the 75 Non-Plan Debtors' Chapter 11 cases will be dismissed
without prejudice as of the effective date of Federal-Mogul
Corp. and its debtor-affiliates' Plan of Reorganization.

Nothing in the Court's order relieves the Non-Plan Debtors from
their obligations to file monthly operating reports with the
Court or to pay the U.S. Trustee's fees pursuant through the
effective date of their cases' dismissals, Judge Fitzgerald
clarifies.

The Non-Plan Debtors are:

   * AE Dayton Services Limited
   * AE Group Machines Limited
   * AE Holdings Limited
   * AE International Limited
   * AE Limited
   * AE Sales (Africa) Limited
   * Amber Supervision Limited
   * Associated Engineering Group Limited
   * Awncast Limited, Bearings (North-Western) Limited
   * Colvan Rubber Co. Limited
   * Contact 100 Limited
   * Cosmid Limited
   * Cranhold Limited
   * Dealings Limited
   * Dumplington Services Limited
   * E W Engineering Limited
   * Engineering Components Limited
   * Federal-Mogul Acquisition Company Limited
   * Federal-Mogul Brake Systems Limited
   * Federal-Mogul Export Services Limited
   * Federal-Mogul U.K. Limited
   * FHE Technology Limited
   * FP Diesel Limited
   * G.B. Tools & Components Exports Limited
   * Genthope Limited, High Precision Equipment Limited
   * Inblot Limited
   * Instantwonder Limited
   * Kings Park Housing Limited
   * Lalton Limited
   * Lanoth Precision Equipment Limited
   * Leeds Piston Ring & Engineering Co. Limited
   * M.T.A. (Kettering) Limited
   * Mantro Engineering Co. Limited
   * Mobile Distributing (Spares) Limited
   * Moores Plastic Units Limited
   * Ontall Limited
   * Payen (Europe) Limited
   * Pecal Limited
   * Presswork-Components Limited
   * Sintration Eight Limited
   * Sourcelook Limited
   * Specialloid Limited
   * STS (1996) Limited
   * T&N Shelf Eight Limited
   * T&N Fifteen Limited
   * T&N Shelf Five Limited
   * T&N Shelf Four Limited
   * T&N Shelf Fourteen Limited
   * T&N Shelf Nine Limited
   * T&N Shelf Six Limited
   * T&N Shelf Sixteen Limited
   * T&N Shelf Ten Limited
   * T&N Shelf Thirteen Limited
   * T&N Shelf Thirty Limited
   * T&N Shelf Thirty One Limited
   * T&N Shelf Thirty Three Limited
   * T&N Shelf Twenty-Eight Limited
   * T&N Shelf Twenty Five Limited
   * T&N Shelf Twenty Four Limited
   * T&N Shelf Twenty Nine Limited
   * T&N Shelf Twenty-Two Limited
   * T&N Shelf Two Limited
   * T&N Trade Marks Limited
   * T&N Welfare Trust Limited
   * TBA Belting (Residual) Limited
   * Telford Rubber Processors Limited
   * The British Piston Ring Company Limited
   * Tinblo Limited
   * Touchdown Adhesive Products Limited
   * Tynoda Limited
   * Vanwall Cars Limited
   * Wellworthy Property Developments Limited
   * William C. Jones (Polymers) Limited

                       About Federal-Mogul

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

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed US$10.15 billion in assets and US$8.86
billion in liabilities.  Federal-Mogul Corp.'s U.K. affiliate,
Turner & Newall, is based at Dudley Hill, Bradford.  Peter D.
Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D.
Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq.,
at The Bayard Firm represent the Official Committee of Unsecured
Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.  
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  The Debtors
submitted a Fourth Amended Plan and Disclosure Statement on
Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure
Statement on Feb. 6, 2007.

The Bankruptcy Court confirmed the Fourth Amended Plan on
Nov. 8, 2007.  On Nov. 13, 2007, the Bankruptcy Court's
confirmation of the Fourth Amended Plan was affirmed by the
District Court.

(Federal-Mogul Bankruptcy News, Issue No. 155; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or     
215/945-7000)

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 30, 2007, Moody's Investors Service assigned prospective
ratings to the reorganized Federal-Mogul Corporation --
Corporate Family, (P)Ba3.  In a related action Moody's assigned
a (P)Ba2 rating to new senior secured credit facilities.  The
outlook is stable.  The (P)Ba3 Corporate Family Rating is based
on the company's expected emergence from Chapter 11 with its
asbestos liabilities eliminated and moderately reduced debt
levels that should be readily serviced with the company's strong
business in the auto parts sector.


