TCRLA_Public/071213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, December 13, 2007, Vol. 8, Issue 247

                          Headlines

A R G E N T I N A

ARES NASIM: Trustee Verifies Proofs of Claim Until March 14
BANCO PATAGONIA: Cancels 107,900 Brazilian Depositary Receipts
BRANDO HNOS: Proofs of Claim Verification Deadline Is March 12
GERIATRICO LOS NONOS: Proofs of Claim Verification Ends March 25
INSTARG SIAP: Trustee Verifies Proofs of Claim Until Feb. 19

MACE SA: Proofs of Claim Verification Is Until March 19, 2008
WR GRACE: Filing Opposition to Daubert Briefs Ends Dec. 21
WR GRACE: Rehearing Plea on Libby Conspiracy Charge Denied


B A H A M A S

ISLE OF CAPRI: Names Dale Black Sr. VP & Chief Financial Officer
PETROLEOS DE VENEZUELA: Finalizing Talks for Unit Sale to Aegean


B E R M U D A

GLOBE TRANSPORT: Liquidator Filing for Dissolution by Dec. 24
SEA CONTAINERS: SCSL Panel Setting Record Staring on Progress
SEA CONTAINERS: Wins GE Seaco Arbitration Case


B R A Z I L

ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business
ATARI INC: Amends Credit Facility to Boost Borrowing by US$4 Mln
BANCO PINE: Joins International Finance's Global Trade Program
BASELL AF: Fitch Cuts Long-Term Issuer Default Rating to B+
CA INC: Lewis Ranieri Ends Six-Year Tenure on Board of Directors

FERRO CORPORATION: Closes Restructuring of Electronic Operations
GERDAU SA: Brascan Puts Outperform Rating on Firm's Shares
HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31
JBS SA: Moody's Puts Ratings on Review for Possible Downgrade
LYONDELL CHEMICAL: Fitch Cuts Long-Term Issuer Rating to B+

REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook
STRATUS TECH: Partners with Firetide to Deploy Broadband Network

* BRAZIL: Petrobras Inks Construction Pact with Atlantico Sul
* BRAZIL: Petrobras Inks Pact with Atlantico for P-55 Project


C A Y M A N   I S L A N D S

ASTPRELUDE FUND: Sets Final Shareholders Meeting for Dec. 14
ENGLEFIELD CAYMAN: Final Shareholders Meeting Is on Dec. 14
IFL CONTINUUM: Proofs of Claim Filing Deadline Is Dec. 14
MACQUARIE FINANCIAL: Sets Final Shareholders Meeting for Dec. 14
SLE LIMITED: Final Shareholders Meeting Is on Dec. 14

STAR PASSION: Will Hold Final Shareholders Meeting on Dec. 14
TIGRE CRE: Holding Final Shareholders Meeting on Dec. 14
TOPIARY LIMITED: Sets Final Shareholders Meeting for Dec. 14
TOR FINANCE: Holding Final Shareholders Meeting on Dec. 14
WEST GATE: Will Hold Final Shareholders Meeting on Dec. 14

WEST GATE LONG-SHORT: Final Shareholders Meeting Is on Dec. 14


C H I L E

FREEPORT-MCMORAN: Denies Interest in Acquisitions


C O L O M B I A

BANCOLOMBIA SA: Earns COP73.8 Billion in November 2007
CUMMINS INC: Board Declares Two-for-One Common Stock Split
GRAN TIERRA: Begins Costayaco-2 Drilling in Colombia

* COLOMBIA: Rejects Depositing Reserves in Bank of the South


C O S T A   R I C A

* COSTA RICA: Recope To Launch Tender for Fuel Terminal Project


D O M I N I C A N  R E P U B L I C

ALCATEL-LUCENT: Extends Contract with MetroPCS to 3-1/2 Years
ALCATEL-LUCENT: To Resell InfoExpress' NAC & Firewall Business


E C U A D O R

PETROECUADOR: Eyes 7.3% Growth in Oil Output by December 2008
PETROECUADOR: Gov't Creates 5 Teams for Oil Contract Revision
PETROECUADOR: Sells Napo Crude to Trafigura & Valero


G U A T E M A L A

AFFILIATED COMPUTER: Amends Chairperson's Employment Agreement


M E X I C O

ACCELLENT INC: S&P Puts B Corp. Credit Rating on Negative Watch
AMSCAN HOLDINGS: S&P Affirms Corporate Credit Rating at B
ATARI INC: Completes Several Restructuring Initiatives
CARDTRONICS INC: Prices Initial Public Offering of US$10 A Share
CKE RESTAURANTS: Paying US$0.06 Per Share Common Stock Dividend

ELECTRONIC DATA: Moody's Places Ratings on Review for Upgrade
FENDER MUSICAL: Moody's Shifts Outlook to Negative After Buyout
GRUPO GIGANTE: Asset Sale Prompts Fitch's Watch Evolving
GRUPO TMM: Names Fernando Sanchez Ugarte Effective Jan. 15
NUANCE COMM: To Offer 15 Million Shares of Common Stock

OCEANIA CRUISES: S&P Shifts Outlook, Affirms B Corp. Credit Rtng
WENDY'S INTERNATIONAL: Gives Update on Strategic Review Process
WENDY'S INT'L: Ian Rowden Steps Down as Chief Marketing Officer
WENDY'S INTERNATIONAL: Says Financial Performance is "Improving"
US STEEL: Prices US$500-Million Offering of 7% Senior Notes


N I C A R A G U A

XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB


P A N A M A

CHIQUITA BRANDS: May Benefit from WTO's Ruling on EU Tariffs


P U E R T O   R I C O

CARLOS CARABALLO: Case Summary & 21 Largest Unsec. Creditors
LIN TV: Files Complaint Against Atlantic for Flagrant Violation
MUSICLAND HOLDING: Panel Wants to Avoid Payments to 10 Creditors
ROYAL CARIBBEAN: New Joint Venture with TUI AG Forms TUI Cruises
SEARS HOLDINGS: Inks Privacy Contract with Restoration Hardware

SUPERMERCADOS BONANZA: Files Schedules of Assets & Liabilities
SUPERMERCADOS BONANZA: Section 341(a) Meeting Reset to Jan. 14


V E N E Z U E L A

CITGO PETROLEUM: Launches Heating Oil Program in Boston
PETROLEOS DE VENEZUELA: Cardon Plant Remains Closed

* LatAm Exports Up by 11% to US$715 Billion in 2007


                         - - - - -


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


ARES NASIM: Trustee Verifies Proofs of Claim Until March 14
-----------------------------------------------------------
Pedro Alfredo Valle, the court-appointed trustee for Ares Nasim
S.R.L.'s reorganization proceeding, verifies creditors' proofs
of claim until March 14, 2008.

Mr. Valle will present the validated claims in court as
individual reports on April 25, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Ares Nasim 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 Ares Nasim's
accounting and banking records will be submitted in court on
June 9, 2008.

Creditors will vote to ratify the completed settlement plan
during the assembly on Nov. 11, 2008.

The trustee can be reached at:

        Pedro Alfredo Valle
        Avenida de Mayo 1260
        Buenos Aires, Argentina


BANCO PATAGONIA: Cancels 107,900 Brazilian Depositary Receipts
--------------------------------------------------------------
Banco Patagonia said in a statement that it has canceled 107,900
Brazilian Depositary Receipts on the Sao Paulo stock exchange
Bovespa from Nov. 12 to Nov. 30.

Business News Americas relates that Banco Patagonia had about
6.03 million Brazilian Depositary Receipts as of Nov. 30.

Banco Patagonia conducted an initial public offering on the
Buenos Aires, Sao Paulo and New York stock exchanges in
July 2007.  It raised about ARS807 million, BNamericas states.

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

                        *     *     *

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


BRANDO HNOS: Proofs of Claim Verification Deadline Is March 12
--------------------------------------------------------------
Mirta A. Calfun de Bendersky, the court-appointed trustee for
Brando Hnos. S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until March 12, 2008.

Ms. Calfun de Bendersky will present the validated claims in
court as individual reports on April 23, 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 Brando Hnos. and its creditors.

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

A general report that contains an audit of Brando Hnos.'s
accounting and banking records will be submitted in court on
June 4, 2008.

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

The trustee can be reached at:

         Mirta A. Calfun de Bendersky
         Humahuaca 4165/67
         Buenos Aires, Argentina


GERIATRICO LOS NONOS: Proofs of Claim Verification Ends March 25
----------------------------------------------------------------
Hector Julio Grisolia, the court-appointed trustee for
Geriatrico Los Nonos S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until March 25, 2008.

Mr. Grisolia 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 Geriatrico
Los Nonos 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 Geriatrico Los Nonos'
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadlines.

Mr. Grisolia is also in charge of administering Geriatrico Los
Nonos' assets under court supervision and will take part in
their disposal to the extent established by law.

The trustee can be reached at:

         Hector Julio Grisolia
         J. Salguero 2533
         Buenos Aires, Argentina


INSTARG SIAP: Trustee Verifies Proofs of Claim Until Feb. 19
------------------------------------------------------------
Daniel Jaime Berchatzky, the court-appointed trustee for Instarg
Siap S.A.'s reorganization proceeding, verifies creditors'
proofs of claim until Feb. 19, 2008.

Mr. Berchatzky will present the validated claims in court as
individual reports on April 1, 2008.  The National Commercial
Court of First Instance in La Plata, 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 Instarg Siap 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 Instarg Siap's
accounting and banking records will be submitted in court on
May 15, 2008.

The debtor can be reached at:

        Instarg Siap S.A.
        Calle 36, Numero 850
        La Plata, Buenos Aires
        Argentina

The trustee can be reached at:

        Daniel Jaime Berchatzky
        Calle 47, Numero 915
        La Plata, Buenos Aires
        Argentina


MACE SA: Proofs of Claim Verification Is Until March 19, 2008
-------------------------------------------------------------
Elina Monica Fernandez, the court-appointed trustee for Mace
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 19, 2008.

Ms. Fernandez will present the validated claims in court as
individual reports on April 30, 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 Mace 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 Mace's accounting and
banking records will be submitted in court on June 11, 2008.

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

The trustee can be reached at:

         Elina Monica Fernandez
         Reconquista 1011
         Buenos Aires, Argentina


WR GRACE: Filing Opposition to Daubert Briefs Ends Dec. 21
----------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware directed parties-in-interest to file
oppositions to the initial Daubert briefs and submit a list of
trial exhibits and witnesses, and pre-trial briefs by
Dec. 21, 2007.

The Official Committee of Asbestos Personal Injury Claimants and
David Austern, the Court-appointed Future Claims Representative
have notified Judge Fitzgerald at an omnibus hearing that they
would provide a written statement providing the subject areas of
expected testimony of each of Stephen Snyder, Peter Kraus, John
Cooney and Theodore Goldberg.

The Court authorized the PI Committee to file under seal the
unredacted versions of the expert rebuttal reports of Dr.
Peterson and Mr. Snyder.

The Court also directed the Owens Corning/Fibreboard Asbestos PI
Trust to produce the electronic datasets, claimant information,
claims processing information and other information to the
Debtors.  The Owens Corning information will be used solely in
connection with the Grace estimation proceeding.  The Debtors
will bear the costs incurred by the Owens Corning Trust in
extracting the information to be produced.

                Parties File Daubert Motions

The Debtors, the PI Committee, the FCR, and the Official
Committee of Equity Security Holders filed motions to exclude or
limit, pursuant to Daubert and Rules 702 and 703 of the Federal
Rules of Evidence, testimony related to the Debtors' asbestos
personal injury liabilities.

The Debtors seek to exclude from evidence these expert reports
and testimonies:

    -- The reports, testimony, and opinions of PI Committee
       experts Mark A. Peterson, the Peterson Rebuttal Report,
       the Stephen M. Snyder Rebuttal Report, and the Daniel P.
       Myer and Mark T. Eveland Rebuttal Report;

    -- The reports, testimony, and opinions of FCR experts
       Jennifer Biggs, Biggs Supplemental Report, Biggs Rebuttal
       Report, P.J. Eric Stallard, Stallard Supplemental Report,
       Marshall Shapo Rebuttal Report, and Jacob Jacoby Rebuttal
       Report;

    -- Any opinions, evidence, or testimony seeking to establish
       exposure to asbestos based on any "settled-dust
       analysis;"

    -- Any opinions, evidence, or testimony seeking to establish
       exposure to asbestos based on any "indirect-preparation
       method;"

    -- Any opinions, evidence, or testimony seeking to establish
       causation of asbestos-related disease based on anecdotal
       evidence, including but not limited to, case reports or
       case series;

    -- Any opinions, evidence, or testimony seeking to establish
       causation of an asbestos-related disease not supported by
       epidemiological evidence showing a relative risk greater
       than 2.0, the confidence interval for which does not
       include a relative risk of 1.0;

    -- Any opinions, evidence, or testimony seeking to establish
       the causation of an asbestos-related disease based on a
       "no-threshold" or "zero-threshold" theory of causation,
       including but not limited to, any calculations derived
       from or relying on those theories to those causation; and

    -- Any opinions, evidence, or testimony seeking to establish
       the occurrence or incidence of non-malignant asbestos-
       related disease based on diagnoses that do not include an
       exposure history with an appropriate latency period,
       chest radiograph evidence or small irregular opacities
       with an appropriate profusion as evaluated under ILO
       standards, a PFT revealing a restrictive impairment and
       below-normal diffusion capacity, a physical examination
       showing signs and symptoms, and a differential diagnosis
       of asbestosis that reliably rules out alternative causes
       of the disease.

In a memorandum supporting their Daubert Motion, the Debtors
assert that the PI Committee and the FCR's expert testimonies
are not "fit" under Rule 702 and 408 because the expert
testimonies measure the wrong thing -- Grace's hypothetical cost
to resolve cases in the state-court tort system rather than
Grace's legal liability.

The PI Committee and the FCR's experts did not assume that Grace
has filed for bankruptcy and, thus neither the company's
bankruptcy nor any implications that flow from the application
of bankruptcy law or procedures has any impact or effect on the
estimates, David M. Bernick, P.C., Esq., at Kirkland & Ellis,
LLP, in Chicago, Illinois, points out.

Mr. Bernick also asserts that the PI Committee and the FCR's
expert opinions are barred under the reliability prong of Rule
702 as the PI Committee and the FCR's experts cannot show that
their measurements are performed using "scientifically reliable"
methods because they rely on historical settlement amounts
rather than on "established, objective methods" of industrial
hygience and epidemiology.

A full-text copy of the 85-page Debtors' Memorandum is available
for free at http://bankrupt.com/misc/grace_daubertmemorandum.pdf

               Equity Committee Supports Debtors

The Equity Committee, which represents holders of more than
70,000,000 shares of Grace common stock, supports the Debtors'
Daubert Motion in its entirety.

According to Teresa K.D. Currier, Esq., at Buchanan Ingersoll &
Rooney, PC, in Wilmington, Delaware, at the current market price
of about US$26, the market capitalization of Grace's equity is
more than US$1,800,000,000.  There's no question about Grace's
solvency, she says.

The Equity Committee contends that evidence to be presented to
the Court in the coming estimation trial will demonstrate that,
as a matter of logic and epidemiological science, the number of
individuals who could realistically have developed true
asbestos-related disease from Grace products is diminishingly
small.

The Equity Committee says the Court should estimate the Debtors'
"real" liability on "legitimate" PI claims caused by Grace
product.  The Equity Committee adds that the Court should rely
on "legitimate and scientifically defensible" methods in
estimating the PI liabilities.

The Equity Committee tells the Court that it has obtained the
expert report of Dr. James Heckman to analyze the expert reports
prepared by Dr. Peterson and Ms. Biggs.  Dr. Heckman, in his
expert report, concludes that Dr. Peterson and Ms. Biggs did not
use a reliable methodology but rather "employ simple
extrapolation of trends and ad hoc adjustments," which do "not
meet the criteria of scientific method."

A full-text copy of the 86-page Heckman Report is available for
free at http://bankrupt.com/misc/grace_HeckmanRebuttalReport.pdf

        PI Committee & FCR's Daubert Motions Under Seal

In separate filings with the Court, the PI Committee and the FCR
sought permission to file their Daubert motions under seal.  The
PI Committee and the FCR said their Daubert Motions and exhibits
contain testimony, documents, reports and other information that
are protected from public disclosure by either a Court order or
by a confidentiality agreement with the Debtors.

Representing the PI Committee, Mark T. Hurford, Esq., at
Campbell & Levine, LLC, in Wilmington, Delaware, says the
Committee's Daubert Motion quotes and summarizes information
that has been identified or marked as confidential by the
Debtors.  The PI Committee's Daubert Motion sought to exclude
from evidence the expert reports prepared by, among others, the
Debtors' expert, Drs. B. Thomas Florence, Elizabeth Anderson and
Suresh Moolgavkar.

The FCR sought to exclude the reports prepared by the Debtors'
experts, Drs. Florence, Anderson, Moolgavkar, Peter S.J. Lees,
and Richard J. Lee.

The PI Committee and the FCR noted that the Debtors have
provided them information pursuant to confidentiality
agreements.  Mr. Hurford points out that Dr. Florence's
deposition has been marked confidential by the Debtors and at
least one of his expert reports has not been publicly disclosed
by the Debtors.  The expert reports of Drs. Anderson and
Moolgavkar have also not been publicly disclosed.

The PI Committee and the FCR said their Daubert Motions have
been served to the U.S. Trustee, the Debtors, the Official
Committee of Unsecured Creditors, and the Official Committee of
Equity Security Holders.

        Court Won't Admit Further Evidence on Libby Claims

Judge Fitzgerald won't permit any evidence to be introduced or
accepted for introduction, any further discovery to be
conducted, any statements to be made by counsel, or any finding
or other determination to be made concerning:

   (a) medical characteristics of the alleged asbestos diseases
       of the claimants asserting personal injury resulting from
       the Debtors' Libby, Montana vermiculite mining
       operations, including, if any, to which they may have
       medical characteristics distinct from other asbestos
       disease; or

   (b) the portion of the Debtors' aggregate liability that is
       attributable to claims and demands for Libby Claimant's
       alleged asbestos disease.

Nothing, however, the Court ruled, will prevent introduction
into evidence of opinions and testimony contained in the reports
and reliance materials of the estimation experts of Jennifer L.
Biggs and Dr. Mark Peterson, or the Debtors' rebuttal of the
Biggs and Peterson expert reports.

Judge Fitzgerald noted that no party in the estimation
proceedings has produced an expert report separately quantifying
the Debtors' liabilities for the Libby Claimants except for Ms.
Biggs who has produced various geographically based calculations
and estimates, including a quantification for Libby.  The Court,
however, finds that Ms. Biggs' quantification is not based on
the extent, if any, to which asbestos-related disease diagnosed
in the Libby Claimants has medical characteristics distinct from
other asbestos-related disease.

The introduction in the estimation proceedings, Judge Fitzgerald
held, of evidence concerning medical and statistical issues
specific to the Libby Claimants would not assist the Court in
its estimate of the Debtors' aggregate PI liabilities.
Exclusion of medical and statistical evidence, she added,
separately addressing Libby Claimants' alleged asbestos disease
and claims and demands resulting therefrom "could significantly
shorten the estimation proceeding trial -- serving the goal of
judicial economy and resulting in material savings to the
Debtors' estate and to the parties -- without any adverse effect
on the Court's ability to estimate the aggregate liabilities."

Drs. Arthur Frank, M. Laurentius Marais, William Wecker, and
Alan Whitehouse won't be allowed to testify or be subject to
further discovery in the estimation proceeding, and their
reports will not be part of the record in the estimation
proceeding, Judge Fitzgerald further ruled.

