TCRLA_Public/071214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, December 14, 2007, Vol. 8, Issue 248

                          Headlines

A R G E N T I N A

BILLINGHURST BIENES: Proofs of Claim Verification Is on March 18
BNP PARIBAS: Moody's Assigns First-Time Low-B and Junk Ratings
DANA CORP: Addresses Objections to Confirmation of Plan
DANA CORP: Bankruptcy Court to Confirm Reorganization Plan
DANA CORP: Names Post-Bankruptcy Board of Directors

DYNAMOTIVE ENERGY: Hires Thomas Bouchard as CEO Effective Jan. 2
EVOLUCION TEXTIL: Proofs of Claim Verification Is Until March 20
INSTAL TUBE: Proofs of Claim Verification Deadline Is Feb. 5
MAPFRE SEGUROS: Moody's Reviews Ratings for Possible Upgrade
MOVILES BUENOS: Proofs of Claim Verification Ends on March 10

POTENCIAL TRUST: Proofs of Claim Verification Is Until March 28
SHAMA SA: Proofs of Claim Verification Is Until Feb. 11
VISUAL HEALTH: Proofs of Claim Verification Deadline Is April 14


B A H A M A S

HARRAH'S ENT: Gets La. & Iowa Regulators Okay on Apollo/TPG deal


B E R M U D A

SEA CONTAINERS: Wins GE Seaco Arbitration Case
ROCHA CONSTRUCTION: Receiver Filing For Dissolution by Dec. 24


B R A Z I L

DRI CORP: Earns US$499,000 in Third Quarter Ended Sept. 30
FERRO CORP: Declares 14.5 Cents Per Share Quarterly Dividend
FERRO CORP: Adds Steps in Inorganic Specialties Restructuring
FORD MOTOR: Idles Light Truck Plants Two Weeks Ahead of Schedule
GOL LINHAS: Board Approves Dividend Interest Payments to Holders

KENDLE INT'L: S&P Revises Outlook to Positive From Stable
NAVISTAR INT'L: Military Unit Bags US$151.9-Million Contract
TECUMSEH PRODUCTS: Completes US$10-Mln Auto & Specialty Biz Sale
TEREX CORP: Acquires Majority Stake in India Joint Venture


C A Y M A N   I S L A N D S

ALTERNATIVE MULTI-STRATEGIES: Shareholders Meeting Is on Dec. 17
BROCKTON CAPITAL: Proofs of Claim Filing Ends Tomorrow
COMPOUND CAPITAL: Proofs of Claim Filing Deadline Is Tomorrow
CV GROWTH: Will Hold Final Shareholders Meeting on Dec. 17
FAIRFIELD FALCON: Sets Final Shareholders Meeting for Dec. 17

FIRST REINSURANCE: Proofs of Claim Filing Is Until Tomorrow
FIRST REINSURANCE CO: Proofs of Claim Filing Ends Tomorrow
O'CONNOR EVT: Sets Final Shareholders Meeting for Dec. 17
O'CONNOR GLOBAL: Holding Final Shareholders Meeting on Dec. 17
O'CONNOR EUROPEAN: Sets Final Shareholders Meeting for Dec. 17

O'CONNOR GLOBAL FUNDAMENAL: Shareholders Meeting Is on Dec. 17
O'CONNOR GLOBAL QUANTITATIVE: Shareholders Meeting Is on Dec. 17
O'CONNOR GLOBAL QUANTITATIVE EQUITY: Final Meeting Is Dec. 17
SOUTH AFRICA CAPITAL: Final Shareholders Meeting Is on Dec. 17
WALTON SCDO: Proofs of Claim Filing Deadline Is Tomorrow


C H I L E

BOSTON SCIENTIFIC: Celsion Buys 659,738 Shares of Common Stock
SCL TERMINAL: Moody's Lifts Senior Unsecured Debt Rating to Ba1


C O L O M B I A

AES GENER: Performs Capital Raise for 674.6M Shares on Jan. 18
AES GENER: Inks Supply Contracts with Anglo American Chile
UNIFI INC: Weak Liquidity Cues Moody's Junk Ratings


C O S T A   R I C A

HILTON HOTELS: Signs Management Agreement with Amplio


E C U A D O R

* ECUADOR: Gov't. Eyes Oil Tender Absent International Funding


G U A T E M A L A

LAND O'LAKES: S&P Upgrades Corporate Credit Rating to BB


H O N D U R A S

CHOICE HOTELS: Paying US$0.17 Per Share Cash Dividend on Jan. 18


M E X I C O

ACCELLENT INC: Robert Kirby Replaces Michael Marks on Board
BELL MICRO: Signs Agreement to Distribute ATEN Product Lines
CKE RESTAURANTS: Earns US$6.2 Million in Third Quarter 2007
CEMEX SAB: Plans Layoffs After Rinker Acquisition
CINEMARK HOLDINGS: S&P Affirms B Corporate Credit Rating

CLEAR CHANNEL: Extends Merger Pact Termination Date to June 12
DURA AUTOMOTIVE: Resolves Objections to Plan Confirmation
DURA AUTOMOTIVE: Ct. Defers Plan Confirmation Hearing to Dec. 17
DURA AUTOMOTIVE: Extends Marketing Period for US$425M Exit Loan
GRUPO GIGANTE: Gets Requisite Consents to Amend Indenture

MOVIE GALLERY: Can Execute Amendments Under Restructuring Pacts
MOVIE GALLERY: Lease Action Directives on Auction Protocols Set
MOVIE GALLERY: Will Close Down Moviebeam Service on December 15
PQ CORP: Carlyle Deal Cues S&P to Withdraw B Corp. Credit Rating
UNITED RENTALS: Tender Offer Expiration Date Extended to Dec. 21


P A N A M A

NCO GROUP: Signs Definitive Agreement to Acquire Outsourcing Co.
NCO GROUP: S&P Puts B+ Counterparty Credit Rating on Watch


P E R U

LEVI STRAUSS: Taps T. Gary Rogers as Board Chairman


P U E R T O   R I C O

ADELPHIA COMMS: Distributes US$311 Mln Cash and 1,714,365 Shares
MACY'S INC: Deirdre Connelly Joins Board of Directors
PEP BOYS: Irvin Reid Joins Board of Directors


V E N E Z U E L A

ARVINMERITOR INC: Signs Deal to Acquire Mascot Truck
PETROLEOS DE VENEZUELA: Advancing Plans for NatGas Project Dev't


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A R G E N T I N A
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BILLINGHURST BIENES: Proofs of Claim Verification Is on March 18
----------------------------------------------------------------
Billinghurst Bienes Raices SRL, the court-appointed trustee for
Visual Health Institute S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until March 18, 2008.

Mr. Contador will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 11 in Buenos Aires, with the assistance of Clerk
No. 20, 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 Billinghurst Bienes 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 Billinghurst Bienes'
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Billinghurst Bienes Raices SRL
         Billinghurst 2129,
         Buenos Aires, Argentina

The trustee can be reached at:

         Daniel Contador
         Tucuman 1657
         Buenos Aires, Argentina


BNP PARIBAS: Moody's Assigns First-Time Low-B and Junk Ratings
--------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to BNP
Paribas -- Argentine Branch.  These are long- and short-term
local-currency deposit ratings of Ba1 and Not Prime, and long-
and short-term foreign-currency deposit ratings of Caa1 and Not
Prime, respectively.  Moody's also assigned the bank national
scale ratings of Aaa.ar for local currency and Ba1.ar for
foreign currency deposits.  The local currency deposit ratings
have a stable outlook, and those for foreign currency deposits
have a positive one, in line with that of the sovereign ceiling
for Argentina.

Moody's noted that the ratings are constrained by Argentina's
local- and foreign-currency country ceilings for bank deposits.
As a branch of BNP Paribas of France (rated by Moody's at Aa1/
P-1), the bank is not assigned a bank financial strength rating.
Moody's Ba1 for long-term local currency deposits of the branch
in Argentina reflects the risk of the head office, but
constrained by the country ceiling.

The rating agency also points out that BNP Paribas' extensive
track record of operations in the Argentine financial market,
where it has had a presence since 1929, reinforces management's
deep knowledge of the local environment, its product development
and distribution capabilities.  The Argentine branch also
benefits from the head office's financial and management
support, including its risk management and controls
infrastructure.

BNP Paribas (Argentina) had total assets of ARS1 billion
(approximately US$326 million) and equity of ARS79.3 million
(US$25.2 million).

These ratings were assigned to BNP Paribas Argentine Branch:

  -- Global long-term local-currency deposit rating: Ba1, stable
     outlook

  -- Short-term local-currency deposit rating: Not Prime

  -- National scale rating for local currency deposits: Aaa.ar

  -- Global long-term foreign-currency deposit rating: Caa1,
     positive outlook

  -- Short-term foreign currency deposit rating: Not Prime

  -- National scale rating for foreign currency deposits: Ba1.ar

BNP Paribas, one of Europe's largest banks, operates some 2,200
retail branches in France and has operations in about 85 other
countries, including Argentina.


DANA CORP: Addresses Objections to Confirmation of Plan
-------------------------------------------------------
Dana Corp. and its debtor-affiliates received only 11 timely
objections to confirmation of their Joint Plan of Reorganization
-- a remarkably small number considering the size and scope of
the Debtors' Chapter 11 cases, Corinne Ball, Esq., at Jones Day,
in New York, tells the U.S. Bankruptcy Court for the .  She
relates that the Debtors have endeavored to resolve the
objections consensually, hence, only four objections remain
unresolved.

These are the Ad Hoc Committee of Asbestos Personal Injury
Claimants together with Jose Angel Valdez' objections, the Lead
Plaintiffs' objection and Ogre Holdings' objection.  Thus, the
Debtors have chosen to respond to these four objections.

A. Ogre Holdings

Ogre Holdings, Inc.'s objection to the allegedly discriminatory
treatment accorded Tort Claim classified in Class 5B has been
addressed by a proposed modification of the the Plan, which will
more accurately effect the Debtors' intent of preventing a
double recovery to holders of Tort Claims, Ms. Ball points out.

In addition, Ms. Ball says that Ogre Holdings' allegation the
the Plan has not been proposed in good faith within the meaning
of
Section 1129(a)(3) of the Bankruptcy Code has no basis in law.

B. Lead Plaintiffs

In their objection, the Lead Plaintiffs asserted that:

   (i) the Plan contains impermissibly broad releases and
       injunctions; and

  (ii) the Plan should not impact the rights of the Lead
       Plaintiffs or the securities class, either through
       injunctive relief or discharge, to pursue their
       securities claims to the extent of the proceeds of
       certain liability insurance policies the Debtors maintain
       in favor of their directors and officers.

According to Ms. Ball, the Debtors have addressed the Lead
Plaintiffs' first objection.  With regard to the second
objection, she adds that it has been partially addressed through
a proposed addition to the Confirmation Order, which will assure
that nothing in the Plan or its confirmation will prevent the
Lead Plaintiffs from accessing the insurance available to the
non-Debtor defendants in the Securities Litigation.

C. Asbestos Claimants

The Ad Hoc Committee and Jose Angel Valdez' objections, among
other things, allege that:

   (i) the Debtors' implementation of the Restructuring
       Transactions, among other things, leaves Asbestos
       Personal Injury Claims impaired; and

  (ii) the Plan does not provide payment to holders of Asbestos
       Personal Injury Claims once these claims are allowed.

There can be no question as to the impairment of Class 3
Asbestos
Personal Injury Claims under the Plan, Ms. Ball says.  She
explains that the Asbestos Personal Injury claimants will be
reinstated against a solvent Reorganized Dana in accordance with
Section 1124(1) of the Bankruptcy Code.

According to Ms. Ball, the Asbestos Personal Injury Claimants
may also continue to prosecute, and settle if they so choose,
precisely the same claims and cases they possessed before the
Petition Date against the same entities with the same insurance
resources and significantly improved balance sheets.

"At the heart of the objection is the Asbestos Personal Injury
Claimants' evident desire to receive a windfall -- that is, more
than they could have recovered from the Debtors upon their
disputed, contingent, unliquidated and unproven claims if these
bankruptcy cases had not been filed -- at the expense of the
Debtors' other creditors," Ms. Ball says.

Ms. Ball asserts that the Asbestos Personal Injury claimants
these Chapter 11 cases to obtain greater rights against the
Debtors than they enjoyed before the Petition Date, hence, Court
should overrule the Asbestos objections.

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 65; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DANA CORP: Bankruptcy Court to Confirm Reorganization Plan
----------------------------------------------------------
During a confirmation hearing on Dec. 12, 2007, for Dana Corp.'s
Chapter 11 case, the Honorable Burton R. Lifland of the U.S.
Bankruptcy Court for the Southern District of New York disclosed
that he will "entertain an appropriate order of confirmation"
with respect to the company's Plan of Reorganization.  The judge
ruled that all Chapter 11 requirements for confirmation have
been satisfied.

The company is expected to submit the order of confirmation by
Dec. 21, 2007.

The company is positioned to emerge from bankruptcy by the end
of January 2008.

"This is another important step toward our emergence as a
financially stable company that is positioned to compete
vigorously in our global markets," said Dana Chairman and CEO
Mike Burns.

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  (Dana Corporation
Bankruptcy News, Issue No. 65; Bankruptcy Creditors' Service
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DANA CORP: Names Post-Bankruptcy Board of Directors
---------------------------------------------------
Dana Corporation disclosed the selection of nine individuals who
are expected to serve as members of the board of directors of
Dana upon emergence from Chapter 11 reorganization.  The board
will include Dana Chairman and Chief Executive Officer Mike
Burns, who is expected to be named Chief Executive Officer.  At
emergence, it is expected that the offices of Chairman and Chief
Executive Officer will be separate.

"We are pleased to welcome this group of highly respected
individuals to the Dana team and look forward to benefiting from
their perspective and guidance as we embark on our new
beginning," Mr. Burns said.  "The combined experience, business
acumen, and high ethical standards represented by this board
will provide a sound foundation for our future success."  The
board, which has been selected by creditors and new investors,
assembles distinguished leaders from government, finance, and
automotive backgrounds.  Collectively, the board represents more
than 170 years of automotive industry experience.

                 Proposed New Board of Directors

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

Gary L. Convis, 65, retired in 2007 as the Chairman of Toyota
Manufacturing, Kentucky and Executive Vice President of Toyota
Motor Engineering & Manufacturing North America, Inc., where he
had served since 2002. Prior to serving in these roles, Mr.
Convis spent 16 years at New United Motor Manufacturing, Inc.
Mr. Convis also spent more than 20 years in various roles with
General Motors Corporation and Ford Motor Company. Mr. Convis is
also a board member of Cooper-Standard Automotive Inc. and
Compass Automotive Group, Inc.

John M. Devine, 63, is the former Vice Chairman and Chief
Financial Officer of General Motors Corporation, where he served
from 2001 to 2005.  Prior to joining GM, Mr. Devine served as
Chairman and Chief Executive Officer of Fluid Ventures, LLC.
Previously, he spent 32 years at Ford Motor Company, where he
last served as Executive Vice President and Chief Financial
Officer.  Mr. Devine is also currently a board member of
Amerigon Incorporated.

Mark T. Gallogly, 50, is Managing Partner of Centerbridge
Partners, L.P., a multi-strategy private investment firm.  Prior
to co-founding Centerbridge, Mr. Gallogly served as a Senior
Managing Director of The Blackstone Group from 1994 to 2005,
heading the firm's Private Equity Group from 2003 to 2005.
Richard A. Gephardt, 66, is a senior counsel in the Government
Affairs practice group at DLA Piper, one of the world's largest
law firms.  Previously, Mr. Gephardt served as a Congressman for
Missouri's Third Congressional District for 28 years.  He was
the leader of the House Democrats for more than a decade,
serving as House majority leader from 1989 to 1994 and minority
leader from 1995 to 2003.

Stephen J. Girsky, 45, is President of Centerbridge Industrial
Partners, LLC. Prior to joining Centerbridge, Mr. Girsky was the
Special Adviser to the Chief Executive Officer and Chief
Financial Officer of General Motors Corporation from 2005 to
2006.  Prior to joining GM, Mr. Girsky was managing director at
Morgan Stanley and the senior analyst of the Morgan Stanley
Global Automotive and Auto Parts Research Team.

Terrence J. Keating, 58, is Chairman of Accuride Corporation,
one the largest and most diversified manufacturers and suppliers
of commercial vehicle components in North America.  He has
served as CEO and a director of Accuride Corporation since 2002,
and was named Chairman of the company earlier this year.  He
recently announced plans to retire from active employment as an
officer of the company at the end of 2008.  Mr. Keating also
serves as Vice Chairman and a director of the Heavy Duty
Manufacturers Association.

Mark A. Schulz, 55, is the former President of International
Operations of the Ford Motor Company, where he spent 32 years in
a variety of global roles.  Mr. Schulz serves as a member of
several boards, including the National Committee of United
States-China Relations, the United States-China Business
Council, and the National Bureau of Asian Research. He is also a
member of the International Advisory Board for the President of
the Republic of the Philippines.  Mr. Schulz is also currently a
board member of YRC Worldwide Inc.

Jerome B. York, 69, has served as Chief Executive Officer of
Harwinton Capital LLC, a private investment company that he
controls, since 2000.  From 2000 to 2003, Mr. York was Chairman
and Chief Executive Officer of MicroWarehouse, Inc.  From 1995
to 1999, he served as Vice Chairman of Tracinda Corporation.  He
served as Senior Vice President and Chief Financial Officer of
IBM Corporation from 1993 to 1995.  Prior to that, Mr. York
spent 14 years at Chrysler Corporation serving as its Chief
Financial Officer from 1990 to 1993.  Mr. York is also currently
a director of Apple Inc. and Tyco International Ltd.