GLOBAL POWER: Wants Removal Period Extended to Effective Date
-------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to
extend, until the effective date of their Plan of
Reorganization, the period wherein they may file notices of
removal of civil actions.

Pursuant to Bankruptcy Rule 9006(b), the Court extended the
removal period four times, the last extension being
Dec. 31, 2007.

As of the date of bankruptcy, the Debtors were parties to
numerous civil actions pending in multiple courts and tribunals.  
Specifically, the Debtors, since the entry of the fourth order
extending the removal period, have been focusing on various
other matters that are critical to the operation of their
businesses in Chapter 11.  

The Debtors explained that they have spent an extensive amount
of time addressing numerous complex issues relating to the
structure of the their Plan and proposed rights offering.  
Moreover, with the confirmation of the Plan scheduled on
Dec. 20, 2007, the Debtors believe that it is appropriate at
this time to extend the removal deadline through the effective
date of the Plan.

                     About Global Power

Based in Oklahoma, Global Power Equipment Group Inc. (Pink
Sheets: GEGQQ) -- http://www.globalpower.com/-- is a design,  
engineering and manufacturing firm providing an array of
equipment and services to the energy, power infrastructure and
process industries.  The company designs, engineers and
manufactures a comprehensive portfolio of equipment for gas
turbine power plants and power-related equipment for industrial
operations, and has over 40 years of power generation industry
experience.  The company's equipment is installed in power
plants and in industrial operations in more than 40 countries on
six continents.  In addition, the company provides routine and
specialty maintenance services to nuclear, coal-fired, fossil,
and hydroelectric power plants and other industrial operations.

The company has facilities in Plymouth, Minnesota; Tulsa,
Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey,
Mexico; Shanghai, China; Nanjing, China; and Heerleen, The
Netherlands.

The company filed for chapter 11 protection on Sept. 28, 2006
(Bankr. D. Del. Case No. 06-11045).  Thomas E. Lauria, Esq.,
Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham,
Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M.
Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq.,
at The Bayard Firm, represent the Debtors.  Kurtzman Carson
Consultants LLC acts as the Debtors' noticing and claims agent.  
At Oct. 31, 2006, Global Power's balance sheet showed total
assets of US$177,758,000 and total debts of US$99,017,000

Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte
Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official
Committee of Unsecured Creditors.  The Official Committee of
Equity Security Holders is represented by Howard L. Siegel,
Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels
LLP.

The Court set a hearing on Dec. 20, 2007, to consider
confirmation of the Debtor's Amended Chapter 11 Plan of
Reorganization.


ICONIX BRAND: Moody's Affirms Corporate Family Rating at B1
-----------------------------------------------------------
Moody's Investors Service has affirmed Iconix Brand Group Inc.'s
Corporate Family and Probability of Default Ratings at B1 and
the company's secured term loan financing at Ba2 following the
company's announcement it is intending to increase the existing
term loan to approximately US$270 million from US$210 million
utilizing the term loan facility's 'accordion' option.  The
proceeds from the incremental term loan facility will be
primarily used to fund the purchase of the Starter brand from
Nike, Inc.  Moody's also affirmed the B3 rating of the company's
US$287.5 million senior subordinated notes.  The rating outlook
remains stable.

Iconix Brand's B1 corporate family rating reflects its
relatively stable and predictable revenue streams from royalty
payments received by the company which include significant
guaranteed minimum amounts, diversification of the company's
product and brand portfolio, and financial metrics which remain
higher than for similarly rated peers.  These factors are offset
by its narrow business focus solely as a licensor of brands, its
acquisitive growth strategy, with the majority of current
revenues derived from brands acquired since the beginning of
2006.  The stable outlook reflects Moody's expectations the
company will continue to maintain financial metrics at levels
appropriate for the rating category and to maintain stable
licensing revenues for the company as a whole.

The secured term loan rating reflects its probability of default
rating of B1 and its loss given default assessment of LGD 2 --
21% and the B3 rating for the convertible senior subordinated
notes reflects the probability of default rating of B1 and the
loss given default assessment of LGD 5 -- 78%.

These ratings were affirmed, and LGD assessments amended:

  -- Corporate Family Rating and Probability of Default Rating
     at B1

  -- US$270 million senior secured term loan at Ba2 (LGD amended
     to LGD 2 -- 21% from LGD 2 -- 20%)

  -- US$287.5 million senior subordinated notes due 2012 at B3
     (LGD amended to LGD 5 -- 78% from LGD 5 -- 77%)

  -- Speculative Liquidity Rating at SGL-2

Based in New York City, Iconix Brand Group Inc. (Nasdaq: ICON) -
- http://www.iconixbrand.com/-- owns fashion brands to retail  
distribution from the luxury market.  The company licenses its
brands to retailers and manufacturers worldwide.  The group has
international licensees in Mexico, Japan and the United Kingdom.