In addition, Drs. Elizabeth Anderson, Steven Harber, Daniel
Anthony Henry, Grover Hutchins, Richard Lee, John Parker, Suresh
Moolgavakar, Joseph Rodricks, and David Weill will not testify
or be subject to further discovery in the estimation proceeding
concerning the Libby Claimants' alleged asbestos disease and
their reports will not be part of the record in the estimation
proceeding insofar as they address the Libby Claimants' alleged
asbestos disease.

Moreover, the persons listed by the Libby Claimants as potential
fact witnesses in connection with the estimation proceeding
won't be allowed to testify or be subject to further discovery
in the estimation proceeding, the Court added.

James Jay Flynn, Alan Whitehouse and Patrica Sullivan, as non-
expert witnesses, will not be allowed to testify concerning the
Libby Claimants' alleged asbestos disease.

Judge Fitzgerald further ruled that the Libby Claimants will not
appear in, or in connection with, the estimation proceeding as a
separate party from the Official Committee of Asbestos Personal
Injury Claimants.

All parties' rights are reserved on all issues, including but
not limited to (i) the medical criteria for the Libby Claimants'
alleged asbestos disease, (ii) the extent, if any, to which
these alleged disease has medical characteristics distinct from
other asbestos disease, and (iii) whether and in what amount any
particular claim and demand based on the Libby Claimants'
alleged asbestos disease should be allowed.

No party, including the Libby Claimants, Judge Fitzgerald held,
may challenge the Court's findings and conclusions in the
estimation proceedings, including its findings of aggregate
asbestos liability, on the grounds that (a) the Libby Claimants
did not participate in the estimation proceedings, or (b) the
Court did not consider the Libby Claimants' allegations.

This Order may not be used for any other purposes other than to
exclude medical and statistical evidence separately addressing
the Libby Claimants' alleged asbestos disease, and will not be
used by any party, including the U.S. Government, for any other
purpose or proceeding, including the pending criminal proceeding
against the Debtors and its officers in the U.S. District Court
for the District of Montana, the Court clarified.

In a separate order, Judge Fitzgerald denied the Debtors'
request for relief from the pre-trial schedule to the extent
that the expert witnesses John Cooney, Peter Kraus, Ted
Goldberg, Robert Horkovich, Stephen Snyder and any other
attorney listed in the PI Committee's fact witness list make
themselves available for deposition.  If those witnesses will
not voluntarily make themselves available for deposition, the
Debtors may ask for reconsideration of the denial of their
request, the Court noted.

           Debtors Seek to Exempt Certain Creditors
                      from Filing Claims

Certain individuals have filed claims against the Debtors before
the April 2, 2001, Bar Date.  The Court established
Nov. 15, 2006, as the Bar Date for non-settled prepetition
asbestos-related personal injury claims filed against the
Debtors.

The Debtors and the law firm Thornton & Naumes, who represents
the Claimants, have agreed that the claimants do not need to
file proofs of claim on or before the November 15 Bar Date
because they do not hold any prepetition PI Claim.  They also
agree that the Claimants are exempt from the PI case management
order because they do not hold PI Claims.

Accordingly, the Debtors ask the Court to rule that the Thornton
Claimants are exempt from the November 15 Bar Date and the PI
CMO.

A list of the Exempted Claimants is available free of charge at:

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

                      About W.R. Grace

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

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

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

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

Estimation of W.R. Grace's asbestos personal injury liabilities
will commence on Jan. 14, 2008.  (W.R. Grace Bankruptcy News,
Issue No. 145; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


WR GRACE: Rehearing Plea on Libby Conspiracy Charge Denied
----------------------------------------------------------
The United States Court of Appeal for the Ninth Circuit denied
the request of W.R. Grace & Co. and six of its former executives
for an en banc rehearing of the September 2007 decision of a
three-judge panel composed of Circuit Judge Betty Fletcher,
Harry Pregerson, and Warren Ferguson reinstating conspiracy
charges against Grace and its executives relating to the alleged
asbestos poisoning in Libby, Montana.

In late September, the 9th Circuit panel overturned a decision
by District Judge Molloy in the U.S. District Court for the
District of Montana and reinstated the conspiracy charges filed
by the U.S. Government against Grace and its officers.  The
Government, in 2005, commenced a criminal case against Grace and
its officers for alleged conspiracy in violation of
environmental laws and obstruction of federal agency proceedings
relating to asbestos poisoning of residents in Libby, Montana.

According to Tricia Bishop of The Baltimore Sun, an en banc
rehearing would have further delayed the trial of the case.

"The denial of an en banc rehearing moves the case a step closer
to trial assuming Grace does not ask the [U.S.] Supreme Court to
review the issue," Allen M. Bradender, Esq., who is among the
Justice Department attorneys prosecuting the case, told
Baltimore Sun.

"Grace is disappointed, and the company is evaluating its
options," Greg Euston, Grace's spokesman related to the Sun.

A second Grace request for appeal, which will determine whether
certain government witnesses may testify against the company,
was granted earlier this year and will be heard next week by the
full 11-judge panel of the 9th Circuit Court of Appeals, the Sun
says.

In its form 10-Q filing with the U.S. Securities and Exchange
Commission in August 2007, Grace said it may face as much as
US$280,000,000 in fines, if convicted in the criminal case.  Its
officers may also be sentenced to as many as 15 years in prison
if convicted.

                      About W.R. Grace

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

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

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

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

Estimation of W.R. Grace's asbestos personal injury liabilities
will commence on Jan. 14, 2008.  (W.R. Grace Bankruptcy News,
Issue No. 145; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).




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


ISLE OF CAPRI: Names Dale Black Sr. VP & Chief Financial Officer
----------------------------------------------------------------
Isle of Capri Casinos, Inc. officials have appointed Dale Black
to senior vice president and chief financial officer positions,
subject to regulatory approval.  Mr. Black's responsibilities
include overseeing the financial operations of the company's
corporate and casino properties, financial strategy, accounting,
and tax.

Mr. Black joins Isle of Capri Casinos following two years with
Trump Entertainment Resorts as executive vice president and
chief financial officer.  Prior to joining Trump Entertainment
Resorts, Mr. Black spent over 12 years at Argosy gaming company
in Alton, Illinois, serving as corporate controller from 1993 to
1998, and then as senior vice president and chief financial
officer from 1998 until November 2005.  While at Argosy, Mr.
Black is credited as being instrumental in the turnaround of the
regional casino company by building a balance sheet recognized
as one of the strongest in the gaming industry.

"Dale is well known and well respected in the financial
community, and is recognized for his ability to create
shareholder value through the development of a strong balance
sheet, as well as the development of financial strategies
designed to increase free cash flow.  His knowledge and skill
set will be valuable as we complete our strategic review, and
continue the process of identifying targeted growth
opportunities for Isle," said president and chief operating
officer, Virginia McDowell.

A graduate of Southern Illinois University, Mr. Black began his
financial career with Arthur Andersen.

                      About Isle of Capri

Based in Biloxi, Mississippi and founded in 1992, Isle of Capri
Casinos Inc. (Nasdaq: ISLE) -- http://www.islecorp.com/-- owns
and operates casinos in Biloxi, Lula and Natchez, Mississippi;
Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and
Waterloo, Iowa; Boonville, Caruthersville and Kansas City,
Missouri and a casino and harness track in Pompano Beach,
Florida.  The company also operates and has a 57.0% ownership
interest in two casinos in Black Hawk, Colorado.  Isle of Capri
Casinos' international gaming interests include a casino that it
operates in Freeport, Grand Bahama, a casino in Coventry,
England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Standard & Poor's Ratings Services revised its rating outlook on
Isle of Capri Casinos Inc. to negative from stable.  Ratings on
the company, including the 'BB-' corporate credit rating, were
affirmed.


PETROLEOS DE VENEZUELA: Finalizing Talks for Unit Sale to Aegean
----------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA has
invited Aegean Marine Petroleum Network Company founder Dimitris
Melisanidis to Caracas, Venezuela, for the conclusion of the
negotiations for the final purchase of The Bahamas Oil Refining
Company International Limited aka BORCO, Lededra Marche at the
Freeport News reports.

As reported in the Troubled Company Reporter-Latin America on
Nov. 30, 2007, the sale of BORCO in Grand Bahama could be
finalized in 10 days.  Morgan Stanley was reportedly the leading
bidder for the oil storage and bunkering terminal from Petroleos
de Venezuela.  Bidders also included:

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

The Freeport News relates that Aegean Marine was the top bidder
for the sale of BORCO, offering US$710 million for the unit.

A press statement from Manasse Echegeray Energy Consultants says
that Aegean Marine had outbid Nu Star and Morgan Stanley in the
initial round of bids run by Citigroup.  Its bid had been
initially rejected.

However, Petroleos de Venezuela recognized Aegean Marine offer
as the highest one received, after conducting probes, The
Freeport News relates.

Belkys Reyes, an energy consultant in Caracas who works with
Petroleos de Venezuela, confirmed to The Freeport News that
Aegean Marine is now the clear front-runner for the purchase of
BORCO.

The board of Petroleos de Venezuela, Asdrubal Cavez, and Jesus
Villanueva are expecting the arrival of Mr. Melisanidis in
Caracas next week to conclude all the negotiations, The Freeport
News says, citing Mr. Reyes.

Mr. Reyes commented to The Freeport News, "If all the financial
details of this intricate deal are agreed upon, Aegean will
become the new owner of the BORCO Deposit in Freeport, Bahamas."

Andean Marine was the first to be invited to discuss final terms
of sale.  The final overall price for BORCO could exceed US$1
billion, Manasse Echegeray said in a statement.

                     About Aegean Marine

Headquartered in Athens, Greece, Aegean Marine Petroleum
Network, Inc. is a marine fuel logistics company that physically
supplies and markets refined marine fuel and lubricants to ships
in port and at sea.  As a physical supplier, the company
purchases marine fuel from refineries, oil producers and other
sources, and resells and delivers these fuels using its
bunkering tankers to a base of end users.

                         About BORCO

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

               About Petroleos de Venezuela

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




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


GLOBE TRANSPORT: Liquidator Filing for Dissolution by Dec. 24
-------------------------------------------------------------
Stephen E. Lowe, the official receiver of Glob Transport and
Trading Company Limited, will file in the Registrar of Companies
for the dissolution of the company by Dec. 24, 2007.

In line with Section 199A of the Companies Act 1981, Mr. Lowe is
satisfied that the realizable assets of Globe Transport are
insufficient to cover the expenses of the winding up and that
the affairs of the company do not require any further
investigation.

Mr. Lowe no longer performs any duties imposed upon him in
relation to Globe Transport, its creditors or contributors by
virtue of any provision of The Companies Act, other than his
duty to apply to the Registrar of Companies for the early
dissolution of the company.

The Registrar of Companies will dissolve Globe Transport three
months after receipt of Mr. Lowe's application.

Under Section 199B of the Companies Act, any creditor or
shareholder with grounds to believe that:

          -- the realizable assets of the company are sufficient
             to cover the expenses of the winding up;

          -- the affairs of this company do require further
             investigation; or

          -- for any other reason the early dissolution of the
             company is inappropriate,

the creditor of shareholder may apply to the Minister of Finance
to:

          -- allow the winding up of the company to proceed as
             if this notice had not been issued; and

          -- defer the date on which the dissolution of the
             company is to take effect.


SEA CONTAINERS: SCSL Panel Setting Record Staring on Progress
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of Sea Containers
Services Ltd. disagrees with Sea Containers Ltd. and its debtor-
affiliates' statement that Sea Containers Ltd. has made
substantial progress towards finalizing a Reorganization Plan.

As reported in the Troubled Company Reporter on Nov. 29, 2007,
the Debtors asked the Court to further extend their exclusive
periods to file a Chapter 11 plan through and including
Feb. 20, 2008, and to solicit acceptances of that plan through
and including April 19, 2008.

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

"The Exclusivity Motion contains a number of overly
optimistic statements regarding the plan negotiation process and
the potential for settlement of inter-debtor disputes," David B.
Stratton, Esq., at Pepper Hamilton LLP, in Wilmington Delaware,
says.

Mr. Stratton informs the Court that the Debtors' statement
claiming that they are "in the late stages", and are about to
reach a "final settlement" with regard to the inter-debtor
dispute resolution process, does not reflect the current posture
of negotiations, or the pendency of claims litigation.

Currently, he says, the Official Committee of Unsecured
Creditors of Sea Containers Ltd. continue to assert its
objection against the claims of the Sea Containers 1983 and 1990
Pension Schemes, and continues to seek discovery from the U.K
Pension Schemes and the SCSL Committee via document requests.
Unfortunately, the Discovery Requests have been going through a
lot of objections, responses and extensions.  The deadlines, Mr.
Stratton says, "loom as ominous clouds over the negotiating
table".

While the SCSL Committee has continued to negotiate in good
faith, and believes that there has been some progress on inter-
debtor issues to date, it has yet to receive a settlement
proposal before it could agree that indeed a Reorganization Plan
is "within reach," Mr. Stratton tells the Court.

"At this juncture, there is no cause to conclude that there is
light at the end of Sea Containers' tunnel," Mr. Stratton says.

The SCSL Committee does not object to the extension of the
Debtors' exclusive periods to file and solicit votes for the
Chapter 11 plan; it simply wants to ensure the the record is
balanced and not misleading, Mr. Stratton explains.

                   About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd.
-- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On Oct. 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 32;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Wins GE Seaco Arbitration Case
----------------------------------------------
Sea Containers Ltd., which owns half of the common equity in GE
SeaCo SRL, one of the world's largest container leasing
companies has won the arbitration case brought against it by GE
Capital, the co-owner of GE SeaCo.

In September last year, GE Capital of Stamford, Connecticut,
contended that when Mr. James Sherwood, the company's founder,
stood down from his duties as Chairman of the Board of Directors
of Sea Containers in March 2006, there had been a change of
control at Sea Containers that allowed GE to buy out Sea
Containers' interests in GE SeaCo.

Sea Containers welcomes the decision by the Arbitrator of the
Commercial Arbitration Tribunal in the International Institute
for Conflict Prevention and Resolution.  The Arbitrator found
that, for numerous reasons, when Mr. Sherwood stepped down from
his position at Sea Containers, there was no change of control
that might have triggered any right of GE Capital to purchase
Sea Containers' interest in GE SeaCo.

The favorable arbitration ruling is a major step forward in Sea
Containers' efforts to advance its financial reorganization.
Sea Containers looks forward to working with GE Capital to
maximize the value of GE SeaCo.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd.
-- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On Oct. 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.  In its schedules
filed with the Court, Sea Containers disclosed total assets of
US$62,400,718 and total liabilities of US$1,545,384,083.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Dec 21, 2007.  (Sea Containers Bankruptcy News, Issue No. 32;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)




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


ARROW ELECTRONICS: Deploys Triad Semiconductor's ASICs Business
---------------------------------------------------------------
The North American Components business of Arrow Electronics,
Inc., will make Triad Semiconductor, Inc.'s mixed-signal via-
configurable array ASICs available through Arrow's North
American sales and design centers.

Arrow Electronics will provide technical sales and support and
product logistics for Triad Semiconductor's mixed-signal ASIC
customers.  Triad's patent-pending approach significantly
reduces engineering labor and fabrication costs for high-
performance ASIC designs, and can speed "time-to-prototype" by
more than half a year.

"As designs become more highly integrated, many of our customers
have been asking for mixed-signal ASIC support," said director
of the customer logic solutions group of Arrow's North America
Components business, Chris Miller.  "Over the last 6 months,
we've seen a significant interest in Triad's technology.
Customers appreciate how Triad has addressed their analog
integration challenge with a competitive and flexible single-
mask configurable technology.  Customers are seeing the benefits
with a lower NRE, faster time to production, along with the
ability to make design changes quickly and inexpensively."

"Arrow is the ideal strategic design and distribution partner,
with its outstanding design support and unparalleled reach to
40,000 customers throughout North America," said Triad
Semiconductor chief executive officer, Lynn Hayden.  "Our
combined efforts short circuit the time, cost and risk
associated with full-custom layout, letting companies in the
medical, industrial, communications, sensor and other sectors
achieve cost-effective, high-performance mixed-signal ASIC
designs."

                    About Triad Semiconductor

Triad Semiconductor -- http://www.triadsemi.com-- is a fabless
ASIC company that develops, prototypes and produces mixed-signal
ASICs for production volumes from the low thousands to millions.
Its patent-pending Via Configurable Array technology creates
ASIC arrays with silicon-proven analog and digital functions,
reducing the time, cost and risk associated with full custom
layout.  Triad's via-only routing also significantly reduces
engineering effort and fabrication time, resulting in fast-turn
prototypes and design changes at minimal cost. Founded in 2003
and privately held, Triad is headquartered in Winston Salem,
North Carolina.

                    About Arrow Electronics

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

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

                        *     *     *

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


ATARI INC: Amends Credit Facility to Boost Borrowing by US$4 Mln
----------------------------------------------------------------
Atari Inc. has entered into an amendment to the Senior Secured
Credit Facility with BlueBay High Yield Investments (Luxembourg)
S.A.R.L. that will increase its borrowing capacity under the
facility from US$10 million to US$14 million.

The additional US$4 million in availability under the Credit
Facility will enable Atari Inc. to meet its holiday season
financing needs.  BlueBay is a significant shareholder of
Infogrames Entertainment S.A., Atari Inc.'s majority
stockholder.

Simultaneously with and as a condition to the increase in the
availability under the Credit Facility, Atari Inc. terminated
its existing distribution agreements with Infogrames and has
entered into a new distribution agreement covering the
distribution by Atari Inc. of interactive entertainment software
games produced or acquired by Infogrames and its affiliates in
North America.

This new distribution agreement covers the distribution of
Infogrames' products in North America for the next three years,
subject to reduction to two years if certain performance targets
are not met, and has provisions for automatic renewals on an
annual basis unless terminated by either party in accordance
with the agreement.

The new distribution agreement provides that Atari Inc. will
retain 30% of the net receipts from the distribution of
Infogrames' products as consideration for its services.  The
agreement also provides that the parties will enter into an
agreement on the same terms for the distribution by Infogrames
of Atari, Inc.'s products outside North America.

Additionally, as part of this agreement, Atari Inc. has licensed
back to Infogrames the use of the "Atari" trademark in North
America in connection with the URL http://www.atari.com/for the
purposes of an online initiative to be lead by Infogrames.

In light of the repositioning of Atari Inc.'s business and the
new distribution arrangements, Atari Inc. has also terminated
its existing corporate management and service contracts with
Infogrames.

This is anticipated to enable Atari Inc. to further streamline
its corporate structure.  Atari Inc. will provide certain
administrative functions to Infogrames on a transitional basis
over an approximate 7 to 10 month period for an annualized fee
of approximately US$2.6 million.

In addition, the parties terminated the agreement under which
Infogrames provided certain management services to Atari Inc. It
is expected that the termination of this agreement will result
in annualized cost savings to Atari Inc. of approximately US$3
million.

As part of the termination of the corporate management service
contracts and the reduction of production and development
activities at Atari Inc., Atari Inc. agreed to the transfer of
certain employees, with such employees' acceptance, from the
production and development businesses of Atari Inc. to
Infogrames.

Atari Inc. disclosed a reduction in its workforce, which
included the production and development employees being
transferred to Infogrames, that is expected to result in savings
on current payroll and related costs of an estimated US$5.3
million per year of which US$1.3 million relates to the transfer
of employees to Infogrames.

                      About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR)
-- http://www.atari.com/-- develops interactive games for all
platforms and is a third-party publisher of interactive
entertainment software in the U.S.  Atari Inc. is a majority-
owned subsidiary of France-based Infogrames Entertainment SA, an
interactive games publisher in Europe.  Atari has offices in
Brazil, the United Kingdom and Japan.