                          All-Star Cast

The Detroit Free Press notes that Dana is assembling "an all-
star board of directors", with former top executives from the
world's three biggest automakers, a former adviser to General
Motors Corp. CEO Rick Wagoner, and Mr. Wagoner's onetime
nemesis, Jerome York.

Among the new directors and officers are former auto auto
executives:

   * Gary Convis was retired chairman of Toyota Motor Corp.'s
     Toyota Manufacturing, Kentucky;

   * John Devine is a former vice chairman and chief financial
     officer of General Motors Corp.; and

   * Mark Schulz is a former president of International
     Operations of the Ford Motor Co.

Mr. York is a former Chrysler Corp chief financial officer and
has been an adviser to investor Kirk Kerkorian.  Mr. York
resigned from GM's board promptly after talks of a possible tie
up with Nissan Motor Co. and Renault SA died down.  Mr.
Kerkorian's Tracinda Corp., who had pushed for the tie-up,
later disposed of his shares in GM, which went as high as 9.9%.

Mr. Girsky was a special adviser to the CEO and CFO of GM from
2005 to 2006.

                 Burns Stepping Down as Chairman

Mr. Burns is relinquishing his title as chairman of Dana.

Mr. Burns is, however, to expected to remain with the company.
According to documents submitted to the Court, Michael J. Burns
will be the President, Chief Executive Officer and Chief
Operating Officer for Dana Holding Corporation and Dana Limited.

FutureoftheUnion.com notes that Judge Lifland had authorized the
company to pay up to US$6,750,000 in cash and stock to Mr. Burns
when the company exits bankruptcy.

Buffalo Business First recounts that Mr. Burns was a GM vice
president in charge of Delphi Harrison Thermal Systems in
Lockport from 1994 to 1996.  He left the auto-maker to join Dana
in 2004.

A complete list of New Dana Holdco's directors and officers is
available for free at:

         http://bankrupt.com/misc/NewDanaHoldco_D&O's.pdf

                           About Dana

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

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

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

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

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

The Debtors filed their Joint Plan of Reorganization on Aug. 31,
2007.  On Oct. 23, 2007, the Court approved the adequacy of the
Disclosure Statement explaining their Plan.  The Court has set
Dec. 10, 2007, to consider confirmation of the Plan.  (Dana
Corporation Bankruptcy News, Issue No. 65; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DYNAMOTIVE ENERGY: Hires Thomas Bouchard as CEO Effective Jan. 2
----------------------------------------------------------------
Dynamotive Energy Systems Corporation has appointed Thomas J.
Bouchard as Chief Operating Officer.  Mr. Bouchard's appointment
will be effective Jan. 2, 2008, and he will report directly to
Andrew Kingston, Dynamotive's President and Chief Executive
Officer.  Mr. Bouchard will help lead the ramp up of global
operations.

Mr. Bouchard, age 47, brings extensive experience from the
process manufacturing industry including materials, quality
control and packaging industry segments.  For over 20 years at
General Electric, he successfully held numerous operational and
general management positions in its plastics business in the
U.S., Canada and Europe.  Most recently he was the VP & GM -
Americas for Consumer Solutions at MeadWestvaco, and prior to
that Mr. Bouchard was the CEO of MetricVision Inc., where he led
the successful turnaround and sale of this venture-capital-
backed manufacturer and marketer of laser-based quality control
products.  A member of the Potomac Officers Club, Mr. Bouchard
also serves on the board of directors of Sigma Space Corporation
and Segmented Sensor Technologies, Inc.  He earned a Master of
Science degree in Management from Purdue University and a
Bachelor's degree in Chemistry from Williams College.

Andrew Kingston commented, "Tom Bouchard's track record in
making things happen is one of his many strengths and DynaMotive
is fortunate to have him join the team." He added: "Tom holds
the academic credentials and has the top-drawer, hands-on
experience to help us take Dynamotive to the next level of
operations and market penetration.  We welcome him aboard and
look forward to his contribution."

                         About BioOil(R)

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

                     About Dynamotive Energy

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

                     Going Concern Doubt

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

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


EVOLUCION TEXTIL: Proofs of Claim Verification Is Until March 20
----------------------------------------------------------------
Jorge Alberto Vazquez, the court-appointed trustee for Visual
Health Institute S.R.L.'s bankruptcy proceeding, will verify
creditors' proofs of claim until March 20, 2008.

Mr. Vazquez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk
No. 3, 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 Visual Health 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 Visual Health's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Evolucion Textil SRL
         Sayos 5518
         Buenos Aires, Argentina

The trustee can be reached at:

         Jorge Alberto Vazquez
         Bartolome Mitre 2593
         Buenos Aires, Argentina


INSTAL TUBE: Proofs of Claim Verification Deadline Is Feb. 5
------------------------------------------------------------
Hector Rodolfo Arzu, the court-appointed trustee for Instal Tube
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 5, 2008.

Mr. Arzu will present the validated claims in court as
individual reports on March 24, 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 Instal Tube 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 Instal Tube's
accounting and banking records will be submitted in court on
May 12, 2008.

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

The debtor can be reached at:

         Instal Tube S.A.
         Brandsen 257/261
         Buenos Aires, Argentina

The trustee can be reached at:

         Hector Rodolfo Arzu
         Junin 55
         Buenos Aires, Argentina


MAPFRE SEGUROS: Moody's Reviews Ratings for Possible Upgrade
------------------------------------------------------------
Moody's Latin America has placed MAPFRE Argentina ART's and
MAPFRE Seguros de Vida's B1 global local currency and Aa3.ar
national scale insurance financial strength ratings on review
for a possible upgrade.  At the same time, Moody's affirmed
MAPFRE Argentina Seguros' Ba3 global local currency and Aa2.ar
national scale IFS ratings and maintained the stable outlook.

The review for upgrade is prompted by MAPFRE Vida's and MAPFRE
ART's enhanced earnings, as well as their improved market
position and franchise strength achieved in recent years.
According to Moody's, the review for possible upgrade will focus
primarily on three key considerations, including:

   1) the expectations for the insurance operations' continued
      earnings growth and sustained capitalization;

   2) the extent to which the companies will continue growing
      their market presence and strengthening the MAPFRE brand
      in the local market and;

   3) the strategic and financial integration of the local
      operations with both their ultimate parent, MAPFRE S.A.,
      and amongst themselves.

Moody's added that the review will also consider the risk
inherent in the quality of their assets, given the high
proportion of investment allocation in speculative-grade
instruments, as well as the intrinsic regulatory risks
associated with the segments of operations, particularly
workers' compensation.

The affirmation of MAPFRE Seguros' ratings is supported by the
company's increased penetration in the local market, currently
with over 8% market share -- compared to 6% in 2003 -- and the
support from MAPFRE S.A.  The rating agency noted that the
increased concentration of business in the softer market
segments -- primarily auto and property insurance -- has
increased MAPFRE Seguros' earnings volatility and operating
leverage, as well as significantly decreasing the company's
return on equity.

Argentina's high sovereign risk, characterized by relatively
unstable macroeconomic and political environment, is a
significant constraint to the IFS ratings of all three
companies.

Moody's most recent rating action on MAPFRE's operations in
Argentina took place on Dec. 7, 2004, when it assigned
Ba3/Aa2.ar IFS ratings to MAPFRE Seguros and B1/Aa3.ar IFS
ratings to MAPFRE Vida and MAPFRE ART.

These ratings were placed on review for possible upgrade:

  -- MAPFRE Argentina A.R.T. S.A. -- insurance financial
     strength at B1 (global local currency) and Aa3.ar
     (Argentina national scale)

  -- MAPFRE Argentina Seguros de Vida S.A. -- insurance
     financial strength at B1 (global local currency) and Aa3.ar
     (Argentina national scale)

These ratings were affirmed with a stable outlook:

  -- MAPFRE Argentina Seguros S.A. -- insurance financial
     strength rating at Ba3 (global local currency) and Aa2.ar
     (Argentina national scale);

Based in Buenos Aires, MAPFRE Seguros, MAPFRE ART and MAPFRE
Vida are wholly-owned subsidiaries of MAPFRE S.A., headquartered
in Madrid, Spain.  For the first quarter of the 2008 fiscal
year, beginning on July 1, 2007, MAPFRE Seguros, MAPFRE ART and
MAPFRE Vida reported total gross premium of ARS294.6 million,
ARS99.3 million and ARS15.8 million, respectively. In that same
period, MAPFRE Seguros and MAPFRE ART posted net losses of
ARS10.4 million and ARS3.9 million respectively, while MAPFRE
Vida posted net income of ARS0.7 million.  On Sept. 30, 2007,
MAPFRE Seguros', MAPFRE ART's and MAPFRE Vida's assets totaled
ARS668.9 million, ARS273.9 million and ARS70.6 million,
respectively, and their shareholders' equity was reported at
ARS134.2 million, ARS51.5 million and ARS24.7 million,
respectively.


MOVILES BUENOS: Proofs of Claim Verification Ends on March 10
-------------------------------------------------------------
Horacio Jose Caliri, the court-appointed trustee for Instal Tube
S.A.'s bankruptcy proceeding, verifies creditors' proofs of
claim until March 10, 2008.

Mr. Caliri will present the validated claims in court as
individual reports on April 21, 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 Instal Tube 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 Instal Tube's
accounting and banking records will be submitted in court on
June 3, 2008.

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

The trustee can be reached at:

         Horacio Jose Caliri
         Lavalle 1206
         Buenos Aires, Argentina


POTENCIAL TRUST: Proofs of Claim Verification Is Until March 28
---------------------------------------------------------------
Juan Jose Romanelli, the court-appointed trustee for Potencial
Trust SA's bankruptcy proceeding, verifies creditors' proofs of
claim until March 28, 2008.

Mr. Romanelli will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 8 in Buenos Aires, with the assistance of Clerk No.
16, 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 Potencial Trust 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 Potencial Trust's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Potencial Trust SA
         Bolivar 1725
         Buenos Aires, Argentina

The trustee can be reached at:

         Juan Jose Romanelli
         Gandara 2700
         Buenos Aires, Argentina


SHAMA SA: Proofs of Claim Verification Is Until Feb. 11
-------------------------------------------------------
Osvaldo Norberto Siciliano, the court-appointed trustee for
Shama S.A.'s bankruptcy proceeding, verifies creditors' proofs
of claim until Feb. 11, 2008.

Mr. Siciliano will present the validated claims in court as
individual reports on March 24, 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 Shama 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 Shama's accounting
and banking records will be submitted in court on May 7, 2008.

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

The trustee can be reached at:

         Osvaldo Norberto Siciliano
         Hipolito Yrigoyen 1349
         Buenos Aires, Argentina


VISUAL HEALTH: Proofs of Claim Verification Deadline Is April 14
----------------------------------------------------------------
Maria Paulina Alva, the court-appointed trustee for Visual
Health Institute S.R.L.'s bankruptcy proceeding, verifies
creditors' proofs of claim until April 14, 2008.

Ms. Alva will present the validated claims in court as
individual reports on June 16, 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 Visual Health 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 Visual Health's
accounting and banking records will be submitted in court on
Aug. 14, 2008.

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

The trustee can be reached at:

         Maria Paulina Alva
         Montevideo 536
         Buenos Aires, Argentina




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


HARRAH'S ENT: Gets La. & Iowa Regulators Okay on Apollo/TPG deal
----------------------------------------------------------------
Harrah's Entertainment Inc. received approval from the Louisiana
Gaming Control Board and the Iowa Racing and Gaming Commission
for the proposed acquisition of Harrah's by affiliates of Apollo
Management, L.P. and TPG Capital.

The transaction remains subject to approval by other
jurisdictions in which Harrah's subsidiaries operate and other
conditions to closing set forth in the agreement and plan of
merger entered into on Dec. 19, 2006.  Harrah's expects the
transaction to close in early 2008.

                 About Apollo Management L.P.

Based in New York, Apollo Management L.P. is a private equity
L.P. firm, founded in 1990 by Leon Black.  It also has offices
in Los Angeles and London.  It has invested over $16 billion in
companies inside and outside the of the United States.

                        About TPG Capital

Headquartered in Fort Worth, Texas, TPG Capital, also known as
Texas Pacific Group -- http://www.texaspacificgroup.com/-- has
staked its claim on the buyout frontier.  The company, which
does not get involved in the day-to-day operations of the
companies in which it invests, usually holds onto an investment
for at least five years, although consistent moneymakers may be
kept indefinitely.

                  About Harrah's Entertainment

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

                          *     *     *

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



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


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)


ROCHA CONSTRUCTION: Receiver Filing For Dissolution by Dec. 24
--------------------------------------------------------------
Stephen E. Lowe, the official receiver of Rocha Construction &
Landscaping 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 Rocha Construction 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 Rocha Construction, 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 Rocha Construction
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.




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


DRI CORP: Earns US$499,000 in Third Quarter Ended Sept. 30
----------------------------------------------------------
DRI Corporation reported net income of US$499,000 on net sales
of US$13.9 million for the third quarter ended Sept. 30, 2007,
compared with a net loss of US$1.0 million on net sales of
US$12.4 million in the comparable period last year.

The net sales increase resulted from higher U.S. domestic sales
of US$1.1 million and an increase in international sales of
US$427,000.

The increase in U.S. sales was a result of higher sales in
TwinVision of North America Inc. and Digital Recorders Inc.

Operating income increased to US$906,000 during the three months
ended Sept. 30, 2007, versus an operating loss of US$710,000 in
the comparable 2006 quarter.  The increase in operating income
is due to higher sales and lower selling, general and
administrative expenses offset by higher cost of sales and
higher research and development expenses.

Other expense decreased US$153,000 from US$295,000 for the three
months ended Sept. 30, 2006, to US$142,000 for the three months
ended Sept 30, 2007, mainly due to a US$119,000 increase in
foreign currency gain.

The company recorded a net income tax expense of US$138,000 for
the three months ended Sept. 30, 2007, as compared with net
income tax expense of US$59,000 for the three months ended
Sept. 30, 2006.

On April 30, 2007, the company divested DAC, which comprised all
the operations of the law enforcement and surveillance segment
of the company.  Since the divestiture of DAC occurred on April
30, 2007, there is no income or loss from discontinued
operations reported for the third quarter of 2007, whereas
income from discontinued operations of US$212,000 were reported
for the third quarter of 2006.

For the nine months ended Sept. 30, 2007, sales increased by
13.1% to US$40.8 million and net income was US$432,000.  This
compares to sales of US$36.1 million and a net loss of US$1.9
million for the same period last year.

At Sept. 30, 2007, the company's consolidated balance sheet
showed US$37.2 million in total assets, US$17.6 million in total
liabilities, US$392,000 in minority interest in consolidated
subsidiary, and US$19.2 million in total shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2007, are available
for free at http://researcharchives.com/t/s?2651

                     Laurus Credit Agreement

The company has an asset-based lending agreement with Laurus
which provides up to $6.0 million in borrowings under a
revolving credit facility.  This credit facility is secured by
all tangible and intangible assets of the company in the U.S.
The Laurus Credit Agreement contains no financial covenants.  At
Sept. 30, 2007, remaining borrowing availability under the
revolving credit facility was approximately $1.5 million.  The
Laurus Credit Agreement has a maturity date of June 30, 2008.
The company  anticipates its cash resources will not be
sufficient to make payment in full on the outstanding balance of
this line of credit at the maturity date.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on Apr. 5, 2007,
PricewaterhouseCoopers LLP expressed substantial doubt about
Digital Recorders Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2006, and 2005.  The auditing firm
pointed to the company's recurring losses from operations and
accumulated deficit.

                      About DRI Corporation

Based in DRI Corp. (Nasdaq: TBUS) -- http://www.digrec.com/--
formerly Digital Recorders Inc., is a digital communications
technology company in the domestic and international public
transportation and transit security markets.  Its products
include TwinVision(R) and Mobitec(R) electronic destination sign
systems, Talking Bus(R) voice announcement systems, Digital
Recorders(R) Internet-based passenger information and automatic
vehicle location/monitoring systems, and VacTell(TM) video
actionable intelligence systems.  The company has office in
Brazil.


FERRO CORP: Declares 14.5 Cents Per Share Quarterly Dividend
------------------------------------------------------------
Ferro Corporation's Board of Directors has declared a regular
quarterly dividend of 14.5 cents per share of common stock.  The
dividend is payable on March 10, 2008, to shareholders of record
on Feb. 15, 2008.

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.


FERRO CORP: Adds Steps in Inorganic Specialties Restructuring
-------------------------------------------------------------
Ferro Corporation has initiated additional steps in the
restructuring of its worldwide Inorganic Specialties Group.  As
a result of this restructuring and the reduction of
approximately 50 employee positions, the company expects to
record a pre-tax charge for employee severance and pension costs
of approximately US$1.6 million in the fourth quarter ended
Dec. 31, 2007, and the Company may record additional charges in
future periods. These charges are in addition to those included
in the fourth quarter earnings estimates that the Company
announced on Nov. 9.

In addition to the charges announced today, Ferro estimates it
may record future severance and pension costs of approximately
US$2.3 million through the third quarter of 2008 related to
these actions, and potential further reductions of employee
positions.  A final decision to proceed with actions related to
any additional charges will be made after the Company has
completed required consultations with employee representatives
at the affected sites.

These restructuring actions are part of Ferro's ongoing effort
to reduce costs in its Inorganics manufacturing operations,
including the reduction of annual manufacturing costs in Europe
by US$40 million to US$50 million by the end of 2009.

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.


