TCRLA_Public/071210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, December 10, 2007, Vol. 8, Issue 244

                          Headlines

A R G E N T I N A

ALITALIA SPA: Three Groups Submit Non-Binding Offers
DANA CORP: Affinia Still Involved in Company's Bankruptcy
DANA CORP: Urges Court to Disallow 1,064 Claims
FARMACIA 533: Files for Reorganization in Buenos Aires Court
FREESCALE SEMICONDUCTOR: Moody's Pares Corp. Family Rating to B1

INDUSTRIAL PESQUERA: Trustee Verifies Claims Until Dec. 28
ORION XXI: Proofs of Claim Verification Deadline Is Feb. 5, 2008
SCO GROUP: Court Approves Tanner LLC as Accountant
SCO GROUP: Court Oks Chief Fin'l Exec to Come from CFO Solutions
VERIFONE INC: Accounting Errors Prompt S&P to Revise Outlook


B E R M U D A

DRESDNER RCM: Sets Final Shareholders Meeting for Dec. 14
DRESDNER RCM ORIENTAL: Final Shareholders Meeting Is on Dec. 14
DRESDNER RCM TIGER: Holding Last Shareholders Meeting on Dec. 14
LIGHTHOUSE INSURANCE: Court To Hear Wind-Up Petition on Dec. 14
MUTUAL ARGENTINA: Proofs of Claim Filing Deadline Is Dec. 14

MUTUAL ARGENTINA: Sets Final Shareholders Meeting for Dec. 31
NCB INSURANCE: Court Will Hear Wind-Up Petition on Dec. 14
REFCO INC: Ch. 7 Trustee Wants Nod on MF Global Settlement Pact
SENSU LTD: Court Will Hear Wind-Up Petition on Dec. 14


B O L I V I A

MILLICOM INT: Colombian Unit Eyes 2.9 Mln Subscribes by Year-End


B R A Z I L

BANCO NACIONAL: Praia Grande Secures BRL124-Mln Loan from Bank
BRASKEM SA: S&P Raises Long-Term Corporate Credit Rating to BB+
DELPHI CORP: Gets Committees' Support on Plan Amendments
GERDAU SA: Socopo Puts Hold Recommendation on Firm's Shares
HEXCEL CORP: Expects Double Digit Sales Growth in 2008

NOVELL INC: SEC Inquiries Prompt Delay in 2007 Earnings Release

* BRAZIL: Petroleo Brasileiro Supplying Natural Gas To Bahiagas


C A Y M A N   I S L A N D S

BOMBAY CO: Court Sets Jan. 21, 2008 as Claims Bar Date
LIPPER OFFSHORE: Sets Final Shareholders Meeting for Dec. 14
NORTH POLE: Will Hold Final Shareholders Meeting on Dec. 14
NZB ABSOLUTE: Sets Final Shareholders Meeting for Dec. 14
NZB ABSOLUTE HEALTHCARE: Final Shareholders Meeting Is Dec. 14

NZB PRODUCTS: Will Hold Final Shareholders Meeting on Dec. 14
OTEMACHI CAPITAL: Holding Final Shareholders Meeting on Dec. 14
PARMALAT SPA: PET Shift Boosts Romanian Juice Sales by 300%
TRISTAR INTERNATIONAL: Final Shareholders Meeting Is on Dec. 14
VF CAYMANS: Sets Final Shareholders Meeting for Dec. 14

VF CAYMANS II: Will Hold Final Shareholders Meeting on Dec. 14


C H I L E

ELECTRONIC DATA: Share Buyback Won't Impact Rating, Moody's Says
REVLON INC: Stockholder to Refinance Unit's US$170-Mln Sub. Loan


C O L O M B I A

CORPORACION INTERAMERICA: S&P Affirms BB- Corp. Credit Rating
SOLUTIA INC: Moody's Assigns B1 Corporate Family Rating
SOLUTIA INC: S&P Rates Proposed US$1.2 Billion Term Loan at B+

* COLOMBIA: Cuts Mobile Firms' Maximum Connection Fee by 51%


D O M I N I C A N   R E P U B L I C

CENVEO INC: S&P Lifts Corporate Credit Rating to BB- from B+


G U A T E M A L A

BRITISH AIRWAYS: Traffic Figures Up 2.4% in November 2007
TECO ENERGY: Considers Amounts for Debt Tender Offer


H A I T I

DYNCORP INT: Teams Up with Thiess to Pursue Australian Contracts


J A M A I C A

DYOLL INSURANCE: Considering Jamaica Stock Exchange Suspension
NATIONAL COMMERCIAL: Cash Plus Seeks for Further Injunction
NATIONAL WATER: May Face Lawsuit for Unpaid J$38M Regulator Fees


M E X I C O

ALLIS-CHALMERS: S&P Shifts Outlook; Affirms B Corp. Credit Rtng
CHRYSLER LLC: CEO Expects US$1.6 Bil. Loss in 2007, Source Says
CHRYSLER LLC: Expected US$1-Bil. Loss Spurs Jan. Production Cuts
COREL CORP: Partners with ConceptShare for Online Collaboration
FORD MOTOR: Mulls Production Cuts Due to Low November Sales

GENERAL MOTORS: Mulls Production Cuts Due to Low November Sales
GRUPO GIGANTE: S&P Puts BB Corp. Credit Rating on WatchNegative
GRUPO MEXICO: Negotiation with Mining-Metal Workers Union Fails
HASBRO INC: Names Lisa Licht as General Manager for Licensing
HASBRO INC: Paying US$0.16 Per Share Dividend on Feb. 15, 2008

INTERTAPE POLYMER: Moody's Ups IPG US Corp. Family Rating to B2
MOVIE GALLERY: Can Hire Ernst & Young as Tax Advisors
MOVIE GALLERY: Inks DIP Financing Amendment with Goldman Sachs
MOVIE GALLERY: Wants Lease Termination Procedures Approved
REMY WORLDWIDE: Emerges from Chapter 11, Completes Sale of Knopf


N I C A R A G U A

PERRY ELLIS: Picks Joseph Natoli as Independent Board Director
XEROX CORP: Appoints Three Corporate Officers to Executive Roles


P E R U

* PERU: Gets US$75-Mil. Loan to Improve Quality of Public Mgmt.


P U E R T O   R I C O

ADVANCE AUTO: Moody's Rates US$200 Mil. Senior Term Loan at Ba1
ADVANCE AUTO: S&P Changes Outlook; Confirms BB+ Credit Rating
AVNET INC: Operating Unit Expands Semiconductor Offerings
BIOVAIL CORP: S&P Drops Long-Term Corporate Credit Rating to BB
DORAL FINANCIAL: Clarifies Info on the November Cash Dividend

DORAL FINANCIAL: James Gilleran & Ramesh Shah Joins Board
FIRSTBANK PUERTO RICO: S&P Affirms BB+ Counterparty Credit Rtng
LIN TV: Concludes Review of Strategic Alternatives


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Unit Establishes Four Joint Ventures
REVLON CONSUMER: MacAndrews Loan Cues S&P to Revise Outlook
SHAW GROUP: Earns US$600,000 in Fourth Quarter Ended Aug. 31

* BOND PRICING: For the Week Dec. 3 to Dec. 7


                         - - - - -


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


ALITALIA SPA: Three Groups Submit Non-Binding Offers
----------------------------------------------------
The Board of Directors of Alitalia S.p.A. took note -- referring
to the Company's project aimed at rapidly identifying industrial
and financial subjects committed to carry forward Alitalia's
restructuring, development and re-launching and, in such
context, willing to acquire a majority shareholding in the
Company -- of the communication from the advisor Citi
regarding the receipt of non-binding Proposals from:

   -- Air France-KLM,
   -- AP Holding S.p.A., and
   -- Cordata Baldassarre.

As regards to Cordata Baldassarre, represented by Prof. Antonio
Cordata Baldassarre, the Board, even after having taken note
that it hasn't been provided to the advisor Citi the basic
information elements to participate in the project, making it
impossible to proceed to the necessary further analysis,
assigned to the advisor of Alitalia the task to proceed with
the evaluation of the Proposal and to report his findings to the
Board of Directors.

Upon completion of the examination by the advisor of the
Proposals presented, the Board of Directors will meet,
presumably during next week, to select the subject with
which to begin exclusive negotiations.

                        About Alitalia

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

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

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


DANA CORP: Affinia Still Involved in Company's Bankruptcy
---------------------------------------------------------
Affinia Group Intermediate Holdings Inc. continues to be
involved in Dana Corp.'s bankruptcy, which includes asbestos-
related matters.

On March 3, 2006, Dana and 40 of its domestic subsidiaries filed
voluntary petitions for relief under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court, Southern District
of New York (Case No. 06-10354).

On Sept. 26, 2007 Dana filed an adversary complaint against
Company subsidiaries Affinia Group Inc. and Affinia Canada Corp.
(Adv. Pr. No. 07-02059) seeking turnover under the Purchase
Agreement and section 542(a) of the Bankruptcy Code of a tax
refund in the amount of US$32.5 million. Dana alleges that the
tax refund is an excluded asset that was not transferred under
the Purchase Agreement.

In addition, on Oct. 3, 2007, Dana filed a motion under section
365 of the Bankruptcy Code to reject both the Stock and Asset
Purchase Agreement and the Spicer Trademark License Agreement,
the rejection of which would enable Dana to disavow and abandon
its obligations under these agreements.

Under these agreements, Dana is contractually obligated to:

   (a) indemnify the Company for specified liabilities;
       including,

         (i) liabilities arising out of legal proceedings
             commenced prior to the Acquisition, and

        (ii) liabilities for death, personal injury or other
             injury to persons (including, but not limited
             to, such liabilities that result from human
             exposure to asbestos) or property damage occurring
             prior to the Acquisition relating to the use or
             exposure to any of Dana's products designed,
             manufactured, served or sold by Dana; and

(b) license the Company's use of the "Spicer" trademark.

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.

(Dana Corporation Bankruptcy News, Issue No. 64; Bankruptcy
Creditors' Service, Inc. 215-945-7000 FAX 215-945-7001)


DANA CORP: Urges Court to Disallow 1,064 Claims
-----------------------------------------------
Dana Corp. asks the U.S. Bankruptcy Court for the Southern
District of New York to disallow 1,064 claims, totaling
US$52,663,000, because these claims are Asbestos Personal Injury
Claims and will be reinstated under the Plan.

The Asbestos Personal Injury Claims include:

  -- Roy Adair (Claim No. 12079 - US$200,000)
  -- Gregorio Aguirre (Claim No. 11968 - US$200,000)
  -- David Alber (Claim No. 12043 - US$200,000)
  -- John Alexander (Claim No. 11989 - US$200,000)
  -- Clarence Allen (Claim No. 12371 - US$200,000)
  -- Naomi Ammerman (Claim No. 12076 - US$200,000)
  -- Johnnie Apodaca (Claim No. 11992 - US$200,000)
  -- Linda Atchley (Claim No. 12372 - US$200,000)
  -- Joseph Baca (Claim No. 11938 - US$200,000)
  -- Haroldine Bartlett (Claim No. 11977 - US$200,000)
  -- Walter Becker (Claim No. 12311 - US$200,000)
  -- Joseph Boutot (Claim No. 11991 - US$200,000)
  -- Leonard Chavez (Claim No. 11964 - US$200,000)
  -- Lyle Covington (Claim No. 1227 - US$200,000)
  -- Claude Dawson (Claim No. 11985 - US$200,000)

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007 the Debtors listed US$6,878,000,000 in total
assets and US$7,551,000,000 in total debts resulting in a total
shareholders' deficit of US$673,000,000.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors filed their Joint Plan of Reorganization on
Aug. 31, 2007.  On Oct. 23, 2007, the Court approved the
adequacy of the Disclosure Statement explaining their Plan.  The
Court has set Dec. 10, 2007, to consider confirmation of the
Plan.

(Dana Corporation Bankruptcy News, Issue No. 64; Bankruptcy
Creditors' Service, Inc. 215-945-7000 FAX 215-945-7001)


FARMACIA 533: Files for Reorganization in Buenos Aires Court
------------------------------------------------------------
Farmacia 533 Sociedad en Comandita Simple has requested for
reorganization approval after failing to pay its liabilities.

The reorganization petition, once approved by the court, will
allow Farmacia 533 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 No. 9 in Buenos Aires.  Clerk No. 18 assist in this
case.

The debtor can be reached at:

          Farmacia 533 Sociedad en Comandita Simple
          Medrano 533


FREESCALE SEMICONDUCTOR: Moody's Pares Corp. Family Rating to B1
----------------------------------------------------------------
Moody's Investors Service has lowered the ratings of Freescale
Semiconductor, Inc. and maintained the negative outlook.
Moody's also affirmed the speculative grade liquidity rating at
SGL-1.  This concludes the review for possible downgrade that
was initiated on Oct. 24, 2007.

The downgrade to B1 reflects Freescale Semiconductor's weakened
credit profile evidenced by continued high financial leverage,
reduced capacity utilization levels and lower earnings prospects
over the near term.  It also incorporates Moody's expectations
of:

   (i) continued weakness in the company's wireless segment,
       which accounts for roughly one third of its revenues;

  (ii) moderating demand in the company's networking segment
       (approximately 22% of revenues) due to subdued North
       American wireline and wireless infrastructure spending
       as the large communications equipment providers continue
       to delay purchases amid network consolidation;

(iii) lackluster revenue growth in the transportation segment;
       and

  (iv) long product lead times before semiconductor design win
       activity transitions to the production phase and
       contributes to margins and earnings.

While the company maintains relatively high gross and operating
margins as well as very good liquidity, the negative outlook
reflects Moody's concerns regarding the difficult end market and
customer conditions, which have negatively impacted EBITDA and
free cash flow levels.  This has delayed leverage reduction,
causing debt and credit protection measures to migrate to levels
more comparable to mid single-B rated peers.  The negative
outlook captures Moody's view that the company will be
challenged to reduce leverage to under 6.0 EBITDA on a sustained
basis over the next twelve months.  It also takes into
consideration the company's thin interest coverage and reduced
financial flexibility, which is magnified by diminished
operating cash flow, a limited track record as a standalone
company and lack of historical performance during a downturn.

The ratings could experience downward pressure if end market
demand weakens further or remains soft for a protracted period
resulting in lower-than-anticipated operating cash flow, weak
free cash flow generation, Moody's adjusted debt to EBITDA above
6.0 for an extended period and/or erosion of liquidity sources.

The B1 rating recognizes Moody's view that Freescale
Semiconductor:

   (i) maintains strong market leadership positions and a rich
       product portfolio comprising breadth and depth of
       technology;

  (ii) benefits from a diversified revenue base with exposure to
       the relatively stable and less volatile transportation
       and networking segments which tend to exhibit slower
       growth prospects but longer product life cycles than the
       wireless space;

(iii) could benefit from its near-sole source provider status
       for baseband and power management ICs in Motorola's
       recent line-up of handsets and its status as a RF
       transceiver supplier in newly-launched mobile devices
       from both RIM and Motorola, to the extent consumer uptake
       materializes;

  (iv) is positioned to benefit longer-term from increasing
       content in existing mobile OEM customer platforms as
       design solicitations are won (especially in 3G) and
       shipments ramp;

   (v) has considerably improved its operating efficiency since
       the Motorola spin-off and has taken steps to reduce
       operating costs in the challenging business environment;
       and

  (vi) has a defensive operating model that allows it to quickly
       reduce expenses and capex in response to weak market
       conditions.

The SGL-1 rating reflects the company's very good liquidity in
spite of diminished internal cash generation.  LTM free cash
flow has declined to levels well-below Moody's expectations.
Over the next twelve months, Moody's anticipates free cash flow
to remain below 2% of total debt and EBITDA interest coverage to
remain under 2.0.  Moody's expects this to be driven by:

   (i) weak operating cash generation given its expectations of
       continued softness in the company's addressable end
       markets; and

  (ii) sizeable interest payments (approximately US$800 million
       per year).

The company's depressed cash flow is offset by strong balance
sheet liquidity consisting of cash and short-term investments
totaling US$772 million, as of September 2007, and potential
cash proceeds of US$200 - US$300 million from asset sales.  The
SGL-1 rating also incorporates the company's ability to suspend
roughly US$137 million of cash interest payments through the use
of a PIK toggle structure on US$1.5 billion of senior notes.
However, Moody's notes that continued weakness in internal cash
generation could force the company to draw down on its cash
balance and/or credit facilities, which would place downward
pressure on the liquidity rating.  Presently, external liquidity
remains solid through an undrawn US$750 million revolver that
expires in 2012.  The bank credit facilities contain a financial
covenant that subjects the company to a first-lien secured debt
incurrence test.  The company currently has sufficient headroom
under this covenant and full access to the revolver.

These ratings were downgraded:

  -- Corporate Family Rating to B1 from Ba3

  -- Probability of Default Rating to B1 from Ba3

  -- US$ 750 Million Senior Secured Revolving Credit Facility
     due 2012 to Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 16%)

  -- US$3.50 Billion Senior Secured Term Loan B Facility due
     2013 to Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 16%)

  -- US$2.35 Billion Senior Unsecured Notes due 2014 to B2 (LGD-
     4, 65%) from B1 (LGD-4, 63%)

  -- US$ 500 Million Senior Unsecured Floating Rate Notes due
     2014 to B2 (LGD-4, 65%) from B1 (LGD-4, 63%)

  -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014 to
     B2 (LGD-4, 65%) from B1 (LGD-4, 63%)

  -- US$1.60 Billion Senior Subordinated Unsecured Notes due
     2016 to B3 (LGD-6, 92%) from B2 (LGD-6, 91%)

This rating was affirmed:

  -- Speculative Grade Liquidity Rating - SGL-1

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, the company has operations in Argentina, Brazil
and Mexico.  In Europe, the company has operations in Czech
Republic, France, Germany, Ireland, Italy, Romania, Turkey and
the United Kingdom.  Revenues for the 12 months ended
Mar. 31, 2007 were US$6.2 billion.


