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        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

          Tuesday, December 11, 2007, Vol. 8, Issue 245

                          Headlines

A R G E N T I N A

ADISA SA: Proofs of Claim Verification Deadline Is Feb. 15, 2008
ALITALIA SPA: Won't Cancel Flights on Dec. 14 Despite Strike
ASOCIACION ARGENTINA: Claims Verification Is Until Feb. 27, 2008
COBESAL SA: Proofs of Claim Verification Deadline Is Feb. 26
COOPERATIVA DE TRABAJOS: Claims Verification Deadline Is Feb. 25

COSTANERA GESTION: Proofs of Claim Verification Ends on Feb. 27
COSTANZA Y PORTAS: Creditors To Vote Dec. 13 on Settlement Plan
CUEROMAX SA: Proofs of Claim Verification Deadline Is March 14
DANA CORP: Announces Selection List for Board of Directors
DANA CORP: Personal Injury Committee Objects to Plan

DEL PLATA: Reorganization Proceeding Concluded
FERIAS DEL PILAR: Proofs of Claim Verification Ends Feb. 14
HELVENS SA: Files for Reorganization in Buenos Aires Court
INTERBAND SA: Proofs of Claim Verification Deadline Is March 3
ROBERTO DEMINGE: Proofs of Claim Verification Is Until March 3

SOISA SA: Proofs of Claim Verification Deadline Is Feb. 13, 2008
TELECOM ARGENTINA: Launching Videocall Service in Argentina

* ARGENTINA: Will Develop Uruguay's Liquefied NatGas Plant


B E R M U D A

AMSTELVEEN FSC: Holding Final Shareholders Meeting Tomorrow
CONCOMBER LTD: Final Shareholders Meeting Is Today
NIGHT WATCH: Holding Final Shareholders Meeting Tomorrow
REFCO INC: Ingram Micro Faces Trustee's Suit in Illinois Court
REFCO INC: Mayer Brown Wants US$245-Million Lawsuit Dismissed

TREMONT LIFE: Will Hold Final Shareholders Meeting Tomorrow
TREMONT SERVICES: Final Shareholders Meeting Is Tomorrow
ZEN LIMITED: Holding Final Shareholders Meeting Tomorrow


B O L I V I A

COEUR D'ALENE: Okays US$1.1-Bln Merger with Bolnisi & Palmarejo


B R A Z I L

AES CORP: Unit Selling Up To BRL200MM Non-Convertible Debentures
BROWN SHOE: Pays US$0.07 Per Share Quarterly Dividend on Jan. 2
CHRYSLER LLC: November Certified Pre-Owned Vehicle Sales Down 2%
COMMSCOPE INC: Reaches Agreement with DOJ to Complete Andrew Buy
FIAT SPA: Commits EUR70 Mil. for Pomigliano Plant Integration

FORD MOTOR: American Jaguar Dealers Prefer Sale to U.S. Bidder
FORD MOTOR: U.K. Marques' Final Bidders are Tata, Mahindra & OEP
MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW
SANYO ELECTRIC: To Open Lab Aimed at Reducing Solar Power Cost
TAM SA: Reports International Market Share of 73.2% in November

TIMKEN CO: Enters Into Joint Venture with Xiangtan Electric
UNITED AIRLINES: Board OKs US$250 Mil. Shareholders Distribution
UNITED AIRLINES: Fitch Says Cash Payment Won't Affect Ratings

* BRAZIL: Petrobras Ink Ethanol Export Deal with Samsung


C A Y M A N   I S L A N D S

BATTERY PARK: Sets Final Shareholders Meeting for Dec. 14
BATTERY PARK EMERGING: Final Shareholders Meeting Is on Dec. 14
BFC BANK: Will Hold Final Shareholders Meeting on Dec. 14
FIRST DORMY: Final Shareholders Meeting Is on Dec. 14
MORNINGSIDE PARK: Sets Final Shareholders Meeting for Dec. 14

PARMALAT SPA: NJ Court Denies Citibank's Motion for Leave
RGC INT'L: Will Hold Final Shareholders Meeting on Dec. 14
SAPPHIRE SEGREGATED: Final Shareholders Meeting Is on Dec. 14
SCHINDLER FINANCE: Holding Final Shareholders Meeting on Dec. 14
SEAGATE TECHNOLOGY: Signs Agreement to Acquire MetaLINCS

WEST GATE: Will Hold Final Shareholders Meeting on Dec. 14
YAMA HOLDINGS: Sets Final Shareholders Meeting for Dec. 14


C H I L E

CONSTELLATION BRANDS: Launches Exchange Offer for US$700MM Notes
SCOTIABANK SUD: Moody's Withdraws Assigned Ratings


C O L O M B I A

BANCOLOMBIA: Sells Mortgage Loans to Titularizadora for COP176MM
ECOPETROL: Plant Contracts Chicago Bridge for Expansion Project
INTERCONEXION ELECTRICA: Receives Offers for 178 Million Shares


C O S T A   R I C A

BANCO DE COSTA RICA: Launching New System to Combat Thefts
BANCO DE COSTA RICA: Fitch Affirms Low B Issuer Default Ratings


D O M I N I C A N   R E P U B L I C

ALCATEL-LUCENT: Signs EUR90 Mil. Turnkey Deal w/ Tele Greenland


E C U A D O R

* ECUADOR: Deciding on America Movil Operation on Jan. 4, 2008
* ECUADOR: Gets US$15.3-Mil. Loan to Develop Irrigation Systems


G U A T E M A L A

BRITISH AIRWAYS: Nears Profit Target, To Pay First Dividend
GOODYEAR TIRE: Concludes Exchange Offer for Convertible Notes


J A M A I C A

SUGAR CO: Minister Working with Investors To Reduce Cane Fires


M E X I C O

BEARINGPOINT INC: Moody's Confirms B2 Corporate Family Rating
BEARINGPOINT INC: Sept. 30 Balance Sheet Upside-Down by US$362MM
MOVIE GALLERY: Committee Wants to Hire CRG as Financial Advisor
KRISPY KREME: Posts US$798,000 Net Loss in Quarter Ended Oct. 28
MOVIE GALLERY: Panel Hires Imperial Capital as Financial Advisor

REMY WORLDWIDE: Wants Court to Close 27 Bankruptcy Cases
TREOFAN GERMANY: Sales Up 5.4% in 2007 Third Quarter
TREOFAN GERMANY: Moody's Cuts Corporate Family Rating to Caa2
U.S. STEEL: S&P Assigns BB+ Rating on US$400MM Sr. Unsec. Notes


P A N A M A

CHIQUITA BRANDS: Reaches Settlement with Panamanian Farmers


P E R U

* PERU: Miners Warn of Strike Over Pay & Benefits


P U E R T O   R I C O

HORIZON LINES: Hosts Army National Guard Exercise in Puerto Rico
MOTHERS WORK: November Net Sales Up 2.3% to US$46.5 Million
PULTE HOMES: Pays US$0.04 Per Share Quarterly Dividend on Jan. 3
SALLY HOLDINGS: Moody's Drops Rating on US$430MM Sr. Notes to B3


U R U G U A Y

* URUGUAY: Argentina To Develop Nation's Liquefied NatGas Plant


V E N E Z U E L A

BANCO DEL CARIBE: Fitch Lowers Issuer Default Ratings to B
CHRYSLER LLC: S&P Retains 'B' Rating on US$2-Billion Loan
PETROLEOS DE VENEZUELA: Belarus Neft To Operate 3 More Blocks
SANLUIS CORP: Rep Uno Extends Expiration Date on Tender Offer

* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


ADISA SA: Proofs of Claim Verification Deadline Is Feb. 15, 2008
----------------------------------------------------------------
Ana Maria Varela, the court-appointed trustee for Adisa S.A.'s
bankruptcy proceeding, verifies creditors' proofs of claim until
Feb. 15, 2008.

Ms. Varela will present the validated claims in court as
individual reports on April 3, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Adisa 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 Adisa's accounting
and banking records will be submitted in court on May 16, 2008.

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

The trustee can be reached at:

         Ana Maria Varela
         Talcahuano 768
         Buenos Aires, Argentina


ALITALIA SPA: Won't Cancel Flights on Dec. 14 Despite Strike
------------------------------------------------------------
Alitalia S.p.A. says the Fta Cisal Assovolo union organization,
which called for the flight attendants' strike for Dec. 14, does
not have the requisites for official recognition by the Company,
and has never taken part in any negotiations.

It should also be pointed out that only a small number of
Alitalia flight attendants are Fta Cisal members.

For this reason, Alitalia is not planning to cancel any flights
on Dec. 14 due to the strike called by the Fta Cisal Assovolo
union.

                        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.


ASOCIACION ARGENTINA: Claims Verification Is Until Feb. 27, 2008
----------------------------------------------------------------
Liliana Cecilia Bozzano, the court-appointed trustee for
Asociacion Argentina de Trabajadores Autonomos' bankruptcy
proceeding, verifies creditors' proofs of claim until
Feb. 27, 2008.

Ms. Bozzano will present the validated claims in court as
individual reports on April 14, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Asociacion Argentina 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 Asociacion
Argentina's accounting and banking records will be submitted in
court on May 27, 2008.

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

The trustee can be reached at:

         Liliana Cecilia Bozzano
         Viamonte 1446
         Buenos Aires, Argentina


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

Ms. Santos will present the validated claims in court as
individual reports on April 8, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Cobesal and its creditors.

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

A general report that contains an audit of Cobesal's accounting
and banking records will be submitted in court on May 20, 2008.

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

The trustee can be reached at:

         Rosa Isabel Santos
         Darwin 599
         Buenos Aires, Argentina


COOPERATIVA DE TRABAJOS: Claims Verification Deadline Is Feb. 25
----------------------------------------------------------------
Gabriel Ail, the court-appointed trustee for Cooperativa de
Trabajos Lacteos Monte Casino Ltda.'s bankruptcy proceeding,
verifies creditors' proofs of claim until Feb. 25, 2008.

Mr. Ail will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 39, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by Cooperativa de Trabajos and its
creditors.

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

A general report that contains an audit of Cooperativa de
Trabajos' accounting and banking records will be submitted in
court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Cooperativa de Trabajos Lacteos Monte Casino Ltda.
         Alcaraz 4316
         Buenos Aires, Argentina

The trustee can be reached at:

         Gabriel Ail
         Cordoba 1352
         Buenos Aires, Argentina


COSTANERA GESTION: Proofs of Claim Verification Ends on Feb. 27
---------------------------------------------------------------
Ricardo Adrogue, the court-appointed trustee for Costanera
Gestion S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 27, 2008.

Mr. Adrogue will present the validated claims in court as
individual reports on April 9, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Costanera Gestion 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 Costanera Gestion's
accounting and banking records will be submitted in court on
May 21, 2008.

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

The trustee can be reached at:

         Ricardo Adrogue
         Bouchard 468
         Buenos Aires, Argentina


COSTANZA Y PORTAS: Creditors To Vote Dec. 13 on Settlement Plan
---------------------------------------------------------------
Costanza y Portas S.R.L.'s creditors will vote on a settlement
plan that the company will lay on the table on Dec. 13, 2007.

The court-appointed trustee for Costanza y Portas'
reorganization proceeding verified creditors' proofs of claim.
The trustee presented the validated claims in court as
individual reports and also submitted a general report
containing an audit of Costanza y Portas's accounting and
banking records.

The debtor can be reached at:

          Costanza y Portas S.R.L.
          Rosario, Santa Fe
          Argentina


CUEROMAX SA: Proofs of Claim Verification Deadline Is March 14
--------------------------------------------------------------
Rodolfo Torella, the court-appointed trustee for Cueromax SA's
bankruptcy proceeding, verifies creditors' proofs of claim until
March 14, 2008.

Mr. Torella will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 14 in Buenos Aires, with the assistance of Clerk
No. 28, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Cueromax 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 Cueromax's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Cueromax SA
         Sanchez 2052
         Buenos Aires, Argentina

The trustee can be reached at:

         Rodolfo Torella
         Arcos 3726
         Buenos Aires, Argentina


DANA CORP: Announces Selection List for Board of Directors
----------------------------------------------------------
Dana Corporation has announced the selection of nine individuals
who are expected to serve as members of the board of directors
of the company upon emergence from Chapter 11 reorganization.
The board will include Dana Chairperson and Chief Executive
Officer Mike Burns.  At emergence, it is expected that the
offices of Chairperson and CEO will be separate.

"We are pleased to welcome this group of highly respected
individuals to the Dana team and look forward to benefiting from
their perspective and guidance as we embark on our new
beginning," Mr. Burns said.  "The combined experience, business
acumen, and high ethical standards represented by this board
will provide a sound foundation for our future success."

The board, which has been selected by creditors and new
investors, assembles distinguished leaders from government,
finance, and automotive backgrounds.  Collectively, the board
represents more than 170 years of automotive industry
experience.

               Proposed New Board of Directors

Upon confirmation of the company's Plan of Reorganization by the
Court, the board of directors will take office on the effective
date of the plan.  Joining Mr. Burns on the board will be:

Gary L. Convis has retired in 2007 as the Chairperson of Toyota
Manufacturing, Kentucky and Executive Vice President of Toyota
Motor Engineering & Manufacturing North America, Inc., where he
had served since 2002.  Prior to serving in these roles, Mr.
Convis spent 16 years at New United Motor Manufacturing, Inc.
Mr. Convis also spent more than 20 years in various roles with
General Motors Corporation and Ford Motor Company.  Mr. Convis
is also a board member of Cooper-Standard Automotive Inc. and
Compass Automotive Group, Inc.

John M. Devine is the former Vice Chairperson and Chief
Financial Officer of General Motors Corporation, where he served
from 2001 to 2005.  Prior to joining GM, Mr. Devine served as
Chairperson and CEO of Fluid Ventures, LLC.  Previously, he
spent 32 years at Ford Motor Company, where he last served as
Executive Vice President and CFO.  Mr. Devine is also currently
a board member of Amerigon Incorporated.

Mark T. Gallogly is Managing Partner of Centerbridge Partners,
L.P., a multi-strategy private investment firm.  Prior to co-
founding Centerbridge, Mr. Gallogly served as a Senior Managing
Director of The Blackstone Group from 1994 to 2005, heading the
firm's Private Equity Group from 2003 to 2005.

Richard A. Gephardt is a senior counsel in the Government
Affairs practice group at DLA Piper, one of the world's largest
law firms.  Previously, Mr. Gephardt served as a Congressman for
Missouri's Third Congressional District for 28 years.  He was
the leader of the House Democrats for more than a decade,
serving as House majority leader from 1989 to 1994 and minority
leader from 1995 to 2003.

Stephen J. Girsky is President of Centerbridge Industrial
Partners, LLC.  Prior to joining Centerbridge, Mr. Girsky was
the Special Adviser to the CEO and CFO of General Motors
Corporation from 2005 to 2006.  Prior to joining GM, Mr. Girsky
was managing director at Morgan Stanley and the senior analyst
of the Morgan Stanley Global Automotive and Auto Parts Research
Team.

Terrence J. Keating is Chairperson of Accuride Corporation, one
the largest and most diversified manufacturers and suppliers of
commercial vehicle components in North America.  He has served
as CEO and a director of Accuride Corporation since 2002, and
was named Chairperson of the company earlier this year.  He
recently announced plans to retire from active employment as an
officer of the company at the end of 2008.  Mr. Keating also
serves as Vice Chairperson and a director of the Heavy Duty
Manufacturers Association.

Mark A. Schulz is the former President of International
Operations of the Ford Motor Company, where he spent 32 years in
a variety of global roles.  Mr. Schulz serves as a member of
several boards, including the National Committee of United
States-China Relations, the United States-China Business
Council, and the National Bureau of Asian Research.  He is also
a member of the International Advisory Board for the President
of the Republic of the Philippines.  Mr. Schulz is also
currently a board member of YRC Worldwide Inc.

Jerome B. York has served as Chief Executive Officer of
Harwinton Capital LLC, a private investment company that he
controls, since 2000.  From 2000 to 2003, Mr. York was
Chairperson and CEO of MicroWarehouse, Inc.  From 1995 to 1999,
he served as Vice Chairperson of Tracinda Corporation.  He
served as Senior Vice President and Chief Financial Officer of
IBM Corporation from 1993 to 1995.  Prior to that, Mr. York
spent 14 years at Chrysler Corporation serving as its CFO from
1990 to 1993.  Mr. York is also currently a director of Apple
Inc. and Tyco International Ltd.

                         About Dana

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

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

The company and its affiliates filed for chapter 11 protection
on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Aug. 31, 2007 the Debtors listed 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 CORP: Personal Injury Committee Objects to Plan
----------------------------------------------------
The Ad Hoc Committee of Asbestos Personal Injury Claimants
disputes Dana Corp.'s contention that the asbestos personal
injury claimants are not impaired by the Third Amended Joint
Plan of Reorganization.

According to Douglas T. Tabachnik, at Law Offices of Douglas T.
Tabachnik, in Freehold, N.J., the Debtors have failed to
demonstrate that the asbestos personal injury claimants are not
impaired.  He elaborates that under the Plan, the Debtors can
engage in Court-sanctioned Restructuring Transactions that could
readily leave holders of asbestos personal injury claims with
little or no meaningful remedy for injuries.