FORD MOTOR: Idles Light Truck Plants Two Weeks Ahead of Schedule
----------------------------------------------------------------
Ford Motor Company temporarily closes two light truck plants in
Dearborn, Michigan and Louisville, Kentucky on Monday, 14 days
earlier than the plants' planned shuttering for the holidays,
the Associated Press reports.

The measure is a ploy to adjust supply of F-150 pickups and
Explorer sport utility vehicles to meet fluctuating demand,
according to AP citing company spokeswoman Anne Marie Gattari.

Sales of Ford's F-series pickups, AP relates, fell 11.7% to
46,568 in November 2007.

As reported in the Troubled Company Reporter on Dec. 7, 2007,
Ford disclosed that due to low November sales, Ford plans a 7%
car production decrease in the first quarter of 2008, expecting
to produce only 685,000 vehicles.

Analysts anticipate low annual sales in 2008, a drop in U.S.
light vehicle sales to 3% to 15.6 million units, a record low
since 1998.

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

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

                          *     *     *

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


GOL LINHAS: Board Approves Dividend Interest Payments to Holders
----------------------------------------------------------------
GOL Linhas Aereas Inteligentes S.A., the parent company of
Brazil's low-cost airlines GOL Transportes Aereos S.A. and VRG
Linhas Aereas S.A., announces to shareholders that its Board of
Directors, at a meeting held on Dec. 11, 2007, approved the
payment of interest on stockholder's capital and supplementary
dividends, referring to the fourth quarter of the fiscal year of
2007.

       I - Amount of Interest on Stockholder's Capital and
                    Supplementary Dividends

The total amount of interest on stockholder's capital and
supplementary dividends is BRL76,519,720.62, corresponding to
BRL0.35, per common and preferred shares.

From the total amount, it will be paid in the form of interest
on stockholder's capital, the gross amount of BRL38,097,542.49,
corresponding to the net amount of BRL0.16007, per common and
preferred share, and BRL38,422,178.13, in the form of
supplementary dividends, corresponding to BRL0.18993, per common
and preferred share of the company.

                      II - Date of Credit

All outstanding shares on Dec. 24, 2007, inclusive, will be
entitled to receive the interest on stockholder's capital and
supplementary dividends approved.  The credit of the amount of
the interest on stockholder's capital and supplementary
dividends on the company's accounting records shall be made on
Dec. 28, 2007, considering the shareholder position of Dec. 24,
2007.

                     III - Ex-Dividends Date

The company's shares will be traded on BOVESPA and NYSE, "ex"
dividends as of, and including, Dec. 26, 2007.

                   IV - Withholding Income Tax

The amount of the interest on stockholder's capital is subject
to withholding income tax at a rate of 15%, except to
shareholders that evidence to be exempt or immune, and for those
domiciled in a tax heaven jurisdiction, subject to an income tax
rate of 25%.

                V - Evidence of Exemption/immunity

Shareholders immune or exempt of withholding income tax shall
verify if such condition is stated in their records maintained
at the company's shares registrar (Banco Itau S/A.) and, if
necessary, must update their records in order to take advantage
of the referred benefit, until Dec. 27, 2007.

     VI - Imputation of Interests on Stockholder's Capital

The interest on stockholder's capital, net of withholding income
tax, will be imputed to mandatory dividends related to the
corporate year of 2007.  The payment of interest on
stockholder's capital and supplementary dividends is resolved
according to the quarterly intercalary dividends policy approved
by the meeting of the Board of Directors held on Jan. 29, 2007,
in the fixed amount of BRL0.35 per common and preferred share,
per quarter, during 2007.  Regardless of the fixed amount, it is
assured the payment of the minimum dividend of 25% of the
corporate year's net profit, and if necessary, the company will
make a year-end supplementary dividend payment.

    VII - Payment of Interest on Stockholder's Capital and
                     Supplementary Dividends

The interest on stockholder's capital and supplementary
dividends will be paid to shareholders, with no remuneration, on
Feb. 1, 2008.

Closely held supplementary pension entities, in order to not
have income tax withheld, shall send a specific statement to the
company, to the address below, before Dec. 27, 2007, with
certified signatures and proper documents to evidence authority
of signatory.  A statement form and further clarifications may
be obtained at:

    GOL Linhas Aereas Inteligentes S.A.
    IR Department
    Rua Gomes de Carvalho, no 1.629, Vila Olimpia
    Sao Paulo - SP - CEP:  04547-006

Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay.  The company's
services include passenger, cargo, and charter services.  As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft.
The company was founded in 2001.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 25, 2007, Fitch Ratings has affirmed the 'BB+' foreign and
local currency issuer default ratings of Gol Linhas Aereas
Inteligentes S.A.  Fitch has also affirmed the outstanding
US$200 million perpetual bonds and US$200 million of senior
notes due 2017 at 'BB+' as well as the company's 'AA-' (bra)
national scale rating.  Fitch said the rating outlook is stable.


KENDLE INT'L: S&P Revises Outlook to Positive From Stable
---------------------------------------------------------
Standard & Poor's Rating Services has revised its outlook on
Kendle International Inc. to positive from stable.  S&P also
revised its issue rating on the company's amended US$53.5
million revolver to 'BB' with a recovery rating of '1',
indicating the expectation of very high (90%-100%) recovery of
principal in the event of default.  At the same time, S&P
affirmed all existing ratings, including its 'B+' corporate
credit rating, on the company.

The outlook revision reflects the company's progress integrating
the operations of Charles River Laboratories International phase
II-IV clinical research operations, which was acquired for about
US$236 million in August 2006.  In addition, the company has
generated free cash flow in excess of S&P's expectations since
the initial rating.  While free cash flow may be used to fund
selective acquisitions to expand the company's global reach in
the future, cushion exists in the financial risk profile to
absorb such transactions.

S&P's ratings on the company continue to reflect the company's
aggressive leverage, and the challenges of managing a rapidly
growing business.  These risks partly are offset by the
company's strong position in a fairly fragmented market and its
global presence.

Based in Cincinnati, Kendle International Inc. (Nasdaq: KNDL) --
http://www.kendle.com/-- is a global clinical research
organization and provides Phase II-IV clinical development
services worldwide.  The company's global clinical development
business is focused on five regions - North America, Europe,
Asia/Pacific, Africa and Latin America including Brazil.


NAVISTAR INT'L: Military Unit Bags US$151.9-Million Contract
------------------------------------------------------------
Navistar International Corporation's military affiliate,
International Military and Government LLC, has been awarded a
contract for US$151.9 million from U.S. Marine Corp. to provide
parts and support for MaxxPro(TM) Mine Resistant Ambush
Protected Vehicles.  This supplements previous parts and
components contract awards, now totaling nearly US$300 million.

The U.S. Marine Corps has ordered 2,971 MaxxPro MRAP vehicles to
date to be delivered by April 2008.  Overall, these vehicle,
parts and support contracts total more than US$1.8 billion.

"With our vehicles now in theater, Navistar's global network
provides the U.S. armed forces with the essential support they
need to keep the MaxxPro MRAP mission ready," said Archie
Massicotte, president of International Military and Government,
LLC.

Navistar's commercial scale brings the military unique
advantages in engineering, manufacturing and parts and service
support.  The company has nearly 1,000 dealership locations
worldwide, including facilities in 75 countries outside North
America, including Iraq and Afghanistan.

"We are bringing the total package to the military - vehicles,
parts and field support," said Tom Feifar, general manager,
Global Defense and Export, Navistar Parts.  "Our goal is to keep
these vehicles up and running so the troops can focus on their
mission.  It's an honor to be a part of the effort to support
our troops."

Last year, Navistar built more than 160,000 trucks and school
buses and 560,000 diesel engines.

"We already have delivered more than 700 MaxxPro MRAP vehicles
and 60,000 parts pieces and components since receiving our first
contract at the end of May of this year.  We are on our way to
building 500 vehicles per month by February," concluded
Massicotte.

Based in Warrenville, Illinois, Navistar International Corp.
(NYSE:NAV) -- http://www.nav-international.com/-- is the parent
company of Navistar Financial Corp. and International Truck and
Engine Corp.  The company produces International brand
commercial trucks, mid-range diesel engines and IC brand school
buses, Workhorse brand chassis for motor homes and step vans,
and is a private label designer and manufacturer of diesel
engines for the pickup truck, van and SUV market.  The company
also provides truck and diesel engine parts and service sold
under the International brand.  A wholly owned subsidiary offers
financing services.  The company has operations in Brazil,
Iceland and India.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 29, 2007,
Standard & Poor's Ratings Services said that its 'BB-' corporate
credit ratings on North American truck and diesel engine
producer Navistar International Corp. and subsidiary Navistar
Financial Corp. remain on CreditWatch with negative
implications, where they were placed on Jan. 17, 2006.


TECUMSEH PRODUCTS: Completes US$10-Mln Auto & Specialty Biz Sale
----------------------------------------------------------------
Tecumseh Products Company has completed the sale of its
automotive & specialty business operations, to be known as Von
Weise USA Inc., to an affiliate of Sun Capital Partners Inc.
The purchase price was US$10 million in cash.

The transaction included Tecumseh's facilities in Eaton Rapids,
Michigan; Nappanee, Indiana; Juarez, Mexico; and Cambridge,
Ontario.

The automotive & specialty business, which operated under the
"Fasco" name prior to the sale of other divisions of the
Electrical Components business segment to Regal Beloit
Corporation, is conducting business as "Von Weise USA Inc." in
the U.S., "TPC Motores de Mexico, S. de R.L. de C.V." in Mexico,
and "Von Weise of Canada Company" in Canada, and will be doing
business henceforth under the Von Weise brand.

Rothschild Inc. served as financial advisor to Tecumseh.

               About Sun Capital Partners Inc.

Sun Capital Partners Inc. is a private investment firm focused
on leveraged buyouts, equity, debt, and other investments in
companies that can benefit from its in-house operating
professionals and experience.  Sun Capital affiliates have
invested in and managed more than 170 companies worldwide since
Sun Capital's inception in 1995.  Sun Capital has offices in
Boca Raton, Los Angeles, and New York, and affiliates with
offices in London, Tokyo, and Shenzhen.

                About Tecumseh Products Company

Headquartered in Tecumseh, Michigan, Tecumseh Products Company
(Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/--
manufactures hermetic compressors for air conditioning and
refrigeration products, gasoline engines and power train
components for lawn and garden applications, submersible pumps,
and small electric motors.  The company has offices in Italy,
United Kingdom, Brazil, France, and India.

In March of 2007, the company's Brazilian engine subsidiary,
TMT Motoco, was granted permission by the Brazilian courts to
pursue a judicial restructuring, similar to a U.S. filing for
Chapter 11 bankruptcy protection.  The TMT Motoco filing in
Brazil constituted an event of default with our domestic
lenders.  On April 9, 2007, the company obtained amendments to
its First and Second Lien Credit Agreements that cured the
cross-default provisions triggered by the filing in Brazil.


TEREX CORP: Acquires Majority Stake in India Joint Venture
----------------------------------------------------------
Terex Corporation has acquired a controlling share of its
ongoing joint venture, Terex Vectra Equipment, which builds
loader-backhoes, skid steer loaders and compaction rollers at a
facility occupying 36 acres in Greater Noida, Utter Pradesh,
India.  Terex now owns 70% of the venture, which began
operations in 2003.

"As India's impressive and steady infrastructure development has
progressed, Terex Vectra has seen a significant increase in
sales, particularly in loader-backhoes, a large and rapidly
growing market in that country," said Robert Isaman, president,
Terex Construction.  "The acquisition of majority ownership of
Terex Vectra is a logical step in our strategy of expanding the
Terex market presence in India and we are encouraged by our
early successes.  The increased ownership also provides Terex
with control over operations and manufacturing, which will allow
us to accelerate our integration strategy and business systems
implementation."

Headquartered in Westport, Connecticut, Terex Corporation
(NYSE:TEX) - http://www.terex.com/-- manufactures a broad range
of equipment for use in various industries, including the
construction, infrastructure, quarrying, surface mining,
shipping, transportation, refining, and utility industries.
Terex offers a complete line of financial products and services
to assist in the acquisition of Terex equipment through Terex
Financial Services.  The company operates in five business
segments: Aerial Work Platforms, Construction, Cranes, Materials
Processing & Mining, and Roadbuilding, Utility Products and
Other.  The company has operations in Australia, Brazil, China,
Japan, Germany, United Kingdom, among others.

                        *     *     *

In August 2007, Moody's placed the company's long-term corporate
family rating and probability of default rating at Ba2, bank
loan debt rating at Ba1, and senior subordinate rating at Ba3.
These ratings still hold to date.  Moody's said the outlook is
stable.

Standard & Poor's placed the company's long-term foreign and
local issuer credits at BB, which still hold to date.  S&P said
the rating's outlook is stable.




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


ALTERNATIVE MULTI-STRATEGIES: Shareholders Meeting Is on Dec. 17
----------------------------------------------------------------
Alternative Multi-Strategies Fund will hold its final
shareholders meeting on Dec. 17, 2007, at 10:00 a.m. at:

             Banque Privee Edmond de Rothschild Europe
             20 Boulevard Emmanuel Servais
             L-2535 Luxembourg

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 three 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.

Alternative Multi-Strategies' shareholders agreed on Oct. 29,
2007, to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            Banque Privee Edmond De Rothschild Europe
            20 Boulevard Emmanuel Servais
            L-2535 Luxembourg


BROCKTON CAPITAL: Proofs of Claim Filing Ends Tomorrow
------------------------------------------------------
Brockton Capital Fund I GP (Cayman) Limited's creditors are
given until Dec. 15, 2007, to prove their claims to John
Cullinane and Derrie Boggess, 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.

Brockton Capital's shareholder agreed on Oct. 16, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman KY1-9002
            Cayman Islands
            Phone: (345) 914-6305


COMPOUND CAPITAL: Proofs of Claim Filing Deadline Is Tomorrow
-------------------------------------------------------------
Compound Capital Growth, Ltd.'s creditors are given until
Dec. 15, 2007, to prove their claims to John Cullinane and
Derrie Boggess, 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.

Compound Capital's shareholder agreed on Nov. 14, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

            John Cullinane
            Derrie Boggess
            c/o Walkers SPV Limited
            Walker House, 87 Mary Street
            George Town, Grand Cayman,
            KY1-9002 Cayman Islands
            Phone: (345) 914-6305


CV GROWTH: Will Hold Final Shareholders Meeting on Dec. 17
----------------------------------------------------------
CV Growth Fund will hold its final shareholders meeting on
Dec. 17, 2007, at 10:00 a.m. at:

             KPMG
             2nd Floor, Century Yard
             Cricket Square, P.O. Box 493
             Grand Cayman KY1-1106, Cayman Islands

These agenda will be taken during the meeting:

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

   2) accounting of the winding-up process;

   3) authorization 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.

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


FAIRFIELD FALCON: Sets Final Shareholders Meeting for Dec. 17
-------------------------------------------------------------
Fairfield Falcon Pacific Japan Equity Fund Ltd. will hold its
final shareholders meeting on Dec. 17, 2007, at:

            36A Dr Roy's Drive
            Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

The liquidators can be reached at:

            Andrew Hersant
            Chris Humphries
            Stuarts Walker Hersant Attorneys-at-Law
            Dr. Roy's drive, P.O. Box 2510
            Grand Cayman KY1-1104, Cayman Islands


FIRST REINSURANCE: Proofs of Claim Filing Is Until Tomorrow
-----------------------------------------------------------
First Reinsurance Company of Florida, Ltd.'s creditors are given
until Dec. 15, 2007, to prove their claims to Global Captive
Management, Ltd., the company's liquidator, or be excluded from
receiving any distribution or payment.

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

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

The liquidator can be reached at:

             Global Captive Management, Ltd.
             Attention: Peter Mackay
             Building 3, 2nd Floor
             Governors Square, 23 Lime Tree Bay
             P.O. Box 1363, Grand Cayman KY1 1108
             Cayman Islands
             Telephone: (345) 949 7966


FIRST REINSURANCE CO: Proofs of Claim Filing Ends Tomorrow
----------------------------------------------------------
First Reinsurance Company of Southern California, Ltd.'s
creditors are given until Dec. 15, 2007, to prove their claims
to Global Captive Management, Ltd., the company's liquidator, or
be excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

             Global Captive Management, Ltd.
             Attention: Peter Mackay
             Building 3, 2nd Floor
             Governors Square, 23 Lime Tree Bay
             P.O. Box 1363, Grand Cayman KY1 1108
             Cayman Islands
             Telephone: (345) 949 7966


O'CONNOR EVT: Sets Final Shareholders Meeting for Dec. 17
---------------------------------------------------------
O'Connor EVT Limited will hold its final shareholders meeting on
Dec. 17, 2007, at 9:30 a.m. at:

               Deloitte
               Fourth Floor, Citrus Grove
               P.O. Box 1787, George Town
               Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

O'Connor EVT's shareholders agreed on Nov. 13, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


O'CONNOR GLOBAL: Holding Final Shareholders Meeting on Dec. 17
--------------------------------------------------------------
O'Connor Global Fundamental Long/Short (Yen) Limited will hold
its final shareholders meeting on Dec. 17, 2007, at 10:15 a.m.
at:

               Deloitte
               Fourth Floor, Citrus Grove
               P.O. Box 1787, George Town
               Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

O'Connor Global's shareholders agreed on Nov. 13, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


O'CONNOR EUROPEAN: Sets Final Shareholders Meeting for Dec. 17
--------------------------------------------------------------
O'Connor European Statistical Long/Short Master Limited will
hold its final shareholders meeting on Dec. 17, 2007, at 11:15
a.m. at:

               Deloitte
               Fourth Floor, Citrus Grove
               P.O. Box 1787, George Town
               Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

O'Connor European's shareholders agreed on Nov. 13, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


O'CONNOR GLOBAL FUNDAMENAL: Shareholders Meeting Is on Dec. 17
--------------------------------------------------------------
O'Connor Global Fundamental Long/Short (Europe) Limited will
hold its final shareholders meeting on Dec. 17, 2007, at 10:30
a.m. at:

               Deloitte
               Fourth Floor, Citrus Grove
               P.O. Box 1787, George Town
               Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

O'Connor Global's shareholders agreed on Nov. 13, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


O'CONNOR GLOBAL QUANTITATIVE: Shareholders Meeting Is on Dec. 17
----------------------------------------------------------------
O'Connor Global Quantitative Equity (Europe) Limited will hold
its final shareholders meeting on Dec. 17, 2007, at 10:45 a.m.
at:

               Deloitte
               Fourth Floor, Citrus Grove
               P.O. Box 1787, George Town
               Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

O'Connor Global's shareholders agreed on Nov. 13, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


O'CONNOR GLOBAL QUANTITATIVE EQUITY: Final Meeting Is Dec. 17
-------------------------------------------------------------
O'Connor Global Quantitative Equity II Master Limited will hold
its final shareholders meeting on Dec. 17, 2007, at 11:00 a.m.
at:

               Deloitte
               Fourth Floor, Citrus Grove
               P.O. Box 1787, George Town
               Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

O'Connor Global's shareholders agreed on Nov. 13, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

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


SOUTH AFRICA CAPITAL: Final Shareholders Meeting Is on Dec. 17
--------------------------------------------------------------
South Africa Capital Growth Fund, Ltd., will hold its final
shareholders meeting on Dec. 17, 2007, at 9:30 a.m. at:

              Caledonian House
              69 Dr. Roy's Drive, Grand Cayman
              Cayman Islands

These agenda will be taken during the meeting:

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

   2) approval of the report of the liquidator; and

   3) approval of the remuneration of the liquidator.