INDUSTRIAL PESQUERA: Trustee Verifies Claims Until Dec. 28
----------------------------------------------------------
Jose Luis Fittipaldi, the court-appointed trustee for Industrial
Pesquera Necochea S.A.I.C.'s reorganization proceeding, verifies
creditors' proofs of claim until Dec. 28, 2007.

Mr. Fittipaldi will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Necochea, 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 Industrial Pesquera 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 Industrial Pesquera's
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

Creditors will vote to ratify the completed settlement plan
during the assembly on Aug. 14, 2008.

The debtor can be reached at:

        Industrial Pesquera Necochea S.A.I.C.
        Avenida 10, Numero 2958
        Necochea, Buenos Aires
        Argentina

The trustee can be reached at:

        Jose Luis Fittipaldi
        Calle 66, Numero 3045
        Necochea, Buenos Aires
        Argentina


ORION XXI: Proofs of Claim Verification Deadline Is Feb. 5, 2008
----------------------------------------------------------------
Emilio Abraham, the court-appointed trustee for Orion XXI SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 5, 2008.

Mr. Abraham will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 9 in Buenos Aires, with the assistance of Clerk
No. 18, 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 Orion XXI 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 Orion XXI's
accounting and banking records will be submitted in court.

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

The debtor can be reached at:

         Orion XXI SA
         Maipu 388
         Buenos Aires, Argentina

The trustee can be reached at:

         Emilio Abraham
         Viamonte 1592
         Buenos Aires, Argentina


SCO GROUP: Court Approves Tanner LLC as Accountant
--------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc.,
obtained authority from the U.S. Bankruptcy Court for the
District of Delaware to employ Tanner LC as their accountants.

As reported in the Troubled Company Reporter on Nov. 8, 2007,
Tanner LC is expected to perform an audit of the Debtors'
consolidated financial statements for the year ending
Oct. 31, 2007, and to assist the Debtors in reviewing their
financial statements and other documents necessary for the
Securities and Exchange Commission submissions.

Kent M. Bowman, an auditor at Tanner LC, told the Court the
Debtors agreed to pay an estimated amount of approximately
US$196,000.  The firm's reviews of the 10-Q's will bill a fixed
fee of US$22,500 per 10-Q report.  For all other services in
connection with the services rendered, the firm will bill at the
normal customary rate.

To the best of the Debtors' knowledge, the firm is
"disinterested" as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions LLC, acts as the
Debtors' claims and noticing agent.  The U.S. Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


SCO GROUP: Court Oks Chief Fin'l Exec to Come from CFO Solutions
----------------------------------------------------------------
The SCO Group Inc. and its affiliate, SCO Operations Inc.,
obtained authority from the U.S. Bankruptcy Court for the
District of Delaware, to employ CFO Solutions LC to provide
their company with a chief financial officer.

As reported in the Troubled Company Reporter on Nov 8, 2007,
CFO Solutions provides consulting services and temporary
employees to staff CFO and other key financial positions in
companies.

CFO Solutions proposed the appointment of Ken Nielsen as the
Debtors' chief financial officer.

Mr. Nielsen is expected to assist the Debtors in financial and
general management matters, including, evaluating and
implementing strategic and tactical options through the
restructuring process.

Specifically, Mr. Nielsen will:

    a) develop and implement cash management strategies
       and reporting protocols;

    b) develop and evaluate various restructuring
       alternatives and negotiate with key creditors and
       other stakeholders;

    c) assist in day-to-day oversight and management of
       the Debtors' operations; and

    d) counsel and assist the Debtors through the marketing
       and sale process, or other reorganization strategies,
       including the identification of the highest and best
       transaction, and to assist with such other matters as
       may be requested that fall within the firm's expertise
       and mutually agreeable.

The Debtors told the Court that the firm will charge $150 per
hour.  Of the total amount, Mr. Nielsen will receive $105
through the Debtors' payroll and US$45 will be paid to the firm.

The Debtors also related that they agreed to pay the firm an
amount not to exceed 30% of Mr. Nilesen's annual salary, minus
all amounts paid to the firm, as of the date of termination as a
placement fee, if Mr. Nielsen will be terminated prior to the
expiration of the six month term.

Furthermore, the Debtors agreed to pay the firm US$40,000 minus
70% of any severance amounts paid to Mr. Nielsen, if the Debtors
terminate Mr. Nielsen, without cause, or if Mr. Nielsen is
unable to perform the services.

If the Court does not approve the hourly payments to the firm
under the agreement, the Debtors have agreed to compensate the
firm 30% of Mr. Nielsen's annual base salary, as a placement fee
for a chief operating officer.

To the best of the Debtors' knowledge, the Mr. Nielsen holds
no interest adverse to the Debtors' and their estates and is
"disinterested" as that term is defined in Section 101(14) of
the Bankruptcy Code.

Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.  The company has office locations in
Australia, Austria, Argentina, Brazil, China, Japan, Poland,
Russia, the United Kingdom, among others.

The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337).  Epiq Bankruptcy Solutions LLC, acts as the
Debtors' claims and noticing agent.  The U.S. Trustee failed to
form an Official Committee of Unsecured Creditors in these cases
due to insufficient response from creditors.  The Debtors'
exclusive period to file a chapter 11 plan expires on March 12,
2008.  The Debtors' schedules of assets and liabilities showed
total assets of US$9,549,519 and total liabilities of
US$3,018,489.


VERIFONE INC: Accounting Errors Prompt S&P to Revise Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
VeriFone Inc. to negative from positive, following the
announcement that the company will restate its previously
issued, unaudited interim consolidated financial statements for
the quarters ended January, April, and July 2007. Ratings on the
company, including the 'BB-' corporate credit rating, were
affirmed.

The company announced that it will restate previous financial
statements because of errors in accounting related to the
valuation of in-transit inventory and allocation of
manufacturing and distribution overhead to inventory.  Both of
these affect the company's reported cost of revenues.
VeriFone currently expects to file the amended quarterly
reports, together with its fiscal 2007 (October year-end)
audited financial statements, in January 2008.

"The ratings reflect the company's moderate debt leverage and
acquisitive growth strategies," said S&P's credit analyst David
Tsui.  "These factors are offset partially by VeriFone's leading
position in the niche market for electronic payment solutions
and its diversified customer and market base."

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.




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


DRESDNER RCM: Sets Final Shareholders Meeting for Dec. 14
---------------------------------------------------------
Dresdner RCM New Tiger Selections Fund Limited will hold its
final shareholders meeting on Dec. 14, 2007, at 10:15 a.m. at:

         Deloitte & Touche
         Corner House, Chruch & Parliament Streets
         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.


DRESDNER RCM ORIENTAL: Final Shareholders Meeting Is on Dec. 14
---------------------------------------------------------------
Dresdner RCM Orienal Income Fund Limited will hold its final
shareholders meeting on Dec. 14, 2007, at 10:30 a.m. at:

         Deloitte & Touche
         Corner House, Chruch & Parliament Streets
         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.


DRESDNER RCM TIGER: Holding Last Shareholders Meeting on Dec. 14
----------------------------------------------------------------
Dresdner RCM Tiger Fund Limited will hold its final shareholders
meeting on Dec. 14, 2007, at 10:00 a.m. at:

         Deloitte & Touche
         Corner House, Chruch & Parliament Streets
         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.


LIGHTHOUSE INSURANCE: Court To Hear Wind-Up Petition on Dec. 14
---------------------------------------------------------------
The Supreme Court of Bermuda will hear Lighthouse Insurance
Company Limited's wind-up petition at on Dec. 14, 2007, at 9:30
a.m.

The Bermuda Monetary Authority presented Lighthouse Insurance's
petition on Nov. 13, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to Attride-Stirling & Woloniecki, the attorneys for the
petitioner, stating the name and address of the person or firm.
It must be signed by the person or firm and must be served or
sent not later than 4:00 p.m. on Dec. 13, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attride-Stirling & Woloniecki
          Crawford House, 50 Cedar Avenue
          Hamilton HM11, Bermuda
          Fax: 441 295 6566


MUTUAL ARGENTINA: Proofs of Claim Filing Deadline Is 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.


NCB INSURANCE: Court Will Hear Wind-Up Petition on Dec. 14
----------------------------------------------------------
The Supreme Court of Bermuda will hear NCB Insurance Limited's
wind-up petition on Dec. 14, 2007, at 9:30 a.m.

The Bermuda Monetary Authority presented Lighthouse Insurance's
petition on Nov. 13, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or through his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to Attride-Stirling & Woloniecki, the attorneys for the
petitioner, stating the name and address of the person or firm.
It must be signed by the person or firm and must be served or
sent not later than 4:00 p.m. on Dec. 13, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attride-Stirling & Woloniecki
          Crawford House, 50 Cedar Avenue
          Hamilton HM11, Bermuda
          Fax: 441 295 6566


REFCO INC: Ch. 7 Trustee Wants Nod on MF Global Settlement Pact
---------------------------------------------------------------
Albert Togut, as Chapter 7 Trustee for Refco, LLC, asks the U.S.
Bankruptcy Court for the Southern District of New York to
approve a settlement and compromise he entered into on behalf of
the Chapter 7 for the estates of Refco LLC and Refco Trading
Services, LLC, with:

   (a) the Reorganized Debtors;

   (b) Reorganized Refco Capital Markets, Ltd.;

   (c) the plan administrators of the Reorganized Debtors and
       Reorganized RCM;

   (d) certain non-debtor Refco affiliates -- Refco (Singapore)
       Pte. Limited, Refco Overseas Ltd., Refco Investment
       Services Pte. Ltd., Refco Securities, LLC, Refco Trading
       Services, Ltd. and CI Investor Services, Ltd.;

   (e) the litigation trustee under the Refco litigation trust
       established by the Plan; and

   (f) MF Global, Inc., formerly known as Man Financial Inc.

Ronald DeKoven, Esq., at Jenner & Block LLP, in Chicago,
Illinois, reminds the Court that Refco LLC sold its futures
commission merchant business and its international business
lines -- Refco Singapore, Refco Investment Services Pte Ltd.,
Refco Overseas Limited, and the stock in Refco Canada Co. -- to
MFG. MFG paid US$282 million in cash on account of the Sales, as
well as an additional US$1 million in liquidated damages
resulting from MFG's decision not to purchase the assets of
Refco Hong Kong Ltd.

The Chapter 7 Trustee, MFG, and Citibank, N.A., as escrow agent,
executed a Purchase Price Escrow Agreement, wherein MFG
deposited funds equal to 25% of the adjusted purchase price into
an escrow account.

As of Sept. 30, 2007, the balance of the Escrow Account was
US$75,545,000,000 of which US$70.187 million (or 92.91%) was
attributable to proceeds from the Sales (exclusive of Refco
Singapore), and US$5.358 million (or 7.09%) was attributable to
the sale of Refco Singapore.  MFG has asserted significant
claims against the escrowed proceeds, and consequently, the
escrowed proceeds have not been released.  The Chapter 7 Trustee
also have material unresolved claims against MFG.

Following months of negotiations between the Chapter 7 Trustee
and MFG, the Parties have now come to a resolution of the
remaining outstanding claims relating to the Sales, and are
willing to settle all claims against each other.

Among others, the parties agree that:

   1. The balance, including all accrued interest, of the Escrow
      Account maintained at the Escrow Agent will be released by
      the Escrow Agent to the Chapter 7 Trustee;

   2. Approximately 92.91% of the proceeds from the Escrow
      Account will be allocated:

         (i) 87.1% to Refco, LLC;
        (ii) 3.7% the selling shareholders of Refco Canada Co.;
       (iii) 4.5% to Refco Group Ltd.; and
        (iv) 4.7% to Refco Global Holdings, LLC.

      The remaining 7.09% of the proceeds in the Escrow Account
      are allocable to the sale of Refco Singapore and will be
      distributed to Refco Singapore;

   3. MFG will pay to the Chapter 7 Trustee US$2,191,347 as
      settlement payment representing US$2,900,000, less certain
      tax obligations and the allowed amount of the Man
      Financial Ltd. claim;

   4. The Tax Obligations that will be deemed satisfied upon
      delivery of the MFG Settlement Payment are:

         (i) US$50,007 to satisfy certain of the Refco Entities'
             capital gains tax obligations relating to their
             India operations; and

        (ii) US$306,818 to satisfy certain of the Refco
             Entities' tax obligations relating to Polaris-Refco
             Futures Co., Ltd.;

   5. Man Financial's Claim No. 409 for US$351,827 against the
      Chapter 7 Debtor will be allowed and satisfied upon
      delivery of the MFG Settlement Payment.

   6. The Refco Entities and MFG each retain their obligations
      and rights under their Facilities Management Agreement;

   7. The superpriority liens and claims granted to MFG pursuant
      to the Chapter 7 Sale Order will be deemed released; and

   8. The parties will exchange mutual releases, except with
      respect to certain obligations.

A full-text copy of the Agreement is available for free at:

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

                      About Refco Inc.

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

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

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

Refco Commodity's exclusive period to file a chapter 11 plan
expired on Feb. 13, 2007.  (Refco Bankruptcy News, Issue No. 73
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or215/945-7000).


SENSU LTD: Court Will Hear Wind-Up Petition on Dec. 14
------------------------------------------------------
The Supreme Court of Bermuda will hear Sensu Ltd.'s wind-up
petition on Dec. 14, 2007, at 9:30 a.m.

The Bermuda Monetary Authority presented Lighthouse Insurance's
petition on Nov. 13, 2007.

Any creditor or contributory of the company who wants to support
or oppose the making of an order on the petition may appear
during the hearing by himself or his counsel.

Anyone who wants to attend the hearing of the petition must
submit by post a notice in writing of their intention to do so
to Attride-Stirling & Woloniecki, the attorneys for the
petitioner, stating the name and address of the person or firm.
It must be signed by the person or firm and must be served or
sent not later than 4:00 p.m. on Dec. 13, 2007.

A copy of the petition will be furnished to any creditor or
contributor of the company upon payment of the regulated charge
for the document, which is available at:

          Attride-Stirling & Woloniecki
          Crawford House, 50 Cedar Avenue
          Hamilton HM11, Bermuda
          Fax: 441 295 6566




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


MILLICOM INT: Colombian Unit Eyes 2.9 Mln Subscribes by Year-End
----------------------------------------------------------------
Millicom International's Colombian unit Tigo sees about 2.9
million clients by the end of 2007, Colombian news daily
Portafolio reports.

Cellular-News relates that as of September 2007, Tigo reported
about 2.6 million clients.

Tigo would end 2007 with coverage in 700 cities and
municipalities across Colombia.  Its investments in coverage
would total US$170 million this year, Portafolio states.

                         About Tigo

Tigo won its nationwide PCS license in January 2003.  The
operator began as a joint venture (50:50) between Bogota-based
fixed line operator ETB and Medellin-based public services and
telecoms group EPM.  In September 2006, Millicom International
Cellular acquired a 50% plus one share-controlling stake in the
company.

                About Millicom International

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

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

                        *     *     *

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




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


BANCO NACIONAL: Praia Grande Secures BRL124-Mln Loan from Bank
--------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social told
Business News Americas that it has signed a BRL124-million loan
with Praia Grande city for drainage and environmental
sanitation.

Business News Americas relates that funds from the federal
growth acceleration program of Brazil will supplement the Banco
Nacional loan, bringing total project financing to BRL155
million.

According to BNamericas, Coastal Praia Grande had one of the
highest growth in population in the region, increasing demand
for basic services.  The works will also bring in jobs and money
as better infrastructure will attract more tourists in the
summer season.

BNamericas states that these most populated and lower income
neighborhoods will have works done first:

          -- Satio do Campo,
          -- Antartica,
          -- Quietude,
          -- Trevo, and
          -- Rio Branco.

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

                        *     *     *

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


BRASKEM SA: S&P Raises Long-Term Corporate Credit Rating to BB+
---------------------------------------------------------------
Standard & Poor's Ratings Services has raised its long-term
corporate credit rating on Brazilian petrochemical company,
Braskem S.A. to 'BB+' from 'BB'.  At the same time, the rating
was removed from CreditWatch, where it was placed with positive
implications on Nov. 26, 2007.  The Brazil National Scale credit
rating on the company was also raised to 'brAA+' from 'brAA'.
The outlook is stable.

The rating action reflects Braskem's improved business profile,
resulting from both the acquisition of the control of strategic
assets in the Triunfo Petrochemical Complex and the recently
announced agreement with Petroleo Brasileiro S.A. (Petrobras;
BBB-/Stable/--) under which Petrobras will contribute its stakes
in co-owned petrochemical assets in exchange for a higher
shareholding position at Braskem.

These transactions significantly strengthen Braskem's business
profile, as they further improve operating integration into
feedstock and reinforce the company's leading market position in
Brazil, pointing toward margin improvement and reduction in
credit measures volatility in the future.  "The rating action
also reflects the improvements in the company's financial
profile already captured by the consolidation of acquired assets
and expectations that the company will continue using its more
resilient cash flows to pay down acquisition debt," said S&P's
credit analyst Victor Saulytis.

The rating on Braskem reflects the company's exposure to
volatile input costs (mainly naphtha), as well as to the
associated working capital swings; reliance on its home market
for EBITDA and increasing competition arising from large local
players; and the risks associated with the company's growth and
internationalization plans.  These risks are partly offset by
the company's leading business and market position in the
Brazilian petrochemical industry; a fair financial profile, with
adequate liquidity and debt amortization schedule; economies of
scale; some geographic diversification; and increasing
technological expertise.

