TCRLA_Public/071218.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

          Tuesday, December 18, 2007, Vol. 8, Issue 250

                          Headlines

A R G E N T I N A

ACQUA FIORE: Files for Reorganization Petition in Buenos Aires
AVIAR ROSARIO: Trustee Filing Individual Reports on Feb. 7, 2008
VERIFONE HOLDINGS: Purchases EFTPOS Services Business


B A H A M A S

BAC BAHAMAS: S&P Affirms BB/B Counterparty Credit Ratings


B E L I Z E

CONTINENTAL AIRLINES: Fitch Affirms B- Issuer Default Rating


B E R M U D A

FINANCIAL SOLUTIONS: Proofs of Claim Filing Deadline Is Jan. 4
FINANCIAL SOLUTIONS: Sets Final Shareholders Meeting for Jan. 24
PETRO-CANADA MANAGEMENT: Proofs of Claim Filing Is Until Jan. 4
PETRO-CANADA MANAGEMENT: Final Shareholders Meeting on Jan. 24
MONTPELIER RE: Board Declares US$0.075 Per Share Dividend

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

GAZPROM: In Talks with Bolivia for US$2-Bil. Gas Investment

* BOLIVIA: Gets US$12.3-Mln Loan to Support to National Dev't
* BOLIVIA: In Talks with Gazprom Over Gas Investments


B R A Z I L

ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating
BANCO DO BRASIL: Holders Sell Shares to Boost Trading
BANCO NACIONAL: Grants BRL10-Mln Financing for INK Film Studios
BANCO NACIONAL: Okays BRL2.49-Bln Loan for Gas Pipeline Project
BANCO RURAL: Fitch Shifts Outlook, Affirms Junk National Ratings

BRASKEM: Forms Two Companies to Install Petrochemical Projects
COMPAGNIE GENERALE: S&P Raises Corporate Credit Rating to BB
COSAN SA: Earns US$17 Million in Fiscal Year 2008 Second Quarter
GENERAL MOTORS: Refuses to Pay Bonuses to Retirees, IUE-CWA Says

* BRAZIL: Forming Joint Venture with Petroleos de Venezuela
* BRAZIL: Petroleo Brasileiro Awards Aker Kvaerner Two Contracts


C A Y M A N   I S L A N D S

ANRO VENTURES: Proofs of Claim Filing Deadline Is Jan. 8, 2008
BEAR STEARNS: BofA Withdraws Plea to Clarify Injunction Order
BEAR STEARNS: Funds Want More Time to Answer Amici Brief
BEAR STEARNS: Receives Subpoena from New York Attorney General
BREA HOLDINGS: Proofs of Claim Filing Ends on Jan. 21, 2008

COMMERCIAL EQUITY: Last Day to File Proofs of Claim Is Jan. 21
COMMERCIAL INVESTMENTS: Proofs of Claim Filing Is Until Jan. 21
FEY INVESTMENTS: Proofs of Claim Filing Ends on Jan. 8, 2008
FREESPIRIT CAPITAL: Proofs of Claim Filing Deadline Is Dec. 31
FREESPIRIT CAPITAL MANAGEMENT: Claims Filing Ends on Dec. 31

JPMORGAN ABSOLUTE: Proofs of Claim Filing Deadline Is Jan. 10
JPMORGAN ABSOLUTE RETURN: Proofs of Claim Filing Ends on Jan. 10
LAKEHILL INVESTMENTS: Proofs of Claim Filing Is Until Jan. 21
LAGUNA EQUITY: Proofs of Claim Filing Deadline Is Jan. 21, 2008
LAGUNA INVESTMENTS: Proofs of Claim Filing Deadline Is Jan. 21

LAKEHILLS EQUITY: Proofs of Claim Filing Is Until Jan. 21, 2008
LANDMARK EQUITY: Proofs of Claim Filing Ends on Jan. 21, 2008
LIFE FUNDING: Proofs of Claim Filing Is Until Jan. 11, 2008
MARCUS EQUITY: Proofs of Claim Filing Deadline Is Jan. 21, 2008
MARCUS HOLDINGS: Proofs of Claim Filing Is Until Jan. 21, 2008

ORANGE EQUITY: Proofs of Claim Filing Deadline Is Jan. 21, 2008
ORANGE INVESTMENTS: Proofs of Claim Filing Is Until Jan. 21
WADHWANI GENERAL: Proofs of Claim Filing Ends on Jan. 10, 2008
WESTSHORE HOLDINGS: Proofs of Claim Filing Deadline Is Jan. 21


C H I L E

BOSTON SCIENTIFIC: Inks US$425-Mln Buyout Deal w/ Avista Capital


C O L O M B I A

AES CHIVOR: Improved Debt Ratio Cues S&P To Lift Ratings to BB
ECOPETROL: Inks Exploration Pact with Royal Dutch


C O S T A   R I C A

ARMSTRONG HOLDINGS: Completes Net Asset Distribution to Holders
BANCO BAC: S&P Affirms Low B Curr. Counterparty Credit Ratings


D O M I N I C A N   R E P U B L I C

EURONET: Confirms Tax-Free All-Stock Offer for MoneyGram
EURONET WORLDWIDE: S&P Places BB Rating Under Positive Watch

* DOMINICAN REPUBLIC: Debt Servicing for 2008 Amounts to DOP91B
* DOMINICAN REPUBLIC: Gets US$50-Million Loan for Roads Network


E C U A D O R

PETROECUADOR: Awards Projector Diesel Supply Contract

* ECUADOR: Concluding Pact Talks with Foreign Mobile Phone Firms


G U A T E M A L A

AFFILIATED COMPUTER: To Install 24 Speed Cameras in Maryland


J A M A I C A

GOODYEAR TIRE: Develops Non-Pneumatic Tire for Moon-Use w/ NASA


M E X I C O

AMERICAN TOWER: Settles Securities Class Action for US$14 Mil.
CARDTRONICS INC: Closes 12 Mil. Initial Public Shares Offering
CEMEX SAB: Projects Good Fourth Quarter Financial Results
GRUPO TMM: Directors & Shareholders OK Share Repurchase Program
INTERNATIONAL RECTIFIER: Moody's Withdraws Assigned Ratings

MCDERMOTT INTERNATIONAL: Unit Bags Drilling Contract from PEMEX
QUAKER FABRIC: Wants Until April 14 to Exclusively File Plan


N I C A R A G U A

* NICARAGUA: Gets US$450,000 Loan from MIF for Regional Program


P A N A M A

NCO GROUP: Outsourcing Purchase Cues Moody's to Review Ratings

* PANAMA: Obtains US$51.2-Million Financing from IDB


P U E R T O   R I C O

APARTMENT INVESTMENT: Moody's Assigns Ba1 Corp. Family Rating
LIN TV: Moody's Affirms Debt Ratings, Changes Outlook to Stable


U R U G U A Y

NAVIOS MARITIME: S&P Shifts Outlook; Affirms BB- Corp. Rating


V E N E Z U E L A

CHRYSLER LLC: To Idle 2 Plants in Michigan & Ontario in January
CITGO PETROLEUM: Moody's Affirms Ba1 Corporate Family Rating
CITGO PETROLEUM: S&P Affirms BB Corporate Credit Rating
DEL MONTE: Paying US$0.04 Per Share Dividend on Jan. 31, 2008
DEL MONTE: Sharon McCollam Joins Board of Directors

PETROLEOS DE VENEZUELA: Fire Breaks Out at Puerto La Cruz Unit
PETROLEOS DE VENEZUELA: To Form Joint Venture with Petrobras
PETROLEOS DE VENEZUELA: Moves Hocol Contract to Joint Venture


                            - - - - -

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


ACQUA FIORE: Files for Reorganization Petition in Buenos Aires
--------------------------------------------------------------
Acqua Fiore S.R.L. has requested for reorganization approval
after failing to pay its liabilities since Nov. 4, 2007.

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

The case is pending in the National Commercial Court No. 24 of
First Instance in Buenos Aires. Clerk No. 47 assists the court
on this case.

The debtor can be reached at:

          Acqua Fiore S.R.L.
          Castanon 3436
          Buenos Aires, Argentina


AVIAR ROSARIO: Trustee Filing Individual Reports on Feb. 7, 2008
----------------------------------------------------------------
Amparo Cueto, the court-appointed trustee for Aviar Rosario
S.R.L.'s bankruptcy proceeding, will present the validated
claims as individual reports in the National Commercial Court of
First Instance in Rosario, Santa Fe, on Feb. 7, 2008.

Ms. Cueto verified creditors' proofs of claim until
Nov. 21, 2007.

A general report that contains an audit of Aviar Rosario's
accounting and banking records will be submitted in court on
March 21, 2008.

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

The debtor can be reached at:

       Aviar Rosario S.R.L.
       Rioja 1275, Rosario
       Santa Fe, Argentina

The trustee can be reached at:

       Amparo Cueto
       Bv. Orono 1217, Rosario
       Santa Fe, Argentina


VERIFONE HOLDINGS: Purchases EFTPOS Services Business
-----------------------------------------------------
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

VeriFone Inc. is headquartered in Santa Clara, California, and
is a global market leader in the development and sale of point-
of-sale electronic payment systems.  The company has operations
in Argentina, Australia, Brazil, China, France, India, Malaysia,
Poland, the United Kingdom, the United States, among others.

                        *     *     *

As reported in the Troubled Company Reporter on Sept. 29, 2006,
Moody's Investors Service has affirmed the Corporate Family
Rating of B1 of VeriFone and revised the rating outlook to
stable from negative.  At the same time, Moody's assigned
ratings to new bank credit facilities that VeriFone will use to
finance its pending acquisition of Lipman Electronic Engineering
Ltd.




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


BAC BAHAMAS: S&P Affirms BB/B Counterparty Credit Ratings
---------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'BB/B'
foreign currency counterparty credit ratings on Nassau, Bahamas-
based BAC Bahamas Bank.  The outlook is stable.

"The ratings assigned to BAC Bahamas are based on the foreign
currency ratings assigned to Banco BAC San Jose, S.A. (BAC San
Jose)," said S&P's credit analyst Laurence Wattraint.

BAC Bahamas is the offshore bank of Banco BAC San Jose and
mirrors the Costa Rican onshore bank.  The two entities share
the same client base and follow the same corporate policies,
with the vast majority of business and assets originated in
Costa Rica, denominated in U.S. dollars, and registered
offshore.




===========
B E L I Z E
===========


CONTINENTAL AIRLINES: Fitch Affirms B- Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed the debt ratings of Continental
Airlines, Inc. as:

   -- Issuer Default Rating at 'B-';
   -- Senior unsecured debt at 'CCC'/RR6

The Rating Outlook is Stable.

Ratings for Continental Airlines reflect the airline's heavy
fixed obligation funding burden, the risk of rising leverage
levels in a potentially difficult 2008 industry operating
environment, as well as ongoing vulnerability to fuel price and
air travel demand shocks.  While the airlines' recent cash flow
generation performance has been encouraging, the operating
outlook is increasingly uncertain in light of US$90-plus per
barrel crude oil prices and growing worries over a possible
United States economic slowdown in 2008.  Planned available seat
mile capacity growth will be relatively low next year (2-3%);
however, the airline is financing new aircraft deliveries with
additional secured debt, and it may see a modest increase in
lease-adjusted leverage by year-end 2008.

Cost pressures remain a significant credit concern, especially
in light of the big run-up in crude and refined product prices
witnessed since September.  With relatively modest fuel hedge
positions in place (approximately 32% of the fourth quarter
purchases hedged with protection above US$2.23 per gallon of jet
fuel), operating margins will suffer this winter as a result of
the fuel price spike.  Moreover, the outlook for 2008 is clearly
being influenced by increasing doubts over the health of the
U.S. economy and the resilience of both business and leisure air
travel demand trends.  Fitch expects revenue per available seat
mile (RASM) growth for Continental Airlines and the entire
industry to slow materially next year, pressuring margins and
constraining free cash flow generation in a year when the
airline's capital spending commitments and debt balances will
rise.

On the positive side, Continental Airlines' liquidity position
is now much stronger after two years of solid unit revenue
expansion and good free cash flow generation.  As of Sept. 30,
unrestricted cash totaled US$3 billion.  The airline now expects
year-end cash balances to total US$2.7 billion to US$2.8
billion.  Fixed obligations for 2008 include approximately
US$629 million of scheduled debt maturities and approximately
US$200 million of required cash pension funding.  Fitch expects
the airline to continue funding its defined benefit pension
plans at levels beyond minimum required amounts.

Continental Airlines continues to outperform the broader
industry in terms of yield and RASM growth, despite the fact
that it has been growing faster than most of the other U.S.
legacy carriers. International route economics in particular
have remained excellent, and the airline expects to grow its
international operations further with recently-announced twice-
daily trips to London-Heathrow from both the Houston and Newark
Liberty hubs, as well as expansion into new Latin American
markets to be met partially through the new B737 NG aircraft
entering the fleet next year.

Industry-wide adjustments to 2008 capacity growth plans have
been consistent during the fourth quarter, with Continental,
Delta and Southwest all announcing earlier this month that they
will pull some additional seats out of the domestic schedule for
2008.  This provides some support for a more credible RASM soft
landing scenario next year, but Fitch expects earnings and free
cash flow to weaken as a result of the softening operating
environment.

A change in the Rating Outlook to Positive could follow in 2008
if a significant pull-back in energy prices and/or a
continuation of reasonably strong U.S. economic growth drives
stable or improving margins and modest improvements in leverage
and cash flow coverage metrics.  Movement toward industry
consolidation could also improve the credit outlook for
Continental Airlines and all of the legacy carriers.

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,100 daily departures throughout Belize, Mexico, Europe
and Asia, serving 154 domestic and 138 international
destinations including Honduras and Bonaire.  More than 400
additional points are served via SkyTeam alliance airlines.
With more than 44,000 employees, Continental has hubs serving
New York, Houston, Cleveland and Guam, and together with
Continental Express, carries about 67 million passengers per
year.




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


FINANCIAL SOLUTIONS: Proofs of Claim Filing Deadline Is Jan. 4
--------------------------------------------------------------
Financial Solutions Ltd.'s creditors are given until
Jan. 4, 2007, to prove their claims to Jennifer Y. Fraser, 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.

Financial Solutions' shareholders agreed on Dec. 12, 2007, to
place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court
         22 Victoria Street, Hamilton
         Bermuda


FINANCIAL SOLUTIONS: Sets Final Shareholders Meeting for Jan. 24
----------------------------------------------------------------
Financial Solutions Ltd. will hold its final shareholders
meeting on Jan. 24, 2008, at 10:00 a.m. at:

        Canon's Court
        22 Victoria 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.


PETRO-CANADA MANAGEMENT: Proofs of Claim Filing Is Until Jan. 4
---------------------------------------------------------------
Petro-Canada Management Services Ltd.'s creditors are given
until Jan. 4, 2007, to prove their claims to Jennifer Y. Fraser,
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.

Petro-Canada Management's shareholders agreed on Dec. 12, 2007,
to place the company into voluntary liquidation under Bermuda's
Companies Act 1981.