                     Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.


BANCO PINE: Joins International Finance's Global Trade Program
--------------------------------------------------------------
Banco Pine has joined the International Finance Corp.'s global
trade finance program as an issuing bank, the IFC said in a
statement.

According to the IFC's statement, Banco Pine provided a US$2-
million, 180-day loan to a midsize Brazilian firm selling goods
to Canada and the US.

Business News Americas relates that Banco Pine concentrates on
middle-market and payroll loans.

The IFC's global trade finance program ensues funding for banks
for short-term pre-export financing, BNamericas notes.  The
program also eases access to foreign markets for midsize banks
in emerging markets.  It has backed US$472 million in financing
since February 2006 for:

          -- BicBanco,
          -- Daycoval,
          -- Indusval,
          -- Banco Portugues de Negocios, and
          -- Nuevo Banco Comercial.

Headquartered in Sao Paulo, Banco Pine was established in 1997
by the brothers Nelson and Noberto Pinheiro after the sale in
1996 of their participation in another family institution.  A
comprehensive corporate and operational restructuring was
implemented and in the first half of 2005 Noberto Pinheiro
became the bank's majority shareholder.  In April 2007, Banco
Pine went public by placing non-voting preferred shares at the
Bovespa Level 1 on the New Brazilian Stock Market.  These shares
enjoy a tag-along privilege, giving minority shareholders 100%
of the value of the block of controlling shares in the event of
the sale of the institution.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 26, 2007, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on Banco Pine S.A. to 'BB-'
from 'B+'.  The rating was removed from CreditWatch Positive
where it was placed June 11, 2007.  S&P said the outlook is
stable.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings upgraded the National ratings of
Banco Pine S.A. as:

     -- Long-term National rating to 'A-(bra)' from 'BBB(bra)';
     -- Short-term National rating to 'F2(bra)' from 'F3(bra)'.

Fitch also affirms these ratings:

     -- Long-term Foreign Currency Issuer Default Rating 'B+'
     -- Short-term Foreign Currency rating 'B';
     -- Long-term Local Currency Issuer Default Rating 'B+';
     -- Short-term Local Currency rating 'B';
     -- Individual 'D'
     -- Support '5'.


BASELL AF: Fitch Cuts Long-Term Issuer Default Rating to B+
-----------------------------------------------------------
Fitch Ratings has downgraded Basell AF SCA's and Lyondell
Chemical Co.'s Long-term Issuer Default ratings to 'B+' from
'BB-' and removed them from Rating Watch Negative where they
were originally placed on July 17, 2007.  Stable Outlooks are
assigned to the Long-term IDRs.  Basell's Short-term IDR is also
affirmed at 'B'.

Fitch has also downgraded Basell's senior notes and Millenium
America Inc's senior notes to 'B-/RR6' from 'B+' and 'BB/RR2',
respectively, as well as assigned a 'B/RR5'rating to Lyondell
Basell Finance Co.'s bridge facility.  Fitch has taken further
rating action involving various subsidiaries and debt
instruments.

Fitch's ratings actions follow substantial re-leveraging to
facilitate the fully debt-funded merger of chemical companies
Basell and Lyondell.  Fitch believes that credit metrics of the
combined new group, including net total leverage of
approximately 4.9, cash interest cover of approximately 2.4,
(ratios based on the pro forma unadjusted LTM on Sept. 7, 2007
EBITDA of US$4.9 billion) and available liquidity are
commensurate with the Long-term IDRs of 'B+'.  The group's
credit profile will be supported by potential synergies and
pricing power advantages gained from improved vertical
integration and size increases, which may prove crucial as the
global chemical industry continues to face serious challenges
from volatile feedstock costs and economical uncertainties in
its end markets.

Following a special meeting of shareholders on Nov. 20, 2007,
Lyondell announced that shareholders approved the agreement and
plan of merger, dated 16 July 2007, between Basell and Lyondell,
pursuant to which Basell will acquire all of Lyondell's
outstanding common shares for cash consideration of US$48 per
share.  The closing of the transaction is anticipated to occur
on or about Dec. 20, 2007.  After completion of the acquisition,
Basell will be renamed LyondellBasell Industries AF SCA.

LyondellBasell Industries will form the world's third-largest
independent chemical company with combined revenues of around
US$42.8 billion and around 15,000 employees worldwide.

The ratings are:

Basell AF SCA and subsidiaries, to be renamed LyondellBasell
Industries AF SCA:

  -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
     RWN; Stable Outlook assigned

  -- Senior secured credit facilities: affirmed at 'BB+' and
     withdrawn Senior notes: downgraded to 'B-/RR6' from 'B+'

Lyondell Chemicals Co. and subsidiaries:

  -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
     RWN; Stable Outlook assigned

  -- Senior secured facilities: affirmed at 'BB+' and withdrawn

  -- Senior secured notes: affirmed at 'BB+' and withdrawn

  -- Senior unsecured notes: affirmed at 'BB-' and withdrawn

  -- Senior unsecured debentures: upgraded to 'BB+/RR1' from
     'BB-'

Lyondell Basell Finance Co:

  -- Bridge facility: 'B/RR5'

Equistar Chemicals L.P.:

  -- Long-term IDR: affirmed at 'B+'; Outlook Stable

  -- Senior secured credit facility: affirmed at 'BB+/RR1' and
     withdrawn

  -- Senior unsecured notes: affirmed at 'BB-/RR3' and withdrawn

  -- Debentures: upgraded to 'BB+/RR1' from 'BB-/RR3'

Millenium Chemicals Inc.:

  -- Long-term IDR: affirmed at 'B+' with Stable Outlook and
     withdrawn

  -- Convertible senior unsecured debentures: affirmed at
     'BB/RR2' and withdrawn

Millenium America Inc.:

  -- Long-term IDR: affirmed at 'B+'; Outlook Stable

  -- Senior unsecured notes: downgraded to 'B-/RR6' from
     'BB/RR2'

The above ratings are assigned subject to the completion of the
transaction as well as review of the final documentation,
conforming to present information.

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

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


CA INC: Lewis Ranieri Ends Six-Year Tenure on Board of Directors
----------------------------------------------------------------
CA Inc. reported that Lewis Ranieri, who led CA's Board of
Directors through one of the most critical periods in the
company's 31-year history, has retired from the Board, effective
Dec. 10, 2007.

In informing the Board of his decision, Ranieri, 60, cited
family circumstances as the reason for ending his six-year
tenure on CA's Board of Directors. Mr. Ranieri was re-elected to
CA's Board last August with more than 97 percent of votes cast
for his election.

"I am truly honored to have been part of the turnaround at CA,
and feel I leave the company in strong hands with a strong board
led by you as its chairman and John Swainson as its CEO," Mr.
Ranieri wrote to William E. McCracken, CA's non-executive
chairman of the Board.

Mr. Ranieri began his service as a director of the Company in
2001, served as lead independent director from May 2002 to
April 2004, and served as non-executivechairman of the Board
from April 2004 to June 2007.

In his role first as lead independent director and then as non-
executive chairman, Mr. Ranieri is credited with leading the
Board during the investigation of accounting improprieties,
negotiating a successful settlement with the government and
rebuilding the Company.

"The CA that exists today is a direct result of the dedication
and commitment of Lewis Ranieri," Mr. McCracken said.  "His
unselfish leadership was key to restoring confidence in the
Company with shareholders, customers and employees."

"Lewis made tremendous contributions to this Company, and his
leadership has been vital to CA's transformation," Mr. Swainson
said. "I am personally grateful for his support and guidance
over the years.  We wish him the best."

The company said it will not replace Mr. Ranieri at this time.
With Mr. Ranieri's retirement, CA's Board now numbers 11
members.

                        About CA Inc.

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

                        *     *     *

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

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

     -- Issuer Default Rating at 'BB+';

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

     -- Senior unsecured debt at 'BB+'.


FERRO CORPORATION: Closes Restructuring of Electronic Operations
----------------------------------------------------------------
Ferro Corporation has completed the previously announced
restructuring of its Electronic Materials Systems operations in
the United States.  The restructuring included transfer of
dielectric materials manufacturing from the Company's production
facilities in Niagara Falls, New York, to existing Ferro
facilities in Penn Yan, New York and Uden, The Netherlands.

As part of the restructuring program, Ferro sold its Niagara
Falls manufacturing site and certain industrial ceramics product
lines that were based at the Niagara Falls site to TAM Ceramics
LLC, an affiliate of All-American Holdings LLC.

"We completed the restructuring program on schedule and we
continue to estimate annual savings of $7 million to $8 million
in 2008 as a result," said Barry Russell, Vice President of
Ferro Electronic Material Systems.  "We are pleased to reach
agreement for the sale of the Niagara Falls manufacturing
facility and industrial ceramics products."

                     About Ferro Electronic

Ferro Electronic Material Systems has locations in Vista, CA;
Penn Yan, NY; South Plainfield, NJ; Cleveland, OH; Haverhill,
United Kingdom; Uden, The Netherlands; Hanau, Germany; Tsukuba,
Japan; and Suzhou, China.  Its products include advanced
packaging and thick film conductors; metal pastes and powders
for solar energy applications; chemical mechanical planarization
(CMP) slurries for semiconductors and advanced integrated
circuits; dielectrics used in chip components and multilayer
ceramic capacitors (MLCC); and surface finishing materials for
LCD, hard disk, and ophthalmic polishing.

                      About Ferro Corp.

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

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

                        *     *     *

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


GERDAU SA: Brascan Puts Outperform Rating on Firm's Shares
----------------------------------------------------------
Business News Americas reports that Brazilian brokerage Brascan
has assigned an "outperform" rating on Gerdau SA's shares.

According to Brascan's research note, the brokerage's target
price for Gerdau shares is at BRL66.98, while the target price
for Metalurgica Gerdau, which controls the assets of Gerdau, is
placed at BRL91.52.   The targets indicate "respective upsides
of 27.1% and 30.7% compared to Dec. 7 prices."

Gerdau's potential increases in sales and continued strong cash
flow were mainly due to the firm's "aggressive expansion
strategy," BNamericas says, citing Brascan.

Brascan told BNamericas that Gerda's US acquisitions --
Chaparral Steel and Macsteel -- will provide:

          -- greater product mix,
          -- possible synergies, and
          -- better operating margins.

Gerdau is "more exposed to risks relating to the US housing and
mortgage markets," BNamericas relates.

Brascan is projecting a BRL30.7-billion revenue for Gerdau this
year.  Gerdau's Ebitda would be BRL6.44 billion, while its net
profit would be BRL3.43 billion, BNamericas states.

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

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

Ratings affirmed are:

Issuer: Gerdau S.A.

  -- Ba1 Global Local Currency Corporate Family Rating

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

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

  -- Ba1 Global Local Currency Corporate Family Rating

Issuer: Gerdau Ameristeel Corporation

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

Issuer: Jacksonville Economic Development Comm.

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

Outlook for all ratings: stable


HAYES LEMMERZ: Posts US$62.7-Mln Net Loss for Qtr. Ended Oct. 31
----------------------------------------------------------------
Hayes Lemmerz International, Inc. has reported that sales for
the fiscal third quarter ended Oct. 31, 2007 were US$554.9
million, up 20% from US$463.3 million in the year earlier
quarter.  The sales increase resulted from strong international
steel and aluminum wheel sales, material cost recovery and
favorable foreign currency fluctuations.

For the third quarter, the company reported Adjusted EBITDA of
US$55.8 million, an improvement of US$12.0 million or 27% over
the year earlier quarter, and earnings from operations before
impairments of US$22.2 million, an improvement of US$11.3
million or more than double the year earlier quarter.

Free cash flow for the third quarter, excluding the effects of
the company's accounts receivables securitization program, was
US$26.5 million, an increase of US$26.2 million over the year
earlier quarter.  Free cash flow for the first nine months of
fiscal 2007 was US$8.0 million, an increase of US$14.2 million
for the same period last year.

"This was a good quarter for the company, even though our net
income was negatively impacted by asset impairment and other
restructuring charges," said President, Chief Executive Officer
and Chairperson of the Board, Curtis Clawson.  The company
reported a net loss for the third quarter of US$62.7 million, of
which US$50.0 million resulted from asset impairments and
restructuring charges, compared with a net loss of US$59.6
million a year earlier.

"Our third quarter results reflect our success in implementing
our strategy of restructuring our business, executing our
operating plan and continuing to extend the lead in our global
wheel business with international expansions in leading-cost
regions," Mr. Clawson added.

Hayes Lemmerz sold its automotive brake business in November,
continuing to execute its strategy of reducing reliance on
Detroit Three business in the United States, focusing its
presence in the right geographic regions, and concentrating
capital and efforts on its profitable global wheel business.
Earlier in the fiscal year, as previously reported, the company
sold its suspension and MGG businesses and its aluminum
components facility in Wabash, Indiana.  These businesses have
been classified as discontinued operations.

Adjusted for the sale of its automotive brake business (which is
now classified as discontinued operations), Hayes Lemmerz
remains on track to meet its guidance for the fiscal year ending
Jan. 31, 2008.  The company expects revenue of approximately
US$2.1 billion (US$2.2 billion including the brake business),
and Adjusted EBITDA is expected to be in the range of US$190
million to US$200 million (US$200 million to US$210 million
including the brake business).  The company expects positive
free cash flow.  Capital expenditures for the fiscal year are
expected to be between US$95 million and US$100 million.

              About Hayes Lemmerz International

Based in Northville, Michigan, Hayes Lemmerz International Inc.
(Nasdaq: HAYZ) -- http://www.hayes-lemmerz.com/-- is a supplier
of automotive and commercial highway wheels, brakes and
powertrain components.  The company has 30 facilities and
approximately 8,500 employees worldwide.  The company has
operations in India, Brazil and Germany, among others.

                        *     *     *

As reported on Sept. 26, 2007, Fitch Ratings placed Hayes-
Lemmerz International Inc.'s issuer default rating at 'B' with a
negative rating watch.


JBS SA: Moody's Puts Ratings on Review for Possible Downgrade
-------------------------------------------------------------
Moody's Investors Service has placed under review for possible
downgrade the B1 global local currency corporate family rating
and B1 senior unsecured rating of JBS S.A.

The rating action follows Moody's heightened concerns about the
company's aggressive acquisition strategy at a time when
management is still facing significant challenges related to the
Swift turnaround.  The action also reflects Moody's concerns
with Swift's operating performance.  Continued low operating
margins at Swift may make it a challenge for the company to
maintain consolidated retained cash flow to net debt above 10%,
which is the level that Moody's considers necessary for the
current rating category.

The company has reached an agreement, to be concluded in January
2008, with Cremonini S.p.A. of Italy to acquire 50% of Inalca
S.p.A., an Italy-based meat processor, for a total amount of
EUR225 million (BRL600 million).  Moody's is concerned that this
additional acquisition will further strain JBS management's
capacity to tightly control operating performance at its
multiple international production locations.  At the same time,
Moody's recognizes that the joint venture with Cremonini gives
the company an opportunity to broaden its client base and
geographic diversification.

While the company had BRL1.6 billion of cash and short-term
investments as of Sept. 30, 2007, which would be sufficient to
finance this transaction, Moody's highlights the BRL2.4 billion
(US$1.3 billion) of the company's short-term debt.  While some
of the debt maturing at JBS is related to pre-export financing,
which Moody's believes can be rolled over, if necessary, the
company will have to refinance US$750 million at Swift & Company
over the next six months.

Ratings affected are:

  -- B1 Global Local Currency Corporate Family Rating

  -- B1 Foreign Currency US$300 Million Guaranteed Senior Notes
     Due 2016

  -- B1 Foreign Currency US$275 Million Senior Unsecured
     Eurobonds Due 2011

The review for possible downgrade will primarily seek to
determine whether JBS's growth and acquisition strategy will be
compatible with a credit profile that is commensurate with its
current B1 rating.  More specifically, the review will examine
all of the company's operations and business segments on a
projected basis and compare expected credit metrics with rated
global and domestic industry peers.  The review will also review
the company's liquidity profile and steps being taken by the
company to refinance near term debt maturities.

Headquartered in Greeley, Colorado, Swift & Company is one of
the world's leading beef and pork processing companies.  Its
largest business segments are domestic beef processing, domestic
pork processing and beef operations in Swift Australia.  Swift's
parent S&C Holdco 3 is owned by a limited partnership formed by
equity sponsors HM Capital Partners LLC (formerly Hicks Muse)
and Booth Creek Management Corporation.  Consolidated sales for
the twelve months ended Feb. 25, 2007, were approximately US$9.5
billion.

Headquartered in Sao Paulo, Brazil, JBS is the third largest
beef company in the world in terms of cattle slaughtering
capacity and the largest beef processor and exporter in Brazil,
Argentina and Latin America.  With operations in Brazil and
Argentina, JBS produces, prepares, packages and delivers fresh,
chilled and processed beef and beef by-products to customers
both in Brazil and abroad.


LYONDELL CHEMICAL: Fitch Cuts Long-Term Issuer Rating to B+
-----------------------------------------------------------
Fitch Ratings has downgraded Basell AF SCA's and Lyondell
Chemical Co.'s Long-term Issuer Default ratings to 'B+' from
'BB-' and removed them from Rating Watch Negative where they
were originally placed on July 17, 2007.  Stable Outlooks are
assigned to the Long-term IDRs.  Basell's Short-term IDR is also
affirmed at 'B'.

Fitch has also downgraded Basell's senior notes and Millenium
America Inc's senior notes to 'B-/RR6' from 'B+' and 'BB/RR2',
respectively, as well as assigned a 'B/RR5'rating to Lyondell
Basell Finance Co.'s bridge facility.  Fitch has taken further
rating action involving various subsidiaries and debt
instruments.

Fitch's ratings actions follow substantial re-leveraging to
facilitate the fully debt-funded merger of chemical companies
Basell and Lyondell.  Fitch believes that credit metrics of the
combined new group, including net total leverage of
approximately 4.9, cash interest cover of approximately 2.4,
(ratios based on the pro forma unadjusted LTM on Sept. 7, 2007
EBITDA of US$4.9 billion) and available liquidity are
commensurate with the Long-term IDRs of 'B+'.  The group's
credit profile will be supported by potential synergies and
pricing power advantages gained from improved vertical
integration and size increases, which may prove crucial as the
global chemical industry continues to face serious challenges
from volatile feedstock costs and economical uncertainties in
its end markets.

Following a special meeting of shareholders on Nov. 20, 2007,
Lyondell announced that shareholders approved the agreement and
plan of merger, dated 16 July 2007, between Basell and Lyondell,
pursuant to which Basell will acquire all of Lyondell's
outstanding common shares for cash consideration of US$48 per
share.  The closing of the transaction is anticipated to occur
on or about Dec. 20, 2007.  After completion of the acquisition,
Basell will be renamed LyondellBasell Industries AF SCA.

LyondellBasell Industries will form the world's third-largest
independent chemical company with combined revenues of around
US$42.8 billion and around 15,000 employees worldwide.