A Restructuring Transaction can extinguish a Reorganized
Debtor's obligation to pay asbestos injury claims and the
successor Acquiring Entity would have no obligation to assume
those liabilities, Mr. Tabachnik points out. Accordingly, the Ah
Hoc Committee of Asbestos Personal Injury Claimants asserts that
the Plan should not be confirmed.

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.


DEL PLATA: Reorganization Proceeding Concluded
----------------------------------------------
Del Plata Consignataria S.A.'s reorganization proceeding has
ended.  Data published by Infobae on its Web site indicated that
the process was concluded after the National Commercial Court of
First Instance in Buenos Aires approved the debt agreement
signed between the company and its creditors.


FERIAS DEL PILAR: Proofs of Claim Verification Ends Feb. 14
-----------------------------------------------------------
Luis Angel Giroud Guillet, the court-appointed trustee for
Ferias del Pilar S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until Feb. 14, 2008.

Mr. Guillet will present the validated claims in court as
individual reports on March 27, 2008.  The National Commercial
Court of First Instance in San Isidro, 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 Ferias del Pilar 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 Ferias del Pilar's
accounting and banking records will be submitted in court on
May 9, 2008.

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

The debtor can be reached at:

         Ferias del Pilar S.A.
         Hipolito Yrigoyen 785, Pilar
         Buenos Aires, Argentina

The trustee can be reached at:

         Luis Angel Giroud Guillet
         Rivadavia 479, San Isidro
         Buenos Aires, Argentina


HELVENS SA: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------
Helvens S.A. has requested for reorganization approval after
failing to pay its liabilities.

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

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

The debtor can be reached at:

          Helvens S.A.
          Reconquista 1088 Piso 9
          Buenos Aires, Argentina


INTERBAND SA: Proofs of Claim Verification Deadline Is March 3
--------------------------------------------------------------
The court-appointed trustee for Interband S.A.'s bankruptcy
proceeding, verifies creditors' proofs of claim until
March 3, 2008.

Infobae didn't state the name of the trustee.

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

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

The debtor can be reached at:

         Interband S.A.
         Virrey Liniers 489
         Buenos Aires, Argentina


ROBERTO DEMINGE: Proofs of Claim Verification Is Until March 3
--------------------------------------------------------------
Maria del Carmen Alvarez, the court-appointed trustee for
Roberto Deminge S.A.'s bankruptcy proceeding, verifies
creditors' proofs of claim until March 3, 2008.

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

Infobae didn't state the reports submission deadlines.
Mr. Alvarez is also in charge of administering Roberto Deminge's
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

         Maria del Carmen Alvarez
         San Jose 135
         Buenos Aires, Argentina


SOISA SA: Proofs of Claim Verification Deadline Is Feb. 13, 2008
----------------------------------------------------------------
Marta Susana Polistina, the court-appointed trustee for Soisa
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 13, 2008.

Ms. Polistina will present the validated claims in court as
individual reports on March 12, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Soisa 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 Soisa's accounting
and banking records will be submitted in court on
April 29, 2008.

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

The trustee can be reached at:

         Marta Susana Polistina
         Cramer 2175
         Buenos Aires, Argentina


TELECOM ARGENTINA: Launching Videocall Service in Argentina
-----------------------------------------------------------
Telecom Argentina said in a statement that it has launched a
videocall service for residential and corporate clients in
Argentina.

The new service is more important in "technological positioning"
than as a revenue source for Telecom Argentina, Business News
Americas relates, citing Argentine consultancy Carrier y
Asociados director Enrique Carrier.  Video call services usage
in Argentina won't be "massive."  The new service also confirms,
"the future of fixed line telephony will be based on broadband
infrastructure."

According to BNamericas, Telecom Argentina invested about ARS16
million in the new service.

Published reports say that customers can access the service
through an Aladino VT telephone.  Telecom Argentina eyes about
50,000 clients to have the service by the end of 2008.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct. 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.


* ARGENTINA: Will Develop Uruguay's Liquefied NatGas Plant
----------------------------------------------------------
Argentine officials have signed an accord with their Uruguayan
counterparts for the development of a liquefied natural gas
regasification plant in Uruguay, Business News Americas reports,
citing an official of the Uruguayan industry, energy and mines
ministry.

BNamericas relates that Argentine planning minister Julio de
Vido signed a agreement with Uruguayan industry minister Jorge
Lepra to give the two countries 50% of the plant's initial
production, which would be at 10 million cubic meters per day.
The plant could eventually increase production to 20 million
cubic meters per day. Uruguay could sell excess capacity.

Published reports say that private and public firms will be able
to participate in the construction and operation of the plant.

Uruguayan state-run energy firm Ancap's head Daniel Martinez
said in October 2007 that the plant could start operating in
2011 or 2012, BNamericas notes.

Plans for the project are in the "initial stages," BNamericas
states, citing the Uruguayan industry ministry.

                        *     *     *

Fitch Ratings assigned these ratings on Argentina:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling     B+      Aug. 1, 2006
   Local Currency
   Long Term Issuer    B       Aug. 1, 2006
   Short Term IDR      B       Dec. 14, 2005
   Long Term IDR       RD      Dec. 14, 2005




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


AMSTELVEEN FSC: Holding Final Shareholders Meeting Tomorrow
-----------------------------------------------------------
Amstelveen FSC Ltd. will hold its final shareholders meeting on
Dec. 12, 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.


CONCOMBER LTD: Final Shareholders Meeting Is Today
--------------------------------------------------
Concomber, Ltd., will hold its final shareholders meeting on
Dec. 11, 2007, at 9:30 a.m. at:

          Messrs. Conyers Dill & Pearman
          Clarendon House, Church Street
          Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.


NIGHT WATCH: Holding Final Shareholders Meeting Tomorrow
--------------------------------------------------------
Night Watch FSC Ltd. will hold its final shareholders meeting on
Dec. 12, 2007, at 9:30 a.m. at:

          Messrs. Conyers Dill & Pearman
          Clarendon House, Church Street
          Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.


REFCO INC: Ingram Micro Faces Trustee's Suit in Illinois Court
--------------------------------------------------------------
Ingram Micro Inc. intends to defend against the suit filed by
the trustee of the Refco Litigation Trust in Illinois state
court in connection with the bankruptcy of Refco, Inc., and its
subsidiaries and affiliates.

In August 2007, the Trustee sued Grant Thornton LLP, Mayer Brown
Rowe & Maw, LLP, Phillip Bennett, and numerous other individuals
and entities, including the Company and one of its subsidiaries,
claiming damage to the bankrupt Refco entities in the amount of
US$2 billion.

Of its 44 claims for relief, the complaint contains a single
claim against the Company and one of its subsidiaries, alleging
that loan transactions between the Company's subsidiary and
Refco in early 2000 and early 2001, aided and abetted the common
law fraud of Bennett and other defendants, resulting in damage
to Refco in August 2004 when it effected a leveraged buyout in
which it incurred substantial new debt while distributing assets
to Refco insiders.

Based in Santa Ana, Calif., Ingram Micro Inc., together with its
subsidiaries, distributes information technology products and
supply chain solutions worldwide.  Its IT products include
peripherals, networking, software, and systems.


REFCO INC: Mayer Brown Wants US$245-Million Lawsuit Dismissed
-------------------------------------------------------------
The United States and United Kingdom partnerships of Mayer Brown
have both filed with the U.S. District Court for the Southern
District of New York motions to dismiss the US$245,000,000
lawsuit filed in October 2007 by the Refco, Inc. investors, led
by giant bond fund Pacific Investment Management Co., Georgina
Stanley at Legalweek.com reports.

The complaint, which relates to the claim made by former Refco
creditor, Thomas H Lee Partners, accused Mayer Brown and its
partner, Joseph Collins, of knowingly participating in a fraud
that moved bad debt off the company's books at the end of
certain financial periods; allegedly costing innocent investors
hundreds of millions of dollars.

The District Court will rule on the Dismissal Motions early next
year, Ms. Stanley says.

Mayer Brown is also considering its stand on other Refco
disputes, including a US$2,000,000,000 claim filed in August by
Marc Kirschner, Plan Administrator for the Refco Capital
Markets, Ltd., against a number of the company's advisers.

Meanwhile, Ms. Stanley further notes, Mayer Brown has denied an
allegation that the firm and its insurers agreed to pay out
around US$250,000,000 to settle a 1999 claim relating to advice
it gave Commercial Financial Services, saying that it is "not
even in the same ball park."

"We are confident that the firm will not have trouble getting
insurance coverage," Ms. Stanley quoted Mayer brown counsel Mark
McLaughlin as saying.  "We will defend all the cases
vigorously."

                        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/or 215/945-7000).


TREMONT LIFE: Will Hold Final Shareholders Meeting Tomorrow
-----------------------------------------------------------
Tremont Life Holdings, Ltd., will hold its final shareholders
meeting on Dec. 12, 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.


TREMONT SERVICES: Final Shareholders Meeting Is Tomorrow
--------------------------------------------------------
Tremont Services Limited will hold its final shareholders
meeting on Dec. 12, 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.


ZEN LIMITED: Holding Final Shareholders Meeting Tomorrow
--------------------------------------------------------
Zen Limited will hold its final shareholders meeting on
Dec. 12, 2007, at 9:30 a.m. at:

          Messrs. Conyers Dill & Pearman
          Clarendon House, Church Street
          Hamilton, Bermuda

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.




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


COEUR D'ALENE: Okays US$1.1-Bln Merger with Bolnisi & Palmarejo
---------------------------------------------------------------
Coeur d'Alene Mines Corporation's shareholders have
overwhelmingly approved the proposals related to the
acquisitions of Bolnisi Gold NL and Palmarejo Silver and Gold
Corporation at a Special Meeting held last week in Coeur
d'Alene, Idaho.

"We are extremely pleased with the outcome of today's vote and
the addition to Coeur of the Palmarejo silver and gold project,
which is expected to increase company-wide silver production to
nearly 30 million ounces by 2009, and at very low costs," said
Dennis E. Wheeler, Coeur's Chairman, President and Chief
Executive Officer.  "The addition of the Palmarejo project to
the company's existing asset mix will transform Coeur into a
high-growth, low-cost, long-life, and sustainable world-leading
silver company with exciting exploration potential.  We would
like to thank our shareholders for their support and we look
forward to delivering the benefits of this transaction."

The final tabulation indicates that more than 88% of the shares
voted were cast in support of the proposals on which the
company's shareholders were asked to vote.  Earlier this week,
shareholders for both Bolnisi and Palmarejo voted overwhelmingly
in favor of the transaction.

As a result of this transaction, Coeur's Australian-listed CHESS
Depositary Interests will be added to Australia 's S&P/ASX 200
indices.

The Palmarejo project is expected to begin production in early
2009 at an annualized rate of approximately 10.4 million ounces
of silver and 115,000 ounces of gold per year with cash costs,
net of gold bi-product, of an estimated (US$0.41) per ounce of
silver and an initial mine life of nine years.  Exploration
continues on the large land package, with current measured and
indicated mineral resources of 88.7 million silver ounces and
1.0 million measured and indicated gold ounces and an additional
61.4 million ounces of inferred silver mineral resources and 0.7
million inferred gold ounces.

                     About Coeur d'Alene

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

                        *     *     *

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




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


AES CORP: Unit Selling Up To BRL200MM Non-Convertible Debentures
----------------------------------------------------------------
AES Corp.'s Brazilian power distributor AES Eletropaulo said in
a filing with securities regulator Comissao de Valores
Mobiliarios that it has began selling non-convertible debentures
of up to BRL200 million.

According to AES Eletropaulo's filing, the firm will use the
proceeds from the sale in distribution operations.

AES Eletropaulo told Business News Americas that "the 11-year
notes will yield Brazil's interbank lending rate, plus 1.75% a
year."

Investors will get the proceeds every six months beginning May
next year, BNamericas states.

                    About AES Eletropaulo

AES Eletropaulo is a distributor serving in Sao Paulo, Brazil.
It has 4.6 million clients and serves an estimated 14 million
people in its 4,526sq km concession area.  In terms of revenues,
it is the largest electricity distributor in Latin America.

                       About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries.  Specifically, it also has operations
in India.  Generating 44,000 megawatts of electricity through
124 power facilities, the company delivers electricity through
15 distribution companies.  The company's Latin America business
group is comprised of generation plants and electric utilities
in Argentina, Brazil, Chile, Colombia, Dominican Republic, El
Salvador, Panama and Venezuela.

As reported in the Troubled Company Reporter-Latin America on
Oct. 12, 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million.  LGD assessments are subject to change pending
the final capital structure.

As reported on Oct. 12, 2007, Fitch Ratings assigned a 'BB/RR1'
rating to AES Corporation's US$500 million issue of senior
unsecured notes due 2017.  AES' long-term Issuer Default Rating
is rated 'B+' by Fitch.  Fitch said the rating outlook is
stable.


BROWN SHOE: Pays US$0.07 Per Share Quarterly Dividend on Jan. 2
---------------------------------------------------------------
The Board of Directors of Brown Shoe Company, Inc. has declared
a quarterly dividend of US$0.07 per share, payable Jan. 2, 2008
to shareholders of record on Dec. 20, 2007.

This dividend will be the 340th consecutive quarterly dividend
paid by the company.

Headquartered in St. Louis, Missouri, Brown Shoe Company Inc.
(NYSE:BWS) -- http://www.brownshoe.com/-- is a US$2.4 billion
footwear company with global operations including Brazil, Italy,
China, Hong Kong, and Taiwan.  Brown Shoe's Retail division
operates Famous Footwear, the 1,000-store chain that sells brand
name shoes for the family, approximately 300 specialty retail
stores in the U.S. and Canada under the Naturalizer, FX LaSalle,
and Franco Sarto names, and Shoes.com, the company's e-commerce
subsidiary.  Brown Shoe, through its wholesale divisions, owns
and markets footwear brands including Naturalizer, LifeStride,
Via Spiga, Nickels Soft, Connie and Buster Brown; it also
markets licensed brands including Franco Sarto, Dr. Scholl's,
Etienne Aigner, and Carlos by Carlos Santana and Barbie, Disney
and Nickelodeon character footwear for children.

                        *     *     *

On April 2007, Moody's Investors Service changed the outlook of
Brown Shoe Company, Inc., to positive from stable and affirmed
its Ba3 corporate family rating on the company.

Moody's Investor Services placed Brown Shoe Company Inc.'s
probability of default rating at 'Ba3' in September 2006.
Moody's said the rating still hold to date with a positive
outlook.


CHRYSLER LLC: November Certified Pre-Owned Vehicle Sales Down 2%
----------------------------------------------------------------
Chrysler LLC has reported that its Five Star(R) dealers sold
9,280 Certified Pre-owned Vehicles in November 2007, a 2%
decline from a record November 2006 when 9,437 units were sold.
During November 2007 certified-used Chrysler brand sales rose 2%
to 2,936 units; Jeep(R) brand sales declined 7% to 2,442 units
and Dodge brand sales dipped 1% to 3,902 units.

Year-to-date Certified Pre-owned Vehicles sales were the
highlight this month with sales rising 6 percent to a record
113,186 units, surpassing last year's year-to-date total of
107,236 units.  Chrysler brand car sales, Dodge brand car sales
and Dodge truck sales all experienced increases during 2007;
Chrysler 300/300C sales rose 39 percent to 6,199 units; Dodge
Charger sales surged 129% to 3,809 units and Dodge Ram pickup
truck sales increased 5% to 10,055 units.

"There are many rewards of the CPOV program which is why heading
into the last month of this year, Chrysler has been the fastest
growing CPOV brand since 2002," said Director for Remarketing,
Peter Grady.  "One reward for both the customer and dealer is
that once a customer purchases a certified-used Chrysler, Jeep
or Dodge product, the warranty provided by the CPOV program
allows the dealer staff to cultivate a relationship with the
customer when the vehicle is brought in for routine service.
This results in a more pleasant experience for the customer
which ultimately benefits the dealer."

In addition, the company will announce plans to expand its
partnership with ADESA to benefit Chrysler, Jeep and Dodge
dealers with remarketing needs.

                       About Chrysler

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.


COMMSCOPE INC: Reaches Agreement with DOJ to Complete Andrew Buy
----------------------------------------------------------------
CommScope, Inc., has reached an agreement with the United States
Department of Justice that will allow it to complete its
proposed acquisition of Andrew Corporation.

Under the terms of the agreement with the DOJ, which was filed
December 6, in the U.S. District Court for the District of
Columbia, the companies will be required to divest certain non-
core assets, including Andrew's non-controlling minority
interest in Andes Industries, Inc., a supplier of last-mile
products for broadband communications networks, and other
related assets.  The carrying value of the assets to be divested
was less than US$25 million as of Sept. 30, 2007.  It is
expected that the divestitures will be completed after CommScope
completes the acquisition of Andrew Corp.  This agreement is
subject to the Court's approval.

In addition to the DOJ, the proposed Andrew transaction was
cleared by the European Commission as well as other required
regulatory authorities.  The Andrew stockholders will vote on
the transaction on Dec. 10, 2007.  The company expects to close
the transaction by year-end, subject to the satisfaction of
other customary conditions.

                       About CommScope

Based in Hickory, North Carolina, CommScope Inc. (NYSE: CTV)
-- http://www.commscope.com/-- is a world leader in
infrastructure   solutions for communication networks.  Through
its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands,
CommScope is the global leader in structured cabling systems for
business enterprise applications.  It is also the world's
largest manufacturer of coaxial cable for Hybrid Fiber Coaxial
applications.  CommScope has facilities in Brazil, Australia,
China and Ireland.