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.

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

The liquidator can be reached at:

            CZ Ltd.
            c/o P.O. Box 1043, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: 949-0050
            Fax: 949-8062


WALTON SCDO: Proofs of Claim Filing Deadline Is Tomorrow
--------------------------------------------------------
Walton SCDO 2003-1 Ltd.'s creditors are given until Dec. 15,
2007, to prove their claims to Griffin Management Limited, the
company's liquidator, or be excluded from receiving any
distribution or payment.

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

Walton SCDO's shareholders agreed on Nov. 15, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

             Griffin Management Limited
             Attention: Janeen Aljadir
             Caledonian Bank & Trust Limited
             Caledonian House, 69 Dr. Roy's Drive
             P.O. Box 1043, George Town
             Grand Cayman, Cayman Islands
             Telephone: (345) 914 -4943
             Fax: (345) 814-4859




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


BOSTON SCIENTIFIC: Celsion Buys 659,738 Shares of Common Stock
--------------------------------------------------------------
Boston Scientific Corp. has informed Celsion Corporation, is no
longer a holder of the company's common stock following an
agreement reached on Dec. 7, 2007, that Celsion has closed on
the purchase of 659,738 shares of Celsion stock from Boston
Scientific Corp. for US$4.00 per share, for an aggregate price
of US$2,638,592.

Boston Scientific had been a strategic business partner with
Celsion, as the US marketer of Prolieve Thermodilatation(R),
Celsion's system for the treatment of benign prostatic
hyperplasia.  In June 2007, Boston Scientific purchased the
Prolieve assets from Celsion for US$60 million.

"The purchase of our shares from Boston Scientific represented
an opportunity to obtain value through a strategic use of our
company's capital. The management and the Board of Directors
believe this transaction is in the best interest of
shareholders," commented Michael H. Tardugno, Celsion's
President & Chief Executive Officer.

                          About Celsion

Celsion Corp. -- http://www.celsion.com/-- is dedicated to the
development and commercialization of oncology drugs including
tumor-targeting treatments using focused heat energy in
combination with heat activated drug delivery systems.  Celsion
has research, license or commercialization agreements with
leading institutions such as the National Institutes of Health,
Duke University Medical Center, University of Hong Kong, North
Shore Long Island Jewish Health System.

                   About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 24, 2007, Standard & Poor's Ratings Services affirmed its
ratings on Boston Scientific Corp. (including the 'BB+'
corporate credit rating) and removed them from CreditWatch,
where they were placed with negative implications Aug. 3, 2007.
S&P said the rating outlook is negative.


SCL TERMINAL: Moody's Lifts Senior Unsecured Debt Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the public underlying
rating of the senior secured debt of SCL Terminal Aereo Santiago
S.A. to Ba1 from Ba3 with a Stable Outlook.  The debt securities
affected include US dollar denominated Rule 144A bonds issued in
1998 and Unidades de Fomento Chilean local currency denominated
Notes issued in 2004.  Both the 1998 and the 2004 issues are
insured by MBIA Insurance Corporation and remain Aaa rated based
on the claims paying financial strength of the insurance
company.

The upgrade reflects continuing improvements in passenger
traffic since 2003.  The downturn in passenger traffic in
2001/2002 that resulted from the convergence of various economic
crises, and the compounding impacts of 9/11, SARs and the wars
in the Middle East has been largely abated.  The national
economy has improved markedly over the last few years as
reflected in the Aa3 country ceiling for Chile, the highest in
Latin America, and in the A1 domestic currency bond rating for
the Government of Chile.  Total passenger growth since 2003 has
averaged 6.9% per year and is expected to growth about 17% in
2007.  The airport is the main gateway for passenger traffic in
and out of Chile.

SCL Terminal ranks among the top five busiest airports in Latin
America and has been recognized by ALTA for service quality and
security in 2005 and 2007.  With respect to domestic air travel,
the next closest airports are La Serena and Concepcion, both of
which are at least a 5 to 6 hour drive from Santiago.  As the
dominant airport in Chile with over 90% market share of
international traffic and over 80% of domestic traffic, the
airpost is well-positioned to benefit from continuing
improvements in the air traffic industry over the long run.  As
passenger traffic continues to grow and financial metrics
strengthen beyond current levels, there may be pressure to
upgrade the rating further.

SCL Terminal entered into Convenio Complementario No. 2 in 2004
to amend the terms of the 1997 Concession Grant.  The 2004
amendments provided some revenue enhancements and tighter
operational controls including the MDI mechanism guaranteeing 5%
passenger growth per year.  If annual enplaned passenger growth
falls short of 5% annual growth, the concession company can
extend the term of the concession for up to 6.5 years.  This
provision essentially converts a fixed term concession to a
flexible term one based on levels of embarked passengers.  In
Moody's opinion, Convenio No. 2, which allows the company to
request air-side tariff increases two times a year from the
government, is indicative of the Chilean government's ongoing
strong commitment to ensuring the success of the country's
infrastructure concessions.  More importantly, the amendment
allows the airport to manage and collect concession revenues
directly with the exception of Duty Free revenues which are
collected by the DGAC and remitted to SCL Terminal.  The owners
of the concession are experienced in airport management and have
logged over six years of operating experience at Santiago
Airport.  The owners of the concession include Agunsa, the
parent company of the largest shipping company in Chile, Grupo
Actividades de Construccion y Servicios (ACS), Fomento de
Construcciones y Contratos, Inmobiliaria Parque Tres, and YVR
Airport Services Ltd., a subsidiary of Vancouver International
Airport in Canada.

Since the 2004 amendments to the Concession Grant, operating and
financial performance has improved.  Funds from Operations to
debt (FFO/debt) improved from an average of 5% in the period
from 2003 to 2005, to 16% in 2006.  Debt Service Coverage Ratio
remains weak when calculated without the benefit of liquidity
enhancements. Un-enhanced Debt Service Coverage Ratio is
expected to reach sum sufficiency in 2007, compared to 0.86
times in the last calculation period in 2006.  However, a large
portion of the 2004 Notes were set aside to provide for Enhanced
Debt Service Coverage.  When the 2006 Enhanced Debt Service
Coverage Ratio is calculated, coverage exceeds 2.0 times.  The
1998 and the 2004 securities are parity obligations with similar
structural protections including: six month Debt Service Reserve
Funds, Debt Payment Accounts that must be funded in an amount at
least equal to the next debt service payment, and no permitted
restricted payments until both debt issues are fully repaid.
The two issues enjoy the benefits of an O&M Reserve of U.F.
800,000, a Liquidity Reserve of U.F. 150,000 and a Working
Capital Reserve of U.F. 160,000.  In Moody's view, the relative
weakness of the current un-enhanced DSCR is counterbalanced by
the ability to extend the original terms of the concession and
the unique fundamental strengths of the asset which enjoys a
virtual monopoly in one of the most stable and well-positioned
economies in Latin America.

SCL Terminal Aereo Santiago S.A. was formed by an international
consortium in 1998 to construct, renovate and operate the Arturo
Merino Benitez International Airport in Santiago, Chile.  SCL's
shareholders are Agunsa (47.02%), Grupo Actividades de
Construccion y Servicios (ACS) S.A. (14.77%), Fomento de
Construcciones y Contratas S.A. (14.78%), Inmobiliaria Parque
Tres (13.43%) and YVR Airport Services Ltd. (10%).




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


AES GENER: Performs Capital Raise for 674.6M Shares on Jan. 18
--------------------------------------------------------------
AES Gener said in a stock market filing that it will conduct a
capital increase for 674.6 million shares on Jan. 18, 2008.

Dow Jones Newswires relates that AES Gener's board will set the
share price.

AES Gener had said it would bring in some US$350 million through
the capital increase, Dow Jones notes.

According to AES Gener's filing, shareholders may subscribe to
the increase from Dec. 19, 2007, to Jan. 18, 2008.

AES Gener told Dow Jones that it will use proceeds in its
investment plan and the refinancing of its debt.

Analysts expect that parent company AES Corp. won't subscribe to
the increase.  It sold in October 2007 a 10% stake for about
US$310 million on the local market to boost share liquidity, Dow
Jones states.

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *     *     *

To date, AES Gener carries Moody's Ba2 long-term foreign bank
deposit rating with a stable outlook.  The firm also carries
Standard & Poor's BB+ long-term foreign issuer credit rating
with a positive outlook.


AES GENER: Inks Supply Contracts with Anglo American Chile
----------------------------------------------------------
AES Gener told Reuters that it has signed contracts to supply
power to global copper miner Anglo American Plc's Chilean units.

Reuters relates that AES Gener said in a statement it would
supply 37 megawatts of power to El Soldado mine from 2011
through 2020.  The firm will also supply up to 27 megawatts of
power to the Chagres smelter from 2010 to 2020.

Anglo American Plc had said it would spend about US$1.74 billion
to expand its Chilean mine Los Bronces, Reuters states.

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *     *     *

To date, AES Gener carries Moody's Ba2 long-term foreign bank
deposit rating with a stable outlook.  The firm also carries
Standard & Poor's BB+ long-term foreign issuer credit rating
with a positive outlook.


UNIFI INC: Weak Liquidity Cues Moody's Junk Ratings
---------------------------------------------------
Moody's Investors Service has downgraded the ratings of Unifi,
Inc.'s senior secured notes to Caa2 from Caa1, and lowered the
company's Corporate Family Rating to Caa1 from B3.

Concurrently, Moody's changed the outlook for the ratings to
negative.  The downgrade reflects ongoing uncertainty with
respect to the company's implementation of its business
strategy, which includes consolidating United States synthetic
yarn production; shortfalls in the company's financial results
relative to Moody's expectations; and the company's weakening
liquidity position.  In Moody's opinion, management turnover
during the year added to the increased business risk, which is
incorporated in the ratings and outlook.

Moody's believes that the company's liquidity position and
flexibility to execute in a potentially slower economic
environment has deteriorated over the last four quarters.  The
downgrade also reflects continuing industry overcapacity, weak
gross margins on the bulk of the company's products and ongoing
pricing pressures from imports of final goods.  Moreover, this
pressure appears to persist even at a time when the U.S. dollar
has declined considerably against several major currencies.  The
negative outlook also takes into account delays with respect to
the company's ability to generate cash flows from past,
strategically important, investments in China.

Cost-cutting initiatives and operational improvements, which
included the closure of the company's Kinston, North Carolina
facilities and the consolidation of a portion of the Kinston
production at its Yadkinville, North Carolina, facility provide
support to the ratings.

Developments toward liberalization in the international textile
trade environment could place further negative pressure on the
ratings, especially if they weaken the import duty advantages
for textiles with U.S. content.  Weaker than expected sales,
significant losses or cash generation or further material
increases in adjusted leverage above 7.5 times EBITDA could put
further negative pressure on the company's ratings.  In
addition, if the ratio of free cash flow to debt is anticipated
to turn negative, the rating could be further downgraded.

Stabilization of the outlook is contingent on increased cash
flow generation, resulting for example, from greater pricing
power and increased demand by regional manufacturers for North
American manufactured yarn and fabrics.  More specifically,
improvements in profitability, with sustainable, substantively
positive adjusted EBIT return on assets, along with sustainable
free cash flow to debt ratios comfortably exceeding 5% could
lead to a stable ratings outlook.

Moody's took these rating actions:

  -- Downgraded the US$190 million senior secured notes due 2014
     to Caa2 (LGD 4, 64%) from Caa1(LGD 4, 61%);

  -- Downgraded to Caa1 from B3 the Corporate Family Rating;

  -- Downgraded to Caa1 from B3 the Probability of Default
     Rating;

The ratings outlook is negative.

Headquartered in Greensboro, North Carolina, Unifi, Inc. --
http://www.unifi-inc.com/-- is a diversified producer and
processor of multi-filament polyester and nylon textured yarns
and related raw materials.  The company adds value to the supply
chain and enhances consumer demand for its products through the
development and introduction of branded yarns that provide
unique performance, comfort and aesthetic advantages. Key Unifi
brands include, but not limited to: Sorbtek(R), A.M.Y.(R),
Mynx(TM) UV, Reflexx(R), MicroVista(R) and Satura(R).  Unifi's
yarns and brands are readily found in home furnishings, apparel,
legwear and sewing thread, as well as industrial, automotive,
military and medical applications.

The company operates in Latin America through its subsidiaries
Unifi Latin America S.A. and Unifi do Brasil Ltda., which are
headquartered in Colombia and Brazil, respectively.




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


HILTON HOTELS: Signs Management Agreement with Amplio
-----------------------------------------------------
Hilton Hotels Corporation has entered into a management
agreement with Amplio Gayrimenkul Yatirim ve Gelistirme Anonim
Sirketi to open its first Hilton Garden Inn(R) location in
Diyarbakir, Turkey, which is scheduled to open in December 2009.

This agreement forms part of a non exclusive Strategic
Development Alliance between Hilton and Amplio which is set to
introduce approximately 15 Hampton by Hilton(TM) and Hilton
Garden Inn hotels, all of which Hilton expects to manage.

"We have identified Turkey as a key development market where we
believe there exists significant growth opportunities for the
hotel sector across the country for our Family of Hotels,"
commented Wolfgang M. Neumann, President of Hilton Hotels -
Europe.  "With eight hotels already in Turkey-seven Hilton
hotels and one Conrad Hotel-the introduction of the Hilton
Garden Inn brand will be the perfect fit to fulfill demand for
quality mid-market accommodation in this sector."

According to Adrian Kurre, senior vice president - brand
management for Hilton Garden Inn, "We look forward to launching
the Hilton Garden Inn brand in Turkey and introducing our key
brand attributes like the Garden Sleep System bed, Herman Miller
Mirra chair and complimentary Wi-Fi in guestrooms and public
space to both business and leisure travelers looking for a new
kind of lodging option."

The announcement also reflects the Hilton Garden Inn brand's
fast moving expansion across Europe, with plans to open new
European properties including three locations in Italy, in Bari,
Matera and Lecce; Rzeszow, Poland; Frankfurt, Germany; and Perm,
Russia in the next 24 months.

Located in the south east of the country, the city of Diyarbakir
has a population of more than one and a half million people and
is one of the main industrial centers of the region.  Just a
short drive from both the city center and the airport, the new
150-room Hilton Garden Inn Diyarbakir will be centrally situated
near a large shopping mall and residential complex.

The founding shareholders and board members of Amplio, Mr.
E.W.Graebner and Mr. Alaeddin Babaoglu added: "Today is a
historic day for us as we cement our recent alliance with Hilton
and move towards the introduction of our first joint venture."

                     About Hilton Garden Inn

Hilton Garden Inn is the award-winning, mid-priced brand that
continually strives to ensure today's busy travelers have
everything they need to be most productive on the road -- from
complimentary wired and Wi-Fi Internet access in all guestrooms
and remote printing to the hotel's complimentary 24-hour
business center to one of the most comfortable beds with the
Garden Sleep SystemTM.  So whether on the road for personal or
business reasons, Hilton Garden Inn offers the amenities and
services for travelers to sleep deep, stay fit, eat well and
work smart while on the road.

Hilton Garden Inn represents one of the cornerstones of the
Hilton growth strategy.  The Hilton Garden Inn brand is part of
Hilton Hotels Corporation; the leading global hospitality
company.

                     About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Costa Rica, Finland,
India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 29, 2007, Moody's Investors Service downgraded Hilton
Corporation's  Corporate Family Rating and senior unsecured
ratings to B3 and  Caa1, respectively.




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


* ECUADOR: Gov't. Eyes Oil Tender Absent International Funding
--------------------------------------------------------------
Ecuadorian oil minister Galo Chiriboga told Dow Jones Newswires
that the government will launch a tender for a major oil project
in a jungle nature reserve in June 2008 if it fails to raise
international funding to abandon the proposal.