The stable outlook reflects S&P's expectations that Braskem will
consistently improve financial ratios, as higher and more
resilient cash flows are used to pay down acquisition debt
gradually. S&P expects the company to sustain prudent financial
policies and low debt maturity concentration after the
acquisitions are completed.  The company will increasingly
benefit from higher operating integration and stronger market
position, which S&P expects to result in consistently stronger
profitability and resilient cash flows.  As such, a positive
revision of the ratings would depend primarily on gross debt
reduction relative to midcycle cash flows, causing FFO-to-total
debt to be consistently higher than 40% and total debt-to-EBITDA
lower than 1.5.  Alternatively, the ratings or outlook could be
revised negatively if the company is not able to continue
improving credit measures or liquidity deteriorates
significantly, which may be caused by feedstock volatility,
working capital pressures, or unfavorable market conditions.
Finally, changes in the company's investment strategy (including
investments in Venezuela) causing higher cash outflows than
initially expected and leading to a more leveraged capital
structure, could also place negative pressure on the ratings.

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


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
proposedamendments 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 expires 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)


GERDAU SA: Socopo Puts Hold Recommendation on Firm's Shares
-----------------------------------------------------------
Brazilian brokerage Socopa has assigned a "hold" rating on
Gerdau SA's shares, after the steel company disclosed plans of
investing about US$400 million in a new heavy plate rolling
plant, Business News Americas reports.

Socopa said in its report, "We consider Gerdau's plans to be
positive, for the installation of a heavy plate rolling
operation diversifies its product mix and takes advantage of
existing marketing know-how."

"The company gains competitiveness to face competition from
Usiminas and Arcelor," Socopa commented to BNamericas.

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


HEXCEL CORP: Expects Double Digit Sales Growth in 2008
------------------------------------------------------
Hexcel Corporation has discussed its guidance for 2008 and
outlook for the future.

Mr. David Berges, summarizing Hexcel's prospects, commented,
"For 2008 we see the continuation of growth in all of our core
markets and an increasing significance of Airbus A380 and Boeing
787 sales.  We expect our fifth year in a row of double digit
sales growth led by commercial aerospace and wind energy
markets.  Global demand is lifting build rates for aircraft and
wind turbines and we believe that this trend will continue for
the foreseeable future.  In addition, the ramp-ups for the
Airbus A380 and Boeing 787 programs accelerate the secular
penetration story for composites in commercial aerospace."

"We expect that we will achieve our margin targets for 2007 and
the sales growth will lead to an increased rate of operating
margin and earnings expansion in 2008.  Our expectations are for
improvement of about 100 basis points in operating margin in
2008 despite continued cost pressures from high oil costs and
unfavorable foreign exchange rates."

"Our 2007 sale of non-core reinforcements businesses both
improved our prospects for consistent growth and helped put our
balance sheet in the best shape it has been in for years.
Entering 2008, we expect debt to be less than two times EBITDA
and we expect our capital investment program to be funded from
operations."

                          Revenue

Commercial Aerospace

With continued increases in aircraft production and the
contribution of A380 and B787 ramp up, total 2008 commercial
aerospace revenues are projected to grow in the range of 12% -
15% as compared to 2007.  At currently projected build rates,
the A380 and B787 programs could contribute over US$200 million
more in revenues to Hexcel in 2010 than 2007.  Combined with
industry projections of other aircraft build increases, the
three year revenue trend for Airbus and Boeing programs could
result in average revenue growth in the high-teens for the three
year period.

Space & Defense

The company expects its Space & Defense revenues to maintain
their long-term growth trend of 8%-10% per year.  A key driver
near term will be continued strong growth in rotorcraft,
particularly the ramp-up of the V-22 Osprey.  It is hoped that
sales to the new A400M transport will offset the possible
decline of the C-17 program.  Longer term, the F-35 Joint Strike
Fighter program will be a key growth contributor.

Industrial

Led by the strong growth in wind energy revenues, industrial
sales growth should return to the mid-teens.  After a year of
portfolio pruning in "other industrial" and a weak year of
recreational sales, non-wind related sales will show some modest
improvement.  Longer term, the company expects continued growth
of wind energy as well as the addition of over US$40 million per
year in new material sales for the American Centrifuge Program
and other new industrial opportunities by 2010.

                    Consolidated Revenues

In total, the company anticipates 2008 consolidated revenues to
grow in a range of 10%-15% year-on-year, assuming the average
Euro and British pound exchange rates in 2008 are comparable to
2007.  Based on its current mix of sales, while a weaker US
dollar would inflate revenues, operating income would not
increase, and as a result, margin percentages would compress.

                      Operating Margin

The company should see continued improvement in operating margin
percentage through leverage on incremental sales, productivity
gains, cost reductions, increased pricing and carbon fiber
expansion.  These improvements will be partially offset by the
continuing cost pressures from the collateral impact of oil
costs and the weak dollar.  In 2008, its target-operating margin
is 12-12.5% of sales, which will be an improvement of about 100
basis points from 2007 levels (excluding business consolidation
and restructuring expenses).  However, the company expects first
quarter operating margin to be slightly lower than the 2008
average due to the start-up activities at its new manufacturing
facilities and the usual timing associated with its stock
compensation expense.  Included within its 2008 operating margin
assumptions is an US$8-US$10 million increase in depreciation
expense from 2007 levels.

                         Diluted EPS

The company expects 2008 earnings per share to be in the range
of US$0.90 to US$0.95, excluding any possible impact from non-
recurring items.  For example, the previously disclosed
settlement expense for the termination of the US defined pension
plan (about US$0.08 per share), will primarily be recorded in
the fourth quarter of 2007, but the company expects about
US$0.02 of this charge to occur in early 2008.  This EPS
estimate is based upon an implied tax rate of 38% for the year
and an estimated diluted share count of 97.5-98.5 million.
Hexcel's effective tax rate is sensitive to the mix of taxable
income from its U.S. and European operations and the volatility
inherent in FIN 48.

                         Cash Flows

Capital expenditures are expected to be approximately US$150
million as the company moves ahead with its previously announced
expansion of carbon fiber production capacity.  Cash flows from
operations are expected to be sufficient to cover the capital
spending plans.  New program wins will determine future capital
spending levels, but the company currently expects US$120-US$150
million per year to be a pace that would support most growth
scenarios for a number of years.

                     About Hexcel Corp.

Headquartered in Stamford, Connecticut, Hexcel Corporation
(NYSE: HXL) -- http://www.hexcel.com/-- is an advanced
structural materials company.  It develops, manufactures and
markets lightweight, high-performance structural materials,
including carbon fibers, reinforcements, prepregs, honeycomb,
matrix systems, adhesives and composite structures, used in
commercial aerospace, space and defense and industrial
applications.

The company has operations in Australia, Brazil, China, France
and Japan, among others.

                        *     *     *

As reported in the Troubled Company Reporter on April 5, 2007,
Moody's Investors Service has raised the ratings of Hexcel
Corporation, Corporate Family Rating to Ba3 from B1.  The
ratings on Hexcel's senior secured credit facility have been
upgraded to Ba1 from Ba2, while the subordinated notes ratings
were upgraded to B1 from B3.  Moody's said the ratings outlook
is stable.


NOVELL INC: SEC Inquiries Prompt Delay in 2007 Earnings Release
---------------------------------------------------------------
Novell Inc. has decided to postpone its fourth quarter and full-
year 2007 earnings release and conference call.  The release of
its fourth quarter and full-year results was initially scheduled
Wednesday, Dec. 5, 2007.

Novell received a comment letter from the U.S. Securities and
Exchange Commission, dated Aug. 7, 2007, regarding Novell's Form
10-K for the fiscal year ended Oct. 31, 2006, and its Form 10-Q
for the quarterly period ended April 30, 2007.  Novell delivered
a response letter to the SEC on Sept. 20, 2007.  On
Oct. 18, 2007, Novell received a second comment letter from the
SEC indicating that the SEC had reviewed Novell's response to
the Aug. 7, 2007, letter.  The second comment letter was limited
to certain accounting matters.  Novell responded to the SEC's
second comment letter on Nov. 7, 2007, and is awaiting a
response.

"We are confident of our accounting and are working diligently
with the SEC to respond to their inquiries," said Dana C.
Russell, chief financial officer of Novell.  "In an abundance of
caution, we have chosen to postpone our earnings release.  We
look forward to completing our dialogue with the SEC."

Novell intends to release its fourth quarter and full-year 2007
earnings upon the completion of the SEC's review.  Novell is
unable to estimate when the process will be completed, but
currently expects to file its Form 10-K for the fiscal year
ended Oct. 31, 2007, on or before its due date of Dec. 31, 2007.

Last May 23, 2007, Novell Inc. disclosed that it completed its
self-initiated, voluntary review of the company's historical
stock-based compensation practices and determined the related
accounting impact.  The scope of the review covered
approximately 400 grant actions from Nov. 1, 1996, through
Sept. 12, 2006.  As a result of the review, Novell delayed the
filing of its quarterly reports on Form 10-Q for the fiscal
quarters ended July 31, 2006, and Jan. 31, 2007, and its annual
report on Form 10-K for the fiscal year ended Oct. 31, 2006.

The Audit Committee, together with its independent outside legal
counsel, did not find any evidence of intentional wrongdoing by
any former or current Novell employees, officers or directors.
Novell determined, however, that it utilized incorrect
measurement dates for some of the stock-based compensation
awards granted during the review period.

                      About Novell Inc.

Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq:
NOVL) -- http://www.novell.com/-- delivers infrastructure
software for the Open Enterprise.  Novell provides desktop to
data center operating systems based on Linux and the software
required to secure and manage mixed IT environments.

The company has offices in Australia, Argentina, Austria,
Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong
Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia,
Netherlands, New Zealand, Norway, Philippines, Poland,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan,
Thailand and United Kingdom.

                        *     *     *

Novell Inc.'s subordinated debt carries Moody's Investors
Service's B1 rating.


* BRAZIL: Petroleo Brasileiro Supplying Natural Gas To Bahiagas
---------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiro SA said in a
statement that it has signed a deal to supply about 5.1 million
cubic meters per day of natural gas to Bahia state gas
distributor, Bahiagas.

Business News Americas relates that the newly agreed natural gas
volume is about 1.6 million cubic meters per day higher compared
to the current 3.5 million cubic meters per day deal between
Petroleo Brasileiro and Bahiagas.

BNamericas notes that of the added 1.6 million cubic meters per
day of natural gas, about 500,000 cubic meters per day will be
supplied through a "company and flexible accord."  Meanwhile,
some 1.1 million cubic meters per day will be supplied through
an "interruptible deal."

Petroleo Brasileiro can stop supplying natural gas to Bahiagas,
BNamericas says, citing the "interruptible deal."  Meanwhile,
the "firm and flexible contract" requires Petroleo Brasileiro to
sell fuel oil to Bahiagas for the same price as natural gas if
it fails to supply the gas.

Petroleo Brasileiro commented to BNamericas, "The new contract
structures allow for more efficient planning in the natural gas
market and ensures natural gas supplies to Bahia state."

Due to production from the Camamu basin's Manati field, Petroleo
Brasileiro could ensure natural gas supplies to Bahia.  The
field began producing earlier this year.  It would reach
production of six million cubic meters a day by year-end,
BNamericas states.

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

                        *     *     *

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




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


BOMBAY CO: Court Sets Jan. 21, 2008 as Claims Bar Date
------------------------------------------------------
The United States Bankruptcy Court for the Northern District of
Texas set Jan. 21, 2008, as the last day within which creditors
of Bombay Co. and its debtor-affiliates may file their proofs of
claim.

Governmental units may file their proofs of claim on or before
March 18, 2008.

Proofs of claims must be filed at this address:

       AlixPartners LLP
       c/o John Franks
       2100 McKinney Avenue, Suite 800
       Dallas, Texas 75201

Based in Fort Worth, Texas, The Bombay Company Inc., (OTC
Bulletin Board: BBAO) -- http://www.bombaycompany.com/--
designs, sources and markets a unique line of home accessories,
wall decor and furniture through 384 retail outlets and the
Internet in the U.S. and internationally, including Cayman
Islands.

The company and five of its debtor-affiliates filed for Chapter
11 protection on Sept. 20, 2007 (Bankr. N.D. Tex. Lead Case No.
07-44084).  Robert D. Albergotti, Esq., John D. Penn, Esq., Ian
T. Peck, Esq., and Jason B. Binford, Esq., at Haynes and Boone,
LLP, represent the Debtors.  Attorneys at Cooley, Godward,
Kronish LLP act as counsel for the Official Committee of
Unsecured Creditors.  Forshey & Prostok LLP is the Committee's
local counsel.  As of May 5, 2007, the Debtors listed total
assets of US$239,400,000 and total debts of US$173,400,000.


LIPPER OFFSHORE: Sets Final Shareholders Meeting for Dec. 14
------------------------------------------------------------
Lipper Offshore Convertibles Corp. will hold its final
shareholders meeting on Dec. 14, 2007, at 2:00 p.m. at:

                Deloitte, Fourth Floor
                Citrus Grove, P.O. Box 1787
                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 liquidator to retain the records of
             the company for a period of five years from the
             dissolution of the company, after which they may be
             destroyed.

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

Lipper Offshore's shareholders agreed on Oct. 30, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Stuart Sybersma
            Attention: Mervin Solas
            Deloitte, P.O. Box 1787
            George Town, Grand Cayman
            Cayman Islands
            Telephone: (345) 949-7500
            Fax: (345) 949-8258


NORTH POLE: Will Hold Final Shareholders Meeting on Dec. 14
-----------------------------------------------------------
North Pole Capital Limited will hold its final shareholders
meeting on Dec. 14, 2007, at 9:00 a.m. at:

               Avalon Management Limited
               Third Floor, Zephyr House
               Mary Street, P.O. Box 1180
               Grand Cayman KY1-1108, Cayman Islands

These agenda will be taken during the meeting:

          1) accounting of the winding-up process;
          2) hearing any explanation thereof; and
          3) deciding the manner in which the books, accounts
             and documentation of the company and of the
             liquidator should be maintained and subsequently
             disposed.

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.

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

The liquidator can be reached at:

            Avalon Management Limited
            Third Floor, Zephyr House
            Mary Street, P.O. Box 1180
            Grand Cayman KY1-1108, Cayman Islands


NZB ABSOLUTE: Sets Final Shareholders Meeting for Dec. 14
---------------------------------------------------------
NZB Absolute Healthcare Master Fund Limited will hold its final
shareholders meeting on Dec. 14, 2007, at 10:00 a.m. at:

              Trident Trust Company (Cayman) Limited
              Fourth Floor, One Capital Place
              P.O. Box 847, 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 liquidator to retain the records of
             the company for a period of five years from the
             dissolution of the company, after which they may be
             destroyed

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

NZB Absolute's shareholder decided on Feb. 28, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Trident Directors (Cayman) Ltd.
            Attention: Kimbert Solomon
            P.O. Box 847, George Town
            Grand Cayman KY1-1103, Cayman Islands
            Telephone: (345) 949 0880
            Fax: (345) 949 0881


NZB ABSOLUTE HEALTHCARE: Final Shareholders Meeting Is Dec. 14
--------------------------------------------------------------
NZB Absolute Healthcare Fund Limited will hold its final
shareholders meeting on Dec. 14, 2007, at 10:00 a.m. at:

              Trident Trust Company (Cayman) Limited
              Fourth Floor, One Capital Place
              P.O. Box 847, 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 liquidator to retain the records of
             the company for a period of five years from the
             dissolution of the company, after which they may be
             destroyed.

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

NZB Absolute's shareholder decided on Feb. 28, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Trident Directors (Cayman) Ltd.
            Attention: Kimbert Solomon
            P.O. Box 847, George Town
            Grand Cayman KY1-1103, Cayman Islands
            Telephone: (345) 949 0880
            Fax: (345) 949 0881


NZB PRODUCTS: Will Hold Final Shareholders Meeting on Dec. 14
-------------------------------------------------------------
NZB Products (CI) Limited will hold its final shareholders
meeting on Dec. 14, 2007, at 10:00 a.m. at:

              Trident Trust Company (Cayman) Limited
              Fourth Floor, One Capital Place
              P.O. Box 847, 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 liquidator to retain the records of
             the company for a period of five years from the
             dissolution of the company, after which they may be
             destroyed.

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

NZB Products shareholders agreed on Aug. 9, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

            Trident Directors (Cayman) Ltd.
            Attention: Kimbert Solomon
            P.O. Box 847, George Town
            Grand Cayman KY1-1103, Cayman Islands
            Telephone: (345) 949 0880
            Fax: (345) 949 0881


OTEMACHI CAPITAL: Holding Final Shareholders Meeting on Dec. 14
---------------------------------------------------------------
Otemachi Capital Holdings Inc. will hold its final shareholders
meeting on Dec. 14, 2007, at 11:30 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.

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

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


PARMALAT SPA: PET Shift Boosts Romanian Juice Sales by 300%
-----------------------------------------------------------
Parmalat Romania, a unit of Parmalat S.p.A., posted a 300% hike
in sales for its juice and nectar segments for the first nine
months of 2007, Mihaela Popescu writes for Ziarul Financiar.

Giampaolo Manzonetto, Parmalat Romania's manager, attributed the
increase to a shift to PET packaging, particularly on Santal
juices, Ziarul relates.

"For ice tea, Santal posted a 241% increase during this period,
after we launched the PET alternative," Mr. Manzonetto told
Ziarul.

"This year, the still drinks segment was bolstered by high
temperatures in the summer.  As a rule, December is the most
important month for us, however in 2007, July and August brought
us sales double the monthly average," Mr. Manzonetto added.