The liquidator can be reached at:

         Jennifer Y. Fraser
         Canon's Court
         22 Victoria Street, Hamilton
         Bermuda


PETRO-CANADA MANAGEMENT: Final Shareholders Meeting on Jan. 24
--------------------------------------------------------------
Petro-Canada Management Services Ltd. will hold its final
shareholders meeting on Jan. 24, 2008, at 9:00 a.m. at:

        Canon's Court
        22 Victoria 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 will be disposed; and

    -- passing of a resolution dissolving the company.


MONTPELIER RE: Board Declares US$0.075 Per Share Dividend
---------------------------------------------------------
Montpelier Re Holdings Ltd.'s Board of Directors has declared a
quarterly dividend of US$0.075 per Common Share. The dividend is
payable on Jan. 15, 2008 to shareholders of record on
Dec. 31, 2007.

Headquartered in Bermuda, Montpelier Re Holdings Ltd., through
its operating subsidiary Montpelier Reinsurance Ltd., is a
premier provider of global property and casualty reinsurance and
insurance products.  During the year ended Dec. 31, 2005,
Montpelier underwrote US$978.7 million in gross premiums
written.  Shareholders' equity at Dec. 31, 2005, was US$1.1
billion.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2006,
A.M. Best affirms these ratings on Montpelier Re Holdings:

Montpelier Re Holdings Ltd.

   -- "bbb-" on senior unsecured debt;
   -- "bb+" on subordinated debt; and
   -- "bb" on preferred stock.

   MRH Capital Trust I and II (guaranteed by Montpelier Re
   Holdings Ltd.)

   -- "bb" on preferred securities.


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' 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
=============


GAZPROM: In Talks with Bolivia for US$2-Bil. Gas Investment
-----------------------------------------------------------
Russian company Gazprom is in talks with the Bolivian government
over the exploration of two gas sites that would require a US$2
billion investment, the Financial Times reports.

"We are closing a deal with Gazprom in two sites for gas
exploration.  They are very interested.  And we are very
interested in them being our partners," Carlos Villegas,
Bolivian hydrocarbons minister, told the FT.

When asked about the deal, Sergei Kupriyanov, Gazprom's
spokesperson, told the FT that there is indeed ongoing talks
with Bolivia but cautioned "... It is too early to put a figure
on a possible investment."

Bolivia holds vast reserves of gas, second to Venezuela.  But
since the nationalization of its hydrocarbons industry,
investments have become scarce.  An investment from Gazprom
could greatly boost the nation's production and could mean that
Bolivia would be able to meet supply contracts with Argentina
and Brazil.

According to FT, Bolivia needs to double its current 39 million
cubic meter of a day production to 75 million in order to meet
supply commitments.

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in theOmsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.  Gazprom Neft
is one of Russia's largest oil companies handling downstream and
upstream operations.  It was known as Sibneft before April 2007.

                        *     *     *

As of Aug. 24, 2007, Gazprom Neft carries a Ba1 Corporate Family
and Ba2 Senior Unsecured Debt ratings from Moody's.  Moody's
said the outlook is positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit
and Local Issuer Credit ratings from Standard & Poor's.  S&P
said the outlook is positive.


* BOLIVIA: Gets US$12.3-Mln Loan to Support to National Dev't
-------------------------------------------------------------
The Inter-American Development Bank has granted a US$12.3
million loan to Bolivia to support the National Development
Finance System's lending for production activities.

The multisector global credit program will provide funds to the
Banco de Desarrollo Productivo to ensure that the productive
sector has the financing it needs in order to grow.

The program will have three pillars.  The first will include:

   -- A multisector global credit program to fund the BDP's
      second-tier credit lines

   -- A grant for technical cooperation financed under the IDB
      Fund for Special Operations for the institutional
      strengthening of the BDP and framework design and
      implementation

   -- A Multilateral Investment Fund (MIF) operation to support
      development of private-sector banks and financial
      institutions

Another MIF operation to build the capital market's capacity to
channel resources to small and medium-sized enterprises.

The second pillar will amplify the program's impact through a
credit guarantee mechanism to help BDP draw upon local savings
and various operations that will allow the bank to act as a
catalyst for private-intermediary lending for the production
sector.  The third pillar will include pilot investment projects
that will contribute international best practices, as well as
support for the amendments of laws and regulations specified by
the government.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov 6, 2007, Standard & Poor's Ratings Services revised its
outlook on the Republic of Bolivia to stable from negative.  S&P
also said that it affirmed its 'B-' long-term and 'C' short-term
credit ratings on the sovereign.


* BOLIVIA: In Talks with Gazprom Over Gas Investments
-----------------------------------------------------
Russian company Gazprom is in talks with the Bolivian government
over the exploration of two gas sites that would require a US$2
billion investment, the Financial Times reports.

"We are closing a deal with Gazprom in two sites for gas
exploration.  They are very interested.  And we are very
interested in them being our partners," Carlos Villegas,
Bolivian hydrocarbons minister, told the FT.

When asked about the deal, Sergei Kupriyanov, Gazprom's
spokesperson, told the FT that there is indeed ongoing talks
with Bolivia but cautioned "... It is too early to put a figure
on a possible investment."

Bolivia holds vast reserves of gas, second to Venezuela.  But
since the nationalization of its hydrocarbons industry,
investments have become scarce.  An investment from Gazprom
could greatly boost the nation's production and could mean that
Bolivia would be able to meet supply contracts with Argentina
and Brazil.

According to FT, Bolivia needs to double its current 39 million
cubic meter of a day production to 75 million in order to meet
supply commitments.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov 6, 2007, Standard & Poor's Ratings Services revised its
outlook on the Republic of Bolivia to stable from negative.  S&P
also said that it affirmed its 'B-' long-term and 'C' short-term
credit ratings on the sovereign.




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


ACXIOM CORP: Moody's Confirms Ba2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has confirmed Acxiom Corp.'s Ba2
corporate family rating and assigned a negative rating outlook,
concluding a review for possible downgrade initiated on
May 17, 2007, following the company's announcement that it had
entered into a definitive agreement to be acquired by Silver
Lake and ValueAct Capital for US$3.0 billion.  On Oct. 1, 2007,
the company reached a settlement agreement with Silver Lake and
ValueAct Capital to terminate the previously announced
acquisition pursuant to which it received US$65 million in cash.

The negative outlook reflects the challenges the company will
have to regain organic revenue growth and profitability and the
potential impact from the downturn in the financial services
market, which accounts for approximately 25% of their business.

The Ba2 corporate family rating confirmation reflects the
company's leadership position in the database marketing services
space, solid free cash flow and liquidity position and moderate
financial leverage, as measured by debt to EBITDA.  The rating
is constrained by its relatively high client (top 30 clients
represented about 50% of fiscal 2007 revenues) and business line
concentration, modest size -- measured by profitability and
return on assets -- and market challenges including consumer
privacy and potential regulatory concerns.

The ratings could be downgraded if the company were to increase
its share repurchase or acquisition activity such that there is
a leveraging event that results in free cash flow to debt of
less than 5%, or if operating margins decline significantly from
historical results.  Given the negative outlook, a rating
upgrade is unlikely at the present time.  The rating outlook
could be stabilized were the company to demonstrate free cash
flow to debt exceeding 15% on a sustained basis.

Ratings confirmed:

  -- Corporate Family Rating - Ba2

  -- Probability of Default Rating - Ba3

  -- US$544 million Senior Secured Term Loan due September 2012
     - Ba2, LGD 3, 30%

  -- US$200 million Senior Secured Revolving Credit Facility
     expiring September 2011 - Ba2, LGD 3, 30%

Based in Little Rock, Arkansas, Acxiom(R) Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.  Founded in 1969, Acxiom has locations
throughout the United States, Europe, Australia and China.

Acxiom has a team of specialists with sales and business
development associates based in the largest Latin American
markets: Brazil, Argentina and Mexico.


BANCO DO BRASIL: Holders Sell Shares to Boost Trading
-----------------------------------------------------
Banco do Brasil SA's shareholders, Previ and BNDES Participacoes
SA, have sold shares totaling 87.2 million and raised US$1.9
billion, Bloomberg News reports, citing a statement from the
company.  Previ and BNDES will be selling another 13.1 million
shares within the month.

According to Bloomberg, the bank has gained 40% this year as a
result of increased consumer borrowing particularly from the
agricultural sector.

Brazil's National Treasury control's Banco do Brasil with a 69%
stake.  The bank and its shareholders sold 52.3 million shares
last year, raising BRL2.27 billion.

BB Banco de Investimento SA, Banco UBS Pactual SA and Deutsche
Bank are managing the offering.  The new shares start trading
Dec. 17 on the Sao Paulo stock exchange.

Banco do Brasil is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and over 7,000 points
of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

As reported on May 22, 2007, Standard & Poor's Ratings Services
raised its long-term foreign currency counterparty credit rating
on Brazilian government-related entity Banco do Brasil to 'BB+'
from 'BB', after Brazil's foreign currency sovereign credit
rating was upgraded to BB+.


BANCO NACIONAL: Grants BRL10-Mln Financing for INK Film Studios
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social approved
BRL10 million financing within the scope of Procult, targeted to
audiovisual, for INK Geracao e Producao de Conteudos Ltda.
These funds are destined to construction of the new headquarters
of Grupo Academia -- with five recording studios in Vila
Leopoldina, Sao Paulo.  With this project, the company
centralizes, optimizes and enables higher synergy between the
activities performed by the three units of the group.

The new headquarters should also generate expansion of the
group's productive capacity with the construction of five
recording studios and four other smaller studios destined to the
selection of casting and costume design, and for light and
camera tests.  At their existing facilities, the group has only
four small-sized studios.

INK acquired the land where the new headquarters are being
constructed, in Vila Leopoldina, in 2005.  The region has been
undergoing a revitalization process, turning into a new
audiovisual complex, which already shelters different companies
in the sector (advertising agencies, producers and
infrastructure service providers).

The total land area is 9,582 square meter with seven workshops.
These will all have their structure restored to shelter Group
activities.  The restoration of the existing workshops started
in March 2007 and should be concluded this year.  The completion
of communication and data network facilities is forecast for
January 2008.

The reception, administrative and project development areas will
occupy two workshops, with two or three floors, respectively.
At the center of this block, there will be an auditorium with
capacity for 90 people.

The five recording studios shall have acoustic treatment and
air-conditioning. Each studio will have its group of individual
and collective dressing rooms, besides areas for the production
and supporting teams.

One of the warehouses will shelter four smaller studios,
distributed on three floors: ground floor, first and mezzanine,
with room for deposit.

The VT studios, three-meter height, will be located on the
ground floor, same place of the cafeteria with a 70 seat
capacity and maximum production of approximately 400 meals per
day, supplying meals including for filming teams working in
external sets.

The company currently has 174 employees and another 17 hirings
are planned for 2008, already in view of its growing activities.
The audiovisual production activity involves the hiring of many
temporary employees (freelancers).  INK hires an average of 625
temporary professionals per month.

The main companies of the group are INK and Filme Mais. The
first one had a participation of around 69% of total group
revenues in 2006.  This picture reflects the relevance of the
publicity segment for the group and the difference in size
between the individual publicity market and the entertainment
one (for independent productions).  Filme Mais had a 20%
participation in total revenues in 2006.  The investment intends
to reinforce the group's strategy of expansion into new
segments, mainly cinematographic, TV and publicity in new
medias.

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: Okays BRL2.49-Bln Loan for Gas Pipeline Project
---------------------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social has
approved a BRL2.49 billion financing for Transportadora Urucu
Manaus S/A for the implementation, in the State of Amazonas, of
the Coari-Manaus natural gas pipeline with around 383 kilometers
of extension.  The project also foresees the construction of
another nine natural gas distribution branches to service seven
Amazonian municipalities located along the main gas pipeline,
and the installation of a duct to transport liquefied petroleum
gas (GLP duct), with 279 kilometers of extension, connecting the
Arara Pole, in Urucu, to Terminal de Solimoes (Tesol), in Coari.

The project, which integrates the federal government Growth
Acceleration Program, and should generate around 36 thousand new
jobs during the implementation phase, nine thousand jobs being
direct.

The Coari-Manaus gas pipeline will have capacity to transport
5.5 million cubic meters of natural gas a day.  This
transportation capacity, however, can be further increased in
subsequent phases, according to the market development, to 10
million cubic meters/day, upon the installation of additional
compression stations along the main line.

The construction of the Coari-Manaus gas pipeline will allow the
natural gas produced in Urucu, which is currently reinjected and
burned, reaches the Capital of Amazonas and the other seven
municipalities (Coari, Codajas, Anori, Anama, Caapiranga,
Manacapuru and Iranduba) for thermoelectric generation and other
uses, as a substitute to other petroleum derivatives,
especially combustible oil and diesel oil.

Among the other merits of the project, which will imply strong
insertion of natural gas into the regional energetic matrix, the
company can highlight:

   * economic gains as a result of the commercial use of
     the natural gas produced in Urucu;

   * environmental gains due to the substitution of the
     consumption of diesel oil and combustible oil by natural
     gas, and lower concentration of nitrogen oxides and
     sulfur; and

   * economy of foreign currency, by enabling the replacement of
     a significant volume of diesel oil, mostly imported, by
     national origin natural gas.

The transportation company Urucu Manaus S/A is a specific
purpose society created to develop the gas pipeline, aimed at
allowing the economic use of Petrobras natural gas reserves in
the Solimoes Basin.

                         Environment

Petrobras entered into a partnership with the government of the
State of Amazonas, through the Secretariat of Sustainable
Development, for an amount of BRL42.4 million, for
implementation of programs to promote sustainable development in
the communities within the project area of influence.  Among
these programs, we can mention the ones addressed to the
productive chains of cashews, honey, manioc flour and wood
(forest handling plans).

The Coari-Manaus Gas Pipeline project relies on the license for
installation granted by the Institute for Environmental
Protection of the State of Amazonas.  The process for
environmental licensing for the Coari-Manaus Gas Pipeline
involved extensive discussions with governmental agencies in the
State of Amazonas, social movements, environmental
organizations, class entities, public and private firms,
professionals, researchers and political leaders within
the area of influence of the gas pipeline.  To conduct the EIA-
RIMA, Petrobras hired Universidade Federal do Amazonas, which
formed a team comprising 57 researchers.

                           Market

The Exploration and Production Unit at the Solimoes Basin,
located in the Petroleum Province of Urucu, 650 kilometers
southwest of Manaus, is responsible for an average production of
60 thousand cubic meters/day of petroleum, besides 9.5 million
cubic meters/day of associated natural gas.  This volume makes
Amazonas the second largest National producer of equivalent oil,
and, in the municipality of Coari, the largest Brazilian
producer.

Petroleum from Urucu is high quality, being the lightest among
the Country's oil processed in refineries.  The largest Natural
Gas Processing Unit in Brazil is located in Urucu, which, in
conjunction with the other two units existing in the region,
have a daily capacity to process 1.5 thousand tons of GLP and
9.6 million cubic meters of natural gas.

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 RURAL: Fitch Shifts Outlook, Affirms Junk National Ratings
----------------------------------------------------------------
Fitch Ratings has revised Banco Rural S.A.'s National Long-term
rating Outlook to Positive from Stable.  At the same time, the
agency affirmed the bank's National Long- and Short-term ratings
at 'CCC(bra)' and 'C(bra)', respectively, and its Support rating
at '5'.