INTERSTATE HOTELS: Inks US$207.8-Mln Venture with Harte Holdings
----------------------------------------------------------------
Interstate Hotels & Resorts has formed a joint venture with
Harte Holdings.  The joint venture signed a definitive agreement
to acquire four hotels from affiliates of The Blackstone Group
for an aggregate price of US$207.8 million.

Interstate will invest approximately US$11 million for a 20%
equity interest in the four hotels.  Interstate will fund the
acquisition with available cash and capacity under its senior
revolving credit facility.  The transaction is expected to close
in the first quarter of 2008.

The four properties included in the joint venture acquisition
are:

   a) Property: Sheraton Frazer Great Valley                                 
         
      Rooms: 198
      Location: Frazer, Pennsylvania (Phila MSA)

   b) Property: Sheraton Mahwah                                              
       
      Rooms: 225
      Location: Mahwah, New Jersey  

   c) Property:  Latham Hotel Georgetown                                     
        
      Rooms: 142  
      Location: Washington, DC

   d) Property: Hilton Lafayette      
      Rooms: 327
      Location: Lafayette, Los Angeles   

Interstate currently manages three of the properties and
previously managed the Latham hotel for the Blackstone Group and
MeriStar Hospitality.  Upon closing, Interstate will manage all
four hotels under new management agreements.

The partnership plans to invest more than US$30 million of
additional funds for renovations on the hotels over the
24 months following the acquisition, with Interstate's
contribution expected to be approximately US$2 million.

"This joint venture represents a continuation of our hotel real
estate ownership strategy and expands our JV partner universe,"
Thomas F. Hewitt, Interstate's chief executive officer, said.
"The four-hotel portfolio was attractively priced, at or below
replacement costs, and aligns well with our portfolio of wholly
owned and JV real estate holdings.

"The hotel package includes two key upscale, full-service
brands, Hilton and Sheraton, and a well-recognized independent
boutique hotel in Georgetown that offers significant
repositioning opportunity," Mr. Hewitt added.  "Three of the
properties are located in key urban and major suburban markets
with strong barriers to entry-Washington, D.C., northern New
Jersey, and the Philadelphia area.  The fourth property, the
Hilton in Lafayette, La., is having an exceptional year with
RevPAR growth in excess of 20%, and we expect the hotel to
provide strong, stable cash flow going forward. With the
anticipated capital investment, this entire portfolio has
considerable upside operating potential."

"As one of the few management/ownership companies with a strong
and growing international presence, we will continue to seek
global opportunities and relationships," Leslie Ng, Interstate's
chief investment officer, said.  

"Harte Holdings is a highly regarded Irish investment and
development company which owns a wide variety of real estate
projects in the United Kingdom, Ireland and mainland Europe, and
we look forward to exploring other opportunities together, both
domestically and abroad," she added.

"This is our first hotel joint venture in the U.S., and
Interstate, with its successful track record, its management
expertise, and the advantages afforded by its size, represents a
very strong partner," Donal Kelleher, investment director of
Harte Holdings, said.  "We look forward to expanding our
relationship with other similar opportunities."

                    About Harte Holdings

Based in Cork, Ireland, Harte Holdings is an investment and
development company, which owns a wide variety of real estate
projects in the United Kingdom, Ireland and mainland Europe,
with a portfolio consisting of hotels, residential, commercial
and retail assets in these areas.

           About Interstate Hotels & Resorts Inc.

Headquartered in Arlington, Virginia, Interstate Hotels &
Resorts Inc. (NYSE: IHR)-- http://www.ihrco.com/-- as of  
Nov. 30, 2007, Interstate Hotels & Resorts owned seven hotels
and had a minority ownership interest through separate joint
ventures in 22 hotels and resorts.  Together with these
properties, the company and its affiliates manages a total of
192 hospitality properties with more than 43,000 rooms in  
36 states, the District of Columbia, Belgium, Canada,
Ireland, Mexico and Russia.  Interstate Hotels & Resorts also
has contracts to manage 15 hospitality properties with
approximately 4,400 rooms currently under construction.

                        *     *     *

Interstate Hotels & Resorts Inc. continues to carry Moody's
Investor Services' 'B1' long-term corporate family rating, which
was placed in January 2007.  Moody's outlook is negative.