Dow Jones relates that the government is seeking at least a
US$350-million-per-year funding from the international community
for 10 years in exchange for not drilling in the Ishpingo-
Tiputini-Tambococha fields in Yasuni National Park in Ecuador's
northeastern jungle to compensate for income it would have
generated by drilling for oil at the site.

According to Dow Jones, the jungle area holds almost to one
billion barrels of crude.  It is part of a UNESCO Biosphere
Reserve.

"The reserve has more varieties of plant life than the US and
Canada combined," Dow Jones says, citing some environmentalists.

If the government doesn't get the funding by June 15, 2008,
bidding on the fields will begin the next day, Minister
Chiriboga told Teleamazonas TV.

Minister Chiriboga commented to Dow Jones, "Either the
international support not to drill is obtained, or we go ahead
with the auction."

The Ecuadorian government disclosed this proposal earlier this
year.  Some environmentalists praised the move as an innovative
way to compensate poor nations for not drilling, Dow Jones
states.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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



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


LAND O'LAKES: S&P Upgrades Corporate Credit Rating to BB
--------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit and other ratings on privately owned marketing and supply
cooperative Land O'Lakes Inc.  The corporate credit rating is
now 'BB'. The outlook is stable.

"The upgrade reflects the continued improvement in operating
performance of Land O'Lakes and the related improvement in its
financial performance," said S&P's credit analyst Jayne M. Ross.
"In addition, we expect favorable industry dynamics to continue
for the next several years, which should benefit Land O'Lakes."

The addition of the crop protection products wholesale business
from the agronomy joint venture, Agriliance LLC, fits within the
cooperative's strategic focus on value-added businesses and
should allow Land O'Lakes to better leverage the expertise of
the seed and crop protection businesses.  "We expect that this
business will add to operating income in fiscal 2008," said Ms.
Ross.

The rating on Land O'Lakes reflects the inherent cyclical nature
and seasonality of many of the cooperative's agricultural-based
businesses, and low margins.  These factors are somewhat
mitigated by the strength of many of the cooperative's brands,
diverse product line, geographic coverage, its improved
financial profile burden with modest near-term debt maturities,
moderate discretionary cash flow, and an experienced management
team.

Land O'Lakes Inc. -- http://www.landolakesinc.com/-- is a
national, farmer-owned food and agricultural cooperative.  Land
O'Lakes does business in all 50 states and more than 50
countries, including the Philippines, Ukraine and Guatemala.  It
is a leading marketer of a full line of dairy-based consumer,
foodservice and food ingredient products across the United
States; serves its international customers with a variety of
food and animal feed ingredients; and provides farmers and
ranchers with an extensive line of agricultural supplies and
services.  Land O'Lakes also provides agricultural assistance
and technical training in more than 25 developing nations.



===============
H O N D U R A S
===============


CHOICE HOTELS: Paying US$0.17 Per Share Cash Dividend on Jan. 18
----------------------------------------------------------------
Choice Hotels International Board of Directors has declared a
quarterly cash dividend of US$0.17 per share of common stock.
The dividend is payable Jan. 18, 2008 to shareholders of record
as of Jan. 4, 2008.

                        About Choice Hotels

Choice Hotels International -- http://www.choicehotels.com/--
franchises more than 5,200 hotels, representing more than
430,000 rooms, in the United States and more than 40 countries
and territories.  The company has hotels in Brazil, Costa Rica,
El Salvador, Guatemala and Honduras.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 1, 2007,
Choice Hotels International Inc. reported total assets of US$332
million, total liabilities of US$403.4 million, and total
stockholders' deficit of US$71.4 million as of June 30, 2007.


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


ACCELLENT INC: Robert Kirby Replaces Michael Marks on Board
-----------------------------------------------------------
Accellent Inc. has appointed Robert E. Kirby, the company's
President and Chief Executive Officer, has been appointed to its
Board of Directors.

The appointment of Mr. Kirby to the Board was made following the
departure of Michael E. Marks from the Board.

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.
Accellent 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.

                           *    *    *

As reported in the Troubled Company Reporter-Latin American on
Dec. 12, 2007, Moody's Investors Service has downgraded
Accellent Inc.'s Corporate Family Rating to Caa1 from B3 and
assigned a negative outlook.  At the same time, Moody's changed
the company's speculative grade liquidity rating to an SGL-4
from an SGL-3 rating.


BELL MICRO: Signs Agreement to Distribute ATEN Product Lines
------------------------------------------------------------
Bell Microproducts Inc. has entered into a a partnership with
ATEN Technology, Inc. to distribute the entire lines of ATEN
Technology's enterprise-class KVM (Keyboard, Video, Mouse) and
related solutions as well as IOGEAR's consumer-branded products
for the end-user and SOHO (Small Office, Home Office)
environments in the United States and Canada.

"Our partnership with Bell Microproducts will bring value add to
resellers and their respective customers who are accustomed to
receiving only the highest quality branded products," said ATEN
Technology Vice President of Sales and Marketing, Miranda Su.
"This powerful combination of Bell Microproduct's strong focus
in storage systems, servers, and computer components and
peripherals with our wide range of KVMs and newly released eSATA
products will offer consumers, home offices, small and medium-
sized businesses, and enterprise organizations solutions that
are aligned to their specific needs."

ATEN Technology's product line includes a wide range of KVM
switches varying from 8 through 32 ports, a full line of IP-
based products, and Integrated LCD consoles designed for
enterprise-level to SMB (small-to-medium business) environments.
IOGEAR is a of KVM and KVMP (Peripheral), Connectivity and
Sharing, Networking, AV Digital Home, Mobility and Desktop
solutions.

"ATEN offers our customers the best of all worlds in terms of
KVM and connectivity tools from the consumer up to the
enterprise-class data center," said Bell Microproducts' North
American computer products marketing senior vice president, John
Vossoughi.  "Underscoring our commitment to partnering with
companies that maintain a razor sharp focus on quality, we
selected ATEN Technology due to the fact that its products are
built on a legacy of nearly three decades of innovation."

With nearly 30 years of industry expertise, profitable growth
and a portfolio of nearly 350 patents worldwide, ATEN's KVM and
remote connectivity products offer network administrators the
most comprehensive features and functionality to manage their
growing IT environments.  The company is the only KVM vendor
with a proprietary Application Specific Integrated Chip (ASIC)
to deliver cutting-edge, branded and OEM KVM products at a lower
cost without compromising high quality and reliability.  It is
also the only KVM company with two patents on video signal
enhancement -- the most difficult signal to replicate in the KVM
technology arena.

"We look forward to working in collaboration with Bell
Microproducts to deliver products that complement its reputation
for deep technical expertise in a broad range of information
technology applications," added Ms. Su.

According to Ms. Su, ATEN Technology and IOGEAR products are in
stock and available through Bell Microproducts' distribution
network.

                  About ATEN Technology, Inc.

ATEN Technology, Inc. -- http://www.aten-usa.com-- is an
innovator of high-quality KVM (keyboard/video/mouse) and remote
connectivity products to centrally manage servers, network
devices and IT infrastructure.  The company's local and remote
server room and data center remote management solutions are
widely used in SMB and enterprise-level environments.  With more
than 20 years of industry expertise and profitable growth,
ATEN's product portfolio leverages a broad range of patents.
Its leading-edge ASIC technology and video signal enhancement
patents offer network administrators the most comprehensive
features and functionality to manage growing multi-platform IT
environments.  The ASIC chip is one of the company's key
differentiators, as it represents the innovation that drives the
product line's capabilities, and ensures reliability and
quality. ATEN has facilities in the United States, Taiwan,
Belgium, Canada, Japan and China.  The company's U.S. sales,
marketing and warehouse operations are based in Irvine,
California.

ATEN, Altusen, are trademarks or registered trademarks of ATEN
International Co., Ltd.

                   About Bell Microproducts

Headquartered in San Jose, California, Bell Microproducts Inc.
(Nasdaq: BELM) -- http://www.bellmicro.com/-- is an
international, value-added distributor of high-tech products,
solutions and services, including storage systems, servers,
software, computer components and peripherals, as well as
maintenance and professional services.  Bell is a Fortune 1000
company that has operations in Argentina, Brazil, Chile and
Mexico.

                        *     *     *

The company has received waivers from its lenders into March
2008 relating to the filing of financial reports with the SEC
and the provision of audited financial reports.


CKE RESTAURANTS: Earns US$6.2 Million in Third Quarter 2007
-----------------------------------------------------------
CKE Restaurants, Inc. has announced third quarter results and
the filing of its Report on Form 10-Q with the Securities and
Exchange Commission for the twelve weeks ended Nov. 5, 2007.

    Third Quarter Highlights

    -- Same-store sales increased 0.7 percent at Carl's Jr.(R)
       and 2.7 percent at Hardee's(R) company-operated
       restaurants, compared to the prior year quarter.

    -- Average unit volumes for the trailing-13 periods
       increased to US$1,486,000 and US$945,000 at company-
       operated Carl's Jr. and Hardee's restaurants,
       respectively.

    -- Consolidated revenue for the current year quarter was
       US$351.6 million, a 0.8 percent decrease from the prior
       year quarter.  Company-operated restaurants revenue for
       the current year quarter was US$273.3 million, a 2.7
       percent decrease from the prior year quarter.  Both
       consolidated revenue and company-operated restaurants
       revenue comparisons have been negatively impacted by the
       refranchising of 106 Hardee's restaurants during the
       current fiscal year.

    -- Third quarter operating income was US$19.5 million versus
       US$26.7 million in the prior year quarter.  The US$7.3
       million decrease in operating income was primarily
       attributable to a number of factors.

      1) Food and packaging costs increased by 110 basis points
         (an impact of approximately US$2.9 million), primarily
         due to substantial price increases in bakery and dairy
         products, which impacted Hardee's food costs because of
         its larger breakfast daypart.  Food and packaging costs
         at Carl's Jr. as a percentage of company-operated
         restaurants revenue were relatively flat versus the
         prior year quarter.

      2) Occupancy and other restaurant operating costs
         increased by 110 basis points (an impact of
         approximately US$2.9 million), due primarily to higher
         depreciation related to the company's new point-of-sale
         (POS) system at Carl's Jr., and its ongoing remodel
         program at both brands.  To date, the company has
         remodeled 133 Carl's Jr. restaurants (33% of its
         company-operated store base) and 63 Hardee's
         restaurants (11% of its company-operated store base).
         Hardee's also experienced a 50 basis point increase in
         general liability expense resulting from unfavorable
         claims reserves adjustments during the third quarter.

      3) Labor and employee benefits at Carl's Jr. as a
         percentage of company-operated restaurants revenue were
         relatively flat compared to the prior year quarter.
         Hardee's experienced a 20 basis point decrease in such
         costs.  Lower workers' compensation expense (40 basis
         points at Carl's Jr. and 50 basis points at Hardee's)
         resulting from favorable adjustments to its workers'
         compensation reserves largely offset the higher direct
         labor expense related to minimum wage increases at the
         federal and state levels.

      4) General and administrative expenses decreased by US$1.9
         million during the third quarter.  The decrease was
         primarily attributable to the company cost reduction
         efforts, a reduction in management bonus expense and
         the impact of its refranchising program, which were
         partially offset by an increase in share-based
         compensation expense.

      5) Facility action charges were US$0.3 million during the
         third quarter compared to a credit of US$1.4 million
         during the prior year quarter.  The credit in the prior
         year quarter was primarily due to gains on the sale of
         surplus properties that did not recur in the current
         year quarter.

    -- Third quarter income before income taxes and discontinued
       operations was US$12.9 million versus US$22.0 million in
       the prior year quarter.  This year's income before income
       taxes and discontinued operations decreased as a result
       of the factors discussed above, as well as a US$3.9
       million increase in interest expense (including a US$1.8
       million, or approximately US$0.02 per diluted share,
       expense to mark-to-market the company interest rate swap
       agreements), a US$0.8 million decrease in other income,
       and a decrease of US$2.8 million in conversion inducement
       expense.

    -- Third quarter income from continuing operations was
       US$7.5 million, or US$0.13 per diluted share, versus
       US$11.1 million, or US$0.16 per diluted share, in the
       prior year quarter.

    -- Third quarter net income was US$6.2 million, or US$0.11
       per diluted share, versus US$9.5 million, or US$0.14 per
       diluted share, in the prior year quarter.

    -- Restaurant operating costs as a percentage of company-
       operated restaurants revenue on a consolidated basis were
       81.6% versus 79.7% in the prior year third quarter, which
       represents a 190 basis point increase.  The increase was
       primarily due to higher food and packaging costs (110
       basis points) and higher occupancy and other expense (110
       basis points), slightly offset by lower labor and
       employee benefits (30 basis points).  This increase in
       the current quarter was less significant than the
       increase in the prior quarter.  The current year second
       quarter consolidated restaurant operating costs as a
       percent of company-operated restaurants revenue was 300
       basis points higher than the prior year second quarter.

    -- The company repurchased 4,796,899 shares of common stock
       during the quarter at a total cost of US$80.1 million.

    -- Since the end of the third quarter, the company has
       repurchased an additional 447,700 shares at a total cost
       of US$6.7 million.

    -- For the forty weeks ended Nov. 5, 2007, the company
       generated earnings before interest, income taxes,
       depreciation and amortization, facility action charges
       and share-based compensation expense (Adjusted EBITDA)
       of US$129.4 million, versus US$143.9 million in the
       comparable prior year period.  For the trailing-13
       periods ended Nov. 5, 2007, the company generated
       Adjusted EBITDA of US$166.6 million.

    -- Fully diluted shares outstanding for the twelve and forty
       weeks ended Nov. 5, 2007, were 59.0 million and 64.6
       million, respectively.

                      Executive Commentary

The company's president and chief executive officer, Andrew F.
Puzder said:  "Third quarter income from continuing operations
was US$7.5 million, or US$0.13 per diluted share, versus US$11.1
million, or US$0.16 per diluted share, in the prior year
quarter.  This US$3.6 million decrease from the prior year
quarter was primarily due to continued commodity pressures and
increased depreciation and amortization expense, as well as
higher interest expense incurred as a result of increased
borrowings to fund our share repurchases during the fiscal year
to date, and US$1.8 million, or US$0.02 per diluted share, of
third quarter charges to mark-to-market our interest rate swap
agreements."

"On a consolidated basis, restaurant operating costs increased
190 basis points over the prior year third quarter.  This
increase was primarily due to the impact on Hardee's breakfast
of increased commodity costs and the impact of higher
depreciation due to our installation of a new POS system at
Carl's Jr. and our remodel program."

"This 190 basis point increase represents a 110 basis point
sequential recovery as compared with the second quarter, when
restaurant operating costs increased 300 basis points over the
comparable prior year quarter.  This narrowing is due to a
number of factors including a price increase we took at the
beginning of period 10, the last period of third quarter.  While
it impacted only one period, this price increase, in conjunction
with other actions, made third quarter food and packaging costs
and labor and employee benefits at Carl's Jr. consistent as a
percentage of company-operated restaurants revenue with the
prior year quarter.  In addition, a US$2.5 million second
quarter charge related to a 1982 workers' compensation claim
represented 90 basis points of the 300 basis point increase in
restaurant operating costs during the second quarter.

"To further narrow this gap, we took an additional price
increase near the beginning of period 11 in both brands.  To
date, we have seen no discernible negative impact to our sales
trends.  We will have a more meaningful understanding of the
impact of these price increases on our operating results at the
end of fourth quarter."

Carl's Jr.

"Same-store sales at company-operated Carl's Jr. restaurants
increased 0.7 percent during the third quarter. On a two-year
cumulative basis, Carl's Jr. same-store sales were up 6.9
percent for the third quarter.  Revenues at company-operated
Carl's Jr. restaurants increased US$3.8 million, or 2.9 percent,
over the prior year quarter due to the same-store sales increase
and a net increase of eight company-operated units for the
fiscal year to date," continued Mr. Puzder.  "During the
quarter, Carl's Jr. featured the Patty Melt burger and
reintroduced the Portobello Mushroom Six Dollar Burger(TM)
during the final week of the period. Carl's Jr. also promoted
the latest varieties of its Hand-Scooped Ice Cream Shakes &
Malts(TM), the Strawberry Banana Smoothie Shake(TM) and
OrangeSicle(TM).  Average unit volume at company-operated Carl's
Jr. restaurants increased to US$1,486,000, a US$46,000 increase
since the end of fiscal 2007, and an all-time high for the
brand."

"Carl's Jr. restaurant operating costs at its company-operated
restaurants increased by 130 basis points over the prior year
quarter, to 78.8 percent of company-operated restaurants
revenue.  The increase was due to higher occupancy and other
expense primarily related to higher depreciation due to our new
POS system and our ongoing remodel program.  Food and packaging
costs, as a percentage of company-operated restaurants revenue,
were relatively flat versus the prior year quarter. Labor and
employee benefits as a percentage of company-operated
restaurants revenue were also relatively flat for the quarter,
as favorable adjustments to our workers' compensation reserves
offset the higher direct labor expense related to minimum wage
increases at the federal and state levels.  Carl's Jr. generated
US$14.6 million of operating income during the third quarter,
compared to US$16.5 million in the prior year quarter."

Hardee's

"Same-store sales at company-operated Hardee's restaurants
increased 2.7 percent during the third quarter.  On a two-year
cumulative basis, Hardee's same-store sales were up 8.3 percent
for the third quarter," added Mr. Puzder.  "Revenue from
company-operated Hardee's restaurants decreased US$11.3 million,
or 7.6 percent, from the prior year quarter.  This decrease is
due to our refranchising of 106 Hardee's restaurants during the
first three quarters of fiscal 2008.  Hardee's featured the
Patty Melt Thickburger(TM) and Hawaiian Chicken Sandwich during
the quarter.  Hardee's also debuted the Country Breakfast
Burrito(TM) during the breakfast daypart.  Hardee's company-
operated restaurants average unit volume increased to
US$945,000, a US$29,000 increase since the end of fiscal 2007,
and a ten-year high for the brand, which is as far back as we
can check."