The ratings are:

Basell AF SCA and subsidiaries, to be renamed LyondellBasell
Industries AF SCA:

  -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
     RWN; Stable Outlook assigned

  -- Senior secured credit facilities: affirmed at 'BB+' and
     withdrawn Senior notes: downgraded to 'B-/RR6' from 'B+'

Lyondell Chemical Co. and subsidiaries:

  -- Long-term IDR: downgraded to 'B+' from 'BB-'; removed from
     RWN; Stable Outlook assigned

  -- Senior secured facilities: affirmed at 'BB+' and withdrawn

  -- Senior secured notes: affirmed at 'BB+' and withdrawn

  -- Senior unsecured notes: affirmed at 'BB-' and withdrawn

  -- Senior unsecured debentures: upgraded to 'BB+/RR1' from
     'BB-'

Lyondell Basell Finance Co:

  -- Bridge facility: 'B/RR5'

Equistar Chemicals L.P.:

  -- Long-term IDR: affirmed at 'B+'; Outlook Stable

  -- Senior secured credit facility: affirmed at 'BB+/RR1' and
     withdrawn

  -- Senior unsecured notes: affirmed at 'BB-/RR3' and withdrawn

  -- Debentures: upgraded to 'BB+/RR1' from 'BB-/RR3'

Millenium Chemicals Inc.:

  -- Long-term IDR: affirmed at 'B+' with Stable Outlook and
     withdrawn

  -- Convertible senior unsecured debentures: affirmed at
     'BB/RR2' and withdrawn

Millenium America Inc.:

  -- Long-term IDR: affirmed at 'B+'; Outlook Stable

  -- Senior unsecured notes: downgraded to 'B-/RR6' from
     'BB/RR2'

The above ratings are assigned subject to the completion of the
transaction as well as review of the final documentation,
conforming to present information.

                  About Lyondell Chemical

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE: LYO) -- http://www.lyondell.com-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufacturers basic chemicals and derivatives including
ethylene, propylene, titanium dioxide, styrene, polyethylene,
propylene oxide and acetyls.  It also refines heavy, high-sulfur
crude oil and produces gasoline-blending components.  It
operates on five continents and employs approximately 11,000
people worldwide.

The company also has locations in Austria, France, Italy, The
Netherlands, Belgium, Germany, Spain, United Kingdom, Brazil,
China, Japan, Taiwan, India and Singapore.


REALOGY CORP: Real Estate Downturn Cues Moody's Negative Outlook
----------------------------------------------------------------
Moody's Investors Service has assigned an SGL-3 speculative
grade liquidity rating to Realogy Corporation and changed the
rating outlook from stable to negative.  At the same time,
Moody's affirmed the B3 corporate family rating and all other
credit ratings.

Although Moody's base case forecast anticipates that residential
home sale volume and pricing will stabilize beginning in late
2008 or early 2009, the negative rating outlook considers the
potential for a more severe and protracted real estate downturn.

The SGL-3 speculative grade liquidity reflects an adequate
liquidity profile with modestly negative free cash flow from
operations and adequate headroom under financial covenants over
the next four quarters.

If the downturn in the real estate market is more severe than
anticipated by Moody's base case forecast over the next four
quarters, then Moody's could lower the SGL rating. In such a
scenario, free cash flow from operations could turn sharply
negative and compliance with the leverage covenant could be
challenging.

Headquartered in Parsippany, New Jersey, Realogy Corporation
(NYSE: H)-- http://www.realogy.com/-- is real estate franchisor
and a member of the S&P 500.  The company has a diversified
business model that also includes real estate brokerage,
relocation, and title services.  Realogy's world-renowned brands
and business units include CENTURY 21(R), Coldwell Banker(R),
Coldwell Banker Commercial(R), ERA(R), Sotheby's International
Realty(R), NRT Incorporated, Cartus, and Title Resource Group.
Realogy has more than 15,000 employees worldwide.  The company
operates in Australia, Brazil and France.


STRATUS TECH: Partners with Firetide to Deploy Broadband Network
----------------------------------------------------------------
Stratus Technologies Group has entered into partnership with
Firetide Inc. to deploy a wireless broadband network in Doral,
Fla. Doral, a city in Miami-Dade County, takes its name from the
famous golf and spa resort located within its municipal
boundaries and is home to 35,000 residents, the United States
Southern Command headquarters, the Federal Reserve Bank, and
many Fortune 500 companies.  The City's wireless mesh network
will provide Internet access and services including email, VoIP,
and Internet Protocol Televisionto residents and businesses,
Doral municipal government, and its new police department.

After evaluating a number of integrators and mesh hardware
vendors, the City of Doral awarded the contract to Stratus
Technologies Group, which will spearhead the City-wide project
that brings together a team of 10 leading technology companies
including Firetide.  The wireless broadband network will be
designed by Stanford alumnus Dr. Rafael Marrero-Gonzalez, chief
scientist, Stratus Technologies Group. The network will be based
on the Firetide wireless mesh infrastructure, including 500-plus
Firetide HotPort(R) mesh nodes and Firetide HotPoint(R) access
points covering 15 square miles.

"Our municipal wireless broadband network will foster social
mobility, fuel continued economic growth, and promote innovation
in an affordable manner for our citizens and businesses," said
Doral City Manager Sergio Purrinos.  "Stratus and Firetide
demonstrated to us that they have the most comprehensive
solution involving the best partners in the industry, and they
know the most effective way to approach this project.  We look
forward to a long and mutually rewarding relationship as we move
ahead deploying the network."

The project will be rolled out in three phases.  In the first
phase, Internet access and email service will be implemented; in
Phase Two, VoIP will be deployed; and in the third phase, IPTV.
Future projects will include adding public safety capabilities
to the network such as video surveillance, and using the
wireless network to support mobile City operations.

"We are excited to be working with such a strong team of leading
business and technical people and an all-star group of external
partners such as Firetide," said Jorge Reyes, CEO and president
of Stratus Technologies Group.  "With our unique understanding
of Doral's technological requirements, and our first-hand
knowledge of the City's demographics and potential business
opportunities, we are confident that this project will deliver
to the City exactly what it needs."

"This deployment is the result of a strong collaborative effort
between Stratus and Firetide to provide a wireless network that
supports Doral's requirements now and well into the future,"
said Bo Larsson, CEO of Firetide.  "With Firetide as the
wireless network infrastructure, the City's businesses and
residents can be confident that the network is secure, highly
reliable, and can grow as their needs grow. We are pleased that
both Stratus and Doral have placed their trust in Firetide."

                       About Firetide

Headquartered in Los Gatos, Calif., Firetide --
http://www.firetide.com/-- is the leading provider of mesh
networks that enable concurrent video, voice, and data for
municipal, public safety, and enterprise applications.  Firetide
HotPort mesh nodes, HotPoint access points, and HotView network
management platform provide a reliable high performance wireless
infrastructure for video surveillance, Internet access, public
safety networks, and temporary networks wherever rapid
deployment, mobility, and ease of installation are required.

                 About Stratus Technologies

Stratus Technologies is a global solutions provider focused
exclusively on helping its customers achieve and sustain the
availability of information systems that support their critical
business processes.  Based upon its 25 years of expertise in
server and services technology for continuous availability,
Stratus is a trusted solutions provider to customers in
telecommunications, financial services, banking, manufacturing,
life sciences, public safety, transportation & logistics, and
other industries.

                        *     *     *

As reported in the Troubled Company Reporter on Mar. 1, 2006,
Moody's Investors Service affirmed Stratus Technologies
corporate family rating of B2 and assigned B1 rating to its
proposed first lien term loan and Caa1 rating to its proposed
second lien term loan.  Net proceeds from the US$175 million
first lien term loan and US$125 million second lien term loan
will be used to refinance existing US$145 million senior notes
and repurchase US$130 million preferred stock held largely by
the company's sponsors.  Moody's said the rating outlook is
stable.

This rating was affirmed:

   * B2 corporate family rating

These ratings were assigned:

   * US$30 million revolving credit facility due 2011 -- B1
   * US$175 million first lien term loan due 2011 -- B1
   * US$125 million second lien term loan due 2012 -- Caa1

This rating will be withdrawn:

   * US$170 million senior unsecured note due 2008 - B3


* BRAZIL: Petrobras Inks Construction Pact with Atlantico Sul
-------------------------------------------------------------
Petroleo Brasileiro SA has signed an agreement with the
Atlantico Sul Shipyard for the construction of the hull for
platform P-55, to be installed in the Roncador field.
Pernambuco State Governor, Eduardo Campos, and Petrobras
directors Renato Duque, for the Service, and Guilherme Estrella,
for the Exploration and Production areas, attended the ceremony.

Petrobras' executive manager for Engineering, Pedro Barusco and
Paulo Hadad and Erik Guadalupe for the Atlantico Sul Shipyard,
were responsible for the contract signing.

The P-55's hull blocks will be built at the AtlÉntico Sul
Shipyard, in Suape.  Meanwhile, the hull will be assembled and
piping and auxiliary structures will be made at the Rio Grande
dry dock.  The executive project and equipment and material
procurement will begin in January; piping construction services
will be kicked-off in August, in Rio Grande do Sul; and,
finally, block manufacturing is expected to begin in November,
in Pernambuco.

P-55 Hull Summary:

Total weight: 22,000 tons

Production capacity: 180,000 barrels of oil per day

Dimensions: base: 94 x 94 meters; height: 44 meters

Job generation: 1,100 (Rio Grande do Sul) and 1,100
                 (Pernambuco)

Contractor: Atlantico Sul Shipyard (composed of Queiroz Galvao,
             Camargo Correa, and Estaleiro PJMR)

Investment: US$392.6 million

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

                        *     *     *

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


* BRAZIL: Petrobras Inks Pact with Atlantico for P-55 Project
-------------------------------------------------------------
Brazilian state-run oil company Petroleo Brasileiro SA aka
Petrobras said in a statement that it has signed a contract with
Atlantico Sul shipyard for the construction of the P-55 oil
platform hull.

Business News Americas relates that the hull will be part of a
platform in the Campos basin's Roncador field.  It will be
constructed in Pernambuco and Rio Grande do Sul.  Petrobras will
begin acquiring equipment for P-55 in January 2008, while pipes
for the hull will be manufactured in August 2008.

Petrobras told BNamericas that P-55 will be able to produce
180,000 barrels per day at full capacity.  Investments in the
platform will total US$393 million.

                        *     *     *

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


ASTPRELUDE FUND: Sets Final Shareholders Meeting for Dec. 14
------------------------------------------------------------
Astprelude Fund Ltd. will hold its final shareholders meeting on
Dec. 14, 2007, at 10:00 a.m. at the registered office of the
company.

These agenda will be taken during the meeting:

          1) accounting of the winding-up process;

          2) authorizing the conduct of the liquidation by
             liquidators S.L.C. Whicker and K.D. Blake;

          3) approval of the quantum of the liquidators'
             remuneration, that being fixed by the time properly
             spent by the liquidators and their staff; and

          4) authorizing the liquidators to retain the records
             of the company and of the liquidators 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.

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

The liquidator can be reached at:

             K.D. Blake
             Attention: Gundega Tamane
             P.O. Box 493, Grand Cayman KY1-1106
             Cayman Islands
             Telephone: 345-945-4309/ 345-949-4800
             Fax: 345-949-7164 / 345-949-7164


ENGLEFIELD CAYMAN: Final Shareholders Meeting Is on Dec. 14
-----------------------------------------------------------
Englefield Cayman Limited will hold its final shareholders
meeting on Dec. 14, 2007, at 9:00 a.m. at the registered office
of the company.

These agenda will be taken during the meeting:

          1) accounting of the winding-up process; and
          2) authorizing the 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.

Englefield Cayman's shareholders agreed on Nov. 9, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


IFL CONTINUUM: Proofs of Claim Filing Deadline Is Dec. 14
---------------------------------------------------------
IFL Continuum Fund, Ltd.'s creditors are given until
Dec. 14, 2007, to prove their claims to Joshua Grant and Richard
Gordon, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

IFL Continuum's shareholder decided on Oct. 12, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            Joshua Grant
            Richard Gordon
            Maples Finance Limited
            P.O. Box 1093, George Town
            Grand Cayman, Cayman Islands


MACQUARIE FINANCIAL: Sets Final Shareholders Meeting for Dec. 14
----------------------------------------------------------------
Macquarie Financial Infrastructure Alliance will hold its final
shareholders meeting on Dec. 14, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

             Guy Major
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


SLE LIMITED: Final Shareholders Meeting Is on Dec. 14
-----------------------------------------------------
SLE Limited will hold its final shareholders meeting on
Dec. 14, 2007, at:

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

These agenda will be taken during the meeting:

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

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

SLE Limited's shareholders agreed on Oct. 9, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

             Richard Gordon
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


STAR PASSION: Will Hold Final Shareholders Meeting on Dec. 14
-------------------------------------------------------------
Star Passion SPC will hold its final shareholders meeting on
Dec. 14, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

             Jan Neveril
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


TIGRE CRE: Holding Final Shareholders Meeting on Dec. 14
--------------------------------------------------------
Tigre CRE HG 2007-1. Ltd. will hold its final shareholders
meeting on Dec. 14, 2007, at:

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

These agenda will be taken during the meeting:

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

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

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

The liquidators can be reached at:

             Martin Couch
             Sarah Kennedy
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


TOPIARY LIMITED: Sets Final Shareholders Meeting for Dec. 14
------------------------------------------------------------
Topiary Limited will hold its final shareholders meeting on
Dec. 14, 2007, at:

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

These agenda will be taken during the meeting:

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

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

Topiary Limited'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:

             Hugh Thompson
             Sarah Kennedy
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


TOR FINANCE: Holding Final Shareholders Meeting on Dec. 14
----------------------------------------------------------
Tor Finance Limited will hold its final shareholders meeting on
Dec. 14, 2007, at:

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

These agenda will be taken during the meeting:

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

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

Tor Finance's shareholders agreed on Oct. 9, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

             Richard Gordon
             Maples Finance Limited
             P.O. Box 1093, George Town
             Grand Cayman, Cayman Islands


WEST GATE: Will Hold Final Shareholders Meeting on Dec. 14
----------------------------------------------------------
West Gate Long-Short Credit Fund I 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, P.O. Box 715
              Grand Cayman KY1-1107,Cayman Islands

These agenda will be taken during the meeting:

          1) accounting of the winding-up process;

          2) hearing of any explanation that may be given by the
             liquidator in respect of the winding up of the
             company; and

          3) deciding on the manner in which the books, accounts
             and documentation of the company and of the
             liquidator should be maintained and subsequently
             disposed.

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

West Gate'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 liquidator can be reached at:

             Avalon Management Limited
             3rd Floor, Zephyr House
             122 Mary Street, P.O. Box 715
             Grand Cayman KY1-1107, Cayman Islands


WEST GATE LONG-SHORT: Final Shareholders Meeting Is on Dec. 14
--------------------------------------------------------------
West Gate Long-Short Credit Fund I Master 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, P.O. Box 715
              Grand Cayman KY1-1107,Cayman Islands

These agenda will be taken during the meeting:

          1) accounting of the winding-up process;

          2) hearing of any explanation that may be given by the
             liquidator in respect of the winding up of the
             company; and

          3) deciding on the manner in which the books, accounts
             and documentation of the company and of the
             liquidator should be maintained and subsequently
             disposed.

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

West Gate'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 liquidator can be reached at:

             Avalon Management Limited
             3rd Floor, Zephyr House
             122 Mary Street, P.O. Box 715
             Grand Cayman KY1-1107, Cayman Islands




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


FREEPORT-MCMORAN: Denies Interest in Acquisitions
-------------------------------------------------
Freeport-McMoRan Copper & Gold Chief Executive Officer Richard
Adkerson told Business News Americas that the firm is
uninterested in acquisitions.

Freeport-McMoRan "prefers to grow organically," particularly by
expanding its existing operations, BNamericas relates, citing
Mr. Adkerson.

Mr. Adkerson commented to BNamericas, "I think there will be
continued mergers and acquisitions in the mining industry and we
will see how that affects us, but our own strategy is to focus
on organic internal growth."

Freeport-McMoRan will have paid off by year-end a big portion of
its US$17-billion debt from the acquisition of Phelps Dodge to
focus more on new projects, BNamericas notes, citing Mr.
Adkerson.

BNamericas relates that Freeport-McMoRan is expanding its
Chilean El Abra mine, which it owns 51%.  Chile's state-owned
Codelco holds the remaining 49% stake in the mine.

Meanwhile, Freeport-McMoRan's Peruvian mine Cerro Verde, which
it owns 53.7%, may further be expanded after having tripled its
production year-on-year to 77,565 tons in the third quarter 2007
"with the startup of primary sulfide processing," Mr. Adkerson
told BNamericas, emphasizing the potential of the firm's current
project portfolio.

BNamericas notes that Freeport-McMoRan will be the reopening of
the Climax molybdenum mine in Colorado, USA.  The mine would
produce at an initial rate of 13,608 tons yearly, beginning in
2010 at a cash cost of US$3.50 a pound at a time when molybdenum
is fetching about US$30.00 per pound.

The US project will cost about US$500 million.  It would be able
to double its initial production, BNamericas states, citing Mr.
Adkerson.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
-- http://www.fcx.com/-- is an international mining industry
leader based in North America with large, long-lived,
geographically diverse assets and significant proven and
probable reserves of copper, gold and molybdenum.  Freeport-
McMoRan has one of the most dynamic portfolios of operating,
expansion and growth projects in the copper mining industry.
The Grasberg mine in Indonesia, the world's largest copper and
gold mine in terms of reserves, is the company's key asset.
Freeport-McMoRan also operates significant mining operations in
North and South America and is developing the world-class Tenke
Fungurume project in the Democratic Republic of Congo.

The completion of Freeport-McMoran's acquisition further expands
the company's global operations.  The former Phelps Dodge Corp.
has mining operations in Chile, Peru, Colombia, Venezuela and
Ecuador, among others.

As reported in the Troubled Company Reporter-Latin America on
Oct. 1, 2007, Moody's Investors Service revised Freeport-McMoRan
Copper & Gold Inc.'s outlook to positive and affirmed all of its
other ratings.  The ratings reflect the overall probability of
default of Freeport, to which Moody's assigns a PDR of Ba2.

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

        -- Corporate Family Rating: Ba2;

        -- Probability of Default Rating: Ba2;

        -- US$0.5 billion Senior Secured Revolving Credit
           facility, Baa2, LGD1, 2%;

        -- US$1.0 billion Senior Secured Revolving Credit
           Facility, Baa3, LGD2, 17%;

        -- US$2.45 billion Senior Secured Term Loan A, Baa3,
           LGD2, 17%;

        -- US$339.7 million 6.875% Senior Secured Notes due
           2014, Baa3, LGD2, 17%; and

        -- US$6 billion Senior Unsecured Notes: Ba3, LGD5, 80%.




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


BANCOLOMBIA SA: Earns COP73.8 Billion in November 2007
------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of COP73,874
million during the past month of November.

During November, total net interest income, including investment
securities amounted to COP177,344 million. Additionally, total
net fees and income from services totaled COP62,662 million.

Total assets amounted to COP32.63 trillion, total deposits
totaled COP20.80 trillion and Bancolombia's total shareholders'
equity amounted to COP4.91 trillion.

Bancolombia's (unconsolidated) level of past due loans as a
percentage of total loans was 2.91% as of Nov. 30, 2007, and the
level of allowance for past due loans was 126.78% as of the same
date.

                        Market Share

According to ASOBANCARIA (Colombia's national banking
association), Bancolombia's market share of the Colombian
financial system as of November 2007 was as follows: 18.4% of
total deposits, 21.6% of total net loans, 19.3% of total savings
accounts, 22.0% of total checking accounts and 14.1% of total
time deposits.

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.


CUMMINS INC: Board Declares Two-for-One Common Stock Split
----------------------------------------------------------
Cummins Inc.'s Board of Directors has declared a two-for-one
split of the company's common stock, payable Jan. 2 to
shareholders of record as of Dec. 21, 2007.  This is the
company's second stock split in 2007, following a two-for-one
split in April.

As a result of the stock split, each Cummins' shareholder will
receive one additional share of stock for each share owned on
the record date.  Since there will be twice as many shares after
the split, each share will be worth half of what it was worth
immediately prior to the split.  The overall value of a
stockholder's investment remains the same.