SR TELECOM: SymmetryMX Receives WiMax Forum Certification
---------------------------------------------------------
SR Telecom Inc.'s symmetryMX TDD solution has received WiMAX
Forum certification.  SR Telecom, one of fourteen companies with
WiMAX Forum-certified solutions, is also the only one that holds
both TDD and FDD certification for its WiMAX suite of solutions.  
SR Telecom's symmetryMX FDD received WiMAX Forum certification
on May 2006.  WiMAX-Forum Certified(TM) products are the most
competitive at delivering broadband services on a wide scale.

"This certification further confirms our assertion that our
WiMAX solutions are among the most advanced in the industry.  
Indeed, this strengthens our resolve to remain focused on the
design, delivery and deployment of WiMAX solutions and to
ensuring the satisfaction of our customers around the world,"
said Serge Fortin, president and CEO of SR Telecom.  "This also
places us in a strong position as we pursue the development of
our symmetryMXe solution.

Duplexing refers to the way in which data travels in a two-way
wireless transmission.  The downlink carries information from a
Base Station to Subscriber Stations.  The uplink carries
information in the reverse direction.

FDD (Frequency Division Duplex) requires two distinct channels
for transmitting data, in the same time slot, and is commonly
used in cellular networks.  TDD (Time Division Duplex) requires
only one channel for transmitting data, in two distinct time
slots, and therefore has higher spectral efficiency.

WiMAX deployments usually use TDD, as it uses siginifcantly less
spectrum than FDD and is economical with bandwidth.  In
addition, it is less complex and less expensive. Fixed WiMAX
profiles support both TDD and FDD, while mobile WIMAX profiles
support only TDD.

                    Going Concern Doubt

There is substantial doubt about the appropriateness of the use
of the going concern assumption because of the company's losses
for the current and prior years, negative cash flows, reduced
availability of supplier credit and lack of operating credit
facilities.  As such, the realization of assets and the
discharge of liabilities and commitments in the ordinary course
of business are subject to significant uncertainty.

For the three and six months ended June 30, 2007, the company
incurred a net loss of CDN$14.9 million and CDN$27.1 million,
respectively (CDN$115.6 million for the year ended
Dec. 31, 2006), and used cash of CDN$9.2 million and CDN$21.6
million, respectively (CDN$45.2 million for the year ended
Dec. 31, 2006) in its continuing operating activities.  Going
forward, the company will continue to require substantial funds
as it continues the development of its WiMAX product offering.

                      About SR Telecom

Headquartered in Quebec, Canada, SR Telecom (TSX: SRX) --
http://www.srtelecom.com/-- delivers broadband wireless access  
(BWA) solutions that enable service providers to deploy voice,
Internet and next-generation services in urban, suburban and
remote areas.  The company has offices in Mexico, France and
Thailand.

SR Telecom Inc.'s consolidated balance sheet at June 30, 2007,
showed CDN$83.9 million in total assets and CDN$97.9 million
in total liabilities, resulting in a CDN$14.0 million total
stockholders' deficit.


US STEEL: Prices US$500 Million of 7% Senior Unsecured Notes
------------------------------------------------------------
United States Steel Corporation has priced US$500 million of 7%
Senior Notes due 2018.  The Senior Notes were priced at 99.087%
of the principal amount.  The proceeds of the offering will be
used to repay the US$400 million one-year term loan incurred to
finance a portion of the acquisition of Stelco Inc. (now known
as U.S. Steel Canada Inc.) and the balance will be used for
general corporate purposes.

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures  
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.  U.S. Steel's domestic
primary steel operations are: Gary Works in Gary, Indiana; Great
Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley
Works, which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pennsylvania;
Granite City Works in Granite City, Illinois; Fairfield Works
near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and
East Chicago Tin in East Chicago, Indiana.  The company also
operates two seamless tubular mills, Lorain Tubular Operations
in Lorain, Ohio; and Fairfield Tubular Operations near
Birmingham, Alabama.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U.S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite and Keewatin Taconite,
support the steelmaking effort, and its subsidiary ProCoil
Company provides steel distribution and processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 31, 2007, Standard & Poor's Ratings Services has revised
its outlook on Pittsburgh, Pennsylvania-based United States
Steel Corp. to negative from stable and affirmed all ratings for
the steel producer, including its 'BB+' corporate credit rating.

The outlook revision follows the company's recent announcement
that it was acquiring Stelco Inc. (unrated), a Canadian
integrated steel producer, for approximately US$1.9 billion in
cash and assumed debt.




=================
N I C A R A G U A
=================


* NICARAGUA: Buying Back US$1.3 Billion of Foreign Debts
--------------------------------------------------------
Bloomberg News reports that the Nicaraguan government has
reached an accord with its creditors for the repurchase of more
than US$1.3 billion of foreign commercial debts at 4.5 cents on
the dollar.  The transaction is expected to close this month.

