TCRLA_Public/071217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Monday, December 17, 2007, Vol. 8, Issue 249

                          Headlines

A R G E N T I N A

ALITALIA SPA: Air France Sees Profitable Italian Carrier
AMTRAX: Proofs of Claim Verification Deadline Is March 25, 2008
DANA CORP: Wants to Sell Cape Girardeau Property for US$2.8 Mil.
DANA CORP: Wants to Sell Stateville Property for US$9.6 Million
GRUPO GARDA: Proofs of Claim Verification Ends March 26, 2008

LOS QUERANDIES: Proofs of Claim Verification Ends March 5, 2008
NURTEX SRL: Files for Reorganization in Buenos Aires Court
SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel
SECURICOR SA: Proofs of Claim Verification Ends on March 4, 2008
SEROGEN SRL: Proofs of Claim Verification Deadline Is Feb. 22

SUN MICROSYSTEMS: Acquires EFTPOS Services Business from PCI
SUN MICROSYSTEMS: To Create Web 2.0 Architecture for Japan Gov't
TELECOMPRAS SA: Proofs of Claim Verification Deadline Is Feb. 21
TERRAMED SRL: Files for Reorganization in Buenos Aires Court


B E R M U D A

DARRELL CONTRACTING: Receiver To File for Dissolution by Dec. 24
SAXON HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 27
SAXON HOLDINGS: Sets Final Shareholders Meeting for Jan. 17


B O L I V I A

EXIDE TECH: Plans Capacity Expansion at Tudor India Location


B R A Z I L

BANCO NACIONAL: Disbursements Top BRL66.7 Bil. in Twelve Months
BANCO NACIONAL: Petrobras Closes BRL2.49-Billion Funding Deal
BASELL AF: Lyondell & Equistar Get Consents to Amend Indenture
COMPANHIA SIDERURGICA: To Ink Letter of Intent with Minas Gerais
DELHI CORP: Court Okays Equity Purchase & Commitment Agreement

DELPHI CORP: Court Approves Modified Disclosure Statement
DELPHI CORP: Court Sets Plan Confirmation Hearing on January 17
LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture

* BRAZIL: Petrobras & REFAP Commence Marketing of Biodiesel
* BRAZIL: Petrobras Closes BRL2.49-Bln Funding Deal with BNDES
* BRAZIL: Petrobras to Create Mix Corporation with PDVSA


C A Y M A N   I S L A N D S

BLACKROCK FIXED: Holding Final Shareholders Meeting Today
COPPER RIVER: To Hold Final Shareholders Meeting Today
FREE SPIRIT: Will Hold Final Shareholders Meeting Today
DELTAMAR LIMITED: Proofs of Claim Filing Deadline Is Today
DREMAN HIGH: Final Shareholders Meeting Is Today

GREAT WEST: Final Shareholders Meeting Is Today
GRIFFIN MANAGEMENT: Will Hold Final Shareholders Meeting Today
ISLAND VISION: Holding Final Shareholders Meeting Today
JUNO FUND: Will Hold Final Shareholders Meeting Today
MEANDERING MOOSE: Holding Final Shareholders Meeting Today

MUSTANG SCDO: Final Shareholders Meeting Is Today
O'CONNOR GLOBAL: Will Hold Final Shareholders Meeting Today
PARK TOWN: To Hold Final Shareholders Meeting Today
PARMALAT SPA: Faces Antitrust Probe Over Newlat Sale Delays
SPINNING GLOBE: Will Hold Final Shareholders Meeting Today

STILL EAGLE: Will Hold Final Shareholders Meeting Today
STONE CHALICE: Final Shareholders Meeting Is Today
THUNDER CLOUD: Final Shareholders Meeting Is Today
UBS GLOBAL: Final Shareholders Meeting Is Today
UBS NEUTRAL: Will Hold Final Shareholders Meeting Today

UBS NEUTRAL ALPHA: Holding Final Shareholders Meeting Today
UBS NEUTRAL (AUSTRALIAN): Final Shareholders Meeting Is Today


C H I L E

EASTMAN KODAK: Board Picks Three Officers as Vice Presidents


C O L O M B I A

BURGER KING: Launches First Restaurant in Colombia


G U A T E M A L A

MILLICOM INTERNATIONAL: Comments on Colombia Regulatory Changes


H O N D U R A S

* HONDURAS: Will Name New Hondutel Head


M E X I C O

DURA AUTOMOTIVE: Extends Marketing Period for US$425MM Exit Loan
FGX INT'L: Sept. 29 Balance Sheet Upside-Down by US$78.04 Mil.
FORD MOTOR: Russian Authorities Ban Pickets
JETBLUE AIRWAYS: Sells 19% Stake to Lufthansa for US$300 Million
KANSAS CITY SOUTHERN: Recommends Site 3 for Rail Bridge Location


P E R U

FREEPORT-MCMORAN: Discloses New Operations Management Structure


P U E R T O   R I C O

LIN TV: May Not Reach Retransmission Agreement with Cable One
ROYAL CARIBBEAN: Forms TUI Cruises in New Venture with TUI AG


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Create Mix Corporation with Petrobras

* VENEZUELA: Mr. Chavez To Assess Bilateral Pacts with Mr. Lula
* Large Companies with Insolvent Balance Sheets


                         - - - - -


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


ALITALIA SPA: Air France Sees Profitable Italian Carrier
--------------------------------------------------------
Air France-KLM says its planned takeover of Alitalia S.p.A.
could bring the Italian carrier back into profitability.

"Air France-KLM wishes to share with Alitalia the benefits of
the profitable growth strategy it has successfully implemented
over the last four years," the French carrier said in a
statement.  "As for Alitalia, by joining Air France-KLM, it
would be part of the world's leading air transport group, thus
strengthening its position."

Air France said it aims to have Alitalia win back the Italian
market by developing its network and asserting its Italian brand
and identity.

The French carrier said it would propose a large number of
European and intercontinental destinations to and from Rome-
Fiumicino Airport, which would be organized as a hub in the same
way as Paris-Charles de Gaulle and Schiphol.

Air France also plans to operate medium and long-haul direct
services to and from Milan, "with enhanced service quality to
better meet the needs of business customers."

Jean-Cyril Spinetta, Air France CEO, said its business plan --
which he described as clearer than AirOne S.p.A.'s -- "will be a
success," Reuters reports.

"I am convinced that the creative talent and Italian experience
will carry Alitalia to a new stage in its history," Mr. Spinetta
was quoted by Thomson Financial as saying.

                    Air France and AirOne

Alitalia chairman Maurizio Prato told Italian daily Corriere
della Sera that Air France's business plan is clearer than
AirOne.  Mr. Prato noted that the French carrier's plan mirrored
Alitalia's turnaround.

"For AirOne, aside from some generic statements about remaining
at both hubs, increasing the fleet and renewing it, we still
need to understand how the plan actually functions," Mr. Prato
told Corriere della Sera.

Italian industry minister Pier Luigi Bersani, however, said that
Mr. Prato's comments reflect the decision on the sale.

"We should be looking at the offers, not interviews," Mr.
Bersani was quoted by Bloomberg News as saying.

Intesa Sanpaolo S.p.A., AirOne's financial backer, said selling
Alitalia to Air France would be like "throwing [the national
carrier] away," Bloomberg News relates.

"It's a choice that is a lot like giving up," Corrado Passera,
Intesa Sanpaolo CEO, was quoted by Bloomberg News as saying.

"[Air One's offer] is the only concrete solution to avoid ceding
a national strategic asset and at the same time guarantee a
turnaround of the airline," AirOne Chairman Carlo Toto said in
an e-mailed statement to Bloomberg News.

As reported in the TCR-Europe on Dec. 7, 2007, Alitalia received
non-binding proposals for the Italian government's 49.9% stake
from:

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

                       About Alitalia

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

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

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


AMTRAX: Proofs of Claim Verification Deadline Is March 25, 2008
---------------------------------------------------------------
Pedro Mazzola, the court-appointed trustee for Amtrax S.A.'s
bankruptcy proceeding, verifies creditors'proofs of claim until
March 12, 2008.

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

Infobae didn't state the reports submission deadline.

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

The trustee can be reached at:

         Pedro Mazzola
         Cramer 1859
         Buenos Aires, Argentina


DANA CORP: Wants to Sell Cape Girardeau Property for US$2.8 Mil.
----------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask authority from the U.S.
Bankruptcy Court for the to sell a 15-acre parcel of real estate
and a 150,000 square-foot building located at 2075 Corporate
Circle in Cape Girardeau, Missouri, to Schaefer's Power Panels,
Inc., for US$2,841,750.

The Debtors currently use the property for manufacturing, and
they are in the process of closing the manufacturing operations,
Corinne Ball, Esq., at Jones Day, in New York relates.

In accordance with an Asset Purchase Agreement, Schaefer will
bear the cost of the title commitment, inspection and any survey
and the other half of Dana Corp.'s escrow and closing fees.  At
closing, the Debtors will pay all real estate taxes and
installments of assessments that are due and payable as of the
closing date that are not prepetition taxes.

The Debtors will have the right to occupy the property until
Jan. 31, 2008, under a rent free leaseback where they will be
responsible for all utility and custodial services and any
repair liabilities up to US$5,000 in aggregate.

Furthermore, the Debtors propose to pay broker commissions of
US$107,061 to Signature Associates and US$128,475 to Lorimont
Place, Ltd.  The Debtors represent that Signature served as a
primary broker on the proposed sale, and Lorimont worked with
Signature as a cooperating broker.  Thus, the Debtors seek the
Court's authority to pay Lorimont's commission.

                          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: Wants to Sell Stateville Property for US$9.6 Million
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates seek authority from the
U.S. Bankruptcy Court for the to sell a 96-acre parcel of real
estate located at 1293 Glenway Drive in Statesville, North
Carolina, including all personal property, furnishings, fixtures
and equipment, to Doosan Infracore America Corporation for
US$9.6 million.

Corinne Ball, Esq., at Jones Day, in New York relates that the
Debtors have closed the manufacturing operations located in the
property.

At closing, the Debtors will pay all real estate taxes and
installments of assessments that are due and payable as of the
closing that are not prepetition taxes.  Doosan will pay all
prepetition taxes and will be entitled to credit those against
the purchase price.

Pursuant to the Asset Purchase Agreement, the Debtors propose to
pay broker commissions of US$360,000 to Signature Associates and
US$200,000 to Binswanger Corporation and Stiles and Company.
Binswanger worked with Signature to represent the Debtors on the
proposed sale while Stiles represented Doosan.

The Debtors will assume and assign to Doosan the existing phone
system lease related to the Statesville property with LaSalle
Systems Leasing, Inc. at the closing of the proposed sale.

                           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)


GRUPO GARDA: Proofs of Claim Verification Ends March 26, 2008
-------------------------------------------------------------
Cecilia Beatriz Montelvetti, the court-appointed trustee for
Grupo Garda S.A.'s bankruptcy proceeding, verifies
creditors'proofs of claim until March 26, 2008.

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

Infobae didn't state the reports submission deadline.

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

The trustee can be reached at:

         Cecilia Beatriz Montelvetti
         Gral. Urquiza 2134
         Buenos Aires, Argentina


LOS QUERANDIES: Proofs of Claim Verification Ends March 5, 2008
---------------------------------------------------------------
Nora Lujan Otegui, the court-appointed trustee for Los
Querandies S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until March 5, 2008.

Ms. Otegui will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance in Pergamino, 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 Los Querandies 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 Los Querandies'
accounting and banking records will be submitted in court.

Infobae didn't state the reports submission deadline.

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

The debtor can be reached at:

         Los Querandies S.A.
         Juan Manuel de Rosas y Ruta 32, Pergamino
         Buenos Aires, Argentina

The trustee can be reached at:

         Nora Lujan Otegui
         Merced 723, Pergamino
         Buenos Aires, Argentina


NURTEX SRL: Files for Reorganization in Buenos Aires Court
----------------------------------------------------------
Nurtex S.R.L. has requested for reorganization approval after
failing to pay its liabilities.

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

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

The debtor can be reached at:

          Nurtex S.R.L.
          Boedo 1338/1342, Unidad 1
          Planta Baja, Buenos Aires
          Argentina


SCO GROUP: Can Hire Boies Schiller as Special Litigation Counsel
----------------------------------------------------------------
The SCO Group Inc. and SCO Operations Inc. obtained authority
from the United States Bankruptcy Court for the District of
Delaware to employ Boies, Schiller & flexner LLP as special
litigation counsel.