                        *     *     *

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


FIAT SPA: Commits EUR70 Mil. for Pomigliano Plant Integration
-------------------------------------------------------------
Fiat S.p.A. decided to commit itself to complete the integration
of the Pomigliano plant into the Fiat Group Automobiles
manufacturing system.

According to the company, the commitment will be realized
through a plan of technological investments worth a total of
EUR70 million.

The investments will be flanked by intensive training programs
for employees and they are in addition to the other EUR40
million in extra costs stemming from the suspension of
production necessary to realize the plan.

Fiat's objective is to bring this plant to best-in-class
performance levels and ensure that it will be able to meet the
conditions necessary for the allocation of production of new
future models.

Normal working activities at the plant will be suspended for
around two months, from Jan. 7 to March 2, 2008, in order to
process in accordance with the world class manufacturing
principles currently applied at all the group's facilities.
In the same period, employees will receive training.

Fiat group will bear all costs of the temporary shutdown,
including wages and associated social security contributions.
As regards the manufacturing process, the plant organization
will be thoroughly rationalized, eliminating the trim shop and
incorporating all vehicle prep areas in the final assembly line.

Closure panel hemming, Alfa 159 body framing and all quality
activities will be housed in a single building.

In the next twelve to fifteen months, the company will make
investments aimed at boosting efficiency at the plant and
improving workers' safety and the facilities provided to them.

The work called for by the plan will be carried out by outside
contractors, and is expected to involve over 900 contractor
employees.

With this initiative, the Fiat underscores its strong
determination to do everything possible, in organizational and
financial terms, to guarantee that the plant can continue to
exist, and continue to grow.

At the same time, the contribution of all employees is
absolutely essential to achieve our development objectives.
Fiat expects that in 2008, once the operation is completed,
Pomigliano to have turned into a manufacturing plant which can
go head to head with its best competitors.

                      About Fiat S.p.A.

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

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

                        *     *     *

As of Dec. 10, 2007, Fiat S.p.A. carries Moody's long-term
corporate family rating of Ba1 and probability of default rating
of Ba1 with positive outlook.

The company also carries Standard & Poor's BB+ on long-term
foreign issuer credit rating, BB+ on long-term local issuer
credit rating, B on short-term foreign issuer and local issuer
credit ratings.


FORD MOTOR: American Jaguar Dealers Prefer Sale to U.S. Bidder
--------------------------------------------------------------
American dealers of Ford Motor Company's Premier Automotive
Brand, Jaguar, prefer U.S. group, J.P. Morgan Chase & Co.'s One
Equity Partners LLC, bidding over the luxury car unit, Stephen
Power in Frankfurt and Eric Bellman in Mumbai of the Wall Street
Journal report.

Ken Gorin, chairman of the Jaguar Business Operations Council,
says he is wary over the perception on Jaguar if owned by
companies out of India, such as final bidders Tata Motors Ltd.
and Mahindra & Mahindra Ltd., WSJ relates.  Although, he insists
that the particularity is on the unique image projection of
Jaguar as a luxury brand, and not on the management capabilities
of the Indian bidders.

The choice of U.S. dealers, WSJ relates, may have something to
do with Jacques Nasser, managing director of One Equity
Partners.  Mr. Nasser was Ford's CEO from 1999 to 2001, who
advocated the investment on Ford's Europeam luxury brands.

As reported in the Troubled Company Reporter on Nov. 13, 2007,
Ford continues to explore in greater detail the potential sale
of its Premier Automotive Group brands, Jaguar and Land Rover,
with interested parties and anticipates these discussions will
culminate in an agreement no later than early next year.

In early September 2007, Tata Motors, Mahindra & Mahindra and
One Equity Partners, led by former Ford CEO Jacques Nasser, have
advanced into the second round of Ford's auction process for its
Jaguar and Land Rover marques.

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

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

                        *     *     *

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


FORD MOTOR: U.K. Marques' Final Bidders are Tata, Mahindra & OEP
----------------------------------------------------------------
Tata Motors Ltd., Mahindra & Mahindra Ltd. and One Equity
Partners LLC have submitted their final bids for Ford's Motor
Company's British Marques brands, according to various reports.

Sources say that there are speculations that the sale is likely
to range from US$1.5 billion to US$2 billion.

As reported in the Troubled Company Reporter on Oct. 1, 2007,
Terra Firma Capital Partners Limited joined the bid for Ford's
Jaguar and Land Rover brands.

Previously reported on Sept. 27, 2007, Ford's British Marques
still has four potential buyers left after two Indian firms,
Mahindra & Mahindra and Cerberus Capital Management LP, quit the
buying race.  Citing Reuters, the TCR further names the four
remaining suitors as Ripplewood Holdings LLC, Tata Motors
Limited, TPG Capital L.P. also known as Texas Pacific Group, and
One Equity Partners LLC, but these firms are yet to complete the
due diligence.

In early September 2007, Tata Motors, Mahindra & Mahindra and
One Equity Partners, led by former Ford CEO Jacques Nasser, have
advanced into the second round of Ford's auction process for its
Jaguar and Land Rover marques.

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.


MAGNA INT'L: Unit Makes Mini Sports Activity Vehicle for BMW
------------------------------------------------------------
Magna International Inc.'s Magna Steyr unit will be responsible
for serial development and production of the Mini Sports
Activity Vehicle.  At current exchange rates, Magna expects its
annualized sales associated with the program to be in excess of
US$1 billion, once the program reaches full production.  The
Mini Sports Activity Vehicle will be the second new vehicle
program produced by Magna Steyr for BMW Group.  Magna Steyr has
been the sole production source of the BMW X3 since the launch
of the vehicle in 2003, and expects to continue to produce the
X3 until the end of the current vehicle program.

Magna's co-Chief Executive Officer, Siegfried Wolf, stated:
"This is a huge recognition of the work that Magna Steyr has
achieved so far through its partnership with BMW Group.  Above
all, I'm delighted for our employees, as this will allow us to
set another milestone in our long-running and successful
cooperation with BMW Group.  As we have done before, we will
work on this vehicle program with our fullest commitment to
ensure that we meet BMW Group's high expectations."

                  About Magna International

Headquartered in Ontario, Canada, Magna International Inc.
(TSX: MG.A, MG.B; NYSE: MGA) -- http://www.magna.com/-- is a an
automotive supplier that designs, develops and manufactures
automotive systems, assemblies, modules and components, and
engineers and assembles complete vehicles, for sale to original
equipment manufacturers of cars and light trucks in North
America, Europe, Asia, South America and Africa.  In South
America, it has two operations in Brazil.  The company's
capabilities include the design, engineering, testing and
manufacture of automotive interior systems; seating systems;
closure systems; metal body and chassis systems; vision systems;
electronic systems; exterior systems; powertrain systems; roof
systems; well as complete vehicle engineering and assembly.  The
company has approximately 83,000 employees in 229 manufacturing
operations and 62 product development and engineering centers in
23 countries.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 24, 2007,
Magna International Inc.'s plan of arrangement and agreements
relating to the strategic investment in Magna by Open Joint
Stock Company Russian Machines became effective on
Sept. 20, 2007.


SANYO ELECTRIC: To Open Lab Aimed at Reducing Solar Power Cost
--------------------------------------------------------------
Sanyo Electric Co. said it will open a laboratory inside its
Gifu Prefecture semiconductor plant in April to develop
next-generation, thin-film solar cells that require a very
small amount of silicon, Kyodo News reports.

The "Advanced Photovoltaics Development Center" is aimed at
reducing the cost of solar power to match costs as low as
electricity charges applied to home-use, Sanyo explains through
a company-issued statement.

The Kyodo News report explains that at present, solar power
costs about JPY250 to JPY300 to generate one watt of electricity
when solar cells are used.  Sanyo, notes Kyodo News, wants to
lower this amount to JPY150 by 2012.

Kyodo News added that Sanyo plans to invest some JPY6 billion in
the new facility after three years of its establishment.

Dr. Shinya Tsuda, Sanyo's vice president and general manager of
R&D headquarters, claims "Sanyo considers next-generation
thin-film silicon solar cells as the third generation of solar
cells following amorphous and HIT solar cells.  With this third
generation of products, we aim to commercialize them to decrease
the cost of solar power generation to match or be comparable to
current home electricity bills in the future."

Heterojunction with Intrinsic Thin-layer solar cells are
developed by Sanyo are composed of crystalline silicon wafers
and thin amorphous silicon layers.  These uniquely structured
cells allow the world's greatest power generation per
installation space due to superior technological advantages,
including high conversion efficiency and less vulnerability to
high temperatures.

The company, according to its statement, is optimistic that the
global demand for solar power-generation is expected to increase
significantly as more and more countries are introducing systems
that purchase electricity obtained from renewable sources at
preferential conditions.

The Osaka-based electronics manufacturer will invest JPY80
billion in HIT solar cells over the next three fiscal year and
increase production capacity to 650MW by 2010.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.
-- http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                        *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


TAM SA: Reports International Market Share of 73.2% in November
---------------------------------------------------------------
TAM S.A. has reported operating data for November 2007, as
disclosed by the Brazilian National Civil Aviation Agency.

According to ANAC, TAM registered 15.5% growth in domestic RPK
(demand) compared to the same period last year, and 9.0%
increase in domestic ASK (supply).  In November, market demand
increased 14.3% and market supply increased 8.6%. TAM registered
a domestic market share of 49.9%, a 0.5 p.p. increase compared
to the same period in 2006.

TAM's domestic load factor was 72.1%, 1.8 p.p. higher than the
market average 70.4%. In the international market, TAM
registered 58.4% growth in RPK and 65.0% in ASK, compared to
November 2006.  The company attained market share of 73.2%,
representing 11.9 p.p. growth year on year.  TAM attained 68.0%
load factor, 6.1 p.p. higher than the market average of 61.9%.
The domestic scheduled yield for November 2007 remained stable
with 3Q07.

The company's operating data for November:

Operating data               Nov 2007    Nov 2006     Var. %
Domestic Market
   ASK (millions) - Supply     2,630      2,413        9.0%
   RPK (millions) - Demand     1,897      1,642       15.5%
   Load Factor                  72.1%     68.0%      4.1 p.p.
   Market share                 49.9%     49.4%      0.5 p.p.

International Market
   ASK (millions) - Supply     1,411        855       65.0%
   RPK (millions) - Demand       960        606       58.4%
   Load Factor                  68.0%      70.9%    -2.9 p.p.
   Market share                 73.2%      61.3%    11.9 p.p.

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

                        *     *     *

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


TIMKEN CO: Enters Into Joint Venture with Xiangtan Electric
-----------------------------------------------------------
The Timken Company has entered an agreement with Chinese heavy
equipment manufacturer Xiangtan Electric Manufacturing Co. Ltd.
to establish a joint venture in China to manufacture ultra-
large-bore bearings for main rotor shafts of multi-megawatt wind
turbines for the Chinese wind energy market.  The joint venture
is expected to contribute to China's goal of generating 30
million kilowatts of power from wind energy systems by 2020,
providing a renewable energy source for China's rapidly
expanding economy.

The joint venture will build a new US$38 million facility in
Xiangtan, located in China's Hunan province, to collaborate on
the manufacture of main-shaft bearings for wind turbines.
Timken and XEMC expect to employ more than 110 people in the
joint venture.  Construction of the new facility is scheduled to
begin in 2008.

The agreement was unveiled in Beijing at a ceremony attended by
China's Ministry of Commerce Vice-Minister, Jiang Zeng Wei, and
U.S. Secretary of Commerce Carlos M. Gutierrez, who is visiting
China to encourage bilateral trade and investment that will
strengthen the U.S. and Chinese economies.

"Timken's partnership in China will provide $100 million in
exports, while also helping China expand alternative energy,
wind power, which helps the planet," said U.S. Secretary of
Commerce Carlos M. Gutierrez.

Timken power transmission and friction management solutions are
particularly well suited to improving the performance,
durability and reliability of wind turbine systems.  By
combining Timken's alloy steel expertise, power-transmission
design and precision manufacturing capabilities with XEMC's
leadership in heavy-equipment manufacturing in the Chinese
market, the joint venture will be well-positioned to meet the
needs of China's rapidly growing wind energy industry.  Timken
will have an ownership stake of 80 percent in the joint venture.

"Timken has continued to invest heavily in China since entering
this country in 1992, and the joint venture with XEMC is the
latest example of our commitment to meet the needs of Chinese
customers as they participate in one of the most important
economic expansions the world has ever witnessed," said Roger
Lindsay, Timken's senior vice president for Asia.  "We believe
our collaboration with XEMC will contribute to Chinese economic
growth while also advancing the use of sustainable energy to the
benefit of us all."

In addition to Timken's participation in the wind energy
industry, the company has developed a wide range of products
that contribute to sustainability by improving the operating
efficiency and power density of diverse types of machinery.

                      About Timken Co.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Moody's Investors Service affirmed Timken's Ba1
corporate family rating and the Ba1 rating on Timken's US$300
million Medium Term Notes, Series A.


UNITED AIRLINES: Board OKs US$250 Mil. Shareholders Distribution
----------------------------------------------------------------
United Airlines' UAL Corporation Board of Directors has approved
a special distribution of US$2.15 per share to holders of UAL
Corp. common stock, or approximately US$250 million. The
distribution will be made on Jan. 23, 2008 to holders of UAL
Corporation common stock on Jan. 9, 2008.  United also announced
that it paid down US$500 million of the term loan under its
existing credit agreement.

Both the distribution and the term loan prepayment follow the
approval by United's lenders of an amendment to the company's
credit agreement.  Under the amendment, the company can
undertake an additional US$250 million in shareholder
initiatives without any additional prepayment.  In addition, the
amendment provides that the company can carry out further
shareholder initiatives in an amount equal to future term loan
prepayments.

"This shareholder distribution underscores our commitment to
creating value for our investors," said chairperson, president
and Chief Executive Officer, Glenn Tilton.  "On behalf of our
board of directors, we are pleased to make this decision to
provide a distribution to our shareholders while strengthening
our balance sheet and investing in our business.  We compete for
shareholders just as we compete for customers."

Since exiting bankruptcy, United has reduced its total net debt
by US$2.7 billion through the end of the third quarter.  The
airline has generated more than US$2 billion in operating cash
flow in the first nine months of the year.  The company also
plans to invest US$4 billion in its business over the next five
years.

For the 5% Senior Convertible Notes due 2021 (O'Hare Notes), the
4.5% Senior Limited-Subordination Convertible Notes due 2021
(Employee Notes) and the PBGC 2% Convertible Preferred Stock
(PBGC Preferred Stock), the conversion price and the ratios will
be adjusted in accordance with their respective terms.

                    About United Airlines

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

                        *     *     *

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


UNITED AIRLINES: Fitch Says Cash Payment Won't Affect Ratings
-------------------------------------------------------------
Following the announcement by United Airlines that it intends to
pay out a special cash distribution of approximately US$250
million to shareholders while reducing its outstanding term loan
balance by US$500 million, Fitch's ratings on United and its
parent, UAL Corp., are unaffected.  Fitch's Issuer Default
Rating on both UAL and United is 'B-', and the secured credit
facility is rated 'BB-' with a recovery rating of 'RR1'.  The
Rating Outlook for UAL and United is Positive.

Current ratings reflect the substantial progress made toward
balance sheet repair and leverage reduction over the past two
years, offset by management's stated intention to return more
cash to shareholders through the current US$250 million payment,
to be made on Jan. 23, 2007, and potential future cash
distributions.  The recently negotiated amendment to United's
secured bank credit facility allows for an additional US$250
million to be paid out to shareholders without further required
reduction of the term loan balance.  In addition, lenders have
agreed to allow United to pursue further shareholder initiatives
as long as a corresponding amount of debt reduction occurs at
that time.

The credit facility amendment and the distribution announcement
appear to reflect management's view that a portion of the
carrier's unrestricted cash position (US$4.2 billion as of
Sept. 30, 2007) represents excess liquidity that should be
allocated to the return of cash to shareholders and the pre-
payment of debt.  While this will clearly have a positive near-
term effect on leverage, the resulting impact of this action on
the carrier's liquidity position and free cash flow generation
represents a modest credit negative that could limit United's
financial flexibility in a potential industry downturn linked to
a softening domestic demand outlook and very high jet fuel
prices.

United has recently adjusted its domestic mainline capacity
growth plans for 2008 to reduce scheduled available seat miles
by approximately 3%-4% in light of the weaker operating outlook.
Other carriers, including Southwest, Continental and Delta have
announced similar capacity pullbacks this month.  Industry
capacity discipline should support domestic unit revenue trends
somewhat for 2008, but United and its competitors are likely to
experience some margin pressure next year.  Fitch expects free
cash flow to weaken in 2008, particularly in light of the fact
that cash distributions to shareholders could increase beyond
the announced US$250 million payment.  In Fitch's view, proceeds
from any prospective asset divestitures-notably United's
maintenance services business and/or the Mileage Plus loyalty
program-are likely to be allocated toward both shareholder
distributions and debt reduction, but the precise allocation is
contingent upon developments in the industry operating
environment over the next few quarters.

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


* BRAZIL: Petrobras Ink Ethanol Export Deal with Samsung
--------------------------------------------------------
Petroleo Brasileiro SA signed a Memorandum of Understandings
with Samsung to carry out ethanol production technical,
financial, and commercial studies to supply South Korea market's
future demand for the product.  The event was held on Dec. 7 at
the company's main office building, in Rio de Janeiro.
Petrobras' Downstream director, Paulo Roberto Costa, signed on
behalf of the company, while Sun Young Kim, president of Samsung
do Brasil, signed for Samsung.