Banco Rural's revised Outlook reflects Fitch's opinion regarding
the potential for business development at the bank following a
capital infusion of BRL100 million in November 2007, which
reflects the controlling family's commitment to the bank.  The
shareholders also maintained some BRL70 million in the form of
deposits related to resources obtained from an investment fund
made up of special state and municipal securities, with a total
value of BRL196 million.  In addition, the bank reported
important gains in November 2007 (BRL88 million before taxes)
from the sale and appreciation of shares of the BM&F, the
Brazilian commodities and exchange market, most of which are
expected to be used for more conservative reserves, building a
cushion for future earnings.  Although the above events are very
positive and Banco Rural's indicators in general have improved
in 2007, Fitch understands that its ratios are relatively weak,
but adequate for its current ratings.

The factors that would lead to an improvement in the ratings are
the maintenance of satisfactory liquidity generated from
recurring business and an increase in the funding base, and
consequently business, to generate recurring taxable operational
profitability to enable the bank to diminish the high level of
intangibles tax credits in its capital base.

Banco Rural's National ratings reflect the effects of erosion in
the bank's image as a result of its name having been linked to a
political crisis in June 2005.  As a result, it reported a
significant reduction in assets, funding and liquidity,
incurring heavy losses in 2005 and 2006, as well as capital
deterioration.  Despite the improvements in 2007, Fitch believes
the bank still faces the arduous task of operating in a manner
conducive to sustained profitability.  The agency also considers
that the success of the bank's planning depends, in large part,
on the willingness of investors to resume investing in the bank.

Founded in 1948, Banco Rural is a multiple bank controlled by
five members of the Rabello family -- 84.7% of the common shares
-- with a tradition in lending to small and medium-sized
companies. Headquartered in Minas Gerais, it had 49 service
posts (21 branches) in Brazil at September 2007 and two overseas
subsidiaries.


BRASKEM: Forms Two Companies to Install Petrochemical Projects
--------------------------------------------------------------
Braskem S.A., in partnership with Pequiven, has announced the
creation of two companies to install in Venezuela integrated
petrochemical projects at the Jose Petrochemical Complex.  The
formal announcement of the creation of Propilsur and Polimerica
was made Dec. 13, in Caracas during a meeting held between the
president of Venezuela, Hugo Chavez, and the president of
Brazil, Luiz In cio Lula da Silva.

The initiative marks an important milestone in the partnership
between Braskem and Pequiven to install two petrochemical
projects that boast competitiveness levels on par with the best
projects in the world with total investment of approximately US$
3.5 billion.  This is also a decisive step by Braskem in its
internationalization strategy, with the goal of becoming one of
the ten largest global petrochemical companies.

Prolipropileno del Sur, S.A. - Propilsur will be responsible for
the construction of a polypropylene plant with capacity of
450,000 tons per year combined to a propane dehydrogenation
unit, providing the project with greater integration and
operational flexibility.  In light of this new scope, the total
investment in the project is estimated at approximately US$ 900
million.  The operational startup of Propilsur is expected for
the second half of 2010.

Polietilenos de America, S.A. - Polimerica will be responsible
for the construction of an ethane cracker with natural gas as
feedstock, with ethylene production capacity of 1.3 million
t/year, combined with the production of 1.1 million tons per
year of polyethylene, which will be produced in three industrial
plants - high density polyethylene, low density polyethylene and
low linear density polyethylene, with estimated cost of US$2.6
billion and operational startup scheduled for the
second half of 2012.

Based on the shareholders' agreement signed Dec. 13, the
companies will be equally controlled by Braskem and Pequiven and
will be based on modern corporate governance practices, ensuring
equal rights for partners in the management and equal
representation in the Board of Directors, where decisions will
be taken based on the shareholders consensus.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 10, 2007, Standard & Poor's Ratings Services has raised its
long-termcorporate credit rating on Brazilian petrochemical
company, Braskem S.A. to 'BB+' from 'BB'.  At the same time, the
rating was removed from CreditWatch, where it was placed with
positive implications on Nov. 26, 2007.


COMPAGNIE GENERALE: S&P Raises Corporate Credit Rating to BB
------------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit ratings to 'BB' from 'BB-' on global oil and gas seismic
company Compagnie Generale de Geophysique - Veritas (aka CGG-
Veritas).  The outlook is stable.

At the same time, the ratings on the unsecured high yield notes
were raised to 'BB-' from 'B+'. The issue ratings on the US$1.34
billion of senior secured credit facilities were raised to 'BB+'
from 'BB-', while S&P revised its recovery rating on this debt
to '2' from '3', indicating the expectation of substantial
recovery (70%-90%) in the event of a payment default.

"The upgrade reflects CGG-Veritas' strong nine-month operating
performance in 2007 and favorable perspectives, together with
increased confidence that 2008 should allow for significant free
cash flow and debt reduction," said S&P's credit analyst Karl
Nietvelt.  Credit ratios should strengthen as a result in 2008:
S&P forecasts that the ratio of adjusted debt to adjusted EBITDA
will improve to about 1.3 at end 2008 from 2.3 expected for
2007.  S&P calculates such adjusted EBITDA as well as funds from
operations after deduction of capitalized multi-client cash
spending, as industry standard reported EBITDA and operating
cash flow is viewed as aggressive.

The ratings reflect Compagnie Generale's leading position,
together with Schlumberger's WesternGeco (not rated), in the
global oil and gas seismic sector.  The company benefits from
its dual exposure to seismic services, complemented by seismic-
equipment manufacturing (SERCEL).  Competitive advantages
include the global reach of its 20-vessel seismic data-
acquisition fleet, access to advanced modern equipment and
technology, and an attractive and growing seismic data library,
notably for the Gulf of Mexico.  Offsetting credit weaknesses
are the sector's intense competition, the continued high
cyclicality for the offshore segment--principally because of
rapid new-build of marine vessels rather than because of demand,
which is anticipated to stay strong--together with S&P's
expectation that current record demand for SERCEL equipment will
return to more normalized levels from 2009 onward.

"The stable outlook on CGG-Veritas reflects our expectation of a
continued very strong performance in 2008, together with
expectations of debt reduction by year-end 2008," said Mr.
Nietvelt.  The ratings also factor in management's financial
policy, and commitment toward debt reduction.  The favorable
sector outlook implies some degree of flexibility at this rating
level, although not for major debt-financed acquisitions.
Acquisition risk has recently increased in the sector, as
highlighted by recent acquisitions by peers, such as PGS and
WesternGeco.  The company's current ratings factor in some
flexibility for small debt-financed acquisitions, while large
acquisitions, if any, are assumed to be largely share-based
transactions.

One-notch rating upside exists, should management decide to
bring debt down significantly more than currently anticipated.
Downside pressure, currently limited, could arise should the
company's external growth policies be more aggressive than
anticipated.

France-based Compagnie Generale De Geophysique-Veritas is
formerly known as Compagnie Generale de Geophysique.  The
Group's principal activities are to manufacture geophysical
equipment and software and to provide geophysical services and
information.  The Group operates in Europe, Africa, the United
States, Canada, Brazil and Columbia.


COSAN SA: Earns US$17 Million in Fiscal Year 2008 Second Quarter
----------------------------------------------------------------
Cosan SA said in a statement that its net profits decreased 67%
to US$17.7 million in the second quarter of fiscal year 2008,
compared to US$54 million in the second quarter of fiscal year
2007.

Business News Americas relates that Cosan's 2008 fiscal year is
from May 2007 to April 2008.  Its second quarter 2008 ended on
October 2007.

Cosan's chief financial officer Paulo Diniz said in a Web cast,
"A decrease in sugar and ethanol volumes sold, lower ethanol
prices and the exchange rate were the three key reasons for the
[profit] reduction in the second quarter of FY08 [fiscal year
2008]."

BNamericas notes that Cosan's Ebitda decreased to US$42 million
in the second quarter of fiscal year 2008, compared to US$106
million in the same period in the fiscal year 2007.  The firm's
net operating revenue dropped to US$328 million, from US$463
million as sugar and ethanol prices declined.   Sugar sales
dropped to 59% of Cosan's total sales in the second quarter of
fiscal year 2008, compared 63% in the year-ago period.

Mr. Diniz told BNamericas that Cosan's results in the second
quarter of fiscal year 2008 "were slightly better than
expected."  The firm is "building stocks for the ethanol
intercrop period" -- December 2007 to April 2008.

"We expect domestic ethanol prices to increase as much as 20%
during the intercrop period, or maybe even more, as the ethanol
market is going through sustained growth in Brazil," Mr. Diniz
commented to BNamericas.

Headquartered in Sao Paulo, Brazil, Cosan S.A. Industria e
Comercio, is the third largest sugar producer in the world.  In
2004/2005 it crushed more than 26 million tons of sugar cane in
fourteen mills located in the Central South region of Brazil,
with sugar sales of 2.3 million tons and ethanol sales of 825
million liters.

                        *     *     *

As of February 2007, Cosan carries Moody's Ba2 global local
currency and foreign currency ratings and Standard and Poor's BB
corporate credit rating.


GENERAL MOTORS: Refuses to Pay Bonuses to Retirees, IUE-CWA Says
----------------------------------------------------------------
The International Union of Electronic, Electrical, Salaried,
Machine and Furniture Workers-Communications Workers of America
disclosed in their Website that General Motors Corp. is playing
Scrooge in a big way this holiday season, at least in the eyes
of their 25,000 GM/Delphi Corp. IUE-CWA retirees, by refusing to
provide their "Christmas Bonus."  The bonus actually is a lump
sum payment provided in December and is used by many IUE-CWA
retirees to buy Christmas and holiday gifts for their families.

IUE-CWA has been negotiating with GM since early October for a
new contract covering 2,500 workers at the Moraine, Ohio, SUV
assembly plant. GM has told IUE-CWA that it will not pay the
lump sum payment to retirees until an agreement has been
reached.

IUE-CWA President Jim Clark said GM's decision was shameful,
especially coming in the weeks just before Christmas.  "I am
very disappointed in GM's decision to withhold the Christmas
lump sum payment to thousands of retirees.  These retired
workers, who live on a fixed income, count every dollar,
especially in today's economy with gasoline, oil and food prices
skyrocketing.  To deprive them of the ability to purchase
Christmas and holiday gifts for their families is unconscionable
and GM must answer for this shameful act.

"Unfortunately, our retirees won't be receiving their regular
bonus in time for Christmas this year and we want to be very
clear: The union negotiators are not the Grinch Who Stole
Christmas."

The Moraine workers currently produce the Chevrolet Trailblazer,
Trailblazer SS, Saab 9-7 X, GMC Envoy, Envoy Denali and Isuzu
Ascender.

As a result of the competitive improvements negotiated by IUE-
CWA Local 798 in 2006, GM provided IUE-CWA with a letter of
intent to allocate future product to the Moraine Assembly Plant.
As of Dec. 14, 2007, GM has identified no product.  Despite the
commitment made by GM in 2006, the company's refusal to so far
indicate a new product for the production plant has resulted in
speculation that GM is looking to close the plant.  This is a
major hurdle in current negotiations and must be addressed by
GM, IUE-CWA said.

                       Job Cut Plans

From January through June, GM will be displacing 340 workers at
the Moraine plant, which employs 2,250, due to low market
demand, the Dayton Business Journal reports citing company
officials.

The paper disclosed that GM and IUE-CWA denied a report by
automotive magazine Wardsauto.com, insisting that the Moraine
plant is shuttering due to shortage in the vehicle production.

Jessica Peck, spokeswoman at the Moraine plant, suggests that
workers are likely to be called back to work, according to the
paper.

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

                        *     *     *

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

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


* BRAZIL: Forming Joint Venture with Petroleos de Venezuela
-----------------------------------------------------------
Brazilian state-owned oil company Petroleo Brasilieiro SA aka
Petrobras will form a joint venture with Venezuelan counterpart
Petroleos de Venezuela SA for the construction and operation of
the Abreu E Lima plant in Brazil, Business News Americas
reports.

Petroleos de Venezuela said in a statement that it will hold a
40% stake in the joint venture, while Petrobras will own a 60%
stake.

BNamericas relates that the plant will be able to process a
total of 200,000 barrels per day.  The joint venture holds a
contract with Petroleos de Venezuela to refine about 100,000
barrels per day of upgraded crude from the Carabobo 1 block in
Venezuela's Orinoco.

Petroleos de Venezuela's head Rafael Ramirez said in a statement
that the firm would start production from the block in two
years.  The company is also open to Petrobras' participation in
exploration and production on the Carabobo 1 block.

Petrobras launched in September 2007 the groundwork for Abreu e
Lima without Petroleos de Venezuela, BNamericas states.

               About Petroleos de Venezuela

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

                  About Petroleo Brasileiro

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: Petroleo Brasileiro Awards Aker Kvaerner Two Contracts
----------------------------------------------------------------
Brazilian state-run oil firm Petroleo Brasileiiro SA has awarded
Norwegian engineering and construction company Aker Kvaerner two
contracts to supply subsea manifolds for Campos basin projects,
according to Aker Kvaerner's statement.

Aker Kvaerner told Business News Americas that its Brazilian
unit Aker Kvaerner Subsea will "design, manufacture and deliver
two oil production manifolds for Petroleo Brasileiro's Albacora
RWI project and one gas export pipeline-end manifold to the
Jubarte phase two project."

According BNamericas, the contracts total US$90 million.
Deliveries will begin in 2009 for the Albacora RWI project and
in 2010 for Jubarte.

Aker Kvaerner told BNamericas that the work at Albacora includes
two four-slot manifolds ran through an integrated multiplexed
control system, multiple vertical connection modules and several
individually retrievable modules.  Aker Kvaerner will supply in
Jubarte:

          -- one subsea gas export pipeline-end manifold with
             six slots;

          -- a multi-plexed data acquisition and monitoring
             system;

          -- six-inch and 10-inch vertical connection modules;
             and

          -- individually retrievable gas production and pig
             deviation modules.

                        *     *     *

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


ANRO VENTURES: Proofs of Claim Filing Deadline Is Jan. 8, 2008
--------------------------------------------------------------
Anro Ventures Ltd.'s creditors are given until Jan. 8, 2008, to
prove their claims to Eagle Holdings Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Anro Ventures' shareholder decided on April 26, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Eagle Holdings Ltd.
            c/o Barclays Private Bank & Trust (Cayman) Limited
            4th Floor, FirstCaribbean House
            P.O. Box 487, George Town
            Grand Cayman KY1-1106


BEAR STEARNS: BofA Withdraws Plea to Clarify Injunction Order
-------------------------------------------------------------
Bank of America N.A. withdrew, without prejudice, its request
for modification of Judge Lifland's August 2007 Injunction Order
to permit it to exercise its voting rights under an indenture
entered with Bear Stearns High-Grade Structured Credit
Strategies Master Fund, Ltd., and Bear Stearns High-Grade
Structure Credit Strategies Enhanced Fund, Ltd.

BofA and each of the Bear Stearns Funds are parties to various
derivative transactions, including without limitation, interest
rate, total return, credit spread, credit default and credit
index swap transactions.