As reported in the Troubled Company Reporter on Nov. 1, 2007,
Boies Schiller will assist the Debtors in connection with the
continuation of the SCO Litigation.  The SCO Litigation consists
of these pending matters:

   -- SCO Group v. International Businesses Machines Corp.
      pending in the U.S. District Court for the District of
      Utah;

   -- SCO Group v. Novell Inc. pending in the U.S. District
      Court for the District of Utah;

   -- Red Hat Inc. v. SCO Group pending in the U.S. District
      Court for the District of Delaware;

   -- SCO Group v. Autozone Inc. pending in the U.S. District
      Court for the District of Nevada;

   -- SCO Group v. DaimlerChrysler Corporation pending in the
      State of Michigan, Circuit Court for the County of
      Oakland;

   -- Gray Litigation: Wayne R. Gray v. Novell, SCO Group and
      X/Open Company Ltd. pending in the U.S. District Court for
      the Middle District of Florida; and

   -- SuSE Linux GmbH v. SCO Group pending before the
      International Court of Arbitration.

Specifically, the firm is expected to:

   a. give advice to the Debtors with respect to the SCO
      Litigation;

   b. prepare motions, pleadings, orders, applications,
      adversary proceedings, and other legal documents necessary
      in the prosecution, defense or appeal of administration of
      the SCO Litigation;

   c. represent the Debtors at all trials, hearings or
      arbitration proceedings with respect to the SCO
      Litigation; and

   d. protect the interests of the Debtors with respect to the
      SCO Litigation.

Subject to the Court's approval, the Debtors will pay the firm
at its standard hourly rate with respect to the Gray Litigation
and 50% of its standard hourly rates with respect to the SuSE
Arbitration and continue the terms of their pre-bankruptcy
engagement on other SCO Litigation.

The Debtors believe that the employment of the firm is necessary
and in the best interest of the Debtors' estates.  To the best
of the Debtors' knowledge, Boies Schiller does not represent or
hold any interest adverse to the Debtors or their estates.

The firm can be reached at:

             Stuart H. Singer, Esq.
             Boies, Schiller & flexner LLP
             333 Main St.
             Armonk, NY 10504-1812
             Tel: (914) 749-8200
             Fax: (914) 749-8300
             http://www.bsfllp.com/

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

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


SECURICOR SA: Proofs of Claim Verification Ends on March 4, 2008
----------------------------------------------------------------
Carlos Alberto Llorca, the court-appointed trustee for Securicor
SA's bankruptcy proceeding, verifies creditors' proofs of claim
until March 4, 2008.

Mr. Llorca will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 5 in Buenos Aires, with the assistance of Clerk
No. 9, 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 Securicor 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 Securicor's
accounting and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

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

The debtor can be reached at:

         Securicor SA
         Teniente General Donato Alvarez 860
         Buenos Aires, Argentina

The trustee can be reached at:

         Carlos Alberto Llorca
         Carlos Pellegrini 385
         Buenos Aires, Argentina


SEROGEN SRL: Proofs of Claim Verification Deadline Is Feb. 22
-------------------------------------------------------------
Reinaldo Cesar Pireni, the court-appointed trustee for Serogen
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim until Feb. 22, 2008.

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

Infobae didn't state the reports submission deadline.

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

The trustee can be reached at:

         Reinaldo Cesar Pireni
         Avenida Callao 930
         Buenos Aires, Argentina


SUN MICROSYSTEMS: Acquires EFTPOS Services Business from PCI
------------------------------------------------------------
VeriFone Holdings Inc. has acquired the EFTPOS services business
of Peripheral Computer Industries to enhance its ability to
provide acquirer banks and other organizations with one-stop
electronic payments products and services.

Local acquirers are increasingly reliant on partners to add
value to their product offerings through expanded solutions and
managed service offerings while at the same time reducing their
cost of ownership.  With an expanded services organization,
VeriFone Australia now has the ability to provide one-stop
shopping with a complete array of APCA-certified products,
software solutions and an integrated services capability.

APCA - Australian Payments Clearing Association - has defined
standards for design, security and functionality in line with
global standards.  VeriFone has developed a broad portfolio of
powerful system solutions and peripherals that have received
APCA certification.

"PCI has built up one of the largest EFTPOS service companies in
Australia, with a superior service infrastructure, strong
customer relationship management skills and a large help desk
organization," said William C. Nichols, senior vice president,
VeriFone Asia Pacific.  "With the continuing growth in
electronic payments and the industry's need to comply with
global security standards such as PCI, EMV and local APCA
mandates, these resources will further enhance VeriFone's
ability to provide a full complement of integrated point-of-sale
payment solutions and services.

"With this acquisition VeriFone will provide a variety of value
added services to our customers not only in Australia and New
Zealand but across the South East Asia market," Mr. Nichols
said.  "Our Melbourne-based Helpdesk is capable of providing
7x24 coverage. VeriFone is the only company to offer key
injection, repairs, installation and maintenance and software
development in both Sydney and Melbourne to service local
customers."

The PCI acquisition will also provide a launch pad for
VeriFone's expanded product portfolio of unattended, petro and
retail solutions, which have seen considerable success around
the globe.

Australia is one of the largest EFTPOS markets in Asia, with an
installed base of over 500,000 payment systems.  VeriFone
markets and supports secure technology that enables electronic
payment transactions and value-added services at the point of
sale throughout Asia and the Pacific Rim region.  The company
delivers advanced payment solutions based on leading-edge IP
technologies such as Ethernet, Wi-Fi, CDMA and GPRS.

                 About VeriFone Holdings Inc.

Headquartered in San Jose, Calif., VeriFone Holdings Inc. (NYSE:
PAY) -- http://www.verifone.com/-- provides secure electronic
payment solutions.  VeriFone provides expertise, solutions and
services that add value to the point of sale with merchant-
operated, consumer-facing and self-service payment systems for
the financial, retail, hospitality, petroleum, government and
healthcare vertical markets.

The company has operations in Argentina, Australia, Brazil,
China, France, India, Malaysia, Poland, the United Kingdom, the
United States, among others.

                        *     *     *

Verifone Holdings Inc. still carries Moody's Moody's Investors
Service 'B1' long-term corporate family rating.  Moody's said
the rating outlook is stable.


SUN MICROSYSTEMS: To Create Web 2.0 Architecture for Japan Gov't
----------------------------------------------------------------
Sun Microsystems Inc. reported that Japan has chosen Sun to
create an open, Web 2.0 architecture that will better leverage
IT to deliver better government services to citizens.  Japan,
Singapore and Norway each join the growing list of governments
that have already turned to Sun for efficient, scalable
architectures that accurately manage global information flow and
help maximize productivity.

Governments around the globe are looking to use IT to give their
constituents a single point of access to available governmental
services.  Open Source technologies, such as the OpenSolaris
operating system, help foster a strong ecosystem of developers
and independent software vendors that can be leveraged by
governments as it looks to scale the initiative and provide more
services to the country.

The government of Japan has been keenly exploring ways to
provide electronic government services for many years, which led
to the formulation of the "New IT Reform Strategy" in January
2006.  The strategy has a goal of making 50 percent of all
applications and filings for government agencies to be submitted
online by 2010, which can only be attained if the service
infrastructures are up to speed with taxpayers' expectations.
Sun was chosen to create an integrated and inherently secure
network, called Trusted Network, which will help enable a true
one-stop service infrastructure.  The complete Sun solution is
comprised of OpenSolaris OS, Sun Java System Identity Manager
software, Sun Java Composite Application Platform Suite and Sun
Ray thin clients.

"Until recently, many government agencies opted not to gamble
with any level of open access," said Crawford Beveridge, EVP and
Chairman EMEA, APAC and the Americas, Sun Microsystems, Inc.
"But in a changing world, providing personalized, citizen-
centric and business-centric benefits and services that maximize
the value of taxpayers' money is a shining example of the vision
for Web 2.0. Sun's extensive expertise, coupled with secure IT
systems and software, are helping pave the way for governments
to use technology to improve prosperity and welfare for its
citizens, allow for a more open and transparent communication
between the government and its citizens and can reduce
administrative costs of providing services."

Sun has achieved great momentum in the eGovernment space, with
wins such as:

Norway

MyGov is part of the Norwegian government's "eNorway 2009"
initiative designed to provide the country's 4.5 million
citizens with a single Web-based access point for all government
services.  Leveraging a reliable and robust operating platform
comprised of the Sun Java Enterprise System, Sun identity
management solutions, x64 (x86 64-bit) and UltraSPARC T1
processor-based Sun Fire servers running the Solaris 10
Operating System, MyGov helps citizens to have secure, browser-
based public access to government services through a secure and
personalized portal interface.  Just recently, MyGov's self-
service citizen portal, called Mypage, was named a winner at the
European eGovernment Awards for "participation and transparency
empowering citizens and business to influence open government,
policy-making and the way public administrations operate and
deliver services."  Mypage offers more than 300 services for
citizens, and has more than 200,000 registered users it its
first four months of operation.  The complete end-to-end Sun
solution helps the government to drive innovation and provide an
online platform where the citizens can handle their healthcare,
order tax cards, register and manage motor vehicles, manage
their student loans, communicate with public officials and
conduct other civic initiatives and services.

Singapore

Sun ally Ecquaria was awarded the contract to develop the NSS
(New Singapore Shares) Web site and eServices to help eligible
citizens to check their NSS allotment in real-time and instruct
the Central Provident Fund Board to exchange their NSS for cash.
Ecquaria leveraged Public eServices Infrastructure, a ready
government services delivery infrastructure jointly developed by
the government and a consortium consisting of Sun, Ecquaria and
other vendors.  The NSS website and eServices were successfully
developed and launched in just three short weeks.  The solution
is comprised on Java-based technologies, Sun UltraSPARC-based
servers and the Solaris 10 Operating System.

                   About Sun Microsystems

Headquartered in Santa Clara, California, Sun Microsystems Inc.
(NASDAQ: SUNW) -- http://www.sun.com/-- provides network
computing infrastructure solutions that include computer
systems, data management, support services and client solutions
and educational services.  It sells networking solutions,
including products and services, in most major markets worldwide
through a combination of direct and indirect channels.

Sun Microsystems conducts business in 100 countries around the
globe, including Brazil, Argentina, India, Hungary, United
Kingdom, among others.

                        *     *     *

Sun Microsystems Inc. carries Moody's "Ba1" probability of
default and long-term corporate family ratings with a stable
outlook.  The ratings were placed on Sept. 22, 2006, and
Sept. 22, 2005, respectively.

Sun Microsystems also carries Standard & Poor's "BB+" long-term
foreign and local issuer credit ratings, which were placed on
March 5, 2004, with a stable outlook.


TELECOMPRAS SA: Proofs of Claim Verification Deadline Is Feb. 21
----------------------------------------------------------------
Carlos Alberto Menendez, the court-appointed trustee for
Telecompras S.A.'s bankruptcy proceeding, verifies creditors'
proofs of claim until Feb. 21, 2008.

Mr. Menendez will present the validated claims in court as
individual reports on April 8, 2008.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Telecompras 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 Telecompras'
accounting and banking records will be submitted in court.

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

The debtor can be reached at:

         Telecompras S.A.
         Avenida Rivadavia 8346
         Buenos Aires, Argentina

The trustee can be reached at:

         Carlos Alberto Menendez
         Ventura Bosch 7098
         Buenos Aires, Argentina


TERRAMED SRL: Files for Reorganization in Buenos Aires Court
------------------------------------------------------------
Terramed S.R.L. has requested for reorganization approval after
failing to pay its liabilities.

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

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

The debtor can be reached at:

          Terramed S.R.L.
          Terrada 1242
          Buenos Aires, Argentina




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


DARRELL CONTRACTING: Receiver To File for Dissolution by Dec. 24
----------------------------------------------------------------
Stephen E. Lowe, the official receiver of Darrell Contracting
Services Ltd. 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 Darrell Contracting 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 Darrell Contracting, 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 Darrell Contracting
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.


SAXON HOLDINGS: Proofs of Claim Filing Deadline Is Dec. 27
----------------------------------------------------------
Saxon Holdings Ltd.'s creditors are given until Dec. 27, 2007,
to prove their claims to Robin J. Mayor, the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Saxon Holdings's shareholder decided on Dec. 11, 2007, to place
the company into voluntary liquidation under Bermuda's Companies
Act 1981.

The liquidator can be reached at:

         Robin J. Mayor
         Messrs. Conyers Dill & Pearman
         Clarendon House, Church Street
         Hamilton, HM DX, Bermuda


SAXON HOLDINGS: Sets Final Shareholders Meeting for Jan. 17
-----------------------------------------------------------
Saxon Holdings Ltd. will hold its final shareholders meeting on
Jan. 17, 2008, at 9:30 a.m. at:

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

These matters will be taken up during the meeting:

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

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

   -- passing of a resolution dissolving the
      company.




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


EXIDE TECH: Plans Capacity Expansion at Tudor India Location
------------------------------------------------------------
Exide Technologies is planning for the capacity expansion at its
transportation manufacturing facility in Gujarat, (Ahmedabad)
India.  The Company is investing in equipment upgrades, line
expansions, infrastructure and utilities at its Tudor India Ltd.
location in its efforts to increase operational capacity from
600,000 batteries up to 1,000,000 batteries per year.