Mr. Manzonetto forecasts sales to reach over EUR14 million this
year, up EUR12.1 million, Ziarul relates.  The manager also
forecasts the unit's operating income to reach EUR3 million by
year-end.

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

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

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

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

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

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


TRISTAR INTERNATIONAL: Final Shareholders Meeting Is on Dec. 14
---------------------------------------------------------------
Tristar International Sales Corp. will hold its final
shareholders meeting on Dec. 14, 2007, at 12:00 p.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.

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

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


VF CAYMANS: Sets Final Shareholders Meeting for Dec. 14
-------------------------------------------------------
VF Caymans I will hold its final shareholders meeting on
Dec. 14, 2007, at 10:00 a.m. at:

             Trident Trust Company (Cayman) Limited
             Fourth Floor, One Capital Place
             P.O. Box 847, George Town
             Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

VF Caymans shareholders agreed on May 29, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

            Trident Directors (Cayman) Ltd.
            Attention: Kimbert Solomon
            P.O. Box 847, George Town
            Grand Cayman KY1-1103, Cayman Islands
            Telephone: (345) 949 0880
            Fax: (345) 949 0881


VF CAYMANS II: Will Hold Final Shareholders Meeting on Dec. 14
--------------------------------------------------------------
VF Caymans II will hold its final shareholders meeting on
Dec. 14, 2007, at 10:00 a.m. at:

             Trident Trust Company (Cayman) Limited
             Fourth Floor, One Capital Place
             P.O. Box 847, George Town
             Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

VF Caymans shareholders agreed on May 29, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

            Trident Directors (Cayman) Ltd.
            Attention: Kimbert Solomon
            P.O. Box 847, George Town
            Grand Cayman KY1-1103, Cayman Islands
            Telephone: (345) 949 0880
            Fax: (345) 949 0881




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


ELECTRONIC DATA: Share Buyback Won't Impact Rating, Moody's Says
----------------------------------------------------------------
Moody's has commented that Electronic Data System Corp.'s Ba1
long term rating and positive rating outlook are unaffected by
the Dec. 4, 2007 announcement that its board has authorized a
new US$1 billion share buyback program to be executed over the
next eighteen months.  The company's large cash balance and
Moody's expectations for continued improvements in operating
performance and free cash flow generation, as well as
management's commitment to limit share repurchases within free
cash flow, support the Ba1 rating and positive outlook.

Electronic Data remains a leader in Information Technology
outsourcing with good organic revenue growth and profitability.
The company is expected to maintain strong liquidity from
internal and external sources providing good financial
flexibility.  The company's rating and positive rating outlook
are supported by its size and breadth, as measured by its
geographic diversification, as well as its ample pretax income
and free cash flow.

Moody's expects the company's management will be prudent in
administering the share buyback program, such that share
repurchases are done in accordance with free cash flow
generation and may be suspended or slowed if capital is needed
to be allocated elsewhere to fund other possible business
investment needs.

As of the quarter ended September 2007, Electronic Data' cash
and short term investments totaled US$3.1 billion as compared to
total debt of US$3.3 billion, with the nearest maturity of
US$700 million due in October 2009 (US$700 million 7.125% senior
notes due).  The company also has access to a US$1 billion five
year revolving credit facility maturing June 2011.  There are no
outstanding borrowings under the credit facility at September
2007 and Moody's does not expect any usage over the next twelve
months.  This revolver allows for drawings without having to
represent no material adverse change and has two financial
covenants, a leverage ratio of 3.0 times measured by debt to
EBITDA and an EBITDA to interest expense coverage ratio of 3.0
times.  At Sept. 30, 2007, the company's leverage ratio and
interest coverage ratio, as measured under the definitions of
the facility, were 1.12 and 13.01, respectively.  Moody's
expects the company will remain in compliance with these
financial covenants for at least the next twelve months.

                      About EDS Corp.

Based in Plano, Texas, Electronic Data System Corp. (NYSE: EDS)
-- http://www.eds.com/-- is a global technology services
company delivering business solutions to its clients.  The
company founded the information technology outsourcing industry
more than 40 years ago.  The company delivers a broad portfolio
of information technology and business process outsourcing
services to clients in the manufacturing, financial services,
healthcare, communications, energy, transportation, and consumer
and retail industries and to governments around the world.

EDS has locations in Argentina, Australia, Brazil, China, Chile,
Hong Kong, India, Japan, Malaysia, Mexico, Puerto Rico,
Singapore, Taiwan, Thailand and South Korea.


REVLON INC: Stockholder to Refinance Unit's US$170-Mln Sub. Loan
----------------------------------------------------------------
MacAndrews & Forbes Holdings Inc., Revlon Inc.'s stockholder,
which is owned by Ronald O. Perelman, has agreed to provide
Revlon Inc.'s operating subsidiary, Revlon Consumer Products
Corporation, with a US$170 million Senior Subordinated Term
Loan.

RCPC will use the proceeds of such term loan to repay in full
the US$167.4 million remaining aggregate principal amount of its
8-5/8% Senior Subordinated Notes, which matures on Feb. 1, 2008,
and to pay fees and expenses incurred in connection with such
transaction.  RCPC expects to close and fund the US$170 million
Senior Subordinated Term Loan on Feb. 1, 2008.

The US$170 million Senior Subordinated Term Loan from MacAndrews
& Forbes will bear interest at the rate of 11% per annum, which
will be payable quarterly in cash, and will be unsecured and
subordinated to RCPC's senior debt, with a final maturity of
Aug. 1, 2009.

MacAndrews & Forbes beneficially owns approximately 57% of the
company's outstanding Class A common stock, 100% of the
company's Class B common stock and 60% of the company's combined
outstanding shares of Class A and Class B common stock, which
together represent approximately 74% of the combined voting
power of such shares.

                      About Revlon Inc.

Headquartered in New York City, Revlon Inc. (NYSE:REV) --
http://www.revlon.com/-- conducts its business through its
direct wholly owned operating subsidiary, Revlon Consumer
Products Corporation and its subsidiaries, which manufactures,
markets and sells an array of cosmetics, skincare, fragrances,
beauty tools, hair color and personal care products.  The
company is a mass-market cosmetics brand.   The company's Latin
American operations are located in Argentina, Brazil, Chile,
Mexico and Venezuela.

                        *     *     *

The company's Sept. 30, 2007, consolidated balance sheet showed
US$882.4 million in total assets and US$2.03 billion in total
liabilities, resulting in a US$1.15 billion in total
shareholders' deficit.

Net loss in the third quarter of 2007 was US$10.4 million,
compared with a net loss of US$100.5 million in the third
quarter of 2006.




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


CORPORACION INTERAMERICA: S&P Affirms BB- Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB-' long-
term corporate credit rating on Corporacion Interamericana de
Entretenimiento S.A.B. de C.V. y subsidiarias and its 'B+' long-
term corporate credit rating on its holding company, Corporacion
Interamericana de Entretenimiento S.A.B. de C.V.  S&P also
affirmed its 'B+' senior unsecured debt rating on the company's
notes due 2015.

In addition, all ratings were removed from CreditWatch with
positive implications, where they were placed on Aug. 17, 2007,
after the announcement that the company entered into a
Memorandum of Understanding with Codere S. A.
(BB-/Watch Neg/--), in which Codere will agree to acquire a 49%
interest in CIE Las Americas in exchange for Codere's 50%
interest in the existing gaming joint ventures within CIE Las
Americas.  The outlook is stable.

The removal from CreditWatch follows the closing of the exchange
with Codere, which resulted in a US$175 million cash payment
from Codere to Corporacion Interamericana.  The rating
affirmation reflects S&P's expectations that although the
company's financial policy will continue to favor debt
reduction, there is uncertainty regarding the timing and amounts
of future debt reductions and particularly the company's
discretion over the joint venture's cash flows.  The affirmation
also reflects S&P's expectation that the new 20% tax on gaming
that was recently approved by the Mexican Congress will have an
impact on the company's financial performance.

Corporacion Interamericana's holding company is rated 'B+' based
on its pure holding company nature.  It depends on the cash
flows-interest income, fees, and dividends-upstreamed from its
subsidiaries.  The removal of debt at the operating company
level would not automatically warrant the equalization of the
rating on the holding company's notes with the corporate credit
rating on the whole group.  Proceeds of the holding company-
level debt are largely downstreamed to its operating
subsidiaries as loans.  The holding company's main source of
cash flow is the interest collected from its subsidiaries, which
is a more stable revenue stream than dividends.

"The ratings reflect CIE's exposure to economic cycles and
increasing competition from emerging out-of-home entertainment
sources; the need to constantly add more attractions or events
to its backlog; the volatile availability of international
talent; and the ongoing need to renew venues' concessions and
sponsorship contracts.  The ratings are also based on the
favorable competitive position of its operations due to its
vertically integrated structure and operational scale, and its
position as the out-of-home industry leader in Mexico," said
S&P's credit analyst Fabiola Ortiz.

The stable outlook reflects the company's leading position in
the Latin America market, as well as management's commitment to
improve its financial profile.  Significant debt reduction
combined with conservative and selective acquisitions would be
the main factors in strengthening the company's credit profile.
On the other hand, liquidity constraints or changes in the
economic or regulatory environment could affect the credit
rating.  The more evident cause for a rating action would be the
company's greater, or lesser, discretion regarding its
subsidiaries' cash flows.

Corporacion Interamericana de Entretenamiento is a Mexican
entertainment company involved in the promotion of live events,
including concerts, theatrical productions, amusement parks,
betting on foreign sports and number games, trade fairs and
exhibitions, as well as sporting and other events.  The
company's operations are divided into five strategic areas:
Corporacion Interamericana Entertainment, which promotes musical
concerts, theatrical productions, family shows and other live
events; Corporacion Interamericana Las Americas, which centers
on the operation and development of the Las Americas Complex in
Mexico City, including the Las Americas Hippodrome; Corporacion
Interamericana Amusement Parks, which operates nine parks in
Mexico and two in Columbia and has also opened the Wannado City
Theme Park in Fort Lauderdale, Florida; Corporacion
Interamericana Commercial, which attracts and channels customers
via advertising and public relations, and Corporacion
Interamericana International, which develops live events outside
of Mexico, mainly in Argentina, Brazil, Colombia and the United
States.


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

US$2.0 billion of proposed debt rated.

Assignments:

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

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

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

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

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

* strong geographic, product and operational diversity

* sizeable market leadership in the markets Solutia serves

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

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

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

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

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

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

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

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

                       About Solutia

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

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

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


SOLUTIA INC: S&P Rates Proposed US$1.2 Billion Term Loan at B+
--------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion
senior secured term loan and a '3' recovery rating, indicating
the likelihood of a meaningful (50%-70%) recovery of principal
in the event of a payment default.  The ratings are based on
preliminary terms and conditions.

S&P also assigned its 'B-' rating to the company's proposed
US$400 million unsecured notes.

Solutia will use proceeds from the proposed term loan, unsecured
notes, an unrated US$400 million asset-backed revolving credit
facility, and a US$250 million rights equity issue to pay
certain creditors upon emergence from bankruptcy, including
creditors at a Belgium-based subsidiary, Solutia Europe
S.A./N.V. (B/Developing/B).  S&P expects to withdraw its ratings
on Solutia Europe when creditors of that company are paid down
as planned.  Proceeds will also be used to meet funding
shortfalls in employee benefit liabilities.

Total adjusted debt, pro forma for the transaction, including
the present value of capitalized operating leases, tax-adjusted
unfunded employee benefits, and tax-adjusted environmental
reserves, is estimated at US$2.1 billion for the fiscal year
ended Dec. 31, 2007.

S&P expects to assign its 'B+' corporate credit rating to
Solutia if the company and its subsidiaries emerge from Chapter
11 bankruptcy proceedings in early 2008 as planned. S&P expects
the outlook to be stable.

"The ratings reflect Solutia's highly leveraged financial
profile and its low margins," said S&P's credit analyst Paul
Kurias.  Solutia's business mix includes a large commodity-
oriented nylon segment that is somewhat vulnerable to economic
and cyclical downturns and volatility in raw material,
transportation, and energy costs.  These risks are tempered by
meaningful contributions of relatively stable specialty
businesses in the company's portfolio, good market shares in
most businesses, geographic diversity, and an ongoing portfolio
restructuring effort aimed at improving the company's cost
competitiveness and profitability.

                     About Solutia Inc.

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

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

On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement.  On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan.  The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007.  On
Oct. 22, 2007, the Debtor re-filed a Consensual Plan &
Disclosure Statement and on November 29, the Court confirmed the
Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue
No. 109; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


* COLOMBIA: Cuts Mobile Firms' Maximum Connection Fee by 51%
------------------------------------------------------------
The Colombian telecommunications regulator Comision de
Regulacion de Telecomunicaciones told Dow Jones Newswires that
it has reduced the maximum connection fee mobile companies can
charge for calls from theri rival firms by 51%.

The new maximum fee mobile operators can charge to rivals to
conduct calls to their networks was cut to COP123.74 per minute,
from COP250.  The move is aimed at increasing competition among
operators and promoting investment in the sector, the
regulator's director Lorenzo Villegas said in a statement.

                        *     *     *

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.




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


CENVEO INC: S&P Lifts Corporate Credit Rating to BB- from B+
------------------------------------------------------------
Standard & Poor's Ratings Services has raised its ratings on
Cenveo Inc.  The corporate credit rating was raised to 'BB-'
from 'B+'.  The rating outlook is stable.

"The upgrade reflects strong improvements in profitability and
cash flow generation, increased cash flow diversity as a result
of acquisitions, and success in integrating acquisitions and
achieving synergies from those acquisitions," said S&P's credit
analyst Melissa Long.

Cenveo has experienced some decline in revenues from its legacy
business in 2007, primarily due to plant closures.  However, S&P
expects that the company will continue to improve operating
performance at the EBITDA line, generating in excess of US$300
million in EBITDA in 2008. Pro forma for the 2006 acquisition of
Rx Label Technology Corp. and the 2007 acquisitions of Cadmus
Communications Corp., Printegra Corp., Madison/Graham
ColorGraphics Inc., and Commercial Envelope Manufacturing Co.
Inc., S&P estimates that the company had total lease-adjusted
debt to EBITDA (excluding integration synergies) of 5.2 at
September 2007.  Including US$30 million in expected synergies
from the integration of these acquisitions, total lease-adjusted
debt to EBITDA was in the high-4.0 area.

The 'BB-' rating reflects Cenveo's high leverage pro forma for
recent acquisitions, the likelihood of more debt-financed
acquisitions in the intermediate term, and participation in
highly competitive and fragmented markets.  These factors are
somewhat offset by operating improvements in 2006 and the
expectation for continued growth in profitability and cash flow
generation.

Cenveo Inc. -- http://www.cenveo.com/-- (NYSE:CVO),
headquartered in Stamford, Connecticut, is a leader in the
management and distribution of print and related products and
services.  The company provides its customers with low-cost
solutions within its core business of commercial printing and
packaging, envelope, form, and label manufacturing, and
publisher services; offering one-stop services from design
through fulfillment.  With over 10,000 employees worldwide,
Cenveo delivers everyday for its customers through a network of
production, fulfillment, content management, and distribution
facilities across the globe.

Cenveo acquired Cadmus Communications in a merger completed on
March 2007.  The company has operations in the US, India and the
Caribbean Rim, particularly in the Bahamas, Cuba, Jamaica,
Haiti, Dominican Republic, Puerto Rico, and Belize.




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


BRITISH AIRWAYS: Traffic Figures Up 2.4% in November 2007
---------------------------------------------------------
British Airways plc reported traffic and capacity statistics for
November 2007.

In November 2007, passenger capacity, measured in Available-
Seat-Kilometers, was 1.6% above November 2006.  Traffic,
measured in Revenue-Passenger-Kilometers, rose 2.4%.  This
resulted in a passenger load factor up 0.6 points versus last
year, to 73.1%.  The increase in traffic comprised a 5% increase
in premium traffic and a 1.9% rise in non-premium traffic.

Cargo, measured in Cargo-Ton-Kilometers, rose by 5.5%.

                      Market Conditions

Longhaul premium markets continue to be strong.  However, as
indicated at interim results, shorthaul premium traffic shows
some weakness as corporate customers adjust travel policies on
shorter travel sectors.  The single hand baggage rule also
continues to have an effect but the alleviation of this rule in
January will benefit the shorthaul premium market in particular.
Our guidance on revenue, which we gave at the interim results of
a 3-3.5% increase for the year is unchanged.

                   Strategic Developments

The U.K. Government launched its consultation on a third runway
and mixed-mode for Heathrow.  BA said a third runway and fuller
use of the two existing runways would create national economic
benefits worth more than GBP9 billion a year.  The airline said
this would cut delays and allow Heathrow to increase its global
route network significantly, which is essential for the U.K. to
maintain prosperity in a globalized economy.

BA increased its fuel surcharge on all tickets booked from
Thursday Nov. 15, 2007.  The decision reflected record oil
prices and took rising fuel costs into account.  As reported in
November, the airline expects its fuel costs to increase by
GBP100 million in the current financial year, with the total
fuel bill for the year anticipated to exceed GBP2 billion for
the first time.

The airline announced it is launching new shorthaul routes from
Heathrow, Gatwick and London City airports from March 30, 2008.
The airline will start flights from Heathrow to Malaga and from
Gatwick to Alicante, Faro, Gibraltar, Ibiza, Malaga, Palma and
Tunis.  BA Cityflyer, the airline's wholly owned subsidiary
which operates from London City airport, is to launch four new
routes next summer to Amsterdam, Barcelona, Nice and Warsaw.