In October 2007, BofA asked Judge Lifland permission to exercise
its voting rights to consent to and vote in favor of further
amending the Indenture to provide that:

   (1) no payment will be made to any Preference Shareholder
       unless and until the entire indebtedness on all of the
       Enhanced Fund's outstanding Secured Floating Rates Notes
       of various classes and seniority have been paid and
       discharged; and

   (2) all of the Enhanced Fund's discount current and future
       commercial paper notes outstanding, have been paid and
       discharged and no more CP Notes will be issued by the
       Enhanced Fund.

In November, Judge Lifland postponed ruling on BofA's request,
stating that a change in the Indenture would prevent the Bear
Stearns Funds from getting any payment from the collateralized
debt obligations before all of its notes, bonds, and other debt
is repaid in full.

Judge Lifland also said that he didn't want to rule on BofA's
request because the Bear Stearns Funds' Chapter 15 petition is
still pending on appeal.

BofA did not provide details on the Indenture.  During the
November hearing, Judge Lifland said he is "too much in the
dark" to grant relief without further information.  He
instructed BofA to "come back and explain more completely" what
it was asking for.

Jantra Van Roy, Esq., at Zeichner Ellman & Krause, LLP, in New
York, represents BofA.

                  About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.  On
Aug. 30, 2007, the Honorable Burton R. Lifland denied the Funds
protection under Chapter 15 of the Bankruptcy Code.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


BEAR STEARNS: Funds Want More Time to Answer Amici Brief
--------------------------------------------------------
Fred S. Hodara, Esq., at Akin Gump Strauss Hauer & Feld, LLP, in
New York, has asked the United States District Court for the
Southern District of New York to extend until Jan. 4, 2008,
the time for Foreign Representatives of the Bear Stearns High
Grade Structured Credit Strategies Master Fund, Ltd., and Bear
Stearns High-Grade Structured Credit Strategies Enhanced
Leverage Master Fund, Ltd., to file their reply to the amici
curiae brief filed by Professor Jay Westbrook, Professor Kenneth
Klee, and Daniel Glosband.

The Foreign Representatives' response deadline was originally
scheduled on Dec. 12, 2007.

In a letter addressed to District Judge Sweet, Mr. Hodara said
that FTI Capital Advisors, LLC, has informed the Foreign
Representatives that it intends to file an amicus curiae brief
in opposition of the Appeal.

Mr. Hodara said extension of the reply deadline will permit the
Foreign Representatives to efficiently address the issues raised
by the amici briefs.

In another letter, Lance Gotthoffer, Esq., at Reed Smith, in New
York, told Judge Sweet that his firm will submit a brief, on
behalf of Bear Stearns High-Grade Structured Credit Strategies
(Overseas) Ltd., in support of the Bankruptcy Court's decision
denying the Cayman Islands-based Funds' Chapter 15 petition.
The Overseas Fund is one of the two "feeder" funds that invested
in the collapsed Cayman Islands funds.

                   About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.  On
Aug. 30, 2007, the Honorable Burton R. Lifland denied the Funds
protection under Chapter 15 of the Bankruptcy Code.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than $100,000,000 each.  (Bear
Stearns Funds Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).


BEAR STEARNS: Receives Subpoena from New York Attorney General
--------------------------------------------------------------
New York Attorney General Andrew Cuomo sent subpoenas to Bear
Stearns Cos., Merrill Lynch & Co., and Deutsche Bank AG, seeking
information related to the packaging and selling of debt tied to
"high-risk mortgages," the Wall Street Journal reported.

The investigation is examining how investment banks adequately
reviewed the quality of mortgages before packaging them into
products that were then sold to investors, Reuters says.  The
subpoenas also asked information about how the debt was pooled
into securities, including the investment firms' relationship
with credit-rating firms, Reuters added.

Mr. Cuomo stated in October that he had subpoenaed the
investment banks in relation to his probe into the United States
mortgage loan market, Reuters related.

Bear Stearns Cos. is parent to Bear Stearns High-Grade
Structured Credit Strategies Master Fund, Ltd., and Bear Stearns
High-Grade Structured Credit Strategies Enhanced Leverage Master
Fund, Ltd., who are undergoing winding up proceedings in the
Cayman Islands.

The Cayman Island hedge funds invested in collateralized debt
obligations related to U.S. subprime mortgage loans.

                   About Bear Stearns Funds

Grand Cayman, Cayman Islands-based Bear Stearns High-Grade
Structured Credit Strategies Enhanced Leverage Master Fund Ltd.
and Bear Stearns High-Grade Structured Credit Strategies Master
Fund Ltd. are open-ended investment companies, which sought high
income and capital appreciation relative to the London Interbank
Offered Rate, and designed for long-term investors.

On July 30, 2007, the Funds filed winding up petitions under the
Companies Law (2007 Revision) of the Cayman Islands.  Simon
Lovell Clayton Whicker and Kristen Beighton at KPMG were
appointed joint provisional liquidators.  The joint liquidators
filed for Chapter 15 petitions before the U.S. Bankruptcy Court
for the Southern District of New York the next day.  On
Aug. 30, 2007, the Honorable Burton R. Lifland denied the Funds
protection under Chapter 15 of the Bankruptcy Code.

Fred S. Hodara, Esq., Lisa G. Beckerman, Esq., and David F.
Staber, Esq., at Akin Gump Strauss Hauer & Feld LLP, represent
the liquidators in the United States.  The Funds' assets and
debts are estimated to be more than US$100,000,000 each.  (Bear
Stearns Funds Bankruptcy News; Bankruptcy Creditors' Service
Inc.; http://bankrupt.com/newsstand/or 215/945-7000)


BREA HOLDINGS: Proofs of Claim Filing Ends on Jan. 21, 2008
-----------------------------------------------------------
Brea Holdings Limited's creditors are given until Jan. 21, 2008,
to prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Brea Holdings' shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


COMMERCIAL EQUITY: Last Day to File Proofs of Claim Is Jan. 21
--------------------------------------------------------------
Commercial Equity Limited's creditors are given until
Jan. 21, 2008, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Commercial Equity's shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


COMMERCIAL INVESTMENTS: Proofs of Claim Filing Is Until Jan. 21
---------------------------------------------------------------
Commercial Investments Limited's creditors are given until
Jan. 21, 2008, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Commercial Investments' shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


FEY INVESTMENTS: Proofs of Claim Filing Ends on Jan. 8, 2008
------------------------------------------------------------
Fey Investments Ltd.'s creditors are given until Jan. 8, 2008,
to prove their claims to Condor Nominees 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.

Fey Investments' shareholder decided on Nov. 22, 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 Nominees Limited
            c/o Barclays Private Bank & Trust (Cayman) Limited
            4th Floor, FirstCaribbean House
            P.O. Box 487, George Town
            Grand Cayman KY1-1106


FREESPIRIT CAPITAL: Proofs of Claim Filing Deadline Is Dec. 31
--------------------------------------------------------------
The Freespirit Capital Management - Asia Fund's creditors are
given until Dec. 31, 2007, to prove their claims to Eric
Sandlund, 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.

The Freespirit Capital's shareholder decided on Nov. 23, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Eric Sandlund
            3 Pickering Street, #02-18 Nankin Row
            Singapore 048660, Singapore


FREESPIRIT CAPITAL MANAGEMENT: Claims Filing Ends on Dec. 31
------------------------------------------------------------
The Freespirit Capital Management - Asia (Non-US Feeder) Fund's
creditors are given until Dec. 31, 2007, to prove their claims
to Eric Sandlund, 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.

The Freespirit Capital's shareholder decided on Nov. 23, 2007,
to place the company into voluntary liquidation under The
Companies Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Eric Sandlund
            3 Pickering Street, #02-18 Nankin Row
            Singapore 048660


JPMORGAN ABSOLUTE: Proofs of Claim Filing Deadline Is Jan. 10
-------------------------------------------------------------
JPMorgan Absolute Return Mortgage Fund, Ltd.'s creditors are
given until Jan. 10, 2008, to prove their claims to Warren Keens
and Roger Priaulx, the company's liquidators, or be excluded
from receiving any distribution or payment.

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

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

The liquidator can be reached at:

            Warren Keens
            Roger Priaulx
            Attention: Kim Charaman
            Fourth Floor
            Harbor Place, P.O. Box 1034
            Grand Cayman KY1-1102, Cayman Islands
            Telephone: (345) 949 8455
            Fax: (345) 949 8499


JPMORGAN ABSOLUTE RETURN: Proofs of Claim Filing Ends on Jan. 10
----------------------------------------------------------------
JPMorgan Absolute Return Mortgage Master Fund, Ltd.'s creditors
are given until Jan. 10, 2008, to prove their claims to Warren
Keens and Roger Priaulx, the company's liquidators, or be
excluded from receiving any distribution or payment.

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

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

The liquidator can be reached at:

            Warren Keens
            Roger Priaulx
            Attention: Kim Charaman
            Fourth Floor
            Harbor Place, P.O. Box 1034
            Grand Cayman KY1-1102, Cayman Islands
            Telephone: (345) 949 8455
            Fax: (345) 949 8499


LAKEHILL INVESTMENTS: Proofs of Claim Filing Is Until Jan. 21
-------------------------------------------------------------
Lakehill Investments Limited's creditors are given until
Jan. 21, 2008, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Lakehill Investments' shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


LAGUNA EQUITY: Proofs of Claim Filing Deadline Is Jan. 21, 2008
---------------------------------------------------------------
Laguna Equity Limited's creditors are given until Jan. 21, 2008,
to prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Laguna Equity's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


LAGUNA INVESTMENTS: Proofs of Claim Filing Deadline Is Jan. 21
--------------------------------------------------------------
Laguna Investments Limited's creditors are given until
Jan. 21, 2008, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Laguna Investments' shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


LAKEHILLS EQUITY: Proofs of Claim Filing Is Until Jan. 21, 2008
---------------------------------------------------------------
Lakehills Equity Limited's creditors are given until
Jan. 21, 2008, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Lakehills Equity's shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


LANDMARK EQUITY: Proofs of Claim Filing Ends on Jan. 21, 2008
-------------------------------------------------------------
Landmark Equity Limited's creditors are given until
Jan. 21, 2008, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Landmark Equity's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


LIFE FUNDING: Proofs of Claim Filing Is Until Jan. 11, 2008
-----------------------------------------------------------
Life Funding Limited's creditors are given until Jan. 11, 2008,
to prove their claims to David Dyer, 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.

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

The liquidator can be reached at:

            David Dyer
            Deutsche Bank (Cayman) Limited
            Boundary Hall, Cricket Square
            P.O. Box 1984, Grand Cayman KY1-1104
            Cayman Islands


MARCUS EQUITY: Proofs of Claim Filing Deadline Is Jan. 21, 2008
---------------------------------------------------------------
Marcus Equity Limited's creditors are given until Jan. 21, 2008,
to prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Marcus Equity's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


MARCUS HOLDINGS: Proofs of Claim Filing Is Until Jan. 21, 2008
--------------------------------------------------------------
Marcus Holdings Limited's creditors are given until
Jan. 21, 2008, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Marcus Holdings' shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


ORANGE EQUITY: Proofs of Claim Filing Deadline Is Jan. 21, 2008
---------------------------------------------------------------
Orange Equity Limited's creditors are given until Jan. 21, 2008,
to prove their claims to Westport Services Ltd., the company's
liquidator, or be excluded from receiving any distribution or
payment.

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

Orange Equity's shareholders agreed on Nov. 20, 2007, to place
the company into voluntary liquidation under The Companies Law
(2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


ORANGE INVESTMENTS: Proofs of Claim Filing Is Until Jan. 21
-----------------------------------------------------------
Orange Investments Limited's creditors are given until
Jan. 21, 2008, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Orange Investments' shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920


WADHWANI GENERAL: Proofs of Claim Filing Ends on Jan. 10, 2008
--------------------------------------------------------------
Wadhwani General Partners Limited's creditors are given until
Jan. 10, 2008, to prove their claims to Warren Keens and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.

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

Wadhwani General's shareholders agreed on Nov. 21, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Warren Keens
            John Sutlic
            Attention: Kim Charaman
            Close Brothers (Cayman) Limited
            Fourth Floor, Harbor Place
            P.O. Box 1034, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345) 949 8455
            Fax: (345) 949 8499


WESTSHORE HOLDINGS: Proofs of Claim Filing Deadline Is Jan. 21
--------------------------------------------------------------
Westshore Holdings Limited's creditors are given until
Jan. 21, 2008, to prove their claims to Westport Services Ltd.,
the company's liquidator, or be excluded from receiving any
distribution or payment.

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

Westshore Holdings' shareholders agreed on Nov. 20, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

            Westport Services Ltd.
            Attention: Bonnie Willkom
            P.O. Box 1111, Grand Cayman KY1-1102
            Cayman Islands
            Telephone: (345)-949-5122
            Fax: (345)-949-7920




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


BOSTON SCIENTIFIC: Inks US$425-Mln Buyout Deal w/ Avista Capital
----------------------------------------------------------------
Boston Scientific Corporation and Avista Capital Partners have
signed a definitive agreement under which Avista will acquire
from Boston Scientific its fluid management and venous access
businesses for US$425 million in cash.  The transaction is
expected to close in the first quarter of 2008, subject to
regulatory approvals and customary conditions.

Boston Scientific disclosed its intent to sell these businesses
as part of its plan to divest non-strategic assets.

Avista said that upon close of the transaction, the combined
fluid management/venous access business will operate as an
independent company under a new name.  Ron Sparks, an Avista
healthcare industry advisor, will become chairman and chief
executive officer of the new company.  Dave McClellan, president
of Boston Scientific's Oncology business, will become president
of the new company.

The fluid management franchise, formerly North American Medical
Instruments Corporation, produces a range of products used to
manage fluid and measure pressure during angiography and
angioplasty procedures.  The fluid management franchise employs
approximately 750 people in its Glens Falls, New York
manufacturing facility.

The venous access franchise, whose products are also
manufactured in Glens Falls, offers a portfolio of implantable
devices designed to provide access to the blood stream for
patients requiring intravenous antibiotics, nutrition,
chemotherapy and blood sampling.

The venous access franchise is part of Boston Scientific's
Oncology business, and employs approximately 150 people in
locations around the United States.

The projected revenue for the two businesses in 2007 is
approximately US$170 million.

"We now have under agreement the divestitures of all five non-
strategic businesses we had identified for sale," Jim Tobin,
president and chief executive officer of Boston Scientific,
said.  "In addition, our expense and head count reduction
initiative is well under way, and we continue to make progress
monetizing our investment portfolio and restructuring several
businesses. These measures should help us further our overall
goals of restoring profitable growth, increasing shareholder
value and continuing to strengthen Boston Scientific for the
future."

In addition to the two sales, Boston Scientific has also
disclosed agreements to sell its cardiac surgery, vascular
surgery and auditory businesses.

"Boston Scientific's fluid management and venous access
businesses maintain strong leadership positions in their
respective markets and are recognized for benefiting
interventional cardiologists, radiologists and oncologists, and
their patients," David Burgstahler, a partner at Avista Capital
Partners.  "Furthermore, given his extensive experience in the
medical device field, Ron Sparks is a great fit to drive growth
for the combined business going forward."