Best known for the production of the Prestolite(R) brand of
lead-acid batteries for both automotive and inverter
applications, TIL is the Indian arm of Chloride Motive Power
Batteries, UK, a wholly owned subsidiary of Alpharetta-Georgia
based Exide Technologies.

Most recently, TIL increased its capacity in FY07 resulting in
growth in its financial performance.  For the half year ending
Sept. 30, 2007, TIL registered a 44 percent increase in net
sales to US$15 million as compared to the same period for the
previous year.  The newest planned capacity expansion, expected
to be completed by June 2008, also will allow for the
operation's production of innovative state-of-the-art products
in wet form for original equipment and aftermarket customers in
the region.

"We expect that the planned capacity increase at TIL will allow
Exide to further increase its share and brand image in the
rapidly developing Asia Pacific battery market," said Luke Lu
President - Asia Pacific for Exide Technologies.  "The expansion
is part of our Company's overall strategy that focuses on taking
advantage of profitable growth opportunities - both in
manufacturing and global sourcing - particularly in India and
China."

In 1997, TIL was the first company to introduce maintenance free
lead-acid batteries designed with polyethylene separators, cold
forged terminals and bone dry charged batteries in India, and
offer the products for most types of vehicles manufactured in
India, including cars, light and heavy commercial vehicles,
sport utility vehicles, and tractors.

With 16 branches and a wide dealer network of approximately 230
distributors in India, TIL is well equipped to serve a broad
range of customers in the global marketplace.  The operation
supplies batteries to both original equipment and aftermarket
customers including American Power Conversion; Ashok Leyland;
Atlas Capco; Caterpillar; Indo Farm Equipment, International
Tractors, Mahindra & Mahindra Tractors; Reliance; Sudir Genset;
Supernova; Tatra; Voltas; and Volvo.

                  About Exide Technologies

Headquartered in Princeton, New Jersey, Exide Technologies
(NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and
distributes lead acid batteries and other related electrical
energy storage products.

The company has operations in 89 countries, including,
Argentina, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica,
Ecuador, El Salvador, Guatemala, Panama, Paraguay, Peru, Uruguay
and Venezuela.

The company filed for chapter 11 protection on Apr. 14, 2002
(Bankr. Del. Case No. 02-11125).  Matthew N. Kleiman, Esq., and
Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the
Debtors in their successful restructuring.  The Court confirmed
Exide's Amended Joint Chapter 11 Plan on April 20, 2004.  The
plan took effect on May 5, 2004.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 23, 2007, Standard & Poor's Ratings Services has raised its
corporate credit rating on Exide Technologies to 'B-' from
'CCC+' because of the company's improved financial results,
which the company has achieved despite sharply higher lead
prices.  S&P said the outlook is stable.

Moody's Investor Service placed Exide Technologies' senior
secured debt and probability of default ratings at 'Caa1' in
September 2006.  The ratings still hold to date with a stable
outlook.




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


BANCO NACIONAL: Disbursements Top BRL66.7 Bil. in Twelve Months
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social's
disbursements the reached BRL66.7 billion in the last twelve
months ended in November, representing a 35% increase as
compared to the same period last year.  Approvals followed the
same acceleration pace, totaling BRL89 billion -- a 33% high --
and keeping the hiatus relative to releases observed during the
year.

Inquiries for new BNDES financings between December 2006 and
November 2007 were BRL133.1 billion (a 30% increase) and the
framings, BRL109.8 billion (a 20% high).

The infrastructure sector continues being the main responsible
for the difference between the disbursement and approval values.
Projects in this area received BRL25.7 billion in the last 12
months, equivalent to a 44% expansion.  Approvals grew 75%,
totaling BRL39 billion in the period.  The largest demands came
from the electrical energy, with projects approved in the amount
of BRL9.8 billion (a 112% expansion), and transportation, of
BRL16.7 billion (an 88% high).  For construction, BRL4 billion
were approved (a 78% high).

Disbursements for the industry in the last 12 months ended in
November grew 21%, totaling BRL30 billion.  Approvals, in the
amount of BRL37.5 billion, represented a 6% high, with special
mention to agro-industry (BRL7.8 billion, a 140% high),
mechanics (BRL3.7 billion and a 102% high) and the mining
industry (BRL2.2 billion, or a 740% increase).

Agribusiness has accelerated its growth pace during the year,
recording a 43% increase in disbursements (BRL4.9 billion) and
21% in approvals (BRL4.9 billion).

                       Annual Result

Disbursements accumulated from January to November this year
added up to BRL56.6 billion, a sum 34.2% higher than in the same
period last year.  Approvals, at BRL76.9 billion, exceeded by
23.6% the amount recorded in the same period in 2006.  Framings
added up to BRL99.6 billion (a 16.9% high) while consultations
were 118 billion (a 29.8% high).

The industrial and infrastructure sectors were responsible for
most of the bank's disbursements in 2007, in the amount of
BRL23.8 billion (a 13% high) and BRL23.7 billion (a 58% high),
respectively.  BRL4.4 billion was released for the agribusiness
(an 50.6% increase) and for commerce and services BRL4.7 billion
(an additional 88.6%).

During the year, in industry, the highlights in disbursements
were on account of the agro-industry (BRL4.5 billion, a 39%
high), metallurgy (BRL3.2 billion, a 91.5% high), chemical and
petrochemical (BRL3.7 billion, a 91.7% high) areas.  In
infrastructure, the areas of land transportation (BRL9.8
billion, a 52% high) and electrical energy (BRL4.9 billion, a
78.5% high) have led disbursements.

As for approvals, the infrastructure sector surpassed industry,
in terms of the value of projects approved during the year,
totaling BRL34.9 billion (a 74.9% high).  BRL31.7 billion were
approved for the industry (a 5.9% drop, as compared to the
previous period), but with a 69.4% growth in the volume of
operations carried out by the Bank, which totaled 22 thousand
between January and November 2007.

                            Porte

Disbursements for micro, small and medium-sized companies
(MPMEs) and for individuals reached BRL15.8 billion in the last
12 months ended in November, an amount 44% higher than in the
same period last year.  A total of 185.6 thousand operations
were carried out, which represents a volume 86% higher than that
recorded between December 2005 and November 2006.

                         About BNDES

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

                        *     *     *

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


BANCO NACIONAL: Petrobras Closes BRL2.49-Billion Funding Deal
-------------------------------------------------------------
Petroleo Brasileiro SA has closed a funding deal worth BRL$2.49
billion, granted by the National Economic and Social Development
Bank (BNDES), for the Transportadora  Urucu-Manaus S.A. special
purpose company, in charge of building the 383-km long, 20-inch
in diameter natural gas transportation pipeline to connect Coari
to Manaus, and of building distribution branches to supply seven
municipalities located along the gas pipeline's course.  The
funds will also be used to build the 279-km, long 10-inch
nominal diameter liquefied petroleum gas (LPG) pipeline that
will connect the Arara Pole, in Urucu, to the Solimoes Terminal,
in Coari, State of Amazonas.

The natural gas will be used initially for thermoelectric power
generation in the city of Manaus, substituting for the fuel oil
generators that are currently used for this purpose.  Later, it
will also supply the region's industrial, vehicle, commercial,
and residential sectors.

The gas pipeline will have two delivery points in Manaus, seven
distribution branches totaling 126 Km in length, to deliver gas
to municipalities located near the gas pipeline, and two
intermediary gas-compression stations.  The project also
foresees the re-adaptation of an existing 18-inch nominal
diameter pipeline between Urucu and Coari, which will be
interconnected to the 20-inch one, allowing for natural gas
production outflow.

                       About Petrobras

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

                         About BNDES

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

                        *     *     *

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


BASELL AF: Lyondell & Equistar Get Consents to Amend Indenture
--------------------------------------------------------------
Lyondell Chemical Company and its subsidiaries Equistar
Chemicals, LP and Equistar Funding Corporation disclosed that as
of 5:00 p.m. EST on Dec. 5, 2007, a total of approximately
US$3.97 billion in aggregate principal amount of the outstanding
debt securities issued by Lyondell or the Equistar Issuers, as
applicable, has been tendered pursuant to the previously
announced cash tender offers and consent solicitations.

As a result, Lyondell and the Equistar Issuers have received the
required consents from holders to amend each of the indentures
governing the applicable Notes.  Upon Lyondell and the Equistar
Issuers accepting for purchase at least a majority in aggregate
principal amount of the applicable Notes outstanding, each of
the supplemental indentures effecting the proposed amendments as
described in the Offer to Purchase and Consent Solicitation
Statement dated Nov. 20, 2007, will become operative.

The Offer for each series of Notes will expire at 12:01 a.m. EST
on Dec. 20, 2007, unless extended or earlier terminated by
Lyondell or the Equistar Issuers, as applicable, in their sole
discretion.  Withdrawal rights with respect to the Notes and
revocation rights with respect to corresponding consents have
expired.  Accordingly, holders may not withdraw any Notes
previously or hereafter tendered, except as contemplated in the
applicable Offers.

The total consideration was determined as of 2:00 p.m. EST on
Dec. 5, 2007.  The total consideration per US$1,000 principal
amount of the Notes validly tendered at or prior to the Consent
Payment Deadline, not validly withdrawn and accepted for payment
is set forth in Table 1, of which US$30 is the consent payment.
The tender offer consideration per US$1,000 principal amount of
the Notes validly tendered after the Consent Payment Deadline,
not validly withdrawn and accepted for payment equals the Total
Consideration minus the US$30 consent payment.  In each case,
accrued and unpaid interest on the Notes will be paid in cash
from the most recent interest payment date applicable to the
Notes to, but not including, the applicable payment date for the
Offers.  The applicable payment date for Notes tendered on or
prior to the Consent Payment Deadline is expected to be on or
about Dec. 20, 2007.  The applicable payment date for Notes
tendered after the Consent Payment Deadline and on or prior to
the Expiration Date is expected to be on or about Dec. 21, 2007.

Table 1 - Results to Date and Pricing Information for the Offers

                             Lyondell's Notes

                                                      Percentage
                     Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------
          10.500%
552078AV9 Senior    3.764%  US$1,081.17  US$1,051.17     99.76%
          Secured
          Notes due
          2013


          8.000%
552078AW7 Senior Notes 3.429% US$1,154.78  US$1,124.78   99.67%
          due 2014

          8.250%
552078AX5 Senior Notes 3.601% US$1,197.17 US$1,167.17    99.85%
          due 2016

          6.875%
552078AY3 Senior Notes  3.788% US$1,155.31  US$1,125.31  99.99%
          due 2017
                   Equistar Issuers' Notes

                                         Percentage
                     Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------

          10.125%
29444NAF9 Senior Notes 3.857% US$1,042.60 US$1,012.60    97.96%
          due 2008

           8.750%
29444NAD4  Notes due 3.519%  US$1,058.51  US$1,028.51    97.55%
           2009

          10.625%
29444NAH5 Senior Notes 3.761% US$1,050.65 US$1,020.65    97.95%
           due 2011
The Offers and Consent Solicitations are subject to the
satisfaction of certain conditions, including the proposed
merger of Lyondell with BIL Acquisition Holdings Limited, a
Delaware corporation and wholly owned subsidiary of Basell AF
S.C.A., a Luxembourg company.  The complete terms and conditions
of the Offers and Consent Solicitations are set forth in the
Offer and Consent Statement, which has been sent to holders of
the Notes.  Holders are urged to carefully read the Offer and
Consent Statement and related materials.

Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer
managers for the Offers and solicitation agents for the Consent
Solicitations.  Questions regarding the Offers and Consent
Solicitations may be directed to Goldman, Sachs & Co. at (877)
686-5059 (toll-free) or (212) 357-0775 (collect), and Merrill
Lynch & Co. at (888) 654-8637 (toll-free) or (212) 449-4914
(collect).  Copies of the Offer and Consent Statement and
related materials may be obtained from the Information Agent, D.
F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) or (212)
269-5550 (Banks and Brokers).

As previously disclosed in the TCR-Europe on Nov. 30, 2007,
Lyondell disclosed that, at a Special Meeting
of Shareholders held on Nov. 20, 2007, shareholders approved the
Agreement and Plan of Merger, dated as of July 16, 2007, among
Basell AF, BIL Acquisition Holdings Limited and Lyondell
pursuant to which Basell will acquire all of Lyondell's
outstanding common shares for cash consideration of US$48 per
share.

                        About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE:LYO) -- http://www.lyondell.com/-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufactures chemicals and plastics, a refiner of
heavy, high-sulfur crude oil and a significant producer of fuel
products.  Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

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

                        About Basell

Basell -- http://www.basell.com/-- produces polypropylene and
advanced polyolefin products, supplies polyethylene and
catalysts, and provides technical services for its proprietary
technologies.  Basell, together with its joint ventures, has
manufacturing facilities in 19 countries and sells products in
more than 120 countries.  Basell is privately owned by Access
Industries.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2007, Fitch Ratings has downgraded Basell AF SCA's and
Lyondell Chemical Co.'s Long-term Issuer Default ratings to 'B+'
from 'BB-' and removed them from Rating Watch Negative where
they were originally placed on July 17, 2007.  Stable Outlooks
are assigned to the Long-term IDRs.  Basell's Short-term IDR is
also affirmed at 'B'.