Tony McCarthy was announced as the company's new director for
people.  He joins the airline on Dec. 10, 2007, from Royal Mail
where, as group director people and organizational development,
he was a key member of the senior management team.  Prior to
joining Royal Mail, he spent almost 25 years with BAE Systems
and held a range of top-level human resources roles, including
the post of group HR director.

BA confirmed that it would not exercise its pre-emption rights
to acquire any of the Iberia shares being sold by BBVA and
Logista.  The BA and TPG led consortium formally withdrew their
interest in bidding for Iberia.

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

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

                        *     *     *

British Airways' senior unsecured debt carries Moody's
Investors' Service's Ba1 rating since Aug. 14, 2007, with a
stable outlook.  The rating still applies to date.


TECO ENERGY: Considers Amounts for Debt Tender Offer
----------------------------------------------------
TECO Energy Inc. has announced the applicable consideration
amounts for its offer to purchase for cash any and all of TECO
Energy's outstanding 7.50% Notes due 2010 (CUSIP No. 872375AK6).

The total tender offer consideration for each US$1,000 in
principal amount of notes validly tendered and not withdrawn on
or before 5:00 p.m., New York City time, Dec. 5, 2007, the early
tender date, and accepted for payment, is US$1,088.23, which
includes an early tender premium of US$20.00.  The late tender
offer consideration for each US$1,000 in principal amount of
notes validly tendered after the early tender date and on or
before the expiration date of the offer, and accepted for
payment, is US$1,068.23, which excludes the early tender
premium.  The consideration amounts were determined today at
2:00 p.m., New York City time, by the lead dealer managers for
the tender offer.  The consideration amounts were determined by
reference to a fixed spread of 0.85% over the yield to maturity
based on the bid-side price of the 3.625% U.S. Treasury note due
6/15/2010. The yield to maturity of the U.S. Treasury note was
determined to be 2.948% as of the price determination time.

The tender offer will expire at 5:00 p.m., New York City time,
on December 19, 2007, unless extended.  Notes validly tendered
and not withdrawn prior to 5:00 p.m., New York City time,
Dec. 5, 2007, the early tender date, and accepted for payment,
will have a settlement date of Dec. 7, 2007.  Notes validly
tendered after the early tender date and on or prior to the
expiration date, and accepted for payment, will have a
settlement date two business days after the expiration of the
tender offer.  In either case, holders whose notes are purchased
will be paid accrued and unpaid interest up to, but not
including, the applicable settlement date.  The terms and
conditions of the tender offer are described in an offer to
purchase dated Nov. 20, 2007, and related letter of transmittal.

The information agent and depositary for the tender offer is
Global Bondholders Services Corporation.  The tender offer is
made only by the offer to purchase and the related letter of
transmittal, and the information in this news release is
qualified by reference to such documents.  Requests for copies
of the offer to purchase and related letter of transmittal
should be directed to Global Bondholder Services Corporation at
212-430-3774 or 866-857-2200 (toll-free).

TECO Energy, Inc. -- http://www.tecoenergy.com/-- is an
integrated energy-related holding company with regulated utility
businesses, complemented by a family of unregulated businesses.
Its principal subsidiary, Tampa Electric Company, is a regulated
utility with both electric and gas divisions (Tampa Electric and
Peoples Gas System).  Other subsidiaries are engaged in
waterborne transportation, coal and synthetic fuel production
and electric generation and distribution in Guatemala.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2007, Fitch Ratings has assigned these ratings to TECO
Finance, Inc., a wholly owned finance subsidiary of TECO Energy,
Inc.:

  -- Issuer Default Rating 'BB+';
  -- Senior unsecured 'BB+'.




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


DYNCORP INT: Teams Up with Thiess to Pursue Australian Contracts
----------------------------------------------------------------
DynCorp International has entered into a partnership with Thiess
Pty. Ltd to pursue Australian government contracts in the
defense sector.  The joint venture will follow a model that is
independent of original equipment manufacturers to offer
scalable services to the Australian Department of Defence, as
well as other forces.

The joint venture's initial pursuits will be for Through-Life-
Support programs offered by the Defence Material Organization
including Main Battle Tanks, Australian Light Armored Vehicles,
transport vehicles, and self-propelled 155mm guns.  The pursuit
of maintenance and logistics-support programs for aircraft and
other land vehicles will also be considered.

DynCorp International's status as a service provider for the
U.S. Armed Forces, the U.S. Department of State, and export
markets provides the joint venture with expert skills in
aviation and land maintenance.  DynCorp International has been
working with the U.S. Department of Defense for nearly 60 years.

Thiess Pty. Ltd is a leading integrated engineering and services
provider with diverse operations throughout Australia, South
East Asia, and the Pacific.  Thiess Pty. Ltd has delivered some
of Australia's largest and most complex infrastructure projects
through its building, civil engineering, mining, and industrial
services, including the operation and maintenance of TLS
industrial assets.

"The United States and Australia have a strong alliance, and we
are proud to be a part of the bond that both unites and protects
our two nations," said DynCorp International President and Chief
Executive Officer Herbert J. Lanese.  "This is an ideal
partnership between two outstanding companies, and we are proud
to be joined with Thiess.  Together, Thiess and DynCorp
International have the capacity and the experience to deliver
tangible benefits in operational readiness to both the
Australian and U.S. defense forces. We look forward to getting
to work."

A ceremony was held Sept. 19 at the Australian Parliament House,
with the Australian Minister for Defence presiding, in
anticipation of this final agreement.  The Embassy of Australia
also hosted a signing ceremony on Dec. 3 to solidify the
agreement.

                      About Thiess Pty.

Thiess is one of Australia's leading industrial service
companies and a fully owned subsidiary of the Leighton Group and
is one of Australia's top 20 publicly listed companies.  Thiess
has an impressive record of having successfully delivered some
of Australia's largest and most complex infrastructure projects
and has long standing ties with the Australian Government and
the Defence Department.  Some completed Thiess projects include
the construction of major defence installations; an example of
this is the remediation of the HMAS Waterhen naval base in
Sydney Harbour and the redevelopment of the Marilinga nuclear
test site.  Thiess is also responsible for the disposal of used
batteries on behalf of the Australian Defence force.

                       About Dyncorp.

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.




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


DYOLL INSURANCE: Considering Jamaica Stock Exchange Suspension
--------------------------------------------------------------
The Dyoll Insurance would decide by January 2008 on whether it
would request the Jamaica Stock Exchange to lift its suspension,
Radio Jamaica reports, citing the stock exchange's general
manager Marlene Street-Forrest.

Radio Jamaica relates that Dyoll Insurance's shares were
suspended from trading in March 2007 when it failed to submit
audited financial statements to the stock exchange.  The firm
wasn't able to finalize its unaudited financial statements for
the quarter ended Dec. 31, 2006.  It also failed to retain the
services of an auditor to audit its 2006 financial results due
to cash flow problems.

"As it relates to Dyoll we expect that by January of next year,
the company will be in a better position in terms of being able
to say whether they are seeking to be lifted or the suspension
will be lifted," Ms. Street-Forrest commented to Radio Jamaica.

Dyoll Group Ltd. is a Jamaica-based company that is principally
engaged in the insurance business.  Jamaica's Financial Services
Commission has assumed temporary management of the Jamaica-based
Dyoll Insurance Co. Ltd. in March 7, 2005, in order to establish
the true position of the Company, address the matter of
settlement to its claimants and ensure that its policies will
remain in force after a high level of insurance claims were
leveled on the company as a result of the hurricane Ivan.
Kenneth Tomlinson was appointed temporary manager.  Jamaica's
Supreme Court ordered for the distribution of a US$653 million
fund held by the FSC in accordance with the Insurance Act 2001,
section 59, which says that the prescribed deposit, on the
winding up of an insurance company, should be applied first to
settle the claims of local policyholders.


NATIONAL COMMERCIAL: Cash Plus Seeks for Further Injunction
-----------------------------------------------------------
The attorneys for alternative investment entity Cash Plus
Limited are seeking another injunction against the National
Commercial Bank of Jamaica before the Jamaican court, Radio
Jamaica reports.

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, the National Commercial's management allegedly
implemented precautionary measures to protect its workers from
angry supporters of alternative investment schemes.  The
management instructed the workers not to wear their uniforms to
work.  The instruction was reportedly issued on Wednesday when
persons accusing the National Commercial of taking part of a
plot to destroy alternative investment schemes threatened the
bank.  Justice Marva McIntosh granted CASH Plus Limited a nine-
day injunction, blocking the National Commercial from closing
the 16 accounts held with the bank.  The injunction effectively
prevented the National Commercial from closing Cash Plus'
accounts at its Duke Street and Barry Street unit in Kingston by
Dec. 4.  Some of Cash Plus' account with the National Commercial
include:

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

Cash Plus' attorney-at-law Harold Brady told Radio Jamaica that
the firm "will be seeking an extension of the injunction,
pending the outcome of the lawsuit filed against the National
Commercial."  Mr. Brady insisted that the National Commercial
give a solid reason for its decision to close Cash Plus
accounts.

The National Commercial's decision "to move against Cash Plus"
angered many of its clients who "invested heavily in the quick
cash scheme," Radio Jamaica states.

                        *     *     *

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

                        *     *     *

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

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

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

          -- individual at 'D';

          -- support at 4.

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


NATIONAL WATER: May Face Lawsuit for Unpaid J$38M Regulator Fees
----------------------------------------------------------------
Jamaica's Office of Utilities Regulation may sue the National
Water Commission for failing to pay over J$38 million in fees,
Radio Jamaica reports.

Radio Jamaica relates that the Office of Utilities served the
National Water with a compliance order for the outstanding sum
last Thursday, which took effect last Friday.

The National Water's "unresponsiveness" forced the regulator to
serve the notice, which was the first in history, Radio Jamaica
notes, citing the Office of Utilities' consumer and public
affairs director David Geddes.  The company had agreed on a
payment arrangement but it failed to comply with that accord.

The National Water failed to respond favorably to a request
published in the Jamaica Gazzette on June 14, 2007, as well as
in the Sunday Herald on Sept. 9, 2007, the Daily Observer and
The Gleaner on Sept. 5, 2007, RJR News states, citing a copy of
the memorandum.

                        *     *     *

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




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


ALLIS-CHALMERS: S&P Shifts Outlook; Affirms B Corp. Credit Rtng
---------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Allis-Chalmers Energy Inc. to positive from stable and affirmed
its 'B' corporate credit rating on the company.

"The revised outlook reflects Allis Chalmers' improved scale and
scope and management's adherence to its stated financial
policy," said S&P's credit analyst Amy Eddy.

Since the initial rating was assigned, the company has
diversified its service offerings and expanded internationally.
Still, the speculative-grade rating also reflects the
integration risk associated with this growth strategy, the
company's small size, and the highly cyclical nature of the
oilfield services industry.

Allis-Chalmers Energy Inc. --http://www.alchenergy.com/--
(NYSE: ALY) is a Houston based multi-faceted oilfield services
company.  It provides services and equipment to oil and natural
gas exploration and production companies, domestically in Texas,
Louisiana, New Mexico, Colorado, Oklahoma, Mississippi, Utah,
Wyoming, Arkansas, Alabama, West Virginia, offshore in the Gulf
of Mexico, and internationally primarily in Argentina and
Mexico.  Allis-Chalmers provides rental services, international
drilling, directional drilling, tubular services, underbalanced
drilling, and production services.


CHRYSLER LLC: CEO Expects US$1.6 Bil. Loss in 2007, Source Says
---------------------------------------------------------------
Chrysler LLC Chief Executive Officer Robert Nardelli disclosed
to company employees that Chrysler is in for a wider financial
loss of US$1.6 billion than what Steve Landry, executive vice
president of North American sales, revealed to marketing and
business students in Halifax, Nova Scotia last week, various
papers report.

It would be the Chrysler's second consecutive year of losses if
Mr. Nardelli's forecast is right, according to the Associated
Press citing an unnamed source.  The company reported a loss of
US$618 million in 2006 but disclosed earnings of US$1.8 billion
in 2005.

As reported in the Troubled Company Reporter on Dec. 3, 2007,
Mr. Landry declared that Chrysler aniticipates a loss of
US$1 billion this year in costs.  He told Saint Mary's
University students in Halifax, Nova Scotia, that Chrysler's
2007 revenue is expected at US$64 billion and costs at about
US$65 billion.  Mr. Landry recounted Chrysler's business aim to
recover costs next year and to yield a huge profit in 2009 and
2010, slashing about 8 models from its lineup.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


CHRYSLER LLC: Expected US$1-Bil. Loss Spurs Jan. Production Cuts
----------------------------------------------------------------
Chrysler LLC plans to temporarily cease car production in its
plants in Warren, Michigan and Fenton, Missouri, before
Christmas, postponing its opening until the whole month of
January, according to various sources.  The move is due to due
to the company's expected US$1 billion loss, slow pickup sales
and prevention of an oversupply.

Sources say that the company will also shutter a truck plant in
Mexico for two weeks in January.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
Chrysler dealers delivered 161,088 new vehicles to U.S.
customers in November 2007, down 2% compared with a year ago.

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating on Chrysler LLC and DaimlerChrysler
Financial Services Americas LLC and removed it from CreditWatch
with positive implications, where it was placed Sept. 26, 2007.
S&P said the outlook is negative.


COREL CORP: Partners with ConceptShare for Online Collaboration
---------------------------------------------------------------
Corel Corporation has partnered with ConceptShare Inc., an
emerging leader in Online collaboration.

www.CorelDRAWConceptShare.com is launched as the first project
in a five-year partnership between the two companies.  This new
Online tool enables designers to easily share their work with
other designers, colleagues or clients, providing a more dynamic
and collaborative experience, while accelerating the design
process.

CorelDRAWConceptShare.com helps designers and clients by making
it easier to review concepts, make adjustments and complete
projects faster.  By moving consultations Online,
CorelDRAWConceptShare.com also saves time and money by
eliminating the need to travel for face-to-face meetings.  In
addition, discussions about visual concepts are centralized,
improving information flow and the speed of decision making
between designers and their key stakeholders.

"CorelDRAW(R) has long been recognized as a premier graphics
application that delivers the features and functionality our
users need to be more productive in their day-to-day
activities,"said Gerard Metrailler, Director of Product
Management, Graphics for Corel.  "We understand the time many
users spend trying to collaborate on designs and feel that
partnering with ConceptShare, an emerging leader in the Online
collaboration space, provides our users with the ability to get
the feedback they need on all of their designs in an efficient
and meaningful way."

"We are enthusiastic about our partnership with Corel. The
CorelDRAW version of ConceptShare(TM) provides us immediate
exposure to millions of CorelDRAW users worldwide and will help
to accelerate our growth into international markets,"said Bernie
Aho, Product Manager and Co-Founder, ConceptShare.  "This
strategic partnership demonstrates a new model for relationships
between web application providers and desktop software
companies."

                   About ConceptShare Inc.

ConceptShare Inc. -- http://www.conceptshare.com/-- is a world
leader in Online design collaboration founded in 2006 in
Sudbury, Ontario, Canada by a team of designers and industry
professionals that understood the pains of the design
collaboration process.  The company has developed a web
application that allows users to easily share, discuss and mark-
up designs for review over the web.

                      About Corel Corp.

Ottawa, Ontario-based Corel Corporation (NASDAQ: CREL) (TSX:
CRE) -- http://www.corel.com/-- is a packaged software company
with an estimated installed base of over 40 million users.  The
company provides productivity, graphics and digital imaging
software.  Its products are sold in over 75 countries through a
scalable distribution platform comprised of original equipment
manufacturers, Corel's international websites, and a global
network of resellers and retailers.  The company's product
portfolio features CorelDRAW(R) Graphics Suite, Corel(R)
WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro,
and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

                        *     *     *

As reported Troubled Company Reporter-Latin America on
Nov. 15, 2007, Standard & Poor's Ratings Services has revised
its outlook on Corel Corp. to stable from positive. At the same
time, S&P affirmed the ratings, including the 'B' long-term
corporate credit rating, on the company.


FORD MOTOR: Mulls Production Cuts Due to Low November Sales
-----------------------------------------------------------
Ford Motor Company and General Motors Corp. disclosed that due
to low November sales, the carmakers intend to slash vehicle
production in the first quarter of 2008, various sources report.

Ford plans a 7% car production decrease in the first quarter,
expecting to produce only 685,000 vehicles, while GM anticipates
a production of 950,000 vehicles from January through March,
down 11% from the same period in 2007, Nick Bunkley of The New
York Times relates.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
due to continued growth in crossover sales and increased demand
for hybrids, fuel-efficient cars and Ford's industry-exclusive
SYNC in-car connectivity technology, Ford sales in November
totaled 182,951, up 0.4% versus a year ago.  November marked the
first sales increase following 12 months of declines.

According to the Associated Press, analysts anticipate low
annual sales in 2008, a drop in U.S. light vehicle sales to 3%
to 15.6 million units, a record low since 1998.

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

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

                        *     *     *

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


GENERAL MOTORS: Mulls Production Cuts Due to Low November Sales
---------------------------------------------------------------
General Motors Corp. and Ford Motor Company disclosed that due
to low November sales, the carmakers intend to slash vehicle
production in the first quarter of 2008, various sources report.

GM said earlier this week that to avoid a deluge of inventory,
it will shutter three pickup truck plants for two weeks in
January.  Aside from that, GM plants will also be closed over
the holiday, according to Josee Valcourt, Terry Kosdrosky and
Mike Spector of the Wall Street Journal.

GM anticipates a production of 950,000 vehicles from January
through March, down 11% from the same period in 2007, while Ford
plans a 7% car production decrease in the first quarter,
expecting to produce only 685,000 vehicles, Nick Bunkley of The
New York Times relates.