The Associated Press says that the agreement was reached with
the help of a donation from the World Bank's Debt Reduction
Facility, and contributions from Russia, Britain and other
countries in Europe.

The Ministry of Finance and Public Credit disclosed that once
the agreement is completed, the country's external debts will be
reduced by 57% of the country's GDP of US$4.9 billion.  Finance
Minister Alberto Guevara disclosed that the agreement will end
legal actions initiated against the country.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                   Rating     Rating Date
                   ------     -----------
Long Term          Caa1     June 30, 2003
Senior Unsecured
Debt                B3      June 30, 2003


* NICARAGUA: World Bank Supports US$1.3-Million Buy-Back
--------------------------------------------------------
The World Bank Group has supported the agreement of Nicaraguan  
government and its creditors for a cash buy-back of more than
US$1.3 billion of the country's commercial external debt.  This
announcement is a major step forward under a US$1.4 billion cash
buy-back offer being implemented with the support of a grant of
up to US$61 million from the World Bank's Debt Reduction
Facility.

"This operation will ensure further debt relief to Nicaragua and
is an important step forward in stabilizing the country's
financial relationships with the investment community," said
Pamela Cox, World Bank Vice President for Latin America and the
Caribbean.  "The Facility's support to the buy back is part of
the World Bank's commitment to help heavily indebted poor
countries eliminate their commercial debt."

The Government of Nicaragua announced that from the overall
amount of eligible claims of US$ 1.4 billion, more than US$ 1.3
billion were tendered and accepted for redemption by Nicaragua
at a price of 4-1/2 % of the current value of the claims, with
the participation of more than 99% of financial institutions;
and all four of the commercial financial institutions holding
court judgments against Nicaragua.  The first closing is
expected to take place in mid December 2007.  A second closing
is scheduled to take place during the first quarter of 2008 and
is expected to secure further debt relief from creditors who are
still finalizing their tenders.

"We welcome the decision by commercial creditors to drop their
court judgments and accept the government's offer, " said Danny
Leipziger, World Bank Vice President for Poverty Reduction and
Economic Management and Chairman of the Debt Reduction Facility
Overclasight Committee.  "This is fully consistent with the debt
relief provided by official creditors to Nicaragua and shows
that there are responsible commercial creditors who are willing
to play by the rules."

The grant of up to US$61 million from the DRF is financed by
contributions from Finland, the Netherlands, Norway, the Russian
Federation, Sweden, and the United Kingdom as well as from the
net income of the International Bank for Reconstruction and
Development.

The Debt Reduction Facility provides grants to Heavily Indebted
Poor Countries, known as HIPCs, to buy back -- at a deep
discount -- the debts owed to external, commercial creditors.  
It also finances the legal and financial advice needed to
implement such buybacks.  Since its inception, the DRF has
supported 23 earlier completed buyback operations, extinguishing
about US$8 billion of external commercial debt.  By reducing
sovereign debt burdens, the DRF facilitates the improvement of
debt relief burden sharing by creditors under the HIPC
Initiative and helps countries normalize their external
financial relations.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                   Rating     Rating Date
                   ------     -----------
Long Term          Caa1     June 30, 2003
Senior Unsecured
Debt                B3      June 30, 2003




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


BANCO LATINOAMERICA: Carlos Yap to Resign as Chief Fin'l Officer
----------------------------------------------------------------
Banco Latinoamericano de Exportaciones, S.A., has announced the
departure of Carlos Yap, Chief Financial Officer, effective
Feb. 22, 2008, following the closing of the Bank's 2007 books.

Mr. Yap leaves Banco Latinoamerica after 27 years to pursue
other opportunities.  Jaime Celorio, who joined the bank from
Merrill Lynch and Goldman Sachs in New York and Mexico City,
will replace him.  Mr. Celorio will be responsible for the
Bank's financial management, as well as the interaction with
rating agencies, the sell-side community, and investors.

Bladex's Chief Executive Officer, Jaime Rivera stated, "Carlos
Yap leaves behind a long and distinguished record of
transparency and professionalism that speaks to the highest
standards of Bladex.  Personally, Carlos was at my side during
the profound transformation process implemented at the Bank.  
Like everyone at Bladex, I will miss him and wish to thank him
for his help and dedication.  I also wish to welcome Jaime
Celorio to our team.  I am delighted to have someone with his
superb qualifications join Bladex in the critically important
Chief Financial Officer position, as we continue to execute on
our ambitious plans for the Bank."