"We are very excited about this transaction," Larry Pickering,
Avista Capital Partners' healthcare industry partner, added.
"The fluid management franchise has exceptional brands and a
cutting-edge manufacturing facility at Glens Falls with unique
custom kitting capabilities.  The venous access business has
robust R&D capabilities, a knowledgeable sales force and a
strong new product introduction track record, which should
continue to propel organic growth."

"I am eager and delighted to work with the existing fluid
management and venous access teams to build on their leading
franchises in oncology, radiology and interventional cardiology
to create a world-class, stand-alone medical device company,"
Ron Sparks said.  "We want to recognize the important work these
teams have done in developing these franchises, well as the
valuable role we expect them to play going forward."

"This is an exciting time for fluid management and venous
access, and we are thrilled to be joining the talented Avista
team as we develop a strategy to drive long-term growth and
expand our businesses," Dave McClellan said.

"We greatly appreciate the contributions our Fluid management
and venous access employees have made to Boston Scientific," Mr.
Tobin added.  "We wish them continued success in providing
customers and patients with quality products and innovative
therapies."

Fluid management/venous access will be Avista's fifth investment
in the healthcare industry.  In 2007, Avista made healthcare
investments in BioReliance and VWR International and in 2006
Avista disclosed investments in Nycomed and MedServe. While at
DLJ Merchant Banking Partners, the Avista partners were involved
in numerous healthcare transactions including Accellent, Charles
River Laboratories, Focus Diagnostics, KCI, Prometheus Labs and
Warner Chilcott.

                About Avista Capital Partners

Avista Capital Partners -- http://www.avistacap.com/-- is a
private equity firm with offices in New York City and Houston,
Texas.  Founded in 2005, Avista manages $2 billion in private
equity capital.  Avista's strategy is to make controlling or
influential minority investments in growth-oriented media,
healthcare and energy companies.  Through its team of seasoned
investment professionals and industry experts, Avista seeks to
partner with management teams to invest in and add value to
well-positioned businesses.

                   About Boston Scientific

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

                        *     *     *

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




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


AES CHIVOR: Improved Debt Ratio Cues S&P To Lift Ratings to BB
--------------------------------------------------------------
Standard & Poor's Ratings Services raised the ratings on AES
Chivor & CIA S.C.A. E.S.P. to 'BB' from 'BB-' mainly due to the
company's improved financial risk profile, partly evidenced by
better debt-service coverage ratios.  The outlook is positive.

The rating on the Colombia-based power generator reflects the
challenges of operating in the highly competitive and largely
hydro-based Colombian power system, its exposure to weather
conditions, and the company's volatile cash flow generation.
These weaknesses are partly offset by the company's low
variable generation cost, relatively large dam and favorable
hydrology in its region, its sizable portfolio of short- and
medium-term power sales contracts, and good debt service
coverage ratios.

AES Chivor's cash flow generation has benefited in the last
years from a gradual increase of power prices in Colombia, to
about US$40 per MWh during the first nine months of 2007 from
about US$25 per MWh in 2003.  This was mainly due to growing
demand for power (4%-5% per year) and low generation capacity
additions.  The combination of the company's good operating
performance and lower debt levels was reflected in improved
funds from operations to total debt of 34.3% and FFO interest
coverage 4.4 in the 12 months ended Sept. 30, 2007, compared
with 26.9% and 3.7 in 2006, and 22.8% and 3.1, respectively, in
2005.  These ratios should remain at least at similar levels in
2008 and 2009 due to debt amortization and expected favorable
power prices,in Colombia.

An upgrade would be based on lower volatility of AES Chivor's
cash flow generation and a further improvement of its financial
flexibility, which would require a reduction of the company's
high refinancing risk in 2014.  However, a significant
deterioration of its debt service coverage ratios resulting from
a strong reduction of power prices in Colombia could result in a
negative rating action.

AES Chivor is the fourth-largest power generator in Colombia
through its ownership of a 1,000 MW hydropower plant that
represents about 8% of the country's total installed capacity.
Chivor was privatized and acquired by Chile's largest thermal
generator, AES Gener S.A. in December 1996.


ECOPETROL: Inks Exploration Pact with Royal Dutch
-------------------------------------------------
Colombian state-run oil firm Ecopetrol said in a statement that
it has signed an accord with Royal Dutch Shell for the
exploration two deepwater blocks in the US Gulf of Mexico.

Business News Americas relates that Ecopetrol will have a 25%
stake in the 777 and 778 blocks on the Clearwater prospect in
the Garden Banks area.  Shell Offshore will own a 65% stake in
the blocks and Newfield Exploration will hold a 10% stake.

Ecopetrol said in a statement, "With entry into the Gulf of
Mexico - together entering Peru and Brazil -- Ecopetrol is
continuing with its international expansion strategy and has
finished the year with E&P activities in three regions."

According to BNamericas, Ecopetrol wants to produce about
550,000 barrels per day by 2011.  Output would total 402,000
barrels per day by year-end.  About 50% of growth would be from
within Colombia, while the other 50% will come from Ecopetrol's
expanding operations abroad.

                  About Royal Dutch Shell

Royal Dutch Shell plc is engaged in all principal aspects of the
oil and natural gas industry, and also has interests in
chemicals and additional interests in power generation and
renewable energy (mainly in wind and advanced solar energy).
The company operates in five segments: Exploration & Production,
which searches for and recovers oil and natural gas around the
world and is active in 38 countries; Gas & Power, which
liquefies and transports natural gas, and develops natural gas
markets and related infrastructure; Oil Products, which include
all of the activities necessary to transform crude oil into
petroleum products and deliver these to customers worldwide;
Chemicals, which produces and sells petrochemicals to industrial
customers globally, and Other Industry Segments and Corporate,
which include Renewables and Hydrogen.  In May 2007, Rubis
acquired the German liquefied petroleum gas distribution
subsidiary from Shell.

                       About Ecopetrol

Ecopetrol will invest some US$3.7 billion next year and about
US$12.5 billion through 2012.  The firm raised US$2.8 billion
from its November 2007 initial public offering by selling a
10.1% stake in the company to the public, BNamericas states.

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

                        *     *     *

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




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


ARMSTRONG HOLDINGS: Completes Net Asset Distribution to Holders
---------------------------------------------------------------
Armstrong Holdings, Inc., the former parent company of Armstrong
World Industries, Inc., has completed its previously announced
distribution of its entire net assets to shareholders.  Checks
to record holders were mailed on Dec. 12, 2007.  Shareholders
who have ACKH stock in brokerage accounts will receive the
distribution in their accounts in the near future.  The
company's common stock had traded on the Over-the-Counter
Bulletin Board under the symbol "ACKH."

Direct shareholders did not need to return their stock
certificates to receive a distribution.  Those certificates are
void and have no value.  When they receive their distribution
checks through the mail, direct shareholders should follow
instructions enclosed with their payment to cancel or destroy
those Armstrong Holdings stock certificates.

The company will file Articles of Dissolution with the
Commonwealth of Pennsylvania and will cease to exist.

Direct shareholders with questions concerning their accounts
should contact American Stock Transfer & Trust Company at 800-
937-5449.

                About Armstrong Holdings Inc.

Based in Lancaster, Pennsylvania, Armstrong Holdings Inc. (OTC
Bulletin Board: ACKH) -- http://www.armstrong.com/-- was the
parent holding company of Armstrong World Industries Inc.  On
Oct. 2, 2006, Armstrong World Industries Inc. emerged from
Chapter 11 reorganization under its Fourth Amended Plan of
Reorganization, which provided for the cancellation of the AWI
stock owned by the company.   The company has conducted no
business and had no operations since Oct. 2, 2006.

The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam.  It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.

                        *     *     *

Standard & Poor's Ratings Service affirmed the 'BB' corporate
credit and senior secured ratings for Armstrong World Industries
Inc. on March 2007.

Moody's Investors Service assigned, in October 2006, a Ba2
rating on Armstrong World Industries, Inc.'s new credit facility
and a Corporate Family Rating of Ba2.  Moody's said the ratings
outlook is stable.


BANCO BAC: S&P Affirms Low B Curr. Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Rating Services has affirmed its 'BB/B'
foreign currency and its 'BB+/B' local currency counterparty
credit ratings on Banco BAC San Jose S.A.  The outlook is
stable.

"The ratings on Costa Rica-based BAC San Jose reflect the
dollarized balance sheet and expanding lending activities in a
small, nondiversified economy and the challenges imposed by a
market where commercial public banks have a 50% penetration,"
said S&P's credit analyst Laurence Wattraint.  The ratings are
supported by good financial performance, low delinquency levels,
and the benefits from the ownership by one of the most important
financial institutions in Central America, BAC International
Bank Inc. (BIB; BBB/Stable/A-2).

The stable outlook reflects the bank's commercial position in
Costa Rica and its adequate financial profile, which place it in
a satisfactory position to take advantage of economic growth in
the country.  All things being equal, a positive rating action
on the sovereign foreign currency rating will prompt a similar
action on the foreign currency rating on the bank.  However, a
change in the sovereign local currency rating would not
necessarily prompt a similar action on the local currency rating
on Banco BAC San Jose.  On the contrary, if the bank's
performance deteriorates or if there is a negative rating action
on the sovereign ratings on the Republic of Costa Rica, the
rating on the bank could be pressured.

Banco BAC San Jose, created in 1968, is a wholly owned unit of
financial group Corporacion Tenedora BAC San Jose aka Grupo
Financiero BAC San Jose.




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


EURONET: Confirms Tax-Free All-Stock Offer for MoneyGram
--------------------------------------------------------
Euronet Worldwide Inc., on Dec. 13, 2007, confirmed it delivered
a letter to the Board of Directors of MoneyGram International,
Inc. on December 4 in which Euronet offered to acquire MoneyGram
in a tax-free, all-stock transaction based on a fixed exchange
ratio of 0.6179 Euronet common shares for each share of
MoneyGram.

Based on the closing price of Euronet shares on December 4, the
offer is valued at approximately US$1.65 billion, or US$20.00
per MoneyGram share, a premium of approximately 43% to the
closing price of MoneyGram shares that day.

Euronet's said that in the letter, it provided compelling
rationale for the proposed transaction, which Euronet expects
would deliver substantial immediate and long-term value for the
shareholders of both companies.  Specifically, Euronet believes
that the proposed transaction would:

    * Create a powerful new global player in the money transfer
      business well positioned to capture share in a highly
      fragmented market;

    * Expand the geographic reach of both companies and unlock
      compelling opportunities by combining Euronet's and
      MoneyGram's complementary distribution networks, corridors
      and agent bases;

    * Enable the companies to further benefit from the rapid
      growth of the money transfer market in key emerging
      countries, such as China and India; and

    * Generate double-digit accretion and deliver significant
      synergies.

                 About MoneyGram International

MoneyGram International, Inc. -- http://www.moneygram.com/--
(NYSE: MGI) is a global payment services company.  The company's
major products and services include global money transfers,
money orders and payment processing solutions for financial
institutions and retail customers.  MoneyGram reported $1.16
billion in revenue in 2006 and approximately 138,000 global
money transfer agent locations in 170 countries and territories.

                   About Euronet Worldwide

Euronet Worldwide Inc. -- http://www.euronetworldwide.com/
-- (Nasdaq: EEFT) is in the business of processing secure
electronic financial transactions.  The company offers payment
and transaction processing solutions to financial institutions,
mobile operators and retailers which include comprehensive ATM
and POS operation and management services; credit and debit card
outsourcing services; card issuing and merchant acquiring
services; software solutions; consumer money transfer and bill
payment services; and electronic distribution of top-up services
for prepaid mobile airtime and other prepaid products.  Euronet
operates and processes transactions from 39 countries, including
Dominican Republic.

Euronet's global payment network includes over 10,500 ATMs and
approximately 48,000 POS terminals which are under management in
16 countries; a growing portfolio of outsourced debit and credit
card services and card software solutions; a prepaid processing
network of 370,000 point-of-sale terminals across 189,000
retailer locations in 12 countries; and a consumer-to-consumer
money transfer network of over 11,000 sending locations in 13
countries and more than 56,000 payout locations in approximately
100 countries.  With corporate headquarters in Leawood, Kansas,
USA, and 35 worldwide offices, Euronet serves clients in
approximately 130 countries.


EURONET WORLDWIDE: S&P Places BB Rating Under Positive Watch
------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
counterparty credit rating on Euronet Worldwide on CreditWatch
Positive.  At the same time, S&P placed its 'BBB' long-term
counterparty rating of MoneyGram International on CreditWatch
Negative.

On Dec. 13, 2007, Euronet Worldwide confirmed that it had
offered to acquire Moneygram in a tax-free, all-stock
transaction.  "The offer implies that if the deal is completed,
Euronet will pay a premium for Moneygram shares.  Because
Euronet already has negative tangible equity, the merged company
may have to support a US$5.3 billion securities portfolio with
significant negative tangible equity, and this will be of some
concern," said Standard & Poor's credit analyst Jeffrey Zaun.

S&P will review the strategic and financial implications of the
acquisition to determine what adjustments need to be made to
align the ratings on Euronet and Moneygram.  The CreditWatch for
both Euronet and Moneygram will be updated within 60 days.


* DOMINICAN REPUBLIC: Debt Servicing for 2008 Amounts to DOP91B
---------------------------------------------------------------
External debt and subsidy for the energy sector of the Dominican
Republic will eat up DOP91 billion of next year's budget, DR1
Newsletter reports, citing economic, planning and development
minister Temistocles Montas.

DR1 Newsletter relates that the energy sector has a DOP21
billion-subsidy.

A total of DOP110 billion will have been allocated for the
energy and liquid gas subsidies at the end of this four-year
presidential period, DR1 Newsletter states, citing Minister
Montas.  The sector has needed a DOP15-billion subsidy in the
last three years due to problems.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.


* DOMINICAN REPUBLIC: Gets US$50-Million Loan for Roads Network
---------------------------------------------------------------
Inter-American Development Bank has approved a US$50 million
loan to Dominican Republic to help finance the first phase of a
program to upgrade, reconstruct and maintain the country's road
network.

The program, which will be executed by the Ministry of Public
Works and Communications (SEOPC), is due to be carried out in
three phases over a 12-year period.  Investments will focus on
key highways and local roads, complementing the VIADOM plan of
trunk road concessions.

As part of the first phase, the program will reconstruct 111
kilometers of highways damaged by Hurricane Noel, which hit the
Caribbean late October and early November.  It will also
rehabilitate 204 kilometers and finance maintenance work on
1,098 kilometers of the national highway system.

Another component will finance the maintenance of 2,000
kilometers of local roads.  The work, which will be carried out
by microenterprises, will include patching potholes, repairing
culverts and bridges, cleaning ditches, clearing vegetation and
maintaining road signs, among other tasks.

The program will also help strengthen the SEOPC's capacity to
manage road maintenance contracts and the freight vehicle weight
control system.  It will finance a pilot plan to install weigh
stations at various points of the road network to reduce the
wear caused by overloaded trucks.

The program is expected to help reduce vehicle operation costs
by about 10 percent and cut average travel times by 10 percent.

The loan is for 25 years, with a 5 1/2-year grace period and a
variable interest rate.  The OPEC Fund for Development will co-
finance the program with US$30 million.  For the next phases of
the program the IDB could consider new loans totaling US$180
million.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.