South Korea is in a rather advanced stage for the adoption of a
10% ethanol mix with gasoline to comply with the commitments it
took-on under the Kyoto Protocol, and is currently performing
practical testing in a several regions.

South Korea is expected to introduce ethanol to its energy
matrix in 2009, at a volume of 400 million liters per year.

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


BATTERY PARK: Sets Final Shareholders Meeting for Dec. 14
---------------------------------------------------------
Battery Park Emerging Sovereign Opportunity Offshore Fund, Ltd.,
will hold its final shareholders meeting on Dec. 14, 2007, at
10:00 a.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.

Battery Park's shareholders agreed on Nov. 13, 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: Jessica Turnbull
             Deloitte
             P.O. Box 1787, George Town
             Grand Cayman, Cayman Islands
             Telephone: (345) 949-7500
             Fax: (345) 949-8258


BATTERY PARK EMERGING: Final Shareholders Meeting Is on Dec. 14
---------------------------------------------------------------
Battery Park Emerging Sovereign Opportunity Master Fund, Ltd.,
will hold its final shareholders meeting on Dec. 14, 2007, at
10:14 a.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.

Battery Park's shareholders agreed on Nov. 13, 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: Jessica Turnbull
             Deloitte
             P.O. Box 1787, George Town
             Grand Cayman, Cayman Islands
             Telephone: (345) 949-7500
             Fax: (345) 949-8258


BFC BANK: Will Hold Final Shareholders Meeting on Dec. 14
---------------------------------------------------------
BFC Bank (Cayman) Ltd. will hold its final shareholders meeting
on Dec. 14, 2007, at 2:30 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 six years from the
             dissolution of the company, after which they may be
             destroyed.

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

BFC Bank'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:

            Christopher Johnson
            Attention: Sumitra Devi
            P.O. Box 2499, George Town
            Grand Cayman KY1-1104, Cayman Islands
            Telephone: (345) 946 0820
            Fax: (345) 946 0864


FIRST DORMY: Final Shareholders Meeting Is on Dec. 14
-----------------------------------------------------
First Dormy Holdings will hold its final shareholders meeting on
Dec. 14, 2007, at 11:00 a.m. at the registered office of the
company.

These agenda will be taken during the meeting:

          1) accounting of the winding-up process; and
          2) authorizing the liquidator to retain the records of
             the company for a period of 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.

First Dormy'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 liquidators can be reached at:

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


MORNINGSIDE PARK: Sets Final Shareholders Meeting for Dec. 14
-------------------------------------------------------------
Morningside Park, Ltd., will hold its final shareholders meeting
on Dec. 14, 2007, at 1:00 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 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.

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

The liquidators can be reached at:

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


PARMALAT SPA: NJ Court Denies Citibank's Motion for Leave
---------------------------------------------------------
Parmalat S.p.A communicates that the New Jersey Appellate
Division has denied Citibank's motion for leave to appeal the
Superior Court's refusal to dismiss the case.

In October 2007, the Superior Court of New Jersey has again
denied the request of Citigroup, Inc. and certain of its
affiliates, including Citibank, N.A., to dismiss the
US$10,000,000,000 fraud lawsuit filed by Parmalat Finanziaria
S.p.A. Chairman Enrico Bondi, and has rescheduled the trial to
begin May 5, 2008.

In the complaint, Dr. Enrico Bondi had accused the Citigroup and
Citibank in aiding Parmalat's subsidiaries in their fraudulent
scheme.  Specifically, Dr. Bondi asserted that Citigroup
knowingly structured financing for Parmalat subsidiaries to
disguise debt and artificially increase cash flow.  Eureka PLC,
a United Kingdom-based public liability company, is one of the
corporations alleged to be affiliated with Citigroup that have
participated in the Parmalat scheme.

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.


RGC INT'L: Will Hold Final Shareholders Meeting on Dec. 14
----------------------------------------------------------
RGC International Investors LDC will hold its final shareholders
meeting on Dec. 14, 2007, at 1:30 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 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.

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

The liquidators can be reached at:

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


SAPPHIRE SEGREGATED: Final Shareholders Meeting Is on Dec. 14
-------------------------------------------------------------
Sapphire Segregated Portfolio Company will hold its final
shareholders meeting on Dec. 14, 2007, at 10:00 a.m. at:

             Avalon Management Limited
             3rd Floor, Zephyr House
             122 Mary Street, George Town
             Grand Cayman, 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 records of the company 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.

Sapphire Segregated's shareholders agreed on Oct. 31, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.


SCHINDLER FINANCE: Holding Final Shareholders Meeting on Dec. 14
----------------------------------------------------------------
Schindler Finance (Cayman Island) Limited will hold its final
shareholders meeting on Dec. 14, 2007, at 10:30 a.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.

Schindler Finance's shareholders agreed on Nov. 13, 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: Jessica Turnbull
             Deloitte
             P.O. Box 1787, George Town
             Grand Cayman, Cayman Islands
             Telephone: (345) 949-7500
             Fax: (345) 949-8258


SEAGATE TECHNOLOGY: Signs Agreement to Acquire MetaLINCS
--------------------------------------------------------
Seagate Technology has signed an agreement to acquire MetaLINCS.
MetaLINCS's innovative, patent-pending software helps companies
respond to litigation and regulatory issues that require them to
search large volumes of electronic data for relevant
information.  MetaLINCS will become part of the Seagate Services
Group and support its mission to help business customers protect
and manage valuable company information.  Financial terms were
not disclosed.

According to Gartner analysts Debra Logan and John Bace in the
report, "The Emerging E-Discovery Market," published on
July 18, 2007, "Changes to the Federal Rules of Civil Procedure,
along with the ever-increasing reliance on electronic
documentation in business, will have wide-ranging effects on the
IT profession and IT vendors in 2007 and 2008.  IT will be
called on to account for elements of their infrastructure and
the location of live and backup data as never before."

"Today's announcement represents another strategic step for the
Seagate Services Group and further reinforces our commitment to
providing customers with innovative technology-based services
and solutions that advance their businesses," said Seagate
Services Group's senior vice president and general manager, Mark
Grace.  "The addition of MetaLINCS's solutions will provide our
customers with the tools to respond to litigation and compliance
requests and help to reduce enterprise E-Discovery costs."

MetaLINCS's enterprise-class E-Discovery software automatically
analyzes emails, documents and associated metadata, and presents
visual analysis of people, conversations, concepts and
communication patterns.  MetaLINCS's Chief Executive Officer,
Ramon Nunez, will join the Seagate Services senior management
team and will lead the Seagate Services Group's E-Discovery
business unit.

"We are thrilled to be joining the Seagate Services Group," said
Mr. Nunez.  "The synergy of our missions and cultures will
further strengthen our focus on helping corporations and law
firms leverage E-Discovery for strategic decision-making during
large-scale litigation, mergers and acquisitions, and regulatory
response projects."

MetaLINCS is the most recent acquisition for the Seagate
Services Group.  In 2007, Seagate purchased EVault, an award
winning provider of online backup and archive solutions for
small and mid sized enterprises, and in 2005, Seagate purchased
Action Front (now Seagate Recovery Services), a provider of data
recovery and data migration services.  These acquisitions
provide Seagate Technology with growing opportunities in the
data protection and management solutions market and are highly
scalable with the company's technology portfolio and market
expertise.

With the addition of MetaLINCS's E-Discovery platform, Seagate
Services is able to offer corporations, law firms, and
litigation service partners a technology leading analytics
engine along with one stop sourcing for archive, recovery and
collection, review tools and services inclusive of EVault's
Insight E-Discovery services.

Following the MetaLINCS acquisition, the Seagate Services Group
will provide these primary solutions:

    -- E-Discovery solutions targeted at addressing a growing
       market need to retrieve and analyze large volumes of data
       in support of litigation and compliance requirements

    -- Complete business continuity, compliance and disaster
       recovery services with high availability, secure backup
       and recovery of business-critical data

    -- A wide range of data recovery, data migration and data
       accessibility solutions to meet the needs of enterprise,
       small/medium businesses and consumers

Founded in 2003, MetaLINCS is a privately held company with more
than 50 employees.

Headquartered in Scotts Valley, California, and registered in
Cayman Islands, Seagate Technology (NYSE: STX) --
http://www.seagate.com/-- designs, manufactures and markets
hard disc drives, and provides products for a wide-range of
Enterprise, Desktop, Mobile Computing, and Consumer Electronics
applications.

                        *     *     *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion.  Moody's
said the ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- US$400 million senior notes 8%, due 2009: to Ba1


WEST GATE: Will Hold Final Shareholders Meeting on Dec. 14
----------------------------------------------------------
West Gate Multi-Strategy Fund, Ltd., will hold its final
shareholders meeting on Dec. 14, 2007, at 10:30 a.m. at:

             Avalon Management Limited
             3rd Floor, Zephyr House
             122 Mary Street, George Town
             Grand Cayman, 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 records of the company 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.

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


YAMA HOLDINGS: Sets Final Shareholders Meeting for Dec. 14
----------------------------------------------------------
Yama Holdings Ltd. will hold its final shareholders meeting on
Dec. 14, 2007, at 2:30 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.

Yama Holdings' shareholders agreed 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




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


CONSTELLATION BRANDS: Launches Exchange Offer for US$700MM Notes
----------------------------------------------------------------
Constellation Brands Inc. has commenced an offer to exchange
US$700 million principal amount of its 7.25% Senior Notes due
2017, which are registered under the Securities Act of 1933 for
all US$700 million of its currently outstanding 7.25% Senior
Notes due 2017, which have not been registered under the
Securities Act of 1933.

The company said it will not receive any proceeds from the
exchange offer, nor will its debt level change as a result of
the exchange offer.

The terms of the Exchange Notes and the Original Notes are
substantially identical in all material respects.

The exchange offer will be open for acceptance until 5:00 p.m.,
New York City time, on Jan. 7, 2008, unless extended.  Persons
with questions regarding the exchange offer should contact the
exchange agent, The Bank of New York Trust Company, N.A., at
212-815-2742.

A copy of the prospectus for the exchange offer and related
letter of transmittal, included in the registration statement,
may be obtained by writing to investor relations, at:

     Constellation Brands Inc.
     Suite 300, 370 Woodcliff Drive
     Fairport, NY 14450

                 About Constellation Brands

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Fitch Ratings assigned a 'BB-' rating to a note
registered by Constellation Brands Inc. to fund the purchase
price of Beam Wine Estates Inc., a subsidiary of Fortune Brands
Inc: US$500 million 8.375% senior unsecured note due
Dec. 15, 2014.  Fitch said the rating outlook is negative.


SCOTIABANK SUD: Moody's Withdraws Assigned Ratings
--------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Scotiabank Sud Americano for business reasons and at the
issuer's request.

The bank has no rated foreign currency debt outstanding.

These ratings were withdrawn:

  -- Long Term Foreign Currency Deposits: A2, stable outlook
  -- Short Term Foreign Currency Deposits: Prime-1
  -- Long Term Local Currency Deposits: A2, positive outlook
  -- Bank Financial Strength: D+, positive outlook
  -- Local Currency Senior Debt: A2, positive outlook
  -- Local Currency Subordinated Debt: A3, positive outlook

Scotiabank Sud Americano has operations in Chile.




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


BANCOLOMBIA: Sells Mortgage Loans to Titularizadora for COP176MM
----------------------------------------------------------------
Bancolombia S.A. has sold mortgage loans in UVR (Unidades de
Valor Real), to Titularizadora Colombiana S.A. amounting to
approximately COP175,878 million.  These mortgage loans will be
secured by Titularizadora through the issuance of TIPS E-9, a
type of mortgage-backed securities.

The purpose of this transaction is to continue the transfer of
Bancolombia's mortgage loans to the capital markets.

Bancolombia is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and US$1.4
billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 27, 2007, Moody's Investors Service changed the outlook to
positive from stable on its Ba3 long-term foreign currency
deposit ratings and Ba1 long-term foreign currency subordinated
bond rating for Bancolombia, S.A.

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Fitch Ratings downgraded and removed from Rating
Watch Negative Bancolombia's long-term and short-term local
currency Issuer Default Ratings and Individual rating:

  -- Individual rating to 'C/D' from 'C';
  -- Local currency long-term IDR to 'BB+' from 'BBB-'; and
  -- Local currency short-term rating to 'B' from 'F3';

In addition, Fitch affirmed these ratings:

  -- Foreign currency long-term IDR at 'BB+';
  -- Foreign currency short-term rating at 'B'; and
  -- Support rating at '3'.

Fitch says the rating outlook is stable.


ECOPETROL: Plant Contracts Chicago Bridge for Expansion Project
---------------------------------------------------------------
Colombian state-run oil firm's Refineria de Cartagena has
contracted Chicago Bridge & Iron Co. for a US$80-million
expansion project in Cartagena, Colombia, Eric Watkins at The
Oil & Gas Journal reports.

Ecopetrol owns a 49% stake in Refineria de Cartagena.  The
remaining 51% in the refinery belongs to Glencore International
AG.

The Oil & Gas Journal relates that Chicago Bridge will conduct:

          -- engineering,
          -- procurement,
          -- construction, and
          -- the adding of 14 processing units.

The project is aimed at boosting processing capacity at the
facility to 150,000 barrels per day from 80,000 barrels per day.
The modernized facility will produce ultralow-sulfur gasoline
and diesel from a heavy crude oil slate, The Oil & Gas Journal
states.

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

                        *     *     *

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


INTERCONEXION ELECTRICA: Receives Offers for 178 Million Shares
---------------------------------------------------------------
Colombia's state transmission firm Interconexion Electrica SA
said in a statement that it has received offers for a total of
178 million shares in a new public offering launched on
Nov. 16, 2007.

Business News Americas relates that Interconexion Electrica had
planned on issuing about 53 million new shares.  The amount
could be increased or decreased up to 25%.

According to BNamericas, Interconexion Electrica board members
would hold a meeting to determine the share price.

Interconexion Electrica is using a book-building model for a
round where investors offer both the price and amount of shares
they want to acquire.  Potential investors must buy at least 500
shares.  Offers that don't reach the set price won't be
considered, BNamericas notes.

The report says that Interconexion Electrica cancelled in July
2007 the planned issuance of about 59.2 million shares due to
unfavorable market conditions.  However, the firm's board
authorized the 53-million share issue in October 2007.

Interconexion Electrica "put the reference price for the
cancelled issue at COP6,000 per share on May 30, 2007."  Using
the previous rate, the new share offering could raise some
COP318 billion, BNamericas states.

As reported in the Troubled Company Reporter-Latin America on
March 8, 2007, Standard & Poor's Ratings Services raised its
foreign currency long-term corporate credit rating on
Interconexion Electrica S.A. E.S.P. to 'BB+' from 'BB' and
affirmed the 'BBB-' local currency rating on the company.  S&P
said the outlook is stable.




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


BANCO DE COSTA RICA: Launching New System to Combat Thefts
----------------------------------------------------------
Banco de Costa Rica, in an effort to to reduce electronic
thefts, launched a new system called a dynamic password, A.M.
Costa Rica reports.

As reported in the Troubled Company Reporter-Latin America on
March 16, 2007, Banco de Costa Rica's officials were alarmed
upon learning that user names and passwords were fraudulently
obtained from unsuspecting customers.  Banco de Costa Rica's
customers were urged, through E-mailed messages, to check their
accounts on the bank's Web page, but the electronic link
provided went to the fake page.

Banco de Costa rica's assistant manger Mario Rivera Turcios
admitted to Jose Pablo Ramirez Vindas at A.M. Costa Rica that
about 120 clients sought reimbursement as a result of identity
theft.  The clients claimed that money were taken from their
accounts illegally.  However, the bank denied every claim and
attributed the thefts to outside computer users who obtained the
clients' passwords.

A.M. Costa Rica relates that the new system will be used when
bank clients make transfers, including transfers between banks,
to accounts not on their favorites list.  It starts on Dec. 10.
It will "overlay an additional system of security for transfers
and certain other electronic transactions."

According to A.M. Costa Rica, clients will be provided with
"physical cards containing five rows of 11 numbers."  After the
transfer, the bank's computer will for a card's three double-
digit numbers and will identify the numbers by row and column.
Clients will have to provide the actual numbers.

Thieves who hack into Internet transactions won't know the three
numbers as the information on the card is not transmitted
online.  The bank is spending about US$65,000 on the system.
Clients must pick up an individualized card at a Banco de Costa
Rica unit to use the system, A.M. Costa Rica states, citing
Banco de Costa Rica officials.

Banco de Costa, established in 1877, is Costa Rica's second
largest bank with a local deposit market share of 20% as of
June 2006.  Banco de Costa has three local wholly owned
subsidiaries in non-credit activities (securities brokerage,
mutual fund and pension fund management).  It also has a 51%
stake (increased from 20% in 2005) in Banco Internacional de
Costa Rica aka BICSA, a Panama-based trade finance and corporate
bank established in 1976 (24% of the bank's consolidated loans
at end-September 2006).  The larger local peer Banco Nacional de
Costa Rica (also state-owned) holds the remainder 49% stake in
BICSA.  Banco del Costa Rica offers a wide array of universal
banking services to 1.2 million clients through its network of
178 branches and 267 ATMs.  Around 77% of loans are to the
corporate and commercial sectors, while the retail segment
provides the remainder 23% (35% contribution in the bank's
domestic operations).