The total amount of cash dividend payments with respect to the
shares will remain unchanged as a result of the split, but the
dividend will be proportionately adjusted to half the pre-split
amount on a per-share basis.

"2007 has been one of the best years in Cummins' history,
reflecting our diversified portfolio of businesses and our
growing market share around the world," said Tim Solso, Cummins
Chairman and Chief Executive Officer.  "This second stock split
in 2007 is yet another sign of our confidence in the Company's
operating performance and its ability to grow profitably in the
future."

Today, the Board also authorized the Company to repurchase
another US$500 million in shares of Cummins stock.  Over the
last 25 months, the company has repurchased approximately six
million shares at a total cost of US$500 million.

"We are sharing our growing value with shareholders, not just
through our share price appreciation, which has shown a compound
annual growth rate of approximately 50 percent over the last
four years, but also through our stock repurchase plans and
sustainable and growing dividends," Mr. Solso said.

Year-to-date Cummins stock price has more than doubled.  The
company's dividend has increased nearly 67 percent since the
summer of 2006.

Cummins had approximately 102 million shares of common stock
outstanding as of Sept. 30, 2007.  Upon completion of the split,
the Company will have approximately 204 million shares of common
stock outstanding.

                        About Cummins

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

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

                        *     *     *

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

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


GRAN TIERRA: Begins Costayaco-2 Drilling in Colombia
----------------------------------------------------
Gran Tierra Energy Inc. has initiated drilling Costayaco-2 in
the Chaza Block, located in the Putumayo Basin of southern
Colombia.

Costayaco-2 is the first of two delineation wells that will be
drilled in the Costayaco field.  Drilling is anticipated to take
approximately one month with completion and testing operations
to follow.  The second delineation well, Costayaco-3, will be
drilled in the first quarter of 2008 following completion of
Costayaco-2.

The Costayaco oil field was discovered in the second quarter of
2007.  The discovery well, Costayaco-1, tested a maximum of
5,906 barrels of oil per day (BOPD) from four reservoirs.  The
well has recently been producing approximately 2,200 BOPD
(approximately 1,000 BOPD, net to Gran Tierra Energy after
royalty) from a single zone on natural flow with production
trucked to the nearby Toroyaco facility.  During this period
infrastructure at Uchupayaco, to handle new production, has been
under construction.  Testing of a jet-pump that will commingle
production from two zones is currently under way.

Crude oil loading and unloading facilities for trucking
operations from the Costayaco field to the existing pipeline
network at Uchupayaco have been completed and trucking to this
facility initiated.  Planning for a 15 kilometer 8 inch
production line from Costayaco to Uchupayaco is continuing.
Construction of the production line is scheduled to start in
March 2008, and be completed in mid-2008.

The acquisition of 70 square kilometers of new 3-D seismic data
over the Costayaco field was completed in early December and the
data is currently being processed.  The interpretation results
from this data will be used for planning additional wells in
2008.

Gran Tierra Energy holds a 50% working interest and is the
Operator of the Chaza Block.  Solana Resources Limited holds the
remaining 50% working interest.  The Chaza Block is subject to
the new and fiscally attractive Agencia Nacional de
Hidrocarburos royalty/tax contract, which includes no additional
state participation.

Dana Coffield, President and CEO of Gran Tierra Energy, stated
"The delineation drilling that we are now initiating will
increase our production and greatly enhance our understanding of
the full reserve potential of the Costayaco oil discovery.
These results, integrated with our new 3-D seismic data, will
allow us to plan a full field development, including additional
drilling, facilities and pipeline to handle additional
production as appropriate through 2008."

                      About Gran Tierra

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

                        *     *     *

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


* COLOMBIA: Rejects Depositing Reserves in Bank of the South
------------------------------------------------------------
Colombian President Alvaro Uribe said that he won't compromise
the Colombian international reserves but reaffirmed his interest
in participating the Bank of the South, El Universal relates.

According to the report, Colombia is unable to compromise
international reserves because the country is managed by the
Bank of the Republic.

"Colombia does want to join (the new bank) as long as we are
given a change to do it with funds from the national treasury,
but not reserves, and as long as we are given time to make the
relevant contributions," El Universal states, citing Mr. Uribe.

                        *     *     *

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




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


* COSTA RICA: Recope To Launch Tender for Fuel Terminal Project
---------------------------------------------------------------
Costa Rican state-run refiner Recope will launch a bidding for
its US$50-million fuel terminal at Moin port on the Atlantic,
Business News Americas reports.

Recope's development manager William Ulate told news daily La
Nacion that the company has talked with firms interested in the
project.

BNamericas relates that the new terminal would be able to handle
up to 500,000-barrel-capacity ships, compared to Recope's
current terminal at Moin, which handles vessels with a maximum
capacity of 220,000 barrels.

According to BNamericas, the new terminal could be ready in
2010.

Recope will also construct a Pacific coast fuels import, storage
and distribution terminal to be an alternative entry point and
help ensure fuel supply when bad weather prevents ships from
docking at Moin, BNamericas states.

                        *     *     *

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

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

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




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


ALCATEL-LUCENT: Extends Contract with MetroPCS to 3-1/2 Years
-------------------------------------------------------------
Alcatel-Lucent and MetroPCS Wireless, Inc., a wholly owned
indirect subsidiary of MetroPCS Communications, Inc. have
announced a three-and-one-half-year extension of their existing
agreement to include, among other things, Alcatel-Lucent's
third-generation (3G) CDMA2000(R) mobile networking solutions to
build out MetroPCS' AWS spectrum in New York, Boston,
Philadelphia, Las Vegas, Detroit, Dallas and Los Angeles.
Currently, MetroPCS offers PCS service in the Miami, Orlando,
Sarasota, Tampa, Atlanta, Dallas, Detroit, San Francisco, Los
Angeles and Sacramento metropolitan areas.

Alcatel-Lucent will continue to provide to MetroPCS a range of
base stations designed to fit a wide variety of deployment
scenarios, both in new and existing markets, including high-
capacity Macro base stations, medium-capacity Sub-Compact base
stations and Low-Power base stations for in-building
applications.  The company will also provide maintenance and
professional services, including network optimization, design
and engineering.

"Our customers want the most value for their dollar and our
unlimited flat-rate service offers a compelling value
proposition, which is evident by the remarkable continued growth
of our subscriber base," said MetroPCS' Chairperson of the Board
and Chief Executive Officer, Roger D. Linquist.  "Alcatel-Lucent
has been a valued and trusted partner in the evolution of our
network since the launch of our initial markets.  We look
forward to continuing that relationship and for Alcatel-Lucent
to provide us with the technology and solutions we need to
further evolve and grow our network."

"This is a significant win for Alcatel-Lucent and our continued
relationship with MetroPCS is confirmation of the confidence
they have in our CDMA solution and CDMA technology in general,"
said president of Alcatel-Lucent's Americas region, Cindy
Christy.  "That MetroPCS has chosen Alcatel-Lucent to build out
its initial AWS markets speaks volumes regarding the quality of
our products, of our technology and of the people who provide
them."

In addition, MetroPCS will deploy the Alcatel-Lucent AnyPath
Messaging System in its network, integrating existing call
answering and voice messaging capabilities with a wide array of
next-generation, media-rich applications, including: advanced
multimedia, mobile data, unified communications, video mail,
speech-enabled and real-time voice portal applications.

MetroPCS also will leverage the Alcatel-Lucent Market Advantage
Program as the company continues to expand its network and offer
mobile high-speed data services to its enterprise and
residential customers.  The program is a globally designed to
help Alcatel-Lucent's customers and business partners identify
market opportunities, develop marketing plans and speed
profitable service launches.

CDMA2000 is a registered trademark of the Telecommunications
Industry Association.

               About MetroPCS Communications, Inc.

Dallas-based MetroPCS Communications, Inc. (NYSE: PCS) --
http://www.metropcs.com-- is a provider of unlimited wireless
communication service for a flat-rate with no signed contract.
MetroPCS owns licenses or has access to wireless spectrum
covering a population of approximately 140 million people in 14
of the top 25 largest metropolitan areas in the United States.
As of Sept. 30, 2007, MetroPCS had approximately 3.7 million
subscribers and offers service in the Miami, Orlando, Daytona
Beach, Melbourne, Sarasota, Tampa, Atlanta, Dallas, Detroit, Los
Angeles, San Francisco, and Sacramento metropolitan areas.

                      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.


ALCATEL-LUCENT: To Resell InfoExpress' NAC & Firewall Business
--------------------------------------------------------------
Alcatel-Lucent has announced a multi-year, strategic reseller
agreement with InfoExpress.  Under terms of the agreement
Alcatel-Lucent will resell InfoExpress' enterprise-class
CyberGatekeeper network access control (NAC) solution and its
CyberArmor personal firewall.

In joining forces with InfoExpress, Alcatel-Lucent enhances its
user aware network security offering by adding the award-winning
CyberArmor firewall and CyberGatekeeper with Dynamic NAC to its
portfolio of solutions.  As the industry's only NAC designed to
work on a heterogeneous infrastructure and that can be deployed
with zero network changes, the solution provides access control
that screens LAN, wireless LAN, and remote access endpoints
before allowing access to the network.

For InfoExpress, the alliance adds the strength and reach of
Alcatel-Lucent's renowned global sales and services team to help
the company quickly add new customers.

"With trends like mobility, increased compliance and the further
virtualization of business, our customers are keenly focused on
network and data security," said Alcatel-Lucent's Enterprise
Solutions president, Tom Burns.  "By augmenting our offering
with InfoExpress' proven technology, we expand our security
arsenal with a NAC solution that is extremely easy to deploy and
that competitors are unable to match."

"Partnering with a global leader like Alcatel-Lucent gives
InfoExpress the ability to accelerate growth and expand our
presence worldwide," said InfoExpress Chief Executive Officer,
Stacey Lum.  "For customers, the combined strength of our
companies' technology provides a compelling and unique solution
to the challenges of network performance and security."

                        About InfoExpress

Headquartered in Mountain View, California, InfoExpress --
http://www.infoexpress.com/-- has provided network access
control solutions since 2000.  At the core of InfoExpress
solution is the award winning Dynamic NAC Software Suite, which
ensures endpoints are safe and compliant with security policies
by performing real-time audits and quarantining of all network-
attached endpoints.

                     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
=============


PETROECUADOR: Eyes 7.3% Growth in Oil Output by December 2008
-------------------------------------------------------------
An official of Ecuadorian state-run oil firm Petroecuador told
Reuters that oil production could increase 7.3% to 190,000
barrels per day by December 2008, compared to December 2007.

According to Reuters, Petroecuador's currently produces some
177,000 barrels per day.

Reuters relates that due to demonstrations against Petroecuador
in vital output areas in the Amazon and administrative problems
that limited investments in oil extraction, the firm's crude
output had decreased in recent years.

Petroecuador head Guillermo Zurita commented to Reuters, "We are
going to lift Petroecuador's production to 190,000 by the end of
next year."

Output at former Occidental Petroleum fields Bloc 15, Eden-
Yuturi and Limoncocha will also increase to an average of
105,000 barrels per day in 2008, from 2007.  The fields produce
about 100,055 barrels per day.

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


PETROECUADOR: Gov't Creates 5 Teams for Oil Contract Revision
-------------------------------------------------------------
Ecuadorian mines and oil minister Galo Chiriboga said in a
statement that the government has created five technical teams
to renegotiate state-run oil firm Petroecuador's oil contracts
with foreign companies Repsol YPF, Perenco, Andes Petroleum,
Petrole Brasileiro SA and City Oriente.

Business News Americas relates that the government wants to
change existing participation contracts to service provider
contracts, which stipulate that firms would get a production fee
and reimbursed for investment costs.

Ministry spokesperson Ramiro Nunez told BNamericas that each
team will be composed of:

          -- a lawyer;

          -- an oil expert;

          -- a systems expert, who will calculate investment
             figures among other mathematical operations; and

          -- two officials from the attorney general's office in
             each government team.

The firms will be disclosing their own renegotiation teams,
BNamericas says, citing Mr. Nunez.

According to BNamericas, about 19 oil contracts will expire from
2010-24, "one of which is a service provider contract."

Mr. Nunez explained to BNamericas that no timetable is set for
the renegotiations.  "Each contract has its own
characteristics."

A decree President Rafael Correa signed this year that increased
the government's take of extraordinary oil firm profits to 99%
from 50% won't be renegotiated, BNamericas states, citing
Minister Chiriboga.

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


PETROECUADOR: Sells Napo Crude to Trafigura & Valero
----------------------------------------------------
Ecuadorian state-owned oil company Petroecuador said in a
statement that it has sold Napo crude in two short-term
contracts of 720,000 barrels each.

Business News Americas relates that Petroecuador awarded Napo
crude sale contract to Dutch trader Trafigura and US firm Valero
after the two companies offered "spot market price discounts" of
US$18.95 per barrel and US$17.47 per barrel respectively.

Trafigura will receive the crude in January 2008.  Valero will
get the crude in February 2008, BNamericas states.

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




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


AFFILIATED COMPUTER: Amends Chairperson's Employment Agreement
--------------------------------------------------------------
Affiliated Computer Services, Inc. Board of Directors has
requested to amend Chairperson of the Board, Darwin Deason's
Employment Agreement to remove Mr. Deason's exclusive governance
rights, including his rights to appoint certain officers and
recommend directors for election to, or removal from the Board
of Directors.  Mr. Deacon has agreed the amendent.

In connection with the Board's evaluation of the company's share
repurchase program, Mr. Deason also agreed to amend his Voting
Agreement to cap his vote with respect to his currently
outstanding shares at 45%.  In accordance with the existing
terms of the Voting Agreement, any shares purchased by Mr.
Deason in the future will not be subject to the Voting
Agreement.

The company's lead independent director, Mr. Frank Varasano
said, "The directors are very pleased that Mr. Deason has agreed
to expeditiously implement these amendments on behalf of the
company and its shareholders."

Headquartered in Dallas, Affiliated Computer Services Inc.
(NYSE: ACS) -- http://www.AffiliatedComputer-inc.com/--
provides business process outsourcing and information technology
solutions to world-class commercial and government clients.  The
company has more than 58,000 employees supporting client
operations in nearly 100 countries.  The company has global
operations in Brazil, China, Dominican Republic, India,
Guatemala, Ireland, Philippines, Poland, and Singapore.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 5, 2007, Fitch Ratings has removed Affiliated Computer
Services, Inc. from Rating Watch Negative and affirmed these
ratings:

  -- Issuer Default Rating 'BB';
  -- Senior secured revolving credit facility at 'BB';
  -- Senior secured term loan at 'BB';
  -- Senior notes at 'BB-'.

Fitch said the rating outlook is stable.




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


ACCELLENT INC: S&P Puts B Corp. Credit Rating on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services has placed its ratings,
including the 'B' corporate credit rating, for Accellent Inc. on
CreditWatch with negative implications.

"This action reflects the company's tight liquidity," noted
S&P's credit analyst Cheryl Richer.

Also, although the company amended its credit facility in April
2007 to provide additional cushion, the leverage ratio covenant
will decline to 8.0 at year-end 2008.  The company's current
debt leverage was 8.2 per loan calculations at the end of the
2007 third quarter.

Despite its position as a leading participant in the niche
medical device contract manufacturing business, Accellent's
sales declined 4.5% for the first three quarters of 2007 over
the 2006 period, although there has been sequential improvement
in the past three quarters of 2007.  EBITDA declined more
steeply because of lower selling prices and a less favorable
product mix.  Year-to-date sales were negatively affected by the
loss of the Boston Scientific contract (US$11 million) and a
US$7 million decrease in sales volume.  Orthopedic demand, which
experienced a 40% decline in 2006, declined by over 19% for the
first nine months of 2007 over the 2006 period.  Because of the
continued weakness in new orthopedic product launches by
customers, the company took an US$82 million charge in the first
half of 2007.  Per S&P's adjustments, debt to EBITDA was just
under 8.0 at Sept. 30, 2007, as a result of the Kohlberg Kravis
Roberts & Co. acquisition financing (US$705 million of debt and
US$640 million of equity) and subsequent weakened sales growth
over the past several quarters; EBITDA interest coverage has
hovered at about 1.5.

While the company has no debt maturities prior to 2012, near-
term liquidity remains a concern.  The company had only US$5
million of cash at Sept. 30, 2007, and free operating cash flow
used US$5 million for the nine months ended Sept. 30, 2007.
Although the company had US$55 million available on its
revolving credit facility at the end of the third quarter, its
ability to draw on the facility is constrained by limited
headroom under its covenants.

S&P will evaluate fourth quarter results, management strategies
to improve operations and cash flow, and any potential sponsor
(Kohlberg Kravis Roberts & Co.) support to determine if, and the
extent to which, ratings will be lowered.

Accellent Inc., headquartered in Wilmington, Massachusetts, --
http://www.accellent.com/--provides fully integrated outsourced
manufacturing and engineering services to the medical device
industry in the cardiology, endoscopy and orthopaedic markets.
The company has broad capabilities in design & engineering
services, precision component fabrication, finished device
assembly and complete supply chain management.  These
capabilities enhance customers' speed to market and return on
investment by allowing companies to refocus internal resources
more efficiently.  The company generated revenues of US$487
million for the twelve months ended Sept. 30, 2006.  The company
has offices in Mexico.


AMSCAN HOLDINGS: S&P Affirms Corporate Credit Rating at B
---------------------------------------------------------
Standard & Poor's Ratings Services has affirmed all of its
ratings on Amscan Holdings Inc., including the 'B' corporate
credit rating, and removed the ratings from CreditWatch, where
they were placed with negative implications on Sept. 18, 2007.
The CreditWatch placement followed the announcement that Amscan
would acquire Factory Card & Party Outlet for about US$72
million, including the assumption of Factory Card's outstanding
debt.  The outlook is negative.

The acquisition was financed with about US$83 million of
borrowings under the company's recently upsized US$250 million
asset-based revolving credit facility.  In addition, on
Nov. 2, 2007, the company announced the formation of Party City
Franchise Group and the purchase of retail stores by Party City
Corp. (a direct subsidiary of Amscan Holdings Inc.) and its
franchise group for about US$80 million in cash and other
considerations.

"Despite the increased leverage from these transactions, we
expect the company will be able to meaningfully reduce leverage
in the coming quarters," said S&P's credit analyst Christopher
Johnson.

Headquartered in Elmsford, New York, Amscan Holdings Inc. makes
more than 400 specially designed ensembles of party accessories
and novelties, including balloons, invitations, pinatas,
stationery, and tableware.  Amscan sells to more than 40,000
etail outlets worldwide, mainly party goods superstores, mass
merchandisers, and other distributors.  Party City accounted for
about 13% of sales before the firm bought it in 2005.  Amscan
itself makes party items (which bring in about 60% of sales) and
buys the rest from other manufacturers, primarily in Asia.  It
has production and distribution facilities in Asia, Australia,
Europe, and North America.  Berkshire Partners and Weston
Presidio are Amscan's principal owners.  The company has a
wholly owned metallic balloon distribution operations located in
Mexico.


ATARI INC: Completes Several Restructuring Initiatives
-------------------------------------------------------
Atari, Inc. has completed several restructuring initiatives
focused on repositioning of the company as a publisher and
distributor of interactive gaming software, transitioning out of
the video game production business and potentially improving the
financial position of the company.

Atari, Inc. has entered into an amendment to the Senior Secured
Credit Facility with BlueBay High Yield Investments (Luxembourg)
S.A.R.L. that will increase its borrowing capacity under the
facility from US$10 million to US$14 million.  The additional
US$4 million in availability under the Credit Facility will
enable the company to meet its holiday season financing needs.
BlueBay is a significant shareholder of Infogrames
Entertainment, S.A., Atari's majority stockholder.