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


PETROECUADOR: Awards Projector Diesel Supply Contract
-----------------------------------------------------
Ecuadorian state-owned oil firm Petroecuador said in a statement
that it has granted Projector a contract to supply Ecuador with
1.2 million barrels of diesel.

Business News Americas relates that Projector presented a
US$6.45-per-barrel bid, while Astra offered US$7.68 per barrel.
Three were eight bidders during the auction.

The first shipment of 200,000 barrels will be in Jan. 3, 2008.

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


* ECUADOR: Concluding Pact Talks with Foreign Mobile Phone Firms
----------------------------------------------------------------
An Ecuadorian government official told Reuters that the
government would conclude talks over new deals with foreign
mobile phone companies within the month, Reuters reports.

The government wants to reduce the firms' service fees and
increase the amount of penalties, Reuters says, citing the
official.

Reuters relates that the concessions of Mexican firm America
Movil's Porta and Telefonica's Movistar will expire in 2008.
The two firms want the Ecudorian government to extend the
concessions for 15 years.  The two companies hold 96% of the
Ecuadorian market.

The government is yet to decide how long the concessions would
be extended, Ecuadorian telecommunications secretary head Jaime
Guerrero told Reuters.  It wants firms to reduce their per
minute rate on calls by 40% to 30 cents.  It seeks to impose
higher penalties over operational errors and form a fund
financed with 1% of the companies' revenues to provide cell
phone services to the poor.

According to Reuters, President Rafael Correa wants to:

          -- increase state participation,
          -- boost service, and
          -- lower rates.

The president warned the firms that if they breach the new
regulations they might have to stop operating in Ecuador,
Reuters states.

                        *     *     *

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

In addition, these bond ratings were affirmed:

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




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


AFFILIATED COMPUTER: To Install 24 Speed Cameras in Maryland
------------------------------------------------------------
Affiliated Computer Services, Inc. will install and maintain an
additional 24 fixed speed enforcement cameras in Montgomery
County, Maryland, as part of an amended and expanded contract.
The estimated value of the contract is US$19 million if all
renewal options are exercised.

Affiated Computer currently provides Montgomery County with six
mobile speed enforcement units, as well as turnkey violation
processing and customer services.  The expanded contract brings
the total number of speed enforcement units the company provides
to the county to 30 units. The contract amendment and expansion
was reflected in the company' first quarter fiscal year 2008
results.

"Montgomery County is pleased to have an experienced partner
like ACS to help us meet the demands of increasing traffic and
the public safety issues that result," said Montgomery County
Department of Police director for Automated Traffic Enforcement
Unit, Maurice Nelson.  "Through the use of red light and speed
enforcement cameras, we are making Montgomery County a safer
place to live and work."

Under the contract, Affiliated Computer processes violations;
generates and mails notices; schedules adjudication and appeals
appointments; provides document imaging and correspondence
management; provides walk-in customer service; maintains camera
equipment; and provides pay-by-web, pay-by-phone, and integrated
voice response systems.

"Public safety cameras have proven to reduce death and injury
time and again," said Affiliated Computer Services vice
president for Transportation Solutions, Norman Dong.  "We
applaud Montgomery County for its concern for its citizens and
its use of technology to make them safer."

In addition to Montgomery County, the company has photo
enforcement contracts in Atlanta, Baltimore, Cleveland, Dallas,
Denver, Providence, San Francisco, and the State of Illinois.

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

                        *     *     *

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

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

Fitch said the rating outlook is stable.




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


GOODYEAR TIRE: Develops Non-Pneumatic Tire for Moon-Use w/ NASA
---------------------------------------------------------------
Goodyear Tire & Rubber Co. is working with NASA Glenn Research
Center to significantly evolve the technology and take its
capabilities to the rest of the universe.  Part of a funded
program by NASA's Innovative Partnership Program to develop non-
pneumatic tires for use first on the moon, and eventually on
Mars, the Innovative Partnership Program Seed Fund was
established to advance key technologies to meet critical needs
for NASA's missions.

Because of the unique atmospheric characteristics of the
operational environment, "The basic rubber-pneumatic design used
on Earth does not have the same utility on the moon," said NASA
Principal Investigator Vivake Asnani.  "The challenges
associated with creating a lunar tire are further complicated by
the fact that there are no lunar roads.  Lunar tires need to be
designed to develop traction on sandy undulated terrain, in
regions that humans have never even seen up close. Plus, the
prospect of an immobilizing 'flat tire' would be devastating to
the mission."

Vivake Asnani is a founding member of the Surface Mobility
Technology team at Glenn Research Center that was created in
late 2005 in response to the announcement by President Bush in
2004 that the United States would embark on an initiative to
further explore the moon and Mars.  Vivake Asnani said Goodyear
Tire was selected to work with Glenn Research Center because of
its experience in previous lunar programs, understanding of
vehicle dynamics and state-of-the-art computer modeling
capabilities.

Goodyear engineers are used to thinking out-of-the-box in terms
of developing entirely new technologies, so thinking "out-of-
this-world" was not a stretch, according to Joe Gingo,
Goodyear's executive vice president and chief technical officer.
"The mission performance goals for these tires will push known
tire technology well beyond its comfort zone," Mr. Gingo said,
"and I am confident we have the capabilities to do that."

Goodyear Principal Investigator Dave Glemming said the decision
to partner with NASA for this initiative was easy.  "Not only
will the outcome of this project deliver a product that can
handle the performance capabilities required for lunar mobility
and beyond, we expect the outcome will yield answers to how
future non-pneumatic tires may be designed for Earth
applications."

The Goodyear team will consist of a cross section of research
and tire technology associates at the Akron Technical Center.
In the past year the company has been evaluating the Apollo
lunar rover wheel, prototype pneumatic tires and non-pneumatic
concepts to build a baseline understanding of the mechanics of
these wheels and the challenges of the lunar environment.

While a one-year timeline to develop and demonstrate something
as novel as a lunar tire seems extremely aggressive, the group
is building on technology from the first moon landing, Glemming
said.  In the 1960s, NASA funded over 10 years of intensive
research at Goodyear Tire and General Motors to develop the wire
mesh moon tire for the Apollo Lunar Roving Vehicle.

The Lunar Roving Vehicle tire was woven out of piano wire, in
order to provide a soft, springy surface to contour to the
ground and provide good ride quality.  It looks a bit like the
skeleton of an Earth tire.  This approach worked very well,
because each Lunar Roving Vehicle tire was only required to
support about 60 pounds of weight (all things weigh six times
less on the moon than on Earth) and be used for a maximum of 75
miles.  The new fleet of lunar vehicles will require tires to
support about 10 times the weight and last for up to 100 times
the distance.  A tire that would meet such requirements would
also be useful for commercial applications on Earth, Glemming
said.

To extend the utility of this wire mesh tire, the team is first
analyzing the original design using computer-modeling tools.
Furthermore, exact replicates of the tires are being
manufactured and tested to find out how and why their load and
life are limited.  Essentially, the tires will be loaded and
cycled until they fail.  The Goodyear tire designers and
research engineers at NASA Glenn Research Center will then
iteratively design, build, and laboratory-test concept tires to
mitigate the failures.  The exact nature of these design changes
has not been disclosed yet. Following in the NASA tradition,
everything will be proven and nothing taken for granted.  A set
of 12 tires will be built by winter of 2009 and demonstrated on
the new NASA Chariot roving vehicle at the Johnson Space Center
in Texas. (See http://robonaut.jsc.nasa.gov/chariot/)

                 About Glenn Research Center

Glenn Research Center --
http://www.nasa.gov/centers/glenn/home/index.html-- develops
technologies and flight systems for NASA's exploration
aeronautics, and science missions.

                     About Goodyear Tire

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

                        *     *     *

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




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


AMERICAN TOWER: Settles Securities Class Action for US$14 Mil.
--------------------------------------------------------------
American Tower Corporation has reached a settlement in principle
regarding the consolidated securities class action filed in
May 2006 pertaining to the Company's historical stock option
granting practices and related accounting.  The settlement,
which is subject to final documentation as well as approval by
the court, provides for a payment by the Company of US$14
million and would lead to a dismissal of all claims against all
defendants in the litigation.  In addition, the Company has been
and will continue to be in discussions with its insurers
concerning the amount of their contribution to the settlement.
The company expects to record an income statement charge for the
settlement amount plus all related legal fees and expenses
incurred subsequent to Sept. 30, 2007, net of any expected
insurance proceeds in the three months and year ended
Dec. 31, 2007.

                    About American Tower

Headquartered in Boston, American Tower Corporation (NYSE: AMT)
-- http://www.americantower.com/-- owns, operates and develops
broadcast and wireless communications sites.  American Tower
owns and operates over 22,000 sites in the United States, Mexico
and Brazil.  Additionally, American Tower manages approximately
2,000 revenue producing rooftop and tower sites.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Sept. 26, 2007, Fitch Ratings assigned a 'BB+' rating to
American Tower Corporation's proposed ten-year US$250 million
senior unsecured notes.  Fitch also rated AMT's Issuer Default
Rating at 'BB+'.  Fitch said the rating outlook is stable.


CARDTRONICS INC: Closes 12 Mil. Initial Public Shares Offering
--------------------------------------------------------------
Cardtronics Inc. has closed its initial public offering of
12,000,000 shares of its common stock at a price of US$10.00 per
share.  The shares are traded on The NASDAQ Global Market under
the ticker symbol "CATM."  The net proceeds to Cardtronics from
the offering were approximately US$110.1 million and will be
used to pay down existing debt.

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

In addition to the 12,000,000 shares of common stock sold by
Cardtronics, certain stockholders have granted the underwriters
a 30-day option to purchase up to an additional 1,800,000 shares
of common stock at the initial public offering price less the
underwriting discount to cover over-allotments, if any.
Cardtronics will not receive any proceeds from the sale of
common stock by the selling stockholders in the event the over-
allotment option is exercised.

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

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

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

                   -- or --

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

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

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

                        *     *     *

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


CEMEX SAB: Projects Good Fourth Quarter Financial Results
---------------------------------------------------------
CEMEX, S.A.B. de C.V. has expected EBITDA for the quarter ending
Dec. 31, 2007 to be close to US$1,100 million, an increase of
about 18% versus the same period last year, while operating
income is expected to be close to US$650 million, 6% higher than
the same period a year ago.  Guidance for operating income
excludes potential adjustments due to the revaluation of
Rinker's assets.  CEMEX expects sales of about US$5.8 billion,
an increase of around 30% versus the same period a year ago.
For the full year 2007, CEMEX expects EBITDA of about US$4.6
billion, an increase of approximately 11% over last year.
Revenue is expected to be in excess of US$21.6 billion, while
operating income is expected to be close to US$3.1 billion, a
growth of approximately 18% and 5% respectively.  These
results include the effect of consolidating the Rinker group
starting July 1, 2007.

Rodrigo Trevi¤o, CEMEX's Chief Financial Officer, said: "Our
EBITDA guidance for 2007 reflects the continued weakness in the
US residential sector and the upfront costs associated with the
post-merger-integration process and our global expense-reduction
initiatives.  These initiatives will be important contributors
to EBITDA growth in 2008 and beyond."

"The strong operating performance and favorable supply-demand
dynamics in most of our markets will more than offset the
effects from the ongoing correction in the residential sector in
the United States."

"For 2008, we expect revenues of about US$24.5 billion and
EBITDA of about US$5.6 billion, which represents a 13% growth
rate over proforma 2007 excluding inflationary-accounting and
exchange-rate-conversion effects.  Close to half of the expected
EBITDA growth for 2008 is expected to come from the contribution
from synergies achieved in relation to the Rinker acquisition as
well as our expense-reduction initiatives.  The remainder will
be organic growth, which we expect to be achieved in spite of
zero growth in the United States and Spain."

"We will continue to apply most of our free cash flow to reduce
debt and remain committed to our deleveraging commitments".

For the fourth quarter, CEMEX's domestic cement and ready-mix
sales volumes in Mexico are expected to increase by about 2% and
7%, respectively, versus the same quarter a year ago.  For the
full year, cement and ready-mix volumes are expected to increase
by about 4% and 9%, respectively, versus the same period of last
year.  The formal residential and infrastructure sectors
continue to be the main drivers of demand in Mexico.

In CEMEX's operations in the United States, cement, ready-mix,
and aggregates volumes are expected to increase about 2%, 56%,
and 180%, respectively, during the fourth quarter, versus the
same period last year.  For the full year 2007, cement volumes
are expected to decrease by about 7%, ready-mix volumes are
expected to increase by about 13%, and aggregates volumes are
expected to increase by about 73% versus the same period in
2006.  These results include the effect of the Rinker operations
starting in the third quarter 2007.

On a like-to-like basis for the ongoing operations, cement
volumes would have decreased by about 16% for the quarter and by
about 18% for the full year versus the same periods last year.
Ready-mix volumes would have decreased by about 20%, both for
the quarter and for the full year versus the same periods in
2006.  Aggregates volumes would have decreased by about 12% for
the quarter and by about 13% for the full year versus the
comparable periods last year.

The decline in demand continues to be driven by the ongoing
correction in the residential sector.  The timing and recovery
of this sector continue to be uncertain.

Cement and ready-mix volumes for CEMEX's operations in Spain,
are expected to decrease by about 4% and 5%, respectively,
during the fourth quarter versus the comparable period of last
year.  For the full year, both cement and ready-mix volumes are
expected to decrease by about 4% versus the comparable period in
2006.  Continued deceleration in the residential sector and
lower activity in the civil works sector has affected volumes
during the quarter.

During the fourth quarter and versus the comparable quarter last
year, CEMEX expects cement volumes in the United Kingdom to
increase by about 4%, ready-mix volumes are expected to increase
by about 1%, and aggregates volumes are expected to increase by
about 7%.  For the full year 2007, cement volumes are expected
to increase by about 10%, ready-mix volumes are expected to
decrease by about 2%, following some divestments during the
quarter.  On a like-to-like basis, ready-mix volumes are
expected to decrease by about 1%. Aggregates volumes for the
full year are expected to increase by about 2% versus the same
period in 2006.  The volume for cementitious materials,
including cement and slag, is expected to increase by about 7%
for the quarter and 13% for the full year versus the
comparable periods of last year.  The main drivers of demand in
the country have been the industrial and commercial sectors, and
to a minor extent, the infrastructure sector.

Guidance numbers, including 2008 estimates, are calculated on
the basis of market close exchange rates as of Dec. 14, 2007.
Given the volatility of foreign exchange rates and the exposure
of our operations to factors beyond our control, our actual
results could be materially different from our indicative
guidance.

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

                        *     *     *

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


GRUPO TMM: Directors & Shareholders OK Share Repurchase Program
---------------------------------------------------------------
Grupo TMM S.A.B.'s board of directors and the shareholders
meeting of Grupo TMM approved a share repurchase program.  The
company's board gave its approval to constitute a reserve fund
to repurchase shares during the last board meeting held in
November.

This Program could be executed through the Mexican Stock
Exchange when trading Series "A" Shares, or through the New York
Stock Exchange when trading ADRs.  The Program has been approved
for an amount of up USto US$10 million.