As reported in the Troubled Company Reporter on Dec. 4, 2007,
GM dealers in the U.S. delivered 263,654 vehicles in November,
down 11%, after three consecutive monthly increases, compared
with a year ago, reflecting continuing reductions in daily
rental sales and softening industry demand.

However, GM's retail car deliveries increased, based on the
strength of the all-new Chevrolet Malibu, 2008 Cadillac CTS and
fuel-efficient Chevrolet Aveo, Cobalt, Pontiac G5 and G6.

According to the Associated Press, analysts anticipate low
annual sales in 2008, a drop in U.S. light vehicle sales to 3%
to 15.6 million units, a record low since 1998.

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

                        *     *     *

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

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


GRUPO GIGANTE: S&P Puts BB Corp. Credit Rating on WatchNegative
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'BB' long-term
corporate credit rating on Grupo Gigante S.A.B. de C.V. and its
'BB' rating on the company's US$260 million senior notes on
CreditWatch with negative implications.  Total debt outstanding
was about US$485 million as of Sept. 30, 2007, on a lease-
adjusted basis.

The CreditWatch placement follows Nov. 29's announcement that
the company has initiated an offer to repurchase all outstanding
8.75% senior notes due 2016.  In addition, the company has
initiated a consent solicitation to eliminate or change certain
covenants related to the notes.  The offer will expire on
Dec. 27, 2007," said S&P's credit analyst Patricia Calvo.

S&P will review the result of Grupo Gigante's bond repurchase
offer and consent solicitation, the financing options available
to repurchase its outstanding notes, and the implications of the
strategic transaction.  According to various press reports, the
offer and solicitation consist of the transfer of assets and
rights of about 200 of its stores to a potential buyer, based on
company's creditworthiness (if completed), before resolving the
CreditWatch listing.

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


GRUPO MEXICO: Negotiation with Mining-Metal Workers Union Fails
---------------------------------------------------------------
Grupo Mexico SA, de C.V. failed to reach any agreement with the
national mining-metal workers union STMMRM during their
negotiation last Thursday, Business News Americas reports.

Union spokesperson Carlos Pavon Campos told Reuters that the
protests against Grupo Mexico will continue due to the
stalemate.

BNamericas notes that at the labor ministry's order, Grupo
Mexico negotiated with the union to try to end a four-month
impasse which has kept operations paralyzed at the firm's
Cananea copper mine, San Martin zinc mine and Taxco silver-lead-
zinc mine.

Reuters says that Grupo Mexico failed to attend a meeting in
November 2007.

The labor ministry had said that the negotiation would be
limited to the charges of mine and safety violations at Grupo
Mexico operations, BNamericas relates.

Reuters reports that about 65 miners were killed in an explosion
at a Grupo Mexico coal mine in 2006.  Union leaders claimed that
Grupo Mexico refused to consider its recommendations for the
safety of workers at Cananea.

Employees told Reuters that "thick piles of dust and
disconnected ventilators at Cananea are a major health hazard."

Mr. Pavon commented to Reuters, "We will not accept people going
back to work in unsafe conditions."

BNamericas states that the union pointed to Grupo Mexico's
"multimillion-dollar investments" for the construction of new
mines in Mexico and Peru as proof that the firm has funds "to
put toward bringing mine safety and hygiene up to standard."

Grupo Mexico told BNamericas that the problems at Cananea are
"easy to rectify."

Grupo Mexico alleged that the purpose of the union's protest is
to clear the name of their boss Napoleon Gomez, who escaped to
Canada in 2006 when arrest warrants for corruption charges were
issued against him, Reuters relates.

The union sent a letter to Mexican President Felipe Calderon
denying Grupo Mexico's claims that the strikes are illegal and
are aimed to extort US$80 million from the company in "moral
damages."  The union also said it doesn't seek to have charges
dropped against Mr. Gomez, BNamericas states.

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

                        *     *     *

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


HASBRO INC: Names Lisa Licht as General Manager for Licensing
-------------------------------------------------------------
Hasbro Inc. has hired Lisa Licht, most recently the Executive
Vice President, Global Marketing Partnerships for Twentieth
Century Fox, as its newly created position of General Manager,
Entertainment & Licensing.  Ms. Licht will be based in Los
Angeles.

In this new role, Ms. Licht will look to further strengthen and
deepen Hasbro's already successful track record with the
entertainment industry, while building upon the company's strong
and growing licensing programs around the world, leveraging
Hasbro's brands in a wide variety of consumer-focused
categories.

"Hasbro owns what we believe to be the best portfolio of brands
in the children's and family entertainment business," said Brian
Goldner, Hasbro's Chief Operating Officer.  "We are thrilled to
bring Lisa on board - she is a highly-respected entertainment
executive and the right person to lead our accelerated efforts
as we look to create additional immersive brand experiences
beyond traditional toys and games."

"The opportunity to join Hasbro during what I see as a very
dynamic time for the Company is incredibly exciting," said Ms.
Licht.  "The success of Transformers -- as an intellectual
property that translated so powerfully into a movie and a highly
successful licensing program -- is just the tip of the iceberg
from my perspective.  Hasbro's iconic and unmatched brand
portfolio is truly a 'who's who" when it comes to family
entertainment, and I am eager to help the company leverage these
brands to their fullest potential."

Ms. Licht held several key senior-level posts at Twentieth
Century Fox prior to her appointment as EVP, including Senior
Vice President, Feature Film Promotions and Field Operations;
and Senior Vice President, Marketing, Licensing and
Merchandising.

Prior to joining Twentieth Century Fox, Ms. Licht was Vice
President of Marketing at Mattel, where she managed the
worldwide Barbie doll line.

Ms. Licht is married to producer Andy Licht. They have three
children.

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, and Mexico, among others.

                        *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


HASBRO INC: Paying US$0.16 Per Share Dividend on Feb. 15, 2008
--------------------------------------------------------------
Hasbro Inc.'s Board of Directors has declared a quarterly cash
dividend of US$0.16 per common share.  The dividend will be
payable on Feb. 15, 2008 to shareholders of record at the close
of business on Feb. 1, 2008.

Headquartered in Pawtucket, Rhode Island, Hasbro, Inc. (NYSE:
HAS) -- http://www.hasbro.com/-- provides children's and family
leisure time entertainment products and services, including the
design, manufacture and marketing of games and toys ranging from
traditional to high-tech.  The company has operations in
Australia, France, Hong Kong, and Mexico, among others.

                        *     *     *

Moody's Investors Service affirmed the Baa3 long-term debt
rating of Hasbro, Inc., and changed the ratings outlook to
positive from stable to reflect the expectation for continued-
strong operating performance and cash flows, leading to further
debt reduction and credit metric improvement over the near-to-
intermediate-term.  Ratings affirmed include the Baa3 senior
unsecured debt rating and the (P)Ba1 rating for subordinated
debt.


INTERTAPE POLYMER: Moody's Ups IPG US Corp. Family Rating to B2
---------------------------------------------------------------
Moody's Investors Service has upgraded the long-term debt and
corporate family rating of IPG (US) Inc. as well as the senior
subordinated notes of Intertape Polymer US Inc.  The outlook was
revised to stable from review, direction uncertain.  In a
related action, Moody's upgraded the company's speculative grade
liquidity rating to SGL-3 from SGL-4.  The upgrade was prompted
by the company's improved liquidity position and the fact that
senior management has been successful in stabilizing the
company's operating performance since the second half of 2006.
On Oct. 4, 2007, the company successfully completed a
shareholder rights offering netting approximately US$60.9
million in additional equity funding. The entire proceeds were
used to reduce long-term debt.

The B2 corporate family rating reflects the company's improved
operating performance (adjusted operating margins of
approximately 6.3% from 3.0% in late 2006), positive free cash
flow, and lower leverage (adjusted debt to EBITDA of
approximately 3.8 from 5.2).  Additional factors that support
the ratings include product breadth, the company's estimated
market share for several of its product lines within the tapes
sector, a reasonable track record of passing through higher raw
material costs to customers, and its recent cost saving
initiatives.

At the same time, the B2 rating considers that the company has
demonstrated limited top-line growth, a high percentage of
commodity products versus innovative products, the potential for
additional near-term declines in certain product demand, and
exposure to fluctuating raw material costs.  Based on the
company's recent operating trends, management will need to
continue executing cost savings initiatives to improve
profitability over the near-term.  Even with the progress that
has been made, Moody's believes that a combination of a slowdown
in the economy, raw material cost pressures, and competitive
pressures could continue to adversely impact the company's
operating performance.

The speculative grade liquidity rating was upgraded to SGL-3
from SGL-4 because Moody's believes the company's liquidity
position will continue to improve over the near-term.  Moody's
expects that the company will be able to internally fund most of
its cash requirements, including capital expenditures and
working capital needs.  In addition, Moody's anticipates that
covenant and revolver availability will remain acceptable and
that possible restrictions or the need to renegotiate covenants
is not likely in the near-term.

Moody's notes, however, that IPG (US) amended its credit
facilities in August 2007 but did not request changes to its
financial covenant ratios.  The amendment accommodated the costs
of the strategic alternative process in the covenant
calculations; however, the company's interest coverage ratio
will tighten several times during 2008.  Moody's will continue
to monitor the company's financial covenant compliance on an
ongoing basis.

The stable outlook reflects restored operating margins and
positive free cash flow metrics (adjusted RCF-Capex/Debt of 5-
8%).  In addition, the outlook represents an improved liquidity
position because of the additional cushion under its financial
covenants.  Although the Board is reviewing the company's senior
management structure, the management team has addressed its
strategic and financial strategies going forward.  Moody's
believes a sustained deterioration in operating performance
(operating margins of less than 3%) or credit metrics (negative
free cash flow) due to declines in product demand, or other
operational issues, or the inability to remain in compliance
with its financial covenant could result in a downgrade of the
ratings.  Conversely, the ratings could be raised if the company
continues to generate savings from additional cost reduction
efforts, restores operating margins and credit metrics back to
levels generated prior to the second half of 2006, and
successfully resolves its chief executive officer succession
plan.

The most recent prior rating action occurred on Aug. 2, 2007.
Moody's placed IPG (US)'s ratings under review, direction
uncertain, pending the refinancing of its bank agreement and
compliance with its financial covenants.

Upgrades:

Issuer: IPG (US) Inc.

   -- Corporate Family Rating, Upgraded to B2 from B3

   -- Senior Secured Bank Credit Facility, Upgraded to Ba3
      (LGD2, 25%) from B1

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

Issuer: Intertape Polymer US Inc.

   -- Senior Subordinated Regular Bond/Debenture, Upgraded to
      Caa1 (LGD5, 77%) from Caa2

The outlook is stable.

Based in Montreal, Quebec and Sarasota/Bradenton, Florida,
Intertape Polymer Group Inc. (NYSE,ITP; TSX: ITP.TO) --
http://www.intertapepolymer.com/-- develops and manufactures
specialized polyolefin plastic and paper-based packaging
products and complementary packaging systems for industrial and
retail use.  The company employs approximately 2,100 employees
with operations in 17 locations, including 13 manufacturing
facilities in North America and one in Europe and in Mexico.


MOVIE GALLERY: Can Hire Ernst & Young as Tax Advisors
-----------------------------------------------------
Movie Gallery Inc. and its debtor-affiliates obtained permission
from the U.S. Bankruptcy Court for the Eastern District of
Virginia to employ Ernst & Young LLP as their independent
auditors, accountants and tax advisors in their Chapter 11
cases.

Acting on Movie Gallery, Inc.'s behalf, Page Todd, executive
vice president, secretary and general counsel to the Debtors,
entered into an audit services agreement and tax services
agreement with Ernst & Young.

Pursuant to the agreements, Ernst is expected to provide audit
and accounting services, particularly:

   (a) annual audit procedures necessary to express an opinion
       on the Debtors' consolidated financial statements, and on
       the effectiveness of their internal controls over
       financial reporting, as of Jan. 6, 2008;

   (b) quarterly review services for timely reviews of the
       Debtors' consolidated quarterly financial information;

   (c) research and consultation regarding financial accounting,
       and reporting matters as, and when they arise;

   (d) communications with the Audit Committee of the Board of
       Directors of Movie Gallery, Inc., as required and
       scheduled; and

   (e) preparation of management letters to communicate to the
       Debtors and the Audit Committee any material weaknesses
       or significant deficiencies in internal controls over
       financial reporting, if any, as well as suggestions for
       improving any other deficiencies that do not rise to the
       level of a material weakness or significant deficiency.

The firm is also expected to perform certain tax services,
including:

   (a) routine on-call tax advice and assistance concerning
       issues as requested by Movie Gallery, Inc.'s tax
       department, provided that the projects are not covered by
       a separate project addendum and do not involve any
       significant tax planning or projects; and

   (b) consultation related to the Debtors' bankruptcy filing
       tax issues, including (i) effect of discharge of
       indebtedness, if any, (ii) tax attribution reduction,
       (iii) entitlement to refunds, (iv) analysis of Internal
       Revenue Service (IRS) proofs of claim, (v) assistance
       With advisory proceedings related to tax claims, and
       (vi) potential to discharge IRS claims.

Ernst & Young will be paid based on its hourly rates:

      Designation                           Hourly Rate
      -----------                           -----------
      Partners, Principals and Directors      US$600
      Senior Managers                         US$500
      Managers                                US$400
      Seniors                             US$250 - US$275
      Staff                                   US$200

Alvin L. Winterroth, Esq., a partner at Ernst & Young, informed
the Court that the Debtors made pre-bankruptcy payments for
US$521,306 and a retainer fee of approximately US$200,000 to his
firm.

As of the bankruptcy filing, Ernst & Young was owed $60,645 of
prepetition payments by the Debtors.  Upon the Court's approval
of the firm's retention in the Debtors' Chapter 11 Cases, the
firm will waive its right to receive any prepetition fees or
expenses incurred on the Debtors' behalf.

Mr. Winterroth assured the Court that Ernst & Young neither
holds nor represents any interest adverse to the Debtors and
their estates, and the firm is a "disinterested person" as that
term is defined in Section 101(14) of the Bankruptcy Code, as
modified by Section 1107(b) of the Bankruptcy Code.

                    About Movie Gallery

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

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

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

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


MOVIE GALLERY: Inks DIP Financing Amendment with Goldman Sachs
--------------------------------------------------------------
Movie Gallery Inc. and its debtor-affiliates entered into an
amendment to the Secured Senior-Priority DIP Credit and Guaranty
Agreement with Goldman Sachs Credit Partners L.P., as
syndication agent and documentation agent, and The Bank of New
York, as administrative agent and collateral agent, Thomas D.
Johnson, Jr., executive vice president and chief financial
officer of Movie Gallery, Inc., informed the Securities and
Exchange Commission.

The amendment was done to comply with the final DIP financing
order given by the Honorable Douglas O. Tice of the U.S.
Bankruptcy Court for the Eastern District of Virginia.

Pursuant to the amendment, Section 3.2(b) of the Credit
Agreement, which required the Debtors to have been assigned and
maintain a credit rating by Moody's and S&P, has been deleted in
its entirety.

In addition, Section 8.1(l)(iv) of the DIP Credit Agreement has
been deleted and replaced in its entirety with:

   "(iv) granting any other relief that is materially adverse to
         Administrative Agent's, Syndication Agent's, Collateral
         Agent's or Lenders' interests under any Credit Document
         or their rights and remedies hereunder or their
         interest in the Collateral, provided that, in respect
         of the foregoing subclause (iv), if such relief was
         sought by parties other than Credit Parties, any of the
         Administrative Agent, Syndication Agent or Collateral
         Agent or any Lender shall have requested in writing
         that Credit Parties oppose the motion and the Credit
         Parties will have failed to do so;."

A full-text copy of the First Amended DIP Credit Agreement is
available for free at http://researcharchives.com/t/s?2617

                    About Movie Gallery

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

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

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

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


MOVIE GALLERY: Wants Lease Termination Procedures Approved
----------------------------------------------------------
Movie Gallery Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Eastern District of Virginia to approve
certain procedures relating to the termination of lease
agreements, and consequently permit the Debtors to enter into
lease termination agreements with certain lessors.

The Debtors' proposed Procedures are:

   (1) In situations where the aggregate amount of the claims
       waived or cash consideration paid by a lessor as part of
       a lease termination agreement does not exceed US$250,000,
       the Debtors are authorized to consummate the agreement
       that they determine to be in the best interest of their
       estates.

   (2) In situations where the aggregate amount of the claims
       waived or cash consideration paid by a Lessor as part of
       an agreement exceeds US$250,000:

          -- the Debtors are authorized to consummate the
             agreement; and

          -- the Debtors will serve a notice of the agreement to
             all notice parties affected entities, including the
             lessor.

             Absent any written objections with respect to the
             agreement, the Debtors are authorized to
             immediately consummate the transaction; provided
             that the Parties will have an additional three
             business days to object.  If any timely filed
             objection is not resolved within the period, the
             agreement will only be consummated upon Court
             order, except for multiple agreements that are the
             subject of the same notice.

   (3) The Debtors may effect set-offs without obtaining further
       Court approval.

       In the event that the Debtors have provided a cash
       security deposit, bond or similar financial instrument to
       secure their obligations under the lease, the lessor is
       permitted to effect an otherwise valid set-off when
       entering into the agreement, in accordance with Section
       553 of the Bankruptcy Code.

Kimberly A. Pierro, Esq., at Kutak Rock LLP, in Richmond,
Virginia, relates that under the circumstances of the Debtors'
Chapter 11 cases, allowing lease termination agreements pursuant
to the Procedures "is supported by a sound business purpose."

Specifically, she says, the Debtors will enter into LTAs to
obtain value for their estates through several different
avenues, specifically to store locations that are not currently
profitable or are not projected to be profitable in the future.