In July 2007, Moody's Investors Service maintains all ratings of
Basell group under review for downgrade following the
announcement by the company on July 17, 2007 that it has signed
a definitive agreement to acquire Lyondell (Ba3/stable outlook)
in a transaction valued at approximately US$19 billion,
including the assumption of debt.


COMPANHIA SIDERURGICA: To Ink Letter of Intent with Minas Gerais
----------------------------------------------------------------
Companhia Siderurgica Nacional told Business News Americas that
it has to sign a letter of intent with the Minas Gerais state
government this week.

BNamericas relates that Companhia Siderurgica has some
operations in Minas Gerais.  The most prominent of those
operations is a steel sheet mill in Congonhas and an expansion
at the Casa de Pedra iron ore mine.

Companhia Siderurgica denied to BNamericas reports that it is
getting ready to sign a contract for the construction of a new
plant.

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal and the
U.S.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 26, 2007, Standard & Poor's Ratings Services affirmed its
'BB' long-term corporate credit rating on Brazil-based steel
maker Companhia Siderurgica Nacional.  S&P said the outlook is
stable.


DELHI CORP: Court Okays Equity Purchase & Commitment Agreement
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved the Amendment to the New Equity Purchase and Commitment
Agreement, as modified, among the Debtors, Appaloosa Management
L.P., Harbinger Capital Partners Master Fund I, Ltd., Pardus
Capital Management, L.P., Merrill Lynch, Pierce, Fenner & Smith,
Inc., UBS Securities LLC, and Goldman Sachs & Co.  The Debtors
and the Appaloosa Plan Investors subsequently entered into the
EPCA Amendment on Dec. 10, 2007.

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

               http://ResearchArchives.com/t/s?2662

Except as provided in the EPCA Amendment, the Aug. 2, 2007 New
EPCA remains in full force and effect, the Court clarifies.

The Honrable Robert Drain has permitted the Debtors and the Plan
Investors to make non-material modifications to the EPCA
Amendment without further Court order as long as those
modifications are not opposed by either the Official Committee
of Unsecured Creditors or the Official Committee of Equity
Security Holders.

The EPCA Amendment revises a number of provisions in the New
EPCA to reflect events and developments since Aug. 3, 2007,
including those relating to Court approvals in connection with
the EPCA Amendment; Delphi's delivery of a revised disclosure
letter and a revised business plan; updates and revisions to
representations and warranties; the Debtors' agreements with
principal labor unions; the execution and amendment of certain
settlement agreements with General Motors Corp.; the execution
of a best efforts financing letter; and the filing of the First
Amended Plan of Reorganization and Disclosure Statement.  The
EPCA Amendment no longer outlines Delphi's proposed framework
for a plan of reorganization but instead, except for corporate
governance matters, relies upon the First Amended Plan for that
function, David M. Sherbin, Delphi Corp. Vice President, General
Counsel and Chief Compliance Officer, relates.

Furthermore, the EPCA Amendment revises provisions relating to
the Discount Rights Offering, including the replacement of
existing common stockholders with unsecured creditors, under the
Plan.  The EPCA Amendment further reflects certain economic
changes for recoveries provided under the Plan, and a post-
emergence capital structure that includes Series C Preferred
Stock to be issued to GM.

The EPCA Amendment also removes or narrows the scope of certain
conditions to closing in the New EPCA to provide greater
certainty to the consummation of the transaction, including:

   * the no-strike conditions to include only strikes that occur
     after Oct. 29, 2007;

   * the capitalization condition to reduce the net debt
     required for the Debtors on the closing date; and

   * to exclude from the condition relating to the approval of
     material investment documents, numerous documents, which
     have already been delivered by the Debtors to the Plan
     Investors like the Plan, the Disclosure Statement, the
     settlement agreements with GM, and the business plan.

Certain conditions to closing, however, were added by the EPCA
Amendment, including those requiring:

   -- the release and exculpation of each Plan Investor as set
      forth in the EPCA Amendment;

   -- that Delphi will have undrawn availability of
      US$1,400,000,000 under the asset backed revolving loan
      facility, subject to certain exclusions;

   -- an interest expense condition that limits the Reorganized
      Debtors' pro forma interest expense on its indebtedness
      during 2008 to US$585,000,000;

   -- that scheduled Pension Benefit Guarantee Corporation liens
      be withdrawn; and

   -- that the aggregate amount of trade and unsecured claims be
      no more than US$1,450,000,000, subject to certain waivers
      and exclusions.

                  Delphi Amends Rights Agreement
                to Accommodate Appaloosa Investors

Pursuant to the Rights Agreement dated as of Feb. 1, 1999, as
amended, between Delphi Corp. formerly known as Delphi
Automotive Systems Corp., and Computershare Trust Company, N.A.,
as successor Rights Agent, one Right is issued and attached to
each outstanding share of Delphi's common stock.

The Rights constitute a separate class of securities registered
under the Securities Act of 1933, as amended, and entitle the
holder of the Right, in certain circumstances, to purchase from
Delphi a unit consisting of one one-hundredth of a share of
Series A Junior Preferred Stock, par value US$0.10 per share, at
an exercise price of US$65 per Right, subject to adjustment in
certain events, Mr. Sherbin relates.

On Dec. 10, 2007, Delphi amended the Rights Agreement to exempt
the Appaloosa Plan Investors, as well as the Investors'
assignees or transferees, from the definition of "Acquiring
Person" as that term is defined in the Rights Agreement, solely
as a result of transactions contemplated by the New EPCA, as
amended by the EPCA Amendment.  As a result, the Plan Investors'
entry into the EPCA Amendment and the consummation of the
transactions contemplated by the New EPCA will not trigger the
Series A Preferred Stock purchase rights under the Rights
Agreement, Mr. Sherbin explains.

A full-text copy of the Rights Agreement, as amended on
Dec. 10, 2007, is available for free at:

              http://ResearchArchives.com/t/s?2661

Based on information supplied by the Plan Investors to the SEC
in Schedules 13D, reviewed by the Debtors as of Nov. 8, 2007,
the Plan Investors hold an aggregate of 125,644,421 shares of
Delphi common stock:

   Plan Investor                                  Shares Held
   -------------                                  -----------
   Appaloosa Management L.P.                       52,000,000
   Harbinger Capital Partners Master Fund I, Ltd.  26,450,000
   Pardus Special Opportunities Master Fund L.P.   26,400,000
   Goldman, Sachs & Co.                            14,892,921
   UBS Securities LLC                               4,419,294
   Merrill Lynch, Pierce, Fenner & Smith Inc.       1,482,206

                      About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 102;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Court Approves Modified Disclosure Statement
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
entered an order formally approving Delphi Corp. and its debtor-
affiliates' Disclosure Statement, as modified, on Dec. 10, 2007.

As previously reported, the Court directed the Debtors to make
certain changes to the Disclosure Statement at the hearing to
consider confirmation of the Disclosure Statement, which hearing
concluded on Dec. 7, 2007.

Accordingly, the Debtors amended the Joint Plan of
Reorganization and Disclosure Statement and subsequently filed a
First Amended Plan of Reorganization and accompanying Disclosure
Statement on Dec. 10, 2007.  The Court approved the First
Amended Disclosure Statement on the same date, Dec. 10, 2007.

The modifications reflected in the First Amended Plan and the
First Amended Disclosure Statement do not materially impact the
terms of the Plan.

Delphi Corp. Vice President and Chief Restructuring Officer John
D. Sheehan relates that the First Amended Plan continues to
provide for full recoveries for unsecured creditors at a
negotiated Plan enterprise value and fair consideration for
holders of Existing Common Stock.

In particular, the Plan provides that Holders of Allowed General
Unsecured Claims will receive New Common Stock and Discount
Rights equal to 100% of their Allowed General Unsecured Claim
plus applicable Postpetition Interest through the earlier of
Jan. 31, 2008, and the Plan Confirmation Date.  The distribution
of New Common Stock to holders of General Unsecured Claims will
equal 77.3% of the holders' Allowed General Unsecured Claim, and
the remaining 22.7% of the Claim will be satisfied through the
pro rata distribution of Discount Rights, Mr. Sheehan says.

The Debtors are currently in the process of arranging for exit
financing, comprised of:

   (1) up to US$2,550,000,000 in equity investments through the
       Discount Rights Offering and the transactions
       contemplated by the New Equity Purchase and Commitment
       Agreement among the Debtors, Appaloosa Management L.P.,
       and the other Plan Investors; and

   (2) debt financing consisting of:

       * a US$1,600,000,000 asset-based revolving loan facility;

       * a US$3,700,000,000 of first-lien funded financing; and

       * a US$1,500,000,000 of second-lien funded financing of
         which up to US$750,000,000 will be placed with GM.

The Debt Financing will be arranged by JPMorgan Securities Inc.,
JPMorgan Chase Bank, N.A., and Citigroup Global Markets Inc.

The Debtors believe that the Exit Financing will enable them to
honor their obligations under the Plan, and transition out of
bankruptcy and into successful operation post-emergence.

A full-text copy of the First Amended Plan is available for free
at http://bankrupt.com/misc/Delphi_1stAmendedReorgPlan.pdf

A full-text copy of the First Amended Disclosure Statement is
available for free at
http://bankrupt.com/misc/Delphi_1stAmendedDS.pdf

The Debtors maintain that the Plan provides for an equitable and
early distribution to creditors and shareholders, preserves the
value of Delphi's business as a going concern, and preserves the
jobs of employees.  The Debtors aver that any alternative to
confirmation of the Plan, such as liquidation or attempts by
another party-in-interest to file a plan, will result in
significant delays, litigation, and costs, as well as the loss
of jobs.  Moreover, the Debtors believe that their creditors and
shareholders will receive greater and earlier recoveries under
the Plan than those that would be achieved in liquidation or
under an alternative plan.

The Plan continues to be supported by General Motors Corp., the
Plan Investors, and both the Official Committee of Unsecured
Creditors and the Official Committee of Equity Security Holders,
according to Mr. Sheehan.

                        Court Decree

The Honorable Robert Drain finds that the Disclosure Statement
complies with the provisions of the Bankruptcy Code and the
Federal Rules of Bankruptcy Procedure.  In particular, the
Disclosure Statement contains adequate information within the
meaning of Section 1125(a) of the Bankruptcy Code.  The
Disclosure Statement also complies with the requirements of
Bankruptcy Rule 3016(c) by sufficiently describing in specific
and conspicuous bold language the provisions of the Joint Plan
of Reorganization that provide for releases and injunctions
against conduct not otherwise enjoined under the Bankruptcy
Code.  Moreover, the Disclosure Statement sufficiently
identifies the persons and entities that are subject to those
releases and injunctions.

To the extent not already withdrawn or reflected in changes to
the Disclosure Statement, all objections filed or otherwise
asserted against the Disclosure Statement are overruled.

                      About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 102;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


DELPHI CORP: Court Sets Plan Confirmation Hearing on January 17
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing to consider confirmation of Delphi Corp.
and its debtor-affiliates' First Amended Joint Plan of
Reorganization, dated Dec. 10, 2007, on Jan. 17, 2008, at 10:00
a.m. prevailing Eastern time.

Objections to confirmation of the Plan must:

   -- be served by Jan. 11, 2008, at 4:00 p.m. prevailing
      Eastern time;

   -- be in writing;

   -- comply with the Bankruptcy Rules and the Local Bankruptcy
      Rules for the Southern District of New York;

   -- set forth the name of the objector and the nature and
      amount of any claim or interest asserted by that objector
      against or in the Debtors or the Debtors' estates and
      property;

   -- state with particularity the legal and factual bases for
      the objection; and

   -- be filed with the Court and served on:

      * the Debtors' counsel:

        Skadden, Arps, Slate, Meagher & Flom LLP
        333 West Wacker Drive, Suite 2100
        Chicago, Illinois 60606
        (800) 718-5305
        Att'n: John Wm. Butler, Jr.
        Att'n: George N. Panagakis
        Att'n: Ron E. Meisler
        Att'n: Nathan L. Stuart

               -- and --

        Skadden, Arps, Slate, Meagher & Flom LLP
        Four Times Square
        New York, New York 10036
        Att'n: Kayalyn A. Marafioti
        Att'n: Thomas J. Matz

      * the U.S. Trustee

        The Office of the U.S. Trustee
        33 Whitehall Street, Suite 2100
        New York, New York 10004
        Att'n: Alicia M. Leonhard

      * Counsel for the Official Committee of Unsecured
        Creditors

        Latham & Watkins LLP
        885 Third Avenue
        New York, New York 10022
        Att'n: Robert J. Rosenberg
        Att'n: Mitchell A. Seider
        Att'n: Mark A. Broude

      * Counsel for the Official Committee of Equity Security
        Holders

        Fried, Frank, Harris, Shriver & Jacobson LLP
        One New York Plaza
        New York, New York 10004
        Att'n: Brad E. Scheler
        Att'n: Bonnie K. Steingart
        Att'n: Vivek Melwani

      * Counsel for JPMorgan Chase Bank, N.A., and the other
        postpetition lenders

        Davis Polk & Wardwell
        450 Lexington Avenue
        New York, New York 10022
        Att'n: Donald S. Bernstein
        Att'n: Brian M. Resnick

      * Counsel for Plan Investor A-D Acquisition Holdings, LLC

        White & Case LLP
        Wachovia Financial Center
        200 South Biscayne Boulevard
        Suite 4900, Miami, Florida 33131
        Att'n: Thomas E. Lauria
        Att'n: Michael C. Shepherd

             -- and --

        White & Case LLP
        1155 Avenue of the Americas
        New York, New York 10036
        Att'n: Gerard H. Uzzi
        Att'n: Glenn M. Kurtz
        Att'n: Douglas P. Baumstein

      * Counsel for General Motors Corp.