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex (NYSE: BLX) --
http://www.bladex.com-- is a supranational bank originally  
established by the Central Banks of Latin American and Caribbean
countries to promote trade finance in the Region.  The bank's
shareholders include central banks and state-owned entities in
23 countries in the Region, as well as Latin American and
international commercial banks, along with institutional and
retail investors.  Through Dec. 31, 2005, Bladex had disbursed
accumulated credits of over US$135 billion.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 1, 2007, Moody's Investors Service has confirmed that it
raised its bank financial strength rating on Banco
Latinoamericano de Exportaciones, SA aka Bladex to D+ from D-,
in connection with the rating agency's implementation of its
refined joint default analysis and updated BFSR methodologies
for banks in Panama.




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


DYNCORP INT'L: Bags Logistics Services Contract from IMG
--------------------------------------------------------
DynCorp International has been awarded a logistics services
contract by International Military and Government LLC, a
division of Navistar International, to provide field service
representatives and operator/trainers for and the initial
deployment of Mine Resistant and Ambush Protectedvehicles to
Iraq and the continuing testing of MRAP vehicles in the
continental United States. The contract has been initially
funded at US$18 million for one year.  DynCorp International
will provide an initial increment of 69 FSRs under this funding.

IMG will produce 1,955 Category I and 16 Category II MRAP
vehicles under Limited Rate Initial Production (LRIP) task
orders.  The MRAP program will support the U.S. Marines, Army,
Navy, Air Force, and Special Operations Command.  The MRAP
vehicles are required to increase survivability and mobility of
troops operating in hazardous fire areas against known threats
like small-arms fire, rocket-propelled grenades, and improvised
explosive devices.

"It's an honor to play a major role in a program designed to
keep our service members safe," said Herbert J. Lanese,
President and CEO of DynCorp International, in August 2007, when
DynCorp International announced that it had been selected by IMG
to provide filed-service support.  "IMG is an excellent company
that makes a superb vehicle, and we will do our best to make
sure these vehicles are always mission-ready and performing to
their potential."

DynCorp International Inc. -- http://www.dyn-intl.com/-- (NYSE:  
DCP) through its operating company DynCorp International LLC, is
a provider of specialized mission-critical technical services,
mostly to civilian and military government agencies.  It
operates major programs in law enforcement training and support,
security services, base operations, aviation services and
operations, and logistics support worldwide.  Headquartered in
Falls Church, Virginia, DynCorp International LLC has
approximately 14,600 employees worldwide including Haiti.

                        *     *     *

DynCorp still carries Standard and Poor's BB- rating assigned on
June 15, 2006.  S&P said the outlook is stable.


DIRECTV GROUP: Extends Agreement with NDS Group
-----------------------------------------------
The DIRECTV Group has entered into an agreement with NDS Group
plc, the leading provider of technology solutions for digital
pay-TV, to extend the term of their relationship.  NDS has been
contracted to continue to provide conditional access technology
and services to DIRECTV U.S. and DIRECTV Latin America until
June 2013.

Commenting on the news, Raffi Kesten, NDS Chief Operating
Officer, said: "DIRECTV has set the benchmark for the pay
television industry.  DIRECTV has been highly innovative in
developing its consumer offerings to provide the best range of
television services available in the United States and across
much of Latin America.  NDS is very proud to announce the
extension of our already long-standing successful relationship."

R“mulo Pontual, Chief Technology Officer of DIRECTV, commented,
"NDS has consistently provided secure and flexible conditional
access technology.  We have extended the term of our
relationship with NDS based on the dependability of NDS
conditional access technologies and related services."

                          About NDS

NDS Group plc (NASDAQ: NNDS) -- http://www.nds.com/-- a  
majority owned subsidiary of News Corporation, supplies open
end-to-end digital technology and services to digital pay-
television platform operators and content providers around the
world.

                   About The DIRECTV Group

Headquartered in El Segundo, California, The DIRECTV Group
(NYSE:DTV) -- http://www.directv.com/--, Inc. provides digital  
television entertainment in the United States and Latin America.
It has two segments, DIRECTV U.S. and DIRECTV Latin America.
The DIRECTV U.S. segment provides direct-to-home digital
television services in the multichannel video programming
distribution industry in the United States.  The DIRECTV Latin
America segment provides digital direct-to-home digital
television services to approximately 1.6 million subscribers in
27 countries, including Brazil, Argentina, Venezuela, and Puerto
Rico.

                        *     *     *

In April 2007, Standard & Poor's Ratings Services affirmed the
'BB' corporate credit and 'BB-' senior unsecured debt rating on
The DIRECTV Group Inc.  S&P said the outlook is stable.