Accordingly, the Debtors intend to enter into LTAs with a lessor
to terminate the lease in exchange for value, including but not
limited to the the lessor's waiver of prepetition or
postpetition claims and cash consideration, which permits the
lessor to relet premises to third parties immediately upon the
LTAs' effectiveness and regain certainty with respect to the
lease.

Ms. Pierro adds that absent the LTAs, the Debtors are deemed to
be potentially burdened with unnecessary and additional
obligations.  The Debtors are left with four options with
respect to unprofitable or potentially unprofitable store
locations:

   (a) maintain the current lease;
   (b) assume the lease;
   (c) reject the lease; or
   (d) enter into LTAs with respect to the Lease, and
       subsequently obtain Court approval of the agreements.

The Debtors anticipate that they will seek to enter into LTAs on
a continuing basis to ensure that they do not unnecessarily
incur administrative expenses for unnecessary or unprofitable
Leases.  If the Debtors were required to file a separate
request, as opposed to acting with authority pursuant to Court-
approved procedures, the Debtors will spend substantial sums
preparing, filing and serving requests with the Court.

              LTA Procedures Must be Approved

According to Ms. Pierro, the LTAs will minimize the Debtors'
postpetition obligations, but will not come at the expense of
counterparties' rights to the leases and other parties in
interest, as each agreement entered into by the Debtors will
require mutual consent from the lessor.

Specifically, the Debtors will evaluate potential LTAs with the
aid of their advisors, negotiate with the lessors, and enter
into the agreements that represent commercially viable
transactions. Hence, the transactions contemplated by the LTA
Procedures will be conducted in good faith and at arm's-length,
Ms. Pierro assures the Court.

Furthermore, she adds, the LTA Procedures allow the Debtors and
Lessors to mutually negotiate and consent to set off various
obligations without further Court authority through an LTA
thereby saving all parties substantial legal expense to effect
otherwise valid set-offs.

                     About Movie Gallery

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

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

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

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


REMY WORLDWIDE: Emerges from Chapter 11, Completes Sale of Knopf
----------------------------------------------------------------
Remy Worldwide Holdings Inc. has emerged from chapter 11
protection less than 59 days after filing its pre-packaged plan
of reorganization and petitions.

As reported in the Troubled Company Reporter on Nov. 21, 2007,
the pre-packaged plan of reorganization was confirmed by the
U.S. Bankruptcy Court for the District of Delaware on Nov. 20.

In conjunction with its emergence from chapter 11, Remy also
disclosed that effective Dec. 6, the company has access to its
exit financing facility of up to US$330 million, including a
US$120 million revolving credit facility and term loans of
US$210 million.  The company emphasized that this will provide
Remy with the liquidity required to continue to meet its
financial needs and operate its business in the coming years.

In addition, the sale of Remy's M&M Knopf Auto Parts subsidiary
was completed on Dec. 4, 2007.

"[The Chapter 11 emergence] marks the start of a new chapter in
Remy's history," John Weber, President and Chief Executive
Officer of Remy, said.  "In reaching this milestone Remy has
effectively restructured its debt and its commercial
arrangements with General Motors and as a result, strengthened
its competitive position.  We are excited to move forward as a
revitalized and reenergized company."

Based in Anderson, Indiana, Remy Worldwide Holdings Inc. acts as
a holding company of all the outstanding capital stock of Remy
International Inc.  Remy International --
http://www.remyinc.com/-- manufactures, remanufactures and
distributes Delco Remy brand heavy-duty systems and Remy brand
starters and alternators, locomotive products and hybrid power
technology.  The company also provides a worldwide component
core-exchange service for automobiles, light trucks, medium and
heavy-duty trucks and other heavy-duty, off-road and industrial
applications.  Remy has operations in the United Kingdom, Mexico
and Korea, among others.

The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 8, 2007 (Bankr. D. Del. Cases No. 07-11481 to
07-11509).  Douglas P. Bartner, Esq., Fredric Sosnick, Esq., and
Michael H. Torkin, Esq., at Shearman & Sterling LLP, represent
the Debtors' in their restructuring efforts.  Pauline K. Morgan,
Esq., Edmon L. Morton, Esq., and Kenneth J. Enos, Esq., at Young
Conaway Stargatt & Taylor, LLP, serve as co-counsels to the
Debtors.  The Debtors' claims agent is Kurtzman Carson
Consultants LLC and their restructuring advisor is AlixPartners,
LLC.   Greenbert Traurig, LLP is the Debtors' special corporate
advisory and litigation counsel, and Ernst & Young LLP their
accountant, auditor and tax services provider.

At Sept. 30, 2006, Remy Worldwide's balance sheet showed total
assets of US$919,736,000 and total liabilities of
US$1,265,648,000.  (Remy Bankruptcy News; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)




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


PERRY ELLIS: Picks Joseph Natoli as Independent Board Director
--------------------------------------------------------------
Perry Ellis International has elected Joseph Natoli as a new
independent member to the company's Board of Directors, bringing
the total number of directors to ten and the number of
independent directors to seven.

Mr. Natoli has an extensive financial and accounting background.
He currently serves as senior vice president and chief financial
officer of the University of Miami, where he has direct
responsibility over multiple financial and operational areas of
the university.  He also possesses extensive experience in the
publishing industry, having held senior leadership positions at
Philadelphia Newspapers LLC where he was chairman and publisher
from 2004 to 2006; the San Jose Mercury News, where he was
president and publisher from 2001 to 2003; and the Miami Herald
where he was president between 1994 and 2001.  He is a graduate
of the University of South Florida and Nova University School of
Business.  Mr. Natoli also has strong civic commitment,
currently serving on the boards of United Way (Miami-Dade) and
the Orange Bowl Committee.  He previously served on the board of
Miami Children's Hospital, Beacon Council, YMCA of Greater
Miami, Greater Miami Chamber of Commerce and March of Dimes.

"Joe's strong financial background, broad operational experience
and passionate civic commitment make him an ideal complement to
our Board.  I look forward to his insights and fresh perspective
as we continue the successful growth of Perry Ellis
International," George Feldenkreis, chairman and CEO of Perry
Ellis International commented.  "With Joe's appointment, we
increase our independent board members to seven, consistent with
our high standards for corporate governance," Mr. Feldenkreis
concluded.

                     About Perry Ellis

Perry Ellis International Inc., based in Miami, Florida,
designs, sources, markets and licenses a portfolio of brands
including Perry Ellis, Jantzen, John Henry, Cubavera,
Munsingwear, Original Penguin and Farah.  The company also
operates 38 retail locations including 3 Original Penguin
locations.  The company has sourcing offices in Indonesia,
India, Korea, Thailand, Peru, Nicaragua, and El Salvador.

                        *     *     *

In October 2006, Moody's Investors Service's confirmed its B1
Corporate Family Rating for Perry Ellis International, Inc., and
its B3 rating on the company's USUSUS$150 million senior
subordinated notes.

Additionally, Moody's assigned an LGD5 rating to those bonds,
suggesting noteholders will experience a 78% loss in the event
of a default.


XEROX CORP: Appoints Three Corporate Officers to Executive Roles
----------------------------------------------------------------
Xerox Corporation's board of directors has elected Doug Lord and
Shaun Pantling as vice presidents of the corporation, and Willem
Appelo as a senior vice president.

Mr. Lord was recently named president of Xerox's U.S. Solutions
Group, responsible for the direct sales of Xerox's technology
and services across the country.  A 31-year Xerox veteran, he
was most recently president, chairman and Chief Executive
Officer of Xerox Canada, Ltd.

Mr. Pantling leads Xerox Global Services in Europe.  During his
33 years with Xerox, he has led sales operations and customer
service units across Europe.

Mr. Appelo is president, Xerox Strategic Services Group,
responsible for the company's worldwide supplies business as
well as global manufacturing, supply chain, procurement,
facilities management, Xerox's environmental sustainability
initiatives and other core corporate functions.  He joined Xerox
in 1991 and has held leadership positions of increasing
responsibility in manufacturing and supply chain operations.

These corporate officer appointments are effective immediately.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 21, 2007, Moody's Investors Service raised the ratings of
Xerox Corporation and supported subsidiaries, upgrading Xerox's
senior unsecured rating to Baa2 from Baa3.




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


* PERU: Gets US$75-Mil. Loan to Improve Quality of Public Mgmt.
---------------------------------------------------------------
The Inter-American Development Bank has approved a US$75 million
loan to complete and consolidate reforms aimed at improving the
quality of public management and expenditure in Peru.

This is the third and last loan in a programmatic series of
policy-based operations that began in 2005 to strengthen
government capacities on budget by results, public investment
cycle and administrative management; and to promote Public-
Private Partnerships in public sector investments.

Additionally, this third loan seeks to ensure that the reforms,
which started in 2005 are fully operational and sustainable over
the long term.

Three important components of this operation include the
promotion of private-sector participation in public investments,
and the strengthening of public expenditure management both at
the national level and in the context of decentralization.

In terms of the first component, the reforms that began in 2005
have sought a sustainable increase in the quantity and quality
of investment in infrastructure through greater private sector
participation.  The specific objective of this third loan is to
promote the strengthening and sustainability of the
institutional, fiscal and accounting rules for design and
implementation of PPPs.

The general objective of the second component is to help
strengthen the national government's capacity to manage,
analyze, prioritize, execute, monitor and evaluate public
spending.

In regards to strengthening public expenditure management in the
context of decentralization, the loan seeks to promote
sustainability on execution of transfers to regional and local
governments for public investments and promote better regional
compensation, begin implementing the criteria for incentives-
based budgetary reform, and continue to build regional
government's investment analysis capacity.

The Executive Director for Peru at the IDB, Jaime Quijandrˇa,
praised the program's success and the value added by the Bank's
participation during the past three years of these reforms.

The loan will be executed by Peru's Ministry of Economy and
Finance.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 2, 2007, Standard & Poor's Ratings Services assigned its
'BB+' foreign currency credit rating to the Republic of Peru's
(BB+/Stable/B foreign, BBB-/Stable/A-3 local currency sovereign
credit ratings) US$1.24 billion global bond due in 2037 issued
as part of a new liability management operation.




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


ADVANCE AUTO: Moody's Rates US$200 Mil. Senior Term Loan at Ba1
---------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of Advance Auto Parts, Inc. and assigned a Ba1 rating to
its new US$200 million senior unsecured term loan.  The
Probability of Default rating was downgraded to Ba2 from Ba1.
The outlook is positive.  The SGL-2 speculative grade liquidity
rating was also affirmed.

The Ba1 corporate family rating reflects Advance Auto's solid
franchise and operating model, tempered by its regional
concentration in the eastern United States.  It has done a
credible job of competing effectively by focusing on improving
its retail positioning with fresher stores and superior customer
service.  Its commercial business continues to broaden and
improve, which serves to leverage the cost base already in place
with its retail stores.  Credit metrics are -- for the most part
-- low investment grade according to Moody's Global Retail
Rating Methodology, with the unsecured credit facilities
exhibiting investment grade features.  The rating and positive
outlook already incorporate Moody's expectation for a modest
uptick in leverage which will result from the new term loan,
proceeds from which will be utilized for share repurchases.  The
spread between the Baa3 rating indicated by the rating
methodology grid and the company's actual Ba1 rating reflects
Moody's concern with respect to potential changes in business
strategy that may result from the change in chief executive
officer, as well as the company's adoption of a more aggressive
financial policy.  In addition, while not dramatic, operating
performance has been slightly softer for the last three
quarters, likely due to high fuel prices and other macroeconomic
factors.

The downgrade of the Probability of Default rating to Ba2 from
Ba1 reflects the change to 65% from 50% in the expected family
recovery rate used under Moody's Loss Given Default methodology
given that the company's debt now consists entirely of bank debt
which is expected to exhibit higher recovery under default
situations generally.  This rating change is not a reflection of
any change in the company's fundamental credit characteristics.

The SGL-2 speculative grade liquidity rating, representing good
liquidity, reflects Moody's expectation that Advance Auto will
be largely able to self-fund substantially all of its working
capital requirements from internal sources with only modest
reliance on the revolving credit facility.

Ratings affirmed:

  -- Corporate family rating at Ba1,
  -- Speculative grade liquidity rating at SGL-2.

Rating downgraded:

  -- Probability of Default rating to Ba2 from Ba1

Rating assigned:

  -- Senior unsecured term loan at Ba1 (LGD3, 38%).

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


ADVANCE AUTO: S&P Changes Outlook; Confirms BB+ Credit Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Advance Auto Parts Inc. to negative from stable.  This action
reflects the company's more aggressive financial policy; Advance
Auto just signed a new US$200 million term loan due 2011 and
plans to use proceeds to repurchase shares.  The term loan is
not rated.  S&P also affirmed the company's current 'BB+'
corporate credit rating.

"The outlook reflects more aggressive financial policy during a
more challenging auto part aftermarket environment and pro forma
credit metrics that will be weak for current ratings," said
S&P's credit analyst Stella Kapur.

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


AVNET INC: Operating Unit Expands Semiconductor Offerings
---------------------------------------------------------
Avnet Electronics Marketing Americas, a part of Avnet, Inc., has
expanded its engineering services capabilities with the addition
of IBM Foundry solutions.  This is a result of the expanding
relationship that Avnet has with IBM.  Under the terms of the
new agreement, Avnet will now offer IBM Foundry solutions in
North America.

IBM Foundry solutions provide a suite of end-to-end design
resources which can benefit the consumer electronics,
networking, automotive, wireless communications, power
management, media and entertainment, and aerospace and defense
markets.  Among the IBM Foundry solutions, which can be utilized
collectively or a-la-carte, are design centers, design
libraries, intellectual properties, manufacturing, test,
packaging and more.  Offerings include bulk complementary metal-
oxide-semiconductor, low-power CMOS, RF CMOS, silicon-germanium
BiCMOS, and silicon-on-insulator technologies.

"By expanding its relationship with IBM and building on its
current offering of IBM ASIC design services, Avnet will now be
able to offer world-class foundry services to a growing
customer-base regardless of market orientation," said Steve
Longoria, vice president for semiconductor solutions for IBM
Global Engineering Solutions.  "IBM's ability to address the
foundry needs of clients from every potential market segment
will help Avnet continue to aggressively expand their business."

"IBM Foundry solutions offer customers a wide range of process
technologies with the flexibility and a proven track record for
success.  Smaller customers will benefit from a suite of
solutions previously only available to larger original equipment
manufacturers (OEMs)," said Rafael Cruz, vice president of
design services for Avnet Electronics Marketing Americas.
"Combined with Avnet's design and supply chain capabilities,
designers now have access to a whole new set of options to help
speed their design process and time to market."

                   About Avnet Electronics

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

                       About Avnet Inc.

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

                        *     *     *

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


BIOVAIL CORP: S&P Drops Long-Term Corporate Credit Rating to BB
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Biovail Corp. to 'BB' from 'BB+'.  At
the same time, S&P affirmed the 'BBB-' senior secured debt
rating, while the recovery rating remains unchanged at '1',
indicating an expectation of very high (90%-100%) recovery in
the event of a payment default.  The outlook is stable.

"The downgrade reflects a weakening of the business risk profile
caused by delays in obtaining FDA approval for the new salt
formulation of Wellbutrin XL, increased generic competition in
many product categories, and limited new revenue drivers
expected from the product pipeline in the medium term," said
S&P's credit analyst Maude Tremblay.  The company is considering
acquisitions to strengthen its business and technology base;
however, a significant acquisition would likely weaken the
company's credit protection measures thus offsetting the
improvement to the company's business risk profile.

The ratings reflect the challenges facing the company's drug
franchise, namely increased generic competition for key products
and product approval delays, limited new revenue drivers from
the product pipeline expected before 2010, an aggressive
dividend policy, and several ongoing regulatory inquiries yet to
be resolved.  These factors are partially offset by solid credit
protection measures for the ratings as well as ample liquidity
and free operating cash flow generation.

The stable outlook incorporates Biovail Corp.'s significant
financial capacity to conduct acquisitions or licensing deals,
strong free cash flows, and S&P's belief that the company will
approach acquisitions in a measured fashion.  S&P could revise
the outlook to negative if increased generic competition results
in a significant deterioration in the company's free operating
cash flow generation.  Alternatively, S&P would review the
ratings if acquisitions resulted in material changes to the
company's credit protection measures.  S&P believes that the
various regulatory inquiries currently under way will be settled
without financial damages material enough to affect these credit
protection measures.  There is little upside potential to the
ratings given the uncertainty surrounding the company's revenue
stream in the medium term.

Biovail Corp. -- http://www.biovail.com/-- is a specialty
pharmaceutical company, engaged in the formulation, clinical
testing, registration, manufacture and commercialization of
pharmaceutical products utilizing advanced drug-delivery
technologies.

Biovail operates R&D, manufacturing and clinical research
facilities in the U.S., Canada, Puerto Rico and Ireland.  It
markets its products directly in North American through its
marketing divisions Biovail Pharmaceuticals Inc. and Biovail
Pharmaceuticals Canada.


DORAL FINANCIAL: Clarifies Info on the November Cash Dividend
-------------------------------------------------------------
Doral Financial Corporation has clarified the information
released earlier about the November cash dividends on its three
series of preferred stock.  The dividend on each of the series
was paid to the record holders as of the close of business on
Nov. 28, 2007 in the case of the Series A Preferred Stock, and
to the record holders as of the close of business on
Nov. 15, 2007 in the case of Series B and Series C Preferred
Stock.