        Weil, Gotshal & Manges LLP
        767 Fifth Avenue
        New York, New York 10153
        Att'n: Jeffrey L Tanenbaum
        Att'n: Michael P. Kessler
        Att'n: Robert J. Lemons

                     About Delphi Corp.

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

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

The Debtors' exclusive plan-filing period expires on
Dec. 31, 2007.  On Sept. 6, 2007, the Debtors filed their
Chapter 11 Plan of Reorganization and a Disclosure Statement
explaining that Plan.  (Delphi Bankruptcy News, Issue No. 102;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


LYONDELL CHEMICAL: Gets Requisite Consents to Amend Indenture
-------------------------------------------------------------
Lyondell Chemical Company and its subsidiaries Equistar
Chemicals, LP and Equistar Funding Corporation disclosed that as
of 5:00 p.m. EST on Dec. 5, 2007, a total of approximately
US$3.97 billion in aggregate principal amount of the outstanding
debt securities issued by Lyondell or the Equistar Issuers, as
applicable, has been tendered pursuant to the previously
announced cash tender offers and consent solicitations.

As a result, Lyondell and the Equistar Issuers have received the
required consents from holders to amend each of the indentures
governing the applicable Notes.  Upon Lyondell and the Equistar
Issuers accepting for purchase at least a majority in aggregate
principal amount of the applicable Notes outstanding, each of
the supplemental indentures effecting the proposed amendments as
described in the Offer to Purchase and Consent Solicitation
Statement dated Nov. 20, 2007, will become operative.

The Offer for each series of Notes will expire at 12:01 a.m. EST
on Dec. 20, 2007, unless extended or earlier terminated by
Lyondell or the Equistar Issuers, as applicable, in their sole
discretion.  Withdrawal rights with respect to the Notes and
revocation rights with respect to corresponding consents have
expired.  Accordingly, holders may not withdraw any Notes
previously or hereafter tendered, except as contemplated in the
applicable Offers.

The total consideration was determined as of 2:00 p.m. EST on
Dec. 5, 2007.  The total consideration per US$1,000 principal
amount of the Notes validly tendered at or prior to the Consent
Payment Deadline, not validly withdrawn and accepted for payment
is set forth in Table 1, of which US$30 is the consent payment.
The tender offer consideration per US$1,000 principal amount of
the Notes validly tendered after the Consent Payment Deadline,
not validly withdrawn and accepted for payment equals the Total
Consideration minus the US$30 consent payment.  In each case,
accrued and unpaid interest on the Notes will be paid in cash
from the most recent interest payment date applicable to the
Notes to, but not including, the applicable payment date for the
Offers.  The applicable payment date for Notes tendered on or
prior to the Consent Payment Deadline is expected to be on or
about Dec. 20, 2007.  The applicable payment date for Notes
tendered after the Consent Payment Deadline and on or prior to
the Expiration Date is expected to be on or about Dec. 21, 2007.

Table 1 - Results to Date and Pricing Information for the Offers

                             Lyondell's Notes

                                                      Percentage
                     Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------
          10.500%
552078AV9 Senior    3.764%  US$1,081.17  US$1,051.17     99.76%
          Secured
          Notes due
          2013


          8.000%
552078AW7 Senior Notes 3.429% US$1,154.78  US$1,124.78   99.67%
          due 2014

          8.250%
552078AX5 Senior Notes 3.601% US$1,197.17 US$1,167.17    99.85%
          due 2016

          6.875%
552078AY3 Senior Notes  3.788% US$1,155.31  US$1,125.31  99.99%
          due 2017
                   Equistar Issuers' Notes

                                         Percentage
                     Tender               Tender    of Principal
CUSIP   Security     Offer  Total         Offer         Amount
Number  Description  Yield  Consideration Consideration Tendered
------  -----------  -----  ------------- ------------- --------

          10.125%
29444NAF9 Senior Notes 3.857% US$1,042.60 US$1,012.60    97.96%
          due 2008

           8.750%
29444NAD4  Notes due 3.519%  US$1,058.51  US$1,028.51    97.55%
           2009

          10.625%
29444NAH5 Senior Notes 3.761% US$1,050.65 US$1,020.65    97.95%
           due 2011
The Offers and Consent Solicitations are subject to the
satisfaction of certain conditions, including the proposed
merger of Lyondell with BIL Acquisition Holdings Limited, a
Delaware corporation and wholly owned subsidiary of Basell AF
S.C.A., a Luxembourg company.  The complete terms and conditions
of the Offers and Consent Solicitations are set forth in the
Offer and Consent Statement, which has been sent to holders of
the Notes.  Holders are urged to carefully read the Offer and
Consent Statement and related materials.

Goldman, Sachs & Co. and Merrill Lynch & Co. are the dealer
managers for the Offers and solicitation agents for the Consent
Solicitations.  Questions regarding the Offers and Consent
Solicitations may be directed to Goldman, Sachs & Co. at (877)
686-5059 (toll-free) or (212) 357-0775 (collect), and Merrill
Lynch & Co. at (888) 654-8637 (toll-free) or (212) 449-4914
(collect).  Copies of the Offer and Consent Statement and
related materials may be obtained from the Information Agent, D.
F. King & Co., Inc. at (800) 290-6429 (U.S. toll free) or (212)
269-5550 (Banks and Brokers).

As previously disclosed in the TCR-Europe on Nov. 30, 2007,
Lyondell disclosed that, at a Special Meeting of Shareholders
held on Nov. 20, 2007, shareholders approved the Agreement and
Plan of Merger, dated as of July 16, 2007, among Basell AF, BIL
Acquisition Holdings Limited and Lyondell pursuant to which
Basell will acquire all of Lyondell's outstanding common shares
for cash consideration of US$48 per share.

                         About Basell

Basell -- http://www.basell.com/-- produces polypropylene and
advanced polyolefin products, supplies polyethylene and
catalysts, and provides technical services for its proprietary
technologies.  Basell, together with its joint ventures, has
manufacturing facilities in 19 countries and sells products in
more than 120 countries.  Basell is privately owned by Access
Industries.

                       About Lyondell

Headquartered in Houston, Texas, Lyondell Chemical Company
(NYSE:LYO) -- http://www.lyondell.com/-- is North America's
third-largest independent, publicly traded chemical company.
Lyondell manufactures chemicals and plastics, a refiner of
heavy, high-sulfur crude oil and a significant producer of fuel
products.  Key products include ethylene, polyethylene, styrene,
propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 13, 2007, Fitch Ratings has downgraded Basell AF SCA's and
Lyondell Chemical Co.'s Long-term Issuer Default ratings to 'B+'
from 'BB-' and removed them from Rating Watch Negative where
they were originally placed on July 17, 2007.  Stable Outlooks
are assigned to the Long-term IDRs.  Basell's Short-term IDR is
also affirmed at 'B'.


* BRAZIL: Petrobras & REFAP Commence Marketing of Biodiesel
-----------------------------------------------------------
Petroleo Brasileiro SA and its Alberto Pasqualini Refinery --
REFAP -- subsidiary, located in Canoas, have started marketing
380 million liters of biodiesel to Brazilian diesel
distributors.  This process will lead to the actual introduction
of this renewable fuel in the Brazilian energy matrix, as
determined by the National Biodiesel Production and Use Program.

on Dec. 12, electronic sales were made for the REFAP coverage
areas, in the state of Rio Grande do Sul, and for the Midwestern
and Northern Regions, where Petrobras performs.  Thus far, the
distributors have acquired 157 million liters, 97.44% of the
volume offered in these areas and adding up to some BRL300
million in negotiations.  Auctions are scheduled for today aimed
at companies located in Southeastern and Northeastern Brazil.

Pursuant to Law # 11.097, dated Jan. 13, 2005, all of the diesel
fuel marketed in Brazil must contain 2 % biodiesel as of Jan. 1
2008.

The biodiesel that is being sold was acquired by REFAP and
PETROBRAS in the National Petroleum Agency actions held last
November 13 and 14 to supply the demand foreseen for the first
half of 2008.

Petrobras and REFAP are selling biodiesel to all Brazilian
diesel distributors via its Petronect subsidiary, which provides
material and service marketing services to Petrobras System's
companies via a single Web-based electronic negotiation portal.

In order to comply with the above-mentioned legislation, a study
was carried out to optimize biodiesel distribution logistics
among Brazil's diesel fuel distributors.  The study analyzed the
supply of the 15 biodiesel-producing units that won the two most
recent biodiesel acquisition auctions, held last November, to
attend to the 2% biodiesel addition to diesel fuel in a
transparent, isonomic manner to all public and private agents.

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

                        *     *     *

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


* BRAZIL: Petrobras Closes BRL2.49-Bln Funding Deal with BNDES
--------------------------------------------------------------
Petroleo Brasileiro SA has closed a funding deal worth BRL$2.49
billion, granted by the National Economic and Social Development
Bank (BNDES), for the Transportadora Urucu-Manaus S.A. special
purpose company, in charge of building the 383-km long, 20-inch
in diameter natural gas transportation pipeline to connect Coari
to Manaus, and of building distribution branches to supply seven
municipalities located along the gas pipeline's course.  The
funds will also be used to build the 279-km, long 10-inch
nominal diameter liquefied petroleum gas (LPG) pipeline that
will connect the Arara Pole, in Urucu, to the Solimoes Terminal,
in Coari, State of Amazonas.

The natural gas will be used initially for thermoelectric power
generation in the city of Manaus, substituting for the fuel oil
generators that are currently used for this purpose.  Later, it
will also supply the region's industrial, vehicle, commercial,
and residential sectors.

The gas pipeline will have two delivery points in Manaus, seven
distribution branches totaling 126 Km in length, to deliver gas
to municipalities located near the gas pipeline, and two
intermediary gas-compression stations.  The project also
foresees the re-adaptation of an existing 18-inch nominal
diameter pipeline between Urucu and Coari, which will be
interconnected to the 20-inch one, allowing for natural gas
production outflow.

                           About BNDES

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

                       About Petrobras

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

                        *     *     *

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


* BRAZIL: Petrobras to Create Mix Corporation with PDVSA
--------------------------------------------------------
Petroleo Brasileiro SA and Petroleos de Venezuela SA have
decided to incorporate a mixed corporation in Brazil aiming at
building and operating the Abreu e Lima Refinery, in the state
of Pernambuco, Northeastern Brazil.  Interest in the company
will be shared at the rate of 60% for Petrobras and 40% for
PDVSA, and staff from both companies will operate the plant.
The refinery will be capable of processing 200,000 barrels of
oil per day, and a supply agreement for 100,000 barrels of oil
per day, coming from the Carabobo 1 block, in the Orinoco oil
range, will be signed to provision it.

PDVSA announces the development of the fields identified in the
Carabobo 1 block is underway, keeping a participation option
open for PETROBRAS in the improved oil production projects,
while PETROBRAS concludes its pertinent technical and economic
studies.  It must be emphasized that, as the result of the joint
work carried out between Petrobras and PDVSA, it was possible to
certify 45.5 billion barrels of oil in situ in the Carabobo 1
block.

Petrobras and PDVSA announced they are pleased with the
agreements that have been reached and with the progress achieved
in joint projects, since this allows them to materialize and
strengthen the integration efforts between Brazil and Venezuela,
driven by presidents Lula and Chavez.

                         About PDVSA

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.

                       About Petrobras

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

                        *     *     *

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




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


BLACKROCK FIXED: Holding Final Shareholders Meeting Today
---------------------------------------------------------
Blackrock Fixed Income Global Opportunities (Offshore) Fund II
will hold its final shareholders meeting on Dec. 17, 2007, at
9:00 a.m. at:

               Close Brothers (Cayman) Limited
               4th Floor Harbor Place, 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 six years from the
               dissolution of the company, after which they may
               be destroyed.