"Hardee's restaurant operating costs at its company-operated
restaurants increased 260 basis points over the prior year
quarter, to 84.3 percent of company-operated restaurants
revenue.  The increase was primarily due to a 210 basis point
increase in food and packaging costs as a result of substantial
price increases in bakery and dairy products, which represent a
greater percentage of Hardee's food costs compared to Carl's Jr.
because of its larger breakfast daypart.  Occupancy and other
expense increased 70 basis points primarily due to unfavorable
general liability expense adjustments versus the prior year
quarter.  A favorable adjustment to our workers' compensation
claims reserves and the impact of the menu price increase
implemented at the beginning of period 10 more than offset the
impact of federal and state minimum wage increases, resulting in
a 20 basis point decrease in labor and employee benefits versus
the prior year quarter.  For the third quarter, Hardee's
generated operating income of US$4.6 million, compared to
US$10.2 million in the prior year quarter."

"During the third quarter, we returned approximately US$83.7
million to our stockholders through share repurchases and cash
dividends during the quarter, including the repurchase of
4,796,899 shares at a total cost of US$80.1 million.  For fiscal
year 2008 to date, we have repurchased 13,646,919 shares at a
total cost of US$240.4 million."

"We also continued with our strategic initiative to refranchise
approximately 200 Hardee's restaurants, which we originally
announced in April.  To date, we have completed the
refranchising of 136 Hardee's restaurants in the Midwest and
Southeast, including 60 restaurants in the third quarter, and 30
restaurants in the Kansas City market announced last week."

"With respect to our restaurant operations, we will continue to
focus on the fundamentals of our business, including our premium
product strategy, superior customer service, and effective,
cutting edge advertising.  We will also continue to implement
our capital plan particularly with respect to our remodel and
dual-branding initiatives.  Both of these programs continue to
generate positive returns.  Finally, we will continue to return
capital to our stockholders," Mr. Puzder concluded.

As of the end of its fiscal 2008 third quarter, CKE Restaurants,
Inc., through its subsidiaries, had a total of 3,052 franchised,
licensed or company-operated restaurants in 42 states and in 14
countries, including 1,121 Carl's Jr. restaurants and 1,915
Hardee's restaurants.

                         SEC Filings

The company's filings with the SEC are available to investors at
http://www.ckr.comunder "Investors/SEC Filings."

                    About CKE Restaurants

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

                        *     *     *

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


CEMEX SAB: Plans Layoffs After Rinker Acquisition
-------------------------------------------------
Cemex SAB will minimize the size of its workforce by 10% for
cost cutting after the acquisition of Australia's Rinker,
Anthony Harrup of Dow Jones Newswires writes, citing a company
spokesman.

Cemex has a global workforce of close to 70,000 people.

The company told Dow Jones that "savings opportunities imply
more than just the withdrawal of personnel," adding that the
staff cuts will be part of that.

Dow Jones relates that the company completed the Rinker
acquisition for US$15.3 billion in the third quarter of 2007,
raising its net debt to US$19.2 billion at the end of September.
The acquisition has paved the way to strengthen its position
throughout the value chain, the company asserted.

According to the report, Rinker's U.S. operations have suffered
a sharp market cutback.

CEMEX SA -- http://www.CEMEX.com/-- is a growing global
building solutions company that provides high quality products
and reliable service to customers and communities in more than
50 countries throughout the world.  Commemorating its 100th
anniversary in 2006, CEMEX has a rich history of improving the
well-being of those it serves through its efforts to pursue
innovative industry solutions and efficiency advancements and
to promote a sustainable future.

                        *     *     *

On May 30, 2005, Moody's Investors Service revised the
ratings outlook on Cemex S.A. de C.V.'s Ba1 ratings to positive
from stable.  Ratings affected include the company's Ba1 ratings
on approximately US$110 million in senior unsecured Euro notes
and its senior implied rating.


CINEMARK HOLDINGS: S&P Affirms B Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'B' corporate
credit rating on Cinemark Holdings Inc. and subsidiary Cinemark
Inc., which S&P analyzes on a consolidated basis.  At the same
time, S&P removed the ratings from CreditWatch with positive
implications, where they were placed on May 17, 2007.  The
outlook is positive.

"The resolution of the CreditWatch reflects uncertainty
regarding the pace of leverage reduction," explained S&P's
credit analyst Tulip Lim.

S&P also affirmed the 'B' rating on the company's senior secured
bank loan.  S&P revised the recovery rating to '3', indicating
S&P's expectation of meaningful (50%-70%) recovery in the event
of a payment default, from '2.'  The revision reflects Cinemark
Holdings' repayment of the senior subordinated notes and its
banks' removal of financial covenants on the term loan facility.

The ratings on Cinemark Holdings reflect the company's high
lease-adjusted leverage and financial risk, the mature and
highly competitive nature of the U.S. motion picture exhibition
industry, exposure to the fluctuating popularity of Hollywood
films, shortening windows between theatrical and DVD/video-on-
demand release, and competition from other exhibitors and
alternative entertainment sources.  These concerns are partially
offset by the company's quality theater circuits, the combined
company's above-average profit margins, the company's
experienced management team, and the modest diversity provided
by its profitable non-U.S. operations.  At Sept. 30, 2007, the
Plano, Texas-based movie exhibitor had US$2.9 billion in debt,
including holding company notes and capitalized operating
leases.

Cinemark Holdings, Inc. -- http://www.cinemark.com/ -- a leader
in the theatre exhibition industry, operates 395 theatres and
4,479 screens in 37 states in the United States and
internationally in 13 countries, primarily in Mexico and South
and Central America.


CLEAR CHANNEL: Extends Merger Pact Termination Date to June 12
--------------------------------------------------------------
Clear Channel Communications Inc. has, in accordance with the
terms of the merger agreement providing for the acquisition of
Clear Channel by CC Media Holdings, Inc., a corporation formed
by private equity funds sponsored by Bain Capital Partners, LLC
and Thomas H. Lee Partners, L.P., extended to June 12, 2008, the
date on which a party may terminate the merger agreement if the
merger has not occurred as of that date.

                       About THL Partners

Thomas H. Lee Partners L.P. -- http://www.thl.com/-- is one of
the oldest and most successful private equity investment firms
in the United States.  Since its founding in 1974, THL has
become the preeminent growth buyout firm, raising approximately
US$20 billion of equity capital in more than 100 businesses with
an aggregate purchase price of more than US$125 billion and
generating superior returns for its investors and partners.
Notable transactions sponsored by the firm include Houghton
Mifflin, National Waterworks, Univision, The Nielsen Company,
West Corporation, Fidelity National Information Services, Dunkin
Brands, Fisher Scientific, Experian, and ProSiebenSat1 Media.

                        About Bain Capital

Headquartered in Boston, Massachusetts, Bain Capital Partners
LLC -- http://www.baincapital.com/-- is a global private
investment firm that manages several pools of capital including
private equity, high-yield assets, mezzanine capital and public
equity with more than US$40 billion in assets under management.
Since its inception in 1984, Bain Capital has made private
equity investments and add-on acquisitions in over 230 companies
around the world, including investments in a broad range of
companies such as Burger King, HCA, Warner Chilcott, Toys "R"
Us, AMC Entertainment, Sensata Technologies, Burlington Coat
Factory and ProSiebenSat1 Media.  Bain Capital has offices in
New York, London, Munich, Tokyo, Hong Kong and Shanghai.

                     About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 27, 2007, Fitch Ratings said it expects to downgrade Clear
Channel Communications Inc.'s Issuer Default Rating to 'B' from
'BB-'.  The rating outlook is expected to be stable.  Existing
ratings remain on rating watch negative pending the closing of
the merger transaction and review of final documentation.


DURA AUTOMOTIVE: Resolves Objections to Plan Confirmation
---------------------------------------------------------
In a Dec. 5, 2007 pre-trial memorandum, DURA Automotive Systems,
Inc., said that it has resolved objections filed by Second Lien
Group, an ad hoc committee of holders of a substantial majority
of the Debtors' prepetition second priority indebtedness; Karl
Storrie and David Bovee; the U.S. Internal Revenue Service;
Magna Donnelly Corporation; Robert Bosch LLC; Envision Graphics;
and Toyota Motor Credit Corporation.

According to a Dec. 10, 2007 notice served by the Debtors'
counsel, the U.S. Trustee has been added to the list of parties
who have withdrawn their objections to the confirmation of the
Plan.

The proposed Plan confirmation order filed by the Debtors on
Dec. 7, 2007, contains provisions that address concerns by
parties who previously filed objections to the Plan:

   -- The Second Lien Group has withdrawn its confirmation
      objection pursuant to an agreement, the salient terms of
      which are:

      (1) the Second Lien Facility Claims are allowed in the
          initial amount of US$225 million plus outstanding
          interest, fees and expenses payable pursuant to the
          DIP Order, which amount the Debtors will finally and
          irrevocably pay, in cash in full, on the Effective
          Date;

      (2) unless otherwise resolved by the parties, the dispute
          between the Debtors and the Second Lien Group
          regarding the appropriate post-petition interest rate
          will be presented for oral argument at the Court's
          previously scheduled hearing on Jan. 24, 2008; and

      (3) pending resolution of the Interest Rate Dispute and
          notwithstanding the release and extinguishment of
          liens contemplated by the Plan and the occurrence of
          the Effective Date, the Second Lien Lenders will have
          a first priority security interest upon all of the
          Debtors' assets or Reorganized Debtors' in the amount
          of US$2.1 million, which lien will be released and
          extinguished upon the payment by the Debtors of any
          amount, if any, that the Court determines is owed to
          the Second Lien Lenders regarding the Interest Rate
          Dispute.

   -- Any effective date of the rejection of the Transportation
      Service Agreement dated Feb. 15, 2005, between Hazen
      Transport, Inc., and Atwood Mobile Products, Inc., and the
      effect of any such effective date of rejection on any
      claims asserted by Hazen Transport for amounts due under
      the Transportation Service Agreement will be reserved and
      determined by the Court at the time such a claim, if any,
      is filed against the Debtors and brought before the Court
      for hearing.  The Debtors reserve all rights and defenses
      with respect to the claim.

   -- Any effective date of the rejection of the Debtors'
      Supplemental Executive Retirement Plan, effective
      Jan. 1, 2003, as applicable to Karl Storrie and David
      Bovee, and the effect of any such effective date of
      rejection on the claims of Messrs. Storrie and Bovee for
      payments pursuant to the SERP will be reserved and
      determined by the Court at the time of the hearing on the
      motions of Messrs. Storrie and Bovee for allowance and
      payment of administrative expenses.

   -- Confirmation of the Plan will not affect any set-off and
      recoupment rights of the Internal Revenue Service.  The
      total value of any Allowed Priority Tax Claims held by the
      IRS will include interest at the rate and method specified
      in 26 U.S.C. 6621 and 6622.

   -- Nothing in the Plan or Confirmation Order will ,among
      other things, release discharge, enjoin or impact in any
      way, the claims, counterclaims defenses or affirmative
      defenses of Magna Donnelly Corporation, in connection with
      a patent infringement lawsuit filed by the Debtors.

                        About Dura Automotive

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 40 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Ct. Defers Plan Confirmation Hearing to Dec. 17
----------------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware agreed to postpone Dura Automotive
Systems, Inc., and its debtor-affiliates the confirmation
hearing to Dec. 17, 2007, at 9:30 a.m.

On behalf of the Debtors, Daniel J. DeFranceschi, Esq., at
Richards, Layton & Finger, P.A., in Wilmington, Delaware,
submitted a notice stating that the Court has continued the
Confirmation Hearing held on Dec. 10, 2007.

The Associated Press notes that without the US$425 million loan,
the company's plan to raise up to US$160 million in equity
financing could unravel.  Pacificor, LLC, has agreed to invest
up to US$160 million in reorganized Dura by buying shares of new
common stock that were not purchased in an equity rights
offering.

As reported in the Troubled Company Reporter on Nov. 29, 2007,
Judge Carey had canceled the confirmation hearing scheduled for
Dec. 6, saying that there was no point moving forward with the
hearing until Dura obtains the necessary exit financing.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 40 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DURA AUTOMOTIVE: Extends Marketing Period for US$425M Exit Loan
---------------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor-affiliates
disclosed that they have syndicated a majority of its exit
financing facility and has elected to extend the marketing
period to complete the financing.  This extension gives Goldman
Sachs Credit Partners, L.P. and Barclays Capital, the investment
firms engaged by DURA to arrange US$425 million in credit
facilities, additional time and flexibility to complete their
syndication efforts.

The Debtors have commenced discussions with its Debtor-in-
Possession lenders regarding an extension of its DIP financing
agreement to ensure that DURA's working capital financing is not
impacted by an extended exit financing process.

As reported in the Troubled Company Reporter on Nov. 12, 2007,
The Debtors sought and obtained approval from the U.S.
Bankruptcy Court for the District of Delaware of an engagement
letter and a fee letter entered into with Goldman Sachs Credit
Partners, L.P., and Barclays Capital, the investment banking
division of Barclays Bank, PLC, for a US$425 million financing
to emerge from Chapter 11.  DURA expects US$300 million of the
loan to be funded on the effective date of its Plan of
Reorganization.

The Court has approved the Engagement Letter and the Fee Letter
in all respects.  The Court's order did not specify whether the
U.S. Trustee's concerns were addressed.

Pursuant to the Engagement Letter, Goldman Sachs and Barclays,
as arrangers, have offered to syndicate exit financing for Dura
Operating Corp.:

   (a) a senior secured revolving credit facility in an amount
       up to US$125 million;

   (b) a senior secured first-lien tranche B term loan facility
       in amount up to US$225 million; and

   (c) a senior secured second-lien term loan facility in an
       amount up to US$75 million.

DURA's Chapter 11 case is in its final stages.  In another
confirmation-related development, on Friday, Dec. 7, 2007, the
company took another significant step when the Bankruptcy Court
issued an opinion enforcing the subordination provisions of the
9% Subordinated Notes Indenture, thereby effectively ending one
of the few remaining major creditor challenges to confirmation
of the Chapter 11 Plan.  All other major creditor groups support
confirmation.

DURA is advised by AlixPartners, Kirkland & Ellis and Miller
Buckfire in connection with its Chapter 11 reorganization.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive suppliers.

The company has three locations in Asia -- China, Japan and
Korea.  It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Del. Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.

Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expired on Sept. 30,
2007.  On Aug. 22, 2007, the Debtors' filed their Plan of
Reorganization and the Disclosure Statement explaining that Plan
was approved on Oct. 3, 2007.  (Dura Automotive Bankruptcy News,
Issue No. 40 Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


GRUPO GIGANTE: Gets Requisite Consents to Amend Indenture
---------------------------------------------------------
Grupo Gigante, S.A.B. de C.V., in connection with the previously
announced cash tender offer and consent solicitation for its
outstanding US$260 million 8.75% Senior Notes due 2016, has
received the requisite consents to amend the indenture governing
the Notes.

As of 5:00 p.m., New York City time, on Dec. 11, 2007 (Early
Consent Date), tenders and consents had been received with
respect to approximately US$232.5 million aggregate principal
amount of the Notes, representing approximately 89% of the total
outstanding Notes.  Grupo Gigante and the guarantors expect to
enter promptly into a supplemental indenture with The Bank of
New York, as trustee, effectuating proposed amendments to the
indenture governing the Notes, all as described in the Offer to
Purchase and Consent Solicitation Statement dated Nov. 28, 2007,
as supplemented on Dec. 10, 2007.

The supplemental indenture will not become operative until the
Notes are accepted for payment by Grupo Gigante pursuant to the
tender offer and consent solicitation.  The Early Consent Date
has passed and withdrawal rights have terminated.  Holders who
have not already tendered their Notes may do so at any time at
or prior to 8:00 a.m., New York City time, on Dec. 27, 2007,
unless extended or earlier terminated.

The tender offer will expire on Dec. 27, 2007.  Settlement for
all tendered Notes will occur promptly following the Expiration
Date on Dec. 27, 2007.  The tender offer and consent
solicitation is subject to the satisfaction or waiver of certain
conditions, including the consummation of the proposed
transaction between Grupo Gigante and Tiendas Soriana S.A. de
C.V.  Further details about the terms and conditions of the
tender offer and consent solicitation are set forth in the Offer
to Purchase.

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

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

                      About Grupo Gigante

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

                        *     *     *

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


MOVIE GALLERY: Can Execute Amendments Under Restructuring Pacts
---------------------------------------------------------------
In supplemental order, the Honorable Douglas O. Tice of the U.S.
Bankruptcy Court for the Eastern District of Virginia authorized
Movie Gallery, Inc. and its debtor-affiliates to perform and
enter into amendments under the restructuring agreements.

Subject to the Agreements' terms, the Debtors are also
authorized to pay expense reimbursements.

According to Judge Tice, the Debtors are authorized to enter
into and honor their obligations under the Jefferies Engagement
Letter, including payment of Transaction Fee from the proceeds
of the rights offering or other infusion of capital contemplated
by the Agreements.

Judge Tice also approved the Engagement Letter's indemnification
provisions.

If the backstop party becomes entitled to expense reimbursement
under the Rights Offering Term Sheet and the Lock Up Agreement,
it will be treated as allowed administrative claims in the
Debtors' Chapter 11 cases pursuant to Sections 503(b) and
507(a)(1) of the Bankruptcy Code.

The Debtors are authorized without further Court Order to pay,
on a current basis, the reasonable and documented fees and
expenses of the backstop party's legal and financial advisors,
in accordance with the terms of the Agreement, the Term Sheet
and the Engagement Letter.