Simultaneously with and as a condition to the increase in the
availability under the Credit Facility, the company terminated
its existing distribution agreements with Infogrames and has
entered into a new distribution agreement covering the
distribution by Atari of interactive entertainment software
games produced or acquired by Infogrames and its affiliates in
North America.  This new distribution agreement covers the
distribution of Infogrames' products in North America for the
next three years and has provisions for automatic renewals on an
annual basis unless terminated by either party in accordance
with the agreement.  The new distribution agreement provides
that the company will retain 30% of the net receipts from the
distribution of Infogrames' products as consideration for its
services.  The agreement also provides that the parties will
enter into an agreement on the same terms for the distribution
by Infogrames of Atari's products outside North America.

Additionally, as part of this agreement, the company has
licensed back to Infogrames the use of the "Atari" trademark in
North America in connection with the URL http://www.atari.com
for the purposes of a global online initiative to be lead by
Infogrames.

In light of the repositioning of Atari's business and the new
distribution arrangements, the company has also terminated its
existing corporate management and service contracts with
Infogrames.  This is anticipated to enable the company to
further streamline its corporate structure.  The company will
continue to provide certain administrative functions to
Infogrames on a transitional basis over an approximate 7 to 10
month period for an annualized fee of approximately US$2.6
million.  In addition, the parties terminated the agreement
under which Infogrames provided certain management services to
Atari.  It is expected that the termination of this agreement
will result in annualized cost savings for the company of
approximately US$3.0 million.  As part of the termination of the
corporate management service contracts and the reduction of
production and development activities.  The company agreed to
the transfer of certain employees, with such employees'
acceptance, from the production and development businesses of
Atari to Infogrames.

The company previously announced a reduction in its workforce,
which included the production and development employees being
transferred to Infogrames, that is expected to result in savings
on current payroll and related costs of an estimated US$5.3
million per year of which US$1.3 million relates to the transfer
of employees to Infogrames.

                          About Atari Inc.

Headquartered in New York, Atari Incorporated, (NASDAQ: ATAR) --
http://www.atari.com/-- together with its subsidiaries,
publishes, develops, and distributes video game software in
North America.  It offers games for various platforms.  Its
portfolio of games includes action, adventure, strategy, role-
playing, and racing.  Atari distributes its video game software
in the United States, Canada, and Mexico through mass merchants,
retail outlets, online outlets, specialty retailers, and
distributors.  The company, founded in 1992, was formerly known
as Infogrames Inc. and GT Interactive Software Corp.  It changed
its name to Atari Incorporated in 2003 and is a subsidiary of
Infogrames Entertainment SA.

Atari Inc.'s consolidated balance sheet at June 30, 2007, showed
US$35.0 million in total assets and US$43.6 million in total
liabilities, resulting in an US$8.6 million in total
shareholders' deficit.

                    Going Concern Doubt

New York-based Deloitte & Touche LLP expressed substantial doubt
about Atari's ability to continue as a going concern after
auditing the company's consolidated financial statements for the
year ended March 31, 2007.  The auditing firm pointed to the
company's significant operating losses.


CARDTRONICS INC: Prices Initial Public Offering of US$10 A Share
----------------------------------------------------------------
Cardtronics Inc. has priced its initial public offering of
12,000,000 shares of its common stock at a price of US$10.00 per
share, before underwriting discounts and commissions.  The
shares will begin trading on The NASDAQ Global Market tomorrow,
December 11, under the ticker symbol "CATM".  Certain
stockholders have granted the underwriters a 30-day option to
purchase up to an additional 1,800,000 shares of common stock at
the initial public offering price less the underwriting discount
to cover over-allotments.

Cardtronics expects to receive net proceeds of approximately
US$110.1 million from the offering and intends to use the net
proceeds to pay down existing debt.  Cardtronics will not
receive any proceeds from the sale of common stock by the
selling stockholders in the event the over-allotment option is
exercised.

Deutsche Bank Securities Inc., William Blair & Company, L.L.C.
and Banc of America Securities LLC are acting as joint book-
running managers of the offering.  J.P. Morgan Securities, Inc.,
Piper Jaffray & Co. and RBC Capital Markets Corporation are
acting as co-managers of the offering

The offering is being made only by means of a written
prospectus, copies of which may be obtained from:

         Deutsche Bank Securities Inc.
         Attention: Prospectus Department
         100 Plaza One
         Jersey City, New Jersey 07311
         Tel: (800) 503-4611;

         William Blair & Company, L.L.C.
         222 West Adams Street
         Chicago, Illinois 60606
         Tel: (800) 621-0687 (x8835);

                   -- or --

         Banc of America Securities LLC
         Capital Markets Operations
         100 West 33rd Street, 3rd Floor
         New York, NY 10001,
         Tel: (800) 294-1322

A registration statement relating to these securities has been
declared effective by the United States Securities and Exchange
Commission.

Headquartered in Houston, Texas, Cardtronics Inc. --
http://www.cardtronics.com/-- is a non-bank owner/operator of
ATMs with more than 25,750 locations.  The company operates in
every major U.S. market, at approximately 1,700 locations
throughout the U.K., and at over 700 locations in Mexico.

                        *     *     *

On July 2007, Moody's Investors Service assigned a Caa1 rating
to Cardtronics, Inc.'s proposed additional US$125 million "tack-
on" high yield subordinated notes, which will be used to fund
the US$135 million acquisition of the assets of financial
services business of 7-Eleven.


CKE RESTAURANTS: Paying US$0.06 Per Share Common Stock Dividend
---------------------------------------------------------------
On Dec. 4, 2007, CKE Restaurants, Inc.'s Board of Directors has
declared a fourth quarter dividend of US$0.06 per share of
common stock to be paid on Feb. 19, 2008 to its stockholders of
record at the close of business on Jan. 28, 2008.

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

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

                        *     *     *

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


ELECTRONIC DATA: Moody's Places Ratings on Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service has placed the senior unsecured note
ratings of Electronic Data Systems Corporation on review for
possible upgrade.  The review was prompted by the company's
improvement of legacy issues related to poor cash flow
performance on certain large contracts, improving operating
margins, and its continued conservatism toward the preservation
of liquidity and debt leverage.

Moody's review will focus on the company's strategies toward
acquisition and share repurchase spending, as well as its
prospects for free cash flow growth and the preservation of
internal and external sources of liquidity.

Since Moody's revised the company' rating outlook to positive
from stable in November 2006, the company has continued to
achieve organic revenue growth, albeit modest in the low single
digits, and operating margin expansion.  In its quarter ended
Sept. 30, 2007, the company achieved year over year organic
revenue growth and expanded its operating margin to
approximately 6% from 4%.  The company's free cash flow, defined
as cash flow from operations less capital expenditures and
dividends, is strong at about US$700 million for the twelve
months ended Sept. 30, 2007.

The company's unrestricted cash and marketable securities
amounted to over US$3 billion at September 2007.  In addition,
the company has external liquidity from a US$1 billion five-year
revolving credit facility expiring June 2011, and is in
compliance with the financial covenants of this facility.

On Dec. 4, 2007, the company announced its plans to repurchase
up to US$1 billion of its shares over the next 18 months, which
Moody's expects will be executed within the context of its free
cash flow after considering possible cash acquisitions.

Ratings Placed On Review for Possible Upgrade:

  -- US$700 million 7.125% Senior Unsecured Notes due 2009 Ba1

  -- US$690 million 3.875% Convertible Senior Unsecured Notes
     due 2023 Ba1

  -- US$1.1 billion 6% Senior Unsecured Notes due 2013 Ba1

  -- Senior Unsecured Convertible Notes due 2021 Ba1

  -- US$300 million Senior Unsecured Notes due 2029 Ba1

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

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


FENDER MUSICAL: Moody's Shifts Outlook to Negative After Buyout
---------------------------------------------------------------
Moody's Investors Service has revised Fender Musical Instrument
Corporation's rating outlook to negative following the
announcement of the proposed US$117 million debt financed
(US$100 million term loan and US$17 million revolver drawdown)
acquisition of Kaman Music Corporation, a wholly-owned
subsidiary of Kaman Corp.  At the same time, Moody's rated the
new senior secured term loan B2 and affirmed all of the
company's existing ratings.

"The negative outlook principally reflects Moody's concern that
consumer spending will continue to soften in the near term and
that Fender may be precluded from significantly delevering as
they have done in the past" said Moody's Vice President/Senior
Credit Officer, Kevin Cassidy.  The negative outlook also
reflects Fender Musical's diminished financial flexibility due
to the additional debt burden incurred to fund the acquisition
with leverage, measured as adjusted debt/adjusted EBITDA,
increasing by almost one turn to close to 5.0 from just under
4.0, proforma for this transaction.

Fender Musical's June 2007 term loan credit agreement permitted
an additional US$100 million to be borrowed.  The ratings for
the term loan reflects both the overall probability of default
of the company, to which Moody's has assigned a Probability of
Default Rating of B1, and a loss given default of LGD 4 (58%).
Both the unrated revolving credit facility and the term loan
benefit from the full guarantees of the existing and future
subsidiaries. The revolver has a 1st lien priority interest on
inventory and accounts receivable and a second priority lien on
the remaining assets and the term loan has the inverse security
interest.  Moody's believes that the term loans collateral
coverage approximates 25%, based on a combination of valuation
techniques.

Rating assigned:

  -- US$100 million senior secured term loan B2 (LGD4, 58%);

These ratings were affirmed/assessment revised:

  -- Corporate family rating at B1;

  -- Probability of default rating at B1;

  -- US$200 million senior secured term loan B2 (to LGD4, 58%
     from LGD4, 61%)

                         About Kaman

Kaman Music Corp. is an independent distributor of musical
instruments and accessories in the United States, offering more
than 20,000 products for amateurs and professionals.  The
company's instruments include proprietary products, such as the
Ovation and Hamer guitars, as well as an exclusive worldwide
distributor agreement for premier products including Takamine
guitars.  The company also offers an extended line of percussion
products and accessories through Latin Percussion and has
exclusive distribution agreements with Gretsch drums and an
exclusive U.S. sales agreement for Sabian cymbals.

                        About Fender

Headquartered in Scottsdale, Arizona, Fender Musical Instruments
Corp. -- http://www.fender.com/-- is the world's foremost
manufacturer of guitars, basses, amplifiers and related
equipment.  The Fender Musical family includes several other
distinctive musical instrument brands: Charvel(R), Gretsch(R),
Guild(R), Jackson(R), Olympia(R), Orpheum(R), SWR(R), Squier(R)
and Tacoma(R).  The company also manufactures a complete line of
professional audio equipment under the Fender brand, including
the Passport(R) portable sound system.  Fender also offers a
complete line of accessories, including strings, authorized
replacement parts, cases, straps and clothing among others.  The
company's proforma revenue for the twelve months ended
Sept. 30, 2007, approximated US$670 million.

The company's U.S. facilities are located in Arizona,
California, Tennessee and Washington, with international
facilities in England, France, Germany, Japan, Mexico, Spain and
Sweden.


GRUPO GIGANTE: Asset Sale Prompts Fitch's Watch Evolving
--------------------------------------------------------
Fitch Ratings has placed the ratings of Grupo Gigante, S.A.B. de
C.V. on Ratings Watch Evolving following the announcement of the
assets sale of its supermarket division to Organizacion Soriana,
S.A.B. de C.V.  As part of the transaction, Grupo Gigante will
sell the operations of 199 supermarkets located in Mexico under
the formats, Bodega Gigante, and Super G, and seven units
located in the United States for US$1.35 billion.  The
transaction includes the transfer of all leased property related
to the supermarket units and the corresponding distribution
centers.  In addition, Grupo Gigante will retain ownership of
its owned store locations and will lease these to Organizacion
Soriana.  The agreement stipulates a non compete agreement for
five years.  The agreement is still subject of approval by the
Shareholder Meeting of Grupo Gigante and by COFECO, the
antitrust authority.  Fitch currently rates Grupo Gigante's
Issuer Default Rating and US$260 million senior notes
outstanding at 'BB'.

Following the divestiture, the size and scope of Grupo Gigante's
retail operating activities will be substantially reduced as the
supermarket operations represent the majority of the company's
operating assets.  The remaining operating assets will include
several other smaller retail formats including Radio Shack,
Office Depot and Toks restaurant chain. While the business
strategy and use of proceeds remain unclear at this point,
bondholder protections related to asset sales restrictions and
covenants will likely result in the prepayment of the US$260
million in outstanding Senior Notes.  The company has started a
tender offer to repurchase the outstanding Senior Notes.

The transaction will consolidate Organizacion Soriana's position
as the second largest supermarket chain in Mexico, and will
further diversify and expand the company's geographic coverage,
particularly in the central region of the country, including the
Metropolitan Area of Mexico.  Opportunities to increase
efficiency gained from additional economies of scale and greater
purchasing power seem plausible.  The transaction will likely
add leverage and weaken Organizacion Soriana's currently
unleveraged financial profile, however, the magnitude of the
financial weakening will likely depend on the ultimate funding
strategy.

At Dec. 31, 2006, Grupo Gigante and Organizacion Soriana had
revenues of MXN32,471 million and MXN58,360 and EBITDA of
MXN1,782 million and MXN4,671 million respectively.

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


GRUPO TMM: Names Fernando Sanchez Ugarte Effective Jan. 15
----------------------------------------------------------
Grupo TMM S.A.B. has appointed Fernando Sanchez Ugarte as its
president of the Company effective Jan. 15, 2008.

Mr. Sanchez Ugarte recently resigned the post of Undersecretary
for Internal Revenue for the Mexican Finance Ministry, a
position he held since December 2006.  He has held several
positions within the Mexican government including president of
the Federal Competition Commission, undersecretary of Industry
and Foreign Investment and general director of Income Policies.
Additionally, he was a member of the NAFTA (North American Free
Trade Agreement) negotiating team and served as general Consul
for Mexico in Portland, Oregon.  Mr. Sanchez Ugarte holds a PHD
in Economics from the University of Chicago.

Jose F. Serrano, chairman of Grupo TMM, said, "We are pleased to
welcome Fernando to our executive management team.  We believe
his broad experience in public finance, fiscal policies and
economic development will be extremely valuable to TMM's
business plan going forward."

                          Grupo TMM

Headquartered in Mexico City, Grupo TMM SA (NYSE: TMM)(MEX
VALORIS: TMMA) -- http://www.grupotmm.com/-- is a Latin
American multimodal transportation and logistics company.
Through its branch offices and network of subsidiary companies,
TMM provides a dynamic combination of ocean and land
transportation services.

                        *     *     *

Standard & Poor's Ratings Services raised its corporate credit
rating on Grupo TMM SA to 'B-' from 'CCC.'  The rating was
removed from Creditwatch, where it was placed on Dec. 15, 2004.
S&P said the outlook is positive.


NUANCE COMM: To Offer 15 Million Shares of Common Stock
-------------------------------------------------------
Nuance Communications Inc. is planning to offer in underwritten
public offering 9,600,000 shares of its common stock.  Warburg
Pincus, a selling stockholder, is expected to sell an additional
4,800,000 shares in the offering, and certain members of Nuance
management are expected to sell an additional 600,000 shares in
the offering.  Nuance will not receive any proceeds from sales
of shares made by selling stockholders.  Nuance and Warburg
Pincus expect to grant the underwriters a 30-day option to
purchase up to an additional aggregate of 2,250,000 shares of
common stock, or 1,125,000 shares of common stock from each.

Citi and Goldman, Sachs and Co. are acting as the joint book-
running managers of the offering.  Lehman Brothers and Thomas
Weisel Partners will act as the lead managers of the offering
and Craig-Hallum Capital Group, Needham & Company and Raymond
James Financial will act as co-managers of the offering.

These shares will be issued pursuant to a currently effective
shelf registration statement.  An offer will be made only by
means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement.

Printed copies of the preliminary prospectus supplement and base
prospectus relating to the offering may be obtained, when
available, from:

           Citi, Brooklyn Army Terminal,
           140 58th Street, 8th Floor
           Brooklyn, NY 11220
           Tel: (718) 765-6732;
           Fax: (718)- 765-6734)

or the prospectus department of:

           Goldman, Sachs & Co.
           Attn: Prospectus Department
           85 Broad Street
           New York, New York 10004
           Fax: (212) 902-9316

Nuance intends to file a preliminary prospectus supplement
relating to the offering with the U.S. Securities and Exchange
Commission, which will be available along with the base
prospectus filed with the SEC in connection with the shelf
registration statement on the SEC's website at
http://www.sec.gov.

                About Nuance Communications

Based in Burlington, Massachusetts, Nuance Communications Inc.
(NASDAQ: NUAN), fka ScanSoft Inc., -- http://www.nuance.com/
-- provides speech and imaging solutions for businesses and
consumers around the world.  Its technologies, applications and
services that help users interact with information, and create,
share and use documents.

The company has offices in Australia, Belgium, Japan, Korea,
Hong Kong, India, Mexico, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 9, 2007, Standard & Poor's Ratings Services affirmed its
'B+' corporate credit rating on Burlington, Massachusetts-based
Nuance Communications Inc. and assigned its 'B-' rating to
Nuance's proposed USUS$150 million senior unsecured convertible
notes due 2027.  Proceeds from the notes will be used to
partially fund the previously announced acquisition of Tegic
Communications Inc.  S&P said the outlook is positive.


OCEANIA CRUISES: S&P Shifts Outlook, Affirms B Corp. Credit Rtng
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Oceania Cruises Inc. to stable from positive.  At the same time,
S&P affirmed its ratings on the company, including the 'B'
corporate credit rating.  The outlook revision and ratings
affirmation follow the announcement by Apollo Management L.P.
(majority owner of Oceania Cruises) that it has agreed to
acquire the Regent Seven Seas Cruises operations from Carlson.

While terms of the acquisition have not been publicly disclosed,
it has been announced that Regent Seven Seas Cruises and Oceania
Cruises will be placed under the ownership of Prestige Cruise
Holdings Inc., a corporation controlled by Apollo, and that they
will be maintained as two independent brands.  Still, given the
expected strategic relationship between these entities within
Apollo's portfolio of cruise operators, S&P will likely view the
combined operations as a consolidated enterprise, despite the
likelihood that distinct financing structures will be
established.  Operating lease-adjusted leverage across the
consolidated entity will likely increase from current levels at
Oceania Cruises, given EBITDA multiples recently paid for
similarly positioned cruise operators.  With this in mind, S&P
have determined that a stable outlook at the 'B' rating is
appropriate until it is able to fully review the proposed
financing structure and management's strategy for the acquired
business.

The 'B' rating reflects the company's vulnerability within the
cruise sector because of its small fleet and niche market
strategy, minimal cash flow diversity with three ships, high
debt leverage, the capital-intensive nature of the industry, and
the travel industry's susceptibility to economic cycles and
global political events.  As a partial offset, the vessels are
of high quality, S&P has a favorable view of the niche segment
in which the company operates, and the company has good
visibility into future bookings.  While the acquisition of
Regent will expand Apollo's cruise portfolio into the luxury
segment, offering a broader fleet and more diversified target
market, S&P views the luxury segment as slightly more volatile
than the company's existing niche.

Given its private-company status, Oceania Cruises does not
publicly disclose its financial statements. Credit measures
continue to trend in line with the current rating.  While the
recently announced acquisition of Regent could potentially
weaken the credit quality of the consolidated entity, S&P
expects that the proposed capital structure of the new,
consolidated entity will remain be in line with the current 'B'
rating.