Repurchases under the Program, if any, will be made in the open
market at such times and in such amounts as the Company's
designated officer deems appropriate.  The company intends to
effect any ADR repurchases in compliance with SEC Rule 10b-18,
and any "A" Share repurchases in compliance with the Mexico's
Securities Law or Ley del Mercado de Valores.  The timing and
actual number of "A" Shares and/or ADRs repurchased will depend
on a variety of factors, including price, market conditions and
applicable legal requirements. The Program does not obligate the
Company to repurchase any specific number of "A" Shares or ADRs
and may be suspended or terminated at any time without prior
notice.  Shares or ADRs repurchased will be held as treasury
shares.  As of Dec. 12, 2007, the company had 56,963,137 shares
outstanding, including 46,547,916 shares represented by ADRs.

Jose F. Serrano, chairman and chief executive officer of Grupo
TMM, said, "I am pleased to announce the approval of the
repurchase fund of the Company, which I anticipate will increase
the Company's stock liquidity and reflects the commitment I have
to the business plan and future growth of Grupo TMM."

                          Grupo TMM

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

                        *     *     *

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


INTERNATIONAL RECTIFIER: Moody's Withdraws Assigned Ratings
-----------------------------------------------------------
These ratings of International Rectifier Corp. have been
withdrawn:

   -- Corporate Family Rating - Ba3
   -- Probability of Default Rating - Ba3

International Rectifier's debt issues have no Moody's ratings.

Moody's has withdrawn these ratings for business reasons.  The
ratings were withdrawn because this issuer has no rated debt
outstanding.

International Rectifier Corporation (NYSE:IRF) --
http://www.irf.com/-- provides power management technology.
The company's analog, digital, and mixed signal ICs, and other
advanced power management products, enable high performance
computing and save energy in a wide variety of business and
consumer applications.  Manufacturers of computers, energy
efficient appliances, lighting, automobiles, satellites,
aircraft, and defense systems rely on the company's power
management solutions to power their next generation products.
The company has manufacturing facilities in the U.S., Mexico,
United Kingdom, Germany and Italy; and has subsidiaries in Japan
and Singapore.


MCDERMOTT INTERNATIONAL: Unit Bags Drilling Contract from PEMEX
---------------------------------------------------------------
McDermott International Inc.'s subsidiary, J. Ray McDermott,
S.A., has been awarded a contract by PEMEX Exploracion y
Produccion, Northeast Marine Region, for the fabrication of the
Maloob-C Drilling Platform.  The project is located in the Ku-
Maloob-Zaap field in the Bay of Campeche, Mexico, in 269 feet of
water.

"This is the first project award for our new facility at
Altamira, Mexico," said Bob Deason, J. Ray's President and Chief
Executive Officer.  "I believe the Altamira facility will prove
increasingly valuable for J. Ray in the coming years with its
capabilities and deep water access to the Gulf of Mexico."

Work on the drilling platform is scheduled to begin at Altamira
in February 2008, and it is expected that over 275 craftsmen and
professionals will be involved with the project.  Designed to
sustain 18 wells, the drilling platform will have a 3,200-short
ton eight-legged jacket and a two-level deck weighing just over
2,500 short tons, with more than 3,300 short tons of piles.  The
contract is expected to be completed in the first quarter of
2009.

McDermott International, Inc. (NYSE:MDR)
-- http://www.mcdermott.com/--is a leading worldwide energy
services company.  McDermott's subsidiaries provide engineering,
construction, installation, procurement, research,
manufacturing, environmental systems, project management and
facility management services to a variety of customers in the
energy and power industries, including the U.S. Department of
Energy.  The company operates in most major offshore producing
regions throughout the world, including the U.S. Gulf of Mexico,
Mexico, the Middle East, India, the Caspian Sea and Asia
Pacific.  Operations in this segment are primarily conducted
through its subsidiary, J. Ray McDermott, S.A.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 5, 2007, Moody's raised MII's Corporate Family Rating to
Ba3 from B1.

Moody's upgraded J. Ray McDermott, S.A.'s CFR to Ba3 from B1,
its Probability of Default Rating to B1 from B2 and its senior
secured bank facility to Ba2 (LGD-2, 22%) from Ba3 (LGD-2, 24%)
and The Babcock & Wilcox Company's senior secured bank facility
rating to Baa3 (LGD-1, 6%) from Ba2 (LGD-2, 19%).  The rating
outlook for J. Ray is positive, while the rating outlooks for
MII and B&W are both stable, according to Moody's.


QUAKER FABRIC: Wants Until April 14 to Exclusively File Plan
------------------------------------------------------------
Quaker Fabric Corp. and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware to extend
their exclusive periods to:

   a) file a chapter 11 plan until April 14, 2008; and
   b) solicit acceptances of that plan until June 11, 2008.

The Debtors tell the Court that they have been in chapter 11 for
just over three months and have only recently obtained approval
from the Court to secure DIP financing from their prepetition
secured lenders.  In addition the Debtors have devoted
substantial time and resources in effectuating the sale of their
assets which resulted in the sale of the their Bleachery Pond
and the Tupelo Lee Industrial Park properties to separate buyers
in September 2007.

The Debtors add that their cases are large and complex and they
need more time to focus on the formulation, filing and
solicitation of a plan of liquidation that will be accepted by
their creditors and approved by the Court.  The Debtors also
tell the Court that they have made progress in the collection of
their receivables and are not seeking an extension to pressure
creditors.

The Debtors' exclusive period to file a plan expired on
Dec. 14, 2007, and the Debtors initial exclusive solicitation
period will expire on Feb. 12, 2008.

                     About Quaker Fabric

Based in Fall River, Mass., Quaker Fabric Corp. (NASDAQ: QFAB)
-- http://www.quakerfabric.com/-- designs, manufactures, and
markets woven upholstery fabrics primarily for residential
furniture manufacturers and jobbers.  It also develops and
manufactures specialty yarns, including chenille, taslan, and
spun products for use in the production of its fabrics, as well
as for sale to distributors of craft yarns, and manufacturers of
homefurnishings and other products.  The company is one of the
largest producers of Jacquard upholstery fabrics.

Quaker Fabric sells its products through sales representatives
andindependent commissioned sales agents in the United States,
Canada, Mexico, and internationally.

The company and its affiliate, Quaker Fabric Corporation of Fall
River, filed for chapter 11 protection on Aug. 16, 2007 (Bankr.
D. Del. Case No. 07-11146).  John D. Sigel, Esq. at Wilmer
Cutler Pickering Hale and Dorr LLP and Joel A. Waite, Esq. at
Young Conaway Stargatt & Taylor LLP are co-counsels to the
Debtors.  Epiq Bankruptcy Solutions is the Debtors' claims
agent.  The Official Committee of Unsecured Creditors has
selected Shumaker, Loop & Kendrick, LLP, as its bankruptcy
counsel and Benesch, Friedlander, Coplan & Aronoff, LLP, as co-
counsel.

The Debtors' schedules reflect total assets of US$41,375,191 and
total liabilities of US$54,435,354.




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


* NICARAGUA: Gets US$450,000 Loan from MIF for Regional Program
---------------------------------------------------------------
Inter-American Development Bank's Multilateral Investment Fund
has granted a US$450,000 loan to Nicaragua to expand access to
financial services for urban and rural small businesses.

The MIF grant will help Banco de Credito Centroamericano S.A., a
leading Nicaraguan commercial bank with a strong presence in
rural areas, launch a program for small businesses.

This is the first project approved under a new MIF program to
promote greater access to financial services for small
enterprises in Latin America and the Caribbean.  The US$10
million program is open to financial institutions interested in
working with small businesses, which generate more than half the
jobs in the region.

The project, to which Bancentro will contribute US$447,000, will
develop new financial products and adapt existing ones to the
needs of small businesses.  Bancentro's goal is to build a small
business portfolio of more than 34,000 clients over a four-year
period, with loans totaling around US$100 million.

Through the project Bancentro will strengthen its management and
operational capabilities to start up a program focused on small
businesses, just as this year it successfully launched a
microcredit program.  The bank's information systems will be
adapted to better serve small businesses, including the purchase
of hardware and software for its branches.

The MIF, an autonomous fund managed by the IDB, promotes the
development of small businesses and microenterprises in Latin
America and the Caribbean.  Since its establishment in 1992 it
has supported the expansion of the microfinance industry
throughout the region.

                        *     *     *

Moody's Investor Service assigned these ratings to Nicaragua:

                     Rating     Rating Date
                     ------     -----------
   Long Term          Caa1     June 30, 2003
   Senior Unsecured
   Debt                B3      June 30, 2003




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NCO GROUP: Outsourcing Purchase Cues Moody's to Review Ratings
--------------------------------------------------------------
Moody's Investors Service has placed all the credit ratings of
NCO Group, Inc. on review for possible downgrade following its
announcement that it has entered into a definitive agreement to
acquire Outsourcing Solutions Inc. for US$325 million in cash.
The transaction is expected to close in the first quarter of
2008 and is subject to Outsourcing Solutions stockholder
approval and the satisfaction of customary closing conditions.

NCO Group announced that it expects to finance the acquisition
with borrowings under its senior secured credit facility and an
investment by its financial sponsor, One Equity Partners.
Moody's review will focus on the degree of leverage used to
finance the acquisition, the terms of the financing package,
the profitability of Outsourcing Solutions and NCO Group's
integration strategy.

These ratings were placed on review for possible downgrade:

  -- US$165 million senior floating rate notes due 2013, B3 (LGD
     4, 63%)

  -- US$200 million senior subordinated notes due 2014, Caa1
     (LGD 6, 90%)

  -- US$465 million senior secured term loan due 2013, Ba3 (LGD
     2, 29%)

  -- US$100 million senior secured revolver due 2011, Ba3 (LGD
     2, 29%)

  -- Corporate Family Rating, B2

  -- Probability of Default Rating, B2

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


* PANAMA: Obtains US$51.2-Million Financing from IDB
----------------------------------------------------
The Inter-American Development Bank has approved a US$51,323,000
loan for the first phase of a broad competitiveness program in
Panama, which has reached several trade accords in recent years
to expand its access to international markets.

To take advantage of opportunities created by these pacts,
Panama needs to boost its competitiveness and increase the
efficiency of public sector agencies responsible for promoting
exports.

The competitiveness program will strengthen the public sector's
capacity to negotiate and manage trade agreements and increase
its ability to implement plans to foster exports and attract
foreign investments.  An electronic platform will be developed
to provide services, information and data on trade and simplify
procedures for exporters and investors.

To take advantage of Panama's competitive conditions for
exporting fruits and other farm products, the program will
stimulate technological innovation and strengthen the
government-run animal and plant health services and the new food
safety agency.

Under the program a loan guarantee trust fund and medium- and
long-term lines of credit will be established to expand access
to financing for Panamanian companies, especially exporters and
their suppliers.

The US$10 million trust fund will provide guarantees for up to
80 percent of loans issued by local banks and other financial
institutions.  Two separate lines of credit will be created, one
for large and medium-sized companies and another one for small
businesses and microenterprises.

The program will also support export promotion services such as
the identification of new markets and business opportunities,
the preparation of business plans, marketing strategies,
technological upgrades, the development of alliances and
specialized technical assistance.  These services will be
available for all types of businesses.

A grant from the Japan Fund will help finance studies and
activities to foster entrepreneurial development in indigenous
regions, enabling their participation in export deals while
ensuring that these processes do not diminish their cultural
identities, natural resources or autonomy.

"This component will help link enterprises from these
communities to local and international markets under conditions
established by the indigenous peoples and their own
organizations," said IDB project team leader Martin Chrisney.

The new loan is for 20 years, with a four-year grace period and
a variable interest rate.  Panama will invest US$37,136,000 in
first phase of the program while the private sector will
contribute US$7,614,000.  The IDB could consider a US$20 million
loan for the second phase.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Fitch Ratings affirmed the Republic of Panama's
long-term foreign currency Issuer Default Rating of 'BB+'.
Fitch also affirmed the sovereign's long-term local currency IDR
of 'BB+', the short-term foreign currency IDR of 'B' and the
country ceiling of 'BBB+'.  Fitch said the rating outlook is
stable.




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


APARTMENT INVESTMENT: Moody's Assigns Ba1 Corp. Family Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 corporate family
rating to Apartment Investment and Management Company, and
affirmed the REIT's preferred equity rating at Ba3.  The ratings
outlook is stable, which reflects the company's improving
operations, combined with stable leverage, thin coverage and
laddered debt maturities, all trends Moody's expects to
continue.

According to Moody's, the company's Ba1 corporate family rating
reflects the REIT's material leverage, largely encumbered
portfolio and modest fixed charge coverage.  Offsetting these
challenges, the REIT enjoys a geographically diverse asset base,
improving tenant quality, staggered debt maturities and recent
operational upgrades.  Following reporting and forecasting
miscues in 2003, the company has taken meaningful steps to
improve the maintenance and oversight of its operations.  These
include information technology improvements, increased staffing
and management changes.  The REIT has had success in raising the
credit profile of its tenants, leading to significant decreases
in bad debt and receivables, all of which Moody's views as
credit positives.

In order to move its ratings up, Apartment Investment would need
to demonstrate sustained fixed charge coverage near 2.0, lowered
leverage (closer to 50% of gross assets including pro rata share
of joint ventures) and dividend payout ratio below 100%.  The
REIT's capital structure would need to be altered significantly
to include a meaningful level of unencumbered assets.  Moody's
does not perceive these changes as likely.  Simplification of
the company's structure would also be viewed positively.

Conversely, a downgrade would likely result from a fixed charge
coverage below 1.3 and increase in effective leverage to over
65%.

Rating assigned with a stable outlook:

   -- corporate family rating, Ba1.

Rating affirmed with a stable outlook:

   -- preferred equity rating, Ba3.

Headquartered in Denver, Colorado, Aimco (NYSE: AIV) is a real
estate investment trust that owns and operates a geographically
diversified portfolio of apartment communities through 19
regional operating centers.  Aimco, through its subsidiaries,
operates 1,320 properties, including approximately 230,000
apartment units, and serves approximately one million residents
each year.  Aimco's properties are located in 47 states, the
District of Columbia and Puerto Rico.


LIN TV: Moody's Affirms Debt Ratings, Changes Outlook to Stable
---------------------------------------------------------------
Moody's Investors Service has affirmed the existing debt ratings
of LIN Television Corporation and changed the outlook to stable
from developing following the company's announcement that it had
concluded its review of strategic alternatives.

These ratings are affected:

  -- Corporate Family Rating -- Ba3

  -- Probability of Default Rating -- Ba3

  -- Secured Revolver -- Baa3 (to LGD 1, 9% from LGD 2, 13%)

  -- Secured Term Loan -- Baa3 (to LGD 1, 9% from LGD 2, 13%)

  -- 6.5% Senior Subordinated Notes due 2013 -- B1 (to LGD 4,
     66% from LGD 4, 69%)

  -- 6.5% Senior Subordinated Notes CL B due 2013 -- B1 (to LGD
     4, 66% from LGD 4, 69%)

  -- 2.5% Exch. Senior Subordinated Notes due 2033 -- B1 (to LGD
     4, 66% from LGD 4, 69%)

  -- SGL-2 speculative grade liquidity assessment

The outlook is stable.