BANCO DE COSTA RICA: Fitch Affirms Low B Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings and all
other ratings of Banco de Costa Rica as:

  -- Long-term foreign currency IDR at 'BB';
  -- Short-term foreign currency IDR at 'B';
  -- Long-term local currency IDR at 'BB+';
  -- Short-term local currency IDR at 'B';
  -- Individual at 'C/D';
  -- Support at '3';
  -- Support Floor at 'BB';
  -- National-scale long-term rating at 'AA+(cri)';
  -- National-scale short-term rating at 'F1+(cri)'.

Fitch has also revised the Rating Outlook on Banco del Costa
Rica's long-term foreign currency 'BB' IDR to Positive from
Stable.  The Outlook revision reflects the upside potential in
the bank's Individual rating, should the bank sustain the
positive trend in capital adequacy, profitability and declining
balance sheet-dollarization.  If the Individual rating is
eventually upgraded, Fitch will likely upgrade as well the
foreign currency IDR rating, thus aligning it with its local
currency long-term IDR ('BB+').  The Rating Outlook on both the
bank's long-term local currency IDR and national-scale long-term
rating remains Stable.

The government of Costa Rica (long-term foreign and local
currency IDRs rated 'BB' and 'BB+', respectively, by Fitch) is
Banco del Costa Rica's sole shareholder and it grants an
explicit guarantee for the bank and other state-owned banks.
However, the ability to provide support could be limited, given
the country's sub-investment grade rating and fiscal
constraints.  The aforementioned explicit guarantee largely
drives the bank's IDRs, support rating and support rating floor.

In turn, its Individual rating reflects the bank's strong
franchise, adequate and improving capital, asset quality,
funding sources and liquidity, while also considers the
competitive environment, ample market risks and relatively
modest, though improving, profitability.

Underpinned by a strong environment and its sound franchise, the
bank has gradually improved its performance.  However, its
margins are relatively tight (net interest margin as of June
2007: 5.25%), considering the non-dollarized nature of the
country and still high inflation.  Coupled with its relatively
weak efficiency derived from its branch expansion (cost-to-
income: 74.1%) and modest revenue diversification, these are
among the bank's major challenges in order to sustain stronger
earnings over time.  The ability to contain provisions at
comfortable levels and to further improve the performance of its
Panamanian subsidiary will be also key drivers of net
profitability going forward.  Asset quality remains sound (past
due loans: 0.60% of total). Borrower concentrations are
relatively low.  The bank is challenged to maintain these sound
asset quality indicators and also to expand the relatively low
reserves-to-total loans ratio (1.9%), given the rapidly
expanding loan base and the gradual shift toward retail loans.
Indirect credit exposure arises from a highly dollarized balance
sheet.  Locally, 51% of loans are US$-denominated and most of
these are granted to non-USD generating clients.  Liquidity is
robust, underpinned by the sizeable portfolio of liquid assets
(52% of deposits and money market funding).  The ample and
stable customer deposit base (81% of total liabilities) is also
a major strength.  Banco del Costa Rica's capitalization is
adequate given its inherent risks (equity-to-assets: 11.9%).
The capital base is largely unencumbered.

Around 77% of the bank's consolidated loans are to the corporate
and commercial sectors, while the retail segment provides the
remainder 23%. The bank's current management team, with a new
Chief Executive Officer since 2003, has successfully enhanced
its overall competitive, operating and financial position. At
present, the bank aims at strengthening customer service, while
maintaining its financial profile and risk management and
compliance approaches.  Another goal is improving its
competitive position at a regional level, providing further
international banking services with a regional scope, primarily
through Banco Internacional de Costa Rica.

Banco de Costa, established in 1877, is Costa Rica's second
largest bank with a local deposit market share of 20% as of
June 2006.  Banco de Costa has three local wholly owned
subsidiaries in non-credit activities (securities brokerage,
mutual fund and pension fund management).  It also has a 51%
stake (increased from 20% in 2005) in Banco Internacional de
Costa Rica aka BICSA, a Panama-based trade finance and corporate
bank established in 1976 (24% of the bank's consolidated loans
at end-September 2006).  The larger local peer Banco Nacional de
Costa Rica (also state-owned) holds the remainder 49% stake in
BICSA.  Banco del Costa Rica offers a wide array of universal
banking services to 1.2 million clients through its network of
178 branches and 267 ATMs.  Around 77% of loans are to the
corporate and commercial sectors, while the retail segment
provides the remainder 23% (35% contribution in the bank's
domestic operations).




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


ALCATEL-LUCENT: Signs EUR90 Mil. Turnkey Deal w/ Tele Greenland
---------------------------------------------------------------
Alcatel-Lucent has signed a EUR90 million turnkey contract with
Tele Greenland to deploy a 4,600-kilometer submarine cable
network linking Greenland to Iceland and Canada.  The new cable
network, called Greenland Connect, is expected to provide
international and domestic connectivity to meet the growing
bandwidth requirements for new applications -- including video,
data, and other multimedia services -- to serve Tele Greenland's
users.  The project should be completed before the winter season
of 2008.

The Greenland Connect network will consist of two main sections
or trunk cables: the first one will span 2,500 kilometers from
Nuuk in Greenland to Milton in Newfoundland and the second will
link Nuuk and Qaqortoq to Landeyarsandur in Iceland over 2,100
kilometers.  Each of the trunk cables will be equipped with
branching units allowing for future connections north of Nuuk
and also for a direct connection from Newfoundland to Iceland.
Greenland Connect will offer an ultimate capacity of up to 96 by
10Gbit/s.

The network will enable businesses and consumers to benefit from
services such as broadband Internet and video conferencing.
Tele Greenland will also be able to further enhance its end-to-
end offering for voice and data network hubs, call centers and
advanced multimedia applications for maritime safety and
emergency communications.

"According to our vision, 'Greenland in the Centre of the
World', we have to address increased connectivity requirements,
while minimizing our operational costs and guaranteeing
performance continuity at the highest level possible.  The
Greenland Connect cable will provide Greenland with a place on
the worldwide Internet network, and direct access to American
and European markets" said Tele Greenland Chief Executive
Officer, Brian Buus Pedersen.  "Alcatel-Lucent's submarine
solutions offer the flexibly and reliability our customers
require to support the cost-effective delivery of innovative
services."

"The severe weather conditions of Greenland and the North
Atlantic Ocean make this project very challenging," stated
President of Alcatel-Lucent's submarine network activity, Jean
Godeluck.  "Our selection for this project is based on our
ability to manage from the most simple to the most
complex turnkey projects and deliver it on time."

                    About Tele Greenland

For more than 75 years, TELE Greenland Inc. has provided
telecommunications and marketed telecom and IT-solutions in
Greenland.  The telecom division operates telecommunications
activities in Greenland according to a concession granted by the
Greenland Home Rule Government.  With a total area of 2,2
million Sq. km, Greenland is the largest island in the world, 10
times the size of The United Kingdom and part of the North
American continent.  Greenland has a population of 57,000 people
located along the west and east coast of the island in 17 towns
and 55 settlements.

                     About Alcatel-Lucent

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

                        *      *      *

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




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


* ECUADOR: Deciding on America Movil Operation on Jan. 4, 2008
--------------------------------------------------------------
The Ecuadorian telecommunications regulator Senatel told Dow
Jones Newswires that it has extended to Jan. 4, 2008, the
deadline to decide whether Mexico's telecommunications firm
America Movil will continue operating in Ecuador.

Dow Jones relates that Senated initially gave America Movil's
Ecuadorian unit Concecel 30 days from Nov. 5 to fix problems
with its network.

As reported in the Troubled Company Reporter-Latin America on
Nov. 26, 2007, the Ecuadorian government repeated a threat to
revoke its service contract with Mexican telecom firm America
Movil if the company fails to fix technical problems.

Ecuadorian national telecommunications secretary Jaime Guerrero
commented to Dow Jones, "Last Friday, the company submitted
1,122 pages of documentation about its technical problems.  We
have to analyze carefully all documents.  If the company has
remedied its problems, the investigation against it will finish;
otherwise the contract will be canceled."

Senatel already developed a model contract to launch talks with
Ecuador's private-sector operators America Movil and Telefonica,
Dow Jones says, citing Mr. Guerrero.  The two firm's concessions
expire in August and November 2008, respectively.  The
concessions can be extended for up to 15 years.

Mr. Guerrero told Dow Jones that America Movil couldn't begin to
negotiate a new contract unless it resolves the conflict.  The
government hasn't yet launched contract talks with Telefonica
unit Movistar.  "The new contracts will impose higher penalties
for operational errors."

"Right now, the maximum fine is US$200.  It's ridiculous.  We
are thinking about drastic and progressive sanctions that could
have a maximum of US$2 million, because it is already included
in Alegro's contract," Mr. Guerrero commented to Dow Jones.

                    About America Movil

America Movil, S.A.B. DE C.V. is a provider of wireless
communications services in Latin America.  As of Dec. 31, 2006,
it had 124.8 million subscribers in 15 countries.  On an equity
basis (representing the company's economic interest in its
subsidiaries' subscribers), the company had 124.4 million
subscribers as of Dec. 31, 2006.  It also had an aggregate of
approximately 2.8 million fixed lines in Guatemala, Nicaragua,
El Salvador and the Dominican Republic as of Dec. 31, 2006.  It
operates global system for mobile communications (GSM) networks
in all of its principal markets in Latin America, except in
Puerto Rico.  On Dec. 1, 2006, America Movil acquired a 100%
interest in Verizon Dominicana (renamed Compania Dominicana de
Telefonos, C. por A.).  On March 30, 2007, it acquired control
of 100% of Telecomunicaciones de Puerto Rico, Inc.  In
August 2007, the company acquired Oceanic Digital Jamaica, which
is a cellular phones operator in Jamaica.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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


* ECUADOR: Gets US$15.3-Mil. Loan to Develop Irrigation Systems
---------------------------------------------------------------
The World Bank's Board of Directors approved a US$15.3 million
loan to the Government of Ecuador to improve irrigation systems
and the Chambo and Chanchan-Chimbo roads, in Chimborazo
province, with an aim to increase production by rural families
and to improve market access.

The Project for Productive Investments in Chimborazo-Ecuador
aims to expand the production and market value of the local
peasants' foodstuffs.  It is estimated that at the end of the
project around 17,500 families will add to their products' value
by 10% and that 15,000 rural families will increase their sales
by 5%. The project also aims to increase irrigation efficiency
by 30%, both in systems and farms and reduce travel time by 30%
through the use of improved roads.

"I want to express my gratitude because a loan requested by
responsible local authorities has been approved.  The community
will benefit and now they will have to make sure that the terms
of the loan are executed adequately," said Fausto Ortiz,
Minister of Finance of Ecuador.

The project's goals and objectives are consistent with
Chimborazo province's "Minga for our lives" development plan,
which intends to concentrate development efforts on four
pillars: strengthen the environment's sustainable use;
accelerate the local economy and its productivity; improve
business processes and to set up a local plan to combat poverty.

"Equitable rural development is vital for Ecuador's growth.
This loan will support the existing provincial government's
efforts to improve living standards and productive processes of
Chimborazo peasants, and maximize their contributions to the
local economy", said Carlos Felipe Jaramillo, World Bank Country
Director for, Bolivia, Ecuador, Peru, and Venezuela.

Among other things, the project will support two key
infrastructure designs that play an important role in the local
rural economy's development: improvement and rehabilitation of
irrigation systems.  Equally, it will rehabilitate the Riobamba-
San Luis-Pun¡n-Flores-Cebadas provincial road (approximately 20
miles long) and will optimize the Charicando-San Patricio-La
Dolorosa road (15.7 miles long).

Investment in roads and irrigation systems will allow people
from the local community better access to urban markets, to
increase and diversify their production, particularly fodder,
and in that way be able to satisfy the increasing demand in
cities for products like milk and meat.

The US$15.3 million International Bank for Reconstruction and
Development  Loan for Productive Investments in Chimborazo has a
reimbursement period of 19 years with a 2-year grace period.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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




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


BRITISH AIRWAYS: Nears Profit Target, To Pay First Dividend
-----------------------------------------------------------
British Airways plc is expected to pay out its first dividend
since 2001, Fergal O'Brien writes for Bloomberg News.

According to the report, BA is confident it will meet its full-
year profitability target.

"We've made it clear that it's what we want to do, but it does
depend on the performance," Willie Walsh, chief executive
officer of BA, was quoted by Bloomberg as saying.  "Given we had
a record first half, we're on track to deliver a 10 percent
operating margin and that would be the second trigger event
ticked off."

Meanwhile, Mr. Walsh further revealed bookings on the airline's
long-haul premium class services remain "strong".  However,
there has been some "softening" in leisure traffic from the U.S.
to Europe as a result of the dollar's decline.

JP Morgan earlier told Bloomberg BA is likely to sell long-haul
economy-class seats at a loss next year once the airline loses
the protection of fuel-price hedging.

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.


GOODYEAR TIRE: Concludes Exchange Offer for Convertible Notes
-------------------------------------------------------------
The Goodyear Tire & Rubber Company disclosed the results of a
previously announced offer to exchange its outstanding 4.00%
Convertible Senior Notes due June 15, 2034, for a cash payment
and shares of its common stock.

Note holders tendered approximately US$346 million aggregate
principal amount of convertible notes in exchange for
approximately 28.7 million shares of common stock plus a total
cash payment of approximately US$23 million.  Approximately 99
percent of the principal amount of the outstanding convertible
notes was tendered in the exchange offer.  A total of
approximately US$4 million principal amount of convertible notes
remains outstanding.

"This successful exchange offer eliminates approximately $346
million in debt from our balance sheet and reduces our annual
interest expense by approximately US$14 million," said
W. Mark Schmitz, executive vice president and chief financial
officer.  "This exchange is another step in our debt reduction
process and helps us move closer to our next stage metrics."

The exchange offer, which expired at 5 p.m. New York City time
on Dec. 5, 2007, allowed note holders to receive the same number
of shares of Goodyear's common stock as they would have received
upon conversion of the convertible notes in accordance with
their current terms, plus a cash payment, including accrued and
unpaid interest.

The exchange offer was made pursuant to a prospectus, dated
Nov. 30, 2007, contained in a registration statement filed by
Goodyear with the Securities and Exchange Commission, which was
declared effective on Nov. 20, 2007.  Copies of the prospectus
contained in the registration statement may be obtained from the
exchange agent, Wells Fargo Bank, N.A., Corporate Trust
Operations, Sixth and Marquette, MAC N0303-121, Minneapolis,
Minn. 55479, telephone (800) 344-5128.

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

                        *     *     *

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




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


SUGAR CO: Minister Working with Investors To Reduce Cane Fires
--------------------------------------------------------------
Jamaica's agriculture minister Christopher Tufton told Balford
Henry at The Jamaica Observer that he has started collaborating
with stakeholders in the sugar industry to lessen cane fires at
sugar estates, particularly that of the Sugar Company of
Jamaica.

Published reports say that the Frome Estate in Westmoreland
suffered six cane fires between Friday and Sunday two weeks ago.

The Observer notes that about 15 cane fires were reported in
Frome since October 2007.

Minister Tufton commented to The Observer, "This raises serious
concerns against the background of the burning of some 200,000
tonnes of cane (one-third of Frome's production) in 901 illicit
fires last year."

Illegal fires at Frome last year cost the sugar industry J$150
million in revenue, The Observer says, citing the Sugar
Company's operations vice-president Ashton Smith.

"Once the cane is burnt, it must be processed within 24 hours."
However, Frome can only process about 5,500 tons daily while at
times, as much as 20,000 tons of cane are burnt illegally at a
time, Mr. Smith explained to The Observer.

Mr. Tufton commented to The Observer, "The country can ill-
afford this kind of wanton destruction, particularly at this
time, given the uncertainty surrounding the price we are likely
to obtain in the European market for our sugar exports, together
with the already grave financial position in which the Sugar
Company of Jamaica finds itself."

Mr. Tufton told The Observer that he has asked the police to
intervene to address the problem.

The Sugar Company of Jamaica registered a net loss of almost
US$1.1 billion for the financial year ended Sept. 30, 2005, 80%
higher than the US$600 million reported in the previous
financial year.  Sugar Company blamed its financial
deterioration to the reduction in sugar cane production.
According to published reports, the Jamaican government has
taken responsibility for the payment of the firm's debts.  Radio
Jamaica has said that to date, the five sugar factories have
incurred J$3 billion in debts.




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


BEARINGPOINT INC: Moody's Confirms B2 Corporate Family Rating
-------------------------------------------------------------
Moody's has confirmed BearingPoint Inc.'s B2 corporate family
rating and assigned a negative rating outlook.  In doing so,
Moody's has concluded its review for possible downgrade of the
company's ratings.  The B2 rating confirmation is supported by
the likelihood that, irrespective of a potential further
slowdown in the United States economy, the company's Public
Services, EMEA, and Asia Pacific divisions will continue to
provide support for the company's overall revenue growth and
achievement of operating profitability.  The confirmation also
reflects the likelihood that the company will continue reduce
its high finance, accounting, and infrastructure costs, raise
staff utilization levels, and lower capital expenditures,
thereby improving its overall financial operating performance.
On Dec. 3, 2007, the company reestablished and expects to
maintain current financial reporting status.