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

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

The liquidator can be reached at:

             Jeffrey Arkley
             Attention: Kim Charaman
             Close Brothers (Cayman) Limited
             Fourth Floor, Harbor Place
             P.O. Box 1034, Grand Cayman KYI-1102
             Cayman Islands
             Telephone: (345) 949 8455
             Fax: (345) 949 8499


COPPER RIVER: To Hold Final Shareholders Meeting Today
------------------------------------------------------
Copper River Co. Limited will hold its final shareholders
meeting on Dec. 17, 2007, at 10:30 a.m. at:

               Canadian Regional Aircraft Finance
               Transaction No. 1 Limited
               22 Greenville Street, St. Helier
               Jersey JE4 8PX, Channel Islands
               United Kingdom

These agenda will be taken during the meeting:

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

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

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


FREE SPIRIT: Will Hold Final Shareholders Meeting Today
-------------------------------------------------------
Free Spirit Co. Limited will hold its final shareholders meeting
on Dec. 17, 2007, at 10:30 a.m. at:

               Canadian Regional Aircraft Finance
               Transaction No. 1 Limited
               22 Greenville Street, St. Helier
               Jersey JE4 8PX, Channel Islands
               United Kingdom

These agenda will be taken during the meeting:

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

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

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


DELTAMAR LIMITED: Proofs of Claim Filing Deadline Is Today
----------------------------------------------------------
Deltamar Limited's creditors are given until Dec. 17, 2007, to
prove their claims to Condor Nominee 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.

Deltamar Limited's shareholder decided on Oct. 24, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Condor Nominee Limited
            c/o Barclays Private Bank & Trust (Cayman) Limited
            4th Floor FirstCaribbean House, 25 Main Street
            George Town, Grand Cayman KY1-1106
            Cayman Islands


DREMAN HIGH: Final Shareholders Meeting Is Today
------------------------------------------------
Dreman High Opportunity Hedge Fund, Ltd., will hold its final
shareholders meeting on Dec. 17, 2007, at 10:30 a.m. at:

             Avalon Management Limited
             3rd Floor, Zephyr House
             122 Mary Street, George Town
             Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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


GREAT WEST: Final Shareholders Meeting Is Today
-----------------------------------------------
Great West Co. Limited will hold its final shareholders meeting
on Dec. 17, 2007, at 10:30 a.m. at:

               Canadian Regional Aircraft Finance
               Transaction No. 1 Limited
               22 Greenville Street, St. Helier
               Jersey JE4 8PX, Channel Islands
               United Kingdom

These agenda will be taken during the meeting:

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

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

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


GRIFFIN MANAGEMENT: Will Hold Final Shareholders Meeting Today
--------------------------------------------------------------
Griffin Management Limited will hold its final shareholders
meeting on Dec. 17, 2007, at:

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

These agenda will be taken during the meeting:

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

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

Griffin Management's shareholders agreed on Oct. 18, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.


ISLAND VISION: Holding Final Shareholders Meeting Today
-------------------------------------------------------
Island Vision Co. Limited will hold its final shareholders
meeting on Dec. 17, 2007, at 10:30 a.m. at:

               Canadian Regional Aircraft Finance
               Transaction No. 1 Limited
               22 Greenville Street, St. Helier
               Jersey JE4 8PX, Channel Islands
               United Kingdom

These agenda will be taken during the meeting:

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

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

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


JUNO FUND: Will Hold Final Shareholders Meeting Today
-----------------------------------------------------
Juno Fund Limited will hold its final shareholders meeting on
Dec. 17, 2007, at 1:00 p.m. at:

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

These agenda will be taken during the meeting:

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

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

UBS 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


MEANDERING MOOSE: Holding Final Shareholders Meeting Today
----------------------------------------------------------
Meandering Moose Co. Limited will hold its final shareholders
meeting on Dec. 17, 2007, at 10:30 a.m. at:

               Canadian Regional Aircraft Finance
               Transaction No. 1 Limited
               22 Greenville Street, St. Helier
               Jersey JE4 8PX, Channel Islands
               United Kingdom

These agenda will be taken during the meeting:

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

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

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


MUSTANG SCDO: Final Shareholders Meeting Is Today
-------------------------------------------------
Mustang SCDO 2002-1 Ltd. will hold its final shareholders
meeting on Dec. 17, 2007, at:

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

These agenda will be taken during the meeting:

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

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

Mustang SCDO's shareholders agreed on Oct. 18, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.


O'CONNOR GLOBAL: Will Hold Final Shareholders Meeting Today
-----------------------------------------------------------
O'Connor Global Convertible Arbitrage (Euro) Limited will hold
its final shareholders meeting on Dec. 17, 2007, at 12:30 p.m.
at:

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

These agenda will be taken during the meeting:

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

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

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


PARK TOWN: To Hold Final Shareholders Meeting Today
---------------------------------------------------
Park Town Capital (Cayman) Limited will hold its final
shareholders meeting on Dec. 17, 2007, at 9:00 a.m. at:

              Close Brothers (Cayman) Limited
              4th Floor Harbor Place, George Town
              Grand Cayman, Cayman Islands

These agenda will be taken during the meeting:

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

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

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

The liquidator can be reached at:

             John Sutlic
             Attention: Kim Charaman
             Close Brothers (Cayman) Limited
             Fourth Floor, Harbor Place
             P.O. Box 1034, Grand Cayman KYI-1102
             Cayman Islands
             Telephone: (345) 949 8455
             Fax: (345) 949 8499


PARMALAT SPA: Faces Antitrust Probe Over Newlat Sale Delays
-----------------------------------------------------------
Autorita Garante della Concorrenza e del Mercato, Italy's anti-
trust authority, is launching a probe into Parmalat S.p.A.'s
failure to sell its Newlat Srl unit, Thomson Financial reports.

As previously reported in the TCR-Europe, Italian authorities
seized Parmalat units Newlat and Carnini S.p.A. in the middle of
a probe into the company's fictitious disposals to circumvent
antitrust laws.

To fully regain the units, Parmalat must sell its Matese and
Torre in Pietra brands to comply with a June 30, 2005, order by
the Italian antitrust agency.  Parmalat also has to sell some of
Newlat's production facilities to ease the group's dominant
position in the fresh milk market.

Parmalat reclaimed the dairy units at no cost in October 2006,
following a ruling by a Parma Court.

Autorita Garante had required Parmalat to divest Newlat by
Oct. 30, 2007, to restore competitive conditions in fresh milk
markets in the Lazio and Campania regions, Thomson Financial
relates.

Parmalat had asked for an extension of the divestment to
June 30, 2008, claiming that selling Newlat in October 2007
would result in a negative sale price, which might hamper the
dairy group's effort to reorganize its debt, Thomson Financial
says.  Parmalat noted that Newlat results have seen a negative
trend in 2007 because of increases in raw material prices.

Parmalat had also asked for an amendment of the terms of the
divestment, which would allow it sell its Matese and Torre in
Pietra brands rather than Newlat as a whole.

In a statement, Parmalat said that after having recovered
possession of Newlat, it "has with diligence done its best in
order to comply with the Antitrust requests."

"Parmalat is working in order to provide all necessary
information to clarify the reasons for which the sale of Newlat
has not taken place within the fixed timing," the company said.
"Parmalat also is committed to propose all possible solutions
aiming to comply with the Antitrust Act within the terms
provided for under the same."

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

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

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

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

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

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


SPINNING GLOBE: Will Hold Final Shareholders Meeting Today
----------------------------------------------------------
Spinning Globe Co. Limited will hold its final shareholders
meeting on Dec. 17, 2007, at 10:30 a.m. at:

               Canadian Regional Aircraft Finance
               Transaction No. 1 Limited
               22 Greenville Street, St. Helier
               Jersey JE4 8PX, Channel Islands
               United Kingdom

These agenda will be taken during the meeting:

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

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

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


STILL EAGLE: Will Hold Final Shareholders Meeting Today
-------------------------------------------------------
Still Eagle Co. Limited will hold its final shareholders meeting
on Dec. 17, 2007, at 10:30 a.m. at:

               Canadian Regional Aircraft Finance
               Transaction No. 1 Limited
               22 Greenville Street, St. Helier
               Jersey JE4 8PX, Channel Islands
               United Kingdom

These agenda will be taken during the meeting:

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

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

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


STONE CHALICE: Final Shareholders Meeting Is Today
--------------------------------------------------
Stone Chalice Co. Limited will hold its final shareholders
meeting on Dec. 17, 2007, at 10:30 a.m. at:

               Canadian Regional Aircraft Finance
               Transaction No. 1 Limited
               22 Greenville Street, St. Helier
               Jersey JE4 8PX, Channel Islands
               United Kingdom

These agenda will be taken during the meeting:

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

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

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


THUNDER CLOUD: Final Shareholders Meeting Is Today
--------------------------------------------------
Thunder Cloud Co. Limited will hold its final shareholders
meeting on Dec. 17, 2007, at 10:30 a.m. at:

               Canadian Regional Aircraft Finance
               Transaction No. 1 Limited
               22 Greenville Street, St. Helier
               Jersey JE4 8PX, Channel Islands
               United Kingdom

These agenda will be taken during the meeting:

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

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

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


UBS GLOBAL: Final Shareholders Meeting Is Today
-----------------------------------------------
UBS Global Equity Arbitrage (ISE) Limited will hold its final
shareholders meeting on Dec. 17, 2007, at 12:45 p.m. at:

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

These agenda will be taken during the meeting:

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

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

UBS 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


UBS NEUTRAL: Will Hold Final Shareholders Meeting Today
-------------------------------------------------------
UBS Neutral Alpha Strategies (Sterling) Limited will hold its
final shareholders meeting on Dec. 14, 2007, at 11:30 a.m. at:

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

These agenda will be taken during the meeting:

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

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

UBS Neutral'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


UBS NEUTRAL ALPHA: Holding Final Shareholders Meeting Today
-----------------------------------------------------------
UBS Neutral Alpha Strategies (Swiss Franc) Limited will hold its
final shareholders meeting on Dec. 14, 2007, at 11:45 a.m. at:

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

These agenda will be taken during the meeting:

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

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

UBS Neutral'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


UBS NEUTRAL (AUSTRALIAN): Final Shareholders Meeting Is Today
-------------------------------------------------------------
UBS Neutral Alpha Strategies (Australian Dollar) Limited will
hold its final shareholders meeting on Dec. 14, 2007, at 12:15
p.m. at:

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

These agenda will be taken during the meeting:

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

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

UBS Neutral'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




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


EASTMAN KODAK: Board Picks Three Officers as Vice Presidents
------------------------------------------------------------
Eastman Kodak Company's Board of Directors has elected Kevin
Joyce, Antoinette McCorvey, and Gustavo Oviedo as Vice
Presidents of the company, effective immediately.

Mr. Joyce was named Managing Director, United States & Canada
(US&C) region for Kodak's Graphic Communications Group in April
2005, following Kodak's acquisition of Kodak Polychrome Graphics
(KPG).  He previously served as Vice President of Sales for
KPG's US&C region.

Mr. Joyce has more than 18 years of experience in executive
sales, marketing and business management, specializing in high
tech electronic imaging and graphic arts businesses.  From 1993
to 2001, he worked with Creo Products, an international provider
of electronic prepress systems to the graphic arts industry,
where he held various senior management positions before
becoming President of Creo America.

He is a graduate of St. Michael's College with a BA in American
Intellectual Studies and is a graduate of the Executive
Development Program at the Harvard Graduate School of Business.

Ms. McCorvey was appointed Director & Vice President of Investor
Relations in March of 2006.  She joined Kodak in December 1999
as Director, Finance, Imaging Materials Manufacturing and has
held assignments of increasing responsibility including
Director, Finance Global Manufacturing and Logistics; Director,
Finance, Corporate Financial Planning and Analysis, and
Director, Finance and Vice President, Consumer Digital Imaging
Group.

Prior to Kodak, Ms. McCorvey had a 20-year career with
Monsanto/Solutia.  Her last assignment at Solutia, Inc. (the
former Chemical Company of Monsanto) was Vice President/General
Manager of Nylon, Plastics, Polymers and Industrial Fibers.

Ms. McCorvey earned a degree in Finance and Accounting and an
MBA from the University of West Florida in Pensacola.  She is a
Certified Management Accountant.

Mr. Oviedo was appointed Managing Director, Asia Pacific Region,
Eastman Kodak Company in March 2007.  He also serves as Managing
Director, Asia Pacific Region for Kodak's Graphic Communications
Group, a position he assumed in 2006 following Kodak's
acquisition of Kodak Polychrome Graphics.  In this role, Oviedo
is responsible for the entire Kodak business and strategic
product portfolio in the region.