In addition, Standard & Poor's raised the bank loan rating on
US$2 billion of credit facilities at DIRECTV Holdings LLC, a
wholly owned subsidiary of The DIRECTV Group Inc, to 'BB+' from
'BB' and revised the recovery rating to '1' from '3'.


NUTRITIONAL SOURCING: Exclusive Plan Filing Date Moved to Mar. 3
----------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
further extended Nutritional Sourcing Corp.'s exclusive period
to file a chapter 11 plan until March 3, 2008, Bill Rochelle of
Bloomberg News reports.

Within that period, other parties are barred from filing any
plan.

In September 2007, the Debtor obtained Court authority to sell
22 stores and a distribution center to PS Acquisition Inc. for
US$139 million.

PS Acquisition's bid surpassed Supermercados Econo Inc.'s
US$137 million offer.  

Under the approved asset purchase agreement, PS Acquisition will
purchase 21 stores for US$92 million.  PS Acquisition's designee
will purchase the remaining store and distribution center for
US$47 million.

Auction sale on the properties was held on Sept. 19, 2007, at
the offices of Pepper Hamilton LLP, Suite 5100, Hercules Plaza,
1313 Market Street, in Wilmington, Delaware.

Based in Pompano, Florida, Nutritional Sourcing Corp., fdba
Pueblo Xtra International, Inc. -- http://www.puebloxtra.com/
-- owns and operates supermarkets and video rental shops in
Puerto Rico and the US Virgin Islands.  The company and two
affiliates, Pueblo International, L.L.C., and F.L.B.N., L.L.C.,
filed for chapter 11 protection on Aug. 3, 2007 (Bankr. D. Del.
Case Nos. 07-11038 through 07-11040).  Kay Scholer LLC
represents the Debtors in their restructuring efforts.  Pepper
Hamilton LLP serves as their Delaware counsel.  Skadden, Arps,
Slate, Meagher & Flom LLP represent the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts between
US$1 million and US$100 million.


UNIVISION COMM: Names Bert Gomez as VP for Government Relations
---------------------------------------------------------------
Univision Communications Inc. has hired Bert Gomez as its Vice
President, Government Relations, effective immediately.  Mr.
Gomez will be based in Washington DC and will report to Cesar
Conde, the company's Executive Vice President, Chief Strategy
Officer.

In this new position, Gomez will serve as Univision's in-house
lobbyist.  His responsibilities will include managing political
relations in Congress and at the State level, monitoring
legislation, managing political contributions, and coordinating
efforts to address issues important to the company.  Mr. Gomez
first became involved with Univision earlier this year in
efforts to educate political campaigns on the importance of the
Hispanic vote, and he will continue in this capacity as well.

"Bert's extensive government relations experience, corporate
affairs background, and exceptional work on behalf of the
Hispanic community make him the ideal person to lead Univision's
government relations efforts," said Mr. Conde.

Mr. Gomez commented, "I am grateful for this opportunity to
represent Univision at this important and exciting time.  The
Hispanic constituency is increasingly being recognized as a
necessary voice in the political process, and I look forward to
working not only with the management team, but with everyone
within Univision to help grow and define Univision's role on
important issues that affect us all."

Mr. Gomez comes to Univision Communications Inc. after a 16-year
career at the R.J. Reynolds Tobacco Company, where he most
recently served as Director of Federal Government Relations in
Washington DC.  In that capacity, he successfully lobbied issues
on Capitol Hill and was responsible for Hispanic outreach
efforts at the national level, in conjunction with state and
federal legislative goals.  Prior to that, he was focused on
building relations with political and community leaders in South
Florida.  Mr. Gomez began his career in sales and marketing for
the consumer products division at Dow Chemical.  He holds a
Bachelors degree from the University of Miami and a Masters in
Business Administration from City University of Washington.

Headquartered in Los Angeles, Calif., Univision Communications
Inc., (NYSE: UVN) -- http://www.univision.net/-- owns and  
operates more than 60 television stations in the U.S. and Puerto
Rico offering a variety of news, sports, and entertainment
programming.  The company had about USUS$2.6 billion in debt at
Dec. 31, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Fitch Ratings downgrades these ratings:

   -- USUS$7.7 billion senior secured bank loans due 2014
      'B+/RR3';

   -- 3.50% senior secured notes due 2007 to 'B+/RR3' from 'BB';

   -- 3.875% senior secured notes due 2008 to 'B+/RR3' from
      'BB';
   -- 7.85% senior secured notes due 2011 to 'B+/RR3' from 'BB';

   -- USUS$500 million second lien term loan due 2009 'B-/RR5';

   -- USUS$1.5 billion 9.75%/10.50% senior unsecured notes due
      2015 'CCC+/RR6'.