The corporate family rating is constrained by the company's
large operating losses and negative free cash flow, the project
consulting industry's exposure to economic cyclicality,
including the current downturn in the U.S. financial services
sector, the company's high, but declining, finance and
accounting costs, and its near-term potential debt refinancing
needs related to an April 2009 investor put option on US$200
million convertible bonds.

The negative rating outlook reflects the company's exposure to
economic cyclicality and the potential that a more severe U.S.
economic downturn could offset substantial near-term improvement
to its financial performance.

In addition to the rating confirmation, Moody's assigned a
short-term SGL-3 liquidity rating to the company that reflects
substantial negative free cash flow in the trailing twelve
months ended Sept. 30, 2007, prospects for achieving positive
free cash flow over the next twelve months, and a heavy reliance
on cash balances and on previously obtained external sources of
financing. The company has a US$500 million credit facility
(US$300 million drawn term loan and US$200 LOC facility) and is
in compliance with the covenants of this facility.  The
covenants require the company to file its financial statements
with the SEC on a timely basis subsequent to Oct. 31, 2008.  As
of Sept. 25, 2007, cash balances were US$431 million.
BearingPoint fortified its cash balances in May 2007 with US$300
million proceeds from its term loan offering.  Potential near-
term liquidity needs include potential debt refinancing needs
related to an April 15, 2009, investor put option date on its 5%
US$200 million senior subordinated convertible notes.

The Caa1 rating for the Series A and B Unsecured Subordinated
Convertible Notes reflects their un-guaranteed and junior
position as holding company instruments within the company's
capital structure.  These notes are subordinate to the US$300
million secured term loan, issued May 2007, the US$200 million
5.0% senior subordinated convertible notes, as well as to other
operating liabilities considered to be senior in priority of
claims, including its trade payables, operating leases, and
under-funded German pension program.  The ratings for these A
and B Notes has been downgraded to Caa1 from B3, reflecting the
addition of the senior secured term loan into the company's
capital structure since the initiation of the review for
possible downgrade.

Rating Confirmed:

  -- Corporate Family Rating B2

Ratings Assigned:

  -- Short-Term Liquidity Rating SGL-3

Ratings Downgraded:

  -- US$250 million Series A Subordinated Convertible Notes to
     Caa1 from B3 (LGD5, 86%)

  -- US$200 million Series B Subordinated Convertible Notes to
     Caa1 from B3 (LGD5, 86%)

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE)
-- http://www.BearingPoint.com/-- provides of management and
technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

The company reported total assets of US$1.9 billion, total
liabilities of US$2.1 billion, and total stockholders deficit of
US$177.3 million as of Dec. 31, 2006.


BEARINGPOINT INC: Sept. 30 Balance Sheet Upside-Down by US$362MM
----------------------------------------------------------------
Bearingpoint Inc. reported financial results for the quarter
ended Sept. 30, 2007.

At Sept. 30, 2007, the company's balance sheet total assets of
US$116.0 million and total liabilities of US$2.4 billion,
resulting in a stockholders' deficit of US$362.5 million.

The company reported a net loss of US$68.0 million on US$861.8
million revenues for the quarter ended Sept. 30, 2007, compared
with a net loss of US$29.6 million on US$843.2 million revenues
for the quarter ended Sept. 30, 2006.

The change in net loss was primarily attributable to:

   * a decrease in gross profit of US$26.3 million;

   * an increase in interest expense of US$8.9 million in the
     third quarter of 2007, due to interest attributable to its
     2007 Credit Facility; and

   * an increase in income tax expense of US$11.6 million in the
     third quarter of 2007.

The increase in net loss was partially offset by a decrease in
SG&A expenses of US$13.0 million in the third quarter of 2007.

                Nine Months Financial Results

During the nine months ended Sept. 30, 2007, the company
realized a net loss of US$193.7 million, representing an
increase of US$88.5 million over a net loss of US$105.2 million
during the nine months ended Sept. 30, 2006.  This change in net
loss was primarily attributable to:

   * a decrease in gross profit of US$41.8 million;

   * the recognition of US$38.0 million in other income in the
     first quarter of 2006 in connection with insurance
     settlement payments made on behalf of the company in
     connection with the settlement of our contract with
     Hawaiian Telcom Communications, Inc.;

   * an increase in interest expense of US$17.6 million in the
     nine months ended Sept. 30, 2007, due to interest
     attributable to our 2007 Credit Facility and the
     acceleration of debt issuance costs resulting from the
     termination of the 2005 Credit Facility; and

   * an increase in income tax expense of US$11.8 million in the
     nine months ended Sept. 30, 2007.

The increase in net loss was partially offset by a decrease in
SG&A expenses of US$26.3 million in the nine months ended
Sept. 30, 2007.

                  About BearingPoint Inc.

Headquartered in McLean, Virginia, BearingPoint Inc. (NYSE:BE)
-- http://www.BearingPoint.com/-- is a provider of management
and technology consulting services to Global 2000 companies and
government organizations in 60 countries.  The firm has more
than 17,000 employees focusing on the Public Services, Financial
Services and Commercial Services industries.  BearingPoint
professionals have built a reputation for knowing what it takes
to help clients achieve their goals, and working closely with
them to get the job done.  The company's service offerings are
designed to help its clients generate revenue, increase cost-
effectiveness, manage regulatory compliance, integrate
information and transition to "next-generation" technology.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                        *     *     *

Moody's Investor Service placed BearingPoint Inc.'s long term
corporate family rating at 'B2' in December 2006 and its
probability of default rating at 'B1' in September 2006.  Both
ratings still hold to date.


MOVIE GALLERY: Committee Wants to Hire CRG as Financial Advisor
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in Movie Gallery
Inc. and its debtor-affiliates' bankruptcy cases seeks authority
from the U.S. Bankruptcy Court for the Eastern District of
Virginia to retain CRG Partners Group, LLC as its financial
advisors and consultants, nunc pro tunc to Oct. 22, 2007.

The Committee finds that CRG is well qualified to render
financial and consultation services, including:

   (a) preparing periodic reports and updates to the Committee
       regarding the Debtors' status of postpetition operating
       performance;

   (b) assisting in the review of the Debtors' business plan and
       restructuring initiatives;

   (c) assisting in the review of the Debtors' evaluations with
       respect to claims analysis, including, among others,
       amounts, classifications and cost and benefit from the
       affirmation of rejection of various non-residential
       leases; and

   (d) rendering other general business consulting assistance --
       that are non-duplicative with the Debtors' other
       professionals' services -- as deemed necessary by the
       Committee or its counsel.

CRG will be paid based on its hourly rates:

      Designation                    Hourly Rate
      -----------                    -----------
      Managing Partners            US$475 - US$350
      Partners                     US$415 - US$450
      Managing Directors           US$370 - US$415
      Directors                    US$275 - US$350
      Consultants                  US$275 - US$300

CRG will also be paid (i) 50% of its hourly rates for travel
time, (ii) US$125 per hour for the firm's administrative support
services, and (iii) reimbursement for out-of-pocket expenses
incurred.

T. Scott Avila, a managing partner at CRG, assures the Court
that his firm has no prior connection with the Debtors, their
creditors or any other parties-in-interest.  CRG is a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code, and does not represent an
interest adverse to the Debtors' estates.

                    About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc.
-- http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.

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.


KRISPY KREME: Posts US$798,000 Net Loss in Quarter Ended Oct. 28
----------------------------------------------------------------
Krispy Kreme Doughnuts, Inc. has reported financial results for
the third fiscal quarter ended Oct. 28, 2007.

During the third quarter of fiscal 2008, 29 new Krispy Kreme
stores, comprised of 8 factory stores and 21 satellites, were
opened systemwide, and 17 Krispy Kreme factory stores were
closed systemwide.  This brings the total number of stores
systemwide at the end of the third quarter of fiscal 2008 to
423, consisting of 290 factory stores and 133 satellites.  The
net increase of 12 stores in the quarter reflects a net increase
of 24 international stores and a net decrease of 12 domestic
stores.

Third quarter systemwide sales decreased approximately 2.6% from
the third quarter of last year. Satellite stores made up 31% of
the total systemwide store count as of Oct. 28, 2007 compared to
23% at Oct. 29, 2006.  Systemwide average weekly sales per store
are lower than company average weekly sales per store
principally because satellite stores, which have lower average
weekly sales than factory stores, are operated almost
exclusively by franchisees.  Systemwide average weekly sales per
store decreased approximately 9.2% to approximately US$36,400.
The company stores average weekly sales per store decreased 0.4%
to approximately US$52,900.

The company revenues for the third quarter of fiscal 2008
decreased 11.7% to US$103.4 million compared to US$117.1 million
in the third quarter of last year.  The company Stores revenues
decreased 11.3% to US$72.8 million, Franchise revenues were flat
at US$5.7 million and Krispy Kreme Supply Chain revenues
decreased 15.1% to US$24.9 million.

The net loss for the third quarter of fiscal 2008 was
US$798,000, or US$0.01 per diluted share, compared to a net loss
of US$7.2 million, or US$0.12 per diluted share, in the
comparable period last year.

The company recorded a net credit to impairment charges and
lease termination costs of US$268,000 in the third quarter this
year, compared to a charge of US$5.4 million in the third
quarter of fiscal 2007.  Most of the prior year charge relates
to underperforming stores, including stores closed and likely to
be closed.

As of Oct. 28, 2007, the Krispy Kreme's consolidated balance
sheet reflects cash and indebtedness of approximately US$23
million and US$88 million, respectively.  The maximum additional
indebtedness permitted under the company's credit facilities was
approximately US$11 million at that date.  During the first nine
months of fiscal 2008, the company prepaid approximately US$21.9
million under the company's US$110 million term loan entered
into in February 2007.  A substantial portion of these
prepayments was made in order to reduce the likelihood of
violation of the financial covenants contained in the company's
credit facilities.

Several franchisees have been experiencing financial pressures
which, in certain instances, appear to have become more
exacerbated during fiscal 2008.  Franchisees closed 25 stores in
the first nine months of fiscal 2008.  The company believes
franchisees will close additional stores in the foreseeable
future, and the number of such closures is likely to be
significant.  Royalty revenues and most of Krispy Kreme Supply
Chain revenues are directly correlated to sales by franchise
stores and, accordingly, store closures have an adverse effect
on the company's revenues and results of operations.

"Although we still have much to do, performance improved in the
third quarter compared to the second quarter, and the
organization made progress on the transformation steps
previously announced," said Krispy Kreme's President and Chief
Executive Officer, Daryl Brewster.  Since the end of the second
quarter, the compamy has:

    -- Closed an additional five underperforming company stores;

    -- Opened over 20 new satellites systemwide as part of its
       hub and spoke strategy, including converting an
       additional company-owned factory store to a non-producing
       hot shop;

    -- Reduced Supply Chain costs by outsourcing its coffee
       supply and announcing the planned closure of a
       manufacturing and distribution facility;

    -- Increased international franchisee sales 48% year-over-
       year;

    -- Realigned Company Stores and Franchise management with
       experienced leadership;

    -- Continued to reduce G&A costs; and

    -- Completed an amended Franchise Disclosure Document
       (formerly called a Uniform Franchise Offering Circular).

"As we look past the third quarter, we continue to focus on
improving company shop performance, driving the hub and spoke
model, growing our international franchise business,
refranchising certain domestic markets and reducing costs to
help offset rising commodity prices," Mr. Brewster added.

Systemwide sales, a non-GAAP financial measure, include sales by
both the company and franchise stores.  The company believes
systemwide sales data are useful in assessing the overall
performance of the Krispy Kreme brand and, ultimately, the
performance of the company.  Krispy Kreme's consolidated
financial statements include sales by company stores, sales to
franchisees by the the company Supply Chain business segment,
and royalties and fees received from franchisees, but exclude
sales by franchise stores to their customers.

                     About Krispy Kreme

Headquartered in Winston-Salem, North Carolina, Krispy Kreme
Doughnuts Inc. (NYSE: KKD) -- http://www.krispykreme.com/--
retails doughnuts.  There are about 411 Krispy Kreme stores
including satellites operating system-wide in 41 U.S. states,
Australia, Canada, Hong Kong, Indonesia, Japan, Kuwait, Mexico,
the Philippines, the Republic of South Korea, the United Arab
Emirates and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 17, 2007, Moody's Investors Service lowered Krispy Kreme
Doughnut Corporation's Speculative Grade Liquidity rating to
SGL-4 from SGL-3, indicating weak liquidity.  Concurrently
Moody's revised the rating outlook to negative while affirming
Krispy Kreme's Caa1 corporate family rating and B3 rating of its
US$160 million senior secured credit facilities.


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

Imperial Capital is expected to:

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

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

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

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

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

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

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

   b. a prorated monthly fee for October 2007;

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

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

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

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

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

                    About Movie Gallery

Based in Dothan, Alabama, Movie Gallery Inc.
-- http://www.moviegallery.com/-- is a home entertainment
specialty retailer.  The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.

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: Wants Court to Close 27 Bankruptcy Cases
--------------------------------------------------------
Remy Worldwide Holdings Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to enter a
final decree closing the Chapter 11 cases of 27 Reorganized
Debtors, pursuant to Section 350(a) of the Bankruptcy Code:

      Entity                                      Case No.
      ------                                      --------
      Ballantrae Corporation                      07-11482
      HSG I, Inc.                                 07-11483
      HSG II, Inc.                                07-11484
      International Fuel Systems, Inc.            07-11485
      iPower Technologies, Inc.                   07-11486
      M. & M. Knopf Auto Parts, L.L.C.            07-11487
      Marine Corporation of America               07-11488
      NABCO, Inc.                                 07-11489
      Power Investments Marine, Inc.              07-11490
      Power Investments, Inc.                     07-11491
      Powrbilt Products, Inc.                     07-11492
      Publitech, Inc.                             07-11493
      Reman Holdings, L.L.C.                      07-11494
      Remy Alternators, Inc.                      07-11495
      Remy India Holdings, Inc.                   07-11496
      Remy International Holdings, Inc.           07-11498
      Remy Korea Holdings, LLC                    07-11499
      Remy Logistics, L.L.C.                      07-11500
      Remy Powertrain, L.P.                       07-11501
      Remy Reman, L.L.C.                          07-11502
      Remy Sales, Inc.                            07-11503
      Remy, Inc.                                  07-11504
      Unit Parts Company                          07-11505
      Western Reman Industrial , Inc.             07-11506
      Western Reman Industrial, LLC               07-11507
      World Wide Automotive, L.L.C.               07-11508
      World Wide Automotive Distributors, Inc.    07-11509

Section 350(a) provides that after an estate is fully
administered and the court has discharged the trustee, a court,
on motion of a party in interest, may grant a final decree
closing a chapter 11 case.

An estate is fully administered when its Chapter 11 plan has
been confirmed and the estate dissolves, Douglas P. Bartner,
Esq., at Shearman & Sterling LLP, in New York, points out.

Mr. Bartner reminds the Court that the Debtors' Joint
Prepackaged Plan of Reorganization was confirmed on
Nov. 20, 2007.  All documents and agreements necessary to
implement and complete the Plan have been executed in accordance
with the Plans' and Confirmation Order's terms, he avers.

The Plan became effective Dec. 6, 2007.  The Reorganized Debtors
have substantially consummated the Plan and all of the
distributions, Mr. Bartner continues.  There are no deposit
requirements in the Plan.  The property required to be
transferred under the Plan will have been substantially
transferred in that all anticipated distributions will have been
made and, to the extent required, the Reorganized Debtors will
have assumed the management of the property dealt with by the
Plan.

Finally, the Debtors, other than Remy International, have no
remaining motions, contested matters or adversary proceedings by
or against them pending before the Court, Mr. Bartner relates.

The Debtors also ask the Court to rule that upon entry of a
final decree, the caption of the Debtors' Chapter 11 cases be
modified to reflect the closing of the Chapter 11 case of each
Reorganized Debtor other than Remy International:

The Reorganized Debtors, except Remy International, will file a
final report for their Chapter 11 cases pursuant to Local
Delaware Bankruptcy Rule 5009-1(c) without delay.

The Court will convene a hearing on Dec. 20, 2007, to consider
the Debtors' request.

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, Issue No. 9;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


TREOFAN GERMANY: Sales Up 5.4% in 2007 Third Quarter
----------------------------------------------------
Treofan Germany GmbH & Co. KG posted a 5.4% rise in sales to
EUR118.2 million in third quarter 2007 compared to the same
quarter in 2006 (EUR112.1 million), driven by growth in unit
volumes, specialty products sales, and higher average selling
prices.

EBITDA was EUR5.8 million, unchanged from Q3 2006, as higher
volumes and prices were largely offset by higher resin and
energy costs, which were difficult to pass on to packaging
material customers still facing a low consumer price inflation
environment.  The strong Euro also affected both competitive
pricing from imported commodity goods into Europe and the
currency translation of operating earnings from North America.
Treofan posted a net loss of EUR9.3 million in Q3 2007, an
improvement over the EUR9.9 million net loss Treofan recorded in
the same quarter last year.

"Sales are rising, manufacturing efficiency is improving, and we
will start seeing significant payback from our investment in the
new line in Mexico going into 2008," Carlo Ranucci, CEO of
Treofan Group, said.  "This investment allows Treofan to better
meet the growing need for specialty products of our customers in
the Americas, and will deliver a lasting boost to sales and
profitability in the years to come."