Headquartered in Miami, Florida, Oceania Cruise Holdings, Inc.
owns three passenger identical cruise ships that each have 698
berths (2,094 in total) operating under the brand name of
Oceania Cruises.  The company was formed in 2002 and began
operating in 2003 when it entered into a charter (lease)
arrangement to operate the first of three ships.  The company
targets the upper premium segment of the cruise industry with
destination-oriented cruises that maximize on-shore activities.
Oceania Cruise's principal areas of operation include Africa,
Arabia, Black Sea, Caribbean, Central America, China, Greek
Isles, Iceland, India, Mediterranean, Mexico, Russia,
Scandinavia, South America, Southeast Asia.


WENDY'S INTERNATIONAL: Gives Update on Strategic Review Process
---------------------------------------------------------------
There continues to be many questions and concerns surrounding
the strategic review conducted by a special committee of Wendy's
International Inc.'s Board of Directors, the company disclosed
Monday in a regulatory filing with the Securities and Exchange
Commission.

In that filing, Wendy's told shareholders that the Special
Committee process is complicated for several reasons:

   * The stock market has fluctuated widely since the committee
     was formed.

   * There have been reports in the media about complex
     financing transactions and potential bidders that include
     Wendy's franchisees, private equity firms and one entity
     that owns a competing concept in the quick-service
     restaurant industry.

   * The sub-prime mortgage problems have rocked the world's
     credit markets and greatly curtailed merger and acquisition
     activity.

Wendy's also disclosed facts regarding the Committee's process:

   -- On April 25, 2007, Wendy's announced that its Board formed
      a Special Committee of independent directors to
      investigate strategic options for the company.  The
      options include, among other things, evolution of Wendy's
      strategic plan; a possible recapitalization; and, a
      possible sale/merger of the company.

   -- In May 2007, the company announced the members of the
      Special Committee led by Chairman of the Board Jim
      Pickett, Tom Keller, Dave Lauer, Jim Millar and John
      Thompson.

   -- The Special Committee also announced in May that it had
      engaged JP Morgan as lead advisor and Lehman Brothers Inc.
      as co-advisor for the process.

   -- Chairman Pickett has stated publicly that there is no
      specific timeframe to complete the review of strategic
      options and that the Special Committee will comment when
      it is appropriate.

"We understand your frustration about the uncertainty this
process is creating.  Throughout this process, Wendy's
management team and our franchisees and employees have remained
committed to operating great restaurants, taking care of our
customers, building our brand and growing profitable sales,"
Kerrii Anderson, Wendy's chief executive officer and president,
said.

                About Wendy's International

Based in Dublin, Ohio, Wendy's International Inc. (NYSE:
WEN) -- http://www.wendysintl.com/,http://www.wendys.com/--
and its subsidiaries operate, develop, and franchise a system of
quick service and fast casual restaurants in the Americas, Asia,
the Pacific Rim, Europe and the Middle East.

                        *     *     *

As reported in the Troubled Company Reporter on June 21, 2007,
Moody's Investors Service lowered all ratings of Wendy's
International Inc. and placed all ratings on review for further
possible downgrade.  Affected ratings include the company's
Ba2 corporate family rating, which was lowered to Ba3.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.


WENDY'S INT'L: Ian Rowden Steps Down as Chief Marketing Officer
---------------------------------------------------------------
Wendy's International Inc. is conducting an aggressive national
search for a new Chief Marketing Officer to replace Ian Rowden,
who is resigning as CMO to return to his native Australia for
personal reasons.

Over the past six months, Wendy's has accelerated its focus on
improving brand recognition, particularly among younger
consumers, with its "That's Right" campaign featuring its iconic
red wig.

Moving forward, the company intends to capitalize on the
momentum generated from the campaign to accelerate same-store
sales and further improve profits at every restaurant in the
Wendy's system.

"Ian was instrumental in re-awakening the Wendy's brand and
driving innovation, and he has agreed to work with me to help
transition marketing as we search for our next CMO," said Chief
Executive Officer and President Kerrii Anderson.  "We wish Ian
and his family well in the future."

             Wendy's Will Accelerate Next Phase of
                   Branding and Marketing

"We will take the success of our 'That's Right' campaign and
expand it to include more back-to-basics messages that are at
the heart of Wendy's positioning - quality, fresh food,
innovation and a great consumer experience," said Mr. Anderson.
"We will evolve our marketing efforts to drive sales and
resonate more powerfully with our customers, franchisees and
employees."

Wendy's will continue to work with Saatchi and Saatchi and
kirshenbaum bond to develop the evolution of its marketing
campaign.  The campaign will continue to be an important element
of the company's strategy to revitalize the Wendy's brand and
build sales and profit momentum.

"There is a great deal of work ahead of us," said Mr. Anderson.
"We've delivered six consecutive quarters of positive same-store
sales and significant profit improvement at the restaurant and
corporate level.  That said, our store economics are still not
where they need to be.  We have more opportunity to drive sales,
innovate with our superior quality positioning and further
improve restaurant operations.  Our strategic plan, which we
launched a year ago, put a strong foundation in place.  Phase 2
of our strategic plan, launched this fall, is laser-focused on
Doing What's Right for Our Customers.  This will be clearly
articulated in every aspect of our marketing."

               Kershisnik and Holtcamp to Lead
             Wendy's Marketing on Interim Basis

Paul Kershisnik, senior vice president of marketing strategy and
innovation, and Bob Holtcamp, vice president of brand
management, will lead Wendy's marketing on an interim basis and
report directly to Anderson.

Kershisnik is responsible for research and development,
strategic insights and innovation.  His 21-year career includes
positions with some of the world's best-known consumer brands,
including Pizza Hut/PepsiCo, General Mills and Sprint.  Most
recently, he served as Vice President of New Product Innovations
and Research & Development for Mrs. Fields Famous Brands in Salt
Lake City. Kershisnik holds an M.B.A. from Brigham Young
University and a B.S. from the University of Utah.

Holtcamp will continue to manage Wendy's brand group, its new
product-driven menu strategy and the consumer-driven restaurant
experience.  He will also continue to manage the creative and
messaging strategy with the company's advertising agencies, and
he will oversee field marketing.  Before joining Wendy's,
Holtcamp worked for Aurora Foods' Van de Kamp seafood brand,
Mrs. Paul's Seafood, Miller Brewing Company and held account
executive roles at various advertising agencies.  Holtcamp holds
an M.B.A. from Washington University and a B.A. from University
of Illinois.

                 About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc.
(NYSE:WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Moody's Investors Service lowered all ratings of
Wendy's International Inc. and placed all ratings on review for
further possible downgrade.  Affected ratings include the
company's Ba2 corporate family rating, which was lowered to Ba3.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.


WENDY'S INTERNATIONAL: Says Financial Performance is "Improving"
----------------------------------------------------------------
Wendy's International Inc. told shareholders Monday in a
regulatory filing with the Securities and Exchange Commission
that the company's financial performance is "improving."

Wendy's said that its strong financial results for the third
quarter of 2007 reflect continuing turnaround of its business.

                   3rd Quarter Highlights

Excluding expenses related to the Board's Special Committee and
restructuring charges, the company reported for the third
quarter of 2007:

   -- The 6th consecutive quarter of positive same-store sales.

   -- Adjusted income from continuing operations of US$38.6
      million compared to US$24.9 million in the third quarter
      of 2006.

   -- Adjusted EBITDA for the third quarter 2007 was
      US$95.0 million, up 57.3% from the third quarter of 2006.

   -- U.S. company-operated restaurant EBITDA margins improved
      330 basis points to 12.6% in the third quarter of 2007,
      reflecting positive sales, including menu price increases
      tied to the company's market-based pricing strategy and
      labor efficiencies.

Wendy's expects to report 2007 full-year EBITDA near the higher
end of the outlook it provided to investors in June, which was a
range of US$295 million to US$315 million.  The company also
expects to report full-year EPS near the high end of the range
provided earlier, which was US$1.09 to US$1.23.  The ranges
exclude expenses related to the Board's Special Committee
activities and restructuring charges.

Commenting on the results, Kerrii Anderson, Wendy's chief
executive officer and president, said, "This performance is the
result of our 'Recipe for Success' strategy launched in October
2006 to focus on initiatives to revitalize the brand while
growing sales and profits in every restaurant in our system.
There's no question that the foundation of our business is
stronger today thanks to the performance of our restaurant
crews, managers, franchisees, and field and corporate employees.
With that said, our business results and store economics must
improve.  We have much more to accomplish."

                  About Wendy's International

Headquartered in Dublin, Ohio, Wendy's International Inc.
(NYSE:WEN) -- http://www.wendysintl.com/-- and its subsidiaries
operate, develop, and franchise a system of quick service and
fast casual restaurants in the United States, Canada, Mexico,
Argentina, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Moody's Investors Service lowered all ratings of
Wendy's International Inc. and placed all ratings on review for
further possible downgrade.  Affected ratings include the
company's Ba2 corporate family rating, which was lowered to Ba3.

Additionally, Standard & Poor's Ratings Services lowered its
corporate credit and senior unsecured debt ratings on Wendy's
International Inc. to 'BB-' from 'BB+'.


US STEEL: Prices US$500-Million Offering of 7% Senior Notes
-----------------------------------------------------------
United States Steel Corporation has priced US$500 million of
7% Senior Notes due 2018.  The senior notes were priced at
99.087% of the principal amount.

The proceeds of the offering will be used to repay the
US$400 million one-year term loan incurred to finance a portion
of the acquisition of Stelco Inc., now known as U. S. Steel
Canada Inc. and the balance will be used for general corporate
purposes.

Banc of America Securities LLC, J.P. Morgan Securities Inc. and
Scotia Capital (USA) Inc. are joint book runners for this
offering.

Copies of the prospectus may also be obtained from:

     U. S. Steel
     Attn: Manager-Investor Relations
     600 Grant Street
     Pittsburgh, PA 15219-2800

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

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

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2007, Standard & Poor's Ratings Services 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.




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


XEROX CORP: S&P Lifts Rating on Preferred Trust to BBB- from BB
---------------------------------------------------------------
Fitch has upgraded Xerox Corp.'s and its subsidiary's debt as:

  -- Issuer Default Rating to 'BBB' from 'BBB-';
  -- Senior unsecured credit facility to 'BBB' from 'BBB-';
  -- Senior unsecured debt to 'BBB' from 'BBB-';
  -- Trust preferred securities to 'BBB-' from 'BB'.

Approximately US$9.1 billion of securities, including the
US$2 billion credit facility, are affected by Fitch's action.
The Rating Outlook is Stable.

The upgrades reflect:

  -- Fitch's expectations that Xerox's gradual improvement in
     post-sale revenue trends will continue and, in conjunction
     Xerox Corpwith the operating leverage embedded in the
     financial model and strong expense management, will result
     in steady core cash flow (non-financing) growth in excess
     of revenue growth;

  -- Xerox's strengthening operating EBITDA margin, which
     increased to 14.3% for the latest 12 months ended
     Sept. 30, 2007 from 13.2% in the year-ago period; and

  -- Greater-than-expected decline of secured debt in the
     capital structure, with secured debt declining to
     approximately 10% of total debt at Sept. 30, 2007 from
     nearly 27% at year-end 2006, including US$620 million of
     trust preferred securities, and Fitch's expectation that
     it will decline further to approximately 5% at year-end
     2007.

Positive rating actions could occur if Xerox's:

  -- Credit protection measures trend positively; improving the
     company's interest coverage metrics through growth in
     operating profits and/or redemption of older debt with
     considerably higher coupon payments relative to recent
     debt issuance is key;

  -- Recurring revenue model limits the financial stress from a
     less favorable macro-economic environment, particularly in
     the United States, which accounts for approximately 50% of
     the company's total revenue; and

  -- Financing business progresses toward a duration matching
     funding model over the next few years.

Negative rating actions could occur if:

  -- Xerox's financial performance declines materially in the
     event of an economic downturn in the U.S., indicating a
     less resilient business model relative to Fitch's
     expectations;

  -- Significant debt-financed acquisitions with considerable
     integration risk and/or unrelated to core business; and

  -- Xerox's color equipment installs, primarily in the
     Production segment, fail to offset declines in black and
     white equipment installs, leading to deteriorating
     operating and financial fundamentals.

The ratings continue to reflect Xerox's:

  -- Significant recurring post-sale revenue from its growing
     installed base of equipment;

  -- Consistent financial and operational performance;

  -- Highly diversified revenue base from a customer, industry
     and geographic perspective;

  -- Commitment to balance investments in share repurchases and
     acquisitions funded with free cash flow; and

  -- Strong brand name and broad product portfolio.

Fitch's rating concerns center on:

  -- Consistent equipment pricing pressure, particularly in the
     office segment, due to strong competition;

  -- Limited, but gradually improving, organic revenue growth;

  -- Risk of more aggressive, and potentially debt-financed,
     shareholder-friendly initiatives and acquisitions; and

  -- Significant annual research and development
     expenditures associated with the industry (5.4% of Xerox's
     total revenues).

Fitch believes the financial performance of Xerox's core
business has strengthened despite volatility in free cash flow
associated with changes in the company's financing asset
portfolio and the cash conversion cycle.  For the LTM ended
Sept. 30, 2007, Fitch estimates adjusted funds flow from
operations, which excludes changes in Xerox's financing asset
portfolio, and core FFO, which also excludes the estimated
after-tax operating profit on the financing business, increased
to US$1.7 billion (+16% year/year) and US$1.4 billion (+23%
year/year), respectively.

The majority of Xerox's credit protection measures, on both a
core and consolidated basis, improved slightly year-over-year
due to earnings growth, offsetting the increase of core debt
attributable to the acquisition of Global Imaging Systems Inc.
in the second quarter of 2007.  Fitch estimates the financing
business accounts for 85% of total debt at Sept. 30, 2007 and is
expected to increase to approximately 90% of total debt by year-
end due to a US$500 million-US$600 million reduction of core
debt.  Xerox's leverage declined to approximately 3.6 times
compared with 3.8x and 4.1x for the LTM ended Sept. 30, 2006 and
2005, respectively.  Similarly, Fitch estimates Xerox's core
leverage at Sept. 30, 2007 declined to approximately 0.4x
compared with 0.6x and 0.9x for the LTM ended Sept. 30, 2006 and
2005, respectively.

In addition, the company's overall interest coverage was 4.1x,
while Fitch estimates core interest coverage was approximately
7.1x for the LTM ended Sept. 30, 2007 compared with 6.7x and
5.4x for the LTM ended Sept. 30, 2006 and 2005, respectively.

The company's liquidity at Sept. 30, 2007, consisted of
approximately US$848 million of cash, a US$2 billion unsecured
bank facility revolver expiring April 30, 2012 with US$1.3
billion of availability and consistent free cash flow in excess
of US$1 billion annually.  Fitch believes Xerox could draw on
the credit facility to support ongoing increases of internally
funded financing assets.  Fitch believes Xerox has more than
sufficient liquidity and financial flexibility to meet upcoming
debt maturities and absorb a reasonable adverse monetary outcome
from any currently outstanding litigation.

To support business growth, Xerox also has access to a secured
eight-year US$5 billion U.S. credit facility provided by General
Electric Vendor Financial Services expiring in December 2010.
This facility is used for secured loans backed by U.S. finance
receivables arising from the sale of Xerox's products.  At
Sept. 30, 2007, approximately US$4.6 billion was available under
this facility.  As Fitch anticipated, Xerox has fully repaid the
outstanding secured debt balances on nearly all of its non-U.S.
committed secured funding facilities in 2007 financed with
unsecured debt.  At Oct. 12, 2007, the company's Canadian
facility, with total capacity of US$740 million, was the last
non-U.S. funding facility.  Fitch expects Xerox's usage of the
aforementioned secured financing facilities will continue to
decline as the company reduces its reliance on secured financing
programs by maintaining a leverage ratio of 7:1 against finance
assets through the issuance of unsecured debt in lieu of the
secured funding facilities.

As of Sept. 30, 2007, total debt with equity credit was
US$8.7 billion, consisting of US$7.2 billion of senior unsecured
debt, US$620 million of liabilities to subsidiary trusts issuing
preferred securities and approximately US$883 million of debt
secured by finance receivables.  Debt secured by finance
receivables accounted for approximately 10% of total debt with
equity credit as of Sept. 30, 2007, down from 27% at year-end
2006.  Xerox's net finance receivables and equipment on
operating leases totaled US$8.4 billion at Sept. 30, 2007.  Debt
maturities in the fourth quarter of 2007 consist solely of
US$569 million of secured debt, including US$469 million of
secured facility borrowings in France that matured on
Oct. 12, 2007 and were refinanced with an unsecured floating
rate bank bridge loan due March 31, 2008.  For 2008, US$1
billion of debt matures, of which US$600 million is unsecured
debt.

In addition to Xerox Corp., the IDR and unsecured debt ratings
for Xerox Credit Corp. are also affected.

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




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


CHIQUITA BRANDS: May Benefit from WTO's Ruling on EU Tariffs
------------------------------------------------------------
Ohio.com reports that Chiquita Brands International's profits
could increase as a result of the World Trade Organization
compliance panel's ruling that the European Union's import
tariffs for bananas breached international trade rules.

Oppenheimer & Co. analyst Barry Sine told Ohio.com that Chiquita
Brands will be closely following the case.  The European Union
tariff costs Chiquita Brands about US$1 per share yearly.

An Ecuadorian official commented to Ohio.com, "It was a total
victory.  We are very happy with the result."

Michael Mann, a spokesperson for the European Union's Farm
Commissioner Marian Fisher Boel, confirmed the loss to Ohio.com.

However, Mr. Mann claimed that the WTO panel ignored data
indicating a growth in European imports of bananas from Latin
America, Ohio.com states.

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


CARLOS CARABALLO: Case Summary & 21 Largest Unsec. Creditors
------------------------------------------------------------
Debtor: Carlos Ruben Caraballo-Ortiz
        Iris Nancy Rivera-Ramos
        P.O. Box 7999 P.M.B. 187
        Mayaguez, PR 00681
        Tel: (787) 826-6645

Bankruptcy Case No.: 07-07254

Chapter 11 Petition Date: December 10, 2007

Court: District of Puerto Rico (Old San Juan)

Debtor's Counsel: Winston Vidal-Gambaro, Esq.
                  P.O. Box 193673
                  San Juan, PR 00919-3673
                  Tel: (787) 751-2864
                  Fax: (787) 763-611

Estimated Assets: US$1 Million to US$10 Million

Estimated Debts:  US$1 Million to US$10 Million

Debtor's 21 Largest Unsecured Creditors:

   Entity                     Nature of Claim       Claim Amount
   ------                     ---------------       ------------
Westerbank                     trade debt
US$1,185,000
P.O. Box 490
Mayaguez, PR 00680

Internal Revenue Services      taxes                 US$215,850
Mercantil Plaza Building
R-2 Avenue Ponce de Leon
San Juan, PR 00918-1693

C.F.S.E.                       taxes                 US$121,206
Ofic Regional de Mayaguez
P.O. Box 1570
Mayaguez, PR 00681-1570

Departamento del Trabajo y     taxes                 US$110,577
Recursos Hum

Departamento de Hacienda de    taxes                 US$91,582
Puerto Rico

Banco Popular de Puerto Rico   bank loan             US$49,000

Banco Santander de Puerto Rico bank loan             US$35,000

Wellsfargo                     bank loan             US$31,087

Melissa Sales Corp.            trade debt            US$28,583

B.B.V.A.                       trade debt            US$24,300

Bank of America                trade debt            US$8,202

Citifinancial                  trade debt            US$6,580

M.A.P.F.R.E.                   trade debt            US$6,000

E.D. Distributors, Inc.        trade debt            US$5,000

Municipio de Anasco            taxes                 US$4,794

Gordon's                       trade debt            US$2,131

Radio Shack                    trade debt            US$1,946

C.R.I.M.                       trade debt            US$1

Dennis Berrios Martinez        trade debt            US$1

Carlos J. Montijo              trade debt            US$1

Anamir Jimenez Irizarry        trade debt            US$1


LIN TV: Files Complaint Against Atlantic for Flagrant Violation
---------------------------------------------------------------
LIN TV Corp. has filed a complaint with the Federal
Communications Commission against Atlantic Broadband, one of the
top 20 cable operators in the United States with 250,000
customers nationwide and 14,000 subscribers in the Buffalo, New
York Designated Market Area and the Erie, Pennsylvania DMA,
where LIN TV operates the CBS affiliate WIVB-TV.