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


* URUGUAY: U.S. Agency Seeking Offers for Feasibility Study
-----------------------------------------------------------
The U.S. Trade and Development Agency said in a statement that
it is seeking proposals from American companies keen on carrying
out a feasibility study for a 300-400-megawatt, coal-fired plant
that Uruguayan state-run oil firm UTE will build.

Business News Americas relates that UTE could spend US$560
million on the project.  However, the firm lacks the technical
experience required to study the project's feasibility.

According to USTDA's statement, there are no potential places to
construct additional hydroelectric plants or add reservoirs to
existing hydroelectric plants that would let UTE boost domestic
output.

BNamericas notes that UTE is keen on US expertise in clean coal
technologies.  The project would be used in dry hydrological
periods.  Selected companies will be paid from a US$419,729
grant to UTE from USTDA.

US companies and individuals may bid on this "USTDA-financed
activity."  Those interested are given until Jan. 16, 2008, to
present proposals, BNamericas states.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 8, 2007, Standard & Poor's Ratings Services revised its
outlook on Uruguay's 'B+' long-term sovereign credit rating to
positive from stable.  The short-term sovereign credit rating is
'B'.

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




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


HERCULES OFFSHORE: Bags Contracts for Two Jackup Rigs in India
--------------------------------------------------------------
Hercules Offshore, Inc., has announced that Oil and Natural Gas
Corporation Limited has awarded three-year contracts for the
Hercules 258 and Hercules 260 jackup rigs for drilling
operations offshore India.  The contract for the Hercules 258 is
expected to commence in mid-second quarter 2008 following the
completion of an existing contract commitment offshore India.
The contract for the Hercules 260 is expected to commence in
late first quarter 2008 following the completion of shipyard
work on the rig.  The company has entered into a contract to
transport the Hercules 260 to India after completion of this
shipyard work and expects to commence transportation this month.  
Revenue that could be generated over each of the three-year
contracts totals approximately US$121.0 million for Hercules 258
and approximately US$156.6 million for Hercules 260, which
excludes payment to the company of reimbursable expenses and a
total of approximately US$6.5 million for mobilization of both
rigs.

Hercules Offshore President and Chief Executive Officer, Randy
Stilley stated, "We are extremely pleased to further accomplish
our ongoing goals of expanding our international presence and
significantly increasing our contract backlog.  These contracts
confirm our belief that India represents an excellent location
for our drilling rigs, and that demand for our drilling services
in our targeted international locations remains strong."

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

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

                        *     *     *

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

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


PETROLEOS DE VENEZUELA: Forms Joint Venture with Belarusneft
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA said in
a statement that it has formed a joint venture with Belarusneft
to carry out seismic work throughout Venezuela.

According to Petroleos de Venezuela's statement, Sesmica
Bielovenezolana JV will be Petroleos de Venezuela's first
proprietary seismic company.  It will continue the works that
were formerly contracted out to transnational firms.  

Sesmica Bielovenezolana will begin work this month in Valle de
la Pascua in Guarico.  It will concentrate on reserve
certification on the Boyaca block on the Orinoco heavy crude
belt, Business News Americas states.

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

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


PETROLEOS DE VENEZUELA: Shuts Down Cardon Due to Power Failure
--------------------------------------------------------------
Venezuelan state-owned oil firm Petroleos de Venezuela SA told
Business News Americas that its Cardon plant in the Paraguana
refining complex in Falcon has suffered an electrical failure.

BNamericas relates that the plant's operations immediately
stopped last Monday.  No damage occurred from the electrical
failure.

According to Petroleos de Venezuela's statement, the failure was
due to a "surge" at Cardon's T-31 substation.

Cardon's operations resumed last Wednesday, BNamericas says,
citing Petroleos de Venezuela.

Petroleos de Venezuela assured BNamericas that it has enough
inventory to ensure national and international commercial
obligations.

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

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


* VENEZUELA: To Sign Dec. 9 Bank of South's Foundation Act
----------------------------------------------------------
The Venezuelan government, along with the presidents of
Argentina, Brazil, Bolivia, Uruguay, Paraguay, an Ecuador, will
ink Sunday the agreement formally creating the Bank of the
South, Prensa Latina reports.

The bank, advocated by Venezuelan President Hugo Chavez, will be
established to rival the services offered by the International
Monetary Fund and the World Bank, on much lower rates and better
financing conditions.

The bank will be capitalized using the participating countries'
foreign reserves, a system that would give the member nations
more leeway with their investments.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at
'B'and the Country Ceiling at 'BB-'.  Fitch said the outlook on
the ratings remains stable.


                         ***********


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

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

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

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