Treofan has invested EUR23 million in the new Zacapu, Mexico
production line so far this year.  Construction was completed on
time and on budget, and commercial production started in
October 2007.  The new Mexican line will add 21,000 tons to
capacity in 2008.  With the expansion Capex program now largely
completed, and increasing operating income contribution
anticipated from increasing North American sales as the new line
ramps up, Treofan expects Group cash generation to improve
significantly in 2008.

Aside from the North American expansion, Treofan is focusing on
projects that deliver direct improvements to product quality,
plant safety, yields, and overall productivity, with the aim of
further increasing Group profitability against a continued
difficult market environment.

Treofan's available liquidity as of end of Sept. 30, 2007 was
EUR35.7 million, including EUR9.2 million cash at hand.  This
liquidity measure is before inclusion of the additional EUR20
million Treofan's lenders committed to provide on Sept. 28,
2007.  Access to the incremental availability is subject to
conditions precedent, including the results of Treofan's yearend
business planning process, now in process.  With reduced planned
Capex going forward, liquidity is adequate to cover the
company's present needs.

                        About Treofan

Headquartered in Raunheim, Germany, Treofan Germany GmbH & Co.
KG -- http://www.treofan.com/-- develops, manufactures and
markets high-performance OPP (oriented polypropylene), CPP (cast
polypropylene) and BOPLA (biaxally oriented polylacticacid)
films for a wide variety of applications.  With more than 40
years of experience in global markets, Treofan markets its
products in more than 20 countries, manufacturing some 210,000
tons of film a year at seven sites, including Italy, United
Kingdom, Mexico and U.S.  The company has 1,600 employees.

                        *     *     *

As reported on Sept. 5, 2007, Standard & Poor's Ratings Services
revised its outlook on Germany-based flexible packaging producer
Treofan Holdings GmbH and its operating subsidiary Treofan
Germany GmbH & Co. KG to negative from positive, owing to its
weakening liquidity.  At the same time, the 'B-' long-term
corporate credit ratings on both entities were affirmed.  The
'B-' issue rating on Treofan Germany's EUR170 million
subordinated second-lien notes, with a recovery rating of '3',
was also affirmed.

In June 2007, Moody's Investors Service downgraded both the
Corporate Family Rating for Treofan Germany GmbH & Co. KG to
Caa1 from B3 and the instrument rating of the EUR170 million
second-lien notes to Caa2 from Caa1.

At the same time, a Caa1 CFR was assigned to Treofan Holdings
GmbH, the ultimate parent of Treofan Germany GmbH & Co. KG
(where the CFR was consequently withdrawn) and the issuer of
consolidated financial accounts.  Moody's said the outlook for
the ratings remains stable.


TREOFAN GERMANY: Moody's Cuts Corporate Family Rating to Caa2
-------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Treofan Holdings GmbH to Caa2 from Caa1 and changed the
rating for the EUR170 million Second Lien Notes to Caa3 from
Caa2.  The outlook was changed to negative.

Despite amendments in its main external credit facility in April
and most recently in September, access to a EUR20 million
incremental commitment (increasing the total availability to
EUR80 million) is subject to the presentation of a three-year
business plan and the issuance of a solvency opinion by an
independent financial advisor.  Even in the event of getting
access to this incremental commitment, Moody's anticipates that
Treofan will absorb cash in the fiscal year 2008 period because
of:

   (i) a continued challenging operating environment, which
       makes it difficult to completely offset the rising resin
       and energy costs and

  (ii) the implementation of projects aimed to increase
       profitability.

This could again result in a tight liquidity situation over the
course of the coming twelve months.  Should Treofan fail to
secure access to the incremental commitment or any other
external liquidity source of similar size, Moody's expects that
the point in time when it may lose access to sufficient
liquidity could be accelerated.

Moody's has incorporated both scenarios in its view of an
increased probability of default, having been the primary driver
behind the decision to downgrade the ratings.  The availability
of assets for monetization implies that the general Loss Given
Default assumption of 50% with some degree of uncertainty is
still applicable for the entire group's capital structure, with
the notching difference of the Second Lien Notes reflecting
their subordination to the bank and other creditors.

The negative outlook reflects the uncertainty until a decision
regarding the commitment of the incremental credit facility will
have been made by lenders.  Absent the commitment this could
increase the default risk, putting further pressure on the
rating.  The negative outlook also factors in the dependence of
further ongoing support from shareholders, lenders and other
third parties, such as suppliers.

These changes were made:

Downgrades:

   * Issuer: Treofan Germany GmbH & Co. KG

   -- Senior Subordinated Regular Bond/Debenture, Downgraded to
      a range of 72 - LGD5 to Caa3 from a range of 67 - LGD4 to
      Caa2.

   * Issuer: Treofan Holdings GmbH

   -- Probability of Default Rating, Downgraded to Caa2 from
      Caa1;

   -- Corporate Family Rating, Downgraded to Caa2 from Caa1.

Outlook Actions:

   * Issuer: Treofan Germany GmbH & Co. KG

   -- Outlook, Changed To Negative From Stable.

   * Issuer: Treofan Holdings GmbH

   -- Outlook, Changed To Negative From Stable.

Treofan, based in Raunheim, Germany, is a leading manufacturer
of polypropylene film, which is primarily used to produce
flexible packaging as well as labels for food and other consumer
products.  Since two ownership changes, the company went through
two major restructuring programs, under one of which Goldman
Sachs became majority shareholder.  For fiscal year 2006 Treofan
reported EUR458.5 million revenues (EUR460 million in 2005) and
an EBITDA of EUR34.7 million.  The operating loss was EUR1.7
million.


U.S. STEEL: S&P Assigns BB+ Rating on US$400MM Sr. Unsec. Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB+' senior
unsecured rating to the proposed offering of up to US$400
million in senior unsecured notes due Feb. 1, 2018, of United
States Steel Corp. (BB+/Negative/--).  These notes are being
issued under the company's unlimited shelf registration filed on
March 5, 2007.

Proceeds from the issuance will be used to refinance a one-year
bridge loan incurred in connection with the acquisition of
Stelco Inc.  Pro forma for this transaction and other related
financings associated with the Stelco transaction, U.S. Steel
has about US$6.3 billion in debt adjusted for operating leases
and postretirement obligations.

Ratings on U.S. Steel reflect the integrated steel producer's
capital-intensive operations, exposure to highly cyclical and
competitive markets, increased input costs, a high degree of
operating leverage and aggressive financial leverage, including
underfunded postretirement benefit obligations.  Ratings also
reflect the company's good liquidity, value-added product mix,
good scope and breadth of product and operations, and benefits
from its backward integration into iron ore and coke production.

Ratings List:

-- Corporate Credit Rating                    BB+/Negative/--

Rating Assigned:

-- US$400 million senior unsecured notes (proposed) BB+

                      About U.S. Steel

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

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

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




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


CHIQUITA BRANDS: Reaches Settlement with Panamanian Farmers
-----------------------------------------------------------
Chiquita Brands International Inc. has finally reached a
conclusion to a long-running dispute with Panamanian farmers,
Business COurier reports.

Coosemupar has agreed to sell to Chiquita for US$6.50 per 19.2
kilogram box, an increase of one dollar from the current selling
price, Reuters says.

The dispute began in 2003 when Coosemupar bought from Chiquita
its Puerto Armuelles Fruit Co.  The cooperative asserts that
Chiquita's price is too low.  As an act of protest, Coosemupar
gave away for free 20,000 bananas in November.

Freshinfo says Panama's banana production in 2006 reached
440,000 tons.  Panama's supply accounts for five percent of what
the company puchases in Latin America.

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

                        *     *     *

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

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




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


* PERU: Miners Warn of Strike Over Pay & Benefits
-------------------------------------------------
Members of Peru's National Federation of Mining Workers
threatened the government of a strike in January, alleging non-
compliance from the state to effectuate increase in workers' pay
and benefits, Heather Walsh at Bloomberg News reports.

Julio Ortiz, the union's general secretary, told Bloomberg that
aside from higher pay, they also wanted workweeks to be
shortened.

A strike in November was called after Congress passed
legislation to improve compensation.  But delays are causing
unrest among the labor force.  Strikes in Peru this year helped
double copper prices.

Peru is the world's largest silver producer, the third copper,
zinc, tin producer, and the fifth gold producer.  Its mining
industry contributes 62% to the country's export revenues.

                        *     *     *

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


HORIZON LINES: Hosts Army National Guard Exercise in Puerto Rico
----------------------------------------------------------------
Horizon Lines of Puerto Rico, a subsidiary of Horizon Lines,
Inc. has hosted an exercise conducted by The 22nd Weapons of
Mass Destruction Civil Support Team at the company's port
facility in Puerto Nuevo, Puerto Rico on Dec. 4, 2007.
Participants were members of the Army National Guard, the United
States Coast Guard and the Federal Bureau of Investigation, and
members of Horizon Lines' safety and security management team.
There are currently 57 such Civil Support Teams established
nationwide.

The exercises included a simulation of a possible radioactive
reading aboard a containership.  The vessel Horizon Producer was
utilized for the exercise and members of the crew and terminal
personnel also participated.  "This exercise is a great
opportunity for the U.S. military and other agencies to prepare
in what may be an unfamiliar environment; gaining valuable
experience on how to respond to a real incident aboard a
vessel," said Horizon Lines of Puerto Rico's Senior Vice
President and General Manager, Gabriel Serra.  This exercise
served as part of the unit's validation process.

"The CST is made up of 22 highly skilled, full-time National
Guard members who are federally resourced, trained and exercised
and employs federally approved Chemical, Biological,
Radiological & Nuclear response doctrine," said Horizon Lines of
Puerto Rico's Safety and Security Manager, Janet Nieves.  Ms.
Nieves, a retired officer of the Army National Guard, served as
Incident Commander and liaison between the military and the
facility for this exercise.  The Civil Support Team is an
essential element in the Department of Defense's program to
provide support to civil authorities in the event of an incident
involving weapons of mass destruction in the U.S.

"At Horizon Lines, we partner with the U.S. military and law
enforcement agencies on all manners of operations to ensure
continuous focus and improvement in the areas of safety and
homeland security," said Mr. Serra.

                     About Horizon Lines

Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizon-lines.com/-- is a domestic
ocean shipping and integrated logistics company comprised of two
primary operating subsidiaries.  Horizon Lines LLC operates a
fleet of 21 U.S.-flag containerships and 5 port terminals
linking the continental United States with Alaska, Hawaii, Guam,
Micronesia and Puerto Rico.  Horizon Logistics LLC offers
customized logistics solutions to shippers from a suite of
transportation and distribution management services designed by
Aero Logistics, information technology developed by Horizon
Services Group and intermodal trucking and warehousing services
provided by Sea-Logix.

                        *     *     *

Moody's Investor Services placed Horizon Lines Inc.'s long-term
corporate family and probability of default ratings at 'B1' in
July 2007.  The ratings still hold to date with a stable
outlook.


MOTHERS WORK: November Net Sales Up 2.3% to US$46.5 Million
-----------------------------------------------------------
Mothers Work, Inc. has announced that net sales for the month of
November 2007 increased 2.3% to US$46.5 million from US$45.4
million reported for the month of November 2006.  The increase
in sales versus last year resulted primarily from an increase in
sales from the company's licensed arrangement and, to a lesser
extent, from the company's marketing partnerships.  Comparable
store sales for November 2007 were flat (0.0% change, based on
1,438 locations) versus a comparable store sales decrease of
1.3% (based on 1,463 locations) for November 2006.  This flat
comparable store sales result for November is in line with the
company's guidance range for November comparable store sales of
between down 1.0% and up 3.0% provided in its Nov. 20, 2007
press release.  The comparable store sales change of 0.0% for
November 2007 was favorably impacted by approximately 1
percentage point due to having five Fridays in November 2007
compared to four Fridays in November 2006.  During November
2007, the company opened four stores, including two new multi-
brand stores, which included the company's 15th Destination
Maternity(R) superstore, and closed nine stores, including six
store closings related to multi-brand store openings.  As of the
end of November 2007, the company operates 776 stores, 793
leased department locations and 1,569 total retail locations,
compared to 809 stores, 788 leased department locations and
1,597 total retail locations operated at the end of November
2006.

Mothers Work President, Chief Creative Officer and Acting Chief
Merchandising Officer, Rebecca Matthias noted, "Our sales
performance for the month of November 2007 was in line with our
previous guidance that we provided in our Nov. 20, 2007 press
release, and reflects an improved sales trend compared to our
comparable store sales decline of 3.9% in October.  We continue
to feel very good about our product lines, our inventory
position and our overall business; however, we recognize that we
continue to be faced with a weak overall economic and retail
environment and are still seeing some negative impact, although
to a lesser extent than during this past Spring and Summer, of
the more pregnancy-friendly fit of certain non-maternity fashion
trends.  Looking forward, we continue to focus on developing
great maternity product under each of our brands and continuing
our focus on improving our sales and profitability performance,
including continuing to roll out our multi-brand stores."

                     About Mothers Work

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

                        *      *      *

As reported in the Troubled Company Reporter-Latin America on
Nov. 29, 2007, Standard & Poor's Ratings Services has changed
its outlook on Mothers Work Inc. to negative from stable.  At
the same time, S&P affirmed the 'B' corporate credit rating on
the company.


PULTE HOMES: Pays US$0.04 Per Share Quarterly Dividend on Jan. 3
----------------------------------------------------------------
Pulte Homes, Inc. Board of Directors declared a regular
quarterly dividend of US$.04 per share on the company's common
stock payable Jan. 3, 2008, to shareholders of record at the
close of business on Dec. 19, 2007.

Headquartered in Bloomfield Hills, Michigan, Pulte Homes, Inc.
(NYSE: PHM) is one of the country's largest homebuilders, with
domestic operations in 27 states and 52 markets, as well as in
Puerto Rico.  Revenues and net income for the trailing twelve-
month period ended June 30, 2007, were approximately US$11.8
billion and US$411 million, respectively.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2007, Standard & Poor's Ratings Services has lowered its
corporate credit and senior unsecured debt ratings on Pulte
Homes Inc. to 'BB+' from 'BBB-'.  S&P said the outlook remains
negative.  The ratings affect approximately US$3.5 billion of
senior unsecured notes.


SALLY HOLDINGS: Moody's Drops Rating on US$430MM Sr. Notes to B3
----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Sally Holdings, LLC, and changed the outlook to
negative from stable.  The speculative grade liquidity rating
was downgraded to SGL-3 from SGL-2, and the US$430 million
senior unsecured notes were downgraded to B3 from B2.

The change in outlook to negative reflects Moody's concern that
the company is not reducing leverage as quickly as anticipated,
which was a key assumption in the original assignment of the B2
rating.

The B2 corporate family rating reflects Sally Holdings' marginal
credit metrics for the rating category, as well as its leading
position in both the retail and wholesale segments of the hair
care supply market.  The rating also reflects the expectation
that the company will continue to replace the cash flows it lost
when one of its prior key vendors -- L'Oreal reduced its
relationship with the company's wholesale segment, effectively
compete with L'Oreal in certain markets.  It also assumes that
the company's financial policy will remain balanced from a
shareholder return perspective.  The negative outlook reflects
Moody's concern that the company may not deleverage as quickly
as forecast at the time of its acquisition by affiliates of
Clayton, Dubilier & Rice. "Continued progress towards
debt/EBITDA in the 6.5 times range was a key factor in the
original rating decision, and remains so today, " stated Moody's
Senior Analyst Charlie O'Shea.  "In the event deleveraging to
this level does not occur during 2008, further negative rating
pressure would build".

The downgrade to B3 of the US$430 million in senior unsecured
guaranteed notes results from a re-application of Moody's Loss
Given Default Methodology recognizing that the US$1.07 billion
in secured term loans are in a superior position due to their
collateralized nature, which results in a higher recovery rate
and depresses the recovery rate for the unsecured notes.

The downgrade to SGL-3 of the speculative grade liquidity rating
reflects Moody's expectation that the company will maintain
adequate liquidity, and will likely need to draw on its
revolving credit facility to fund cash flow requirements.
Moody's expects that Sally Holdings will not generate internal
cash flow over the next 12 months as strong as it has in the
past with working capital turning to a use rather than a source,
as was the case in 2007.

Ratings affirmed:

  -- Corporate family rating and at B2;
  -- Probability of default rating at B2;
  -- Bank revolving credit facility at Ba2 (LGD 1, 10%);
  -- Senior secured term loans at B2 (LGD 3, 47%), and
  -- Subordinated notes at Caa1 (LGD 6, 93%).

Ratings downgraded:

  -- Senior unsecured notes to B3 (LGD 4, 59%) from B2, and
  -- Speculative grade liquidity rating to SGL-3 from SGL-2.

Headquartered in Denton, Texas, Sally Beauty Holdings, Inc.,
through its subsidiary Sally Holdings, LLC, headquartered in
Denton, Texas, is a leading national retailer and distributor of
beauty supplies with operations under its Sally Beauty Supply
and Beauty Systems Group businesses. Through the Sally Beauty
Supply and Beauty Systems Group subsidiaries, the company sells
and distributes beauty supplies through over 3,500 stores,
including approximately 200 franchised units, in the United
States, the United Kingdom, Canada, Puerto Rico, Mexico, Japan,
Ireland, Spain and Germany. In addition, Sally Beauty just
recently launched an e-commerce site.  For the fiscal year ended
Sept. 30, 2007, Sally's revenues exceeded US$2.5 billion.