Atlantic Broadband is currently broadcasting WIVB-TV's analog
signal without a retransmission consent agreement.  Pursuant to
federal regulations, cable operators must obtain the broadcast
station's authority to retransmit its signal.  LIN TV has filed
a complaint against Atlantic Broadband for its flagrant
violation of the FCC's rules, and LIN TV expects that Atlantic
Broadband will immediately cease its unlawful carriage of the
station.

If Atlantic Broadband opts not to negotiate a retransmission
consent agreement with LIN TV, it will deprive its subscribers
of top-rated local news, along with the Buffalo Bills NFL
Football games and other popular programming, such as The Price
is Right, The Oprah Winfrey Show and CSI: Crime Scene
Investigation.

"It is unfortunate that Atlantic Broadband is not conforming to
the retransmission consent provisions as mandated by the FCC,"
said LIN TV's Executive Vice President Digital Media Gregory M.
Schmidt.  "We hope they will reconsider their position and agree
to negotiate with us for retransmission consent."

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

                        *     *     *

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


MUSICLAND HOLDING: Panel Wants to Avoid Payments to 10 Creditors
----------------------------------------------------------------
The Official Committee of Unsecured Creditors seeks to avoid and
recover preferential and fraudulent payments made by Musicland
Holding Corp. and its debtor-affiliates to 10 creditors pursuant
to Sections 547 and 550 of the Bankruptcy Code.

      Transferee                          Transfer Amount
      -----------                         ---------------
      Accenture LLP                            US$139,125
      Balzout, Inc.                                54,788
      Grant Thornton LLP                          132,020
      Great Eastern Entertainment Co.             225,075
      Koch International Corp.                  1,318,591
      Musicrama, Inc.                             431,364
      Select-O-Hits, Inc.                         415,634
      Interlock Structures International Inc.     198,505
      Uline, Inc.                                  61,560
      Walking Billboards, Inc.                     69,582

Mark T. Power, Esq., at Hahn & Hessen LLP, in New York, relates
that the Transfers were made within 90 days prior to the
Petition Date while the Debtors were insolvent or became
insolvent as a result of the Transfers.

The Transfers enabled the Defendants or suppliers to receive
more than the Defendants would receive if:

   -- the Debtors' cases were cases under Chapter 7 of the
      Bankruptcy Code;

   -- the Transfers had not been made; and

   -- the Defendants received payment on account of the debt
      paid by the Transfers to the extent provided by the
      provisions of the Bankruptcy Code.

Mr. Power says that the Transfers constitute preferential
transfers which should be avoided pursuant to Section 547 and
are recoverable from the Defendant pursuant to Section 550.

The Transfers also constitute fraudulent transfers, which should
be avoided pursuant to Section 548 and are recoverable from the
Defendants pursuant to Section 550, Mr. Power asserts.  The
Debtors received less than a reasonably equivalent value in
exchange for the Transfers.

To the extent that the Defendants currently possess filed or
scheduled claims against the Debtors, whether prepetition or
administrative claims, the Committee wants the Claims disallowed
until the Transfers are repaid in full to the Debtors pursuant
to Section 502(d).

Headquartered in New York, New York, Musicland Holding Corp., is
a specialty retailer of music, movies and entertainment-related
products in the United States and Puerto Rico.  The Debtor and
14 of its affiliates filed for chapter 11 protection on
Jan. 12, 2006 (Bankr. S.D.N.Y. Lead Case No. 06-10064).  James
H.M. Sprayregen, Esq., at Kirkland & Ellis, represents the
Debtors in their restructuring efforts.   Mark T. Power, Esq.,
at Hahn & Hessen LLP, represents the Official Committee of
Unsecured Creditors.  At March 31, 2007, the Debtors disclosed
US$20,121,000 in total assets and US$321,546,000 in total
liabilities.

On May 12, 2006, the Debtors filed their Joint Plan of
Liquidation with the Court.  On Sept. 14, 2006, they filed an
amended Plan and a Second Amended Plan on Oct. 13, 2006.  The
Court approved the adequacy of the Amended Disclosure Statement
on Oct. 13, 2006.  The hearing to consider confirmation of the
2nd Amended Joint Plan started on Nov. 28, 2006.

(Musicland Bankruptcy News, Issue No. 43; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000)


ROYAL CARIBBEAN: New Joint Venture with TUI AG Forms TUI Cruises
----------------------------------------------------------------
Royal Caribbean Cruises Ltd. and TUI AG have launched a new
joint venture serving the German cruise market.  The new
company, TUI Cruises, will begin service with one ship, in early
2009, and grow quickly with two newbuilds planned for 2011 and
2012.  Sales and marketing will commence earlier in Spring 2008.
Both partners will hold a 50 percent interest in the joint
venture, which is subject to regulatory and board approvals
before completion.

The first ship to operate under the TUI Cruises brand will
undergo renovations before entering service.  Once deployed, it
will not only enhance the German cruise market, but also meet
the sophisticated needs of German-speaking customers seeking a
contemporary/premium cruise experience.  The onboard product
will be custom-tailored to German tastes, and encompass food,
entertainment and amenities. German will be the language used
onboard as well.

"We are very pleased by our new partnership and our new
partner," said TUI AG Chief Executive Officer, Dr. Michael
Frenzel.  "Royal Caribbean Cruises Ltd. is truly a leader in the
cruise vacation industry, and TUI Cruises will greatly benefit
from its expertise.  By collaborating with Royal Caribbean, we
gain access to a very profitable growth market, a year earlier
than we had envisioned," Dr. Frenzel added.

"We are thrilled to partner with a company as highly regarded as
TUI AG," said Royal Caribbean Cruises Ltd. Chairperson and CEO
Richard Fain.  "The alliance greatly advances our global
strategy.  It also aligns us with TUI AG, the most powerful
brand in European tourism," Mr. Fain added.

Plans call for the new cruise line to be based in Hamburg,
Germany.  Industry executive Richard Vogel, who has worked
extensively on the project, is expected to be named Chief
Executive Officer of TUI Cruises after the transaction is
approved.

                          About TUI AG

TUI AG is an internationally active group that, since 2005, has
been concentrating on the two growth sectors of tourism and
shipping.  In both these sectors, TUI commands a leading market
position, it is namely number one among the European tourism
companies and number five in the world of container shipping.
The company's consolidated revenues and number of employees for
the year ended Dec. 31, 2006 was US$20.9 billion and 54,000,
respectively.  With effect from Sept. 2007, TUI AG has merged
its tourism activities -- with the exception of its hotel
business -- with the British travel group First Choice Holidays
PLC into TUI Travel PLC.  TUI holds 51 percent in this new
entity, which is listed at the London Stock Exchange.

                     About Royal Caribbean

Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL)
-- http://www.royalcaribbean.com/-- is a global cruise vacation
company that operates Royal Caribbean International, Celebrity
Cruises and Pullmantur Cruises, Azamara Cruises and CDF
Croisieres de France.  The company has a combined total of 35
ships in service and seven under construction.  It also offers
unique land-tour vacations in Alaska, Asia, Australia, Canada,
Europe, Latin America and New Zealand.  The company has
operations in Puerto Rico.

                        *     *     *

Moody's still carries Royal Caribbean Cruises Ltd.'s 'Ba1' long
term corporate family rating last placed on Feb. 22, 2005.
Moody's said the outlook is stable.


SEARS HOLDINGS: Inks Privacy Contract with Restoration Hardware
---------------------------------------------------------------
Sears Holdings Corporation and Restoration Hardware Inc. entered
into a confidentiality agreement, in connection with the
possible business combination transaction.

Under the terms of the agreement, Restoration Hardware is
required to disclose these information:

   (i) all oral and written communications that contain
       information concerning Restoration Hardware, any of its
       subsidiaries or affiliates or the transaction, together
       with asset lists, financial statements or other
       materials or information;

  (ii) the proposed terms and conditions of the transaction,
       including any financial terms and conditions, and all
       information related to the transaction, including the
       status thereof; and

(iii) the existence, context, and scope of this agreement.

Sears Holdings and Restoration Hardware agree that, all
information will be kept confidential, including any information
about the terms or conditions or any other facts relating to a
possible transaction between Sears Holdings and Restoration
Hardware.

All information provided by the Restoration Hardware is entitled
to protection under the attorney-client privilege, work product
doctrine or other applicable privilege.

If either the Sears Holdings and Restoration Hardware determines
that it does not wish to proceed with the transaction, such
party will promptly advise the other party of that decision.  In
such case, or if a transaction is not otherwise consummated,
Sears Holdings will promptly destroy or return to Restoration
Hardware all copies of the information.

Moreover, under the terms of the agreement, Sears Holdings will
commence a tender offer for all the voting securities of
Restoration Hardware at a cash price per share that is at least
US$0.05 per share more than the cash price per share to be paid
to stockholders of Restoration Hardware.

              About Sears Holdings Corporation

Based in Hoffman Estates, Illinois, Sears Holdings Corporation
(NASDAQ: SHLD) - http://www.searsholdings.com/-- parent of
Kmart and Sears, Roebuck and Co., is a broadline retailer with
approximately 3,800 full-line and specialty retail stores in the
United States, Canada and Puerto Rico.

                        *     *     *

Moody's Investor Service placed Sears Holdings Corporation's
probability of default rating at 'Ba1' in September 2006.  The
rating still hold to date with a stable outlook.


SUPERMERCADOS BONANZA: Files Schedules of Assets & Liabilities
--------------------------------------------------------------
Supermercados Bonanza Nieves Inc. submitted to the U.S.
Bankruptcy Court for the District of Puerto Rico its schedules
of assets and liabilities, disclosing:

     Name of Schedule                 Assets      Liabilities
     ----------------               ----------    -----------
     A. Real Property                     US$0
     B. Personal Property            1,112,027
     C. Property Claimed
        as Exempt                            0
     D. Creditors Holding                           US$56,271
        Secured Claims
     E. Creditors Holding                             135,065
        Unsecured Priority
        Claims
     F. Creditors Holding                           4,799,544
        Unsecured Nonpriority
        Claims
                                    ----------    -----------
        TOTAL                     US$1,112,027   US$4,990,880

Aguada, Puerto Rico-based Supermercados Bonanza Nieves Inc., aka
Selectos Nieves Inc., and Familia Nieves Inc. filed for chapter
11 bankruptcy on Oct. 29, 2007 (Bankr. D. PR Case Nos. 07-06344
and 07-06345).  Winston Vidal-Gambaro, Esq., represents the
Debtors in their restructuring efforts.  When the Debtors filed
for bankruptcy, they listed assets and debts between US$1
million and US$100 million.


SUPERMERCADOS BONANZA: Section 341(a) Meeting Reset to Jan. 14
--------------------------------------------------------------
The United States Trustee for Region 21 reset the meeting of
creditors of Supermercados Bonanza Nieves Inc. at 10:30 a.m., on
Jan. 14, 2008, at 341 Meeting Room, Ochoa Building, 500 Tanca
Street, First Floor in San Juan, Puerto Rico.

All creditors are invited, but not required, to attend.  This
Meeting of Creditors offers the one opportunity in a bankruptcy
proceeding for creditors to question a responsible office of the
Debtor under oath about the company's financial affairs and
operations that would be of interest to the general body of
creditors.

Aguada, Puerto Rico-based Supermercados Bonanza Nieves Inc., aka
Selectos Nieves Inc., and Familia Nieves Inc. filed for chapter
11 bankruptcy on Oct. 29, 2007 (Bankr. D. PR Case Nos. 07-06344
and 07-06345).  Winston Vidal-Gambaro, Esq., represents the
Debtors in their restructuring efforts.  When the Debtors filed
for bankruptcy, they listed assets and debts between US$1
million and US$100 million.




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


CITGO PETROLEUM: Launches Heating Oil Program in Boston
-------------------------------------------------------
CITGO Petroleum Corporation's Chairman, President and Chief
Executive Officer, Alejandro Granado, Citizens Energy Chairman
Joseph P. Kennedy II and the Ambassador of the Bolivarian
Republic of Venezuela, Bernardo Alvarez, has disclosed the
beginning of the 2007-2008 CITGO-Venezuela Heating Oil Program
aboard a CITGO tanker carrying fuel that will benefit thousands
of Massachusetts residents this winter.  This is the third
consecutive year the program has operated in the city.

The program, carried out in partnership by CITGO and Citizens
Energy Corporation and made possible by the generosity of CITGO
and the Bolivarian Republic of Venezuela, will provide millions
of gallons of heating oil to thousands of families in need
throughout 23 states, including Massachusetts.

Massachusetts is the program's second largest state in terms of
beneficiaries. The program will deliver approximately 8.5
million gallons of heating oil to more than 33,000 households
and around 60 homeless shelters.  Local oil dealers will deliver
100 gallons of fuel at no cost to eligible families throughout
the state.

CITGO and Citizens Energy Corporation, a Boston-based non-
profit, will also provide heating fuel assistance directly to
more than 200 Native American communities in the states of
Maine, New York, Michigan, Minnesota, North Dakota, South
Dakota, Montana, Nebraska, Arizona, Oregon, Washington and
Alaska.

"At CITGO, we have the privilege to be involved in projects that
we sponsor to help others and unite us in solidarity," said
CITGO Chairman, President and CEO Granado.  "This is a people-
to-people program that comes from the heart of Venezuela to the
homes of American families who just can't pay their energy
bills."

CITGO's commitment was developed two years ago in the aftermath
of Hurricanes Rita and Katrina, when it stepped forward to help
communities ravaged by the storms.  At the same time, Citizens
Energy began hearing from more families struggling to keep pace
with rising energy costs, especially during the winter when
temperatures dropped and the need for heating fuels increased.

"We approach every major oil company and every OPEC nation each
year to ask that a small slice of their record profits go to
help the poor," said Citizens Energy Chairman, Joseph P. Kennedy
II.  "Only one oil company -- CITGO -- and only one nation --
Venezuela -- stepped up to the plate to offer a helping hand."

Citizens Energy, formed by Kennedy during the oil price shocks
of the late 1970s, has provided discounted heating oil to the
poor and the elderly for almost 30 years.  The non-profit energy
company has a relationship with Venezuela going back to its
earliest years.

Venezuelan Ambassador Bernardo Alvarez, discussing the program,
pointed out: "The vision of social responsibility in the energy
policy of the Bolivarian Republic of Venezuela has allowed us to
assure that our profits benefit the neediest people in our
country.  To further pursue this aim, we have extended that
capacity to helping the peoples of the Americas.  We have had a
binding historic relationship with the United States of America.
We have a fraternal relationship with the American people and a
business relationship as well.  The human aspects of these
relationships will make it possible for our government to
continue helping the neediest Americans during the cold winter
months."

Families interested in receiving the discounted heating oil can
call Citizens Energy Corporation at 1-877-JOE-4-OIL (1-877-564-
4645) or apply online at www.citizensenergy.com.  Once approved,
the household receives an authorization letter and calls its
heating oil dealer to arrange a delivery of up to 100 gallons of
heating oil.

In addition to Massachusetts, the program is operating in Maine,
Rhode Island, Vermont, Connecticut, New Jersey, New York,
Maryland, Virginia, the District of Columbia, Alaska, Delaware,
Indiana, Wisconsin, Michigan, Greater Philadelphia and Greater
Pittsburgh.

Headquartered in Houston, Texas, Citgo Petroleum Corp. --
http://www.citgo.com/-- is owned by PDV America, an indirect,
wholly owned subsidiary of Petroleos de Venezuela SA, the state-
owned oil company of Venezuela.

Petroleos de Venezuela 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.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 5, 2007, Fitch Ratings affirmed these CITGO Petroleum Corp.
ratings:

   -- Issuer Default Ratings at 'BB';
   -- US$1.15-billion senior secured credit facility at 'BBB-';
   -- US$700-million secured term-loan B at 'BBB-';
   -- Fixed-rate industrial revenue bonds at 'BBB-'.

Fitch says the rating outlook for Citgo Petroleum is stable.

                        *     *     *

Standard and Poor's Ratings Services assigned a 'BB' rating on
Citgo Petroleum Corp. in Feb. 14, 2006.


PETROLEOS DE VENEZUELA: Cardon Plant Remains Closed
---------------------------------------------------
Venezuelan state-owned oil company Petroleos de Venezuela SA has
not restarted its Cardon plant in the Paraguana complex in
Falcon, news daily La Hora reports, citing a source within the
refinery.

As reported in the Troubled Company Reporter-Latin America on
Dec. 7, 2007, Petroleos de Venezuela said that its Cardon plant
suffered an electrical failure, resulting to a temporary
shutdown.  Petroleos de Venezuela said the failure was due to a
"surge" at Cardon's T-31 substation.  No damage occurred from
the electrical failure.  Cardon's operations had resumed.

Cardon processes about 300,000 barrels per day of oil,
BNamericas states.

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

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


* LatAm Exports Up by 11% to US$715 Billion in 2007
---------------------------------------------------
Latin American exports rose 11% in 2007 over last year, reaching
a record US$715 billion, according to preliminary data published
by the Inter-American Development Bank.

While the region's exports are poised to increase for the fifth
year in a row, their growth rate is lower than in the three
previous years, when it averaged more than 20% annually.

The probability of maintaining such high levels of growth in the
near future decreased this year, according to an analysis
published by the IDB's Trade and Integration Sector.

"A major challenge facing the region is a likely slowdown, or
possibly even a recession in the United States resulting from
the recent credit crisis," the analysis said.  "Similarly, the
appreciation of some of the region's currencies, such as the
Brazilian real, vis-Ö-vis the U.S. dollar appears to have
contributed to some stagnation on these countries' exports to
the U.S. this year."

Competition from Chinese manufacturers may also weigh down Latin
America's export performance, particularly for countries such as
Mexico and some Central American nations.  Any intensification
of this competition would further hinder their maquila sectors.

While in recent years Latin America has reaped the benefits from
a boom in commodities, prices for key exports could decline in
the medium term, "especially if demand from China slows," the
analysis said.

Counterbalancing those negative factors, there are indications
that the global economy might be able to quickly overcome
quickly a slowdown in demand from the United States.  Latin
American exports would continue to profit from sustained demand
from China and a greater diversification of intra-regional
trade, as well as from the implementation of new pacts such as
the DR-CAFTA free trade agreement between the United States, the
Dominican Republic and Central America.

                       Performance In 2007

Paraguay posted the biggest year-on-year increase in exports
among Latin American countries, soaring 63.2% from 2006, mostly
on the strength of soybean exports.

Other countries registered strong increases, including Chile
(19.5%), Argentina (17.6%), Nicaragua (17.3%), Guatemala
(16.7%), Brazil (16.5%), Peru (16.5%), Colombia (15.5%) and
Costa Rica (14.3%).

The smallest increases were seen in Mexico (6.6%), El Salvador
(5.9%) and Ecuador (1.4%). Venezuela's global exports decreased
2.5%, even though sales to its former Andean Community partners
grew 13.7%.

Exports among countries belonging to the same trade pacts also
posted strong increases in 2007.  Exports among members of the
Central American Common Market rose 18% while exports among
members of Mercosur increased 27%.  Andean Community intra-
regional exports increased 12%. Overall exports among Latin
American countries grew 18% from 2006 to US$124 billion.



                         ***********


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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