Judge Tice clarified that the Order does not:

   -- constitute an assumption of the Restructuring Agreements;
      and

   -- infer that the Official Committee of Unsecured Creditors
      agrees to, or waives any of its rights to object to, any
      aspect of the Reorganization Plan, as described in the
      Restructuring Agreements.

The Debtors and Sopris Capital Advisors LLC agree to negotiate
in good faith with the Committee with respect to the terms of a
Plan.  The Lock Up Agreements, to which the Committee is a non-
party, will not prohibit the negotiation.

Additionally, the Debtors and Sopris agree that, unless the
Committee has previously agreed to the amounts and form of
distributions to be made to non-noteholder general unsecured
creditors under the Plan, any Plan filed on or before Dec. 7,
2007, will not include references to the distribution amounts.

Goldman Sachs Credit Partners LP tried to block approval of the
the Debtors' request to pay professional expenses for Sopris'
advisors.  Goldman Sachs complained that the request was
premature because there is no current agreement on a Plan of
Reorganization.

According Goldman Sachs, the Debtors have no legal authority to
use estate funds to pay the professional fees of a single
creditor, because:

   (1) there is no agreement binding the Debtors to pay to
       Sopris' advisors, as otherwise provided by Section 506(b)
       of the Bankruptcy Code;

   (2) Sopris' advisors do not represent a committee, but a
       single large creditor, as otherwise required by Section
       1103(a) of the Bankruptcy Code; and

   (3) Sopris has not made a substantial contribution to the
       Debtors' cases, as no current agreement has been reached
       to contemplate a confirmable Plan.  Sopris' commitments
       to convert its debt holdings to equity and to backstop a
       rights offering are entirely contingent upon agreements
       on other critical aspects of a Plan, including (i) an
       agreement by the US$775,000,000 of DIP Financing and
       First Lien Claims, and (ii) the allocation of new stock
       in the Reorganized Debtors among the different classes
       outlined in the First Term Sheet.

Goldman Sachs said Sopris has already received significant
guarantees in the form of the Debtor's assurance to pay the
US$1,015,000 Commitment Fee and the US$2,000,000 Termination
Fee; therefore, Sopris should be required to wait on any
agreement to pay its professional fees, including the
Transaction Fee, until a final Plan is agreed upon.

In response, Sopris told the Court that Goldman Sachs' argument
is late, fraught with material inaccuracies, and is a blatant
attempt to mislead the Court.  Sopris' counsel, Paula S. Beran,
Esq., at Tavenner & Beran, PLC, in Richmond, Virginia, argued
that as the Debtors' single largest creditor -- which also
agreed to provide US$50,000,000 as additional liquidity for the
Debtors' reorganization -- Sopris has every reason to be fully
committed to the Plan.

The monthly fees payable to Sopris' legal advisors, Sonnenschein
Nath & Rosenthal LLP, and Tavenner & Beran, PLC, are solely for
the firms' reasonable and documented hourly standard rates,
which under the Agreements, the Debtors have agreed to pay,
along with related out-of-pocket expenses incurred by the firms,
Ms. Beran explained.  Furthermore, the monthly fees and expense
reimbursements payable to Jefferies under the Agreements are
subject to the "reasonable and documented" limitation.

The Debtors' agreement to pay the fees and expenses of Sopris'
legal and financial advisors to support Sopris' efforts is of
sound business judgment, Ms. Beran maintained.

Similarly, the Debtors told Judge Tice that Goldman Sachs'
objection fails because the Plan Term Sheet and the Rights
Offering Term Sheet are both conditioned on the Debtors' timely
and current payment of the expense reimbursements.

The Debtors pointed out that they seek to pay the expense
reimbursements and the Jefferies Transaction Fee not simply
because Sopris is a major creditor, but because Sopris has
proposed to backstop a US$50,000,000 rights offering, equitize
more than US$70,000,000 in second lien debt, and sponsor the
Debtors' Reorganization Plan.

Moreover, the Debtors' said their request cannot be concluded as
premature because in the absence of a Plan, the Restructuring
Agreements -- a result of arm's-length negotiations between the
Debtors, Sopris and the consenting holders -- is the best
alternative available, benefiting the Debtors, their estates and
their creditors, including the secured creditors.

Based on these arguments, the Court overruled Goldman Sachs'
objection.

                        About Movie Gallery

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

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

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.


MOVIE GALLERY: Lease Action Directives on Auction Protocols Set
---------------------------------------------------------------
The Honorable Douglas O. Tice of the U.S. Bankruptcy Court for
the Eastern District of Virginia granted Movie Gallery, Inc. and
its debtor-affiliates' request as it relates to the sale,
assumption, assignment or termination of certain leases in
accordance with the Court-approved auction procedures.

The Auction Procedures, according to Judge Tice, afforded a
full, fair and reasonable opportunity for any entity, including
any landlord, to make a higher or otherwise better offer to
purchase the Leases.  The Procedures were duly noticed, and the
sale process was conducted in a non-collusive and fair manner.
A reasonable opportunity has been given to any interested party
to make a higher or otherwise better offer for the Leases.

Judge Tice directed that in the event that a successful bid does
not result in a closing, the backup bidder will proceed to
closing no later than three days following the Notification Date
by the Debtors of the successful bidder's default.

Additionally, the Court approved the sale, assumption and
assignment of the Leases to certain assignees as authorized by
the Auction Procedures Order and pursuant to Sections 363 and
365
of the Bankruptcy Code.

Each disposition of the Leases constitutes a sale free and clear
of all liens, claims, interests or encumbrances.  The interests
to the disposition's proceeds are afforded with the same
validity, extent and priority as the prior disposition.

Each counterparty to a disposition is entitled to the
protections afforded to good-faith purchasers, in accordance
with Section 363(m) of the Bankruptcy Code.

To the extent any Debtor acts as guarantor of another Debtor's
obligations under the Leases, the Debtor-Guarantor's obligations
with respect to the Lease will terminate upon the disposition's
closing.

The Debtors are deemed to have abandoned any personal property
located at the Leases without administrative liability to any of
the landlords or assignees for rental, occupancy or other
charges as of the later of (i) the entry date of the Order, and
(ii) the closing.

The landlords or assignees may, in their sole discretion and
without further notice, dispose of the abandoned property
without liability to the Debtors or any third party claiming any
interest in the property.

In addition, Judge Tice also authorized and directed the Debtors
to execute and deliver documents or other instruments that may
be requested by the assignee to assume and assign the leases.

The assigned Leases will be assigned to, and will remain in full
force and effect for the benefit of the assignee,
notwithstanding any provision in the assigned Lease that
prohibits, restricts or conditions the assignment or transfer.

Pursuant to Section 365(k) of the Bankruptcy Code, the Debtors
and their estates will have no liability for any breach of the
assigned Leases occurring after the Leases' assignment.

The Court also approved the Debtors' transfer, surrender and
termination of their interests in the Terminated Leases.  Unless
otherwise agreed to by the Debtors and the Landlords, the
Debtors will have no liability arising under the terminated
Leases after the Termination Date.

                   Court Rules on Cure Amounts

Judge Tice ruled that certain cure amounts will be deemed as the
Debtors' entire obligation due and owing under the Leases
pursuant to Section 365 of the Bankruptcy Code:

     Landlord            Store Location          Cure Amount
     --------            --------------          -----------
     VNO Long Beach      Oceanside, New York        US$38,000
     Road, LLC

     Balboa Plaza        Northbridge,                38,092
     Investments, LLC    California

Upon payment of each Cure Amount, (i) the Debtors will have no
further obligations or liability to the landlord or other
parties-in-interest, arising under the assigned Lease prior to
the Cure Date, and (ii) all defaults or other obligations of the
Debtors arising under the assigned Lease attributable prior to
the Cure Date will be deemed cured.

Judge Tice directed the Debtors to pay the cure amounts no later
than 10 days after the closing in accordance with the Auction
Procedures Order.

Except for the obligation of the Debtors to pay the cure
amounts, each landlord for an assigned Lease is permanently
barred, estopped and enjoined from asserting:

   -- any default existing as of the Cure Date against the
      Debtors, or the assignees;

   -- any counterclaim, defense or set-off against the Debtors;
      and

   -- any assignment fee, default, breach, claim or pecuniary
      loss or condition to assignment arising under or related
      to the assigned Lease existing as of, or arising by the
      closing, including, but not limited to, rent accelerations
      and rate increases, including advertising rates.

Judge Tice further instructed the Debtors to pay all obligations
arising under Section 365(d)(3) of the Bankruptcy Code with
respect to the Leases arising after the Cure Date but before the
closing.  The Debtors' payments are applicable to obligations
not
satisfied by the cure amount payments, provided that reasonable
documentation of the obligations are served upon the Debtors no
later than 10 days after (i) the closing and (ii) the Debtors'
receipt of the documentation.

A copy of the Debtors' Terminated Leases Schedule is available
for free at http://researcharchives.com/t/s?2652

A list of the Assigned Leases is available at no charge at:
http://researcharchives.com/t/s?2653

                        About Movie Gallery

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

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

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.


MOVIE GALLERY: Will Close Down Moviebeam Service on December 15
---------------------------------------------------------------
Movie Gallery, Inc. and its debtor-affiliates will close its
MovieBeam set-top box download service on Dec. 15, 2007.

According to reports, the service failed to achieve any critical
mass, largely due to its high cost and unique delivery method
that limited its ability to expand.  Specifically, customers
must
pay US$250 for the set-top box and US$30 as activation fee.
Pricing for movies ranges from US$3.99 to US$1.99, with a US$1
surcharge for high-definition content.

The service was also facing new competition from iTunes and
Apple TV, among others.  Movie Gallery acquired MovieBeam from
the Walt Disney Co. and  other investors early this year for
US$10,000,000, Betanews says.  Disney reportedly spent
US$70,000,000 on the project and shut the service down in 2005.
Moviebeam was relaunched in February 2006 with over
US$50,000,000 in venture capital from Mayfield Fund, Norwest
Venture Partners, Cisco, Intel, Vantage Point Venture Partners
and Disney's ABC.

Reports note that newer customers may be eligible for a refund
on the set-top box.

                        About Movie Gallery

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

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

The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.  (Movie Gallery
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008.


PQ CORP: Carlyle Deal Cues S&P to Withdraw B Corp. Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services has withdrawn its 'B+'
corporate credit rating on Berwyn, Pennsylvania-based PQ Corp.
The rating was removed from CreditWatch, where it was placed
with negative implications on June 1, 2007, following the
acquisition of the company by The Carlyle Group in a transaction
that refinanced rated debt.

Headquartered in Berwyn, Pennsylvania, PQ Corp. --
http://www.pqcorp.com/-- manufactures silicate, zeolite, and
other performance materials serving the detergent, pulp and
paper, chemical, petroleum, catalyst, water treatment,
construction, and beverage markets.  It is a global enterprise,
operating in 19 countries on five continents, and along with its
chemical businesses, includes Potters Industries, a wholly owned
subsidiary, which is a leading producer of engineered glass
materials serving the highway safety, polymer additive, metal
finishing, and conductive particle markets.  The company has
operations in China, Korea, Mexico, and Italy, among others.


UNITED RENTALS: Tender Offer Expiration Date Extended to Dec. 21
----------------------------------------------------------------
United Rentals, Inc., disclosed that the expiration time and
date for the previously announced debt tender offers and consent
solicitations being made by the company's wholly owned
subsidiary, United Rentals (North America), Inc., have been
extended to 12:00 midnight, New York City time, on December 21,
2007.

The Offers, which are being conducted pursuant to URNA's Offer
to Purchase and Consent Solicitation Statement and related
Consent and Letter of Transmittal, dated Oct. 16, 2007, relate
to URNA's outstanding:

   -- 6-1/2% Senior Notes due 2012;
   -- 7-3/4% Senior Subordinated Notes due 2013; and
   -- 7% Senior Subordinated Notes due 2014.

The extension of these tender offers demonstrates that the
company continues to fulfill all of its obligations under the
merger agreement with affiliates of Cerberus Capital Management,
L.P.  As previously disclosed by the company, it stands ready to
complete the merger transaction on the agreed-upon terms.

As of 5:00 p.m., New York City time, on Dec. 7, 2007, URNA had
received tenders of Notes and deliveries of related consents
from holders of:

   -- approximately US$999,138,850, or 99.91%, of the
      US$1,000,000,000 aggregate principal amount of the 6-1/2%
      Notes outstanding,

   -- approximately US$517,994,000, or 98.67%, of the
      US$525,000,000 aggregate principal amount of the 7-3/4%
      Notes outstanding, and

   -- approximately US$371,864,093, or 99.16%, of the
      US$375,000,000 aggregate principal amount of the 7% Notes
      outstanding.

The consent payment deadline relating to the Notes expired on
Oct. 29, 2007 at 5:00 p.m., New York City time, and has not been
extended.

Except for the extension of the expiration time and date, the
Offers and the Statements remain in full force.  URNA's
obligation to accept for purchase, and to pay for, Notes and
consents validly tendered and not withdrawn pursuant to the
Offers remains subject to the terms and conditions of the
Statements.  These include the satisfaction or waiver of certain
conditions, including, among others, the consummation of the
contemplated merger of RAM Acquisition Corp., an entity
indirectly controlled by affiliates of Cerberus, with and into
the Company pursuant to the terms of the merger agreement and
URNA having sufficient available funds to pay the total
consideration with respect to all Notes.

In light of Cerberus' recent repudiation of its obligations
under the merger agreement, there can be no assurances that the
Merger will occur or that the Offers will be consummated.  The
company has recently initiated litigation in the Delaware Court
of Chancery against RAM and its parent, RAM Holdings, Inc.,
seeking to compel the two RAM entities to complete the agreed-
upon transaction.

URNA has retained Credit Suisse Securities (USA) LLC, Banc of
America Securities LLC, Morgan Stanley & Co. Incorporated and
Lehman Brothers Inc. to serve as the Dealer Managers and
Solicitation Agents for the Offers.  Requests for documents may
be directed to:

       D.F. King & Co., Inc.
       Tender Agent and Information Agent
       Tel: (800) 488-8095 (toll-free) or
            (212) 269-5550 (collect).

Questions regarding the Offers may be directed to:

       * Credit Suisse Securities (USA) LLC,
         Tel: (212) 325-4951 (collect),

       * Banc of America Securities LLC
         Tel: (888) 292-0070 (toll-free) or
              (704) 388-9217 (collect),

       * Morgan Stanley & Co. Incorporated
         Tel: (800) 624-1808 (toll-free) or
              (212) 761-1864 (collect), or

       * Lehman Brothers Inc.
         Tel: (800) 438-3242 (toll-free) or
              (212) 528-7581 (collect).

                        About United Rentals

United Rentals Inc. -- http://www.unitedrentals.com/-- (NYSE:
URI) is an equipment rental company with an integrated network
of over 690 rental locations in 48 states, 10 Canadian provinces
and one location in Mexico.  The company's approximately 11,500
employees serve construction and industrial customers,
utilities, municipalities, homeowners and others.  The company
offers for rent over 20,000 classes of rental equipment with a
total original cost of US$4.3 billion.

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 19, 2007, Standard & Poor's Ratings Services said that its
'BB-' corporate credit ratings on United Rentals Inc. and its
wholly owned subsidiary United Rentals Inc. remain on
CreditWatch with negative implications.



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


NCO GROUP: Signs Definitive Agreement to Acquire Outsourcing Co.
----------------------------------------------------------------
NCO Group, Inc. has entered into a definitive agreement to
acquire Outsourcing Solutions Inc., a provider of business
process outsourcing services, specializing primarily in accounts
receivable management services, for US$325.0 million in cash.
The deal, which is expected to close in the first quarter of
2008, is subject to Outsourcing Solutions stockholder approval,
certain adjustments and the satisfaction of customary closing
conditions including governmental approvals.

Commenting on the acquisition, NCO Chairperon and Chief
Executive Officer, Michael J. Barrist, stated, "All of us at NCO
are extremely excited about the opportunity to bring these two
great companies together.  Over the past several years both NCO
and OSI have had tremendous success in transforming our business
models to better meet the diverse needs of our respective client
bases.  While today each of these two companies is viewed as a
best in class provider, the newly combined entity will be able
to offer its clients the widest array of services currently
available in the accounts receivable and customer relationship
management industries."

Commenting on the acquisition, OSI President and Chief Executive
Officer, Kevin T. Keleghan, stated, "The transaction will blend
the complementary capabilities and skills from both
organizations resulting in enhanced client performance through
expanded, global delivery options. This combination will
establish an enriched culture of creativity, capable of meeting
and exceeding the growing needs of even the most sophisticated
client."

NCO Group is a portfolio company of One Equity Partners, a
private equity investment fund.  One Equity will provide the
company with a portion of the funding for the acquisition of
Outsourcing Solutions through an additional investment.  NCO
Group expects to fund the remainder of the purchase price with
borrowings under its senior credit facility.

The acquisition is currently expected to be accretive to NCO
Group's earnings in 2008 and beyond.  After the completion of
the acquisition, the combined company will have over 29,000
employees operating in 10 countries.

Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.


NCO GROUP: S&P Puts B+ Counterparty Credit Rating on Watch
----------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long-term
counterparty credit rating on NCO Group Inc. on CreditWatch
Developing.

On Dec. 12, 2007, NCO Group entered into a definitive agreement
to acquire Outsourcing Solutions Inc. (not rated), a leading
provider of business process outsourcing services, for US$325
million in cash.  Funding will be provided by increased
borrowings under its senior credit facility and an additional
investment from One Equity Partners, NCO Group's private equity
owners.  S&P expects the deal to close in first-quarter 2008,
subject to OSI shareholder approval.