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


* URUGUAY: Argentina To Develop Nation's Liquefied NatGas Plant
---------------------------------------------------------------
An official of the Uruguayan industry, energy and mines ministry
told Business News Americas that the nation's officials have
signed an accord with their Argentine counterparts for the
development of a liquefied natural gas regasification plant.

BNamericas relates that Argentine planning minister Julio de
Vido signed a agreement with Uruguayan industry minister Jorge
Lepra to give the two countries 50% of the plant's initial
production, which would be at 10 million cubic meters per day.
The plant could eventually increase production to 20 million
cubic meters per day. Uruguay could sell excess capacity.

Published reports say that private and public firms will be able
to participate in the construction and operation of the plant.

Uruguayan state-run energy firm Ancap's head Daniel Martinez
said in October 2007 that the plant could start operating in
2011 or 2012, BNamericas notes.

Plans for the project are in the "initial stages," BNamericas
states, citing the Uruguayan industry ministry.

                        *     *     *

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

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




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


BANCO DEL CARIBE: Fitch Lowers Issuer Default Ratings to B
----------------------------------------------------------
Fitch Ratings has downgraded Banco del Caribe's long-term Issuer
Default Rating, Individual rating and national rating as:

  -- Long-term foreign currency IDR to 'B' from 'B+';
  -- Long-term local currency IDR to 'B' from 'B+';
  -- Individual to 'D/E' from 'D';
  -- National long-term to 'A-(ven)' from 'A+(ven)';
  -- National short-term to 'F-2(ven)' from 'F-1(ven)'.

Fitch has also affirmed these ratings:

  -- Short-term Issuer 'B';
  -- Short-term local currency rating 'B';
  -- Support '5';
  -- Support Floor 'NF'.

The Rating Outlook is Negative.

The downgrade of Banco del Caribe's IDR, Individual and national
ratings reflect the sustained decrease of its capitalization
ration due the strong growth achieved in the last 18 months,
while profitability levels are undermined by fierce competition
and a complex array of controls imposed by the government that
limits the bank ability to manage its business, a situation that
affects the rest of the system as well.  Also, the ratings still
incorporate its strong competitive position in the middle
market, improved asset quality and adequate income
diversification. Downside risk for the bank's ratings would stem
from additional government measures that could negatively affect
its performance or a more severe decrease in the bank's
capitalization ratios.

The loan portfolio has increased significantly due to strong
loan demand since 2004 and a strategy to expand the bank's
participation in the growing consumer loans market.  Meanwhile,
the improved economic environment and the overhaul of its risk
control techniques have strengthened the bank's asset quality
metrics.  At end-June 2007, the past due loans-to-gross loan
ratio stood at 0.5%; however, the rapid growth in loans has
resulted in a somewhat tight overall reserves ratio (2% of total
loans at the same date).  Despite the increased loan portfolio,
the bank still holds a significant concentration in government
securities, with 4.3 times equity at end-June 2007, 1.2
excluding short-term central bank securities.

The lack of foreign exchange gains since 2004, narrower spreads
and the increase in loan loss provisions have more than offset
the advances in terms of overhead and income diversification,
reducing the bank's profitability.  At end-June 2007, the bank's
return on average assets declined to 2.7%.  More modest asset
growth and continued pressure on the bank's spreads could
further affect the bank's returns.

Strong asset growth and still relatively high cash dividends
have reduced capital ratios, with the equity-to-asset ratio
falling from almost 11% at end-2005 to 8.3% at end-June 2007,
while the risk-weighted capital ratio felt to a tight 12%, just
in line with the current regulatory minimum. Despite the fact
these ratios are similar to the system's average; Banco del
Caribe's above average holding of fixed assets and investments
in subsidiaries significantly reduces the bank's free capital
ratio to 3.2%.  Given the still-expected increase in lending and
the diminished capitalization of the bank, Fitch expects a more
conservative capitalization policy in order enhance the
financial profile of the bank and mostly considering the
inherent volatility of the operating environment.

Banco del Caribe is a medium-sized bank with a 3.3% market share
in terms of invested funds at June 2007.  At end-2006, 51.1% of
the bank was controlled by the Dao family and 26.6% was held by
Scotia International Ltd., a wholly owned subsidiary of Bank of
Nova Scotia, with the remainder publicly held.

The bank has operations in Venezuela.


CHRYSLER LLC: S&P Retains 'B' Rating on US$2-Billion Loan
---------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating
on Chrysler's US$2 billion senior secured second-lien term loan
due 2014.  The issue-level rating on this debt remains unchanged
at 'B', and the recovery rating was revised to '3', indicating
an expectation for meaningful (50% to 70%) recovery in the event
of a payment default, from '4'.

Both the issue-level and recovery ratings on Chrysler's US$7
billion first-lien term loan due 2013 remain unchanged.  The
issue-level rating on this debt is 'BB-' with a recovery rating
of '1', indicating an expectation for very high (90% to 100%)
recovery in the event of a payment default.

"The revised recovery rating on the second-lien debt reflects
Chrysler's reduction of outstanding borrowings under the first-
lien term loan to US$7.0 billion from US$7.5 billion, using
US$500 million of cash that was previously restricted at
DaimlerChrysler Financial Services Americas LLC," said Standard
& Poor's recovery analyst Olen Honeyman.

The 'B' corporate credit rating on Chrysler reflects the wide-
ranging challenges the company faces in North America, where the
vast majority of its automotive operations are located.

Ratings List

Ratings Affirmed

Chrysler LLC
Corporate Credit Rating     B/Negative/--
First-Lien Loan             BB-
   Recovery Rating           1

Recovery Rating Revised
                             To     From
                             --     ----
Second-Lien Loan            B      B
   Recovery Rating           3      4

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.


PETROLEOS DE VENEZUELA: Belarus Neft To Operate 3 More Blocks
-------------------------------------------------------------
The Venezuelan government has given Belarus' state-oil company
approval to operate three more oil blocks in order to produce
50,000 barrels of oil per day, Matthew Walter at Bloomberg News
reports.  Petroleos de Venezuela and Belarus Neft are already in
partnership in Junin I block, which requires a US$120-million
investment to drill nine wells.

The bilateral oil pact was inked Thursday by Presidents Hugo
Chavez and Alexander Lukashenko.  Other agreements that the two
leaders agreed on involved deepening military and trade ties,
the same report adds.

"The international media dictatorship... calls him 'Europe's
last dictator,' and me the last dictator of Latin America. Here
we are, the last dictators," President Chavez said, laughing,
according to the Associated Press.  "They demonize us ...
(because) we're leading a process of liberating our nations,
uniting our nations."

Both leaders are opponents of the U.S. government, which calls
them tyrants and destabilizing factors.

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

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


SANLUIS CORP: Rep Uno Extends Expiration Date on Tender Offer
-------------------------------------------------------------
Rep Uno, S.A. de C.V. has extended the expiration date for its
cash tender offer and consent solicitation for any and all 8.00%
Guaranteed Notes due 2010 (SISA Notes) issued by Sanluis Co-
Inter S.A. and its cash tender offers for any and all 8.875%
Notes due 2008 and any and all Euro Commercial Paper notes (ECP
Notes, and together with the SISA Notes and 8.875% Notes, the
Subject Debt) issued by Sanluis Corporacion S.A.B. de C.V.

To provide more flexibility to complete the cash offers for all
of the Subject Debt, and, for the SISA Notes, the solicitation
of the related consents, Rep Uno is extending the expiration
date to 12:00 midnight, New York City time, on Feb. 7, 2008,
from 12:00 midnight, New York City time, on Dec. 7, 2007.

In addition, Rep Uno announced that it is amending the terms of
the Offers to reinstate withdrawal rights for a limited period
to permit withdrawals of tendered Subject Debt during the period
(New Withdrawal Rights Exercise Period) from Dec. 10, through
12:00 midnight, New York City time on Dec. 14, 2007 (New
Withdrawal Rights Termination Date).

The deadline for holders to receive an early tender payment in
exchange for valid tenders of the SISA Notes is not being
extended, and will expire on Dec. 7, 2007 in accordance with the
terms of the Offer for the SISA Notes as set forth in the offer
to purchase and consent solicitation statement dated
Oct. 10, 2007, and the related letter of transmittal and other
annexes, as amended and supplemented by the supplemental offer
to purchase dated Oct. 24, 2007.  Therefore, holders tendering
SISA Notes and providing the related consents after Dec. 7, 2007
and prior to Feb. 7, 2008, will be entitled to receive
consideration (SISA Note Tender Offer Consideration) for each
US$1,000 original principal amount of SISA Notes of US$1,281.34,
or 89.15% of the accreted principal amount of the SISA Notes
tendered, plus an amount equal to accrued interest thereon from
and including Mar. 15, 2007, to but excluding the applicable
Settlement Date.  Only holders who tendered SISA Notes and
provided the related consents prior to Dec. 7, 2007 and do not
withdraw them during the New Withdrawal Rights Exercise Period
will be entitled to receive consideration (SISA Note Total
Consideration) for each US$1,000 original principal amount of
SISA Notes of US$1,353.20, or 94.15% of the accreted principal
amount of the SISA Notes tendered (including an early tender
payment of 5%), plus an amount equal to accrued interest thereon
from and including Mar. 15, 2007, to but excluding the
applicable Settlement Date.

As a result, the Offer to Purchase will include this language:

"Notwithstanding anything to the contrary set forth herein,
holders who validly tendered their Subject Debt prior to 12:00
midnight, New York City time, on Dec. 7, 2007, will be entitled
to withdraw their tendered Subject Debt and, for holders of SISA
Notes, revoke the related Consents, during the period (New
Withdrawal Rights Exercise Period) from Monday, Dec. 10, 2007,
through 12:00 midnight, New York City time on Dec. 14, 2007 (New
Withdrawal Rights Termination Date).  Any Subject Debt validly
tendered and not subsequently withdrawn prior to the New
Withdrawal Rights Termination Date may not be withdrawn
thereafter unless:

   (a) for the Sanluis Debt, Rep Uno terminates the Sanluis Debt
       Offer without accepting any Sanluis Debt for purchase
       thereunder, or Rep Uno reduces the Sanluis Debt Tender
       Offer Consideration for the Sanluis Debt or the principal
       amount of the Sanluis Debt subject to the Sanluis Debt
       Offer, or

   (b) for the SISA Notes, Rep Uno terminates the SISA Note
       Offer without accepting any SISA Notes for purchase
       thereunder, or Rep Uno reduces the SISA Note Tender Offer
       Consideration or the principal amount of the SISA Notes
       subject to the SISA Note Offer, or

   (c) otherwise under the limited circumstances set forth in
       the Offer to Purchase."

Procedures for validly withdrawing tendered Subject Debt are set
forth in the Offer to Purchase under the caption "The Tender
Offer and the Consent Solicitation-Withdrawal of Tenders and
Revocation of Consents."

Withdrawals of tenders of Subject Debt may not be rescinded, and
any Subject Debt properly withdrawn will thereafter be deemed
not validly tendered for purposes of the Offers.  Properly
withdrawn Subject Debt may, however, be re-tendered by following
the applicable procedures described in the Offer to Purchase
under the caption "The Tender Offer and the Consent
Solicitation-Procedures for Tendering Subject Debt and
Delivering Consents" at any time on or prior to Feb. 7, 2008.
However, holders of SISA Notes tendered prior to Dec. 7, 2007,
and validly withdrawn during the New Withdrawal Rights Exercise
Period and then re-tender their SISA Notes will be eligible to
receive only the SISA Note Tender Offer Consideration and not
the SISA Note Total Consideration.

Except as stated above, all other terms and conditions of the
Offers remain unchanged.  Rep Uno may further extend the period
of or otherwise amend the terms of the Offers and the Offer to
Purchase in Rep Uno's sole discretion.

As of Dec. 7, 2007, holders of SISA Notes holding approximately
95% of outstanding SISA Notes (or approximately US$45 million
original principal amount), holders of 8.875% Notes holding
approximately 62% of outstanding 8.875% Notes (or approximately
US$3.8 million original principal amount) and holders of ECP
Notes holding approximately 82% of outstanding ECP Notes (or
approximately US$3.9 million original principal amount) had
validly tendered their Notes pursuant to the Offers and, in the
case of SISA Notes, delivered the related consents, in each case
subject to adjustment as tenders are reconciled with the letters
of transmittal submitted by holders.

Rep Uno has retained Morgan Stanley & Co. Incorporated to serve
as dealer manager and solicitation agent for the tender offer
and consent solicitation, Global Bondholder Services Corporation
to serve as the information agent and The Bank of New York to
serve as the depositary.  Questions regarding the tender offer
and consent solicitation may be directed to Morgan Stanley & Co.
Incorporated at (+1-212) 761-5384 or (800) 624-1808 (U.S. toll
free).  Requests for documentation may be directed to the
information agent at (+1-212) 430-3774 for banks and brokers and
(866) 873-5600 (U.S. toll free) for all others.  Questions may
also be directed to Sanluis's Investor Relations department, to
the attention of Antonio Olivo, at (+1-52-55) 5229-5844.

                        About Sanluis

Headquartered in Mexico, Sanluis Corporacion S.A.B De C.V. is
formerly known as Sanluis Corporacion S.A. de C.V.  The Group's
principal activities are manufacturing and selling automobile
suspension parts and brake components.  The Suspensions business
segment includes selling multi-leaf springs and parabolic leaf
springs, coil springs, torsion bars and stabilizing bars.  The
Brakes business segment includes selling rotors, disks, drums
and hubs for brake systems.  Clients include DaimlerChrysler,
Ford, General Motors, Agrale, Honda, Mitsubishi, Nissan, Scania,
Toyota, Volkswagen, Dana, Delphi, PBR, TRW, among others.  It
operates mainly in the United States and Canada markets.

Sanluis-Rassini has 89% share of the NAFTA market (U.S., Mexico
and Canada) for light truck suspensions.  In the Brake division,
Sanluis-Rassini has a 12% market share in the light truck and
automobile segment of the U.S. and Canada markets.  Its solid
and diversified client base includes General Motors, Ford Motor
Company, Daimler-Chrysler, Nissan, Volkswagen and Toyota.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 21, 2007, Fitch Ratings has affirmed the foreign currency
and local currency issuer default ratings of Sanluis
Corporacion, S.A.B. de C.V. at 'B-'.  In addition, Fitch has
affirmed its 'B-' issue rating and 'RR4' recovery rating on
Sanluis' senior secured bank loans held by Sanluis' operating
subsidiaries and its 'CCC+' issue rating and 'RR5' recovery
rating on the 8% senior unsecured notes due 2010 and on the
US$75 million 7% mandatory convertile debentures due 2011 issued
by Sanluis Co-Inter S.A., an intermediary holding company.
Fitch said the rating outlook is stable.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                   Total
                               Shareholders  Total
                                   Equity    Assets
Company                 Ticker      (US$MM)   (US$MM)
-------                 ------  ------------  -------
Arthur Lange             ARLA3     (20.56)      53.30
Kuala                    ARTE3     (33.57)      11.86
Bombril                  BOBR3    (472.88)     413.81
Caf Brasilia             CAFE3    (845.35)      43.51
Chiarelli SA             CCHI3     (63.93)      50.64
Ceper-Inv                CEP        (7.77)     120.08
Ceper-B                  CEP/B      (7.77)     120.08
CIC                      CIC    (1,883.69)  22,312.12
Telefonica Hldg          CITI   (1,481.31)     307.89
Telefonica Hldg          CITI5  (1,481.31)     307.89
SOC Comercial PL         COME     (793.61)     439.83
Marambaia                CTPC3      (1.38)      79.73
DTCOM-DIR To Co          DTCY3     (10.12)      10.44
Aco Altona               ESTR      (49.52)     113.90
Estrela SA               ESTR3     (51.21)     103.60
Bombril Holding          FPXE3  (1,064.31)      41.97
Fabrica Renaux           FTRX3      (5.55)     136.60
Gazola                   GAZ03     (43.13)      22.28
Hercules                 HETA3    (240.65)      37.34
Doc Imbituba             IMB13     (20.29)     202.35
IMPSAT Fiber Networks    IMPTQ     (17.16)     535.01
Kepler Weber             KEPL3    (199.10)     286.23
Minupar                  MNPR3     (39.46)     154.47
Nova America SA          NOVA3    (291.00)      40.77
Recrusul                 RCSL3     (59.33)      25.19
Telebras-CM RCPT         RCTB30   (149.58)     236.49
Rimet                    REEM3    (219.34)      93.47
Schlosser                SCL03     (69.35)      50.29
Semp Toshiba SA          SEMP3      (4.68)     153.68
Tecel S Jose             SJ0S3     (13.24)      71.56
Sansuy                   SNSY3     (53.26)     200.16
Teka                     TEKA3    (310.91)     545.92
Telebras SA              TELB3    (149.58)     236.49
Telebras-CM RCPT         TELE31   (149.58)     236.49
Telebras SA              TLBRON   (148.58)     236.49
TECTOY                   TOYB3     (49.81)      17.25
TEC TOY SA-PREF          TOYB5     (49.81)      17.25
TEC TOY SA-PF B          TOYB6     (49.81)      17.25
TECTOY SA                TOYBON    (49.81)      17.25
Texteis Renaux           TXRX3     (95.25)      76.52
Varig SA                 VAGV3  (8,194.58)   2,169.10
FER C Atlant             VSPT3    (104.65)   1,975.79
Wiest                    WISA3    (107.73)      92.66


                         ***********


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

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

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

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

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

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


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