Mr. Oviedo's international career spans more than 25 years
working in Latin America, Asia and Europe, and includes deep
industrial operations management experience.  Before joining
Kodak, he spent over 20 years with Schneider Electric, a leader
in electromechanical and electronic products, where he held
positions of increasing responsibility in country management and
his portfolio included distribution, logistics, sales and
marketing, business development, and strategic mergers &
acquisitions.

Mr. Oviedo earned a business degree from The Universidad del
Salvador, Buenos Aires, Argentina.  His diverse education
includes participating in advanced management programs at Duke
University, Dartmouth University, and the Schneider Professional
Manager program - a six-month program organized by universities
in Paris, Amsterdam, Kuala Lumpur, and Singapore.  He is fluent
in English, Spanish, Portuguese, and French.

                    About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

As reported in the Troubled Company Reporter-Latin America on
Sept. 14, 2007, Standard & Poor's Ratings Services has affirmed
its 'B+' corporate credit rating on Eastman Kodak Co. and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Aug. 2, 2006.  S&P said the
outlook is negative.




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


BURGER KING: Launches First Restaurant in Colombia
--------------------------------------------------
Burger King Corp. has awarded development rights in Colombia for
the cities of Medellin and Cali to the Medellin-franchisee
group, KINCO S.A.  The first BURGER KING(R) restaurant is
expected to open during the first half of 2008 in Medellin.
Additional restaurant openings in Medellin and Cali are
scheduled during the next two years.

"Colombia is a key market for the continued growth of the BURGER
KING(R) brand in Latin America, and is an important piece of the
company's global development strategy," stated Armando Jacomino,
president, Latin America, Burger King Corp.  "We are excited to
work with KINCO, a business known for strong, experienced
restaurateurs, an operational focus, and extensive consumer
knowledge."

Felipe Baquero, director of operations for KINCO S.A., said, "We
believe that Colombian consumers will enjoy the great taste of
the flame-broiled WHOPPER(R) sandwich and other BURGER KING(R)
products.  We are truly excited that Medellin is the first city
in Colombia to launch the BURGER KING(R) brand and can't wait to
give burger-lovers the opportunity to Have It Their Way."

Headquartered in Miami, Florida, The Burger King (NYSE: BKC) --
http://www.burgerking.com/-- operates more than 11,000
restaurants in more than 69 countries and territories worldwide.
Approximately 90% of Burger King restaurants are owned and
operated by independent franchisees, many of them family owned
operations that have been in business for decades.  Burger King
Holdings Inc., the parent company, is private and independently
owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners.

Burger King Corp. operates restaurants in the Latin American,
Caribbean and Mexican Region.  The company's first international
restaurant opened in 1963 in Puerto Rico.  Since 1994, Burger
King has opened more than 300 restaurants in the Latin American
region, producing some of the strongest comparable store sales
growth for the brand around the world.  Burger King(R)
restaurants in Latin America serve approximately 1,600 customers
per day each, making them some of the highest volume restaurants
in the system.

                           *    *    *

As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2007, Moody's Investors Service has affirmed the Ba2
corporate family rating of Burger King Corporation. Moody's also
affirmed the Ba2 rating assigned to the company's US$250 million
senior secured term loan A, US$1.1 billion senior secured term
loan B, and US$150 million senior secured revolving credit
facility.  In addition, Moody's changed the outlook for Burger
King to stable from negative.




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


MILLICOM INTERNATIONAL: Comments on Colombia Regulatory Changes
---------------------------------------------------------------
Millicom International Cellular S.A. has commented on the
initiatives announced by the Colombian Regulator last week.  The
interconnect rate has been reduced with immediate effect from
approximately US 12 cents to 6 cents and, as part of the new
regulations, the interconnection between operators will continue
to be symmetric but charged on a per second basis.

These changes will allow Tigo to improve the affordability of
its services over time and the resulting price elasticity will
be an important driver for future revenue growth.  However, in
the short term Tigo will see a negative effect on revenues and
margins in Colombia as Tigo, the smallest of the three mobile
operators, currently generates substantially more incoming than
outgoing calls interconnecting with other operators.  In the
fourth quarter the impact will be limited but in 2008 revenue
and margin in Colombia will be affected, although our target to
achieve the Millicom Group average EBITDA margins in Colombia
over time still remains unchanged.

Marc Beuls, Chief Executive Officer of Millicom commented,
"These changes in the regulatory environment in Colombia will
allow Tigo to implement all 3 A's of its business model going
forward, but we have to accept a short term impact on revenues
and margins in Colombia as the price worth paying to achieve
these longer term objectives in a market with great potential."

                About Millicom International

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

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

                        *     *     *

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




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


* HONDURAS: Will Name New Hondutel Head
---------------------------------------
Raul Valladares, the private secretary to the Honduran
president, told local news daily La Prensa that state-run oil
firm Hondutel will have a new chief on Jan. 2, 2008.

Mr. Valladares confirmed to La Prensa that current Hondutel head
Marcelo Chimirri won't return to his position.

As reported in the Troubled Company Reporter-Latin America on
Dec. 6, 2007, President Manuel Zelaya appointed economy minister
Jorge Rosa as temporary head of state-run telecom firm Hondutel.
A court hearing on the charges filed against Mr. Chimirri was
set for Dec. 5, 2007.  Mr. Chimirri asked Honduras' President
Manuel Zelaya for a one-month leave from the company to deal
with impending trial on espionage and abuse of authority
charges.  Hondutel allegedly allowed tapping of calls made by
government officials, including President Zelaya and congress
head Roberto Michelleti.  The crime investigation agency DGIC
then raided Hondutel offices in San Pedro Sula and confiscated
equipment.  President Zelaya issued the order for the search and
arrest of Mr. Chimirri on Oct. 22, 2007.  The police raided Mr.
Chimirri's residence on Nov. 9, 2007.  However, Mr. Chimirri was
in La Ceiba for the launch of a cellphone service.  Mr.
Chimirri, through his family, sought guarantees that his human
rights would be respected.  He also requested asylum in the
Italian consulate, due to his Italian lineage.

Mr. Chimirri has been unable to carry out his job as Hondutel
head since the probe began, Business News Americas reports.

                        *     *     *

Moody's Investor Service assigned these ratings on Honduras:

                     Rating     Rating Date

   Senior Unsecured    B2       Sept. 29, 1998
   Long Term IDR       B2       Sept. 29, 1998




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


DURA AUTOMOTIVE: Extends Marketing Period for US$425MM 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 $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 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).


FGX INT'L: Sept. 29 Balance Sheet Upside-Down by US$78.04 Mil.
--------------------------------------------------------------
FGX International reported financial results for its third
quarter and first nine months ended Sept. 29, 2007.  These are
the first results released since FGX International went public
on Oct. 24, 2007.

Highlights for the quarter include:

   -- net loss for the 2007 quarter was US$18,000 compared
      to a net loss of US$4.6 million in the quarter of the
      prior year;

   -- operating income increased 364% from US$1.4 million in the
      third quarter of 2006 to US$6.5 million in the current
      quarter;

   -- earnings before interest, taxes, depreciation and
      amortization increased 87% from US$6 million in the third
      quarter of 2006 to US$11.2 million in the third quarter of
      2007.

Highlights for the first nine months include:

   -- net income was US$3.4 million in the first nine months of
      2007 versus a net loss of US$8.9 million in the first nine
      months of 2006;

   -- excluding certain charges, adjusted net income was
      US$4.5 million in the first nine months of 2007 versus a
      loss of US$8.0 million, in the first nine months of 2006;

   -- operating income increased 118% from US$9.4 million in the
      first nine months of 2006 to US$20.5 million in the
      comparable period of 2007.

   -- EBITDA increased 48% from US$23.2 million in the first
      nine months of 2006 to US$34.4 million in the comparable
      period of 2007.

"We are pleased to report such strong growth in sales and
earnings in our first disclosure as a public company, Alec
Taylor, chief executive officer of FGXI stated.  "Our operating
income and gross margins increased significantly year over year,
demonstrating a disciplined approach to managing our business.
These results are consistent with our expectations in what is
traditionally our lowest sales quarter of the year."

"We have seen continued strong growth trends in the reading
glasses and sunglasses markets, proving that our flagship
brands, Foster Grant (R) and Magnivision (R), are well
recognized by consumers," Mr. Taylor continued.

Capital expenditures for the nine months ended Sept. 29, 2007
were US$11.2 million compared to US$6.4 million in the previous
year, which was due to the company's continued capital
investment in store displays to support incremental sales volume
in 2007.

At Sept. 29, 2007, the company's balance sheet showed total
assets of US$214.26 million, total liabilities of US$292.3
million, resulting to a shareholders' deficit of US$78.04
million.

                    About FGX International

Headquartered in Smithfield, Rhode Island, FGX International
Holdings Limited (Nasdaq: FGXI) -- http://www.fgxi.com/-- is a
designer and marketer of non-prescription reading glasses,
sunglasses and costume jewelry with a portfolio of established,
recognized eyewear brands including Foster Grant(R) and
Magnivision(R).  The company has international locations in the
United Kingdom, Canada, China and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 10, 2007, Standard & Poor's Ratings Services revised its
ratings outlook on optical accessories designer and marketer FGX
International Inc. to stable from negative.  At the same time,
Standard & Poor's affirmed its ratings on the company, including
the 'B' corporate credit rating.


FORD MOTOR: Russian Authorities Ban Pickets
-------------------------------------------
Local authorities have prohibited picketing at Ford Motor Co.'s
manufacturing site in Vsevolozhsok, Russia, RIA Novosti reports
citing trade union leader Alexei Etmanov.

According to RIA Novosoti, striking employers had picketed the
site almost every day, except on weekends.

As reported in the Troubled Company Reporter on Nov. 23, 2007,
workers launched an indefinite strike on Nov. 20, 2007,
demanding higher wages and reduction of night shifts from March
2008.  The strike halted the Ford Focus production line.

The parties initially met on Nov. 26, 2007, when the management
agreed in principle to raise wages.  Ford resumed production on
Nov. 28, 2007, with non-striking employees working on a single
shift.

"The administration has launched a night shift, but this
produced only 38 of the 100 cars requested per shift" Mr.
Etmanov told RIA Novsoti.

According to RIA Novosti, the number of striking employees have
reached 650.

RIA Novosti relates that Russian social observers heralded the
ongoing strike as the birth of organized union activity in post-
Soviet Russia.

The Vsevolozhsk plant produced about 60,000 cars in 2006, mainly
the Focus model, and plant officials have said they were hoping
to increase production to 75,000 for 2007.

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.


JETBLUE AIRWAYS: Sells 19% Stake to Lufthansa for US$300 Million
----------------------------------------------------------------
JetBlue Airways Corporation and Deutsche Lufthansa AG disclosed
an agreement for Lufthansa to make a minority equity investment
in JetBlue.  Under the terms of the agreement, which has been
approved by the Boards of both companies, Lufthansa will
purchase in a private placement approximately 42 million newly
issued common shares of JetBlue, or 19% of JetBlue's equity
after giving effect to the issuance.  Lufthansa is acquiring the
shares at a price of US$7.27 per share, or a total of
approximately US$300 million, representing approximately a 16%
premium to December 12 closing price of US$6.25.

The agreement provides that a Lufthansa nominee will be
appointed to the Board of Directors upon the closing of the
transaction.  The Lufthansa nominee will be a Class II director
and will be up for election at JetBlue's annual meeting in 2008.

"We are very pleased to become an investor in JetBlue,"
Lufthansa Group Chairman and Chief Executive Officer Wolfgang
Mayrhuber, said.  "Our investment reflects the confidence we
have in JetBlue's quality, growth potential and management team.
This investment presents Lufthansa with a compelling opportunity
to invest in the U.S. point-to-point carrier market as the
industry continues to evolve.  The transaction links two
airlines with international reputations for quality, innovation
and a service culture."

"We welcome this significant endorsement of JetBlue's franchise
from one of the most respected leaders in global aviation," Dave
Barger, JetBlue's CEO, said.  "The agreement reaffirms our
belief in JetBlue's disciplined growth plan and will also
improve our balance sheet and give us greater financial
flexibility as we move into 2008."

Both airlines also look forward to exploring potential
opportunities for further cooperation for the benefit of their
customers.  No specific areas of potential cooperation have been
agreed upon.

JetBlue shareholder approval is not required in connection with
the transaction, which is subject to regulatory review and
approval, and is expected to close in the first quarter of 2008.

This transaction represents the first significant investment by
a European air carrier in a U.S. point-to-point air carrier.