"We will review the strategic and financial implications of the
acquisition to determine if an adjustment to our rating on NCO
is necessary.  This CreditWatch listing will be updated within
60 days," said S&P's credit analyst Rian M. Pressman, CFA.

Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process
outsourcing services including accounts receivable management,
customer relationship management and other services.  NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.



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


LEVI STRAUSS: Taps T. Gary Rogers as Board Chairman
---------------------------------------------------
Levi Strauss & Co. has selected T. Gary Rogers as chairman of
its board of directors, effective in February of 2008.  Mr.
Rogers, an LS&CO. director since 1998, retires at the end of
this month as chairman of the board and chief executive officer
of Dreyer's Grand Ice Cream after 30 years with the company.
Mr. Rogers replaces Robert D. Haas, who is retiring as LS&CO.'s
chairman after 18 years.  Mr. Haas will remain on the board as a
director with the honorary title of chairman emeritus.

"Gary is an exceptional business leader who has added great
value to our board deliberations and strategic discussions for
many years," said Bob Haas.  "He fully understands the business
challenges and opportunities facing LS&CO., and deeply
appreciates the core values that underpin the company. With his
strong business acumen and demonstrated commitment to LS&CO.'s
success, I know that Gary will serve the company and its
shareholders well." Mr. Haas added, "I leave the role of
chairman at a time when LS&CO. is strong and growing.  After 35
years with the company, including 15 years as its chief
executive officer, I look forward to being able to devote more
time to other aspects of my life, including my family and our
philanthropic interests."

Mr. Rogers purchased Dreyer's Grand Ice Cream with his business
partner in 1977 and transformed it from a small, regional ice
cream operation into the largest manufacturer and marketer of
premium and super-premium ice cream products in the United
States.  Mr. Rogers graduated from the Harvard Graduate School
of Business in 1968, where he was a Baker scholar. He currently
also serves as deputy chairman of the Federal Reserve Board of
San Francisco and as a director of the Shorenstein Company, L.P.
and Stanislaus Food Products; and is a member and former
chairman of the Bay Area Council.

"It's a great honor to be entrusted by the Haas family to lead
the board of this truly special, 154-year-old company," said Mr.
Rogers.  "During Bob's tenure as chief executive officer he
expanded the company and Levi's(R) brand internationally,
launched the Dockers(R) brand and created substantial
shareholder value, all the while advancing the family's and
company's operating philosophy of progressive and responsible
business practices.  As chairman of the board, he continued
these initiatives and practices while working constructively and
collaboratively with two successor CEOs.  He recently led a very
thoughtful series of changes in the board's makeup, duties and
processes.  Of all the boards I've served on over the years, I
have never observed a chairman manage a board so effectively.
Bob leaves very large shoes to fill, but I am looking forward to
working closely with LS&CO. management and my board colleagues
to build on this impressive legacy," said Mr. Rogers.

                  About Levi Strauss & Co.

Headquartered in San Francisco, California, Levi Strauss & Co. -
- http://www.levistrauss.com/-- is a branded apparel company.
The company designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's, Dockers and Levi
Strauss Signature brands in markets around the world.  Levi
Strauss & Co. distributes its Levi's and Dockers products
primarily through chain retailers and department stores in the
United States, and through department stores, specialty
retailers and franchised stores abroad.  The company distributes
its Levi Strauss Signature products through mass channel
retailers in the United States and abroad.

The company employs a staff of approximately 10,000 worldwide,
including approximately 1,010 at the company's San Francisco,
California headquarters.  Levi Strauss Europe is headquartered
in Brussels, Belgium, while Levi's Asia Pacific division is
based in Singapore.  Levi's has operations in Brazil, Mexico,
Chile and Peru.

                        *     *     *

As reported in the Troubled Company Reporter on Oct. 16, 2007
Fitch Ratings assigned a 'BB+' rating to Levi Strauss & Co.'s
second amended and restated US$750 million 5-year Asset-Based
Revolving Credit Facility.  The rating outlook is stable.

Levi Strauss carries Fitch's BB- Issuer Default Rating; BB+ Bank
Credit Facility rating; and BB- Senior Unsecured Notes rating.




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


ADELPHIA COMMS: Distributes US$311 Mln Cash and 1,714,365 Shares
----------------------------------------------------------------
Adelphia Communications Corporation reported subsequent
distributions of US$311 million in cash and 1,714,365 shares of
TWC Class A Common Stock to holders of Allowed Claims against
the parent Adelphia Communications Corporation pursuant to the
First Modified Fifth Amended Joint Chapter 11 Plan of
Reorganization of Adelphia Communications Corporation and
Certain Affiliated Debtors, dated as of Jan. 3, 2007, as
Confirmed.

The 1,714,365 shares of TWC Class A Common Stock to be
distributed have a "Deemed Value" under the Plan of US$65
million and a fair market value as of Dec. 6, 2007, of US$45
million.

The amount and timing of such distributions as a result of the
release of escrows, reserves and holdbacks are subject to the
terms and conditions of the Plan and numerous other conditions
and uncertainties, many of which are outside the control of
Adelphia and its subsidiaries.

Pursuant to a Nov. 2, 2007 order of the United States Bankruptcy
Court for the Southern District of New York, DTC's use of its
standard distribution procedures in connection with this
distribution on account of cancelled ACC securities will be
deemed in compliance with the Plan.

Such order further provides that as of the close of business on
Dec. 17, 2007, DTC may no longer recognize any changes in
beneficial ownership of the right to receive distributions under
the Plan.  The order also provides that the company has retained
the right to, in effect, withdraw the restriction prior to
Dec. 17, 2007, if it determines such restriction is no longer
necessary.

                    About Adelphia Comms

Based in Coudersport, Pennsylvania, Adelphia Communications
Corporation (OTC: ADELQ) -- http://www.adelphia.com/-- is a
cable television company.  Adelphia serves customers in 30
states and Puerto Rico, and offers analog and digital video
services, Internet access and other advanced services over its
broadband networks.  The company and its more than 200
affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002.  Those cases are jointly
administered under case number 02-41729.  Willkie Farr &
Gallagher represents the Debtors in their restructuring efforts.
PricewaterhouseCoopers serves as the Debtors' financial advisor.
Kasowitz, Benson, Torres & Friedman, LLP, and Klee, Tuchin,
Bogdanoff & Stern LLP represent the Official Committee of
Unsecured Creditors.

Adelphia Cablevision Associates of Radnor, L.P., and 20 of its
affiliates, collectively known as Rigas Manged Entities, are
entities that were previously held or controlled by members of
the Rigas family.  In March 2006, the rights and titles to these
entities were transferred to certain subsidiaries of Adelphia
Cablevision LLC.  The RME Debtors filed for chapter 11
protection on March 31, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10622
through 06-10642).  Their cases are jointly administered under
Adelphia Communications and its debtor-affiliates' chapter 11
cases.  The Bankruptcy Court confirmed the Debtors' Modified
Fifth Amended Joint Chapter 11 Plan of Reorganization on Jan. 5,
2007.  That plan became effective on Feb. 13, 2007.


MACY'S INC: Deirdre Connelly Joins Board of Directors
-----------------------------------------------------
Macy's Inc. has elected Deirdre P. Connelly, president of U.S.
operations at Eli Lilly and Company, to the its board of
directors, effective Jan. 1, 2008.

"Deirdre Connelly is an accomplished business executive with
deep insight into building strong organizations and marketing to
defined customer segments," said Terry J. Lundgren, Macy's, Inc.
chairman, president and chief executive officer.  "She will be a
valuable resource as we intensify our focus on Hispanic
customers, as well as execute our strategy for tailoring
merchandise assortments to the local customer at each Macy's
store.

"We continue to be proud of the inclusiveness of our board of
directors and management team, which reflect the diversity of
our customers and workforce," Ms. Lundgren said.  Connelly
becomes the fourth woman currently serving on the 11-member
Macy's, Inc. board, joining Sara Levinson, Joyce M. Roche and
Marna C. Whittington.

Ms. Connelly, 47, was named president of Lilly USA in June 2005.
Before assuming that role, she was senior vice president for
human resources for Lilly.  She joined the company's policy
committee in October 2004.  She had been vice president of human
resources for pharmaceutical operations since May 2004.

Ms. Connelly joined Lilly in 1983 as a sales representative and
moved to San Juan as a marketing associate a year later.  In
1989, Connelly joined the international management development
program at Lilly Corporate Center in Indianapolis and later
became a sales supervisor in Philadelphia. In 1990, she returned
to San Juan as a diabetes product manager.  In 1991, Connelly
was named national sales manager for the Puerto Rico affiliate
and, in 1992, she was named marketing and sales director for
Puerto Rico.  In 1993, she became director of sales and
marketing for the Caribbean Basin Region, including Central
America, Puerto Rico, and Caribbean Island countries.  She was
promoted to general manager for Eli Lilly Puerto Rico, S.A., in
1995.

Ms. Connelly returned to Indianapolis in 1997.  From 1997 to
2001, she held the positions of regional sales director,
executive director of global marketing for Evista(R), and team
leader for the Evista(R) product team and was promoted to leader
of the woman's health business unit in the U.S. affiliate.  In
2003, she became executive director of human resources for the
U.S. affiliate.

A native of San Juan, Ms. Connelly received a bachelor's degree
in economics and marketing from Lycoming College in Pennsylvania
in 1983.  She graduated from the Harvard University's Advanced
Management Program in 2000.  In 2006 and again in 2007, Connelly
was recognized by Fortune magazine as one of the 50 most
powerful women in business.

                     About Macy's Inc.

Headquartered in Cincinnati and New York, Macy's Inc. (NYSE: M)
-- http://www.fds.com/-- is one of the nation's premier
retailers, with fiscal 2006 sales of $27 billion.  The company
operates more than 850 department stores in 45 states, the
District of Columbia, Guam and Puerto Rico under the names of
Macy's and Bloomingdale's. The company also operates macys.com,
bloomingdales.com and Bloomingdale's By Mail.  Prior to
June 1, 2007, Macy's Inc. was known as Federated Department
Stores Inc.

                        *     *     *

As reported on Oct. 23, 2007, Moody's Investors Service affirmed
all ratings of Macy's Inc., including its long term rating of
Baa2, Prime 2 short term rating, and (P)Ba1 Preferred shelf
rating but changed the outlook to negative from stable.  The
change in outlook was prompted by the continuing negative
comparable store sales in the former May doors, credit metrics
that are at the trigger points cited in Moody's Credit Opinion
of Feb. 28, 2007, for a downgrade, and the uncertain outlook on
consumer spending that could further delay improvement in the
former May stores' performance.


PEP BOYS: Irvin Reid Joins Board of Directors
---------------------------------------------
The Pep Boys - Manny, Moe & Jack has announced that Dr. Irvin D.
Reid has joined its Board of Directors.

Dr. Reid is President of Wayne State University, an urban
research university located in Detroit, MI.  He also serves as a
director of Mack-Cali Realty Corporation and Handleman
Corporation, and sits on the Board of the Federal Reserve Bank
of Chicago (Detroit branch).  Dr. Reid holds master's and Ph.D.
degrees in business and applied economics from The Wharton
School of the University of Pennsylvania and bachelor's and
master's degrees in psychology from Howard University.

Dr. Reid has been appointed to the Board in the place of Max L.
Lukens, who recently resigned from the Board for personal
reasons.

Dr. Reid has been appointed to the Audit Committee of the Board.

                       About Pep Boys

The Pep Boys - Manny, Moe & Jack (NYSE: PBY) --
http://pepboys.com/-- has 593 stores and more than 6,000
service bays in 36 states and Puerto Rico.  Along with its
vehicle repair and maintenance capabilities, the Company also
serves the commercial auto parts delivery market and is one of
the leading sellers of replacement tires in the United States.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'B+' rating on
Pep Boys-Manny, Moe & Jack's term loan after the company
announced plans to increase the size of the facility by USUS$120
million to USUS$320 million.  Proceeds from the additional
US$120 million term loan will be used to refinance its
convertible notes which mature in June 2007.  At the same time,
the rating on the US$357.5 million asset-based revolver was
raised to 'B+' from 'B' to properly realign its ratings with the
term loan and to reflect Standard & Poor's increased comfort
with the collateral and terms securing this facility.  The 'B-'
corporate credit and other ratings were affirmed; the outlook is
negative.



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


ARVINMERITOR INC: Signs Deal to Acquire Mascot Truck
----------------------------------------------------
ArvinMeritor Inc. has entered into an agreement to acquire
Mascot Truck Parts Ltd.  Terms of the acquisition were not
disclosed.

Mascot's 170 full-time employees, six remanufacturing locations,
and current customer base will become part of the ArvinMeritor
team.  Mascot enjoys a customer satisfaction level with its
loyal customers in Canada and the United States.

"This expansion of our remanufacturing business makes sense for
our customers and aligns with our business strategy to grow the
aftermarket business," Carsten Reinhardt, president of
ArvinMeritor's Commercial Vehicle Systems business, said.
"Mascot has a similar passion for providing its customers with
high-quality, dependable, remanufactured components - all of
which complement the ArvinMeritor remanufacturing model."

"Our reputation for quality, customer service, wholesale-only
distribution, and extensive product knowledge are considerable
assets that we have developed for many years. We believe this
arrangement between ArvinMeritor and Mascot will offer the
market products and services unmatched by our competition,"
Glenn Hanthorn, president of Mascot, said.

Mascot's six Canadian remanufacturing locations - including
three in Mississauga, Ontario; and one each in Edmonton,
Alberta; Moncton, New Brunswick; and Boucherville, Quebec - well
as its network of logistic centers across North America that
provides customers with immediate availability of remanufactured
products - will become integral to ArvinMeritor's
remanufacturing business.

ArvinMeritor established its axle carrier remanufacturing
operation in 1982 at its Florence, Kentucky, national parts
distribution center, and has since moved that operation into a
major remanufacturing center that now includes brake shoes,
transmissions and trailer axles, with 275,000 sq. ft. and 220
employees in Plainfield, Indiana.

In late 2006, ArvinMeritor reached two remanufacturing
milestones with production of its 10 millionth brake shoe and
50,000th axle differential carrier produced for North American
customers.

                 About Mascot Truck Parts Ltd.

Based in Mississauga, Ontario, Canada, Mascot Truck Parts Ltd.
is a remanufacturer of transmissions, drive axle carriers,
steering gears and drivelines.  Founded in 1936, these products
are available from more than 20 facilities in Canada and the
U.S., allowing delivery of quality products and service across
North America.

                        About Arvinmeritor

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs about 29,000 people at more
than 120 manufacturing facilities in 25 countries.  These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.

                        *     *     *

As reported on Oct. 9, 2007, Fitch Ratings downgraded its
ratings on ArvinMeritor Inc. including Issuer Default Rating to
'BB-' from 'BB'; Senior secured revolver to 'BB' from 'BB+'; and
Senior unsecured notes to 'B+' from 'BB-'.  Fitch said the
rating outlook is negative.

Standard & Poor's Ratings Services lowered its corporate credit
rating and related ratings on ArvinMeritor Inc. to 'B+' from
'BB-'.  S&P said the outlook is negative.

Moody's Investors Service downgraded ArvinMeritor's Corporate
Family Rating to B1 from Ba3 and maintained the outlook at
stable.  Moody's also lowered its ratings on the company's
secured bank obligations (to Ba1, LGD-1, 8% from Baa3, LGD-2,
13%) and unsecured notes (to B2, LGD-4, 63% from B1, LGD-4,
63%).  The Probability of Default is changed to B1 from Ba3,
while the company's Speculative Grade Liquidity rating remains
SGL-2.  Moody's said the outlook is stable.


PETROLEOS DE VENEZUELA: Advancing Plans for NatGas Project Dev't
----------------------------------------------------------------
Venezuelan state-run oil company Petroleos de Venezuela SA's
Latin American integrated product development managing director
David Voght told Business News Americas that the firm is
advancing with plans for the development of natural gas
liquefaction projects in the country.

Petroleos de Venezuela started initial liquefied natural gas
marketing efforts, BNamericas relates, citing Mr. Voght.  The
firm signed an accord with a European organization giving
Venezuela access to a regasification plant and an initial market
of 200 million cubic feet per day.  An additional agreement was
also signed with the organization to give it the option to take
an equity position in the liquefied natural gas plant to be
built in Venezuela.

Mr. Voght commented to BNamericas, "While discussions are
ongoing and not immune to delays, it is important a political
decision seems to have been taken to develop LNG [liquefied
natural gas].  LNG is a real possibility for Venezuela.  The
country's offshore reserves can more than support a first LNG
train.  PDVSA [Petroleos de Venezuela] seems to have concluded
that half planned natural gas production from the reserves-rich
North Paria offshore area will be earmarked for export along
with production from the Plataforma Deltana offshore area."

BNamericas notes that liquefied natural gas "will face fierce
competition from domestic demand for natural gas."  Petroleos de
Venezuela's priority to boost extra-heavy oil recovery rates in
the Orinoco Belt will need big amounts of natural gas for steam
generation.

Mr. Voght told BNamericas, "Increased demand at both ends could
spur the need for further exploration and production, creating
more opportunity for PDVSA and potential foreign partners.  The
Venezuelan market is challenging and companies need to be smart,
consistent and tenacious if they expect to gain access.  We
believe companies willing to work with the government on its
terms and capable of negotiating their fundamental investment
requirements will have interesting options in the future.
However, only investors with a specific goals and a willingness
to accept the country's complex political environment need
apply."

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.



                        ***********


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, Christian Toledo, and Pamella Ritah K. Jala,
Editors.

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

This material is copyrighted and any commercial use, resale or
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