The company disclosed earlier that on Nov. 30, 2007, it paid the
regular monthly cash dividend on the Company's 7% Noncumulative
Monthly Income Preferred Stock, Series A, 8.35% Noncumulative
Monthly Income Preferred Stock, Series B and 7.25% Noncumulative
Monthly Income Preferred Stock, Series C, in the amount of
US$0.2917, US$0.173958, US$0.151042 per share, respectively.
The dividend on each of the series was paid to the record
holders as of the close of business on Nov. 30, 2007.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive Outlook:

  Doral Financial Corporation

    -- Long-term Issuer Default Rating 'CCC';
    -- Senior debt to 'CCC/RR4'';
    -- Preferred stock to 'C/RR6';
    -- Short-term Issuer Default Rating 'C';
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'E'.

  Doral Bank

    -- Long-term Issuer Default Rating 'B';
    -- Long-term deposits B+;
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'D';
    -- Short-term Issuer 'B';
    -- Short-term deposit obligations 'B'.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service confirmed the B2 senior
debt rating of Doral Financial Corporation.  The rating had been
on review for possible downgrade since Jan. 5, 2007.  Moody's
said the rating outlook is stable.


DORAL FINANCIAL: James Gilleran & Ramesh Shah Joins Board
---------------------------------------------------------
Doral Financial Corporation has appointed James E. Gilleran and
Ramesh Shah as its members to its Board of Directors.  These new
appointments are in addition to the current seven members of the
company's Board.

James E. Gilleran is a former Director of the Office of Thrift
Supervision of the Department of the Treasury for the United
States Government.  Most recently he served as the President and
Chief Executive Officer of the Federal Home Loan Bank of
Seattle.   Mr. Gilleran's career has spanned more than 40 years
in financial services including roles as Chairman and CEO of the
Bank of San Francisco, Superintendent of Banking for the State
of California and a Managing Partner at KPMG, LLP.  Mr. Gilleran
currently also served as a member of the Board of Directors for
the Federal Deposit Insurance Corporation and was Chairman of
the Federal Financial Institutions Examination Council in
Washington D.C. Mr. Gilleran earned a J.D. from Northwestern
California University, and a B.A. in Business Administration
from Pace University.

Ramesh Shah currently is the Chairman of WNS Global Services, in
New York.  Mr. Shah has a distinguished financial services
background, which includes serving as Executive Vice-President
and Head of Retail Banking as well as Executive Vice-President,
Marketing and Product Development, at Greenpoint Financial;
Senior Vice-President, Investment and Insurance, at Natwest
Bancorp; Senior Vice-President, Retail Marketing, at Shearson
Lehman Bros; and thirteen years with the American Express
Company.  Mr. Shah earned an M.B.A. from Columbia University and
a B.A. from Bates College.

"We are delighted that these respected and experienced leaders
have joined the Company's Board of Directors.  Their proven
leadership and significant experience in the banking and finance
industry further strengthens our franchise," said Glen Wakeman,
President & CEO of Doral Financial Corporation.

Based in New York City, Doral Financial Corp. (NYSE: DRL) --
http://www.doralfinancial.com/-- is a diversified financial
services company engaged in mortgage banking, banking,
investment banking activities, institutional securities and
insurance agency operations.  Its activities are principally
conducted in Puerto Rico and in the New York City metropolitan
area.  Doral is the parent company of Doral Bank, a Puerto Rico
based commercial bank, Doral Securities, a Puerto Rico based
investment banking and institutional brokerage firm, Doral
Insurance Agency Inc. and Doral Bank FSB, a federal savings bank
based in New York City.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 2, 2007,
Fitch Ratings has placed Doral Financial Corporation's ratings
on Positive Outlook:

  Doral Financial Corporation

    -- Long-term Issuer Default Rating 'CCC';
    -- Senior debt to 'CCC/RR4'';
    -- Preferred stock to 'C/RR6';
    -- Short-term Issuer Default Rating 'C';
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'E'.

  Doral Bank

    -- Long-term Issuer Default Rating 'B';
    -- Long-term deposits B+;
    -- Support '5';
    -- Support Floor 'NF';
    -- Individual 'D';
    -- Short-term Issuer 'B';
    -- Short-term deposit obligations 'B'.

As reported in the Troubled Company Reporter-Latin America on
July 23, 2007, Moody's Investors Service confirmed the B2 senior
debt rating of Doral Financial Corporation.  The rating had been
on review for possible downgrade since Jan. 5, 2007.  Moody's
said the rating outlook is stable.


FIRSTBANK PUERTO RICO: S&P Affirms BB+ Counterparty Credit Rtng
---------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed the 'BB+' long-
term counterparty credit rating on FirstBank Puerto Rico, a
banking subsidiary of First BanCorp (financial holding company;
not rated).  At the same time, S&P removed the rating from
CreditWatch with negative implications, where it was placed
Oct. 3, 2005.  The outlook is stable.

S&P placed the rating on CreditWatch after FirstBank announced a
number of senior management changes that came at a time when it
was already under an informal inquiry related to accounting
issues.  Subsequently, in December 2005, the bank announced that
it would restate four years of financial reporting as a result
of reviewing the accounting for certain purchased mortgage loans
that were originated by other financial institutions, which
didn't meet the criteria for a true sale under SFAS No. 140 for
the third-party financial institutions (Doral Financial Corp.
and R&G Financial) that sold the mortgage loans to First
BanCorp.  The restatement caused the capital ratios of the bank
to fall slightly below the regulatory well-capitalized
definition, which resulted in the downgrade to 'BB+' from 'BBB-'
while the CreditWatch negative placement was maintained.

The review forced First BanCorp to reclassify US$3.8 billion of
mortgage loans to commercial loans secured by mortgages to Doral
and R&G and to restate four years (2000-2004) of financial
statements.

As S&P expected, the restatement resulted in numerous material
weaknesses in internal controls. First BanCorp is now current on
its financial reporting and the SEC investigation, which is
settled, has had no impact on the franchise.

"The rating on FirstBank reflects the company's strong market
position in Puerto Rico and improved adjusted capital ratios,"
said S&P's credit analyst Lidia Parfeniuk.  This in part is
offset by weakening credit quality metrics reflecting the bank's
challenged operating markets, which translate into higher
provisions for loan losses and affects profitability growth.
S&P sees credit quality as the main risk facing the company in
the near future although S&P does not expect significant credit
quality deterioration.  The rating also considers the bank's
heavy reliance on wholesale funding sources and its
geographically concentrated business in Puerto Rico.

S&P sees FirstBank's profitability metrics, which are distinctly
below historically robust levels, remaining under pressure from
rising provisions for loan losses and slower loan origination as
lending standards tighten reflecting recessionary conditions in
Puerto Rico and a weakening Florida footprint.  Offsetting these
challenges are the decreasing pressure on net interest margins
from easing interest rates and the expectation of a lower cost
base as a number of one-time items that affected profitability
in the recent past are not likely to be repeated.

The outlook is stable.  Now that the bank is in a position to
refocus on its corporate strategy, S&P expects to see effective
execution on financial objectives, including improved internal
capital generation, in the medium term.  S&P cautions that
further weaknesses in credit quality and pressure on
profitability beyond S&P's expectations would result in a
negative outlook or even a downgrade.

Headquartered in San Juan, Puerto Rico, FirstBank Puerto Rico,
reported total assets of roughly USUS$19 billion at year-end
2005.


LIN TV: Concludes Review of Strategic Alternatives
--------------------------------------------------
LIN TV Corp.'s Board of Directors has concluded its review of
strategic alternatives.  The company does not expect to make
further public comments with respect to this announcement and
reserves the right to explore strategic alternatives in the
future without making a public announcement.

"The LIN TV Board and management team have confidence in our
employees, high quality assets and operating plan.  The strength
of our core business and new digital initiatives position us
well for future growth," said Vincent L. Sadusky, President and
Chief Executive Officer of LIN TV.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 30, 2007, Standard & Poor's Ratings Services has affirmed
its ratings on LIN Television Corp., including the 'B+'
corporate credit rating, and removed them from CreditWatch with
negative implications, where they were placed on May 21, 2007.
S&P said the outlook is negative.




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


PETROLEOS DE VENEZUELA: Unit Establishes Four Joint Ventures
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA's unit
Corporacion Venezolana de Petroleo has concluded the creation of
four joint ventures, Business News Americas reports.

BNamericas relates that the joint ventures are:

          -- Petropiar,
          -- Petrocedeno,
          -- Petrosucre, and
          -- Petroparia.

The legal process to for the conversion of the four partnerships
into joint ventures was completed on Thursday, El Universal
says, citing the Venezuelan energy and petroleum ministry.

El Universal relates that the joint ventures were nationalized
on May 1, 2007.  Petroleos de Venezuela took over the majority
share in the accords with foreign oil firms through Corporacion
Venezolana.

According to BNamericas, Corporacion Venezolana has 70% and
U.S.-based Chevron owns 30% of Petropiar.  Corporacion
Venezolana holds 60%, France's Total owns 30.3% and Norway's
Statoil has 9.7% in Petrocedeno.  Corporacion Venezolana has 76%
and Italy's Eni owns the balance in Petrosucre.   Corporacion
Venezolana also owns 60% of Petroparia with Chinese oil company
Sinopec and Ine Paria holding 32% and 8% respectively.

The joint ventures are aimed at giving Petroleos de Venezuela at
least 60% of the nation's oil projects, BNamericas 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 USUS$2 billion notes due
2017, USUS$2 billion notes due 2027, and USUS$1 billion notes
due 2037.

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.


REVLON CONSUMER: MacAndrews Loan Cues S&P to Revise Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
New York City-based Revlon Consumer Products Corp. to developing
from negative, following the announcement of its proposed US$170
million senior subordinated term loan (unrated) from MacAndrews
& Forbes, the company's majority shareholder.  Existing ratings
on were affirmed, including its 'CCC+' corporate credit rating.

"The outlook revision reflects Revlon's substantially reduced
near-term refinancing risk as a result of the pending
transaction," said S&P's credit analyst Mark Salierno. "However,
the developing outlook also reflects our continued concern
regarding Revlon's historically volatile performance, its lack
of positive free cash flow generation, and its substantial debt
burden."

The ratings on Revlon Consumer reflect the company's
participation in the highly competitive mass-market cosmetics
industry, its highly leveraged capital structure, and its
historically inconsistent operating performance.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company's Latin American
operations are located in Argentina, Brazil, Chile, Mexico and
Venezuela.

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc. -- http://www.revloninc.com/-- which in turn is
majority-owned by MacAndrews and Forbes, which is wholly owned
by Ronald O. Perelman.  The company's Latin American operations
are located in Argentina, Brazil, Chile, Mexico and Venezuela.


SHAW GROUP: Earns US$600,000 in Fourth Quarter Ended Aug. 31
------------------------------------------------------------
The Shaw Group Inc. reported financial results for its fourth
quarter and fiscal year ended August 31, 2007.  Net income for
the three months ended Aug. 31, 2007, inclusive of its
investment in Westinghouse, was US$0.6 million, or US$0.01 per
diluted share.  Excluding the Westinghouse segment, net income
was US$36.9 million, or US$0.44 per diluted share.  In
comparison, for the three months ended August 31, 2006, which
was prior to the Westinghouse investment, Shaw reported net
income of US$13.3 million, or US$0.17 per diluted share.

Earnings before interest expense, income taxes, depreciation and
amortization for the three months ended Aug. 31, 2007, including
the Westinghouse segment, were US$13.4 million.  These results
included a US$52 million pre-tax and non-cash foreign exchange
translation loss on the company's Japanese Yen denominated debt
that partially funded the investment in Westinghouse.  Excluding
the Westinghouse segment, fourth quarter 2007 EBITDA was US$64.2
million compared to fourth quarter 2006 EBITDA of US$30.1
million.  Revenues for the fourth quarter 2007 were US$1.6
billion compared to US$1.2 billion in the prior year quarter, a
40 percent increase.  Shaw generated approximately US$176
million in operating cash flow during the fourth quarter of 2007
as compared to US$162 million in the fourth quarter 2006.  The
company's global cash balance at Aug. 31, 2007, exceeded US$360
million.

For the fiscal year ended Aug. 31, 2007, inclusive of its
investment in Westinghouse, Shaw reported a net loss of US$19.0
million, or US$0.24 per diluted share.  Excluding the
Westinghouse segment, fiscal year 2007 net income was US$19.4
million, or US$0.24 per diluted share.  For the fiscal year
ended Aug. 31, 2006, Shaw reported net income of US$50.2
million, or US$0.63 per diluted share.

For the fiscal year ended Aug. 31, 2007, EBITDA including the
Westinghouse segment was US$59.6 million and US$92.1 million
excluding the Westinghouse segment.  Fiscal year ended
Aug. 31, 2006, EBITDA was US$124.1 million.  Revenues for fiscal
year 2007 were US$5.7 billion compared to US$4.8 billion in
fiscal year 2006, a 20 percent increase. Shaw generated US$461.0
million of operating cash flow in fiscal year 2007, compared to
a net use of cash in operating activities of US$94.5 million in
fiscal year 2006.

Shaw booked nearly US$11 billion in new awards during fiscal
year 2007 and its backlog of unfilled orders at Aug. 31, 2007,
rose to a record US$14.3 billion, up 57 percent from
approximately US$9.1 billion at Aug. 31, 2006.

"Global demand and economic expansion in the markets we service
for power generation capacity, petrochemicals and refined
products continue to drive Shaw's considerable growth," said
J.M. Bernhard Jr., Shaw's chairman, president and chief
executive officer.  "New contract awards for air quality and
emissions control work, plus new clean coal generation power
projects, together with our nuclear projects, provided the basis
for our Power Group growth.  During 2007, we booked our first
major nuclear power project in China and are working on the
study phase of several proposed U.S.-based nuclear power
projects.

"The Energy and Chemicals Group benefited from increased demand
for chemical and petrochemical production and refinery capacity
in the Middle East and Asia Pacific," Mr. Bernhard said.
"Demand for our fabrication and manufacturing services is
stronger as most power plants, oil refineries, petrochemical and
chemical plants require significant quantities of piping.  In
response to the global demand of our customers, we are building
our largest facility worldwide in Matamoros, Mexico, and
anticipate output to begin in the second half of fiscal year
2008.

"Our Maintenance segment also continues to perform well from
current customers expanding existing contracts and from
sustained strong demand at an increasing number of new
locations," said Mr. Bernhard.  "Based on our record backlog, we
anticipate seeing continued growth in our revenues and earnings
and anticipate strong operating cash flow during fiscal year
2008 as we execute our major power, chemical and petrochemical
contracts."

                      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.


* BOND PRICING: For the Week Dec. 3 to Dec. 7
---------------------------------------------

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

ARGENTINA
---------
Argnt-Bocon PR11        2.000    12/3/10     ARS      58.81
Argnt-Bocon PR13        2.000    3/15/24     ARS      60.33
Arg Boden               2.000    9/30/08     ARS      28.09
Argent-Par              0.630   12/31/38     ARS      39.51

BRAZIL
------
CESP                    9.750    1/15/15     BRL      60.54

CAYMAN ISLANDS
--------------
Vontobel Cayman         6.100   12/28/07     CHF      74.70
Vontobel Cayman         7.250    3/29/49     USD      61.01
Vontobel Cayman         7.350    1/25/08     CHF      72.00
Vontobel Cayman         7.450    2/22/08     CHF      61.15
Vontobel Cayman         7.900    2/22/08     CHF      64.75
Vontobel Cayman         8.400   12/28/07     CHF      74.30
Vontobel Cayman         8.500    3/27/08     CHF      71.10
Vontobel Cayman         8.750    3/27/08     CHF      73.50
Vontobel Cayman         8.800   12/28/07     CHF      66.35
Vontobel Cayman         9.200   12/28/07     CHF      70.50
Vontobel Cayman         9.600    2/22/08     CHF      51.20
Vontobel Cayman         9.950   12/28/07     CHF      47.80
Vontobel Cayman        10.050    1/25/08     CHF      46.20
Vontobel Cayman        10.100    1/25/08     CHF      73.60
Vontobel Cayman        10.250   12/28/07     CHF      70.30
Vontobel Cayman        10.400   12/28/07     CHF      49.40
Vontobel Cayman        10.700   12/28/07     CHF      56.00
Vontobel Cayman        11.000    6/20/08     CHF      73.40
Vontobel Cayman        11.400   12/28/07     CHF      44.80
Vontobel Cayman        11.450   12/28/07     CHF      66.95
Vontobel Cayman        11.850   12/28/07     CHF      69.50
Vontobel Cayman        12.850   12/28/07     CHF      56.35
Vontobel Cayman        13.050   12/28/07     CHF      65.95
Vontobel Cayman        13.350   12/28/07     EUR      54.60
Vontobel Cayman        13.500    2/22/08     CHF      50.00
Vontobel Cayman        13.800   12/12/07     USD      65.90
Vontobel Cayman        14.000   12/28/07     cHF      49.60
Vontobel Cayman        14.900   12/28/07     cHF      27.10
Vontobel Cayman        15.900   12/28/07     USD      65.80
Vontobel Cayman        16.000   12/28/07     EUR      40.65
Vontobel Cayman        16.000     2/4/08     USD      58.45
Vontobel Cayman        16.450   12/28/07     EUR      55.40
Vontobel Cayman        16.800   12/28/07     CHF       5.25
Vontobel Cayman        18.800   12/21/07     USD      65.60
Vontobel Cayman        22.850   12/28/07     CHF      30.00

JAMAICA
-------
Jamaica Govt. LRS       7.500   10/06/12     JMD      74.05

PUERTO RICO
-----------
Puerto Rico Cons.       5.900    4/15/34     USD      70.50

VENEZUELA
---------
Petroleos de Ven        5.250    4/12/17     USD      68.42
Petroleos de Ven        5.375    4/12/27     USD      57.92
Petroleos de Ven        5.500    4/12/37     USD      55.55
Venezuela               7.000    3/31/38     USD      70.87
Venezuela               7.000    3/31/38     USD      69.00


                         ***********


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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