                       About Lufthansa

Headquartered in Frankfurt, Germany, Deutsche Lufthansa AG
(Xetra:WKN 823212) -- http://www.lufthansa.com/-- is a global
aviation group with about 400 subsidiaries and affiliates.  The
Group operates in five business areas, centering on its core
passenger transportation business.  In 2006, the Lufthansa
passenger airlines carried around 53.4 million passengers.  The
other business segments are Logistics, MRO, IT Services and
Catering.  The entire fleet of the Aviation Group comprises
around 500 aircraft.  Together with SWISS International Airlines
and the regional carriers, flying on Lufthansa's behalf, the
Group operates more than 770,000 flights for its customers
yearly.  The Lufthansa Group currently employs more than 100,000
people.

                        About JetBlue

Headquartered in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq: JBLU) -- http://www.jetblue.com/-- provides passenger
air transportation services in the United States.  As of
Feb. 14, 2007, it operated approximately 502 daily flights
serving 50 destinations in 21 states, Puerto Rico, Mexico, and
the Caribbean; and a fleet of 98 Airbus A320 aircraft and 23
EMBRAER 190 aircraft.  The company also provides in-flight
entertainment systems for commercial aircraft, including live
in-seat satellite television, digital satellite radio, wireless
aircraft data link service, and cabin surveillance systems and
Internet services, through its wholly owned subsidiary, LiveTV
LLC.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug. 15, 2007, Fitch Ratings affirmed the debt ratings of
JetBlue Airways Corp. as:

  -- Issuer Default Rating at 'B'

  -- Senior unsecured convertible notes at 'CCC' with a recovery
     rating of 'RR6'

The senior unsecured rating applies to US$425 million of
outstanding convertible notes.


KANSAS CITY SOUTHERN: Recommends Site 3 for Rail Bridge Location
----------------------------------------------------------------
Kansas City Southern said in a press statement that a study it
sponsored recommended Site 3 as the best location for a future
cross-border rail bridge.

According to the press statement, Site 3 is located between
Mexico's Rio Bravo city in Tamaulipas and El Cenizo in Texas.

Business News Americas relates that US transportation company
TranSystems conducted the study "to determine the best location
for a new international railroad crossing of the Rio Grande
river between Laredo and Nuevo Laredo, respectively in the US
and Mexico.  TranSystems studied five sites, applying these
criteria:

          -- financial feasibility,
          -- operational efficiency,
          -- capacity potential,
          -- urban and environmental impact, and
          -- existing vehicular and rail traffic.

According to BNamericas, the study provides preliminary
engineering Kansas City Southern needs to prepare its US and
Mexican permit applications.

Kansas City Southern will collaborate with officials in Texas
and Tamaulipas to have a detailed application for governmental
authorities before 2008 ends, BNamericas notes.

Kansas City Southern said in a press statement that it
considered Site 3 as "the most feasible location to meet all of
the region's goals most effectively, retaining Laredo and Nuevo
Laredo's trade-based economy in the next decades."

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the US,
Mexico and Panama.  Its primary U.S. holding includes KCSR,
serving the central and south central U.S.  Its international
holdings include Kansas City Southern de Mexico, serving
northeastern and central Mexico and the port cities of Lazaro
Cardenas, Tampico and Veracruz, and a 50% interest in
Panama Canal Railway Company, providing ocean-to-ocean freight
and passenger service along the Panama Canal.  KCS' North
American rail holdings and strategic alliances are primary
components of a NAFTA Railway system, linking the commercial and
industrial centers of the U.S., Canada and Mexico.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 17, 2007, Fitch Ratings assigned a 'B+' foreign currency
rating and a Recovery Rating of 'RR4' to the US$165 million
senior notes due 2014 to be issued by Kansas City Southern de
Mexico, S.A. de C.V.  The new notes rank pari passu with KCSM's
existing senior unsecured obligations.

Fitch also maintained 'B+' foreign currency ratings and 'RR4'
recovery ratings on KCSM's other outstanding notes:

    -- US$178 million 12.50% senior notes due 2012;
    -- US$460 million 9.375% senior notes due 2012;
    -- US$175 million 7.625% senior notes due 2013.

The proceeds of the proposed new issuance will be used primarily
to pay off the company's outstanding US$178 million 12.50% notes
due 2012.

Fitch also maintained a 'B+' foreign and local currency Issuer
Default Rating for KCSM.  Fitch said the rating outlook for
these ratings is stable.




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


FREEPORT-MCMORAN: Discloses New Operations Management Structure
---------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has a new organizational
structure for its operations management team following a
decision by Tim Snider, President and Chief Operating Officer,
to retire effective April 1, 2008.

The operations will continue to be managed by geographic region,
including North America, South America, Indonesia and Africa.
The following individuals will comprise the executive operations
management team, reporting to Chief Executive Officer Richard C.
Adkerson, who will become President of FCX.

   -- Harry "Red" Conger, President of Freeport-McMoRan Americas
      division, will continue to be responsible for management
      of the company's North and South American operations.

   -- Mark Johnson will continue as Chief Operating Officer of
      Indonesian operations.

   -- Phil Brumit will be joining FCX as President of Freeport-
      McMoRan Africa division and will be responsible for
      management of the Tenke Fungurume development project.

   -- John Marsden, President of Freeport-McMoRan Mining
      division, will continue as the Company's senior executive
      responsible for development and technical services.

   -- David Thornton, President of Climax Molybdenum, will
      continue to be responsible for FCX's molybdenum division.

   -- Tim Snider will be available to provide consulting
      services on operational matters following his retirement
      under an arrangement with FCX.

James R. Moffett, Chairman of the Board and Richard C. Adkerson,
Chief Executive Officer said: "Tim Snider made significant
contributions in his 37-year career with Phelps Dodge, and with
FCX since our combination with Phelps Dodge in March 2007.  Our
Board and management team congratulate Tim on his
accomplishments and his strong leadership role within the
organization and in the global mining industry.  We look forward
to his on-going involvement in our operations through his
consulting arrangement.  Tim played a leading role in the
successful integration of Phelps Dodge into FCX.  The
combination of the two companies provided us with a strong
operations and technical team, which will enable us to continue
to pursue operating excellence and our exciting growth plans,
and sustain the company's focus on the safety of our workforce
and responsible management of the environmental and social
impacts of our operations.  We are pleased to announce our new
management structure and congratulate these individuals, all of
whom have significant industry experience and a track record of
achievement."

               Operations Management Profiles

Harry M. (Red) Conger has 30 years of mining industry
experience, including 21 years of experience with Phelps Dodge
and FCX.  He has held a number of senior operations positions in
North and South America and has recently returned to its
corporate headquarters office in Phoenix following a four-year
assignment leading our South American operations.  Mr. Conger
received a Bachelor of Science degree in mining engineering from
the Colorado School of Mines in 1977.

Mark J. Johnson has 26 years of mining industry experience,
including 20 years of experience with Freeport-McMoRan.  He has
held senior operations positions and has been actively engaged
in the development of the Grasberg minerals district following
its discovery in 1988.  Mr. Conger received a Bachelor of
Science degree in mining engineering from the Montana College of
Mineral Sciences and Technology in Butte, Montana in 1981.

Phillip S. Brumit has 27 years of experience in the mining
industry and will be joining FCX in January 2008 to lead the
development of the Tenke Fungurume project in Democratic
Republic of Congo.  Mr. Conger's previous industry experience
includes senior operations roles in the U.S. and Indonesia at
Newmont Mining Corporation.  He holds a Bachelor of Science
degree in geological engineering and a master's degree in mining
engineering from the Montana College of Mineral Sciences and
Technology in Butte, Montana.

John O. Marsden has 25 years of mining industry experience,
including 17 years with Phelps Dodge and FCX.  He has held
senior operations and technical management positions and has
been a significant contributor to the Company's successful
advancements in processing technologies.  Mr. Conger received a
Bachelor of Science engineering degree in mineral technology
from the Royal School of Mines at the University of London in
1982 and has published widely on a broad range of metallurgical
subjects related to copper and gold extraction.

David H. Thornton has 29 years of experience with Phelps Dodge
and FCX.  He joined the company in 1978 and has held positions
of increasing responsibility in the Company's copper and
molybdenum operations. He was named President of Climax
Molybdenum in 2001.  Mr. Conger received a Bachelor of Arts
degree in chemistry from the University of New York at Potsdam
in 1977.

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

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

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

Ratings affirmed:

Issuer: Freeport-McMoRan Copper & Gold Inc.

        -- Corporate Family Rating: Ba2;

        -- Probability of Default Rating: Ba2;

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

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

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

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

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




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


LIN TV: May Not Reach Retransmission Agreement with Cable One
-------------------------------------------------------------
LIN TV Corp.'s negotiation with Cable One, Inc., a cable
provider in New Mexico, where LIN TV owns and operates the FOX
affiliate KASA-TV, appear unlikely to result in a retransmission
consent agreement.  As a result, LIN TV expects Cable One to
discontinue carriage of its television station when the current
contract expires on Dec. 15, 2007.

LIN TV has challenged cable companies, such as Cable One, to pay
for the fair market value of its stations' signals, so that it
can continue providing the premium news, sports, entertainment,
and other local programming that is most important to viewers.
LIN TV successfully reached an agreement with Cable One for its
sister station, Albuquerque's CBS affiliate KRQE-TV, and is
hoping to reach a comparable agreement for KASA-TV.

KASA-TV (KASA FOX 2) broadcasts some of the region's most
popular sports and entertainment programming, including the
Cotton Bowl, Sugar Bowl and Fiesta Bowl, all airing on January
1; the Orange Bowl on January 3; the NFL's NFC Wildcard playoff
on January 6; the BCS National Football Championship game
between the Ohio State Buckeyes and the Louisiana State Tigers
on January 7; the NFL's NFC Divisional playoff games on January
12 and January 13; the NFL's NFC Championship game on January
20; the season premiere of American Idol on January 15; and
Super Bowl XLII on February 3.

KASA FOX 2 also airs highly-rated primetime programming, such as
House and Are You Smarter Than a 5th Grader, along with popular
syndicated programming such as the The Simpsons.  The station
airs New Mexico's only primetime local news at 9:00 pm and has
invested millions of dollars to broadcast this premium
programming in state-of-the-art digital high-definition.

In the event that KASA FOX 2's signal is pulled, viewers may
watch the station's programming through alternative means such
as satellite or an over-the-air antenna.

"We only want what is fair for our local FOX station," said LIN
TV's Executive Vice President Digital Media Gregory M. Schmidt.
"Cable One continues to pay money to niche cable programmers,
with substantially less viewing."

"We have successfully reached agreements with other
subscription-based television services, including cable
operators, telephone companies and satellite providers, all of
whom have acknowledged the fair market value of LIN TV's
stations.  We hope to reach a comparable agreement for KASA-TV,"
added Mr. Schmidt.

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

                        *     *     *

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


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

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

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

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

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

                         About TUI AG

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

                     About Royal Caribbean

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

                        *     *     *

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




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


PETROLEOS DE VENEZUELA: To Create Mix Corporation with Petrobras
----------------------------------------------------------------
Petroleo Brasileiro SA and Petroleos de Venezuela SA have
decided to incorporate a mixed corporation in Brazil aiming at
building and operating the Abreu e Lima Refinery, in the state
of Pernambuco, Northeastern Brazil.  Interest in the company
will be shared at the rate of 60% for Petrobras and 40% for
PDVSA, and staff from both companies will operate the plant.
The refinery will be capable of processing 200,000 barrels of
oil per day, and a supply agreement for 100,000 barrels of oil
per day, coming from the Carabobo 1 block, in the Orinoco oil
range, will be signed to provision it.

PDVSA announces the development of the fields identified in the
Carabobo 1 block is underway, keeping a participation option
open for PETROBRAS in the improved oil production projects,
while PETROBRAS concludes its pertinent technical and economic
studies.  It must be emphasized that, as the result of the joint
work carried out between Petrobras and PDVSA, it was possible to
certify 45.5 billion barrels of oil in situ in the Carabobo 1
block.

Petrobras and PDVSA announced they are pleased with the
agreements that have been reached and with the progress achieved
in joint projects, since this allows them to materialize and
strengthen the integration efforts between Brazil and Venezuela,
driven by presidents Lula and Chavez.

                         About PDVSA

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.

                       About Petrobras

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

                         About PDVSA

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

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


* VENEZUELA: Mr. Chavez To Assess Bilateral Pacts with Mr. Lula
---------------------------------------------------------------
Brazilian and Venezuelan presidents Luiz Inacio Lula da Silva
and Hugo Chavez, have talked about evaluating a number of
bilateral pacts and initial new instruments, and assessing their
unbalanced bilateral trade, various reports say.

Inside Costa Rica relates that Mr. Chavez, who met with Mr. Lula
last Thursday in Caracas, welcomed in the presidential palace of
Miraflores, one of his major political allies, a few days
following his draft constitutional reform was rejected in a
referendum and after Colombia ended his mediation in order to
reach a humanitarian swap of hostages for guerrilla troops.

Reuters report that the two leaders are set to initial bilateral
agreements following their meeting.

                        *     *     *

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

                        *     *     *

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


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

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


                         ***********


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

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

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

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

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

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