LIN TV's Ba3 corporate family rating reflects the company's high
debt to EBITDA leverage (7.1 TTM Sept. 30, 2007), the inherent
cyclicality of the advertising business and the increasing
business risk associated with the broadcast television
industry's overall declining audience and the increasing
fragmentation of advertising spending over a growing number of
media.

LIN TV's rating is supported by its diverse network affiliations
and geographic footprint, notable free cash flow generation and
the company's continued local market focus.

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.




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


NAVIOS MARITIME: S&P Shifts Outlook; Affirms BB- Corp. Rating
-------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Greece-based dry-bulk shipping company Navios Maritime Holdings
Inc. to positive from stable.  At the same time the 'BB-'
corporate credit ratings on the company were affirmed.  In
addition, the senior unsecured debt rating was raised to 'B+'
from 'B'.

"The rating actions reflect the potential for an upgrade if
Navios continues to operate with low financial gearing levels
and maintains good earnings visibility through time charter
arrangements," said S&P's credit analyst Andreas Kindahl.

The ratings reflect the dry-bulk shipping sector's below-average
industry characteristics; expectations of an aggressive
financial profile over the cycle, as a result of the company's
high growth ambitions and high capital intensiveness; and some
exposure toward short-term speculative derivatives trading.
These risks are balanced by Navios Maritime's high level of
medium-term contract coverage; solid reputation as a quality
operator; and modern, high-quality vessel fleet.  The company
currently strongly benefits from exceptionally strong industry
conditions.

The positive outlook reflects the company's much improved
financial profile, which is a result of its solid operating
performance, asset disposals, and repeated conversion of
warrants into equity over the past year.  If the company is able
and willing to operate with lower financial gearing on a
permanent basis, while maintaining its good operating track
record and high levels of charter coverage, the ratings could be
raised.

Navios Maritime Holdings Inc. (Nasdaq: BULK, BULKU, BULKW)
(NYSE: NM) -- http://www.navios.com/-- is a vertically
integrated global seaborne shipping company, specializing in the
worldwide carriage, trading, storing, and other related
logistics of international dry bulk cargo transportation.  The
company also owns and operates a port/storage facility in
Uruguay and has in-house technical ship management expertise.
It maintains offices in Piraeus, Greece, South Norwalk,
Connecticut and Montevideo, Uruguay.




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


CHRYSLER LLC: To Idle 2 Plants in Michigan & Ontario in January
---------------------------------------------------------------
Chrysler LLC disclosed its intentions of tentatively closing two
more plants in Detroit, Michigan and Windsor, Ontario, for two
weeks beginning Jan. 14, 2007, to avoid an oversupply of Jeep
Commanders, Grand Cherokees and Dodge & Chrysler minivans, the
Associated Press reports citing an unnamed source.

As reported in the Troubled Company Reporter on Dec. 7, 2007,
Chrysler planned to temporarily cease car production in its
plants in Warren, Michigan and Fenton, Missouri, before
Christmas, postponing its opening until the whole month of
January.  The move is due to due to the company's expected $1
billion loss, slow pickup sales and prevention of an oversupply.
The company will also shutter a truck plant in Mexico for two
weeks in January.

As previously reported, Chrysler dealers delivered 161,088 new
vehicles to U.S. customers in November 2007, down 2% compared
with a year ago.

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

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 11, 2007, Standard & Poor's Ratings Services revised its
recovery rating on Chrysler's US$2 billion senior secured
second-lien term loan due 2014.  The issue-level rating on this
debt remains unchanged at 'B', and the recovery rating was
revised to '3', indicating an expectation for meaningful (50% to
70%) recovery in the event of a payment default, from '4'.


CITGO PETROLEUM: Moody's Affirms Ba1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed CITGO Petroleum Corporation's
Ba1 corporate family rating and the senior secured bank loan and
industrial revenue bonds, rated Baa3 (LGD 3, 31% changed to LGD
2, 25%), in response to the company's plan to lend US$1 billion
to its parent company, Petroleos de Venezuela (rated B1 GLCR and
B1 FC issuer rating).  The affirmation reflects the CITGO
Petroleum's baseline credit assessment of 12, mapping to Ba2,
which already incorporates political risk and expected parent
demands on the company's assets and cash flow.  In addition, the
company's moderate leverage position can accommodate the US$1
billion increase in total debt and financial leverage within the
framework of the Ba2 BCA.  The Ba1 CFR reflects uplift on the
basis of the company's status as a government related issuer.

CITGO Petroleum has indicated it plans to undertake a US$1
billion senior secured loan that will be pari passu with its
existing debt, the proceeds of which will be upstreamed to
Petroleos de Venezuela SA via an inter-company loan.  The
company will take a note from Petroleos de Venezuela and receive
interest income approximately equal to its debt service on the
new secured loan.  Because of the deductibility of the interest
expense, a loan will be more tax efficient than dividends as a
way for Petroleos de Venezuela to access CITGO Petroleum's
assets and cash flow.

Moody's notes that the company's dividends have recently been
increased in line with cash proceeds from asset sales of
approximately US$3.7 billion, but that the dividend policy going
forward are expected to be tied to normalized net income and
also will be restricted by a maximum debt covenant in its bank
agreements.  In addition, the company continues to invest in
necessary environmental and maintenance projects and generate
free cash flow after capital spending.  The new loan is
consistent with Petroleos de Venezuela's desire to redeploy the
company's free cash flow outside of the company.

In affirming the ratings for the bank loan and IRBs, the
existing probability of default rating will change to Ba2 from
Ba1, reflecting a higher recovery rate, since first lien secured
debt represents a large portion of liabilities in the capital
structure relative to unsecured non-debt liabilities.

Moody's is maintaining a stable outlook on CITGO Petroleum's
ratings, based on an outlook for reasonably strong refining
margins, internal funding of its capital needs, and a normal
dividend policy.  While the company has to date maintained a
moderate leverage profile and continues to operate within its
financial covenants, the stable outlook and current ratings have
only limited scope for further leveraging by the company to
provide cash up to Petroleos de Venezuela.

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

Petroleos de Venezuela is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical, and
coal industry, as well as planning, coordinating, supervising,
and controlling the operational activities of its divisions,
both in Venezuela and abroad.


CITGO PETROLEUM: S&P Affirms BB Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its ratings,
including the 'BB' corporate credit rating, and its senior
secured and recovery ratings, on CITGO Petroleum Corp., after
the company proposed US$1 billion in unrated, additional secured
debt, to be ranked pari passu with its existing credit facility.

The outlook on the company is stable.  The company had US$1.3
billion of funded debt as of Sept. 30, 2007.

The company will use proceeds from the US$1 billion first-lien
financing to fund a US$1 billion intercompany loan to its
parent, Petroleos de Venezuela S.A. (PDVSA; foreign currency
BB-/Stable/--).

"Although the increase in debt is clearly unfavorable for
credit, CITGO's resulting leverage is within the low end of our
range of expectations for the current rating," said S&P's credit
analyst Ben Tsocanos.

The first-lien facilities currently consist of a US$1.15 billion
term revolving credit facility and a US$700 million term loan.
The 'BBB-' bank loan rating and recovery rating of '1' indicate
the expectation of very high (90%-100%) recovery in the event of
a payment default.

The ratings on CITGO Petroleum reflect a satisfactory business
risk profile and an aggressive financial risk profile, but are
limited by the ratings on Petroleos de Venezuela.  The company's
credit strength as a stand-alone entity is based on the scale
and complexity of its refining operations, which have net crude
processing capacity of 750,000 barrels per day through three
fuel refineries, placing it among the largest refiners in the
United States.  The company gains substantial competitive
advantage from its ability to process large volumes of heavy
sour crude oils -- which trade at sharp discounts to better-
quality crude oil -- into high-margin products, and from its
relatively large refineries, which give it economies of scale.

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

Petroleos de Venezuela is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical, and
coal industry, as well as planning, coordinating, supervising,
and controlling the operational activities of its divisions,
both in Venezuela and abroad.


DEL MONTE: Paying US$0.04 Per Share Dividend on Jan. 31, 2008
-------------------------------------------------------------
Del Monte Foods Company's Board of Directors has declared a cash
dividend on its common stock of US$0.04 per share.  The dividend
is payable on Jan. 31, 2008, to stockholders of record as of the
close of business on Jan. 17, 2008.

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, Moody's Investors Service affirmed Del Monte Foods
Company's Ba3 corporate family rating, Ba3 probability of
default rating and speculative grade liquidity rating of SGL-2,
following the company's announcement that its board had
authorized the repurchase of up to USUS$200 million of the
company's stock over the next 36 months.


DEL MONTE: Sharon McCollam Joins Board of Directors
---------------------------------------------------
Del Monte Foods Company has appointed Sharon L. McCollam to its
Board of Directors.

Sharon L. McCollam has served as Executive Vice President, Chief
Operating and Chief Financial Officer of Williams-Sonoma, Inc.,
a specialty retailer of home furnishings, since July 2006.  She
has been employed by Williams-Sonoma, Inc. since March 2000,
where she also served as Executive Vice President and Chief
Financial Officer from May 2003 to July 2006, Senior Vice
President and Chief Financial Officer from October 2000 to
May 2003, and Vice President, Finance from March 2000 to
October 2000.  From 1993 to 2000, Ms. McCollam held a variety of
positions at Dole Foods, including Vice President and Chief
Financial Officer, Dole Fresh Vegetables Division from 1996 to
2000.  She received a B.S. in accounting from the University of
Central Oklahoma and is a certified public accountant.

"We are delighted to welcome Sharon to our Board of Directors,"
commented Richard G. Wolford, Chief Executive Officer and
Chairman of the Board.  "We believe Sharon's participation as a
board member will be very beneficial to Del Monte Foods.  Her
experience is complementary to our business; she contributes
additional financial expertise, and as well, will provide
important retail and consumer packaged goods perspective for our
business."

With the appointment of Ms. McCollam, the Del Monte Foods Board
filled a vacancy on the Board, which now stands at 9 directors.
Eight of the nine directors are independent under applicable
NYSE listing standards and the Company's Corporate Governance
Guidelines.  Richard G. Wolford, Chief Executive Officer and
Chairman of the Board, is an employee of the Company.

In addition to Ms. McCollam and Mr. Wolford, Del Monte's other
directors include:

   * Samuel H. Armacost;
   * Timothy G. Bruer;
   * Mary R. (Nina) Henderson;
   * Victor L. Lund,
   * Terence D. Martin;
   * Joe L. Morgan; and
   * David R. Williams.

"Sharon's expertise will enhance the Del Monte Board's strategic
input and independent oversight of the Company.  We are very
fortunate to have Sharon joining us and look forward to working
with her," added Nina Henderson, Lead Director.

Based in San Francisco, California, Del Monte Foods Company
(NYSE: DLM) -- http://www.delmonte.com/-- produces and
distributes processed vegetables, fruit and tomato products, and
pet products.  The products are sold under Del Monte, Contadina,
S&W, Starkist, College Inn, 9Lives, Kibbles 'n Bits, Meow Mix,
Milk-Bone, Pup-Peroni, Snausages, Pounce, and Meaty Bone.  The
Group has food-processing plants in South America and has
subsidiaries in Venezuela, Colombia, Ecuador and Peru.  The
production facilities are operated in California, the Midwest,
Washington and Texas, as well as 7 distribution centers.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Oct. 3, 2007, Moody's Investors Service affirmed Del Monte Foods
Company's Ba3 corporate family rating, Ba3 probability of
default rating and speculative grade liquidity rating of SGL-2,
following the company's announcement that its board had
authorized the repurchase of up to USUS$200 million of the
company's stock over the next 36 months.


PETROLEOS DE VENEZUELA: Fire Breaks Out at Puerto La Cruz Unit
--------------------------------------------------------------
A fire has broken out at the H3 furnace unit of Venezuelan
state-run oil firm Petroleos de Venezuela SA's refining Puerto
La Cruz complex, Business News Americas reports.

Petroleos de Venezuela said in a statement that three employees
were injured.

BNamericas explains that two workers had first-degree burns.

The report says that Petroleos de Venezela "activated an
emergency procedure" at the plant when a gas leak was discovered
at 7:50 a.m. last Thursday.

Petroleos de Venezuela formed a team to conduct a probe on the
accident, BNamericas states.

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


PETROLEOS DE VENEZUELA: To Form Joint Venture with Petrobras
------------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA will
form a joint venture with Brazilian counterpart Petroleo
Brasileiro aka Petrobras for the construction and operation of
the Abreu E Lima plant in Brazil, Business News Americas
reports.

Petroleos de Venezuela said in a statement that it will hold a
40% stake in the joint venture, while Petrobras will own a 60%
stake.

BNamericas relates that the plant will be able to process a
total of 200,000 barrels per day.  The joint venture holds a
contract with Petroleos de Venezuela to refine about 100,000
barrels per day of upgraded crude from the Carabobo 1 block in
Venezuela's Orinoco.

Petroleos de Venezuela's head Rafael Ramirez said in a statement
that the firm would start production from the block in two
years.  The company is also open to Petrobras' participation in
exploration and production on the Carabobo 1 block.

Petrobras launched in September 2007 the groundwork for Abreu e
Lima without Petroleos de Venezuela, BNamericas states.

                       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 Petroleos de Venezuela

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


PETROLEOS DE VENEZUELA: Moves Hocol Contract to Joint Venture
-------------------------------------------------------------
Venezuelan state-run oil company Petroleos de Venezuela SA has
signed the final accord with French oil firm Maurel & Prom for
the transfer of their Hocol service contract into the Lagopetrol
Joint Venture, according to Maurel & Prom's statement.

Business News Americas relates that Petroleos de Venezuela
controls Lagopetrol JV.  The Venezuelan national assembly
authorized the creation of Lagopetrol in June 2007.

According to BNamericas, Petroleos de Venezuela will now own
about 69% of the joint venture.  Maurel & Prom's Hocol Venezuela
will hold a 26.35% stake in the joint venture, Ehcopek has a
3.10% stake, and Cartera de Inversiones Petroleras owns a 1.55%
stake in the joint venture.

BNamericas notes that Lagopetrol will take the area that
Convenio Operativo B2X-70/80 previously held.  The area covers
41.9 square kilometers in Zulia.  The joint venture will operate
in the area for 20 years.

The report says that as stated in the agreement signed between
the two firms, Petroleos de Venezuela will pay Maurel & Prom a
US$5-million tax-free fee for work conducted last year.

The accord includes a retrospective effect in relation to this
year's output at a level of about 1,000 barrels per day, net of
oil royalties paid in kind, Maurel & Prom said in a statement.

The joint venture is finalizing the accounting method process
for this year's operations, BNamericas states.

                    About Maurel & Prom

Headquartered in Paris, France, Maurel & Prom is engaged in the
exploration and production of hydrocarbons.  The company has
operations in several countries, including Congo, Cuba, Gabon,
Peru, Senegal, Tanzania, Italy, Hungary, Colombia and Venezuela.
Maurel & Prom is listed on the Euronext Paris Stock Exchange.

                About Petroleos de Venezuela

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


                         ***********


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
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Information contained herein is obtained from sources believed
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              * * * End of Transmission * * *